Aberdeen Global II - Self Bank

ContentsIncorporation........................................................................................................................................................................................................................................................ 1Chairman’s Statement........................................................................................................................................................................................................................................2Investment Manager’s Review..........................................................................................................................................................................................................................2Net Asset Value History ....................................................................................................................................................................................................................................3Summary of Historic Information....................................................................................................................................................................................................................5Performance History...........................................................................................................................................................................................................................................6Aberdeen Global II - Combined Statements..................................................................................................................................................................................................8Asia Fixed Income................................................................................................................................................................................................................................................9Australian Dollar Bond......................................................................................................................................................................................................................................19Canadian Dollar Bond...................................................................................................................................................................................................................................... 24Convertible Europe............................................................................................................................................................................................................................................27Emerging Europe Fixed Income...................................................................................................................................................................................................................... 32Emerging Markets Fixed Income Alpha ....................................................................................................................................................................................................... 36Euro Aggregate Bond ...................................................................................................................................................................................................................................... 42Euro Corporate Bond........................................................................................................................................................................................................................................ 49Euro Government Bond................................................................................................................................................................................................................................... 56Euro High Yielding Fixed Income....................................................................................................................................................................................................................61Global Aggregate Bond .................................................................................................................................................................................................................................. 66Global Bond ...................................................................................................................................................................................................................................................... 83Index Linked Bond ............................................................................................................................................................................................................................................ 93Long Dated Sterling Aggregate Bond............................................................................................................................................................................................................97Long Dated Sterling Bond ............................................................................................................................................................................................................................ 103Long Dated Sterling Credit............................................................................................................................................................................................................................107Multi Asset Asia Pacific...................................................................................................................................................................................................................................114Short Term Euro Bond....................................................................................................................................................................................................................................125Short Term US Dollar Bond.......................................................................................................................................................................................................................... 130Sterling Aggregate Bond.................................................................................................................................................................................................................................137Sterling Bond.................................................................................................................................................................................................................................................... 146Sterling Credit.................................................................................................................................................................................................................................................. 150US Dollar Bond................................................................................................................................................................................................................................................ 159US Dollar High Yield Bond ........................................................................................................................................................................................................................... 165Notes to the Financial Statements..............................................................................................................................................................................................................172Report of the Reviseur D’entreprises Agree.............................................................................................................................................................................................. 188Management and Administration .............................................................................................................................................................................................................. 189General Information........................................................................................................................................................................................................................................191Further Information........................................................................................................................................................................................................................................ 193

IncorporationAberdeen Global II (“the Company”) was incorporated as a société anonyme, qualifying as a société d’investissement à capital variable on 18February 2008 for an unlimited period and commenced operations on 16 May 2008. It is registered under number B136363 at the Register ofCommerce at the District Court of Luxembourg.As at 30 June 2011, the Company has issued shares in the following Funds:Asia Fixed IncomeAustralian Dollar BondCanadian Dollar BondConvertible EuropeEmerging Europe Fixed IncomeEmerging Markets Fixed Income AlphaEuro Aggregate BondEuro Corporate BondEuro Government BondEuro High Yielding Fixed IncomeGlobal Aggregate BondGlobal BondIndex Linked BondLong Dated Sterling Aggregate BondLong Dated Sterling BondLong Dated Sterling CreditMulti Asset Asia PacificShort Term Euro BondShort Term US Dollar BondSterling Aggregate BondSterling BondSterling CreditUS Dollar BondUS Dollar High Yield BondThe full name of each Fund is constituted by the name of the Company, Aberdeen Global II, followed by a hyphen and then the specific nameof the Fund. 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.Aberdeen Global II 1

Chairman’s StatementInvestment Manager’s ReviewReview of OperationsDuring the 12 months to 30 June 2011, funds increased from US$4.0billion to US$7.3billion with the successful transfer of US$3.7billionof funds acquired from Credit Suisse Global Investors and thecreation of 11 new sub-funds to host the acquired business. Themajority of the Funds outperformed their respective benchmarksduring the period under review however the underlying fundsreduced in value largely in part to net redemptions of US$1.3 billionover the period.Fund DevelopmentsOn 24 September 2010, the Company successfully transferredover 1,450 Shareholders and US$3.7billion of funds acquired fromCredit Suisse Global Investors from their 12 sub-funds into 1 of ourexisting sub-funds and 11 newly created sub-funds. The existing fundinto which some $100m of the acquired business was transferredwas Aberdeen Global II - Sterling Aggregate Bond Fund and the11 new sub-funds which were created were Asia Fixed IncomeFund, Australian Dollar Bond Fund, Canadian Dollar Bond Fund,Convertible Europe Fund, Emerging Europe Fixed Income Fund, EuroGovernment Bond Fund, Euro High Yielding Fixed Income Fund,Multi Asset Asia Pacific Fund, Short Term Euro Bond, Short Term USDollar Bond Fund and US Dollar Bond Fund. Strong interest has beenwitnessed in Convertible Europe Fund, Sterling Bond Fund and AsiaFixed Income Fund during the period.On the distribution side, we continue to develop relationshipswith our distribution partners and secured a number of newauthorisations over the period in review. The Company continuesto have a global reach with authorisations secured in 16 territoriesworldwide.Regulatory developmentsInvestors will be aware that in general, regulatory changes haveincreased and these present challenges to be overcome in termsof adapting the Company to meet new requirements. UCITS IVintroduces key modifications in the UCITS regulatory landscapewhich presents opportunities but more importantly enhancesinvestor protection. One key change for investors is the replacementof the simplified prospectus by the Key Investor InformationDocument (“KIID”). The KIID, which will be required to be effectiveby July 2012, is a two page document with the content, form andpresentation being fully harmonised so as to facilitate its directcomparison between other UCITS.In addition, the Luxembourg government has decided not to restrictitself just to the implementation of the UCITS IV Directive, butto use the opportunity to adopt a number of other provisions toimprove the general legal framework applicable to Luxembourginvestment funds. These improvements are commonly referredto as the “Efficiency Package” which will bring cost savings to theCompany.The amendment of the Company’s articles were approved at theAGM and these changes will be reflected in the updated prospectuswhich is currently lodged with the regulator. Under the amendedlaw, annual accounts will be made available to investors via www.aberdeen-asset.com or on request which will bring significant savingsto the Company.Investment reviewOver the 12 months under review, markets have increasingly beendriven by investor sentiment rather than underlying fundamentals.With investors initially seeking ‘safe haven’ assets as the US recoverywas called in to question, yields reached record lows. The effects offurther stimulus, in the form of QE2, fed through to more positiveeconomic data and investors reacted by embracing risk assets in therun up to year end. Core government therefore sold-off, giving backtheir previous gains and yields rose significantly.Whilst volatile in the early stages of 2011, investors provedremarkably resilient to the events in North Africa and the MiddleEast, as well as to the tragic events in Japan and the growingconcerns surrounding the US debt profile. Equity marketscontinued on an upward trend and core yields rose steadily as risingcommodity prices and supply side concerns resulted in growinginflationary concerns.Despite eurozone problems still lurking in the background, andpressure on peripheral European bond yields proving relentlessthroughout 2011, events intensified towards the end of the period(particularly in Greece) which reignited contagion fears to recordlevels. This ultimately tipped the balance of investor sentimentback in to ‘risk off’ mode as they dived for cover in the form of ‘safehaven’ government assets once again. The levels of risk aversionare perhaps best observed via the record valuations of gold and theSwiss franc.Although company fundamentals remained robust, the heightenedlevels of risk aversion triggered by Greece caused credit spreads towiden.The majority of the Funds outperformed their respective benchmarksduring the period under review.Both country and security selection generally proved positive overthe year.OutlookSince the end of the reporting period, markets have becomegripped by fear and have been extremely turbulent. The US weredowngraded by S&P to AA+ and the sovereign debt crisis in Europereached a new fervour as fears of contagion spread to Italy and Spaintook hold and France’s AAA-rating came under scrutiny due to theanticipation of investors of implied liability transfers should the EFSFbe increased as many believe is necessary to ensure the stability ofthe eurozone as a whole.Risk assets fell dramatically in early August causing global stockmarket panic. The traditional safe havens of gold, the Swiss francand core government bonds (the US included as investors largelyignored the credit rating downgrade because it told them nothingnew) soared to new record levels. However, at the time of writingequity markets have bounced considerably off their lows and somesort of stability appears to be returning to markets. However,volatility could well remain for some time to come.Aberdeen Asset Managers Limited August 2011CG LittleChairman 22 August 20112 Aberdeen Global II

Net Asset Value HistoryNumbers are shown in USD terms (unless otherwise stated).NAV perShare30.06.11NAV perShare30.06.10NAV perShare30.06.09PortfolioTurnover*30.06.11TER % †As at30.06.11ShareFundClassAsia Fixed Income ∆ A-1 129.2951 - - (50.01%) 1.460A-2 148.6119 - - (50.01%) 1.460A(EUR)-2 ^ 143.9340 - - (50.01%) 1.460D(GBP)-2 ^A 10.4094 - - (50.01%) 1.460I-2 1,473.0224 - - (50.01%) 0.920Z-2 1,025.8103 - - (50.01%) 0.220Australian Dollar Bond ∆ A(AUD)-1 1,124.9391 - - 120.58% 1.100A(AUD)-2 3,494.3498 - - 120.58% 1.100Canadian Dollar Bond ∆ A(CAD)-1 1,252.4221 - - 28.35% 1.090A(CAD)-2 3,219.9568 - - 28.35% 1.090Convertible Europe ∆ A(EUR)-2 13.9530 - - (73.37%) 1.360I(EUR)-2 1,509.9962 - - (73.37%) 0.820Emerging Europe Fixed Income ∆ A(EUR)-2 214.1391 - - 15.63% 1.460I(EUR)-2 B - - - - -Emerging Markets Fixed Income Alpha I-1 1.6976 1.6138 1.4044 109.44% 1.320Z-2 12.8291 11.6717 9.6249 109.44% 0.170Euro Aggregate Bond C J(EUR)-2 C - - 14.0271 - -Z(EUR)-2 14.8269 14.7535 13.3620 316.92% 0.170Euro Corporate Bond I(EUR)-2 10.6606 10.3630 8.9015 190.16% 0.710Z(EUR)-2 12.8265 12.3938 10.5830 190.16% 0.110Euro Government Bond ∆ A(EUR)-1 111.4426 - - 297.33% 1.060A(EUR)-2 399.5158 - - 297.33% 1.060J(EUR)-2 1,523.4054 - - 297.33% 0.620Euro High Yielding Fixed Income ∆ A(EUR)-2 99.9603 - - 10.56% 1.410I(EUR)-2 1,015.8884 - - 10.56% 0.870Global Aggregate Bond J-2 14.8904 13.4341 12.4031 363.45% 0.600K-2 D - - 10.7715 - -Z-2 15.5010 13.9148 12.7822 363.45% 0.100Global Bond D(GBP)-1 0.9557 0.9510 0.8481 184.00% 1.387I-2 1.6131 1.4724 1.4218 184.00% 1.137J-2 8.6720 7.8767 7.5563 184.00% 0.637Z-2 16.8184 15.1997 14.5271 184.00% 0.137Index Linked Bond I(GBP)-2 1.8288 1.6904 1.5771 10.16% 0.685J(GBP)-2 2.7400 2.5302 2.3580 10.16% 0.585K(GBP)-2 1.8785 1.7320 1.6117 10.16% 0.435Z(GBP)-1 1.9077 1.8397 1.7750 10.16% 0.085Z(GBP)-2 2.5204 2.3157 2.1473 10.16% 0.085Long Dated Sterling Aggregate Bond K(GBP)-2 1.7537 1.6999 1.4916 149.61% 0.445Z(GBP)-2 13.8226 13.3477 11.6727 149.61% 0.095Long Dated Sterling Bond I(GBP)-2 1.6367 1.6092 1.4992 18.36% 0.685J(GBP)-2 1.7026 1.6722 1.5533 18.36% 0.585K(GBP)-2 1.6924 1.6596 1.5395 18.36% 0.435Z(GBP)-2 1.3108 1.2809 1.1839 18.36% 0.085Long Dated Sterling Credit I(GBP)-2 E - - 1.4595 - -K(GBP)-2 1.8534 1.7728 1.4868 82.05% 0.435Z(GBP)-2 1.5710 1.4973 1.2514 82.05% 0.085Aberdeen Global II 3

Performance HistoryFundBaseCurrency 30.06.11 30.06.10 30.06.09 30.06.08Asia Fixed Income - A Accumulation Shares ∆ USD 3.66% - - -Benchmark: 50% JP Morgan Asia Credit Index 50% HSBC Asian Local Bond Index. USD 3.54% ◊ - - -Australian Dollar Bond - A Accumulation Shares ∆ AUD 3.93% - - -Benchmark: JP Morgan Government Bond Index Traded AUD. AUD 4.29% - - -Canadian Dollar Bond - A Accumulation Shares ∆ CAD 1.14% - - -Benchmark: JP Morgan Government Bond Index Traded CAD. CAD 1.10% - - -Convertible Europe - A Accumulation Shares ∆ EUR 4.94% - - -Benchmark: UBS Europe Convertible Index. EUR 6.09% - - -Emerging Europe Fixed Income - A Accumulation Shares ∆ EUR 0.16% - - -Benchmark: JPM GBI-EM Global Diversified Europe Index. EUR 0.61% - - -Emerging Markets Fixed Income Alpha - Z Accumulation Shares † USD 9.99% 21.39% (4.68)% 0.60%Benchmark: Citigroup World Government Bond Index USA USD 2.19% 6.57% 6.48% 1.63%Euro Aggregate Bond - Z Accumulation Shares C †† EUR 0.67% 10.59% 6.12% (0.34)%Benchmark: Lehman Euro Aggregate Index EUR - - - ∞ 0.30%Benchmark: Barclays Capital Euro Aggregate Index EUR (0.13)% 7.11% 9.90% -Euro Corporate Bond - Z Accumulation Shares EUR 3.60% 17.18% (4.87)% - *Benchmark: Barclays Capital European Aggregate Corporate Index EUR 2.68% 11.88% 4.44% - *Euro Government Bond - A Accumulation Shares ∆ EUR (3.05)% - - -Benchmark: JP Morgan Global Government Bond EMU Index EUR (4.01)% - - -Euro High Yield Fixed Income - A Accumulation Shares ∆ EUR 4.37% - - -Benchmark: Bank of America Merrill Lynch Euro High Yield 3% Constrained Index EUR 4.76% - - -Global Aggregate Bond - Z Accumulation Shares †† USD 11.53% 8.96% (3.47)% 1.76%Benchmark: Lehman Global Aggregate Bond Index USD - - - ∞ 1.65%Benchmark: Barclays Capital Global Aggregate Bond Index USD 10.51% 5.00% 2.76% -Global Bond - J Accumulation Shares USD 10.80% 4.77% 5.43% - *Benchmark: Citigroup World Government Bond Index USD 10.54% 3.03% 4.42% - *Index Linked Bond - Z Accumulation Shares †† GBP 8.93% 7.93% 0.75% 1.92%Benchmark: FTSE - A British Government Index Linked > 5 Years Index GBP 9.67% 8.37% (0.59)% 2.03%Long Dated Sterling Aggregate Bond - Z Accumulation Shares ††† GBP 3.55% 14.63% 4.65% - **Benchmark: Bank of America Merrill Lynch Sterling Broad Market > 10 Years Index GBP 3.65% 12.11% 5.43% - **Long Dated Sterling Bond - Z Accumulation Shares †† GBP 2.42% 8.29% 12.99% (3.28)%Benchmark: FTSE - A British Government > 15 Years Index GBP 2.81% 7.96% 11.27% (2.14)%6 Aberdeen Global II

FundBaseCurrency 30.06.11 30.06.10 30.06.09 30.06.08Long Dated Sterling Credit - Z Accumulation Shares ††† GBP 5.01% 19.75% (1.71)% - **Benchmark: Bank of America Merrill Lynch Sterling Non-Gilts > 10 Years Index GBP 4.62% 19.09% 0.53% - **Multi Asset Asia Pacific - A Accumulation Shares ∆ USD 5.80% - - -Benchmark: 40% MSCIAC Asia Pacific Index, 30% JP Morgan Asia Credit Index USD 5.61% ◊◊ - - -and 30% HSBC Asian Local Bond Index (ALBI)Short Term Euro Bond - A Accumulation Shares ∆ EUR 0.05% - - -Benchmark: Citigroup EMU World Government Bond Index 1-3 Years EUR (0.16)% - - -Short Term US Dollar Bond - A Accumulation Shares ∆ USD 0.66% - - -Benchmark: Citigroup US World Government Bond Index 1-3 Years USD 0.69% - - -Sterling Aggregate Bond - Z Accumulation Shares ††† GBP 4.34% 13.59% 3.47% - **Benchmark: Bank of America Merrill Lynch Sterling Broad Market Index GBP 4.00% 10.89% 5.51% - **Sterling Bond - Z Accumulation Shares ††† GBP 2.98% 8.04% 14.01% (2.46)%Benchmark: FTSE - A British Government Fixed > 5 Years Index GBP 3.45% 7.40% 14.23% (2.10)%Sterling Credit - Z Accumulation Shares GBP 5.87% 20.04% (3.48)% - **Benchmark: Bank of America Merrill Lynch Sterling Non-Gilts Index GBP 5.26% 16.18% 0.65% - **US Dollar Bond - A Accumulation Shares ∆ USD (0.88)% - - -Benchmark: JP Morgan Government Bond Index Traded USD USD (0.33)% - - -US Dollar High Yield Bond - I Accumulation Shares G USD 16.39% 19.98% (3.07)% (0.59)%Benchmark: Credit Suisse Upper Tier High Yield Index USD 12.71% 19.92% 4.43% (0.92)%Performance runs from 30 June to 30 June for each year, unless otherwise statedPast performance is no indication of current or future performance. These performance data do not take account of the commissions and costs incurred on the issue and redemption of units.∆ Funds migrated from Credit Suisse Bond Funds (Lux) 24 September 2010, and as such performance runs from 24 September 2010 to 30 June 2011.∞ Benchmark changed* Fund launched 25 July 2008** Fund launched 11 July 2008† Prior to the year ended 2010, performance was for the I Accumulation Shares†† Prior to the year ended 2010 performance was for the J Accumulation Shares††† Prior to the year ended 2010 performance was for the K Accumulation Shares◊ to 30 September 2010 Citigroup US Treasury and Agency Index.◊◊ to 30 September 2010 3 Month USD LIBOR + 400 Basis Point Index.CEuro Aggregate name change from Euro Bond on 27 July 2010.GUS Dollar High Yield Bond name change from Global High Yield Bond on 27 July 2010.Aberdeen Global II 7

Asia Fixed IncomeFor the period 24 September 2010 to 30 June 2011PerformanceFor the period 24 September 2010 to 30 June 2011, the value of Asia Fixed Income - A Accumulation shares increased by 3.66% compared toan increase of 3.54% in the composite benchmark. For the period 24 September to 30 September 2010 the benchmark was the Citigroup USTreasury & Agency Index, from I October 2010 to 30 June 2011 the composite benchmark is 50% JP Morgan Asia Credit Index and 50% HSBCAsian Local Bond Index (ALBI).Source: Lipper, Citigroup, JP Morgan, HSBC Basis: total return, NAV to NAV, net of annual charges, gross income reinvested, USD.Corporate activityOn 24 September 2010, Credit Suisse Bond Fund (Lux) Asia Aberdeen transferred its assets into the Aberdeen Global II - Asia Fixed IncomeFund resulting in a contribution in kind worth US$118 million in investments and cash.Shareholders involved in the transfer were given either A or I shares in the Aberdeen Global II - Asia Fixed Income Fund for every 1 sharepreviously held in the Credit Suisse Bond Fund (Lux) Asia Aberdeen as follows:Contribution inCredit Suisse Bond Fund (Lux) Share Class Aberdeen Global II Share Classkind (‘000) Transfer RatioAsia Aberdeen A Asia Fixed Income Fund A-1 US$5,188 1.001001001Asia Aberdeen B Asia Fixed Income Fund A-2 US$31,810 1.001101211Asia Aberdeen I Asia Fixed Income Fund I-2 US$44,406 1.000700490Asia Aberdeen R(EUR) ^ Asia Fixed Income Fund A(EUR)-2 ^ €27,781 1.001101211^ Hedge share classManager’s reviewAsian fixed income markets posted solid gains in the year to June2011 as low interest rates in the West drove investors to the regionin search of yield. The US’ second quantitative easing and Japan’s¥5 trillion asset purchase programme kept financial markets awashwith liquidity, much of which found its way to emerging markets.Asian local currency government bond markets, in particular,benefited from a flight to safety that was triggered by externalfactors, including political unrest in the Middle East and north Africa,Japan’s devastating quake and Europe’s sovereign debt problems.Less supportive for government bonds was the brisk expansionin GDP, underpinned by robust domestic demand and a pickupin intra-regional trade. Along with dwindling economic slack,increases in the prices of food, energy and other commoditiesdrove up inflation. In response, central banks tightened monetarypolicy further; the People’s Bank of China hiked its policy rate fourtimes and banks’ reserve requirements by nine times. The interestrate differentials between Asia and the developed world, wheremonetary normalisation was postponed in view of sluggish economicgrowth rates, were most positive for regional currencies. Also liftingcurrencies was central banks’ increasing willingness to employforeign exchange appreciation to alleviate imported inflation.The won, Singapore and Taiwan dollars, which rose by more than10% each against the US dollar, were the best performing currencies.The won benefited from substantial equity market inflows;the Singapore dollar was helped by the Monetary Authority ofSingapore’s decision to allow faster currency gains; and the Taiwandollar was favoured for the country’s increasingly close economicties to the mainland. Meanwhile, China’s move to graduallyinternationalise its currency picked up traction with a 4.7% riseagainst the US dollar. However, the opposite was true for the euroand the yen, which strengthened against most Asian currencies.For local-currency government bonds, outperformance was mainlyconcentrated largely at the longer end of the yield curve as theshorter end was constrained by the monetary tightening cycle. Thehigher-yielding debt of Indonesia and the Philippines rallied themost over the year, with 10-year yields falling by 83bps and 137bpsrespectively, despite giving up earlier gains in the later part of 2010and early 2011. Korean yields declined 66bps after the central banksoftened its policy stance amid rising global uncertainty.Asian credit spreads tightened by 35bps and the JPMorgan AsiaCredit Index rose by 7.97%. High-yield corporates outperformed onthe back of robust risk appetite and solid corporate earnings results.In particular, Chinese property bonds were resilient despite pressurefrom the government’s real estate cooling measures. However, gainswere marred slightly by poor performance in the Chinese high-yieldindustrial sector, which was weighed down by corporate governanceconcerns in the second half of the review period. The primary marketwas robust, with activity boosted further by a slew of renminbibonds following the Chinese government’s July decision to allowyuan trading in Hong Kong.Portfolio reviewThe portfolio rose by 3.66% from 24 September 2010 to 30 June2011, compared with the benchmark’s return of 3.54%.During the period, the portfolio’s currency exposure added valuerelative to the benchmark, particularly the overweight to the wonand Singapore dollar. However, the underweight position to theappreciating Taiwan dollar in the latter part of 2010 detractedfrom relative performance, as did our short positions in the yenand the euro, which were used to diversify the funding of ourAsian currency exposure.Aberdeen Global II 9Asia Fixed Income

Statement of Net AssetsAs at 30 June 2011AssetsUS$'000Investments in securities at market value (note 2.2) 179,588Cash at bank 10,082Amounts held at futures clearing houses and brokers 159Interest receivable 3,006Subscriptions receivable 1,877Unrealised gains on forward currency exchange168contracts (note 2.6)Total assets 194,880LiabilitiesTaxes and expenses payable 241Redemptions payable 6,256Unrealised losses on future contracts (note 2.7) 61Unrealised losses on swap contracts (note 2.8) 934Other liabilities 59Total liabilities 7,551Net assets at the end of the period 187,329Statement of Changes in Net AssetsFor the period from 24 September 2010 to 30 June 2011US$'000Net gains from investments 3,227Net realised gains 3,289Net unrealised gains 1,338Proceeds from shares issued 270,236Payments for shares redeemed (90,966)Net equalisation received (note 10) 297Dividends paid (note 5) (92)Net assets at the end of the period 187,329Statement of OperationsFor the period from 24 September 2010 to 30 June 2011IncomeUS$'000Investment Income 4,534Bank interest 3Other income 15Total income 4,552ExpensesManagement fees (note 4.5) 1,048Administration fees (note 4.1) 103Custodian fees (note 4.2) 33Domiciliary agent, registrar, paying and transfer agentfees (note 4.3) 37Management Company fees (note 4.4) 13Operational expenses (note 4.6) 51Annual tax (note 4.8) 40Total expenses 1,325Net gains from investments 3,227Realised gains on investments 52Realised gains on forward currency exchange contracts 301Realised losses on future contracts (215)Realised gains on swap contracts 627Realised currency exchange gains 2,524Net realised gains 3,289Increase in unrealised appreciation on investments 2,164Increase in unrealised appreciation on forward currency 168exchange contractsIncrease in unrealised depreciation on future contracts (61)Increase in unrealised depreciation on swap contracts (934)Unrealised currency exchange gains 1Net unrealised gains 1,338Net increase in assets as a result of operations 7,854Share TransactionsFor the period from 24 September 2010 to 30 June 2011A-1 A-2 A(EUR)-2 ^ D(GBP)-2 ^ I-2 Z-2Shares issued during the period 58,916 478,918 336,998 50,000 64,585 36,256Shares redeemed during the period (21,775) (102,735) (116,967) - (33,853) (2,527)Shares outstanding at the end of the period 37,141 376,183 220,031 50,000 30,732 33,729Net asset value per share 129.2951 148.6119 143.9340 10.4094 1,473.0224 1,025.8103^Hedge share class.The accompanying notes form an integral part of these financial statements.Aberdeen Global II 11Asia Fixed Income

Portfolio StatementAs at 30 June 2011Security Coupon (%) Maturity NominalMarket ValueUS$’000Percentage of totalnet assets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketCorporate bonds - 37.27%Australia - 0.27%Commonwealth Bank of Australia (FRN) 0.4463 28/09/16 500,000 497 0.27China - 2.81%Agile Property 10.0000 14/11/16 1,450,000 1,542 0.82Country Garden 11.7500 10/09/14 1,300,000 1,416 0.76Sinochem Overseas Capital 6.3000 12/11/40 350,000 344 0.18West China Cement 7.5000 25/01/16 2,050,000 1,971 1.055,273 2.81Hong Kong - 13.59%Bangkok Bank (MTN) 9.0250 15/03/29 1,250,000 1,534 0.82Central China Real Estate 12.2500 20/10/15 1,100,000 1,144 0.61CFG Investment (MTN) 9.2500 19/12/13 1,525,000 1,571 0.84China Oriental 7.0000 17/11/17 1,300,000 1,263 0.67China Oriental 8.0000 18/08/15 500,000 510 0.27China Overseas Finance 5.5000 10/11/20 650,000 622 0.33First Pacific 7.3750 24/07/17 300,000 327 0.17Fufeng Group 7.6250 13/04/16 2,150,000 2,039 1.09Henson Finance 5.5000 17/09/19 1,100,000 1,075 0.57Hongkong Land Finance (EMTN) 4.5000 07/10/25 3,600,000 3,193 1.70Hutchison Whampoa International 4.6250 11/09/15 100,000 106 0.06Hutchison Whampoa International 7.4500 24/11/33 110,000 137 0.07Hutchison Whampoa International (MTN) 7.6250 09/04/19 2,700,000 3,216 1.72Longfor Properties 9.5000 07/04/16 500,000 516 0.28Sino Forest 10.2500 28/07/14 1,650,000 829 0.44Sino Forest 6.2500 21/10/17 550,000 250 0.13Swire Pacific MTN Financing 5.5000 19/08/19 3,500,000 3,683 1.97Texhong Textile 7.6250 19/01/16 1,400,000 1,372 0.73Wing Hang Bank (FRN) (PERP) 6.0000 20/04/49 2,050,000 2,098 1.1225,485 13.59India - 3.73%Axis Bank Dubai (EMTN) 5.2500 30/09/15 1,150,000 1,184 0.63Bank of Baroda London 5.0000 24/08/16 2,550,000 2,610 1.39ICICI Bank (FRN) 6.3750 30/04/22 650,000 632 0.34ICICI Bank Dubai 4.7500 25/11/16 750,000 747 0.40Indian Railway Finance 4.4060 30/03/16 550,000 564 0.30NTPC (EMTN) 5.8750 02/03/16 830,000 891 0.48Syndicate Bank (EMTN) 4.7500 06/11/16 350,000 350 0.196,978 3.73Indonesia - 2.60%Indosat Palapa 7.3750 29/07/20 1,150,000 1,282 0.68Listrindo Capital 9.2500 29/01/15 1,800,000 1,972 1.05Majapahit Holding 7.8750 29/06/37 150,000 173 0.09Majapahit Holding 8.0000 07/08/19 500,000 591 0.32Pertamina 5.2500 23/05/21 400,000 405 0.22PT Adaro Indonesia 7.6250 22/10/19 400,000 446 0.244,869 2.60Malaysia - 2.57%AMBB Capital (PERP) 6.7700 27/01/49 800,000 806 0.43Petronas Capital 5.2500 12/08/19 750,000 808 0.43Petronas Global Sukuk 4.2500 12/08/14 1,500,000 1,585 0.84Public Bank (FRN) (PERP) 6.8400 22/08/36 350,000 372 0.20SBB Capital (PERP) 6.6200 02/11/49 500,000 521 0.2812 Aberdeen Global IIAsia Fixed Income

Portfolio Statement continuedSecurity Coupon (%) Maturity NominalMarket ValueUS$’000Percentage of totalnet assets %Indonesia (Republic of) 8.2500 15/07/21 12,000,000,000 1,469 0.78Indonesia (Republic of) 9.0000 15/09/18 11,000,000,000 1,402 0.75Indonesia (Republic of) 9.5000 15/07/31 37,000,000,000 4,659 2.49Indonesia (Republic of) 10.7500 15/05/16 19,200,000,000 2,597 1.39Indonesia (Republic of) 11.0000 15/10/14 11,000,000,000 1,455 0.78Indonesia (Republic of) 11.5000 15/09/19 10,000,000,000 1,451 0.77Indonesia (Republic of) 11.6250 04/03/19 1,800,000 2,648 1.41Perusahaan Penerbit Sbsn 8.8000 23/04/14 1,550,000 1,804 0.9622,661 12.10Malaysia - 8.83%Malaysia (Government of) 3.7020 25/02/13 19,700,000 6,583 3.52Malaysia (Government of) 3.7410 27/02/15 10,000,000 3,357 1.79Malaysia (Government of) 4.0120 15/09/17 12,410,000 4,177 2.23Malaysia (Government of) 4.3920 15/04/26 7,100,000 2,418 1.2916,535 8.83Philippines - 9.53%Philippines (Republic of) 7.0000 27/01/16 167,400,000 4,194 2.24Philippines (Republic of) 7.7500 14/01/31 1,850,000 2,322 1.24Philippines (Republic of) 8.7500 27/05/30 57,000,000 1,418 0.75Philippines (Republic of) 8.8750 17/03/15 600,000 743 0.39Philippines (Republic of) 9.1250 04/09/16 122,000,000 3,329 1.78Philippines (Republic of) 9.3750 18/01/17 200,000 260 0.14Philippines (Republic of) 9.8750 15/01/19 2,300,000 3,162 1.69Philippines (Republic of) 10.6250 16/03/25 1,600,000 2,432 1.3017,860 9.53Singapore - 3.40%Singapore (Government of) 2.5000 01/06/19 3,665,000 3,099 1.65Singapore (Government of) 3.1250 01/09/22 1,330,000 1,148 0.62Singapore (Government of) 3.2500 01/09/20 2,400,000 2,120 1.136,367 3.40South Korea - 15.93%Korea (Republic of) 2.7500 10/03/17 4,800,000,000 5,682 3.03Korea (Republic of) 2.7500 10/06/20 1,000,000,000 1,080 0.58Korea (Republic of) 4.5000 10/03/15 8,000,000,000 7,628 4.07Korea (Republic of) 5.0000 10/06/20 3,000,000,000 2,963 1.58Korea (Republic of) 5.2500 10/09/15 1,600,000,000 1,569 0.84Korea (Republic of) 5.7500 10/09/18 4,000,000,000 4,105 2.19Korea (Republic of) 7.1250 16/04/19 1,150,000 1,386 0.74Korea Expressway (MTN) 4.5000 23/03/15 1,050,000 1,103 0.59Korea Finance 3.2500 20/09/16 580,000 570 0.30Korea Monetary Stab Bond 3.9900 01/02/13 4,000,000,000 3,758 2.0129,844 15.93Thailand - 4.72%Thailand (Kingdom of) 2.8000 10/10/17 43,000,000 1,326 0.71Thailand (Kingdom of) 3.6250 22/05/15 15,000,000 487 0.26Thailand (Kingdom of) 3.6500 17/12/21 30,000,000 964 0.51Thailand (Kingdom of) 3.8750 13/06/19 35,000,000 1,143 0.61Thailand (Kingdom of) 4.1250 11/18/16 89,326,000 2,955 1.58Thailand (Kingdom of) 4.2500 13/03/13 60,000,000 1,972 1.058,847 4.72Government bonds 102,114 54.51Transferable securities and money market instruments admitted to anofficial exchange listing / dealt in on another regulated market 172,173 91.8914 Aberdeen Global IIAsia Fixed Income

Market ValueUS$’000Percentage of totalnet assets %Security Coupon (%) Maturity NominalOther transferable securities and money market instrumentsGovernment bonds - 3.96%China - 3.96%China (Peoples Republic of) 2.8000 24/03/12 15,000,000 2,310 1.23China (Peoples Republic of) 3.2200 10/03/14 18,000,000 2,766 1.48China (Peoples Republic of) 3.6000 17/02/16 15,000,000 2,339 1.257,415 3.96Government bonds 7,415 3.96Other transferable securities and money market instruments 7,415 3.96Total transferable securities and money market instruments 179,588 95.85Financial derivative instrumentsFutures contracts - (0.03)%Future Maturity NotionalUnrealised gains/(losses) US$'000Percentage of totalnet assets %CBT US 10YR NOTE 21/09/11 175 (8) -CBT US LONG BOND 21/09/11 (5) 8 -CBT US 5YR NOTE 30/09/11 (256) (58) (0.03)CBT US 2YR NOTE 30/09/11 (10) (3) -Unrealised losses on future contracts (61) (0.03)Forward currency exchange contracts - 0.10%Unrealisedgains/(losses)US$’000Percentageof total netassets %Buy Sell Settlement Buy AmountSellAmountCNY USD 07/09/11 363,702 360,000 4 -CNY USD 07/09/11 1,010,701 1,000,000 11 0.01CNY USD 07/09/11 400,061 400,000 - -CNY USD 07/09/11 399,319 400,000 (1) -CNY USD 07/09/11 2,196,629 2,200,000 (3) -CNY USD 07/09/11 801,669 800,000 2 -CNY USD 23/05/12 396,306 400,000 (4) -CNY USD 23/05/12 794,184 800,000 (6) -CNY USD 23/05/12 298,422 300,000 (1) -CNY USD 23/05/12 897,494 900,000 (2) -CNY USD 02/08/11 775,766 750,000 26 0.01CNY USD 02/08/11 2,587,899 2,500,000 88 0.05CNY USD 07/09/11 990,112 980,000 10 0.01CNY USD 17/01/12 300,594 300,000 1 -CNY USD 17/01/12 4,608,052 4,580,000 28 0.01CNY USD 17/01/12 3,109,281 3,100,000 9 -CNY USD 21/12/11 1,013,448 1,000,000 13 0.01EUR USD 05/07/11 19,063 18,940 - -EUR USD 06/07/11 115,111 115,118 - -EUR USD 23/09/11 205,141 200,000 5 -EUR USD 16/09/11 45,934,975 45,794,982 140 0.07GBP USD 16/09/11 836,003 848,302 (12) (0.01)HKD USD 07/09/11 5,067,705 5,070,000 (2) -Aberdeen Global II 15Asia Fixed Income

Unrealisedgains/(losses)US$’000Percentageof total netassets %Buy Sell Settlement Buy AmountSellAmountUSD HKD 07/09/11 600,000 600,731 (1) -USD HKD 07/09/11 1,310,000 1,313,037 (3) -USD IDR 02/08/11 14,700,000 15,280,112 (580) (0.31)USD IDR 02/08/11 1,600,000 1,634,172 (34) (0.02)USD IDR 02/08/11 300,000 304,666 (5) -USD IDR 02/08/11 700,000 700,164 - -USD IDR 02/08/11 1,500,000 1,500,525 (1) -USD IDR 02/08/11 400,000 401,811 (2) -USD INR 07/09/11 1,000,000 1,006,507 (7) -USD INR 07/09/11 800,000 802,025 (2) -USD INR 07/09/11 300,000 301,554 (2) -USD JPY 03/10/11 7,300,000 7,302,813 (3) -USD JPY 03/10/11 400,000 398,242 2 -USD KRW 23/09/11 1,720,000 1,738,162 (18) (0.01)USD KRW 23/09/11 800,000 815,678 (16) (0.01)USD KRW 23/09/11 200,000 201,497 (1) -USD KRW 23/09/11 300,000 305,069 (5) -USD MYR 02/08/11 3,700,000 3,713,710 (14) (0.01)USD MYR 02/08/11 200,000 200,774 (1) -USD MYR 02/08/11 300,000 303,441 (3) -USD MYR 08/12/11 4,590,000 4,652,416 (62) (0.03)USD MYR 08/12/11 1,100,000 1,094,614 5 -USD PHP 02/08/11 369,000 368,990 - -USD PHP 02/08/11 3,390,000 3,353,321 37 0.02USD PHP 02/08/11 400,000 397,780 2 -USD PHP 02/08/11 1,400,000 1,395,773 4 -USD PHP 02/08/11 1,000,000 996,520 3 -USD PHP 02/08/11 300,000 301,648 (2) -USD PHP 02/08/11 600,000 599,845 - -USD SGD 23/09/11 1,900,000 1,919,916 (20) (0.01)USD SGD 23/09/11 500,000 505,176 (5) -USD SGD 23/09/11 1,700,000 1,702,072 (2) -USD THB 02/09/11 4,800,000 4,797,292 3 -USD THB 06/09/11 1,900,000 1,875,461 25 0.01USD THB 06/09/11 2,100,000 2,073,218 27 0.01Unrealised gains on forward currency exchange contracts 168 0.10Aberdeen Global II 17Asia Fixed Income

Swap contracts - (0.49)%Counterparty Ccy Termination Notional Fund Pays Fund ReceivesUnrealisedgains/(losses)US$'000Percentage oftotal net assets%Cross currency swap contracts - (0.30%)Citigroup KRW 23/06/21 1,070,000 5.2400% 6 MONTH USD LIBOR/KRW 11 0.01Credit Suisse KRW 01/07/11 2,750,000,000 3.8500% 6 MONTH USD LIBOR/KRW 26 0.01UBS PHP 17/11/11 233,850,000 3.1500% 6 MONTH USD LIBOR/PHP (431) (0.23)UBS PHP 17/11/12 70,155,000 3.7500% 6 MONTH USD LIBOR/PHP (163) (0.09)Unrealised losses on cross currency swap contracts (557) (0.30)Unrealisedgains/(losses)US$'000Percentage oftotal net assets%Counterparty Ccy Termination Notional Fund Pays Fund ReceivesInterest rate swap contracts - (0.19)%Citigroup KRW 17/11/11 2,400,000,000 4.6600% 3 MONTH KRW-CD (9) -Credit Suisse KRW 27/03/18 5,000,000,000 5.0700% 3 MONTH KRW-CD (297) (0.16)Credit Suisse THB 29/10/12 260,000,000 3.2200% 6 MONTH TBH-SOR (7) -UBS KRW 15/03/20 2,500,000,000 4.4350% 3 MONTH KRW-CD (64) (0.03)Unrealised losses on interest rate swap contracts (377) (0.19)Unrealised losses on swap contracts (934) (0.49)Unrealised losses on financial derivative instruments (827) (0.42)Total investments 178,761 95.43Other net assets 8,568 4.57Total 187,329 100.0018 Aberdeen Global IIAsia Fixed Income

Australian Dollar BondFor the period 24 September 2010 to 30 June 2011PerformanceFor the period 24 September 2010 to 30 June 2011, the value of Australian Dollar Bond - A Accumulation shares increased by 3.93%compared to an increase of 4.29% in the benchmark, JP Morgan Government Bond Index Traded AUD.Source: Lipper, Basis: total return, NAV to NAV, net of annual charges, gross income reinvested, AUD.Corporate activityOn 24 September 2010, Credit Suisse Bond Fund (Lux) AU$ Aberdeen transferred its assets into the Aberdeen Global II - Australian DollarBond Fund resulting in a contribution in kind worth AU$131 million in investments and cash.Shareholders involved in the transfer were given A shares in the Aberdeen Global II - Australian Dollar Bond Fund for every 1 share previouslyheld in Credit Suisse Bond Fund (Lux) AU$ Aberdeen as follows:Contribution inCredit Suisse Bond Fund (Lux) Share Class Aberdeen Global II Share Classkind (‘000) Transfer RatioAU$ Aberdeen A Australian Dollar Bond Fund A-1 AU$53,177 1.000300090AU$ Aberdeen B Australian Dollar Bond Fund A-2 AU$77,642 1.000300090Manager’s reviewAs per the 2009/10 year, outright yield levels for Australian bondslargely moved within widely defined ranges. 3 year bonds rangedbetween 5.4% and 4.3% and the equivalent range for 10 yearswas 5.8% and 4.75%. The period from late September 2010 tomid 2011 was characterised by two broad phases for Australianyields. First, from September 2010 to early 2011 yields rose as themarket recovered from the European sovereign crisis of mid 2010and Australian economic growth prospects were robust. The USbond market was also a significant driver of global yields during thisperiod. Treasury yields reached their lowest point since Q4 2008during October 2010, in anticipation of the Federal Reserve’s secondso-called quantitative easing program or QE2. From this point,Treasury yields rose consistently through to early 2011 as economicdata generally surprised in a positive way and global growthprospects were relatively strong. In addition, the Reserve Bank ofAustralia raised overnight cash rates in November 2010, the timingof which surprised the market.The second phase of yield moves was from February 2011 onwards,when over the following five months yields fell back towards thelow levels reached in mid 2010. The causes of this move lowerincluded: slowing growth prospects in the West and in Asia as policymakers tried to slow growth to fight inflation; the re-emergence ofthe European sovereign crisis including Greece, Ireland and Portugal;and finally the weakening in domestic demand seen in Australia,exacerbated by the adverse weather conditions from early in 2011.Late in the period under review, the European bond market beganto price in higher risks for nations such as Italy and Spain, with yieldspreads rising dramatically versus German bunds. This impactedcredit markets and financials in particular, with knock-on effects toequities and government bonds including those in Australia.Credit markets for the period under review also moved in distinctphases. The initial recovery from the mid-2010 European sovereigncrisis saw spreads narrowing and credit strongly outperforminggovernment bonds. This out-performance persisted until early 2011,from which point spreads moved broadly in a sideways fashionversus government bonds until May. From this point on, investorsbegan to sell credit assets and spreads widened more aggressively,largely in response to the growing risks coming from Europe and thedownturn in equity markets. However, the scale of the widening incredit spreads seen in mid 2011 is less severe than that of mid 2010.Corporate revenue and profit results were actually sound for most ofthe period. There is an argument that credit quality metrics are attheir best level in decades for many sectors. However, the broadershifts in market sentiment were more powerful drivers of spreadsduring the period.Portfolio reviewThe Fund underperformed the benchmark over the period.However, we were able to add value via the duration strategy untilthe end of the review period by moving between long and shortduration positions towards the extreme end of the range for yields.Throughout the period our view on the fair value levels for Australianyields was little changed. However, we did expect a rise in yieldsin the early part of 2011, correspondingly moving to a larger shortduration position. This was a negative impact on performance laterin the review period however, as yields fell despite a constructiveoutlook for the Australian economy.The slope strategy added value in late 2010 by being positioned fora flatter Australian yield curve. We neutralised this position in early2011 at attractive levels and have waited for further opportunitiesto initiate trades which benefit from a steepening yield curve (wherelonger-dated yields rise relative to shorter-dated).Aberdeen Global II 19Australian Dollar Bond

Relative value strategies largely added value by being overweightcheap individual government bond maturities versus more expensiveneighbours on the yield curve. Primarily the cheap issues were thoserecently issued by AOFM.We maintained a modest overweight to credit throughout the wholeyear, having reduced our position somewhat during the early stagesof the Greek crisis in May 2010. Selected issuers with Europeanexposure did not perform as strongly as non-European issuers.All our credit exposure in the Fund is from stronger investment gradeissuers, with no asset rated below AA-/Aa3. We also maintained ouroverweight to semi government securities (semis), primarily issuedby Victoria and Queensland (state-guaranteed). In aggregate, thecredit allocation was a modest negative for performance as swapspreads widened versus government bonds over the review period,offsetting the benefit of superior yieldcarry from non-government assets.OutlookOur view on interest rates has moderated somewhat since lastmonth as we have removed one Reserve Bank rate rise fromour profile and pushed back the timing on the expected FederalReserve tightening. Timing aside, however, our most importantchange in view is that the growth/inflation mix is changing, asthe global constraint from higher oil prices has been even greaterthan expected. In addition, we expect this to be a recurring patternwhenever global growth picks up - ie rising demand for oil forcesthe oil price up which acts as a brake on growth - meaning throughtime, growth is likely to be lower and inflation slightly higher. Thisshifting composition is largely indeterminate for nominal rates(as nominal growth remains about the same), but has importantimplications for the allocation decision between nominal andinflation-protected bonds. It is important to emphasise that thisshift is in the context of a global growth outlook which continues tolook acceptable in aggregate. This is due to ongoing accommodativefinancial conditions and in spite of the delicate balances in both theEast (between managing inflation and hard landings) and the West(between stimulus and sustainability) which make for unsteadinessaround the path. Somewhat uniquely, Australia’s rates marketremains hostage to events in other developed economies, in spiteof Australia’s ongoing realignment of growth cycles with Asia.Credit markets in recent months have lost the spread tighteningmomentum that had been in place earlier in 2011. The challengesoccupying the minds of investors stem firstly from the broad slowingof growth seen in the US, Europe and much of Asia, and secondly,from the influence of the rolling European sovereign crisis andparticularly its impact on the banking sector. On the positive side,demand for credit seems to remain strong although it has softenedsince early 2011 and in a historical context, credit spreads are fairlywide, particularly for financial issuers.Undoubtedly some of the weakness in H1 2011 growth has stemmedfrom somewhat temporary factors, such as the Japanese earthquakeand supply chain disruptions and the tax-like effects of higher oiland commodity prices. Those factors can be expected to unwindthrough H2 2011. However, there is evidence of a slowing inforward-looking indicators and it is clear that the US and Europe faceconstraints on growth that will be longer-lasting, such as ongoingprivate sector deleveraging, a reversal of fiscal stimulus generallyand an aggressive fiscal contraction in the EU periphery. Importantlyalso we are in a period of policy tightening from many central banks,with the exception, for now, of the Federal Reserve.Although the last two months have been more difficult for creditmarkets, encouragingly, there was no return to the systemicsovereign and banking sector fears of May/June 2010, despite theGreek crisis. However, the weaker global outlook compared to early2011, along with the loss of spread tightening momentum, leave usfeeling cautious. While we foresee broadly unchanged spreads over12 months, with a slight tightening in our central case, the risks arestill skewed to wider spreads in our alternate scenarios. Our currentmodest overweight to cash credit should remain for the mediumterm though we stand prepared to reduce risk further shouldmarkets deteriorate from here.20 Aberdeen Global IIAustralian Dollar Bond

Statement of Net AssetsAs at 30 June 2011AssetsAU$'000Investments in securities at market value (note 2.2) 134,859Cash at bank 4,660Amounts held at futures clearing houses and brokers 398Interest receivable 1,755Subscriptions receivable 105Unrealised gains on future contracts (note 2.7) 48Total assets 141,825LiabilitiesTaxes and expenses payable 167Redemptions payable 435Other liabilities 885Total liabilities 1,487Net assets at the end of the period 140,338Statement of Changes in Net AssetsFor the period from 24 September 2010 to 30 June 2011AU$'000Net gains from investments 3,963Net realised losses (935)Net unrealised gains 1,390Proceeds from shares issued 164,089Payments for shares redeemed (26,926)Net equalisation received (note 10) 202Dividends paid (note 5) (1,445)Net assets at the end of the period 140,338Statement of OperationsFor the period from 24 September 2010 to 30 June 2011IncomeAU$'000Investment income 4,954Bank interest 84Other income 1Total income 5,039ExpensesManagement fees (note 4.5) 877Administration fees (note 4.1) 52Custodian fees (note 4.2) 14Domiciliary agent, registrar, paying and transfer agent30fees (note 4.3)Management Company fees (note 4.4) 11Operational expenses (note 4.6) 42Annual tax (note 4.8) 50Total expenses 1,076Net gains from investments 3,963Realised losses on investments (772)Realised losses on future contracts (164)Realised currency exchange gains 1Net realised losses (935)Increase in unrealised appreciation on investments 1,342Increase in unrealised appreciation on future contracts 48Net unrealised gains 1,390Net increase in assets as a result of operations 4,418Share TransactionsFor the period from 24 September 2010 to 30 June 2011A-1 A-2Shares issued during the period 49,137 32,253Shares redeemed during the period (10,515) (4,525)Shares outstanding at the end of the period 38,622 27,728Net asset value per share 1,124.9391 3,494.3498The accompanying notes form an integral part of these financial statements.Aberdeen Global II 21Australian Dollar Bond

Portfolio StatementAs at 30 June 2011Security Coupon (%) Maturity NominalMarket ValueAU$’000Percentage of totalnet assets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketCorporate bonds - 4.33%Australia - 4.33%Compagnie De Financement Foncier 5.5000 22/09/15 4,250,000 4,053 2.89Westpac (MTN) 6.7500 09/05/16 2,000,000 2,026 1.446,079 4.33Corporate bonds 6,079 4.33Government bonds - 89.67%Australia - 88.95%Australia (Commonwealth of) 6.5000 15/05/13 11,600,000 11,965 8.52Australia (Commonwealth of) 5.7500 15/04/12 9,000,000 9,072 6.47Australia (Commonwealth of) 5.7500 15/05/21 16,600,000 17,284 12.32Australia (Commonwealth of) 5.7500 15/07/22 17,200,000 17,920 12.77Australia (Commonwealth of) 4.5000 21/10/14 20,300,000 20,127 14.34Australia (Commonwealth of) 4.7500 15/11/12 18,300,000 18,310 13.05Australia (Commonwealth of) 5.5000 21/01/18 17,500,000 18,053 12.86Queensland Treasury Corporation 6.0000 21/04/16 2,293,000 2,352 1.68Queensland Treasury Corporation 6.2500 21/02/20 1,850,000 1,911 1.36Treasury Corporation of Victoria 5.5000 17/12/24 1,250,000 1,211 0.86Treasury Corporation of Victoria 5.7500 15/11/16 6,500,000 6,630 4.72124,835 88.95Norway - 0.37%Kommunalbanken (MTN) 6.5000 12/04/21 500,000 511 0.37Spain - 0.35%Instituto De Credito Oficial (MTN) 5.5000 11/10/12 500,000 491 0.35Government bonds 125,837 89.67Transferable securities and money market instruments admitted to anofficial exchange listing / dealt in on another regulated market 131,916 94.00Other transferable securities and money market instrumentsCorporate bonds - 2.10%Australia - 2.10%GE Cap Australia Funding (MTN) 6.0000 15/04/15 1,620,000 1,600 1.14Inter American Development (MTN) 6.5000 20/08/19 800,000 838 0.60National Australia 5.7500 19/12/13 500,000 505 0.362,943 2.10Corporate bonds 2,943 2.10Other transferable securities and money market instruments 2,943 2.10Total transferable securities and money market instruments 134,859 96.1022 Aberdeen Global IIAustralian Dollar Bond

Financial derivativesFuture contracts - 0.03%Future Maturity NotionalUnrealised gains/(losses) AU$'000Percentage oftotal net assets %SFE Aust 10 Year Bond 15/09/11 (39) 31 0.02SFE Aust 3 Year Bond 15/09/11 (47) 17 0.01Unrealised gains on future contracts 48 0.03Unrealised gains on financial derivative instruments 48 0.03Total investments 134,907 96.13Other net assets 5,431 3.87Total 140,338 100.00Aberdeen Global II 23Australian Dollar Bond

Canadian Dollar BondFor the period 24 September 2010 to 30 June 2011PerformanceFor the period 24 September 2010 to 30 June 2011, the value of Canadian Dollar Bond - A Accumulation shares increased by 1.14% comparedto an increase of 1.10% in the benchmark, JP Morgan Government Bond Index Traded CAD.Source: Lipper, Basis: total return, NAV to NAV, net of annual charges, gross income reinvested, CAD.Corporate activityOn 24 September 2010, Credit Suisse Bond Fund (Lux) CA$ Aberdeen transferred its assets into the Aberdeen Global II - Canadian DollarBond Fund resulting in a contribution in kind worth CA$138 million in investments and cash.Shareholders involved in the transfer were given A shares in the Aberdeen Global II - Canadian Dollar Bond Fund for every 1 share previouslyheld in Credit Suisse Bond Fund (Lux) CA$ Aberdeen as follows:Contribution inCredit Suisse Bond Fund (Lux) Share Class Aberdeen Global II Share Classkind (‘000) Transfer RatioCA$ Aberdeen A Canadian Dollar Bond Fund A-1 CA$41,066 1.000300090CA$ Aberdeen B Canadian Dollar Bond Fund A-2 CA$96,977 1.000300090Manager’s reviewInvestors had much to digest over the 12-month period. Once themarkets recovered following the sell-off sparked by the Gulf ofMexico oil spill, ongoing political tensions in North Africa and theMiddle East, swiftly followed by the tragic earthquake in Japanled to a renewed bout of risk aversion. Concerns also began tosurface around the US debt profile which was best summarised byS&P’s downgrading of the US debt outlook to negative. Peripheraleurozone countries came under severe pressure from bond investorsconcerned over levels of indebtedness. Yields on peripheral sovereigndebt rose significantly as investors shunned the bond market. Greecewas the first peripheral nation to undergo a crisis, followed byIreland in the fourth quarter of 2010 and Portugal in the secondquarter of 2011. EU/IMF bailouts failed to calm the markets asexpected and fears about the fiscal situation in other Eurozonecountries kept yield spreads versus German bunds at recordhigh levels. Towards the end of the year under review, fears ofGreek default dominated the markets and led to the widespreadrisk aversion.Amidst all of these headwinds, Canada’s economy has beenmotoring along very nicely and, were it not for the uncertain globallandscape and US rates at near zero, an interest rate rise would havesurely been implemented by the Bank of Canada in an effort tostem inflationary pressures and stop the economy from overheating.Headline inflation is currently running at 3.7%, significantly abovethe Bank of Canada’s 1-3% target range.Whilst the July inflation figure is expected to fall due to 2010 highersales taxes dropping out of the data, the Bank of Canada’s coreinflation rate, which excludes sales taxes and volatile goods, couldsee rises over the coming months due to similar year-on-year datacomparisons. At 1.9%, the annualised core inflation figure wouldstill be below the 2% target; however, the rate of increase will be ofconcern to the Bank of Canada. Also of concern to the central bankwill be the marginal rise in inflation expectations highlighted in itsQ2 Business Outlook Survey.Portfolio reviewThe Fund outperformed its benchmark over the period under review,returning 1.14% versus the benchmark’s performance of 1.10%.Overall, government of Canada bond yields are slightly lower overthe reporting period of June 2010 through June 2011. Thirty yearbonds are about ten basis points lower and ended the period with ayield of 3.55%, ten year bonds were roughly unchanged at 3.1%, fiveyear bonds were unchanged at 2.3% and two year bonds ended theperiod about 0.2% wider at 1.6%.In terms of interest rate sensitivity, the Fund had lower durationthan the benchmark in the second half of the reporting period, thisresulted in some give-up of yield and less capital gains than thebenchmark given the overall lower yield curve. This was more thanoffset from holding a few well selected Canadian dollar denominatedcorporate bonds and Canadian provincial bonds; both of thesetypes of bonds offer a yield pick-up versus sovereign government ofCanada bonds. Furthermore holding some higher yielding off-therunCanada government bonds that also benefited from rolling downthe yield curve further benefited the Fund.OutlookWith uncertainties surrounding the pace of US growth from here,and with nothing immediately forcing the hand of the Bank ofCanada, we continue to expect them to remain in ‘wait and see’mode. There is no desire to open a large differential to US rates,especially whilst the currency remains so resilient.24 Aberdeen Global IICanadian Dollar Bond

Statement of Net AssetsAs at 30 June 2011AssetsCA$'000Investments in securities at market value (note 2.2) 146,767Cash at bank 6,943Interest receivable 854Subscriptions receivable 156Total assets 154,720LiabilitiesTaxes and expenses payable 180Redemptions payable 87Other liabilities 246Total liabilities 513Net assets at the end of the period 154,207Statement of Changes in Net AssetsFor the period from 24 September 2010 to 30 June 2011CA$'000Net gains from investments 1,559Net realised losses (1,162)Net unrealised losses (130)Proceeds from shares issued 181,616Payments for shares redeemed (27,355)Net equalisation received (note 10) 100Dividends paid (note 5) (421)Net assets at the end of the period 154,207Statement of OperationsFor the period from 24 September 2010 to 30 June 2011IncomeCA$’000Investment income 2,715Bank interest 5Total income 2,720ExpensesManagement fees (note 4.5) 958Administration fees (note 4.1) 46Custodian fees (note 4.2) 20Domiciliary agent, registrar, paying and transfer agent33fees (note 4.3)Management Company fees (note 4.4) 12Operational expenses (note 4.6) 37Annual tax (note 4.8) 55Total expenses 1,161Net gains from investments 1,559Realised losses on investments (1,163)Realised currency exchange gains 1Net realised losses (1,162)Increase in unrealised depreciation on investments (130)Net unrealised losses (130)Net increase in assets as a result of operations 267Share TransactionsFor the period from 24 September 2010 to 30 June 2011A-1 A-2Shares issued during the period 33,220 43,605Shares redeemed during the period (4,262) (6,978)Shares outstanding at the end of the period 28,958 36,627Net asset value per share 1,252.4221 3,219.9568The accompanying notes form an integral part of these financial statements.Aberdeen Global II 25Canadian Dollar Bond

Portfolio StatementAs at 30 June 2011Security Coupon (%) Maturity NominalMarket ValueCA$’000Percentage of totalnet assets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketCorporate bonds - 9.61%Denmark - 3.44%KFW (MTN) 5.0500 04/02/25 5,000,000 5,309 3.44France - 1.31%Total Cap (EMTN) 4.8750 22/09/11 2,000,000 2,015 1.31Supranational - 4.86%Eurofima (MTN) 4.8750 12/05/14 7,000,000 7,492 4.86Corporate bonds 14,816 9.61Government bonds - 85.57%Canada - 85.57%British Columbia (Provence of) 5.7500 09/01/12 5,000,000 5,118 3.32Canada (Government of) 3.0000 09/01/12 6,000,000 6,195 4.02Canada (Government of) 3.2500 01/06/21 8,660,000 8,764 5.68Canada (Government of) 3.5000 01/06/13 26,000,000 26,939 17.47Canada (Government of) 3.5000 01/06/20 5,000,000 5,186 3.36Canada (Government of) 3.7500 01/06/12 7,000,000 7,158 4.64Canada (Government of) 3.7500 01/06/19 7,000,000 7,432 4.82Canada (Government of) 4.5000 01/06/15 23,900,000 26,050 16.89Canada (Government of) 5.0000 01/06/37 6,500,000 8,057 5.23Canada (Government of) 5.7500 01/06/33 4,400,000 5,878 3.81Canada (Government of) 8.0000 01/06/23 2,700,000 3,976 2.58Canada (Government of) 8.0000 01/06/27 2,700,000 4,239 2.75Canada (Government of) (MTN) 4.0000 01/06/41 6,400,000 6,938 4.50Manitoba (Provence of) (MTN) 6.5000 22/09/17 1,500,000 1,794 1.16Ontario (Provence of) 4.4000 08/03/16 2,000,000 2,157 1.40Quebec 6.0000 01/10/29 5,000,000 6,070 3.94131,951 85.57Government bonds 131,951 85.57Total transferable securities and money market instruments admitted to anofficial exchange listing / dealt in on another regulated market 146,767 95.18Total investments 146,767 95.18Other net assets 7,440 4.82Total 154,207 100.0026 Aberdeen Global IICanadian Dollar Bond

Convertible EuropeFor the period 24 September 2010 to 30 June 2011PerformanceFor the period 24 September 2010 to 30 June 2011, the value of Convertible Europe - A Accumulation shares increased by 4.94% comparedto an increase of 6.09% in the benchmark, UBS Europe Convertible Index.Source: Lipper, Basis: total return, NAV to NAV, net of annual charges, gross income reinvested, EUR.Corporate activityOn 24 September 2010, Credit Suisse Bond Fund (Lux) Convert Europe Aberdeen transferred its assets into the Aberdeen Global II -Convertible Europe Fund resulting in a contribution in kind worth €335 million in investments and cash.Shareholders involved in the transfer were either A or I shares in the Aberdeen Global II - Convertible Europe Fund for every 1 share previouslyheld in Credit Suisse Bond Fund (Lux) Convert Europe Aberdeen as follows:Contribution inCredit Suisse Bond Fund (Lux) Share Class Aberdeen Global II Share Classkind (‘000) Transfer RatioConvert Europe Aberdeen B Convertible Europe Fund A-2 €249,147 1.000000000Convert Europe Aberdeen I Convertible Europe Fund I-2 €86,211 1.000000000Manager’s reviewSince the second half of 2010 until the first quarter of 2011, theprospect of a sustainable economic recovery was greatly enhancedby the expansion of the global manufacturing sector and animproving labour market in the US. But those expectations wereto be challenged rapidly. First, the surge in oil prices followingthe political events in North Africa and the Middle East has liftedfears of a consumption slowdown. Thereafter, the natural disasterwhich affected Japan in March had a considerable negative impacton the global manufacturing sector. The third risk factor whichcontinued to exert a growing influence over the financial marketwas the European sovereign debt crisis. After the interest rates ofits sovereign debt reached unsustainable levels, Portugal became inApril the third state to demand financial support from the EuropeanUnion. In reaction to those multiple risk factors, financial marketparticipants downgraded their economic growth forecasts andall risky asset classes declined over the last two months ofthis semester.The European convertible bond market has benefited from risingequity and credit markets over the first three quarters of the period.Also, the asset class gained from a marked increase in convertiblebond valuations up until the month of March 2011. Since then,demand for the asset class from outright investors was reduceddue to the decline in equity markets, forcing convertible bonds’volatility valuations to weaken. The volume of new issuance waslow over the period, with around $21.9billion raised in Europe.Portfolio reviewThe Fund’s performance was below the benchmark overthe period.Our overweight position in terms of overall equity exposure wasbeneficial for the portfolio. However, our conservative positioning interms of credit, avoiding lower credit quality names, was detrimentalto the relative performance of the Fund, as credit spreads continuedto tighten by a larger extent in this segment. Security selection wasalso source of underperformance, the main examples being ourunderweight position in Alcatel and Bulgari which had exceptionalreturns over the period.OutlookWe have been surprised by the depth and the length of thecorrection in equities. However, we see two reasons to be positiveat present. First, it seems to us that equity markets have correctedas a result of rising risk aversion as opposed to deterioratingfundamentals. It currently makes European equities look remarkablycheap. Second, we think that European policy makers will engineera temporary solution for Greece which should help improve marketsentiment in the short run. For these reasons and considering thepotential impact of the summer seasonal effect, we would expecta rebound. We intend to maintain our slight overweight equitysensitivity.Despite the recent correction in credit spreads, we still think that it isworth trying to maintain a high level of carry in the portfolio as theoutlook for corporate cashflows remains positive.The correction in European convertible bond valuations has beenquite sharp, leaving a good entry point for new investors. Moreover,there are several large issues that are maturing in the coming weekswhich we think could push secondary market valuations higheras investors re-invest the cash. We will be looking to increaseour sensibility to higher valuation sensitive converts in thecoming weeks.Aberdeen Global II 27Convertible Europe

Statement of Net AssetsAs at 30 June 2011Assets€'000Investments in securities at market value (note 2.2) 359,270Cash at bank 26,916Interest receivable 3,224Subscriptions receivable 23,109Unrealised gains on forward currency exchangecontracts (note 2.6) 139Other assets 2Total assets 412,660LiabilitiesTaxes and expenses payable 501Redemptions payable 24,049Total liabilities 24,550Net assets at the end of the period 388,110Statement of Changes in Net AssetsFor the period from 24 September 2010 to 30 June 2011€'000Net gains from investments 6,539Net realised gains 6,604Net unrealised gains 7,999Proceeds from shares issued 639,603Payments for shares redeemed (272,301)Net equalisation paid (note 10) (334)Net assets at the end of the period 388,110Statement of OperationsFor the period from 24 September 2010 to 30 June 2011Income€'000Investment income 10,201Bank interest 32Other income 7Total income 10,240ExpensesManagement fees (note 4.5) 3,225Administration fees (note 4.1) 85Custodian fees (note 4.2) 54Domiciliary agent, registrar, paying and transfer agent 101fees (note 4.3)Management Company fees (note 4.4) 34Operational expenses (note 4.6) 90Annual tax (note 4.8) 112Total expenses 3,701Net gains from investments 6,539Realised gains on investments 5,680Realised gains on forward currency exchange contracts 563Realised losses on future contracts (26)Realised gains on swap contracts 1,062Realised currency exchange losses (675)Net realised gains 6,604Increase in unrealised appreciation on investments 7,309Increase in unrealised appreciation on forward currency 139exchange contractsUnrealised currency exchange gains 551Net unrealised gains 7,999Net increase in assets as a result of operations 21,142Share TransactionsFor the period from 24 September 2010 to 30 June 2011A-2 I-2Shares issued during the period 28,060,150 180,486Shares redeemed during the period (9,791,767) (92,267)Shares outstanding at the end of the period 18,268,383 88,219Net asset value per share 13.9530 1,509.9962The accompanying notes form an integral part of these financial statements.28 Aberdeen Global IIConvertible Europe

Portfolio StatementAs at 30 June 2011Security Coupon (%) Maturity NominalMarket Value€’000Percentage of totalnet assets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketCorporate convertible bonds - 92.57%Belgium - 4.05%Ageasfinlux (FRN) (PERP) 2.9520 31/12/49 8,250,000 4,434 1.14Fortis (FRN) 3.4940 31/12/49 19,750,000 11,297 2.9115,731 4.05France - 26.69%BNP Paribas Arbitrage Issuance (EMTN) - 15/06/16 4,900,000 5,049 1.30Air France-KLM 4.9700 01/04/15 420,332 5,854 1.51Alcatel Lucent 5.0000 01/01/15 1,604,907 7,174 1.85Artemis Conseil 2.0000 31/07/11 25,391 3,809 0.98Artemis Conseil 4.2500 01/01/15 44,291 2,541 0.66AXA 3.7500 01/01/17 17,320 4,052 1.04CAP Gemini 3.5000 01/01/14 133,466 5,991 1.54CGG Veritas 1.7500 01/01/16 139,600 4,317 1.11Eurazeo 6.2500 10/06/14 175,211 10,416 2.68Faurecia 4.5000 01/01/15 118,055 3,694 0.95Ingenico 2.7500 01/01/17 9,200 407 0.10Michelin France - 01/01/17 45,770 5,459 1.41Misarte 3.2500 01/01/16 18,800 2,989 0.77Nexans 1.5000 01/01/13 43,118 3,711 0.96Nexans 4.0000 01/01/16 56,491 3,837 0.99Peugeot 4.4500 01/01/16 176,894 6,085 1.57Publicis Groupe 3.1250 30/07/14 115,600 4,608 1.19Rhodia 0.5000 01/01/14 133,012 6,894 1.78Technip 0.5000 01/01/16 59,650 5,635 1.45Unibail-Rodamco 3.5000 01/01/15 52,943 11,053 2.85103,575 26.69Germany - 14.54%Celesio Finance 2.5000 07/04/18 5,100,000 4,796 1.24Celesio Finance 3.7500 29/10/14 2,200,000 2,218 0.57Infineon Technologies Investment 7.5000 26/05/14 1,450,000 5,153 1.33KFW 3.2500 27/06/13 18,100,000 18,969 4.89KFW 1.5000 30/07/14 1,300,000 1,473 0.38Kloeckner & Co Finance International 1.5000 27/07/12 3,900,000 3,813 0.98Kloeckner & Co Finance International 2.5000 22/12/17 3,750,000 4,291 1.11Q-Cells International Finance 1.3750 28/02/12 3,500,000 2,692 0.69SGL Carbon 0.7500 16/05/13 1,250,000 1,408 0.36SGL Carbon 3.5000 30/06/16 3,200,000 4,550 1.17Suedzucker International Finance 2.5000 30/06/16 4,850,000 7,073 1.8256,436 14.54Hungary - 1.89%Magyar NemZeti Vagyonkezelo 4.4000 25/09/14 7,600,000 7,315 1.89Ireland - 2.75%WPP 5.7500 19/05/14 6,700,000 10,661 2.75Aberdeen Global II 29Convertible Europe

Portfolio Statement continuedMarket Value€’000Percentage of totalnet assets %Security Coupon (%) Maturity NominalJersey - 8.11%Aegis 2.5000 20/04/15 1,600,000 2,204 0.57International Power (Jersey) 4.7500 05/06/15 7,250,000 7,757 2.00Magnolia Finance 4.0000 31/12/49 5,100,000 4,620 1.19Nero Finance 4.5000 15/04/13 7,700,000 7,848 2.02Vedanta Resources Jersey 4.0000 30/03/17 7,100,000 4,995 1.29Vedanta Resources Jersey 5.5000 13/07/16 5,100,000 4,065 1.0431,489 8.11Luxembourg - 5.44%Arcelormittal 5.0000 15/05/14 15,060,000 14,399 3.71Arcelormittal 7.2500 01/04/14 231,410 6,721 1.7321,120 5.44Netherlands - 3.03%ASM International 6.5000 06/11/14 2,150,000 3,827 0.99Portugal Telecom International Finance 4.1250 28/08/14 1,600,000 1,495 0.39Salzgitter Finance 1.1250 06/10/16 1,500,000 1,486 0.38Salzgitter Finance 2.0000 08/11/17 4,400,000 4,935 1.2711,743 3.03Norway - 1.75%Subsea 7 3.5000 13/10/14 6,000,000 6,789 1.75Portugal - 2.58%BES Finance 3.0000 19/05/15 1,500,000 1,288 0.33Parpublica 5.2500 28/09/17 7,100,000 7,171 1.85Parpublica 3.2500 18/12/14 1,800,000 1,547 0.4010,006 2.58Russia - 2.76%Lukoil International Finance 2.6250 16/06/15 13,400,000 10,721 2.76Spain - 1.53%Abengoa 4.5000 03/02/17 1,800,000 1,768 0.46Abengoa 6.8750 24/07/14 3,600,000 4,169 1.075,937 1.53Sweden - 2.39%AB Industrivarden 2.5000 27/02/15 7,700,000 9,259 2.39Switzerland - 0.90%Clariant 3.0000 07/07/14 2,210,000 3,512 0.90United Kingdom - 12.52%Anglo American 4.0000 07/05/14 14,100,000 18,098 4.66Autonomy 3.2500 04/03/15 4,300,000 5,429 1.40British Airways 5.8000 13/08/14 2,600,000 4,260 1.10Cable & Wireless (EMTN) 5.7500 24/11/14 2,600,000 2,869 0.74Inmarsat 1.7500 16/11/17 4,500,000 3,707 0.96Shire Jersey 2.7500 09/05/14 11,700,000 9,447 2.43Tui Travel 6.0000 05/10/14 4,300,000 4,786 1.2348,596 12.5230 Aberdeen Global IIConvertible Europe

Market Value€’000Percentage of totalnet assets %Security Coupon (%) Maturity NominalUnited States - 1.64%Swiss Re Amer (FRN) 3.2500 21/11/21 9,250,000 6,380 1.64Corporate convertible bonds 359,270 92.57Total transferable securities and money market instruments admitted toan official exchange listing / dealt in on another regulated market 359,270 92.57Financial derivative instrumentsForward currency exchange contracts - 0.03%Buy Sell Settlement Buy Amount Sell AmountUnrealised gains/(losses) €'000Percentage of totalnet assets %EUR GBP 11/08/11 897,166 886,430 11 -EUR GBP 11/08/11 11,088,665 10,880,931 207 0.05GBP EUR 11/08/11 675,903 683,681 (8) -GBP EUR 11/08/11 941,832 982,159 (40) (0.01)GBP EUR 11/08/11 1,218,842 1,249,947 (31) (0.01)Unrealised gains on forward currency exchange contracts 139 0.03Unrealised gains on financial derivative instruments 139 0.03Total investments 359,409 92.60Other net assets 28,701 7.40Total 388,110 100.00Aberdeen Global II 31Convertible Europe

Emerging Europe Fixed IncomeFor the period 24 September 2010 to 30 June 2011PerformanceFor the period 24 September 2010 to 30 June 2011, the value of Emerging Europe Fixed Income - A Accumulation shares increased by 0.16%compared to an increase of 0.61% in the benchmark, JPM GBI-EM Global Diversified Europe Index.Source: Lipper, Factset, Basis: total return, NAV to NAV, net of annual charges, gross income reinvested, EUR.Corporate activityOn 24 September 2010, Credit Suisse Bond Fund (Lux) Emerging Europe Aberdeen transferred its assets into the Aberdeen Global II -Emerging Europe Fixed Income Fund resulting in a contribution in kind worth €71 million in investments and cash.Shareholders involved in the transfer were given either A or I shares in the Aberdeen Global II - Emerging Europe Fixed Income Fund for every1 share previously held in Credit Suisse Bond Fund (Lux) Emerging Europe Aberdeen as follows:Credit Suisse Bond Fund (Lux) Share Class Aberdeen Global II Share ClassContribution inkind (‘000) Transfer RatioEmerging Europe Aberdeen BEmerging Europe FixedIncome FundA-2 €70,695 1.000600360Emerging Europe Aberdeen IEmerging Europe FixedIncome FundI-2 €34 1.000200040Manager’s reviewEmerging market debt experienced mixed fortunes throughout the12 months to June 2011. The period under review started well foremerging market debt, which posted robust gains thanks to slowerglobal growth data and declining US Treasury bond yields. However,mounting concerns over peripheral eurozone members, along withrising US Treasury yields, had a negative impact on the emergingEuropean assets heading into year end 2010. Rising global headwindsalso weighed on the asset class heading into 2011, cumulating in therisk aversion trend due to fear of Greek default towards the end ofthe period under review. The GBI-EM Global Diversified Europe Indexgained 0.61% (in euro terms) over the period under review.Rising inflation concerns amid heightened commodity prices, inparticular those related to food, put severe pressure on developingeconomies in late 2010, which in turn weighed on asset prices. Thiswas exacerbated somewhat by a spike in oil prices following theuprisings in North Africa and the Middle East in Q1 11, althoughpressures have eased in recent months due to increased confidencesurrounding global oil supplies. Emerging market debt recordedstrong performance as inflation pressures eased and concerns aboutJapan following the earthquake and tsunami also faded. Toward theend of the reporting period the focus shifted to weak growth figuresfrom the US and fears about a Greece default, which dampened riskappetite. Greece managed to pass the austerity bill at the end ofJune, paving the way for the next €12 billion of its EU-IMF bail-outpackage, prompting a brief rebound in risk appetite.Portfolio reviewThe Fund underperformed its benchmark over the period underreview. Overweight exposure to Poland and an underweight positionon Turkey were the main contributors to performance.OutlookHow long the Greek crisis will persist depends on several events: theEU plan on private sector involvement to extend maturities on Greekdebt coming due in 2012-14, and the willingness of the IMF/EU toagree to a further US$150bn bailout package for Greece to coverthe financing gap over the next three years. Once those hurdles arecleared, the focus will shift to implementation risk, which will remainvery high. In the meantime, some calmer waters for Greece will besupportive for emerging market debt.32 Aberdeen Global IIEmerging Europe Fixed Income

Financial derivative instrumentsForward currency exchange contracts - 0.05%Buy Sell Settlement Buy Amount Sell AmountUnrealised gains/(losses) €'000Percentage of totalnet assets %EUR TRY 21/07/11 664,920 641,444 23 0.03EUR USD 21/07/11 1,818,561 1,805,972 13 0.02Unrealised gains on forward currency exchange contracts 36 0.05Unrealised gains on financial derivative instruments 36 0.05Total investments 60,780 92.39Other net assets 5,005 7.61Total 65,785 100.00Aberdeen Global II 35Emerging Europe Fixed Income

Emerging Markets Fixed Income AlphaFor the year ended 30 June 2011PerformanceFor the year ended 30 June 2011, the value of Emerging MarketsFixed Income Alpha - Z Accumulation shares increased by 9.99%compared to an increase of 2.19% in the benchmark, CitigroupWorld Government Bond Index USA.Source : BNP Paribas, Total Return, USD.Manager’s reviewEmerging market debt posted strong gains during the one-yearperiod to the end of June 2011. The period under review started wellfor emerging market debt thanks to slower global growth data anddeclining US Treasury bond yields. However, mounting concerns overperipheral eurozone members, along with rising US Treasury yields,had a negative impact on the emerging market assets heading intoyear end 2010. Rising global headwinds also weighed on emergingmarket debt heading into 2011, cumulating in the risk aversion trenddue to fear of Greek default towards the end of the period underreview. The Citigroup WGBI US Index ended the one-year periodwith a gain of 2.19%, while the Fund outperformed with a gain of9.99%.Rising inflation concerns amid heightened commodity prices, inparticular those related to food, put severe pressure on developingeconomies in late 2010, which in turn weighed on asset prices. Thiswas exacerbated somewhat by a spike in oil prices following theuprisings in North Africa and the Middle East in Q1 2011, althoughpressures have eased in recent months due to increased confidencesurrounding global oil supplies. Emerging market debt recordedstrong performance as inflation pressures eased and concerns aboutJapan following the earthquake and tsunami also faded. Toward theend of the reporting period the focus shifted to weak growth figuresfrom the US and fears about a Greece default, which dampened riskappetite. Greece managed to pass the austerity bill at the end ofJune, paving the way for the next €12 billion of its EU-IMF bail-outpackage, prompting a brief rebound in risk appetite.Country NewsIn Brazil, the Central Bank has been raising interest rates, whichreached 12.25% at the end of the period under review, in an effortto combat inflation which has been persistently above the official4.5% target. Meanwhile, the continued strength of the Brazilianreal and rising currency inflows (US$35bn in Q1 2011) promptedBrazil to introduce further macro prudential measures to stemappreciation pressures on the Brazilian real, extending the IOF tax(Tax on Financial Operations) of 6% to all external borrowing with amaturity of up to two years from one year previously, and increasingthe IOF tax on credit to households, which includes credit card anddirect consumer credit, to 3% from 1.5%.Mexico is another country that has not been immune to risinginflation pressures, although they are mild in comparison to the likesof Brazil and China. The other significant news was Mexico’s requestfor a larger, and longer contingent credit line from the IMF.The 2-year, US$73 billion FCL would replace the current 1-year,US$47 billion credit line that was originally taken out in 2009,during a fragile period for global financial markets. Mexico isarguably in a much stronger position today compared to 2009, withgrowth rebounding, but seeking added insurance is a prudent move,and should be supportive for the peso.Argentina has addressed one of its key outstanding issues that, ifsuccessful, will enhance an improving credit story. Discussions withthe Paris Club to work out a repayment of longstanding arrears,which are now close to US$ 8 billion, commenced in December,with Economy Minister Boudou stating the negotiations will havetwo stages. The first stage will involve the reconciliation betweenthe two parts of the exact amount Argentina owes the Paris Club.The second stage will involve the negotiation proper of a repaymentplan. Clearing of Paris Club arrears will allow government-ownedexport credit agencies to provide insurance coverage, which in turnwould help attract foreign investment from the private sector.However, no breakthrough in talks is expected before Octoberpresidential elections.Chinese growth indicators moderated with the People’s Bank ofChina embarking on a series of tightening measures which beganwith a much-awaited interest rate hike on Christmas Day. Whileinflation pressures are persisting due to rising commodity prices, therecent deceleration in monetary growth, along with slowing creditgrowth, have reduced the need for a drastic liquidity tighteningwhich should ease any concerns about the risk of a sharp slowdownof growth. China’s softening growth indicators and elevated inflationlevels prompted further hikes of reserve requirement ratio (RRR). TheRRR has been increased by a total of 600 basis points since the startof 2010. We continue to view the soft landing scenario as a highprobability, with 2011 growth likely to be closer to 8.5% than thecurrent consensus of around 9%.Portfolio reviewThe Fund outperformed its benchmark over the period under review.Within the hard currency-denominated holdings, Argentina andKazakhstan were the main contributors to performance while thePhilippines and Ivory Coast detracted from performance. Withinlocal currency-denominated bonds, exposure to Brazil, Mexico andSouth Africa added the most value. Over the year, positions inPoland and Russia detracted from performance.OutlookHow long the Greek crisis will persist depends on several events: theEU plan on private sector involvement to extend maturities on Greekdebt coming due in 2012-14, and the willingness of the IMF/EU toagree to a further US$150bn bailout package for Greece to coverthe financing gap over the next three years. Once those hurdles arecleared, the focus will shift to implementation risk, which will remainvery high. In the meantime, some calmer waters for Greece will besupportive for emerging market debt.36 Aberdeen Global IIEmerging Markets Fixed Income Alpha

Statement of Net AssetsAs at 30 June 2011AssetsUS$'000Investments in securities at market value (note 2.2) 156,435Cash at bank 17,240Interest receivable 2,018Other assets 10Total assets 175,703LiabilitiesTaxes and expenses payable 123Unrealised losses on forward currency exchange437contracts (note 2.6)Unrealised losses on swap contracts (note 2.8) 2,334Other liabilities 1Total liabilities 2,895Net assets at the end of the year 172,808Statement of Changes in Net AssetsFor the year from 1 July 2010 to 30 June 2011US$'000Net assets at the beginning of the year 196,582Net gains from investments 8,113Net realised gains 19,603Net unrealised losses (12,130)Proceeds from shares issued 74,482Payments for shares redeemed (113,814)Net equalisation paid (note 10) (26)Dividends paid (note 5) (2)Net assets at the end of the year 172,808Statement of OperationsFor the year from 1 July 2010 to 30 June 2011IncomeUS$'000Investment income 8,416Bank interest 4Other income 11Total income 8,431ExpensesManagement fees (note 4.5) 1Administration fees (note 4.1) 96Custodian fees (note 4.2) 77Domiciliary agent, registrar, paying and transfer agent61fees (note 4.3)Management Company fees (note 4.4) 19Operational expenses (note 4.6) 56Expense cap refunded by Investment Manager(10)(note 4.7)Annual tax (note 4.8) 18Total expenses 318Net gains from investments 8,113Realised gains on investments 19,338Realised losses on forward currency exchange(1,850)contractsRealised gains on swap contracts 3,464Realised currency exchange losses (1,349)Net realised gains 19,603Decrease in unrealised appreciation on investments (6,237)Decrease in unrealised appreciation on forward(2,299)currency exchange contractsDecrease in unrealised appreciation on swap contracts (3,619)Unrealised currency exchange gains 25Net unrealised losses (12,130)Net increase in assets as a result of operations 15,586Share TransactionsFor the year from 1 July 2010 to 30 June 2011I-1 Z-2Shares outstanding at the beginning of the year 35,627 16,837,724Shares issued during the year - 5,961,099Shares redeemed during the year - (9,333,575)Shares outstanding at the end of the year 35,627 13,465,248Net asset value per share 1.6976 12.8291The accompanying notes form an integral part of these financial statements.Aberdeen Global II 37Emerging Markets Fixed Income Alpha

Portfolio StatementAs at 30 June 2011Security Coupon (%) Maturity NominalMarket ValueUS$’000Percentage of totalnet assets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketAsset backed bonds - 0.94%Argentina - 0.94%Central Bank Argentina 2.0000 04/02/18 3,224,409 1,624 0.94Asset backed bonds 1,624 0.94Corporate bonds - 19.64%Dubai - 1.34%Dubai Electricity & Water 7.3750 21/10/20 1,600,000 1,656 0.96Dubai Electricity & Water 8.5000 22/04/15 600,000 667 0.382,323 1.34Kazakhstan - 3.21%JSC National Company Kazmunayg 6.3750 09/04/21 4,050,000 4,293 2.49JSC National Company Kazmunayg 11.7500 23/01/15 1,000,000 1,245 0.725,538 3.21South Korea - 6.69%Korea Hydro & Nuclear 3.1250 16/09/15 11,700,000 11,555 6.69Mexico - 3.35%Pemex Project Funding Master Trust 6.6250 15/06/38 1,400,000 1,475 0.85Pemex Project Funding Master Trust (MTN) 6.6250 15/06/35 4,070,000 4,310 2.505,785 3.35Qatar - 0.98%Qatari Diar Finance 5.0000 20/07/20 1,650,000 1,698 0.98Russia - 4.07%GPB Eurobond 6.2500 15/12/14 6,700,000 7,031 4.07Corporate bonds 33,930 19.64Government bonds - 69.94%Argentina - 1.03%Argentina (Republic of) 7.0000 17/04/17 2,000,000 1,783 1.03Bosnia-Herzegovina - 3.16%Bosnia & Herzegovina 2.5126 11/12/17 4,584,918 5,451 3.16Brazil - 5.98%Brazil (Federal Republic of) 6.0000 15/05/13 5,292,000 6,917 4.00Brazil (Federal Republic of) 10.0000 01/01/21 6,200,000 3,422 1.9810,339 5.98Croatia - 2.64%Croatia (Republic of) 6.6250 14/07/20 4,300,000 4,558 2.64Dominican Republic - 1.15%Dominican (Republic of) 7.5000 06/05/21 1,900,000 1,986 1.1538 Aberdeen Global IIEmerging Markets Fixed Income Alpha

Buy Sell SettlementBuyAmountSellAmountUnrealisedgains/(losses)US$’000Percentage of totalnet assets %USD PEN 25/08/11 2,905,246 2,904,075 1 -USD PLN 21/07/11 559,765 564,185 (4) -USD RUB 25/08/11 3,727,790 3,761,375 (34) (0.02)USD THB 21/07/11 1,946,927 1,910,052 37 0.02USD TRY 21/07/11 1,651,012 1,660,836 (10) (0.01)USD TRY 21/07/11 1,724,607 1,634,454 90 0.05USD TRY 21/07/11 1,870,430 1,865,143 5 -USD ZAR 21/07/11 14,283,586 14,665,751 (382) (0.22)ZAR USD 21/07/11 336,863 336,957 - -ZAR USD 21/07/11 725,653 727,635 (2) -Unrealised losses on forward currency exchange contracts (437) (0.25)Swap contracts - (1.35)%Counterparty Ccy Termination Notional Fund Pays Fund ReceivesUnrealisedgains/(losses)US$'000Percentage of totalnet assets %Credit default swap contracts - 0.07%Citigroup USD 20/12/15 9,100,000 1.0000% RUSSIAN FED USD 130 0.08UBS USD 20/09/15 9,600,000 1.0000% BRAZILIAN GV USD (14) (0.01)Unrealised gains on credit default swap contracts 116 0.07Unrealisedgains/(losses)US$'000Percentage of totalnet assets %Counterparty Ccy Termination Notional Fund Pays Fund ReceivesInterest rate swap contracts - (1.42)%Deutsche Bank MXN 11/06/18 10,600,000 28 DAY MXN-TIIE 9.2500% 124 0.07Morgan Stanley MXN 27/10/27 39,100,000 28 DAY MXN-TIIE 5.9850% (145) (0.08)UBS USD 30/05/16 14,300,000 5.5900% 3 MONTH USD LIBOR (2,429) (1.41)Unrealised losses on interest rate swap contracts (2,450) (1.42)Unrealised losses on swap contracts (2,334) (1.35)Unrealised losses on financial derivative instruments (2,771) (1.60)Total investments 153,664 88.92Other net assets 19,144 11.08Total 172,808 100.00∞ A portion of this security is on loan at the year end.Aberdeen Global II 41Emerging Markets Fixed Income Alpha

Euro Aggregate BondFor the year ended 30 June 2011PerformanceFor the year ended 30 June 2011, the value of Euro Aggregate Bond -Z Accumulation shares increased by 0.67% compared to a decreaseof 0.13% in the benchmark, Barclays Capital Euro Aggregate Index.Source : BNP Paribas, Total Return, EUR.Fund name changeOn 27 July 2010 the Fund changed its name from AberdeenGlobal II - Euro Bond Fund to Aberdeen Global II - Euro AggregateBond Fund.Manager’s reviewInvestors had much to digest over the year. Core government bondyields rose steadily into 2011 from their summer/autumn lowsas greater levels of risk appetite returned to the table. Significantvolatility was experienced in core government bonds early in2011 due to ongoing political tensions in North Africa and theMiddle East, the tragic earthquake in Japan, concerns over theUS debt profile and a resurfacing of concerns over the eurozonesovereign debt crisis. These factors, particularly the latter eurozonewoes, ultimately weighed on investors minds and core yields fellsignificantly towards the end of the period.Unsurprisingly, the story in peripheral markets was very different.After an initial calm within peripheral European sovereign debtmarkets in early 2011, concerns took centre stage once again -with Greece requiring a second bout of IMF/ECB-backed financialassistance. Whilst remaining elevated throughout 2011, Europeanperipheral government bond spreads widened to record levels inMay and June as the crisis intensified. Credit fundamentals wereincreasingly overlooked over the year as markets and risk sentimentwere driven by events in peripheral Europe.During the year, the ECB became increasingly hawkish and increasedrates for the first time in nearly three years in April, moving theRefi rate (refinancing rate) up to 1.25%. The eurozone as a whole isexperiencing a recovery and the aggregate inflation level is abovetarget. However, the risk remains that tighter monetary policy inresponse to inflationary concerns in the core countries could lead todouble-dip recession in some of the lower-growth countries.Portfolio reviewThe Fund significantly outperformed over the year. Country selectioncontributed to performance, in particular our underweight positionsin Spain, Portugal and Ireland added value as peripheral Europeangovernment bonds underperformed ‘core’ countries such asGermany.However, security selection detracted value as sovereign debtconcerns overshadowed credit fundamentals. Our holdings insubordinated financials and our non-government holdings inperipheral markets were the main detractors. Duration and yieldcurve positioning also had a negative impact on performance aswe held an overweight position in 5-10 year securities.Our currency positioning was also a small negative; negativecontributions from positions in the US dollar versus commoditycurrencies outweighed the positive contribution from our longSwiss franc position.OutlookThe spread tightening that has occurred will likely continue in theshort-term due to positioning and favourable supply dynamics,particularly in the likes of Spain and Italy. However, in the mediumterm,the Greek situation is not sustainable and very visible publicanger about austerity measures may make it difficult for thesemeasures to be implemented fully. As a result, we will look touse further tightening to initiate short positions.With European fiscal imbalances and talk of sovereign defaultdominating markets, credit spreads are likely to remain volatileover the coming months. High severity tail risks abound and thedirection of markets over the short to medium term is as likely tobe driven by politics and public reaction to austerity as much as bycorporate fundamentals and economic growth. Indeed, in the US,Congress is approaching the August deadline for approval of anincrease in the US debt ceiling or risk having to begin defaulting onobligations. While a low probability, failure to agree would clearlyhave significant global implications. We maintain a small overweightposition in credit, believing that strong corporate fundamentals andrecovering economies will drive spreads tighter by the end of theyear.42 Aberdeen Global IIEuro Aggregate Bond

Statement of Net AssetsAs at 30 June 2011Assets€'000Investments in securities at market value (note 2.2) 11,269Cash at bank 486Amounts held at futures clearing houses and brokers 16Interest receivable 210Receivable for investments sold 248Unrealised gains on forward currency exchange6contracts (note 2.6)Other assets 38Total assets 12,273LiabilitiesPayable for investments purchased 395Taxes and expenses payable 24Unrealised losses on future contracts (note 2.7) 1Other liabilities 18Total liabilities 438Net assets at the end of the year 11,835Statement of Changes in Net AssetsFor the year from 1 July 2010 to 30 June 2011€’000Net assets at the beginning of the year 12,319Net gains from investments 388Net realised losses (178)Net unrealised losses (129)Proceeds from shares issued 199Payments for shares redeemed (758)Net equalisation paid (note 10) (6)Net assets at the end of the year 11,835Statement of OperationsFor the year from 1 July 2010 to 30 June 2011Income €’000Investment income 407Bank interest 1Total income 408ExpensesAdministration fees (note 4.1) 42Custodian fees (note 4.2) 2Domiciliary agent, registrar, paying and transfer agent5fees (note 4.3)Management Company fees (note 4.4) 1Operational expenses (note 4.6) 6Expense cap refunded by Investment Manager (note 4.7) (37)Annual tax (note 4.8) 1Total expenses 20Net gains from investments 388Realised losses on investments (168)Realised losses on forward currency exchange(10)contractsRealised gains on future contracts 5Realised currency exchange losses (5)Net realised losses (178)Decrease in unrealised appreciation on investments (141)Decrease in unrealised depreciation on forward16currency exchange contractsDecrease in unrealised appreciation on future contracts (3)Unrealised currency exchange losses (1)Net unrealised losses (129)Net increase in assets as a result of operations 81Share TransactionsFor the year from 1 July 2010 to 30 June 2011Z-2Shares outstanding at the beginning of the year 835,015Shares issued during the year 13,610Shares redeemed during the year (50,422)Shares outstanding at the end of the year 798,203Net asset value per share 14.8269The accompanying notes form an integral part of these financial statements.Aberdeen Global II 43Euro Aggregate Bond

Portfolio StatementAs at 30 June 2011Security Coupon (%) Maturity NominalMarket Value€’000Percentage of totalnet assets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketAsset backed bonds - 4.11%Germany - 0.70%E Carat (FRN) 2.5390 18/10/18 82,776 83 0.70Luxembourg - 0.27%Breeze Finance 4.5240 19/04/27 42,613 32 0.27United States - 3.14%BA Credit Card Trust 4.5000 17/01/14 135,000 139 1.18SLM Student Loan Trust (FRN) 2.0210 15/12/27 250,000 232 1.96371 3.14Asset backed bonds 486 4.11Corporate bonds - 43.86%Denmark - 0.85%TDC (EMTN) 3.5000 23/02/15 100,000 101 0.85France - 8.77%AXA (FRN) 5.2500 16/04/40 50,000 46 0.39BPCE SFH Societe De Fi 3.6250 12/05/16 100,000 101 0.85Caisse Refinance L'Habit 4.0000 10/01/22 100,000 99 0.84Casino Guichard Perrachon 4.3790 08/02/17 150,000 152 1.28EDF Energy Networks (MTN) 4.6250 11/09/24 50,000 51 0.43France Telecom 4.1250 23/01/19 100,000 101 0.85France Telecom (EMTN) 7.2500 28/01/13 70,000 75 0.63Groupe Auchan (EMTN) 3.6250 19/10/18 100,000 100 0.85Societe Generale 3.2500 06/06/16 100,000 100 0.85Societe Generale (FRN) (PERP) 9.3750 04/09/49 100,000 107 0.90Veolia Environnement (EMTN) 5.2500 24/04/14 100,000 106 0.901,038 8.77Germany - 2.98%Duesseldorfer Hypobank 1.8750 13/12/13 50,000 50 0.42German Postal Pensions 3.3750 18/01/16 50,000 51 0.43KFW 2.1250 11/04/14 100,000 100 0.85Landesbank Hessen-Thueringen (MTN) 4.2500 30/12/15 150,000 152 1.28353 2.98Italy - 2.86%Intesa Sanpaolo (MTN) 6.6250 08/05/18 50,000 51 0.43Romulus Finance 4.9400 20/02/13 80,000 75 0.63Telecom Italia Finance (EMTN) 7.7500 24/01/33 60,000 64 0.54Unicredit (EMTN) 4.2500 31/07/18 100,000 99 0.84Unicredito Italiano Spa (EMTN) 5.7500 26/09/17 50,000 50 0.42339 2.86Mexico - 0.42%America Movil SAB 3.7500 28/06/17 50,000 50 0.42Netherlands - 1.28%ABN Amro Bank (EMTN) 4.2500 11/04/16 100,000 100 0.84ING Bank (FRN) (MTN) 6.1250 29/05/23 50,000 52 0.44152 1.28Norway - 0.81%Terra Boligkreditt (EMTN) 2.1250 31/08/15 100,000 96 0.8144 Aberdeen Global IIEuro Aggregate Bond

Market Value€’000Percentage of totalnet assets %Security Coupon (%) Maturity NominalPortugal - 0.25%Refer Rede Ferroviaria Nacional 4.0000 16/03/15 50,000 30 0.25Republic of Ireland - 0.35%GE Capital Euro Funding (EMNT) 4.2500 01/03/17 40,000 41 0.35Spain - 3.62%Caja Ahorros Guipuzcoa 4.3750 05/11/14 100,000 98 0.83Caja Madrid 3.5000 14/03/13 150,000 148 1.25Iberdrola Finanzas (EMTN) 3.5000 13/10/16 50,000 48 0.41Mapfre (FRN) 5.9210 24/07/37 100,000 80 0.68Telefonica Emisiones (MTN) 5.4960 01/04/16 50,000 53 0.45427 3.62Supranational- 0.17%European Investment Bank (EMTN) 3.6250 15/01/21 20,000 20 0.17Sweden - 2.77%Nordea Hypotek (EMTN) 3.5000 18/01/17 80,000 81 0.68Skandinaviska Enskilda (EMTN) 2.6250 16/10/17 50,000 48 0.41Swedbank Hypotek (EMTN) 2.5000 15/06/15 100,000 98 0.83Swedish Covered Bond (EMTN) 3.0000 03/02/15 100,000 101 0.85328 2.77Switzerland - 0.47%Zurich Finance USA (MTN) 6.5000 14/10/15 50,000 56 0.47United Kingdom - 15.32%3I Group (EMTN) 5.6250 17/03/17 50,000 51 0.43Abbey National Treasury Services 3.1250 30/06/14 100,000 100 0.85Abbey National Treasury Services (EMTN) 3.6250 05/10/17 100,000 97 0.82Aviva (PERP) 5.7000 29/09/49 60,000 54 0.46Aviva (FRN) (EMTN) 6.8750 22/05/38 50,000 50 0.42Barclays Bank 5.2500 27/05/14 150,000 158 1.34Hammerson 4.8750 19/06/15 50,000 52 0.44HSBC Cap Funding (Euro 2) (FRN) (PERP) 5.3687 24/10/49 60,000 59 0.50Lloyds TSB (EMTN) 4.0000 25/06/18 50,000 49 0.41Lloyds TSB Bank (EMTN) 4.1250 06/04/16 150,000 152 1.28Lloyds TSB Bank (EMTN) 6.2500 15/04/14 73,000 77 0.65Lloyds TSB Bank (EMTN) 6.5000 24/03/20 100,000 95 0.80National Grid Gas (EMTN) 5.1250 14/05/13 100,000 105 0.89Nationwide Building Society (EMTN) 6.7500 20/07/20 60,000 59 0.50Nationwide Building Society (MTN) 3.8750 05/12/13 150,000 154 1.30Old Mutual (FRN) (PERP) (EMTN) 5.0000 04/11/49 50,000 44 0.37Royal Bank of Scotland (EMTN) 2.7500 18/06/13 150,000 151 1.28Royal Bank of Scotland (EMTN) 4.0000 15/03/16 100,000 101 0.85Royal Bank of Scotland (EMTN) 5.2500 15/05/13 50,000 51 0.43Royal Bank of Scotland (EMTN) 6.9340 09/04/18 50,000 50 0.42Tesco (EMTN) 5.8750 12/09/16 50,000 56 0.47Thames Water Utilities Cayman (EMTN) 3.2500 09/11/16 50,000 49 0.411,814 15.32Aberdeen Global II 45Euro Aggregate Bond

Portfolio Statement continuedMarket Value€’000Percentage of totalnet assets %Security Coupon (%) Maturity NominalUnited States - 2.94%American International (EMTN) 5.0000 26/06/17 100,000 97 0.82Bank of America 4.7500 23/05/17 100,000 93 0.79Pfizer 4.7500 03/06/16 50,000 53 0.45Wal-Mart Stores 4.8750 21/09/29 100,000 104 0.88347 2.94Corporate bonds 5,192 43.86Government bonds - 45.51%Austria - 0.81%Austria (Republic of) 6.2500 15/07/27 75,000 96 0.81Belgium - 2.13%Belgium (Kingdom of) 3.5000 28/06/17 90,000 89 0.75Belgium (Kingdom of) 4.2500 28/09/21 110,000 111 0.94Belgium (Kingdom of) 5.0000 28/03/35 50,000 52 0.44252 2.13Finland - 4.00%Finland (Republic of) 3.5000 15/04/21 347,000 352 2.97Finland (Republic of) 4.0000 04/07/25 25,000 26 0.22Finland (Republic of) 4.2500 07/04/15 90,000 96 0.81474 4.00France - 7.05%Agence Francaise Development (FRN) (PERP) 4.6150 20/07/49 150,000 142 1.20France (Government of) 3.5000 25/04/15 346,066 360 3.04France (Government of) 4.0000 25/04/14 160,000 169 1.43France (Government of) 4.0000 25/10/38 70,000 68 0.57France (Government of) 4.7500 25/04/35 61,508 67 0.57France (Government of) 5.7500 25/10/32 22,499 28 0.24834 7.05Germany - 15.69%Germany (Federal Republic of) 2.2500 11/04/14 10,000 10 0.08Germany (Federal Republic of) 2.5000 27/02/15 60,000 61 0.52Germany (Federal Republic of) 2.5000 04/01/21 146,000 140 1.18Germany (Federal Republic of) 3.5000 12/04/13 268,400 277 2.34Germany (Federal Republic of) 4.0000 04/07/16 636,000 686 5.80Germany (Federal Republic of) (EMTN) 4.2500 04/07/14 60,000 64 0.54Germany (Federal Republic of) 4.2500 04/07/39 125,000 135 1.14Germany (Federal Republic of) 4.5000 04/01/13 30,000 31 0.26Germany (Federal Republic of) 4.7500 04/07/28 114,669 131 1.11Germany (Federal Republic of) 4.7500 04/07/34 96,000 110 0.93Germany (Federal Republic of) 5.0000 04/07/12 205,000 212 1.791,857 15.69Italy - 10.23%Italy (Republic of) 3.7500 01/08/15 380,000 379 3.20Italy (Republic of) 4.7500 01/09/21 522,000 519 4.39Italy (Republic of) 5.0000 01/09/40 340,000 312 2.641,210 10.23Netherlands - 1.57%Netherlands (Kingdom of) 3.5000 15/07/20 148,000 151 1.28Netherlands (Kingdom of) 3.7500 15/01/42 35,000 34 0.29185 1.5746 Aberdeen Global IIEuro Aggregate Bond

Market Value€’000Percentage of totalnet assets %Security Coupon (%) Maturity NominalSpain - 4.03%Spain (Kingdom of) 4.2000 31/01/37 230,000 179 1.51Spain (Kingdom of) 5.5000 30/04/21 297,000 298 2.52477 4.03Government bonds 5,385 45.51Mortgage backed bonds - 0.84%Netherlands - 0.84%Arena (FRN) 2.9520 17/12/42 100,000 100 0.84Mortgage back bond 100 0.84Transferable securities and money market instruments admitted to anofficial exchange listing / dealt in on another regulated market 11,163 94.32Other transferable securities and money market instrumentsGovernment bonds - 0.89%Austria - 0.89%Austria (Republic of) (MTN) 4.0000 15/09/16 100,000 106 0.89Government bonds 106 0.89Other transferable securities and money market instruments 106 0.89Total transferable securities and money market instruments 11,269 95.21Financial derivative instrumentsFuture contracts - (0.01)%Future Maturity NotionalUnrealisedgains/(losses)€’000Percentageof total netassets %EUX Euro Bund 08/09/11 (6) (1) (0.01)Unrealised loss on future contracts (1) (0.01)Forward currency exchange contracts - 0.06%Buy Sell SettlementBuyAmountSellAmountUnrealisedgains/(losses)€’000Percentageof total netassets %AUD USD 11/08/11 116,924 115,050 2 0.02CHF EUR 11/08/11 125,502 120,542 5 0.04CHF USD 11/08/11 118,120 119,013 (1) (0.01)EUR AUD 11/08/11 113,302 116,924 (4) (0.03)Aberdeen Global II 47Euro Aggregate Bond

Portfolio Statement continuedBuy Sell SettlementBuyAmountSellAmountUnrealisedgains/(losses)€’000Percentageof total netassets %EUR CHF 11/08/11 119,547 124,682 (5) (0.04)EUR CHF 11/08/11 120,825 118,940 2 0.02EUR USD 11/08/11 59,000 59,000 - -EUR GBP 11/08/11 24,803 24,377 - -EUR SEK 11/08/11 120,338 119,432 1 0.01EUR USD 11/08/11 59,000 57,543 1 0.01EUR USD 11/08/11 59,000 57,183 2 0.02EUR ZAR 11/08/11 56,704 57,716 (1) (0.01)MXN EUR 11/08/11 62,367 60,981 1 0.01SEK EUR 11/08/11 119,760 119,358 - -USD CHF 11/08/11 58,047 58,239 - -USD CHF 11/08/11 58,091 58,239 - -USD CHF 11/08/11 57,973 60,700 (3) (0.03)USD CLP 25/08/11 60,086 60,184 - -USD EUR 11/08/11 219,587 214,996 5 0.04USD EUR 11/08/11 58,592 59,025 - -ZAR USD 11/08/11 57,716 56,850 1 0.01Unrealised gains on forward currency exchange contracts 6 0.06Unrealised gains on financial derivative instruments 5 0.05Total investments 11,274 95.26Other net assets 561 4.74Total 11,835 100.0048 Aberdeen Global IIEuro Aggregate Bond

Euro Corporate BondFor the year ended 30 June 2011PerformanceFor the year ended 30 June 2011, the value of Euro Corporate Bond -Z Accumulation shares increased by 3.60% compared to an increaseof 2.68% in the benchmark, Barclays Capital European AggregateCorporate Index.Source : BNP Paribas, Total Return, EUR.Manager’s reviewInvestors had much to digest over the year. Core government bondyields rose steadily into 2011 from their summer/autumn lowsas greater levels of risk appetite returned to the table. Significantvolatility was experienced in core government bonds early in2011 due to ongoing political tensions in North Africa and theMiddle East, the tragic earthquake in Japan, concerns over theUS debt profile and a resurfacing of concerns over the eurozonesovereign debt crisis. These factors, particularly the latter eurozonewoes, ultimately weighed on investors minds and core yields fellsignificantly towards the end of the period.Unsurprisingly, the story in peripheral markets was very different.After an initial calm within peripheral European sovereign debtmarkets in early 2011, concerns took centre stage once again -with Greece requiring a second bout of IMF/ECB-backed financialassistance. Whilst remaining elevated throughout 2011, Europeanperipheral government bond spreads widened to record levels inMay and June as the crisis intensified. Credit fundamentals wereincreasingly overlooked over the year as markets and risk sentimentwere driven by events in peripheral Europe.During the year, the ECB became increasingly hawkish and increasedrates for the first time in nearly three years in April, moving theRefi rate (refinancing rate) up to 1.25%. The eurozone as a whole isexperiencing a recovery and the aggregate inflation level is abovetarget. However, the risk remains that tighter monetary policy inresponse to inflationary concerns in the core countries could lead todouble-dip recession in some of the lower-growth countries.Portfolio reviewThe Fund significantly outperformed the benchmark over the year.Our overweight positions to subordinated bank and insurance bondmade a positive contribution to this outperformance, as did ourunderweight to Portuguese issuers. Our overweight to issuers inSpain, both in financials and telecoms, contributed significantly toperformance volatility.OutlookThe spread tightening that has occurred will likely continue in theshort-term due to positioning and favourable supply dynamics,particularly in the likes of Spain and Italy. However, in the mediumterm,the Greek situation is not sustainable and very visible publicanger about austerity measures may make it difficult for thesemeasures to be implemented fully. As a result, we will look to usefurther tightening to initiate short positions.With European fiscal imbalances and talk of sovereign defaultdominating markets, credit spreads are likely to remain volatileover the coming months. High severity tail risks abound and thedirection of markets over the short to medium term is as likely tobe driven by politics and public reaction to austerity as much as bycorporate fundamentals and economic growth. Indeed, in the US,Congress is approaching the August deadline for approval of anincrease in the US debt ceiling or risk having to begin defaulting onobligations. While a low probability, failure to agree would clearlyhave significant global implications. We maintain a small overweightposition in credit, believing that strong corporate fundamentalsand recovering economies will drive spreads tighter by the end ofthe year.Aberdeen Global II 49Euro Corporate Bond

Statement of Net AssetsAs at 30 June 2011Assets €’000Investments in securities at market value (note 2.2) 190,782Cash at bank 5,753Interest receivable 3,583Receivable for investments sold 1,251Other assets 50Total assets 201,419LiabilitiesPayable for investments purchased 2,002Taxes and expenses payable 96Redemptions payable 913Unrealised losses on forward currency exchange129contracts (note 2.6)Unrealised losses on swap contracts (note 2.8) 47Total liabilities 3,187Net assets at the end of the year 198,232Statement of Changes in Net AssetsFor the year from 1 July 2010 to 30 June 2011€’000Net assets at the beginning of the year 271,192Net gains from investments 10,032Net realised gains 6,590Net unrealised losses (8,533)Proceeds from shares issued 3,911Payments for shares redeemed (84,244)Net equalisation paid (note 10) (716)Net assets at the end of the year 198,232Statement of OperationsFor the year from 1 July 2010 to 30 June 2011Income €’000Investment Income 10,217Bank interest 72Other income 2Total income 10,291ExpensesManagement fees (note 4.5) 1Administration fees (note 4.1) 77Custodian fees (note 4.2) 42Domiciliary agent, registrar, paying and transfer agent72fees (note 4.3)Management Company fees (note 4.4) 23Operational expenses (note 4.6) 71Expense cap refunded by Investment Manager (note 4.7) (50)Annual tax (note 4.8) 23Total expenses 259Net gains from investments 10,032Realised gains on investments 4,792Realised gains on forward currency exchange contracts 892Realised gains on swap contracts 1,020Realised currency exchange losses (114)Net realised gains 6,590Decrease in unrealised appreciation on investments (8,618)Decrease in unrealised depreciation on forward1,170currency exchange contractsDecrease in unrealised appreciation on swap contracts (1,080)Unrealised currency exchange losses (5)Net unrealised losses (8,533)Net increase in assets as a result of operations 8,089Share TransactionsFor the year from 1 July 2010 to 30 June 2011I-2 Z-2Shares outstanding at the beginning of the year 13,758 21,869,722Shares issued during the year - 318,806Shares redeemed during the year (1,201) (6,744,269)Shares outstanding at the end of the year 12,557 15,444,259Net asset value per share 10.6606 12.8265The accompanying notes form an integral part of these financial statements.50 Aberdeen Global IIEuro Corporate Bond

Portfolio Statement continuedSecurity Coupon (%) Maturity NominalMarket Value€’000Percentage of totalnet assets %Pernod-Ricard 4.8750 18/03/16 550,000 556 0.28Societe Generale 3.2500 06/06/16 1,000,000 1,000 0.50Veolia Environement (EMTN) 4.3750 16/01/17 1,810,000 1,876 0.95Veolia Environement (EMTN) 5.2500 24/04/14 1,250,000 1,328 0.67Vivendi (EMTN) 7.7500 23/01/14 600,000 670 0.3425,349 12.78Germany - 5.64%BayernLB Capital Trust I (FRN) (PERP) 6.2032 09/03/49 580,000 234 0.12Deutsche Bank London (MTN) 6.0000 01/09/17 1,171,000 902 0.46Deutsche Telekom International Finance (EMTN) 5.8750 10/09/14 1,400,000 1,523 0.77Deutsche Telekom International Finance (MTN) 6.0000 20/01/17 1,750,000 1,945 0.98Duesseldorfer Hypobank 1.8750 13/12/13 3,500,000 3,473 1.75KFW 2.1250 11/04/14 1,700,000 1,699 0.86Volkswagen Leasing (EMTN) 3.3750 03/06/16 1,400,000 1,396 0.7011,172 5.64Italy - 4.52%Enel Finance International (EMTN) 5.0000 14/09/22 1,200,000 1,210 0.61Intesa Sanpaolo (FRN) (PERP) 8.380 14/10/49 1,400,000 1,422 0.72Romulus Finance 4.9400 20/02/13 1,000,000 936 0.47Telecom Italia Finance (EMTN) 7.7500 24/01/33 2,580,000 2,738 1.38Unicredit (EMTN) 4.2500 31/07/18 900,000 891 0.45Unicredito Italiano Spa (EMTN) ∞ 5.7500 26/09/17 1,200,000 1,199 0.60Unicredit (EMTN) 6.7000 05/06/18 575,000 563 0.298,959 4.52Luxembourg - 0.99%SES (EMTN) 4.6250 09/03/20 1,050,000 1,060 0.53SES (EMTN) 4.7500 11/03/21 900,000 909 0.461,969 0.99Mexico - 0.43%America Movil SAB 3.7500 28/06/17 860,000 857 0.43Netherlands - 3.28%ABN Amro Bank (EMTN) 4.2500 11/04/16 1,500,000 1,506 0.76ABN Amro Bank (EMTN) 4.0000 03/02/15 2,350,000 2,369 1.20Corio 4.6250 22/01/18 1,550,000 1,582 0.80ING (FRN) (MTN) 6.1250 29/05/23 1,000,000 1,032 0.526,489 3.28Republic of Ireland - 1.36%GE Cap Euro Funding (EMTN) 6.0000 15/01/19 2,450,000 2,705 1.36Spain - 8.88%Caja Ahorros Guipuzcoa 4.3750 05/11/14 2,250,000 2,208 1.12Caja De Ahorros De Valencia Castle (FRN) (PERP) 4.3750 03/03/49 1,000,000 623 0.31Caja Madrid 3.5000 14/03/13 2,400,000 2,360 1.19Gas Natural Capital (EMTN) 4.3750 02/11/16 1,550,000 1,498 0.76Iberdrola Finanzas (EMTN) 3.5000 13/10/16 2,350,000 2,264 1.14Iberdrola Finanzas (EMTN) 4.6250 07/04/17 400,000 403 0.20Mapfre (FRN) 5.9210 24/07/37 2,200,000 1,769 0.89Paccar Financial Europe (EMTN) 3.0000 19/05/14 1,000,000 1,007 0.5152 Aberdeen Global IIEuro Corporate Bond

Security Coupon (%) Maturity NominalMarket Value€’000Percentage of totalnet assets %Santander Issuances (FRN) 4.5000 30/09/19 1,500,000 1,402 0.71Telefonica Emision (EMTN) 4.6930 11/11/19 2,200,000 2,164 1.09Telefonica Emision (GMTN) 3.6610 18/09/17 1,800,000 1,709 0.86Telefonica Emisiones (EMTN) 4.7500 07/02/17 200,000 202 0.1017,609 8.88Sweden - 2.51%Skandinaviska Enskilda (EMTN) 2.6250 16/10/17 1,000,000 954 0.48Svenska Handelsbanken 4.8750 25/03/14 1,200,000 1,266 0.64Svenska Cellulosa (EMTN) 3.6250 26/08/16 1,900,000 1,906 0.96Swedbank (EMTN) 7.3750 26/06/18 800,000 855 0.434,981 2.51Switzerland - 0.80%UBS London (MTN) 5.6250 19/05/14 1,490,000 1,594 0.80United Kingdom - 24.49%3I Group (EMTN) 5.6250 17/03/17 2,040,000 2,080 1.05Abbey National Treasury Services (EMTN) 3.6250 05/10/17 2,400,000 2,321 1.17Anglian Water Service (EMTN) 4.6250 07/10/13 2,618,000 2,723 1.37Aviva (FRN) (EMTN) 6.8750 22/05/38 2,000,000 2,011 1.02Barclays Bank 5.2500 27/05/14 2,000,000 2,104 1.06Barclays Bank (EMTN) 6.0000 14/01/21 2,900,000 2,806 1.42Experian Finance (EMNT) 4.7500 04/02/20 950,000 988 0.50Imperial Tobacco Finance (MTN) 8.3750 17/02/16 2,480,000 2,938 1.48Lloyds TSB Bank (EMTN) 6.2500 15/04/14 495,000 523 0.26Lloyds TSB Bank (EMTN) 4.1250 06/04/16 2,150,000 2,181 1.10Lloyds TSB Bank (EMTN) 6.3750 17/06/16 2,750,000 2,913 1.47Lloyds TSB Bank (EMTN) 6.5000 24/03/20 1,600,000 1,520 0.77Motability Operations (EMTN) 3.7500 29/11/17 1,450,000 1,445 0.73National Grid Gas (EMTN) 5.1250 14/05/13 500,000 522 0.26National Grid USA (EMTN) 3.2500 03/06/15 1,800,000 1,802 0.91Nationwide Building Society (MTN) 3.8750 05/12/13 2,800,000 2,872 1.45Nationwide Building Society (EMTN) 6.7500 20/07/20 1,360,000 1,330 0.67Old Mutual (FRN) (PERP) (EMTN) 5.0000 04/11/49 1,700,000 1,489 0.75Royal Bank of Scotland (EMTN) 5.2500 15/05/13 2,400,000 2,472 1.25Royal Bank of Scotland (EMTN) 6.9340 09/04/18 2,500,000 2,480 1.25Royal Bank of Scotland (EMTN) 4.0000 15/03/16 2,000,000 2,019 1.02Scottish & Southern Energy (EMNT) 6.1250 29/07/13 569,000 608 0.31Severn Trent Utilities Finance (EMTN) 5.2500 11/03/16 960,000 1,035 0.52Tesco (EMTN) 5.8750 12/09/16 1,570,000 1,764 0.89Thames Water Utilities Cayman (EMTN) 3.2500 09/11/16 1,050,000 1,034 0.52United Utilities Water (EMTN) 4.2500 24/01/20 2,515,000 2,545 1.2948,525 24.49United States - 8.66%American International (EMTN) 5.0000 26/06/17 1,200,000 1,162 0.59AT & T 4.3750 15/03/13 1,400,000 1,444 0.73Bank of America (EMTN) 7.0000 15/06/16 400,000 438 0.22Bank of America 4.7500 23/05/17 3,000,000 2,777 1.40Citigroup (EMTN) 7.3750 16/06/14 2,200,000 2,422 1.22Goldman Sachs 5.1250 16/10/14 1,200,000 1,246 0.63HVB Funding Trust VIII (FRN) (PERP) ∞ 7.0550 28/03/49 1,550,000 1,522 0.77McDonalds (EMTN) 4.0000 17/02/21 700,000 714 0.36Aberdeen Global II 53Euro Corporate Bond

Portfolio Statement continuedSecurity Coupon (%) Maturity NominalMarket Value€’000Percentage of totalnet assets %Morgan Stanley (MTN) 6.5000 28/12/18 1,050,000 1,135 0.57Pfizer 4.7500 06/03/16 850,000 907 0.46Philip Morris International (EMTN) 5.7500 24/03/16 800,000 886 0.45SG Capital Trust III (FRN) (PERP) 5.4190 10/11/49 500,000 464 0.23Wal-Mart Stores 4.8750 21/09/29 1,960,000 2,027 1.0317,144 8.66Corporate bonds 158,430 79.92Government bonds - 5.57%France - 1.31%Agence Francaise Development (FRN) (PERP) 4.6150 20/07/49 2,750,000 2,606 1.31Germany - 4.26%Germany (Federal Republic of) 2.5000 04/01/21 4,200,000 4,041 2.04Germany (Federal Republic of) 5.5000 04/01/31 450,000 560 0.28Germany (Federal Republic of) 6.2500 04/01/24 2,950,000 3,839 1.948,440 4.26Government bonds 11,046 5.57Mortgage backed bonds - 4.06%Netherlands - 2.48%Arena (FRN) 2.9520 17/12/42 2,000,000 2,008 1.01Dolphin Master Issuer (FRN) 2.9280 28/09/99 800,000 805 0.41Dutch Mortgage Portfolio (FRN) 2.7000 25/07/47 2,100,000 2,109 1.064,922 2.48United Kingdom - 1.58%Fosse Master Issuer (FRN) 2.9060 18/10/54 1,100,000 1,100 0.56Headingley RMBS (FRN) 2.7190 11/03/51 1,037,805 1,038 0.52Permanent Master Issuer (FRN) 2.9050 15/07/42 1,000,000 999 0.503,137 1.58Mortgage backed bonds 8,059 4.06Transferable securities and money market instruments admitted to anofficial exchange listing / dealt in on another regulated market 189,616 95.65Other transferable securities and money market instrumentsCorporate bonds - 0.59%New Zealand - 0.59%ANZ National International (MTN) 6.2000 19/07/13 1,550,000 1,166 0.59Corporate bonds 1,166 0.59Other transferable securities and money market instrumentsTotal transferable securities and money market instruments1,166 0.59190,782 96.2454 Aberdeen Global IIEuro Corporate Bond

Financial derivative instrumentsForward currency exchange contracts - (0.07)%Buy Sell SettlementSwap contracts - (0.02)%BuyAmountSellAmountCounterparty Ccy Termination Notional Fund Pays Fund ReceivesUnrealisedgains/(losses)€’000Unrealisedgains/(losses)€’000Percentageof total netassets %EUR USD 11/08/11 5,272,093 5,386,775 (115) (0.06)USD EUR 11/08/11 3,146,716 3,161,290 (14) (0.01)Unrealised losses on forward currency exchange contracts (129) (0.07)Percentageof total netassets %Interest rate swap contracts - (0.02)%Citigroup EUR 16/11/15 9,800,000.00 6 Month EURIBOR 2.1575% (220) (0.11)Citigroup EUR 02/06/16 3,900,000.00 6 Month EURIBOR 2.7580% (9) -Credit Suisse EUR 02/03/14 8,300,000.00 6 Month EURIBOR 2.3900% 16 0.01Credit Suisse EUR 10/11/29 2,830,000.00 4.1280% 6 Month EURIBOR (94) (0.05)Credit Suisse USD 20/04/18 1,880,000.00 2.8640% 3 MONTH USD LIBOR (19) (0.01)Deutsche Bank EUR 02/11/17 5,220,000.00 2.5090% 6 Month EURIBOR 161 0.08Royal Bank of Scotland EUR 24/04/14 8,870,000.00 6 Month EURIBOR 2.7900% 105 0.05Royal Bank of Scotland EUR 02/06/18 3,100,000.00 3.0510% 6 Month EURIBOR 13 0.01Unrealised losses on interest rate swap contracts (47) (0.02)Unrealised losses on swap contracts (47) (0.02)Unrealised losses on financial derivative instruments (176) (0.09)Total investments 190,606 96.15Other net assets 7,626 3.85Total 198,232 100.00∞ A portion of this security is on loan at the year end.Aberdeen Global II 55Euro Corporate Bond

Statement of Net AssetsAs at 30 June 2011Assets€'000Investments in securities at market value (note 2.2) 524,174Cash at bank 13,834Amounts held at futures clearing houses and brokers 635Interest receivable 8,617Subscriptions receivable 2,558Receivable for investments sold 21,170Total assets 570,988LiabilitiesPayable for investments purchased 21,564Taxes and expenses payable 668Redemptions payable 2,475Unrealised losses on future contracts (note 2.7) 53Other liabilities 1,759Total liabilities 26,519Net assets at the end of the period 544,469Statement of Changes in Net AssetsFor the period from 24 September 2010 to 30 June 2011€'000Net gains from investments 9,302Net realised losses (26,316)Net unrealised losses (7,699)Proceeds from shares issued 743,648Payments for shares redeemed (171,065)Net equalisation paid (note 10) (558)Dividends paid (note 5) (2,843)Net assets at the end of the period 544,469Statement of OperationsFor the period from 24 September 2010 to 30 June 2011Income€'000Investment income 14,188Bank interest 29Other income 4Total income 14,221ExpensesManagement fees (note 4.5) 4,172Administration fees (note 4.1) 101Custodian fees (note 4.2) 100Domiciliary agent, registrar, paying and transfer agent 144fees (note 4.3)Management Company fees (note 4.4) 50Operational expenses (note 4.6) 134Annual tax (note 4.8) 218Total expenses 4,919Net gains from investments 9,302Realised losses on investments (26,184)Realised gains on future contracts 68Realised currency exchange losses (200)Net realised losses (26,316)Decrease in unrealised appreciation on investments (7,646)Decrease in unrealised appreciation on future contracts (53)Net unrealised losses (7,699)Net decrease in assets as a result of operations (24,713)Share TransactionsFor the period from 24 September 2010 to 30 June 2011A-1 A-2 J-2Shares issued during the period 1,908,843 1,218,310 10,164Shares redeemed during the period (347,978) (295,464) (8,962)Shares outstanding at the end of the period 1,560,865 922,846 1,202Net asset value per share 111.4426 399.5158 1,523.4054The accompanying notes form an integral part of these financial statements.Aberdeen Global II 57Euro Government Bond

Portfolio StatementAs at 30 June 2011Security Coupon (%) Maturity NominalMarket Value€’000Percentage of totalnet assets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketAsset backed bonds - 0.54%United States - 0.54%SLM Student Loan Trust (FRN) 2.0210 15/12/27 3,185,000 2,955 0.54Asset backed bonds 2,955 0.54Corporate bonds - 23.69%Australia - 1.54%Westpac Banking Corp (MTN) 4.2500 22/09/16 8,200,000 8,397 1.54France - 1.15%Societe Generale 3.2500 06/06/16 2,900,000 2,900 0.53BPCE SFH Societe De Fi 3.6250 12/05/16 3,300,000 3,340 0.626,240 1.15Germany - 1.78%Duesseldorfer Hypobank 1.8750 13/12/13 4,000,000 3,969 0.73KFW 2.1250 11/04/14 5,700,000 5,696 1.059,665 1.78Italy - 0.47%Unicredit (EMTN) 4.2500 31/07/18 2,600,000 2,575 0.47Netherlands - 0.46%ABN Amro Bank (EMTN) 4.2500 11/04/16 2,500,000 2,511 0.46Norway - 3.27%Sparebank 1 Boligkreditt (MTN) 2.3750 03/12/12 9,580,000 9,623 1.77Terra Boligkreditt (EMTN) 2.1250 31/08/15 8,500,000 8,194 1.5017,817 3.27Spain - 2.32%Caja Madrid 3.5000 14/03/13 9,800,000 9,638 1.77Telefonica Emisiones (EMTN) 4.7500 07/02/17 500,000 505 0.09Telefonica Emisiones (MTN) 5.4960 01/04/16 2,400,000 2,520 0.4612,663 2.32Sweden - 3.28%Nordea Hypotek (EMTN) 3.7500 25/10/11 6,400,000 6,442 1.18Svenska Handelsbanken (FRN) (EMTN) 1.8080 19/10/17 7,500,000 7,402 1.36Swedish Covered Bond (EMTN) 3.0000 03/02/15 4,000,000 4,031 0.7417,875 3.28United Kingdom - 8.52%Abbey National Treasury Services 3.1250 30/06/14 10,000,000 9,974 1.83HSBC (MTN) 6.0000 10/06/19 2,900,000 3,060 0.56Lloyds TSB Bank (EMTN) 6.2500 15/04/14 7,000,000 7,394 1.36Nationwide Building Society (MTN) 3.8750 05/12/13 7,700,000 7,897 1.45Royal Bank of Scotland (EMTN) 2.7500 18/06/13 10,150,000 10,193 1.88Royal Bank of Scotland (EMTN) 5.7500 21/05/14 7,500,000 7,851 1.4446,369 8.5258 Aberdeen Global IIEuro Government Bond

Market Value€’000Percentage of totalnet assets %Security Coupon (%) Maturity NominalUnited States - 0.90%Bank of America (EMTN) 5.1250 26/09/14 3,000,000 3,112 0.57Pfizer 4.7500 03/06/16 1,650,000 1,761 0.334,873 0.90Corporate bonds 128,985 23.69Government bonds - 69.53%Austria - 1.88%Austria (Republic of) 3.9000 15/07/20 7,821,000 8,131 1.49Austria (Republic of) 6.2500 15/07/27 1,669,000 2,137 0.3910,268 1.88Belguim - 3.74%Belgium (Kingdom of) 4.2500 28/09/21 14,933,000 15,132 2.78Belgium (Kingdom of) 5.0000 28/03/35 5,000,000 5,235 0.9620,367 3.74Finland - 7.29%Finland (Republic of) 3.5000 15/04/21 33,806,000 34,251 6.29Finland (Republic of) 4.3750 04/07/19 5,000,000 5,432 1.0039,683 7.29France - 15.03%France (Government of) 3.5000 25/04/15 30,000,000 31,236 5.74France (Government of) 4.0000 25/04/13 29,599,000 30,823 5.66France (Government of) 4.0000 25/10/38 9,342,000 9,092 1.67France (Government of) 4.7500 25/04/35 5,605,072 6,112 1.12France (Government of) 5.5000 25/04/29 3,868,266 4,590 0.8481,853 15.03Germany - 8.42%Germany (Federal Republic of) 2.2500 10/04/15 14,471,000 14,588 2.68Germany (Federal Republic of) 3.0000 04/07/20 4,676,000 4,708 0.87Germany (Federal Republic of) 3.5000 04/01/16 3,658,000 3,860 0.71Germany (Federal Republic of) 3.7500 04/01/15 1,550,000 1,643 0.30Germany (Federal Republic of) 4.2500 04/07/39 8,138,000 8,800 1.62Germany (Federal Republic of) 4.5000 04/01/13 3,530,000 3,686 0.68Germany (Federal Republic of) 4.7500 04/07/28 263,469 300 0.06Germany (Federal Republic of) 4.7500 04/07/34 7,115,000 8,156 1.5045,741 8.42Ireland - 2.95%Ireland (Republic of) 3.0000 01/04/14 16,305,000 16,081 2.95Italy - 18.13%Italy (Republic of) 3.7500 01/08/15 27,500,000 27,438 5.04Italy (Republic of) 4.5000 01/03/26 6,833,000 6,385 1.17Italy (Republic of) 4.7500 01/09/21 37,022,000 36,809 6.76Italy (Republic of) 5.0000 01/09/40 20,211,000 18,526 3.40Italy (Republic of) 5.7500 01/02/33 9,312,000 9,572 1.7698,730 18.13Aberdeen Global II 59Euro Government Bond

Portfolio Statement continuedMarket Value€’000Percentage of totalnet assets %Security Coupon (%) Maturity NominalNetherlands - 5.09%Netherlands (Kingdom of) 3.2500 15/07/15 6,942,000 7,194 1.32Netherlands (Kingdom of) 3.5000 15/07/20 12,435,000 12,700 2.33Netherlands (Kingdom of) 3.7500 15/01/42 3,200,000 3,128 0.58Netherlands (Kingdom of) 7.5000 15/01/23 3,374,000 4,666 0.8627,688 5.09Spain - 7.00%Spain (Kingdom of) 4.2000 31/01/37 24,030,000 18,715 3.44Spain (Kingdom of) 5.5000 30/04/21 19,341,000 19,421 3.5638,136 7.00Government bonds 378,547 69.53Total transferable securities and money market instruments admitted to anofficial exchange listing / dealt in on another regulated market 510,487 93.76Other transferable securities and money market instrumentsGovernment bonds - 2.51%Austria - 2.51%Austria (Republic of) (EMTN) 4.1500 15/03/37 1,080,000 1,071 0.20Austria (Republic of) (EMTN) 4.0000 15/09/16 11,910,000 12,596 2.3113,667 2.51Italy - nilItaly (Republic of) 5.0000 01/03/25 20,000 20 -Government bonds 13,687 2.51Other transferable securities and money market instruments 13,687 2.51Total transferable securities and money market instruments 524,174 96.27Financial derivative instrumentsFuture contracts - (0.01)%UnrealisedFuture Maturity Nominalgains/(losses)€’000Percentage of totalnet assets %EUX Euro Bund 08/09/11 (273) (53) (0.01)Unrealised losses on future contracts (53) (0.01)Unrealised losses on financial derivative instruments (53) (0.01)Total investments 524,121 96.26Other net assets 20,348 3.74Total 544,469 100.0060 Aberdeen Global IIEuro Government Bond

Euro High Yielding Fixed IncomeFor the period 24 September 2010 to 30 June 2011PerformanceFor the period 24 September 2010 to 30 June 2011, the value of Euro High Yielding Fixed Income - A Accumulation shares increased by4.37% compared to an increase of 4.76% in the benchmark, Bank of America Merrill Lynch Euro High Yield 3% Constrained Index.Source: Lipper, Factset Basis: total return, NAV to NAV, net of annual charges, gross income reinvested, EUR.Corporate activityOn 24 September 2010, Credit Suisse Bond Fund (Lux) High Yield Euro Aberdeen transferred its assets into the Aberdeen Global II - Euro HighYielding Fixed Income Fund resulting in a contribution in kind worth €74 million in investments and cash.Shareholders involved in the transfer were given either A or I shares in the Aberdeen Global II - Euro High Yielding Fixed Income Fund forevery 1 share previously held in Credit Suisse Bond Fund (Lux) High Yield Euro Aberdeen as follows:Credit Suisse Bond Fund (Lux) Share Class Aberdeen Global II Share ClassContribution inkind (‘000) Transfer RatioHigh Yield Euro Aberdeen BEuro High Yielding FixedIncome FundA-2 €60,730 1.001101211High Yield Euro Aberdeen IEuro High Yielding FixedIncome FundI-2 €13,176 1.000700490Manager’s reviewEuropean high yield markets continued their strong second half of2010 into early 2011. They proved remarkably resilient in the offace of rising oil prices, the tragic earthquake in Japan and concernsover the scale of the US debt mountain and, whilst showingintermittent signs of weakness, generally continued their upwardtrend throughout the first quarter and beyond as investors embracedrisk assets. This trend reversed sharply as sovereign debt issue beganto boil over once again as speculation re-emerged about a potentialrestructuring of Greek government debt. In the absence of a crediblesolution offered by policymakers, risk aversion caught hold and highyield markets suffered across the board.New issuance was strong throughout much of the year under review;however, more recently weakened - with market volatility seeingJune become the lightest month for new issuance in 2011.Portfolio reviewWith the high yield and low level of duration on offer, foundthrough searching for investment opportunities away from the‘traditional’ high yield market place, the conditions were optimalfor the portfolio. This isn’t always expected to be the case especiallywhen markets are trending very positively as they are apt to dooccasionally and during these periods the portfolio returns will likelylag the benchmark, but due to the on going dislocation of marketsand a generic miss pricing of liquidity, the risk adjusted returnson offer continue to be attractive for the independently mindedinvestor.OutlookWhilst taking into account the recent soft patch in European highyield markets, we remain optimistic for the asset class for the yearahead. Despite the significant economic disparity in growth profilesacross Europe and the ensuing concern with sovereign solvencyand political leadership, lead economic indicators continue to pointtowards weakened, but positive growth. An environment of lowgrowth, lower policy rates, abundant liquidity and fair valuations isan attractive one for high yield and especially so when adjusted forinflation. An environment of uncertainty is not automatically a poorone for high yield.Furthermore, corporations remain prudent with their liquiditymanagement as evidenced by the build up of cash on balancesheets, a lowering of capital expenditure to preserve cash flow anda lowering of refinance risk as firms termed out short dated debtmaturities over the course of the year. As such we are confident thatdefault risk remains low for 2011.Aberdeen Global II 61Euro High Yielding Fixed Income

Statement of Net AssetsAs at 30 June 2011Assets€'000Investments in securities at market value (note 2.2) 59,445Cash at bank 4,475Interest receivable 1,542Subscriptions receivable 116Unrealised gains on forward currency exchange302contracts (note 2.6)Total assets 65,880LiabilitiesTaxes and expenses payable 94Redemptions payable 3,216Unrealised losses on swap contracts (note 2.8) 522Total liabilities 3,832Net assets at the end of the period 62,048Statement of Changes in Net AssetsFor the period from 24 September 2010 to 30 June 2011€'000Net gains from investments 4,784Net realised gains 1,934Net unrealised losses (3,989)Proceeds from shares issued 104,366Payments for shares redeemed (44,748)Net equalisation paid (note 10) (299)Net assets at the end of the period 62,048Statement of OperationsFor the period from 24 September 2010 to 30 June 2011Income€'000Investment income 5,488Bank interest 6Other income 1Total income 5,495ExpensesManagement fees (note 4.5) 601Administration fees (note 4.1) 34Custodian fees (note 4.2) 7Domiciliary agent, registrar, paying and transfer agent18fees (note 4.3)Management Company fees (note 4.4) 6Operational expenses (note 4.6) 24Annual tax (note 4.8) 21Total expenses 711Net gains from investments 4,784Realised gains on investments 1,385Realised gains on forward currency exchange contracts 1,242Realised losses on future contracts (499)Realised gains on swap contracts 11Realised currency exchange losses (205)Net realised gains 1,934Increase in unrealised depreciation on investments (3,769)Increase in unrealised appreciation on forward currency 302exchange contractsIncrease in unrealised depreciation on swap contracts (522)Net unrealised losses (3,989)Net increase in assets as a result of operations 2,729Share TransactionsFor the period from 24 September 2010 to 30 June 2011A-2 I-2Shares issued during the period 729,868 33,742Shares redeemed during the period (246,741) (20,202)Shares outstanding at the end of the period 483,127 13,540Net asset value per share 99.9603 1,015.8884The accompanying notes form an integral part of these financial statements.62 Aberdeen Global IIEuro High Yielding Fixed Income

Portfolio StatementAs at 30 June 2011Security Coupon (%) Maturity NominalMarket Value€’000Percentage of totalnet assets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketAsset backed bonds - 2.43%Luxembourg - 2.43%Breeze Finance 4.5240 19/04/27 2,002,822 1,512 2.43Asset backed bonds 1,512 2.43Corporate bonds - 93.11%Australia - 4.48%TFS 11.0000 15/07/18 4,000,000 2,780 4.48Belgium - 1.83%Ontex IV 9.0000 15/04/19 1,200,000 1,134 1.83Czech Republic - 4.42%New World Resources 7.8750 01/05/18 750,000 779 1.26Sazka (Step) 9.0000 12/07/21 3,184,000 1,959 3.162,738 4.42France - 3.40%Eurofins Scientific 8.0810 31/12/49 600,000 603 0.97Europcar Groupe 9.3750 15/04/18 1,500,000 1,512 2.432,115 3.40Germany - 13.70%Kinove German Bond 10.0000 15/06/18 400,000 418 0.67Alba 8.0000 15/05/18 300,000 303 0.49Heckler & Koch 9.5000 15/05/18 500,000 475 0.77IKB Deutsche Industriebank (FRN) (EMTN) 2.3330 28/05/13 4,200,000 3,066 4.94Musketeer 9.5000 15/03/21 75,000 80 0.13Nordenia Holdings (GMBH) 9.7500 15/07/17 1,000,000 1,100 1.77VAC Finanzierung 9.2500 15/04/16 3,090,000 3,059 4.938,501 13.70Hungary - 5.52%Magyar Telecom 9.5000 15/12/16 3,500,000 3,428 5.52Ireland - 18.42%Bank of Ireland (EMTN) 10.0000 12/02/20 3,550,000 1,207 1.95Allied Irish (EMTN) 4.5000 01/10/12 2,000,000 1,675 2.70Anglo Irish (FRN) (EMTN) 1.7330 25/01/12 2,000,000 1,460 2.35ARD Finance 11.1250 01/06/18 715,000 726 1.17BCM Ireland (FRN) - 15/02/17 1,755,878 51 0.08ERC Ireland Finance (FRN) 6.4200 15/08/16 1,300,000 202 0.33Irish Nationwide Building Society (FRN) (EMTN) 1.7060 26/06/12 5,000,000 3,275 5.28UT2 Funding 5.3210 30/06/16 3,000,000 2,832 4.5611,428 18.42Luxembourg - 0.02%Hellas Telecommunications III 8.5000 31/12/49 1,671,218 15 0.02Netherlands - 1.57%Carlson Wagonlit (FRN) 7.3600 01/05/15 1,000,000 975 1.57Aberdeen Global II 63Euro High Yielding Fixed Income

Portfolio Statement continuedSecurity Coupon (%) Maturity NominalMarket Value€’000Percentage of totalnet assets %Spain - 1.64%Abengoa (EMTN) 8.5000 31/03/16 1,000,000 1,017 1.64United Kingdom - 27.83%Boparan 9.8750 30/04/18 500,000 529 0.85Egg (EMTN) (PERP) 7.5000 29/05/49 750,000 815 1.31House of Fraser 8.8750 15/08/18 490,000 529 0.85Ineos 7.8750 15/02/16 750,000 733 1.18International Personal Finance (EMTN) 11.5000 06/08/15 2,000,000 2,200 3.55National Westminster (MTN) 5.9779 21/01/49 1,000,000 929 1.50Northern Rock (PERP) 7.0530 21/09/27 5,000,000 3,405 5.49Pearl Group Holdings (FRN) (PERP) 5.8654 31/12/49 1,700,000 1,229 1.98Phones4U Finance 9.5000 01/04/18 500,000 533 0.86Pipe 9.5000 01/11/15 2,300,000 2,585 4.17R & R Ice Cream 8.3750 15/11/17 1,500,000 1,481 2.39Rexam (FRN) 6.7500 29/06/67 1,500,000 1,461 2.35Towergate Finance 8.5000 15/02/18 750,000 837 1.3517,266 27.83United States - 10.28%Chesapeake Energy 6.2500 15/01/17 2,436,000 2,533 4.08Eurohypo Capital Fund Trust 6.4450 23/05/49 1,000,000 705 1.14LBI Escrow 8.0000 01/11/17 161,460 177 0.29Travelport 10.8750 01/09/16 3,400,000 2,958 4.776,373 10.28Corporate bonds 57,770 93.11Preference shares - 0.26%United States - 0.26%Ally 7.0000 251 163 0.26Preference shares 163 0.26Total transferable securities and money market instruments admitted to anofficial exchange listing / dealt in on another regulated market 59,445 95.80Financial derivative instrumentsForward currency exchange contracts - 0.49%Unrealisedgains/(losses)€’000Percentageof total netassets %Buy Sell SettlementBuyAmountSellAmountEUR GBP 11/08/11 562,029 542,939 19 0.03EUR GBP 11/08/11 625,104 603,881 21 0.03EUR GBP 11/08/11 15,883,281 15,512,529 371 0.60EUR USD 11/08/11 271,726 271,376 - -EUR USD 11/08/11 2,765,913 2,736,545 29 0.05GBP EUR 11/08/11 1,168,980 1,184,240 (15) (0.02)GBP EUR 11/08/11 3,632,148 3,755,208 (123) (0.20)Unrealised gains on forward currency exchange contracts 302 0.4964 Aberdeen Global IIEuro High Yielding Fixed Income

Swap contracts - (0.84)%Counterparty Ccy Termination Notional Fund Pays Fund ReceivesUnrealisedgains/(losses)€’000Percentageof total netassets %Credit default swap contracts - (0.84)%Credit Suisse USD 20/12/13 1,000,000 0.4500% Govt of Finland USD (4) (0.01)Credit Suisse USD 20/12/13 1,000,000 1.0200% Rep of Austria USD (12) (0.02)Credit Suisse USD 20/12/13 1,400,000 General Elec Cap USD 4.5000% 88 0.14Credit Suisse USD 20/12/13 1,000,000 1.0500% Commonwealth Govt USD (3) (0.01)Credit Suisse USD 20/12/13 750,000 General Elec Cap USD 6.5000% 73 0.12Credit Suisse USD 20/12/13 1,000,000 1.4500% Kingdom of Sweden US (23) (0.04)Deutsche Bank EUR 20/06/15 7,000,000 5.0000% ITRAXX13V25Y EUR (329) (0.53)Deutsche Bank USD 20/12/13 1,000,000 1.1900% Govt of Spain USD 17 0.03Morgan Stanley EUR 20/06/15 7,000,000 5.0000% ITRAXX13V25Y EUR (329) (0.52)Unrealised losses on credit default swap contracts (522) (0.84)Unrealised losses on swap contracts (522) (0.84)Unrealised losses on financial derivative instruments (220) (0.35)Total investments 59,225 95.45Other net assets 2,823 4.55Total 62,048 100.00Aberdeen Global II 65Euro High Yielding Fixed Income

Global Aggregate BondFor the year ended 30 June 2011PerformanceFor the year ended 30 June 2011, the value of the Global AggregateBond - Z Accumulation shares increased 11.53% compared toan increase of 10.51% in the benchmark, Barclays Capital GlobalAggregate Bond Index.Source : BNP Paribas, Total Return, USD.Manager’s reviewGlobal bond markets were volatile throughout the year with yieldsinitially reaching record lows in most major markets as the recoveryin the US was called into question. In order to stimulate growth,the US Federal Reserve announced further quantitative easingmeasures in November through the purchase of US$600 billion inTreasury securities by June 2011. Although the labour and housingmarkets remained weak, strong economic data in other sectors andthe effects of fiscal stimulus resulted in a sharp rise in US Treasuryyields. Led by the US and Europe, yields across the spectrumincreased as the end of 2010 approached.At the start of 2011, bond yields rose further as the financial marketsbecame increasingly focused on the implications of higher inflation.These concerns centred on the effects of higher energy prices asthe escalation of political events in the Middle East and NorthAfrica prompted a further spike in oil prices. Towards the end of theperiod the global economy decelerated. An increase in petrol pricesdecreased real incomes and consumers’ spending power, especiallyin the US. This is in turn resulted in decline in demand for goods anda slowdown in global manufacturing, exacerbated by the Japaneseearthquake.For much of the period, Peripheral Eurozone countries came undersevere pressure from bond investors concerned over levels ofindebtedness. Yields on peripheral sovereign debt rose significantlyas investors shunned the bond markets. Greece was the firstperipheral nation to undergo a crisis, followed by Ireland in thefourth quarter of 2010 and Portugal in the second quarter of 2011.EU/IMF bailouts failed to calm the markets as expected and fearsabout the fiscal situation in other Eurozone countries kept yieldspreads versus German bunds at record high levels. Towards the endof the year under review, fears of a Greek default dominated themarkets and led to the widespread risk aversion.As a result, 10-year US Treasuries ended the period under review at3.16%, 23 basis points higher than a year earlier. 10-year Germanbunds increased 45 basis points to 3.03% while yields on 10-yearGreek bonds increased 591 basis points to 16.34%. The yield onPortuguese and Irish bonds increased by 520 and 620 basis pointsrespectively, reaching 10.9% and 11.7%.Within the corporate credit markets fundamentals remained robust.Financials in particular recorded a strong performance, despitefinishing the period on a weaker note. Subordinated financialsbenefited strongly from the Basel Committee’s eagerly awaitedannouncement on future capital requirements for the bankingsector, which provided a strong incentive for banks to redeem debtat the first call date. Towards the end of the period, concerns overGreece and weaker global economic data led to heightened riskaversion and a widening of credit spreads, with financials the worstaffected due to their high correlation with sovereign bonds.Overall, US securitised bonds did well over the year. Non-agencyResidential Mortgage-Backed Securities (RMBS) performedparticularly well over the period, although speculation surroundingforeclosures caused volatility.In the currency markets, US dollar underperformed most majorcurrencies. Currencies regarded as safer havens, most notably theSwiss franc, were the top performers. Euro also strengthened againstthe US dollar, benefitting from interest rates hikes introduced bythe ECB.Portfolio reviewThe Fund outperformed its benchmark over the period under review.Positive contributions from our credit and currency strategies morethan compensated for relative losses from interest rate decisions.Security selection within credit added the most value, withthe notable exception of issues linked to peripheral marketswhich suffered spread widening. In the securitized sector, strongperformance also came from the fund’s overweight allocation tonon-agency residential mortgages.Our currency strategy got off to a good start with a strong rally inthe euro benefiting our long exposure versus the US dollar and Swissfranc. Towards the end of the period, an underweight position in theEuro against the US dollar added value however, this was largelyoffset by losses from being underweight the Swiss franc.Within interest rates, in the second half of 2010 our preferencefor positioning along the yield curve favoured a flattening bias,but stronger US economic data and heavy fiscal stimulus causedthe curve to steepen negatively impacting the fund. In the secondquarter of 2011, the fund’s short duration position via the US and UKwas a disadvantage for the most part given the fall in bond yields.The relative market strategy to be overweight the Swedish marketrelative to the UK also contributed negatively as gilts rallied on weakUK data.66 Aberdeen Global IIGlobal Aggregate Bond

OutlookLooking ahead, we believe that US growth will reaccelerate in thesecond half of 2011. Business investment is likely to pick up and themanufacturing sector will benefit from easing supply side constraintswhich should boost auto production. Furthermore, consumptionshould recover on lower gasoline prices, an ongoing reduction in thehousehold debt service burden and tentative signs of improvementin the housing market. Against this backdrop we anticipate that USTreasury yields will rise in the months ahead.In the eurozone, we expect the ECB to maintain a hawkish bias.In addition, the spread tightening that has occurred will likelycontinue in the short-term due to positioning and favourable supplydynamics, particularly in the likes of Spain and Italy. However, in themedium-term, the Greek situation is not sustainable and very visiblepublic anger about austerity measures may make it difficult for thesemeasures to be implemented fully.Aberdeen Global II 67Global Aggregate Bond

Statement of Net AssetsAs at 30 June 2011AssetsUS$'000Investments in securities at market value (note 2.2) 287,297Cash at bank 24,019Amounts held at futures clearing houses and brokers 863Interest receivable 3,128Receivable for investments sold 12,520Unrealised gains on forward currency exchange407contracts (note 2.6)Unrealised gains on future contracts (note 2.7) 26Other assets 148Total assets 328,408LiabilitiesPayable for investments purchased 15,839Taxes and expenses payable 160Unrealised losses on swap contracts (note 2.8) 351Total liabilities 16,350Net assets at the end of the year 312,058Statement of Changes in Net AssetsFor the year from 1 July 2010 to 30 June 2011US$'000Net assets at the beginning of the year 309,703Net gains from investments 10,885Net realised gains 8,932Net unrealised gains 13,512Proceeds from shares issued 10,941Payments for shares redeemed (41,740)Net equalisation paid (note 10) (175)Net assets at the end of the year 312,058Statement of OperationsFor the year from 1 July 2010 to 30 June 2011IncomeUS$'000Investment income 11,146Bank interest 55Other income 1Total income 11,202ExpensesManagement fees (note 4.5) 13Administration fees (note 4.1) 162Custodian fees (note 4.2) 26Domiciliary agent, registrar, paying and transfer agent98fees (note 4.3)Management Company fees (note 4.4) 31Operational expenses (note 4.6) 90Expense cap refunded by Investment Manager (note 4.7) (134)Annual tax (note 4.8) 31Total expenses 317Net gains from investments 10,885Realised gains on investments 7,241Realised losses on forward currency exchange(62)contractsRealised gains on future contracts 204Realised losses on swap contracts (179)Realised losses on option contracts (12)Realised currency exchange gains 1,740Net realised gains 8,932Increase in unrealised appreciation on investments 13,141Increase in unrealised appreciation on forward currency 859exchange contractsDecrease in unrealised appreciation on future contracts (210)Increase in unrealised depreciation on swap contracts (445)Unrealised currency exchange gains 167Net unrealised gains 13,512Share TransactionsFor the year from 1 July 2010 to 30 June 2011J-2 Z-2Shares outstanding at the beginning of the year 231,084 22,034,030Shares issued during the year 44,503 690,749Shares redeemed during the year (220,807) (2,646,010)Shares outstanding at the end of the year 54,780 20,078,769Net asset value per share 14.8904 15.5010The accompanying notes form an integral part of these financial statements.Net increase in assets as a result of operations 33,32968 Aberdeen Global IIGlobal Aggregate Bond

Portfolio StatementAs at 30 June 2011Security Coupon (%) Maturity NominalMarket ValueUS$’000Percentage of totalnet assets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketAsset backed bonds - 2.85%United Kingdom - 0.34%Chester Asset Receivables Deal 4.6500 15/07/13 180,000 299 0.09Cumbernauld Fund 3 4.5500 15/02/13 233,333 382 0.12Finance for Resident Social Housing 11.1260 05/10/58 165,785 401 0.131,082 0.34United States - 2.51%AMOT 2.8800 15/04/15 300,000 309 0.10AMOT (FRN) 1.3316 15/08/17 600,000 609 0.20MBNA Credit Card master Note Trust 5.6000 17/07/14 1,490,000 2,196 0.70Centex Home Equity Loan Trust 5.5400 25/01/32 163,607 164 0.05CMPT (VAR) 5.8145 10/12/49 240,000 264 0.09Comet (FRN) 0.4671 15/01/19 390,000 379 0.12Countrywide Asset Backed (VAR) 5.0690 25/02/36 142,791 134 0.04MBNAS (FRN) 0.4071 15/07/15 245,000 244 0.08Residential Asset (VAR) 4.7100 25/11/33 170,514 153 0.05SLM Student Loan Trust (FRN) 2.0210 15/12/33 1,240,000 1,615 0.52SLM Student Loan Trust (FRN) 2.0210 15/12/27 800,000 1,076 0.34Vanderbilt Mortgage & Finance 7.2350 07/06/28 42,410 45 0.01WFNMT (FRN) 4.6600 15/05/17 155,000 165 0.05WFNMT 3.9600 15/04/19 250,000 265 0.08WFNMT 5.2000 15/04/19 230,000 245 0.087,863 2.51Asset backed bonds 8,945 2.85Corporate bonds - 27.02%Belgium - 0.50%Anheuser-Busch (EMTN) 4.0000 26/04/18 450,000 665 0.21Delhaize Group 5.7000 01/10/40 340,000 317 0.10S.N.C.B. (EMTN) 5.0000 24/04/18 350,000 591 0.191,573 0.50Canada - 0.23%Barrick Northern America Finance (MTN) 6.8000 15/09/18 543,000 634 0.20Teck Resources 6.2500 15/07/41 100,000 101 0.03735 0.23Cayman Islands - 0.10%Petrobras International Finance 6.7500 27/01/41 305,000 327 0.10Denmark - 0.26%Danske Bank (FRN) 5.3750 18/08/14 450,000 652 0.21TDC (EMTN) 3.5000 23/02/15 100,000 146 0.05798 0.26France - 1.80%AXA (FRN) 5.2500 16/04/40 250,000 332 0.11AXA (FRN) (PERP) (EMTN) 6.6666 31/12/49 400,000 577 0.18BPCE SFH Societe De Fi 3.6250 12/05/16 500,000 734 0.24Caisse Refinance L'Habit 4.0000 10/01/22 600,000 864 0.28Casino Guichard Perrachon 4.3790 08/02/17 350,000 513 0.16Aberdeen Global II 69Global Aggregate Bond

Portfolio Statement continuedSecurity Coupon (%) Maturity NominalMarket ValueUS$’000Percentage of totalnet assets %Casino Guichard Perrachon (EMTN) 6.3750 04/04/13 300,000 462 0.15Electricite de France (EMTN) 4.6250 26/04/30 350,000 474 0.15France Telecom (EMTN) 7.2500 28/01/13 278,000 433 0.14Groupama (FRN) (PERP) 6.2980 22/10/49 350,000 349 0.11Societe Generale 3.2500 16/06/16 400,000 580 0.18Total Capital 4.1250 28/01/21 305,000 309 0.105,627 1.80Germany - 1.77%Deutsche Telekom International Finance (EMTN) 5.8750 10/09/14 100,000 158 0.05Duesseldorfer Hypobank 1.8750 13/12/13 450,000 647 0.21German Postal Pensions 3.3750 18/01/16 1,600,000 2,352 0.75German Postal Pensions 4.2500 18/01/17 650,000 987 0.32KFW 2.1250 11/04/14 800,000 1,159 0.37Volkswagen Finance Services (EMTN) 2.5000 07/10/13 140,000 227 0.075,530 1.77Italy - 1.45%Intesa Sanpaolo (MTN) 6.6250 08/05/18 550,000 810 0.26Intesa Sanpaolo (FRN) (EMTN) 5.5000 19/12/16 400,000 637 0.20Romulus Finance 4.9400 20/02/13 515,000 699 0.22Telecom Italia Capital (MTN) 5.2500 01/10/15 270,000 281 0.09Telecom Italia Finance (EMTN) 7.7500 24/01/33 670,000 1,031 0.33Unicredit (EMTN) 4.2500 31/07/18 400,000 574 0.19Unicredito Italiano Spa (EMTN) ∞ 5.7500 26/09/17 350,000 507 0.164,539 1.45Jersey - 0.19%Metlife of Connecticut 5.6500 21/06/12 400,000 592 0.19Luxembourg - 0.39%Arcelormittal 6.7500 01/03/41 305,000 303 0.10SES (EMTN) 4.6250 03/09/20 300,000 439 0.14SES (EMTN) 4.7500 11/03/21 320,000 468 0.151,210 0.39Mexico - 0.27%America Movil SAB 5.7500 28/06/30 500,000 836 0.27Netherlands - 0.45%ABN Amro Bank (EMTN) 4.2500 11/04/16 400,000 582 0.19ING (FRN) (MTN) 6.1250 29/05/23 350,000 524 0.17Shell International Finance 3.1000 28/06/15 265,000 277 0.091,383 0.45Norway - 0.22%Terra Boligkreditt (EMTN) 2.1250 31/08/15 500,000 699 0.22Portugal - 0.17%Refer Rede Ferroviaria Nacional 4.0000 16/03/15 600,000 529 0.17Spain - 1.80%BBVA US Senior Uniper 3.2500 16/05/14 160,000 158 0.05Caja Ahorros Guipuzcoa 4.3750 05/11/14 800,000 1,138 0.36Caja Madrid 3.5000 14/03/13 1,000,000 1,426 0.4670 Aberdeen Global IIGlobal Aggregate Bond

Security Coupon (%) Maturity NominalMarket ValueUS$’000Percentage of totalnet assets %Iberdrola Finanzas (EMTN) 3.5000 13/10/16 500,000 698 0.22Iberdrola Finanzas (EMTN) 4.6250 07/04/17 100,000 146 0.05Mapfre (FRN) 5.9210 24/07/37 450,000 525 0.17Santander Issuances (FRN) (MTN) 5.7500 31/01/18 500,000 777 0.25Telefonica Emisiones (EMTN) 4.7500 07/02/17 300,000 440 0.14Telefonica Emisiones (EMTN) 5.4960 01/04/16 200,000 304 0.105,612 1.80Supranational - 0.23%European Investment Bank (EMTN) 3.6250 15/01/21 500,000 727 0.23Sweden - 0.73%Nordea Hypotek (EMTN) 3.5000 18/01/17 600,000 879 0.28Skandinaviska Enskilda (EMTN) 2.6250 16/10/17 300,000 415 0.13Skandinaviska Enskilda (FRN) (PERP) 5.5000 29/11/49 166,000 268 0.08Swedish Covered Bond (EMTN) 3.0000 03/02/15 500,000 730 0.242,292 0.73United Kingdom - 6.59%Abbey National Treasury Services 3.1250 30/06/14 800,000 1,157 0.37Abbey National Treasury Services 4.0000 27/04/16 300,000 298 0.10Abbey National Treasury Services (EMTN) 3.6250 05/10/17 700,000 982 0.31Anglian Water Service (EMTN) 4.6250 07/10/13 165,000 249 0.08Aviva (VAR) (PERP) 6.1250 29/09/49 110,000 148 0.05Aviva (FRN) (EMTN) 6.8750 22/05/38 250,000 364 0.12Barclays Bank 5.2500 27/05/14 650,000 991 0.32BP Capital Markets 4.5000 10/01/20 265,000 271 0.09BP Capital Markets 3.2000 11/03/16 450,000 458 0.15Coventry Building Society (EMTN) 2.0000 05/04/12 400,000 647 0.21Ensco 3.2500 15/03/16 285,000 290 0.09Hammerson 4.8750 19/06/15 250,000 377 0.12HSBC Cap Funding (Euro 2) (FRN) (PERP) 5.3687 24/10/49 200,000 285 0.09Lloyds TSB 6.3750 21/01/21 345,000 360 0.11Lloyds TSB (EMTN) 4.0000 25/06/18 400,000 572 0.18Lloyds TSB (EMTN) 6.7500 24/10/18 100,000 173 0.06Lloyds TSB Bank (EMTN) 4.1250 06/04/16 850,000 1,250 0.40Lloyds TSB Bank (EMTN) 6.2500 15/04/14 401,000 614 0.20Lloyds TSB Bank (EMTN) 6.5000 24/03/20 600,000 826 0.26Motability Operations (EMTN) 3.7500 29/11/17 160,000 231 0.07National Grid Gas (EMTN) 5.1250 14/05/13 450,000 682 0.22Nationwide Building Society (EMTN) 3.8750 05/12/13 1,000,000 1,487 0.48Nationwide Building Society (EMTN) 6.7500 20/07/20 440,000 624 0.20Network Rail Infrastructure Finance (EMTN) 2.5000 07/03/14 500,000 821 0.26NIE Finance 6.3750 02/06/26 180,000 288 0.09Old Mutual (FRN) (EMTN) 4.5000 18/01/17 650,000 940 0.30Royal & Sun Alliance (VAR) (PERP) 8.5000 23/07/49 130,000 221 0.07Royal Bank of Scotland (EMTN) 5.2500 15/05/13 350,000 523 0.17Royal Bank of Scotland (EMTN) 6.9340 09/04/18 450,000 647 0.21Royal Bank of Scotland (EMTN) 2.7500 18/06/13 850,000 1,238 0.40Royal Bank of Scotland (EMTN) 4.0000 15/03/16 800,000 1,171 0.38Tesco (EMTN) 5.8750 12/09/16 650,000 1,059 0.34Thames Water Utilities Cayman (EMTN) 3.2500 11/09/16 200,000 286 0.0920,530 6.59Aberdeen Global II 71Global Aggregate Bond

Portfolio Statement continuedMarket ValueUS$’000Percentage of totalnet assets %Security Coupon (%) Maturity NominalUnited States - 9.87%Affiliated Computer Services 5.2000 01/06/15 430,000 470 0.15Agilent Technologies 6.5000 11/01/17 230,000 265 0.09Airgas 7.1250 01/10/18 280,000 304 0.10American International 5.0500 01/10/15 100,000 104 0.03American International 5.4500 18/05/17 190,000 199 0.06American International Group 5.6000 18/10/16 130,000 137 0.04American International (EMTN) 5.0000 26/06/17 350,000 491 0.16American Muni Power 5.9390 15/02/47 85,000 81 0.03American Muni Power 7.8340 15/02/41 385,000 460 0.15Anadarko Petroleum 6.3750 15/09/17 320,000 367 0.12Bank of America 4.7500 23/05/17 850,000 1,141 0.37Bank of America 5.7500 12/01/17 585,000 623 0.20Bank of America 6.0000 01/09/17 230,000 248 0.08Bay Area Toll Authority California Toll Bridge 7.0430 01/04/50 280,000 307 0.10Bellsouth Capital Funding (MTN) 7.8750 15/02/30 245,000 303 0.10Best Buy 3.7500 15/03/16 180,000 181 0.06Boston Scientific 6.0000 15/01/20 560,000 607 0.19Broadcom Communication 2.3750 11/01/15 300,000 297 0.10Brocade Communication System 6.6250 15/01/18 395,000 419 0.13CF Industries 7.1250 05/01/20 150,000 175 0.06Chicago Illinois Transit Authority Sales 6.2000 12/01/40 480,000 472 0.15Clay Building Authority 6.2500 15/07/25 345,000 351 0.11Comcast 6.4000 03/01/40 90,000 97 0.03Discover 8.7000 18/11/19 250,000 302 0.10District Columbia Water & Sewer Authority 5.5220 10/01/44 345,000 341 0.11Dominion Resources 4.4500 15/03/21 305,000 311 0.10Energy Transfer Partners 4.6500 01/06/21 390,000 382 0.12Enterprise Products Operating 3.2000 01/02/16 275,000 280 0.09Exelon (MTN) 5.6250 15/06/35 320,000 305 0.10Firstenergy 7.3750 15/11/31 340,000 388 0.12Fuel Trust 3.9840 15/06/16 200,000 199 0.06Fuel Trust 4.2070 15/04/16 450,000 452 0.14General Electric Capital 4.3750 16/09/20 565,000 560 0.18Goldman Sachs 3.7000 01/08/15 155,000 158 0.05Goldman Sachs 5.9500 18/01/18 250,000 270 0.09HCP 3.7500 01/02/16 380,000 387 0.12Home Depot 4.4000 01/04/21 165,000 166 0.05HSBC Finance 6.6760 15/01/21 380,000 391 0.12Humana 6.3000 01/08/18 215,000 239 0.08HVB Funding Trust VIII (FRN) (PERP) ∞ 7.0550 28/03/49 240,000 342 0.11IBM 5.7000 14/09/17 265,000 309 0.10Illinois State 5.3650 01/03/17 170,000 176 0.06Illinois State 5.8770 01/03/19 425,000 437 0.14International Lease Finance 6.5000 01/09/14 605,000 644 0.21International Paper (MTN) 7.9500 15/06/18 525,000 626 0.20Interpublic Group 10.0000 15/07/17 160,000 190 0.06Ipalco Enterprises 5.0000 01/05/18 270,000 264 0.08JP Morgan Chase & Co 3.1500 05/07/16 360,000 363 0.12JP Morgan Chase 3.4000 24/06/15 655,000 673 0.22JP Morgan Chase 3.4500 01/03/16 275,000 280 0.09JP Morgan Chase (EMTN) 5.2500 05/08/13 400,000 605 0.20Mack-Cali Realty 7.7500 15/08/19 200,000 241 0.08McDonalds (EMTN) 4.0000 17/02/21 100,000 148 0.0572 Aberdeen Global IIGlobal Aggregate Bond

Security Coupon (%) Maturity NominalMarket ValueUS$’000Percentage of totalnet assets %Morgan Stanley 3.8000 29/04/16 395,000 391 0.13Morgan Stanley 5.6250 23/09/19 420,000 432 0.14Municipal Electric Authority of Georgia 6.6370 01/04/57 620,000 595 0.19NBC Universal 5.9500 01/04/41 115,000 117 0.04New Jersey St 7.1020 01/01/41 335,000 390 0.12New York City Municipal Water Finance Authority 5.4400 15/06/43 185,000 185 0.06News America 6.1500 15/02/41 350,000 348 0.11Noble Energy 6.0000 01/03/41 255,000 264 0.08Oneok Partners 6.1250 02/01/41 365,000 373 0.12Pacific Gas & Electric 6.0500 01/03/34 235,000 249 0.08Philip Morris International (EMTN) 5.7500 24/03/16 350,000 562 0.18Plains All American Pipeline 5.6250 15/12/13 340,000 372 0.12Port Authority New York & New Jersey 6.0400 01/12/29 525,000 570 0.18Prudential Financial 5.6250 12/05/41 275,000 255 0.08Qwest 7.2500 15/09/25 285,000 296 0.09Qwest 7.5000 15/06/23 335,000 337 0.11Qwest 8.3750 01/05/16 215,000 255 0.08Rancho Cucamonga CA Redevelopment Agency 6.2620 01/09/31 15,000 14 -Rohm & Haas 6.0000 15/09/17 115,000 131 0.04Rowan 5.0000 01/09/17 130,000 139 0.04San Diego California Regional Transport 5.9110 01/04/48 255,000 267 0.09Santander Holdings USA 4.6250 19/04/16 270,000 272 0.09SG Capital Trust III (FRN) (PERP) 5.4190 10/11/49 250,000 336 0.11South Carolina Electric & Gas 5.4500 01/02/41 210,000 212 0.07South Western Electric Power 6.2000 15/03/40 240,000 245 0.08Symantec 4.2000 15/09/20 280,000 270 0.09TCI Communications 8.7500 01/08/15 550,000 676 0.22Time Warner Cable 5.8750 15/11/40 225,000 223 0.07Transatlantic Holdings 8.0000 30/11/39 190,000 209 0.07UDR 4.2500 01/06/18 340,000 338 0.11Wal-Mart Stores 3.2500 25/10/20 285,000 272 0.09Wal-Mart Stores 4.8750 21/09/29 200,000 300 0.10Wal-Mart Stores 5.6250 15/04/41 135,000 140 0.04Wells Fargo 4.6000 01/04/21 285,000 287 0.09Williams Partners 7.2500 01/02/17 470,000 555 0.18Willis Group Holdings 4.1250 15/03/16 335,000 342 0.11Wyndham Worldwide 5.6250 01/03/21 395,000 395 0.13Zurich Finance (MTN) 6.5000 14/10/15 350,000 568 0.1830,710 9.87Corporate bonds 84,249 27.02Government bonds - 39.39%Australia - 0.72%Commonwealth Government 6.0000 15/02/17 2,000,000 2,253 0.72Austria - 0.44%Austria (Republic of) 6.2500 15/07/27 750,000 1,392 0.44Belgium - 0.80%Belgium (Kingdom of) 3.5000 28/06/17 1,740,000 2,503 0.80Aberdeen Global II 73Global Aggregate Bond

Portfolio Statement continuedMarket ValueUS$’000Percentage of totalnet assets %Security Coupon (%) Maturity NominalDenmark - 0.16%Denmark (Kingdom of) 4.5000 15/11/39 2,300,000 506 0.16Finland - 1.21%Finland (Republic of) 3.5000 15/04/21 2,580,000 3,790 1.21France - 1.10%Agence Francaise Development (FRN) (PERP) 4.6150 20/07/49 900,000 1,236 0.40France (Government of) 3.2500 25/10/21 650,000 922 0.30France (Government of) 3.5000 25/04/15 340,000 513 0.16France (Government of) 4.0000 25/10/38 166,667 235 0.08France (Government of) 5.5000 25/04/29 296,710 510 0.163,416 1.10Germany - 1.61%Baden-Wurttem Land 3.2500 22/01/14 800,000 1,190 0.38Germany (Federal Republic of) 2.0000 26/02/16 66,700 96 0.03Germany (Federal Republic of) 2.2500 04/09/20 213,333 293 0.09Germany (Federal Republic of) 2.5000 04/01/21 286,667 400 0.13Germany (Federal Republic of) 3.5000 04/01/16 2,000 3 -Germany (Federal Republic of) 3.7500 04/01/19 1,000 2 -Germany (Federal Republic of) 4.0000 04/07/16 70,000 109 0.03Germany (Federal Republic of) 4.2500 04/07/39 74,000 116 0.04Germany (Federal Republic of) 4.5000 04/01/13 130,000 197 0.06Germany (Federal Republic of) 4.7500 04/07/28 671,717 1,109 0.36Germany (Federal Republic of) 5.0000 04/07/12 1,010,000 1,515 0.495,030 1.61Italy - 2.79%Italy (Republic of) 3.7500 01/08/15 1,420,000 2,054 0.66Italy (Republic of) 4.7500 01/09/21 2,717,000 3,917 1.25Italy (Republic of) 5.0000 01/09/40 2,070,000 2,751 0.888,722 2.79Japan - 19.29%Japan (Government of) 0.9000 20/12/12 320,000,000 4,006 1.28Japan (Government of) 1.3000 20/03/19 300,000,000 3,854 1.23Japan (Government of) 1.4000 20/12/13 800,000,000 10,199 3.27Japan (Government of) 1.4000 20/12/15 660,000,000 8,540 2.74Japan (Government of) 1.5000 20/12/17 940,000,000 12,288 3.94Japan (Government of) 1.7000 20/09/16 440,000,000 5,799 1.86Japan (Government of) 2.0000 20/12/33 210,000,000 2,621 0.84Japan (Government of) 2.1000 20/12/24 560,000,000 7,451 2.39Japan (Government of) 2.1000 20/06/29 207,100,000 2,672 0.86Japan (Government of) 2.3000 20/03/39 210,000,000 2,755 0.8860,185 19.29Netherlands - 0.62%Netherlands (Kingdom of) 3.5000 15/07/20 742,000 1,099 0.35Netherlands (Kingdom of) 3.7500 15/01/42 80,000 113 0.04Netherlands (Kingdom of) 4.5000 15/07/17 450,000 713 0.231,925 0.6274 Aberdeen Global IIGlobal Aggregate Bond

Market ValueUS$’000Percentage of totalnet assets %Security Coupon (%) Maturity NominalSpain - 1.29%Instituto De Credito Oficial (EMTN) 4.5000 07/03/13 230,000 375 0.12Spain (Kingdom of) 4.2000 31/01/37 980,000 1,107 0.35Spain (Kingdom of) 4.7000 30/07/41 250,000 301 0.10Spain (Kingdom of) 4.8000 31/01/24 980,000 1,321 0.42Spain (Kingdom of) 5.5000 30/04/21 640,000 932 0.304,036 1.29Sweden - 0.74%Sweden (Kingdom of) 5.5000 08/12/12 14,030,000 2,316 0.74United Kingdom - 2.65%UK Treasury 2.7500 22/01/15 100,000 167 0.05UK Treasury 3.7500 07/09/19 150,000 252 0.08UK Treasury 4.2500 07/12/27 630,000 1,030 0.33UK Treasury 4.2500 07/06/32 785,000 1,266 0.41UK Treasury 4.2500 07/09/39 1,760,000 2,817 0.90UK Treasury 4.5000 07/03/13 320,000 545 0.18UK Treasury 4.7500 07/09/15 510,000 914 0.29UK Treasury 8.7500 25/08/17 580,000 1,264 0.418,255 2.65United States - 5.97%US Treasury 0.5000 31/05/13 6,585,000 6,593 2.11US Treasury 0.7500 15/06/14 2,279,000 2,277 0.73US Treasury 1.5000 30/06/16 760,000 751 0.24US Treasury 2.3750 31/05/18 680,000 676 0.22US Treasury 3.1250 15/05/21 4,189,000 4,178 1.34US Treasury 4.7500 15/02/41 3,906,000 4,153 1.3318,628 5.97Government bonds 122,957 39.39Mortgage backed bonds - 16.11%United States - 16.11%Bear Stearns ARM Trust (VAR) 5.5376 25/08/47 646,713 533 0.17Bear Stearns Commercial (VAR) 4.8230 13/02/42 210,113 220 0.07Bear Sterns (VAR) 5.6940 11/06/50 200,000 218 0.07BSCMS 5.5820 11/09/41 150,000 152 0.05BSCMS 5.9150 06/11/50 325,000 324 0.10CD (VAR) 5.8860 15/11/44 600,000 655 0.21CGCMT 5.4310 15/10/49 195,000 212 0.07CGCMT 5.4620 15/10/49 125,000 124 0.04CGCMT (VAR) 5.6978 10/12/49 230,000 225 0.07Chase Mortgage Finance Trust (FRN) 5.2434 25/12/35 245,405 225 0.07COMM 5.7755 10/06/46 410,000 423 0.14COMM (VAR) 5.6500 10/12/49 160,000 158 0.05Fannie Mae 4.0000 25/06/22 245,506 259 0.08Fannie Mae 4.0000 25/01/40 325,000 318 0.10FGLMC 4.5000 01/12/40 194,501 203 0.07FGLMC 5.0000 01/03/30 286,158 306 0.10FHLM 4.0000 10/01/40 366,934 368 0.12Aberdeen Global II 75Global Aggregate Bond

Portfolio Statement continuedSecurity Coupon (%) Maturity NominalMarket ValueUS$’000Percentage of totalnet assets %FHLM 4.0000 15/10/30 215,000 205 0.07FHLM 4.0000 15/11/30 265,000 253 0.08FHLM 4.0000 01/12/40 443,597 444 0.14FHLM 4.0000 01/12/40 316,529 317 0.10FHLM 4.5000 01/02/41 845,424 875 0.28FHLM 5.0000 15/12/22 835,000 908 0.29FHLM 5.0000 15/12/32 360,000 388 0.12FHLM 5.0000 15/02/33 674,000 728 0.23FHLM 5.0000 15/04/33 455,000 495 0.16FHLM 5.0000 15/05/33 369,000 397 0.13FHLM 5.0000 15/05/33 168,000 182 0.06FHLM 5.0000 15/08/33 340,000 367 0.12FHLM 5.0000 15/01/34 480,000 521 0.17FHLM 5.0000 15/02/34 664,000 724 0.23FHLM 5.0000 15/02/34 600,000 650 0.21FHLM 5.0000 15/03/34 210,000 227 0.07FHLM 5.0000 15/08/34 781,000 846 0.27FHLM 5.0000 15/12/34 724,000 778 0.25FHLM 5.5000 15/01/34 432,000 466 0.15FHLM 5.5000 15/06/37 680,000 750 0.24FHLM 6.0000 15/03/31 209,715 234 0.07FHLM 6.0000 15/06/35 255,000 289 0.09FHLMC 2.7260 06/01/35 191,520 202 0.06FHLMC 4.0000 15/06/22 286,547 297 0.10FHLMC 4.0000 15/11/23 253,457 261 0.08FHLMC 4.0000 15/06/39 583,921 618 0.20FHLMC 5.0000 01/04/35 167,125 179 0.06FHLMC 5.5000 15/12/32 475,000 525 0.17FHLMC 6.0000 01/03/38 171,085 188 0.06FHLMC 6.5000 01/01/38 223,721 252 0.08FHLMC 6.5000 15/05/29 278,176 315 0.10FHLMC (FRN) 5.0620 01/06/38 795,670 852 0.27FHLMC (VAR) 3.9890 25/06/46 325,000 327 0.10FHR 5.5000 15/06/29 284,244 313 0.10First Horizon Mortgage (FRN) 5.3412 25/01/37 406,680 310 0.10First Horizon Mortgage (FRN) 5.7480 25/05/37 412,758 284 0.09FNMA 3.1590 01/06/41 350,000 363 0.12FNMA 4.0000 12/01/40 172,285 173 0.06FNMA 4.0000 25/02/24 571,307 585 0.19FNMA 4.0000 01/04/24 251,014 262 0.08FNMA 4.0000 01/03/29 442,843 452 0.14FNMA 4.0000 25/02/39 594,058 620 0.20FNMA 4.0000 25/09/39 614,163 638 0.20FNMA 4.0000 25/12/39 465,000 462 0.15FNMA 4.5000 01/06/29 339,028 355 0.11FNMA 4.5000 25/07/39 610,000 654 0.21FNMA 4.5000 25/11/39 580,983 618 0.20FNMA 4.5000 01/09/40 428,083 444 0.14FNMA 4.5000 01/11/40 138,523 144 0.05FNMA 4.5000 01/11/40 153,533 159 0.05FNMA 5.0000 01/08/20 210,202 227 0.07FNMA 5.0000 01/04/24 293,472 315 0.10FNMA 5.0000 25/07/33 659,000 713 0.23FNMA 5.0000 25/10/33 285,000 309 0.10FNMA 5.0000 25/01/34 464,000 506 0.1676 Aberdeen Global IIGlobal Aggregate Bond

Security Coupon (%) Maturity NominalMarket ValueUS$’000Percentage of totalnet assets %FNMA 5.0000 25/06/34 525,000 568 0.18FNMA 5.0000 25/12/38 400,000 433 0.14FNMA 5.0000 25/07/41 685,000 741 0.24FNMA 5.5000 01/01/20 257,323 280 0.09FNMA 5.5000 01/10/21 733,959 799 0.26FNMA 5.5000 25/03/27 715,000 791 0.25FNMA 5.5000 01/06/27 287,400 312 0.10FNMA 5.5000 01/02/34 658,009 717 0.23FNMA 5.5000 25/09/34 176,000 191 0.06FNMA 5.5000 25/01/35 770,000 848 0.27FNMA 6.0000 01/04/38 418,938 461 0.15FNMA 6.0000 01/09/36 127,154 141 0.05FNMA 6.0000 01/12/36 487,311 539 0.17FNMA 6.0000 01/05/37 270,690 299 0.10FNMA 6.0000 01/08/37 265,763 293 0.09FNMA 6.0000 01/09/37 570,768 629 0.20FNMA 6.0000 01/07/38 269,477 296 0.09FNMA 6.0000 01/04/39 191,439 211 0.07FNMA 6.5000 01/03/36 213,908 243 0.08FNMA 6.5000 01/09/36 191,127 217 0.07FNMA 6.5000 01/04/37 65,192 74 0.02FNMA 6.5000 01/10/37 134,920 153 0.05FNMA 6.5000 01/10/38 161,198 183 0.06FNMA 6.5000 01/10/38 583,093 661 0.21FNMA (FRN) 3.1700 01/06/41 465,000 482 0.15FNMA (FRN) 4.0000 25/02/41 250,000 237 0.08FNR 4.5000 25/10/49 210,000 214 0.07FNR 5.0000 25/10/33 424,000 464 0.15FNR 5.0000 25/03/37 515,000 558 0.18GCCFC 5.4440 10/03/39 115,000 123 0.04GCCFC (VAR) 6.0778 10/07/38 325,000 334 0.11GECME 5.4770 10/12/49 617,000 656 0.21GECME 5.5430 10/12/49 500,000 534 0.17GNMA 4.5000 20/04/22 397,878 427 0.14GNR 4.5000 16/02/33 122,217 129 0.04JPMCC 5.8169 15/06/49 320,000 342 0.11JPMCC 5.8169 15/06/49 540,000 583 0.19JPMCC 5.8330 15/02/51 230,000 249 0.08JPMCC 5.8801 15/04/45 320,000 332 0.11JPMCC 5.8820 15/02/51 540,000 588 0.19JPMCC 5.8943 12/02/51 380,000 374 0.12JPMCC (VAR) 5.7940 12/02/51 470,000 511 0.16JPMM (VAR) 3.0596 25/11/35 226,934 216 0.07MLMT 4.8640 12/08/39 385,000 411 0.13Morgan Stanley (VAR) 5.3293 15/04/38 200,000 206 0.07STARM (FRN) 5.4945 25/04/37 732,136 552 0.18STARM (FRN) 5.7828 25/07/37 532,802 459 0.15WAMU (FRN) 5.2889 25/12/36 775,281 572 0.18Washington Mutual (FRN) 5.0003 25/01/37 484,044 367 0.12WBCMT 5.3390 15/11/48 150,000 148 0.05WBCMT (VAR) 5.7428 15/06/49 537,000 574 0.18Wells Fargo Mortgage (FRN) 2.7345 25/07/36 801,059 648 0.2150,259 16.11Mortgage backed bonds 50,259 16.11Aberdeen Global II 77Global Aggregate Bond

Portfolio Statement continuedMarket ValueUS$’000Percentage of totalnet assets %Security Coupon (%) Maturity NominalTransferable securities and money market instruments admitted to anofficial exchange listing / dealt in on another regulated market 266,410 85.37Other transferable securities and money market instrumentsAsset backed bonds - 0.55%United States - 0.55%Ally Master Owner (FRN) 1.9365 15/01/15 300,000 305 0.10AMOT 4.2500 15/04/17 300,000 323 0.10CPS 2.8900 15/03/16 308,574 310 0.10CPS 2.8200 16/04/18 276,801 277 0.09Mid-State Capital Trust 5.2500 15/12/45 213,758 213 0.07NAVOT 4.1700 20/10/14 100,000 103 0.03Securitized Asset 6.0000 25/01/36 141,742 - -WFNMT (FRN) 0.3965 15/02/17 200,000 194 0.061,725 0.55Asset backed bonds 1,725 0.55Corporate bonds - 2.82%Australia - 0.60%Commonwealth Bank Of Australia (MTN) 3.7500 15/10/14 345,000 363 0.12QBE Cap Funding II (VAR) 7.2500 24/05/41 240,000 241 0.08Telstra Corporation 4.8000 12/10/21 390,000 392 0.12WEA Finance 6.7500 02/09/19 300,000 341 0.11WEA Finance LLC 4.6250 10/05/21 75,000 73 0.02Wesfarmers 2.9830 18/05/16 455,000 457 0.151,867 0.60Brazil - 0.16%HSBC Brazil 4.0000 11/05/16 485,000 492 0.16Cayman Islands - 0.11%Seagate Technology (MTN) 10.0000 01/05/14 294,000 342 0.11China - 0.13%CNOOC Finance 4.2500 26/01/21 400,000 393 0.13Netherlands - 0.27%ABN Amro Bank 3.0000 31/01/14 510,000 521 0.17ING 5.0000 09/06/21 315,000 313 0.10834 0.27Portugal - 0.13%EDP Finance 4.9000 01/10/19 115,000 99 0.04EDP Finance 6.0000 02/02/18 320,000 296 0.09395 0.13United Kingdom - 0.23%Abbey National Treasury Services 3.8750 10/11/14 445,000 454 0.15WPD Holdings UK 7.2500 15/12/17 220,000 256 0.08710 0.23United States - 1.19%Agribank FCB 9.1250 15/07/19 290,000 361 0.12Blackstone Holdings Finance 6.6250 15/08/19 330,000 356 0.1178 Aberdeen Global IIGlobal Aggregate Bond

Security Coupon (%) Maturity NominalMarket ValueUS$’000Percentage of totalnet assets %Chevron Phillips Chemical 7.0000 15/06/14 524,000 592 0.19Chevron Phillips Chemical 8.2500 15/06/19 348,000 432 0.14Crown Castle Towers 5.4950 15/01/37 20,000 21 0.01Crown Castle Towers 6.1130 15/01/20 500,000 546 0.17ERAC USA Finance 4.5000 01/11/16 45,000 45 0.01ERAC USA Finance 6.2000 11/01/16 320,000 366 0.12Harley-Davidson Financial Services 3.8750 15/03/16 320,000 326 0.10Highmark 6.1250 15/05/41 90,000 89 0.03Massmutual Global Funding 3.1250 14/04/16 340,000 350 0.11Nationwide Mutual Insurance 9.3750 15/08/39 200,000 249 0.083,733 1.19Corporate bonds 8,766 2.82Mortgage backed bonds - 3.32%United Kingdom - 0.57%Arran Residential Mortgage Fund (FRN) 1.7872 19/11/47 330,000 331 0.10HMI (FRN) 1.6493 15/10/54 610,000 612 0.20PERMM (FRN) 1.3993 15/07/42 290,000 290 0.09PERMM (FRN) 0.3593 15/07/33 250,000 247 0.08PERMM (FRN) 1.6493 15/07/42 300,000 301 0.101,781 0.57United States - 2.75%BAFC (VAR) 5.3996 25/09/36 104,009 103 0.03BCAP Trust 5.1891 21/01/36 923,511 913 0.29BCAP Trust 5.7401 26/07/36 296,005 290 0.09BCAP Trust (VAR) 5.2389 26/04/37 414,935 408 0.13Citigroup Mortgage Loan Trust (FRN) 5.4765 25/06/37 240,844 245 0.08CMLTI 6.0000 25/02/37 314,226 327 0.10CMLTI (FRN) 0.5358 25/07/36 608,847 582 0.19CSMC 6.0000 27/05/36 252,829 262 0.08CSMC 6.1275 31/12/49 472,607 476 0.15CSMC (FRN) 4.9351 05/01/39 224,092 220 0.07CSMC (VAR) 2.8040 27/07/36 635,899 621 0.20CSMC (VAR) 5.5426 27/07/37 461,284 463 0.15Deutsche Mortgage Security (VAR) 5.2327 26/08/35 278,188 284 0.09ESA 4.2206 05/11/27 200,000 203 0.07FOSSM (FRN) 1.6498 18/10/54 280,000 281 0.09GSMSC (FRN) 3.1146 25/07/35 284,400 275 0.09GSMSC (VAR) 7.5000 25/10/36 126,457 111 0.04JP MMR (VAR) 5.1071 20/04/36 416,355 417 0.13JP MMR (VAR) 5.4598 27/08/37 390,793 384 0.12JP Morgan Reremic (VAR) 5.5140 25/07/37 243,210 246 0.08JP Morgan Reremic (VAR) 6.2750 25/07/39 416,870 420 0.13JPMCC 4.3110 05/08/32 380,000 369 0.12JPMCC (VAR) 5.0747 15/11/43 280,000 278 0.09JP Morgan Reremic (VAR) 5.4703 27/07/37 445,443 437 0.148,615 2.75Mortgage backed bonds 10,396 3.32Other transferable securities and money market instrumentsTotal transferable securities and money market instruments20,887 6.69287,297 92.06Aberdeen Global II 79Global Aggregate Bond

Portfolio Statement continuedFinancial derivative instrumentsFuture contracts - 0.01%Future Maturity NotionalUnrealisedgains/(losses)US$’000Percentageof total netassets %CBT US 5 Year Note 30/09/11 (37) (13) -MSE Canada 10 Year Bond 21/09/11 50 11 -Life Long Gilt 28/09/11 (25) 48 0.02KFE Korea 3 Year Bond 20/09/11 109 (20) (0.01)Unrealised gains on future contracts 26 0.01Forward currency exchange contracts - 0.13%Unrealisedgains/(losses)US$’000Percentageof total netassets %Buy Sell SettlementBuyAmountSellAmountAUD USD 21/07/11 6,370,195 6,266,918 103 0.03CAD USD 21/07/11 621,399 612,202 9 -CAD USD 21/07/11 7,673,246 7,626,116 47 0.02CHF EUR 21/07/11 6,625,272 6,363,139 262 0.08CHF USD 21/07/11 6,287,951 6,335,507 (47) (0.01)CZK USD 21/07/11 465,965 459,294 7 -DKK EUR 21/07/11 954,167 954,825 (1) -EUR CHF 21/07/11 6,396,151 6,296,265 100 0.03EUR USD 21/07/11 850,611 827,483 23 0.01EUR USD 21/07/11 914,370 920,939 (6) -EUR USD 21/07/11 950,597 942,869 8 -EUR USD 21/07/11 3,016,987 2,948,778 68 0.02EUR USD 21/07/11 3,135,811 3,058,511 77 0.02EUR USD 21/07/11 3,174,937 3,076,819 98 0.03EUR USD 21/07/11 3,134,362 3,135,701 (1) -EUR USD 21/07/11 6,097,733 6,119,492 (22) (0.01)GBP EUR 21/07/11 558,565 575,416 (17) (0.01)HUF USD 21/07/11 393,113 379,872 13 -JPY USD 21/07/11 910,561 901,877 9 -KRW USD 25/08/11 2,735,258 2,695,852 39 0.01MXN USD 21/07/11 4,463,896 4,428,049 36 0.01MYR USD 25/08/11 710,690 709,442 1 -NOK USD 21/07/11 426,658 417,652 9 -NZD USD 21/07/11 315,072 298,338 17 0.01PLN USD 21/07/11 896,079 875,619 20 0.01SEK EUR 21/07/11 5,856,149 5,835,323 21 0.01SGD USD 21/07/11 1,154,303 1,136,099 18 0.01TWD USD 25/08/11 1,258,043 1,261,590 (4) -USD AUD 21/07/11 6,020,366 6,199,327 (179) (0.06)USD CHF 21/07/11 2,987,930 2,997,882 (10) -USD CHF 21/07/11 3,079,136 3,086,963 (8) -USD CHF 21/07/11 3,099,227 3,244,934 (146) (0.05)80 Aberdeen Global IIGlobal Aggregate Bond

Unrealisedgains/(losses)US$’000Percentageof total netassets %Buy Sell SettlementBuyAmountSellAmountUSD CHF 21/07/11 3,791,606 4,045,478 (254) (0.08)USD CLP 25/08/11 3,303,657 3,309,049 (5) -USD EUR 21/07/11 775,673 757,869 18 0.01USD EUR 21/07/11 3,076,268 3,047,417 29 0.01USD EUR 21/07/11 3,092,669 3,114,075 (21) (0.01)USD EUR 21/07/11 3,103,607 3,047,417 56 0.02USD EUR 21/07/11 4,263,218 4,261,747 1 -USD EUR 21/07/11 6,157,197 6,168,738 (11) -USD GBP 21/07/11 2,626,590 2,597,005 30 0.01USD JPY 21/07/11 470,892 470,574 - -USD SEK 21/07/11 6,336,724 6,316,802 20 0.01USD SGD 21/07/11 316,280 317,698 (1) -USD ZAR 21/07/11 2,356,715 2,404,378 (48) (0.02)ZAR USD 21/07/11 3,199,463 3,151,036 49 0.02Unrealised gains on forward currency exchange contracts 407 0.13Swap contracts - (0.11)%Unrealisedgains/(losses)US$’000Percentageof total netassets %Counterparty Ccy Termination Notional Fund Pays Fund ReceivesInterest rate swap contracts - 0.02%Citigroup EUR 20/06/16 3,200,000 6 Month EURIBOR 2.6850% (28) (0.01)Citigroup NOK 20/06/16 25,700,000 3.8050% 6 Month NOK NIBOR 41 0.01Deutsche Bank AUD 20/07/21 5,800,000 6 Month AUD BBR 6.0713% 107 0.04Deutsche Bank USD 21/07/21 5,200,000 3.5713% 3 Month USD LIBOR (119) (0.04)Merrill Lynch NZD 13/09/13 12,200,000 3.6525% 3 Month NZD BBR (27) (0.01)Merrill Lynch NZD 13/09/13 12,800,000 3.6525% 3 Month NZD BBR (28) (0.01)Royal Bank of Scotland SEK 04/01/20 4,420,000 3 Month SEK STIBO 3.7750% 15 0.01Royal Bank of Scotland SEK 04/01/20 3,700,000 3 Month SEK STIBO 3.7550% 12 -UBS SEK 04/01/20 22,600,000 3 Month SEK STIBO 3.7763% 76 0.03Unrealised gains on interest rate swap contracts 49 0.02Counterparty Ccy Termination Notional Fund Pays Fund ReceivesUnrealisedgains/(losses)US$’000Percentageof total netassets %Overnight indexed swap contracts - (0.13)%Credit Suisse EUR 13/07/11 173,490,000 EUR EONIA 1.0675% (118) (0.04)Credit Suisse EUR 13/07/11 124,150,000 EUR EONIA 1.0850% (83) (0.03)Credit Suisse GBP 08/09/11 121,300,000 GBP SONIA 0.8150% 52 0.02Credit Suisse GBP 06/10/11 151,800,000 0.8550% GBP SONIA (58) (0.02)Goldman Sachs EUR 13/07/11 124,150,000 EUR EONIA 1.0950% (83) (0.03)Merrill Lynch AUD 08/02/12 220,800,000 4.9250% AUD AONIA (86) (0.03)Merrill Lynch AUD 08/02/12 111,200,000 4.7550% AUD AONIA (9) -Royal Bank of Scotland AUD 08/02/12 111,200,000 4.7550% AUD AONIA (9) -Royal Bank of Scotland GBP 08/09/11 122,450,000 GBP SONIA 0.8150% 53 0.02Aberdeen Global II 81Global Aggregate Bond

Portfolio Statement continuedCounterparty Ccy Termination Notional Fund Pays Fund ReceivesUnrealisedgains/(losses)US$’000Percentageof total netassets %Royal Bank of Scotland GBP 06/10/11 153,250,000 0.8550% GBP SONIA (59) (0.02)Unrealised losses on overnight indexed swap contracts (400) (0.13)Unrealised losses on swap contracts (351) (0.11)Unrealised gains on financial derivative instruments 82 0.03Total investments 287,379 92.09Other net assets 24,679 7.91Total 312,058 100.0082 Aberdeen Global IIGlobal Aggregate Bond

Global BondFor the year ended 30 June 2011PerformanceFor the year ended 30 June 2011, the value of Global Bond -J Accumulation shares increased by 10.80% compared toan increase of 10.54% in the benchmark, Citigroup WorldGovernment Bond Index.Source : BNP Paribas, Total Return, USD.Manager’s reviewGlobal bond markets were volatile throughout the year with yieldsinitially reaching record lows in most major markets as the recoveryin the US was called into question. In order to stimulate growth,the US Federal Reserve announced further quantitative easingmeasures in November through the purchase of US$600 billion inTreasury securities by June 2011. Although the labour and housingmarkets remained weak, strong economic data in other sectors andthe effects of fiscal stimulus resulted in a sharp rise in US Treasuryyields. Led by the US and Europe, yields across the spectrumincreased as the end of 2010 approached.At the start of 2011, bond yields rose further as the financial marketsbecame increasingly focused on the implications of higher inflation.These concerns centred on the effects of higher energy prices asthe escalation of political events in the Middle East and NorthAfrica prompted a further spike in oil prices. Towards the end of theperiod the global economy decelerated. An increase in petrol pricesdecreased real incomes and consumers’ spending power, especiallyin the US. This is in turn resulted in decline in demand for goods anda slowdown in global manufacturing, exacerbated by the Japaneseearthquake.For much of the period, Peripheral Eurozone countries came undersevere pressure from bond investors concerned over levels ofindebtedness. Yields on peripheral sovereign debt rose significantlyas investors shunned the bond markets. Greece was the firstperipheral nation to undergo a crisis, followed by Ireland in thefourth quarter of 2010 and Portugal in the second quarter of 2011.EU/IMF bailouts failed to calm the markets as expected and fearsabout the fiscal situation in other Eurozone countries kept yieldspreads versus German bunds at record high levels. Towards the endof the year under review, fears of a Greek default dominated themarkets and led to the widespread risk aversion.As a result, 10-year US Treasuries ended the period under review at3.16%, 23 basis points higher than a year earlier. 10-year Germanbunds increased 45 basis points to 3.03% while yields on 10-yearGreek bonds increased 591 basis points to 16.34%. The yield onPortuguese and Irish bonds increased by 520 and 620 basis pointsrespectively, reaching 10.9% and 11.7%.Within the corporate credit markets fundamentals remained robust.Financials in particular recorded a strong performance, despitefinishing the period on a weaker note. Towards the end of theperiod, concerns over Greece and weaker global economic dataled to heightened risk aversion and a widening of credit spreads,with financials the worst affected due to their high correlation withsovereign bonds.In the currency markets, US dollar underperformed most majorcurrencies. Currencies regarded as safer havens, most notablythe Swiss franc, were the top performers. Euro also strengthenedagainst the US dollar, benefitting from interest rates hikesintroduced by the ECB.Portfolio reviewThe Fund outperformed its benchmark over the period under review.Positive contributions from our allocation to non-governmentsecurities and currency strategies more than compensated forrelative losses from interest rate decisions.Security selection within credit added the most value, with thenotable exception of issues linked to peripheral markets whichsuffered spread widening. Our currency strategy got off to a goodstart with a strong rally in the euro benefiting our long exposureversus the US dollar and Swiss franc. Towards the end of theperiod, an underweight position in the Euro against the US dollaradded value however, this was largely offset by losses from beingunderweight the Swiss franc.Within interest rates, in the second half of 2010 our preferencefor positioning along the yield curve favoured a flattening bias,but stronger US economic data and heavy fiscal stimulus causedthe curve to steepen negatively impacting the fund. In the secondquarter of 2011, the fund’s short duration position via the US and UKwas a disadvantage for the most part given the fall in bond yields.The relative market strategy to be overweight the Swedish marketrelative to the UK also contributed negatively as gilts rallied on weakUK data.OutlookLooking ahead, we believe that US growth will reaccelerate in thesecond half of 2011. Business investment is likely to pick up and themanufacturing sector will benefit from easing supply side constraintswhich should boost auto production. Furthermore, consumptionshould recover on lower gasoline prices, an ongoing reduction in thehousehold debt service burden and tentative signs of improvementin the housing market. Against this backdrop we anticipate that USTreasury yields will rise in the months ahead.Aberdeen Global II 83Global Bond

In the eurozone, we expect the ECB to maintain a hawkish bias.In addition, the spread tightening that has occurred will likelycontinue in the short-term due to positioning and favourable supplydynamics, particularly in the likes of Spain and Italy. However, in themedium-term, the Greek situation is not sustainable and very visiblepublic anger about austerity measures may make it difficult for thesemeasures to be implemented fully.Throughout the European sovereign debt crisis, gilts have continuedto be seen as a ‘safe haven’. However, there are some reasons tobe a little concerned about the sustainability of the government’sfiscal path in the UK if the British economy continues to performweakly. It seems the balance of risks is to the downside, with a weakconsumer seeing his wealth and spending power eroded, increasingloss of credibility in the Bank of England’s commitment to itsinflation target, and political risk around the government’s fiscalplans. We believe that yields are likely to rise from current levels.We expect to see a decent recovery in Japan as production andconsumer sentiment bounces back, and yields rise as Greek worriessubside and global growth shows resilience going into the secondhalf of 2011.In the credit markets, with European fiscal imbalances and talk ofsovereign default dominating markets, spreads are likely to remainvolatile over the coming months. The direction of markets overthe short to medium term is as likely to be driven by politics andpublic reaction to austerity rather than corporate fundamentals andeconomic growth. However, we believe that good fundamentalsand recovering economies will drive spreads tighter by the end ofthe year.84 Aberdeen Global IIGlobal Bond

Statement of Net AssetsAs at 30 June 2011AssetsUS$'000Investments in securities at market value (note 2.2) 191,538Cash at bank 2,597Amounts held at futures clearing houses and brokers 121Interest receivable 2,050Subscriptions receivable 1,185Receivable for investments sold 2,708Unrealised gains on forward currency exchange100contracts (note 2.6)Unrealised gains on future contracts (note 2.7) 21Other assets 80Total assets 200,400LiabilitiesPayable for investments purchased 3,453Taxes and expenses payable 122Unrealised losses on swap contracts (note 2.8) 218Other liabilities 129Total liabilities 3,922Net assets at the end of the year 196,478Statement of Changes in Net AssetsFor the year from 1 July 2010 to 30 June 2011US$'000Net assets at the beginning of the year 151,507Net gains from investments 4,080Net realised gains 2,611Net unrealised gains 9,048Proceeds from shares issued 56,592Payments for shares redeemed (27,554)Net equalisation received (note 10) 195Dividends paid (note 5) (1)Net assets at the end of the year 196,478Statement of OperationsFor the year from 1 July 2010 to 30 June 2011IncomeUS$'000Investment income 4,446Bank interest 17Other income 3Total income 4,466ExpensesManagement fees (note 4.5) 162Administration fees (note 4.1) 126Custodian fees (note 4.2) 26Domiciliary agent, registrar, paying and transfer agent56fees (note 4.3)Management Company fees (note 4.4) 17Operational expenses (note 4.6) 61Expense cap refunded by Investment Manager (note 4.7) (80)Annual tax (note 4.8) 18Total expenses 386Net gains from investments 4,080Realised gains on investments 2,290Realised losses on forward currency exchange(115)contractsRealised losses on future contracts (242)Realised losses on swap contracts (110)Realised losses on option contracts (7)Realised currency exchange gains 795Net realised gains 2,611Increase in unrealised appreciation on investments 8,849Decrease in unrealised depreciation on forwardcurrency exchange contracts 514Decrease in unrealised appreciation on future contracts (73)Decrease in unrealised appreciation on swap contracts (263)Unrealised currency exchange gains 21Net unrealised gains 9,048Share TransactionsFor the year from 1 July 2010 to 30 June 2011D(GBP)-1 I-2 J-2 Z-2Shares outstanding at the beginning of the year 50,874 7,809,633 449,686 8,973,445Shares issued during the year 523 30,107,171 - 517,362Shares redeemed during the year - (14,064,020) - (332,862)Shares outstanding at the end of the year 51,397 23,852,784 449,686 9,157,945Net asset value per share 0.9557 1.6131 8.6720 16.8184The accompanying notes form an integral part of these financial statements.Net increase in assets as a result of operations 15,739Aberdeen Global II 85Global Bond

Portfolio StatementAs at 30 June 2011Security Coupon (%) Maturity NominalMarket ValueUS$’000Percentage of totalnet assets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketAsset backed bonds - 1.16%United Kingdom - 0.08%Chester Asset Receivables Deal 4.6500 15/07/13 100,000 166 0.08United States - 1.08%BA Credit Card Trust 5.6000 17/07/14 980,000 1,445 0.74SLM Student Loan Trust (FRN) 4.0500 15/12/27 500,000 673 0.342,118 1.08Asset backed bonds 2,284 1.16Corporate bonds - 16.34%Belgium - 0.93%Dexia Credit Local 2.7500 10/01/14 1,800,000 1,832 0.93France - 2.37%BPCE SFH Societe De Fi 3.6250 12/05/16 700,000 1,027 0.52Groupe BPCE 2.3750 04/10/13 900,000 915 0.47Societe de Financement de Lecon 3.3750 05/05/14 1,600,000 1,698 0.86Societe Generale 3.2500 06/06/16 700,000 1,015 0.524,655 2.37Germany - 1.42%Duesseldorfer Hypobank 1.8750 13/12/13 650,000 935 0.49NRW Bank (EMTN) 2.5000 19/02/14 1,800,000 1,849 0.932,784 1.42Ireland - 0.77%Irish Life & Permanent 3.6000 14/01/13 1,800,000 1,514 0.77Italy - 0.37%Unicredit (EMTN) 4.2500 31/07/18 500,000 718 0.37Norway - 0.85%Terra Boligkreditt (EMTN) 2.1250 31/08/15 1,200,000 1,677 0.85Netherlands - 0.90%Nedwaterschaps (EMTN) ∞ 3.0000 17/03/15 1,700,000 1,775 0.90Spain - 2.44%BBVA US Senior Uniper 3.2500 16/05/14 900,000 891 0.45Caja Ahorros Guipuzcoa 4.3750 05/11/14 1,200,000 1,708 0.87Caja Madrid 3.5000 14/03/13 1,550,000 2,210 1.124,809 2.44Sweden - 0.50%Swedish Covered Bond (EMTN) 3.0000 03/02/15 670,000 979 0.50United Kingdom - 5.10%Abbey National Treasury Services 3.1250 30/06/14 1,200,000 1,735 0.88Aviva (PERP) 5.7000 29/09/49 370,000 487 0.25Aviva 5.7500 14/11/21 500,000 728 0.3786 Aberdeen Global IIGlobal Bond

Security Coupon (%) Maturity NominalMarket ValueUS$’000Percentage of totalnet assets %Lloyds TSB Bank (EMTN) 6.2500 15/04/14 450,000 689 0.35Nationwide Building Society (MTN) 2.5000 17/08/12 2,500,000 2,554 1.30Nationwide Building Society 3.7500 20/01/15 450,000 642 0.33Network Rail Infrastructure Finance (EMTN) 2.5000 07/03/14 750,000 1,232 0.63Royal Bank of Scotland (EMTN) 5.2500 15/05/13 1,300,000 1,941 0.9910,008 5.10United States - 0.69%Bank of America (EMTN) 5.1250 26/09/14 350,000 527 0.27Citigroup (MTN) 6.0100 15/01/15 750,000 826 0.421,353 0.69Corporate bonds 32,104 16.34Government bonds - 79.65%Australia - 0.66%Australia (Commonwealth of) 6.0000 15/02/17 1,150,000 1,295 0.66Austria - 0.69%Austria (Republic of) 6.2500 15/07/27 725,000 1,346 0.69Belgium - 1.52%Belgium (Kingdom of) 3.5000 28/06/17 250,000 360 0.18Belgium (Kingdom of) 4.2500 28/09/21 1,785,000 2,623 1.342,983 1.52Canada - 1.56%Canada (Government of) 3.2500 01/06/21 900,000 944 0.48Canada (Government of) (MTN) 4.0000 01/06/41 360,000 404 0.21Canada (Government of) 5.0000 01/06/14 1,100,000 1,241 0.63Canada (Government of) (MTN) 5.7500 01/06/29 350,000 473 0.243,062 1.56Denmark - 0.72%Denmark (Kingdom of) 4.5000 15/11/39 1,500,000 330 0.17Denmark (Kingdom of) 5.0000 15/11/13 5,200,000 1,085 0.551,415 0.72Finland - 1.89%Finland (Republic of) 4.2500 04/07/15 920,000 1,430 0.73Finland (Republic of) 3.5000 15/04/21 1,560,000 2,292 1.163,722 1.89France - 2.05%France (Government of) 3.5000 25/04/15 120,000 181 0.09France (Government of) 4.0000 25/10/38 796,700 1,124 0.57France (Government of) 4.2500 25/10/23 175,000 268 0.14France (Government of) 4.7500 25/04/35 446,667 706 0.36France (Government of) 5.5000 25/04/29 600,000 1,032 0.53France (Government of) 5.7500 25/10/32 400,000 714 0.364,025 2.05Aberdeen Global II 87Global Bond

Portfolio Statement continuedMarket ValueUS$’000Percentage of totalnet assets %Security Coupon (%) Maturity NominalGermany - 3.63%Germany (Federal Republic of) 2.2500 11/04/14 2,500,000 3,675 1.87Germany (Federal Republic of) 3.0000 07/04/20 550,000 803 0.41Germany (Federal Republic of) 4.0000 04/07/16 46,000 72 0.04Germany (Federal Republic of) 4.0000 04/01/37 110,000 165 0.08Germany (Federal Republic of) 4.7500 04/07/34 600,000 997 0.51Land Nordrhein-Westfalen (EMTN) 1.6250 17/09/14 1,400,000 1,405 0.727,117 3.63Italy - 6.61%Italy (Republic of) 3.0000 15/06/15 2,720,000 3,820 1.95Italy (Republic of) 3.7500 01/08/15 260,000 376 0.19Italy (Republic of) 4.5000 01/03/26 1,600,000 2,168 1.10Italy (Republic of) 4.7500 01/09/21 3,989,000 5,750 2.93Italy (Republic of) 5.0000 01/09/40 650,000 864 0.4412,978 6.61Japan - 32.67%Japan (Government of) 0.9000 20/12/12 700,000,000 8,764 4.46Japan (Government of) 1.3000 20/03/19 1,180,000,000 15,158 7.71Japan (Government of) 1.4000 20/12/15 1,060,000,000 13,716 6.98Japan (Government of) 1.5000 20/09/13 650,000,000 8,284 4.22Japan (Government of) 1.7000 20/09/16 70,000,000 922 0.47Japan (Government of) 2.0000 20/12/24 550,000,000 7,232 3.68Japan (Government of) 2.1000 20/12/24 40,000,000 532 0.27Japan (Government of) 2.1000 20/06/29 295,000,000 3,807 1.94Japan (Government of) 2.0000 20/12/33 200,000,000 2,496 1.27Japan (Government of) 2.3000 20/03/39 250,000,000 3,280 1.6764,191 32.67Netherlands - 1.43%Netherlands (Kingdom of) 3.7500 15/01/42 200,000 283 0.14Netherlands (Kingdom of) 4.5000 15/07/17 1,600,000 2,534 1.292,817 1.43Mexico - 0.54%Mexico (United Mexican States) 8.0000 11/06/20 11,480,000 1,058 0.54Poland - 0.64%Poland (Republic of) 5.5000 25/04/15 3,400,000 1,252 0.64Spain - 3.40%Instituto De Credito Oficial (EMTN) 4.5000 07/03/13 900,000 1,466 0.75Spain (Kingdom of) 4.2000 31/01/37 1,800,000 2,032 1.03Spain (Kingdom of) 4.8000 31/01/24 1,850,000 2,493 1.27Spain (Kingdom of) 5.5000 30/04/21 470,000 684 0.356,675 3.40Sweden - 0.51%Sweden (Kingdom of) 3.7500 12/08/17 6,000,000 1,005 0.5188 Aberdeen Global IIGlobal Bond

Market ValueUS$’000Percentage of totalnet assets %Security Coupon (%) Maturity NominalUnited Kingdom - 4.40%UK Treasury 2.7500 22/01/15 1,250,000 2,082 1.06UK Treasury 3.7500 07/09/19 1,300,000 2,180 1.11UK Treasury 4.2500 07/12/27 550,000 899 0.46UK Treasury 4.2500 07/09/39 1,400,000 2,240 1.14UK Treasury 4.2500 07/06/32 770,000 1,242 0.638,643 4.40United States - 16.73%US Treasury 1.5000 31/12/13 4,500,000 4,597 2.34US Treasury 3.5000 15/02/39 2,300,000 1,976 1.00US Treasury 3.6250 15/02/20 4,400,000 4,655 2.37US Treasury 4.5000 15/11/15 10,050,000 11,347 5.78US Treasury 4.5000 15/08/39 2,250,000 2,301 1.17US Treasury 5.3750 15/02/31 550,000 645 0.33US Treasury (MTN) 6.0000 15/02/26 1,400,000 1,743 0.89US Treasury (MTN) 8.1250 15/08/19 4,000,000 5,599 2.8532,863 16.73Government bonds 156,447 79.65Transferable securities and money market instruments admitted to anofficial exchange listing / dealt in on another regulated market 190,835 97.15Other transferable securities and money market instrumentsCorporate bonds - 0.36%Belgium - 0.36%Dexia Credit Local 2.3750 23/09/11 700,000 703 0.36Corporate bonds 703 0.36Other transferable securities and money market instruments 703 0.36Total transferable securities and money market instruments 191,538 97.51Financial derivative instrumentsFuture contracts - 0.01%Future Maturity NotionalUnrealisedgains/(losses)US$’000Percentageof total netassets %CBT US 5YR NOTE SEP11 30/09/11 (20) (7) -LIFE LONG GILT SEP11 28/09/11 (15) 28 0.01Unrealised gains on future contracts 21 0.01Aberdeen Global II 89Global Bond

Portfolio Statement continuedSwap contracts - (0.12)%Counterparty Ccy Termination Notional Fund Pays Fund ReceivesUnrealisedgains/(losses)US$’000Percentageof total netassets %Interest rate swap contracts - nilCitigroup EUR 20/06/16 1,700,000 6 MONTH EURIBOR 2.6850% (15) (0.01)Citigroup NOK 20/06/16 14,000,000 3.8050% 6 MONTH NIBOR 22 0.01Deutsche Bank AUD 20/07/21 3,100,000 6 MONTH AUD-BBR 6.0713% 58 0.03Deutsche Bank USD 21/07/21 2,800,000 3.5713% 3 MONTH USD LIBOR (64) (0.03)Merrill Lynch NZD 13/09/13 6,700,000 3.6525% 6 MONTH NZD-BBR (15) (0.01)Merrill Lynch NZD 13/09/13 9,000,000 3.6525% 3 MONTH NZD-BBR (20) (0.01)Royal Bank of Scotland SEK 04/01/20 2,280,000 3 MONTH SEK-STIBO 3.7750% 8 -Royal Bank of Scotland SEK 04/01/20 2,000,000 3 MONTH SEK-STIBO 3.7550% 6 -UBS SEK 04/01/20 12,200,000 3 MONTH SEK-STIBO 3.7763% 41 0.02Unrealised gains on interest rate swap contracts 21 -Counterparty Ccy Termination Notional Fund Pays Fund ReceivesUnrealisedgains/(losses)US$’000Percentageof total netassets %Overnight indexed swap contracts - (0.12)%Credit Suisse EUR 13/07/11 105,880,000 EUR EONIA 1.0675% (72) (0.04)Credit Suisse EUR 13/07/11 75,500,000 EUR EONIA 1.0850% (51) (0.02)Credit Suisse GBP 08/09/11 65,400,000 GBP SONIA 0.8150% 28 0.01Credit Suisse GBP 06/10/11 81,800,000 0.8550% GBP SONIA (31) (0.02)Goldman Sachs EUR 13/07/11 75,500,000 EUR EONIA 1.0950% (50) (0.02)Merrill Lynch AUD 08/02/12 128,100,000 4.9250% AUD AONIA (50) (0.02)Merrill Lynch AUD 08/02/12 60,500,000 4.7550% AUD AONIA (5) -Royal Bank of Scotland AUD 08/02/12 60,500,000 4.7550% AUD AONIA (5) -Royal Bank of Scotland GBP 08/09/11 66,550,000 GBP SONIA 0.8150% 29 0.01Royal Bank of Scotland GBP 06/10/11 83,300,000 0.8550% GBP SONIA (32) (0.02)Unrealised losses on overnight indexed swap contracts (239) (0.12)Unrealised losses on swap contracts (218) (0.12)Unrealised losses on financial derivative instruments (97) (0.07)Total investments 191,441 97.44Other net assets 5,037 2.56Total 196,478 100.00∞ A portion of this security is on loan at the year end.92 Aberdeen Global IIGlobal Bond

Index Linked BondFor the year ended 30 June 2011PerformanceFor the year ended 30 June 2011, the value of Index Linked Bond -Z Accumulation shares increased by 8.93% compared to a increaseof 9.67% in the benchmark, FTSE-A British Government Index Linked> 5 Years Index.Source: BNP Paribas, Total Return, GBP.Manager’s reviewGlobal fixed income markets were volatile throughout the periodunder review. Peripheral eurozone countries came under severepressure from bond investors concerned over levels of indebtedness.Yields on peripheral sovereign debt rose significantly as investorsshunned the bond market. Greece was the first peripheral nation toundergo a crisis, followed by Ireland in the fourth quarter of 2010and Portugal in the second quarter of 2011. EU/IMF bailouts failed tocalm the markets as expected and fears about the fiscal situation inother Eurozone countries kept yield spreads versus German bunds atrecord high levels. Towards the end of the year under review, fears ofGreek default dominated the markets and led to the widespreadrisk aversion.In the US, after much speculation, the Federal Reserve announcedfurther quantitative easing measures. It purchased US$600 billion inTreasury securities by June 2011. Some market participants believethat the Fed may introduce further asset purchases if economic datadoes not improve. At present, we do not believe that the third roundof quantitative easing will be necessary.In the UK, inflation continued to disappoint and initially led to anincreasingly hawkish stance by some members of the MonetaryPolicy Committee. However, towards the end of the period underreview, some of the members signalled that further quantitativeeasing might become necessary if demand growth remains sluggish,especially in the face of the eurozone crisis. Interest rates wereheld steady at 0.5% over the year where they have now remainedfor almost 2 years. The size of the Asset Purchase Programme alsoremained stable at £200 billion despite MPC member Adam Posenvoting for a £50 billion increase.The gilt market was volatile over the 12-month period. Gilts ralliedsignificantly in the first half of the year with yields on 10-year bondsfalling to a low of 2.83% in August. By February 2011, yields rose toa high of 3.88% on the back of the bailouts, positive UK economicdata and stubbornly high inflation. Renewed sovereign debt fears inthe second quarter of 2011 supported the gilt market and 10-yeargilts ended the period under review at 3.38%, overall just 2 basispoints higher than a year earlier. Persistently high inflation hasenabled index linked gilts to outperform conventional gilts and the10-year breakeven inflation rate increased 20 basis points to 3.1% atthe end of June 2011.Credit markets outperformed government bonds over the periodunder review. The average yield spread over gilts narrowed 5 basispoints to end the reporting period at +1.92%. The market wascharacterised by generally strong fundamentals and companies onthe whole reported results that exceeded expectations.Despite finishing the period under review on a weaker note,financials recorded an overall strong performance. Subordinatedfinancials benefited strongly from the Basel Committee’s eagerlyawaited announcement on future capital requirements for thebanking sector, which provided a strong incentive for banks toredeem debt at the first call date. Spain’s actions to acceleratethe clean up of its savings banks and peripheral banks funding incovered bond markets have helped to improve the sentiment aroundperipheral sovereign finances. However, towards the end of theperiod under review the Greek crisis and softer economic data hada negative impact on the credit markets leading to wider spreads.The high level of volatility did create many opportunities to addvalue through security selection.Portfolio reviewThe Fund underperformed its benchmark over the period underreview. Within interest rates, short duration positions in the UKmarket made a negative contribution to performance while a longduration position at the front end of the European curve addedvalue. Overweight exposure to the US bond market versus the UKmarket benefitted the portfolio while overweight exposure to theSwedish bond market versus the UK market detracted value. Securityselection within index-linked gilts made a negative contribution toperformance.OutlookThroughout the European sovereign debt crisis, gilts have continuedto be seen as a ‘safe haven’. However, there are some reasons to be alittle concerned about the sustainability of the government’s fiscal pathif the UK economy continues to perform weakly, particularly given thegovernment’s willingness to change course on a number of issues.Given all this, it seems the balance of risks is to the downside, witha weak consumer seeing his wealth and spending power eroded,increasing loss of credibility in the Bank of England’s commitment toits inflation target, and political risk around the government’s fiscalplans. In essence, the recent past has been a sweet spot for the giltmarket, with final demand weak enough for the MPC to maintainhighly accommodative monetary policy but not quite the doubledip which would compromise the government’s ability to reducethe deficit in a manner which the markets will like. We believe thatyields are likely to rise from current levels.With European fiscal imbalances and talk of sovereign defaultdominating markets, credit spreads are likely to remain volatileover the coming months. Severe tail risks abound and the directionof markets over the short to medium term is as likely to bedriven by politics and public reaction to austerity as by corporatefundamentals and economic growth. Indeed, in the US, Congressis approaching the August deadline for it to approve an increase inthe US debt ceiling or risk having to begin defaulting on obligations.While a low probability, failure to agree would clearly havesignificant global implications. We believe that strong corporatefundamentals and recovering economies will drive spreads tighter bythe end of the year.Aberdeen Global II 93Index Linked Bond

Statement of Net AssetsAs at 30 June 2011Assets £’000Investments in securities at market value (note 2.2) 260,795Cash at bank 7,890Amounts held at futures clearing houses and brokers 1,989Interest receivable 1,791Subscriptions receivable 843Other assets 107Total assets 273,415LiabilitiesPayable for investments purchased 1,239Taxes and expenses payable 144Unrealised losses on forward currency exchange88contracts (note 2.6)Unrealised losses on future contracts (note 2.7) 37Unrealised losses on swap contracts (note 2.8) 574Other liabilities 20Total liabilities 2,102Net assets at the end of the year 271,313Statement of Changes in Net AssetsFor the year from 1 July 2010 to 30 June 2011£’000Net assets at the beginning of the year 207,304Net gains from investments 10,039Net realised gains 2,436Net unrealised gains 4,543Proceeds from shares issued 75,270Payments for shares redeemed (29,734)Net equalisation received (note 10) 1,484Dividends paid (note 5) (29)Net assets at the end of the year 271,313Statement of OperationsFor the year from 1 July 2010 to 30 June 2011Income£'000Investment income 10,560Bank interest 15Other income 5Total income 10,580ExpensesManagement fees (note 4.5) 364Administration fees (note 4.1) 84Custodian fees (note 4.2) 21Domiciliary agent, registrar, paying and transfer agent67fees (note 4.3)Management Company fees (note 4.4) 21Operational expenses (note 4.6) 68Expense cap refunded by Investment Manager (note 4.7) (107)Annual tax (note 4.8) 23Total expenses 541Net gains from investments 10,039Realised gains on investments 3,673Realised gains on forward currency exchange contracts 438Realised losses on future contracts (1,171)Realised losses on swap contracts (496)Realised currency exchange losses (8)Net realised gains 2,436Increase in unrealised appreciation on investments 5,257Decrease in unrealised appreciation on forward(205)currency exchange contractsDecrease in unrealised depreciation on future contracts 56Increase in unrealised depreciation on swap contracts (565)Net unrealised gains 4,543Net increase in assets as a result of operations 17,018Share TransactionsFor the year from 1 July 2010 to 30 June 2011I-2 J-2 K-2 Z-1 Z-2Shares outstanding at the beginning of the year 944,380 3,068,274 48,026,328 341,492 49,287,623Shares issued during the year 22,459,965 1,530,444 4,676,874 - 9,442,208Shares redeemed during the year (5,184,960) (1,800,701) (1,407,390) (27,011) (5,812,697)Shares outstanding at the end of the year 18,219,385 2,798,017 51,295,812 314,481 52,917,134Net asset value per share 1.8288 2.7400 1.8785 1.9077 2.5204The accompanying notes form an integral part of these financial statements.94 Aberdeen Global IIIndex Linked Bond

Portfolio StatementAs at 30 June 2011Security Coupon (%) Maturity NominalMarket Value£’000Percentage of totalnet assets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketGovernment bonds - 96.13%United Kingdom - 94.30%UK Treasury (INDX) 0.5000 22/03/50 5,180,000 5,671 2.09UK Treasury (INDX) 0.6250 22/11/42 2,600,000 2,912 1.07UK Treasury (INDX) 0.7500 22/03/34 7,250,000 7,390 2.72UK Treasury (INDX) 0.7500 22/11/47 23,510,000 28,492 10.50UK Treasury (INDX) 1.1250 22/11/37 23,680,000 30,772 11.34UK Treasury (INDX) 1.2500 22/11/32 15,500,000 18,618 6.86UK Treasury (INDX) 1.2500 22/11/55 3,210,000 5,109 1.88UK Treasury (INDX) 1.8750 22/11/22 18,208,454 23,837 8.79UK Treasury (INDX) 2.0000 26/01/35 5,902,422 10,282 3.79UK Treasury (INDX) 2.5000 26/07/16 480,000 1,586 0.59UK Treasury (INDX) 2.5000 16/04/20 6,604,971 22,123 8.15UK Treasury (INDX) 4.1250 22/07/30 5,377,970 15,042 5.55UK Treasury (INDX) 0.6250 22/03/40 11,010,000 11,926 4.40UK Treasury (INDX) 1.2500 22/11/17 9,842,092 13,167 4.85UK Treasury (INDX) 1.2500 22/11/27 19,023,352 24,900 9.18UK Treasury (INDX) ∞ 2.5000 17/07/24 11,632,505 34,010 12.54255,837 94.30United States - 1.83%US Treasury (INDX) 3.8750 15/04/29 4,240,000 4,958 1.83Government bonds 260,795 96.13Total transferable securities and money market instruments admitted to anofficial exchange listing / dealt in on another regulated market 260,795 96.13Financial derivative instrumentsFuture contracts - (0.01)%Future Maturity NotionalUnrealisedgains/(losses)£’000Percentageof total netassets %LIF LONG GILT SEP11 28/09/11 (461) (37) (0.01)Unrealised losses on future contracts (37) (0.01)Forward currency exchange contracts - (0.04)%Unrealisedgains/(losses)£’000Percentageof total netassets %Buy Sell SettlementBuyAmountSellAmountEUR GBP 09/09/11 217,398 211,596 6 -GBP SEK 09/09/11 267,941 275,490 (7) -GBP USD 09/09/11 269,948 274,933 (5) -GBP USD 09/09/11 423,390 433,285 (10) -GBP USD 09/09/11 483,280 493,758 (10) -Aberdeen Global II 95Index Linked Bond

Portfolio Statement continuedUnrealisedgains/(losses)£’000Percentageof total netassets %Buy Sell SettlementBuyAmountSellAmountGBP USD 09/09/11 3,676,921 3,740,587 (64) (0.03)SEK GBP 04/07/11 25,168 24,695 - (0.01)USD GBP 09/09/11 163,339 161,344 2 -Unrealised losses on forward currency exchange contracts (88) (0.04)Swap contracts - (0.21)%Unrealisedgains/(losses)£’000Percentageof total netassets %Counterparty Ccy Termination Notional Fund Pays Fund ReceivesOvernight indexed swap contracts - (0.33)%Credit Suisse EUR 13/07/11 764,890,000 EUR EONIA 1.0675% (323) (0.12)Credit Suisse EUR 13/07/11 580,400,000 EUR EONIA 1.0850% (242) (0.09)Credit Suisse GBP 08/09/11 544,000,000 GBP SONIA 0.8150% 146 0.05Credit Suisse GBP 08/09/11 94,400,000 GBP SONIA 0.5675% 3 -Credit Suisse GBP 06/10/11 680,800,000 0.8550% GBP SONIA (163) (0.06)Credit Suisse GBP 06/10/11 118,100,000 0.5925% GBP SONIA (4) -Goldman Sachs EUR 13/07/11 580,400,000 EUR EONIA 1.0950% (241) (0.09)Goldman Sachs GBP 13/07/11 135,600,000 EUR EONIA 1.0400% (58) (0.02)Royal Bank of Scotland GBP 08/09/11 550,100,000 GBP SONIA 0.8550% 148 0.06Royal Bank of Scotland GBP 06/10/11 688,500,000 0.8550% GBP SONIA (165) (0.06)Unrealised losses on overnight indexed swap contracts (899) (0.33)Unrealisedgains/(losses)£’000Percentageof total netassets %Counterparty Ccy Termination Notional Fund Pays Fund ReceivesInterest rate swap contracts - 0.12%Barclays SEK 04/01/20 138,300,000 3 MONTH SEK-STIBO 3.7750% 288 0.11Royal Bank of Scotland SEK 04/01/20 17,800,000 3 MONTH SEK-STIBO 3.7750% 37 0.01Unrealised gains on interest rate swap contracts 325 0.12Unrealised losses on swap contracts (574) (0.21)Unrealised losses on financial derivative instruments (699) (0.26)Total investments 260,096 95.87Other net assets 11,217 4.13Total 271,313 100.00∞ A portion of this security is on loan at the year end.96 Aberdeen Global IIIndex Linked Bond

Long Dated Sterling Aggregate BondFor the year ended 30 June 2011PerformanceFor the year ended 30 June 2011, the value of Long Dated SterlingAggregate Bond - Z Accumulation shares increased by 3.55%compared to an increase of 3.65% in the benchmark, Bank ofAmerica Merrill Lynch Sterling Broad Market > 10 Years Index.Source: BNP Paribas, Total Return, GBP.Manager’s reviewGlobal fixed income markets were volatile throughout the periodunder review. Peripheral eurozone countries came under severepressure from bond investors concerned over levels of indebtedness.Yields on peripheral sovereign debt rose significantly as investorsshunned the bond market. Greece was the first peripheral nation toundergo a crisis, followed by Ireland in the fourth quarter of 2010and Portugal in the second quarter of 2011. EU/IMF bailouts failed tocalm the markets as expected and fears about the fiscal situation inother Eurozone countries kept yield spreads versus German bunds atrecord high levels. Towards the end of the year under review, fears ofGreek default dominated the markets and led to the widespread riskaversion.In the US, after much speculation, the Federal Reserve announcedfurther quantitative easing measures. It purchased US$600 billion inTreasury securities by June 2011. Some market participants believethat the Fed may introduce further asset purchases if economic datadoes not improve. At present, we do not believe that the third roundof quantitative easing will be necessary.In the UK, inflation continued to disappoint and initially led to anincreasingly hawkish stance by some members of the MonetaryPolicy Committee. However, towards the end of the period underreview, some of the members signalled that further quantitativeeasing might become necessary if demand growth remains sluggish,especially in the face of the eurozone crisis. Interest rates wereheld steady at 0.5% over the year where they have now remainedfor almost 2 years. The size of the Asset Purchase Programme alsoremained stable at £200 billion despite MPC member Adam Posenvoting for a £50 billion increase.The gilt market was volatile over the 12-month period. Gilts ralliedsignificantly in the first half of the year with yields on 10-year bondsfalling to a low of 2.83% in August. By February 2011, yields rose toa high of 3.88% on the back of the bailouts, positive UK economicdata and stubbornly high inflation. Renewed sovereign debt fears inthe second quarter of 2011 supported the gilt market and 10-yeargilts ended the period under review at 3.38%, overall just 2 basispoints higher than a year earlier.Credit markets outperformed government bonds over the periodunder review. The average long-dated yield spread over giltsnarrowed 3 basis points to end the reporting period at +1.59%. Themarket was characterised by generally strong fundamentals andcompanies on the whole reported results that exceeded expectations.Despite finishing the period under review on a weaker note,financials recorded an overall strong performance. Subordinatedfinancials benefited strongly from the Basel Committee’s eagerlyawaited announcement on future capital requirements for thebanking sector, which provided a strong incentive for banks toredeem debt at the first call date. Spain’s actions to acceleratethe clean up of its savings banks and peripheral banks funding incovered bond markets have helped to improve the sentiment aroundperipheral sovereign finances. However, towards the end of theperiod under review the Greek crisis and softer economic data hada negative impact on the credit markets leading to wider spreads.The high level of volatility did create many opportunities to addvalue through security selection.Portfolio reviewThe Fund underperformed its benchmark over the period underreview. Security selection within long-dated credit added value, thefund benefitting from overweight exposure to financials. Withininterest rates, short duration and yield curve flattening positions inthe UK market made a negative contribution to performance while along duration position at the front end of the European curve addedvalue. Overweight exposure to the US bond market versus the UKmarket benefitted the portfolio while overweight exposure to theSwedish bond market versus the UK market detracted value.OutlookThroughout the European sovereign debt crisis, gilts have continuedto be seen as a ‘safe haven’. However, there are some reasons to be alittle concerned about the sustainability of the government’s fiscal pathif the UK economy continues to perform weakly, particularly given thegovernment’s willingness to change course on a number of issues.Given all this, it seems the balance of risks is to the downside, witha weak consumer seeing his wealth and spending power eroded,increasing loss of credibility in the Bank of England’s commitment toits inflation target, and political risk around the government’s fiscalplans. In essence, the recent past has been a sweet spot for the giltmarket, with final demand weak enough for the MPC to maintainhighly accommodative monetary policy but not quite the doubledip which would compromise the government’s ability to reducethe deficit in a manner which the markets will like. We believe thatyields are likely to rise from current levels.With European fiscal imbalances and talk of sovereign defaultdominating markets, credit spreads are likely to remain volatileover the coming months. Severe tail risks abound and the directionof markets over the short to medium term is as likely to bedriven by politics and public reaction to austerity as by corporatefundamentals and economic growth. Indeed, in the US, Congressis approaching the August deadline for it to approve an increase inthe US debt ceiling or risk having to begin defaulting on obligations.While a low probability, failure to agree would clearly havesignificant global implications. We believe that strong corporatefundamentals and recovering economies will drive spreads tighterby the end of the year.Aberdeen Global II 97Long Dated Sterling Aggregate Bond

Statement of Net AssetsAs at 30 June 2011Assets £’000Investments in securities at market value (note 2.2) 37,328Cash at bank 317Amounts held at futures clearing houses and brokers 232Interest receivable 553Receivable for investments sold 2,882Unrealised gains on swap contracts (note 2.8) 15Other assets 50Total assets 41,377LiabilitiesPayable for investments purchased 2,883Taxes and expenses payable 44Redemptions payable 70Unrealised losses on forward currency exchange3contracts (note 2.6)Unrealised losses on future contracts (note 2.7) 6Total liabilities 3,006Net assets at the end of the year 38,371Statement of Changes in Net AssetsFor the year from 1 July 2010 to 30 June 2011£’000Net assets at the beginning of the year 85,139Net gains from investments 3,561Net realised gains 1,729Net unrealised losses (2,662)Proceeds from shares issued 1,037Payments for shares redeemed (49,805)Net equalisation paid (note 10) (628)Net assets at the end of the year 38,371Statement of OperationsFor the year from 1 July 2010 to 30 June 2011Income£'000Investment income 3,823Bank interest 3Total income 3,826ExpensesManagement fees (note 4.5) 184Administration fees (note 4.1) 53Custodian fees (note 4.2) 10Domiciliary agent, registrar, paying and transfer agent26fees (note 4.3)Management Company fees (note 4.4) 8Operational expenses (note 4.6) 26Expense cap refunded by Investment Manager (note 4.7) (50)Annual tax (note 4.8) 8Total expenses 265Net gains from investments 3,561Realised gains on investments 2,086Realised gains on forward currency exchange contracts 29Realised losses on future contracts (188)Realised losses on swap contracts (196)Realised currency exchange losses (2)Net realised gains 1,729Decrease in unrealised appreciation on investments (2,570)Decrease in unrealised appreciation on forward(15)currency exchange contractsDecrease in unrealised depreciation on future contracts 33Decrease in unrealised appreciation on swap contracts (110)Net unrealised losses (2,662)Net increase in assets as a result of operations 2,628Share TransactionsFor the year from 1 July 2010 to 30 June 2011K-2 Z-2Shares outstanding at the beginning of the year 35,407,221 1,869,234Shares issued during the year 358,893 31,525Shares redeemed during the year (28,788,967) (10,018)Shares outstanding at the end of the year 6,977,147 1,890,741Net asset value per share 1.7537 13.8226The accompanying notes form an integral part of these financial statements.98 Aberdeen Global IILong Dated Sterling Aggregate Bond

Portfolio StatementAs at 30 June 2011Security Coupon (%) Maturity NominalMarket Value£’000Percentage of totalnet assets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketAsset backed bonds - 1.70%United Kingdom - 1.70%Canary Wharf Finance 5.9520 22/10/37 70,000 73 0.19Control Section 1 Finance 5.2340 02/05/35 160,000 170 0.44Finance for Resident Social Housing 11.1260 05/10/58 281,296 411 1.07654 1.70Asset backed bonds 654 1.70Corporate bonds - 34.14%Austria - 0.49%Oesterreich Kontrollbank 5.7500 07/12/28 165,000 187 0.49Belgium - 0.40%S.N.C.B. (EMTN) 5.7000 28/05/32 150,000 153 0.40France - 3.48%AXA (FRN) (PERP) (EMTN) 6.6862 31/12/49 160,000 135 0.35Bouygues 5.5000 06/10/26 300,000 304 0.79Credit Agricole (EMTN) 7.3750 18/12/23 150,000 155 0.40Credit Logement (FRN) 2.0710 29/11/49 100,000 74 0.19Electricite De France 5.1250 22/09/50 200,000 190 0.50Electricite De France (EMTN) 6.1250 02/06/34 350,000 379 0.99France Telecom (EMTN) 5.3750 22/11/50 100,000 98 0.261,335 3.48Germany - 0.78%BayernLB Capital Trust I (FRN) (PERP) 6.2032 31/12/49 60,000 22 0.06KFW (MTN) 4.8750 15/03/37 53,000 56 0.15KFW International Finance (EMTN) 5.7500 07/06/32 185,000 218 0.57296 0.78Italy - 2.45%Assicurazioni Generali (FRN) (PERP) 6.4160 31/12/49 250,000 195 0.51ENEL Finance International (MTN) 5.7500 14/09/40 370,000 343 0.90Telecom Italia (EMTN) 5.8750 19/05/23 50,000 46 0.12Telecom Italia Spa (EMTN) 6.3750 24/06/19 350,000 354 0.92938 2.45Mexico - 0.72%America Movil SAB 5.7500 28/06/30 265,000 276 0.72Netherlands - 0.30%E. On International Finance (MTN) 6.7500 27/01/39 100,000 117 0.30Switzerland - 0.52%UBS (EMTN) 8.7500 18/12/25 160,000 198 0.52Spain - 1.26%Telefonica Emisiones (MTN) 5.2890 09/12/22 350,000 335 0.87Telefonica Emisiones (EMTN) 5.3750 02/02/26 160,000 150 0.39485 1.26Aberdeen Global II 99Long Dated Sterling Aggregate Bond

Portfolio Statement continuedMarket Value£’000Percentage of totalnet assets %Security Coupon (%) Maturity NominalSupranational - 2.88%European Investment Bank 5.0000 15/04/39 240,000 259 0.67European Investment Bank 6.0000 07/12/28 200,000 236 0.61European Investment Bank 5.6250 07/06/32 450,000 518 1.35European Investment Bank (MTN) 4.5000 07/03/44 42,000 42 0.11European Investment Bank (MTN) 4.6250 12/10/54 50,000 52 0.141,107 2.88United Kingdom - 17.29%3I Group 5.7500 03/12/32 170,000 147 0.38Abbey National Treasury Services 5.7500 02/03/26 160,000 165 0.43Aspire Defence Finance 4.6740 31/03/40 190,000 166 0.43Aviva (FRN) (PERP) 5.9021 27/07/49 160,000 130 0.34Aviva (EMTN) 6.1250 14/11/36 80,000 73 0.19Aviva (EMTN) 6.8750 20/05/58 210,000 199 0.52Barclays Bank (FRN) (PERP) 6.1250 31/12/49 200,000 174 0.45BAT International Finance (EMTN) 6.0000 24/11/34 220,000 227 0.59Bishopgate Asset Financial (EMTN) 5.1075 28/09/37 370,000 349 0.91British Telecom (EMTN) 6.3750 23/06/37 100,000 102 0.27Circle Anglia Social Housing 7.2500 12/11/38 135,000 168 0.44Co-op Wholesale Society 6.2500 08/07/26 310,000 306 0.80EDF Energy Networks 6.0000 12/11/36 205,000 217 0.57GE Capital UK Funding (EMTN) 5.8750 18/01/33 200,000 201 0.52GE Capital UK Funding (EMTN) 6.2500 05/05/38 330,000 347 0.90Glaxosmithkline Capital (EMTN) 6.3750 09/03/39 50,000 58 0.15HSBC (MTN) 5.7500 20/12/27 275,000 260 0.68HSBC (EMTN) 7.0000 07/04/38 200,000 215 0.56LCR Finance 4.5000 07/12/28 315,000 319 0.83Lloyds TSB Bank 6.0000 08/02/29 115,000 121 0.31Lloyds TSB Bank (EMTN) 7.6250 22/04/25 160,000 154 0.40Lloyds TSB Bank (VAR) (PERP) 13.0000 31/12/49 170,000 219 0.57Motability Operations (EMTN) 5.3750 28/01/22 275,000 285 0.74Nationwide Building Society (EMTN) 5.6250 28/01/26 110,000 114 0.30Network Rail Infrastructure Finance (MTN) 4.7500 29/11/35 105,000 108 0.28NIE Finance 6.3750 02/06/26 100,000 100 0.26Prudential (MTN) 6.1250 19/12/31 100,000 95 0.25Royal Bank of Scotland (EMTN) 6.8750 17/05/25 315,000 319 0.83Santander Treasury Services 6.5000 21/10/30 175,000 168 0.44South Eastern Power Networks (EMTN) 6.3750 12/11/31 50,000 54 0.14South Eastern Power Networks (EMTN) 5.6250 30/09/30 430,000 418 1.09Southern Gas Network (EMTN) 6.3750 15/05/40 50,000 54 0.14Tesco (EMTN) 5.5000 13/01/33 130,000 131 0.34Thames Water Utilities Cayman (EMTN) 5.5000 11/02/41 160,000 160 0.42Transport for London (MTN) 4.5000 31/03/31 170,000 160 0.42Unique Pub Finance 5.6590 30/06/27 70,000 53 0.14Western Power (EMTN) 5.2500 17/01/23 100,000 100 0.266,636 17.29100 Aberdeen Global IILong Dated Sterling Aggregate Bond

Market Value£’000Percentage of totalnet assets %Security Coupon (%) Maturity NominalUnited States - 3.57%American International Group (EMTN) 5.0000 26/04/23 100,000 88 0.23Bank of America (EMTN) 7.0000 31/07/28 250,000 263 0.69Citigroup (EMTN) 6.8000 25/06/38 50,000 53 0.14Citigroup (EMTN) 7.3750 01/09/39 160,000 181 0.47Goldman Sachs 7.2500 10/04/28 105,000 115 0.30Proctor & Gamble 4.8750 11/05/27 110,000 105 0.27Wal-Mart Stores 4.8750 19/01/39 335,000 319 0.83Wells Fargo (EMTN) 4.8750 29/11/35 300,000 244 0.641,368 3.57Corporate bonds 13,096 34.14Government bonds - 61.45%France - 1.23%Reseau Ferre De France 4.8300 25/03/60 105,000 108 0.28Reseau Ferre De France (EMTN) 5.2500 07/12/28 160,000 172 0.45S.N.C.F (EMTN) 5.3750 18/03/27 185,000 192 0.50472 1.23United Kingdom - 60.22%UK Treasury 4.2500 07/12/27 990,000 1,008 2.63UK Treasury 4.2500 07/06/32 135,000 136 0.36UK Treasury 4.2500 07/03/36 5,170,000 5,151 13.42UK Treasury 4.2500 07/12/46 1,200,000 1,202 3.13UK Treasury 4.2500 07/12/49 3,610,000 3,616 9.42UK Treasury 4.2500 07/12/55 865,000 870 2.27UK Treasury 4.5000 07/09/34 1,230,000 1,272 3.32UK Treasury 5.0000 07/03/25 4,346,956 4,851 12.64UK Treasury 4.5000 07/12/42 4,800,000 5,000 13.0323,106 60.22Government bonds 23,578 61.45Total transferable securities and money market instruments admitted to anofficial exchange listing / dealt in on another regulated market 37,328 97.29Financial derivative instrumentsFuture contracts - (0.02)%Future Maturity NotionalUnrealisedgains/(losses)£’000Percentage oftotal net assets%LIF LONG GILT SEP11 28/09/11 (53) (6) (0.02)Unrealised losses on future contracts (6) (0.02)Aberdeen Global II 101Long Dated Sterling Aggregate Bond

Portfolio Statement continuedForward currency exchange contracts - (0.01)%Unrealisedgains/(losses)£’000Percentage oftotal net assets%Buy Sell SettlementBuyAmountSellAmountEUR GBP 09/09/11 55,928 55,173 1 -GBP EUR 09/09/11 214,490 217,398 (3) (0.01)GBP USD 09/09/11 15,599 15,586 - -GBP USD 09/09/11 434,986 443,883 (9) (0.02)USD GBP 09/09/11 21,197 21,092 - -USD GBP 09/09/11 438,272 430,815 7 0.02SEK GBP 04/07/11 2,441 2,390 1 -Unrealised losses on forward currency exchange contracts (3) (0.01)Swap contracts - 0.04%Unrealisedgains/(losses)£’000Percentageof total netassets %Counterparty Ccy Termination Notional Fund Pays Fund ReceivesOvernight indexed swap contracts - (0.24)%Credit Suisse EUR 13/07/11 86,470,000 EUR EONIA 1.0675% (36) (0.09)Credit Suisse EUR 13/07/11 61,800,000 EUR EONIA 1.0850% (26) (0.07)Credit Suisse GBP 08/09/11 113,300,000 GBP SONIA 0.8150% 30 0.08Credit Suisse GBP 06/10/11 141,800,000 0.8550% GBP SONIA (34) (0.09)Goldman Sachs EUR 13/07/11 61,800,000 EUR EONIA 1.0950% (26) (0.07)Royal Bank of Scotland GBP 08/09/11 5,800,000 GBP SONIA 0.8150% 2 0.01Royal Bank of Scotland GBP 06/10/11 7,200,000 0.8550% GBP SONIA (2) (0.01)Unrealised losses on overnight indexed swap contracts (92) (0.24)Unrealisedgains/(losses)£’000Percentageof total netassets %Counterparty Ccy Termination Notional Fund Pays Fund ReceivesInterest rate swap contracts - 0.28%Barclays SEK 04/01/20 15,140,000 3 MONTH SEK-STIBO 3.7750% 32 0.08Credit Suisse EUR 22/06/20 220,000 2.9560% 6 MONTH EURIBOR 6 0.02Deutsche Bank GBP 17/04/18 520,000 6 MONTH LIBOR 5.1200% 69 0.18Unrealised gains on interest rate swap contracts 107 0.28Unrealised gains on swap contracts 15 0.04Unrealised gains on financial derivative instruments 6 0.01Total investments 37,334 97.30Other net assets 1,037 2.70Total 38,371 100.00102 Aberdeen Global IILong Dated Sterling Aggregate Bond

Long Dated Sterling BondFor the year ended 30 June 2011PerformanceFor the year ended 30 June 2011, the value of Long Dated SterlingBond - Z Accumulation shares increased by 2.42% compared toan increase of 2.81% in the benchmark, FTSE-A British Government>15 Year Index.Source: BNP Paribas, Total Return, GBP.Manager’s reviewGlobal fixed income markets were volatile throughout the periodunder review. Peripheral eurozone countries came under severepressure from bond investors concerned over levels of indebtedness.Yields on peripheral sovereign debt rose significantly as investorsshunned the bond market. Greece was the first peripheral nation toundergo a crisis, followed by Ireland in the fourth quarter of 2010and Portugal in the second quarter of 2011. EU/IMF bailouts failed tocalm the markets as expected and fears about the fiscal situation inother Eurozone countries kept yield spreads versus Germanbunds at record high levels. Towards the end of the year underreview, fears of Greek default dominated the markets and led tothe widespread risk aversion.In the US, after much speculation, the Federal Reserve announcedfurther quantitative easing measures. It purchased US$600 billion inTreasury securities by June 2011. Some market participants believethat the Fed may introduce further asset purchases if economic datadoes not improve. At present, we do not believe that the third roundof quantitative easing will be necessary.In the UK, inflation continued to disappoint and initially led to anincreasingly hawkish stance by some members of the MonetaryPolicy Committee. However, towards the end of the period underreview, some of the members signalled that further quantitativeeasing might become necessary if demand growth remains sluggish,especially in the face of the eurozone crisis. Interest rates wereheld steady at 0.5% over the year where they have now remainedfor almost 2 years. The size of the Asset Purchase Programme alsoremained stable at £200 billion despite MPC member Adam Posenvoting for a £50 billion increase.The gilt market was volatile over the 12-month period. Gilts ralliedsignificantly in the first half of the year with yields on 10-year bondsfalling to a low of 2.83% in August. By February 2011, yields rose toa high of 3.88% on the back of the bailouts, positive UK economicdata and stubbornly high inflation. Renewed sovereign debt fears inthe second quarter of 2011 supported the gilt market and 10-yeargilts ended the period under review at 3.38%, overall just 2 basispoints higher than a year earlier.Credit markets outperformed government bonds over the periodunder review. The average long-dated yield spread over giltsnarrowed 3 basis points to end the reporting period at +1.59%.The market was characterised by generally strong fundamentalsand companies on the whole reported results that exceededexpectations.Despite finishing the period under review on a weaker note,financials recorded an overall strong performance. Subordinatedfinancials benefited strongly from the Basel Committee’s eagerlyawaited announcement on future capital requirements for thebanking sector, which provided a strong incentive for banks toredeem debt at the first call date. Spain’s actions to acceleratethe clean up of its savings banks and peripheral banks funding incovered bond markets have helped to improve the sentiment aroundperipheral sovereign finances. However, towards the end of theperiod under review the Greek crisis and softer economic data hada negative impact on the credit markets leading to wider spreads.The high level of volatility did create many opportunities to addvalue through security selection.Portfolio reviewThe Fund underperformed its benchmark over the period underreview. Within interest rates, short duration and yield curveflattening positions in the UK market made a negative contributionto performance while a long duration position at the front end ofthe European curve added value. Overweight exposure to the USbond market versus the UK market benefitted the portfolio whileoverweight exposure to the Swedish bond market versus the UKmarket detracted value. Security selection within long-dated creditadded value.OutlookThroughout the European sovereign debt crisis, gilts have continuedto be seen as a ‘safe haven’. However, there are some reasons to bea little concerned about the sustainability of the government’s fiscalpath if the UK economy continues to perform weakly, particularlygiven the government’s willingness to change courseon a number of issues.Given all this, it seems the balance of risks is to the downside, witha weak consumer seeing his wealth and spending power eroded,increasing loss of credibility in the Bank of England’s commitment toits inflation target, and political risk around the government’s fiscalplans. In essence, the recent past has been a sweet spot for the giltmarket, with final demand weak enough for the MPC to maintainhighly accommodative monetary policy but not quite the doubledip which would compromise the government’s ability to reducethe deficit in a manner which the markets will like. We believe thatyields are likely to rise from current levels.With European fiscal imbalances and talk of sovereign defaultdominating markets, credit spreads are likely to remain volatileover the coming months. Severe tail risks abound and the directionof markets over the short to medium term is as likely to bedriven by politics and public reaction to austerity as by corporatefundamentals and economic growth. Indeed, in the US, Congressis approaching the August deadline for it to approve an increase inthe US debt ceiling or risk having to begin defaulting on obligations.While a low probability, failure to agree would clearly havesignificant global implications. We believe that strong corporatefundamentals and recovering economies will drive spreads tighterby the end of the year.Aberdeen Global II 103Long Dated Sterling Bond

Statement of Net AssetsAs at 30 June 2011Assets £’000Investments in securities at market value (note 2.2) 196,182Cash at bank 3,751Amounts held at futures clearing houses and brokers 1,595Interest receivable 2,482Subscriptions receivable 2,347Receivable for investments sold 2,222Other assets 105Total assets 208,684LiabilitiesPayable for investments purchased 5,253Taxes and expenses payable 118Redemptions payable 105Unrealised losses on forward currency exchange13contracts (note 2.6)Unrealised losses on future contracts (note 2.7) 42Unrealised losses on swap contracts (note 2.8) 565Total liabilities 6,096Net assets at the end of the year 202,588Statement of Changes in Net AssetsFor the year from 1 July 2010 to 30 June 2011£’000Net assets at the beginning of the year 207,944Net gains from investments 8,780Net realised gains 1,841Net unrealised losses (6,880)Proceeds from shares issued 54,854Payments for shares redeemed (64,230)Net equalisation received (note 10) 279Net assets at the end of the year 202,588Statement of OperationsFor the year from 1 July 2010 to 30 June 2011Income £’000Investment income 9,131Bank interest 8Total income 9,139ExpensesManagement fees (note 4.5) 198Administration fees (note 4.1) 79Custodian fees (note 4.2) 27Domiciliary agent, registrar, paying and transfer agent60fees (note 4.3)Management Company fees (note 4.4) 19Operational expenses (note 4.6) 62Expense cap refunded by Investment Manager (note 4.7) (105)Annual tax (note 4.8) 19Total expenses 359Net gains from investments 8,780Realised gains on investments 3,236Realised gains on forward currency exchange contracts 123Realised losses on future contracts (1,050)Realised losses on swap contracts (465)Realised currency exchange losses (3)Net realised gains 1,841Decrease in unrealised appreciation on investments (6,359)Decrease in unrealised appreciation on forwardcurrency exchange contracts (17)Decrease in unrealised depreciation on future contracts 49Increase in unrealised depreciation on swap contracts (556)Unrealised currency exchange gains 3Net unrealised losses (6,880)Net increase in assets as a result of operations 3,471Share TransactionsFor the year from 1 July 2010 to 30 June 2011I-2 J-2 K-2 Z-2Shares outstanding at the beginning of the year 1,495 10,340,722 26,362,162 114,683,383Shares issued during the year 15,266,142 9,730,245 1,908,353 7,956,021Shares redeemed during the year (3,144,570) (8,426,751) (9,541,469) (22,532,834)Shares outstanding at the end of the year 12,123,067 11,644,216 18,729,046 100,106,570Net asset value per share 1.6367 1.7026 1.6924 1.3108The accompanying notes form an integral part of these financial statements.104 Aberdeen Global IILong Dated Sterling Bond

Portfolio StatementAs at 30 June 2011Security Coupon (%) Maturity NominalMarket Value£’000Percentage of totalnet assets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketAsset backed bonds - 1.11%United Kingdom - 1.11%Annington Finance No 1 8.0000 02/10/21 360,000 441 0.22Finance for Resident Social Housing 11.1260 05/10/58 1,201,939 1,812 0.892,253 1.11Asset backed bonds 2,253 1.11Corporate bonds - 0.46%United States - 0.46%Wells Fargo (EMTN) 4.8750 29/11/35 1,150,000 934 0.46Corporate bonds 934 0.46Government bonds - 95.26%United Kingdom - 95.26%UK Treasury 4.2500 07/12/27 14,410,000 14,671 7.24UK Treasury 4.2500 07/06/32 14,434,721 14,498 7.16UK Treasury 4.2500 07/03/36 34,114,845 33,992 16.78UK Treasury 4.2500 07/09/39 44,801,585 44,658 22.04UK Treasury 4.2500 07/12/40 1,060,000 1,055 0.52UK Treasury 4.2500 07/12/46 11,514,285 11,532 5.68UK Treasury 4.2500 07/12/49 42,117,380 42,193 20.83UK Treasury 4.2500 07/12/55 3,311,343 3,329 1.64UK Treasury 4.5000 07/09/34 17,330,000 17,919 8.85UK Treasury 8.7500 25/08/17 100 - -UK Treasury 4.5000 07/12/42 8,246,168 8,589 4.24UK Treasury 4.7500 07/12/30 520,000 559 0.28192,995 95.26Government bonds 192,995 95.26Total transferable securities and money market instruments admitted to anofficial exchange listing / dealt in on another regulated market 196,182 96.83Financial derivative instrumentsFuture contracts - (0.02)%Future Maturity NotionalUnrealisedgains/(losses)£’000Percentage oftotal net assets%LIF LONG GILT SEP11 28/09/11 (367) (42) (0.02)Unrealised losses on future contracts (42) (0.02)Forward currency exchange contracts - (0.01)%Unrealisedgains/(losses)£’000Percentage oftotal net assets%Buy Sell SettlementBuyAmountSellAmountEUR GBP 09/09/11 184,924 179,988 5 -EUR GBP 09/09/11 858,769 837,674 21 0.01Aberdeen Global II 105Long Dated Sterling Bond

Portfolio Statement continuedUnrealisedgains/(losses)£’000Percentage oftotal net assets%Buy Sell SettlementBuyAmountSellAmountGBP EUR 09/09/11 244,635 244,460 - -GBP EUR 09/09/11 837,221 863,279 (26) (0.01)GBP SEK 09/09/11 219,203 225,705 (7) (0.01)GBP USD 09/09/11 2,176,762 2,221,285 (44) (0.02)SEK GBP 04/07/11 23,265 22,780 - -USD GBP 09/09/11 2,221,285 2,183,492 38 0.02Unrealised losses on forward currency exchange contracts (13) (0.01)Swap contracts - (0.27)%Unrealisedgains/(losses)£’000Percentageof total netassets %Counterparty Ccy Termination Notional Fund Pays Fund ReceivesInterest rate swap contracts - 0.15%Barclays SEK 04/01/20 115,500,000 3 MONTH SEK-STIBO 3.7750% 241 0.12Barclays SEK 04/01/20 8,100,000 3 MONTH SEK-STIBO 3.7750% 17 0.01Barclays SEK 04/01/20 20,700,000 3 MONTH SEK-STIBO 3.7750% 43 0.02Unrealised gains on interest rate swap contracts 301 0.15Unrealisedgains/(losses)£’000Percentageof total netassets %Counterparty Ccy Termination Notional Fund Pays Fund ReceivesOvernight indexed swap contracts - (0.42)%Credit Suisse EUR 13/07/11 678,060,000 EUR EONIA 1.0675% (287) (0.14)Credit Suisse EUR 13/07/11 497,750,000 EUR EONIA 1.0850% (208) (0.10)Credit Suisse GBP 08/09/11 452,300,000 GBP SONIA 0.8150% 122 0.06Credit Suisse GBP 08/09/11 218,600,000 GBP SONIA 0.5675% 7 -Credit Suisse GBP 08/09/11 273,400,000 0.5925% GBP SONIA (10) 0.01Credit Suisse GBP 06/10/11 566,000,000 0.8550% GBP SONIA (135) (0.07)Goldman Sachs EUR 13/07/11 497,750,000 EUR EONIA 1.0950% (207) (0.10)Goldman Sachs EUR 13/07/11 310,600,000 EUR EONIA 1.0400% (134) (0.07)Royal Bank of Scotland GBP 08/09/11 467,420,000 GBP SONIA 0.8150% 126 0.06Royal Bank of Scotland GBP 06/10/11 585,025,000 0.8550% GBP SONIA (140) (0.07)Unrealised losses on overnight indexed swap contracts (866) (0.42)Unrealised losses on swap contracts (565) (0.27)Unrealised losses on financial derivative instruments (620) (0.30)Total investments 195,562 96.53Other net assets 7,026 3.47Total 202,588 100.00106 Aberdeen Global IILong Dated Sterling Bond

Long Dated Sterling CreditFor the year ended 30 June 2011PerformanceFor the year ended 30 June 2011, the value of Long Dated SterlingCredit - Z Accumulation Income shares increased by 5.01%compared to an increase of 4.62% in the benchmark, Bank ofAmerica Merrill Lynch Sterling Non-Gilts > 10 Year Index.Source: BNP Paribas, Total Return, GBP.Manager’s reviewGlobal fixed income markets were volatile throughout the periodunder review. Peripheral eurozone countries came under severepressure from bond investors concerned over levels of indebtedness.Yields on peripheral sovereign debt rose significantly as investorsshunned the bond market. Greece was the first peripheral nation toundergo a crisis, followed by Ireland in the fourth quarter of 2010and Portugal in the second quarter of 2011. EU/IMF bailouts failed tocalm the markets as expected and fears about the fiscal situation inother Eurozone countries kept yield spreads versus Germanbunds at record high levels. Towards the end of the year underreview, fears of Greek default dominated the markets and led tothe widespread risk aversion.In the US, after much speculation, the Federal Reserve announcedfurther quantitative easing measures. It purchased US$600 billion inTreasury securities by June 2011. Some market participants believethat the Fed may introduce further asset purchases if economic datadoes not improve. At present, we do not believe that the third roundof quantitative easing will be necessary.In the UK, inflation continued to disappoint and initially led to anincreasingly hawkish stance by some members of the MonetaryPolicy Committee. However, towards the end of the period underreview, some of the members signalled that further quantitativeeasing might become necessary if demand growth remains sluggish,especially in the face of the eurozone crisis. Interest rates wereheld steady at 0.5% over the year where they have now remainedfor almost 2 years. The size of the Asset Purchase Programme alsoremained stable at £200 billion despite MPC member Adam Posenvoting for a £50 billion increase.The gilt market was volatile over the 12-month period. Gilts ralliedsignificantly in the first half of the year with yields on 10-year bondsfalling to a low of 2.83% in August. By February 2011, yields rose toa high of 3.88% on the back of the bailouts, positive UK economicdata and stubbornly high inflation. Renewed sovereign debt fears inthe second quarter of 2011 supported the gilt market and 10-yeargilts ended the period under review at 3.38%, overall just 2 basispoints higher than a year earlier.Credit markets outperformed government bonds over the periodunder review. The average long-dated yield spread over giltsnarrowed 3 basis points to end the reporting period at +1.59%.The market was characterised by generally strong fundamentalsand companies on the whole reported results that exceededexpectations.Despite finishing the period under review on a weaker note,financials recorded an overall strong performance. Subordinatedfinancials benefited strongly from the Basel Committee’s eagerlyawaited announcement on future capital requirements for thebanking sector, which provided a strong incentive for banks toredeem debt at the first call date. Spain’s actions to acceleratethe clean up of its savings banks and peripheral banks funding incovered bond markets have helped to improve the sentiment aroundperipheral sovereign finances. However, towards the end of theperiod under review the Greek crisis and softer economic data hada negative impact on the credit markets leading to wider spreads.The high level of volatility did create many opportunities to addvalue through security selection.Portfolio reviewThe Fund outperformed its benchmark over the period under review.Security selection within long-dated credit added value, the fundbenefitting from overweight exposure to financials. Within interestrates, short duration and yield curve flattening positions in the UKmarket made a negative contribution to performance while a longduration position at the front end of the European curve addedvalue. Overweight exposure to the US bond market versus the UKmarket benefitted the portfolio while overweight exposure to theSwedish bond market versus the UK market detracted value.OutlookThroughout the European sovereign debt crisis, gilts have continuedto be seen as a ‘safe haven’. However, there are some reasons to be alittle concerned about the sustainability of the government’s fiscal pathif the UK economy continues to perform weakly, particularly given thegovernment’s willingness to change course on a number of issues.Given all this, it seems the balance of risks is to the downside, witha weak consumer seeing his wealth and spending power eroded,increasing loss of credibility in the Bank of England’s commitment toits inflation target, and political risk around the government’s fiscalplans. In essence, the recent past has been a sweet spot for the giltmarket, with final demand weak enough for the MPC to maintainhighly accommodative monetary policy but not quite the doubledip which would compromise the government’s ability to reducethe deficit in a manner which the markets will like. We believe thatyields are likely to rise from current levels.With European fiscal imbalances and talk of sovereign defaultdominating markets, credit spreads are likely to remain volatileover the coming months. Severe tail risks abound and the directionof markets over the short to medium term is as likely to bedriven by politics and public reaction to austerity as by corporatefundamentals and economic growth. Indeed, in the US, Congressis approaching the August deadline for it to approve an increase inthe US debt ceiling or risk having to begin defaulting on obligations.While a low probability, failure to agree would clearly havesignificant global implications. We believe that strong corporatefundamentals and recovering economies will drive spreads tighterby the end of the year.Aberdeen Global II 107Long Dated Sterling Credit

Statement of Net AssetsAs at 30 June 2011Assets£'000Investments in securities at market value (note 2.2) 304,103Cash at bank 2,242Amounts held at futures clearing houses and brokers 982Interest receivable 6,535Receivable for investments sold 4,519Other assets 151Total assets 318,532LiabilitiesPayable for investments purchased 4,519Taxes and expenses payable 172Redemptions payable 40Unrealised losses on forward currency exchangecontracts (note 2.6) 119Unrealised losses on future contracts (note 2.7) 36Unrealised losses on swap contracts (note 2.8) 272Total liabilities 5,158Net assets at the end of the year 313,374Statement of Changes in Net AssetsFor the year from 1 July 2010 to 30 June 2011£’000Net assets at the beginning of the year 359,058Net gains from investments 18,072Net realised gains 5,793Net unrealised losses (6,485)Proceeds from shares issued 15,596Payments for shares redeemed (77,583)Net equalisation paid (note 10) (1,077)Net assets at the end of the year 313,374Statement of OperationsFor the year from 1 July 2010 to 30 June 2011Income£'000Investment income 18,846Bank interest 27Total income 18,873ExpensesManagement fees (note 4.5) 515Administration fees (note 4.1) 106Custodian fees (note 4.2) 60Domiciliary agent, registrar, paying and transfer103agent fees (note 4.3)Management Company fees (note 4.4) 33Operational expenses (note 4.6) 101Expense cap refunded by Investment Manager (note 4.7) (151)Annual tax (note 4.8) 34Total expenses 801Net gains from investments 18,072Realised gains on investments 7,030Realised losses on forward currency exchange(104)contractsRealised losses on future contracts (778)Realised losses on swap contracts (413)Realised currency exchange gains 59Net realised gains 5,793Decrease in unrealised appreciation on investments (6,124)Decrease in unrealised appreciation on forwardcurrency exchange contracts (332)Decrease in unrealised depreciation on future contracts 69Increase in unrealised depreciation on swap contracts (74)Unrealised currency exchange losses (24)Net unrealised losses (6,485)Net increase in assets as a result of operations 17,380Share TransactionsFor the year from 1 July 2010 to 30 June 2011K-2 Z-2Shares outstanding at the beginning of the year 98,066,614 123,691,812Shares issued during the year 787,871 9,246,085Shares redeemed during the year (35,338,644) (8,400,236)Shares outstanding at the end of the year 63,515,841 124,537,661Net asset value per share 1.8534 1.5710The accompanying notes form an integral part of these financial statements.108 Aberdeen Global IILong Dated Sterling Credit

Portfolio StatementAs at 30 June 2011PercentageSecurity Coupon (%) Maturity NominalMarket Value£’000of total netassets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketAsset backed bonds - 3.49%United Kingdom - 3.49%Canary Wharf Finance 5.9520 22/01/35 1,070,000 1,115 0.35Control Section 1 Finance 5.2340 02/05/35 3,260,000 3,472 1.11Finance for Resident Social Housing 11.1260 05/10/58 2,320,986 3,498 1.12Housing Association Funding 8.2500 07/06/27 1,592,214 2,082 0.66Unique Pub Finance 6.5420 30/03/21 900,000 775 0.2510,942 3.49Asset backed bonds 10,942 3.49Corporate bonds - 86.17%Austria - 0.63%Oesterreich Kontrollbank 5.7500 07/12/28 1,745,000 1,983 0.63Belgium - 1.65%Anheuser-Busch Inbev (EMTN) 9.7500 30/07/24 2,488,000 3,482 1.11S.N.C.B. (EMTN) 5.7000 28/05/32 1,650,000 1,686 0.545,168 1.65Canada - 0.55%Xstrata Canada Fin Corp (EMTN) 7.3750 27/05/20 1,535,000 1,742 0.55Cayman Islands - 0.59%SMFG Preferred Capital (FRN) (PERP) 10.2310 31/12/49 1,550,000 1,846 0.59Denmark - 0.31%TDC (EMTN) 5.6250 23/02/23 950,000 985 0.31France - 5.87%AXA (FRN) (PERP) (EMTN) 6.6862 31/12/49 3,600,000 3,044 0.97Bouygues 5.5000 06/10/26 2,600,000 2,636 0.84Credit Agricole (EMTN) 7.3750 31/12/49 950,000 979 0.31Credit Logement (FRN) 2.0710 31/12/49 900,000 668 0.21Electricite De France 5.1250 22/09/50 3,850,000 3,650 1.17Electricite De France (EMTN) 6.1250 02/06/34 4,550,000 4,930 1.57France Telecom (EMTN) 5.3750 22/11/50 2,550,000 2,501 0.8018,408 5.87Germany - 3.06%BayernLB Capital Trust I (FRN) (PERP) 6.2032 31/12/49 635,000 231 0.08KFW (MTN) 4.8750 15/03/37 978,000 1,038 0.33KFW International Finance (EMTN) 5.7500 07/06/32 4,950,000 5,833 1.86RWE Finance (MTN) 5.5000 06/07/22 2,400,000 2,478 0.799,580 3.06Italy - 4.07%Assicurazioni Generali (FRN) (PERP) 6.4160 31/12/49 3,000,000 2,345 0.75ENEL Finance International (MTN) 5.6250 14/08/24 1,940,000 1,880 0.60ENEL Finance International (MTN) 5.7500 14/09/40 3,135,000 2,909 0.93Romulus Finance 5.4410 20/02/23 2,175,000 1,757 0.56Telecom Italia Finance (EMTN) 7.7500 24/01/33 4,030,000 3,862 1.2312,753 4.07Aberdeen Global II 109Long Dated Sterling Credit

Portfolio Statement continuedMarket Value£’000Percentageof total netassets %Security Coupon (%) Maturity NominalMexico - 0.56%America Movil SAB 5.7500 28/06/30 1,680,000 1,749 0.56Netherlands - 1.33%Deutsche Telekom International Finance (MTN) 8.8750 27/11/28 1,600,000 2,162 0.69E.On International Finance (MTN) 6.7500 27/01/39 1,700,000 1,997 0.644,159 1.33Spain - 2.36%Mapfre (FRN) 5.9210 24/07/37 2,100,000 1,525 0.49Telefonica Emisiones (MTN) 5.2890 09/12/22 2,700,000 2,582 0.82Telefonica Emisiones (MTN) 5.3750 02/02/26 3,505,000 3,283 1.057,390 2.36Supranational - 7.16%European Investment Bank 5.0000 15/04/39 4,500,000 4,852 1.55European Investment Bank 6.0000 07/12/28 9,950,000 11,735 3.74European Investment Bank 5.6250 07/06/32 3,540,000 4,073 1.30European Investment Bank (MTN) 4.5000 07/03/44 800,000 807 0.26European Investment Bank (MTN) 4.6250 12/10/54 940,000 975 0.3122,442 7.16Switzerland - 1.00%UBS (EMTN) 8.7500 18/12/25 2,543,000 3,139 1.00United Kingdom - 46.23%3I Group 5.7500 03/12/32 1,495,000 1,293 0.41Abbey National Treasury Services 5.7500 02/03/26 3,200,000 3,299 1.05Annington Finance No 4 - 07/12/22 3,540,000 2,033 0.65Aspire Defence Finance 4.6740 31/03/40 4,310,000 3,754 1.20Aviva (EMTN) 6.1250 14/11/36 1,000,000 908 0.29Aviva (EMTN) 6.8750 20/05/58 360,000 341 0.11Aviva (VAR) (PERP) 6.1250 31/12/49 4,080,000 3,409 1.09Bank of Scotland 9.3750 15/05/21 1,990,000 2,217 0.71Barclays Bank (FRN) (PERP) 5.3304 31/12/49 1,360,000 985 0.31Barclays Bank (FRN) (PERP) 6.1250 31/12/49 1,935,000 1,683 0.54BAT International Finance (EMTN) 6.0000 24/11/34 2,950,000 3,045 0.97Bishopgate Asset Financial (EMTN) 5.1075 28/09/37 3,520,000 3,324 1.06British Insurance Holdings (VAR) 6.6250 09/12/30 690,000 465 0.15British Telecom (EMTN) 6.3750 23/06/37 3,350,000 3,409 1.09Co-op Wholesale Society 6.2500 08/07/26 2,280,000 2,253 0.72EDF Energy Networks 6.0000 12/11/36 3,120,000 3,307 1.06Freshwater Finance 5.1820 20/04/35 780,000 736 0.23GE Capital UK Funding (EMTN) 5.1250 24/05/23 1,800,000 1,779 0.57GE Capital UK Funding (EMTN) 5.8750 18/01/33 6,966,000 7,004 2.23GE Capital UK Funding (EMTN) 6.2500 05/05/38 169,000 178 0.06Glaxosmithkline Capital (EMTN) 6.3750 09/03/39 3,210,000 3,692 1.18Hammerson (EMTN) 6.0000 23/02/26 760,000 760 0.24HSBC (MTN) 5.7500 20/12/27 10,000,000 9,460 3.02Imperial Tobacco Finance (MTN) 8.1250 15/03/24 2,680,000 3,260 1.04Juturna ELC 5.0636 10/08/33 903,690 879 0.28Land Securities (FRN) (MTN) 5.1250 07/02/36 3,015,000 2,910 0.93LCR Finance 4.5000 07/12/28 5,805,000 5,886 1.88Legal & General (EMTN) 5.8750 05/04/33 1,090,000 1,075 0.34Lloyds TSB Bank 6.0000 08/02/29 3,000,000 3,155 1.01Lloyds TSB Bank (EMTN) 7.5000 15/04/24 3,100,000 3,311 1.06Lloyds TSB Bank (EMTN) 7.6250 22/04/25 3,685,000 3,542 1.13110 Aberdeen Global IILong Dated Sterling Credit

PercentageSecurity Coupon (%) Maturity NominalMarket Value£’000of total netassets %Lloyds TSB Bank (VAR) (PERP) 13.0000 31/12/49 1,300,000 1,675 0.53London & Quadrant Housing 5.5000 27/01/40 2,190,000 2,253 0.72Lunar Funding I (MTN) 5.7500 18/10/33 2,221,000 2,315 0.74Motability Operations (EMTN) 5.3750 28/06/22 2,185,000 2,261 0.72National Grid Electric 5.8750 02/02/24 3,300,000 3,548 1.13National Grid Gas (EMTN) 6.0000 13/05/38 1,730,000 1,875 0.60Nationwide Building Society (EMTN) 5.6250 28/01/26 2,250,000 2,333 0.74Network Rail Infrastructure Finance (EMTN) 4.3750 09/12/30 1,835,000 1,814 0.58Network Rail Infrastructure Finance (MTN) 4.7500 29/11/35 1,995,000 2,060 0.66NIE Finance 6.3750 02/06/26 1,400,000 1,395 0.44Northern Electric Finance 5.1250 04/05/35 950,000 894 0.29Northern Gas Networks (EMTN) 5.6250 23/03/40 715,000 706 0.23Prudential (MTN) 6.1250 19/12/31 1,790,000 1,698 0.54Royal Bank of Scotland (EMTN) 6.8750 17/05/25 4,647,000 4,709 1.50Santander Treasury Services 6.5000 21/10/30 2,975,000 2,860 0.91South Eastern Power Networks (EMTN) 5.6250 30/09/30 520,000 506 0.16South Eastern Power Networks (EMTN) 6.3750 12/11/31 3,065,000 3,296 1.05Southern Gas Network (MTN) 4.8750 21/03/29 880,000 822 0.26Southern Water Services (EMTN) 5.0000 31/03/21 7,958,000 8,136 2.60Southern Water Services (MTN) 6.1920 31/03/29 310,000 338 0.11Sunderland (SHG) Finance 6.3800 31/03/42 1,480,000 1,680 0.54Tesco (EMTN) 5.5000 13/01/33 770,000 776 0.25Tesco (EMTN) 6.1250 24/02/22 4,470,000 4,889 1.56Thames Water Utilities Cayman (EMTN) 5.5000 11/02/41 3,900,000 3,910 1.25Housing Finance 5.1250 21/12/37 115,000 112 0.03Unique Pub Finance 5.6590 30/06/27 580,000 436 0.14Wales & West Utility Finance 5.7500 29/03/30 795,000 820 0.26Western Power (EMTN) 5.2500 17/01/23 2,310,000 2,306 0.74White City Property Finance 5.1202 17/04/35 1,086,766 1,059 0.34144,834 46.23United States - 10.80%American International Group (EMTN) 5.0000 26/04/23 900,000 795 0.25AT & T 7.0000 30/04/40 4,100,000 4,915 1.57Bank of America (EMTN) 7.0000 31/07/28 4,100,000 4,312 1.38Citigroup (EMTN) 6.8000 25/06/38 3,255,000 3,448 1.10Citigroup (EMTN) 7.3750 01/09/39 900,000 1,016 0.32GE Cap (EMTN) 5.6250 16/09/31 760,000 744 0.24Goldman Sachs 7.2500 10/04/28 2,120,000 2,315 0.74Pfizer 6.5000 03/06/38 3,200,000 3,741 1.19Proctor & Gamble 4.8750 11/05/27 2,525,000 2,403 0.77Wells Fargo (EMTN) 4.8750 29/11/35 4,500,000 3,654 1.17Wal-Mart Stores 4.8750 19/01/39 6,820,000 6,503 2.0733,846 10.80Corporate bonds 270,024 86.17Government bonds - 7.39%France - 2.01%Reseau Ferre De France 4.8300 25/03/60 1,590,000 1,631 0.52Reseau Ferre De France (EMTN) 5.2500 07/12/28 2,270,000 2,434 0.78S.N.C.F (EMTN) 5.3750 18/03/27 2,150,000 2,228 0.716,293 2.01Aberdeen Global II 111Long Dated Sterling Credit

Portfolio Statement continuedMarket Value£’000Percentageof total netassets %Security Coupon (%) Maturity NominalUnited Kingdom - 5.38%UK Treasury 4.2500 07/03/36 1,750,000 1,744 0.56UK Treasury 4.2500 07/12/49 7,900,000 7,914 2.53UK Treasury 4.2500 07/12/27 7,058,095 7,186 2.2916,844 5.38Government bonds 23,137 7.39Total transferable securities and money market instruments admitted to anofficial exchange listing / dealt in on another regulated market 304,103 97.05Financial derivative instrumentsFuture contracts - (0.01)%Future Maturity NotionalUnrealisedgains/(losses)£’000Percentageof total netassets %LIF LONG GILT SEP11 28/09/11 (221) (36) (0.01)Unrealised losses on future contracts (36) (0.01)Forward currency exchange contracts - (0.04)%Unrealisedgains/(losses)£’000Percentageof total netassets %Buy Sell SettlementBuyAmountSellAmountEUR GBP 09/09/11 367,142 358,123 9 -GBP EUR 09/09/11 307,068 316,626 (10) -GBP EUR 09/09/11 8,327,198 8,441,554 (114) (0.04)GBP USD 09/09/11 1,606,759 1,639,624 (33) (0.01)SEK GBP 04/07/11 8,690 8,509 - -USD GBP 09/09/11 1,639,624 1,611,123 29 0.01Unrealised losses on forward currency exchange contracts (119) (0.04)Swap contracts - (0.10)%Unrealisedgains/(losses)£’000Percentageof total netassets %Counterparty Ccy Termination Notional Fund Pays Fund ReceivesOvernight indexed swap contracts - (0.11)%Royal Bank of Scotland EUR 26/02/20 9,480,000 3.3600% 6 MONTH EURIBOR 57 0.02Deutsche Bank EUR 01/03/27 3,450,000 3.7900% 6 MONTH EURIBOR (64) (0.02)Royal Bank of Scotland GBP 23/03/27 1,330,000 6 MONTH LIBOR 4.2070% (63) (0.02)Credit Suisse EUR 31/05/23 2,390,000 6 MONTH EURIBOR 3.1940% 57 0.02Royal Bank of Scotland GBP 28/05/20 3,400,000 6 MONTH LIBOR 3.5400% (128) (0.05)Goldman Sachs GBP 30/07/20 4,330,000 6 MONTH LIBOR 3.3800% (93) (0.03)Barclays SEK 04/01/20 53,900,000 3 MONTH SEK-STIBO 3.7750% (92) (0.03)Unrealised losses on overnight indexed swap contracts (326) (0.11)112 Aberdeen Global IILong Dated Sterling Credit

Unrealisedgains/(losses)£’000Percentageof total netassets %Counterparty Ccy Termination Notional Fund Pays Fund ReceivesInterest rate swap contracts - 0.01%Royal Bank of Scotland GBP 08/09/11 213,520,000 GBP SONIA 0.8150% (34) (0.01)Royal Bank of Scotland GBP 06/10/11 267,250,000 0.8550% GBP SONIA 7 -Credit Suisse GBP 06/10/11 264,100,000 0.8550% GBP SONIA 35 0.01Credit Suisse GBP 08/09/11 211,000,000 GBP SONIA 0.8150% (86) (0.03)Credit Suisse EUR 13/07/11 303,170,000 EUR EONIA 1.0675% 37 0.01Credit Suisse EUR 13/07/11 221,600,000 EUR EONIA 1.0850% (17) (0.01)Goldman Sachs EUR 13/07/11 221,600,000 EUR EONIA 1.0950% 112 0.04Unrealised gains on interest rate swap contracts 54 0.01Unrealised losses on swap contracts (272) (0.10)Unrealised losses on financial derivative instruments (427) (0.15)Total investments 303,676 96.90Other net assets 9,698 3.10Total 313,374 100.00Aberdeen Global II 113Long Dated Sterling Credit

Multi Asset Asia PacificFor the period 24 September 2010 to 30 June 2011PerformanceFor the period 24 September 2010 to 30 June 2011, the value of Multi Asset Asia Pacific - A Accumulation shares increased by 5.80%compared to an increase of 5.61% in the composite benchmark. For the period 24 September to 30 September 2010 the benchmark was the3 Month USD LIBOR + 400 Basis Point Index, from 1 October 2010 to 30 June 2011 the composite benchmark is 40% Morgan Stanley CapitalIndex AC Asia Pacific Index, 30% JP Morgan Asia Credit Index and 30% HSBC Asian Local Bond Index (ALBI).Source: Lipper, Basis: total return, NAV to NAV, net of annual charges, gross income reinvested, USD.Change of management fee rateFrom 1 January 2011, the investment Manager decreased the management fee payable on the A Shares of the Fund from 1.90% per annum ofNet Asset Value (NAV) to 1.50%.Perfomance feeFrom 1 January 2011, the investment Manager is no longer entitled to the performance fee.Corporate activityOn 24 September 2010, Credit Suisse Fund (Lux) Total Return Asia Pacific Aberdeen transferred its assets into the Aberdeen Global II - MultiAsset Asia Pacific Fund resulting in a contribution in kind worth US$197 million in investments and cash.Shareholders involved in the transfer were given A shares in the Aberdeen Global II - Multi Asset Asia Pacific Fund for every 1 share previouslyheld in Credit Suisse Bond Fund (Lux) Total Return Asia Pacific Aberdeen as follows:Credit Suisse BondFund (Lux) Share Class Aberdeen Global II Share Class Contribution in kind (‘000) Transfer RatioTotal Return AsiaPacific AberdeenTotal Return AsiaPacific AberdeenTotal Return AsiaPacific Aberdeen^Hedge share classBR(CHF) ^R(EUR) ^Multi Asset AsiaPacific Fund A-2 US$114,826 1.000800641Multi Asset AsiaPacific Fund A(CHF)-2 ^ CHF27,735 1.000800641Multi Asset AsiaPacific Fund A(EUR)-2 ^ €40,154 1.000800641Manager’s reviewAsian economies continued to expand briskly in the year underreview, underpinned by robust domestic demand and a pickup inintra-regional trade. Although Japan suffered a devastating tsunamiand earthquake that threatened the global supply chain, its impacton the rest of Asia appeared limited. Along with dwindling economicslack, increases in the prices of food, energy and other commoditiesdrove up inflation. In response, central banks tightened monetarypolicy further; the People’s Bank of China hiked its policy rate fourtimes and banks’ reserve requirements nine times. Others allowedtheir currencies to appreciate to alleviate imported price pressures.This contrasted with most Western central banks, which on thewhole maintained very loose monetary conditions.The MSCI AC Asia Pacific Index rose by more than 20%, led byKorea, Thailand and Australia on expectations of better demandfor technology products and natural resources. Against this, Indiaand China underperformed on the back of inflationary fears, withIndia’s poor showing exacerbated further by corruption scandalssurrounding the issuance of 2G telecom licences.Similarly, Asian fixed income markets also posted gains, albeit smallerthan those of their equity counterparts. Local-currency bonds weredampened by the improving economic environment and monetarytightening cycle, which weighed on the short end of the yield curve,but they performed well during periods of instability that weretriggered by political unrest in the Middle East and north Africa,Japan’s devastating earthquake and Europe’s sovereign debt problems.Credit markets started the year on a positive note but gains werepared towards the period-end on concerns over corporate governancein the high-yield industrial sector. Meanwhile, Asian currencies roseagainst the US dollar, although they fell against the euro and the yen.The won, Singapore and Taiwan dollars climbed by more than 10%each against the US dollar, while China’s move to internationalisegradually its currency picked up traction with a 4.7% gain.114 Aberdeen Global IIMulti Asset Asia Pacific

Portfolio reviewThe Fund rose by more than the benchmark during the period, thanksto outperformance in both the Asian equity and fixed income sleeves.Performance of the fixed income sleeve was driven by our currencyexposure, particularly the overweight to the won and Singaporedollar. However, some of these gains were negated by ourunderweight position to the appreciating Taiwan dollar in the latterpart of 2010.In contrast, our interest rate strategies detracted as yields rose inIndonesia and the Philippines in the latter part of 2010, althoughlosses were pared slightly by the exposure to Korea, particularly toinflation-protected securities. The portfolio’s credit allocations addedvalue in the first part of the period as the overweight exposure tothe region’s financials proved positive but underperformed towardsthe period-end largely because of our overweight to Chineseindustrials that bore the brunt of increased supply and increasingscrutiny on corporate governance.In the equity sleeve, stock selection was the main driver ofperformance, outweighing negative asset allocation. The nonbenchmarkexposure to the Aberdeen Global - Indian Equity Fundproved positive, while our Taiwan holdings Taiwan Mobile and TSMCfared better than the broader market. In Hong Kong, ASM PacificTechnology’s order book rebounded, reflecting good global demand;PetroChina was underpinned by the spike in oil and commodityprices; while AIA continued to gain traction in clawing back some ofits lost market share.In the longer run, domestic demand is likely to play an increasinglyimportant role in Asia’s economic growth as policymakers rebalancegrowth to lessen the dependency on exports. Strong incomegrowth should underpin private investment, while governments areencouraging foreign direct investment, particularly in Indonesia,Malaysia and the Philippines. At the same time, central banks willallow their currencies to rise to be more closely linked to economicfundamentals.We plan to maintain our equity allocation at neutral (40%) for thetime being as we believe that upside and downside risks remainbalanced. Although Asia’s fundamentals are sound, particularly withrespect to the West, its markets are still very susceptible to swingsin global risk appetite. Given good long-term growth prospects forthe region, we will likely view any weakness in markets as a resultof debt-related problems in the US and Europe as opportunities toincrease the equity weighting.OutlookThe global economic recovery appears to be losing momentum.Although this is in part due to transitory factors such as higher oilprices and Japan’s earthquake, it seems that more structural forcessuch as household deleveraging in advanced countries such as theUS and the UK may also be at work. As such, we expect economicperformance to remain subpar in the coming months, whilegovernments stand ready to support growth should economies faltermore drastically. Nevertheless, price pressures remain a concern inAsia, with core inflation rising recently as countries face domesticcapacity constraints such as labour shortages and industrialproduction bottlenecks.Aberdeen Global II 115Multi Asset Asia Pacific

Statement of Net AssetsAs at 30 June 2011AssetsUS$’000Investments in securities at market value (note 2.2) 202,543Cash at bank 6,087Amounts held at futures clearing houses and brokers 154Interest and dividends receivable 1,950Subscriptions receivable 505Unrealised gains on forward currency exchange322contracts (note 2.6)Other assets 2Total assets 211,563LiabilitiesTaxes and expenses payable 790Redemptions payable 501Unrealised losses on future contracts (note 2.7) 57Unrealised losses on swap contracts (note 2.8) 1,049Other liabilities 244Total liabilities 2,641Net assets at the end of the period 208,922Statement of Changes in Net AssetsFor the period from 24 September 2010 to 30 June 2011US$’000Net gains from investments 1,416Net realised gains 11,719Net unrealised gains 7,126Proceeds from shares issued 232,192Payments for shares redeemed (43,519)Net equalisation paid (note 10) (12)Net assets at the end of the period 208,922Statement of OperationsFor the period from 24 September 2010 to 30 June 2011IncomeUS$'000Investment income 4,824Bank interest 9Other income 3Total income 4,836ExpensesGross management fees 2,591Less: Management fee cross holdings (75)Management fees (note 4.5) 2,516Performance fees (note 4.9) 540Administration fees (note 4.1) 111Custodian fees (note 4.2) 47Domiciliary agent, registrar, paying and transfer50agent fees (note 4.3)Management Company fees (note 4.4) 17Operational expenses (note 4.6) 61Annual tax (note 4.8) 78Total expenses 3,420Net gains from investments 1,416Realised gains on investments 1,954Realised gains on forward currency exchange contracts 5,378Realised losses on future contracts (269)Realised gains on swap contracts 917Realised currency exchange gains 3,739Net realised gains 11,719Increase in unrealised appreciation on investments 7,909Increase in unrealised appreciation on forward currency 322exchange contractsIncrease in unrealised depreciation on future contracts (57)Increase in unrealised depreciation on swap contracts (1,049)Unrealised currency exchange gains 1Net unrealised gains 7,126Net increase in assets as a result of operations 20,261Share TransactionsFor the period from 24 September 2010 to 30 June 2011A-2 A(EUR)-2^ A(CHF)-2^Shares issued during the period 845,190 334,559 229,534Shares redeemed during the period (160,743) (48,182) (48,636)Shares outstanding at the end of the period 684,447 286,377 180,898Net asset value per share 168.3145 152.7559 141.0054^Hedged Share ClassesThe accompanying notes form an integral part of these financial statements.116 Aberdeen Global IIMulti Asset Asia Pacific

Portfolio StatementAs at 30 June 2011Market ValueUS$’000Percentage of totalnet assets %Security Coupon (%) Maturity NominalTransferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketCorporate bonds - 20.75%China - 1.48%Agile Property 10.0000 14/11/16 550,000 585 0.28Country Garden 11.7500 10/09/14 800,000 871 0.42Sinochem Overseas Capita 6.3000 12/11/40 300,000 294 0.14West China Cement 7.5000 25/01/16 1,400,000 1,346 0.643,096 1.48Hong Kong - 6.51%Central China Real Estate 12.2500 20/10/15 750,000 780 0.37CFG Investment (MTN) 9.2500 19/12/13 710,000 731 0.35China Oriental 8.0000 18/08/15 300,000 306 0.15China Overseas Finance 5.5000 10/11/20 550,000 526 0.25First Pacific 7.3750 24/07/17 300,000 327 0.16Fita International 7.0000 10/02/20 1,050,000 1,073 0.51Fufeng Group 7.6250 13/04/16 1,400,000 1,328 0.64Henson Finance 5.5000 17/09/19 850,000 831 0.40Hongkong Land Finance (EMTN) 4.5000 07/10/25 1,250,000 1,109 0.53Hutchison Whampoa International 4.6250 11/09/15 100,000 106 0.05Hutchison Whampoa International 7.4500 24/11/33 150,000 187 0.09Hutchison Whampoa International (MTN) 7.6250 09/04/19 1,550,000 1,846 0.88Longfor Properties 9.5000 07/04/16 400,000 413 0.20Sino-Forest 10.2500 28/07/14 1,100,000 553 0.26Sino-Forest 6.2500 21/10/17 450,000 205 0.10Swire Pacific MTN Financing 5.5000 19/08/19 1,150,000 1,210 0.58Texhong Textile 7.6250 19/01/16 750,000 735 0.35Wing Hang Bank (FRN) (PERP) 6.0000 20/04/49 1,300,000 1,330 0.6413,596 6.51India - 2.27%Axis Bank Dubai (EMTN) 5.2500 30/09/15 800,000 823 0.39Bank of Baroda London 5.0000 24/08/16 1,100,000 1,126 0.54ICICI Bank (FRN) 6.3750 30/04/22 800,000 778 0.37ICICI Bank Dubai 4.7500 25/11/16 450,000 448 0.21Indian Railway Finance 4.4060 30/03/16 500,000 513 0.25NTPC (EMTN) 5.8750 02/03/16 750,000 805 0.39Syndicate Bank (EMTN) 4.7500 06/11/16 250,000 250 0.124,743 2.27Indonesia - 1.47%Indosat Palapa 7.3750 29/07/20 650,000 725 0.35Listrindo Capital 9.2500 29/01/15 1,000,000 1,095 0.52Majapahit Holding 7.8750 29/06/37 200,000 231 0.11Majapahit Holding 8.0000 07/08/19 650,000 769 0.37Pertamina 5.2500 23/05/21 250,000 253 0.123,073 1.47South Korea - 4.32%Busan Bank 6.0000 30/10/17 910,000 951 0.46Hana Bank 4.0000 03/11/16 300,000 302 0.14Hana Bank (GMTN) (VAR) 5.3750 12/04/17 520,000 530 0.25Hyundai Capital Services (MTN) 6.0000 05/05/15 1,100,000 1,202 0.58Korea First Bank 7.2670 03/03/34 1,200,000 1,277 0.61Korea Midland Power 5.3750 11/02/13 400,000 420 0.20Korea South East Power 6.0000 25/05/16 900,000 1,002 0.48National Agricultural Co-op Fed 4.2500 28/01/16 550,000 564 0.27Shinhan Bank 4.1250 04/10/16 550,000 561 0.27Aberdeen Global II 117Multi Asset Asia Pacific

Portfolio Statement continuedMarket ValueUS$’000Percentage of totalnet assets %Security Coupon (%) Maturity NominalShinhan Bank (MTN) 6.8190 20/09/36 350,000 369 0.18Shinhan Bank (FRN) 5.6630 02/03/35 1,250,000 1,269 0.61Woori Bank 4.5000 07/10/15 550,000 573 0.279,020 4.32Malaysia - 1.60%AMBB Capital (PERP) 6.7700 31/12/49 900,000 907 0.43Petronas Capital 5.2500 12/08/19 500,000 539 0.26Petronas Global Sukuk 4.2500 12/08/14 800,000 846 0.40Public Bank (FRN) (PERP) 6.8400 22/08/36 300,000 319 0.15SBB Capital (PERP) 6.6200 31/12/49 300,000 312 0.15TNB Capital 5.2500 05/05/15 400,000 435 0.213,358 1.60Philippines - 0.56%Alliance Global Group Cayman 6.5000 18/08/17 700,000 695 0.33Philippine Long Distance Phone (MTN) 8.3500 06/03/17 400,000 479 0.231,174 0.56Singapore - 1.10%CMT PTE (MTN) 2.8500 01/09/14 500,000 416 0.20Oversea-Chinese Banking (EMTN) 3.7500 15/11/22 500,000 480 0.23Stats Chippac 7.5000 12/08/15 300,000 319 0.15Temasek Financial (GMTN) 3.2650 19/02/20 1,250,000 1,085 0.522,300 1.10Thailand - 1.17%Bangkok Bank (MTN) 9.0250 15/03/29 900,000 1,105 0.53Bangkok Bank PUB (HK) 4.8000 18/10/20 300,000 287 0.14Kasikornbank 8.2500 21/08/16 300,000 334 0.16PTTEP Australia International Finance 4.1520 19/07/15 200,000 205 0.10PTTEP Canada International Finance 5.6920 05/04/21 500,000 503 0.242,434 1.17United Kingdom - 0.27%Standard Chartered Bank 6.4000 26/09/17 500,000 557 0.27Corporate bonds 43,351 20.75Equities - 35.94%Australia - 1.59%QBE Insurance Group 129,572 2,392 1.15Woolworths 31,000 921 0.443,313 1.59China - 1.83%China Mobile 199,000 1,842 0.88Petrochina 1,358,000 1,981 0.953,823 1.83Hong Kong - 6.46%AIA Group 263,800 914 0.44ASM Pacific Technology 91,000 1,246 0.59Dah Sing Banking 236,280 330 0.16Dairy Farm International 93,600 767 0.37Hang Lung Group 192,000 1,213 0.58Hang Lung Properties 115,440 474 0.23HSBC Holdings 107,600 1,065 0.51Jardine Strategic Holdings 82,000 2,526 1.21Sun Hung Kai Properties 85,000 1,238 0.59118 Aberdeen Global IIMulti Asset Asia Pacific

Market ValueUS$’000Percentage of totalnet assets %Security Coupon (%) Maturity NominalSwire Pacific 'A' 159,000 2,331 1.11Li & Fung 280,000 559 0.27Wing Hang Bank 76,802 840 0.4013,503 6.46Indonesia - 0.36%Unilever Indonesia 430,000 751 0.36Japan - 9.44%Canon Corporation 64,400 3,038 1.45Fanuc 14,500 2,406 1.15Honda Motor Co 56,100 2,145 1.03Mitsubishi Estate 77,000 1,341 0.64Seven & I Holdings 65,600 1,751 0.84Shin-Etsu Chemical Co 52,700 2,799 1.34Takeda Pharmaceutical Co 54,800 2,521 1.21Toyota Motor Corp 40,500 1,652 0.79Uni-Charm Corp 47,600 2,066 0.9919,719 9.44South Korea - 2.09%DGB Financial 29,600 447 0.21E-Mart 3,369 769 0.37BS Financial 36,700 520 0.25Samsung Electronics (PREF) 4,327 2,259 1.08Shinsegae 1,190 378 0.184,373 2.09Malaysia - 1.07%British American Tobacco Malaysia 45,000 695 0.33CIMB Group 316,000 933 0.44Public Bank (Alien) 139,000 611 0.302,239 1.07Philippines - 0.67%Ayala Land 2,171,000 781 0.37Bank of the Philippine Islands 456,268 616 0.301,397 0.67Singapore - 5.90%City Developments 221,000 1,869 0.90Oversea-Chinese Banking Corp 357,172 2,722 1.30Singapore Airlines 94,000 1,086 0.52Singapore Technologies Engineering 755,000 1,848 0.88Singapore Telecommunications 805,000 2,069 0.99United Overseas Bank 126,913 2,031 0.97Venture Corp 102,000 709 0.3412,334 5.90Taiwan - 1.43%Taiwan Mobile 438,000 1,186 0.57TSMC 718,000 1,802 0.862,988 1.43Thailand - 1.53%PTT Exploration & Production (Alien) 312,700 1,738 0.83Siam Cement (Alien) 110,100 1,448 0.703,186 1.53United Kingdom - 3.57%BHP Billiton 46,400 1,825 0.87Aberdeen Global II 119Multi Asset Asia Pacific

Portfolio Statement continuedMarket ValueUS$’000Percentage of totalnet assets %Security Coupon (%) Maturity NominalRio Tinto 40,142 2,894 1.38Standard Chartered Bank 104,522 2,749 1.327,468 3.57Equities 75,094 35.94Government bonds - 29.15%Indonesia - 5.99%Indonesia (Republic of) 6.6250 17/02/37 1,250,000 1,383 0.66Indonesia (Republic of) 7.3750 15/09/16 26,500,000,000 3,162 1.51Indonesia (Republic of) 9.5000 15/07/31 22,500,000,000 2,833 1.36Indonesia (Republic of) 11.0000 15/11/20 12,000,000,000 1,722 0.82Indonesia (Republic of) 11.0000 15/09/25 2,935,000,000 419 0.20Indonesia (Republic of) 11.6250 04/03/19 1,250,000 1,839 0.88Perusahaan Penerbit Sbsn 8.8000 23/04/14 1,000,000 1,164 0.5612,522 5.99Korea - 8.72%Korea (Republic of) 2.7500 10/03/17 6,200,000,000 7,339 3.51Korea (Republic of) 2.7500 10/06/20 1,000,000,000 1,080 0.52Korea (Republic of) 4.5000 10/03/15 4,000,000,000 3,814 1.83Korea (Republic of) 5.7500 10/09/18 2,000,000,000 2,052 0.98Korea (Republic of) 7.1250 16/04/19 800,000 964 0.46Korea Expressway (MTN) 4.5000 23/03/15 600,000 630 0.30Korea Finance 3.2500 20/09/16 470,000 462 0.22Korea Monetary Stab bond 3.9900 01/02/13 2,000,000,000 1,879 0.9018,220 8.72Malaysia - 5.12%Malaysia (Government of) 3.7020 25/02/13 2,900,000 969 0.46Malaysia (Government of) 3.7410 27/02/15 14,000,000 4,700 2.26Malaysia (Government of) 4.0120 15/09/17 3,120,000 1,050 0.50Malaysia (Government of) 4.2620 15/09/16 10,000,000 3,432 1.64Malaysia (Government of) 4.3920 15/04/26 1,600,000 545 0.2610,696 5.12Philippine - 5.15%Philippines (Republic of) 6.3750 13/05/15 48,000,000 1,169 0.56Philippines (Republic of) 7.0000 27/01/16 131,300,000 3,289 1.58Philippines (Republic of) 7.7500 14/01/31 1,200,000 1,506 0.72Philippines (Republic of) 8.8750 17/03/15 400,000 495 0.24Philippines (Republic of) 9.1250 04/09/16 24,000,000 655 0.31Philippines (Republic of) 9.3750 18/01/17 100,000 130 0.06Philippines (Republic of) 9.8750 15/01/19 1,500,000 2,062 0.99Philippines (Republic of) 10.6250 16/03/25 950,000 1,444 0.6910,750 5.15Singapore - 2.08%Singapore (Government of) 2.5000 01/06/19 2,270,000 1,919 0.92Singapore (Government of) 3.1250 01/09/22 810,000 699 0.33Singapore (Government of) 3.2500 01/09/20 1,950,000 1,723 0.834,341 2.08Thailand - 2.09%Thailand (Kingdom of) 2.8000 10/10/17 38,000,000 1,172 0.56Thailand (Kingdom of) 3.6250 22/05/15 35,000,000 1,136 0.54Thailand (Kingdom of) 3.6500 17/12/21 30,500,000 980 0.47Thailand (Kingdom of) 3.8750 13/06/19 33,000,000 1,077 0.524,365 2.09120 Aberdeen Global IIMulti Asset Asia Pacific

Security Coupon (%) Maturity NominalMarket ValueUS$’000Percentage of totalnet assets %Government bonds 60,894 29.15Investment funds - 8.48%Luxembourg - 8.48%Aberdeen Global - Asian Local Currency Short Duration Bond Fund A-1 † 1,826,484 8,110 3.88Aberdeen Global - Indian Equity Fund Z-2 † 772,355 9,616 4.6017,726 8.48Investment funds 17,726 8.48Total transferable securities and money market instruments admitted to an officialexchange listing / dealt in on another regulated market 197,065 94.32Recenly issued transferable securities and money market instrumentsGovernment bonds - 2.37%China - 2.37%China (Peoples Republic of) 2.8000 24/03/12 10,000,000 1,540 0.74China (Peoples Republic of) 3.2200 10/03/14 12,000,000 1,844 0.88China (Peoples Republic of) 3.6000 17/02/16 10,000,000 1,559 0.754,943 2.37Government bonds 4,943 2.37Recently issued transferable securities and money market instruments 4,943 2.37Other transferable securities and money market instrumentsCorporate bonds - 0.26%Australia - 0.26%TABCORP Investments No 4 6.5000 13/10/11 500,000 535 0.26Corporate bonds 535 0.26Other transferable securities and money market instruments 535 0.26Total transferable securities and money market instruments 202,543 96.95Financial derivativesFuture contracts - (0.03)%Unrealisedgains/(losses)US$’000Percentage of totalnet assets %Future Maturity NotionalCBT US 2 Year Note 30/09/11 (7) (2) -CBT US 5 Year Note 30/09/11 (201) (49) (0.02)CBT US 10 Year Note 21/09/11 168 (8) (0.01)CBT US Long Bond 21/09/11 (1) 2 -Unrealised losses on future contracts (57) (0.03)Aberdeen Global II 121Multi Asset Asia Pacific

Portfolio Statement continuedUnrealised losses on future contractsForward currency exchange contracts - 0.16%Unrealisedgains/(losses)US$’000Percentageof total netassets %Buy Sell SettlementBuyAmountSellAmountCHF USD 16/09/11 30,500,952 30,536,350 (35) (0.02)CNY USD 07/09/11 202,264 200,000 2 -CNY USD 07/09/11 698,928 700,000 (1) -CNY USD 07/09/11 701,461 700,000 1 -CNY USD 23/05/12 396,306 400,000 (4) -CNY USD 23/05/12 797,772 800,000 (2) -CNY USD 07/09/11 1,010,319 1,000,000 10 -CNY USD 17/01/12 1,705,089 1,700,000 5 -CNY USD 17/01/12 6,640,425 6,600,000 40 0.02CNY USD 21/12/11 1,114,793 1,100,000 15 0.01EUR USD 01/07/11 21,427 20,889 1 -EUR USD 16/09/11 62,596,218 62,405,447 191 0.09HKD USD 07/09/11 3,398,461 3,400,000 (2) -IDR USD 02/03/12 208,967 200,000 9 -IDR USD 02/03/12 695,583 700,000 (4) -IDR USD 02/03/12 792,884 800,000 (7) -IDR USD 02/03/12 2,908,231 2,800,000 108 0.05IDR USD 02/03/12 3,769,617 3,800,000 (30) (0.01)IDR USD 02/08/11 200,209 200,000 - -IDR USD 02/08/11 640,461 600,000 40 0.02IDR USD 02/08/11 911,910 900,000 12 0.01IDR USD 02/08/11 1,406,340 1,400,000 6 -IDR USD 02/08/11 6,129,074 5,600,000 529 0.25INR USD 07/09/11 301,952 300,000 2 -INR USD 07/09/11 405,695 400,000 6 -INR USD 07/09/11 996,347 1,000,000 (4) -INR USD 07/09/11 6,164,027 6,160,000 4 -KRW USD 23/09/11 203,379 200,000 3 -KRW USD 23/09/11 304,146 300,000 4 -MYR USD 02/08/11 200,609 200,000 1 -MYR USD 02/08/11 599,448 600,000 (1) -MYR USD 02/08/11 604,007 600,000 4 -MYR USD 02/08/11 1,993,667 2,000,000 (6) -PHP USD 02/08/11 198,660 200,000 (1) -PHP USD 02/08/11 295,988 300,000 (4) -PHP USD 02/08/11 298,749 300,000 (1) -PHP USD 02/08/11 299,784 300,000 - -PHP USD 02/08/11 2,122,650 2,100,000 23 0.01PHP USD 02/08/11 2,318,298 2,300,000 18 0.01PHP USD 02/08/11 8,172,010 8,230,000 (58) (0.03)SGD USD 23/09/11 201,467 200,000 1 -SGD USD 23/09/11 6,081,383 6,060,000 21 0.01THB USD 02/09/11 2,565,849 2,600,000 (34) (0.02)USD AUD 13/10/11 472,750 528,279 (56) (0.03)USD CHF 01/07/11 13,909 13,838 - -USD CHF 05/07/11 24,284 23,961 - -USD CHF 06/07/11 7,887 7,810 - -USD CHF 16/09/11 660,146 665,530 (5) -USD CNY 02/08/11 600,000 600,306 - -USD CNY 17/01/12 5,300,000 5,302,657 (3) -USD CNY 21/12/11 600,000 600,508 (1) -122 Aberdeen Global IIMulti Asset Asia Pacific

Unrealisedgains/(losses)US$’000Percentageof total netassets %Buy Sell SettlementBuyAmountSellAmountUSD EUR 05/07/11 11,678 11,840 - -USD EUR 05/07/11 35,114 35,342 - -USD EUR 06/07/11 51,399 51,396 - -USD HKD 07/09/11 1,070,000 1,072,480 (2) -USD HKD 07/09/11 1,200,000 1,201,463 (1) -USD IDR 02/08/11 800,000 800,280 - -USD IDR 02/08/11 960,000 959,333 1 -USD IDR 02/08/11 1,000,000 1,000,234 - -USD IDR 02/08/11 1,400,000 1,429,901 (30) (0.01)USD IDR 02/08/11 8,300,000 8,627,546 (328) (0.16)USD IDR 14/10/11 500,000 499,850 - -USD INR 07/09/11 300,000 304,801 (5) -USD INR 07/09/11 300,000 302,880 (3) -USD INR 07/09/11 500,000 501,266 (1) -USD INR 07/09/11 900,000 905,856 (6) -USD KRW 06/09/11 700,000 719,574 (20) (0.01)USD KRW 23/09/11 600,000 611,759 (12) (0.01)USD KRW 23/09/11 4,800,000 4,850,683 (50) (0.02)USD MYR 02/08/11 200,000 197,536 2 -USD MYR 08/12/11 600,000 603,249 (3) -USD MYR 08/12/11 700,000 696,573 3 -USD MYR 08/12/11 3,780,000 3,831,402 (51) (0.02)USD PHP 02/08/11 300,000 299,922 - -USD PHP 02/08/11 400,000 400,173 - -USD PHP 02/08/11 700,000 696,115 4 -USD PHP 02/08/11 3,470,000 3,432,456 38 0.02USD SGD 23/09/11 600,000 608,562 (8) -USD SGD 23/09/11 800,000 808,386 (8) -USD SGD 23/09/11 900,000 901,097 (1) -USD THB 02/09/11 400,000 394,616 5 -USD THB 02/09/11 2,200,000 2,198,759 1 -Unrealised gains on forward currency exchange contracts 322 0.16Swap contracts - (0.51)%Unrealisedgains/(losses)US$’000Percentageof total netassets %Counterparty Ccy Termination Notional Fund Pays Fund ReceivesCross currency swap contracts - (0.35)%Citigroup KRW 22/06/17 1,100,000,000 5.2400% 6 MONTH USD Libor 11 0.01UBS PHP 17/11/11 280,620,000 3.1500% 6 MONTH USD Libor (517) (0.25)UBS PHP 17/11/12 93,540,000 3.7500% 6 MONTH USD Libor (217) (0.11)Unrealised losses on cross currency swap contracts (723) (0.35)Aberdeen Global II 123Multi Asset Asia Pacific

Portfolio Statement continuedUnrealisedgains/(losses)US$’000Percentageof total netassets %Counterparty Ccy Termination Notional Fund Pays Fund ReceivesInterest rate swap contracts - (0.16)%Credit Suisse KRW 27/03/18 5,000,000,000 5.0700% 3 Month KRW (298) (0.14)Citigroup KRW 17/11/11 5,600,000,000 4.6600% 3 Month KRW (21) (0.01)Credit Suisse THB 29/10/12 290,000,000 3.2200% 6 Month THB (7) (0.01)Unrealised losses on cross currency swap contracts (326) (0.16)Unrealised losses on swap contracts (1,049) (0.51)Unrealised losses on financial derivative instruments (784) (0.38)Total investments 201,759 96.57Other net assets 7,163 3.43Total 208,922 100.00†Managed by subsidiaries of Aberdeen Asset Management PLC124 Aberdeen Global IIMulti Asset Asia Pacific

Statement of Net AssetsAs at 30 June 2011Assets€'000Investments in securities at market value (note 2.2) 404,103Cash at bank 10,871Amounts held at futures clearing houses and brokers 221Interest receivable 6,307Subscriptions receivable 6,075Unrealised gains on future contracts (note 2.7) 167Total assets 427,744LiabilitiesTaxes and expenses payable 520Redemptions payable 2,271Other liabilities 139Total liabilities 2,930Net assets at the end of the period 424,814Statement of Changes in Net AssetsFor the period from 24 September 2010 to 30 June 2011€’000Net gains from investments 2,345Net realised losses (3,147)Net unrealised losses (35)Proceeds from shares issued 581,688Payments for shares redeemed (155,671)Net equalisation paid (note 10) (138)Dividends paid (note 5) (228)Net assets at the end of the period 424,814Statement of OperationsFor the period from 24 September 2010 to 30 June 2011Income€'000Investment Income 6,160Bank interest 34Other income 2Total income 6,196ExpensesManagement fees (note 4.5) 3,250Administration fees (note 4.1) 84Custodian fees (note 4.2) 83Domiciliary agent, registrar, paying and transfer agentfees (note 4.3) 113Management Company fees (note 4.4) 39Operational expenses (note 4.6) 108Annual tax (note 4.8) 174Total expenses 3,851Net gains from investments 2,345Realised losses on investments (2,065)Realised losses on future contracts (1,082)Net realised losses (3,147)Increase in unrealised depreciation on investments (202)Increase in unrealised appreciation on future contracts 167Net unrealised losses (35)Net decrease in assets as a result of operations (837)Share TransactionsFor the period from 24 September 2010 to 30 June 2011A-1 A-2 J-2Shares issued during the period 1,105,831 3,692,243 1,273Shares redeemed during the period (218,987) (1,017,482) (652)Shares outstanding at the end of the period 886,844 2,674,761 621Net asset value per share 49.4595 142.1526 1,171.6792The accompanying notes form an integral part of these financial statements.126 Aberdeen GlobalShort Term Euro Bond

Portfolio StatementAs at 30 June 2011Security Coupon (%) Maturity NominalMarket Value€’000Percentage of totalnet assets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketAsset backed bonds - 1.35%France - 1.35%FCC Minotaure (FRN) 1.8600 22/12/26 6,283,300 5,725 1.35Asset backed bonds 5,725 1.35Corporate bonds - 49.44%Australia - 1.17%National Australia (FRN) (EMTN) 2.0680 07/04/14 5,000,000 4,991 1.17France - 3.23%BPCE (FRN) (EMTN) 2.0330 27/05/13 5,000,000 4,984 1.17France Telecom (EMTN) 7.2500 28/01/13 3,471,000 3,727 0.88Groupe BPCE 2.4120 29/10/13 5,000,000 5,003 1.1813,714 3.23Germany - 2.51%HSH Nordbank 2.7500 20/01/12 5,000,000 5,031 1.19IKB Deutsche Industriebank 2.1250 10/09/12 5,600,000 5,624 1.3210,655 2.51Italy - 1.48%Unicredit (FRN) (EMTN) 2.4480 10/12/12 6,300,000 6,278 1.48Netherlands - 7.17%Allianz Finance II 5.6250 29/11/12 5,000,000 5,234 1.23Nederlandse Waterschapsbank (EMTN) 4.0000 12/03/13 12,531,000 12,947 3.05Rabobank Nederland (EMTN) 4.2500 22/04/14 7,000,000 7,288 1.71Rabobank Nederland (FRN) 1.7780 19/05/14 5,000,000 4,997 1.1830,466 7.17Portugal - 1.08%Banco Comercial Portugues 3.6250 19/01/12 4,700,000 4,568 1.08Spain - 2.10%BBVA Senior Finance (EMTN) 2.7500 10/09/12 7,000,000 6,948 1.64BBVA Senior Finance (FRN) (GMTN) 2.0240 22/01/13 2,000,000 1,957 0.468,905 2.10Supranational - 0.95%European Community 3.2500 09/12/11 4,000,000 4,032 0.95Switzerland - 2.52%UBS London (FRN) (EMTN) 1.9350 17/06/13 5,000,000 4,999 1.18UBS London (EMTN) 4.6250 06/07/12 5,570,000 5,700 1.3410,699 2.52Sweden - 4.89%Nordea (FRN) (EMTN) 2.1850 17/06/13 8,000,000 8,054 1.90Svenska Handelsbanken (EMTN) 3.0000 20/08/12 8,000,000 8,069 1.90Swedbank (MTN) 3.6250 02/12/11 4,600,000 4,640 1.0920,763 4.89Aberdeen Global 127Short Term Euro Bond

Portfolio Statement continuedMarket Value€’000Percentage of totalnet assets %Security Coupon (%) Maturity NominalUnited Kingdom - 16.45%Bank of Scotland (EMTN) 4.1250 06/02/12 3,950,000 3,986 0.94Bank of Scotland (FRN) (EMTN) 1.6830 24/10/13 10,000,000 9,754 2.30Barclays (MTN) 4.2500 27/10/11 10,000,000 10,086 2.37Clydesdale (FRN) 1.5050 30/05/15 10,000,000 9,910 2.33Lloyds TSB (FRN) 2.7260 25/03/13 3,000,000 3,004 0.71Northern Rock (FRN) (EMTN) 1.5640 13/03/12 10,000,000 9,974 2.35Royal Bank of Scotland (EMTN) 3.7500 14/11/11 5,000,000 5,040 1.19Royal Bank of Scotland (FRN) (EMTN) 2.9210 17/09/12 10,000,000 10,078 2.37Royal Bank of Scotland (FRN) (EMTN) 2.5760 18/05/13 3,000,000 3,000 0.71Yorkshire Building Society (EMTN) 2.2500 26/10/12 5,000,000 5,024 1.1869,856 16.45United States - 5.89%HSBC Finance (EMTN) 3.3750 08/06/12 4,000,000 4,035 0.95Ge Cap Euro Funding (EMTN) 5.2500 31/01/13 5,000,000 5,201 1.22Goldman Sachs (EMTN) 3.5000 08/12/11 3,750,000 3,781 0.89JP Morgan Chase & Co 3.6250 12/12/11 5,000,000 5,046 1.19Toyota Motor Credit (EMTN) 5.2500 03/02/12 2,000,000 2,035 0.48Wachovia (FRN) 1.5700 13/02/14 5,000,000 4,917 1.1625,015 5.89Corporate bonds 209,942 49.44Government bonds - 44.33%Belgium - 7.23%Belgium (Kingdom of) 2.0000 28/03/12 10,000,000 10,023 2.36Belgium (Kingdom of) 4.0000 28/03/14 20,000,000 20,705 4.8730,728 7.23Finland - 3.64%Finland (Republic of) 4.2500 15/09/12 15,000,000 15,477 3.64France - 4.83%France (Government of) 3.7500 12/01/12 10,000,000 10,131 2.38France (Government of) 4.7500 25/10/12 10,000,000 10,413 2.4520,544 4.83Italy - 13.22%Italy (Republic of) 2.5000 01/07/12 15,000,000 15,014 3.53Italy (Republic of) 3.0000 01/11/15 8,000,000 7,697 1.81Italy (Republic of) 3.7500 15/09/11 10,000,000 10,041 2.36Italy (Republic of) 4.2500 15/10/12 8,000,000 8,174 1.92Italy (Republic of) 4.2500 15/04/13 5,000,000 5,107 1.20Italy (Republic of) 5.0000 01/02/12 10,000,000 10,168 2.4056,201 13.22Netherlands - 6.02%Netherlands (Kingdom of) 2.5000 15/01/12 10,000,000 10,062 2.37Netherlands (Kingdom of) 5.0000 15/07/12 15,000,000 15,531 3.6525,593 6.02Spain - 9.39%Spain (Kingdom of) 2.3000 30/04/13 7,000,000 6,862 1.62Spain (Kingdom of) 2.5000 31/10/13 3,000,000 2,918 0.69Spain (Kingdom of) 2.7500 30/04/12 1,000,000 1,003 0.24Spain (Kingdom of) 3.9000 31/10/12 7,000,000 7,084 1.67128 Aberdeen GlobalShort Term Euro Bond

Security Coupon (%) Maturity NominalMarket Value€’000Percentage of totalnet assets %Spain (Kingdom of) 4.2000 30/07/13 7,500,000 7,590 1.79Spain (Kingdom of) 4.2500 31/01/14 2,000,000 2,017 0.46Spain (Kingdom of) 5.0000 30/07/12 5,000,000 5,119 1.20Spain (Kingdom of) 6.1500 31/01/13 7,000,000 7,300 1.7239,893 9.39Government bonds 188,436 44.33Total transferable securities and money market instruments admitted to anofficial exchange listing / dealt in on another regulated market 404,103 95.12Financial derivative instrumentsFuture contracts - 0.04%Unrealisedgains/(losses)£’000Percentageof total netassets %Future Maturity NotionalEUX Euro Bobl 08/09/11 302 120 0.03EUX Euro Schatz 08/09/11 210 47 0.01Unrealised gains on future contracts 167 0.04Unrealised gains on financial derivative instruments 167 0.04Total investments 404,270 95.16Other net assets 20,544 4.84Total 424,814 100.00Aberdeen Global 129Short Term Euro Bond

Short Term US Dollar BondFor the period 24 September 2010 to 30 June 2011PerformanceFor the period 24 September 2010 to 30 June 2011, the value Short Term US Dollar Bond - A Accumulation shares increased by 0.66%compared to an increase of 0.69% in the benchmark, Citigroup US World Government Bond Index 1-3 Years.Source: Lipper, Basis: total return, NAV to NAV, net of annual charges, gross income reinvested, USD.Corporate activityOn 24 September 2010, Credit Suisse Bond Fund (Lux) Short Term USD Aberdeen transferred its assets into the Aberdeen Global II - ShortTerm US Dollar Fund resulting in a contribution in kind worth US$409 million in investments and cash.Shareholders involved in the transfer were given either A or Z shares in the Aberdeen Global II -Short Term US Dollar Bond Fund for every 1share previously held in Credit Suisse Bond Fund (Lux) Short Term USD Aberdeen as follows:Contribution inCredit Suisse Bond Fund (Lux) Share Class Aberdeen Global II Share Class kind (‘000) Transfer RatioShort Term USD Aberdeen A Short Term US Dollar Bond Fund A-1 US$30,514 1.000000000Short Term USD Aberdeen B Short Term US Dollar Bond Fund A-2 US$254,097 1.000000000Short Term USD Aberdeen D Short Term US Dollar Bond Fund Z-2 US$124,337 1.000600360Manager’s reviewThe Federal Reserve held interest rates at historically low levels, withthe rate remaining at 0.25%. Employment and growth data in thefirst quarter was better than expected although both tailed of in thesecond quarter. The more recent weak results highlight a stutteringeconomic recovery in the US, which has consequently had a negativeimpact on consumer confidence. The year has been described bymany as a soft patch in the recovery, rather than the beginning of adouble dip recession.Inflation has risen throughout 2011, with year-on-year CPI up from1.6% at the end of January to 3.6% in June. This positive trend waslargely driven by commodity price increases which have put upwardpressure on energy prices. Oil prices soared due to unrest in Libyaand the Middle East, whilst the Japanese earthquake in March hascaused supply problems for manufacturers.Quantative easing 2 was completed at the end of June after theFederal Reserve purchased a cumulative total of US$600 billion inTreasury securities throughout the program. This helped to offsetthe negative impact from the sovereign problems in the eurozoneon credit markets. Whilst it has been suggested that furtherquantitative easing may take place if data does not improve, BenBernanke the Chairman of the Federal Reserve, has played down anyprospect of quantative easing 3 taking place for now.Negotiations over extending the US debt ceiling have come to thefore more recently and are likely to result in tighter fiscal policy.Lack of agreement has resulted in both the rating agencies, Moody’sand S&P, to put the US on negative watch for potential downgrade.If the disagreement is not resolved it could cause chaos in globalfinancial markets and damage the dollar’s status as a global reservecurrency.Further concern in peripheral European sovereign debt marketscontinues to unsettle investors. Greece finally voted in favour ofausterity measures to secure its second round of joint EU-IMFfunding but anxiety still surrounds Portugal and Ireland. Morerecently Spain and Italy have dominated news flows due to fears ofcontagion and mounting debt-GDP ratios.The US bond market was volatile throughout the year with yieldsinitially reaching record lows as the economic recovery was calledinto question.. Although the labour and housing markets remainedweak, strong economic data in other sectors and the effects of fiscalstimulus resulted in a sharp rise in US Treasury yields across thespectrum as the end of 2010 approached.At the start of 2011, bond yields rose further as the financial marketsbecame increasingly focused on the implications of higher inflation.These concerns centred on the effects of higher energy prices as theescalation of political events in the Middle East and North Africaprompted a further spike in oil prices. Towards the end of the periodthe economy decelerated. An increase in petrol prices decreased realincomes and consumers’ spending power, especially in the US. Thisis in turn resulted in decline in demand for goods and a slowdown inglobal manufacturing, exacerbated by the Japanese earthquake. Asa result, 2-year US Treasuries ended the period under review around0.5%.Portfolio reviewThroughout the period we have continued to add to the Fund’sfloating rate note exposure which has provided a good source ofadditional yield. As it became more apparent that any rise in interestrates was being pushed out towards late 2012, we sold out of someshort-dated fixed and floating paper into longer-dated maturitiesfor higher yield. We have had a curve flattening position within theFund which has worked well with the fall in longer dated yields.130 Aberdeen GlobalShort Term US Dollar Bond

OutlookAs the Federal Reserve continues to look at overall level growthand fuller employment, any upward move in interest rates remainsa long way off. High severity tail risks abound and the direction ofmarkets over the short to medium term is as likely to be driven bypolitics and public reaction to austerity as much as by corporatefundamentals and economic growth. Indeed, in the US, Congress isapproaching the August deadline for approval of an increase in theUS debt ceiling or risk having to begin defaulting on obligations.While a low probability, failure to agree would clearly havesignificant global implications.Aberdeen Global 131Short Term US Dollar Bond

Statement of Net AssetsAs at 30 June 2011AssetsUS$'000Investments in securities at market value (note 2.2) 252,978Cash at bank 5,196Amounts held at futures clearing houses and brokers 149Interest receivable 1,870Subscriptions receivable 8,695Unrealised gains on future contracts (note 2.7) 52Total assets 268,940LiabilitiesPayable for investments purchased 3,625Taxes and expenses payable 333Redemptions payable 1,458Total liabilities 5,416Net assets at the end of the period 263,524Statement of Changes in Net AssetsFor the period from 24 September 2010 to 30 June 2011US$’000Net gains from investments 295Net realised losses (677)Net unrealised gains 2,015Proceeds from shares issued 479,311Payments for shares redeemed (217,063)Net equalisation paid (note 10) (357)Net assets at the end of the period 263,524Statement of OperationsFor the period from 24 September 2010 to 30 June 2011IncomeUS$'000Investment Income 2,612Bank interest 34Other income 1Total income 2,647ExpensesManagement fees (note 4.5) 1,943Administration fees (note 4.1) 74Custodian fees (note 4.2) 53Domiciliary agent, registrar, paying and transfer agent77fees (note 4.3)Management Company fees (note 4.4) 27Operational expenses (note 4.6) 69Annual tax (note 4.8) 109Total expenses 2,352Net gains from investments 295Realised losses on investments (866)Realised gains on future contracts 189Net realised losses (677)Increase in unrealised appreciation on investments 1,963Increase in unrealised appreciation on future contracts 52Net unrealised gains 2,015Net increase in assets as a result of operations 1,633Share TransactionsFor the period from 24 September 2010 to 30 June 2011A-1 A-2 Z-2Shares issued during the period 314,330 1,072,951 100,360Shares redeemed during the period (95,135) (276,504) (100,360)Shares outstanding at the end of the period 219,195 796,447 -Net asset value per share 102.9688 302.5362 -The accompanying notes form an integral part of these financial statements.132 Aberdeen GlobalShort Term US Dollar Bond

Portfolio StatementAs at 30 June 2011Security Coupon (%) Maturity NominalMarket ValueUS$’000Percentage of totalnet assets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketCorporate bonds - 57.10%Australia- 3.32%National Australia Bank (FRN) 0.9661 11/04/14 3,000,000 2,999 1.14Westpac Banking 1.9000 14/12/12 5,640,000 5,745 2.188,744 3.32Belgium - 1.28%Dexia Credit Local 2.7500 10/01/14 3,313,000 3,372 1.28Canada - 2.75%Royal Bank of Canada (FRN) (MTN) 0.3995 12/12/12 3,620,000 3,625 1.38Royal Bank of Canada (MTN) 2.1000 29/07/13 3,525,000 3,619 1.377,244 2.75France - 3.36%Banque Federative DuCredit Mutuel (FRN) (MTN) 0.3215 20/09/11 3,900,000 3,896 1.48BNP Paribas (FRN) 1.1461 10/01/14 5,000,000 4,966 1.888,862 3.36Germany - 6.18%KFW 1.3750 13/01/14 5,000,000 5,051 1.92Landwirtschaftliche Rentenbank 1.8750 24/09/12 2,115,000 2,150 0.81L-Bank BW Foerderbank 1.7500 18/02/14 4,000,000 4,062 1.54NRW Bank (FRN) (EMTN) 0.7085 21/05/13 5,000,000 5,021 1.9116,284 6.18Netherlands - 5.42%Bk Nederlandse Gemeenten (MTN) 2.0000 17/09/12 3,524,000 3,585 1.36E.On International Finance (EMTN) 3.1250 22/06/12 3,524,000 3,610 1.37Nederlandse Waterschapsban (EMTN) 1.3750 17/02/12 7,050,000 7,094 2.6914,289 5.42New Zealand - 1.91%BNZ International Funding (GMTN) 2.6250 05/06/12 4,935,000 5,036 1.91Spain - 1.32%BBVA US Senior Uniper (FRN) 2.8555 16/05/14 3,500,000 3,481 1.32United Kingdom - 16.03%Barclays Bank (FRN) 1.2861 13/01/14 3,000,000 3,011 1.14HSBC Bank (FRN) 1.0498 17/01/14 7,000,000 7,041 2.67Lloyds TSB Bank (FRN) 2.6030 24/01/14 10,050,000 10,196 3.87Nationwide Building Society 5.5000 18/07/12 9,000,000 9,426 3.58Royal Bank of Scotland 3.2500 11/01/14 4,000,000 4,057 1.54Royal Bank of Scotland (EMTN) 2.6500 23/04/12 3,500,000 3,562 1.35Standard Chartered (FRN) 1.2140 12/05/14 5,000,000 4,950 1.8842,243 16.03United States - 15.53%Bank of America 3.1250 15/06/12 3,525,000 3,622 1.38BMW US Capital (EMTN) 4.2500 22/12/11 11,280,000 11,473 4.36Goldman Sachs 3.2500 15/06/12 4,371,000 4,495 1.71Goldman Sachs (FRN) 1.2694 07/02/14 2,000,000 1,985 0.75Aberdeen Global 133Short Term US Dollar Bond

Portfolio Statement continuedSecurity Coupon (%) Maturity NominalMarket ValueUS$’000Percentage of totalnet assets %HSBC Finance 5.9000 19/06/12 2,749,000 2,884 1.09Johnson and Johnson 1.2000 15/05/14 3,500,000 3,513 1.33JP Morgan Chase & Co (FRN) 3.1250 01/12/11 2,961,000 2,998 1.14Morgan Stanley 3.2500 01/12/11 4,864,000 4,922 1.87State Street 2.1500 30/04/12 1,198,000 1,217 0.46Wyeth 5.5000 15/03/13 3,525,000 3,804 1.4440,913 15.53Corporate bonds 150,468 57.10Commercial papers - 7.39%Denmark- 2.65%Nykredit Bank - 18/11/11 7,000,000 6,993 2.65Germany - 0.57%DZ Privatbank - 14/12/11 1,500,000 1,498 0.57Spain - 2.66%Santander Commercial Paper Unipersonal - 15/08/11 7,000,000 6,999 2.66United Kingdom - 1.51%Prudential Commercial Paper - 02/03/12 4,000,000 3,988 1.51Commercial Papers 19,478 7.39Government bonds - 19.33%Belgium - 2.83%Belgium (Kingdom of) (EMTN) 4.2500 03/09/13 7,050,000 7,467 2.83France - 2.71%Caisse D'Amortissement Dette (MTN) 1.6250 27/11/12 7,050,000 7,154 2.71Germany - 1.36%Germany (Federal Republic of) 1.5000 21/09/12 3,525,000 3,574 1.36Italy - 1.61%Italy (Republic of) 3.5000 15/07/11 4,230,000 4,233 1.61Norway - 1.91%Kommunalbanken (EMTN) 2.0000 14/01/13 4,934,000 5,039 1.91United Kingdom,- 1.63%Bank of England (MTN) 2.3750 19/03/12 4,230,000 4,291 1.63United States - 7.28%FNMA (MTN) 3.8750 12/07/13 8,165,000 8,730 3.31US Treasury 1.3750 15/09/12 2,500,000 2,533 0.96US Treasury 1.8750 28/02/14 7,690,000 7,931 3.0119,194 7.28Government bonds 50,952 19.33134 Aberdeen GlobalShort Term US Dollar Bond

Security Coupon (%) Maturity NominalMortgage backed bonds - 2.03%Market ValueUS$’000Percentage of totalnet assets %United Kingdom - 2.03%Aire Valley Mortgages (FRN) 0.3565 20/09/66 6,160,422 5,350 2.03Mortgage backed bonds 5,350 2.03Transferable securities and money market instruments admitted to an official exchangelisting / dealt in on another regulated market 226,248 85.85Recently issued transferable securities and money market instrumentsCorporate bonds - 4.62%Australia - 1.34%National Australia Bank 2.7500 28/09/15 3,525,000 3,526 1.34Italy - 1.89%Intesa Sanpaolo Spa (FRN) 2.6575 24/02/14 5,000,000 4,991 1.89Netherlands - 1.39%Rabobank Nederland 3.2000 11/03/15 3,525,000 3,650 1.39Corporate bonds 12,167 4.62Recently issued transferable securities and money market instruments 12,167 4.62Other transferable securities and money market instrumentsCorporate bonds - 5.52%Australia - 1.90%Australia & New Zealand Banking (FRN) 0.9861 14/12/12 5,000,000 5,018 1.90France - 0.54%Dexia Credit Local 2.3750 23/09/11 1,410,000 1,416 0.54Japan - 0.95%Bank of Tokyo Mitsubishi 1.6000 11/09/13 2,500,000 2,504 0.95Netherlands - 2.13%ING Bank 2.0000 18/10/13 5,640,000 5,625 2.13Corporate bonds 14,563 5.52Other transferable securities and money market instruments 14,563 5.52Total transferable securities and money market instruments 252,978 95.99Aberdeen Global 135Short Term US Dollar Bond

Financial derivative instrumentsFuture contracts - 0.03%Future Maturity NotionalUnrealisedgains/(losses)US$’000Percentageof total netassets %CBT US 2YR NOTE 30/09/11 119 27 0.02CBT US 5YR NOTE 30/09/11 75 25 0.01Unrealised gains on future contracts 52 0.03Unrealised gains on financial derivative instruments 52 0.03Total investments 253,030 96.02Other net assets 10,494 3.98Total 263,524 100.00136 Aberdeen GlobalShort Term US Dollar Bond

Sterling Aggregate BondFor the year ended 30 June 2011PerformanceFor the year ended 30 June 2011, the value of Sterling Aggregate Bond - Z Accumulation shares increased by 4.34% compared to an increaseof 4.00% in the benchmark, Bank of America Merrill Lynch Sterling Broad Market Index.Source: BNP Paribas, Total Return, GBP.Corporate activityOn 24 September 2010, Credit Suisse Bond Fund (Lux) £ Aberdeen transferred its assets into the Aberdeen Global II - Sterling AggregateBond Fund resulting in a contribution in kind worth £73 million in investments and cash.Shareholders involved in the transfer were given either A or J shares in the Aberdeen Global II - Sterling Aggregate Bond Fund for every 1share previously held in the Credit Suisse Bond Fund (Lux) £ Aberdeen as follows:Contribution inCredit Suisse Bond Fund (Lux) Share Class Aberdeen Global II Share Classkind (‘000) Transfer Ratio£ Aberdeen A Sterling Aggregate Bond Fund A-1 £26,595 1.000000000£ Aberdeen B Sterling Aggregate Bond Fund A-2 £46,319 1.000000000£ Aberdeen I Sterling Aggregate Bond Fund J-2 £51 93.667879061Manager’s reviewGlobal fixed income markets were volatile throughout the periodunder review. Peripheral eurozone countries came under severepressure from bond investors concerned over levels of indebtedness.Yields on peripheral sovereign debt rose significantly as investorsshunned the bond market. Greece was the first peripheral nation toundergo a crisis, followed by Ireland in the fourth quarter of 2010and Portugal in the second quarter of 2011. EU/IMF bailouts failed tocalm the markets as expected and fears about the fiscal situation inother Eurozone countries kept yield spreads versus German bunds atrecord high levels. Towards the end of the year under review, fears ofGreek default dominated the markets and led to the widespread riskaversion.In the US, after much speculation, the Federal Reserve announcedfurther quantitative easing measures. It purchased US$600 billion inTreasury securities by June 2011. Some market participants believethat the Fed may introduce further asset purchases if economic datadoes not improve. At present, we do not believe that the third roundof quantitative easing will be necessary.In the UK, inflation continued¬ to disappoint and initially led to anincreasingly hawkish stance by some members of the MonetaryPolicy Committee. However, towards the end of the period underreview, some of the members signalled that further quantitativeeasing might become necessary if demand growth remains sluggish,especially in the face of the eurozone crisis. Interest rates wereheld steady at 0.5% over the year where they have now remainedfor almost 2 years. The size of the Asset Purchase Programme alsoremained stable at £200 billion despite MPC member Adam Posenvoting for a £50 billion increase.The gilt market was volatile over the 12-month period. Gilts ralliedsignificantly in the first half of the year with yields on 10-year bondsfalling to a low of 2.83% in August. By February 2011, yields rose toa high of 3.88% on the back of the bailouts, positive UK economicdata and stubbornly high inflation. Renewed sovereign debt fears inthe second quarter of 2011 supported the gilt market and 10-yeargilts ended the period under review at 3.38%, overall just 2 basispoints higher than a year earlier.Credit markets outperformed government bonds over the periodunder review. The average yield spread over gilts narrowed 5 basispoints to end the reporting period at +1.92%. The market wascharacterised by generally strong fundamentals and companies onthe whole reported results that exceeded expectations.Despite finishing the period under review on a weaker note,financials recorded an overall strong performance. Subordinatedfinancials benefited strongly from the Basel Committee’s eagerlyawaited announcement on future capital requirements for thebanking sector, which provided a strong incentive for banks toredeem debt at the first call date. Spain’s actions to acceleratethe clean up of its savings banks and peripheral banks funding incovered bond markets have helped to improve the sentiment aroundperipheral sovereign finances. However, towards the end of theperiod under review the Greek crisis and softer economic data had anegative impact on the credit markets leading to wider spreads. Thehigh level of volatility did create many opportunities to add valuethrough security selection.Portfolio reviewThe Fund outperformed its benchmark over the period underreview. Security selection within credit added most value, the fundbenefitting from overweight exposure to financials. Within interestrates, short duration and yield curve flattening positions in the UKmarket made a negative contribution to performance while a longduration position at the front end of the European curve addedvalue. Overweight exposure to the US bond market versus the UKmarket benefitted the portfolio while overweight exposure to theSwedish bond market versus the UK market detracted value.Aberdeen Global 137Sterling Aggregate Bond

OutlookThroughout the European sovereign debt crisis, gilts have continuedto be seen as a ‘safe haven’. However, there are some reasons to bea little concerned about the sustainability of the government’s fiscalpath if the UK economy continues to perform weakly, particularlygiven the government’s willingness to change course on a numberof issues.Given all this, it seems the balance of risks is to the downside, witha weak consumer seeing his wealth and spending power eroded,increasing loss of credibility in the Bank of England’s commitment toits inflation target, and political risk around the government’s fiscalplans. In essence, the recent past has been a sweet spot for the giltmarket, with final demand weak enough for the MPC to maintainhighly accommodative monetary policy but not quite the doubledip which would compromise the government’s ability to reducethe deficit in a manner which the markets will like. We believe thatyields are likely to rise from current levels.With European fiscal imbalances and talk of sovereign defaultdominating markets, credit spreads are likely to remain volatileover the coming months. Severe tail risks abound and the directionof markets over the short to medium term is as likely to bedriven by politics and public reaction to austerity as by corporatefundamentals and economic growth. Indeed, in the US, Congressis approaching the August deadline for it to approve an increase inthe US debt ceiling or risk having to begin defaulting on obligations.While a low probability, failure to agree would clearly havesignificant global implications. We believe that strong corporatefundamentals and recovering economies will drive spreads tighter bythe end of the year.138 Aberdeen GlobalSterling Aggregate Bond

Statement of Net AssetsAs at 30 June 2011Assets£'000Investments in securities at market value (note 2.2) 344,857Cash at bank 14,506Amounts held at futures clearing houses and brokers 2,170Interest receivable 6,548Subscriptions receivable 127Receivable for investments sold 14,027Unrealised gains on swap contracts (note 2.8) 251Other assets 190Total assets 382,676LiabilitiesPayable for investments purchased 15,275Taxes and expenses payable 245Redemptions payable 372Unrealised losses on forward currency exchangecontracts (note 2.6) 319Unrealised losses on future contracts (note 2.7) 77Other liabilities 2,118Total liabilities 18,406Net assets at the end of the year 364,270Statement of Changes in Net AssetsFor the year from 1 July 2010 to 30 June 2011£'000Net assets at the beginning of the year 346,343Net gains from investments 16,576Net realised gains 5,184Net unrealised losses (8,359)Proceeds from shares issued 128,540Payments for shares redeemed (119,138)Net equalisation paid (note 10) (679)Dividends paid (note 5) (4,197)Net assets at the end of the year 364,270Statement of OperationsFor the year from 1 July 2010 to 30 June 2011Income£'000Investment income 17,608Bank interest 49Other income 2Total income 17,659ExpensesManagement fees (note 4.5) 721Administration fees (note 4.1) 115Custodian fees (note 4.2) 64Domiciliary agent, registrar, paying and transfer agent 120fees (note 4.3)Management Company fees (note 4.4) 38Operational expenses (note 4.6) 124Expense cap refunded by Investment Manager (note 4.7) (155)Annual tax (note 4.8) 56Total expenses 1,083Net gains from investments 16,576Realised gains on investments 7,161Realised losses on forward currency exchange contracts (139)Realised losses on future contracts (1,483)Realised losses on swap contracts (302)Realised currency exchange losses (53)Net realised gains 5,184Decrease in unrealised appreciation on investments (6,539)Decrease in unrealised appreciation on forward(797)currency exchange contractsDecrease in unrealised depreciation on future contracts 80Decrease in unrealised appreciation on swap contracts (1,127)Unrealised currency exchange gains 24Net unrealised losses (8,359)Net increase in assets as a result of operations 13,401Share TransactionsFor the year from 1 July 2010 to 30 June 2011A-1 A-2 I-2 J-2 K-2 Z-1 Z-2Shares outstanding at the beginning of the year - - 7,234,103 2,056,259 14,570,930 76,991,593 15,772,121Shares issued during the year 44,943 27,194 13,581,467 494,495 2,171,289 3,460,590 1,221,367Shares redeemed during the year (5,466) (10,267) (9,991,189) (561,223) (8,668,376) (4,438,302) (4,187,004)Shares outstanding at the end of the year 39,477 16,927 10,824,381 1,989,531 8,073,843 76,013,881 12,806,484Net asset value per share 578.6583 1,906.2129 1.4579 14.0285 1.5838 0.9926 13.8391The accompanying notes form an integral part of these financial statements.Aberdeen Global 139Sterling Aggregate Bond

Portfolio StatementAs at 30 June 2011Security Coupon (%) Maturity NominalMarket Value£’000Percentage of totalnet assets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketAsset backed bonds - 4.17%Luxembourg - 0.32%Breeze Finance 4.5240 19/04/27 1,704,530 1,162 0.32United Kingdom - 3.85%Annington Finance No 1 7.7500 02/10/11 455,897 462 0.13Annington Finance No 1 8.0000 02/10/21 1,600,000 1,962 0.54Canary Wharf Finance II 6.4550 22/10/33 815,838 926 0.25Chester Asset Receivables Deal 4.6500 15/07/13 2,600,000 2,686 0.74Control Section 1 Finance 5.2340 02/05/35 2,400,000 2,556 0.70Cumbernauld Fund 3 4.5500 15/02/13 913,333 931 0.26Finance for Resident Social Housing 11.1260 05/10/58 1,961,913 2,957 0.81Honours (FRN) 0.7381 10/04/29 1,494,168 1,337 0.37Unique Pub Finance 6.5420 30/03/21 200,000 172 0.0513,989 3.85Asset backed bonds 15,151 4.17Corporate bonds - 40.31%Australia - 0.71%Macquarie Bank (FRN) (MTN) 5.5000 19/09/16 1,246,000 1,240 0.34QBE Insurance Group (MTN) 6.1250 28/09/15 500,000 538 0.15Westfield Financial 5.5000 27/06/17 800,000 856 0.222,634 0.71Austria - 0.33%Bawag P.S.K. (EMTN) 6.1250 20/10/14 1,080,000 1,191 0.33Belgium - 0.75%Anheuser-Busch Inbev (EMTN) 9.7500 30/07/24 1,100,000 1,540 0.42Fortis Bank (FRN) (PERP) 4.6250 27/10/49 700,000 562 0.16S.N.C.B. (EMTN) 5.7000 28/05/32 600,000 613 0.172,715 0.75Denmark - 0.46%Danske Bank (VAR) (EMTN) 5.3750 29/09/21 1,400,000 1,267 0.35TDC (EMTN) 5.6250 23/02/23 400,000 415 0.111,682 0.46France - 3.05%AXA (VAR) (PERP) (EMTN) 6.6666 06/07/49 1,100,000 989 0.27BNP Paribas (VAR) (MTN) 6.7420 07/09/17 2,010,000 2,089 0.57BNP Paribas (VAR) (PERP) 5.9540 13/07/49 750,000 695 0.19Credit Agricole (VAR) (PERP) (EMTN) 5.0000 20/06/49 1,162,000 986 0.27Credit Logement (FRN) (PERP) 2.0710 02/11/49 600,000 446 0.12Electricite De France 5.1250 22/09/50 1,000,000 948 0.26Electricite De France (EMTN) 6.1250 02/06/34 1,550,000 1,680 0.46France Telecom (EMTN) 8.1250 20/11/28 400,000 517 0.14France Telecom (MTN) 7.2500 10/11/20 570,000 681 0.19NATIXIS (MTN) 5.8750 24/02/20 1,900,000 2,121 0.5811,152 3.05140 Aberdeen GlobalSterling Aggregate Bond

Market Value£’000Percentage of totalnet assets %Security Coupon (%) Maturity NominalGermany - 1.30%BayernLB Capital Trust I (FRN) (PERP) 6.2032 09/03/49 405,000 148 0.04KFW (EMTN) 3.2500 24/02/14 600,000 625 0.17KFW 5.3750 29/01/14 600,000 656 0.18KFW (EMTN) 4.8750 15/03/37 200,000 212 0.06KFW International Finance (EMTN) 5.7500 07/06/32 1,100,000 1,296 0.36NRW (EMTN) 2.6250 07/12/12 550,000 559 0.15RWE Finance (MTN) 5.5000 06/07/22 600,000 619 0.17Volkswagen Finance Services (EMTN) 2.5000 07/10/13 610,000 616 0.174,731 1.30Italy - 2.72%ENEL Finance International (MTN) 5.6250 14/08/24 450,000 436 0.12Intesa Sanpaolo (FRN) (EMTN) 5.5000 19/12/16 2,410,000 2,389 0.65Telecom Italia (EMTN) 5.8750 19/05/23 650,000 604 0.17Telecom Italia (EMTN) 7.3750 15/12/17 500,000 552 0.15Telecom Italia Finance (EMTN) 7.7500 24/01/33 790,000 757 0.21Telecom Italia Spa (EMTN) 6.3750 24/06/19 1,750,000 1,772 0.49Unicredit (FRN) (EMTN) 1.7930 20/09/16 1,640,000 1,459 0.40Unicredit (FRN) (EMTN) 2.0590 21/10/16 2,170,000 1,932 0.539,901 2.72Jersey - 0.24%ASIF II (EMTN) 5.1250 28/01/13 300,000 308 0.09ASIF III (EMTN) 5.0000 18/12/18 580,000 570 0.15878 0.24Mexico - 0.85%America Movil SAB 5.7500 28/06/30 850,000 885 0.24Premex Project Funding Master (EMTN) 7.5000 18/12/13 2,000,000 2,207 0.613,092 0.85Netherlands - 1.55%Bank Nederlandse Gemeenten 5.3750 07/06/21 700,000 778 0.21Bank Nederlandse Gemeenten (EMTN) ∞ 4.3750 14/12/12 1,150,000 1,200 0.33Bank Nederlandse Gemeenten (EMTN) 5.2500 26/02/16 880,000 980 0.27E. On International Finance (MTN) 6.7500 27/01/39 450,000 529 0.14Generali Finance (FRN) (PERP) 6.2140 16/06/49 700,000 609 0.17ING Bank (FRN) (MTN) 6.8750 29/05/23 1,500,000 1,557 0.435,653 1.55Portugal - 0.24%Refer Rede Ferroviaria Nacional 4.0000 16/03/15 1,600,000 879 0.24Spain - 2.45%Caja Ahorros Guipuzcoa 4.3750 05/11/14 2,400,000 2,127 0.58Santander Insurances (VAR) (MTN) 7.3000 27/07/19 500,000 510 0.14Santander Finance (FRN) (PERP) 11.3000 27/07/49 300,000 319 0.09Telefonica Emisiones (MTN) 5.2890 09/12/22 6,250,000 5,977 1.648,933 2.45Supranational - 2.54%European Investment Bank 4.5000 14/01/13 1,800,000 1,892 0.52European Investment Bank 4.7500 15/10/18 1,445,000 1,579 0.43European Investment Bank 5.0000 15/04/39 1,000,000 1,078 0.30European Investment Bank 5.3750 07/06/21 2,000,000 2,239 0.61European Investment Bank 6.2500 15/04/14 1,900,000 2,132 0.59European Investment Bank (MTN) 4.5000 07/03/44 150,000 151 0.04European Investment Bank (MTN) 4.6250 12/10/54 190,000 197 0.059,268 2.54Aberdeen Global 141Sterling Aggregate Bond

Portfolio Statement continuedMarket Value£’000Percentage of totalnet assets %Security Coupon (%) Maturity NominalSweden - 0.28%Svenska Handelsbanken (FRN) (PERP) (EMTN) 5.3750 04/09/49 995,000 1,005 0.28Switzerland - 0.17%UBS (EMTN) 8.7500 18/12/25 500,000 617 0.17United Arab Emirates - 1.12%Abu Dhabi Commercial Bank (EMTN) 5.6250 16/11/11 4,050,000 4,089 1.12United Kingdom - 19.26%Abbey National Treasury Services (EMTN) 5.1250 14/04/21 1,400,000 1,425 0.39Abbey National Treasury Services 5.7500 02/03/26 1,000,000 1,031 0.28Amlin (FRN) 6.5000 19/12/26 1,250,000 1,138 0.31Aviva (VAR) (PERP) 6.1250 29/09/49 2,400,000 2,005 0.55BAA Funding (FRN) 4.6000 30/09/16 830,000 774 0.21Barclays (VAR) (EMTN) 14.0000 27/11/49 250,000 315 0.09Barclays Bank (EMTN) 10.0000 21/05/21 2,000,000 2,407 0.66Barclays Bank (FRN) (PERP) 6.8750 27/11/49 1,000,000 978 0.27Barclays Bank (FRN) (PERP) 6.1250 19/04/49 1,150,000 1,000 0.27Barclays Bank (FRN) (PERP) 6.3750 19/04/49 560,000 533 0.15British Insurance Holdings (VAR) 6.6250 09/12/30 250,000 168 0.05British Telecom (EMTN) 6.3750 23/06/37 950,000 967 0.27Co-op Wholesale Society 6.2500 08/07/26 1,345,000 1,329 0.35Coventry Building Society (EMTN) 4.6250 19/04/18 1,400,000 1,426 0.39Eaton Finance 12.5000 12/06/14 527,000 627 0.17London Power Networks (EMTN) 5.1250 11/11/16 740,000 799 0.22EDF Energy Networks 6.0000 12/11/36 675,000 716 0.20Egg (EMTN) 6.8750 29/12/21 1,120,000 1,093 0.30Experian Finance (EMTN) 4.7500 23/11/18 800,000 823 0.23GE Capital UK Funding (EMTN) 5.1250 24/05/23 550,000 544 0.15GE Capital UK Funding (EMTN) 5.8750 18/01/33 3,080,000 3,097 0.85Glaxosmithkline Capital (EMTN) 6.3750 09/03/39 200,000 230 0.06Housing Finance 5.0000 30/09/27 833,000 814 0.22HSBC (EMTN) 6.0000 29/03/40 850,000 811 0.21HSBC (EMTN) 6.3750 18/10/22 1,600,000 1,700 0.47HSBC (EMTN) 7.0000 07/04/38 1,350,000 1,455 0.40Imperial Tobacco Finance (EMTN) 5.5000 22/11/16 850,000 912 0.25LBG Capital 2 (EMTN) 15.0000 22/01/29 297,000 407 0.11LCR Finance 4.5000 07/12/28 1,000,000 1,014 0.28Legal & General (VAR) (PERP) 6.3820 02/05/49 500,000 450 0.12Lloyds TSB Bank 6.0000 08/02/29 1,400,000 1,472 0.40Lloyds TSB Bank (EMTN) 6.3750 15/04/14 600,000 644 0.18Lloyds TSB Bank (EMTN) 6.5000 17/09/40 570,000 532 0.15Lloyds TSB Bank (EMTN) 7.6250 22/04/25 1,650,000 1,586 0.44Lloyds TSB Bank (VAR) (PERP) 13.0000 21/01/49 1,200,000 1,546 0.42Nationwide Building Society (EMTN) 5.6250 28/01/26 700,000 726 0.20National Air Traffic 5.2500 31/03/26 2,200,000 2,341 0.64Network Rail Infrastructure Finance 4.7500 22/01/24 200,000 211 0.06Network Rail Infrastructure Finance (EMTN) 2.5000 07/03/14 2,800,000 2,864 0.79Network Rail Infrastructure Finance (MTN) 4.6250 21/07/20 500,000 538 0.15Network Rail Infrastructure Finance (MTN) 4.7500 29/11/35 400,000 413 0.11Northern Rock (EMTN) 5.7500 28/02/17 87,000 64 0.02Old Mutual (EMTN) 8.0000 03/06/21 1,000,000 1,015 0.28142 Aberdeen GlobalSterling Aggregate Bond

Security Coupon (%) Maturity NominalMarket Value£’000Percentage of totalnet assets %Old Mutual (FRN) (EMTN) 4.5000 18/01/47 2,750,000 2,477 0.68Prudential (FRN) (MTN) 11.3750 29/05/39 600,000 790 0.22Royal Bank of Scotland (EMTN) 6.6250 17/09/18 700,000 748 0.21Royal Bank of Scotland (EMTN) 6.8750 17/05/25 1,540,000 1,561 0.43Royal Bank of Scotland (EMTN) 7.5000 29/04/24 595,000 640 0.18Scottish & Southern Energy (EMTN) 5.0000 01/10/18 1,160,000 1,225 0.34Standard Life Finance (FRN) 6.3750 12/07/22 4,200,000 3,827 1.05South Eastern Power Network (EMTN) 5.6250 30/09/30 2,910,000 2,830 0.78Southern Gas Network (MTN) 4.8750 21/03/29 1,540,000 1,438 0.39Southern Gas Network (EMTN) 5.1250 02/11/18 350,000 369 0.10Southern Water Services (EMTN) 6.1250 31/03/19 1,609,000 1,784 0.49Stagecoach Group 5.7500 16/12/16 2,200,000 2,312 0.63Tesco (EMTN) 6.1250 24/02/22 1,370,000 1,498 0.41Transport for London (MTN) 5.0000 31/03/35 580,000 570 0.16Thames Water Utilities Cayman (EMTN) 5.5000 11/02/41 200,000 201 0.06United Utilities Water (EMTN) 5.7500 25/03/22 475,000 505 0.14Western Power (EMTN) 5.2500 17/01/23 380,000 379 0.10Yorkshire Water Services Bradford (MTN) 6.3750 19/08/39 1,825,000 2,070 0.5770,164 19.26United States - 2.29%American International Group (EMTN) 5.0000 26/04/23 400,000 353 0.10AT & T 7.0000 30/04/40 350,000 420 0.11Bank of America (EMTN) 7.0000 31/07/28 1,500,000 1,578 0.43Citigroup (EMTN) 6.8000 25/06/38 250,000 265 0.07GE Cap (EMTN) 6.4400 15/11/22 358,515 399 0.11Mellon Capital III 6.3690 05/09/66 500,000 466 0.13Pfizer 6.5000 03/06/38 1,800,000 2,104 0.58Wal-Mart Stores 4.8750 19/01/39 1,250,000 1,192 0.33Wells Fargo (EMTN) 4.8750 29/11/35 750,000 609 0.17Wells Fargo (EMTN) 5.2500 01/08/23 1,000,000 951 0.268,337 2.29Corporate bonds 146,921 40.31Government Bonds - 49.08%France - 0.89%Agence Francaise Development (FRN) (PERP) 4.6150 20/07/49 2,150,000 1,840 0.51Reseau Ferre De France 4.8300 25/03/60 400,000 410 0.11S.N.C.F (EMTN) 5.3750 18/03/27 950,000 984 0.273,234 0.89United Kingdom - 48.19%UK Treasury 2.0000 22/01/16 31,220,000 31,139 8.55UK Treasury 2.7500 22/01/15 12,660,000 13,136 3.61UK Treasury 3.7500 07/09/19 10,250,000 10,707 2.94UK Treasury 4.0000 07/03/22 7,950,000 8,221 2.26UK Treasury 4.2500 07/03/36 29,718,174 29,611 8.13UK Treasury 4.2500 07/09/39 30,062,000 29,966 8.22UK Treasury 4.2500 07/12/46 8,287,000 8,300 2.28UK Treasury 4.2500 07/12/49 20,077,000 20,113 5.52UK Treasury 4.7500 07/09/15 4,140,000 4,623 1.27UK Treasury 5.0000 07/03/25 17,680,000 19,729 5.41175,545 48.19Government bonds 178,779 49.08Aberdeen Global 143Sterling Aggregate Bond

Portfolio Statement continuedSecurity Coupon (%) Maturity NominalMortgage backed bonds - 0.38%Market Value£’000Percentage of totalnet assets %United Kingdom - 0.38%Silverstone Master Issuer (FRN) 5.0630 21/01/55 1,300,000 1,375 0.38Mortgage backed bonds 1,375 0.38Transferable securities and money market instruments admitted to anofficial exchange listing / dealt in on another regulated market 342,226 93.94Other transferable securities and money market instrumentsCorporate bonds - 0.73%Australia - 0.40%QBE Insurance Group 9.7500 14/03/14 1,988,000 1,443 0.40New Zealand - 0.33%ANZ National International (MTN) 6.2000 19/07/13 1,750,000 1,188 0.33Corporate bonds 2,631 0.73Other transferable securities and money market instruments 2,631 0.73Total transferable securities and money market instruments 344,857 94.67Financial derivative instrumentsFuture contracts - (0.02)%UnrealisedFuture Maturity Notionalgains/(losses)£’000Percentage of totalnet assets %LIFE LONG GILT SEP11 28/09/11 (487) (77) (0.02)Unrealised losses on future contracts (77) (0.02)Forward currency exchange contracts - (0.09)%Buy Sell SettlementBuyAmountSellAmountUnrealisedgains/(losses)£’000Percentage of totalnet assets %SEK GBP 04/07/11 20,379 19,954 - -EUR GBP 09/09/11 199,357 194,818 5 -EUR GBP 09/09/11 603,484 597,721 6 -GBP EUR 09/09/11 18,848,420 19,103,999 (256) (0.07)GBP USD 09/09/11 1,451,167 1,476,285 (25) (0.01)GBP USD 09/09/11 4,015,066 4,097,190 (82) (0.02)USD GBP 09/09/11 194,511 193,152 1 -USD GBP 09/09/11 2,756,813 2,724,732 32 0.01Unrealised losses on forward currency exchange contracts (319) (0.09)144 Aberdeen GlobalSterling Aggregate Bond

Swap contracts - 0.07%Unrealisedgains/(losses)£’000Percentageof total netassets %Counterparty Ccy Termination Notional Fund Pays Fund ReceivesCredit default swap contracts - nilMorgan Stanley EUR 20/06/12 4,100,000 0.2500% STANLIF 7/22 EUR 9 -Unrealised gains on credit default swap contracts 9 -Unrealisedgains/(losses)£’000Percentageof total netassets %Counterparty Ccy Termination Notional Fund Pays Fund ReceivesInterest rate swap contracts - 0.28%Barclays GBP 06/11/17 1,660,000 5.3700% 6 MONTH LIBOR (241) (0.07)Barclays SEK 04/01/20 126,400,000 3 MONTH SEK-STIBO 3.7750% 263 0.07Credit Suisse EUR 28/10/15 4,600,000 3.0780% 6 MONTH EURIBOR (66) (0.02)Credit Suisse EUR 22/02/17 1,460,000 6 MONTH EURIBOR 3.0370% 7 -Credit Suisse GBP 12/04/30 510,000 4.2775% 6 MONTH LIBOR (16) -Credit Suisse USD 20/04/18 1,720,000 2.8640% 3 MONTH USD LIBOR (15) -Deutsche Bank GBP 11/10/12 3,000,000 6 MONTH LIBOR 5.1650% 148 0.04Goldman Sachs GBP 11/07/13 3,800,000 6 MONTH LIBOR 5.0650% 274 0.08HSBC EUR 29/04/27 1,030,000 3.6530% 6 MONTH EURIBOR 18 -HSBC GBP 17/03/20 3,750,000 6 MONTH LIBOR 3.8800% 145 0.04Merrill Lynch GBP 10/03/14 9,000,000 6 MONTH LIBOR 2.9550% 288 0.08Royal Bank of Scotland EUR 24/04/14 7,660,000 2.7900% 6 MONTH EURIBOR (82) (0.02)Royal Bank of Scotland GBP 28/04/25 2,100,000 6 MONTH LIBOR 4.7938% 206 0.06UBS EUR 28/10/16 2,700,000 2.3330% 6 MONTH EURIBOR 66 0.02Unrealised gains on interest rate swap contracts 995 0.28Unrealisedgains/(losses)£’000Percentageof total netassets %Counterparty Ccy Termination Notional Fund Pays Fund ReceivesOvernight indexed swap contracts - (0.21)%Credit Suisse EUR 13/07/11 705,200,000 EUR EONIA 1.0675% (298) (0.09)Credit Suisse EUR 13/07/11 509,950,000 EUR EONIA 1.0850% (213) (0.06)Credit Suisse GBP 08/09/11 497,700,000 GBP SONIA 0.8150% 134 0.04Credit Suisse GBP 06/10/11 622,900,000 0.8550% GBP SONIA (149) (0.04)Goldman Sachs EUR 13/07/11 509,950,000 EUR EONIA 1.0950% (211) (0.06)Royal Bank of Scotland GBP 08/09/11 507,520,000 GBP SONIA 0.8150% 136 0.04Royal Bank of Scotland GBP 06/10/11 635,225,000 0.8550% GBP SONIA (152) (0.04)Unrealised losses on overnight indexed swap contracts (753) (0.21)Unrealised gains on swap contracts 251 0.07Unrealised losses on financial derivative instruments (145) (0.04)Total investments 344,712 94.63Other net assets 19,558 5.37Total 364,270 100.00∞A portion of this security is on loan at the year end.Aberdeen Global 145Sterling Aggregate Bond

Sterling BondFor the year ended 30 June 2011PerformanceFor the year ended 30 June 2011, the value of Sterling Bond Fund - ZAccumulation shares increased by 2.98% compared to an increase of3.45% in the benchmark, FTSE-A British Government Fixed > 5 YearIndex.Source: BNP Paribas, Total Return, GBPManager’s reviewGlobal fixed income markets were volatile throughout the periodunder review. Peripheral eurozone countries came under severepressure from bond investors concerned over levels of indebtedness.Yields on peripheral sovereign debt rose significantly as investorsshunned the bond market. Greece was the first peripheral nation toundergo a crisis, followed by Ireland in the fourth quarter of 2010and Portugal in the second quarter of 2011. EU/IMF bailouts failed tocalm the markets as expected and fears about the fiscal situation inother Eurozone countries kept yield spreads versus German bunds atrecord high levels. Towards the end of the year under review, fears ofGreek default dominated the markets and led to the widespread riskaversion.In the US, after much speculation, the Federal Reserve announcedfurther quantitative easing measures. It purchased US$600 billion inTreasury securities by June 2011. Some market participants believethat the Fed may introduce further asset purchases if economic datadoes not improve. At present, we do not believe that the third roundof quantitative easing will be necessary.In the UK, inflation continued to disappoint and initially led to anincreasingly hawkish stance by some members of the MonetaryPolicy Committee. However, towards the end of the period underreview, some of the members signalled that further quantitativeeasing might become necessary if demand growth remains sluggish,especially in the face of the eurozone crisis. Interest rates wereheld steady at 0.5% over the year where they have now remainedfor almost 2 years. The size of the Asset Purchase Programme alsoremained stable at £200 billion despite MPC member Adam Posenvoting for a £50 billion increase.The gilt market was volatile over the 12-month period. Gilts ralliedsignificantly in the first half of the year with yields on 10-year bondsfalling to a low of 2.83% in August. By February 2011, yields rose toa high of 3.88% on the back of the bailouts, positive UK economicdata and stubbornly high inflation. Renewed sovereign debt fears inthe second quarter of 2011 supported the gilt market and 10-yeargilts ended the period under review at 3.38%, overall just 2 basispoints higher than a year earlier.Credit markets outperformed government bonds over the periodunder review. The average yield spread over gilts narrowed 5 basispoints to end the reporting period at +1.92%. The market wascharacterised by generally strong fundamentals and companies onthe whole reported results that exceeded expectations.Despite finishing the period under review on a weaker note,financials recorded an overall strong performance. Subordinatedfinancials benefited strongly from the Basel Committee’s eagerlyawaited announcement on future capital requirements for thebanking sector, which provided a strong incentive for banks toredeem debt at the first call date. Spain’s actions to acceleratethe clean up of its savings banks and peripheral banks funding incovered bond markets have helped to improve the sentiment aroundperipheral sovereign finances. However, towards the end of theperiod under review the Greek crisis and softer economic data had anegative impact on the credit markets leading to wider spreads. Thehigh level of volatility did create many opportunities to add valuethrough security selection.Portfolio reviewThe Fund underperformed its benchmark over the period underreview. Within interest rates, short duration and yield curveflattening positions in the UK market made a negative contributionto performance while a long duration position at the front end ofthe European curve added value. Overweight exposure to the USbond market versus the UK market benefitted the portfolio whileoverweight exposure to the Swedish bond market versus the UKmarket detracted value. An allocation to credit added value.OutlookThroughout the European sovereign debt crisis, gilts have continuedto be seen as a ‘safe haven’. However, there are some reasons to bea little concerned about the sustainability of the government’s fiscalpath if the UK economy continues to perform weakly, particularlygiven the government’s willingness to change course on a numberof issues.Given all this, it seems the balance of risks is to the downside, witha weak consumer seeing his wealth and spending power eroded,increasing loss of credibility in the Bank of England’s commitment toits inflation target, and political risk around the government’s fiscalplans. In essence, the recent past has been a sweet spot for the giltmarket, with final demand weak enough for the MPC to maintainhighly accommodative monetary policy but not quite the doubledip which would compromise the government’s ability to reducethe deficit in a manner which the markets will like. We believe thatyields are likely to rise from current levels.With European fiscal imbalances and talk of sovereign defaultdominating markets, credit spreads are likely to remain volatileover the coming months. Severe tail risks abound and the directionof markets over the short to medium term is as likely to bedriven by politics and public reaction to austerity as by corporatefundamentals and economic growth. Indeed, in the US, Congressis approaching the August deadline for it to approve an increase inthe US debt ceiling or risk having to begin defaulting on obligations.While a low probability, failure to agree would clearly havesignificant global implications. We believe that strong corporatefundamentals and recovering economies will drive spreads tighter bythe end of the year.146 Aberdeen GlobalSterling Bond

Statement of Net AssetsAs at 30 June 2011Assets£'000Investments in securities at market value (note 2.2) 124,522Cash at bank 5,460Amounts held at futures clearing houses and brokers 1,042Interest receivable 1,749Subscriptions receivable 108Receivable for investments sold 1,144Other assets 76Total assets 134,101LiabilitiesPayable for investments purchased 1,137Taxes and expenses payable 98Redemptions payable 458Unrealised losses on forward currency exchange4contracts (note 2.6)Unrealised losses on future contracts (note 2.7) 34Unrealised losses on swap contracts (note 2.8) 363Other liabilities 835Total liabilities 2,929Net assets at the end of the year 131,172Statement of Changes in Net AssetsFor the year from 1 July 2010 to 30 June 2011£'000Net assets at the beginning of the year 66,499Net gains from investments 3,428Net realised gains 203Net unrealised losses (2,017)Proceeds from shares issued 91,419Payments for shares redeemed (28,830)Net equalisation received (note 10) 943Dividends paid (note 5) (473)Net assets at the end of the year 131,172Statement of OperationsFor the year from 1 July 2010 to 30 June 2011Income£'000Investment Income 3,809Bank interest 15Total income 3,824ExpensesManagement fees (note 4.5) 316Administration fees (note 4.1) 57Custodian fees (note 4.2) 6Domiciliary agent, registrar, paying and transfer agent31fees (note 4.3)Management Company fees (note 4.4) 9Operational expenses (note 4.6) 33Expense cap refunded by Investment Manager (note 4.7) (76)Annual tax (note 4.8) 20Total expenses 396Net gains from investments 3,428Realised gains on investments 819Realised gains on forward currency exchange contracts 60Realised losses on future contracts (459)Realised losses on swap contracts (211)Realised currency exchange losses (6)Net realised gains 203Decrease in unrealised appreciation on investments (1,648)Decrease in unrealised appreciation on forwardcurrency exchange contracts (6)Decrease in unrealised depreciation on future contracts (4)Increase in unrealised depreciation on swap contracts (359)Net unrealised losses (2,017)Net increase in assets as a result of operations 1,614Share TransactionsFor the year from 1 July 2010 to 30 June 2011D-1 D-2 I-2 J-2 Z-1 Z-2Shares outstanding at the beginning of the year 2,638,799 15,817,953 1,863,473 3,875,946 7,177,331 14,825,852Shares issued during the year 2,186,794 5,717,058 662,091 12,521,713 929,721 30,882,914Shares redeemed during the year (1,584,093) (3,104,123) (2,525,564) (1,408,908) (61,859) (9,633,381)Shares outstanding at the end of the year 3,241,500 18,430,888 - 14,988,751 8,045,193 36,075,385Net asset value per share 0.9653 1.2403 - 2.2978 1.1319 1.7085The accompanying notes form an integral part of these financial statements.Aberdeen Global 147Sterling Bond

Portfolio StatementAs at 30 June 2011Security Coupon (%) Maturity NominalMarket Value£’000Percentage of totalnet assets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketCorporate bonds - 1.11%Australia - 0.10%Macquarie Bank (FRN) (MTN) 5.5000 19/09/16 132,000 131 0.10Netherlands - 0.64%Bank Nederlandse Gemeenten 5.3750 07/06/21 750,000 833 0.64United Kingdom - 0.08%Royal Bank of Scotland (EMTN) 6.3750 29/04/14 101,000 108 0.08United States - 0.29%GE Cap (EMTN) 6.4400 15/11/22 14,437 16 0.01Wells Fargo (EMTN) 4.8750 29/11/35 450,000 365 0.28381 0.29Corporate bonds 1,453 1.11Government bonds - 93.82%United Kingdom - 93.82%UK Treasury 3.7500 07/09/19 32,815,000 34,279 26.13UK Treasury 3.7500 07/09/21 600,000 610 0.46UK Treasury 4.0000 07/09/16 5,220,000 5,677 4.33UK Treasury 4.0000 07/03/22 9,650,000 9,979 7.61UK Treasury 4.2500 07/06/32 380,000 382 0.29UK Treasury 4.2500 07/12/27 13,470,000 13,714 10.45UK Treasury 4.2500 07/03/36 9,850,000 9,815 7.48UK Treasury 4.2500 07/09/39 20,668,415 20,602 15.71UK Treasury 4.2500 07/12/46 2,029,000 2,032 1.55UK Treasury 4.2500 07/12/49 18,525,971 18,559 14.15UK Treasury 4.5000 07/09/34 2,750,000 2,845 2.17UK Treasury 5.0000 07/03/25 4,100,000 4,575 3.49123,069 93.82Government bonds 123,069 93.82Total transferable securities and money market instruments admitted to an officialexchange listing / dealt in on another regulated market 124,522 94.93Financial derivative instrumentsFuture contracts - (0.03)%UnrealisedFuture Maturity Notionalgains/(losses)£’000Percentage oftotal net assets %LIF LONG GILT SEP11 28/09/11 (238) (34) (0.03)Unrealised losses on future contracts (34) (0.03)148 Aberdeen GlobalSterling Bond

Forward currency exchange contracts - nilUnrealisedgains/(losses)£’000Percentage oftotal net assets%Buy Sell SettlementBuyAmountSellAmountSEK GBP 04/07/11 14,946 14,665 - -GBP SEK 09/09/11 145,244 149,552 (4) -EUR GBP 09/09/11 149,743 145,746 4 -GBP USD 09/09/11 1,388,045 1,416,436 (29) (0.02)USD GBP 09/09/11 1,416,436 1,392,327 24 0.02Unrealised losses on forward currency exchange contracts (4) -Swap contracts - (0.27)%Unrealisedgains/(losses)£’000Percentageof total netassets %Counterparty Ccy Termination Notional Fund Pays Fund ReceivesInterest rate swap contracts - 0.15%Barclays SEK 04/01/20 55,400,000 3 MONTH SEK-STIBO 3.7750% 115 0.09Barclays SEK 04/01/20 28,900,000 3 MONTH SEK-STIBO 3.7750% 60 0.05Credit Suisse SEK 04/01/20 8,400,000 3 MONTH SEK-STIBO 3.7750% 18 0.01Unrealised gains on interest rate swap contracts 193 0.15Unrealisedgains/(losses)£’000Percentageof total netassets %Counterparty Ccy Termination Notional Fund Pays Fund ReceivesOvernight indexed swap contracts - (0.42)%Credit Suisse EUR 13/07/11 309,060,000 EUR EONIA 1.0675% (131) (0.10)Credit Suisse EUR 13/07/11 211,950,000 EUR EONIA 1.0850% (89) (0.07)Credit Suisse EUR 13/07/11 134,500,000 EUR EONIA 1.0650% (57) (0.04)Credit Suisse GBP 08/09/11 216,800,000 GBP SONIA 0.8150% 58 0.04Credit Suisse GBP 08/09/11 69,900,000 GBP SONIA 0.5675% 2 -Credit Suisse GBP 08/09/11 219,300,000 GBP SONIA 0.5675% 7 0.01Credit Suisse GBP 06/10/11 271,300,000 0.8550% GBP SONIA (65) (0.05)Credit Suisse GBP 06/10/11 87,400,000 0.5870% GBP SONIA (3) -Credit Suisse GBP 06/10/11 274,300,000 0.5925% GBP SONIA (10) (0.01)Goldman Sachs EUR 13/07/11 211,950,000 EUR EONIA 1.0950% (88) (0.07)Goldman Sachs EUR 13/07/11 403,900,000 EUR EONIA 1.0400% (174) (0.13)Royal Bank of Scotland GBP 08/09/11 228,680,000 GBP SONIA 0.8150% 62 0.05Royal Bank of Scotland GBP 06/10/11 286,200,000 0.8550% GBP SONIA (68) (0.05)Unrealised losses overnight indexed swap contracts (556) (0.42)Unrealised losses on swap contracts (363) (0.27)Unrealised losses on financial derivative instruments (402) (0.30)Total investments 124,120 94.63Other net assets 7,052 5.37Total 131,172 100.00Aberdeen Global 149Sterling Bond

Sterling CreditFor the year ended 30 June 2011PerformanceFor the year ended 30 June 2011, the value of Sterling Credit - ZAccumulation shares increased by 5.87% compared to an increaseof 5.26% in the benchmark, Bank of America Merrill Lynch SterlingNon-Gilts Index.Source: BNP Paribas, Total Return, GBPManager’s reviewGlobal fixed income markets were volatile throughout the periodunder review. Peripheral eurozone countries came under severepressure from bond investors concerned over levels of indebtedness.Yields on peripheral sovereign debt rose significantly as investorsshunned the bond market. Greece was the first peripheral nation toundergo a crisis, followed by Ireland in the fourth quarter of 2010and Portugal in the second quarter of 2011. EU/IMF bailouts failed tocalm the markets as expected and fears about the fiscal situation inother Eurozone countries kept yield spreads versus German bunds atrecord high levels. Towards the end of the year under review, fears ofGreek default dominated the markets and led to the widespread riskaversion.In the US, after much speculation, the Federal Reserve announcedfurther quantitative easing measures. It purchased US$600 billion inTreasury securities by June 2011. Some market participants believethat the Fed may introduce further asset purchases if economic datadoes not improve. At present, we do not believe that the third roundof quantitative easing will be necessary.In the UK, inflation continued to disappoint and initially led to anincreasingly hawkish stance by some members of the MonetaryPolicy Committee. However, towards the end of the period underreview, some of the members signalled that further quantitativeeasing might become necessary if demand growth remains sluggish,especially in the face of the eurozone crisis. Interest rates wereheld steady at 0.5% over the year where they have now remainedfor almost 2 years. The size of the Asset Purchase Programme alsoremained stable at £200 billion despite MPC member Adam Posenvoting for a £50 billion increase.The gilt market was volatile over the 12-month period. Gilts ralliedsignificantly in the first half of the year with yields on 10-year bondsfalling to a low of 2.83% in August. By February 2011, yields rose toa high of 3.88% on the back of the bailouts, positive UK economicdata and stubbornly high inflation. Renewed sovereign debt fears inthe second quarter of 2011 supported the gilt market and 10-yeargilts ended the period under review at 3.38%, overall just 2 basispoints higher than a year earlier.Credit markets outperformed government bonds over the periodunder review. The average yield spread over gilts narrowed 5 basispoints to end the reporting period at +1.92%. The market wascharacterised by generally strong fundamentals and companies onthe whole reported results that exceeded expectations.Despite finishing the period under review on a weaker note,financials recorded an overall strong performance. Subordinatedfinancials benefited strongly from the Basel Committee’s eagerlyawaited announcement on future capital requirements for thebanking sector, which provided a strong incentive for banks toredeem debt at the first call date. Spain’s actions to acceleratethe clean up of its savings banks and peripheral banks funding incovered bond markets have helped to improve the sentiment aroundperipheral sovereign finances. However, towards the end of theperiod under review the Greek crisis and softer economic data had anegative impact on the credit markets leading to wider spreads. Thehigh level of volatility did create many opportunities to add valuethrough security selection.Portfolio reviewThe Fund outperformed its benchmark over the period underreview. Security selection within credit added most value, the fundbenefitting from overweight exposure to financials. Within interestrates, short duration and yield curve flattening positions in the UKmarket made a negative contribution to performance while a longduration position at the front end of the European curve addedvalue. Overweight exposure to the US bond market versus the UKmarket benefitted the portfolio while overweight exposure to theSwedish bond market versus the UK market detracted value.OutlookThroughout the European sovereign debt crisis, gilts have continuedto be seen as a ‘safe haven’. However, there are some reasons to bea little concerned about the sustainability of the government’s fiscalpath if the UK economy continues to perform weakly, particularlygiven the government’s willingness to change course on a numberof issues.Given all this, it seems the balance of risks is to the downside, witha weak consumer seeing his wealth and spending power eroded,increasing loss of credibility in the Bank of England’s commitment toits inflation target, and political risk around the government’s fiscalplans. In essence, the recent past has been a sweet spot for the giltmarket, with final demand weak enough for the MPC to maintainhighly accommodative monetary policy but not quite the doubledip which would compromise the government’s ability to reducethe deficit in a manner which the markets will like. We believe thatyields are likely to rise from current levels.With European fiscal imbalances and talk of sovereign defaultdominating markets, credit spreads are likely to remain volatileover the coming months. Severe tail risks abound and the directionof markets over the short to medium term is as likely to bedriven by politics and public reaction to austerity as by corporatefundamentals and economic growth. Indeed, in the US, Congressis approaching the August deadline for it to approve an increase inthe US debt ceiling or risk having to begin defaulting on obligations.While a low probability, failure to agree would clearly havesignificant global implications. We believe that strong corporatefundamentals and recovering economies will drive spreads tighter bythe end of the year.150 Aberdeen GlobalSterling Credit

Statement of Net AssetsAs at 30 June 2011Assets£'000Investments in securities at market value (note 2.2) 458,333Cash at bank 1,658Amounts held at futures clearing houses and brokers 1,479Interest receivable 11,913Subscriptions receivable 4Receivable for investments sold 4,838Unrealised gains on swap contracts (note 2.8) 233Other assets 305Total assets 478,763LiabilitiesPayable for investments purchased 2,809Taxes and expenses payable 252Redemptions payable 2,124Unrealised losses on forward currency exchangecontracts (note 2.6) 884Unrealised losses on future contracts (note 2.7) 54Other liabilities 267Total liabilities 6,390Net assets at the end of the year 472,373Statement of Changes in Net AssetsFor the year from 1 July 2010 to 30 June 2011£'000Net assets at the beginning of the year 628,878Net gains from investments 32,509Net realised gains 10,947Net unrealised losses (8,279)Proceeds from shares issued 50,211Payments for shares redeemed (237,903)Net equalisation paid (note 10) (3,449)Dividends paid (note 5) (541)Net assets at the end of the year 472,373Statement of OperationsFor the year from 1 July 2010 to 30 June 2011Income£'000Investment Income 33,151Bank interest 80Other income 90Total income 33,321ExpensesManagement fees (note 4.5) 312Administration fees (note 4.1) 142Custodian fees (note 4.2) 110Domiciliary agent, registrar, paying and transfer agent 184fees (note 4.3)Management Company fees (note 4.4) 58Operational expenses (note 4.6) 168Expense cap refunded by Investment Manager (note 4.7) (219)Annual tax (note 4.8) 57Total expenses 812Net gains from investments 32,509Realised gains on investments 13,226Realised losses on forward currency exchange contracts (2,104)Realised losses on future contracts (1,179)Realised gains on swap contracts 1,134Realised currency exchange losses (130)Net realised gains 10,947Decrease in unrealised appreciation on investments (5,299)Decrease in unrealised appreciation on forward(1,969)currency exchange contractsDecrease in unrealised depreciation on future contracts 92Decrease in unrealised appreciation on swap contracts (1,103)Net unrealised losses (8,279)Net increase in assets as a result of operations 35,177Share TransactionsFor the year from 1 July 2010 to 30 June 2011I-2 K-1 K-2 Z-2Shares outstanding at the beginning of the year 13,258,789 3,307,227 35,797,565 381,092,518Shares issued during the year 20,637,856 7,585,296 286,961 4,999,853Shares redeemed during the year (26,569,814) (1,840,805) (18,909,310) (108,662,740)Shares outstanding at the end of the year 7,326,831 9,051,718 17,175,216 277,429,631Net asset value per share 1.6612 1.1026 1.7116 1.5169The accompanying notes form an integral part of these financial statements.Aberdeen Global 151Sterling Credit

Portfolio StatementAs at 30 June 2011Security Coupon (%) Maturity NominalMarket Value£’000Percentage of totalnet assets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketAsset backed bonds - 5.48%Luxembourg - 0.46%Breeze Finance 4.5240 19/04/27 3,195,993 2,179 0.46United Kingdom - 4.97%Annington Finance No 1 8.0000 02/10/21 3,140,000 3,850 0.81Canary Wharf Finance II 6.4550 22/10/33 1,938,761 2,201 0.46Chester Asset Receivables Deal 4.6500 15/07/13 6,180,000 6,385 1.35Control Section 1 Finance 5.2340 02/05/35 1,970,000 2,098 0.44Finance for Resident Social Housing 11.1260 05/10/58 4,728,923 6,915 1.46Housing Association Funding 8.2500 07/06/27 748,341 978 0.21Unique Pub Finance 6.5420 30/03/21 1,300,000 1,120 0.2423,547 4.97United States - 0.05%SLM Student Loan Trust (FRN) 4.0500 15/12/27 290,000 243 0.05Asset backed bonds 25,969 5.48Corporate bonds - 86.22%Australia - 0.75%Macquarie Bank (FRN) (MTN) 5.5000 19/09/16 405,000 403 0.09QBE Insurance 10.0000 14/03/14 70,000 81 0.02QBE Insurance Group (MTN) 6.1250 28/09/15 840,000 904 0.19Westpac Banking (EMTN) 5.0000 21/10/19 2,090,000 2,132 0.453,520 0.75Austria - 1.40%Bawag P.S.K. (EMTN) 6.1250 20/10/14 4,258,000 4,696 1.00Oesterreich Kontrollbank 5.7500 07/12/28 1,676,000 1,904 0.406,600 1.40Belgium - 1.97%Anheuser-Busch Inbev (EMTN) 9.7500 30/07/24 2,750,000 3,849 0.81Fortis Bank (FRN) (PERP) 4.6250 31/12/49 3,350,000 2,691 0.57S.N.C.B. (EMTN) 5.0000 24/04/18 2,633,000 2,771 0.599,311 1.97Denmark - 1.07%Danske Bank (FRN) (EMTN) 5.3750 29/09/21 3,977,000 3,599 0.76TDC (EMTN) 5.6250 23/02/23 1,385,000 1,436 0.315,035 1.07Finland - 0.18%Nordea Bank Finland (FRN) (PERP) (EMTN) 6.2500 31/12/49 840,000 853 0.18France - 7.51%AXA (FRN) (PERP) 6.7720 31/12/49 1,970,000 1,723 0.36AXA (FRN) (PERP) (EMTN) 6.6666 31/12/49 2,700,000 2,427 0.51BNP Paribas (FRN) (MTN) 6.7420 07/09/17 4,208,000 4,374 0.93BNP Paribas (VAR) (PERP) 5.9540 31/12/49 3,650,000 3,382 0.72Bouygues 5.5000 06/10/26 50,000 51 0.01Credit Agricole (EMTN) 7.3750 18/12/23 1,450,000 1,494 0.32152 Aberdeen GlobalSterling Credit

Security Coupon (%) Maturity NominalMarket Value£’000Percentage of totalnet assets %Credit Agricole (VAR) (PERP) (EMTN) 5.0000 31/12/49 1,270,000 1,078 0.23Credit Logement (FRN) 2.0710 02/11/49 1,595,000 1,185 0.25Electricite De France 5.1250 22/09/50 3,100,000 2,939 0.62Electricite De France (EMTN) 6.1250 02/06/34 4,100,000 4,443 0.94France Telecom (EMTN) 5.3750 22/11/50 2,200,000 2,158 0.46France Telecom (EMTN) 8.1250 20/11/28 1,860,000 2,403 0.51France Telecom (MTN) 7.2500 10/11/20 2,416,000 2,885 0.61NATIXIS (MTN) 5.8750 24/02/20 4,416,000 4,931 1.0435,473 7.51Germany - 4.11%BayernLB Capital Trust I (FRN) (PERP) 6.2032 31/12/49 1,235,000 450 0.10Deutsche Bank London (MTN) 6.0000 01/09/17 7,101,000 4,941 1.05KFW (EMTN) 3.2500 24/02/14 1,595,000 1,662 0.35KFW 5.3750 29/01/14 2,095,000 2,291 0.48KFW (MTN) 4.8750 15/03/37 505,000 536 0.11KFW International Finance (EMTN) 5.7500 07/06/32 2,855,000 3,364 0.71RWE Finance (MTN) 5.5000 06/07/22 4,100,000 4,233 0.90Volkswagen Finance Services (EMTN) 2.5000 07/10/13 1,910,000 1,929 0.4119,406 4.11Italy - 4.13%ENEL Finance International (MTN) 5.6250 14/08/24 1,285,000 1,245 0.26ENEL Finance International (MTN) 5.7500 14/09/40 1,060,000 984 0.21Intesa Sanpaolo (FRN) (EMTN) 5.5000 19/12/16 4,360,000 4,322 0.92Telecom Italia (EMTN) 7.3750 15/12/17 1,950,000 2,152 0.46Telecom Italia Finance (EMTN) 7.7500 24/01/33 5,141,000 4,926 1.04Telecom Italia Spa (EMTN) 6.3750 24/06/19 1,550,000 1,569 0.33Unicredit (EMTN) 5.0000 01/02/16 2,665,000 2,395 0.51Unicredit (EMTN) 6.3750 16/10/18 1,937,000 1,907 0.4019,500 4.13Japan - 0.03%MUFG Capital Finance 5 (FRN) (PERP) 6.2990 31/12/49 130,000 125 0.03Jersey - 0.62%ASIF III (EMTN) 5.0000 18/12/18 2,962,000 2,910 0.62Mexico - 1.63%America Movil SAB 5.7500 28/06/30 3,480,000 3,623 0.77Premex Project Funding Master (EMTN) 7.5000 18/12/13 3,683,000 4,065 0.867,688 1.63Netherlands - 1.91%Bank Nederlandse Gemeenten 5.3750 07/06/21 2,350,000 2,611 0.55BAT Holdings (EMTN) 5.5000 15/09/16 190,000 206 0.05E.On International Finance (MTN) 6.7500 27/01/39 750,000 881 0.19Generali Finance (FRN) (PERP) 6.2140 31/12/49 1,950,000 1,698 0.36ING Bank (FRN) (MTN) 6.8750 29/05/23 3,472,000 3,603 0.768,999 1.91Norway - 0.46%DNB Norske Bank (FRN) (EMTN) 7.2500 23/06/20 1,970,000 2,191 0.46Portugal - 0.47%Refer Rede Ferroviaria Nacional 4.0000 16/03/15 4,050,000 2,225 0.47Singapore - 0.27%Temasek Financial (GMTN) 5.1250 26/07/40 1,285,000 1,298 0.27Aberdeen Global 153Sterling Credit

Portfolio Statement continuedSecurity Coupon (%) Maturity NominalMarket Value£’000Percentage of totalnet assets %Spain - 2.75%BBVA Intl Pref Unipersonal (FRN) (PERP) 5.9190 31/12/49 3,115,000 1,581 0.34Caja Ahorros Guipuzcoa 4.3750 05/11/14 4,850,000 4,299 0.91Santander Issuances (FRN) (MTN) 5.7500 31/01/18 120,000 116 0.02Telefonica Emisiones (MTN) 5.2890 09/12/22 4,550,000 4,351 0.92Telefonica Emisiones (EMTN) 5.3750 02/02/26 2,835,000 2,655 0.5613,002 2.75Supranational - 2.51%European Investment Bank 5.0000 15/04/39 3,355,000 3,618 0.77European Investment Bank 5.5000 15/04/25 4,025,000 4,509 0.95European Investment Bank 6.0000 07/12/28 2,225,000 2,624 0.56European Investment Bank (MTN) 4.5000 07/03/44 520,000 525 0.11European Investment Bank (MTN) 4.6250 12/10/54 555,000 576 0.1211,852 2.51Sweden - 0.21%Svenska Handelsbanken (FRN) (PERP) (EMTN) 5.3750 31/12/49 1,005,000 1,015 0.21Switzerland - 0.31%UBS (EMTN) 8.7500 18/12/25 1,175,000 1,451 0.31United Arab Emirates - 1.57%Abu Dhabi Commercial Bank (EMTN) 5.6250 16/11/11 7,350,000 7,421 1.57United Kingdom - 44.80%3I Group 5.7500 03/12/32 1,877,000 1,624 0.34Abbey National Treasury Service 5.7500 02/03/26 3,185,000 3,283 0.70Abbey National Treasury Service (EMTN) 5.1250 14/04/21 4,615,000 4,697 0.99Alliance & Leicester (EMTN) 9.6250 30/10/23 130,000 150 0.03Amlin (FRN) 6.5000 19/12/26 405,000 369 0.08Annes Gate Property 5.6610 30/06/31 610,000 587 0.12Aspire Defence Finance 4.6740 31/03/40 682,000 594 0.13Aspire Defence Finance 4.6740 31/03/40 1,930,000 1,691 0.36Aviva (FRN) (PERP) 5.9021 31/12/49 1,713,000 1,387 0.29Aviva (PERP) 5.7000 31/12/49 1,370,000 1,122 0.24Aviva (VAR) (PERP) 6.1250 31/12/49 2,500,000 2,089 0.44BAA Funding (FRN) 4.6000 30/09/14 4,145,000 3,866 0.82Barclays Bank 9.5000 07/08/21 897,000 1,055 0.22Barclays Bank (EMTN) 10.0000 21/05/21 1,760,000 2,118 0.45Barclays Bank (FRN) (PERP) 6.1250 31/12/49 1,215,000 1,057 0.22Barclays Bank (FRN) (PERP) 6.3750 31/12/49 585,000 557 0.12Barclays Bank (FRN) (PERP) 8.2500 31/12/49 3,080,000 3,191 0.68BAT International Finance (EMTN) 5.7500 05/07/40 3,525,000 3,513 0.74Beazley Group (FRN) 7.2500 17/10/26 2,910,000 2,373 0.50Bishopgate Asset Financial (EMTN) 5.1075 28/09/37 4,795,000 4,528 0.96British Insurance Holdings (VAR) 6.6250 09/12/30 1,115,000 751 0.16British Telecom (EMTN) 6.3750 23/06/37 5,000,000 5,089 1.08Broadgate Financing 4.8210 05/07/33 1,675,000 1,519 0.32Co-op Wholesale Society 6.2500 08/07/26 3,455,000 3,414 0.72Coventry Building Society (EMTN) 4.6250 19/04/18 4,195,000 4,273 0.90Cumbernauld Fund 3 4.5500 15/02/13 888,333 906 0.19EDF Energy Networks 6.0000 12/11/36 1,855,000 1,966 0.42Experian Finance (EMTN) 4.7500 23/11/18 2,015,000 2,073 0.44GE Capital UK Funding (EMTN) 5.8750 18/01/33 4,596,000 4,918 1.04154 Aberdeen GlobalSterling Credit

Security Coupon (%) Maturity NominalMarket Value£’000Percentage of totalnet assets %GE Capital UK Funding (EMTN) 5.1250 24/05/23 3,787,000 3,743 0.79GE Capital UK Funding (EMTN) 5.8750 18/01/33 2,430,000 2,443 0.52Glaxosmithkline Capital (EMTN) 6.3750 09/03/39 715,000 822 0.17Hammerson (EMTN) 6.0000 23/02/26 637,000 637 0.13HBOS Capital Funding (VAR) 6.4610 30/11/49 1,306,000 1,058 0.22Housing Finance 5.1250 21/12/37 65,000 63 0.01HSBC (EMTN) 5.7500 20/12/27 5,464,000 5,169 1.09HSBC (EMTN) 6.3750 18/10/22 6,400,000 6,802 1.44HSBC (EMTN) 7.0000 07/04/38 1,450,000 1,562 0.33HSBC Bank (FRN) (MTN) 5.3750 04/11/30 1,829,000 1,684 0.36Imperial Tobacco Finance (EMTN) 5.5000 22/11/16 5,150,000 5,524 1.17Juturna ELC 5.0636 10/08/33 88,022 86 0.02LCR Finance 4.5000 07/12/28 4,570,000 4,634 0.98Legal & General (EMTN) 5.8750 05/04/33 1,262,000 1,244 0.26Legal & General (VAR) (PERP) 6.3850 31/12/49 650,000 585 0.12Lloyds TSB Bank 6.0000 08/02/29 3,355,000 3,528 0.75Lloyds TSB Bank (EMTN) 7.5000 15/04/24 333,000 356 0.08Lloyds TSB Bank (EMTN) 7.6250 22/04/25 2,895,000 2,783 0.59Lloyds TSB Bank (VAR) (PERP) 13.0000 31/12/49 2,850,000 3,672 0.78London Power Networks (EMTN) 5.1250 11/11/16 2,290,000 2,473 0.52Lunar Funding I (MTN) 5.7500 18/10/33 2,570,000 2,679 0.57Motability Operations (EMTN) 5.3750 28/06/22 1,140,000 1,180 0.25National Air Traffic 5.2500 31/03/26 3,106,000 3,305 0.70National Grid Electric 5.8750 02/02/24 2,827,000 3,040 0.64Nationwide Building Society (EMTN) 5.6250 28/02/26 2,560,000 2,654 0.56Nationwide Building Society (EMTN) 6.7500 22/07/20 2,515,000 2,222 0.47Network Rail Infrastructure Finance (EMTN) 2.5000 07/03/14 3,000,000 3,069 0.65Network Rail Infrastructure Finance (MTN) 4.3750 09/12/30 360,000 356 0.08Network Rail Infrastructure Finance (MTN) 4.6250 21/07/20 645,000 693 0.15Network Rail Infrastructure Finance (MTN) 4.7500 29/11/35 1,540,000 1,590 0.34NIE Finance 6.3750 02/06/26 2,250,000 2,242 0.47Northumbrian Water Finance 6.0000 11/10/17 2,291,000 2,577 0.55Old Mutual (EMTN) 8.0000 03/06/21 2,500,000 2,538 0.54Old Mutual (FRN) (EMTN) 4.5000 18/01/17 4,800,000 4,323 0.92Permanent Master Issuer 4.8050 15/07/42 4,530,000 4,678 0.99Prudential (FRN) (MTN) 11.3750 29/05/39 1,570,000 2,068 0.44Quadrant Housing Finance 7.9300 10/02/33 2,150,000 2,822 0.60Royal & Sun Alliance (FRN) (PERP) 6.7010 12/07/49 2,095,000 1,917 0.41Royal & Sun Alliance (VAR) (PERP) 8.5000 29/07/49 646,000 683 0.14Royal Bank of Scotland (EMTN) 6.6250 17/09/18 2,975,000 3,179 0.67Royal Bank of Scotland (EMTN) 6.8750 17/05/25 4,034,000 4,088 0.87Royal Bank of Scotland (EMTN) 7.5000 29/04/24 230,000 247 0.05Scottish & Southern Energy (EMTN) 5.0000 01/10/18 4,800,000 5,070 1.07South Eastern Power Networks (EMTN) 6.1250 12/11/31 1,025,000 1,102 0.23South Eastern Power Networks (EMTN) 5.6250 30/09/30 3,080,000 2,995 0.63Southern Gas Network (EMTN) 5.1250 02/11/18 1,232,000 1,299 0.27Southern Water Services (EMTN) 5.0000 31/03/21 2,898,000 2,963 0.63Southern Water Services (EMTN) 6.1250 31/03/19 583,000 646 0.14Stagecoach Group 5.7500 16/12/16 2,265,000 2,380 0.50Standard Life Finance (FRN) 6.3750 12/07/22 11,000,000 10,023 2.12Sunderland (SHG) Finance 6.3800 31/03/42 410,000 465 0.10Tesco (EMTN) 5.5000 13/01/33 1,760,000 1,774 0.38Tesco (EMTN) 6.1250 24/02/22 3,095,000 3,385 0.72Transco (EMTN) 6.0000 07/06/17 1,373,000 1,551 0.33Aberdeen Global 155Sterling Credit

Portfolio Statement continuedSecurity Coupon (%) Maturity NominalMarket Value£’000Percentage of totalnet assets %Transport for London (MTN) 4.5000 31/03/31 3,690,000 3,480 0.74United Utilities Water (EMTN) 5.7500 25/03/22 1,670,000 1,775 0.38Wales & West Utility Finance 5.7500 29/03/30 2,180,000 2,248 0.48Western Power (EMTN) 5.2500 17/01/23 1,350,000 1,348 0.29Yorkshire Water Services Bradford (MTN) 6.3750 19/08/39 2,920,000 3,313 0.70211,595 44.80United States - 7.56%American International Group (EMTN) 5.0000 26/04/23 2,050,000 1,811 0.38AT & T 7.0000 30/04/40 1,100,000 1,319 0.28Bank of America 4.7500 06/05/19 5,030,000 4,219 0.89Bank of America (EMTN) 7.0000 31/07/28 2,900,000 3,050 0.65Citigroup (EMTN) 5.1250 12/12/18 1,350,000 1,290 0.27Citigroup (EMTN) 6.8000 25/06/38 375,000 397 0.08GE CAP (EMTN) 6.4400 15/11/22 2,259,369 2,516 0.53Goldman Sachs 7.1250 07/08/25 120,000 131 0.03Goldman Sachs 7.2500 10/04/28 1,860,000 2,031 0.43HVB Funding Trust VIII (FRN) (PERP) ∞ 7.0550 28/03/49 1,030,000 913 0.19Mellon Capital III 6.3690 05/09/66 2,150,000 2,004 0.42Pfizer 6.5000 03/06/38 4,000,000 4,676 0.99Roche Holdings (EMTN) 5.5000 04/03/15 2,240,000 2,463 0.52Wachovia (EMTN) 4.8750 29/11/35 1,500,000 1,218 0.26Wells Fargo (EMNT) 5.2500 01/08/23 1,700,000 1,617 0.34Wal-Mart Stores 4.8750 19/01/39 3,789,000 3,613 0.77Westfield Financial 5.5000 27/06/17 2,316,000 2,479 0.5335,747 7.56Corporate bonds 407,217 86.22Government bonds - 4.13%France - 2.30%Agence Francaise Development (FRN) (PERP) 4.6150 31/12/49 6,150,000 5,262 1.11Reseau Ferre De France 4.8300 25/03/60 1,175,000 1,205 0.26S.N.C.F (EMTN) 5.3750 18/03/27 1,705,000 1,767 0.37Wendel Investissement 4.8750 21/09/15 3,000,000 2,630 0.5610,864 2.30United Kingdom - 1.83%UK Treasury 4.2500 07/12/27 2,750,000 2,800 0.59UK Treasury 4.2500 07/03/36 4,735,000 4,718 1.00UK Treasury 4.2500 07/09/39 1,150,000 1,146 0.248,664 1.83Government bonds 19,528 4.13Mortgage backed bonds - 0.27%United Kingdom - 0.27%Silverstone Master Issuer (FRN) 5.0630 21/01/55 1,185,000 1,253 0.27Mortgage backed bonds 1,253 0.27Transferable securities and money market instruments admitted to anofficial exchange listing / dealt in on another regulated market 453,967 96.10156 Aberdeen GlobalSterling Credit

Market Value£’000Percentage of totalnet assets %Security Coupon (%) Maturity NominalOther transferable securities and money market instrumentsCorporate bonds - 0.93%Australia - 0.51%QBE Insurance Group 9.7500 14/03/14 2,005,000 1,455 0.31QBE Insurance Group 9.7500 14/03/14 1,285,000 932 0.202,387 0.51Luxembourg - 0.42%Unicredito Luxembourg Finance (MTN) 5.5840 13/01/17 3,183,000 1,979 0.42Corporate bonds 4,366 0.93Other transferable securities and money market instruments 4,366 0.93Total transferable securities and money market instruments 458,333 97.03Financial derivative instrumentsFuture contracts - (0.01)%UnrealisedFuture Maturity Notionalgains/(losses)£’000Percentage of totalnet assets %LIF LONG GILT SEP11 28/09/11 (333) (54) (0.01)Unrealised losses on future contracts (54) (0.01)Forward currency exchange contracts - (0.19)%Buy Sell SettlementBuyAmountSellAmountUnrealisedgains/(losses)£’000Percentage of totalnet assets %EUR GBP 09/09/11 246,265 240,658 6 -EUR GBP 09/09/11 303,095 298,684 4 -EUR GBP 09/09/11 439,307 427,581 12 -EUR GBP 09/09/11 1,528,103 1,490,803 37 0.01GBP EUR 09/09/11 54,992,210 55,737,889 (746) (0.16)GBP USD 09/09/11 2,505,445 2,556,691 (51) (0.01)GBP USD 09/09/11 11,384,431 11,581,482 (197) (0.04)SEK GBP 04/07/11 13,672 13,387 - -USD GBP 09/09/11 606,599 599,540 7 -USD GBP 09/09/11 2,556,691 2,513,176 44 0.01Unrealised losses on forward currency exchange contracts (884) (0.19)Swap contracts - 0.05%Aberdeen Global 157Sterling Credit

Unrealisedgains/(losses)£’000Percentageof total netassets %Counterparty Ccy Termination Notional Fund Pays Fund ReceivesCredit default swap contracts - (0.01)%Deutsche Bank EUR 20/03/13 3,000,000 3.1000% WENDEL EUR (72) (0.02)Morgan Stanley EUR 20/06/12 13,000,000 0.2500% STANLIF 7/22 EUR 28 0.01Unrealised losses on credit default swap contracts (44) (0.01)Unrealisedgains/(losses)£’000Percentageof total netassets %Counterparty Ccy Termination Notional Fund Pays Fund ReceivesOvernight indexed swap contracts - (0.10)%Credit Suisse EUR 13/07/11 366,290,000 EUR EONIA 1.0675% (155) (0.03)Credit Suisse EUR 13/07/11 391,550,000 EUR EONIA 1.0850% (164) (0.04)Credit Suisse GBP 08/09/11 379,100,000 GBP SONIA 0.8150% 102 0.02Credit Suisse GBP 06/10/11 474,500,000 0.8550% GBP SONIA (114) (0.02)Goldman Sachs EUR 13/07/11 391,550,000 EUR EONIA 1.0950% (162) (0.03)Royal Bank of Scotland GBP 08/09/11 289,220,000 0.8550% GBP SONIA 78 0.02Royal Bank of Scotland GBP 06/10/11 360,820,000 0.8550% GBP SONIA (86) (0.02)Unrealised losses on overnight indexed swap contracts (501) (0.10)Unrealisedgains/(losses)£’000Percentageof total netassets %Counterparty Ccy Termination Notional Fund Pays Fund ReceivesInterest rate swap contracts - 0.16%Barclays SEK 04/01/20 84,800,000 3 MONTH SEK-STIBO 3.7750% 177 0.04Credit Suisse EUR 25/03/20 16,580,000 6 MONTH EURIBOR 3.2630% (61) (0.01)Credit Suisse GBP 24/11/16 27,300,000 6 MONTH LIBOR 2.6550% 22 -Credit Suisse GBP 24/11/32 6,000,000 6 MONTH LIBOR 3.9950% (68) (0.01)Credit Suisse USD 20/04/14 8,265,000 2.2930% 3 MONTH USD LIBOR (175) (0.04)Credit Suisse USD 20/04/18 7,210,000 2.8640% 3 MONTH USD LIBOR (65) (0.01)Deutsche Bank EUR 26/02/16 21,790,000 2.7450% 6 MONTH EURIBOR 7 -Goldman Sachs GBP 28/01/13 48,210,000 6 MONTH LIBOR 2.4100% 810 0.17Goldman Sachs GBP 28/12/31 1,400,000 6 MONTH LIBOR 4.6425% 116 0.02Royal Bank of Scotland EUR 26/02/20 28,860,000 3.3600% 6 MONTH EURIBOR (103) (0.02)UBS EUR 28/10/12 22,100,000 1.5960% 6 MONTH EURIBOR 118 0.02Unrealised gains on interest rate swap contracts 778 0.16Unrealised gains on swap contracts 233 0.05Unrealised losses on financial derivative instruments (705) (0.15)Total investments 457,628 96.88Other net assets 14,745 3.12Total 472,373 100.00∞A portion of this security is on loan at the period end.158 Aberdeen GlobalSterling Credit

US Dollar BondFor the period 24 September 2010 to 30 June 2011PerformanceFor the period 24 September 2010 to 30 June 2011, the value US Dollar Bond - A Accumulation shares decreased by 0.88% compared to adecrease of 0.33% in the benchmark, JP Morgan Government Bond Index Traded USD.Source: Lipper, Basis: total return, NAV to NAV, net of annual charges, gross income reinvested, USD.Corporate activityOn 24 September 2010, Credit Suisse Bond Fund (Lux) US$ Aberdeen transferred its assets into the Aberdeen Global II - US Dollar Fundresulting in a contribution in kind worth US$286 million in investments and cash.Shareholders involved in the transfer were given either A or J shares in the Aberdeen Global II - US Dollar Bond Fund for every 1 sharepreviously held in Credit Suisse Bond Fund (Lux) US$ Aberdeen as follows:Contribution inCredit Suisse Bond Fund (Lux) Share Class Aberdeen Global II Share Classkind (‘000) Transfer RatioUS$ Aberdeen A US$ Dollar Bond Fund A-1 US$51,058 1.000000000US$ Aberdeen B US$ Dollar Bond Fund A-2 US$232,565 1.000000000US$ Aberdeen I US$ Dollar Bond Fund J-2 US$2,551 1.000000000Manager’s reviewThe US bond market was volatile throughout the year with yieldsinitially reaching record lows as the economic recovery was calledinto question. In order to stimulate growth, the Federal Reserveannounced further quantitative easing measures in Novemberthrough the purchase of US$600 billion in Treasury securities byJune 2011. Although the labour and housing markets remainedweak, strong economic data in other sectors and the effects of fiscalstimulus resulted in a sharp rise in US Treasury yields across thespectrum as the end of 2010 approached.At the start of 2011, bond yields rose further as the financial marketsbecame increasingly focused on the implications of higher inflation.These concerns centred on the effects of higher energy prices as theescalation of political events in the Middle East and North Africaprompted a further spike in oil prices. Towards the end of the periodthe economy decelerated. An increase in petrol prices decreased realincomes and consumers’ spending power, especially in the US. Thisis in turn resulted in decline in demand for goods and a slowdownin global manufacturing, exacerbated by the Japanese earthquake.As a result, 10-year US Treasuries ended the period under review at3.16%, 23 bps higher than a year earlier.Within the corporate credit markets fundamentals remained robust.Financials in particular recorded a strong performance, despitefinishing the period on a weaker note. Towards the end of theperiod, concerns over Greece and weaker global economic dataled to heightened risk aversion and a widening of credit spreads,with financials the worst affected due to their high correlation withsovereign bonds.Portfolio reviewThe Fund underperformed its benchmark over the period underreview. Our allocation to non-government securities was beneficialas credit spreads tightened over the period. However our positioningalong the yield curve in the second half of 2010 favoured a flatteningbias, but stronger US economic data and fiscal stimulus caused thecurve to steepen. Bond yields subsequently rose at the long end ofthe curve which meant the longer than benchmark duration of thefund detracted from its relative performance. In the second quarterof 2011, the fund’s short duration position was a disadvantage forthe most part given the fall in bond yields.OutlookAs the Federal Reserve continues to look at overall level growthand fuller employment, any upward move in interest rates remainsa long way off. High severity tail risks abound and the direction ofmarkets over the short to medium term is as likely to be driven bypolitics and public reaction to austerity as much as by corporatefundamentals and economic growth. Indeed, in the US, Congress isapproaching the August deadline for approval of an increase in theUS debt ceiling or risk having to begin defaulting on obligations.While a low probability, failure to agree would clearly havesignificant global implications.Aberdeen Global 159US Dollar Bond

Statement of Net AssetsAs at 30 June 2011AssetsUS$'000Investments in securities at market value (note 2.2) 243,649Cash at bank 5,704Interest receivable 1,907Subscriptions receivable 3,796Receivable for investments sold 4,272Total assets 259,328LiabilitiesPayable for investments purchased 5,867Taxes and expenses payable 305Redemptions payable 1,165Other liabilities 263Total liabilities 7,600Net assets at the end of the period 251,728Statement of Changes in Net AssetsFor the period from 24 September 2010 to 30 June 2011US$'000Net gains from investments 2,398Net realised losses (6,635)Net unrealised gains 666Proceeds from shares issued 323,479Payments for shares redeemed (67,761)Net equalisation paid (note 10) (14)Dividends paid (note 5) (405)Net assets at the end of the period 251,728Statement of OperationsFor the period from 24 September 2010 to 30 June 2011IncomeUS$'000Investment income 4,498Other income 18Total income 4,516ExpensesManagement fees (note 4.5) 1,774Administration fees (note 4.1) 79Custodian fees (note 4.2) 22Domiciliary agent, registrar, paying and transfer agent63fees (note 4.3)Management Company fees (note 4.4) 22Operational expenses (note 4.6) 62Annual tax (note 4.8) 96Total expenses 2,118Net gains from investments 2,398Realised losses on investments (6,635)Net realised losses (6,635)Increase in unrealised appreciation on investments 666Net unrealised gains 666Net decrease in assets as a result of operations (3,571)Share TransactionsFor the period from 24 September 2010 to 30 June 2011A-1 A-2 J-2Shares issued during the period 39,340 76,708 10,302Shares redeemed during the period (6,384) (17,322) (1,866)Shares outstanding at the end of the period 32,956 59,386 8,436Net asset value per share 1,277.5207 3,294.6570 1,656.1177The accompanying notes form an integral part of these financial statements.160 Aberdeen GlobalUS Dollar Bond

Portfolio StatementAs at 30 June 2011Security Coupon (%) Maturity NominalMarket ValueUS$’000Percentage of totalnet assets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketCorporate bonds - 23.69%Australia - 0.71%Barrick Australia Finance 5.9500 15/10/39 865,000 878 0.35Rio Tinto Finance USA 5.2000 02/11/40 940,000 913 0.361,791 0.71Brazil - 0.12%Petrobras International Finance Co 3.8750 27/01/16 290,000 297 0.12Canada - 0.32%Teck Resources 6.2500 15/07/41 225,000 228 0.09Transcanada Pipelines (MTN) 6.2000 15/10/37 530,000 574 0.23802 0.32France - 0.34%Arcelormittal 6.1250 01/06/18 795,000 853 0.34Italy - 0.07%Telecom Italia Capital (MTN) 5.2500 01/10/15 160,000 166 0.07Netherlands - 0.88%Scotland International Fin No (EMTN) 4.2500 23/05/13 1,575,000 1,581 0.63Shell International Finance 3.1000 28/06/15 610,000 638 0.252,219 0.88Spain - 0.15%BBVA US Senior Uniper 3.2500 16/05/14 385,000 381 0.15United Kingdom - 1.29%Abbey National Treasury Services 4.0000 27/04/16 405,000 402 0.16BP Capital Markets 3.2000 11/03/16 765,000 779 0.31Ensco 4.7000 15/03/21 740,000 749 0.30Lloyds TSB 6.3750 21/01/21 680,000 709 0.28WPP Finance UK 8.0000 15/09/14 525,000 616 0.243,255 1.29United States - 19.81%21st Century Insurance (MTN) 5.9000 15/12/13 250,000 266 0.11Alcoa 6.1500 15/08/20 590,000 626 0.25American International Group 5.6000 18/10/16 1,035,000 1,089 0.43American Muni Power 7.8340 15/02/41 695,000 830 0.33Amphenol (MTN) 4.7500 15/11/14 810,000 883 0.35Anadarko Petroleum 6.3750 15/09/17 570,000 654 0.26AT&T 2.9500 15/05/16 160,000 162 0.06Bank of America 5.7500 01/12/17 2,420,000 2,577 1.02Bank of America 6.0000 01/09/17 660,000 711 0.28Bay Area Toll Authority California Toll Bridge 7.0430 01/04/50 80,000 88 0.03Best Buy 3.7500 15/03/16 80,000 80 0.03Buckeye Partners 5.3000 15/10/14 675,000 745 0.29Burlington North Santa Fe 5.7500 01/05/40 435,000 450 0.18Cameron International 5.9500 01/06/41 370,000 373 0.15Caterpillar Financial 1.3750 20/05/14 905,000 909 0.36CBS 7.8750 30/07/30 765,000 915 0.36Aberdeen Global 161US Dollar Bond

Portfolio Statement continuedSecurity Coupon (%) Maturity NominalMarket ValueUS$’000Percentage of totalnet assets %Century 7.6000 15/09/39 1,040,000 1,003 0.40Chicago Illinois Transit Authority Service 6.8990 01/12/40 735,000 784 0.31CVS Caremark 5.7500 15/05/41 690,000 681 0.27District Columbia Water & Sewer Authority 5.5220 01/10/44 95,000 94 0.04Domtar 10.7500 01/06/17 465,000 608 0.24Energy Transfer Partners 4.6500 01/06/21 895,000 877 0.35Enterprise Products Operating 3.2000 01/02/16 440,000 448 0.18Enterprise Products Operating 5.9500 01/02/41 550,000 548 0.22Exelon (MTN) 5.6250 15/06/35 550,000 524 0.21General Electric Capital 4.3750 16/09/20 2,080,000 2,060 0.82Goldman Sachs 3.7000 01/08/15 130,000 132 0.05Goldman Sachs 6.2500 01/02/41 550,000 556 0.22Harsco 2.7000 15/10/15 740,000 743 0.30Hewlett-Packard 4.3000 01/06/21 960,000 971 0.39HSBC Finance 6.6760 15/01/21 765,000 786 0.31Humana 6.3000 01/08/18 252,000 281 0.11Illinois State 5.8770 01/03/19 910,000 936 0.37International Lease Finance 6.5000 01/09/14 1,145,000 1,219 0.48Interpublic Group 10.0000 15/07/17 190,000 226 0.09International Paper (MTN) 7.9500 15/06/18 1,165,000 1,389 0.55JP Morgan Chase & Co 3.1500 05/07/16 690,000 695 0.28JP Morgan Chase & Co 3.4500 01/03/16 600,000 612 0.24JP Morgan Chase & Co 4.9500 25/03/20 1,872,000 1,937 0.77Kinder Morgan Energy 5.1250 15/11/14 230,000 253 0.10Los Angeles California Community College 6.6000 01/08/42 650,000 724 0.29Marathon Oil Corp (MTN) 6.6000 01/10/37 530,000 590 0.23Massachusetts Institute of Technology 5.6000 01/02/16 300,000 308 0.12Microsoft 4.5000 01/10/40 1,075,000 981 0.39Morgan Stanley 3.8000 29/04/16 755,000 747 0.30Morgan Stanley 5.6250 23/09/19 2,100,000 2,158 0.86Municipal Electric Authority of Georgia 6.6370 01/04/57 670,000 643 0.26NBC Universal 5.9500 01/04/41 590,000 602 0.24New Jersey St 4.2520 01/01/16 1,240,000 1,302 0.52News America 6.1500 15/02/41 755,000 751 0.30Nextera Energy Capital 2.6000 01/09/15 900,000 897 0.36Noble Energy 6.0000 01/03/41 530,000 548 0.22Noble 6.0500 01/03/41 735,000 756 0.30Oneok Partners 3.2500 01/02/16 440,000 448 0.18Pacific Gas & Electric 6.0500 01/03/34 530,000 562 0.22Plains All American Pipeline 5.6250 15/12/13 345,000 377 0.14Port Authority New York & New Jersey 6.0400 01/12/29 575,000 625 0.25Prudential Financial 5.6250 12/05/41 625,000 580 0.23Qwest 7.5000 15/06/23 740,000 745 0.30San Diego California Regional Transport 5.9110 01/04/48 85,000 89 0.04Santander Holdings USA 4.6250 19/04/16 545,000 548 0.22Scana 4.7500 15/05/21 365,000 367 0.15Sempra Energy 2.0000 15/03/14 695,000 702 0.28South Carolina Electric & Gas 5.4500 01/02/41 465,000 469 0.19Southern CA Public Power Authority 5.9430 01/07/40 40,000 39 0.02Verizon New England 7.8750 15/11/29 425,000 490 0.19Verizon Wireless Capital 5.5500 01/02/14 500,000 551 0.22Wal-Mart Stores 3.2500 25/10/20 655,000 624 0.25Wells Fargo 4.6000 01/04/21 1,130,000 1,138 0.45162 Aberdeen GlobalUS Dollar Bond

Security Coupon (%) Maturity NominalMarket ValueUS$’000Percentage of totalnet assets %Willis Group Holdings 4.1250 15/03/16 740,000 755 0.3049,837 19.81Corporate bonds 59,601 23.69Government bonds - 66.00%United States - 66.00%US Treasury 0.3750 31/08/12 14,000,000 14,021 5.57US Treasury 0.5000 31/05/13 4,863,000 4,869 1.93US Treasury 0.6250 28/02/13 1,020,000 1,024 0.41US Treasury 0.7500 15/12/13 14,400,000 14,450 5.74US Treasury 0.7500 15/06/14 737,000 736 0.29US Treasury 1.0000 31/07/11 12,000,000 12,011 4.77US Treasury 1.0000 15/01/14 1,385,000 1,398 0.56US Treasury 1.3750 15/11/12 9,330,000 9,466 3.76US Treasury 1.3750 15/05/13 11,500,000 11,702 4.65US Treasury 1.5000 31/12/13 4,000,000 4,087 1.62US Treasury 1.5000 30/06/16 1,437,000 1,420 0.56US Treasury 1.8750 15/06/12 5,825,000 5,917 2.35US Treasury 2.1250 29/02/16 998,000 1,025 0.41US Treasury 2.3750 31/10/14 230,000 241 0.10US Treasury 2.7500 28/02/13 7,000,000 7,274 2.89US Treasury 3.6250 15/02/20 21,900,000 23,171 9.20US Treasury 3.6250 15/02/21 4,112,000 4,288 1.70US Treasury 4.2500 15/11/40 2,400,000 2,346 0.93US Treasury 4.5000 15/11/15 31,500,000 35,565 14.13US Treasury 4.5000 15/08/39 4,700,000 4,806 1.91US Treasury 4.7500 15/02/41 130,000 138 0.05US Treasury 5.3750 15/02/31 2,750,000 3,224 1.28US Treasury (MTN) 6.0000 15/02/26 2,400,000 2,988 1.19166,167 66.00Government bonds 166,167 66.00Transferable securities and money market instruments admitted to anofficial exchange listing / dealt in on another regulated market 225,768 89.69Recently issued transferable securities and money market instrumentsCorporate bonds - 3.34%Australia - 0.61%QBE Capital Funding II (VAR) 7.2500 24/05/41 670,000 674 0.27Telstra Corporation 4.8000 12/10/21 860,000 865 0.341,539 0.61Brazil - 0.44%HSBC Brasil 4.0000 11/05/16 1,095,000 1,112 0.44China - 0.31%CNOOC Finance 4.2500 26/01/21 800,000 786 0.31Canada - 0.65%Caisse Centrale Desjardins Du Quebec 2.6500 16/09/15 1,645,000 1,640 0.65Aberdeen Global 163US Dollar Bond

Portfolio Statement continuedMarket ValueUS$’000Percentage of totalnet assets %Security Coupon (%) Maturity NominalKorea - 0.43%Korea Gas 4.2500 02/11/20 600,000 574 0.23Woori 5.8750 13/04/21 495,000 498 0.201,072 0.43Netherlands - 0.72%ABN Amro Bank 3.0000 31/01/14 1,145,000 1,170 0.46ING 5.0000 09/06/21 660,000 655 0.261,825 0.72United States - 0.18%Crown Castle Towers 6.1130 15/01/20 305,000 333 0.13Highmark 6.1250 15/05/41 115,000 114 0.05447 0.18Corporate bonds 8,421 3.34Recently issued transferable securities and money market instruments 8,421 3.34Other transferable securities and money market instrumentsCorporate bonds - 3.76%Australia - 0.31%WEA Finance 6.7500 02/09/19 690,000 784 0.31Italy - 0.19%Enel Finance International (MTN) 6.0000 07/10/39 530,000 481 0.19Netherlands - 0.13%EDP Finance 4.9000 01/10/19 375,000 322 0.13Portugal - 0.28%EDP Finance (MTN) 5.3750 02/11/12 700,000 701 0.28United Kingdom - 0.55%Abbey National Treasury Services 3.8750 10/11/14 1,345,000 1,371 0.55United States - 2.30%Agribank FCB 9.1250 15/07/19 710,000 884 0.35Blackstone Holdings Finance 6.6250 15/08/19 760,000 819 0.33Chevron Phillips Chemical 8.2500 15/06/19 840,000 1,043 0.41Crown Castle Towers 4.1740 15/08/17 1,165,000 1,185 0.47ERAC USA Finance (MTN) 7.0000 15/10/37 235,000 259 0.10Nationwide Mutual Insurance 9.3750 15/08/39 570,000 709 0.28SBA Tower Trust 5.1010 15/04/17 865,000 902 0.365,801 2.30Corporate bonds 9,460 3.76Other transferable securities and money market instruments 9,460 3.76Total transferable securities and money market instruments 243,649 96.79Total investments 243,649 96.79Other net assets 8,079 3.21Total 251,728 100.00164 Aberdeen GlobalUS Dollar Bond

US Dollar High Yield BondFor the year ended 30 June 2011PerformanceFor the year ended 30 June 2011, the value of US Dollar High YieldBond - I Accumulation shares increased by 16.39% compared to anincrease of 12.71% in the benchmark, the Credit Suisse Upper TierHigh Yield Index.Source: BNP Paribas, Total Return, USD.Fund name changeOn 27 July 2010, the Fund changed its name from Aberdeen GlobalII - Global High Yield Bond to Aberdeen Global II - US Dollar HighYield Bond.Portfolio reviewRecognizing some of the political and macroeconomic risks, ourstrategy is to maintain positioning within defensive industriesrepresented by companies with more stable end demandcharacteristics. Our portfolios are constructed via bottom-upsecurity selection, and we believe that these particular credits andsectors will perform better in the event of a market correction.Our basket of single-name short positions within our portfolio isconstructed to create alpha and buffer returns as the market exhibitsvolatility. We believe that our bottom-up credit selection, withheavy emphasis on asset valuation, will deliver strong risk-adjustedreturns over the credit cycle.Manager’s reviewGlobal fixed income markets were volatile throughout the 12-monthperiod under review. Initially the Gulf of Mexico oil spill leadto a sell-off especially in the energy, wireless communicationsand financials. Towards the end of 2010 the high yield marketrebounded and ended the year on a very positive tone, with spreadscompressing. At the beginning of 2011, political instability in the oilproducingregions and the devastating earthquake and the resultingnuclear accident in Japan led to a renewed bout of risk aversion.Towards the end of the period under review, deteriorating economicdata and sovereign debt default fears in the eurozone led to a sharpsell-off of risky assets.While the high yield primary market has been open to mostcorporate issuers since early 2010, the leveraged loan market hasopened up more significantly in the early part or 2011. While we areencouraged that leveraged finance issuers have generally expandedtheir avenues for capital access, we are somewhat concerned thatcredit standards, particularily in the loan market, may be relaxingtoo much as floating-rate loan funds and new collateralized loanobligations (CLOs) scramble to invest cash.We believe that the reshaping of the high yield maturity wall shouldkeep default rates well below their long-term averages for at leastthe next two years. While we are confident that default activitywill remain benign in the near term, we are keeping a close eye onoverall asset flows as market sentiment can quickly shift. Defaultactivity will undoubtly accelerate should the new-issue machine shutdown.OutlookWe believe that value in the high yield asset class can be definedas excess income (spread), net of anticipated default losses.Given our view of extremely low default rates over the next twoto-three years, we believe that investors are receiving attractivecompensation for a credit sector with solid fundamental support andminimal anticipated default losses.Considering the favourable fundamental outlook and the benigndefault environment, we believe that spreads should contractfurther; however, low U.S. Treasury yields should limit the potentialfor spread compression as high yield investors tend to be extremelyfocused on gross yield. In a scenario where Treasury rates movehigher, we expect spreads to compress tighter. Therefore, we believethe high yield market is fairly well insulated from higher interestrates, given current valuations, representing an attractive alternativewithin fixed income alternatives as well as a potential alternative toequities.Aberdeen Global 165US Dollar High Yield Bond

Statement of Net AssetsAs at 30 June 2011AssetsUS$'000Investments in securities at market value (note 2.2) 99,536Cash at bank 6,372Interest receivable 2,020Receivable for investments sold 1,862Unrealised gains on forward currency exchange322contracts (note 2.6)Other assets 87Total assets 110,199LiabilitiesPayable for investments purchased 448Taxes and expenses payable 160Redemptions payable 5,535Unrealised losses on swap contracts (note 2.8) 198Total liabilities 6,341Net assets at the end of the year 103,858Statement of Changes in Net AssetsFor the year from 1 July 2010 to 30 June 2011US$'000Net assets at the beginning of the year 124,642Net gains from investments 7,828Net realised gains 22,917Net unrealised losses (655)Proceeds from shares issued 90,628Payments for shares redeemed (140,471)Net equalisation paid (note 10) (1,031)Net assets at the end of the year 103,858Statement of OperationsFor the year from 1 July 2010 to 30 June 2011IncomeUS$'000Investment income 8,764Other income 5Total income 8,769ExpensesManagement fees (note 4.5) 804Administration fees (note 4.1) 100Custodian fees (note 4.2) 8Domiciliary agent, registrar, paying and transfer agentfees (note 4.3) 44Management Company fees (note 4.4) 12Operational expenses (note 4.6) 47Expense cap refunded by Investment Manager (note 4.7) (87)Annual tax (note 4.8) 12Bank interest 1Total expenses 941Net gains from investments 7,828Realised gains on investments 10,460Realised gains on forward currency exchange contracts 8,108Realised losses on swap contracts (413)Realised currency exchange gains 4,762Net realised gains 22,917Decrease in unrealised depreciation on investments 1,516Decrease in unrealised appreciation on forward(378)currency exchange contractsDecrease in unrealised appreciation on swap contracts (1,710)Unrealised currency exchange losses (83)Net unrealised losses (655)Net increase in assets as a result of operations 30,090Share TransactionsFor the year from 1 July 2010 to 30 June 2011I-2 I(GBP)-2 ^ I(EUR)-2 ^ Z-2Shares outstanding at the beginning of the year 900,025 1,787,425 1,799,567 1,646,605Shares issued during the year 2,200,729 10,500 1,223,534 53,581Shares redeemed during the year (1,893,704) (1,758,425) (1,187,205) (1,034,546)Shares outstanding at the end of the year 1,207,050 39,500 1,835,896 665,640Net asset value per share 21.5819 17.3756 25.4220 13.5755^Hedged share class.The accompanying notes form an integral part of these financial statements.166 Aberdeen GlobalUS Dollar High Yield Bond

Portfolio StatementAs at 30 June 2011Security Coupon (%) Maturity NominalMarket ValueUS$’000Percentage of totalnet assets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketCorporate bonds - 82.46%Bermuda - 1.64%Intelsat Bermuda (PIK) 11.5000 04/02/17 1,577,709 1,700 1.64Canada- 2.97%CHC Helicopter 9.2500 15/10/20 1,710,000 1,552 1.49Taseko Mines 7.7500 15/04/19 815,000 825 0.79Tembec Industrial 11.2500 15/12/18 680,000 715 0.693,092 2.97France - 0.87%CCG Veritas 6.5000 01/06/21 935,000 907 0.87United States - 76.98%Alpha Natural Resources 6.2500 01/06/21 845,000 853 0.82Apria Healthcare 12.3750 01/11/14 675,000 706 0.68Arch Coal 7.2500 15/06/21 1,495,000 1,504 1.45Boyd Gaming 9.1250 01/12/18 1,080,000 1,104 1.06Burger King 9.8750 15/10/18 755,000 808 0.78BWAY 10.0000 15/06/18 725,000 795 0.77Carrizo Oil & Gas 8.6250 15/10/18 590,000 611 0.59CCO 6.5000 30/04/21 1,755,000 1,740 1.68Chaparral Energy 8.2500 01/09/21 500,000 506 0.49Chesapeake Midstream 5.8750 15/04/21 605,000 599 0.58Cincinnati Bell 8.3750 15/10/20 1,760,000 1,760 1.69Commercial Barge Line 12.5000 15/07/17 525,000 592 0.57Community Health Systems 8.8750 15/07/15 525,000 542 0.52Concho Resources 7.0000 15/01/21 605,000 628 0.61Consol Energy 6.3750 01/03/21 825,000 825 0.79Corelogic 7.2500 01/06/21 450,000 441 0.42Crown Media 10.5000 15/07/19 210,000 210 0.20Dana Holding 6.5000 15/02/19 1,265,000 1,259 1.21Domtar 9.5000 01/08/16 1,110,000 1,365 1.31Ducommun 9.7500 15/07/18 535,000 552 0.53Dyncorp International 10.3750 01/07/17 1,430,000 1,473 1.42Edison Mission Energy 7.0000 15/05/17 2,700,000 2,201 2.12Energy Future Competitive 7.4800 01/01/17 834,866 716 0.69Energy Future Holdings 10.0000 15/01/20 1,010,000 1,077 1.04Energy Solutions 10.7500 15/08/18 1,160,000 1,230 1.18EV Energy Partners 8.0000 15/04/19 1,410,000 1,422 1.37Exco Resources 7.5000 15/09/18 735,000 718 0.69First Data Corporation (PIK) 10.5500 24/09/15 1,799,125 1,876 1.81Forbes Energy Services 9.0000 15/06/19 1,500,000 1,485 1.43Frontier Communication 8.5000 15/04/20 1,685,000 1,845 1.78Gannett Co 7.1250 01/09/18 1,385,000 1,397 1.35Genon Energy ∞ 9.8750 15/10/20 1,580,000 1,659 1.60Gibraltar Industries 8.0000 01/12/15 300,000 303 0.29Goodyear Tire & Rubber 8.2500 15/08/20 985,000 1,069 1.03Graham Packaging Co 8.2500 01/10/18 735,000 821 0.79Hanesbrands 6.3750 15/12/20 1,395,000 1,360 1.31HCA 9.8750 15/02/17 284,000 317 0.30International Lease Finance 6.2500 15/05/19 1,765,000 1,727 1.66Jabil Circuit (MTN) 8.2500 15/03/18 820,000 941 0.91Aberdeen Global 167US Dollar High Yield Bond

Portfolio Statement continuedSecurity Coupon (%) Maturity NominalMarket ValueUS$’000Percentage of totalnet assets %KB Home 9.1000 15/09/17 700,000 712 0.69Linn Energy 6.5000 15/05/19 445,000 442 0.43Mandalay Resort 7.6250 15/07/13 1,000,000 995 0.96Nalco 6.6250 15/01/19 600,000 618 0.59Navios Maritime Ho 8.1250 15/02/19 725,000 700 0.68Navios Maritime Acquisition 8.6250 01/11/17 695,000 688 0.66Navios Maritime Acquisition 8.6250 01/11/17 285,000 282 0.27Norcraft Finance 10.5000 15/12/15 890,000 908 0.87Norcraft Finance 10.5000 15/12/15 290,000 296 0.29NORTEK 8.5000 15/04/21 1,135,000 1,055 1.02NORTEK 10.0000 01/12/18 435,000 437 0.42NRG Energy 7.3750 15/01/17 1,030,000 1,082 1.04NV Energy 6.2500 15/11/20 790,000 833 0.80Oasis Petroleum 7.2500 01/02/19 1,210,000 1,204 1.16Offshore Group Investment 11.5000 01/08/15 220,000 240 0.23Offshore Group Investment 11.5000 01/08/15 490,000 535 0.52Overseas Shipping Groups 7.5000 15/02/24 2,443,000 2,064 1.99Penn National Gaming 8.7500 15/08/19 550,000 601 0.58Petroleum Development 12.0000 15/02/18 1,200,000 1,338 1.29Pioneer Drilling 9.8750 15/03/18 510,000 548 0.53Plains Exploration & Production 6.6250 01/05/21 1,225,000 1,227 1.18PNM Resources 9.2500 15/05/15 742,000 831 0.80Pretium Packaging 11.5000 01/04/16 1,585,000 1,613 1.55Radnet Management 10.3750 01/04/18 1,500,000 1,541 1.48Regency Energy Partners 6.5000 15/07/21 1,070,000 1,089 1.05Rite Aid Corporation 6.8750 15/08/13 2,000,000 1,953 1.88Ryland 6.6250 01/05/20 575,000 546 0.53Scotts Miracle-Gro Co 6.6250 15/12/20 325,000 334 0.32Seagate 7.0000 01/11/21 1,480,000 1,487 1.43Servicemaster 7.1000 01/03/18 2,195,000 2,041 1.96SESI 6.3750 01/05/19 795,000 789 0.76Tenet Healthcare 8.0000 01/08/20 1,340,000 1,368 1.32Tenneco 6.8750 15/12/20 945,000 966 0.93Travelport LLC ∞ 9.8750 01/09/14 2,030,000 1,878 1.81Valassis Communication 6.6250 01/02/21 1,080,000 1,075 1.04Venoco 8.8750 15/02/19 830,000 834 0.80Vulcan Materials 7.5000 15/06/21 435,000 435 0.42West Corp 8.6250 01/10/18 1,170,000 1,188 1.14Westmoreland Coal Company 10.7500 01/02/18 1,600,000 1,656 1.59Windstream Corp 7.7500 01/10/21 445,000 467 0.4579,933 76.98Corporate bonds 85,632 82.46Corporate convertible bonds - 2.93%United States - 2.93%Clearwire Communication & Finance 8.2500 01/12/40 3,000,000 2,678 2.58GMX Resources 4.5000 01/05/15 445,000 368 0.353,046 2.93Transferable securities and money market instruments admitted to anofficial exchange listing / dealt in on another regulated market 88,678 85.39168 Aberdeen GlobalUS Dollar High Yield Bond

Market ValueUS$’000Percentage of totalnet assets %Security Coupon (%) Maturity NominalRecently issued transferable securities and money market instrumentsCorporate bonds - 3.52%South Africa - 0.87%Sappi Papier Holding GMBH 6.6250 15/04/21 925,000 901 0.87United States - 2.65%Calpine 7.5000 15/02/21 955,000 979 0.94Hoa Restaurant 11.2500 01/04/17 1,760,000 1,778 1.712,757 2.65Corporate bonds 3,658 3.52Recently issued transferable securities and money market instruments 3,658 3.52Other transferable securities and money market instrumentsCorporate bonds - 6.93%Brazil - 0.59%OGX Petroleo E Gas Participacoes 8.5000 01/06/18 590,000 610 0.59Canada- 1.72%Ainsworth Lumber (PIK) 11.0000 29/07/15 1,578,019 1,468 1.41Quadra FNX Mining 7.7500 15/06/19 320,000 325 0.311,793 1.72United States - 4.62%Citgo Petroleum 11.5000 01/07/17 1,025,000 1,194 1.15Hercules Offshore 10.5000 15/10/17 1,150,000 1,207 1.16Mylan 7.8750 15/07/20 965,000 1,064 1.03Nationstar Mortgage Capital Corporation 10.8750 01/04/15 440,000 460 0.44TRW Automotive 8.8750 01/12/17 775,000 872 0.844,797 4.62Corporate bonds 7,200 6.93Other transferable securities and money market instruments 7,200 6.93Total transferable securities and money market instruments 99,536 95.84Financial derivative instrumentsForward currency exchange contracts - 0.31%Buy Sell SettlementBuyAmountSellAmountUnrealisedgains/(losses)US$’000Percentage of totalnet assets %EUR USD 01/07/11 364,686 362,000 3 -EUR USD 29/07/11 428,349 426,000 2 -EUR USD 05/07/11 434,963 431,840 3 -EUR USD 01/07/11 477,487 474,000 3 -EUR USD 29/07/11 585,353 586,000 (1) -EUR USD 01/07/11 648,265 653,000 (5) -EUR USD 08/07/11 2,899,253 2,841,600 58 0.06EUR USD 29/07/11 4,938,774 4,912,451 26 0.03EUR USD 29/07/11 4,938,774 4,913,129 26 0.03EUR USD 29/07/11 4,940,223 4,915,583 25 0.02EUR USD 01/07/11 6,060,490 6,027,560 33 0.03Aberdeen Global 169US Dollar High Yield Bond

Portfolio Statement continuedBuy Sell SettlementBuyAmountSellAmountUnrealisedgains/(losses)US$’000Percentage of totalnet assets %EUR USD 01/07/11 6,060,490 6,027,589 33 0.03EUR USD 01/07/11 6,060,490 6,028,020 33 0.03EUR USD 15/07/11 6,184,302 6,090,417 94 0.09EUR USD 15/07/11 6,185,752 6,092,519 93 0.09EUR USD 15/07/11 6,185,752 6,092,570 93 0.09EUR USD 08/07/11 6,092,779 6,130,601 (38) (0.04)EUR USD 08/07/11 6,092,779 6,130,660 (38) (0.04)EUR USD 08/07/11 6,094,229 6,131,744 (38) (0.04)EUR USD 22/07/11 6,698,908 6,664,022 35 0.03EUR USD 22/07/11 6,698,908 6,665,021 34 0.03EUR USD 22/07/11 6,700,357 6,666,916 34 0.03GBP USD 29/07/11 5,000 5,000 - -GBP USD 08/07/11 5,880 5,871 - -GBP USD 29/07/11 85,060 84,993 - -GBP USD 29/07/11 85,060 85,011 - -GBP USD 29/07/11 86,665 86,632 - -GBP USD 08/07/11 89,899 91,712 (2) -GBP USD 22/07/11 91,488 91,911 - -GBP USD 15/07/11 91,496 92,594 (1) -GBP USD 15/07/11 91,496 92,601 (1) -GBP USD 08/07/11 91,504 93,363 (2) -GBP USD 08/07/11 91,504 93,368 (2) -GBP USD 22/07/11 93,093 93,519 - -GBP USD 22/07/11 93,093 93,534 - -GBP USD 15/07/11 93,101 94,195 (1) -GBP USD 01/07/11 101,143 103,317 (2) -GBP USD 01/07/11 101,143 103,382 (2) -GBP USD 01/07/11 101,143 103,681 (3) -USD EUR 08/07/11 284,160 288,476 (4) -USD EUR 22/07/11 431,638 434,712 (3) -USD EUR 15/07/11 547,000 555,687 (9) (0.01)USD EUR 22/07/11 633,000 646,439 (13) (0.01)USD EUR 15/07/11 703,205 720,318 (17) (0.02)USD EUR 01/07/11 1,084,130 1,072,910 11 0.01USD EUR 08/07/11 1,683,000 1,723,597 (41) (0.04)USD EUR 08/07/11 3,593,894 3,640,012 (46) (0.04)USD EUR 01/07/11 3,721,952 3,769,683 (48) (0.05)USD GBP 01/07/11 4,000 3,931 - -USD GBP 15/07/11 4,000 4,019 - -USD GBP 01/07/11 6,000 6,000 - -USD GBP 01/07/11 7,000 6,946 - -USD GBP 08/07/11 8,000 8,030 - -USD GBP 01/07/11 14,000 13,837 - -USD GBP 01/07/11 16,000 15,921 - -USD GBP 01/07/11 86,711 91,712 - -Unrealised gains on forward currency exchange contracts 322 0.31170 Aberdeen GlobalUS Dollar High Yield Bond

Swap contracts - (0.19)%Unrealisedgains/(losses)US$’000Percentageof total netassets %Counterparty Ccy Termination Notional Fund Pays Fund ReceivesCredit default swap contracts - (0.19)%Barclays USD 20/12/15 1,250,000 FORD MOTOR CO 1.00% (78) (0.07)Barclays USD 20/09/16 1,500,000 5.0000% REALOGY CORP 194 0.19Citigroup USD 20/09/14 3,000,000 5.0000% EASTMAN KODA 567 0.55Citigroup USD 20/12/15 2,600,000 1.0000% DIRECT V HOLDING (4) -Deutsche Bank USD 20/03/16 700,000 SUNGARD DATA 5.00% 13 0.01Goldman Sachs USD 20/06/14 1,450,000 5.0000% AVIS BUDGET (100) (0.10)Goldman Sachs USD 20/09/14 2,600,000 5.0000% AVIS BUDGET (178) (0.17)Goldman Sachs USD 20/12/14 2,400,000 DYNEGY HOLDINGS 5.00% (318) (0.31)Goldman Sachs USD 20/06/15 2,000,000 5.0000% HARRAHS OP C 254 0.24Goldman Sachs USD 20/09/15 2,000,000 5.0000% RITE AID GROUP 230 0.22Goldman Sachs USD 20/12/15 1,800,000 5.0000% US STEEL CORP (118) (0.11)Goldman Sachs USD 20/12/15 1,150,000 5.0000% FIRST DATA C 70 0.07Goldman Sachs USD 20/12/15 875,000 GOODYEAR TIR 5.00% 38 0.04Goldman Sachs USD 20/03/16 1,500,000 5.0000% REALOGY CORP 164 0.16Goldman Sachs USD 20/06/16 1,475,000 1.0000% JC PENNY CORP 68 0.07Goldman Sachs USD 20/06/16 800,000 SUNGARD DATA 5.00% 8 0.01Goldman Sachs USD 20/06/16 1,650,000 5.0000% TESORO CORP (169) (0.16)Goldman Sachs USD 20/06/16 1,800,000 5.0000% SPRINTNEX 6% (162) (0.16)Goldman Sachs USD 20/06/16 1,500,000 5.0000% SPRINT NEXTE (135) (0.14)JP Morgan USD 20/06/15 1,335,000 DEAN FOODS 5.00% 15 0.01JP Morgan USD 20/12/15 1,900,000 5.0000% US STEEL CORP (124) (0.12)Morgan Stanley USD 20/12/14 3,500,000 5.0000% BRUNSWICK CO (332) (0.32)Morgan Stanley USD 20/06/15 2,100,000 1.0000% SUNOCO INC 26 0.03Morgan Stanley USD 20/06/15 420,000 1.0000% SUNOCO INC 5 -Morgan Stanley USD 20/09/15 950,000 DEAN FOODS 5.00% 4 -Morgan Stanley USD 20/03/16 1,325,000 5.0000% TESORO 6.5% (137) (0.13)Unrealised losses on credit default swap contracts (198) (0.19)Unrealised losses on swap contracts (198) (0.19)Unrealised gains on financial derivative instruments 124 0.12Total investments 99,660 95.96Other net assets 4,198 4.04Total 103,858 100.00∞A portion of this security is on loan at the period end.Aberdeen Global 171US Dollar High Yield Bond

Notes to the Financial Statements1 PRESENTATION OF THE FINANCIAL STATEMENTS1.1 GeneralAberdeen Global II (“the Company”) is incorporated as a société anonyme under the laws of the Grand Duchy of Luxembourg andqualifies as an open-ended société d’investissement à capital variable (a “SICAV”) with UCITS status (an Undertaking for CollectiveInvestment in Transferable Securities as defined in the European Union Directive 85/611/EEC of 20 December 1985, as amended). TheCompany comprises various classes of shares, each relating to a separate portfolio (a “Fund”) consisting of securities, cash and othersundry assets and liabilities.The Company was incorporated under the laws of the Grand Duchy of Luxembourg on 18 February 2008.The Company is authorised as an undertaking for collective investment in transferable securities under part I of the law dated 20December 2002 in undertakings for collective investments as subsequently replaced by the law of 17 December 2010 on undetakings forcollective investments, and is what is known as a “UCITS III” Fund.At 30 June 2011, the Company comprises twenty four separate active Funds, providing shareholders with opportunities for investment ina wide variety of markets, securities and currencies.1.2 Presentation of financial statementsThe accompanying financial statements present the assets and liabilities of the individual Funds and of the Company taken as a whole.The financial statements of each individual Fund are expressed in the currency designated in the prospectus for that particular Fund andthe financial statements of the Company are expressed in United States Dollars (“US$”). The financial statements have been prepared inaccordance with the format prescribed by the Luxembourg authorities for Luxembourg investment companies.As the financial statements are produced at a different valuation point to the NAV on 30 June 2011 and include dividend declarations,effective for the distribution year ended 30 June 2011 and certain accounting adjustments relating to the year ended 30 June 2011, theNet Asset Values (NAVs) shown throughout the report may differ from those advertised on 30 June 2011 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 30 June 2011 quoted on stockexchanges 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 are 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 AcronymsEMTN Euro Medium Term Note SINK Sinking BondFRN Floating Rate Note VAR Variable Rate NoteINDX Index Linked PERP PerpetualCLN Credit Linked Note PIK Payment In Kind2.3 Income and expensesInterest is accrued on a day-to-day basis. In the case of debt securities issued at discount or premium to maturity value, the totalincome arising on such securities, taking into account the amortisation of such discount or premium on an effective interest rate basis, isspread over the life of the security.Interest income on bonds may be received either in cash or as a Payment in Kind (“PIK”). As a result of the uncertainties concerningthe realisability of income from PIK bonds, PIK interest income is recognised on a receipts basis. Where a PIK bond settles physicallythe interest income is recognised as the lower of the market value and the nominal value of the settlement. In the event where there is172 Aberdeen Global II

no physical settlement, the factor change on that holding is recognised as interest income in the Statement of Operations at the pointwhen the factor change occurs.Interest income is stated net of irrecoverable withholding taxes, if any. Net interest received / paid on swap contracts are reflected inInvestment Income in the statement of operations.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 Fund’s relevant reporting currency have been recorded at therate of exchange ruling at the time of the transaction. The market value of the investments and other assets and liabilities in currenciesother than the relevant reporting currency has been converted at the rates of exchange ruling at 30 June 2011.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 investmentsRealised gains and losses on investments is the difference between the historical average cost of the investment and the sale proceeds.2.6 Forward currency exchange contractsUnsettled forward currency exchange contracts are valued using forward rates of exchange applicable at the balance sheet date for theremaining period until maturity. All unrealised gains and losses are recognised in the Statement of Operations.2.7 Futures contractsFutures contracts are valued at the exchange quoted price at close of business. Initial margin deposits are made in cash upon enteringinto futures contracts. During the period the future contract is open, changes in the value of the contract are recognised as unrealisedgains and losses by marking to market on a daily basis to reflect the market value of the contract at the end of each day’s trading.Variation margin payments are made or received, depending upon whether unrealised losses or gains are incurred. Variation marginpayments are recorded in the futures margin account in the Statement of Net Assets and related movements on unrealised results arerecorded in the Statement of Operations. When the contract is closed, the Fund records a realised gain or loss equal to the differencebetween the proceeds from (or cost of) the closing transaction and the opening transaction.2.8 Swap contractsFunds may enter into Credit Default Swaps and other types of swaps agreements such as interest rate swaps, swaptions, overnight indexswaps and inflation-linked swaps. Gains or losses resulting from swaps contracts are recognised in the Statement of Operations andStatement of Changes in Net Assets. Swaps are valued at fair value using external independent third party supplied prices as determinedin good faith, pursuant to procedures established by the Investment Manager.2.9 Option contractsFunds may enter into the purchase of call and put Options. Gains or losses resulting from option contracts are recognised in theStatement of Operations and Statement of Changes in Net Assets.Options are valued at the exchange quoted price at close of business.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 anyother criteria stipulated by the Directors. Classes A-1, C-1, D-1, I-1, J-1, K-1 and Z-1 are Distribution shares and Classes A-2, C-2, D-2, I-2,J-2, K-2 and Z-2 are Accumulation shares.The Company issues the Share Classes to investors as detailed in the Annual Report and Accounts and the Prospectus. They are offeredfor sale at a price based on NAV adjusted to reflect any applicable dealing charges plus an initial charge.Class A, Class C, Class I, Class J, Class K and Class Z shares may also be made available in Euro, Sterling, Japanese Yen or US Dollarhedged versions, or such other currencies as may be determined by the Directors of the Company.The Investment Manager will generally undertake currency hedging with the intention that, if the Fund were invested 100% in itsBenchmark Index, the performance of the hedged Share Class will be protected from the moves in the value of other currencies relativeAberdeen Global II 173

Notes to the Financial Statements continuedto the currency of hedging. However, complete protection cannot be guaranteed. As the relevant Fund will not typically invest 100% inthe Benchmark Index in practice and also as the Investment Manager may not always achieve a complete benchmark hedge, investorsshould note that the relevant Fund is likely to retain some (limited) exposure (positive or negative) to currency fluctuations. In any eventsuch hedging will not exceed 105% of the Net Asset Value of the relevant Share Class. If due to market movements, a Share Class ismore than 105% hedged, a reduction to such exposure will be sought within an appropriate timescale, subject to market conditions andthe best interests of the shareholders of that Share Class.Hedges will be set and fixed at the beginning and end of each month or at any other time that the Investment Manager may deemappropriate. Investors should note that this may lead to an imperfect hedge over the lifetime of the hedge, i.e. the hedge may be aboveor below a perfect hedge in light of the respective currency value movements.The Investment Manager shall seek to achieve the hedging by using financial swaps, futures, forward currency exchange contracts, optionsand other similar derivative transactions deemed appropriate in its discretion but which are within the limits set down by the CSSF.3.2 A and D Share classesClass A and D Shares are available to all investors. Class A and Class D are subject to a rate of Taxe d’Abonnement of 0.05% per annum.Class D shares are expressed in British Pounds (“GBP”).3.3 C, I, J, K and Z Share classesClass C, I, J, K and Z Shares are intended for Institutional Investors (as defined in the Prospectus) with an initial minimum investmentlimit of USD 1 million and a subsequent minimum limit of USD 10,000. They are subject to a reduced rate of Taxe d’Abonnement of0.01% per annum.No C Shares were in issue at 30 June 2011.3.4 UK Distributor Status and UK Reporting Fund RegimeThe UK taxation authorities have approved the UK Distributor status application for the year 30 June 2010.Various share classes within the Company have been approved for the new UK Offshore Fund Regime which is the successor to the UKDistributor Status Regime.UK Reporting Fund 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 distributing shares.Distributions on all distributing share classes are subject to equalisation. Equalisation applies only to shares purchased during thedistribution period (Group 2 shares). It is the average amount of income included in the purchase price of Group 2 shares. Annually andwithin six months of the year end, the Manager will publish the UK Reporting Regime Report to investors for all share classes grantedreporting fund status on its website (www.aberdeen-asset.co.uk/globalIIUKAnnualReportableIncome).The UK Reporting Regime Report to investors for each share class can also be requested in writing by contacting Aberdeen GlobalServices S.A. at the Shareholder Service Centre as detailed on the back cover of the Annual Report by 31 December each year.3.5 SwitchesShares 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 inthe same Fund, subject to the qualifications for investment being met, on any Dealing Day for the relevant Funds. Shares in the sameClass may be switched between Accumulation and Distribution shares within the same Class. Investors may switch either a specificnumber of Shares or Shares of a specified value. Any requests for a switch that are received by the Global Distributor, UK Distributoror the Transfer Agent before 5.00pm Luxembourg time on a Dealing Day will be redeemed at the Share Price for the relevant Fundcalculated on the next following Dealing Day, subject to any applicable charges (and subject to those shares being available to switchas is explained below). Any requests for a switch received after 5.00pm Luxembourg time will be treated as having been received on thenext following Dealing Day.Subject to the qualifications for investment being met, Class A and Class D shareholders may switch between those Classes in thesame Fund or another Fund. Class A and Class D shareholders may only switch into Class C, Class I Shares, Class J Shares, Class KShares or Class Z Shares of the same Fund or another Fund with the prior consent of the Global Distributor and provided they qualifyas Institutional Investors and they comply with the minimum investment requirements. Class C, Class I, Class J, Class K and Class Zshareholders may switch into Class A or D Shares.Subject to the qualifications for investment being met and the relevant agreement having been entered into, Class C, Class I, Class J,Class K and Class Z shareholders may switch between those Classes in the same Fund or another Fund.174 Aberdeen Global II

If a request to switch Shares would result in a shareholder owning less than the minimum holding in any one Fund or Class, AberdeenGlobal II reserves the right to switch the full shareholding in that Fund (or Class).A charge payable to the Global Distributor of up to 1% of the Net Asset Value of the shares being switched may be made.3.6 Dilution levyFrequent subscriptions and redemptions can potentially have a dilutive effect on the Funds NAV per share and be detrimental tothe long term investors as a result of the transaction costs that are incurred by the Fund in relation to the trades undertaken by theinvestment manager.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 appliedwhenever net subscriptions or redemptions exceed 5% of the total net asset value on a dealing day, or any other threshold determinedby the Board of Directors (having considered prevailing market conditions)The dilution adjustment will be paid into the relevant Fund and becomes part of the relevant Funds NAV.The dilution adjustment is calculated by adjusting the NAV per share on a Dealing Day by a factor determined on the basis of estimatesof any dealing charges (including commission and/or other costs) and/or any bid/offer spread that the Board of Directors believes areappropriate to take into account in respect of that Class, divided by the number of Shares of that Class then in issue or deemed to be inissue. Such dealing charges will reflect costs and liabilities not included in the calculation 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 financial statements excludes any year end dilution adjustments but is adjusted for the items disclosedin note ‚1.3 Presentation of financial statements.4 EXPENSES4.1 Administration feesAdministration fees will not exceed 0.05% per annum (plus VAT, if any) of the net assets of the Company as determined on the lastdealing day of each 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 each month.The custodian also receives transaction fees based on the number of transactions made by each fund and for reasonable out of pocketexpenses.The Listing Agent is entitled to receive a fee calculated in accordance with normal banking practice in Luxembourg and payable out ofthe 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.4.3 Domiciliary agent, registrar, paying and transfer agent feesThe Company will pay Domiciliary, Registrar Paying, and Transfer Agency fees not exceeding 0.01% per annum (plus VAT, if any) of thenet assets of the Company as determined 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 lastDealing Day of the month.4.4 Management Company feesThe Company will pay the Management Company a fee which, based on the Net Asset Value at each month end, will not exceed 0.01%per annum of the Net Asset Value of each Fund.4.5 Management feesThe Investment Manager is entitled to receive management fees calculated on the Net Asset Value of the Funds, accrued daily.To the extent that any of the net assets are separately managed by subsidiaries of Aberdeen Asset Management PLC then theinvestment management fee is rebated to the value of the subsidiaries’ management fee charge made to the underlying holding.Aberdeen Global II 175

Notes to the Financial Statements continuedThe following management fee rates are applicable as at 30 June 2011:Classes of shares (%)Fund A, C and D I J KAsia Fixed Income 1.20 0.70 0.50 0.35Australian Dollar Bond 0.90 0.60 0.50 0.35Canadian Dollar Bond 0.90 0.60 0.50 0.35Convertible Europe 1.20 0.70 0.50 0.35Emerging Europe Fixed Income 1.20 0.70 0.50 0.35Emerging Markets Fixed Income Alpha 1.50 1.15 1.15 1.15Euro Aggregate Bond 1.25 0.60 0.50 0.35Euro Corporate Bond 1.25 0.60 0.50 0.35Euro Government Bond 0.90 0.60 0.50 0.35Euro High Yielding Fixed Income 1.20 0.70 0.60 0.50Global Aggregate Bond 1.25 0.60 0.50 0.35Global Bond 1.25 1.00 0.50 0.35Index Linked Bond 1.25 0.60 0.50 0.35Long Dated Sterling Aggregate Bond 1.25 0.60 0.50 0.35Long Dated Sterling Bond 1.25 0.60 0.50 0.35Long Dated Sterling Credit 1.25 0.60 0.50 0.35Multi Asset Asia Pacific 1.50 1.00 0.75 0.50Short Term Euro Bond 0.90 0.60 0.50 0.35Short Term US Dollar Bond 0.90 0.60 0.50 0.35Sterling Aggregate Bond 0.90 0.60 0.50 0.35Sterling Bond 1.00 0.60 0.50 0.35Sterling Credit 1.25 0.60 0.50 0.35US Dollar Bond 0.90 0.60 0.50 0.35US Dollar High Yield Bond 1.25 0.75 0.65 0.50Class Z shares are not subject to any management fee charge.4.6 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 reports, fees in connection withobtaining or maintaining any registration or authorisation of the Company with any governmental agency or stock exchange as well asthe cost of publication of share prices.4.7 Expense capsThe maximum TER expense caps on applicable Aberdeen Global II Funds are listed below. They are all quoted prior to adjusting for anyrebates of any assets separately managed by subsidiaries of Aberdeen Asset Management PLC. These expense caps are applicable untilsuch time as the Investment Manager changes the caps, any changes will be fully communicated to shareholders.FundShare classExpense Cap(%)Emerging Markets Fixed Income Alpha I-1 1.320Z-2 0.170Euro Aggregate Bond Z-2 0.170Euro Corporate Bond I-2 0.710Z-2 0.110Global Aggregate Bond J-2 0.600Z-2 0.100Global Bond D(GBP)-1 1.387I-2 1.137J-2 0.637Z-2 0.137176 Aberdeen Global II

FundShare classExpense Cap(%)Index Linked Bond I-2 0.685J-2 0.585K-2 0.435Z-1 0.085Z-2 0.085Long Dated Sterling Aggregate Bond K-2 0.445Z-2 0.095Long Dated Sterling Bond I-2 0.685J-2 0.585K-2 0.435Z-2 0.085Long Dated Sterling Credit K-2 0.435Z-2 0.085Sterling Aggregate Bond I-2 0.685J-2 0.585K-2 0.435Z-1 0.085Z-2 0.085Sterling Bond D-1 1.095D-2 1.095I-2 0.695J-2 0.595Z-1 0.095Z-2 0.095Sterling Credit I-2 0.685K-1 0.435K-2 0.435Z-2 0.085US Dollar High Yield Bond I-2 0.863I(EUR)-2 0.863I(GBP)-2 0.863Z-2 0.1134.8 Annual taxationThe Company is liable in Luxembourg to a Taxe d’Abonnement of a rate of 0.05% per annum for Class A and Class D Shares and 0.01%per annum for Class C, I, J, K and Z Shares. This is accrued daily and payable quarterly on the basis of the value of the net assets of theCompany at the end of the relevant quarter.4.9 Performance feeIn the case of all Classes of Share of Aberdeen Global II - Multi Asset Asia Pacific Fund (except Class Z Shares), the Investment Manageris entitled to a performance fee (the “Performance Fee”).From January 2011 the Investment Manager granted a waiver of performance fees.The Performance Fee was only levied and set aside when both of the following criteria were fulfilled:a) The performance of the Net Asset Value of a Share Class, as calculated on a daily basis, must be greater than that of the referencevalue (“hurdle rate index value” as per May 2010 prospectus page 43), after basis, and which is also calculated on a daily basis. Atthe time of launch, the hurdle rate index value is equal to the issue price of the respective Share Class; and . . .b) The Net Asset Value of a Share Class used in the calculation of a Performance Fee must be greater than previous Net Asset Values(“high water mark”). Each preceding decline in the Net Asset Value per Share of the respective Share Class must be offset by afurther increase above the last maximum value at which a Performance Fee was incurred.Aberdeen Global II 177

Notes to the Financial Statements continued5 DIVIDENDS (REPORTING CLASS ONLY)The Directors declared dividends for the Funds as listed below, for the year 1 July 2010 to 30 June 2011.For share classes that seek Reporting Fund status (D, I, J, K, and Z Shares), Group 1 shares are shares owned prior to the start of thedistribution period and Group 2 shares are shares purchased during the distribution period.Annually and within six months of the year end, the Manager will publish the UK Reporting Regime Report to investors for all shareclasses granted Reporting Fund status on its website (www.aberdeen-asset.co.uk/globalIIUKAnnualReportableIncome).The UK Reporting Regime Report to investors for each share class can also be requested in writing by contacting Aberdeen GlobalServices S.A. at the Shareholder Service Centre as detailed on the back cover of the Annual Report.Asia Fixed Income (expressed in USD unless otherwise stated)Date Share Class Group Net Income Equalisation DistributionDecember 2010 A-1 1 0.861923 - 0.8619232 0.386807 0.475116 0.861923I-2* 1 11.704899 - 11.7048992 8.166025 3.538874 11.704899Z-2* 1 4.522439 - 4.5224392 4.522439 - 4.522439June 2011 A-1 1 1.594090 1.5940902 0.274912 1.319178 1.594090D(GBP)-2* 1 0.095719 - 0.0957192 0.095719 - 0.095719I-2* 1 21.826166 - 21.8261662 8.359756 13.466410 21.826166Z-2* 1 18.625227 - 18.6252272 7.662287 10.962940 18.625227Australia Dollar Bond (expressed in AUD)Date Share Class Group Net Income Equalisation DistributionDecember 2010 A-1 1 12.121898 - 12.1218982 5.250678 6.871220 12.121898June 2011 A-1 1 22.915226 - 22.9152262 14.478468 8.436758 22.915226Canadian Dollar Bond (expressed in CAD)Date Share Class Group Net Income Equalisation DistributionDecember 2010 A-1 1 5.532810 - 5.5328102 3.352110 2.180700 5.532810June 2011 A-1 1 8.463683 - 8.4636832 5.424723 3.038960 8.463683Convertible Europe (expressed in EUR)Date Share Class Group Net Income Equalisation DistributionDecember 2010 I-2* 1 9.450834 - 9.4508342 3.960779 5.490055 9.450834June 2011 I-2* 1 20.817297 - 20.8172972 5.222698 15.594599 20.817297178 Aberdeen Global II

Emerging Europe Fixed Income (expressed in EUR)Date Share Class Group Net Income Equalisation DistributionDecember 2010 I-2* 1 24.517454 - 24.517454Emerging Markets Fixed Income Alpha (expressed in USD)2 24.517454 - 24.517454Date Share Class Group Net Income Equalisation DistributionSeptember 2010 I-1 1 0.013032 - 0.0130322 0.013032 - 0.013032Z-2* 1 0.129313 - 0.1293132 0.124913 0.004400 0.129313December 2010 I-1 1 0.011154 - 0.0111542 0.011154 - 0.011154Z-2* 1 0.144769 - 0.1447692 - 0.144769 0.144769March 2011 I-1 1 0.014852 - 0.0148522 0.014852 - 0.014852Z-2* 1 0.144454 - 0.1444542 0.092715 0.051739 0.144454June 2011 I-1 1 0.015804 - 0.0158042 0.015804 - 0.015804Z-2* 1 0.154595 - 0.1545952 0.080154 0.074441 0.154595Euro Aggregate Bond (expressed in EUR)Date Share Class Group Net Income Equalisation DistributionDecember 2010 Z-2* 1 0.240829 - 0.2408292 0.240829 - 0.240829June 2011 Z-2* 1 0.241839 - 0.2418392 0.222620 0.019219 0.241839Euro Corporate Bond (expressed in EUR)Date Share Class Group Net Income Equalisation DistributionDecember 2010 I-2* 1 0.202018 - 0.2020182 0.202018 - 0.202018Z-2* 1 0.280218 - 0.2802182 - 0.280218 0.280218June 2011 I-2* 1 0.186221 - 0.1862212 0.186221 - 0.186221Z-2* 1 0.261736 - 0.2617362 0.261736 - 0.261736Euro Government Bond (expressed in EUR)Date Share Class Group Net Income Equalisation DistributionDecember 2010 A-1 1 0.611223 - 0.6112232 0.368175 0.243048 0.611223J-2* 1 6.999653 - 6.9996532 0.776566 6.223087 6.999653Aberdeen Global II 179

Notes to the Financial Statements continuedDate Share Class Group Net Income Equalisation DistributionJune 2011 A-1 1 1.126981 - 1.1269812 0.602659 0.524322 1.126981J-2* 1 18.576349 - 18.5763492 0.029188 18.547161 18.576349Euro High Yielding Fixed Income (expressed in EUR)Date Share Class Group Net Income Equalisation DistributionDecember 2010 I-2* 1 20.089216 - 20.0892162 4.019593 16.069623 20.089216June 2011 I-2* 1 46.524822 - 46.5248222 19.705469 27.819353 46.524822Global Aggregate Bond (expressed in USD)Date Share Class Group Net Income Equalisation DistributionDecember 2010 J-2* 1 0.216675 - 0.2166752 0.161949 0.054726 0.216675Z-2* 1 0.261647 - 0.2616472 0.154395 0.107252 0.261647June 2011 J-2* 1 0.226869 - 0.2268692 0.226869 - 0.226869Z-2* 1 0.273718 - 0.2737182 0.068439 0.205279 0.273718Global Bond (expressed in USD unless otherwise stated)Date Share Class Group Net Income Equalisation DistributionDecember 2010 D(GBP)-1 1 0.006426 - 0.0064262 0.004116 0.002310 0.006426I-2* 1 0.012274 - 0.0122742 0.012147 0.000127 0.012274J-2* 1 0.086720 - 0.0867202 0.086720 - 0.086720Z-2* 1 0.208071 - 0.2080712 0.101069 0.107002 0.208071June 2011 D(GBP)-1 1 0.006318 - 0.0063182 0.005209 0.001109 0.006318I-2* 1 0.012606 - 0.0126062 0.003282 0.009324 0.012606J-2* 1 0.088194 - 0.0881942 0.088194 - 0.088194Z-2* 1 0.211520 - 0.2115202 0.115773 0.095747 0.211520Index Linked Bond (expressed in GBP)Date Share Class Group Net Income Equalisation DistributionDecember 2010 I-2* 1 0.023352 - 0.0233522 0.023352 - 0.023352J-2* 1 0.035991 - 0.0359912 0.014193 0.021798 0.035991K-2* 1 0.026040 - 0.0260402 0.023283 0.002757 0.026040180 Aberdeen Global II

Date Share Class Group Net Income Equalisation DistributionZ-1 1 0.031022 - 0.0310222 0.031022 - 0.031022Z-2* 1 0.039050 - 0.0390502 0.039050 - 0.039050June 2011 I-2* 1 0.052875 - 0.0528752 0.010386 0.042489 0.052875J-2* 1 0.080474 - 0.0804742 0.020249 0.060225 0.080474K-2* 1 0.056554 - 0.0565542 0.005193 0.051361 0.056554Z-1 1 0.062521 - 0.0625212 0.062521 - 0.062521Z-2* 1 0.079991 - 0.0799912 0.015257 0.064734 0.079991Long Dated Sterling Aggregate Bond (expressed in GBP)Date Share Class Group Net Income Equalisation DistributionDecember 2010 K-2* 1 0.039113 - 0.0391132 0.027413 0.011700 0.039113Z-2* 1 0.331521 - 0.3315212 0.029501 0.302020 0.331521June 2011 K-2* 1 0.039732 - 0.0397322 0.009332 0.030400 0.039732Z-2* 1 0.340266 - 0.3402662 0.340266 - 0.340266Long Dated Sterling Bond (expressed in GBP)Date Share Class Group Net Income Equalisation DistributionDecember 2010 I-2* 1 0.032447 - 0.0324472 0.032447 - 0.032447J-2* 1 0.034554 - 0.0345542 0.003234 0.031320 0.034554K-2* 1 0.035565 - 0.0355652 0.006312 0.029253 0.035565Z-2* 1 0.029799 - 0.0297992 0.017554 0.012245 0.029799June 2011 I-2* 1 0.047430 0.0474302 0.010268 0.037162 0.047430J-2* 1 0.036656 - 0.0366562 0.009386 0.027270 0.036656K-2* 1 0.037889 - 0.0378892 0.015209 0.022680 0.037889Z-2* 1 0.031562 - 0.0315622 0.016682 0.014880 0.031562Aberdeen Global II 181

Notes to the Financial Statements continuedLong Dated Sterling Credit (expressed in GBP)Date Share Class Group Net Income Equalisation DistributionDecember 2010 K-2* 1 0.048062 - 0.0480622 0.027470 0.020592 0.048062Z-2* 1 0.043398 - 0.0433982 0.010535 0.032863 0.043398June 2011 K-2* 1 0.047340 - 0.0473402 0.029160 0.018180 0.047340Z-2* 1 0.042911 - 0.0429112 0.022624 0.020287 0.042911Multi Asset Asia Pacific (expressed in USD)Date Share Class Group Net Income Equalisation DistributionDecember 2010 A-1 1 - - -2 - - -A(CHF)-2 1 0.103703 - 0.1037032 0.026823 0.076880 0.103703A(EUR)-2 1 0.142593 0.1425932 0.021403 0.121190 0.142593June 2011 A-1 1 0.826941 - 0.8269412 0.427696 0.399245 0.826941A(CHF)-2 1 1.095945 - 1.0959452 0.518068 0.577877 1.095945A(EUR)-2 1 1.253644 1.2536442 0.596133 0.657511 1.253644Short Term Euro Bond (expressed in EUR)Date Share Class Group Net Income Equalisation DistributionDecember 2010 A-1 1 0.088522 - 0.0885222 0.010217 0.078305 0.088522J-2* 1 3.442755 - 3.4427552 2.588779 0.853976 3.442755June 2011 A-1 1 0.156765 - 0.1567652 0.113814 0.042951 0.156765J-2* 1 6.238085 - 6.2380852 6.238085 - 6.238085Short Term US Dollar Bond (expressed in USD)Date Share Class Group Net Income Equalisation DistributionDecember 2010 A-1 1 - - -2 - - -June 2011 A-1 1 - - -2 - - -Sterling Aggregate Bond (expressed in GBP)Date Share Class Group Net Income Equalisation DistributionDecember 2010 A-1 1 6.711855 - 6.7118552 4.845855 1.866000 6.711855I-2* 1 0.029068 - 0.0290682 0.014558 0.014510 0.029068J-2* 1 0.286030 - 0.2860302 0.175706 0.110324 0.286030182 Aberdeen Global II

Date Share Class Group Net Income Equalisation DistributionK-2* 1 0.033420 - 0.0334202 0.013280 0.020140 0.033420Z-1 1 0.023752 - 0.0237522 0.017755 0.005997 0.023752Z-2* 1 0.316251 - 0.3162512 0.096603 0.219648 0.316251June 2011 A-1 1 10.254061 - 10.2540612 3.658882 6.595179 10.254061I-2* 1 0.028168 - 0.0281682 0.004506 0.023662 0.028168J-2* 1 0.278138 - 0.2781382 0.153585 0.124553 0.278138K-2* 1 0.032569 - 0.0325692 0.016517 0.016052 0.032569Z-1 1 0.022528 - 0.0225282 0.008092 0.014436 0.022528Z-2* 1 0.307140 - 0.3071402 0.180325 0.126815 0.307140Sterling Bond (expressed in GBP)Date Share Class Group Net Income Equalisation DistributionDecember 2010 D-1 1 0.014871 - 0.0148712 0.012505 0.002366 0.014871D-2* 1 0.018488 - 0.0184882 0.012498 0.005990 0.018488I-2* 1 0.028758 - 0.0287582 0.002558 0.026200 0.028758J-2* 1 0.039993 - 0.0399932 0.006959 0.033034 0.039993Z-1 1 0.023439 - 0.0234392 0.023439 - 0.023439Z-2* 1 0.033886 - 0.0338862 0.016345 0.017541 0.033886June 2011 D-1 1 0.017365 - 0.0173652 0.011703 0.005662 0.017365D-2* 1 0.021921 - 0.0219212 0.016066 0.005855 0.021921J-2* 1 0.046313 - 0.0463132 0.012893 0.033420 0.046313Z-1 1 0.026089 - 0.0260892 0.008422 0.017667 0.026089Z-2* 1 0.038496 - 0.0384962 0.010483 0.028013 0.038496Sterling Credit (expressed in GBP)Date Share Class Group Net Income Equalisation DistributionDecember 2010 I-2* 1 0.040493 - 0.0404932 0.006260 0.034233 0.040493K-1 1 0.029736 - 0.0297362 0.020295 0.009441 0.029736Aberdeen Global II 183

Notes to the Financial Statements continuedDate Share Class Group Net Income Equalisation DistributionK-2* 1 0.043773 - 0.0437732 0.003488 0.040285 0.043773Z-2* 1 0.041278 - 0.0412782 0.012912 0.028366 0.041278June 2011 I-2* 1 0.041387 - 0.0413872 0.013251 0.028136 0.041387K-1 1 0.029521 - 0.0295212 0.017310 0.012211 0.029521K-2* 1 0.044635 - 0.0446352 0.030932 0.013703 0.044635Z-2* 1 0.042111 - 0.0421112 0.021902 0.020209 0.042111US Dollar Bond (expressed in USD)Date Share Class Group Net Income Equalisation DistributionDecember 2010 A-1 1 3.898740 - 3.8987402 1.499296 2.399444 3.898740J-2* 1 6.947614 - 6.9476142 5.055426 1.892188 6.947614June 2011 A-1 1 7.901878 - 7.9018782 4.560688 3.341190 7.901878J-2* 1 13.753643 - 13.7536432 1.149123 12.604520 13.753643US Dollar High Yield Bond (expressed in USD unless otherwise stated)Date Share Class Group Net Income Equalisation DistributionDecember 2010 I-2* 1 0.640337 - 0.6403372 0.073210 0.567127 0.640337I(EUR)-2* 1 0.746661 - 0.7466612 0.477602 0.269059 0.746661I(GBP)-2* 1 0.519358 - 0.5193582 0.148972 0.370386 0.519358Z-2* 1 0.447269 - 0.4472692 0.443008 0.004261 0.447269June 2011 I-2* 1 0.672710 - 0.6727102 0.251201 0.421509 0.672710I(EUR)-2* 1 0.765381 - 0.7653812 0.252280 0.513101 0.765381I(GBP)-2* 1 0.533392 - 0.5333922 0.487712 0.045680 0.533392Z-2* 1 0.472721 - 0.4727212 0.324322 0.148399 0.472721*Dividend accumulated into the price.184 Aberdeen Global II

Notes to the Financial Statements continued12 SECURITIES LENDINGOn 25 March 2009, the Company entered into a securities lending programme for a number of Funds. In return for making securitiesavailable for loan throughout the period, the Funds participating in the programmes received fees which are reflected in the FinancialStatements of each participating Fund under the “other income” caption. The Company has appointed BNP Paribas Security ServicesS.A. as agent for the fixed income lending programme. As remuneration for this agency role, BNP Paribas Security Services S.A. receives20% of the fees from the Securities Lending programme. The Company receives 60% of the fees from the securities lending programmeand the Investment Manager receives the remaining 20% of the fees from the Securities Lending programme. All security loans are fullycollateralised by G7 bonds held by collateral agents.The amount of securities on loan and collateral value at 30 June 2011 are:Fund Amount on Loan Counterparty Collateral ValueEuro Corporate Bond £1,944,885.23 Credit Suisse Securities £2,208,365.04Global Bond £1,045,821.59 Credit Suisse Securities £1,181,000.99Index Linked Bond £12,685,688.74 Credit Suisse Securities £13,393,682.74Sterling Aggregate Bond £1,068,600.00 Credit Suisse Securities £1,206,359.02Sterling Credit £4,594,980.00 Credit Suisse Securities £4,979,865.21Emerging Markets Fixed Income Alpha £ 1,069,523.35 Credit Suisse Securities £1,207,400.87US Dollar High Yield Bond £ 2,115,776.88 Credit Suisse Securities £ 2,397,120.54Please note: Sterling Credit sold security on 30 June 2011 but collateral remains open until settlement date.13 MARKET CONDITIONSAlthough the liquidity of the corporate bond, mortgage backed and related security markets has improved over the financial year,there continues to be widened “spreads” between buying and selling prices in some security and reduced data available for pricing. Asindicated in note 2.2, these securities were valued in good faith and based on indicative quotes from brokers or, in the case of mortgagebacked and related securities, in accordance with other generally recognised valuation principles, applied by an independent pricingsource using appropriate models (FT-IDC evaluated prices). These prices may differ from the valuation that would have been used had aready market for these securities existed.14 OVERDRAFT FACILITYThe Company has a US$20 million intra-day uncommitted and unsecured credit line facility with Bank of America to finance short-termtiming differences arising from subscriptions and redemptions. Any liability arising on this account will be recoverable from subscribersto the Company and is therefore not reflected in the financial statements of the Company.15 LEHMANOn 15 September 2008, Lehman Brothers Special Financing Inc, (LBSF) filed for protection under Chapter 11 of the United StatesBankruptcy Code in the United Stated Bankruptcy Court. On 3 October, Lehman Brothers Commercial Corporation (LBCC) also filed forChapter 11 protection.The underlying positions as at 30 June 2011 remain unchanged from the preceding year; the valuations listed below have changed onlyto reflect movement in the exchange rates during the year.The actual positions (as calculated at the close out of derivative instruments) are set out in the table below per Fund;Fund name Currency OTC Forward currencycontractsEmerging Market Fixed Income Alpha USD 2,672,001Euro Aggregate Bond EUR (18,710)Euro Corporate Bond EUR 184,925 8,387Global Aggregate Bond USD 88,048186 Aberdeen Global II

Fund name Currency OTC Forward currencycontractsGlobal Bond USD (128,431)Index Linked Bond GBP 5,833Long Dated Sterling Aggregate Bond GBP 54,272 (293,696)Long Dated Sterling Bond GBP 4,135Long Dated Sterling Credit GBP 2,203,500 8,508Sterling Aggregate Bond GBP 51,220 (746,546)Sterling Bond GBP (570,064)Sterling Credit GBP 334,211US Dollar High Yield Bond USD 2,348,54016 PRC TaxationThere is currently uncertainty as to whether the PRC tax authorities will impose a capital gains tax on realised gains from dealing inChinese equities. In light of this uncertainty and in line with current market practice, the Board intends to provide a 10% contingencyon both realised and unrealised gains if any from disposing or holding such securities. Any unclaimed provisions or over provision madeon realised or unrealised gains may later be released to form part of the relevant Aberdeen Global II funds. Any changes to the marketpractice or interpretation or clarification of PRC tax rules may impact this provision and may result in this provision being higher orlower than required, or deemed not to be required. The Board of Directors therefore reserves the right to amend its practice in thisregard and/or this policy without prior notice at any time. No such provision was required at the year end.Aberdeen Global II 187

Report of the Réviseur D’Entreprises AgrééTo the Shareholders of Aberdeen Global II (the “SICAV”)Following our appointment by the annual general meeting of the Shareholders of 22 November 2010, we have audited the accompanyingfinancial statements of Aberdeen Global II and each of its sub-funds, which comprise the statement of net assets and the portfolio statementas at 30 June 2011 and the statement of operations, the statement of changes in net assets and statement of share transactions for the yearthen ended, and a summary of significant accounting policies and other explanatory information.Board of Directors of the SICAV responsibility for the financial statementsThe Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordancewith Luxembourg legal and regulatory requirements relating to the preparation of the financial statements, and for such internal control asthe Board of Directors of the SICAV determines is necessary to enable the preparation of financial statements that are free from materialmisstatement, whether due to fraud or error.Responsibility of the Réviseur d’Entreprises agrééOur responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance withInternational Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standardsrequire that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financialstatements are free from material misstatement.An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. Theprocedures selected depend on the judgement of the Réviseur d’Entreprises agréé, including the assessment of the risks of materialmisstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Réviseur d’Entreprises agrééconsiders internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design auditprocedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’sinternal control.An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made bythe Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.OpinionIn our opinion, the financial statements give a true and fair view of the financial position of Aberdeen Global II and each of its sub-funds as of30 June 2011, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourglegal and regulatory requirements relating to the preparation of the financial statements.Other matterSupplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject tospecific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on suchinformation. However, we have no observation to make concerning such information in the context of the financial statements taken as awhole.KPMG Audit S.à r.l.Cabinet de révision agrééD.G. Robertson Luxembourg, 30 September 2011188 Aberdeen Global II

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.Aberdeen Asset Management Inc., (AAM Inc)1735 Market Street, 32nd Floor, Philadelphia, PA1903Regulated by the Securities and Exchange Commission.FundAberdeen Global II - Asian Fixed IncomeAberdeen Global II - Australian Dollar BondAberdeen Global II - Canadian Dollar BondAberdeen Global II - Convertible EuropeAberdeen Global II - Emerging Europe Fixed IncomeAberdeen Global II - Emerging Markets Fixed Income AlphaAberdeen Global II - Euro Aggregate BondAberdeen Global II - Euro Corporate BondAberdeen Global II - Euro Government BondAberdeen Global II - Euro High Yielding Fixed IncomeAberdeen Global II - Global Aggregate BondAberdeen Global II - Global BondAberdeen Global II - Index Linked BondAberdeen Global II - Long Dated Sterling Aggregate BondAberdeen Global II - Long Dated Sterling BondAberdeen Global II - Long Dated Sterling CreditAberdeen Global II - Multi Asset Asia PacificAberdeen Global II - Short Term Euro BondAberdeen Global II - Short Term US Dollar BondAberdeen Global II - Sterling Aggregate BondAberdeen Global II - Sterling BondAberdeen Global II - Sterling CreditAberdeen Global II - US Dollar High Yield BondAberdeen Global II - US Dollar BondManaged by:AAM Asia and AAM IncAAM Limited and AAM IncAAM Limited and AAM IncAAM Limited and AAM IncAAM Limited and AAM IncAlpha AAM Limited and AAM IncAAM Limited and AAM IncAAM Limited and AAM IncAAM Limited and AAM IncAAM Limited and AAM IncAAM Limited and AAM IncAAM Limited and AAM IncAAM Limited and AAM IncAAM Limited and AAM IncAAM Limited and AAM IncAAM Limited and AAM IncAAM Asia and AAM IncAAM Limited and AAM IncAAM Limited and AAM IncAAM Limited and AAM IncAAM Limited and AAM IncAAM Limited and AAM IncAAM Limited and AAM IncAAM Limited and AAM IncAberdeen Global II 189

CHAIRMANDIRECTORSChristopher G LittleAberdeen Global II2b Rue Albert BorschetteL-1246LuxembourgGrand Duchy of LuxembourgHugh YoungAberdeen Asset Management Asia Limited21 Church Street, #01-01 Capital Square Two,Singapore 049480Martin J GilbertAberdeen Asset Managers Limited10 Queen’s TerraceAberdeen AB10 1YGUnited KingdomDavid van der StoepAberdeen Global II2b Rue Albert BorschetteL-1246LuxembourgGrand Duchy of LuxembourgGary MarshallAberdeen Asset Managers Inc1735 Market Street - 32nd FloorPhiladelphiaPA 19103, USANeville MilesAberdeen Global II2b Rue Albert BorschetteL-1246LuxembourgGrand Duchy of LuxembourgBob HutchesonAberdeen Global II2b 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 II, 2b Rue Albert Borschette , L-1246 Luxembourg, GrandDuchy of Luxembourg.Management CompanyAberdeen Global Services S.A, 2b Rue Albert Borschette, L-1246Luxembourg, Grand Duchy of Luxembourg.Administrator, Custodian Bank and Listing AgentBNP Paribas Securities Services Luxembourg Branch, 33 rue de Gasperich,Hesperange, L-2085 Luxembourg, Grand Duchy of Luxembourg.Domiciliary, Registrar & Transfer AgentAberdeen Global Services S.A., 2b Rue Albert Borschette, L-1246Luxembourg, Grand Duchy of Luxembourg.Paying AgentState Street Bank Luxembourg S.A., 49 Avenue JF Kennedy, L-1855Luxembourg, Grand Duchy of Luxembourg.Investment Manager & DistributorAberdeen International Fund Managers Limited, Rooms 2604-06, 26thFloor, Alexandra House, 18 Chater Road, Central, Hong Kong.UK DistributorAberdeen Asset Managers Limited, Bow Bells House, 1 Bread Street.London, EC4M 9HH, England, UK.AuditorKPMG Audit S.à r l., 9 Allée Scheffer, L-2520 Luxembourg, Grand Duchy ofLuxembourg.Legal Advisors to the CompanyElvinger Hoss & Prussen, 2 Place Winston Churchill, L-1340, Luxembourg,Grand Duchy of Luxembourg.German Paying AgentMarcard, Stein & Co AG, Ballindamm 36, 20095 Hamburg, GermanyAustrian Paying and Information AgentRaiffeisen Zentralbank Osterreich Aktiengesellschaft (RZB AG), AmStadtpark 9, 1030 Vienna, AustriaSwedish Paying AgentSKANDINAVISKA ENSKILDA BANKEN AB (publ) Custody Services, SEBMerchant Banking, Rissneleden 110, SE-106 40 Stockholm, Sweden.Irish Facilities AgentAberdeen Fund Management Ireland Limited, Guild House, Guild Street,IFSC, Dublin 1, IrelandSwitzerland Paying Agent and RepresentativeBNP Paribas Securities Services, Paris, succursale de Zurich Selnaustrasse16, CH-8002 Zurich, SwitzerlandFinancial and Centralising Correspondent Agent in FranceUp to 26 July 2010 Société Générale , 29, boulevard Haussmann - 75009Paris, Paris , FranceWith effect from 27 July 2010 BNP Paribas Securities Services, 3 rued’Antin , 75002 Paris, FranceSpanish DistributorAllfunds Bank SA, Calle Estafeta 6, Complejo Plaza de la Fuente,Edificio 3 (La Moraleja), C.P. 28109, Alcobendas, Madrid, SpainItalian Paying AgentsIntesa Sanpaolo S.p.A, Piazza San Carlo 156, TorinoBNP Paribas Securities Services, Via Ansperto no. 5, MilanoAllfunds Bank S.A., Milan branch, Via Santa Margherita, 7,20121 - Milano190 Aberdeen Global II

General InformationFurther Information on Aberdeen Global II can be obtained from:Aberdeen Asset Managers LimitedAberdeen International Fund Managers Limited(UK Distributor)(Global Distributor and Investment Manager)10 Queens Terrace Rooms 2604/06,Aberdeen26th Floor, Alexandra Housewww.aberdeen-asset.com18 Chater RoadCentral, Hong KongTelephone: +852 2103 4700Fax: +852 2827 8908Additional information for investors in GermanyApplications for the return and replacement of a Fund’s shares can be submitted to the German paying agent.All payments intended for a shareholder, including the proceeds of withdrawal and any dividends, can be routed, at the shareholder’s request,via the German paying agent and/or paid out in cash from the German paying agent.The full and simplified Prospectus and the Constitution of Aberdeen Global II and the audited end-of-year reports, the non-audited halfyearlyreports and the issue withdrawal prices can be obtained free of charge from the information agent. The issue with call price and theinterim profit are published in the Börsen-Zeitung . Any messages to shareholders are published in the eBundesanzeiger.The Schedule of Changes in the investment portfolio is also available from the Paying Agent.Furthermore, the other documents which can be examined free of charge at the registered office of Aberdeen Global II can also be examinedfree of charge at the information agent.The payment and information centre for Aberdeen Global II in Germany is:Marcard, Stein & Co AG, Ballindamm 36, 20095 Hamburg, GermanySupplementary 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 full and simplified Prospectusconditions:Paying Agent and Representative in Switzerland:BNP Paribas Securities Services, ParisSuccursale de ZurichSelnaustrasse 16CH-8002 ZurichSwitzerlandPlace of distribution for relevant documentsThe constitution documents, full and simplified Prospectus, the articles of association, the annual and half-yearly reports and a schedule ofpurchases and sales for 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 andon the 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” arepublished when subscriptions and redemptions occur. Prices are published every working day on the electronic platform of fundinfo AGZurich (www.fundinfo.com).c. All Shareholder notices will be published on the electronic platform of fundinfo AG Zurich (www.fundinfo.com).Aberdeen Global II 191

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 II is a UCITS for the purposes of the Directive.Only savings income payments are reportable or subject to withholding tax. Distributions are savings income payments if a fund holds morethan 15% of its assets in “eligible money debts” and proceeds on redemption are savings income payments if a fund holds more than 25% ofits assets in eligible 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’as defined in Luxembourg.Asia Fixed Income 98.94%Australian Dollar Bond 96.38%Canadian Dollar Bond 100.00%Convertible Europe 92.97%Emerging Europe Fixed Income 100.00%Emerging Markets Fixed Income Alpha 99.90%Euro Aggregate Bond 100.00%Euro Corporate Bond 100.00%Euro Government Bond 100.00%Euro High Yielding Fixed Income 95.10%Global Aggregate Bond 99.90%Global Bond 98.65%Index Linked Bond 100.00%Long Dated Sterling Aggregate Bond 100.00%Long Dated Sterling Bond 100.00%Long Dated Sterling Credit 100.00%Multi Asset Asia Pacific 53.48%Short Term Euro Bond 100.00%Short Term US Dollar Bond 92.36%Sterling Aggregate Bond 100.00%Sterling Bond 100.00%Sterling Credit 100.00%US Dollar Bond 100.00%US Dollar High Yield Bond 100.00%It should be noted that this is for information purposes only. Responsibility for compliance with the Directive remains that of the ‘payingagent’ as defined by the Directive. The calculation is based on the Luxembourg interpretation of the rules.192 Aberdeen Global II

Further InformationAberdeen Global IIAberdeen Global II is an open-ended investment company incorporated with limited liability under the laws of the Grand Duchy ofLuxembourg and organised as a société d’investissement à capital variable (a “SICAV”) with UCITS status (an Undertaking for CollectiveInvestment in Transferable Securities as defined in the European Union Directive 85/611/EEC of 20 December 1985 as amended).Aberdeen Global II aims to provide investors with a broad international range of diversified actively-managed Funds. There are 24 activeFunds in total, each with its own specific investment objectives and individual portfolios, offering investors the opportunity of exposure toselected areas or to conveniently build a diversified global bond portfolio to meet specific investment goals. The overall strategy of AberdeenGlobal II and the 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 privateinvestors from offices around the world. Our goal is to deliver superior fund performance across diverse asset classes in which we believe wehave a sustainable competitive edge. Listed on the London Stock Exchange, we manage fixed income and equities (quoted and private) insegregated, 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 decisionmaking,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 bystrong process disciplines.Aberdeen Global II 193

Aberdeen Asset Managers Limited(UK Distributor)10 Queens Terrace, AberdeenTel +44 (0)20 7463 6000 Fax +44 (0)20 7463 6001Authorised and regulated by The Financial Services AuthorityMember of the Aberdeen Asset Management Group of CompaniesAberdeen International Fund Managers Limited(Distributor and Investment Manager)Rooms 2604-06, 26th Floor, Alexandra House18 Chater Road, Central, Hong KongTel +852 2103 4700 Fax +852 2827 8908Regulated by The Securities and Futures Commission of Hong KongShareholder Service CentreAberdeen Global Services S.A.c/o State Street Bank Luxembourg S.A.49, Avenue J. F. KennedyL-1855 LuxembourgGrand Duchy of LuxembourgFor more information on Aberdeen Global II. Please contact:Tel +44 (0)1224 425255 (UK Shareholders)Tel +352 46 40 1 820 (Outside UK)Fax 00 352 245 29 0562504669