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Aberdeen Select PortfolioSemi-Annual Report and Financial Statements1 October 2012 to 31 March 2013

Contents

Review for the half year ended 31 March 2013

Aberdeen American Opportunities Fund 1

Aberdeen Asian Local Currency Short Duration Bond Fund 2

Aberdeen Asian Smaller Companies Fund 3

Aberdeen China Opportunities Fund 4

Aberdeen Emerging Markets Local Currency Bond Fund 5

Aberdeen European Opportunities Fund 6

Aberdeen Global Emerging Markets Fund 7

Aberdeen Global Opportunities Fund 8

Aberdeen Global Technology Fund 9

Aberdeen India Opportunities Fund 10

Aberdeen Indonesia Equity Fund 11

Aberdeen Japan Equity Fund 12

Aberdeen Malaysian Equity Fund 13

Aberdeen Pacific Equity Fund 14

Aberdeen Singapore Equity Fund 15

Aberdeen Thailand Equity Fund 16

Report to Unitholders for the half year ended 31 March 2013

Aberdeen American Opportunities Fund 18

Aberdeen Asian Local Currency Short Duration Bond Fund 21

Aberdeen Asian Smaller Companies Fund 24

Aberdeen China Opportunities Fund 28

Aberdeen Emerging Markets Local Currency Bond Fund 32

Aberdeen European Opportunities Fund 35

Aberdeen Global Emerging Markets Fund 39

Aberdeen Global Opportunities Fund 43

Aberdeen Global Technology Fund 47

Aberdeen India Opportunities Fund 49

Aberdeen Indonesia Equity Fund 52

Aberdeen Japan Equity Fund 55

Aberdeen Malaysian Equity Fund 58

Aberdeen Pacific Equity Fund 61

Aberdeen Singapore Equity Fund 64

Aberdeen Thailand Equity Fund 67

Financial Statements for the half year ended 31 March 2013 (unaudited)

Statement of total return 71

Statement of financial position 77

Statement of movements of unitholders’ funds 80

Statement of portfolio 86

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Source: Aberdeen Asset Management Asia LimitedThe performance returns are sourced from Lipper, based on percentage growth, calculated on a NAV-to-NAV basis with gross income reinvested.

Aberdeen American Opportunities FundInterim report to 31 March 2013

Performance reviewThe Aberdeen American Opportunities Fund rose by 10.79% in Singapore dollar terms over the six-month period ended 31 March 2013, compared with the 10.94% return of its benchmark, the MSCI North America Index.

Market reviewNorth American equities posted sharp gains during the review period, amid the release of generally positive US economic data reports and with the support of continued accommodative monetary policy. In the first half of the period, investors reacted mainly to the ebb and flow of the latest developments in the “fiscal cliff” negotiations. Congress finally reached a compromise after the New Year deadline, focusing on taxation of the wealthy and the decision to delay spending cuts for two months. However, the mandate for decreases in the federal budget under “sequestration” took effect on 1 March, triggering US$85 billion in automatic spending cuts. On the economic front, the unemployment rate improved modestly during the review period, although job gains remain below the level needed to support steady economic growth over the long term. GDP growth, while improving somewhat, generally has remained below its historical levels.

Portfolio reviewFund performance for the period was bolstered primarily by holdings in packaged foods maker Kellogg and automobile insurance claims software company Solera Holdings, as well as the lack of exposure to Apple. Kellogg’s positive results during the period were due mainly to relative strength in North America and Latin America. Solera Holdings saw healthy revenue growth for the first half of its 2013 fiscal year.

Conversely, the most notable detractors from fund performance included enterprise technology company EMC Corp and healthcare diagnostic services provider Quest Diagnostics. Shares of EMC fell after the company reported a deceleration in sales for its VMWare business segment; however we believe that weakness is likely to prove temporary and that the long-term outlook remains positive. Quest Diagnostics’ earnings declined modestly, dragged down by pricing weakness and relatively lower volumes due to the negative impact of Superstorm Sandy, which struck the northeastern US in late October 2012.

In portfolio activity, we introduced pharmaceutical firm Pfizer and discount retailer Costco Wholesale Corp. We also added to Kraft Foods Group, the now fully domestic food company, after the predecessor company Kraft Foods was divided into two companies. Conversely, we sold Mondelez International, the other company created by the Kraft Foods split, medical device manufacturer St. Jude Medical, and institutional investor services provider State Street Corp. We reduced several holdings following periods of relatively strong performance, including Kellogg, Solera Holdings, and media and cable company Comcast.

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Aberdeen Asian Local Currency Short Duration Bond FundInterim report to 31 March 2013

Performance ReviewThe Aberdeen Asian Local Currency Short Duration Bond Fund rose by 2.33% in Singapore dollar terms during the period. This compares with a total return of the benchmark, the iBoxx Asia ex Japan Sovereign 1-3 Years Index, of 2.67%.

Market ReviewShort-dated bonds in most Asian markets rose over the six months under review. While the sluggish global backdrop was compounded by the US budget uncertainty and Eurozone debt crisis, this was mitigated by quantitative easing in the West and signs of improvement in the US and Chinese economies. But sentiment deteriorated towards the end of the period, as automatic US spending cuts loomed. The Eurozone recession caused a slump in Asia’s exports, while Cyprus’ banking woes added to contagion fears.

Indonesia and India outperformed the region, as their higher-yielding markets attracted foreign capital. The Thai market was supported by fundamentals, while Korean bonds also posted gains on the back of expectations of monetary policy easing, as economic conditions remained sluggish. In contrast, onshore Chinese short-dated bonds lagged as most data appeared to indicate a recovery in the economy.

Most regional currencies weakened against the dollar, led by the rupee, which lagged on the back of GDP growth concerns and a record trade deficit. However, the baht outperformed, while the Philippine peso also posted gains.

Portfolio ReviewIn interest rate strategy, the overweight and longer-than-benchmark duration positions in the Philippines contributed the most to relative return. Also boosting performance was the overweight to Thailand and Malaysia. In our currency allocation, the underweight to the onshore yuan and baht as well as overweight to the ringgit detracted from performance.

The fund continues to maintain its overweight to higher-yielding assets. In portfolio activity, we added to our Indian bond and currency exposure, in view of currency weakness and expectations of further easing. We also increased our exposure to the Philippines, which offers better returns on a hedged basis, and our short duration position and exposure to Korea, as interest rate cuts were increasingly priced into valuations. Conversely, we trimmed our exposure to Indonesia because of valuation, inflation and currency concerns. Post a sharp rally in Thai bonds in November, we took profit and cut our sizeable overweight substantially. Subsequently, we reduced our short duration position there. With respect to currency allocations, we lowered our rupiah and ringgit exposure. We also moved to a small underweight to the baht and increased our exposure to the peso and won.

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Aberdeen Asian Smaller Companies FundInterim report to 31 March 2013

Performance ReviewThe Aberdeen Asian Smaller Companies Fund rose by 18.09% in Singapore dollar terms over the review period. This compares with a total return of its benchmark, the MSCI AC Asia Pacific ex Japan Small Cap Index, of 12.77%.

Market ReviewSmall-cap stocks rose in the six months under review, outperforming their larger counterparts. Ultra-loose monetary policy in Europe and the US fuelled a rebound in global financial markets that lifted Asian stockmarkets as well. Sentiment was also boosted by US president Obama’s re-election and hopes that automatic tax hikes and spending cuts, dubbed the “fiscal cliff”, could be averted by the turn of the year. This was despite a stream of lacklustre data, as macroeconomic fundamentals remained largely unchanged. In particular, Asian exports were hampered by anaemic demand from Europe, which has stayed in recession, while the US showed tentative signs of recovery. Towards the end of the period, the badly handled Cyprus bank bailout re-ignited contagion fears and briefly dragged market benchmarks to a seven-month low. Concerns over the profitability of Chinese banks in the wake of more stringent rules on investment products also pared gains.

Portfolio ReviewAt the stock level, contributors to relative performance included Petra Foods, which saw its stock price jump after it sold its cocoa ingredients unit to Switzerland-based Barry Callebaut for US$950 million earlier in the period. This sale was expected to realise significant value for Petra and allow it to grow its high-margin branded consumer business in emerging markets. Also benefiting the fund was our holding in Thailand’s Minor International, as its shares were buoyed by the rising stockmarket, a rebound in earnings after last year’s floods, and an upbeat outlook for its hotels and food businesses.

Conversely, holding ASM International proved costly as its shares fell on the back of news that it will pare its stake in ASM Pacific Technology to unlock value. However, we believe its share price does not reflect its underlying businesses fully, which management is determined to turn around. Also detracting from performance was Cabcharge Australia, which saw its share price retreat after it lost two of its bus routes in Sydney, and MP Evans, which faced lower palm oil prices amid high inventories.

In portfolio activity, we introduced three holdings. They included attractively valued SCA Property Group, a real estate investment trust that owns Woolworths Group’s retail assets. The other two new additions were Ascendas Hospitality Trust, which offers good yield, supported by both its Australian operations and growth opportunities in China; as well as leading Malaysian property developer SP Setia via a placement, given its healthy pipeline of projects and significant discount to net asset value.

Separately, Aberdeen will swap each share it holds in WBL Corp for 1.07 shares in its parent, The Straits Trading Company (STC). Separately, STC will partner the Far East Organization to streamline its hospitality business in the region.

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Aberdeen China Opportunities FundInterim report to 31 March 2013

Performance ReviewThe Aberdeen China Opportunities Fund rose by 10.13% in Singapore dollar terms over the review period. This compares with a total return of its benchmark, the MSCI Zhong Hua Index, of 9.52%.

Market Review The MSCI Zhong Hua Index posted healthy gains over the six months under review, largely in line with the broader regional index. Optimism over the resilience of China’s economy lifted the stockmarket, along with Beijing’s urbanisation push. Data on the economic front pointed to signs of stabilisation. China’s fourth-quarter GDP grew by 7.9% from a year earlier, underpinned by a rebound in industrial output, retail sales and the housing sector. The manufacturing sector also returned to growth. The improvements, however, were largely a result of loose monetary policy and a ramp-up in infrastructure spending, particularly in rail and highway construction. The government maintained its GDP growth target at 7.5% for 2013 and raised its budget deficit forecast in view of tax cuts and measures to support consumption and narrow the wealth gap. But towards the end of the period, gains were pared by anxieties over increased tightening measures for the property sector in both China and Hong Kong. Concerns surrounding shadow banking and the government’s tougher stance towards it also weighed on the stockmarket. On the political front, the Chinese Communist party unveiled its new leadership headed by Xi Jinping. The transition stoked hopes of economic reforms, though it is too early to talk of substantive policy changes.

Portfolio Review At the stock level, Hongkong & Shanghai Hotels was the top contributor, boosted by increased tourist arrivals. Textile maker Texwinca Holdings’ shares gained as China’s cotton prices appeared to stabilise and sentiment towards cyclical exports improved. Jardine Strategic benefited from solid full-year results, driven by good operating performance in its core markets.

Conversely, holdings such as ASM Pacific Technology, China Resources Enterprise (CRE) and Li & Fung subtracted from relative return, owing to weak full-year results. ASM Pacific’s revenues fell amid the challenging global market backdrop. However, the company continues to be underpinned by a robust balance sheet. CRE suffered from rising costs and increasing competition in the retailer segment, while Li & Fung was affected by its restructuring efforts in the US. However, management is determined to turn around its distribution business there.

In portfolio activity, we introduced Hong Kong Exchanges and Clearing via a primary share placement that was at an attractive discount to its market price. We also initiated a position in Yum Brands, the owner of global brands such as KFC and Pizza Hut. Its China business has grown rapidly, backed by good management as well as a robust operational process. Against this, we exited Sun Hung Kai Properties on corporate governance concerns and following a rebound in its share price.

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Aberdeen Emerging Markets Local Currency Bond FundInterim report to 31 March 2013

Performance ReviewThe Aberdeen Emerging Markets Local Currency Bond Fund rose by 3.47% in Singapore dollar terms during the period. This compares with a total return of its benchmark, the JP Morgan GBI-EM Global Diversified Index, of 5.19%.

Market ReviewEmerging market debt markets posted modest gains in the six months under review. This was despite declining risk appetite after an inconclusive Italian parliamentary election result and a bailout for Cyprus in March.

Developments in key markets included Brazil’s central bank seeking to contain inflation towards end-October despite reducing the benchmark Selic rate by 25 basis points. Subsequently, policymakers ushered in a “lower for longer” period, noting that stable monetary conditions would be the right strategy to meet its inflation target. Towards the end of the period, the finance minister indicated that the Brazilian real had stabilised at a favourable level that had maintained its external competitiveness and did not induce inflation.

Elsewhere, China’s politburo held a major conference in mid-December that set the course of the new leadership. The government committed to a proactive fiscal policy and prudent monetary policy, while continuing with property controls. Economic growth remained resilient, as the economy grew by 7.9% year-on-year in the fourth quarter of 2012.

In India, the central bank cut its repo rate by 25 basis points to 7.75%, in addition to cuts to the cash reserve ratio. It lowered its fiscal year growth estimate to 5.5% year-on-year from 5.8% previously and wholesale inflation to 6.8% from 7.5%.

Portfolio ReviewAn underweight to Thailand detracted from performance, whereas a non-benchmark position in inflation-linked bonds in Uruguay and an underweight to Poland contributed positively.

In portfolio activity, we initially increased duration in South African bonds before taking profits through the new year and lifted our South African rand exposure to 2% overweight compared to the benchmark. In Mexico, we moved to the middle of the curve, while also reducing our Mexican peso exposure from 5% to 4% overweight. In Eastern Europe, we increased duration in Poland and Russia as well as lowered our Polish zloty exposure to neutral. We also reduced the fund’s underweight to Turkey by adding inflation-linked bonds. As for our currency positions, we lowered the fund’s Brazilian real exposure to neutral compared to the benchmark, and reduced our underweight to Colombia by initiating a 2% position in the peso. We also moved to a 1% underweight to the Russian rouble.

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Aberdeen European Opportunities FundInterim report to 31 March 2013

Performance ReviewThe Aberdeen European Opportunities Fund rose 12.46% in Singapore dollar terms. This compares with a total return of its benchmark, the FTSE World - Europe Index, of 11.54%.

Market ReviewPan European equities rose during the six months under review as markets remained flush with liquidity stemming from European and US central banks’ ongoing efforts to revive the global economy. Sentiment was also lifted by the temporary resolution to America’s budget problems and new powers given to the European Central Bank over the financial system. However, gains were pared by the badly handled bailout for Cyprus and political stalemate in Italy, which signalled that the Continent’s debt crisis was far from resolved. Under rescue terms, Cyprus’s second-largest bank will be forced to shut while a levy will be imposed on big depositors. As for Italy, after six weeks a government had yet to be formed after recent inconclusive parliamentary elections. Disappointing fourth-quarter GDP data, underscoring a deepening Eurozone recession, also hurt confidence. The UK economy contracted as well, prompting the government to announce additional tax cuts in its new Budget to boost growth.

Portfolio reviewAt the stock level, our holdings in Schroders, Rolls-Royce and Prudential contributed the most to relative return. Asset manager Schroders reported robust full-year results as assets under management rose to a record. Engine maker Rolls-Royce continued to win new contracts. Prudential announced impressive earnings, with new business growing by 14% for the year. The insurer continued to make inroads into Asia, after entering into a long-term distribution partnership with Acleda, Cambodia’s largest retail and commercial bank.

On the flip side, our positions in Amec, Pearson and BG Group detracted. Despite good revenues in the oil and gas sector, engineering and consultancy firm Amec’s shares corrected after a solid run in the previous six months. Media company Pearson’s annual profits were hurt by tough trading conditions and structural changes in the industry. Oil and gas producer BG Group was weighed down by lower profits and project delays.

In portfolio activity, we introduced defence company Kongsberg Gruppen given the resilience of its niche products, healthy long-term prospects and attractive valuation. In addition, we added to Amec, Pearson and diversified utility GDF Suez on the back of share price weakness. Against this, we trimmed positions in several holdings, including Prudential, Rolls-Royce, food conglomerate Nestle, British American Tobacco, Associated British Foods, as well as drugmakers Roche and Novo Nordisk, following relative price strength.

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Aberdeen Global Emerging Markets FundInterim report to 31 March 2013

Performance ReviewThe Aberdeen Global Emerging Markets Fund rose by 7.32% in Singapore dollar terms, outperforming its benchmark, the MSCI Emerging Markets Index, which gained 5.13%.

Market ReviewEmerging stockmarkets rose over the six months under review. Early on, an improving global backdrop buoyed sentiment. Tension in the Eurozone eased after a landmark deal on bank supervision was reached and long-delayed aid to Greece was approved. In the US, the Federal Reserve unveiled a third round of quantitative easing and pledged to keep interest rates low at least until unemployment, now close to 8%, falls to 6.5%. Initial optimism that budget negotiations could be resolved after president Obama’s re-election provided further impetus to markets. However, the rally subsequently faltered as investors fretted over the impact of scheduled budget cuts on the economy. Decelerating growth across the developing world added to uncertainty. Continued policy tightening in China also raised fears that the economy will slow further, while Cyprus’s banking crisis and political uncertainty in Italy following an inconclusive election reignited fears over Europe’s debt woes.

Portfolio Review At the stock level, our holdings in Mexico were among the top contributors to relative return. Lender Banorte continued to outperform on the back of double-digit deposit and loan growth and FEMSA’s core Coca-Cola bottling business and convenience store subsidiary both performed well. Leading Turkish banks Akbank and Garanti rose in line with the strong local market.

Against this, a softer outlook for local consumer demand weighed on South African retailer Truworths. Hero MotoCorp lagged as the Indian motorcycle maker’s results disappointed amid increased competition, elevated costs and falling margins. Nevertheless, it achieved higher selling prices and decent sales. Lacklustre earnings and domestic economic concerns hurt Hungarian pharmaceutical firm Gedeon Richter. In portfolio activity, we initiated a position in leading Russian grocery chain Magnit given its attractive valuation and good fundamentals. Conversely, we exited Indian mobile phone operator Bharti Airtel on concerns over the increasingly competitive domestic market.

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Aberdeen Global Opportunities FundInterim report to 31 March 2013

Performance ReviewThe Aberdeen Global Opportunities Fund rose by 8.71% in Singapore dollar terms, compared with its benchmark, the MSCI World Index’s total return of 11.96%.

Market ReviewGlobal equities rallied significantly during the six months under review. Following risk aversion in the second quarter of 2012, equity markets were lifted by coordinated monetary policy. This was further boosted as Japanese policymakers explicitly targeted an inflation rate of 2%. The US presidential election and China’s leadership change proceeded smoothly, further supporting risk appetite. In addition, the US taxation agreement reached at the turn of the year provided more clarity on US fiscal issues. But towards the end of the period, political gridlock resulting from an inconclusive Italian election and the bailout for Cyprus, which would entail losses for larger depositors, caused volatility to re-emerge.

Portfolio Review Top stock contributors to relative performance included Swiss drugmaker Roche and Mexican convenience store operator and beverage operator Femsa. Roche’s share price was lifted by news that it received US regulatory approval for its breast cancer therapy and colorectal cancer drug Avastin. Femsa’s core Coca-Cola bottling business and convenience store subsidiary performed well, thanks to buoyant consumer demand. Optimism that the government would be able to advance key reforms to drive future economic growth also lifted the company’s share price. The lack of exposure to Apple also benefited the fund as the US technology company’s stock fell amid increasing competitive pressures. It reported a sharp slowdown in sales and indicated that the trend may continue.

Conversely, the main stock detractors were Brazilian energy group Petrobras, Japan’s Daito Trust Construction and Canadian fertiliser producer Potash Corp. Uncertainty over government price setting weighed on Petrobras, while Daito Trust’s fourth-quarter margins suffered from higher labour costs. Potash Corp’s share price retreated after its first-quarter earnings forecast disappointed; it also reported additional output cuts.

In portfolio activity, we introduced several US companies including energy group Chevron, a well-managed integrated oil business with a solid asset base and stable growth driven by its upstream operations; industrial gas company Praxair, which enjoys strong pricing and high barriers to entry, with long-term contracts affording decent visibility; and health care equipment supplier Baxter International, which has a solid balance sheet and healthy cash flow. Against this, we divested US food manufacturer Kraft Foods as valuations appeared expensive and the outlook more lacklustre after it spun off its snack food business Mondelez.

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Aberdeen Global Technology FundInterim report to 31 March 2013

Performance ReviewThe Aberdeen Global Technology Fund gained 6.53% in Singapore dollar terms, underperforming its benchmark, the Bank of America Merrill Lynch Technology 100 Index, which rose by 15.56%.

Market ReviewTechnology shares rallied during the six months under review and outperformed the global stockmarkets. Collective monetary easing by major central banks and better-than-expected earnings from industry majors lifted investor sentiment. Signs of improvement in the global economy, along with the temporary resolution to the US budget negotiations, provided further impetus to markets. However, a subsequent return to risk aversion pared gains. Investors fretted over the impact of scheduled budget cuts on the US economy, while a deepening slowdown in the rest of the developed world revived global growth concerns. The banking crisis in Cyprus and political instability in Italy also served as a reminder that Europe’s debt crisis was far from over.

Portfolio Review At the stock level, our holdings in Ericsson and Adobe Systems contributed to relative return. Ericsson’s annual sales and profits grew faster than expected as robust demand from North America lifted its global sales of network equipment, software and services. Likewise, Adobe gained from better earnings and revenue growth; the company is switching from a subscription to licencing model to generate steady income. The lack of exposure to Apple, Terada Corp and Baidu.com also aided relative performance as these stocks underperformed the broader market.

On the flip side, EMC, ASM Pacific and Vodafone Group hurt the fund’s performance. Shares of EMC fell after the company reported a deceleration in sales for its VMWare business segment; however we believe that weakness is likely to prove temporary and the long-term outlook remains positive. ASM Pacific’s assembly and packaging unit saw a drop in revenue, owing to the sharp fall in the global semiconductor material and equipment markets from the third quarter of last year. But orders are recovering, and its surface-mount technology and lead frame businesses remained steady. Vodafone declined as Europe’s economic downturn weighed on its core regional market.

There was no significant portfolio activity over the period.

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Aberdeen India Opportunities FundInterim report to 31 March 2013

Performance reviewThe Aberdeen India Opportunities Fund rose by 1.66% in Singapore dollar terms over the six months under review. This compares with a total return of the benchmark, the MSCI India Index, of -0.97%.

Market reviewDespite the government’s reform push, Indian equities fell during the six months under review as sentiment was weighed down by slowing GDP growth, the twin current account and fiscal deficits, and persistently high inflation. Renewed political risks, underscored by the withdrawal of support from key allies for the ruling coalition, also hurt confidence. However, losses were pared by the government’s efforts to encourage fresh investments, such as opening up the multi-brand retail, insurance, pension funds and banking sectors. Other measures included amending the Land Acquisition Bill to expedite industrial development and setting up a committee to cut through red tape in infrastructure investments. Delhi also committed to strengthening public finances by selling stakes in state-run companies and raising diesel prices. Separately, the central bank cut interest rates twice in attempts to revive growth. Portfolio review At the stock level, our holding in Tata Consultancy Services was the biggest contributor to relative return as the IT services provider’s healthy results were buttressed by its UK and American clients, which compensated for relatively soft European demand. Piramal Enterprises also aided performance as its shares rallied on the back of further acquisitions. Not holding Reliance Industries proved positive as the company’s refining and petrochemicals businesses continued to struggle.

Conversely, our holdings in Hero MotoCorp, ABB and Grasim Industries detracted. Hero’s results disappointed amid increased competition, elevated costs and falling margins. Nevertheless, the motorcycle maker achieved higher selling prices and healthy sales. Power engineering company ABB’s earnings deteriorated amid a tough operating environment. Credit quality issues in the sector have made the company more cautious about accepting new orders. Meanwhile, cement maker Grasim’s stock price corrected after a good run in the previous six months.

In portfolio activity, we introduced cement manufacturer ACC, which trades at a discount to its peers and has potential to improve productivity as it upgrades existing plants and introduces new capacity. It is owned by Swiss company Holcim, which controls ACC’s board and provides technical and managerial support.

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Aberdeen Indonesia Equity FundInterim report to 31 March 2013

Performance ReviewThe Aberdeen Indonesia Equity Fund rose by 12.06% in Singapore dollar terms over the period, compared with a rise in its benchmark, the Jakarta Composite Index, of 15.94%.

Market ReviewIndonesian equities rose in the six months under review, buoyed by foreign interest that lifted local market benchmarks to new highs. Initially, record foreign direct investment inflows boosted sentiment, along with positive economic data from the US and China. However, US fiscal cliff concerns pared gains towards the year-end. Sentiment recovered at the period end, with domestic interest compensating for an ebb in foreign liquidity. The local economy grew 6.1% in the fourth quarter, supported by consumer spending, although the fiscal deficit worsened because of burgeoning fuel subsidies. Rains disrupted food production and Jakarta suffered severe flooding, but our holdings escaped direct damage. Inflation in March was at its worst since May 2011, due largely to a spike in food prices and the hike in electricity tariff but the central bank held interest rates unchanged.

Portfolio ReviewAt the stock level, our holding in Petra Foods contributed to relative performance, as its stock price jumped after it sold its cocoa ingredients unit to Switzerland-based Barry Callebaut for US$950 million. This is expected to realise significant value for Petra and allow it to grow its high-margin branded consumer business in emerging markets. Multi-Bintang also benefited the fund as the brewer did well on the back of good quarterly results that highlighted continued growth in its flagship Bintang Beer, in addition to the particularly strong growth in its non-alcoholic Bintang Zero product.

In contrast, Bank Central Asia detracted even though it did well. This was due to our underweight position to the lender, which rallied in tandem with the market’s rise that benefited large-cap stocks in general. Meanwhile, our non-benchmark exposure to Vale Indonesia also proved costly as its shares were affected by weaker commodity prices over the period.

In portfolio activity, we initiated a position in Petra Foods after the company sold its cocoa ingredients unit, which should allow it to grow its high-margin consumer business in emerging markets. We also introduced United Tractors, a subsidiary of Astra International, which is the distributor for Komatsu heavy equipment and is a leading coal-mining operator and local mine owner.

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Aberdeen Japan Equity FundInterim report to 31 March 2013

Performance ReviewThe Aberdeen Japan Equity Fund rose by 17.69% in Singapore dollar terms over the review period. This compares with a total return of its benchmark, the Topix Index, of 18.65%.

Market ReviewJapan’s resurgence was driven in part by yen weakness, which lifted the export sector, as well as by expectations, triggered by the Liberal Democrats’ emphatic return to power, led by Shinzo Abe. His campaign platform of aggressive policy expansion and a commitment to lift the economy from two decades of deflation fired the imagination of foreign investors. However, it is worth noting that ultra-loose monetary policy in Europe and the US had fuelled a rebound in global financial markets that lifted stockmarkets in the Asian region as well. Sentiment was also boosted by US president Obama’s re-election and hopes that automatic tax hikes and spending cuts, dubbed the “fiscal cliff”, could be averted by the turn of the year. This was despite a stream of lacklustre data, as macro-economic fundamentals remained mostly unchanged.

Portfolio ReviewAt the stock level, Pigeon Corp was among the contributors to the fund’s performance as the baby products maker posted solid full-year earnings that were boosted by growing sales in China. Also benefiting the fund was FCC Co, where improving sales in the auto manufacturer’s two- and four-wheel divisions were driven by good US demand. Holding real estate developer Mitsubishi Estate Co aided performance as it reported better rental rates and revealed that it expected record revenue from its retail space, while focusing on better rents at its core Marunouchi office asset, instead of trying to fill vacancies.

Conversely, developer Daito Trust Construction Co cost the fund as the leasing company saw marginally weaker occupancy amid higher labour costs. Fanuc detracted after it lowered its forecast as it faced weaker results, a deteriorating product mix and anaemic demand from key customer Apple Inc. Fast-food chain McDonalds Holdings also proved costly as it reported a weaker set of results that were within our expectations, as the company overhauls its marketing strategy and re-evaluates its store portfolio.

In portfolio activity, we introduced Kansai Paint, one of the largest paint manufacturers in Asia. The company is well-positioned to benefit from growth in emerging markets, such as India, Thailand and Indonesia, where it has significant operations. We also initiated a position in bicycle component maker Shimano, which has 70% global market share. The company’s long-term prospects are positive, given its pricing power, well-established brand, production scale and expertise. Against this, we sold all our remaining Parco shares which were not accepted in J. Front Retailing’s earlier tender offer.

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Aberdeen Malaysian Equity FundInterim report to 31 March 2013

Performance ReviewThe Aberdeen Malaysian Equity Fund rose by 10.43% in Singapore dollar terms in the period under review. This compares with a total return of its benchmark, the FTSE Bursa Malaysia KLCI, of 3.08%.

Market reviewMalaysian equities rose in the six months under review, as liquidity from the global easing by major central banks continued to buoy financial markets. Risk appetite was initially supported by signs of improvement in the global economy. Volatility, however, resurfaced on the back of fresh Eurozone worries and concerns over US budget cuts. Domestically, nervousness over the upcoming general elections also dented sentiment, but this failed to negate earlier gains. On the economic front, fourth-quarter GDP grew by 5.6%, despite the challenging global backdrop. During the review period, the central bank continued to keep rates unchanged at 3%, even though inflation rose on the back of higher food prices.

Portfolio reviewAt the stock level, Aeon Co, Oriental Holdings and Tasek Corp were key contributors to relative performance. Retailer Aeon Co benefited from contributions from new stores, higher rents and the re-opening of Aeon 1 Utama, although increased operating costs pared gains. Oriental Holdings did well despite muted results, as its dominant position in the motorcycle industry was reinforced by its relocation to a larger plant in Batu Kawan. Tasek, a beneficiary of the rising construction activity in the country, also outpaced the benchmark despite a competitive environment and elevated costs. The cement company declared a higher dividend for 2012.

Conversely, Star Publications and Public Bank underperformed. Media company Star Publications was weighed down by a challenging print industry and increased competition. Public bank also lagged, although the lender has maintained good asset quality and cost efficiency.

In portfolio activity, we introduced telecommunications provider Time dotCom into the portfolio, for its exposure to the growing demand for data. We also re-introduced SP Setia at attractive valuations. The developer reported higher revenue year-on-year on higher recognition from Klang Valley and Johor Bahru projects. Sales appear on track to meet its full-year target of RM5.5 billion, having chalked up RM1.2 billion in the first three months of its financial year.

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Aberdeen Pacific Equity FundInterim report to 31 March 2013

Performance ReviewThe Aberdeen Pacific Equity Fund rose by 9.18% in Singapore dollar terms over the review period. This compares with a total return of its benchmark, the MSCI AC Asia Pacific ex Japan Index, of 9.36%.

Market ReviewMost Asian stockmarkets rose in the six months under review, along with the rebound in global financial markets, buoyed by ultra-loose monetary policy in Europe and the US. Sentiment was also boosted by US president Obama’s re-election and hopes that automatic tax hikes and spending cuts, dubbed the “fiscal cliff”, could be averted by the turn of the year. This was despite a stream of lacklustre data, as macro-economic fundamentals remained largely unchanged. In particular, Asian exports were hampered by anaemic demand from Europe as the Continent stayed in recession, while the US showed tentative signs of recovery. Towards the end of the period, the badly handled Cyprus bank bailout re-ignited contagion fears and dragged market benchmarks to a seven-month low. Concerns over the profitability of Chinese banks in the wake of more stringent rules on investment products also pared gains.

Portfolio ReviewAt the stock level, holding the Aberdeen Thailand Equity Fund proved beneficial as it was buoyed by rising stockmarkets. Also helping performance were our two Philippine holdings, which rose in tandem with the strong domestic market. Property developer Ayala Land posted record annual results, while the Bank of the Philippine Islands’ fourth-quarter earnings were driven by double-digit loan growth and non-interest income.

Conversely, holding the Aberdeen Global – Indian Equity Fund* detracted as the Indian market lagged the broader region because of disappointing economic growth. Our lack of exposure to Australian banks, including the Commonwealth Bank of Australia and Westpac Banking Corp, proved costly as they benefitted from global search for yield. However, we prefer our existing bank holdings as they provide greater exposure to faster growing economies across the broader region.

In portfolio activity, we added to Australia’s QBE Insurance on recent price weakness. The insurer lowered its profit guidance because of higher-than-expected catastrophe claims, including those resulting from superstorm Sandy.

*The underlying fund is not authorised for public sale in Singapore.

15


Aberdeen Singapore Equity FundInterim report to 31 March 2013

Performance ReviewThe Aberdeen Singapore Equity fund rose by 8.99% in Singapore dollar terms. This compares with a total return of the benchmark, the FTSE Straits Times Index, of 8.81%.

Market ReviewSingapore equities rose during the six months under review, as liquidity from the global easing by major central banks continued to buoy financial markets. Risk appetite was initially supported by signs of improvement in the global economy. An eleventh-hour compromise by US lawmakers also averted a fiscal cliff, while China’s data signalled a more sustained recovery. Volatility, however, resurfaced on the back of fresh Eurozone worries and concerns over US budget cuts. The inconclusive Italian election and Cyprus’ banking woes also caused jitters towards the end of the period, but this failed to outweigh earlier gains. Meanwhile, domestic economic data remained hampered by sluggish external demand. While fourth-quarter GDP growth was upgraded to 3.3%, more recent data were less upbeat. Non-oil domestic exports fell sharply in February, as electronics and non-electronics shipments suffered double-digit declines. Inflation accelerated more than expected, driven by higher housing and transport costs. The central bank maintained its policy of allowing a modest and gradual appreciation of the local currency.

Portfolio ReviewAt the stock level, Bukit Sembawang Estates added the most, as property prices remained firm despite the government’s cooling measures. Encouragingly, the property developer also shored up its balance sheet. Raffles Medical also contributed positively on the back of steady earnings growth from its core operations.

Although the fund benefited from having Jardine Strategic as a core position as the conglomerate enjoyed robust operating performance in its core markets in the region, it did not hold Jardine Matheson and Hong Kong Land, which also outperformed. SembCorp Marine also lagged as profitability was hurt by contingency costs provisioned for a rig-tilting incident in December and its new drillship contribution. However, its order book reached a record during the period and we remain positive about the company’s outlook.

In portfolio activity, we introduced United Engineers at attractive valuations. The conservatively managed holding company has major interests in property development and leasing across the retail, hospitality, industrial and residential sectors, as well as an exposure to construction and engineering. We also added a new holding, Keppel REIT, because of its upbeat business prospects, good portfolio of commercial properties and attractive valuation.

In corporate action, Aberdeen Asset Management and another key investor completed the share swap of one WBL Corp share for 1.07 shares in The Straits Trading Company (STC). We believe STC’s enlarged position in WBL will allow it to unlock value for the benefit of all shareholders. Following STC’s offer to buy out shares it does not own in WBL, UE, along with OCBC and Great Eastern, announced a rival bid for WBL, subsequently raising its initial offer price to $4.14 per share. STC’s offer has since lapsed and the company has announced that it saw little reason to accept UE’s offer, preferring instead to work with other shareholders to unlock value in WBL.

16


Aberdeen Thailand Equity FundInterim report to 31 March 2013

Performance ReviewThe Aberdeen Thailand Equity Fund rose by 27.47% in Singapore dollar terms, compared with its benchmark, the SET Index’s total return, of 29.79%.

Market ReviewThe SET Index performed well in the six months under review, supported by decent economic numbers and good corporate earnings. Although the nation’s export growth missed forecasts, full-year economic growth for 2012 was 6.4%, underpinned by healthy consumption, a post-flood recovery in manufacturing and an upbeat tourism sector. Notably, tourist arrivals reached a record 22.3 million over the year, with China overtaking Malaysia as the leading source of visitors. In addition, inflation remained benign, as the strengthening baht brought down import costs and government subsidies cushioned the country from rising fuel prices. Apart from a surprise rate cut in October, policymakers held interest rates steady throughout the review period. Accommodative government policies also helped to provide a significant boost to corporate earnings. Also in the works is a seven-year, 2.2 trillion baht infrastructure overhaul. In view of the resilient economy and the more stable political environment, Fitch raised Thailand’s credit rating to BBB+, which will make it cheaper for the country to borrow abroad.

Portfolio Review During the period, most consumer and financial stocks outperformed as discretionary spending was given a boost by government stimulus. At the stock level, top contributors to performance were consumer finance company Aeon Thana Sinsap and publisher Amarin Printing. Aeon Thana’s good results were buoyed by healthy revenues and falling provisions. A beneficiary of robust domestic demand, it has also expanded into neighbouring countries such as Laos and Vietnam, which is likely to bode well for future growth. Amarin Printing enjoyed solid earnings from its printing, pocketbook and magazine divisions. Its foray into the satellite and digital television business is expected to grow advertising revenue and solidify its position as a leading content provider. The lack of exposure to energy group PTT also benefited the fund, as it was weighed down by falling oil prices.

Conversely, BEC World’s shares corrected following its strong prior performance and despite posting record annual results in February. Meanwhile, coal miner Banpu was affected by weak coal prices. Tesco Lotus Property Fund’s shares rose by more than 10% but failed to keep pace with the rise in the benchmark. Results since listing have been solid and we remain comfortable with the company.

There were no major changes to the portfolio during the review period.

Aberdeen Select PortfolioReport to Unitholders

for the half year ended 31 March 2013

18

Report to Unitholders for the half year ended 31 March 2013Aberdeen American Opportunities Fund

a) Classification of Investments Please refer to the Statement of Portfolio in the Semi-Annual Financial Statements.

b) Credit Rating of Debt Securities n/a

c) Top 10 Holdings Please refer to the Key Information on the underlying scheme.

d) Exposure to derivatives n/a

e) Investment in other schemes Security Name Market Value (S$) % of FundAberdeen Global - American Equity Fund 5,036,047 99.99

f) Borrowings of total fund size n/a

g) Amount of redemptions and subscriptions(1) Redemptions: S$1,436,871Subscriptions: S$2,905,599

h) Amount of Related-Party Transactions The Manager’s management fee is currently set at 1.5% p.a.(subject to a maximum of 2.5% p.a.).

The manager of Aberdeen Global - American Equity Fund (“Underlying Fund”) is Aberdeen International Fund Managers Limited and the investment adviser is Aberdeen Asset Management Inc. Please note that there is no double charging of management and advisory fees as the Fund invests into the Z-class shares of the Underlying Fund, which do not charge management and advisory fees.

In the normal course of business of the Sub-Fund, management fees have been paid or are payable to the Manager and trustee fees and valuation fees have been paid or are payable to the Trustee and Fund Administrator respectively.

The Sub-Fund maintains certain bank accounts with BNP Paribas Trust Services Singapore Limited a related corporation of the Trustee:

Custodian S$BNP Paribas Securities Services, Singapore Branch 30,738

In addition, the Manager has agreed to reimburse expenses for certain sub-funds if expense ratios exceed 1.95%.

S$Management fees 14,632 Reimbursement -Net management fees 14,632

i) Performance of the Scheme (2)

SGD Class

3-month 6-month 1-year 3-year 5-year 10-yearSince

inceptionPeriod Ended 31/12/2012 30/09/2012 31/03/2012 31/03/2010 31/03/2008 31/03/2003 14/08/1998To 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013Fund 11.51 10.79 8.15 8.83 6.35 31.79 -22.83Benchmark 11.56 10.94 11.57 24.53 17.90 65.63 34.06

19

j) Expense ratios(3) 31 March 2013 1.64% 31 March 2012 1.59%

k) Turnover ratios(4) 31 March 2013 51.90% 31 March 2012 22.38%

l) Any material information that will adversely impact the valuation of the scheme n/a

m) Soft dollars received from brokers The Manager does not receive soft commissions or cash rebates from dealing on the Aberdeen American Opportunities Fund.

n) Key Information on the underlying scheme: Aberdeen Global - American Equity Fund Top 10 Holdings

- as at 31 March 2013Security Names Market Value (S$) % of FundJohnson & Johnson 7,297,866 4.0Kraft Foods Group 5,757,319 3.2Qualcomm 5,373,355 2.9PepsiCo 5,220,954 2.9CVS Caremark Corporation 5,087,898 2.8Oracle 5,059,910 2.8Procter & Gamble 4,984,910 2.7Pfizer 4,777,340 2.6Baxter International 4,640,743 2.5Philip Morris International 4,526,639 2.5

- as at 31 March 2012Security Names Market Value (S$) % of FundCVS Caremark Corporation 3,718,597 3.0Oracle 3,676,837 3.0Kraft Foods Group 3,477,349 2.8Comcast Corporation 3,381,743 2.7TJX 3,286,069 2.7Wells Fargo 3,257,867 2.6EMC 3,252,715 2.6Philip Morris International 3,236,418 2.6Qualcomm 3,181,792 2.6PepsiCo 3,153,264 2.5

Expense ratios(5)

01 October 2011 to 30 September 2012: 0.20%01 October 2010 to 30 September 2011: 0.12%

Turnover ratios(6)

01 October 2012 to 31 March 2013: 0.00%01 October 2011 to 31 March 2012: 0.00%

20

Additional Information

Distribution of Investments by - Country (as at 31 March 2013)

% of FundUnited States 89.6Canada 8.6Cash 1.8Total 100.0

- Industry (as at 31 March 2013)% of Fund

Consumer staples 17.3Information technology 16.7Healthcare 13.8Consumer discretionary 12.1Financials 12.1Energy 9.7Industrials 9.0Materials 5.5Telecommunication services 2.0Cash 1.8Total 100.0

(1) The total amount redemptions and subscriptions into SGD class relate to Cash funds only.(2) Source: Lipper, based on percentage growth, calculated on a NAV-to-NAV basis with gross income reinvested.

Benchmark refers to MSCI North America Index.(3) The expense ratio has been computed based on the guidelines laid down by the Investment Management Association

of Singapore (“IMAS”). The calculation of the expense ratio at 31 March 2013 was based on total operating expenses of $44,164 (2012: $42,574) divided by the average net asset value of $3,066,259 (2012: $2,903,949) for the year. The total operating expenses do not include (where applicable) brokerage and other transactions costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. The Sub-Fund does not pay any performance fee. The average net asset value is based on the daily balances.

(4) The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The calculation of the portfolio turnover ratio was based on the lower of the total value of purchases or sales of the underlying investments, being sales of $1,696,638 (2012: purchases of $613,020) divided by the average daily net asset value of $3,269,123 (2012: $2,738,871).

(5) The underlying fund’s expense ratio is based on the latest available semi-annual/annual report of Aberdeen Global - American Equity Fund.

It does not include (where applicable) brokerage and other transaction costs, interest expense, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received.

(6) The turnover ratio is calculated as follows: - [(Purchases of securities + Sales of securities) - (Subscription of units + Redemptions of units) ] /(Average Fund Value

over 6 months) x 100 Based on the above formula, the turnover ratios were -42.96% for period 1 October 2012 to 31 March 2013 and

-102.51% for period 1 October 2011 to 31 March 2012, as the sum of total subscriptions and redemptions was less than the sum of total purchases and sales of securities. Any negative turnover figure will be reflected as zero in the report.

21

Report to Unitholders for the half year ended 31 March 2013Aberdeen Asian Local Currency Short Duration Bond Fund

a) Classification of InvestmentsPlease refer to the Statement of Portfolio in the Semi-Annual Financial Statements.

b) Credit Rating of Debt Securitiesn/a



e) Investment in other schemes Security Name Market Value (S$) % of FundAberdeen Global - Asian Local Currency Short Duration Bond Fund 4,892,834 99.25

f) Borrowings of total fund sizen/a

g) Amount of redemptions and subscriptions(1)

Redemptions: S$1,109,674Subscriptions: S$613,476

h) Amount of Related-Party TransactionsThe Manager’s management fee is currently set at 1.0% p.a.(subject to a maximum of 2.5% p.a.).

The manager of Aberdeen Global - Asian Local Currency Short Duration Bond Fund (“Underlying Fund”) is Aberdeen International Fund Managers Limited and the investment adviser is Aberdeen Asset Management Asia Limited. The manager of Aberdeen Global - Asian Local Currency Short Duration Bond Fund grant rebate to Aberdeen Asian Local Currency Short Duration Bond Fund in the form of additional units or shares (as applicable) in the Underlying Fund equivalent to such manager’s fee of 1.0% p.a, such that there is no double charging of management fees.





S$Management fees 25,984 Reimbursement (2,017)Management fees rebate (25,729)Net management fees (1,762)

i) Performance of the Scheme(2)

SGD Class3-month 6-month 1-year Since inception

Period Ended 31/12/2012 30/09/2012 31/03/2012 31/05/2011To 31/03/2013 31/03/2013 31/03/2013 31/03/2013Fund 1.35 2.33 0.98 2.32Benchmark 1.42 2.67 2.41 5.79

22

j) Expense ratios(3)

31 March 2013 1.50%31 March 2012 1.50%

k) Turnover ratios(4)

31 March 2013 15.52%31 March 2012 28.29%

l) Any material information that will adversely impact the valuation of the schemen/a

m) Soft dollars received from brokersThe Manager does not receive soft commissions or cash rebates from dealing on the Aberdeen Asian Local Currency Short Duration Bond Fund.

n) Key Information on the underlying scheme: Aberdeen Global - Asian Local Currency Short Duration Bond Fund

Credit Rating of Debt Securities

Credit Rating % of FundAA 31.4A 30.4BBB 26.1BB 11.4Cash 0.7Total 100.0

Top 10 Holdings - as at 31 March 2013Security Names Market Value (S$) % of FundKorea (Rep of) 3.5% 10/06/14 91,961,045 7.6Bank of Thailand Bond 3.3% 30/04/14 58,516,606 4.8Malaysian (Govt of) 5.094% 30/04/14 58,284,686 4.8Philippines (Rep of) 7% 27/01/16 56,857,510 4.7Malaysian (Govt of) 3.461% 31/07/13 53,028,270 4.4Korea Monetary Stab Bond 3.47% 02/02/14 50,607,741 4.2Korea (Rep of) 3.25% 10/06/15 47,489,844 3.9Malaysian (Govt of) 3.197% 15/10/15 46,904,048 3.9China (Peoples Rep of) 1.4% 18/08/16 44,954,380 3.7Korea Monetary Stab Bond 3.9% 02/08/13 43,721,321 3.6

- as at 31 March 2012Security Names Market Value (S$) % of FundBank of Thailand Bond 3.42% 18/08/13 62,270,964 5.1Korea Monetary Stab Bond 3.83% 02/04/13 61,940,569 5.1Bank of Thailand Bond 2.35% 21/10/12 61,881,894 5.1Malaysian (Govt of) 5.094% 30/04/14 60,739,191 5.0Malaysian (Govt of) 3.461% 31/07/13 59,118,751 4.9Korea Monetary Stab Bond 3.9% 02/08/13 55,852,738 4.6Malaysian (Govt of) 31/05/13 49,630,285 4.1Philippines (Rep of) 7% 27/01/16 43,939,147 3.6Korea (Rep of) 5% 10/09/14 43,815,057 3.6Indonesia (Rep of) 9.5% 15/06/15 43,810,970 3.6

Expense ratios(5)


23

Turnover ratios(6)




% of FundSouth Korea 27.2Malaysia 22.6Thailand 20.6China 12.0Philippines 9.4India 4.9Indonesia 2.6United States 0.7Total 100.0


Government 97.4Quasi-Sovereign 1.9Cash 0.7Total 100.0

(1) The total amount of redemptions and subscriptions into SGD Class relate to Cash funds only.(2) Source: Lipper, based on percentage growth, calculated on a NAV-to-NAV basis with gross income reinvested.

Benchmark refers to iBoxx Asia ex-Japan Sovereign 1-3 Years Index.(3) The expense ratio has been computed based on the guidelines laid down by the Investment Management Association

of Singapore (“IMAS”). The calculation of the expense ratio at 31 March 2013 was based on total operating expenses of $13,091 (2012: $8,921 to be annualised) divided by the average net asset value of $5,250,359 (2012: $4,775,953 to be annualised) for the year. The total operating expenses do not include (where applicable) brokerage and other transactions costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. The Sub-Fund does not pay any performance fee. The average net asset value is based on the daily balances.

(4) The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The calculation of the portfolio turnover ratio was based on the lower of the total value of purchases or sales of the underlying investments, being purchases of $810,991 (2012: sales of $1,474,710) divided by the average daily net asset value of $5,223,915 (2012: $5,212,950).

(5) The underlying fund’s expense ratio is based on the latest available semi-annual/annual report of Aberdeen Global - Asian Local Currency Short Duration Bond Fund.





24

Report to Unitholders for the half year ended 31 March 2013Aberdeen Asian Smaller Companies Fund





e) Investment in other schemes Security Name Market Value (S$) % of FundAberdeen Global - Asian Smaller Companies Fund 235,262,473 98.64



Redemptions: S$22,366,922Subscriptions: S$84,582,635


The manager of Aberdeen Global - Asian Smaller Companies Fund (“Underlying Fund”) is Aberdeen International Fund Managers Limited and the investment adviser is Aberdeen Asset Management Asia Limited. Please note that there is no double charging of management and advisory fees as the Fund invests into the Z-class shares of the Underlying Fund, which do not charge management and advisory fees.



Custodian S$BNP Paribas Securities Services, Singapore Branch 1,277,738


S$Management fees 1,318,500 Reimbursement - Net management fees 1,318,500


SGD Class


inceptionPeriod Ended 31/12/2012 30/09/2012 31/03/2012 31/03/2010 31/03/2008 31/03/2003 22/09/2006To 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013Fund 10.05 18.09 20.93 50.44 77.74 N/A 101.15Benchmark 7.63 12.77 9.11 3.39 7.10 N/A 27.55

25

USD Class




31 March 2013 1.79%31 March 2012 1.80%


31 March 2013 14.35%31 March 2012 8.02%


m) Soft dollars received from brokersThe Manager does not receive soft commissions or cash rebates from dealing on the Aberdeen Asian Smaller Companies Fund.

n) Key Information on the underlying scheme: Aberdeen Global - Asian Smaller Companies Fund

Top 10 Holdings - as at 31 March 2013Security Names Market Value (S$) % of FundASM International 173,293,671 2.8Aeon Co. 166,280,572 2.7Millennium & Copthorne Hotels 154,692,926 2.5Bukit Sembawang Estates 145,027,282 2.4BS Financial Group 141,199,068 2.3DGB Financial 138,417,012 2.2Shinsegae 127,131,457 2.1Venture Corporation 123,458,921 2.0Yingde Gases Group 119,829,744 1.9Oriental Holdings 115,111,194 1.9

- as at 31 March 2012Security Names Market Value (S$) % of FundASM International 67,629,873 2.7United Plantations 65,844,755 2.6Aeon Co. 65,083,273 2.6Bukit Sembawang Estates 62,367,327 2.5Venture Corporation 55,082,997 2.2Wheelock Properties 53,204,593 2.1Siam Makro (Alien) 51,252,469 2.0Oriental Holdings 49,042,093 1.9DGB Financial 48,396,875 1.9BS Financial Group 47,992,143 1.9

26

Expense ratios(5)


Turnover ratios(6)




% of FundMalaysia 15.5Singapore 15.0Hong Kong 13.9Thailand 11.6India 7.6Indonesia 7.0South Korea 6.6Australia 4.5Philippines 3.3Netherlands 2.8Sri Lanka 2.6United Kingdom 2.5China 1.6Cash 5.5Total 100.00


Financials 28.8Consumer discretionary 18.6Industrials 15.8Consumer staples 8.8Information technology 7.4Materials 6.2Utilities 4.2Healthcare 3.6Telecommunication services 0.7Energy 0.4Cash 5.5Total 100.00

(1) The total amount (S$ and US$) of redemptions and subscriptions includes both CPF (for S$ class only) and Cash funds.(2) Source: Aberdeen Asset Managers, Bloomberg, Lipper and Russell Mellon. The fund’s returns are based on percentage

growth, calculated on NAV-to-NAV basis with gross income reinvested. Benchmark was changed from the MSCI AC Asia Pacific ex Japan Index to the MSCI AC Asia Pacific ex Japan Small Cap Index with effect from 1 October 2007.

(US$ pricing for the sub-fund only started in September 2006)(3) The expense ratio has been computed based on the guidelines laid down by the Investment Management Association

27

of Singapore (“IMAS”). The calculation of the expense ratio at 31 March 2013 was based on total operating expenses of $2,506,113 (2012: $1,796,978) divided by the average net asset value of $156,726,984 (2012: $111,341,282) for the year. The total operating expenses do not include (where applicable) brokerage and other transactions costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. The Sub-Fund does not pay any performance fee. The average net asset value is based on the daily balances.

(4) The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The calculation of the portfolio turnover ratio was based on the lower of the total value of purchases or sales of the underlying investments, being sales of $25,286,927 (2012: sales of $9,261,966) divided by the average daily net asset value of $176,237,318 (2012: $115,441,507).

(5) The underlying fund’s expense ratio is based on the latest available semi-annual/annual report of Aberdeen Global - Asian Smaller Companies Fund.





28

Report to Unitholders for the half year ended 31 March 2013Aberdeen China Opportunities Fund





e) Investment in other schemes Security Name Market Value (S$) % of FundAberdeen Global - Chinese Equity Fund 193,134,854 99.81





The manager of Aberdeen Global - Chinese Equity Fund (“Underlying Fund”) is Aberdeen International Fund Managers Limited and the investment adviser is Aberdeen Asset Management Asia Limited. Please note that there is no double charging of management and advisory fees as the Fund invests into the Z-class shares of the Underlying Fund, which do not charge management and advisory fees.







SGD Class


inceptionPeriod Ended 31/12/2012 30/09/2012 31/03/2012 31/03/2010 31/03/2008 31/03/2003 13/07/2001To 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013Fund 2.29 10.13 4.50 11.42 12.91 216.29 206.80Benchmark -0.39 9.52 8.71 -1.11 1.93 288.42 N/A

29

USD Class


inceptionPeriod Ended 31/12/2012 30/09/2012 31/03/2012 31/03/2010 31/03/2008 31/03/2003 06/01/2004To 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013Fund 0.80 9.13 5.91 25.50 25.50 N/A 164.21Benchmark -1.92 8.30 10.18 11.44 13.23 N/A 241.40


31 March 2013 1.77%31 March 2012 1.78%


31 March 2013 6.21%31 March 2012 3.78%


m) Soft dollars received from brokersThe Manager does not receive soft commissions or cash rebates from dealing on the Aberdeen China Opportunities Fund.

n) Key Information on the underlying scheme: Aberdeen Global - Chinese Equity Fund

Top 10 Holdings - as at 31 March 2013Security Names Market Value (S$) % of FundJardine Strategic Holdings 332,561,061 8.0AIA Group 241,103,390 5.8HSBC 226,192,242 5.4PetroChina 198,196,935 4.8MTR 194,583,716 4.7China Mobile 188,192,905 4.5CNOOC 180,352,835 4.3Standard Chartered 174,013,689 4.2ASM Pacific Technology 168,179,662 4.0Swire Pacific A 139,688,141 3.4

- as at 31 March 2012Security Names Market Value (S$) % of FundJardine Strategic Holdings 142,060,441 7.4ASM Pacific Technology 97,689,093 5.1China Mobile 90,405,089 4.7Standard Chartered 88,575,373 4.6Li & Fung Ltd 87,475,657 4.6PetroChina 76,557,610 4.0AIA Group 76,265,139 4.0HSBC 69,760,408 3.7MTR 69,328,429 3.6Sun Hung Kai Properties 69,248,377 3.6

Expense ratios(5)


30

Turnover ratios(6)



Distribution of Investments by- Country (as at 31 March 2013)

% of FundHong Kong 75.4China 20.4Cash 4.2Total 100.0


Financials 37.7Industrials 18.1Consumer discretionary 9.7Energy 9.2Consumer staples 8.0Telecommunication services 5.7Information technology 4.1Utilities 1.8Materials 1.5Cash 4.2Total 100.0

(1) The amount (S$ and US$) of subscriptions relate to Cash funds only. The total amount of redemptions however, relate to both Cash (applicable to S$ and US$ classes) and CPF (applicable for S$ class only) funds.

(2) Source: Aberdeen Asset Managers, Bloomberg, CLSA, Lipper and Russell Mellon. The fund’s returns are based on percentage growth, calculated on a NAV-to-NAV basis with gross income reinvested. Benchmark was changed from the CLSA China World Index to MSCI China Index with effect from 1 June 2005 and from the MSCI China Index to the MSCI Zhong Hua Index with effect from 1 October 2007.

Benchmark data is only available from 31 July 2001. (US$ pricing for the sub-fund only started in June 2004)(3) The expense ratio has been computed based on the guidelines laid down by the Investment Management Association


(4) The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The calculation of the portfolio turnover ratio was based on the lower of the total value of purchases or sales of the underlying investments, being purchases of $11,716,189 (2012: purchases of $6,827,612) divided by the average daily net asset value of $188,740,346 (2012: $180,786,632).

(5) The underlying fund’s expense ratio is based on the latest available semi-annual/annual report of Aberdeen Global - Chinese Equity Fund.


31

(6) The turnover ratio is calculated as follows: - [(Purchases of securities + Sales of securities) - (Subscription of units + Redemptions of units) ] / (Average Fund Value



32

Report to Unitholders for the half year ended 31 March 2013Aberdeen Emerging Markets Local Currency Bond Fund





e) Investment in other schemes Security Name Market Value (S$) % of FundAberdeen Global - Emerging Markets Local Currency Bond Fund 3,190,191 98.44





The manager of Aberdeen Global - Emerging Markets Local Currency Bond Fund (“Underlying Fund”) is Aberdeen International Fund Managers Limited and the investment adviser is Aberdeen Asset Managers Limited. The manager of Aberdeen Global - Emerging Markets Local Currency Bond Fund grant rebate to Aberdeen Emerging Markets Local Currency Bond Fund in the form of additional units or shares (as applicable) in the Underlying Fund equivalent to such manager’s fee of 1.5% p.a, such that there is no double charging of management fees.





S$Management fees 28,638 Reimbursement (4,787)Management fees rebate (28,211)Net management fees (4,360)


SGD Class3-month 6-month 1-year Since inception

Period Ended 31/12/2012 30/09/2012 31/03/2012 31/05/2011To 31/03/2013 31/03/2013 31/03/2013 31/03/2013Fund 0.89 3.47 4.16 4.27Benchmark 1.44 5.19 6.24 8.18

33


31 March 2013 1.95%31 March 2012 1.95%


31 March 2013 21.30%31 March 2012 9.44%


m) Soft dollars received from brokersThe Manager does not receive soft commissions or cash rebates from dealing on the Aberdeen Emerging Markets Local Currency Bond Fund.

n) Key Information on the underlying scheme: Aberdeen Global - Emerging Markets Local Currency Bond Fund

Credit Rating of Debt SecuritiesCredit Rating % of FundA 15.4BBB 71.0BB 8.9Cash 4.7Total 100.0

Top 10 Holdings- as at 31 March 2013Security Names Market Value (S$) % of FundMex Bonos Desarr 7.5% 03/06/27 26,608,037 4.7Malaysian (Govt of) 3.58% 28/09/18 25,666,612 4.5Mex Bonos Desarr 8% 17/12/15 24,027,529 4.2South Africa (Rep of) 8.25% 15/09/17 23,733,520 4.2Nigeria (Fed Rep of) 15.1% 27/04/17 18,913,434 3.5RZD Cap 8.3% 02/04/19 17,139,123 3.1Poland (Rep of) 5.75% 25/10/21 16,964,041 3.0Brazil (Fed Rep of) 12.5% 05/01/22 16,560,083 2.9South Africa (Rep of) 7.25% 15/01/20 16,495,844 2.9Thailand (King of) 3.25% 16/06/17 15,434,055 2.7

- as at 31 March 2012Security Names Market Value (S$) % of FundRussian Federation 7.85% 10/03/18 21,574,331 8.9South Africa (Rep of) 8.25% 15/09/17 19,105,937 7.9Hungary (Rep of) 6.75% 24/11/17 11,089,066 4.6Thailand (King of) 3.625% 22/05/15 10,040,823 4.2Malaysian (Govt of) FRN 31/05/13 9,092,265 3.8Mex Bonos Desarr 7.75% 14/12/17 8,853,217 3.7Brazil (Fed Rep of) 12.5% 05/01/16 8,110,291 3.4Turkey (Rep of) 4% 01/04/20 Index Linked 7,447,011 3.1Mex Bonos Desarr 9.5% 18/12/14 7,002,542 2.9Turkey (Rep of) 10.5% 15/01/20 6,866,937 2.8

34

Expense ratios(5)


Turnover ratios(6)




% of FundMexico 13.7South Africa 12.3Turkey 9.8Russia 9.4Brazil 8.7Poland 8.0Indonesia 7.9Thailand 7.7Malaysia 7.4United States 4.5Others 10.6Total 100.0

(1) The total amount (S$) of redemptions and subscriptions relates to Cash funds only.(2) Source: Aberdeen Asset Management, JP Morgan & Lipper, based on percentage growth, calculated on a NAV-to-NAV

basis with gross income reinvested. Benchmark refers to JP Morgan GBI-EM Global Diversified Index.(3) The expense ratio has been computed based on the guidelines laid down by the Investment Management Association

of Singapore (“IMAS”). The calculation of the expense ratio at 31 March 2013 was based on total operating expenses of $8,569 (2012: $8,634 to be annualised) divided by the average net asset value of $4,129,014 (2012: $4,469,978 to be annualised) for the year. The total operating expenses do not include (where applicable) brokerage and other transactions costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. The Sub-Fund does not pay any performance fee. The average net asset value is based on the daily balances.

(4) The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The calculation of the portfolio turnover ratio was based on the lower of the total value of purchases or sales of the underlying investments, being purchases of $817,219 (2012: sales of $450,797) divided by the average daily net asset value of $3,835,982 (2012: $4,777,764).

(5) The underlying fund’s expense ratio is based on the latest available semi-annual/annual report of Aberdeen Global - Emerging Markets Local Currency Bond Fund.



over 6 months) x 100

35

Report to Unitholders for the half year ended 31 March 2013Aberdeen European Opportunities Fund





e) Investment in other schemes Security Name Market Value (S$) % of FundAberdeen Global - European Equity Fund 12,442,094 101.53





The manager of Aberdeen Global - European Equity Fund (“Underlying Fund”) is Aberdeen International Fund Managers Limited and the investment adviser is Aberdeen Asset Managers Limited. Please note that there is no double charging of management and advisory fees as the Fund invests into the Z-class shares of the Underlying Fund, which do not charge management and advisory fees.





S$Management fees 82,300 Reimbursement - Net management fees 82,300


SGD Class


inceptionPeriod Ended 31/12/2012 30/09/2012 31/03/2012 31/03/2010 31/03/2008 31/03/2003 14/08/1998To 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013Fund 8.36 12.46 11.60 11.20 -16.75 65.66 22.35 Benchmark 4.37 11.54 9.98 3.51 -16.41 96.93 31.17

36


31 March 2013 1.92%31 March 2012 1.94%


31 March 2013 21.38%31 March 2012 6.45%


m) Soft dollars received from brokersThe Manager does not receive soft commissions or cash rebates from dealing on the Aberdeen European Opportunities Fund.

n) Key Information on the underlying scheme: Aberdeen Global - European Equity Fund

Top 10 Holdings - as at 31 March 2013Security Names Market Value (S$) % of FundLinde 18,720,232 4.5Nestle 18,534,765 4.5Rolls Royce 17,519,151 4.2Roche Holdings 16,507,699 4.0Centrica 15,536,661 3.8Aberdeen European Smaller Companies Fund 14,542,472 3.5Unilever 14,527,263 3.5British American Tobacco 14,085,623 3.4Nordea 13,935,816 3.4Schneider Electric 13,798,687 3.3

- as at 31 March 2012Security Names Market Value (S$) % of FundNestle 20,218,732 5.1Linde 18,460,138 4.6Roche Holdings 18,363,290 4.6British American Tobacco 17,025,540 4.3Rolls Royce 16,541,051 4.1Aberdeen European Smaller Companies Fund 16,226,454 4.1Nordea 15,329,121 3.8Novo Nordisk 14,426,239 3.6Centrica 14,257,221 3.6Schneider Electric 14,110,438 3.5

Expense ratios(5)


Turnover ratios(6)


37



% of FundUnited Kingdom 49.4Switzerland 14.4France 10.3Sweden 9.5Germany 4.5Denmark 2.5Netherlands 2.3Norway 2.1Italy 2.0Cash 3.0Total 100.0


Industrials 23.0Consumer goods 15.7Financials 13.2Oil & Gas 9.2Basic materials 8.7Consumer services 8.6Healthcare 8.5Utilities 5.0Miscellaneous 3.5Technology 1.6Cash 3.0Total 100.0

(1) The total amount of redemptions and subscriptions include both CPF and Cash funds.(2) Source: Aberdeen Asset Managers, Bloomberg, Lipper and Russell Mellon. The fund’s returns are based on percentage

growth, calculated on a NAV-to-NAV basis with gross income reinvested. Benchmark was changed from the FTSE Europe ex UK Index to FTSE World - Europe Index with effect from 1 July 2005.

(3) The expense ratio has been computed based on the guidelines laid down by the Investment Management Association of Singapore (“IMAS”). The calculation of the expense ratio at 31 March 2013 was based on total operating expenses of $192,359 (2012: $222,522) divided by the average net asset value of $10,846,866 (2012: $12,357,356) for the year. The total operating expenses do not include (where applicable) brokerage and other transactions costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. The Sub-Fund does not pay any performance fee. The average net asset value is based on the daily balances.


(5) The underlying fund’s expense ratio is based on the latest available semi-annual/annual report of Aberdeen Global - European Equity Fund.


38


over 6 months) x 100 Based on the above formula, the turnover ratio was -7.33% for period 1 October 2012 to 31 March 2013, as the sum

of total subscriptions and redemptions was less than the sum of total purchases and sales of securities. Any negative turnover figure will be reflected as zero in the report.

39

Report to Unitholders for the half year ended 31 March 2013Aberdeen Global Emerging Markets Fund





e) Investment in other schemes Security Name Market Value (S$) % of FundAberdeen Global - Emerging Markets Equity Fund 477,725,687 99.72





The manager of Aberdeen Global - Emerging Markets Equity Fund (“Underlying Fund”) is Aberdeen International Fund Managers Limited and the investment advisers are Aberdeen Asset Managers Limited (excluding Asian assets) and Aberdeen Asset Management Asia Limited (Asian assets only). Please note that there is no double charging of management and advisory fees as the Fund invests into the Z-class shares of the Underlying Fund, which do not charge management and advisory fees.







SGD Class


inceptionPeriod Ended 31/12/2012 30/09/2012 31/03/2012 31/03/2010 31/03/2008 31/03/2003 02/09/2005To 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013Fund 1.90 7.32 7.60 16.61 36.63 N/A 96.98Benchmark -0.03 5.13 0.95 -1.36 -3.53 N/A 49.04

40

USD Class




31 March 2013 1.79%31 March 2012 1.79%


31 March 2013 14.94%31 March 2012 8.82%


m) Soft dollars received from brokersThe Manager does not receive soft commissions or cash rebates from dealing on the Aberdeen Global Emerging Markets Fund.

n) Key Information on the underlying scheme: Aberdeen Global - Emerging Markets Equity Fund

Top 10 Holdings- as at 31 March 2013Security Names Market Value (S$) % of FundSamsung Electronics 837,064,675 4.4China Mobile 693,743,256 3.6Banco Bradesco 672,586,374 3.5TSMC 665,570,826 3.5FEMSA 588,433,051 3.1Lukoil 573,400,200 3.0Astra International 569,329,673 3.0Petroleo Brasileiro 550,883,337 2.9Grupo Financiero Banorte 543,851,961 2.8PetroChina 532,975,595 2.8

- as at 31 March 2012Security Names Market Value (S$) % of FundSamsung Electronics 746,477,461 4.5Cia Vale Do Rio Doce 706,735,989 4.2China Mobile 689,279,675 4.1TSMC 597,167,310 3.6Banco Bradesco 559,596,443 3.4FEMSA 541,712,728 3.2Petroleo Brasileiro 537,702,921 3.2Astra International 525,498,896 3.2PetroChina 475,723,719 2.9Ultrapar Participacoes 452,831,692 2.7

Expense ratios(5)


41

Turnover ratios(6)




% of FundBrazil 16.3China/Hong Kong 16.1India 12.5Mexico 7.7South Africa 5.7Thailand 5.5South Korea 5.4Turkey 5.4Taiwan 4.5Russia 3.6Philippines 3.3Indonesia 3.0Italy 2.3Malaysia 2.3Poland 1.7Chile 1.4Hungary 1.1Australia 1.0Cash 1.2Total 100.0


Financials 35.6Energy 15.0Consumer staples 13.9Information technology 10.3Materials 8.3Telecommunication services 4.7Consumer discretionary 4.6Industrials 4.1Healthcare 1.9Miscellaneous 0.4Cash 1.2Total 100.0

(1) The total amount (S$ and US$) of redemptions and subscriptions include both CPF (for S$ class only) and Cash funds.(2) Source: Lipper, based on percentage growth, calculated on a NAV-to-NAV basis with gross income reinvested.

Benchmark refers to MSCI Emerging Markets Index. (US$ pricing for the sub-fund only started in September 2005)

42

(3) The expense ratio has been computed based on the guidelines laid down by the Investment Management Association of Singapore (“IMAS”). The calculation of the expense ratio at 31 March 2013 was based on total operating expenses of $6,433,361 (2012: $6,508,271) divided by the average net asset value of $404,962,481 (2012: $406,413,234) for the year. The total operating expenses do not include (where applicable) brokerage and other transactions costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. The Sub-Fund does not pay any performance fee. The average net asset value is based on the daily balances.

(4) The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The calculation of the portfolio turnover ratio was based on the lower of the total value of purchases or sales of the underlying investments, being sales of $63,230,331 (2012: purchases of $34,347,890) divided by the average daily net asset value of $423,190,306 (2012: $389,409,153).

(5) The underlying fund’s expense ratio is based on the latest available semi-annual/ annual report of Aberdeen Global - Emerging Markets Equity Fund.





43

Report to Unitholders for the half year ended 31 March 2013Aberdeen Global Opportunities Fund



c) Top 10 HoldingsPlease refer to the Key Information on the underlying scheme.


e) Investment in other schemes Security Name Market Value (S$) % of FundAberdeen Global - World Equity Fund 212,580,114 99.98





The manager of Aberdeen Global - World Equity Fund (“Underlying Fund”) is Aberdeen International Fund Managers Limited and the investment adviser is Aberdeen Asset Managers Limited. Please note that there is no double charging of management and advisory fees as the Fund invests into the Z-class shares of the Underlying Fund, which do not charge management and advisory fees.







SGD Class


inceptionPeriod Ended 31/12/2012 30/09/2012 31/03/2012 31/03/2010 31/03/2008 31/03/2003 25/08/2000To 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013Fund 6.90 8.71 9.03 13.36 4.63 101.30 -2.00Benchmark 9.56 11.96 11.03 15.17 3.49 73.54 0.71

44

USD Class


inceptionPeriod Ended 31/12/2012 30/09/2012 31/03/2012 31/03/2010 31/03/2008 31/03/2003 19/01/2009To 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013Fund 5.68 7.51 10.71 27.40 N/A N/A 86.00Benchmark 7.87 10.71 12.53 29.79 N/A N/A 87.68


31 March 2013 1.72%31 March 2012 1.73%


31 March 2013 7.34%31 March 2012 4.76%


m) Soft dollars received from brokersThe Manager does not receive soft commissions or cash rebates from dealing on the Aberdeen Global Opportunities Fund.

n) Key Information on the underlying scheme: Aberdeen Global - World Equity FundTop 10 Holdings

- as at 31 March 2013Security Names Market Value (S$) % of FundRoche Holdings 232,497,934 4.3Johnson & Johnson 209,525,566 3.8TSMC 208,788,206 3.8Vodafone Group 200,060,674 3.7British American Tobacco 196,261,920 3.6Philip Morris International 194,145,082 3.6Novartis 170,516,724 3.1Royal Dutch Shell B 164,697,631 3.0Zurich Insurance 163,929,152 3.0Standard Chartered 158,049,086 2.9

- as at 31 March 2012Security Names Market Value (S$) % of FundVodafone Group 180,001,841 4.1TSMC 174,344,655 3.9Roche Holdings 168,461,317 3.8Philip Morris International 154,501,373 3.5Johnson & Johnson 150,446,187 3.4British American Tobacco 147,058,885 3.3Standard Chartered 143,024,617 3.2Zurich Financial Services 134,952,175 3.0Novartis 128,335,351 2.9Banco Bradesco Preference Shares ADR 126,092,132 2.8

Expense ratios(5)


45

Turnover ratios(6)


Additional InformationDistribution of Investments by- Country (as at 31 March 2013)

% of FundUnited States 25.9United Kingdom 17.0Switzerland 13.0Japan 5.9Brazil 5.6Italy 5.0Sweden 4.9Canada 3.9Taiwan 3.8Hong Kong 2.8South Korea 2.5Mexico 2.3China 1.9Australia 1.7France 1.4Singapore 1.0Cash 1.4Total 100.0


Financials 19.4Consumer staples 17.4Energy 14.5Healthcare 13.7Information technology 10.9Industrials 8.5Materials 6.5Telecommunication services 5.7Utilities 2.0Cash 1.4Total 100.0


Benchmark refers to MSCI World Index. (US$ pricing for the sub-fund only started in January 2009)(3) The expense ratio has been computed based on the guidelines laid down by the Investment Management Association


46


(5) The underlying fund’s expense ratio is based on the latest available semi-annual/annual report of Aberdeen Global - World Equity Fund.





47

Report to Unitholders for the half year ended 31 March 2013Aberdeen Global Technology Fund

a) Classification of InvestmentsPlease refer to the Statement of Portfolio in the Semi-Annual Financial Statements for Country and Industry classification.

- Asset Class Market Value (S$) % of Fund Equities 51,902,947 99.84Other net assets 79,833 0.16 100.00


c) Top 10 Holdings - as at 31 March 2013Security Names Market Value (S$) % of FundTSMC 3,755,566 7.2Samsung Electronics (Pref) 3,303,621 6.4Oracle 3,171,627 6.1Cisco Systems 2,661,602 5.1Telus 2,628,740 5.1Microsoft 2,558,206 4.9Vodafone 2,493,662 4.8Cognizant Technology Solutions 2,480,296 4.8Qualcomm 2,449,499 4.7Check Point Software 2,436,260 4.7

- as at 31 March 2012Security Names Market Value (S$) % of FundTSMC 4,337,261 7.1Samsung Electronics (Pref) 4,317,455 7.1Vodafone 4,079,339 6.7Oracle 3,767,836 6.2EMC 3,085,151 5.1Cisco Systems 3,084,812 5.1Canon Inc 3,035,040 5.0ASM Pacific Technology 3,034,150 5.0Check Point Software 2,921,827 4.8Qualcomm 2,916,428 4.8


e) Investment in other schemes n/a





48

In the normal course of business of the Sub-Fund, management fees have been paid or are payable to the Manager and trustee fees and valuation fees have been paid or are payable to the Trustee and Fund Adminstrator respectively.

The Trust maintains certain bank accounts with BNP Paribas Trust Services Singapore Limited a related corporation of the Trustee:



S$Management fees 391,831Reimbursement - Net management fees 391,831


SGD Class


inceptionPeriod Ended 31/12/2012 30/09/2012 31/03/2012 31/03/2010 31/03/2008 31/03/2003 29/10/1999To 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013Fund 3.60 6.53 -1.10 16.84 23.49 68.62 -48.81Benchmark 13.36 15.56 3.18 13.62 24.92 93.81 -25.28


31 March 2013 1.71%31 March 2012 1.72%


31 March 2013 1.14%31 March 2012 4.91%


m) Soft dollars received from brokersThe Manager does not receive soft commissions or cash rebates from dealing on the Aberdeen Global Technology Fund.

n) Key Information on the underlying schemen/a

(1) The amount (S$) of subscriptions relates to Cash funds only and the amount (S$) of redemptions include both Cash and CPF funds.

(2) Source : Lipper, Aberdeen Asset Managers, BPSS, Datastream. The fund’s returns are based on percentage growth, calculated on a NAV-to-NAV basis with gross income reinvested.

Benchmark was changed from PSE Tech 100 Index to Merrill Lynch Technology 100 Index with effect from 1 July 2001. The Merrill Lynch Techology 100 Index was renamed to Bank of America Merrill Lynch Technology 100 Index with effect from 26 September 2009.

(3) The expense ratio has been computed based on the guidelines laid down by the Investment Management Association of Singapore (“IMAS”). The calculation of the expense ratio at 31 March 2013 was based on total operating expenses of $913,479 (2012: $1,017,955) divided by the average net asset value of $53,527,855 (2012: $59,178,550) for the year. The total operating expenses do not include (where applicable) brokerage and other transactions costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. The Sub-Fund does not pay any performance fee. The average net asset value is based on the daily balances.

(4) The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The calculation of the portfolio turnover ratio was based on the lower of the total value of purchases or sales of the underlying investments, being purchases of $600,151 (2012: purchases of $2,851,929) divided by the average daily net asset value of $52,466,226 (2012: $58,044,243).

49

Report to Unitholders for the half year ended 31 March 2013Aberdeen India Opportunities Fund





e) Investment in other schemes Security Name Market Value (S$) % of FundAberdeen Global - Indian Equity Fund 592,904,940 99.91





The manager of Aberdeen Global - Indian Equity Fund (“Underlying Fund”) is Aberdeen International Fund Managers Limited and the investment adviser is Aberdeen Asset Management Asia Limited. Please note that there is no double charging of management and advisory fees as the Fund invests into the Z-class shares of the Underlying Fund, which do not charge management and advisory fees.







SGD Class


inceptionPeriod Ended 31/12/2012 30/09/2012 31/03/2012 31/03/2010 31/03/2008 31/03/2003 8/03/2004To 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013Fund 3.46 1.66 4.14 0.85 16.48 N/A 123.49Benchmark -1.03 -0.97 0.89 -21.05 -17.50 N/A 107.68

50

USD Class


inceptionPeriod Ended 31/12/2012 30/09/2012 31/03/2012 31/03/2010 31/03/2008 31/03/2003 01/06/2004To 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013Fund 1.84 0.61 5.73 14.09 30.20 N/A 249.47Benchmark -2.55 -2.08 2.25 -11.03 -8.35 N/A 245.33


31 March 2013 1.89%31 March 2012 1.85%


31 March 2013 7.70%31 March 2012 3.95%


m) Soft dollars received from brokersThe Manager does not receive soft commissions or cash rebates from dealing on the Aberdeen India Opportunities Fund.

n) Key Information on the underlying scheme: Aberdeen Global - Indian Equity Fund

Top 10 Holdings- as at 31 March 2013Security Names Market Value (S$) % of FundInfosys 609,041,754 10.4HDFC 582,596,387 9.9Tata Consultancy Services 530,813,301 9.0ICICI Bank 433,405,973 7.4ITC 276,053,446 4.7Godrej Consumer Products 234,488,805 4.0Hindustan Unilever 223,141,338 3.8Bosch 215,294,325 3.7HDFC Bank 198,738,605 3.4Hero MotoCorp 198,069,863 3.4

- as at 31 March 2012Security Names Market Value (S$) % of FundInfosys 476,195,569 9.5HDFC 455,828,263 9.1Tata Consultancy Services 396,562,718 8.0ICICI Bank 394,241,862 7.9Hero MotoCorp 212,827,892 4.3Bosch 187,643,247 3.8Hindustan Unilever 184,341,029 3.7Grasim Industries 180,565,184 3.6Ambuja Cements 175,597,654 3.5ITC 174,221,503 3.5

Expense ratios(5)


51

Turnover ratios(6)




% of FundIndia 97.3Cash 2.7Total 100.0


Information technology 23.3Financials 23.0Consumer staples 14.9Materials 11.8Healthcare 7.1Consumer discretionary 7.0Industrials 4.6Utilities 4.3Telecommunication services 1.3Cash 2.7Total 100.0


Benchmark refers to MSCI India Index. (US$ pricing for the sub-fund only started in June 2004)(3) The expense ratio has been computed based on the guidelines laid down by the Investment Management Association



(5) The underlying fund’s expense ratio is based on the latest available semi-annual/annual report of Aberdeen Global - Indian Equity Fund.





52

Report to Unitholders for the half year ended 31 March 2013Aberdeen Indonesia Equity Fund


- Asset Class Market Value (S$) % of Fund Equities 219,864,152 98.02Other net assets 4,411,133 1.98 100.00


c) Top 10 Holdings - as at 31 March 2013Security Names Market Value (S$) % of FundBank Permata 22,899,133 10.2 Bank OCBC NISP 19,557,300 8.7 Holcim Indonesia 17,491,482 7.8 Jardine Cycle & Carriage Ltd 16,304,090 7.3 Multi Bintang 12,256,062 5.5 Astra International 12,089,399 5.4 Unilever Indonesia 12,050,378 5.4 PT Indo Tambangraya Megah Tbk 9,914,644 4.4 PT Mandom Indonesia Tbk 8,967,966 4.0 Ace Hardware Indonesia 8,791,293 3.9

- as at 31 March 2012Security Names Market Value (S$) % of FundHolcim Indonesia 20,279,218 8.9Bank OCBC NISP 19,466,282 8.5Jardine Cycle & Carriage Ltd 18,301,910 8.0Unilever Indonesia 17,775,158 7.8Bank Permata 17,774,261 7.8Ace Hardware Indonesia 13,541,138 5.9Multi Bintang 13,002,983 5.7Astra International 12,049,820 5.3PT Indo Tambangraya Megah Tbk 10,282,632 4.5M.P. Evans 9,633,548 4.2






53






S$Management fees 1,556,403Reimbursement - Net management fees 1,556,403


SGD Class


inceptionPeriod Ended 31/12/2012 30/09/2012 31/03/2012 31/03/2010 31/03/2008 31/03/2003 05/12/1997To 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013Fund 9.48 12.06 17.82 51.30 114.01 683.86 603.74Benchmark 15.46 15.94 13.95 58.05 94.25 952.70 545.86

USD Class




31 March 2013 1.70%31 March 2012 1.72%


31 March 2013 6.39%31 March 2012 5.50%


m) Soft dollars received from brokersThe Manager does not receive soft commissions or cash rebates from dealing on the Aberdeen Indonesia Equity Fund.



Benchmark refers to Jakarta Composite Index. (US$ pricing for the sub-fund only started in June 2004).

54



55

Report to Unitholders for the half year ended 31 March 2013Aberdeen Japan Equity Fund



c) Top 10 HoldingsPlease refer to the Key Information on the underlying scheme.


e) Investment in other schemes Security Name Market Value (S$) % of FundAberdeen Investment Funds ICVC - Aberdeen Japan Growth Fund 5,892,629 99.93



Redemptions: S$839,505Subscriptions: S$2,214,160


The manager of Aberdeen Investment Funds ICVC - Aberdeen Japan Growth Fund (“Underlying Fund”) is Aberdeen Unit Trust Managers Limited and the investment adviser is Aberdeen Asset Management Asia Limited. Please note that there is no double charging of management and advisory fees as the Fund invests into the Z-class shares of the Underlying Fund, which do not charge management and advisory fees.





S$Management fees 31,646 Reimbursement (4,239)Net management fees 27,407


SGD Class


inceptionPeriod Ended 31/12/2012 30/09/2012 31/03/2012 31/03/2010 31/03/2008 31/03/2003 14/08/1998To 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013Fund 11.70 17.69 13.83 16.69 7.94 19.85 0.08Benchmark 13.45 18.65 6.94 -0.30 -9.73 37.30 19.92

56


31 March 2013 1.95%31 March 2012 1.95%


31 March 2013 25.23%31 March 2012 4.20%


m) Soft dollars received from brokersThe Manager does not receive soft commissions or cash rebates from dealing on the Aberdeen Japan Equity Fund.

n) Key Information on the underlying scheme: Aberdeen Investment Funds ICVC - Japan Growth Fund

Top 10 Holdings- as at 31 March 2013Security Names Market Value (S$) % of FundCanon Inc 46,414,976 6.5Shin-Etsu Chemical Co 45,154,900 6.3Fanuc Corp 36,215,726 5.0Keyence Corporation 33,486,774 4.7Nabtesco Corporation 31,205,391 4.3Japan Tobacco 27,801,538 3.9Honda Motor Co 26,942,382 3.7Seven & I Holdings 26,909,724 3.7Chugai Pharmaceutical 26,326,321 3.7FCC Co 26,159,578 3.6

- as at 31 March 2012Security Names Market Value (S$) % of FundCanon Inc 38,397,346 6.7Shin-Etsu Chemical Co 34,959,332 6.1Fanuc Corp 31,596,681 5.5Keyence Corporation 25,774,451 4.5Honda Motor Co 24,710,648 4.3Uni-Charm Corporation 24,028,634 4.2Astellas Pharma 23,351,549 4.1Toyota Motor Corp 23,013,411 4.0Bank of Yokohama 22,506,603 3.9Takeda Pharmaceutical 21,681,827 3.8

Expense ratios(5)

01 August 2011 to 31 July 2012: 0.11%01 August 2010 to 31 July 2011: 0.12%

Turnover ratios(6)


57


Distribution of Investments by- Country (as at 31 March 2013)

% of FundJapan 99.7Cash 0.3Total 100.0


Consumer goods 31.2Industrials 20.2Healthcare 12.8Consumer services 11.4Technology 9.1Basic materials 7.8Financials 7.2Cash 0.3Total 100.0

(1) The amount (S$) of subscriptions relate to Cash funds only and the amount (S$) of redemptions include both Cash and CPF funds.

(2) Source: Lipper, based on percentage growth, calculated on a NAV-to-NAV basis with gross income reinvested. Benchmark refers to Topix Index.

(3) The expense ratio has been computed based on the guidelines laid down by the Investment Management Association of Singapore (“IMAS”). The calculation of the expense ratio at 31 March 2013 was based on total operating expenses of $76,381 (2012: $87,815) divided by the average net asset value of $4,150,920 (2012: $4,796,184) for the year. The total operating expenses do not include (where applicable) brokerage and other transactions costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. The Sub-Fund does not pay any performance fee. The average net asset value is based on the daily balances.


(5) The underlying fund’s expense ratio is based on the latest available semi-annual/annual report and calculated as follows:

(Total Net Operating Expenses ÷ Management Fee Charges) X Management Fee %. It does not include (where applicable) brokerage and other transaction costs, interest expense, foreign exchange gains/

losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received.


over 6 months) x 100 Based on the above formula, the turnover ratio was -14.39% for period 1 October 2012 to 31 March 2013, as the sum

of total subscriptions and redemptions was less than the sum of total purchases and sales of securities. Any negative turnover figure will be reflected as zero in the report.

58

Report to Unitholders for the half year ended 31 March 2013Aberdeen Malaysian Equity Fund




c) Top 10 Holdings - as at 31 March 2013Security Names Market Value (S$) % of FundAeon Co. 8,342,752 6.8 United Plantations 7,984,569 6.5 Public Bank (Alien) 7,775,154 6.3 CIMB Group 6,979,053 5.7 Oriental Holdings 5,418,682 4.4 LPI Capital 5,392,959 4.4 Alliance Financial 5,038,264 4.1 Shangri-la Hotels 4,978,106 4.1 Hong Leong Bank Bhd 4,968,551 4.0 United Malacca 4,772,496 3.9

- as at 31 March 2012Security Names Market Value (S$) % of FundAeon Co. 15,432,308 10.7United Plantations 10,449,315 7.2Public Bank (Alien) 9,547,714 6.6CIMB Group 8,353,147 5.8Hong Leong Bank Bhd 7,959,919 5.5United Malacca 7,240,708 5.0Oriental Holdings 6,160,446 4.3Panasonic Manufacturing 5,812,445 4.0LPI Capital 5,679,234 3.9Nestle (Malaysia) Bhd 5,623,106 3.9






59






S$Management fees 894,219Reimbursement - Net management fees 894,219


SGD Class


inceptionPeriod Ended 31/12/2012 30/09/2012 31/03/2012 31/03/2010 31/03/2008 31/03/2003 05/12/1997To 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013Fund 3.54 10.43 18.77 73.97 101.77 268.74 368.61Benchmark -0.26 3.08 5.58 31.10 49.77 236.74 334.38

USD Class




31 March 2013 1.71%31 March 2012 1.71%


31 March 2013 12.36%31 March 2012 6.96%


m) Soft dollars received from brokersThe Manager does not receive soft commissions or cash rebates from dealing on the Aberdeen Malaysian Equity Fund.



Benchmark was renamed from KLSE Composite Index to FTSE Bursa Malaysia KLCI with effect from 6 July 2009. (US$ pricing for the sub-fund only started in June 2004).

60



61

Report to Unitholders for the half year ended 31 March 2013Aberdeen Pacific Equity Fund


- Asset Class Market Value (S$) % of Fund Equities 1,255,328,289 97.42Other net assets 33,374,439 2.58 100.00


c) Top 10 Holdings - as at 31 March 2013Security Names Market Value (S$) % of FundAberdeen Singapore Equity Fund 121,214,556 9.4Aberdeen China Opportunities Fund 117,251,158 9.1Aberdeen Global - Indian Equity Fund 108,428,609 8.4Aberdeen Indonesia Equity Fund 88,279,743 6.9Aberdeen Thailand Equity Fund 83,449,881 6.5Aberdeen Malaysian Equity Fund 68,870,299 5.3Samsung Electronics (Pref) 47,807,865 3.7QBE Insurance Group 47,021,579 3.7BHP Billiton 41,918,883 3.3Rio Tinto 41,846,278 3.3

- as at 31 March 2012Security Names Market Value (S$) % of FundAberdeen China Opportunities Fund 112,202,431 9.6Aberdeen Singapore Equity Fund 111,863,959 9.5Aberdeen Global - Indian Equity Fund 102,463,907 8.7Aberdeen Malaysian Equity Fund 78,284,325 6.7Aberdeen Thailand Equity Fund 77,234,594 6.6Aberdeen Indonesia Equity Fund 77,091,533 6.6Samsung Electronics (Pref) 51,545,123 4.4QBE Insurance Group 46,783,552 4.0Rio Tinto 41,887,138 3.6TSMC 38,711,130 3.3


e) Investment in other schemes Security Names Market Value (S$) % of FundAberdeen Singapore Equity Fund 121,214,556 9.4Aberdeen China Opportunities Fund 117,251,158 9.1Aberdeen Global - Indian Equity Fund 108,428,609 8.4Aberdeen Indonesia Equity Fund 88,279,743 6.9Aberdeen Thailand Equity Fund 83,449,881 6.5Aberdeen Malaysian Equity Fund 68,870,299 5.3New India Investment Trust 19,644,266 1.5Total 607,138,512 47.1

62




h) Amount of Related-Party Transactions The Manager’s management fee is currently set at 1.5% p.a. (subject to a maximum of 2.5% p.a.).

The manager of Aberdeen China Opportunities Fund, Aberdeen Singapore Equity Fund, Aberdeen Indonesia Equity Fund, Aberdeen Thailand Equity Fund, Aberdeen Malaysian Equity Fund and New India Investment Trust PLC is Aberdeen Asset Management Asia Limited. The manager of said funds grant a rebate to Aberdeen Pacific Equity Fund in the form of cash equivalent to such manager’s fee of 1% to 1.5% p.a., such that there is no double charging of management fees.

The manager of Aberdeen Global - Indian Equity Fund (“Underlying Fund”) is Aberdeen International Fund Managers Limited. The Fund invests into the Z-class shares of the Underlying Fund, which do not charge management and advisory fees.





S$Management fees 9,049,784Reimbursement - Management fees rebate (3,504,504)Net management fees 5,545,280


SGD Class


inceptionPeriod Ended 31/12/2012 30/09/2012 31/03/2012 31/03/2010 31/03/2008 31/03/2003 05/12/1997To 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013Fund 4.28 9.18 11.29 24.56 32.37 295.93 424.00Benchmark 3.61 9.36 9.67 8.93 9.66 209.11 197.08

USD Class




31 March 2013 1.73%31 March 2012 1.78%

63


31 March 2013 2.97%31 March 2012 1.49%


m) Soft dollars received from brokersThe Manager does not receive soft commissions or cash rebates from dealing on the Aberdeen Pacific Equity Fund.



Benchmark refers to MSCI AC Asia Pacific ex Japan Index. (US$ pricing for the sub-fund only started in June 2004).(3) The expense ratio has been computed based on the guidelines laid down by the Investment Management Association

of Singapore (“IMAS”). The calculation of the expense ratio at 31 March 2013 was based on total operating expenses of $12,338,625 (2012: $12,267,707) divided by the average net asset value of $1,169,761,128 (2012: $1,146,875,248) for the year. The total operating expenses do not include (where applicable) brokerage and other transactions costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. The Sub-Fund does not pay any performance fee. The average net asset value is based on the daily balances.

(4) The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The calculation of the portfolio turnover ratio was based on the lower of the total value of purchases or sales of the underlying investments, being purchases of $35,975,954 (2012: purchases of $16,758,058) divided by the average daily net asset value of $1,211,137,444 (2012: $1,122,534,210).

64

Report to Unitholders for the half year ended 31 March 2013Aberdeen Singapore Equity Fund




c) Top 10 Holdings - as at 31 March 2013Security Names Market Value (S$) % of FundJardine Strategic Holdings 52,890,271 9.7Oversea-Chinese Banking Corp 52,849,893 9.7United Overseas Bank 46,027,700 8.5DBS Group Holdings Ltd 42,116,438 7.7Keppel Corp 41,828,640 7.7City Developments 29,640,100 5.4Singapore Technologies Engineering 28,159,560 5.2Singapore Telecommunications 22,069,740 4.1Sembcorp Marine Ltd 21,729,150 4.0Bukit Sembawang Estates 17,654,619 3.2

- as at 31 March 2012Security Names Market Value (S$) % of FundOversea-Chinese Banking Corp 41,875,360 9.4Jardine Strategic Holdings 40,879,587 9.2United Overseas Bank 37,548,528 8.5Keppel Corp 29,715,391 6.7City Developments 29,152,090 6.6Fraser and Neave Holdings 28,917,200 6.5Singapore Technologies Engineering 18,508,750 4.2Sembcorp Marine Ltd 18,481,890 4.2Singapore Telecommunications 18,085,018 4.1DBS Group Holdings Ltd 17,824,613 4.0






65








SGD Class


inception Period Ended 31/12/2012 30/09/2012 31/03/2012 31/03/2010 31/03/2008 31/03/2003 5/12/1997To 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013Fund 5.68 8.99 17.21 30.37 34.69 257.82 421.36Benchmark 4.72 8.81 13.22 25.21 30.15 264.95 N/A

USD Class




31 March 2013 1.65%31 March 2012 1.67%


31 March 2013 5.11%31 March 2012 3.93%


m) Soft dollars received from brokersThe Manager does not receive soft commissions or cash rebates from dealing on the Aberdeen Singapore Equity Fund.


(1) The total amount (S$ and US$) of redemptions and subscriptions include both CPF (for S$ class only) and Cash funds.(2) Source: Lipper and calculated on a NAV-to-NAV basis with gross income reinvested at the NAV price. Benchmark

refers to Straits Times Index. Benchmark data is only available from 31 August 1999 following the take over of index calculation by FTSE on 10 January 2008.

(US$ pricing for the sub-fund only started in July 2006).

66



67

Report to Unitholders for the half year ended 31 March 2013Aberdeen Thailand Equity Fund

a) Classification of InvestmentsPlease refer to the Statement of Portfolio in the Semi-Annual Financial Statement for Country and Industry classification.



c) Top 10 Holdings - as at 31 March 2013Security Names Market Value (S$) % of FundSiam Commercial Bank (Alien) 14,662,616 6.1Kasikornbank PCL 12,943,325 5.4Siam Cement (Alien) 12,757,825 5.3Big C Supercenter (Alien) 11,322,274 4.7Siam Makro (Alien) 11,306,426 4.5PTT Exploration & Production (Alien) 10,774,513 4.1Tisco Financial Group (Alien) 9,765,031 4.0Thai Reinsurance (Alien) 9,465,052 3.9BEC World (Alien) 9,437,631 3.8Aeon Thana Sinsap (Alien) 9,051,173 3.7

- as at 31 March 2012Security Names Market Value (S$) % of FundPTT Exploration & Production (Alien) 12,791,900 6.9Siam Makro (Alien) 12,444,750 6.7Siam Cement (Alien) 11,269,106 6.1Siam Commercial Bank (Alien) 10,077,254 5.4Big C Supercenter (Alien) 10,023,536 5.4BEC World (Alien) 9,885,860 5.3Kasikornbank PCL 9,296,773 5.0Siam City Cement (Alien) 7,722,116 4.2Bangkok Insurance PCL 7,405,232 4.0Thai Reinsurance (Alien) 7,028,818 3.8


e) Investment in other schemes Security Name Market Value (S$) % of FundAberdeen New Thai Investment Trust PLC 4,902,965 2.05




68


The manager of New Thai Investment Trust PLC is Aberdeen Asset Management Asia Limited. The manager of New Thai Investment Trust PLC grant a rebate to Aberdeen Thailand Equity Fund in the form of cash equivalent to such manager’s fee of 1% p.a, such that there is no double charging management fees.





S$Management fees 1,545,261 Reimbursement - Management fees rebate (20,748)Net management fees 1,524,513


SGD Class


inceptionPeriod Ended 31/12/2012 30/09/2012 31/03/2012 31/03/2010 31/03/2008 31/03/2003 5/12/1997To 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013 31/03/2013Fund 16.11 27.47 47.44 131.67 132.47 603.08 1047.86Benchmark 20.05 29.79 41.08 121.61 131.58 573.99 N/A

USD Class




31 March 2013 1.66%31 March 2012 1.67%


31 March 2013 8.74%31 March 2012 4.28%


m) Soft dollars received from brokersThe Manager does not receive soft commissions or cash rebates from dealing on the Aberdeen Thailand Equity Fund.


69


Benchmark refers to Thailand SET Index. Benchmark data is only available from 2 January 2002. (US$ pricing for the sub-fund only started in June 2004).(3) The expense ratio has been computed based on the guidelines laid down by the Investment Management Association



70

Aberdeen Select Portfolio

Financial Statementsfor the half year ended 31 March 2013

(unaudited)

71

� Statement of Total Return for the period ended 31 March 2013 (unaudited)

Aberdeen Global Aberdeen Indonesia Aberdeen MalaysianTechnology Fund Equity Fund Equity Fund

31/03/2013 31/03/2012 31/03/2013 31/03/2012 31/03/2013 31/03/2012S$ S$ S$ S$ S$ S$

Income

Dividends 424,990 606,166 1,156,530 765,344 1,642,643 2,234,897 Interest - - - - - - Sundry income - - - - - 144

424,990 606,166 1,156,530 765,344 1,642,643 2,235,041 Less: ExpensesManagement fees 391,831 432,803 1,556,403 1,638,242 894,219 993,233 Management fees rebate - - - - - - Registration fees 5,080 6,097 13,729 14,043 9,568 8,644 Valuation fees 13,061 14,427 51,879 54,608 29,808 33,108 Trustees’ fees 16,327 18,033 64,850 68,260 37,259 41,385 Transaction fees* 8,085 24,257 127,616 153,216 86,174 55,493 Custody fees 5,739 5,918 56,898 63,066 37,834 29,222 Audit fees 6,008 6,101 6,759 10,222 5,757 5,718 Others 24,102 12,253 20,962 19,681 12,496 11,669

470,233 519,889 1,899,096 2,021,338 1,113,115 1,178,472

Net income/(loss) (45,243) 86,277 (742,566) (1,255,994) 529,528 1,056,569

Net gains or losses on value of investments and financial derivatives

Net gains/(losses) on investments 3,467,523 10,242,157 25,592,722 16,952,297 11,258,806 27,878,422 Net foreign exchange gains/

(losses) (12,319) (29,226) (139,087) (285,161) (57,985) (57,577) 3,455,204 10,212,931 25,453,635 16,667,136 11,200,821 27,820,845

Total return/(deficit) for the period before income tax 3,409,961 10,299,208 24,711,069 15,411,142 11,730,349 28,877,414

Less: Income tax expense (80,282) (104,349) (231,306) (165,125) (94,219) (106,654)Total return/(deficit) for the

period after income tax before distribution 3,329,679 10,194,859 24,479,763 15,246,017 11,636,130 28,770,760

* The Fund has adopted the recommendations of the Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” (“RAP 7”) issued by the institute of Certified Public Accountants of Singapore in June 2012 for the financial period beginning 1 July 2012. In accordance with the RAP7, all expenses relating to the purchase and sale of financial instruments are charged against income.

72


Aberdeen Pacific Aberdeen Singapore Aberdeen ThailandEquity Fund Equity Fund Equity Fund

31/03/2013 31/03/2012 31/03/2013 31/03/2012 31/03/2013 31/03/2012S$ S$ S$ S$ S$ S$

Income

Dividends 5,172,114 4,987,089 2,483,808 3,108,429 1,973,150 1,551,469 Interest 35 4 - - - - Sundry income - 562 - - - 522

5,172,149 4,987,655 2,483,808 3,108,429 1,973,150 1,551,991 Less: ExpensesManagement fees 9,049,784 8,367,775 3,753,825 2,986,611 1,545,261 1,261,297 Management fees rebate (3,504,504) (3,356,709) - - (20,748) (13,991)Registration fees 33,180 31,213 13,691 12,927 12,700 12,956 Valuation fees 301,660 278,926 125,128 99,544 51,509 42,043 Trustees’ fees 377,075 348,657 156,410 124,443 64,385 52,554 Transaction fees* 236,742 273,047 175,680 151,294 61,104 64,564 Custody fees 106,021 107,566 55,756 58,845 39,512 25,347 Audit fees 10,763 16,238 8,511 12,473 6,508 8,324 Others 94,185 75,142 52,496 34,008 20,332 14,954

6,704,906 6,141,855 4,341,497 3,480,145 1,780,563 1,468,048

Net income/(loss) (1,532,757) (1,154,200) (1,857,689) (371,716) 192,587 83,943



(losses) (47,949) (100,477) (19,452) (12,281) (40,131) (105,998)106,464,895 152,131,930 45,380,104 57,695,505 43,958,762 34,464,859


Less: Income tax expense (547,353) (436,538) (91,716) (79,510) (137,286) (160,439)Total return/(deficit) for the



73


Aberdeen AmericanOpportunities Fund

Aberdeen Asian Local Currency Short Duration

Bond FundAberdeen Asian

Smaller Companies Fund

31/03/2013 31/03/2012 31/03/2013 31/03/2012 31/03/2013 31/03/2012S$ S$ S$ S$ S$ S$

Income

Dividends - - 52,842 48,709 - - Interest - - - - - - Sundry income - - - 506 - -

- - 52,842 49,215 - - Less: ExpensesManagement fees 14,632 12,244 23,967 24,653 1,318,500 857,810 Management fees rebate - - (25,729) (25,741) - - Registration fees 3,430 3,562 3,165 4,054 10,095 9,858 Valuation fees 488 408 780 778 26,371 17,156 Trustees’ fees 2,490 2,486 2,490 2,486 35,160 22,875 Transaction fees* - - - - - - Custody fees - - - - - - Audit fees 1,502 1,492 2,503 5,815 4,005 4,480 Others 1,287 412 1,313 497 25,942 9,794

23,829 20,604 8,489 12,542 1,420,073 921,973

Net income/(loss) (23,829) (20,604) 44,353 36,673 (1,420,073) (921,973)


Net gains/(losses) on investments 355,826 411,234 79,375 (117,143) 30,385,147 19,384,314 Net foreign exchange gains/

(losses) 798 (2,726) (343) 3,138 19,810 25,863 356,624 408,508 79,032 (114,005) 30,404,957 19,410,177

Total return/(deficit) for the period before income tax 332,795 387,904 123,385 (77,332) 28,984,884 18,488,204

Less: Income tax expense - - - - - - Total return/(deficit) for the

period after income tax before distribution 332,795 387,904 123,385 (77,332) 28,984,884 18,488,204


74


Aberdeen ChinaOpportunities Fund

Aberdeen Emerging Markets Local Currency

Bond FundAberdeen EuropeanOpportunities Fund

31/03/2013 31/03/2012 31/03/2013 31/03/2012 31/03/2013 31/03/2012S$ S$ S$ S$ S$ S$

Income

Dividends - - 81,145 136,592 - - Interest - - - - - 2 Sundry income - 83 - - - -

- 83 81,145 136,592 - 2 Less: ExpensesManagement fees 1,410,981 1,347,621 23,851 30,183 82,300 84,765 Management fees rebate - - (28,211) (35,295) - - Registration fees 8,110 8,957 2,893 3,214 3,627 4,861 Valuation fees 28,220 26,952 573 713 1,646 1,695 Trustees’ fees 37,626 35,936 2,490 2,486 2,490 2,486 Transaction fees* - - - - - - Custody fees - - - - - - Audit fees 7,509 7,794 2,503 5,815 4,255 4,226 Others 26,127 15,338 1,280 495 6,117 6,768

1,518,573 1,442,598 5,379 7,611 100,435 104,801

Net income/(loss) (1,518,573) (1,442,515) 75,766 128,981 (100,435) (104,799)


Net gains/(losses) on investments 19,335,798 24,273,714 54,113 63,329 1,382,996 1,520,046 Net foreign exchange gains/

(losses) (8,235) (81,209) 3,502 (1,456) 9,013 (2,109) 19,327,563 24,192,505 57,615 61,873 1,392,009 1,517,937

Total return/(deficit) for the period before income tax 17,808,990 22,749,990 133,381 190,854 1,291,574 1,413,138


period after income tax before distribution 17,808,990 22,749,990 133,381 190,854 1,291,574 1,413,138


75


Aberdeen Global Aberdeen Global Aberdeen IndiaEmerging Markets Fund Opportunities Fund Opportunities Fund

31/03/2013 31/03/2012 31/03/2013 31/03/2012 31/03/2013 31/03/2012S$ S$ S$ S$ S$ S$

Income

Dividends - - - - - - Interest - - - - - - Sundry income - - - - - 285,816

- - - - - 285,816 Less: ExpensesManagement fees 3,163,624 2,901,763 1,494,782 1,318,564 4,388,171 4,352,029 Management fees rebate - - - - - - Registration fees 15,511 16,722 10,200 11,173 13,096 12,783 Valuation fees 63,272 58,035 29,896 26,371 87,763 87,041 Trustees’ fees 84,363 77,380 39,861 35,162 117,017 116,054 Transaction fees* - - - - - - Custody fees - - - - - - Audit fees 5,006 8,482 6,008 9,618 7,509 7,947 Others 40,821 32,870 19,624 14,981 56,317 56,031

3,372,597 3,095,252 1,600,371 1,415,869 4,669,873 4,631,885

Net income/(loss) (3,372,597) (3,095,252) (1,600,371) (1,415,869) (4,669,873) (4,346,069)



(losses) (179,603) (56,032) (12,813) 16,420 (29,398) (40,001) 32,279,616 57,134,292 18,429,755 22,330,999 14,741,455 9,914,368





76


Aberdeen JapanEquity Fund

31/03/2013 31/03/2012S$ S$

Income

Dividends 81,558 52,800 Interest - - Sundry income - -

81,558 52,800 Less: ExpensesManagement fees 27,407 31,114 Management fees rebate - - Registration fees 3,166 3,864 Valuation fees 633 654 Trustees’ fees 2,490 2,486 Transaction fees* - - Custody fees - - Audit fees 2,503 - Others 2,334 621

38,533 38,739

Net income/(loss) 43,025 14,061


Net gains/(losses) on investments 708,676 89,810 Net foreign exchange gains/

(losses) (68) 1,118 708,608 90,928

Total return/(deficit) for the period before income tax 751,633 104,989

Less: Income tax expense (8,156) (5,280)Total return/(deficit) for the

period after income tax before distribution 743,477 99,709


77

� Statement of Financial Position as at 31 March 2013 (unaudited)


2013 2012 2013 2012 2013 2012S$ S$ S$ S$ S$ S$

AssetsPortfolio of investments 51,902,947 52,699,935 219,864,152 199,399,737 119,917,745 105,432,503 Receivables 77,851 105,233 3,198,494 2,152,101 2,021,357 2,019,252 Sales awaiting settlement - - - 39,417 - - Cash and bank balances 214,031 285,780 3,185,947 2,514,495 2,198,784 2,640,602 Total assets 52,194,829 53,090,948 226,248,593 204,105,750 124,137,886 110,092,357

LiabilitiesPayables 212,049 185,889 1,973,308 1,539,946 1,043,964 862,218 Purchases awaiting

settlement - - - 1,002,528 101,451 1,245,428 Total liabilities 212,049 185,889 1,973,308 2,542,474 1,145,415 2,107,646

EquityNet assets attributable to

unitholders 51,982,780 52,905,059 224,275,285 201,563,276 122,992,471 107,984,711


2013 2012 2013 2012 2013 2012S$ S$ S$ S$ S$ S$

AssetsPortfolio of investments 1,255,328,289 1,150,316,984 541,190,284 461,217,225 231,127,004 184,959,624 Receivables 20,925,689 9,207,111 2,860,268 4,408,654 6,908,453 1,390,765 Sales awaiting settlement - - - - 79,906 - Cash and bank balances 19,472,688 11,114,769 2,257,867 12,173,023 6,249,163 4,188,396 Total assets 1,295,726,666 1,170,638,864 546,308,419 477,798,902 244,364,526 190,538,785

LiabilitiesPayables 7,023,938 9,631,234 1,681,227 1,503,538 2,216,448 872,262 Purchases awaiting

settlement - - - 1,480,131 2,513,689 586,859 Total liabilities 7,023,938 9,631,234 1,681,227 2,983,669 4,730,137 1,459,121


unitholders 1,288,702,728 1,161,007,630 544,627,192 474,815,233 239,634,389 189,079,664

78






2013 2012 2013 2012 2013 2012S$ S$ S$ S$ S$ S$

AssetsPortfolio of investments 5,036,047 3,213,320 4,892,834 5,262,460 235,262,473 146,666,773 Receivables 89,113 7,769 26,851 16,750 8,967,564 1,279,409 Sales awaiting settlement 54,587 12,267 12,406 1,227 1,836,099 526,248 Cash and bank balances 30,738 26,189 44,154 41,334 1,277,738 435,757 Total assets 5,210,485 3,259,545 4,976,245 5,321,771 247,343,874 148,908,187

LiabilitiesPayables 91,036 16,153 24,128 10,760 2,145,462 644,292 Purchases awaiting

settlement 83,121 8,587 22,331 2,453 6,703,001 969,081 Total liabilities 174,157 24,740 46,459 13,213 8,848,463 1,613,373


unitholders 5,036,328 3,234,805 4,929,786 5,308,558 238,495,411 147,294,814




2013 2012 2013 2012 2013 2012S$ S$ S$ S$ S$ S$

AssetsPortfolio of investments 193,134,854 174,473,053 3,190,191 4,274,867 12,442,094 10,521,730 Receivables 470,739 217,387 20,764 140,487 258,615 10,615 Sales awaiting settlement 307,671 453,873 318,836 11,040 62,130 15,782 Cash and bank balances 557,608 1,050,512 54,796 52,598 127,177 118,027 Total assets 194,470,872 176,194,825 3,584,587 4,478,992 12,890,016 10,666,154

LiabilitiesPayables 550,936 634,424 305,244 11,621 361,726 39,847 Purchases awaiting

settlement 421,806 753,184 38,459 128,802 274,007 9,469 Total liabilities 972,742 1,387,608 343,703 140,423 635,733 49,316


unitholders 193,498,130 174,807,217 3,240,884 4,338,569 12,254,283 10,616,838

79



2013 2012 2013 2012 2013 2012S$ S$ S$ S$ S$ S$

AssetsPortfolio of investments 477,725,687 396,199,302 212,580,114 192,425,326 592,904,940 585,748,441 Receivables 3,775,623 965,447 781,389 551,087 6,444,359 7,319,834 Sales awaiting settlement 1,910,536 1,381,247 557,033 531,154 1,648,767 1,952,882 Cash and bank balances 1,528,893 1,227,401 497,270 468,656 1,463,764 1,377,920 Total assets 484,940,739 399,773,397 214,415,806 193,976,223 602,461,830 596,399,077

LiabilitiesPayables 2,505,169 2,152,523 1,217,318 776,106 2,657,743 2,088,103 Purchases awaiting

settlement 3,359,564 639,103 585,567 401,126 6,345,706 7,025,222 Total liabilities 5,864,733 2,791,626 1,802,885 1,177,232 9,003,449 9,113,325


unitholders 479,076,006 396,981,771 212,612,921 192,798,991 593,458,381 587,285,752


2013 2012S$ S$

AssetsPortfolio of investments 5,892,629 3,744,438 Receivables 134,066 5,799 Sales awaiting settlement 116,796 45,560 Cash and bank balances 51,978 38,292 Total assets 6,195,469 3,834,089

LiabilitiesPayables 164,943 49,502 Purchases awaiting

settlement 133,750 5,943 Total liabilities 298,693 55,445


unitholders 5,896,776 3,778,644

80

� Statement of Movements of Unitholders’ Funds for the period ended 31 March 2013


31/03/2013 30/09/2012 31/03/2013 30/09/2012 31/03/2013 30/09/2012Net assets attributable to

unitholdersS$ S$ S$ S$ S$ S$

At beginning of the period/year 52,905,059 54,494,172 201,563,276 218,555,336 107,984,711 118,170,470

OperationsChange in net assets

attributable to unitholders resulting from operations 3,329,679 5,854,356 24,479,763 26,394,497 11,636,130 38,115,516

Unitholders’ contributions/(withdrawals)

Creation of units 162,902 711,850 40,627,947 50,103,253 37,542,085 29,221,102 Cancellation of units (4,414,860) (8,155,319) (42,395,701) (93,489,810) (34,170,455) (77,522,377)Change in net assets

attributable to unitholders resulting from net creation and cancellation of units (4,251,958) (7,443,469) (1,767,754) (43,386,557) 3,371,630 (48,301,275)

Distributions - - - - - -

Total increase/(decrease) in net assets attributable to unitholders (922,279) (1,589,113) 22,712,009 (16,992,060) 15,007,760 (10,185,759)

At the end of financial period/year 51,982,780 52,905,059 224,275,285 201,563,276 122,992,471 107,984,711

81





At beginning of the period/year 1,161,007,630 1,073,053,802 474,815,233 360,559,488 189,079,664 161,686,203




Creation of units 199,135,835 218,065,003 66,374,071 93,939,136 61,995,086 35,685,115 Cancellation of units (175,825,522) (302,630,713) (39,992,811) (71,049,372) (55,454,424) (66,341,646)Change in net assets

attributable to unitholders resulting from net creation and cancellation of units 23,310,313 (84,565,710) 26,381,260 22,889,764 6,540,662 (30,656,531)


Total increase/(decrease) in net assets attributable to unitholders 127,695,098 87,953,828 69,811,959 114,255,745 50,554,725 27,393,461

At the end of financial period/year 1,288,702,728 1,161,007,630 544,627,192 474,815,233 239,634,389 189,079,664

82










attributable to unitholders resulting from operations 332,795 599,313 123,385 (142,774) 28,984,884 21,956,251


Creation of units 2,905,599 1,565,226 613,476 3,640,055 84,582,635 55,105,764 Cancellation of units (1,436,871) (1,510,518) (1,109,674) (2,656,834) (22,366,922) (29,193,368) Change in net assets

attributable to unitholders resulting from net creation and cancellation of units 1,468,728 54,708 (496,198) 983,221 62,215,713 25,912,396

Distributions - - (5,959) (108,227) - -

Total increase/(decrease) in net assets attributable to unitholders 1,801,523 654,021 (378,772) 732,220 91,200,597 47,868,647


83









attributable to unitholders resulting from operations 17,808,990 13,058,599 133,381 219,558 1,291,574 1,303,080


Creation of units 11,528,892 16,920,429 452,349 1,106,375 2,607,371 1,513,080 Cancellation of units (10,646,969) (25,426,526) (1,679,371) (1,463,049) (2,261,500) (3,178,400) Change in net assets

attributable to unitholders resulting from net creation and cancellation of units 881,923 (8,506,097) (1,227,022) (356,674) 345,871 (1,665,320)

Distributions - - (4,044) (199,304) - -

Total increase/(decrease) in net assets attributable to unitholders 18,690,913 4,552,502 (1,097,685) (336,420) 1,637,445 (362,240)


84









Creation of units 112,021,953 88,868,775 16,478,327 37,513,437 42,898,522 54,623,052 Cancellation of units (58,834,737) (107,307,009) (13,493,781) (27,018,879) (46,797,475) (95,181,075) Change in net assets

attributable to unitholders resulting from net creation and cancellation of units 53,187,216 (18,438,234) 2,984,546 10,494,558 (3,898,953) (40,558,023)


Total increase/(decrease) in net assets attributable to unitholders 82,094,235 36,007,803 19,813,930 31,937,249 6,172,629 (23,256,977)


85



31/03/2013 30/09/2012Net assets attributable to

unitholdersS$ S$

At beginning of the period/year 3,778,644 4,708,320


attributable to unitholders resulting from operations 743,477 (40,021)


Creation of units 2,214,160 361,997 Cancellation of units (839,505) (1,251,652) Change in net assets

attributable to unitholders resulting from net creation and cancellation of units 1,374,655 (889,655)

Distributions - -

Total increase/(decrease) in net assets attributable to unitholders 2,118,132 (929,676)

At the end of financial period/year 5,896,776 3,778,644

86

� Statement of Portfolio as at 31 March 2013

Aberdeen Global Technology Fund

Percentage of total net assets attributable to

unitholdersHoldings Fair value 31/03/2013 31/03/2013 31/03/2013

Primary S$ % By Geography*Quoted

CanadaTelus 30,700 2,628,740 5.06

Hong KongASM Pacific Technology 166,400 2,253,809 4.34

IsraelCheck Point Software 41,800 2,436,260 4.69

JapanCanon Inc 49,200 2,187,808 4.21 Fanuc Corp 10,800 2,062,084 3.97

4,249,892 8.18 SingaporeSingapore Telecommunications 241,000 865,190 1.66

South KoreaSamsung Electronics (Pref) 3,386 3,303,621 6.36

SwedenEricsson 123,600 1,913,783 3.68

87




unitholdersHoldings Fair value 31/03/2013 31/03/2013 31/03/2013

Primary S$ % By Geography* (cont’d)Quoted

Taiwan Taiwan Mobile 482,000 2,029,738 3.90TSMC 176,000 3,755,566 7.22

5,785,304 11.12

United KingdomAnite 327,900 776,446 1.49Oxford Instruments 27,600 858,402 1.65 Vodafone 709,400 2,493,662 4.80

4,128,510 7.94

United States of America Adobe Systems 36,600 1,975,171 3.80 Cisco Systems 102,700 2,661,602 5.12 Cognizant Technology Solutions 26,100 2,480,296 4.77 Comcast 39,800 2,073,799 3.99 EMC 82,200 2,435,233 4.68 IBM 6,200 1,640,192 3.16 Intel 39,200 1,061,632 2.04 Microsoft 72,100 2,558,206 4.92 Oracle 79,100 3,171,627 6.10 Qualcomm 29,500 2,449,499 4.71 Texas Instruments 41,600 1,830,581 3.52

24,337,838 46.81

Portfolio of investments 51,902,947 99.84 Other net assets 79,833 0.16 Net assets attributable to unitholders 51,982,780 100.00

* Geographical classification is based on the country in which the companies or institutions are incorporated in, domiciled in, operating principally from, or deriving significant revenue from, as the case may be.

88



Percentage of total net assetsattributable to unitholders

31/03/2013 30/09/2012Primary % %

By Geography (Summary)

Canada 5.06 4.48 Hong Kong 4.34 4.87 Israel 4.69 4.67 Japan 8.18 7.69 Singapore 1.66 1.83 South Korea 6.36 6.66 Sweden 3.68 3.08 Taiwan 11.12 12.23 United Kingdom 7.94 9.06 United States of America 46.81 45.05 Portfolio of investments 99.84 99.62 Other net assets 0.16 0.38 Net assets attributable to unitholders 100.00 100.00

Percentage of total net assetsFair value attributable to unitholders

31/03/2013 31/03/2013 30/09/2012Secondary S$ % %

By Industry (Summary)Consumer discretionary 2,073,799 3.99 3.30 Industrials 2,062,084 3.97 4.04 Information technology 39,749,734 76.46 74.57 Telecommunication services 8,017,330 15.42 17.71 Portfolio of investments 51,902,947 99.84 99.62 Other net assets 79,833 0.16 0.38 Net assets attributable to unitholders 51,982,780 100.00 100.00

89


Aberdeen Indonesia Equity Fund


Holdings Fair value unitholders 31/03/2013 31/03/2013 31/03/2013


IndonesiaAce Hardware Indonesia 82,965,000 8,791,293 3.92 AKR Corporindo 8,515,000 5,408,259 2.41 Astra International 12,063,000 12,089,399 5.39 Bank OCBC NISP 109,421,113 19,557,300 8.72 Bank Permata 108,051,606 22,899,133 10.21 Holcim Indonesia 38,324,000 17,491,482 7.80 Multi Bintang 100,000 12,256,062 5.46 Perusahaan Gas Negara 10,058,000 7,576,059 3.38 PT Bank Central Asia Tbk 2,963,000 4,142,147 1.85 PT Indo Tambangraya Megah Tbk 2,200,000 9,914,644 4.42 PT Indocement Tunggal Prakarsa Tbk 1,181,000 3,497,982 1.56 PT Mandom Indonesia Tbk 5,321,576 8,967,966 4.00 PT Merck Tbk 271,500 4,852,635 2.16 PT Mustika Ratu Tbk 5,830,000 431,694 0.19 PT Ramayana Lestari Sentosa Tbk 34,360,000 6,053,576 2.70 PT Sepatu Bata Tbk 776,000 5,250,701 2.34 PT Vale Indonesia Tbk 27,823,000 8,436,208 3.76 PT Wintermar Offshore Marine Tbk 41,612,500 2,231,274 0.99 PT XL Axiata Tbk 7,592,000 5,088,564 2.27 Telekomunikasi Indonesia 4,830,000 6,690,470 2.98 Unilever Indonesia 4,176,500 12,050,378 5.37 United Tractors Tbk Pt 1,800,000 4,159,401 1.85

187,836,627 83.73

SingaporeJardine Cycle & Carriage Ltd 319,000 16,304,090 7.27 Petra Foods 1,900,000 7,637,999 3.41

23,942,089 10.68

United KingdomM.P. Evans 841,586 8,085,436 3.61

Portfolio of investments 219,864,152 98.02 Other net assets 4,411,133 1.98 Net assets attributable to unitholders 224,275,285 100.00


90


Aberdeen Indonesia Equity Fund

Percentage of total net assets attributable to unitholders

31/03/2013 30/09/2012Primary % %


Indonesia 83.73 83.36 Singapore 10.68 11.52 United Kingdom 3.61 4.03 Portfolio of investments 98.02 98.91 Other net assets 1.98 1.09 Net assets attributable to unitholders 100.00 100.00


31/03/2013 31/03/2013 30/09/2012Secondary S$ % %

By Industry (Summary)Consumer discretionary 48,489,059 21.62 24.46 Consumer staples 49,429,535 22.04 20.50 Energy 9,914,644 4.42 5.75 Financials 46,598,580 20.78 19.85 Healthcare 4,852,635 2.16 2.38 Industrials 11,798,934 5.25 3.27 Materials 29,425,672 13.12 14.76 Telecommunication services 11,779,034 5.25 4.93 Utilities 7,576,059 3.38 3.01 Portfolio of investments 219,864,152 98.02 98.91 Other net assets 4,411,133 1.98 1.09 Net assets attributable to unitholders 224,275,285 100.00 100.00

91


Aberdeen Malaysian Equity Fund




MalaysiaAeon Co. 1,650,000 8,342,752 6.78 Aeon Credit Service (M) Bhd 721,561 3,764,004 3.06 Alliance Financial 2,858,000 5,038,264 4.10 Allianz Malaysia Bhd 449,000 1,509,296 1.23 Axiata Group Bhd 1,230,000 3,252,483 2.64 Axis Real Estate Investment 73,700 100,395 0.08 Batu Kawan Bhd 300,000 2,165,918 1.76 British American Tobacco Malaysia 143,000 3,561,337 2.90 Bursa Malaysia 900,000 2,506,071 2.04 CapitaMalls Malaysia Trust 1,650,000 1,216,376 0.99 Carlsberg Brewery Malaysia Bhd 234,000 1,293,782 1.05 CIMB Group 2,289,000 6,979,053 5.67 Digi.Com 1,395,000 2,587,743 2.10 Fraser and Neave Holdings 240,000 1,778,890 1.45 GuinnessAnchor 410,000 3,006,083 2.44 Hong Leong Bank Bhd 860,000 4,968,551 4.04 Hong Leong Financial Group Bhd 500,000 2,992,862 2.43 Lafarge Malayan Cement 550,000 2,177,136 1.77 LPI Capital 991,200 5,392,959 4.38 Manulife Holdings 423,000 560,963 0.46 Nestle (Malaysia) Bhd 139,000 3,377,070 2.75 Oriental Holdings 1,390,000 5,418,682 4.41 Panasonic Manufacturing 431,000 3,760,981 3.06 Petronas Chemicals Group Bhd 1,234,000 3,154,292 2.56 POS Malaysia 1,758,000 2,986,419 2.43 Public Bank (Alien) 1,193,500 7,775,154 6.32 Shangri-la Hotels 2,615,800 4,978,106 4.05 SP Setia Bhd 1,624,300 2,141,057 1.74 Star Publications 2,270,000 2,310,072 1.88 Tasek Corp 588,070 3,628,405 2.95 TIME dotCom Bhd 1,300,000 2,072,967 1.69 United Malacca 1,634,000 4,772,496 3.88 United Plantations 730,000 7,984,569 6.49 YNH Property 3,120,000 2,362,557 1.92 Portfolio of investments 119,917,745 97.50 Other net assets 3,074,726 2.50 Net assets attributable to unitholders 122,992,471 100.00


92


Aberdeen Malaysian Equity Fund


31/03/2013 30/09/2012Primary % %


Malaysia 97.50 97.65 Portfolio of investments 97.50 97.65 Other net assets 2.50 2.35 Net assets attributable to unitholders 100.00 100.00

Percentage of total net assetsFair Value attributable to unitholders

31/03/2013 31/03/2013 30/09/2012Secondary S$ % %

By Industry (Summary)Basic materials 5,320,210 4.32 3.85 Consumer goods 29,535,208 24.02 26.61 Consumer services 21,049,612 17.12 19.48 Financials 47,207,167 38.38 34.64 Industrials 8,791,960 7.15 6.08 Real estate 100,395 0.08 0.00 Telecommunication services 7,913,193 6.43 6.99 Portfolio of investments 119,917,745 97.50 97.65 Other net assets 3,074,726 2.50 2.35 Net assets attributable to unitholders 122,992,471 100.00 100.00

93


Aberdeen Pacific Equity Fund




AustraliaQBE Insurance Group 2,709,071 47,021,579 3.65 Shopping Centres Australasia 102,000 216,356 0.02 Woolworths 610,000 26,595,790 2.06

73,833,725 5.73

ChinaAberdeen China Opportunities Fund 40,228,902 117,251,158 9.10 China Mobile 1,000,000 13,121,011 1.02 PetroChina 8,800,000 14,288,957 1.11

144,661,126 11.23

Hong KongAIA Group 5,037,400 27,291,680 2.12 ASM Pacific Technology 1,100,500 14,905,752 1.16 Hang Lung Group 1,375,000 9,559,080 0.74 Hang Lung Properties 1,170,000 5,394,557 0.42 Jardine Strategic Holdings 343,500 16,866,961 1.31 Li & Fung Ltd 4,622,000 7,859,514 0.61 Swire Pacific ‘B’ 4,917,500 14,790,680 1.15 Swire Properties 688,450 3,009,220 0.23

99,677,444 7.74

IndiaAberdeen Global - Indian Equity Fund 7,299,788 108,428,609 8.41 Grasim Industries 160,000 9,527,868 0.74 ICICI Bank 204,500 10,883,909 0.84 Infosys 190,000 12,707,415 0.99

141,547,801 10.98

IndonesiaAberdeen Indonesia Equity Fund 13,204,658 88,279,743 6.85

MalaysiaAberdeen Malaysian Equity Fund 15,470,214 68,870,299 5.34

PhilippinesAyala Land 28,000,400 27,408,658 2.13 Bank of the Philippine Islands 7,146,265 23,570,919 1.83

50,979,577 3.96

94





Primary S$ % By Geography* (cont’d)Quoted

SingaporeAberdeen Singapore Equity Fund 24,473,451 121,214,556 9.41 City Developments 1,870,000 21,074,900 1.64 Oversea-Chinese Banking Corp 2,729,042 28,900,555 2.24 Singapore Technologies Engineering 6,400,000 27,456,000 2.13 United Overseas Bank 798,028 16,263,811 1.26

214,909,822 16.68

South KoreaE-Mart 35,915 8,810,362 0.68 Samsung Electronics (Pref) 49,000 47,807,865 3.71

56,618,227 4.39

Sri LankaDFCC Bank 675,000 866,810 0.07 Keells (John) 2,015,726 4,833,747 0.38 National Development Bank 712,200 1,143,226 0.09

6,843,783 0.54

Taiwan Taiwan Mobile 5,347,164 22,517,302 1.75 TSMC 9,715,568 40,509,890 3.14

63,027,192 4.89

ThailandAberdeen Thailand Equity Fund 7,652,653 83,449,881 6.48

United KingdomBHP Billiton 1,162,000 41,918,883 3.25 HSBC 1,654,694 21,671,591 1.68 New India Investment Trust 4,400,000 19,644,266 1.52 Rio Tinto 720,057 41,846,278 3.25 Standard Chartered 1,170,085 37,548,651 2.91

162,629,669 12.61

Portfolio of investments 1,255,328,289 97.42 Other net assets 33,374,439 2.58 Net assets attributable to unitholders 1,288,702,728 100.00

* Geographical classification for the companies or institutions or funds is based on the country in which the companies or institutions or funds are incorporated in, domiciled in, operating principally from, or deriving significant revenue from, as the case may be.

95




31/03/2013 30/09/2012Primary % %

By Geography (Summary)Australia 5.73 5.23 China 11.23 11.56 Hong Kong 7.74 7.37 India 10.98 12.01 Indonesia 6.85 6.98 Malaysia 5.34 5.37 Philippines 3.96 3.13 Singapore 16.68 16.95 South Korea 4.39 5.20 Sri Lanka 0.54 0.54 Taiwan 4.89 5.52 Thailand 6.48 7.36 United Kingdom 12.61 11.83 Portfolio of investments 97.42 99.05 Other net assets 2.58 0.95 Net assets attributable to unitholders 100.00 100.00


31/03/2013 31/03/2013 30/09/2012Secondary S$ % %

By Industry (Summary)Consumer discretionary 7,859,514 0.61 0.57 Consumer staples 35,406,152 2.74 2.43 Energy 14,288,957 1.11 1.22 Financials 316,260,448 24.54 24.03 Industrials 49,156,708 3.82 3.00 Information technology 115,930,922 9.00 10.19 Materials 93,293,029 7.24 6.81 Telecommunication services 35,638,313 2.77 3.23 Unit trusts 587,494,246 45.59 47.57 Portfolio of investments 1,255,328,289 97.42 99.05 Other net assets 33,374,439 2.58 0.95 Net assets attributable to unitholders 1,288,702,728 100.00 100.00

96


Aberdeen Singapore Equity Fund




Hong Kong Jardine Strategic Holdings 1,077,124 52,890,271 9.71

SingaporeAscendas Hospitality Trust 10,218,000 10,473,450 1.92 Breadtalk Group Ltd 4,300,000 4,042,000 0.74 Bukit Sembawang Estates 2,486,566 17,654,619 3.24 CDL Hospitality Trusts 774,000 1,578,960 0.29 City Developments 2,630,000 29,640,100 5.44 Comfortdelgro 5,595,156 10,658,772 1.96 DBS Group Holdings Ltd 2,640,529 42,116,438 7.73 Eu Yan Sang 8,961,600 5,466,576 1.00 Far East Hospitality Trust 12,566,000 14,702,220 2.70 FJ Benjamin Holdings 5,817,000 1,541,505 0.28 Hong Leong Finance 4,362,933 12,041,695 2.21 Keppel Corp 3,734,700 41,828,640 7.68 Keppel REIT 3,250,000 4,403,750 0.81 Oversea-Chinese Banking Corp 4,990,547 52,849,893 9.70 Raffles Medical Group 4,305,434 14,078,769 2.59 SATS 3,521,000 10,668,630 1.96 SBS Transit 1,046,000 1,558,540 0.29 Sembcorp Marine Ltd 4,905,000 21,729,150 3.99 Singapore Airlines 1,203,000 13,064,580 2.40 Singapore Exchange Ltd 2,137,000 16,412,160 3.01 Singapore Post 4,400,000 5,456,000 1.00 Singapore Press Holdings Ltd 2,600,000 11,648,000 2.14 Singapore Technologies Engineering 6,564,000 28,159,560 5.17 Singapore Telecommunications 6,147,560 22,069,740 4.05 Straits Trading Co Ltd 2,678,303 10,311,467 1.89 United Engineers Ltd 1,689,000 5,354,130 0.98 United Overseas Bank 2,258,474 46,027,700 8.45 Venture Corporation 1,752,000 15,172,320 2.79 Wheelock Properties 9,138,000 17,590,649 3.23

488,300,013 89.64



97


Aberdeen Singapore Equity Fund


31/03/2013 30/09/2012Primary % %

By Geography (Summary)Hong Kong 9.71 9.44 Singapore 89.64 87.69 Portfolio of investments 99.35 97.13 Other net assets 0.65 2.87 Net assets attributable to unitholders 100.00 100.00


31/03/2013 31/03/2013 30/09/2012Secondary S$ % %

By Industry (Summary)Basic materials 10,311,467 1.89 -Consumer services 42,513,397 7.81 7.40 Financials 265,491,634 48.73 49.46 Healthcare 19,545,345 3.59 3.26 Industrials 117,700,911 21.61 22.34 Oil & Gas 63,557,790 11.67 10.79 Telecommunication services 22,069,740 4.05 3.88 Portfolio of investments 541,190,284 99.35 97.13 Other net assets 3,436,908 0.65 2.87 Net assets attributable to unitholders 544,627,192 100.00 100.00

98


Aberdeen Thailand Equity Fund




ThailandAdvanced Information Services (Alien) 741,200 6,593,923 2.75 Aeon Thana Sinsap (Alien) 1,916,200 9,051,173 3.78 Alucon PCL 67,500 438,936 0.18 Amarin Printing & Publishing PCL 4,924,730 6,467,453 2.70 Bangkok Insurance PCL 749,700 8,956,241 3.74 Banpu PCL 433,550 6,905,835 2.88 BEC World (Alien) 3,908,400 9,437,631 3.94 Big C Supercenter (Alien) 1,243,100 11,322,274 4.72 Bumrungrad Hospital PCL 1,194,000 3,894,791 1.63 Capital Nomura Securities PCL 40,000 67,358 0.03 Central Pattana (Alien) 1,253,000 4,803,843 2.00 Eastern Water Resources Development And Management PCL 12,337,800 7,892,304 3.29 Electricity Generating PCL 1,146,500 7,552,550 3.15 Hana Microelectronics PCL 7,667,500 8,120,503 3.39 Home Product Center PCL 7,806,624 5,622,136 2.35 Kasikornbank PCL 1,476,000 12,943,325 5.40 LPN Development (Alien) 5,755,500 6,095,540 2.54 MFC Asset Management PCL 3,553,500 3,989,251 1.66 Minor International (Alien) 4,798,439 4,838,002 2.02 Muang Thai Insurance PCL 1,139,400 3,789,091 1.58 PTT Exploration & Production (Alien) 1,971,600 10,774,513 4.50 Ratchaburi Electricity Generating Holding PCL 1,818,200 4,236,366 1.77 Regional Container Lines (Alien) 6,492,500 2,035,321 0.85 Sammakorn PCL 27,317,866 2,893,183 1.21 Siam Cement (Alien) 612,100 12,757,825 5.32 Siam Cement (NVDR) 97,000 2,005,306 0.84 Siam City Cement (Alien) 373,200 6,387,224 2.67 Siam Commercial Bank (Alien) 1,961,000 14,662,616 6.12 Siam Makro (Alien) 507,400 11,306,426 4.72 Tesco Lotus Retail Growth Freehold And Leasehold Property Fund 7,753,400 4,992,579 2.08 Thai Reinsurance (Alien) 43,809,033 9,465,052 3.95 Thai Stanley Electric (Alien) 603,400 6,160,437 2.57 Tisco Financial Group (Alien) 4,116,200 9,765,031 4.07

226,224,039 94.40

United KingdomAberdeen New Thai Investment Trust PLC 467,271 4,902,965 2.05



99


Aberdeen Thailand Equity Fund


31/03/2013 30/09/2012Primary % %

By Geography (Summary)Thailand 94.40 95.94 United Kingdom 2.05 1.87 Portfolio of investments 96.45 97.81 Other net assets 3.55 2.19 Net assets attributable to unitholders 100.00 100.00


31/03/2013 31/03/2013 30/09/2012Secondary S$ % %

By Industry (Summary)Consumer discretionary 32,525,659 13.58 12.70 Consumer staples 22,628,700 9.44 9.89 Energy 17,680,348 7.38 8.29 Financials 91,474,283 38.16 34.91 Healthcare 3,894,791 1.63 1.71 Industrials 2,035,321 0.85 0.95 Information technology 8,120,503 3.39 5.97 Materials 21,589,291 9.01 9.94 Telecommunication services 6,593,923 2.75 -Utilities 19,681,220 8.21 11.58 Unit trusts 4,902,965 2.05 1.87 Portfolio of investments 231,127,004 96.45 97.81 Other net assets 8,507,385 3.55 2.19 Net assets attributable to unitholders 239,634,389 100.00 100.00

100


Holdings Fair value Percentage of total net assets

attributable to unitholders 31/03/2013 31/03/2013 31/03/2013 30/09/2012

units S$ % %

Aberdeen American Opportunities Fund

Underlying FundAberdeen Global - American Equity Fund 278,868 5,036,047 99.99 99.34 Portfolio of investments 5,036,047 99.99 99.34 Other net assets 281 0.01 0.66 Net assets attributable to unitholders 5,036,328 100.00 100.00

Aberdeen Asian Local Currency Short Duration Bond Fund

Underlying FundAberdeen Global - Asian Local Currency

Short Duration Bond Fund 901,505 4,892,834 99.25 99.13 Portfolio of investments 4,892,834 99.25 99.13 Other net assets 36,952 0.75 0.87 Net assets attributable to unitholders 4,929,786 100.00 100.00

Aberdeen Asian Smaller Companies Fund

Underlying FundAberdeen Global - Asian Smaller

Companies Fund 8,755,520 235,262,473 98.64 99.57 Portfolio of investments 235,262,473 98.64 99.57 Other net assets 3,232,938 1.36 0.43 Net assets attributable to unitholders 238,495,411 100.00 100.00

Aberdeen China Opportunities Fund

Underlying FundAberdeen Global - Chinese Equity Fund 10,574,134 193,134,854 99.81 99.81 Portfolio of investments 193,134,854 99.81 99.81 Other net assets 363,276 0.19 0.19 Net assets attributable to unitholders 193,498,130 100.00 100.00

Aberdeen Emerging Markets Local Currency Bond Fund

Underlying FundAberdeen Global - Emerging Markets Local

Currency Bond Fund 254,086 3,190,191 98.44 98.53 Portfolio of investments 3,190,191 98.44 98.53 Other net assets 50,693 1.56 1.47 Net assets attributable to unitholders 3,240,884 100.00 100.00

101


Holdings Fair value Percentage of total net assets

attributable to unitholders 31/03/2013 31/03/2013 31/03/2013 30/09/2012

units S$ % %

Aberdeen European Opportunities Fund

Underlying FundAberdeen Global - European Equity Fund 626,622 12,442,094 101.53 99.10 Portfolio of investments 12,442,094 101.53 99.10 Other net assets/(liabilities) (187,811) (1.53) 0.90 Net assets attributable to unitholders 12,254,283 100.00 100.00

Aberdeen Global Emerging Markets Fund

Underlying FundAberdeen Global - Emerging Markets

Equity Fund 22,263,637 477,725,687 99.72 99.80 Portfolio of investments 477,725,687 99.72 99.80 Other net assets 1,350,319 0.28 0.20 Net assets attributable to unitholders 479,076,006 100.00 100.00

Aberdeen Global Opportunities Fund

Underlying FundAberdeen Global - World Equity Fund 9,336,134 212,580,114 99.98 99.81 Portfolio of investments 212,580,114 99.98 99.81 Other net assets 32,807 0.02 0.19 Net assets attributable to unitholders 212,612,921 100.00 100.00

Aberdeen India Opportunities Fund

Underlying FundAberdeen Global - Indian Equity Fund 39,916,405 592,904,940 99.91 99.74 Portfolio of investments 592,904,940 99.91 99.74 Other net assets 553,441 0.09 0.26 Net assets attributable to unitholders 593,458,381 100.00 100.00

Aberdeen Japan Equity Fund

Underlying FundAberdeen Investment Funds ICVC -

Aberdeen Japan Growth Fund 1,935,917 5,892,629 99.93 99.09 Portfolio of investments 5,892,629 99.93 99.09 Other net assets 4,147 0.07 0.91 Net assets attributable to unitholders 5,896,776 100.00 100.00

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Important: The contents of this report is strictly for information purposes only and should not be considered an offer, or solicitation, to deal in any of the mentioned funds.

Aberdeen Asset Management Asia Limited (“Aberdeen Asia”) does not warrant the accuracy, adequacy or completeness of the information provided and expressly disclaims liability for any errors or omissions. Any projections or other forward-looking statement regarding future events or performance of countries, markets or companies are not necessarily indicative of, and may differ from, actual events or results. No regard to the investment objectives, financial situation or particular needs of any specific investor has been taken into account in the preparation of the information provided.

Investments in and the rates of returns for any of the mentioned funds are not deposits in, obligations of, guaranteed or insured by Aberdeen Asia, the Aberdeen group of companies or Aberdeen Asia’s appointed distributors, and are subject to investment risks, including the possible loss of any principal amount invested. Unit values and any income therefrom for any of the mentioned funds may fall or rise. Past performance is not indicative of future performance.

Investors should read the prospectus and the product highlights sheet of the relevant funds, available from Aberdeen Asia or its website at www.aberdeen-asia.com, and consider the suitability of any fund for his or her own needs or seek independent advice from a financial adviser, before making any investment commitment. Any person acting upon or in reliance of the information provided does so entirely at his or her own risk.

The fund(s) as well as their underlying fund(s) may use or invest in financial derivative instruments. Please refer to the prospectus of the fund(s) for more information.

The copyright in this report is owned by Aberdeen Asia. No part or parts hereof may be reproduced, copied, broadcast or transmitted in any manner or by any means or stored in any information retrieval systems without the written permission of Aberdeen Asia. The right to make any changes and corrections to the above information at any time and without notice, is hereby reserved.

Aberdeen Asset Management Asia Limited, Registration Number 199105448E

Aberdeen Asset Management Asia Limited(Registration Number 199105448E)

21 Church Street, #01-01 Capital Square Two

Singapore 049480

Tel: 1800 395 2709

Fax: 6632 2998

www.aberdeen-asia.com

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