Aberdeen (Swiss) Funds · Audited Annual Report as at September 30, 2011. Aberdeen (Swiss) Funds • Audited Annual Report as at September 30, 2011 ... (MIS), project and user support

Aberdeen (Swiss) FundsUmbrella Fund under Swiss Law of the “Other Funds for Traditional Investments” Type

Audited Annual Report as at September 30, 2011

Aberdeen (Swiss) Funds • Audited Annual Report as at September 30, 2011

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Contents Management and statutory bodies 3Report on activities 4Aberdeen (Swiss) Funds Dynamic Bond Fund (hedged £) 7Aberdeen (Swiss) Funds Dynamic Bond Fund (hedged Euro) 15Aberdeen (Swiss) Funds Dynamic Bond Fund (hedged US$) 23Aberdeen (Swiss) Funds European Opportunities Equity Fund 33Aberdeen (Swiss) Funds Global Energy Equity Fund 38Aberdeen (Swiss) Funds Global Gold Equity Fund 42Aberdeen (Swiss) Funds Global High Tech Equity Fund 46Aberdeen (Swiss) Funds Global Opportunities Equity Fund 50Aberdeen (Swiss) Funds Global Pharma Equity Fund 55Aberdeen (Swiss) Funds Tiger Equity Fund 59Notes 64Report of the audit company 67


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Information on third parties

Delegation of investment decisionsInvestment decisions in respect of the subfunds have been delegated to Aberdeen Fund Manage-ment Limited, London, Aberdeen Asset Manage-ment Asia Limited, Singapore, and to Aberdeen Asset Management Inc., Philadelphia.

Aberdeen Fund Management Limited, London:– Aberdeen (Swiss) Funds European Opportunities

Equity Fund– Aberdeen (Swiss) Funds Global Energy Equity

Fund– Aberdeen (Swiss) Funds Global High Tech Equity

Fund– Aberdeen (Swiss) Funds Global Opportunities

Equity Fund– Aberdeen (Swiss) Funds Global Pharma Equity

Fund

Aberdeen Fund Management Limited, London / Aberdeen Asset Management Inc., Philadelphia:– Aberdeen (Swiss) Funds Dynamic Bond Fund

(hedged £)– Aberdeen (Swiss) Funds Dynamic Bond Fund

(hedged Euro)– Aberdeen (Swiss) Funds Dynamic Bond Fund

(hedged US$)

Aberdeen Asset Management Asia Limited, Singa-pore:– Aberdeen (Swiss) Funds Global Gold Equity Fund– Aberdeen (Swiss) Funds Tiger Equity Fund

Delegation of other specific dutiesThe Fund Management Company has delegated certain fund administration duties to Credit Suisse AG, Zurich. These duties include providing legal and tax advice, managing the Fund Management Com-pany’s finances, real estate portfolio management and administration, facility management, human resources, the Management Information System (MIS), project and user support for fund accounting, risk management, and monitoring of the investment guidelines.Further specific duties may be delegated to Credit Suisse AG, Zurich. Precise details of how its remit is to be fulfilled are laid down in an agreement between the Fund Management Company and Credit Suisse AG, Zurich.

Paying agent in the Principality of Liechten-steinLGT Bank in Liechtenstein AG, Herrengasse 12, FL-9490 Vaduz

Managementand statutorybodies

Management CompanyCredit Suisse Funds AG, Zurich

Board of Directors– Heinz Hofmann, Chairman– Luca Diener, Vice President,

Managing Director, Credit Suisse AG, Zurich– Nicole Pauli, Member, Managing Director,

Credit Suisse AG, Zurich– Maurizio Pedrini, Member (as of April 7, 2011),

Managing Director, Credit Suisse AG, Zurich– Christian Schärer, Member, Managing Director,

Credit Suisse AG, Zurich– Dr. Thomas Schmuckli, Member,

Director, Credit Suisse AG, Zurich– Mario Seris, Member,

Managing Director, Credit Suisse AG, Zurich

– Daniel Brupbacher, Member (until April 7, 2011), Managing Director, Credit Suisse AG, Zurich

– Christian Mesenholl, Member (until September 13, 2011), Director, Credit Suisse AG, Zurich

Executive Board– Thomas Schärer, Chief Executive Officer– Petra Reinhard, Deputy CEO– Michael Bünzli, Member, Legal Counsel– Thomas Federer, Member, Performance & Risk

Management– Patrick Tschumper, Member, COO– Thomas Vonaesch, Member, Real Estate Fund

Management– Gabriele Wyss, Member, Compliance

Custodian BankCredit Suisse AG, Zurich

Audit CompanyKPMG AG, Zurich


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Unaudited Report on Activities from October 1, 2010 to September 30, 2011*

Aberdeen (Swiss) Funds Dynamic Bond Fund (hedged £)Aberdeen (Swiss) Funds Dynamic Bond Fund (hedged Euro)Aberdeen (Swiss) Funds Dynamic Bond Fund (hedged US$)Fixed income markets were volatile as peripheral eu-rozone countries came under severe pressure from bond investors concerned over levels of indebted-ness. EU/IMF bailouts failed to calm the markets as expected and fears about the fiscal situation in other eurozone countries kept yield spreads versus German bunds at record high levels. Credit markets initially outperformed government bond markets. Subsequently, however, risk aversion trends led to spread widening. The financial sector was particu-larly affected due to concerns over the resilience of the European banking sector and potential losses owing to the sovereign debt crisis. The Fund underperformed its benchmark over the period under review. We have positioned the Fund overweight in terms of credit risk as we see signifi-cant long-term value within the corporate bond sec-tor. We are overweight in subordinated financial bonds and insurance. We remain zero-weighted in Portu-gal, Greece and Ireland. Within Italy and Spain we only hold the better quality names in subordinated paper, i.e. Santander, BBVA, Uncredit and Intesa. Whilst we can see some pressure on second-tier bank names we are confident that the better qual-ity names will continue to delever and offer strong performance over time.We have positioned the Fund short of the bench-mark duration, which was negative for performance. Given the low levels of real yields in government bond markets at present we continue to see little value in government bond yields and significant in-flationary risks ahead.

Aberdeen (Swiss) Funds European Opportunities Equity FundEuropean equities fell during the review period. Mar-kets rose initially as investors, encouraged by the Continent’s improving macro data and upbeat corpo-rate results, rotated out of emerging assets. The up-trend, however, had lost momentum by the second half as the debt crisis escalated. The first ever cred-it-rating downgrade for America and the news that Swiss lender UBS had suffered massive losses from alleged rogue trades exacerbated the sell-off. The latest economic indicators show slowing momentum even for the hitherto resilient core European nations. The situation is no better in the UK, where spending cuts have stymied GDP growth. During the year, we introduced four UK companies. These included chemicals producer Croda Interna-tional because of its strong niche position and ex-

cellent pricing power; publisher Pearson given its good track record and attractive growth prospects in digital media and education; insurer Prudential in view of its long-term prospects, particularly in Asia; and Cobham, a high-quality aerospace and defense contractor, which has a strong presence in various commercial markets.Conversely, we exited German industrial company MAN following a change in control after Volkswagen secured a majority stake, and Dutch courier compa-ny TNT after it announced it will split its express and mail operations. We also sold Metro, ThyssenKrupp, Intesa Sanpaolo, Italcementi, Philips Electronics, Aviva, Daily Mail & General Trust, BMW and BNP Paribas to invest in better opportunities elsewhere.

Aberdeen (Swiss) Funds Global Energy Equity FundGlobal energy stocks edged up over the year under review, outperforming the broader market. The bulk of the gains occurred in the first half as oil prices climbed amid political turbulence in North Africa and the Middle East, which sparked fears of supply dis-ruptions. From May, however, shares lost ground, pressured by deteriorating economic data from the US and China. Markets were particularly volatile in August and September as Europe’s debt crisis wors-ened and global recession fears dominated senti-ment. Crude oil prices, which had risen to around USD 114 a barrel in April, retreated sharply and ended the period at USD 79. During the year, we divested US drilling contrac-tor Transocean. We also exited the position in US-based Occidental Petroleum because of better op-portunities elsewhere. Against this, we introduced UK-based utility company Centrica.

Aberdeen (Swiss) Funds Global Gold Equity FundShares of gold producers fell by less than the broad-er global market for the year under review. Initially, the US Federal Reserve’s fresh round of bond pur-chases boosted metals but this was counterbal-anced by China’s policy tightening and the impact on demand. Subsequently, popular revolts in the Arab world, Japan’s disasters and inflation fears in Asia drove demand for safe-haven assets. Risk aversion peaked in September, as the eurozone crisis deep-ened concerns over the global recovery. Gold prices, which had risen to an all-time high of USD 1 900 at one point, fell sharply to USD 1 600 at the period end. During the year, we introduced Alacer, a high-quality gold producer with Australian assets and significant upside potential in Turkey, where its first gold mine is starting operations. It plans to double total produc-tion over the next four years, while low cash costs provide a reasonable buffer against price volatility.


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Conversely, we sold China’s Zijin Mining owing to concerns over its business prospects. We also di-vested Harmony Gold because of concerns over its high-cost operations in South Africa; we already have exposure to Harmony’s high-value Wafi-Golpu project in Papua New Guinea through Newcrest, which owns 50% of the joint venture.

Aberdeen (Swiss) Funds Global High Tech Equity FundTechnology shares rose over the period under re-view, bucking the broader global market decline. Most of the gains were made in the first half on the back of broadly healthy corporate earnings. Senti-ment was further boosted by hopes that the global recovery had become sustainable as US macroeco-nomic data improved. However, stocks lost ground in the second half. Growing fears of European debt contagion, coupled with an unprecedented down-grade of America’s sovereign credit rating, eroded risk appetite. Concerns of a double-dip recession soon took hold, sparking a collective sell-off across the globe. Technology shares remained resilient de-spite the market correction.We introduced two new holdings and divested three during the year. One new purchase was Comcast, a leading US cable TV service provider which was trading at a reasonable valuation. The other was Singapore Telecommunications, which has opera-tions in Singapore and Australia as well as stakes in a number of emerging market networks. The com-pany boasts a robust balance sheet and cash flow, and its stock offers a healthy dividend yield. Conversely, we sold US computer manufacturer Dell as consumer demand slowed amid fierce competition, and Japanese factory automation and electronic components group Omron, which dis-appointed with its slow restructuring efforts. We also closed our position in US computing security software maker McAfee following its acquisition by another holding, semiconductor manufacturer Intel.

Aberdeen (Swiss) Funds Global Opportunities Equity FundStock markets worldwide declined in the year under review amid mixed news releases. Initially, investors were encouraged by positive corporate earnings, but that was outweighed by the widening sover-eign debt crisis in the eurozone, widespread po-litical unrest in the Middle East, natural disasters in Japan and concerns over the health of the global economy. In the US, the political impasse over the nation’s fiscal deficit and the Federal Reserve’s cautious economic outlook also hurt sentiment. Credit rating downgrades of developed nations also heightened risk aversion. That led global equities to under perform bond markets on the back of flight to safety.

During the year, we introduced several companies at attractive valuations. These included Swedish in-dustrial company Atlas Copco because of its solid business structure and sound management strate-gy; UK-based HSBC owing to its emerging markets franchise and robust capital positions; as well as Mexican convenience store and beverage company Femsa on the back of its reliable cash flows. We also initiated positions in soft drinks and snacks manu-facturer PepsiCo and software developer Oracle for their resilient businesses and sound fundamentals. Against this, we divested US chipmaker Intel, Ger-man sports equipment maker Adidas and Dutch company Philips Electronics because of better op-portunities elsewhere. We also disposed of German utility group E.On as regulation of the domestic en-ergy market became increasingly opaque and Span-ish lender Mapfre on local financial sector concerns.

Aberdeen (Swiss) Funds Global Pharma Equity FundHealth-care stocks rose during the year under re-view, bucking the broader global market decline. Initially, regulatory setbacks for major drug manufac-turers and uncertainty over US health-care reforms hurt sentiment. But defensive sectors, including health care, gained favor as political unrest in the Middle East and Japan’s natural disasters resulted in rising global uncertainty. Merger and acquisition news and positive earnings results in the health-care sector further supported sentiment. Towards the end of the period, risk aversion spiked on the back of renewed eurozone debt worries and the weak US recovery, but health-care stocks remained resilient. We introduced two Japanese holdings to the port-folio: Asahi Intecc, which manufactures catheters and ultra-fine medical wires, because of its attrac-tive growth prospects; and consumer products com-pany Dr.Ci:Labo, given its position in the collagen skincare market. Against this, we sold US-based Procter & Gamble.

Aberdeen (Swiss) Funds Tiger Equity FundAsian markets continued to fall during the review period, bringing regional benchmarks to their lowest level in more than a year. At first, strong fund inflows lifted markets to new post-crisis highs as economies were buoyed by stimulatory fiscal and monetary con-ditions. But sentiment was dented by political up-heaval across the Arab world and the triple disaster that struck Japan. Adding to the dismal mood was the unprecedented downgrade of America’s sov-ereign credit rating, Europe’s deepening sovereign debt crisis and China’s aggressive credit tightening. During the period, we introduced AIA Group, a lead-ing life insurance group with a strong presence in Asia. Its robust balance sheet should help it pursue further growth and weather the low-interest-rate


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environment. We also introduced Hong Kong-listed lender HSBC Holdings, which has a strong Asian franchise and a robust capital position. Trad-ing at a small premium to book value, it compares favorably to its Asian-listed peers. Against this, we sold Chinese oil and gas company CNOOC on rela-tive outperformance and Malaysian mobile operator Digi.com.

* The information stated relates to the period under review and is not indica-tive of future returns.

Aberdeen (Swiss) Funds Dynamic Bond Fund (hedged £) • Audited Annual Report as at September 30, 2011

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Highlights Key figures 30.09.2011 30.09.2010 30.09.2009 30.09.2008Total net assets in millions GBP 13.1 15.8 16.8 18.5Units in circulation 135 891.181 142 828.387 162 752.801 195 990.852Net asset value per unit in GBP 96.43 110.31 103.22 94.56Review period from 01.10.2010 01.10.2009 01.10.2008 01.10.2007 to 30.09.2011 30.09.2010 30.09.2009 30.09.2008Distribution per unit in GBP 4.80 5.00 5.40 5.20

Annual distribution for 2011 1. For unitholders domiciled in SwitzerlandGross GBP 4.800Total from income GBP 4.800Less 35% Swiss withholding tax GBP 1.680Net distribution from capital gains against coupon no. 16 GBP 3.120

2. For unitholders domiciled outside Switzerland (with affidavit)Gross GBP 4.800Net distribution from capital gains against coupon no. 16 GBP 4.800

Payable on or after November 17, 2011 at CREDIT SUISSE AG, Zurich, and at their branch offices in Switzerland

Depositaries Credit Suisse, Zurich Euroclear Brown Brothers Harriman, New York

Breakdown by currencies and exchange rates

% of total assets 30.09.2011Australian dollar 1.80Pound sterling 36.62Euro 24.80US dollar 30.75Total % of total assets 93.97

Exchange rates as at 30.09.2011Australian dollar 0.623895Euro 0.861281Swiss franc 0.706739US dollar 0.641931


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30.09.2011 30.09.2010 GBP GBPAssetsBank deposits, including fiduciary investments with third-party banks, divided into: – Sight deposits 525 226.41 749 548.75Securities, including securities loaned and pledged, divided into: – Bonds, convertible bonds, warrant bonds and other debt

instruments and rights 11 969 557.04 14 360 401.40– Units of other collective investment schemes 431 311.31 330 184.84Derivative financial instruments –59 564.99 4 259.79Other assets 266 476.09 343 984.14Total fund assets minus: 13 133 005.86 15 788 378.92Other liabilities 28 633.51 32 752.63Net assets 13 104 372.35 15 755 626.29Number of units in circulation 135 891.181 142 828.387Net asset value per unit 96.43 110.31

Changes in net assets Net assets at beginning of review period 15 755 626.29 16 799 620.86Ordinary annual distribution –725 309.41 –862 572.40Issue of units 1 240 476.42 729 427.46Redemption of units –1 932 459.80 –2 784 562.20Other items from unit transactions –14 048.49 135 642.04Total income –1 219 912.66 1 738 070.53Net assets at end of review period 13 104 372.35 15 755 626.29 Changes in units in circulation Number at beginning of the review period 142 828.387 162 752.801Number of units issued 11 902.845 7 029.415Number of units redeemed –18 840.051 –26 953.829Number at the end of the review period 135 891.181 142 828.387

Off-balance-sheet business 30.09.2011 30.09.2010 Equivalent As a % of Equivalent As a % of underlying value net fund underlying value net fund in fund currency assets in fund currency assetsExposure-increasing derivative positions: – Currency risk 204 849.65 1.56 0.00 0.00Total exposure-increasing positions 204 849.65 1.56 0.00 0.00

Exposure-reducing derivative positions: – Currency risk 8 041 356.13 61.96 410 197.31 2.60Total exposure-reducing positions 8 041 356.13 61.36 410 197.31 2.60

Volume of securities lent and income from lending commissions– Volume of securities lent 2 180 761.16 201 044.51– Income from commissions 2 339.98 577.57

Assets as at September 30, 2011


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01.10.2010– 01.10.2009– 30.09.2011 30.09.2010 GBP GBPIncome Income from bank balances 1 295.61 953.32Securities income, divided into: – Bonds, convertible bonds, warrant bonds and other debt

instruments and rights 721 265.33 805 887.91– Units of other collective investment schemes 36 496.15 57 598.94– Substitute payments 62 918.55 13 787.50– Securities Lending 2 339.98 577.57Current net income paid in upon the issue of units 39 220.54 32 137.81Total income minus: 863 536.16 910 943.05

Interest due 0.14 12.63

Audit costs 14 787.13 19 362.00Statutory remuneration to: – Management Company 138 688.14 148 999.68– Custodian Bank 7 299.38 7 842.01Other expenses 2 281.11 3 087.44Current net income paid out upon the redemption of units 74 531.87 113 010.31

Net income 625 948.39 618 628.98

Realized capital gains 1 108 058.88 772 212.36Realized capital losses –602 156.73 –1 260 996.14Realized income 1 131 850.54 129 845.20

Unrealized capital gains/losses –2 351 763.20 1 608 225.33Total income –1 219 912.66 1 738 070.53

Application of results Net income of financial year 625 948.39 618 628.98Carried forward from preceding year 274 931.15 370 444.11Net income available for distribution 900 879.54 989 073.09Net income earmarked for distribution to investors 652 277.67 714 141.94Carried forward to following year 248 601.87 274 931.15

Statement of income from October 1, 2010 to Septem-ber 30, 2011


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Description 30.09.2010 Purchases 1 Disposals 1 30.09.2011 2 Market value % of number/ number/ GBP total assets nominal value nominal values

Securities traded on an exchangeBondsAustralian dollar6.5 ABN Amro Bank Nv 06/18 500 000 500 000 236 986.45 1.80 236 986.45 1.80Pound sterling9.625 Alliance & Leicester Plc 08/23 150 000 150 000 155 827.50 1.1912.5 Allied Irish Banks Plc 09/19 250 000 250 0005.75 America Movil SAB de CV 10/30 150 000 150 0005 American International Group Inc 06/23 300 000 300 0006.5 Amlin Plc 06/26 300 000 300 0009.75 Anheuser-Busch INBEV SA 09/24 130 000 130 0006.54 ANZ Banking Group 07 50 000 50 0004.674 Aspire Defense Finance Plc 06/40 50 000 50 0004.674 Aspire Defense Finance Plc 06/40 100 000 100 0007 AT&T Inc 09/40 100 000 100 0005.9021 Aviva Plc 04 200 000 200 000 126 500.00 0.966.772 AXA SA 07 200 000 200 000 117 500.00 0.895.25 Bank of America Corp 06/16 100 000 100 0007 Bank of America Corp 08/28 150 000 150 0009.25 Bank of Ireland (Gov&Co) 08/20 90 000 90 0006.375 Barclays Bank Plc 02 200 000 200 0006.75 Barclays Bank Plc 07/23 150 000 150 000 133 117.68 1.0110 Barclays Bank Plc 09/21 143 000 143 000 144 558.70 1.106 BAT Intl Finance Plc 09/34 100 000 100 0005.75 BAT Intl Finance Plc 10/40 50 000 50 0005.75 BBVA Subordinated Capital SA 07/18 150 000 150 000 131 625.00 1.006.742 BNP Paribas 07/17 50 000 50 000 47 061.14 0.366.625 Brit. Insurance Holdings NV 05/30 50 000 50 000 28 999.50 0.226.375 British Telecom Plc 07/37 150 000 150 0004.821 Broadgate Financing Plc 05/36 70 000 70 0006.455 Canary Wharf Finance II Plc 00/33 180 000 180 0004.65 Chester ARD 03/13 90 000 90 0007.25 Circle Anglia Social Housing 08/38 150 000 150 0007.25 Circle Anglia 10/38 150 000 150 0005.125 Citigroup Inc 03/18 120 000 120 0006.8 Citigroup Inc 08/38 50 000 50 0007.375 Citigroup Inc 09/39 50 000 50 0006.25 Co Operative Group Limited 11/26 100 000 100 000 98 780.00 0.758.125 Credit Agricole SA 09 100 000 100 0005 Crédit Agricole 03 100 000 100 000 67 917.00 0.527.589 Credit Agricole 08/49 200 000 200 000 123 250.00 0.944.55 Cumbernauld Funding Plc 06/14 150 000 169 000 319 000 108 222.12 0.825.375 Danske Bank AS 03/21 100 000 100 000 81 250.00 0.626 EDF Energy Networks EPN Plc 09/36 90 000 90 0005.125 EDF Energy Networks LPN Plc 09/16 130 000 130 0006.125 EDF Energy Networks SPN Plc 09/31 50 000 50 0008.625 EDP Finance BV 08/24 50 000 50 0006.875 Egg Banking Plc 01/21 240 000 240 000 210 600.00 1.606.875 Electricite de France EDF 08/22 50 000 50 0006.25 Electricite de France EDF 08/28 100 000 100 0006.125 Electricite de France EDF 09/34 150 000 150 0005.125 Electricite de France EDF 10/50 50 000 50 000 100 0005.625 ENEL Finance Intl 09/24 170 000 170 0006.75 E.ON Intl Finance BV 09/39 100 000 100 0006.75 Fidelity International Ltd 10/20 100 000 100 0004.635 Fosse Master Issuer 10/17 150 000 150 0005.625 France Telecom SA 04/34 150 000 150 000 158 790.00 1.218.125 France Telecom SA 08/28 200 000 200 0005.375 GE Capital UK Funding 03/40 100 000 100 0005.875 GE Capital UK Funding 08/33 50 000 50 0006.25 GE Capital UK Funding 08/38 50 000 50 0008 GE Capital Uk Funding 09/39 100 000 100 0006.214 Generali Finance BV 06 100 000 100 000 58 500.00 0.456.375 Glaxosmithkline Capital Plc 08/39 50 000 50 0006.875 Goldman Sachs Group Inc 08/38 140 000 140 0006.461 HBOS Capital Funding LP 180 000 180 0005.75 HBOS Plc 03 100 000 100 000 56 000.00 0.436.305 HBOS Plc 07/17 200 000 200 000 161 500.00 1.235.844 HSBC Bank Funding 03 170 000 170 000 127 188.90 0.975 HSBC Bank Plc 03/23 300 000 300 0006.75 HSBC Holdings Plc 08/28 100 000 100 0009 Imperial Tobacco Finance Plc 09/22 150 000 150 0006.875 ING Bank NV 08/23 150 000 150 000 141 188.70 1.085.0636 Juturna EUR Plc 03/33 400 000 400 0005.391 Land Securities Plc 04/27 200 000 200 000 219 346.26 1.677.5884 LBG Capital No.1 09/20 110 000 110 000 80 850.00 0.626.385 Legal & General Group Plc 07 150 000 150 000 2 107 625.00 0.8210 Legal & General Group Plc 09/41 150 000 150 0007.625 Lloyds TSB Bank Plc 10/25 100 000 100 000 82 375.00 0.635.5 Macquarie Bank Ltd 06/16 194 000 194 0005.375 Motability Operations Group Plc 10/22 130 000 130 0005.25 National Air Traffic Services Ltd 03/26 200 000 200 000 218 576.52 1.667.375 National Grid El. Transmission 09/31 75 000 75 0006.024 Nationwide Building Society 07 100 000 100 000 64 750.00 0.498 Old Mutual Plc 11/21 100 000 100 000 90 280.22 0.697.5 Pemex Proj Fund Master Tr 03/13 100 000 100 000 109 000.00 0.834.805 Permanent Master Issuer Plc 10/42 150 000 75 000 75 000 78 517.43 0.606.5 Pfizer Inc 09/38 200 000 200 000

Composition of portfolio, and changes in holdings


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6.25 Procter & Gamble Co 00/30 30 000 30 0006.125 QBE Insurance Group Ltd 09/15 100 000 100 000 104 160.00 0.795.5 Roche Holdings Inc 09/15 70 000 70 0005.441 Romulus Finance Srl 03/23 82 000 82 000 58 338.90 0.446.625 Royal Bank of Scotland Plc 08/18 100 000 100 000 99 000.00 0.756.375 Royal Bank of Scotland Plc 09/14 150 000 150 0007.5 Royal Bank of Scotland Plc 09/24 125 000 125 0009.375 RSA Insurance Group Plc 09/39 150 000 50 000 100 000 112 511.00 0.8611.3 Santander Finance Preferred 09 100 000 100 000 92 750.00 0.717.3 Santander Issuances SA 09/19 100 000 100 000 90 586.02 0.695.063 Siver Master 09/55 50 000 50 000 54 467.00 0.416.625 Skandinaviska Enskilda Banken 09/14 150 000 150 0004.5 Southern Water Services Fin Ltd 06/52 500 000 500 0005.75 Stagecoach Group Plc 09/16 100 000 100 0005.625 Stockland Finance Pty Ltd 06/13 91 000 91 000 94 016.65 0.725.375 Svenska Handelsbanken AB 06 50 000 50 000 48 375.00 0.376.375 Telecom Italia Spa 04/19 150 000 50 000 200 000 183 700.00 1.405.875 Telecom Italia Spa 06/23 150 000 150 0007.375 Telecom Italia Spa 09/17 50 000 50 0005.375 Telefonica Emisiones SA 06/18 200 000 200 000 191 020.00 1.455.289 Telefonica Emisiones SA 09/22 300 000 300 0005.9478 Telereal Securitisation Plc 01/33 100 000 100 0005.3887 Telereal Securitisation Plc 04/31 70 000 70 0006.125 Tesco Plc 09/22 250 000 250 0007.241 Thames Water Utilities Cayman 08/58 300 000 300 0006.542 The Unique Pub Finance Co Plc 99/21 100 000 100 000 71 070.00 0.548.75 UBS AG Jersey Branch 95/25 35 000 35 000 39 889.50 0.305 UK Treasury Stock 01/25 40 000 40 0004.25 UK Treasury Stock 03/36 47 000 47 0004.75 UK Treasury Stock 05/20 60 000 60 0004.5 UK Treasury Stock 08/13 93 000 110 000 203 0004.25 UK Treasury Stock 08/49 922 000 766 000 1 688 0003.75 UK Treasury Stock 09/19 370 000 370 0004 UK Treasury Stock 09/22 95 000 95 0004.25 UK Treasury Stock 09/39 114 000 55 000 169 0005 Unicredit Spa 06/16 100 000 100 000 64 400.00 0.495.75 Wales & West Utilities Finance Plc 10/30 50 000 50 0004.875 Wal-Mart Stores Inc 06/39 160 000 160 0005.25 Wells Fargo Bank NA 06/23 150 000 150 0005.5 Westfield Capital Corp Ltd 05/17 80 000 80 0006.375 Yorkshire Waterserv. Bradford Fin. Ltd 09/39 160 000 160 0005.75 3I Group Plc 99/32 75 000 75 000 4 633 980.74 35.28Euro4.615 Agence Française Developpement SA 06 200 000 200 000 145 556.54 1.115.75 Allianz Finance II Bv 11/41 300 000 300 000 204 813.56 1.566.117 BPCE SA 07 100 000 100 000 46 341.24 0.355.25 Caisse Epargne CNCEP 03/14 351 000 351 000 161 554.33 1.233.5 Caja de Ahorros de Madrid 10/13 200 000 200 000 168 897.27 1.294.375 Caja de Gipuzkoa 200 000 200 000 161 714.18 1.235.5 Casino Guichard Perrachon 09/15 150 000 150 000 2

3.5 Compagnie Saint Gobain 11/15 100 000 100 000 86 038.56 0.662.128 Credit Logement 04 200 000 200 000 106 798.88 0.813.25 Deutschland 10/42 290 000 290 0002.75 Deutschland 11/16 1 700 000 1 700 0003.25 Deutschland 11/21 200 000 200 0004.625 Fortis Banque SA 04 250 000 100 000 150 000 80 099.16 0.614.375 Groupama FRN 05 250 000 250 000 78 861.07 0.606.298 Groupama SA 07 250 000 250 0002.212 HBOS Plc 06/16 Flr 100 000 100 000 63 261.11 0.483.5 Iberdrola Finanzas SA 10/16 200 000 200 000 2 163 557.32 1.257.5 Kabel BW Erste Beteiligungs GmbH 11/19 100 000 100 000 2 82 054.27 0.629.5 Magyar Telecom BV 9/16 150 000 150 000 98 121.47 0.755.921 Mapfre SA 07/37 200 000 200 000 102 923.12 0.786.75 Nationwide Building Society 10/20 200 000 200 000 140 087.25 1.074.94 Romulus Finance Srl 03/13 120 000 120 000 87 850.69 0.672.078 SLM Student 03/27 170 000 170 000 126 753.03 0.979.375 Société Générale 09 300 000 300 000 2 204 123.67 1.555.314 Standard Life Plc 200 000 200 000 2 129 829.55 0.995.75 Unicredit Spa 07/17 200 000 200 000 146 750.36 1.12 2 585 986.63 19.69US dollar8 China Oriental Group Co Ltd 10/15 400 000 400 000 2 221 145.16 1.687.375 Dubai Electricity & Water Authority 10/20 140 000 140 000 86 724.85 0.667 Eurasia Capital S.A. 11/14 300 000 300 000 181 765.92 1.388.375 Freeport McMoran 07/17 50 000 50 000 34 423.54 0.260.53056 HBOS Plc 07/17 300 000 300 000 139 870.30 1.073.75 Hewlett-Packard CO 10/20 200 000 200 000 126 045.68 0.966.5 Hypermarcas SA 11/21 200 000 200 000 2 119 399.13 0.917.95 International Paper Co 08/18 150 000 150 000 111 481.24 0.8510.25 MHP SA 10/15 200 000 200 000 2 113 782.24 0.875.625 NTPC Ltd 11/21 200 000 200 000 125 856.95 0.967.5 Odebrecht Finance Ltd 200 000 200 000 2 125 497.47 0.964.45 Omnicom 10/20 100 000 100 000 64 855.55 0.495.25 Petronas Capital Ltd 09/19 200 000 200 000 144 575.66 1.105.25 Qgog Atlantic 11/18 200 000 200 000 2 120 201.54 0.924.5 Sinochem Overseas Cap Co Ltd 10/20 200 000 200 000 2 117 088.18 0.896.899 Transfer Tax Receipt Revenue 08/40 200 000 200 000 154 037.72 1.17

Description 30.09.2010 Purchases 1 Disposals 1 30.09.2011 2 Market value % of number/ number/ GBP total assets nominal value nominal value


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1.25 United States of America 11/14 2 000 000 940 000 1 060 000 694 736.04 5.297.5 West China Cement Ltd 11/16 400 000 400 000 2 186 321.70 1.42 2 867 808.87 21.84Total bonds 10 324 762.69 78.62Total securities traded on an exchange 10 324 762.69 78.62

Securities traded on a regulated marketBondsPound sterling5.75 Abbey National Treasury Services 11/26 100 000 100 0005.954 BNP Paribas 06 100 000 100 000 68 750.00 0.526.369 Mellon Capital III 06/66 200 000 200 000 68 750.00 0.52Euro5.125 Veolia Environnement 07/22 150 000 150 000 133 222.99 1.01 133 222.99 1.01US dollar6.5 International Lease Finance Corp 10/14 200 000 200 000 128 689.15 0.980.519 Royal Bank of Scotland Plc 07/17 200 000 200 000 85 216.32 0.65 213 905.47 1.63Total bonds 415 878.46 3.17Total securities traded on a regulated market 415 878.46 3.17

Securities from new issuesBondsPound sterling4.75 Experian Finance Plc 11/18 100 000 100 0005.5 Imperial Tobacco Finance Plc 11/26 100 000 100 000 2 102 000.00 0.782.5 Volkswagen Financial Services 11/13 160 000 100 000 60 000 60 245.40 0.46 162 245.40 1.24Euro4.875 Amadeus Capital Market 11/16 200 000 200 000 2 170 189.19 1.303.625 Edenred SA 10/17 200 000 200 000 163 298.94 1.243.75 Schneider Electric SA 11/18 100 000 100 000 86 558.77 0.664.25 Unicredit SPA 11/18 150 000 150 000 2 122 918.36 0.94 542 965.26 4.13US dollar3.75 United States of America 11/41 700 000 700 000 523 705.23 3.99 523 705.23 3.99Total bonds 1 228 915.89 9.36Total securities from new issues 1 228 915.89 9.36

Other investmentsForward exchange transactionsTotal forward exchange transactions (see list) –59 564.99 –0.45 –59 564.99 –0.45Total forward exchange transactions –59 564.99 –0.45

Fund unitsUS dollarAberdeen - Emerging Mkts-Fixed Income 28 747.554 28 728.828 5 269.131 52 207.251 431 311.31 3.28Aberdeen - Global High Yield Bond Fund 13 212.025 13 212.025 431 311.31 3.28Total fund units 431 311.31 3.28Total other investments 371 746.32 2.84Total investments 12 341 303.36 93.97

Cash at banks 525 226.41 4.00Other assets 266 476.09 2.03Total assets 13 133 005.86 100.00Other liabilities –28 633.51 –0.22Net assets 13 104 372.35 99.78

1 Inclusive of purchases/sales and corporate actions2 Securities holdings loaned wholly or in part (securities lending)

List of sight and time deposits as at September 30, 2011Account management Account type Currency Interest rate Maturity 30.09.2011 30.09.2010 ChangeCredit Suisse, Zurich Current account CHF 0.05 daily 0.02 0.36 –0.34Credit Suisse, Zurich Current account USD 0.15 daily 9.54 3.30 6.24Credit Suisse, Zurich Current account GBP 0.20 daily 349 090.70 747 601.71 –398 511.01Credit Suisse, Zurich Current account EUR 0.60 daily 204 494.28 2 241.89 202 252.39Credit Suisse, Zurich Margin account GBP 0.20 daily 1.27 1.27 0.00Credit Suisse, Zurich Margin account USD 0.15 daily 1.88 1.88 0.00

List of forward exchange transactions for the period from October 1, 2010 to September 30, 2011Maturity Transaction Currency Amount Counter- Countervalue Currency gain/loss % of currency (mandate currency) total assets10.12.2010 Bought GBP 61 972.80 EUR 75 000.00 10.12.2010 Bought GBP 352 751.98 USD 544 000.00 10.12.2010 Bought GBP 15 738.24 USD 25 000.00 10.12.2010 Bought GBP 230 426.48 USD 362 000.00 11.03.2011 Bought USD 65 000.00 GBP 41 300.73 11.03.2011 Bought GBP 594 094.79 USD 931 000.00 11.03.2011 Bought GBP 63 561.45 EUR 75 000.00 11.03.2011 Bought USD 12 000.00 GBP 7 570.65

Description 30.09.2010 Purchases 1 Disposals 1 30.09.2011 2 Market value % of number/ number/ GBP total assets nominal value nominal value


13

Maturity Transaction Currency Amount Counter- Countervalue Currency gain/loss % of currency (mandate currency) total assets10.06.2011 Bought GBP 64 637.93 EUR 75 000.00 10.06.2011 Bought GBP 526 274.92 USD 854 000.00 10.06.2011 Bought USD 61 000.00 GBP 37 571.32 10.06.2011 Bought USD 118 000.00 GBP 72 421.52 10.06.2011 Bought GBP 14 717.43 USD 24 000.00 10.06.2011 Bought EUR 75 000.00 GBP 66 727.50 10.06.2011 Bought USD 699 000.00 GBP 428 177.64 09.09.2011 Bought GBP 66 638.78 EUR 75 000.00 09.09.2011 Bought GBP 428 676.56 USD 699 000.00 09.09.2011 Bought GBP 1 096 354.04 EUR 1 215 000.00 09.09.2011 Bought GBP 2 172 090.16 USD 3 497 000.00 09.09.2011 Bought GBP 14 414.10 USD 23 000.00 09.09.2011 Bought GBP 133 517.21 USD 213 000.00 09.09.2011 Bought GBP 305 618.86 EUR 347 000.00 09.09.2011 Bought GBP 124 728.92 USD 199 000.00 09.09.2011 Bought GBP 1 734 282.90 EUR 1 971 000.00 09.09.2011 Bought GBP 385 347.51 USD 614 000.00 09.09.2011 Bought EUR 18 000.00 GBP 15 868.53 09.09.2011 Bought GBP 1 129 792.83 EUR 1 291 000.00 09.09.2011 Bought GBP 272 816.15 AUD 413 000.00 09.09.2011 Bought EUR 12 000.00 GBP 10 547.02 09.09.2011 Bought GBP 194 237.66 USD 316 000.00 09.09.2011 Bought EUR 415 000.00 GBP 365 243.58 09.09.2011 Bought GBP 27 647.22 USD 45 000.00 09.09.2011 Bought GBP 20 245.57 EUR 23 000.00 09.09.2011 Bought GBP 112 219.82 USD 184 000.00 09.09.2011 Bought GBP 155 212.46 EUR 176 000.00 09.09.2011 Bought USD 19 000.00 GBP 11 590.57 09.09.2011 Bought GBP 26 427.06 USD 43 000.00 09.09.2011 Bought GBP 15 702.12 EUR 18 000.00 09.09.2011 Bought USD 587 000.00 GBP 358 336.73 09.09.2011 Bought EUR 86 000.00 GBP 75 065.70 09.09.2011 Bought EUR 25 000.00 GBP 21 700.25 09.09.2011 Bought USD 29 000.00 GBP 17 746.77 09.09.2011 Bought EUR 27 000.00 GBP 23 448.96 09.09.2011 Bought GBP 8 671.42 AUD 14 000.00 09.09.2011 Bought USD 24 000.00 GBP 14 673.51 09.09.2011 Bought USD 21 000.00 GBP 12 926.66 09.09.2011 Bought EUR 36 000.00 GBP 31 828.93 09.09.2011 Bought GBP 88 573.77 EUR 101 000.00 09.09.2011 Bought EUR 58 000.00 GBP 50 795.82 09.09.2011 Bought USD 19 000.00 GBP 11 611.03 09.09.2011 Bought GBP 73 757.04 EUR 84 000.00 09.09.2011 Bought EUR 216 000.00 GBP 188 372.30 09.09.2011 Bought EUR 163 000.00 GBP 142 103.89 09.09.2011 Bought GBP 24 410.48 EUR 28 000.00 09.09.2011 Bought GBP 337 432.22 EUR 389 000.00 09.09.2011 Bought EUR 25 000.00 GBP 21 867.20 09.09.2011 Bought EUR 59 000.00 GBP 51 607.30 09.09.2011 Bought USD 21 000.00 GBP 12 721.17 09.09.2011 Bought EUR 57 000.00 GBP 49 868.73 09.09.2011 Bought AUD 13 000.00 GBP 8 238.20 09.09.2011 Bought USD 18 000.00 GBP 10 993.44 09.09.2011 Bought EUR 48 000.00 GBP 42 287.28 09.09.2011 Bought EUR 48 000.00 GBP 42 427.34 09.09.2011 Bought AUD 19 000.00 GBP 12 448.40 09.09.2011 Bought GBP 11 057.82 USD 18 000.00 09.09.2011 Bought GBP 19 468.68 EUR 22 000.00 09.09.2011 Bought EUR 1 482 000.00 GBP 1 301 047.80 09.09.2011 Bought USD 1 705 000.00 GBP 1 051 582.43 09.09.2011 Bought USD 1 704 000.00 GBP 1 050 965.67 09.09.2011 Bought EUR 1 483 000.00 GBP 1 301 681.01 09.09.2011 Bought AUD 395 000.00 GBP 260 125.12 09.09.2011 Bought USD 1 704 000.00 GBP 1 050 965.67 09.09.2011 Bought EUR 1 482 000.00 GBP 1 301 047.80 07.10.2011 Bought GBP 1 301 007.79 EUR 1 482 000.00 24 751.55 0.1907.10.2011 Bought USD 103 000.00 GBP 66 276.43 –151.56 0.0007.10.2011 Bought GBP 1 301 007.79 EUR 1 482 000.00 24 751.55 0.1907.10.2011 Bought GBP 20 985.54 USD 34 000.00 –842.03 –0.0107.10.2011 Bought USD 41 000.00 GBP 26 430.59 –109.04 0.0007.10.2011 Bought GBP 86 002.88 EUR 99 000.00 746.78 0.0107.10.2011 Bought AUD 12 000.00 GBP 7 654.35 –173.62 0.0007.10.2011 Bought GBP 123 672.77 EUR 142 000.00 1 386.28 0.0107.10.2011 Bought GBP 30 687.06 EUR 35 000.00 546.05 0.0007.10.2011 Bought GBP 1 301 658.76 EUR 1 483 000.00 24 541.32 0.1907.10.2011 Bought EUR 52 000.00 GBP 45 439.47 –658.44 –0.0107.10.2011 Bought EUR 8 000.00 GBP 7 014.94 –125.55 0.0007.10.2011 Bought GBP 137 007.38 USD 211 000.00 1 547.46 0.0107.10.2011 Bought EUR 20 000.00 GBP 17 524.04 –300.57 0.0007.10.2011 Bought GBP 1 051 882.81 USD 1 705 000.00 –42 705.30 –0.3307.10.2011 Bought EUR 326 000.00 GBP 281 376.79 –634.18 0.0007.10.2011 Bought USD 19 053.82 EUR 14 000.00 175.93 0.0007.10.2011 Bought EUR 29 000.00 GBP 25 456.46 –482.42 0.0007.10.2011 Bought GBP 147 621.96 USD 234 000.00 –2 603.33 –0.0207.10.2011 Bought EUR 29 000.00 GBP 25 098.02 –123.98 0.0007.10.2011 Bought GBP 259 262.23 AUD 395 000.00 13 031.91 0.1007.10.2011 Bought GBP 1 051 265.87 USD 1 704 000.00 –42 680.25 –0.3207.10.2011 Bought GBP 143 059.80 USD 226 000.00 –2 029.63 –0.0207.10.2011 Bought GBP 1 051 265.87 USD 1 704 000.00 –42 680.25 –0.3207.10.2011 Bought USD 21 000.00 EUR 15 005.09 559.85 0.0007.10.2011 Bought GBP 371 078.61 USD 594 000.00 –10 262.18 –0.08


14

Maturity Transaction Currency Amount Counter- Countervalue Currency gain/loss % of currency (mandate currency) total assets07.10.2011 Bought AUD 5 000.00 GBP 3 270.53 –153.56 0.0007.10.2011 Bought EUR 40 000.00 GBP 35 141.60 –694.65 –0.0107.10.2011 Bought GBP 127 441.14 USD 204 000.00 –3 524.39 –0.0307.10.2011 Bought USD 15 000.00 GBP 9 611.44 18.40 0.0004.11.2011 Bought GBP 27 753.02 EUR 32 000.00 208.25 0.0009.12.2011 Bought EUR 100 000.00 GBP 86 606.70 –572.76 0.0009.12.2011 Bought EUR 95 000.00 GBP 83 306.83 –1 574.59 –0.0109.12.2011 Bought USD 55 000.00 GBP 34 831.47 511.51 0.0009.12.2011 Bought EUR 25 000.00 GBP 21 567.75 –59.27 0.0009.12.2011 Bought USD 22 000.00 GBP 13 908.51 228.68 0.0009.12.2011 Bought GBP 52 327.86 EUR 60 000.00 708.27 0.0109.12.2011 Bought USD 10 000.00 GBP 6 365.62 60.38 0.0009.12.2011 Bought EUR 13 000.00 GBP 11 382.02 –197.61 0.00Total forward exchange transactions –59 564.99 –0.45

Aberdeen (Swiss) Funds Dynamic Bond Fund (hedged Euro) • Audited Annual Report as at September 30, 2011

15



Exchange rates as at 30.09.2011Australian dollar 0.724380Pound sterling 1.161061Swedish krone 0.108518Swiss franc 0.820567US dollar 0.745321

Highlights Key figures 30.09.2011 30.09.2010 30.09.2009 30.09.2008Total net assets in millions EUR 76.2 115.2 132.5 145.9Units in circulation 1 165 744.061 1 551 904.190 1 875 694.140 2 237 800.092Net asset value per unit in EUR 65.40 74.26 70.63 65.19Review period from 01.10.2010 01.10.2009 01.10.2008 01.10.2007 to 30.09.2011 30.09.2010 30.09.2009 30.09.2008Distribution per unit in EUR 2.80 2.40 2.60 2.40

Annual distribution for 20111. For unitholders domiciled in SwitzerlandGross EUR 2.800Total from income EUR 2.800Less 35% Swiss withholding tax EUR 0.980Net distribution from capital gains against coupon no. 18 EUR 1.820

2. For unitholders domiciled outside Switzerland (with affidavit)Gross EUR 2.800Net distribution from capital gains against coupon no. 18 EUR 2.800


DepositariesCredit Suisse, ZurichEuroclearCACEIS Bank, ParisBrown Brother Harriman, New YorkBNP Paribas, Milan


16

30.09.2011 30.09.2010 EUR EURAssetsBank deposits, including fiduciary investments with third-party banks, divided into:– Sight deposits 4 338 755.25 321 606.78Securities, including securities loaned and pledged, divided into:– Bonds, convertible bonds, warrant bonds and other debt

instruments and rights 69 630 149.41 112 755 031.60– Units of other collective investment schemes 2 460 451.91 0.00Derivative financial instruments –1 782 148.17 0.00Other assets 1 672 263.02 2 433 811.94Total fund assets minus: 76 319 471.42 115 510 450.32Other liabilities 85 573.98 118 388.40Due to banks 0.01 153 439.26Net assets 76 233 897.43 115 238 622.66Number of units in circulation 1 165 744.061 1 551 904.190Net asset value per unit 65.40 74.26 Changes in net assetsNet assets at beginning of review period 115 238 622.66 132 487 826.66Ordinary annual distribution –3 579 021.10 –4 767 611.35Issue of units 790 084.44 2 120 540.26Redemption of units –27 942 793.56 –25 129 536.87Other items from unit transactions –335 647.61 1 150 303.22Total income –7 937 347.40 9 377 100.74Net assets at end of review period 76 233 897.43 115 238 622.66 Changes in units in circulation Number at beginning of the review period 1 551 904.190 1 875 694.140Number of units issued 10 926.537 30 289.521Number of units redeemed –397 086.666 –354 079.471Number at the end of the review period 1 165 744.061 1 551 904.190

Off-balance-sheet business 30.09.2011 30.09.2010 Equivalent As a % of Equivalent As a % of underlying value net fund underlying value net fund in fund currency assets in fund currency assetsExposure-reducing derivative positions: – Currency risk 38 360 205.49 50.32 0.00 0.00Total exposure-reducing positions 38 360 205.49 50.32 0.00 0.00

Volume of securities lent and income from lending commissions– Volume of securities lent 15 620 776.75 16 488 673.12– Income from commissions 75 005.15 26 651.66



17

01.10.2010– 01.10.2009– 30.09.2011 30.09.2010 EUR EURIncomeIncome from bank balances 6 785.19 5 923.46Securities income, divided into:– Bonds, convertible bonds, warrant bonds and other debt

instruments and rights 3 857 961.11 4 355 935.49– Units of other collective investment schemes 208 195.36 0.00– Substitute payments 573 550.65 1 252 614.03– Securities Lending 75 005.15 26 651.66Other income 56 798.56 8 359.93Current net income paid in upon the issue of units 9 972.35 52 089.63Total income minus: 4 788 268.37 5 701 574.20

Interest due 1 784.84 32.48

Audit costs 18 549.40 23 241.55Statutory remuneration to: – Management Company 908 728.21 1 154 885.53– Custodian Bank 47 827.83 60 783.41Other expenses 2 620.10 3 937.31Current net income paid out upon the redemption of units 906 551.52 738 076.95

Net income 2 902 206.47 3 720 616.97

Realized capital gains 5 646 229.53 6 920 053.93Realized capital losses –3 608 879.53 –2 617 727.37Realized income 4 939 556.47 8 022 943.53


Application of results Net income of financial year 2 902 206.47 3 720 616.97Carried forward from preceding year 1 592 138.95 1 596 092.04Net income available for distribution 4 494 345.42 5 316 709.01Net income earmarked for distribution to investors 3 264 083.37 3 724 570.06Carried forward to following year 1 230 262.05 1 592 138.95



18

Description 30.09.2010 Purchases 1 Disposals 1 30.09.2011 2 Market value % of number/ number/ EUR total assets nominal value nominal value

Securities traded on an exchangeBondsAustralian dollar6.5 ABN Amro Bank Nv 06/18 1 500 000 1 500 000 825 467.07 1.08 825 467.07 1.08Pound sterling6.75 Barclays Bank Plc 07/23 800 000 800 000 824 307.98 1.085.75 BBVA Subordinated Capital SA 07/18 850 000 850 000 866 006.37 1.136.25 Co Operative Group Limited 11/26 800 000 800 000 917 516.84 1.207.589 Credit Agricole 08/49 1 100 000 1 100 000 787 054.23 1.034.55 Cumbernauld Funding Plc 06/14 1 200 000 1 200 000 472 673.92 0.625.375 Danske Bank AS 03/21 900 000 900 000 849 025.86 1.115.625 France Telecom SA 04/34 700 000 700 000 860 369.42 1.136.214 Generali Finance BV 06 1 000 000 1 000 000 679 220.69 0.896.461 HBOS Capital Funding LP 1 040 000 1 040 0006.305 HBOS Plc 07/17 900 000 900 000 843 801.08 1.115.844 HSBC Bank Funding 03 960 000 960 000 833 924.17 1.096.875 ING Bank NV 08/23 800 000 800 000 874 286.36 1.156.385 Legal & General Group Plc 07 900 000 900 000 749 755.14 0.988 Old Mutual Plc 11/21 700 000 700 000 733 745.90 0.967.3 Santander Issuances SA 09/19 800 000 800 000 841 407.16 1.106.375 Telecom Italia Spa 04/19 1 200 000 1 200 000 1 279 721.43 1.685.375 Telefonica Emisiones SA 06/18 1 200 000 1 200 000 1 330 715.23 1.744 UK Treasury Stock 06/16 4 500 000 4 500 0004.25 UK Treasury Stock 10/40 1 200 000 1 200 000 1 567 432.35 2.053.75 UK Treasury Stock 11/21 5 000 000 5 000 000 15 310 964.13 20.06Euro3.625 Abbey Nat Treasury Services 10/17 950 000 950 0004 ABN Amro Bank NV 10/15 1 000 000 1 000 0004.25 ABN Amro Bank NV 11/16 700 000 700 0004.615 Agence Française Developpement SA 06 1 100 000 1 100 000 929 500.00 1.225.75 Allianz Finance II Bv 11/41 1 300 000 1 300 000 1 030 471.00 1.355.625 Allied Irish Banks Plc 09/14 1 550 000 1 550 0003.75 America Movil SAB de CV 10/17 380 000 380 000 383 021.00 0.504.625 Anglian Water Serv Fin Plc 03/13 950 000 950 0006.57 Anheuser-Busch INBEV SA 09/14 600 000 600 0008.625 Anheuser-Busch INBEV SA 09/17 1 500 000 330 000 1 170 000 1 473 615.00 1.935.125 ANZ Banking Group 09/19 600 000 600 000 587 100.00 0.774.75 ASIF III Jersey Ltd 03/13 900 000 900 0004.375 AT&T Inc 07/13 550 000 550 0004.7291 Aviva Plc 04 400 000 350 000 750 000 528 457.50 0.696.875 Aviva Plc 08/38 750 000 750 000 658 287.53 0.866.211 AXA SA 05 1 000 000 400 000 1 400 000 890 176.00 1.173.25 Banco Pastor SA 09/14 1 200 000 1 200 0004.75 Bank of America Corp 07/17 1 350 000 1 350 0007 Bank of America Corp 09/16 1 000 000 1 000 0004.625 Bank of Ireland (Gov&Co) 09/13 750 000 750 0006 Barclays Bank Plc 10/21 700 000 450 000 700 000 450 000 2 369 112.50 0.485.875 BAT Intl Finance Plc 08/15 1 370 000 1 370 0004.25 Belgien 10/41 1 712 000 1 712 0004.75 BPCE SA 06 750 000 750 000 380 190.00 0.506.117 BPCE SA 07 300 000 300 000 161 415.00 0.212.875 BPCE S.A. 10/15 300 000 300 000 288 817.41 0.383.625 BPCE SFH 11/16 600 000 600 0005.25 Caisse Epargne CNCEP 03/14 700 000 700 000 374 080.00 0.493.5 Caja de Ahorros de Madrid 10/13 1 350 000 1 350 000 1 323 675.00 1.733 Caja de Ahorros de Valencia 09/14 500 000 500 0004.375 Caja de Gipuzkoa 1 100 000 1 100 000 2 1 032 680.00 1.352.431 Calcipar SA 07/14 1 000 000 1 000 0003.375 Carlsberg Breweries AS 10/17 540 000 540 000 2 518 130.00 0.686.375 Casino Guichard Perrachon 08/13 900 000 900 0004.379 Casino Guichard Perrachon 10/17 950 000 950 000 2

6.25 Chesapeake Energy Corp 06/17 950 000 450 000 500 000 2 485 000.00 0.646.125 Chester ARD 00/10 930 000 930 0007.375 Citigroup Inc 09/19 1 050 000 750 000 300 000 322 170.00 0.427.047 CL Capital Trust I 02 600 000 600 000 2 437 940.00 0.573.528 Clondalkin Aquisition 07/13 350 000 350 000 2 319 083.35 0.428.25 Codere Finance Luxembourg 05/15 755 000 755 000 2 653 603.50 0.863.5 Compagnie Saint Gobain 11/15 500 000 500 000 499 480.00 0.654.625 Corio NV 10/18 800 000 800 000 798 872.00 1.052.128 Credit Logement 04 893 000 893 000 553 660.00 0.734.604 Credit Logement 06 800 000 800 0006 Danske Bank AS 07/16 200 000 200 000 195 020.00 0.265.983 Deutsche Postbank AG 07 550 000 550 0005.5 Deutschland 00/31 300 000 300 0004.25 Deutschland 03/14 630 000 630 0004.75 Deutschland 03/34 5 050 000 5 050 0004.25 Deutschland 04/14 320 000 320 0003.5 Deutschland 05/16 375 000 375 0004 Deutschland 05/37 5 740 000 5 740 0004 Deutschland 06/16 2 850 000 2 850 0003.75 Deutschland 06/17 410 000 360 000 770 0004.25 Deutschland 07/12 380 000 380 0004 Deutschland 07/18 550 000 550 0004.25 Deutschland 07/39 380 000 5 600 000 5 980 0003.5 Deutschland 08/13 540 000 540 0003.75 Deutschland 08/19 845 000 845 000



19

1.75 Deutschland 10/15 520 000 520 0002.25 Deutschland 10/20 1 130 000 1 130 0003 Deutschland 10/20 1 370 000 1 370 0002.5 Deutschland 10/21 2 932 000 2 932 0002 Deutschland 11/16 1 080 000 1 080 0002.75 Deutschland 11/16 700 000 700 0004.75 Deutschland 98/28 2 950 000 670 000 3 620 0001.875 Duesseldorfer Hypothekenbank AG 10/13 550 000 550 0005.875 EDP Finance BV 11/16 400 000 400 0002.75 Emtn Volkswagen Leasing GmbH 11/15 950 000 950 0004 ENEL Finance Intl SA 06/16 900 000 900 0005.125 E.ON Intl Finance BV 08/13 670 000 670 0004 Eurofima Basel 09/21 100 000 100 0002.75 European Fin Stability Facility 11/16 590 000 590 0004.75 Experian Finance Plc 10/20 400 000 400 0004 Finnland 09/25 1 660 000 1 660 0004.625 Fortis Banque SA 04 700 000 600 000 300 000 1 000 000 620 000.00 0.815.625 France Telecom SA 08/18 1 500 000 1 500 0005 France Telecom SA 09/14 2 500 000 2 500 0005.75 Frankreich 01/32 1 080 000 1 080 0004.75 Frankreich 03/35 736 000 736 0004 Frankreich 04/55 2 143 000 2 143 0003.13 Free Mobility No 5 09/17 600 000 600 000 191 844.19 0.252.875 GE Capital European Funding 10/15 330 000 330 0004.25 GE Capital European Funding 10/17 1 600 000 1 600 0004.375 Groupama FRN 05 1 000 000 1 000 000 366 250.00 0.486.298 Groupama SA 07 1 000 000 1 000 0006 HSBC Holdings Plc 09/19 650 000 650 0003.5 Iberdrola Finanzas SA 10/16 600 000 100 000 500 000 474 750.00 0.624.125 Iberdrola Finanzas SA 10/20 400 000 400 000 364 640.00 0.485 Imperial Tobacco Finance 09/12 450 000 450 0008.375 Imperial Tobacco Finance 09/16 750 000 750 0006.125 ING Bank NV 08/23 400 000 400 000 2 363 800.00 0.488.047 Intesa Sanpaolo Spa 08 750 000 750 000 497 355.00 0.654.4 Ireland Treasury Bonds 08/19 750 000 750 0005.9 Ireland Treasury Bonds 09/19 1 175 000 1 175 0004.25 Italien 09/19 750 000 750 0007.5 Kabel BW Erste Beteiligungs GmbH 11/19 500 000 500 000 2 476 350.00 0.625.5 Kingdom of Spain 11/21 1 960 000 1 960 0005.9 Kingdom of Spain 11/26 1 920 000 1 920 0002.125 Kreditanstalt Wiederaufbau 11/14 900 000 900 0003.25 Lloyds TSB Bank Plc 09/12 1 200 000 1 200 0006.375 Lloyds TSB Bank Plc 09/16 1 180 000 1 180 0004 Lloyds TSB Bank Plc 10/20 800 000 800 0006.5 Lloyds TSB Bank Plc 10/20 650 000 650 000 2 515 580.00 0.684.125 Lloyds 16 EMTN 1 050 000 1 050 0008.25 Lottomatica Spa 06/66 670 000 670 000 515 900.00 0.689.5 Magyar Telecom BV 9/16 900 000 900 000 683 550.00 0.905.921 Mapfre SA 07/37 750 000 750 000 2 448 125.00 0.595.45 MBNA America European Struct Offer 01/11 860 000 860 0005.375 Merck & Co Inc 07/14 750 000 750 0004.625 Metropolitan Life Gl Fd I 07/17 500 000 500 000 497 750.00 0.656.5 Morgan Stanley 08/18 450 000 450 0004.5 Morgan Stanley 11/16 450 000 450 0003.875 National Bank of Greece 09/16 300 000 300 0005.125 National Grid Gas 08/13 1 000 000 50 000 1 050 0003.875 Nationwide Building Society 06/13 1 300 000 1 300 0003.75 Nationwide Building Society 10/15 850 000 850 0006.75 Nationwide Building Society 10/20 520 000 520 000 422 889.53 0.554.625 Nationwide Building Society 11/21 1 000 000 1 000 0003.75 Niederlande 06/23 1 000 000 1 000 0003.5 Niederlande 10/20 670 000 670 0003.75 Niederlande 10/42 1 360 000 1 306 000 2 666 0005.5 Niederlande 98/28 700 000 700 0003.75 Nordea Hypotek AB 06/11 500 000 500 0003.875 Northern Rock (AM) Plc 06/11 700 000 700 0005 Old Mutual Plc 05 750 000 750 0004.15 Österreich 06/37 1 494 000 1 494 0005.125 Paccar Financial Europe Bv 08/11 1 100 000 1 100 0003.9615 Permanent Financing Plc 04/42 500 000 500 0004.875 Pernod-Ricard 10/16 250 000 250 000 249 600.00 0.334.75 Pfizer Inc 09/16 400 000 400 0005.875 Philip Morris Intl Inc 08/15 450 000 450 0005.75 Philip Morris Intl Inc 09/16 450 000 450 000 501 097.50 0.665.75 Prudential Plc 01/21 1 050 000 1 050 000 1 023 855.00 1.345.875 Rabobank Nederland NV 09/19 1 000 000 1 000 0003.5 Republic of Finland 11/21 5 676 000 5 676 0006.75 Rexam Plc 07/67 1 000 000 1 000 0004.94 Romulus Finance Srl 03/13 650 000 470 000 1 120 000 952 000.00 1.256.934 Royal Bank of Scotland Plc 08/18 1 700 000 1 700 000 2 1 329 145.00 1.745.75 Royal Bank of Scotland Plc 09/14 1 000 000 1 000 0001.787 Santander Issuances SA 07/17 Flr 750 000 750 000 648 750.00 0.854.625 SES SA 10/20 400 000 400 000 401 040.00 0.534.75 SES SA 11/21 380 000 380 0005.25 Severn Trent Utilities Fin 08/16 400 000 50 000 450 0002.625 Skandinaviska Enskilda Banken 10/17 700 000 700 0002.078 SLM Student Loan Trust 03/33 400 000 400 000 346 442.80 0.452.078 SLM Student 03/27 1 769 000 200 000 1 070 000 899 000 778 258.91 1.02



20

3.25 Societe General SFH 11/16 500 000 500 0004.25 Societe Generale SCF 11/23 800 000 800 0009.375 Société Générale 09 700 000 700 000 1 400 000 2 1 106 000.00 1.454.2 Spanien 05/37 4 810 000 4 810 0003.625 Standard Chartered Bank 05/17 850 000 850 000 835 550.00 1.091.808 Svenska Handelsbanken AB 05/17 750 000 750 0007.375 Swedbank AB 08/18 400 000 400 0006 Swiss Re Treasury (US) Corp 09/12 400 000 400 0003.5 TDC A/S 11/15 500 000 500 0007.75 Telecom Italia Finance 03/33 1 640 000 1 640 0004.674 Telefonica Emisiones SA 07/14 250 000 250 0004.693 Telefonica Emisiones SA 09/19 1 100 000 1 100 0003.661 Telefonica Emisiones SA 10/17 1 000 000 1 000 0004.75 Telefonica Emisiones S.A 11/17 200 000 200 0002.125 Terra Boligkreditt AS 10/15 1 100 000 1 100 0005.875 Tesco Plc 08/16 750 000 750 0003.25 TWUCFH 10/16 450 000 450 0004 Veolia Environnement 05/16 55 000 55 0003.375 Volkswagen Leasing GmbH 11/16 700 000 700 0004.875 Wal-Mart Stores Inc 09/29 700 000 700 0004.25 Westpac Banking Corp 09/16 1 400 000 1 400 0006.25 Xstrata Canada Financial Corp 08/15 300 000 300 000 319 260.00 0.422.25 Yorkshire Building Society 09/12 800 000 800 0005.625 3I Group Plc 10/17 870 000 870 000 860 969.40 1.13 30 984 309.12 40.60US dollar8 China Oriental Group Co Ltd 10/15 1 400 000 1 400 000 2 898 670.46 1.187.375 Dubai Electricity & Water Authority 10/20 780 000 780 000 561 002.90 0.747 Eurasia Capital S.A. 11/14 1 300 000 1 300 000 914 512.25 1.208.375 Freeport McMoran 07/17 100 000 100 000 79 935.65 0.100.53056 HBOS Plc 07/17 1 000 000 1 000 000 541 326.44 0.713.75 Hewlett-Packard CO 10/20 1 200 000 1 200 000 878 080.23 1.156.5 Hypermarcas SA 11/21 1 300 000 1 300 000 2 901 092.75 1.187.95 International Paper Co 08/18 1 000 000 1 000 000 862 909.97 1.1310.25 MHP SA 10/15 1 200 000 1 200 000 792 648.58 1.045.625 NTPC Ltd 11/21 900 000 900 000 2 657 574.11 0.867.5 Odebrecht Finance Ltd 1 300 000 1 300 000 2 947 116.30 1.244.45 Omnicom 10/20 750 000 750 000 564 759.32 0.745.25 Petronas Capital Ltd 09/19 1 200 000 1 200 000 1 007 166.79 1.325.25 Qgog Atlantic 11/18 1 400 000 1 400 000 2 976 929.13 1.284.5 Sinochem Overseas Cap Co Ltd 10/20 1 400 000 1 400 000 2 951 625.49 1.256.899 Transfer Tax Receipt Revenue 08/40 1 100 000 1 100 000 983 659.38 1.293.125 United States of America 11/21 8 250 000 8 250 0001.5 US Treasury Notes 11/16 6 500 000 6 500 0007.5 West China Cement Ltd 11/16 2 125 000 2 125 000 2 1 149 257.53 1.51 13 668 267.28 17.91Total bonds 60 789 007.60 79.65

Convertible bondsEuro7.875 Cirsa Capital Luxembourg 05/12 250 000 250 000 0.00 0.00Total convertible bonds 0.00 0.00Total securities traded on an exchange 60 789 007.60 79.65

Securities traded on a regulated marketBondsEuro4.375 Intesa SanPaolo SPA 11/16 1 200 000 1 200 0004 McDonald’s Corp 11/21 400 000 400 0005.125 Veolia Environnement 07/22 700 000 700 000 721 840.00 0.95 721 840.00 0.95US dollar6.5 International Lease Finance Corp 10/14 1 100 000 1 100 000 821 787.64 1.080.519 Royal Bank of Scotland Plc 07/17 900 000 900 000 445 235.96 0.58 1 267 023.60 1.66Total bonds 1 988 863.60 2.61Total securities traded on a regulated market 1 988 863.60 2.61

Securities from new issuesBondsPound sterling5.5 Imperial Tobacco Finance Plc 11/26 400 000 473 712.89 0.62 473 712.89 0.62Euro4.875 Amadeus Capital Market 11/16 1 000 000 1 000 000 2 988 000.00 1.292.5 BK Nl Gemeenten Bng 10/17 1 050 000 1 050 0004 CRH 11/22 1 400 000 1 400 0003.625 Edenred SA 10/17 900 000 900 000 853 200.00 1.124.625 Iberdrola Finanzas SAU 11/17 100 000 95 360.00 0.123.75 Motability Operations 10/17 560 000 560 0003.75 Schneider Electric SA 11/18 800 000 800 000 804 000.00 1.054 The Royal Bank of Scotland Plc 11/16 1 000 000 1 000 0003.875 The Royal Bank of Scotland 10/20 1 200 000 1 200 0004.25 Unicredit SPA 11/18 400 000 400 000 2 380 575.16 0.505.25 Unicredit SPA 11/23 600 000 600 000 3 121 135.16 4.09



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US dollar3.75 United States of America 11/41 5 400 000 1 650 000 3 750 000 2 3 257 430.16 4.27 3 257 430.16 4.27Total bonds 6 852 278.21 8.98Total securities from new issues 6 852 278.21 8.98

Other investmentsForward exchange transactionsTotal forward exchange transactions (see list) –1 782 148.17 –2.34 –1 782 148.17 –2.34Total forward exchange transactions –1 782 148.17 –2.34

Financial FuturesEuroEURO-BUND-FUTURES BENCHMARK RATE 09/03/2 12 12EURO-SCHATZ-FUTURES BENCHMARK RATE 09/03 55 55EURO-SCHATZ-FUTURES BENCHMARK RATE 09/06 78 78 0.00 0.00Total Financial Futures 0.00 0.00

Fund unitsUS dollarAberdeen - Emerging Mkts-Fixed Income 256 507.395 256 507.395 2 460 451.91 3.22 2 460 451.91 3.22Total fund units 2 460 451.91 3.22Total other investments 678 303.74 0.89Total investments 70 308 453.15 92.12

Cash at banks 4 338 755.25 5.68Other assets 1 672 263.02 2.19Total assets 76 319 471.42 100.00Due to banks –0.01 0.00Other liabilities –85 573.98 –0.11Net assets 76 233 897.43 99.89

List of sight and time deposits as at September 30, 2011Account management Account type Currency Interest rate Maturity 30.09.2011 30.09.2010 ChangeCredit Suisse, Zurich Current account GBP 0.20 daily 95 716.64 10.32 95 706.32Credit Suisse, Zurich Current account USD 0.15 daily 45 028.53 4 303.69 40 724.84Credit Suisse, Zurich Margin account GBP 0.20 daily –0.01 –0.01 0.00Credit Suisse, Zurich Current account AUD 4.00 daily 1 195.90 0.00 1 195.90Credit Suisse, Zurich Current account EUR 0.60 daily 4 190 774.29 –153 439.26 4 344 213.55Credit Suisse, Zurich Margin account USD 0.15 daily 0.00 434 733.31 –434 733.31Credit Suisse, Zurich Current account CHF 0.05 daily 2 950.52 3.53 2 946.99Credit Suisse, Zurich Current account SEK 1.60 daily 0.08 0.08 0.00




22

List of forward exchange transactions for the period from October 1, 2010 to September 30, 2011Maturity Transaction Currency Amount Counter- Countervalue Currency gain/loss % of currency (mandate currency) total assets10.11.2010 Bought USD 3 017 000.00 EUR 2 118 633.6510.11.2010 Bought EUR 2 171 328.39 USD 3 017 000.0009.02.2011 Bought EUR 2 121 365.75 USD 3 017 000.0011.05.2011 Bought EUR 2 216 249.21 USD 3 017 000.0011.05.2011 Bought USD 3 017 000.00 EUR 2 033 705.4522.07.2011 Bought EUR 1 696 729.32 USD 2 435 000.0022.07.2011 Bought EUR 4 699 975.05 USD 6 745 000.0022.07.2011 Bought EUR 2 800 099.45 GBP 2 489 000.0022.07.2011 Bought EUR 8 934 248.76 USD 12 491 000.0022.07.2011 Bought EUR 5 699 024.13 GBP 5 006 000.0022.07.2011 Bought EUR 5 977 287.67 GBP 5 274 000.0022.07.2011 Bought EUR 1 752 641.75 USD 2 468 000.0022.07.2011 Bought GBP 120 000.00 EUR 136 499.8311.08.2011 Bought USD 3 017 000.00 EUR 2 123 750.5311.08.2011 Bought EUR 2 039 365.09 USD 3 017 000.0002.09.2011 Bought GBP 658 000.00 EUR 756 417.4802.09.2011 Bought EUR 3 398 686.44 USD 4 885 000.0002.09.2011 Bought GBP 955 000.00 EUR 1 096 949.6802.09.2011 Bought USD 1 123 000.00 EUR 778 282.3902.09.2011 Bought EUR 47 945.21 GBP 42 000.0002.09.2011 Bought USD 3 551 000.00 EUR 2 495 561.9602.09.2011 Bought USD 608 000.00 EUR 428 289.6602.09.2011 Bought USD 734 000.00 EUR 516 113.7902.09.2011 Bought EUR 2 124 692.78 USD 3 017 000.0002.09.2011 Bought GBP 364 000.00 EUR 417 008.9202.09.2011 Bought USD 3 782 000.00 EUR 2 645 156.6402.09.2011 Bought EUR 44 385.26 GBP 39 000.0002.09.2011 Bought EUR 281 857.87 USD 400 000.0002.09.2011 Bought EUR 906 713.00 USD 1 311 000.0002.09.2011 Bought EUR 658 969.42 USD 948 000.0002.09.2011 Bought EUR 958 295.69 AUD 1 273 000.0002.09.2011 Bought EUR 7 198 330.86 GBP 6 324 000.0002.09.2011 Bought EUR 7 199 469.12 GBP 6 325 000.0002.09.2011 Bought EUR 8 525 396.07 USD 12 070 000.0002.09.2011 Bought EUR 8 523 341.20 USD 12 069 000.0002.09.2011 Bought USD 1 942 845.00 GBP 1 203 000.0002.09.2011 Bought EUR 1 383 658.02 USD 1 942 000.0002.09.2011 Bought EUR 933 538.90 GBP 815 000.0007.10.2011 Bought USD 270 000.00 EUR 197 984.08 3 295.91 0.0007.10.2011 Bought EUR 825 213.24 USD 1 125 000.00 –13 450.49 –0.0207.10.2011 Bought EUR 136 445.45 USD 188 000.00 –3 704.27 0.0007.10.2011 Bought EUR 8 630 388.53 USD 12 450 000.00 –650 715.20 –0.8507.10.2011 Bought EUR 8 629 448.66 USD 12 451 000.00 –652 400.19 –0.8507.10.2011 Bought EUR 639 412.03 USD 870 000.00 –9 154.86 –0.0107.10.2011 Bought EUR 7 196 798.92 GBP 6 385 000.00 –217 474.23 –0.2807.10.2011 Bought EUR 876 804.34 USD 1 227 000.00 –37 893.23 –0.0507.10.2011 Bought EUR 936 605.84 AUD 1 273 000.00 15 105.20 0.0207.10.2011 Bought EUR 1 534 980.76 GBP 1 325 000.00 –3 616.74 0.0007.10.2011 Bought GBP 480 000.00 EUR 554 377.50 3 001.38 0.0007.10.2011 Bought EUR 456 607.42 GBP 399 000.00 –6 712.94 –0.0107.10.2011 Bought EUR 150 857.04 USD 207 000.00 –3 456.87 0.0007.10.2011 Bought GBP 235 000.00 EUR 270 683.69 2 199.72 0.0007.10.2011 Bought EUR 795 214.80 GBP 686 000.00 –1 372.34 0.0007.10.2011 Bought USD 880 000.00 EUR 646 527.34 9 496.34 0.0107.10.2011 Bought EUR 69 947.47 GBP 61 000.00 –885.98 0.0007.10.2011 Bought GBP 355 000.00 USD 567 669.85 –10 957.15 –0.0107.10.2011 Bought EUR 7 216 569.41 GBP 6 386 000.00 –198 867.27 –0.2607.10.2011 Bought EUR 157 929.01 USD 218 000.00 –4 584.96 –0.01Total forward exchange transactions –1 782 148.17 –2.34

Aberdeen (Swiss) Funds Dynamic Bond Fund (hedged US$) • Audited Annual Report as at September 30, 2011

23



Exchange rates as at 30.09.2011Australian dollar 0.971904Pound sterling 1.557800Euro 1.341704Canadian dollar 0.959650Swiss franc 1.100958

Highlights Key figures 30.09.2011 30.09.2010 30.09.2009 30.09.2008Total net assets in millions USD 75.5 106.1 124.4 139.1Units in circulation 509 268.949 651 497.635 797 964.038 959 167.371Net asset value per unit in USD 148.33 162.81 155.86 145.03Review period from 01.10.2010 01.10.2009 01.10.2008 01.10.2007 to 30.09.2011 30.09.2010 30.09.2009 30.09.2008Distribution per unit in USD 5.60 5.60 5.40 5.60

Annual distribution for 20111. For unitholders domiciled in SwitzerlandGross USD 5.600Total from income USD 5.600Less 35% Swiss withholding tax USD 1.960Net distribution from capital gains against coupon no. 19 USD 3.640

2. For unitholders domiciled outside Switzerland (with affidavit)Gross USD 5.600Net distribution from capital gains against coupon no. 19 USD 5.600


DepositariesCredit Suisse, ZurichBrown Brothers Harriman, New YorkEuroclearCaceis Bank, Paris


24

30.09.2011 30.09.2010 USD USDAssets Bank deposits, including fiduciary investments with third-party banks, divided into: – Sight deposits 1 619 080.59 1 081 566.60Securities, including securities loaned and pledged, divided into:– Bonds, convertible bonds, warrant bonds and other debt

instruments and rights 63 764 459.36 96 646 141.34– Units of other collective investment schemes 6 690 856.35 7 515 065.81Derivative financial instruments 2 299 229.97 –25 038.38Other assets 1 261 102.79 971 065.34Total fund assets minus: 75 634 729.06 106 188 800.71Other liabilities 93 060.97 120 046.43Net assets 75 541 668.09 106 068 754.28Number of units in circulation 509 268.949 651 497.635Net asset value per unit 148.33 162.81

Changes in net assets Net assets at beginning of review period 106 068 754.28 124 373 508.61Ordinary annual distribution –3 439 022.63 –4 219 261.39Issue of units 1 604 754.34 7 514 319.81Redemption of units –23 982 260.39 –30 533 043.22Other items from unit transactions 176 169.92 1 242 792.85Total income –4 886 727.43 7 690 437.62Net assets at end of review period 75 541 668.09 106 068 754.28 Changes in units in circulation Number at beginning of the review period 651 497.635 797 964.038Number of units issued 10 281.459 49 089.057Number of units redeemed –152 510.145 –195 555.460Number at the end of the review period 509 268.949 651 497.635

Off-balance-sheet business 30.09.2011 30.09.2010 Equivalent As a % of Equivalent As a % of underlying value net fund underlying value net fund in fund currency assets in fund currency assetsExposure-increasing derivative positions:– Currency risk 972 846.51 1.29 0.00 0.00Total exposure-increasing positions 972 846.51 1.29 0.00 0.00

Exposure-reducing derivative positions: – Currency risk 37 619 273.56 49.80 0.00 0.00Total exposure-reducing positions 37 619 273.56 49.80 0.00 0.00

Volume of securities lent and income from lending commissions– Volume of securities lent 9 246 855.66 28 997 186.14– Income from commissions 15 021.33 35 176.63



25

01.10.2010– 01.10.2009– 30.09.2011 30.09.2010 USD USDIncomeIncome from bank balances 6 356.12 5 832.34Income from money market instruments 6.86 0.00Securities income, divided into: – Bonds, convertible bonds, warrant bonds and other debt

instruments and rights 3 150 237.15 3 067 730.17– Units of other collective investment schemes 659 452.43 526 884.53– Substitute payments 178 695.53 1 621 583.14– Securities Lending 15 021.33 35 176.63Current net income paid in upon the issue of units 36 591.62 202 107.05Total income minus: 4 046 361.04 5 459 313.86


Audit costs 24 755.66 29 146.60Statutory remuneration to: – Management Company 841 907.80 1 097 792.92– Custodian Bank 44 310.94 57 778.47Other expenses 3 657.03 4 651.60Current net income paid out upon the redemption of units 611 007.12 952 902.19

Net income 2 520 706.36 3 316 506.26

Realized capital gains 4 059 431.46 12 350 826.77Realized capital losses –4 719 532.87 –3 603 874.40Realized income 1 860 604.95 12 063 458.63

Unrealized capital gains/losses –6 747 332.38 –4 373 021.01Total income –4 886 727.43 7 690 437.62




26

Description 30.09.2010 Purchases 1 Disposals 1 30.09.2011 2 Market value % of number/ number/ USD total assets nominal value nominal value

Securities traded on an exchangeBondsAustralian dollar6.5 ABN Amro Bank Nv 06/18 1 000 000 1 000 000 738 355.13 0.98 738 355.13 0.98Pound sterling6.125 Aviva Plc 03 600 000 600 000 605 205.30 0.806.75 Barclays Bank Plc 07/23 1 000 000 1 000 000 1 382 471.48 1.835.75 BBVA Subordinated Capital SA 07/18 600 000 600 000 820 181.70 1.086.25 Co Operative Group Limited 11/26 500 000 500 000 769 397.42 1.026.375 Compass Group Plc 02/12 500 000 500 0007.589 Credit Agricole 08/49 650 000 650 000 623 996.26 0.834.55 Cumbernauld Funding Plc 06/14 500 000 500 000 264 245.17 0.355.375 Danske Bank AS 03/21 580 000 580 000 734 113.25 0.975.625 France Telecom SA 04/34 480 000 480 000 791 561.80 1.056.214 Generali Finance BV 06 600 000 600 000 546 787.80 0.726.461 HBOS Capital Funding LP 700 000 700 0006.305 HBOS Plc 07/17 500 000 500 000 628 961.75 0.835.844 HSBC Bank Funding 03 600 000 600 000 699 299.54 0.926.875 ING Bank NV 08/23 500 000 500 000 733 145.86 0.976.385 Legal & General Group Plc 07 600 000 600 000 670 632.90 0.898 Old Mutual Plc 11/21 500 000 500 000 703 192.63 0.937.3 Santander Issuances SA 09/19 800 000 800 000 1 128 919.22 1.496.375 Telecom Italia Spa 04/19 800 000 800 000 1 144 671.44 1.515.375 Telefonica Emisiones SA 06/18 800 000 800 000 1 190 283.82 1.573.75 UK Treasury Stock 10/20 1 000 000 500 000 500 000 870 498.64 1.154.25 UK Treasury Stock 10/40 1 000 000 1 000 000 1 752 525.00 2.32 16 060 090.98 21.23Euro4.615 Agence Française Developpement SA 06 600 000 600 000 680 243.93 0.905.75 Allianz Finance II Bv 11/41 600 000 600 000 638 117.11 0.846.117 BPCE SA 07 400 000 400 000 288 761.53 0.385.25 Caisse Epargne CNCEP 03/14 959 000 959 000 687 609.35 0.913.5 Caja de Ahorros de Madrid 10/13 600 000 600 000 789 324.46 1.044.375 Caja de Gipuzkoa 600 000 600 000 755 755.03 1.005.5 Casino Guichard Perrachon 09/15 400 000 400 000 2

3.5 Compagnie Saint Gobain 11/15 400 000 400 000 536 123.45 0.712.128 Credit Logement 04 730 000 730 000 607 255.23 0.803.25 Deutschland 10/42 800 000 800 0002.75 Deutschland 11/16 1 200 000 1 200 0004.625 Fortis Banque SA 04 1 400 000 400 000 1 000 000 831 856.48 1.104.375 Groupama FRN 05 900 000 900 000 442 259.18 0.586.298 Groupama SA 07 900 000 900 0003.5 Iberdrola Finanzas SA 10/16 600 000 600 000 2 764 368.77 1.017.5 Kabel BW Erste Beteiligungs GmbH 11/19 300 000 300 000 2 383 472.42 0.519.5 Magyar Telecom BV 9/16 600 000 600 000 611 414.51 0.815.921 Mapfre SA 07/37 700 000 700 000 2 561 167.70 0.746.75 Nationwide Building Society 10/20 600 000 600 000 654 683.74 0.874.94 Romulus Finance Srl 03/13 840 000 840 000 957 976.66 1.272.078 SLM Student 03/27 600 000 600 000 696 903.06 0.929.375 Société Générale 09 1 000 000 1 000 000 2 1 059 946.16 1.405.314 Standard Life Plc 700 000 700 000 2 707 869.61 0.945.75 Unicredit Spa 07/17 800 000 800 000 914 430.85 1.21 13 569 539.23 17.94US dollar3.875 Abbey Nat Treasury Services Plc 09/14 315 000 315 0004 Abbey National Tr Serv Plc 11/16 485 000 485 0003 ABN Amro Bank NV 11/14 375 000 375 0005.75 Advance Auto Parts Inc 10/20 265 000 265 0006.5 Agilent Technologies Inc 07/17 210 000 210 000 247 822.05 0.337.125 Airgas Inc 08/18 280 000 280 0006.15 Alcoa Inc 10/20 315 000 315 0005.4 Alcoa Inc 11/21 SR 315 000 315 0006.4 Am Intl Grp 10/20 195 000 195 0007 Amerenenergy Generating Co 08/18 380 000 380 0003.875 American Honda Finance Corp 10/20 440 000 440 0005.9 American Int Group 04/13 140 000 140 000 149 086.03 0.205.6 American International Group Inc 06/16 460 000 460 0005.05 American Intl Group Inc 06/15 100 000 100 0004.75 Amphenol Corporation (New) 11/14 430 000 430 000 457 309.30 0.606.375 Anadarko Petroleum Corp 10/17 325 000 325 000 366 382.25 0.482.15 Anglo American Capital Plc 10/13 230 000 230 0003.125 ANZ National Intl Ltd 10/15 335 000 335 0004.875 ANZ 11/21 380 000 380 0003.625 Apache Corp 10/21 240 000 240 0009 Arcelormittal SA 09/15 750 000 750 0006.75 Arcelormittal SA 11/41 220 000 220 0006.25 Arizona Public Service Co 06/16 120 000 120 000 137 040.00 0.182.95 AT&T Inc 11/16 490 000 490 0005.125 Baker Hughes Inc 10/40 250 000 250 0003.75 Bank Nederlandse Gemeenten 03/13 1 700 000 1 700 0006 Bank of America Corp 07/17 285 000 285 0005.75 Bank of America Corp 07/17 1 430 000 1 430 0004.9 Bank of America Corp 08/13 255 000 255 0006.5 Bank of America Corp 09/16 875 000 875 0005.625 Bank of America Corp 10/20 625 000 625 0005.875 Bank of America Corp 10/21 105 000 105 0003.625 Bank of America Corp 11/16 570 000 570 000



27

5 Bank of America Corp 11/21 265 000 265 0005.14 Barclays Bank Plc 330 000 330 0005.95 Barrick PD Australia Fin 09/39 460 000 460 000 486 468.40 0.643.2 BB&T Corp 11/16 155 000 155 0003.25 BBVA US Senior Unipersonal 11/14 365 000 365 0001.625 BDS Fannie Mae 10/15 608 000 608 0003.75 Best Buy Co Inc 11/16 130 000 130 000 126 539.40 0.176.625 Blackstone Holdings Finance Co LLC 09/19 360 000 360 0003.6 BNP Paribas 11/16 235 000 235 0005.75 Boardwalk Pipelines 09/19 285 000 285 0006 Boston Scientific Corp 09/20 400 000 400 000 448 000.00 0.594.5 BP Capital Markets Plc 10/20 270 000 15 000 285 0003.2 BP Capital Markets Plc 11/16 320 000 320 0005 BPN Paribas 11/21 340 000 340 0006.625 Brocade Comm. Systems Inc 10/18 480 000 480 000 492 000.00 0.655.3 Buckeye Partners L P 04/14 355 000 355 000 383 911.20 0.516.375 Cantor Fitzgerald 10/15 285 000 285 0001.375 Caterpillar Financial Services 11/14 480 000 480 0007.875 CBS Corp 00/30 405 000 405 0008.875 CBS Corp 09/19 500 000 500 0005.85 Centerpoint Energy 11/41 275 000 275 0007.6 Centurytel Inc 09/39 335 000 335 0008.25 Chevron Phillips Co LP 09/19 285 000 285 000 368 772.27 0.496.3 Chicago 08/21 160 000 160 0008 China Oriental Group Co Ltd 10/15 900 000 900 000 2 775 125.00 1.025.875 Cigna Corp 11/41 260 000 260 0005.9 Cisco Systems Inc 09/39 455 000 455 0006.875 Citigroup Inc 08/38 330 000 330 0006.01 Citigroup Inc 09/15 160 000 95 000 255 0006 Citigroup Inc 10/13 830 000 830 0004.587 Citigroup Inc 10/15 375 000 375 0004.75 Citigroup Inc 10/15 1 585 000 1 585 0003.953 Citigroup Inc 11/16 635 000 635 0004.875 Cliffs Natural Resources 11/21 275 000 275 0006.875 CMS Energy Corp 05/15 235 000 235 0006.55 CMS Energy Corp 07/17 465 000 465 0005.875 CNA Financial Corp 10/20 280 000 280 0004.25 Cnooc Finance 11/21 400 000 400 0005.45 Comcast Corp 05/10 1 140 000 1 140 0006.4 Comcast Corp 10/40 85 000 85 0002.125 Commonwealth Bank of Austral 11/14 260 000 260 0003.25 Commonwealth Bank of Australia 11/16 280 000 280 0005.15 Constellation Energy Grp 10/20 310 000 310 0003.214 Crown Castle Towers LLC 10/15 220 000 220 0003.875 Danske Bank AS 11/16 235 000 235 0003.25 DCP Midstream Operating LP 10/15 270 000 270 0009 Delhaize America Inc 01/31 235 000 235 0005.7 Delhaze Group 11/40 823 000 823 0005.125 Deutsche Bahn Finance BV 06/11 700 000 700 0002.75 Dexia Credit Local de France 10/14 1 100 000 1 100 0007 Discover Bank New Castle Del 10/20 325 000 325 0006.3 Dominion Resources Inc 06/66 319 000 319 0004.45 Dominion Res.VA New 11/21 220 000 220 0007.125 Domtar Corp 07/15 202 000 400 000 602 000 647 150.00 0.865.7 Dow Chemical Co 08/18 170 000 170 0007.375 Dubai Electricity & Water Authority 10/20 500 000 500 000 482 500.00 0.643.625 Ebay Inc 10/20 275 000 275 0006 EDP Finance BV 07/18 310 000 310 0004.9 EDP Finance Bv 09/19 185 000 185 000 134 199.00 0.185.5 Eksportfinans ASA 06/16 1 000 000 1 000 0006 Enel Finance International 09/39 285 000 285 0006.25 ENEL Finance Intl SA 07/17 185 000 185 0006.125 Energy Transfer Partners LP 06/17 255 000 255 000 277 608.30 0.374.65 Energy Transfer Partners LP 11/21 415 000 415 000 398 400.00 0.533.25 Ensco Plc 11/16 315 000 315 0003.625 Entergy Corp 10/15 245 000 245 0006.2 Entergy Gulf States Inc 01/33 59 000 59 000 59 177.00 0.083.2 Enterprise Prods 11/16 350 000 350 0005.95 Enterprise Prods 11/41 325 000 325 0007 Eurasia Capital S.A. 11/14 600 000 600 000 566 310.00 0.755.625 Exelon Corp 05/35 235 000 235 0000.75 Fannie Mae 10/13 1 010 000 1 010 0007.2 Farmers 98/48 300 000 300 0005.375 First Horizon Nat. 10/15 390 000 390 0006.05 Firstenergy Solutions 09/21 135 000 135 0005.45 Florida Gas Transmission Co 10/20 285 000 285 0002.55 FPL Group Capital Inc 10/13 215 000 215 0008.375 Freeport McMoran 07/17 100 000 100 000 107 250.00 0.144.375 General Electric Capital Cor 10/20 1 160 000 1 160 0006.875 General Electric Capital Corp 09/39 565 000 565 0006.75 Goldman Sachs Group Inc 07/37 205 000 205 0005.95 Goldman Sachs Group Inc 08/18 210 000 210 0007.5 Goldman Sachs Group Inc 09/19 Sr 390 000 390 0003.7 Goldman Sachs Group Inc 10/15 105 000 105 0006.25 Goldman Sachs Group Inc 11/41 740 000 740 0004.85 Great Plains Energy Inc 11/21 195 000 195 0006.8 Harley Davidson Funding Corp 08/18 245 000 245 0000.53056 HBOS Plc 07/17 1 000 000 1 000 000 726 300.00 0.96



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3.75 HCP Inc 11/16 280 000 280 0004.7 Health Care Reit Inc 10/17 325 000 325 0006.125 Health Care Reit Inc 10/20 20 000 20 0005.6 Hess Corp 10/41 Sr 275 000 275 0003.75 Hewlett-Packard CO 10/20 800 000 800 000 785 416.00 1.044.3 Hewlett-Packard Co 11/21 510 000 510 0004 HSBC Bank Brazil SA 11/16 485 000 485 0005.25 HSBC Finance Corp 06/14 550 000 550 0000.55313 HSBC Finance Corp 06/14 550 000 550 0006.676 HSBC Finance Corp 10/21 395 000 395 000 388 249.88 0.515.1 HSBC Holdings Plc 11/21 500 000 500 0005 HSBC USA Inc 10/20 195 000 205 000 400 0004.875 HSBC USA Inc 10/20 250 000 250 0006.3 Humana Inc 03/18 135 000 135 000 152 546.50 0.206.5 Hypermarcas SA 11/21 700 000 700 000 2 651 000.00 0.863.75 Hyundai Capital America 10/16 160 000 160 0005.25 Ingram Micro Inc 10/17 295 000 295 0006.11 Integrys Energy Group Inc 06/66 365 000 365 0007.95 International Paper Co 08/18 500 000 700 000 500 000 700 000 810 439.00 1.077.3 International Paper Co 09/39 420 000 420 00010 Interpublic Group 09/17 100 000 100 000 113 000.00 0.153.6 Irish Life & Permanent Plc 10/13 1 100 000 1 100 0005.625 Jabil Circuit Inc 10/20 610 000 610 000 614 422.50 0.815.15 JPMorgan Chase & Co 05/15 575 000 575 0006 JPMorgan Chase & Co 07/18 70 000 70 0006.3 JPMorgan Chase & Co 09/19 110 000 110 0003.4 JPMorgan Chase & CO 10/15 505 000 505 0004.4 JPMorgan Chase & Co 10/20 165 000 165 000 330 0004.25 JPMorgan Chase & Co 10/20 750 000 750 0004.95 JPMorgan Chase & Co 10/20 1 030 000 1 030 0005.5 JPMorgan Chase & Co 10/40 190 000 190 0003.15 JPMorgan Chase & Co 11/16 305 000 305 000 303 937.38 0.403.45 JPMorgan Chase & Co 11/16 695 000 375 000 320 000 322 211.20 0.434.625 JPMorgan Chase & Co 11/21 835 000 835 0005.95 Juniper Networks Inc 11/41 175 000 175 0005.1 Keycorp 11/21 155 000 155 0006 Kinder Morgan Energy Partners LP 07/17 375 000 375 000 419 970.00 0.564.811 Kiowa Power Partners 04/13 185 000 135 000 320 000 107 574.78 0.147.125 LBB Finance (Ireland) Plc 97/12 5 000 000 5 000 0004.75 Liberty Property Ltd Partnership 10/20 340 000 340 000 335 522.20 0.445 Life Technologies Corp 10/21 330 000 330 0002.65313 Lloyds TSB Bank Plc 11/14 445 000 445 0002.125 Lowes Cos Inc 10/16 255 000 255 0004.95 L.3 Communications 11/21 225 000 225 0007.75 Mack-Cali Realty LP 09/19 155 000 155 000 182 910.85 0.246.6 Marathon Oil Corp 07/37 285 000 285 0006.875 Merrill Lynch & Co Inc 08/18 150 000 150 0005.875 Metlife Inc 10/41 140 000 140 0002.5 Metropolitan Life Gl Fd I 10/15 160 000 255 000 415 00010.25 MHP SA 10/15 800 000 800 000 709 000.00 0.944.5 Microsoft Corp 10/40 230 000 230 0005.5 Moody’s Corp 10/20 325 000 325 0004.75 Morgan Stanley 04/14 120 000 110 000 230 0006.625 Morgan Stanley 08/18 415 000 415 0005.625 Morgan Stanley 09/19 Sr Glob. 1 245 000 1 245 0003.8 Morgan Stanley 11/16 400 000 400 0005.75 Morgan Stanley 11/21 695 000 695 0003.25 Mtn DB London 11/16 230 000 230 0004.375 Mtn Nat Austr Bk 10/20 275 000 275 0006.637 Mun El 10/57 10A 325 000 325 000 347 269.00 0.462.75 National Australia Bank Ltd 10/15 225 000 225 0005.375 Nevada Power Co 10/40 220 000 220 0006 Noble Energy Inc 11/41 285 000 285 0006.7 Nomura Holdings Inc 10/20 235 000 235 0004.125 Nomura Holdings Inc 11/16 325 000 325 0005.625 NTPC Ltd 11/21 600 000 600 000 588 180.00 0.784.875 Nts Buckeye Partners L P 11/21 400 000 400 0006.25 Nv Energy Inc 10/20 255 000 255 0002.5 Occidental Petroleum Corp 10/16 235 000 235 0007.5 Odebrecht Finance Ltd 800 000 800 000 2 782 000.00 1.034.45 Omnicom 10/20 550 000 550 000 555 676.00 0.733.25 Oneok Partners LP 11/16 275 000 275 0005.4 Pacific Gas & Electric Co 09/40 245 000 245 0003.5 Pacific Gas & Electric Co 10/20 105 000 105 0005.55 Partnership 09/14 275 000 275 0006.65 Penn Mutual Life Insurance Co 04/34 220 000 220 0007.625 Penn Mutual Life Insurance Co 10/40 55 000 15 000 70 0006.15 Pennsylvania Electric Co 09/38 265 000 265 0005.75 Pernord Picard 11/21 300 000 300 000 329 310.69 0.443.875 Petrobras Intl Finance Company 11/16 225 000 225 0005.25 Petronas Capital Ltd 09/19 800 000 800 000 900 880.00 1.195.625 Plains All American 04/13 1 070 000 885 000 185 000 199 243.22 0.269.25 PNM Resources Inc 08/15 Sr 300 000 300 0006.04 Port Authority of NY & NW 09/29 200 000 200 000 242 198.00 0.326.7 PPL Capital Funding Inc 07/67 550 000 550 0004.875 President & Fellows 10/40 240 000 240 0006.875 Pride Intl Inc 10/20 260 000 260 0005.375 Prudential Financial Inc 10/20 255 000 255 000



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6.2 Prudential Financial Inc 10/40 140 000 140 0005.625 Prudential Financial 11/41 330 000 330 0005.25 Qgog Atlantic 11/18 900 000 900 000 2 842 625.00 1.110.3175 Quest Diagnostics Inc 11/14 315 000 315 0007.625 Qwest Corp 05/15 275 000 275 0008.375 Qwest Corp 09/16 200 000 200 0007.5 QWest Corp 93/23 390 000 390 0007.25 Qwest Corp 95/25 45 000 45 0002.125 Rabobank Nederland Nv 10/15 480 000 480 0004.25 Raymond James Financial Inc 11/16 470 000 470 0003.125 Raytheon Co 10/20 190 000 190 0005.625 Reinsurance GRP America 07/17 260 000 260 0005.75 Renre North America Hldg 10/20 355 000 355 0005.2 Rio Tinto Finance USA Ltd 10/40 500 000 500 0006.5 Rio Tinto Finance USA 08/18 500 000 500 0005 Rowan Companies Inc 10/17 280 000 280 0004.625 Santander Holdings USA Inc 11/16 320 000 320 0002.75 Sara Lee Corp 10/15 330 000 330 0004.75 Scana Corp 11/21 195 000 195 000 205 680.15 0.272 Sempra Energy 11/14 370 000 370 0003.1 Shell Intl Finance BV 10/15 300 000 300 0004.5 Sinochem Overseas Cap Co Ltd 10/20 900 000 900 000 2 820 800.00 1.095.2 Societe Generale 11/21 600 000 600 0003.875 Southern California Edison Co 11/2 175 000 175 0006.05 Suncor Energy Inc 08/18 190 000 190 0004.2 Symantec Corp 10/20 275 000 275 0002.25 T Nts United States 10/17 214 000 214 0006.25 Teck Resources Ltd 11/47 120 000 120 0005.25 Telecom Italia Capital 05/15 200 000 200 0004.8 Telstra Corporation Ltd 11/21 455 000 455 0004.375 The Royal Bank of Scotland Plc 11/16 220 000 220 0003.2 Thermo Fisher Scientific Inc 11/16 110 000 110 0005.25 TI Capital 04/13 465 000 465 0005.875 Time Warner Cable Inc 10/40 405 000 405 0006.25 Time Warner Inc 11/41 240 000 240 0000.75 T-Nts United States 10/13 1 500 000 1 500 0002.125 T-Nts United States 10/15 2 808 000 2 808 0000.625 T-Nts United States 11/13 1 467 000 1 467 0001.625 Total Capital Canada Ltd 11/14 220 000 220 0006.5 Transalta Corp 10/40 265 000 265 0008 Transatlantic Holdings Inc 09/39 180 000 180 0006.2 Transcanada Pipelines Ltd 07/37 285 000 285 0003.8 Transcanada Pipelines Ltd 10/20 330 000 330 0006.899 Transfer Tax Receipt Revenue 08/40 800 000 800 000 959 840.00 1.272 Treasury Notes 11/16 3 029 000 3 029 0006.5 Trinity Industries Inc 04/14 290 000 290 0003.875 UBS AG Stamford Branch 10/15 1 000 000 1 000 0001.25 United States of America 10/15 1 815 000 1 815 0002.625 United States of America 10/20 3 713 000 3 713 0004.25 United States of America 10/40 7 767 000 7 767 0000.625 United States of America 11/13 1 418 000 1 418 0000.75 United States of America 11/13 3 854 000 3 854 0000.5 United States of America 11/13 2 093 000 2 093 0001 United States of America 11/14 1 578 000 1 578 0001.25 United States of America 11/14 647 000 647 0001.25 United States of America 11/14 5 320 000 5 320 0001.25 United States of America 11/14 5 764 000 5 764 0000.75 United States of America 11/14 90 000 90 0002.25 United States of America 11/16 995 000 995 0003.625 United States of America 11/21 7 027 000 7 027 0003.125 United States of America 11/21 2 381 000 2 381 0000.5 United States 10/13 7 096 000 7 096 0000.5 United States 10/13 6 820 000 6 820 0001.75 US Treasury Bond 11/16 1 937 000 1 937 0005.375 US Treasury Bonds 01/31 360 000 360 0004.375 US Treasury Bonds 10/40 8 937 000 1 263 000 10 200 0003.875 US Treasury Bonds 10/40 9 444 000 9 444 0007.5 US Treasury Bonds 94/24 5 000 5 0007.625 US Treasury Bonds 95/25 250 000 250 0006 US Treasury Bonds 96/26 550 000 550 0004.5 US Treasury Notes 05/15 10 600 000 10 600 0001.25 US Treasury Notes 08/10 6 050 000 6 050 0000.875 US Treasury Notes 09/11 2 000 000 2 000 0001 US Treasury Notes 09/11 2 970 000 3 000 000 5 970 0001.375 US Treasury Notes 09/12 6 060 000 6 060 0001.875 US Treasury Notes 09/12 4 095 000 4 095 0000.625 US Treasury Notes 10/12 1 564 000 1 564 0000.375 US Treasury Notes 10/12 6 000 6 0001.375 US Treasury Notes 10/13 4 040 000 5 260 000 9 300 0000.75 US Treasury Notes 10/13 6 406 000 6 406 0001.25 US Treasury Notes 10/15 2 103 000 2 103 0001.25 US Treasury Notes 10/15 3 824 000 3 824 0003 US Treasury Notes 10/17 S.H-2017 29 000 29 0003.5 US Treasury Notes 10/20 189 000 1 583 000 1 772 0002.625 US Treasury Notes 10/20 142 000 1 011 000 1 153 0003.625 US Treasury Notes 10/20 11 000 000 1 550 000 12 550 0000.625 US Treasury Notes 11/13 7 687 000 7 687 0000.375 US Treasury Notes 11/13 56 000 56 0001.5 US Treasury Notes 11/16 1 690 000 1 690 000



30

2.625 US Treasury Notes 11/18 135 000 135 0006.875 Vale Capital Ltd 09/39 145 000 145 0006 Verizon Communications Inc 11/41 90 000 90 0003.25 Wal Mart Stores Inc 10/20 230 000 230 0004.6 Wells Fargo & Co 11/21 840 000 840 0007.5 West China Cement Ltd 11/16 1 375 000 1 375 000 2 997 741.25 1.323 Westpac Banking Corp 10/15 325 000 325 0003 Westpac Banking Corp 10/15 490 000 490 0007.25 Williams Partners LP 06/17 245 000 245 000 286 287.40 0.384.125 Williams Partners Lp 10/20 200 000 200 0004.125 Willis Group Holdings Plc 11/16 130 000 130 000 131 973.97 0.175.75 Willis Group Holdings Plc 11/21 145 000 145 000 151 084.20 0.205.875 Woori Bank 11/21 255 000 255 0008 WPP Finance 09/14 275 000 275 000 311 487.00 0.415.625 Wyndham Worldwide Corp 11/21 280 000 280 000 280 560.00 0.375.2 Xerox Corp 05/15 315 000 315 000 339 888.15 0.456.5 XTO Energy Inc 08/18 235 000 235 0004.25 4.25 Dow Chemical CO 10/20 590 000 590 000 23 006 274.52 30.42Total bonds 53 374 259.86 70.57Total securities traded on an exchange 53 374 259.86 70.57

Securities traded on a regulated marketBondsPound sterling6.6666 AXA SA 06 600 000 600 000 567 818.10 0.75 567 818.10 0.75Euro5.125 Veolia Environnement 07/22 400 000 400 000 553 426.07 0.73 553 426.07 0.73US dollar6.15 Centurylink Inc 09/19 175 000 175 0006.5 International Lease Finance Corp 10/14 1 000 000 1 000 000 1 002 360.00 1.334.9 Noble Hldg INTL 10/20 255 000 255 0005.3 NTS Microsoft Corp 11/41 230 000 230 0006.05 PG&E Corp 04/34 285 000 285 0000.519 Royal Bank of Scotland Plc 07/17 600 000 600 000 398 250.00 0.531.375 United States of America 10/15 2 177 000 2 177 000 1 400 610.00 1.85Total bonds 2 521 854.17 3.33Total securities traded on a regulated market 2 521 854.17 3.33

Securities without marketBondsUS dollar9.125 Agribank FCB 09/19 290 000 290 000 384 423.71 0.517.125 Airgas Inc 08/18 280 000 280 0007.043 Bay Area 10 255 000 255 000 342 044.25 0.456.2 Bds Chicago 10/40 345 000 345 0006.113 Crown Castle Towers LLC 10/20 300 000 305 000 160 000 445 000 500 179.56 0.665.495 Crown 10/17 220 000 220 000 242 550.00 0.328.5 Expedia Inc Del 08/16 280 000 280 0007.125 International Lease Finance 10/18 370 000 370 0005.125 Kinder Morgan Energy LP 04/14 120 000 120 000 130 836.00 0.175.45 Midcontinent 09/14 240 000 240 0006.7 Midcontinent 09/19 115 000 115 0006.089 MTA 10/40 330 000 330 0009.375 Nationwide Mutual Insurance 09/39 305 000 305 0002.5 NRW Bank 10/14 1 100 000 1 100 0005.101 SBA Tower Trust 10/17 345 000 345 000 375 187.50 0.5010 Seagate Technology Intl. 09/14 250 000 30 000 9 000 271 000 319 083.53 0.425.5 Texas Gas Transmission LLC 08/13 90 000 90 0004 Trans-Allegheny Interstate Line 10/15 432 000 432 000 456 969.60 0.605.2 Wells Fargo & Co. 11/16 720 000 720 0007.25 WPD Holdings UK 01/17 160 000 160 000 173 241.60 0.23 2 924 515.75 3.87Total bonds 2 924 515.75 3.87Total securities without market 2 924 515.75 3.87

Securities from new issuesBondsPound sterling5.5 Imperial Tobacco Finance Plc 11/26 300 000 300 000 2 476 686.80 0.63 476 686.80 0.63Euro4.875 Amadeus Capital Market 11/16 500 000 500 000 2 662 801.78 0.883.625 Edenred SA 10/17 600 000 600 000 763 161.24 1.013.75 Schneider Electric SA 11/18 400 000 400 000 539 365.01 0.714.25 Unicredit SPA 11/18 500 000 500 000 638 274.02 0.84 2 603 602.05 3.44US dollar3.65 AM Intl Group Inc 10/14 150 000 150 0007.834 American 10/41 340 000 340 000 458 041.20 0.617.102 Bds New Jersey St 10/41 300 000 300 0002.375 BPCE S.A. 10/13 515 000 515 0005.522 DC WTR 10/44 305 000 15 000 290 000 337 649.90 0.455.7 Delhaize Group 10/40 333 001 333 0012.5 EOG Resources Inc 240 000 240 000



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5.7 Johnson Controls Inc 11/41 225 000 225 0004.25 Korea Gas Corporation 10/20 200 000 200 0006.814 Met Transran 10/40 255 000 255 0005.375 Nationwide Financial Serv 11/21 155 000 155 0002.1 NBC Universal Inc 10/14 225 000 225 0005.95 NBC Universal Inc 10/41 195 000 195 0006.05 Noble Holding International Ltd 11/41 225 000 225 000 252 796.93 0.331.75 Nordea Bank AB 10/13 300 000 300 0005.7 Nts Delhaize Group 10/40 333 000 333 0003 Nts Eastman Chemical Co 10/15 255 000 255 0006.375 Nts Lloyds TSB Bank Plc 11/21 555 000 555 0004.2 Nts Schlumberger 11/21 280 000 280 0002.5 Nts Societe Generale 10/14 465 000 465 0003.1 Nts Sumitomo Mitsui Bk 10/16 365 000 365 0007.25 QBE Cap Funding III 11/41 250 000 250 0005.911 San Diego 10/48 275 000 275 000 345 427.50 0.464.4 South Natural Gas 11/21 195 000 195 0005.877 State of Illinois 11/19 660 000 220 000 440 000 469 625.20 0.625.125 Sydney Airport Finance Co 10/21 275 000 275 0002 United States of America 11/16 2 157 000 2 157 0004.75 United States of America 11/41 820 000 820 0001.875 US Treasury Notes 10/17 179 000 179 0001 US Treasury Notes 11/14 6 067 000 6 067 0002.125 US Treasury Notes 11/16 2 819 000 2 819 0002.125 US Treasury Notes 11/21 1 101 000 1 101 0005 5 ING Bank NV 11/21 350 000 350 000 1 863 540.73 2.46Total bonds 4 943 829.58 6.54Total securities from new issues 4 943 829.58 6.54

Other investmentsForward exchange transactionsTotal forward exchange transactions (see list) 2 299 229.97 3.04 2 299 229.97 3.04Total forward exchange transactions 2 299 229.97 3.04

Fund unitsUS dollarAberdeen - Emerging Mkts-Fixed Income 406 927.305 60 882.554 346 044.751 4 453 526.74 5.89Aberdeen - Global High Yield Bond Fund 199 120.591 28 359.445 170 761.146 2 237 329.61 2.96 6 690 856.35 8.85Total fund units 6 690 856.35 8.85

Money market instrumentsUS dollarT-Bills United States of America 10/11 3 475 000 3 475 000T-Bills United States of America 10/11 1 705 000 1 705 000 0.00 0.00Total money market instruments 0.00 0.00Total other investments 8 990 086.32 11.89Total investments 72 754 545.68 96.19

Cash at banks 1 619 080.59 2.14Other assets 1 261 102.79 1.67Total assets 75 634 729.06 100.00Other liabilities –93 060.97 –0.12Net assets 75 541 668.09 99.88

List of sight and time deposits as at September 30, 2011Account management Account type Currency Interest rate Maturity 30.09.2011 30.09.2010 ChangeCredit Suisse, Zurich Current account CHF 0.05 daily 3 637.00 1 690.85 1 946.15Credit Suisse, Zurich Current account USD 0.15 daily 791 164.46 1 079 750.13 –288 585.67Credit Suisse, Zurich Current account EUR 0.60 daily 613 478.72 0.01 613 478.71Credit Suisse, Zurich Current account AUD 4.00 daily 797.26 0.00 797.26Credit Suisse, Zurich Current account GBP 0.20 daily 3.52 38.49 –34.97Credit Suisse, Zurich Current account CAD 0.50 daily 25.80 25.72 0.08




32

List of forward exchange transactions for the period from October 1, 2010 to September 30, 2011Maturity Transaction Currency Amount Counter- Countervalue Currency gain/loss % of currency (mandate currency) total assets22.10.2010 Bought USD 4 055 067.87 EUR 3 155 000.00 22.10.2010 Bought EUR 3 155 000.00 USD 4 008 216.12 22.10.2010 Bought USD 3 374 262.77 CAD 3 562 000.00 22.10.2010 Bought CAD 3 562 000.00 USD 3 446 047.40 22.07.2011 Bought USD 6 109 791.30 GBP 3 808 000.00 22.07.2011 Bought USD 6 424 044.72 EUR 4 476 000.00 22.07.2011 Bought USD 1 522 374.08 EUR 1 089 000.00 22.07.2011 Bought USD 701 263.68 EUR 498 000.00 22.07.2011 Bought GBP 160 000.00 USD 257 922.08 22.07.2011 Bought EUR 240 000.00 USD 340 108.80 22.07.2011 Bought USD 9 222 227.08 GBP 5 764 000.00 02.09.2011 Bought USD 387 709.70 EUR 269 000.00 02.09.2011 Bought EUR 446 000.00 USD 642 222.16 02.09.2011 Bought USD 541 943.64 GBP 327 000.00 02.09.2011 Bought USD 1 804 671.32 EUR 1 261 000.00 02.09.2011 Bought USD 152 949.63 EUR 106 000.00 02.09.2011 Bought USD 952 201.80 EUR 660 000.00 02.09.2011 Bought USD 144 233.39 GBP 87 000.00 02.09.2011 Bought USD 55 386.68 GBP 34 000.00 02.09.2011 Bought USD 340 704.00 EUR 240 000.00 02.09.2011 Bought USD 1 109 514.12 EUR 779 000.00 02.09.2011 Bought USD 50 667.33 GBP 31 000.00 02.09.2011 Bought USD 1 056 604.21 EUR 731 000.00 02.09.2011 Bought USD 1 747 676.65 GBP 1 067 000.00 02.09.2011 Bought USD 764 871.58 EUR 529 000.00 02.09.2011 Bought USD 906 052.80 AUD 849 000.00 02.09.2011 Bought USD 8 244 028.71 EUR 5 823 000.00 02.09.2011 Bought USD 6 690 571.65 EUR 4 725 000.00 02.09.2011 Bought USD 7 584 613.14 GBP 4 706 000.00 02.09.2011 Bought USD 7 585 286.10 GBP 4 706 000.00 02.09.2011 Bought USD 1 659 108.22 GBP 1 032 000.00 07.10.2011 Bought USD 900 365.35 AUD 849 000.00 76 024.58 0.1007.10.2011 Bought USD 2 037 867.20 GBP 1 282 000.00 40 952.07 0.0507.10.2011 Bought GBP 439 925.51 EUR 506 000.00 6 499.40 0.0107.10.2011 Bought USD 6 498 342.59 GBP 3 997 000.00 272 404.23 0.3607.10.2011 Bought USD 6 502 519.45 GBP 3 997 000.00 276 581.45 0.3707.10.2011 Bought USD 7 058 422.20 EUR 4 892 000.00 496 326.93 0.6607.10.2011 Bought GBP 420 000.00 USD 661 480.68 –7 264.32 –0.0107.10.2011 Bought EUR 345 000.00 USD 484 776.75 –21 988.57 –0.0307.10.2011 Bought EUR 855 000.00 USD 1 166 002.83 –19 093.00 –0.0307.10.2011 Bought USD 53 618.41 GBP 34 000.00 658.06 0.0007.10.2011 Bought USD 331 855.94 GBP 215 000.00 –3 041.01 0.0007.10.2011 Bought USD 588 206.66 EUR 408 000.00 40 918.15 0.0507.10.2011 Bought USD 7 057 086.68 EUR 4 892 000.00 494 991.11 0.6507.10.2011 Bought EUR 965 000.00 USD 1 324 134.40 –29 668.92 –0.0407.10.2011 Bought GBP 549 000.00 USD 894 087.68 –38 933.44 –0.0507.10.2011 Bought USD 7 059 865.05 EUR 4 893 000.00 496 428.39 0.6607.10.2011 Bought USD 484 558.01 EUR 356 000.00 7 015.78 0.0107.10.2011 Bought GBP 200 000.00 USD 313 572.80 –2 041.20 0.0007.10.2011 Bought EUR 140 000.00 USD 190 556.52 –2 758.42 0.0007.10.2011 Bought USD 6 500 892.60 GBP 3 996 000.00 276 512.26 0.3707.10.2011 Bought GBP 200 000.00 USD 319 814.00 –8 282.40 –0.0121.10.2011 Bought GBP 227 000.00 USD 375 333.15 –21 806.98 –0.0321.10.2011 Bought EUR 328 000.00 USD 472 902.20 –33 100.12 –0.0404.11.2011 Bought USD 247 422.04 EUR 183 000.00 2 146.07 0.0004.11.2011 Bought GBP 115 000.00 USD 179 316.63 –250.13 0.00Total forward exchange transactions 2 299 229.97 3.04

Aberdeen (Swiss) Funds European Opportunities Equity Fund • Audited Annual Report as at September 30, 2011

33

Breakdown by country of domicile and exchange rates

% of total assets 30.09.2011Denmark 2.79Germany 6.12France 12.75United Kingdom 48.24Italy 2.41Sweden 4.73Switzerland 16.11Spain 6.00Total % of total assets 99.15

Exchange rates as at 30.09.2011Danish krone 0.134386Pound sterling 1.161061Swedish krone 0.108518Swiss franc 0.820567US dollar 0.745321

Highlights Key figures 30.09.2011 30.09.2010 30.09.2009 31.05.2008Total net assets in millions EUR 144.3 186.2 196.5 601.9Units in circulation 693 152.055 817 594.875 966 399.587 1 965 826.100Net asset value per unit in EUR 208.19 227.76 203.36 306.18Review period from 01.10.2010 01.10.2009 01.06.2008 01.06.2007 to 30.09.2011 30.09.2010 30.09.2009 31.05.2008Distribution per unit in EUR 4.00 4.20 4.60 0.00

Annual distribution for 20111. For unitholders domiciled in SwitzerlandGross EUR 4.000Total from income EUR 4.000Less 35% Swiss withholding tax EUR 1.400Net distribution from capital gains against coupon no. 14 EUR 2.600

2. For unitholders domiciled outside Switzerland (with affidavit)Gross EUR 4.000Net distribution from capital gains against coupon no. 14 EUR 4.000


DepositariesCredit Suisse, ZurichCACEIS Bank, ParisNBP Paribas, MilanEuroclear Fund Settle Santander Investment Services S.A., Madrid


34

30.09.2011 30.09.2010 EUR EURAssets Bank deposits, including fiduciary investments with third-party banks, divided into: – Sight deposits 993 363.04 3 920 092.46Securities, including securities loaned and pledged, divided into: – Shares and other equity instruments and rights 136 025 271.92 172 900 025.30– Units of other collective investment schemes 7 263 657.06 9 391 219.62Other assets 241 615.85 288 665.41Total fund assets minus: 144 523 907.87 186 500 002.79Other liabilities 217 358.24 287 936.39Net assets 144 306 549.63 186 212 066.40Number of units in circulation 693 152.055 817 594.875Net asset value per unit 208.19 227.76

Changes in net assets Net assets at beginning of review period 186 212 066.40 196 522 956.13Ordinary annual distribution –3 375 461.62 –4 319 652.52Issue of units 3 029 517.14 2 271 123.53Redemption of units –32 634 317.73 –34 145 523.46Other items from unit transactions 1 924 233.61 2 426 320.28Total income –10 849 488.17 23 456 842.44Net assets at end of review period 144 306 549.63 186 212 066.40 Changes in units in circulation Number at beginning of the review period 817 594.875 966 399.587Number of units issued 12 572.334 10 675.937Number of units redeemed –137 015.154 –159 480.649Number at the end of the review period 693 152.055 817 594.875

Off-balance-sheet business Volume of securities lent and income from lending commissions– Volume of securities lent 22 009 685.15 56 142 429.88– Income from commissions 152 912.21 195 670.98



35

01.10.2010– 01.10.2009– 30.09.2011 30.09.2010 EUR EURIncome Income from bank balances 6 294.23 2 389.66Securities income, divided into: – Shares and other equity instruments and rights, including

bonus shares 2 731 040.75 3 131 194.73– Units of other collective investment schemes 43 099.62 213 396.07– Substitute payments 2 184 024.49 2 575 485.38– Securities Lending 152 912.21 195 670.98Other income 22 821.13 13 227.62Current net income paid in upon the issue of units 24 132.90 24 972.95Total income minus: 5 164 325.33 6 156 337.39

Interest due 523.70 1 312.83

Audit costs 21 558.40 20 229.78Statutory remuneration to: – Management Company 2 832 374.87 3 039 525.93– Custodian Bank 88 511.68 94 985.18Partial transfer of expenditure on realized capital losses –780 466.86 –341 329.67Other expenses 2 620.16 4 114.33Current net income paid out upon the redemption of units 368 101.21 461 719.45

Net income 2 631 102.17 2 875 779.56

Realized capital gains 16 186 007.62 16 079 092.66Realized capital losses –3 442 164.45 –1 907 504.54Partial transfer of expenditure on realized capital losses –780 466.86 –341 329.67Realized income 14 594 478.48 16 706 038.01





36


Securities traded on an exchangeRightsUnited KingdomStandard Chartered Plc 32 000 32 000 0.00 0.00ItalyIntesa Sanpaolo SPA 11 1 176 000 1 176 000 0.00 0.00SpainBanco Bilbao Vizcaya Argentaria SA 10 477 000 477 000Banco Bilbao Vizcaya Argentaria SA 11 572 400 572 400Banco Bilbao Vizcaya Argentaria SA 11 690 400 690 400 75 944.00 0.05Mapfre SA 11 2 308 000 2 308 000 75 944.00 0.05Total rights 75 944.00 0.05

SharesDenmarkNovo Nordisk A/S 71 000 17 000 54 000 4 034 817.91 2.79 4 034 817.91 2.79GermanyAdidas AG 52 000 52 000Adidas AG 52 000 52 000BMW AG 33 000 33 000BMW AG 11 809 11 809Linde AG 61 000 61 000 2 6 145 750.00 4.25MAN SE 59 000 59 000Metro AG 67 000 67 000Thyssenkrupp AG 121 000 121 000Wincor Nixdorf AG 111 000 31 000 80 000 2 2 704 000.00 1.87 8 849 750.00 6.12FranceBNP Paribas 53 000 53 000Casino Guichard Perrachon 71 000 5 000 66 000 3 876 840.00 2.68GDF Suez 216 000 16 000 26 000 206 000 2 4 622 640.00 3.20L’Oréal SA 24 000 15 000 39 000 2 2 861 820.00 1.98Schneider Electric SA 69 372 67 000 16 372 120 000 2 4 868 400.00 3.37Total SA 66 000 66 000 2 2 193 510.00 1.52 18 423 210.00 12.75United KingdomAmec Plc 335 000 120 000 74 000 381 000 3 607 480.39 2.50Associated British Foods Plc 226 000 65 000 161 000 2 074 932.11 1.44Aviva Plc 402 000 402 000BG Group Plc 207 000 24 000 231 000 3 329 766.20 2.30BHP Billiton Plc 130 000 130 000 2 623 301.22 1.82British American Tobacco Plc 244 000 41 000 203 000 6 430 948.53 4.45Centrica Plc 1 662 000 1 662 000 5 744 667.43 3.97Cobham Plc 1 071 000 1 071 000 2 173 631.59 1.50Croda International Plc. 104 000 104 000 1 992 380.68 1.38Daily Mail & General Trust Plc 355 000 355 000Glaxosmithkline Plc 198 000 198 000 3 064 434.74 2.12Mothercare Plc 352 600 130 400 483 000 1 766 496.26 1.22Pearson Plc 207 000 207 000 2 737 468.35 1.89Prudential Plc 528 000 528 000 3 417 699.16 2.36Rolls Royce Holdings Plc 910 000 910 000 6 286 564.78 4.35Rolls-Royce Group Plc 727 000 183 000 910 000Schroders Plc 242 000 21 000 61 000 202 000 2 999 693.98 2.08Standard Chartered Plc 32 000 32 000Standard Chartered Plc 256 000 71 000 327 000 4 886 313.61 3.38Tesco Plc 588 000 178 000 766 000 3 361 828.90 2.33Unilever Plc 66 761 100 239 167 000 3 918 662.15 2.71Weir Group Plc 167 000 54 000 113 000 2 032 286.34 1.41 62 448 556.42 43.21ItalyENI Spa 282 000 19 000 263 000 2 3 476 860.00 2.41Intesa Sanpaolo Spa 1 659 000 1 659 000Italcementi Spa 604 000 604 000 3 476 860.00 2.41NetherlandsRoyal Philips Electronics NV 149 000 149 000TNT NV 150 000 150 000 0.00 0.00SwedenEricsson AB 355 000 50 000 305 000 2 205 973.84 1.53Nordbanken Holding AB 759 000 759 000 4 628 907.02 3.20 6 834 880.86 4.73SwitzerlandHolcim Ltd 79 000 24 000 19 000 84 000 3 356 774.19 2.32Nestle SA 185 000 17 000 32 000 170 000 6 988 766.44 4.84Roche Holding GS 67 000 9 000 58 000 7 000 910.83 4.84Schindler Holding AG 25 000 21 000 46 000 3 663 255.84 2.53Zurich Financial Services AG 33 000 18 500 14 500 2 272 559.43 1.57 23 282 266.73 16.11



37

SpainBanco Bilbao Vizcaya Argentaria SA 477 000 213 400 690 400 2 4 266 672.00 2.95Corporacion Mapfre SA 2 569 677 360 000 1 076 677 1 853 000 2 4 332 314.00 3.00 8 598 986.00 5.95Total shares 135 949 327.92 94.07Total securities traded on an exchange 136 025 271.92 94.12

Securities without marketRightsNetherlandsRoyal Philips Electronics NV 119 000 119 000 0.00 0.00Total rights 0.00 0.00

SharesUnited KingdomRolls Royce Plc 87 360 000 87 360 000Rolls Royce Plc 46 528 000 46 528 000 0.00 0.00SpainBanco Bilbao Vizcaya Argentaria SA 95 400 95 400 0.00 0.00Total shares 0.00 0.00Total securities without market 0.00 0.00

Other investmentsFund unitsUnited KingdomAberdeen Investment Funds ICVC 1 085 000 221 000 864 000 7 263 657.06 5.03 7 263 657.06 5.03Total fund units 7 263 657.06 5.03Total other investments 7 263 657.06 5.03Total investments 143 288 928.98 99.15


List of sight and time deposits as at September 30, 2011Account management Account type Currency Interest rate Maturity 30.09.2011 30.09.2010 ChangeCredit Suisse, Zurich Margin account GBP 0.00 daily 0.01 0.01 0.00Credit Suisse, Zurich Current account EUR 0.60 daily 993 362.64 3 920 092.06 –2 926 729.42Credit Suisse, Zurich Margin account EUR 0.00 daily 0.39 0.39 0.00



Aberdeen (Swiss) Funds Global Energy Equity Fund • Audited Annual Report as at September 30, 2011

38


% of total assets 30.09.2011Australia 2.79Brazil 8.70China 9.08France 4.95United Kingdom 18.31Hong Kong 4.10Italy 7.90Luxembourg 6.88Netherlands Antilles 5.37Netherlands 2.62Switzerland 0.03Thailand 5.38United States (USA) 22.91Total % of total assets 99.03

Exchange rates as at 30.09.2011Australian dollar 0.971904Danish krone 0.180307Pound sterling 1.557800Euro 1.341704Hong Kong dollar 0.128460Norwegian krone 0.170329Swiss franc 1.100958Thai baht 0.032170


Annual distribution for 20111. For unitholders domiciled in SwitzerlandGross USD 5.400Reclaimed foreign withholding taxes USD 0.000Total from income USD 5.400Less 35% Swiss withholding tax USD 1.890Net distribution from capital gains against coupon no. 14 USD 3.510



DepositariesCredit Suisse, ZurichCACEIS Bank, ParisBNP Paribas, MilanBrown Brothers Harriman, New YorkHongkong Shanghai Bank, Hong KongHongkong & Shanghai Banking Corp, BangkokHSBC Securities Services, Sydney


39

30.09.2011 30.09.2010 USD USDAssets Bank deposits, including fiduciary investments with third-party banks, divided into: – Sight deposits 536 350.30 1 003 817.79Securities, including securities loaned and pledged, divided into: – Shares and other equity instruments and rights 71 696 973.89 86 548 719.15Other assets 165 636.23 138 577.11Total fund assets minus: 72 398 960.42 87 691 114.05Other liabilities 134 333.62 142 515.05Net assets 72 264 626.80 87 548 599.00Number of units in circulation 187 006.246 205 968.105Net asset value per unit 386.43 425.06

Changes in net assets Net assets at beginning of review period 87 548 599.00 99 139 024.96Ordinary annual distribution –922 445.76 –1 253 394.14Issue of units 19 206 210.37 4 867 252.89Redemption of units –27 355 506.97 –20 748 100.91Other items from unit transactions 190 193.53 227 376.86Total income –6 402 423.37 5 316 439.34Net assets at end of review period 72 264 626.80 87 548 599.00 Changes in units in circulation Number at beginning of the review period 205 968.105 245 236.940Number of units issued 38 349.027 11 866.742Number of units redeemed –57 310.886 –51 135.577Number at the end of the review period 187 006.246 205 968.105




40

01.10.2010– 01.10.2009– 30.09.2011 30.09.2010 USD USDIncomeIncome from bank balances 1 972.02 1 611.33Securities income, divided into:– Shares and other equity instruments and rights, including

bonus shares 1 819 954.26 1 753 121.40– Substitute payments 678 483.21 587 119.24– Securities Lending 26 148.12 41 987.65Other income 0.00 1 646.44Current net income paid in upon the issue of units 92 745.05 30 136.64Total income minus: 2 619 302.66 2 415 622.70


Audit costs 25 755.66 27 987.39Statutory remuneration to:– Management Company 1 533 277.17 1 505 879.46– Custodian Bank 47 914.90 47 058.68Partial transfer of expenditure on realized capital losses –178 744.68 –174 249.26Other expenses 3 657.37 4 609.91Current net income paid out upon the redemption of units 189 666.93 158 088.70

Net income 997 720.06 845 923.81



Application of results Net income of financial year 997 720.06 845 923.81Carried forward from preceding year 398 659.09 500 188.56Net income available for distribution 1 396 379.15 1 346 112.37Net income earmarked for distribution to investors 1 009 833.73 947 453.28Carried forward to following year 386 545.42 398 659.09



41


Securities traded on an exchangeSharesAustraliaWoodside Petroleum Ltd 66 600 11 200 13 700 64 100 2 023 472.10 2.79 2 023 472.10 2.79BrazilPetroleo Brasileiro SA ADR 151 228 48 972 11 500 188 700 3 909 864.00 5.40Ultrapar Part ADR Repr 51 000 149 400 49 300 151 100 2 391 913.00 3.30 6 301 777.00 8.70ChinaPetrochina Co Ltd 4 704 000 1 024 000 434 000 5 294 000 6 576 237.92 9.08 6 576 237.92 9.08FranceTotal SA 75 300 8 100 3 100 80 300 2 3 580 700.05 4.95 3 580 700.05 4.95United KingdomAmec Plc 168 800 3 100 8 200 163 700 2 079 621.72 2.87BG Group Plc 143 000 20 400 44 200 119 200 2 305 338.37 3.18Centrica Plc 209 200 9 000 200 200 928 441.63 1.28John Wood Group Plc 301 000 301 000 2 485 158.34 3.43John Wood Group Plc 511 000 21 800 532 800Royal Dutch Shell Plc 118 369 27 700 30 069 116 000 3 635 780.58 5.02Royal Dutch Shell Plc 75 574 16 874 58 700 1 825 217.22 2.52 13 259 557.86 18.31Hong KongCnooc Ltd 1 998 000 164 000 384 000 1 778 000 2 969 218.89 4.10 2 969 218.89 4.10ItalyENI Spa 293 700 61 800 33 100 322 400 2 5 718 514.19 7.90 5 718 514.19 7.90LuxembourgTenaris SA ADR 171 400 53 200 29 000 195 600 4 978 020.00 6.88 4 978 020.00 6.88Netherlands AntillesSchlumberger Ltd 86 100 7 600 28 600 65 100 3 888 423.00 5.37 3 888 423.00 5.37NetherlandsFugro NV 16 400 22 000 1 200 37 200 2 1 899 128.34 2.62 1 899 128.34 2.62SwitzerlandTransocean Ltd 32 200 32 200 0.00 0.00ThailandPTT Expl and Production Public Co Ltd 951 000 291 200 373 600 868 600 3 898 014.44 5.38 3 898 014.44 5.38United States (USA)Apache Corp 26 355 1 055 25 300 2 030 072.00 2.80Chevron Corp 36 600 6 300 30 300 2 803 356.00 3.87Eog Resources Inc 45 800 10 700 6 500 50 000 3 550 500.00 4.90Exxon Mobil Corp 60 307 4 100 13 507 50 900 3 696 867.00 5.11Hess Corp 55 000 6 000 7 800 53 200 2 790 872.00 3.85Occidental Petroleum Corp 32 600 32 600Tidewater Inc 53 000 1 900 14 200 40 700 1 711 435.00 2.36 16 583 102.00 22.91Total shares 71 676 165.79 99.00Total securities traded on an exchange 71 676 165.79 99.00

Securities traded on a regulated marketSharesSwitzerlandPrime New Energy AG 35 000 35 000 20 808.10 0.03 20 808.10 0.03Total shares 20 808.10 0.03Total securities traded on a regulated market 20 808.10 0.03

Securities without marketRightsNetherlandsFugro NV 18 700 18 700 0.00 0.00Total rights 0.00 0.00Total securities without market 0.00 0.00Total investments 71 696 973.89 99.03


List of sight and time deposits as at September 30, 2011Account management Account type Currency Interest rate Maturity 30.09.2011 30.09.2010 ChangeCredit Suisse, Zurich Current account USD 0.15 daily 536 350.30 1 003 817.79 –467 467.49



Aberdeen (Swiss) Funds Global Gold Equity Fund • Audited Annual Report as at September 30, 2011

42


% of total assets 30.09.2011Australia 12.43Jersey 4.72Canada 46.57Peru 5.56Republic of South Africa 15.07United States (USA) 14.52Total % of total assets 98.87

Exchange rates as at 30.09.2011Australian dollar 0.971904Canadian dollar 0.959650Swiss franc 1.100958Rand Financial 0.124397


Annual distribution for 2011None

DepositariesCredit Suisse, ZurichRoyal Bank of Canada, Toronto Main AccountBrown Brothers Harriman, New YorkFirstrand Bank Ltd., JohannesburgHSBC Security Services, Sydney


43

30.09.2011 30.09.2010 USD USDAssets Bank deposits, including fiduciary investments with third-party banks, divided into: – Sight deposits 856 421.32 2 419 330.47Securities, including securities loaned and pledged, divided into: – Shares and other equity instruments and rights 79 794 321.09 97 154 119.46Other assets 59 225.55 66 649.78Total fund assets minus: 80 709 967.96 99 640 099.71Other liabilities 161 993.88 172 669.77Net assets 80 547 974.08 99 467 429.94Number of units in circulation 283994.904 334 779.693Net asset value per unit 283.62 297.11

Changes in net assets Net assets at beginning of review period 99 467 429.94 104 226 187.23Issue of units 2 811 441.46 2 491 900.69Redemption of units –17 982 815.21 –24 014 748.64Other items from unit transactions 104 919.74 940 180.08Total income –3 853 001.85 15 823 910.58Net assets at end of review period 80 547 974.08 99 467 429.94 Changes in units in circulation Number at beginning of the review period 334 779.693 417 300.057Number of units issued 9 262.011 9 611.228Number of units redeemed –60 046.800 –92 131.592Number at the end of the review period 283 994.904 334 779.693

Off-balance-sheet businessVolume of securities lent and income from lending commissions– Volume of securities lent 0.00 16 622 389.07– Income from commissions 18 826.22 27 564.69



44

01.10.2010– 01.10.2009– 30.09.2011 30.09.2010 USD USDIncome Income from bank balances 1 268.47 1 090.20Securities income, divided into: – Shares and other equity instruments and rights, including

bonus shares 484 392.10 435 410.31– Substitute payments 199 541.32 245 305.68– Securities Lending 18 826.22 27 564.69Current net income paid in upon the issue of units –9 987.83 –6 916.80Total income minus 694 040.28 702 454.08

Interest due 232.58 256.61 Audit costs 25 755.66 27 987.39Statutory remuneration to: – Management Company 1 489 416.91 1 546 592.45– Custodian Bank 46 544.31 48 331.06Partial transfer of expenditure on realized capital losses –171 632.82 –177 482.10Other expenses 3 657.37 4 306.52Current net income paid out upon the redemption of units –61 018.81 –62 980.09

Net income –638 914.92 –684 557.76

Realized capital gains 8 324 639.47 10 349 079.09Realized capital losses –797 050.01 –1 046 852.80Partial transfer of expenditure on realized capital gains and losses –171 632.82 –177 482.10Realized income 6 717 041.72 8 440 186.43


Application of resultsNet income of financial year –638 914.92 –684 557.76Netting of loss against aggregate capital gains/losses 638 914.92 684 557.76Carried forward from preceding year 143 347.57 143 347.57Net income available for distribution 143 347.57 143 347.57Carried forward to following year 143 347.57 143 347.57



45


Securities traded on an exchangeSharesAustraliaNewcrest Mining Ltd 342 588 8 300 48 088 302 800 10 029 484.88 12.43 10 029 484.88 12.43ChinaZijin Mining Group Co Ltd 1 961 100 1 961 100 0.00 0.00JerseyRandgold Resources Ltd 41 200 1 800 39 400 3 810 768.00 4.72 3 810 768.00 4.72CanadaAlacer Gold Corp 279 200 26 200 253 000 2 557 272.64 3.17Barrick Gold Corp 371 100 16 300 92 400 295 000 13 902 879.87 17.23Goldcorp Inc 350 700 92 940 257 760 11 890 564.29 14.73Gulf Int Minerals Ltd 2 976 000 2 976 000 285.59 0.00Iamgold Corp 118 800 8 000 110 800 2 214 837.41 2.74Kinross Gold Corp 462 500 56 500 49 000 470 000 7 022 621.97 8.70 37 588 461.77 46.57PeruBuenaventura SA 123 400 4 600 118 800 4 483 512.00 5.56 4 483 512.00 5.56Republic of South AfricaAnglogold Ashanti Ltd 218 300 26 300 192 000 8 094 378.19 10.03Gold Fields Ltd 313 100 51 100 262 000 4 069 446.25 5.04Harmony Gold Mining Co Ltd 181 000 181 000 12 163 824.44 15.07United States (USA)Newmont Mining Corp Holding Co 197 300 11 000 186 300 11 718 270.00 14.52 11 718 270.00 14.52Total shares 79 794 321.09 98.87Total securities traded on an exchange 79 794 321.09 98.87Total investments 79 794 321.09 98.87


List of sight and time deposits as at September 30, 2011Account management Account type Currency Interest rate Maturity 30.09.2011 30.09.2010 ChangeCredit Suisse, Zurich Current account USD 0.15 daily 856 421.32 2 419 330.47 –1 562 909.15

1 Inclusive of purchases/sales and corporate actions


Aberdeen (Swiss) Funds Global High Tech Equity Fund • Audited Annual Report as at September 30, 2011

46


% of total assets 30.09.2011Bermudas 3.22Germany 1.66United Kingdom 7.38Israel 3.04Japan 8.64Cayman Islands 4.60Canada 3.77Sweden 3.90Singapore 2.01South Korea 2.01Taiwan 6.28United States (USA) 53.12Total % of total assets 99.63

Exchange rates as at 30.09.2011Pound sterling 1.557800Euro 1.341704Hong Kong dollar 0.128460Yen 0.012974Canadian dollar 0.959650New Taiwanese dollar 0.032814Swedish krone 0.145599Swiss franc 1.100958Singapore dollar 0.767401

Highlights Key figures 30.09.2011 30.09.2010 30.09.2009 31.05.2008Total net assets in millions USD 66.9 78.3 84.0 129.7Units in circulation 670 437.192 810 940.386 964 828.163 1 146 452.584Net asset value per unit in USD 99.71 96.59 87.03 113.12Review period from 01.10.2010 01.10.2009 01.06.2008 01.06.2007 to 30.09.2011 30.09.2010 30.09.2009 31.05.2008Distribution per unit in USD 0.60 0.80 1.60 0.68




DepositariesCredit Suisse, ZurichBrown Brothers Harriman, New YorkThe Bank of Tokyo-Mitsubishi UFJ, Ltd.Hongkong Shanghai Bkg Corp. Ltd., SeoulThe Hongkong and Shanghai Banking Corporation, SingaporeStandard Chartered Bank (Taiwan) Ltd.RBC Dexia, Toronto, Main AccountHongkong Shanghai Bank, Hong Kong


47

30.09.2011 30.09.2010 USD USDAssetsBank deposits, including fiduciary investments with third-party banks, divided into: – Sight deposits 214 428.33 374 558.68Securities, including securities loaned and pledged, divided into: – Shares and other equity instruments and rights 67 136 310.11 78 066 671.19Other assets 34 338.67 37 936.58Total fund assets minus: 67 385 077.11 78 479 166.45Other liabilities 134 440.08 144 086.16Due to banks 400 622.53 5 511.02Net assets 66 850 014.50 78 329 569.27Number of units in circulation 670 437.192 810 940.386Net asset value per unit 99.71 96.59

Changes in net assets Net assets at beginning of review period 78 329 569.27 83 970 143.48Ordinary annual distribution –630 169.40 –1 505 832.91Issue of units 1 951 962.31 1 934 211.35Redemption of units –17 062 441.60 –15 962 814.71Other items from unit transactions 1 668 208.36 945 906.32Total income 2 592 885.57 8 947 955.74Net assets at end of review period 66 850 014.50 78 329 569.27 Changes in units in circulation Number at beginning of the review period 810 940.386 964 828.163Number of units issued 17 970.598 20 947.957Number of units redeemed –158 473.792 –174 835.734Number at the end of the review period 670 437.192 810 940.386

Off-balance-sheet businessVolume of securities lent and income from lending commissions– Volume of securities lent 2 530 721.13 11 518 273.20– Income from commissions 17 093.27 23 129.72



48

01.10.2010– 01.10.2009– 30.09.2011 30.09.2010 USD USDIncome Income from bank balances 1 120.12 734.22Securities income, divided into: – Shares and other equity instruments and rights, including

bonus shares 1 213 316.90 1 185 711.05– Substitute payments 307 743.11 320 201.28– Securities Lending 17 093.27 23 129.72Other income 9 503.82 66.41Current net income paid in upon the issue of units 3 907.12 12 851.69Total income minus: 1 552 684.34 1 542 694.37

Interest due 351.77 1 801.76


Net income 316 719.11 211 025.77


Unrealized capital gains/losses –1 357 415.11 –266 224.20Total income 2 592 885.57 8 947 955.74

Application of results Net income of financial year 316 719.11 211 025.77Carried forward from preceding year 198 250.49 635 977.03Net income available for distribution 514 969.60 847 002.80Net income earmarked for distribution to investors 402 262.32 648 752.31Carried forward to following year 112 707.28 198 250.49



49


Securities traded on an exchangeSharesBermudasMarvell Technology Group Ltd 118 800 30 700 149 500 2 172 235.00 3.22 2 172 235.00 3.22GermanyWincor Nixdorf AG 24 300 3 800 3 500 24 600 2 1 115 600.04 1.66 1 115 600.04 1.66United KingdomVodafone Group Plc 2 097 300 201 900 377 800 1 921 400 4 976 123.38 7.38 4 976 123.38 7.38IsraelCheck Point Software Technologies Ltd 50 200 11 400 38 800 2 047 088.00 3.04 2 047 088.00 3.04JapanCanon Inc 99 100 8 100 11 600 95 600 4 402 972.57 6.53Fanuc Ltd 14 200 4 100 10 100 1 419 088.77 2.11Omron Corp 91 300 91 300 5 822 061.34 8.64Cayman IslandsASM Pacific Technology Ltd 428 100 114 400 313 700 2 3 102 932.66 4.60 3 102 932.66 4.60CanadaTelus Corp Non-Canadian 51 500 51 500 2 537 818.14 3.77 2 537 818.14 3.77SwedenEricsson AB 354 500 34 000 117 700 270 800 2 627 882.76 3.90 2 627 882.76 3.90SingaporeSingapore Telecommunications Ltd 555 000 555 000 1 354 385.39 2.01 1 354 385.39 2.01South KoreaSamsung Electronics Co Ltd 1 900 1 900 1 354 746.23 2.01 1 354 746.23 2.01TaiwanTaiwan Mobile Co Ltd 860 000 82 000 942 000 2 315 205.89 3.44Taiwan Semiconductor Co Ltd 834 000 834 000 1 915 671.28 2.84 4 230 877.17 6.28United States (USA)Adobe Systems Inc 115 600 16 100 99 500 2 404 915.00 3.57Cisco Systems Inc 173 000 28 600 201 600 3 122 784.00 4.63Cognizant Technology Solutions Corp 63 900 13 200 50 700 3 178 890.00 4.72Comcast Corp 65 300 65 300 1 364 770.00 2.03Dell Inc 171 300 171 300EMC Corp 202 100 18 300 12 200 208 200 2 4 370 118.00 6.49IBM Corp 29 300 6 300 23 000 4 025 690.00 5.97Intel Corp 165 800 62 600 103 200 2 201 256.00 3.27MCafee Inc 63 000 63 000Microsoft Corp 137 100 137 100 3 412 419.00 5.06Oracle Corp 168 400 21 900 11 900 178 400 5 127 216.00 7.61Qualcomm Inc 97 100 15 200 81 900 3 982 797.00 5.91Texas Instruments Inc 165 900 68 200 97 700 2 603 705.00 3.86 35 794 560.00 53.12 0.00 0.00Total shares 67 136 310.11 99.63Total securities traded on an exchange 67 136 310.11 99.63Total investments 67 136 310.11 99.63

Cash at banks 214 428.33 0.32Other assets 34 338.67 0.05Total assets 67 385 077.11 100.00Due to banks –400 622.53 –0.59Other liabilities –134 440.08 –0.20Net assets 66 850 014.50 99.21

List of sight and time deposits as at September 30, 2011Account management Account type Currency Interest rate Maturity 30.09.2011 30.09.2010 ChangeCredit Suisse, Zurich Current account USD 0.15 daily –400 622.53 –5 511.02 –395 111.51Credit Suisse, Zurich Current account TWD 0.00 daily 6 534 694.00 11 701 777.00 –5 167 083.00



Aberdeen (Swiss) Funds Global Opportunities Equity Fund • Audited Annual Report as at September 30, 2011

50


% of total assets 30.09.2011Australia 3.30Brazil 4.96China 1.79France 1.13United Kingdom 17.62Hong Kong 3.51Italy 2.28Japan 8.92Canada 2.07Luxembourg 1.92Mexico 1.53Netherlands Antilles 0.75Sweden 4.74Switzerland 14.09Singapore 1.36South Korea 2.56Taiwan 3.51United States (USA) 21.57Total % of total assets 97.60

Exchange rates as at 30.09.2011Australian dollar 0.971904Pound sterling 1.557800Euro 1.341704Hong Kong dollar 0.128460Yen 0.012974Canadian dollar 0.959650New Taiwanese dollar 0.032814Norwegian krone 0.170329Swedish krone 0.145599Swiss franc 1.100958Singapore dollar 0.767401





Depositaries Credit Suisse, Zurich CACEIS Bank, Paris BNP Paribas, Milan Brown Brothers Harriman, New York Hongkong Shanghai Bank, Hong Kong The Bank of Tokyo-Mitsubishi UFJ, Ltd. Hongkong & Shanghai Banking Corp. Ltd., SeoulHongkong & Shanghai Banking Corporation, SingaporeStandard chartered Bank (Taiwan) Ltd.RBC Dexia, Toronto


51

30.09.2011 30.09.2010 USD USDAssets Bank deposits, including fiduciary investments with third-party banks, divided into: – Sight deposits 846 143.85 263 382.92Securities, including securities loaned and pledged, divided into: – Shares and other equity instruments and rights 40 598 306.60 46 616 067.05Other assets 153 015.87 193 915.59Total fund assets minus: 41 597 466.32 47 073 365.56Other liabilities 85 986.23 91 818.68Net assets 41 511 480.09 46 981 546.88Number of units in circulation 404 570.402 437 008.023Net asset value per unit 102.61 107.51 Changes in net assets Net assets at beginning of review period 46 981 546.88 47 022 901.90Ordinary annual distribution –869 300.03 –1 179 160.40Issue of units 1 596 833.32 2 463 027.73Redemption of units –5 334 118.82 –4 654 778.18Other items from unit transactions 320 669.31 150 524.90Total income –1 184 150.57 3 179 030.93Net assets at end of review period 41 511 480.09 46 981 546.88 Changes in units in circulation Number at beginning of the review period 437 008.023 458 291.318Number of units issued 14 357.511 24 250.745Number of units redeemed –46 795.132 –45 534.040Number at the end of the review period 404 570.402 437 008.023




52

01.10.2010– 01.10.2009– 30.09.2011 30.09.2010 USD USDIncome Income from bank balances 422.75 618.40Securities income, divided into: – Shares and other equity instruments and rights, including

bonus shares 1 144 723.25 1 077 290.07– Substitute payments 301 532.65 369 594.22– Securities Lending 17 826.24 26 717.27Other income 89.52 173.68Current net income paid in upon the issue of units 13 703.83 30 930.34Total income minus: 1 478 298.24 1 505 323.98 Interest due 241.57 184.55 Audit costs 25 755.66 27 987.39Statutory remuneration to: – Management Company 770 014.79 732 230.62– Custodian Bank 24 062.94 22 882.17Partial transfer of expenditure on realized capital losses –108 188.87 –101 386.57Other expenses 8 157.52 4 751.39Current net income paid out upon the redemption of units 43 707.85 53 842.86 Net income 714 546.78 764 831.57 Realized capital gains 3 559 089.06 1 681 416.48Realized capital losses –758 284.72 –902 036.26Partial transfer of expenditure on realized capital losses –108 188.87 –101 386.57Realized income 3 407 162.25 1 442 825.22 Unrealized capital gains/losses –4 591 312.82 1 736 205.71Total income –1 184 150.57 3 179 030.93 Application of results Net income of financial year 714 546.78 764 831.57Carried forward from preceding year 284 933.12 394 117.60Net income available for distribution 999 479.90 1 158 949.17Net income earmarked for distribution to investors 728 226.72 874 016.05Carried forward to following year 271 253.18 284 933.12



53


Securities traded on an exchangeRightsUnited KingdomStand.Chartered Ausg.10 5 975 5 975 0.00 0.00Total rights 0.00 0.00

SharesAustraliaQBE Insurance Group Ltd 81 000 35 900 7 100 109 800 1 374 489.33 3.30 1 374 489.33 3.30BrazilBanco Bradesco SA BRAD 57 970 27 430 6 900 78 500 1 161 015.00 2.79Petroleo Brasileiro SA ADR 30 218 13 382 43 600 903 392.00 2.17 2 064 407.00 4.96ChinaPetrochina Co Ltd -H- 600 000 600 000 745 323.53 1.79 745 323.53 1.79GermanyAdidas AG 20 700 20 700Adidas AG 20 700 20 700E.ON AG EON 41 300 41 300 0.00 0.00FranceSchneider Electric SA 8 766 4 300 4 466 8 600 2 468 123.21 1.13 468 123.21 1.13United KingdomBritish American Tobacco Plc 39 800 5 700 34 100 1 449 405.94 3.48Centrica Plc 163 800 78 400 242 200 1 123 219.60 2.70HSBC Holdings Plc 100 400 100 400 777 167.10 1.87Rio Tinto Plc 17 000 10 200 6 800 305 979.96 0.74Royal Dutch Shell Plc -B- 32 700 5 700 27 000 842 254.69 2.02Standard Chartered Plc 47 800 12 975 6 575 54 200 1 086 649.62 2.61Standard Chartered Plc 5 975 5 975Vodafone Group Plc 768 900 116 300 212 200 673 000 1 742 964.00 4.19 7 327 640.91 17.62Hong KongChina Mobile Ltd 51 000 29 500 80 500 797 291.92 1.92Swire Pacific Ltd 83 000 19 000 64 000 661 824.68 1.59 1 459 116.60 3.51ItalyENI Spa 81 200 27 800 53 400 2 947 173.26 2.28 947 173.26 2.28JapanCanon Inc 33 600 3 800 13 600 23 800 1 096 137.52 2.64Daito Trust Construction Co Ltd 11 800 4 200 7 600 703 998.18 1.69Fanuc Ltd 8 000 4 100 3 900 547 964.97 1.32Shin-Etsu Chemical Co Ltd 11 700 3 100 14 800 735 394.24 1.77Takeda Chemical Industries Ltd 23 600 3 200 13 700 13 100 2 625 430.20 1.50 3 708 925.11 8.92CanadaCanadian National Railway Co 14 600 1 800 12 800 860 214.81 2.07 860 214.81 2.07LuxembourgTenaris SA ADR 37 300 5 900 31 400 799 130.00 1.92 799 130.00 1.92MexicoFomento Eco. Mexicano SA ADR Uts -B-/-D- 9 800 9 800 635 236.00 1.53 635 236.00 1.53Netherlands AntillesSchlumberger Ltd 11 800 6 600 5 200 310 596.00 0.75 310 596.00 0.75NetherlandsRoyal Philips Electronics NV 24 000 24 000 0.00 0.00SwedenAtlas Copco AB -A- 22 200 22 200 397 894.74 0.96Ericsson AB -B- 79 100 14 900 17 800 76 200 739 455.93 1.78Nordbanken Holding AB 88 600 13 500 102 100 835 447.63 2.01 1 972 798.30 4.74SwitzerlandNestle SA 8 800 13 600 2 800 19 600 1 081 096.55 2.60Novartis AG 18 300 8 200 26 500 1 482 109.44 3.56Roche Holding GS 10 400 1 700 2 000 10 100 1 635 704.06 3.93Zurich Financial Services AG 6 700 1 200 7 900 1 661 235.27 3.99 5 860 145.32 14.09SingaporeCity Developments Ltd 77 000 77 000 566 671.65 1.36 566 671.65 1.36SpainCorporacion Mapfre SA 120 416 120 416 0.00 0.00South KoreaSamsung Electronics Co Ltd preferred 2 800 600 2 200 1 066 310.91 2.56 1 066 310.91 2.56TaiwanTaiwan Semiconductor Co Ltd 844 000 15 000 224 000 635 000 1 458 574.66 3.51 1 458 574.66 3.51



54

United States (USA)CVS Corp 31 900 4 100 27 800 933 524.00 2.24Eog Resources Inc 6 900 2 800 9 700 688 797.00 1.66Intel Corp 43 600 43 600Johnson & Johnson 23 300 5 500 4 900 23 900 1 522 669.00 3.66Kraft Foods Inc -A- 28 900 2 800 3 800 27 900 936 882.00 2.25Oracle Corp 31 600 31 600 908 184.00 2.18Pepsico Inc 15 200 15 200 940 880.00 2.26Philip Morris International Inc 28 700 4 100 7 700 25 100 1 565 738.00 3.76Procter & Gamble Co 7 400 7 400Quest Diagnostics Inc 14 700 2 600 12 100 597 256.00 1.44United Technologies Corp 12 500 12 500 879 500.00 2.11 8 973 430.00 21.57Total shares 40 598 306.60 97.60Total securities traded on an exchange 40 598 306.60 97.60

Securities without marketRightsNetherlandsRoyal Philips Electronics NV 24 000 24 000 0.00 0.00Total rights 0.00 0.00Total securities without market 0.00 0.00Total investments 40 598 306.60 97.60


List of sight and time deposits as at September 30, 2011Account management Account type Currency Interest rate Maturity 30.09.2011 30.09.2010 ChangeCredit Suisse, Zurich Current account USD 0.15 daily 567 782.94 102 490.87 465 292.07Credit Suisse, Zurich Current account TWD 0.00 daily 8 482 397.00 5 025 855.00 3 456 542.00Credit Suisse, Zurich Margin account USD 0.15 daily 20.74 20.70 0.04Credit Suisse, Zurich Margin account EUR 0.60 daily 0.19 0.19 0.00



Aberdeen (Swiss) Funds Global Pharma Equity Fund • Audited Annual Report as at September 30, 2011

55


Annual distribution for 2011For unitholders domiciled in Switzerland and abroadGross USD 7.400Total from income USD 7.400Less 35% Swiss withholding tax USD 2.590Net distribution from capital gains against coupon no. 8 USD 4.810


DepositariesCredit Suisse, ZurichCACEIS Bank, ParisHSBC Bank PLC, LondonThe Bank of Tokyo-Mitsubishi UFJ, LtdBrown Brothers Harriman, New YorkCitibank NA., Sao Paulo


% of total assets 30.09.2011Brazil 3.48Denmark 6.60France 3.85United Kingdom 5.07Israel 3.68Japan 16.19Switzerland 17.02United States (USA) 42.28Total % of total assets 98.17

Exchange rates as at 30.09.2011Danish krone 0.180307Pound sterling 1.557800Euro 1.341704Yen 0.012974Swedish krone 0.145599Swiss franc 1.100958


56

30.09.2011 30.09.2010 USD USDAssetsBank deposits, including fiduciary investments with third-party banks, divided into:– Sight deposits 2 019 680.87 264 685.70Securities, including securities loaned and pledged, divided into: – Shares and other equity instruments and rights 147 991 092.36 174 900 713.72Other assets 732 648.46 796 748.82Total fund assets minus: 150 743 421.69 175 962 148.24Other liabilities 238 068.66 261 140.72Net assets 150 505 353.03 175 701 007.52Number of units in circulation 153 558.179 183 615.411Net asset value per unit 980.12 956.90

Changes in net assetsNet assets at beginning of review period 175 701 007.52 193 628 825.36Ordinary annual distribution –819 639.97 0.00Issue of units 813 536.69 2 277 454.18Redemption of units –31 552 737.62 –31 482 557.97Other items from unit transactions 2 215 098.48 838 185.16Total income 4 148 087.93 10 439 100.79Net assets at end of review period 150 505 353.03 175 701 007.52

Changes in units in circulationNumber at beginning of the review period 183 615.411 215 145.134Number of units issued 794.333 2 469.816Number of units redeemed –30 851.565 –33 999.539Number at the end of the review period 153 558.179 183 615.411 Off-balance-sheet business Volume of securities lent and income from lending commissions– Volume of securities lent 23 074 169.33 35 508 552.13– Income from commissions 28 310.96 28 367.24



57

01.10.2010– 01.10.2009– 30.09.2011 30.09.2010 USD USDIncome Income from bank balances 1 789.38 2 119.71Securities income, divided into:– Shares and other equity instruments and rights, including

bonus shares 3 153 081.82 3 223 661.73– Substitute payments 734 417.39 614 088.70– Securities Lending 28 310.96 28 367.24Current net income paid in upon the issue of units 3 300.66 3 891.79Total income minus: 3 920 900.21 3 872 129.17



Net income 1 199 837.37 1 063 697.50


Unrealized capital gains/losses –5 561 045.52 5 671 623.44Total income 4 148 087.93 10 439 100.79

Application of resultsNet income of financial year 1 199 837.37 1 063 697.50Reclaimed foreign withholding taxes 68 901.02 0.00Carried forward from preceding year 332 519.02 113 452.41Net income available for distribution 1 601 257.41 1 177 149.91Net income earmarked for distribution to investors 1 136 330.52 844 630.89Sum of reclaimed foreign source taxes 68 901.02 0.00Carried forward to following year 396 025.87 332 519.02



58


Securities traded on an exchangeSharesBrazilNatura Cosmetics SA 369 600 65 400 304 200 5 244 122.66 3.48 5 244 122.66 3.48DenmarkNovo Nordisk A/S -B- 141 300 42 000 99 300 9 954 884.71 6.60 9 954 884.71 6.60FranceL’Oréal SA 64 600 5 600 59 000 5 808 800.13 3.85 5 808 800.13 3.85United KingdomGlaxosmithkline Plc 409 900 41 900 368 000 7 641 694.43 5.07 7 641 694.43 5.07IsraelTeva Pharmaceutical Ind 149 097 149 097 2 5 549 390.34 3.68 5 549 390.34 3.68JapanAsahi Intecc Co Ltd 78 700 78 700 2 116 575.52 1.40Astellas Pharma Inc 228 800 228 800 2 8 729 930.35 5.79Dr Cl Labo Co Ltd 700 700 2 4 549 833.46 3.02Sysmex Corp 61 313 61 313 122 626 2 4 446 559.51 2.95Takeda Chemical Industries Ltd 171 400 75 800 95 600 2 4 564 208.18 3.03 24 407 107.02 16.19SwitzerlandNovartis AG 251 200 14 100 27 300 238 000 13 311 020.59 8.83Roche Holding GS 100 900 4 300 29 000 76 200 12 340 658.37 8.19 25 651 678.96 17.02United States (USA)Aetna Inc 260 240 76 840 183 400 6 666 590.00 4.42Baxter Int Inc 131 600 28 600 13 500 146 700 8 235 738.00 5.46CVS Corp 239 800 239 800 8 052 484.00 5.34Dentsply International Inc 224 900 12 800 212 100 6 509 349.00 4.32Gilead Sciences Inc 219 100 113 000 106 100 4 116 680.00 2.73Johnson & Johnson 181 300 4 100 15 200 170 200 10 843 442.00 7.19Procter & Gamble Co 82 100 82 100 Quest Diagnostics Inc 167 600 24 500 143 100 7 063 416.00 4.69St. Jude Medical Inc 197 000 30 300 166 700 6 032 873.00 4.00Waters Corp 132 900 50 600 82 300 6 212 827.00 4.12 63 733 399.00 42.28Total shares 147 991 077.25 98.17Total securities traded on an exchange 147 991 077.25 98.17

Securities without marketSharesUnited KingdomBRX Research and Development Co Ltd 800 000 800 000 0.80 0.00 0.80 0.00SwitzerlandEquity4Life AG 130 000 130 000 14.31 0.00 14.31 0.00Total shares 15.11 0.00Total securities without market 15.11 0.00Total investments 147 991 092.36 98.17

Cash at banks 2 019 680.87 1.34Other assets 732 648.46 0.49Total assets 150 743 421.69 100.00Other liabilities –238 068.66 –0.16Net assets 150 505 353.03 99.84

List of sight and time deposits as at September 30, 2011Account management Account type Currency Interest rate Maturity 30.09.2011 30.09.2010 ChangeCredit Suisse, Zurich Current account USD 0.15 daily 2 019 680.87 264 685.70 1 754 995.17



Aberdeen (Swiss) Funds Tiger Equity Fund • Audited Annual Report as at September 30, 2011

59

Highlights Key figures 30.09.2011 30.09.2010 30.09.2009 31.05.2008Total net assets in millions USD 127.7 161.7 152.0 198.5Units in circulation 90 645.378 104 222.205 123 381.143 133 327.252Net asset value per unit in USD 1 408.36 1 551.67 1 232.14 1 488.63Review period from 01.10.2010 01.10.2009 01.06.2008 01.06.2007 to 30.09.2011 30.09.2010 30.09.2009 31.05.2008Distribution per unit in USD 21.00 15.60 17.40 6.50




DepositariesCredit Suisse, ZurichHongkong Shanghai Bank, Hong KongThe Hongkong and Shanghai Banking Corporation, SingaporeHongkong Shanghai Banking Corp. Ltd. SeoulHongkong Bank Malaysia Berhard, Kuala Lumpur free accountHongkong and Shanghai Banking Corp. (HSBC) ManilaStandard Chartered Bank (Taiwan) Ltd.Hongkong and Shanghai Banking Corp. BangkokDeutsche Bank AG, Jakarta


% of total assets 30.09.2011Bermudas 9.02China 3.37United Kingdom 7.53Hong Kong 16.59Indonesia 1.94Cayman Islands 2.04Malaysia 4.92Philippines 3.64Singapore 26.14South Korea 8.98Taiwan 7.48Thailand 6.81Total % of total assets 98.45

Exchange rates as at 30.09.2011Pound sterling 1.567893Hong Kong dollar 0.129553Indonesian rupiah 0.000113Malaysian ringgit 0.315571New Taiwanese dollar 0.032987Philippine peso 0.023064Swiss franc 1.100958Singapore dollar 0.777371South Korea won 0.000854Thai baht 0.032383


60

30.09.2011 30.09.2010 USD USDAssets Bank deposits, including fiduciary investments with third-party banks, divided into: – Sight deposits 1 262 817.63 1 839 930.77Securities, including securities loaned and pledged, divided into: – Shares and other equity instruments and rights 125 885 478.93 159 621 049.60Other assets 725 245.27 502 923.55Total fund assets minus: 127 873 541.83 161 963 903.92Other liabilities 211 929.24 245 085.28Net assets 127 661 612.59 161 718 818.64Number of units in circulation 90 645.378 104 222.205Net asset value per unit 1 408.36 1 551.67

Changes in net assets Net assets at beginning of review period 161 718 818.64 152 022 896.87Ordinary annual distribution –1 598 639.55 –2 092 364.63Issue of units 3 476 138.70 3 976 684.93Redemption of units –25 028 954.66 –29 217 899.84Other items from unit transactions 759 429.53 2 053 503.20Total income –11 665 180.06 34 975 998.11Net assets at end of review period 127 661 612.59 161 718 818.64 Changes in units in circulation Number at beginning of the review period 104 222.205 123 381.143Number of units issued 2 142.160 3 044.810Number of units redeemed –15 718.987 –22 203.748Number at the end of the review period 90 645.378 104 222.205

Off-balance-sheet businessNone



61

01.10.2010– 01.10.2009– 30.09.2011 30.09.2010 USD USDIncome Income from bank balances 1 729.35 2 400.88Securities income, divided into: – Shares and other equity instruments and rights – Shares and other equity instruments and rights, including

bonus shares 4 465 044.35 3 795 927.54Current net income paid in upon the issue of units 10 636.06 15 703.53Total income minus: 4 477 409.76 3 814 031.95



Net income 2 033 712.36 1 406 628.04

Realized capital gains 12 252 488.77 9 531 178.96Realized capital losses –4 709 634.29 –819 358.48Partial transfer of expenditure on realized capital losses –279 226.85 –259 714.07Realized income 9 297 339.99 9 858 734.45


Application of results Net income of financial year 2 033 712.36 1 406 628.04Carried forward from preceding year 670 494.92 889 733.28Net income available for distribution 2 704 207.28 2 296 361.32Net income earmarked for distribution to investors 1 903 552.94 1 625 866.40Carried forward to following year 800 654.34 670 494.92



62

Description 30.09.2010 Purchases 1 Disposals 1 30.09.2011 Market value % of number/ number/ USD total assets nominal value nominal value

Securities traded on an exchangeRightsUnited KingdomStandard Chartered Plc 34 375 34 375 0.00 0.00Hong KongDah Sing Banking Group Ltd 10/10 83 000 83 000 0.00 0.00Total rights 0.00 0.00

SharesBermudasDairy Farm International Holdings Ltd 380 700 380 700 3 235 950.00 2.53Jardine Strategic Holdings Ltd 330 000 63 500 266 500 7 011 615.00 5.48Li & Fung Ltd 182 000 192 000 374 000Li & Fung Ltd 748 000 748 000 1 281 087.93 1.00Li & Fung 4000 748 000 748 000 11 528 652.93 9.02ChinaPetrochina Co Ltd 3 750 600 314 000 3 436 600 4 305 279.44 3.37 4 305 279.44 3.37United KingdomHSBC Holdings Plc 377 765 377 765 3 037 289.27 2.38Standard Chartered Plc 34 375 34 375Standard Chartered Plc 275 000 34 375 309 375 6 587 208.46 5.15 9 624 497.73 7.53Hong KongAIA Group Ltd 1 179 600 118 600 1 061 000 3 065 251.63 2.40China Mobile Ltd 470 500 40 000 430 500 4 300 049.15 3.36Cnooc Ltd 1 630 000 1 630 000Dah Sing Banking Group Ltd 830 000 83 000 913 000 832 701.45 0.65Hang Lung Dev Co Ltd 543 000 96 000 447 000 2 307 712.67 1.80Hang Lung Properties Ltd 610 760 121 000 489 760 1 484 721.70 1.16Sun Hung Kai Properties Ltd 237 000 237 000 2 777 172.16 2.17Swire Pacific Ltd 500 000 30 000 470 000 4 901 619.83 3.83Wing Hang Bank Ltd 250 500 2 325 65 000 187 825 1 542 725.08 1.21 21 211 953.67 16.59IndonesiaPT Unilever Indonesia TBK 1 777 000 442 000 1 335 000 2 485 138.67 1.94 2 485 138.67 1.94Cayman IslandsASM Pacific Technology Ltd 305 900 44 600 261 300 2 606 609.78 2.04 2 606 609.78 2.04MalaysiaBritish American Tobacco BHD 110 000 110 000 1 550 967.99 1.21CIMB Group Holdings BHD 1 540 000 200 000 1 340 000 2 947 369.34 2.30Digi Com BHD 360 000 360 000Public Bank BHD 1 170 000 708 000 462 000 1 799 095.10 1.41 6 297 432.43 4.92PhilippinesAyala Land Inc 7 000 000 780 000 6 220 000 2 091 643.02 1.64Bank of the Philippine Islands BPI 2 310 128 320 000 1 990 128 2 561 267.07 2.00 4 652 910.09 3.64SingaporeCity Developments Ltd 750 000 70 000 680 000 5 069 392.54 3.96OCBC Ltd 1 268 089 45 372 142 000 1 171 461 7 403 665.39 5.79Singapore Airlines Ltd 278 000 278 000 2 470 127.83 1.93Singapore Technology Engineering Ltd 2 710 000 80 000 2 630 000 5 745 005.78 4.49Singapore Telecommunications Ltd 2 500 000 590 000 1 910 000 4 721 596.70 3.69United Overseas Bank Ltd 568 990 21 565 151 000 439 555 5 808 855.16 4.54Venture Manufacturing Ltd 424 000 424 000 2 201 763.77 1.72 33 420 407.17 26.14South KoreaBS Financial Group 130 000 130 000 1 460 649.95 1.14Busan Bank 130 000 130 000DGB Financial Group Co Ltd 106 000 106 000 1 263 447.25 0.99E-Mart Co Ltd 8 903.100 0.100 8 903 2 266 886.00 1.77Samsung Electronics Co Ltd 15 500 3 700 11 800 5 756 985.78 4.50Shinsegae Co Ltd 6 024 6 024 12 048Shinsegae Co Ltd 12 048.100 8 904.100 3 144 738 741.12 0.58The Daegu Bank Co Ltd 106 000 106 000 11 486 710.10 8.98TaiwanTaiwan Mobile Co Ltd 2 000 000 493 000 1 507 000 3 723 351.05 2.91Taiwan Semiconductor Co Ltd 2 970 521 443 000 2 527 521 5 836 220.98 4.56 9 559 572.03 7.48ThailandPTT Expl and Production Public Co Ltd 1 130 400 153 000 977 400 4 415 347.56 3.45Siam Cement Public Co Ltd 544 700 120 000 424 700 4 290 967.33 3.36 8 706 314.89 6.81Total shares 125 885 478.93 98.45Total securities traded on an exchange 125 885 478.93 98.45Total investments 125 885 478.93 98.45

Cash at banks 1 262 817.63 0.99Other assets 725 245.27 0.57Total assets 127 873 541.83 100.00Other liabilities –211 929.24 –0.17Net assets 127 661 612.59 99.83

1 Inclusive of purchases/sales and corporate actions



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List of sight and time deposits as at September 30, 2011Account management Account type Currency Interest rate Maturity 30.09.2011 30.09.2010 ChangeCredit Suisse, Zurich Current account USD 0.15 daily 1 252 685.30 1 818 453.36 –565 768.06Credit Suisse, Zurich Current account TWD 0.00 daily 307 164.00 673 142.00 –365 978.00


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Notes to the Annual Report as at Septem-ber 30, 2011 2011

Note 1: Sales restrictions USAUnder US law, units of the subfunds may be neither offered nor sold in, nor delivered to, the United States of America.Investors who are United States citizens or are subject to US income tax are therefore advised to consult a tax advisor before purchasing units of the subfunds. Under US tax laws, such purchases may have adverse consequences for these investors. The fund management company does not provide investors with Qualified Electing Fund election information as per section 1293 of the US Internal Revenue Code.

Note 2: Key figures and technical dataFund Unit Swiss Cur- Custodian Manage- Total Portfolio class securities rency bank ment com- Expense Turnover number fee mission1 Ratio (TER)2 Rate (PTR)3

Aberdeen (Swiss) Funds Dynamic Bond Fund (hedged £) A 277 024 GBP 0.050% 0.95% 1.12% 202.45%

Aberdeen (Swiss) Funds Dynamic Bond Fund (hedged Euro) A 277 021 EUR 0.050% 0.95% 1.02% 300.27%

Aberdeen (Swiss) Funds Dynamic Bond Fund (hedged US$) A 277 022 USD 0.050% 0.95% 1.03% 632.75%

Aberdeen (Swiss) Funds European Opportunities Equity Fund A 278 925 EUR 0.050% 1.60% 1.66% 29.24%

Aberdeen (Swiss) Funds Global Energy Equity Fund A 278 920 USD 0.050% 1.60% 1.68% –7.34%

Aberdeen (Swiss) Funds Global Gold Equity Fund A 277 160 USD 0.050% 1.60% 1.68% 3.18%

Aberdeen (Swiss) Funds Global High Tech Equity Fund A 277 256 USD 0.050% 1.60% 1.70% 12.22%

Aberdeen (Swiss) Funds Global Opportunities Equity Fund A 277 178 USD 0.050% 1.60% 1.72% 37.60%

Aberdeen (Swiss) Funds Global Pharma Equity Fund A 277 265 USD 0.050% 1.60% 1.67% 9.14%

Aberdeen (Swiss) Funds Tiger Equity Fund A 277 161 USD 0.050% 1.60% 1.68% 4.38%

1 Information regarding the SFA guideline on transparent management fees: From the sales-related component of the management fee, the fund management is able to offer refunds to the following institutional investors which, in a business sense, hold fund units for third parties: Life insur-ance companies, Pension funds and other retirement benefits institutions, Investment foundations, Swiss fund management companies, Foreign fund management companies, Investment companies. The fund management may also draw on the sales-related component of the management fee to pay commission on fund unit holdings to the following fund distributors/distribution partners: authorized distributors, fund management companies, banks, brokers, Swiss Post, and insurance companies, distribution partners that place fund units exclusively with institutional investors that have a professional treasury, asset managers. The fund manager has not concluded any fee-sharing agreements or agreements with regard to retrocessions in the form of “soft commissions”.

2 TER (Total Expense Ratio) describes the sum of all periodic costs and commissions that are charged to the fund’s assets. It is expressed retro-actively as a percentage of average fund assets. Any reimbursements/commissions for client unit holdings from target funds have been credited to the fund and thus reduce the TER.

3 The PTR (Portfolio Turnover Rate) is an indicator of the relevance of ancillary costs incurred by the Fund in the purchase and sale of investments, and denotes the portfolio turnover rate of the fund portfolio. The PTR shows how many transactions have been carried out on the assets of an investment fund or a security portfolio – mostly on the basis of an annual calculation.

Note 3: Fund performanceFund/Benchmark Unit Inception Swiss Cur- 01.01.2011– Cumulative 20101 20091 20081

class date securities rency 30.09.20111 since number launch

Aberdeen (Swiss) Funds Dynamic Bond Fund (hedged £) A 08.11.1985 277 024 GBP –5.0% – 7.9% 16.4% –11.5%

Aberdeen (Swiss) Funds Dynamic Bond Fund (hedged Euro) A 29.06.1984 277 021 EUR –5.6% – 5.4% 10.5% –0.8%

Aberdeen (Swiss) Funds Dynamic Bond Fund (hedged US$) A 29.06.1984 277 022 USD –3.9% – 6.8% 3.7% 3.0%

Aberdeen (Swiss) Funds European Opportunities Equity Fund A 12.02.1959 278 925 EUR –14.3% – 16.4% 64.5% –59.8%

Aberdeen (Swiss) Funds Global Energy Equity Fund A 12.05.1961 278 920 USD –19.6% – 13.4% 43.0% –43.0%

Aberdeen (Swiss) Funds Global Gold Equity Fund A 28.02.1986 277 160 USD –9.8% – 23.4% 25.1% –20.8%

Aberdeen (Swiss) Funds Global High Tech Equity Fund A 19.01.1962 277 256 USD –7.6% – 17.3% 42.3% –45.1%

Aberdeen (Swiss) Funds Global Opportunities Equity Fund2 A 16.10.1970 277 178 USD –10.3% –27.8% 10.8% 35.3% –

Aberdeen (Swiss) Funds Global Pharma Equity Fund A 30.09.1959 277 265 USD –1.7% – 6.4% 15.6% –22.5%

Aberdeen (Swiss) Funds Tiger Equity Fund A 20.11.1989 277 161 USD –13.7% – 27.3% 63.1% –51.6%

Source: Lipper, a Reuters Company1 Fund performance is based on officially published net asset values which in turn are based on stock exchange closing prices at the end of the

month in question. Historical performance is no indicator of current or future performance. The performance data given does not take into account commissions and

costs incurred in the purchase or redemption of fund units.2 repositioned on May 30, 2008

Note 4: Valuation of the Fund’s Assets and the Units1. The net asset value of each subfund and the share of assets attributable to the individual classes are

calculated in the accounting currency of the subfund concerned at the market value as of the end of the financial year and for each day on which units are issued or redeemed. The subfund’s assets will not be calculated on days when the stock exchanges / markets in the main investment countries of the subfund concerned are closed (e.g. bank and stock exchange holidays).


65

2. Securities traded on a stock exchange or another regulated market open to the public shall be valued at the current prices paid on the main market. Other investments or investments for which no current market value is available shall be valued at the price which would probably be obtained in a diligent sale at the time of the valuation. In such cases, the fund management company shall use appropriate and recognized valuation models and principles to determine the market value.

3. Open-ended collective investment schemes are valued at their redemption price / net asset value. If they are regularly traded on an exchange or another regulated market open to the public, the fund management company may calculate their value in accordance with prov. 2.

4. The value of money market instruments that are not traded on a stock exchange or another regulated market open to the public is determined as follows: The valuation price of such investments is successively adjusted in line with the repayment price, taking the net purchase price as the basis and ensuring that the investment returns calculated in this manner are kept constant. If there are significant changes in market conditions, the valuation principles for the individual investments will be adjusted in line with the new mar-ket returns. If there is no current market price in such instances, the calculations are as a rule based on the valuation of money market instruments with the same characteristics (quality and domicile of the issuer, issuing currency, term to maturity).

5. Bank deposits are valued on the basis of the amount due plus accrued interest. If there are significant changes in market conditions, the valuation principles for time deposits at banks will be adjusted in line with the new market returns.

6. The net asset value of a unit of a given class of a subfund is determined by the proportion of this subfund’s assets as valued at the market value attributable to the given unit class, minus any of this subfund’s liabili-ties that are attributed to the given unit class, divided by the number of units of the given class in circula-tion. In each case it is rounded up or down to the next smallest unit of the accounting currency.

7. The share of the market value of the net assets of a subfund (the subfund’s assets minus liabilities) at-tributable to the respective unit classes is determined for the first time at the initial issue of more than one class of units (if this occurs simultaneously) or the initial issue of a further unit class. The calculation is made on the basis of the assets accruing to the subfund concerned for each unit class. The share is recalculated when one of the following events occurs:a) when units are issued and redeemed;b) on the pertinent date for distributions, provided that (i) such distributions are only made for individual unit

classes (distribution classes) or provided that (ii) the distributions of the various unit classes differ when expressed as a percentage of the respective net asset values, or provided that (iii) different commission or costs are charged on the distributions of the various unit classes when expressed as a percentage of the distribution;

c) when the net asset value is calculated, as part of the allocation of liabilities (including due or accrued costs and commissions) to the various unit classes, provided that the liabilities of the various unit classes are different when expressed as a percentage of the respective net asset value, especially if (i) different commission rates are applied for the various unit classes or if (ii) class-specific costs are charged;

d) when the net asset value is calculated, as part of the allocation of income or capital gains to the various unit classes, provided the income or capital gains stem from transactions made solely in the interests of one unit class or in the interests of several unit classes but disproportionately to their share of the net assets of a subfund.

Note 5: Amendments to the fund contract as of May 2, 2011The Swiss Financial Market Supervisory Authority FINMA issued an order on April 27, 2011 approving the amendments to the fund contract proposed by the management company and the custodian bank. These amendments entered into force on May 2, 2011 and read as follows:Umbenennung von drei Teilvermögen und Anpassung deren Anlagepolitiken

Alte Bezeichnung der Teilvermögen Neue Bezeichnung der TeilvermögenAberdeen (Swiss) Funds Dynamic Euro Bond Fund Aberdeen (Swiss) Funds Dynamic Bond Fund (hedged Euro)Aberdeen (Swiss) Funds Dynamic £ Bond Fund Aberdeen (Swiss) Funds Dynamic Bond Fund (hedged £)Aberdeen (Swiss) Funds Dynamic US$ Bond Fund Aberdeen (Swiss) Funds Dynamic Bond Fund (hedged US$)

Die drei Teilvermögen können neu Investments in sämtlichen frei konvertierbaren Währungen vornehmen, wobei die Risikoaussetzung bezüglich Anlagewährun-gen neu gegen £ (für das Teilvermögen Aberdeen [Swiss] Funds Dynamic Bond Fund [hedged £]), Euro (für das Teilvermögen Aberdeen [Swiss] Funds Dynamic Bond Fund [hedged Euro]) und US$ (für das Teilvermögen Aberdeen [Swiss] Funds Dynamic Bond Fund [hedged US$]) abgesichert wird.Bei den beiden Teilvermögen Aberdeen (Swiss) Funds Dynamic Bond Fund (hedged Euro) und Aberdeen (Swiss) Funds Dynamic Bond Fund (hedged £) darf die Fondsleitung einschliesslich der Derivate höchstens 20% des Gesamtvermögens pro Teilvermögen in Effekten und Geldmarktinstrumenten desselben Emittenten anlegen (bisher 45%).

Verwaltungskommission beim Erwerb von verbundenen ZielfondsDie Vorschriften bezüglich des Erwerbs von verbundenen Zielfonds wurden gemäss der per 1. März 2009 revidierten Bestimmung von Art. 31 Abs. 4 KKV («Double Dip») angepasst. In diesem Zusammenhang wird die Beschränkung der Verwaltungskommission von jährlich maximal 0,25% p.a. aufgehoben. Die entsprechende Verwaltungskommission beim Erwerb von verbundenen Zielfonds beträgt neu jährlich maximal für die Bond-Teilvermögen 1,4% p.a (A-Klasse) und 0,7% p.a. (I-Klasse), für die Equity-Teilvermögen 2,0% p.a. (A-Klasse) und 1,0% p.a. (I-Klasse).


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Anpassung der GeringfügigkeitsklauselDie für den Ertragsausschüttungsverzicht anwendbare Geringfügigkeitsklausel in § 22 Ziff. 1 des Fondsvertrags wird an die geltende Praxis der Eidgenös-sischen Steuerverwaltung entsprechend dem Kreisschreiben 24 angepasst.

Note 6: Amendments to the fund contract as of October 15, 2011The Swiss Financial Market Supervisory Authority FINMA issued an order on October 7, 2011 approving the amendments to the fund contract proposed by the management company and the custodian bank. These amendments entered into force on October 15, 2011. The publication in the Schweizerischen Handelsamts-blatt and on the electronic platform Swiss Fund Data (www.swissfunddata.ch), published on September 8, 2011, reads as follows:

Mitteilung an die Anleger des Aberdeen (Swiss) Funds

Die Anleger werden darauf hingewiesen, dass aufgrund der Umfirmierung der Fondsleitung Credit Suisse Asset Management Funds AG in Credit Suisse Funds AG sämtliche Fondsverträge innert Kürze überarbeitet und entsprechend angepasst werden.

Diese Publikation erfolgt lediglich zu Informationszwecken. Die Rechte der Anlegerinnen und Anleger werden durch die Umfirmierung nicht berührt (Art. 41 Abs. 1 KKV). Art. 27 Abs. 3 KAG betreffend Einwendungsrecht zugunsten der Anleger findet daher keine Anwendung.


67

Report of the audit company

As collective investment scheme regulatory audi-tors, we have audited the financial statements of the investment fund Aberdeen (Swiss) Funds, with the subfunds

Aberdeen (Swiss) Funds Dynamic Bond Fund (hedged £)

Aberdeen (Swiss) Funds Dynamic Bond Fund (hedged Euro)

Aberdeen (Swiss) Funds Dynamic Bond Fund (hedged US$)

Aberdeen (Swiss) Funds European Opportuni-ties Equity Fund

Aberdeen (Swiss) Funds Global Energy Equity Fund

Aberdeen (Swiss) Funds Global Gold Equity Fund

Aberdeen (Swiss) Funds Global High Tech Equity Fund

Aberdeen (Swiss) Funds Global Opportunities Equity Fund

Aberdeen (Swiss) Funds Global Pharma Equity Fund

Aberdeen (Swiss) Funds Tiger Equity Fund

which comprise the statement of net assets and the income statement, the statement of the appropria-tion of available earnings and the disclosure of the total costs as well as the supplemental disclosures in accordance with article 89 paragraph 1 lit. b–h of the Swiss Collective Investment Schemes Act (CISA) for the year ended September 30, 2011.

Responsibility of the Fund Management Company’s Board of DirectorsThe Board of Directors of the Fund Management Company is responsible for the preparation of the financial statements in accordance with the require-ments of the Swiss Collective Investment Schemes Act, the related ordinances as well as the investment fund agreement and the prospectus with integrated fund contract. This responsibility includes designing, implementing and maintaining an internal control system relevant to the preparation of financial state-ments that are free from material misstatement, whether due to fraud or error. The Board of Direc-tors of the Fund Management Company is further responsible for selecting and applying appropriate accounting policies and making accounting esti-mates that are reasonable in the circumstances.

Responsibility of the audit company for collective investment schemesOur responsibility is to express an opinion on these financial statements based on our audit. We con-

ducted our audit in accordance with Swiss law and Swiss Auditing Standards. Those standards require that we plan and perform the audit to obtain reason-able assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the audi-tor considers the internal control system relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropri-ate in the circumstances, but not for the purpose of expressing an opinion on the existence and effec-tiveness of the entity’s internal control system. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of accounting estimates made, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion In our opinion, the financial statements for the year ended September 30, 2011 comply with the Swiss Collective Investment Schemes Act, the related or-dinances as well as the investment fund agreement and the prospectus with integrated fund contract.

Report on other legal requirements We confirm that we meet the legal requirements on licensing according to the Auditor Oversight Act (AOA) and article 127 CISA as well as on indepen-dence (article 11 AOA) and that there are no cir-cumstances incompatible with our independence.

KPMG AG

Astrid Keller Carl HollensteinLicensed Audit Expert Licensed Audit ExpertAuditor in Charge

Zurich, December 16, 2011

This report is an English translation of the original German version.In case of discrepancies the original version takes precedence.

Credit Suisse Funds AGSihlcity – Kalandergasse 4CH-8070 Zurich

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