NPORT-EX 2 NPORT_5563036522178101.htm

Portfolio of Investments (unaudited)

As of March 31, 2020

Shares		Description		Industry and Percentage of Net Assets		Value (US$)
LONG-TERM INVESTMENTS—111.1%
COMMON STOCKS—98.1%
ARGENTINA—0.6%
3,600		MercadoLibre, Inc. (a)		Internet & Catalog Retail— 0.6%		$	1,758,888
AUSTRALIA—1.1%
218,900		BHP Group PLC (b)		Metals & Mining— 1.1%			3,293,895
BRAZIL—6.6%
1,133,100		Ambev SA		Beverages— 0.8%			2,599,363
257,300		B3 SA - Brasil Bolsa Balcao		Capital Markets— 0.6%			1,777,693
1,179,500		Banco Bradesco SA		Banks— 1.4%			4,269,817
508,800		Telefonica Brasil SA		Diversified Telecommunication Services— 1.6%			4,954,731
806,695		Vale SA, ADR		Metals & Mining— 2.2%			6,687,502
							20,289,106
CHILE—2.1%
225,600		Banco Santander Chile, ADR		Banks— 1.1%			3,413,328
948,900		Enel Chile SA, ADR		Electric Utilities— 1.0%			3,150,348
							6,563,676
CHINA—31.2%
78,600		58.com, Inc., ADR (a)		Interactive Media & Services— 1.2%			3,829,392
1,138,500		China Merchants Bank Co. Ltd., H Shares (b)		Banks— 1.7%			5,093,387
1,418,700		China Mobile Ltd. (b)		Wireless Telecommunication Services— 3.5%			10,632,136
360,000		China Resources Gas Group Ltd. (b)		Gas Utilities— 0.6%			1,806,571
3,127,500		China Resources Land Ltd. (b)		Real Estate Management & Development— 4.2%			12,764,865
6,487,000		CNOOC Ltd. (b)		Oil, Gas & Consumable Fuels— 2.2%			6,741,122
459,886		Midea Group Co. Ltd., A Shares (Stock Connect) (b)(c)		Household Durables— 1.0%			3,112,072
953,500		Ping An Insurance Group Co. of China Ltd., H Shares (b)		Insurance— 3.0%			9,312,124
22,700		Prosus (a)		Internet & Catalog Retail— 0.5%			1,581,012
2,186,837		SAIC Motor Corp. Ltd., A Shares (b)(c)		Automobiles— 2.0%			6,269,687
345,000		Shenzhou International Group Holdings Ltd. (b)		Textiles, Apparel & Luxury Goods— 1.2%			3,619,071
583,100		Tencent Holdings Ltd. (b)		Interactive Media & Services— 9.4%			28,821,230
52,104		Yum China Holdings, Inc.		Hotels, Restaurants & Leisure— 0.7%			2,221,194
							95,803,863
HONG KONG—7.9%
418,000		AIA Group Ltd. (b)		Insurance— 1.2%			3,743,037
8,822,000		Convenience Retail Asia Ltd. (b)		Food & Staples Retailing— 1.4%			4,140,516
2,803,000		Hang Lung Properties Ltd. (b)		Real Estate Management & Development— 1.8%			5,652,359

See Notes to Portfolio of Investments.

Aberdeen Emerging Markets Equity Income Fund, Inc.

Portfolio of Investments (unaudited) (continued)

As of March 31, 2020

176,432		Hong Kong Exchanges & Clearing Ltd. (b)		Capital Markets— 1.7%		$	5,285,779
561,685		HSBC Holdings PLC (b)		Banks— 1.0%			3,171,712
19,515,000		Pacific Basin Shipping Ltd. (b)		Marine— 0.8%			2,320,396
							24,313,799
INDIA—10.7%
1,414,199		Bharti Infratel Ltd.		Diversified Telecommunication Services— 1.0%			2,991,921
124,000		Hindustan Unilever Ltd. (b)		Household Products— 1.2%			3,760,548
328,100		Housing Development Finance Corp. Ltd. (b)		Thrifts & Mortgage Finance— 2.3%			7,046,699
540,000		Infosys Ltd. (b)		Information Technology Services— 1.5%			4,460,635
375,600		Infosys Ltd., ADR		Information Technology Services— 1.0%			3,083,676
3,203,000		ITC Ltd. (b)		Tobacco— 2.3%			7,146,923
179,600		Tata Consultancy Services Ltd. (b)		Information Technology Services— 1.4%			4,303,848
							32,794,250
INDONESIA—3.2%
19,227,000		Bank Rakyat Indonesia Persero Tbk PT (b)		Banks— 1.1%			3,526,330
2,086,800		Mandom Indonesia Tbk PT		Personal Products— 0.4%			1,181,902
38,109,800		Sepatu Bata Tbk PT		Textiles, Apparel & Luxury Goods— 0.5%			1,425,320
19,211,800		Telekomunikasi Indonesia Persero Tbk PT (b)		Diversified Telecommunication Services— 1.2%			3,731,250
							9,864,802
KENYA—2.0%
8,696,000		Equity Group Holdings PLC		Banks— 0.9%			2,810,368
13,543,600		Safaricom PLC (b)		Wireless Telecommunication Services— 1.1%			3,430,341
							6,240,709
MACAU—2.2%
1,837,200		Sands China Ltd. (b)		Hotels, Restaurants & Leisure— 2.2%			6,683,899
MALAYSIA—1.1%
653,000		Heineken Malaysia Bhd (b)		Beverages— 1.1%			3,285,919
MEXICO—2.6%
138,357		Grupo Aeroportuario del Centro Norte SAB de CV, ADR		Transportation Infrastructure— 1.2%			3,727,338
1,518,797		Grupo Financiero Banorte SAB de CV, Class O		Banks— 1.4%			4,161,526
							7,888,864
ROMANIA—1.2%
1,372,200		BRD-Groupe Societe Generale SA (b)		Banks— 1.2%			3,626,358
RUSSIA—5.0%
485,400		Globaltrans Investment PLC		Road & Rail— 0.8%			2,572,620
127,788		LUKOIL PJSC, ADR		Oil, Gas & Consumable Fuels— 2.5%			7,559,938
2,272,150		Sberbank of Russia PJSC (b)		Banks— 1.7%			5,268,335
							15,400,893

See Notes to Portfolio of Investments.

Aberdeen Emerging Markets Equity Income Fund, Inc.

Portfolio of Investments (unaudited) (continued)

As of March 31, 2020

SOUTH AFRICA—2.7%
1,559,400		FirstRand Ltd. (b)		Diversified Financial Services— 1.1%		$	3,499,497
614,700		MTN Group Ltd. (b)		Wireless Telecommunication Services— 0.5%			1,648,230
22,700		Naspers Ltd., N Shares (b)		Internet & Catalog Retail— 1.1%			3,225,996
							8,373,723
TAIWAN—11.0%
490,000		Globalwafers Co. Ltd. (b)		Semiconductors & Semiconductor Equipment— 1.8%			5,473,479
1,954,000		Taiwan Mobile Co. Ltd. (b)		Wireless Telecommunication Services— 2.1%			6,451,721
2,426,000		Taiwan Semiconductor Manufacturing Co. Ltd. (b)		Semiconductors & Semiconductor Equipment— 7.1%			21,839,606
							33,764,806
THAILAND—4.6%
578,900		Advanced Info Service PCL, Foreign Shares (b)		Wireless Telecommunication Services— 1.1%			3,509,940
5,704,400		Hana Microelectronics PCL, Foreign Shares (b)		Electronic Equipment Instruments & Components— 1.3%			3,955,135
14,433,400		Land & Houses PCL, Foreign Shares (b)		Real Estate Management & Development— 1.0%			2,912,935
7,947,300		Tesco Lotus Retail Growth Freehold & Leasehold Property Fund (b)		Equity Real Estate Investment Trusts (REIT)— 1.2%			3,675,068
							14,053,078
TURKEY—1.2%
3,539,781		Enerjisa Enerji AS (d)		Electric Utilities— 1.2%			3,629,035
UNITED KINGDOM—1.1%
567,527		M.P. Evans Group PLC (b)		Food Products— 1.1%			3,443,954
		Total Common Stocks					301,073,517
PREFERRED STOCKS—12.7%
BRAZIL—2.0%
3,583,120		Itausa - Investimentos Itau SA		Banks— 2.0%			6,047,605
SOUTH KOREA—10.7%
67,405		LG Chem Ltd. (a)(b)		Chemicals— 2.6%			8,105,821
2,200		Samsung Electronics Co. Ltd., GDR		Technology Hardware, Storage & Peripherals— 0.6%			1,828,200
704,000		Samsung Electronics Co., Ltd. (b)		Technology Hardware, Storage & Peripherals— 7.5%			22,941,679
							32,875,700
		Total Preferred Stocks					38,923,305

See Notes to Portfolio of Investments.

Aberdeen Emerging Markets Equity Income Fund, Inc.

Portfolio of Investments (unaudited) (continued)

As of March 31, 2020

PRIVATE EQUITY—0.3%
GLOBAL—0.0%*
11,723,413	(e)	Emerging Markets Ventures I, L.P. (a)(b)(f)(g)(h)(i)		Private Equity—     %		$	89,450
ISRAEL—0.3%
1,250,001	(e)	ABS GE Capital Giza Fund, L.P. (a)(b)(f)(g)(h)(j)		Private Equity—      %			28,875
3,349,175	(e)	BPA Israel Ventures, LLC (a)(b)(f)(g)(h)(i)(j)		Private Equity— 0.1%			125,092
250,440	(e)	Delta Fund I, L.P. (a)(b)(f)(g)(h)		Private Equity—      %			726
108,960		Exent Technologies Ltd. Preferred A1 Shares (a)(b)(f)(g)(h)(k)		Private Equity—      %			—
93,456		Exent Technologies Ltd. Preferred C Shares (a)(b)(f)(g)(h)(k)		Private Equity—      %			—
23,574		Exent Technologies Ltd. Warrants A1 (a)(b)(f)(g)(h)(k)		Private Equity—      %			—
70,284		Flash Networks Ltd. Ordinary Shares (a)(b)(f)(g)(h)(k)		Private Equity—      %			—
18		Flash Networks Ltd. Series C Preferred (a)(b)(f)(g)(h)(k)		Private Equity—      %			—
34,896		Flash Networks Ltd. Series C-1 Preferred (a)(b)(f)(g)(h)(k)		Private Equity—      %			—
20,289		Flash Networks Ltd. Series D Preferred (a)(b)(f)(g)(h)(k)		Private Equity—      %			—
14,928		Flash Networks Ltd. Series E Preferred (a)(b)(f)(g)(h)(k)		Private Equity—      %			—
33		Flash Networks Ltd. Warrants C (a)(b)(f)(g)(h)(k)		Private Equity—      %			—
78		Flash Networks Ltd. Warrants Ordinary (a)(b)(f)(g)(h)(k)		Private Equity—      %			—
4,000,000	(e)	Giza GE Venture Fund III, L.P. (a)(b)(f)(g)(h)(j)(l)		Private Equity—      %			67,960
1,522,368	(e)	Neurone Ventures II, L.P. (a)(b)(f)(g)(h)(j)(l)		Private Equity—      %			106,444
2,400,000		Telesoft Partners II QP, L.P. (a)(b)(f)(g)(j)		Private Equity— 0.2%			591,456
							920,553
		Total Private Equity					1,010,003
		Total Long-Term Investments—111.1% (cost $444,825,028)					341,006,825
Shares		Description				Value (US$)
SHORT-TERM INVESTMENT—0.7%
UNITED STATES—0.7%
2,166,096		State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.32%(m)					2,166,096
		Total Short-Term Investment—0.7% (cost $2,166,096)					2,166,096
		Total Investments—111.8% (cost $446,991,124)					343,172,921
		Liabilities in Excess of Other Assets—(11.8)%					(36,325,199	)
		Net Assets—100.0%				$	306,847,722

(a)	Non-income producing security.
(b)	Fair Valued Security. Fair Values are determined pursuant to procedures approved by the Fund's Board of Directors. Unless otherwise noted, securities are valued by applying valuation factors to the exchange traded price. See Note (a) of the accompanying Notes to Portfolio of Investments.
(c)	China A Shares. These shares are issued in local currency, traded in the local stock markets and are held through either a Qualified Foreign Institutional Investor (QFII) license or the Shanghai or Shenzhen Hong-Kong Stock Connect program.
(d)	Denotes a security issued under Regulation S or Rule 144A.
(e)	Represents contributed capital.
(f)	Illiquid security.
(g)	Restricted security, not readily marketable.
(h)	Considered in liquidation by the Fund's Adviser.
(i)	As of March 31, 2020, the aggregate amount of open commitments for the Fund is $2,627,412.

See Notes to Portfolio of Investments.

Aberdeen Emerging Markets Equity Income Fund, Inc.

Portfolio of Investments (unaudited) (concluded)

As of March 31, 2020

(j)	Fund of Fund investment.
(k)	Direct investment.
(l)	Considered active investments by the Fund's Adviser.
(m)	Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of March 31, 2020.
*	“Global” is the percentage attributable to the Fund’s holdings in a private equity fund which invests globally and is not categorized under a particular country.

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
PLC	Public Limited Company

See Notes to Portfolio of Investments.

Aberdeen Emerging Markets Equity Income Fund, Inc.

Notes to Portfolio of Investments (unaudited)

March 31, 2020

Summary of Significant Accounting Policies

a. Security Valuation:

The Fund values its securities at current market value or fair value, consistent with regulatory requirements. "Fair value" is defined in the Fund's Valuation and Liquidity Procedures as the price that could be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants without a compulsion to transact at the measurement date.

Equity securities that are traded on an exchange are valued at the last quoted sale price on the principal exchange on which the security is traded at the “Valuation Time” subject to application. The Valuation Time is as of the close of regular trading on the New York Stock Exchange ("NYSE") (usually 4:00 p.m. Eastern Time). In the absence of a sale price, the security is valued at the mean of the bid/ask price quoted at the close on the principal exchange on which the security is traded. Securities traded on NASDAQ are valued at the NASDAQ official closing price. A security using any of these pricing methodologies is determined to be a Level 1 investment.

Foreign equity securities that are traded on foreign exchanges that close prior to Valuation Time are valued by applying valuation factors to the last sale price or the mean price as noted above. Valuation factors are provided by an independent pricing service provider approved by the Board. These valuation factors are used when pricing the Fund's portfolio holdings to estimate market movements between the time foreign markets close and the time the Fund values such foreign securities. These valuation factors are based on inputs such as depositary receipts, indices, futures, sector indices/ETFs, exchange rates, and local exchange opening and closing prices of each security. When prices with the application of valuation factors are utilized, the value assigned to the foreign securities may not be the same as quoted or published prices of the securities on their primary markets. A security that applies a valuation factor is determined to be a Level 2 investment because the exchange-traded price has been adjusted. Valuation factors are not utilized if the independent pricing service provider is unable to provide a valuation factor or if the valuation factor falls below a predetermined threshold; in such case, the security is determined to be a Level 1 investment.

Short-term investments are comprised of cash and cash equivalents invested in short-term investment funds which are redeemable daily. The Fund sweeps available cash into the State Street Institutional U.S. Government Money Market Fund, which has elected to qualify as a “government money market fund” pursuant to Rule 2a-7 under the 1940 Act, and has an objective, which is not guaranteed, to maintain a $1.00 per share net asset value. Generally, these investment types are categorized as Level 1 investments.

In the event that a security’s market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closes before the Valuation Time), the security is valued at fair value as determined by the Fund’s Pricing Committee, taking into account the relevant factors and surrounding circumstances using valuation policies and procedures approved by the Fund's Board of Directors. A security that has been fair valued by the Fund’s Pricing Committee may be classified as Level 2 or Level 3 depending on the nature of the inputs.

The Fund may also invest in private equity private placement securities, which represented 0.3% of the net assets of the Fund as of March 31, 2020. The private equity private placement securities in which the Fund is invested are deemed to be restricted securities. In the absence of readily ascertainable market values, these securities are valued at fair value as determined in good faith by, or under the direction of the Board, pursuant to valuation policies and procedures established by the Board. The Fund’s estimate of fair value assumes a willing buyer and a willing seller neither of whom are acting under the compulsion to buy or sell. Although these securities may be resold in privately negotiated transactions, the prices realized on such sales could differ from the prices originally paid by the Fund or the current carrying values, and the difference could be material. These securities are stated at fair value as determined by the Fund's Pricing Committee by utilizing the net asset valuations provided by the underlying funds as a practical expedient. In determining the fair value of these investments, management uses the market approach which includes as the primary input the capital balance reported; however, adjustments to the reported capital balance may be made based on various factors, including, but not limited to, the attributes of the interest held, including the rights and obligations, and any restrictions or illiquidity of such interests, and the fair value of these private equity investments.

Aberdeen Emerging Markets Equity Income Fund, Inc.