<SEC-DOCUMENT>0001104659-20-103035.txt : 20200908
<SEC-HEADER>0001104659-20-103035.hdr.sgml : 20200908
<ACCEPTANCE-DATETIME>20200908152706
ACCESSION NUMBER:		0001104659-20-103035
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20200630
FILED AS OF DATE:		20200908
DATE AS OF CHANGE:		20200908
EFFECTIVENESS DATE:		20200908

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ABERDEEN EMERGING MARKETS EQUITY INCOME FUND, INC.
		CENTRAL INDEX KEY:			0000846676
		IRS NUMBER:				222990009
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05770
		FILM NUMBER:		201164114

	BUSINESS ADDRESS:	
		STREET 1:		1900 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		215-405-5700

	MAIL ADDRESS:	
		STREET 1:		1900 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ABERDEEN CHILE FUND, INC.
		DATE OF NAME CHANGE:	20100407

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHILE FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>tm2024797d1_ncsrs.htm
<DESCRIPTION>N-CSRS
<TEXT>
<html>
<head>
<title>Aberdeen Emerging Markets Equity Income Fund_ Inc.   Semi-Annual Report [Funds] 333-172627 AEF 06-30</title>
</head>
<body bgcolor="white"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 77.75pt; text-align: center; text-indent: -77.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 77.75pt; text-align: center; text-indent: -77.75pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 77.75pt; text-align: center; text-indent: -77.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 77.75pt; text-align: center; text-indent: -77.75pt"><FONT STYLE="font-weight: normal; vertical-align: baseline">UNITED
STATES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 77.75pt; text-align: center; text-indent: -77.75pt"><FONT STYLE="font-weight: normal; vertical-align: baseline">SECURITIES
AND EXCHANGE COMMISSION </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 77.75pt; text-align: center; text-indent: -77.75pt"><FONT STYLE="font-weight: normal; vertical-align: baseline">Washington,
D.C. 20549</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78pt; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 77.75pt; text-align: center; text-indent: -77.75pt"><B>FORM
N-CSR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 77.75pt; text-align: center; text-indent: -77.75pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in"><B>CERTIFIED
SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3.5in; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Investment Company Act file number: </FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">811-05770</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3.5in; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exact name of registrant as specified in charter:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Aberdeen
    Emerging Markets Equity Income Fund, Inc.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3.5in; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Address of principal executive offices:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1900 Market Street, Suite 200<BR>
Philadelphia, PA 19103</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-indent: -2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3.5in; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name and address of agent for service:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ms. Andrea Melia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Aberdeen
Standard Investments Inc.</FONT><BR>
1900 Market Street, Suite 200<BR>
Philadelphia, PA 19103&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 3.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3.5in; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Registrant&rsquo;s telephone number, including area code:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">800-522-5465</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3.5in; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date of fiscal year end:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">December 31</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3.5in; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date of reporting period:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">June 30, 2020</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 1 - Reports to Stockholders. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Report to Shareholders is attached herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2024797d1_ncsrsimg001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt"><B>Letter to Shareholders</B></FONT>
(unaudited)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="float: left; width: 48%">

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Dear Shareholder,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">We present this Semi-Annual Report which
covers the activities of Aberdeen Emerging Markets Equity Income Fund,&nbsp;Inc. (the &ldquo;Fund&rdquo;) for the six-month period
ended June&nbsp;30, 2020. The Fund&rsquo;s principal investment objective is to seek both current income and long-term capital
appreciation by investing primarily in emerging markets equity securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Total Investment Return</B></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">For the six-month period ended June&nbsp;30,
2020, the total return to shareholders of the Fund based on the net asset value and market price, respectively, compared to the
Fund&rsquo;s current primary benchmark, old benchmark and Custom Index (defined below) are as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: #EFF0F0; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; width: 85%; padding-top: 6pt; padding-bottom: 1.5pt; padding-left: 0.1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">NAV*</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 10%; padding-top: 6pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">-16.3</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 5%; padding-top: 6pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt; padding-left: 0.1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Market Price*</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">-19.2</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt; padding-left: 0.1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">MSCI Emerging Markets Index (Net Dividends)<SUP>1,2,3</SUP></FONT></TD>
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">-9.8</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt; padding-left: 0.1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">MSCI Emerging Markets Index (Gross Dividends)<SUP>1,2,3</SUP></FONT></TD>
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">-9.7</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt; padding-left: 0.1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Custom AEF Emerging Markets Index<SUP>4</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">-9.8</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">*&nbsp;&nbsp;assuming the reinvestment of dividends and distributions</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Fund&rsquo;s total return is based
on the reported NAV for each financial reporting period end and may differ from what is reported on the financial Highlights due
to financial statement rounding or adjustments. For more information about Fund performance please see the Report of the Investment
Adviser (page&nbsp;4) and Total Investment Returns (page&nbsp;7).</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<DIV STYLE="float: right; width: 48%">

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>NAV, Market Price and Discount</B></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The below table presents a comparison from
current six month period end to prior fiscal year end of Market Price to NAV and associated Discount.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #DCDDDE">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0.1in; width: 26%">&nbsp;</TD>
    <TD STYLE="width: 4%; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>NAV</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>Closing<BR>
Market<BR>
Price</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: Black 1.5pt solid; padding-right: 0.2in; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>Discount</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EFF0F0">
    <TD STYLE="padding-left: 0.1in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">6/30/2020</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">$7.12</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">$6.05</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-right: 0.2in; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">15.0%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EFF0F0">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.1in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">12/31/2019</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">$8.66</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">$7.62</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 0.2in; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">12.0%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Throughout the six-month period ended June&nbsp;30,
2020, the Fund&rsquo;s NAV was within a range of $5.41 to $8.98 and the Fund&rsquo;s market price was within a range of $4.45 to
$8.01 for the same time period. Throughout the six-month period ended June&nbsp;30, 2020, the Fund&rsquo;s shares traded within
a range of a discount of 10.4% to 18.1%.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>COVID-19</B></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The respiratory illness caused by a novel
coronavirus (COVID-19) has resulted in a global pandemic and major disruption to economies and markets around the world, including
the United States. Financial markets have experienced extreme volatility and severe losses, and trading in many instruments has
been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some interest rates are very low and
in some cases yields are negative. Some sectors of the economy and individual issuers have experienced particularly large losses.
These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of
the Fund&rsquo;s investments. The ultimate economic fallout from the pandemic, and the long-term impact on economies,</P>

</DIV>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="clear: both; width: 100%">

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">1</TD><TD STYLE="text-align: justify">The MSCI Emerging Markets Index (Net Dividends) captures large and mid-cap representation across 26 Emerging Markets (EM) countries.
With 1,385 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. EM
countries in the Index are: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary,&nbsp;India,&nbsp;Indonesia,
Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey
and United Arab Emirates.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>2</TD><TD STYLE="text-align: justify">Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest
directly in an index. Index performance is not an indication of the performance of the Fund itself. For complete Fund performance,
please visit http://www.aberdeenaef.com.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>3</TD><TD STYLE="text-align: justify">At a meeting held on December&nbsp;10, 2019, the Fund&rsquo;s Board of Directors approved a change in the Fund&rsquo;s benchmark
from the MSCI Emerging Markets Index (Gross Dividends) to the MSCI Emerging Markets Index (Net Dividends). The change from a gross
to a net dividend benchmark is in line with industry practice and is more appropriate for the Fund, as it is also calculated net
of withholding taxes, to which the Fund is generally subject. The change in benchmark does not affect the investment objective
of the Fund, nor the way in which the portfolio is managed.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>4</TD><TD STYLE="text-align: justify">The Custom AEF Emerging Markets Index (the &ldquo;Custom Index&rdquo;) reflects the returns of the MSCI Emerging Markets Latin
America Index (Net Dividends) (&ldquo;MSCI EM Latin America Index&rdquo;) for periods prior to April&nbsp;27, 2018 and the returns
of the MSCI Emerging Markets Index (Net Dividends) (described above) for periods subsequent to April&nbsp;30, 2018. The MSCI EM
Latin America Index (Net Dividends) captures large and mid-cap representation across the following 6 EM countries* in Latin America:
Argentina, Brazil, Chile, Colombia, Mexico, and Peru. With 107 constituents, the index covers approximately 85% of the free float-adjusted
market capitalization in each country. The indices and time periods for the Custom Index align with the strategies utilized and
benchmark for the Fund during the same time periods</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 46%">&nbsp;</TD>
    <TD STYLE="width: 46%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Aberdeen Emerging Markets Equity Income Fund,&nbsp;Inc.</FONT></TD>
    <TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>1</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt"><B>Letter to Shareholders</B></FONT>
<FONT STYLE="font-size: 11pt">(unaudited) (continued)</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="float: left; width: 48%">

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">markets, industries and individual issuers,
including the Fund, are not known. Governments and central banks, including the Federal Reserve in the United States have taken
extraordinary and unprecedented actions to support local and global economies and the financial markets. The impact of these measures,
and whether they will be effective to mitigate the economic and market disruption, will not be known for some time.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Tender Offer</B></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">On May&nbsp;8, 2019, the Fund&rsquo;s Board
of Directors (the &ldquo;Board&rdquo;) approved a tender offer for shares of the Fund&rsquo;s common stock. The tender offer authorized
the Fund to purchase up to 15% of its issued and outstanding shares at a price equal to 98% of the Fund&rsquo;s NAV per share at
the close of business on the NYSE American on June&nbsp;18, 2019, the first business day following the expiration of the offer.
The tender offer commenced on May&nbsp;17, 2019 and expired on June&nbsp;17, 2019. In connection with the tender offer, the Fund
purchased 8,956,196 shares of capital stock at a price equal to $7.86. The tender offer was oversubscribed and all tenders of shares
were subject to pro ration (at a ratio of approximately 0. 2306) in accordance with the terms of the tender offer.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Distribution Policy</B></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">As announced on December&nbsp;10, 2019,
consistent with the Fund&rsquo;s policy to pay distributions quarterly, comprised of net investment income generated by dividends
paid from the Fund&rsquo;s underlying securities, the Board approved an increase of the annualized distribution rate for the 2020
calendar year to 2.5%, payable quarterly, commencing with the March&nbsp;2020 distribution. The determination was based on the
Fund&rsquo;s estimated dividend income over the period, net of taxes and expenses. This increased rate will be maintained for at
least the next 12 months ending December&nbsp;31, 2020. This policy will be subject to ongoing review by the Board.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>LIBOR</B></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Under the revolving credit facility, the
Fund is charged interest on amounts borrowed at a variable rate, which may be based on the London Interbank Offered Rate (&ldquo;LIBOR&rdquo;)
plus a spread. In 2017, the head of the United Kingdom&rsquo;s Financial Conduct Authority announced a desire to phase out the
use of LIBOR by the end of 2021. There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement
reference rate. As such, the potential effect of a transition away from LIBOR on the Fund&rsquo;s payment obligations under the
revolving credit facility cannot yet be determined.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Revolving Credit Facility</B></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.15pt 0pt 0; text-align: justify">On June&nbsp;23, 2020, the Fund
renewed its $55 million Revolving Credit Facility for a 1-year period with The Bank of Nova Scotia. The outstanding balance on
the loan as of June&nbsp;30, 2020 was</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

</DIV>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<DIV STYLE="float: right; width: 48%">

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">$40,900,000. Under the terms of the loan
facility and applicable regulations, the Fund is required to maintain certain asset coverage ratios for the amount of its outstanding
borrowings. The Board regularly reviews the use of leverage by the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Open Market Repurchase Program</B></P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Fund&rsquo;s policy is to consider buying back Fund shares
on the open market when the Fund trades at a discount to the NAV that is above an established threshold and management believes
such repurchases may enhance shareholder value. During the six-month period ended June&nbsp;30, 2020 and fiscal year ended December&nbsp;31,
2019, the Fund repurchased 0 and 74,175 shares, respectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Unclaimed Share Accounts</B></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Please be advised that abandoned or unclaimed
property laws for certain states require financial organizations to transfer (escheat) unclaimed property (including Fund shares)
to the state. Each state has its own definition of unclaimed property, and Fund shares could be considered &ldquo;unclaimed property&rdquo;
due to account inactivity (e.g., no owner-generated activity for a certain period), returned mail (e.g., when mail sent to a shareholder
is returned to the Fund&rsquo;s transfer agent as undeliverable), or a combination of both. If your Fund shares are categorized
as unclaimed, your financial advisor or the Fund&rsquo;s transfer agent will follow the applicable state&rsquo;s statutory requirements
to contact you, but if unsuccessful, laws may require that the shares be escheated to the appropriate state. If this happens, you
will have to contact the state to recover your property, which may involve time and expense. For more information on unclaimed
property and how to maintain an active account, please contact your financial adviser or the Fund&rsquo;s transfer agent.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Portfolio Holdings Disclosure</B></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Fund&rsquo;s complete schedule of portfolio
holdings for the second and fourth quarters of each fiscal year are included in the Fund&rsquo;s semi-annual and annual reports
to shareholders. The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;)
for the first and third quarters of each fiscal year as an exhibit to its reports on Form&nbsp;N-PORT (previously on Form&nbsp;N-Q).
These reports are available on the SEC&rsquo;s website at http://www.sec.gov. The Fund makes the information available to shareholders
upon request and without charge by calling Investor relations toll-free at 1-800-522-5465.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Proxy Voting</B></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">A description of the policies and procedures
that the Fund uses to determine how to vote proxies relating to portfolio securities, and information regarding how the Fund voted
proxies relating to portfolio securities during the most recent twelve months ended June&nbsp;30 is available by August&nbsp;31
of the relevant year: (i)&nbsp;upon request and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="clear: both; width: 100%">

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>2</B></FONT></TD>
    <TD STYLE="width: 46%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Aberdeen Emerging Markets Equity Income Fund,&nbsp;Inc.</FONT></TD>
    <TD STYLE="width: 46%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: right">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt"><B>Letter to Shareholders</B></FONT><B>
</B>(unaudited) (concluded)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="float: left; width: 48%">

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">without charge by calling Investor Relations
toll-free at 1-800-522-5465; and (ii)&nbsp;on the SEC&rsquo;s website at http://www.sec.gov.</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Investor Relations Information</B></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">As part of Aberdeen Standard&rsquo;s commitment
to shareholders, we invite you to visit the Fund on the web at www.aberdeenaef.com. Here, you can view monthly fact sheets, quarterly
commentary, distribution and performance information, and other Fund literature.</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Enroll in Aberdeen Standard&rsquo;s email
services and be among the first to receive the latest closed-end fund news, announcements, videos and other information. In addition,
you can receive electronic versions of important Fund documents including annual reports, semi-annual reports, prospectuses, and
proxy statements. Sign-up today at https://www.aberdeenstandard.com/en-us/cefinvestorcenter/contactus/email-services.</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<DIV STYLE="float: right; width: 48%">

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Contact Us:</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;Visit:
https://www.aberdeenstandard.com/en-us/cefinvestorcenter;</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;Email:
Investor.relations@aberdeenstandard.com; or</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;Call:
1-800-522-5465 (toll-free in the U.S.).</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Yours sincerely,</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">/s/ Christian Pittard<BR>
<B>Christian Pittard<BR>
</B>President</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="clear: both; width: 100%">

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>All amounts are U.S. Dollars unless otherwise
stated.</B></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 46%">&nbsp;</TD>
    <TD STYLE="width: 46%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Aberdeen Emerging Markets Equity Income Fund,&nbsp;Inc.</FONT></TD>
    <TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>3</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt"><B>Report of the Investment Adviser
</B></FONT>(unaudited)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="float: left; width: 48%">

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Market/economic review</B></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Emerging-market equities declined over
the six-month period ended June&nbsp;30, 2020. The overarching factor that drove markets over the reporting period was the outbreak
of COVID-19. The highly infectious and deadly coronavirus spread rapidly across the globe, forcing governments worldwide to impose
lockdowns and social-distancing measures in an effort to contain its spread. These measures brought international travel to a standstill
and severely hampered economic activity. Production and manufacturing indices across the world plummeted, while emerging-market
currencies slumped against the U.S. dollar. All of this caused emerging-market equities to sell off aggressively in the first quarter
of 2020. Markets subsequently rebounded in the second quarter, after initial lockdowns proved effective in stemming the outbreak
in most affected areas. Despite recouping significant losses, emerging-market equities still underperformed their developed-market
counterparts over the reporting period.</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In our view, a key factor supporting the
rally in emerging-market stocks was the unprecedented support by central banks and governments worldwide. This accommodative policy
backdrop, coupled with the gradual reopening of economies in the latter half of the reporting period, allowed trade and consumer
activity to restart. In turn, we believe this inspired hopes of an economic recovery. However, a resurgence of COVID-19 infections
towards the end of the period stalled the market&rsquo;s momentum.</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In the second half of the reporting period,
geopolitical tensions also resurfaced. Renewed civil unrest in Hong Kong prompted the Chinese government to impose a new security
law on the territory. The U.S. responded by withdrawing Hong Kong&rsquo;s special trade status. Relations between the world&rsquo;s
two largest trading partners soured further following a new U.S. law calling for greater scrutiny of foreign companies trading
in the U.S. and the Pentagon&rsquo;s list of 20 Chinese companies with military links that could face sanctions. China&rsquo;s
relations with India and Australia were also strained by border clashes in the Himalayas and the Australian government&rsquo;s
support for an investigation into China&rsquo;s alleged role in triggering the COVID-19 pandemic.</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.15pt 0pt 0; text-align: justify">The gyrating Brent Crude oil
price also influenced emerging-market stocks over the reporting period. The COVID-19 pandemic brought a</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

</DIV>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<DIV STYLE="float: right; width: 48%">

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">sharp decline in global demand for crude
oil. This was compounded by a price war between Saudi Arabia and Russia in the countries&rsquo; bids to gain market share. Consequently,
the oil-price collapse contributed to a slump in emerging-market equities earlier in 2020, but prices stabilized in the second
quarter of the year due to recovering global demand, as well as notable supply discipline among the major oil producers following
an agreement on output cuts in May.</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">At the company level, despite better-than-expected
first-quarter 2020 corporate earnings and a visible market recovery attributable to the exceedingly supportive policy backdrop
worldwide, many companies lowered or withdrew their 2020 earnings forecasts in light of the uncertain environment.</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Fund performance review</B></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Fund returned -16.3%<SUP>1</SUP> on
a net asset value basis for the six-month period ended June&nbsp;30, 2020, versus the -9.8% return of its benchmark, the Morgan
Stanley Capital International (MSCI) Emerging Markets Index (Net Dividends).<SUP>2</SUP></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">A combination of relatively weak sector
allocation and stock selection, particularly in China, weighed on Fund performance for the reporting period. Negative currency
effects also played a part in the Fund&rsquo;s underperformance. Specifically, the overweight allocation versus the benchmark to
Latin America was a detractor, as the rapid market selloff at the peak of the COVID-19 pandemic led to currency depreciation in
countries more reliant on U.S.-dollar funding. This was attributable to investors seeking the relative safe-haven of the U.S. dollar,
along with emerging-market nations&rsquo; capacity to respond with offsetting monetary and fiscal policy. The Mexican peso and
Brazilian real were hit particularly hard during the reporting period, while Asian currencies performed relatively well.</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">At a sector level, the Fund&rsquo;s exposure
to financials, particularly the holdings in traditionally high-yielding bank stocks, hampered performance due to the lower interest-rate
environment that reduced banks&rsquo; earnings and profit margins. The Fund&rsquo;s positions in consumer-related stocks, especially
food-and-beverage companies that rely on consumption on the premises, also weighed on Fund performance, attributable to the pandemic-induced
lockdowns that hampered restaurants and entertainment outlets. Finally, the lack of exposure to healthcare stocks detracted from
Fund performance as demand for pharmaceutical products and medical supplies rose during the pandemic.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="clear: both; width: 100%">

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">1</TD><TD STYLE="text-align: justify">Past performance is no guarantee of future results. Investment returns and principal value will fluctuate and shares, when
sold, may be worth more or less than original cost. Current performance may be lower or higher than the performance quoted. Net
asset value return data include investment management fees, custodial charges and administrative fees (such as Director and legal
fees) and assumes the reinvestment of all distributions.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>2</TD><TD STYLE="text-align: justify">The MSCI Emerging Markets Index is an unmanaged index considered representative of stocks of developing countries. Indexes
are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly
in an index.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>4</B></FONT></TD>
    <TD STYLE="width: 46%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Aberdeen Emerging Markets Equity Income Fund,&nbsp;Inc.</FONT></TD>
    <TD STYLE="width: 46%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: right">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt"><B>Report of the Investment Adviser
</B></FONT><FONT STYLE="font-size: 11pt">(unaudited) (continued)</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="float: left; width: 48%">

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">At the stock level, the Fund&rsquo;s holdings
in Latin America, particularly in Brazil and Mexico, had a negative impact on performance. In Brazil, the fledgling economic recovery
was stopped in its tracks by the global slowdown and worries that the government authorities&rsquo; efforts to stem the COVID-19
outbreak were insufficient. The position in lender Banco Bradesco SA detracted from Fund performance amid investors&rsquo; concerns
over a prolonged low-interest rate environment, as well as deteriorating asset quality. Similarly, shares of investment company
Itausa fell during the reporting period as its key holdings in the financial and services sectors succumbed to margin pressures.
The Fund&rsquo;s holding in reinsurer IRB Brasil Resseguros SA also detracted from performance due to alleged weak accounting practices
and investors&rsquo; concerns over its poor management integrity. We subsequently exited the Fund&rsquo;s position in the company.
In Mexico, the oil-price war pressured the peso and damaged the country&rsquo;s status as an emerging-market safe haven. Similar
to Banco Bradesco, Mexican lender Banorte was hindered by investors&rsquo; fears of protracted low interest rates. In the consumer
sector, travel restrictions hampered airport operator Grupo Aeroportuario Centro Norte (OMA). Shares of the company moved lower
over the reporting period as investors fretted over recovery prospects in the airline industry amid extended travel bans. On a
more positive note, Argentina-based Mercado Libre Inc., the leading e-commerce platform in the region, in which we initiated a
holding earlier in 2020, bolstered Fund performance. The stock price rose steadily over the reporting period, attributable to its
strong business performance and pandemic-induced social-distancing measures that accelerated the penetration of e-commerce across
Latin America.</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">China, where the pandemic first hit, was
also the earliest market to recover. While the Fund&rsquo;s exposure to China had a negative impact overall, the position in Tencent
Holdings Ltd. was an exception. The internet giant emerged as the top contributor to Fund performance for the reporting period
as technology stocks proved resilient during lockdowns. As people stayed at home, the demand for digital entertainment, including
internet-based video games, grew faster than expected, boosting the company&rsquo;s share price. The Fund&rsquo;s indirect exposure
to Tencent Holdings, via global internet companies Prosus N.V. and Naspers Ltd., also enhanced Fund performance. In the same vein,
the lack of exposure to Tencent Holdings&rsquo; rival, Alibaba Group Holding Ltd., weighed on Fund performance as shares of the
company performed well over the reporting period.</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.15pt 0pt 0; text-align: justify">The Fund&rsquo;s exposure to
Hong Kong, which is not represented in the benchmark MSCI Emerging Markets Index, detracted from performance as political turmoil
pressured the market. Nonetheless, several Fund holdings in Hong Kong performed well during the reporting period, partially aided
by the territory&rsquo;s resilient currency. In particular, shares of securities exchange operator Hong Kong</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

</DIV>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<DIV STYLE="float: right; width: 48%">

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Exchanges and Clearing rallied on investors&rsquo;
hopes that Chinese companies currently traded in the U.S. might re-list in Hong Kong instead in the wake of increased scrutiny
by the U.S. government. Hang Lung Properties (HLP) and Convenience Retail Asia Ltd. (CRA) were also among the top contributors
to Fund performance for the reporting period. While listed in Hong Kong, HLP derives the majority of its earnings from mainland
China. CRA, which runs convenience stores in Hong Kong and in mainland China, managed to keep generating cash flows by adjusting
in-store product offerings during the lockdown period. This allowed the company to pay a much-welcomed special cash return to shareholders
in May&nbsp;2020. Nevertheless, as political uncertainty in Hong Kong could, in our view, affect the local economy, we reduced
the Fund&rsquo;s positions in companies with exposure to the territory. Notably, we exited the Fund&rsquo;s holding in diversified
financial services company HSBC Holdings plc due to our concerns regarding its business outlook.</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In Korea, the Fund&rsquo;s holdings in
chemicals and electric-vehicle battery manufacturer LG Chem Ltd. and semiconductor producer Samsung Electronics Co. Ltd. boosted
performance over the reporting period. LG Chem benefited from investors turning more positive about the demand for electric vehicles.
Shares of Samsung Electronics rose as memory demand held up relatively well over the reporting period, and on an anticipated improvement
in its shareholder-returns policy. Samsung&rsquo;s defensiveness amid the market sell-off also strengthened our conviction that
the company is a high-quality holding with healthy fundamentals.</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In key trading activity, besides the trades
previously cited, we took the opportunity to review the Fund&rsquo;s portfolio, weighing the longer-term impact of COVID-19 on
the holdings. We exited the positon in Hangzhou Hikvision Digital Technology Co.,&nbsp;Ltd., a manufacturer and supplier of video
surveillance equipment, given our concerns over governance risks and a reduction in growth outside of China. We sold the Fund&rsquo;s
shares in South Africa-based telecommunications company MTN Group Ltd. due to our concerns about the deteriorating macroeconomic
environment in Nigeria. We also exited the Fund&rsquo;s positions in Poland-based Bank Pekao SA,&nbsp;Indonesian cement-maker Indocement
Tunggal Prakarsa Tbk, Czech Republic-based financial services company Komer?n&iacute; banka, Thailand-based cement-maker Siam Cement
Group PCL, and steel pipe manufacturer Tenaris S.A. as we believed that these companies had deteriorating outlooks, and we sold
the Fund&rsquo;s shares in consumer products maker Kimberley-Clark Corp. following its dividend payout, in favor of what we believed
were better investment opportunities elsewhere.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0">Conversely, we took advantage of weakness to initiate a holding
in Brasil Bolsa Balc&atilde;o S.A. (B3), the Brazilian stock exchange operator, at what we believed was an attractive valuation,
and in Russian</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="clear: both; width: 100%">

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 46%">&nbsp;</TD>
    <TD STYLE="width: 46%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Aberdeen Emerging Markets Equity Income Fund,&nbsp;Inc.</FONT></TD>
    <TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>5</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt"></P>

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<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt"><B>Report of the Investment Adviser
</B></FONT>(unaudited) (concluded)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="float: left; width: 48%">

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">securities exchange operator Moscow Exchange
given our greater conviction in its earnings and dividend outlook. We also used the opportunity to increase the Fund&rsquo;s exposure
to China by establishing a new position in natural gas producer and distributor China Resources Gas Group Ltd., as we believe this
relatively defensive business should continue to pay healthy dividends; leading clothing manufacturer Shenzhou International Group
Holdings Ltd., as we believe that it has attractive growth prospects and expectations of increased dividends; and electrical appliances
manufacturer Midea Group Co. Ltd., given our view that it has a promising longer-term demand outlook. Elsewhere, we initiated Power
Grid Corporation of India Ltd., an Indian electric transmission company that provides a relatively high dividend payout. In Thailand,
we exited the Fund&rsquo;s holding in telecommunications company Advanced Info Service PC (AIS) and reinvested the proceeds into
Intouch Holdings PCL, an investment company that holds 40% of AIS.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Outlook</B></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.15pt 0pt 0; text-align: justify">Emerging-market equities have
recouped some of their losses since the first-quarter 2020 selloff, and we believe that several encouraging factors point towards
a further rebound: easing lockdowns and loosening social-distancing restrictions; the reopening of economies; and highly accommodative
monetary policy. However, several challenges remain, including the risks associated with a second wave of COVID-19 infections;
heightened geopolitical tensions; rising unemployment rates that would hinder growth in consumer spending; and an increased risk
of bankruptcies. We think that these will continue to weigh on corporate earnings, as evidenced by the fact that several companies
have revised downward or withdrawn their earnings</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

</DIV>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<DIV STYLE="float: right; width: 48%">

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">forecasts for the year. Therefore, we remain
cautious about the outlook for emerging-market equities in the near term.</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Nevertheless, we believe that the long-term
trends for emerging markets remain attractive, and historically, increasing exposure to the asset class during periods of dislocation
has proven effective. As bottom-up stock pickers, we focus on what we believe are high-quality companies with robust revenue streams
and healthy balance sheets, which we anticipate will emerge stronger beyond the current crisis. We continue to favor companies
with exposure to investment themes that are undimmed by the pandemic. These include greater demand for healthcare; technological
advancements, such as cloud services; and shifting consumption patterns, including growing discretionary spending on education,
online shopping, and gaming. Consequently, we intend to continue to use our on-the-ground advantage to stay focused on companies
that in our view have healthy fundamentals that could yield sustainable returns in the longer term.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>Aberdeen Asset Managers Limited</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Risk Considerations</B></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Past performance is not an indication of
future results.</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Foreign securities are more volatile, harder
to price and less liquid than U.S. securities. They are subject to different accounting and regulatory standards, and political
and economic risks. These risks are enhanced in emerging markets countries. Equity stocks of small and mid-cap companies carry
greater risk, and more volatility than equity stocks of larger, more established companies. Dividends are not guaranteed and a
company&rsquo;s future ability to pay dividends may be limited.</P>

</DIV>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="clear: both; width: 100%">

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>6</B></FONT></TD>
    <TD STYLE="width: 46%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Aberdeen Emerging Markets Equity Income Fund,&nbsp;Inc.</FONT></TD>
    <TD STYLE="width: 46%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: right">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt"><B>Total Investment Return </B></FONT>(unaudited)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The following table summarizes the average
annual Fund performance compared to the Fund&rsquo;s primary benchmark, prior benchmark and Custom Index (defined below) for the
6-month (not annualized), 1-year, 3-year, 5-year and 10-year periods as of June&nbsp;30, 2020.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #DCDDDE">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>6 Months</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>1 Year</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>3 Years</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>5 Years</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>10 Years</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: #EFF0F0">
    <TD STYLE="padding-top: 1pt; vertical-align: bottom; padding-left: 0.15in; width: 50%; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Net Asset Value (NAV)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; width: 11%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">-16.3%</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; width: 8%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">-11.4%</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; width: 8%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">0.6%</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; width: 8%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">3.8%</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; width: 10%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">1.2%</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; width: 1%">&nbsp;</TD></TR>
<TR STYLE="background-color: #EFF0F0">
    <TD STYLE="padding-top: 1pt; vertical-align: bottom; padding-left: 0.15in; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Market Price</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">-19.2%</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">-14.8%</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">-1.1%</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">2.2%</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">0.3%</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: #EFF0F0">
    <TD STYLE="padding-top: 1pt; vertical-align: bottom; padding-left: 0.15in; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">MSCI Emerging Markets Index (Net Dividends)*</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">-9.8%</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">-3.4%</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">1.9%</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">2.9%</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">3.3%</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: #EFF0F0">
    <TD STYLE="padding-top: 1pt; vertical-align: bottom; padding-left: 0.15in; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">MSCI Emerging Markets Index (Gross Dividends)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">-9.7%</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">-3.0%</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">2.3%</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">3.2%</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">3.6%</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: #EFF0F0">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; padding-left: 0.15in; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Custom AEF Emerging Markets Index<SUP>1</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">-9.8%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">-3.4%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">3.2%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">3.2%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">-0.7%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I>Aberdeen Asset Managers Limited (&ldquo;AAML&rdquo;
or the &ldquo;Adviser&rdquo;), the Fund&rsquo;s adviser, had entered into a written contract with the Fund to waive certain fees
which was terminated on April&nbsp;30, 2018. Effective April&nbsp;30, 2018, AAML entered into an expense limitation agreement with
the Fund that is effective through June&nbsp;30, 2021. Without such waivers and limitation agreements, performance would be lower.
Returns represent past performance. Total investment return at NAV is based on changes in the NAV of Fund shares and assumes reinvestment
of dividends and distributions, if any, at market prices pursuant to the dividend reinvestment program sponsored by the Fund&rsquo;s
transfer agent. All return data at NAV includes fees charged to the Fund, which are listed in the Fund&rsquo;s Statement of Operations
under &ldquo;Expenses.&rdquo; Total investment return at market value is based on changes in the market price at which the Fund&rsquo;s
shares traded on the NYSE American during the period and assumes reinvestment of dividends and distributions, if any, at market
prices pursuant to the dividend reinvestment program sponsored by the Fund&rsquo;s transfer agent. The Fund&rsquo;s total investment
return is based on the reported NAV on the financial reporting period ended June&nbsp;30, 2020. Because the Fund&rsquo;s shares
trade in the stock market based on investor demand, the Fund may trade at a price higher or lower than its NAV. Therefore, returns
are calculated based on both market price and NAV. Performance information for periods prior to April&nbsp;30, 2018 does not reflect
the Fund&rsquo;s current strategy. Past performance is no guarantee of future results. The performance information provided does
not reflect the deduction of taxes that a shareholder would pay on distributions received from the Fund. The current performance
of the Fund may be lower or higher than the figures shown. The Fund&rsquo;s yield, return, market price and NAV will fluctuate.
Performance information current to the most recent month-end is available at www.aberdeenaef.com or by calling 800-522-5465.</I></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The annualized net operating expense ratio,
excluding fee waivers, based on the six-month period ended June&nbsp;30, 2020, was 1.66%. The annualized net operating expense
ratio, net of fee waivers, based on the six-month period ended June&nbsp;30, 2020, was 1.57%. The annualized net operating expenses,
net of fee waivers and excluding interest and line of credit expense based on the six-month period ended June&nbsp;30, 2020, was
1.36%.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9.5pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">*</TD><TD STYLE="text-align: justify">At a meeting held on December&nbsp;10, 2019, the Fund&rsquo;s Board of Directors approved a change
in the Fund&rsquo;s benchmark from the MSCI Emerging Markets Index (Gross Dividends) to the MSCI Emerging Markets Index (Net Dividends).
The change from a gross to a net dividend benchmark is in line with industry practice and is more appropriate for the Fund, as
it is also calculated net of withholding taxes, to which the Fund is generally subject. The change in benchmark does not affect
the investment objective of the Fund, nor the way in which the portfolio is managed.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>1</TD><TD STYLE="text-align: justify">The Custom AEF Emerging Markets Index (the &ldquo;Custom Index&rdquo;) reflects the returns of
the MSCI Emerging Markets Latin America Index (Net Dividends) for periods prior to April&nbsp;27, 2018 and the returns of the MSCI
Emerging Markets Index (Net Dividends) for periods subsequent to April&nbsp;30, 2018. The indices and time periods for the Custom
Index align with the strategies utilized and benchmark for the Fund during the same time periods.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 46%">&nbsp;</TD>
    <TD STYLE="width: 46%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Aberdeen Emerging Markets Equity Income Fund,&nbsp;Inc.</FONT></TD>
    <TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">7</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt"><B>Portfolio Summary</B></FONT><B>
</B>(unaudited)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The following table summarizes the sector
composition of the Fund&rsquo;s portfolio, in S&amp;P Global Inc.&rsquo;s Global Industry Classification Standard (&ldquo;GICS&rdquo;)
Sectors, expressed as a percentage of net assets as of June&nbsp;30, 2020. The GICS structure consists of 11 sectors, 24 industry
groups, 69 industries and 158 subindustries. As of June&nbsp;30, 2020, the Fund did not have more than 25% of its assets invested
in any industry. The sectors, as classified by GICS, are comprised of several industries.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #DCDDDE">
    <TD STYLE="width: 66%; border-bottom: Black 1.5pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt; padding-left: 0.1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>Sectors</B></FONT></TD>
    <TD STYLE="width: 2%; border-bottom: Black 1.5pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: Black 1.5pt solid; padding-top: 1.45pt; padding-right: 0.15in; padding-bottom: 1.45pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>As a Percentage of Net Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EFF0F0">
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt; padding-left: 0.1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Financials</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.45pt; padding-right: 0.15in; padding-bottom: 1.45pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">22.7%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EFF0F0">
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt; padding-left: 0.1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Information Technology</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.45pt; padding-right: 0.15in; padding-bottom: 1.45pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">22.4%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EFF0F0">
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt; padding-left: 0.1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Communication Services</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.45pt; padding-right: 0.15in; padding-bottom: 1.45pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">22.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EFF0F0">
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt; padding-left: 0.1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Consumer Discretionary</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.45pt; padding-right: 0.15in; padding-bottom: 1.45pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">10.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EFF0F0">
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt; padding-left: 0.1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Consumer Staples</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.45pt; padding-right: 0.15in; padding-bottom: 1.45pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">7.5%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EFF0F0">
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt; padding-left: 0.1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Real Estate</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.45pt; padding-right: 0.15in; padding-bottom: 1.45pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">7.4%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EFF0F0">
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt; padding-left: 0.1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Materials</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.45pt; padding-right: 0.15in; padding-bottom: 1.45pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">5.7%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EFF0F0">
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt; padding-left: 0.1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Energy</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.45pt; padding-right: 0.15in; padding-bottom: 1.45pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">4.8%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EFF0F0">
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt; padding-left: 0.1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Utilities</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.45pt; padding-right: 0.15in; padding-bottom: 1.45pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">4.2%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EFF0F0">
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt; padding-left: 0.1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Industrials</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.45pt; padding-right: 0.15in; padding-bottom: 1.45pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">2.9%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EFF0F0">
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt; padding-left: 0.1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Private Equity</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.45pt; padding-right: 0.15in; padding-bottom: 1.45pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">0.4%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EFF0F0">
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt; padding-left: 0.1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Short-Term Investment</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.45pt; padding-right: 0.15in; padding-bottom: 1.45pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">0.8%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EFF0F0">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt; padding-left: 0.1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Liabilities in Excess of Other Assets</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-right: 0.15in; padding-bottom: 1.45pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">-11.0%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EFF0F0">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt; padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-right: 0.15in; padding-bottom: 1.45pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">100.0%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The following chart summarizes the composition
of the Fund&rsquo;s portfolio by geographic classification expressed as a percentage of net assets as of June&nbsp;30, 2020.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #DCDDDE">
    <TD STYLE="width: 66%; border-bottom: Black 1.5pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt; padding-left: 0.1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>Countries</B></FONT></TD>
    <TD STYLE="width: 2%; border-bottom: Black 1.5pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: Black 1.5pt solid; padding-top: 1.45pt; padding-right: 0.15in; padding-bottom: 1.45pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>As a Percentage of Net Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EFF0F0">
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt; padding-left: 0.1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">China</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.45pt; padding-right: 0.15in; padding-bottom: 1.45pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">31.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EFF0F0">
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt; padding-left: 0.1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">India</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.45pt; padding-right: 0.15in; padding-bottom: 1.45pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">11.5%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EFF0F0">
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt; padding-left: 0.1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">South Korea</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.45pt; padding-right: 0.15in; padding-bottom: 1.45pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">10.8%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EFF0F0">
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt; padding-left: 0.1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Taiwan</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.45pt; padding-right: 0.15in; padding-bottom: 1.45pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">10.7%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EFF0F0">
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt; padding-left: 0.1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Brazil</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.45pt; padding-right: 0.15in; padding-bottom: 1.45pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">8.8%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EFF0F0">
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt; padding-left: 0.1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Hong Kong</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.45pt; padding-right: 0.15in; padding-bottom: 1.45pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">7.0%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EFF0F0">
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt; padding-left: 0.1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Russia</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.45pt; padding-right: 0.15in; padding-bottom: 1.45pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">6.2%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EFF0F0">
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt; padding-left: 0.1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Thailand</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.45pt; padding-right: 0.15in; padding-bottom: 1.45pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">5.0%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EFF0F0">
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt; padding-left: 0.1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Indonesia</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.45pt; padding-right: 0.15in; padding-bottom: 1.45pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">3.0%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EFF0F0">
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt; padding-left: 0.1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Mexico</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; padding-bottom: 1.45pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.45pt; padding-right: 0.15in; padding-bottom: 1.45pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">2.9%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EFF0F0">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt; padding-left: 0.1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Other</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-right: 0.15in; padding-bottom: 1.45pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">3.0%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EFF0F0">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt; padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-right: 0.15in; padding-bottom: 1.45pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">100.0%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>8</B></FONT></TD>
    <TD STYLE="width: 46%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Aberdeen Emerging Markets Equity Income Fund,&nbsp;Inc.</FONT></TD>
    <TD STYLE="width: 46%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: right">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt"></P>

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<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt"><B>Portfolio Summary </B></FONT>(unaudited)
(concluded)</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1.5pt; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-left: 7pt; padding-bottom: 1.5pt"><B>Currency Composition</B></TD>
    <TD STYLE="padding-top: 1.5pt; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-right: 7pt; text-align: right; padding-bottom: 1.5pt"><B>As a Percentage
    of Net Assets</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 1.5pt; background-color: rgb(239,240,240); padding-left: 7pt; width: 70%; text-align: left">Hong Kong</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 1.5pt; background-color: rgb(239,240,240); padding-right: 7pt; width: 30%; text-align: right">34.8%*</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-left: 7pt; text-align: left">United States</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-right: 7pt; text-align: right">13.9%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-left: 7pt">Taiwan</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-right: 7pt; text-align: right">10.7%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-left: 7pt">India</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-right: 7pt; text-align: right">10.5%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-left: 7pt; text-align: left">South Korea</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-right: 7pt; text-align: right">10.2%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-left: 7pt">Brazil</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-right: 7pt; text-align: right">5.7%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-left: 7pt">Thailand</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-right: 7pt; text-align: right">5.0%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-left: 7pt">China</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-right: 7pt; text-align: right">3.5%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-left: 7pt; text-align: left">South Africa</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-right: 7pt; text-align: right">3.4%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-left: 7pt">Indonesia</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-right: 7pt; text-align: right">3.0%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-left: 7pt">Russia</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-right: 7pt; text-align: right">2.7%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-left: 7pt">Kenya</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-right: 7pt; text-align: right">1.8%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-left: 7pt">Mexico</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-right: 7pt; text-align: right">1.5%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-left: 7pt">Turkey</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-right: 7pt; text-align: right">1.1%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-left: 7pt">Malaysia</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-right: 7pt; text-align: right">1.0%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-left: 7pt; text-align: left">United Kingdom</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-right: 7pt; text-align: right">0.9%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-left: 7pt">Romania</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-right: 7pt; text-align: right">0.5%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-left: 7pt; text-align: left">Short-Term Investments</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-right: 7pt; text-align: right">0.8%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-left: 7pt; text-align: left; padding-bottom: 1.5pt">Other Liabilities</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-right: 7pt; text-align: right; padding-bottom: 1.5pt">-11.0%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(239,240,240); padding-left: 7pt; font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-right: 7pt; text-align: right; padding-bottom: 1.5pt">100.0%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">*&nbsp;&nbsp;&nbsp;&nbsp;includes Chinese issued securities that trade
in Hong Kong dollar</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt"><B>Top Ten Equity Holdings </B></FONT>(unaudited)</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The following were the Fund's top ten holdings as of June 30,
2020:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1.5pt; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-left: 7pt; padding-bottom: 1.5pt"><B>Name of Security</B></TD>
    <TD STYLE="padding-top: 1.5pt; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-right: 7pt; text-align: right; padding-bottom: 1.5pt"><B>As a Percentage
    of Net Assets</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 6pt; background-color: rgb(239,240,240); padding-left: 7pt; width: 70%; text-align: left; padding-bottom: 2pt">Tencent Holdings Ltd.</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 6pt; background-color: rgb(239,240,240); padding-right: 7pt; width: 30%; text-align: right; padding-bottom: 2pt">10.3%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 2pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-left: 7pt; text-align: left; padding-bottom: 2pt">Samsung Electronics Co. Ltd.</TD>
    <TD STYLE="padding-top: 2pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-right: 7pt; text-align: right; padding-bottom: 2pt">7.9%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 2pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-left: 7pt; text-align: left; padding-bottom: 2pt">Taiwan Semiconductor Manufacturing Co. Ltd.</TD>
    <TD STYLE="padding-top: 2pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-right: 7pt; text-align: right; padding-bottom: 2pt">6.9%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 2pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-left: 7pt; text-align: left; padding-bottom: 2pt">China Resources Land Ltd.</TD>
    <TD STYLE="padding-top: 2pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-right: 7pt; text-align: right; padding-bottom: 2pt">3.3%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 2pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-left: 7pt; text-align: left; padding-bottom: 2pt">Ping An Insurance Group Co. of China Ltd., H Shares</TD>
    <TD STYLE="padding-top: 2pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-right: 7pt; text-align: right; padding-bottom: 2pt">2.8%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 2pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-left: 7pt; text-align: left; padding-bottom: 2pt">China Mobile Ltd.</TD>
    <TD STYLE="padding-top: 2pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-right: 7pt; text-align: right; padding-bottom: 2pt">2.7%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 2pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-left: 7pt; text-align: left; padding-bottom: 2pt">LUKOIL PJSC, ADR</TD>
    <TD STYLE="padding-top: 2pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-right: 7pt; text-align: right; padding-bottom: 2pt">2.6%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 2pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-left: 7pt; text-align: left; padding-bottom: 2pt">China Merchants Bank Co. Ltd., H Shares</TD>
    <TD STYLE="padding-top: 2pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-right: 7pt; text-align: right; padding-bottom: 2pt">2.5%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 2pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-left: 7pt; text-align: left; padding-bottom: 2pt">ITC Ltd.</TD>
    <TD STYLE="padding-top: 2pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-right: 7pt; text-align: right; padding-bottom: 2pt">2.3%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-left: 7pt; text-align: left; padding-bottom: 2pt">LG Chem Ltd.</TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-right: 7pt; text-align: right; padding-bottom: 2pt">2.3%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; font: 7pt Arial, Helvetica, Sans-Serif; width: 94%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Aberdeen
    Emerging Markets Equity Income Fund,&nbsp;Inc.</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 3%; text-align: right"><B>9</B></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt"><B>Portfolio of Investments </B></FONT>(unaudited)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As of June 30, 2020</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2pt; background-color: rgb(220,221,222); vertical-align: bottom; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Shares</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(220,221,222); vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2pt; background-color: rgb(220,221,222); vertical-align: bottom; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Description</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(220,221,222); vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(220,221,222); vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Industry
    and Percentage<BR>
    of Net Assets</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(220,221,222); vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-top: 2pt; background-color: rgb(220,221,222); text-align: center; vertical-align: top; border-bottom: black 1pt solid; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Value<BR> (US$)</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="background-color: rgb(239,240,240); vertical-align: bottom; padding-top: 5pt; padding-left: 7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>LONG-TERM
    INVESTMENTS&mdash;110.2%&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; padding-top: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; padding-top: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; padding-top: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 5pt; background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; padding-top: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; padding-top: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="background-color: rgb(239,240,240); vertical-align: bottom; padding-top: 2pt; padding-left: 7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>COMMON
    STOCKS &mdash;97.3%</B></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; padding-top: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="background-color: rgb(239,240,240); vertical-align: bottom; padding-top: 2pt; padding-left: 7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>AUSTRALIA&mdash;1.3%</B></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; padding-top: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1.5pt solid; background-color: rgb(239,240,240); vertical-align: top; text-align: right; width: 11%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">218,900</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1.5pt solid; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(239,240,240); vertical-align: top; border-bottom: black 1.5pt solid; width: 36%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BHP
    Group PLC</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1.5pt solid; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1.5pt solid; width: 37%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Metals&nbsp;&amp;
    Mining&mdash;1.3%</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1.5pt solid; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top; border-bottom: black 1.5pt solid; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: right; width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>4,500,804</B></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1.5pt solid; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="background-color: rgb(239,240,240); vertical-align: bottom; padding-top: 2pt; padding-left: 7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>BRAZIL&mdash;7.1%</B></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; padding-top: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,133,100</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ambev SA</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Beverages&mdash;0.8%</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,946,256</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">257,300</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">B3 SA&mdash;Brasil Bolsa Balcao</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Capital Markets&mdash;0.7%</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,606,546</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,297,450</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Banco Bradesco SA</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Banks&mdash;1.2%</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,523,575</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,600</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">MercadoLibre,&nbsp;Inc.<SUP>(a)</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Internet&nbsp;&amp; Direct Marketing
    Retail&mdash;1.0%</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,548,772</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">508,800</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Telefonica Brasil SA</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Diversified Telecommunication Services&mdash;1.3%</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,528,405</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: rgb(239,240,240); vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">743,095</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(239,240,240); vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Vale
    SA, ADR</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Metals&nbsp;&amp;
    Mining&mdash;2.1%</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7,661,309</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1.5pt solid; background-color: rgb(239,240,240); vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(239,240,240); vertical-align: top; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>25,814,863</B></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="background-color: rgb(239,240,240); vertical-align: bottom; padding-top: 2pt; padding-left: 7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>CHILE&mdash;2.0%</B></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; padding-top: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">225,600</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Banco Santander Chile, ADR</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Banks&mdash;1.0%</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,699,840</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: rgb(239,240,240); vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">948,900</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(239,240,240); vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Enel
    Chile SA, ADR</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Electric
    Utilities&mdash;1.0%</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,577,353</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1.5pt solid; background-color: rgb(239,240,240); vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(239,240,240); vertical-align: top; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>7,277,193</B></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="background-color: rgb(239,240,240); vertical-align: bottom; padding-top: 2pt; padding-left: 7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>CHINA&mdash;31.1%</B></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; padding-top: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">78,600</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">58.com,&nbsp;Inc., ADR<SUP>(a)</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Interactive Media&nbsp;&amp; Services&mdash;1.2%</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,239,684</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,968,500</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">China Merchants Bank Co. Ltd.,
    H Shares</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Banks&mdash;2.5%</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">9,122,307</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,418,700</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">China Mobile Ltd.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Wireless Telecommunication Services&mdash;2.6%</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">9,579,140</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">712,000</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">China Resources Gas Group Ltd.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Gas Utilities&mdash;1.0%</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,483,681</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,127,500</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">China Resources Land Ltd.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Real Estate Management&nbsp;&amp;
    Development&mdash;3.3%</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">11,953,915</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6,487,000</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">CNOOC Ltd.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Oil, Gas&nbsp;&amp; Consumable
    Fuels&mdash;2.0%</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7,280,536</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">509,886</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Midea Group Co. Ltd., A Shares
    (Stock Connect)<SUP>(b)</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Household Durables&mdash;1.2%</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,322,623</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,020,500</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ping An Insurance Group Co. of
    China Ltd., H Shares</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Insurance&mdash;2.8%</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">10,173,351</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">22,700</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Prosus<SUP>(a)</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Internet&nbsp;&amp; Direct Marketing
    Retail&mdash;0.6%</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,110,155</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,537,135</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">SAIC Motor Corp. Ltd., A Shares
    (Stock Connect)<SUP>(b)</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Automobiles&mdash;1.7%</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6,122,289</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">345,000</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Shenzhou International Group Holdings
    Ltd.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Textiles, Apparel&nbsp;&amp; Luxury
    Goods&mdash;1.2%</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,194,237</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">583,100</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Tencent Holdings Ltd.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Interactive Media&nbsp;&amp; Services&mdash;10.3%</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">37,363,805</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: rgb(239,240,240); vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">52,104</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(239,240,240); vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Yum
    China Holdings,&nbsp;Inc.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Hotels,
    Restaurants&nbsp;&amp; Leisure&mdash;0.7%</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,504,639</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1.5pt solid; background-color: rgb(239,240,240); vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(239,240,240); vertical-align: top; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>112,450,362</B></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="background-color: rgb(239,240,240); vertical-align: bottom; padding-top: 2pt; padding-left: 7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>HONG
    KONG&mdash;7.0%</B></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; padding-top: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">418,000</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AIA Group Ltd.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Insurance&mdash;1.1%</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,911,477</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8,822,000</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Convenience Retail Asia Ltd.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Food&nbsp;&amp; Staples Retailing&mdash;1.2%</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,179,151</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,803,000</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Hang Lung Properties Ltd.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Real Estate Management&nbsp;&amp;
    Development&mdash;1.8%</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6,663,507</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">176,432</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Hong Kong Exchanges&nbsp;&amp;
    Clearing Ltd.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Capital Markets&mdash;2.1%</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7,514,538</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: rgb(239,240,240); vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">19,515,000</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(239,240,240); vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Pacific
    Basin Shipping Ltd.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Marine&mdash;0.8%</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,869,016</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1.5pt solid; background-color: rgb(239,240,240); vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(239,240,240); vertical-align: top; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>25,137,689</B></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="background-color: rgb(239,240,240); vertical-align: bottom; padding-top: 2pt; padding-left: 7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>INDIA&mdash;11.5%</B></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; padding-top: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,414,199</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Bharti Infratel Ltd.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Diversified Telecommunication Services&mdash;1.2%</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,152,051</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">124,000</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Hindustan Unilever Ltd.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Household Products&mdash;1.0%</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,580,001</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">328,100</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Housing Development Finance Corp.
    Ltd.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Thrifts&nbsp;&amp; Mortgage Finance&mdash;2.1%</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7,656,629</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">540,000</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Infosys Ltd.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Information Technology Services&mdash;1.4%</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5,233,133</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">375,600</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Infosys Ltd., ADR</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Information Technology Services&mdash;1.0%</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,628,296</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,203,000</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ITC Ltd.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Tobacco&mdash;2.3%</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8,295,930</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,780,000</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Power Grid Corp. of India Ltd.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Electric Utilities&mdash;1.1%</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,127,328</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: rgb(239,240,240); vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">179,600</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(239,240,240); vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Tata
    Consultancy Services Ltd.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Information
    Technology Services&mdash;1.4%</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,950,829</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1.5pt solid; background-color: rgb(239,240,240); vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(239,240,240); vertical-align: top; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: top; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>41,624,197</B></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>10</B></FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: left; width: 94%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Aberdeen
    Emerging Markets Equity Income Fund,&nbsp;Inc.</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right; width: 3%"><B>&nbsp;</B></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt"><B>Portfolio of Investments </B></FONT><FONT STYLE="font-size: 11pt">(unaudited)
(continued)</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As of June 30, 2020</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(220,221,222); text-align: center; padding-bottom: 2pt"><B>Shares</B></TD><TD STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); text-align: center; padding-bottom: 2pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-top: 2pt; background-color: rgb(220,221,222); text-align: center; padding-bottom: 2pt"><B>Description</B></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); text-align: center; padding-bottom: 2pt"><B>&nbsp;</B></TD><TD STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); text-align: center; padding-bottom: 2pt"><B>Industry
                                         and Percentage <BR> of Net Assets</B></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); text-align: center; padding-bottom: 2pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); text-align: center; padding-bottom: 2pt"><B>Value<BR> (US$)</B></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; background-color: rgb(220,221,222); text-align: center; padding-bottom: 2pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 5pt; padding-left: 7pt; background-color: rgb(239,240,240); padding-bottom: 1pt"><B>LONG-TERM
    INVESTMENTS (continued)</B></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 5pt; background-color: rgb(239,240,240); text-align: center"><B>&nbsp;</B></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 5pt; background-color: rgb(239,240,240); text-align: center; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 5pt; background-color: rgb(239,240,240); text-align: center"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 5pt; background-color: rgb(239,240,240); text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 5pt; background-color: rgb(239,240,240)"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 7pt; background-color: rgb(239,240,240); padding-bottom: 1pt"><B>COMMON STOCKS
    (continued)</B></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(239,240,240); text-align: center"><B>&nbsp;</B></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(239,240,240); text-align: center; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(239,240,240); text-align: center"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(239,240,240); text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240)"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 7pt; background-color: rgb(239,240,240); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>INDONESIA&mdash;3.0%</B></FONT></TD><TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240)"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240); text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240)"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240); text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240); text-align: right"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240)"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: rgb(239,240,240); width: 11%; text-align: right">19,227,000</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); width: 3%; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); width: 36%; text-align: left">Bank Rakyat Indonesia Persero Tbk PT</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); width: 37%">Banks&mdash;1.1%</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: right; width: 9%">4,103,870</TD>
    <TD STYLE="background-color: rgb(239,240,240); width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: rgb(239,240,240); text-align: right">1,902,700</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">Mandom Indonesia Tbk PT</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240)">Personal Products&mdash;0.3%</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: right">1,001,919</TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: rgb(239,240,240); text-align: right">38,109,800</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">Sepatu Bata Tbk PT</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">Textiles, Apparel &amp; Luxury Goods&mdash;0.4%</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: right">1,480,640</TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: rgb(239,240,240); text-align: right">19,211,800</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left; padding-bottom: 1pt">Telekomunikasi Indonesia Persero Tbk PT</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left; padding-bottom: 1pt">Diversified Telecommunication Services&mdash;1.2%</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: right">4,115,403</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(239,240,240)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; vertical-align: top; background-color: rgb(239,240,240); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240); padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240); font-size: 10pt; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240); font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240); font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(239,240,240); padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(239,240,240); text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(239,240,240); text-align: right"><B>10,701,832</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 7pt; background-color: rgb(239,240,240); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>KENYA&mdash;1.8%</B></FONT></TD><TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240)"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240); text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240)"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240); text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240); text-align: right"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240)"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: rgb(239,240,240); text-align: right">8,696,000</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Equity Group Holdings PLC<SUP>(a)</SUP></FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240)">Banks&mdash;0.8%</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: right">2,815,692</TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: rgb(239,240,240); text-align: right">13,543,600</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left; padding-bottom: 1pt">Safaricom PLC</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left; padding-bottom: 1pt">Wireless Telecommunication Services&mdash;1.0%</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: right">3,665,004</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(239,240,240)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; vertical-align: top; background-color: rgb(239,240,240); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240); padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240); font-size: 10pt; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240); font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240); font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(239,240,240); padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(239,240,240); text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(239,240,240); text-align: right"><B>6,480,696</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 7pt; background-color: rgb(239,240,240); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>MACAU&mdash;2.1%</B></FONT></TD><TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240)"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240); text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240)"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240); text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240); text-align: right"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240)"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; vertical-align: top; background-color: rgb(239,240,240); text-align: right">1,927,200</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(239,240,240); padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(239,240,240); text-align: left; padding-bottom: 1pt">Sands China Ltd.</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(239,240,240); padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(239,240,240); text-align: left; padding-bottom: 1pt">Hotels, Restaurants &amp; Leisure&mdash;2.1%</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(239,240,240); padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(239,240,240); text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(239,240,240); text-align: right"><B>7,591,697</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 7pt; background-color: rgb(239,240,240); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>MALAYSIA&mdash;1.0%</B></FONT></TD><TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240)"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240); text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240)"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240); text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240); text-align: right"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240)"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; vertical-align: top; background-color: rgb(239,240,240); text-align: right">653,000</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(239,240,240); padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(239,240,240); text-align: left; padding-bottom: 1pt">Heineken Malaysia Bhd</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(239,240,240); padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(239,240,240); padding-bottom: 1pt">Beverages&mdash;1.0%</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(239,240,240); padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(239,240,240); text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(239,240,240); text-align: right"><B>3,454,567</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 7pt; background-color: rgb(239,240,240); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>MEXICO&mdash;2.9%</B></FONT></TD><TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240)"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240); text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240)"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240); text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240); text-align: right"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240)"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: rgb(239,240,240); text-align: right">138,357</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">Grupo Aeroportuario del Centro Norte SAB de CV, ADR</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240)">Transportation Infrastructure&mdash;1.4%</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: right">5,139,963</TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: rgb(239,240,240); text-align: right">1,518,797</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left; padding-bottom: 1pt">Grupo Financiero Banorte SAB de CV, Class O</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-bottom: 1pt">Banks&mdash;1.5%</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: right">5,255,277</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(239,240,240)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; vertical-align: top; background-color: rgb(239,240,240); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240); padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240); font-size: 10pt; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240); font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240); font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(239,240,240); padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(239,240,240); text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(239,240,240); text-align: right"><B>10,395,240</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 7pt; background-color: rgb(239,240,240); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>ROMANIA&mdash;0.5%</B></FONT></TD><TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240)"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240); text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240)"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240); text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240); text-align: right"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240)"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; vertical-align: top; background-color: rgb(239,240,240); text-align: right">711,100</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(239,240,240); padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(239,240,240); text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BRD-Groupe Societe Generale SA<SUP>(a)</SUP></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(239,240,240); padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(239,240,240); padding-bottom: 1pt">Banks&mdash;0.5%</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(239,240,240); padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(239,240,240); text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(239,240,240); text-align: right"><B>1,913,878</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 7pt; background-color: rgb(239,240,240); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>RUSSIA&mdash;6.2%</B></FONT></TD><TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240)"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240); text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240)"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240); text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240); text-align: right"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240)"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: rgb(239,240,240); text-align: right">485,400</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">Globaltrans Investment PLC</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240)">Road &amp; Rail&mdash;0.7%</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: right">2,616,306</TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: rgb(239,240,240); text-align: right">127,788</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">LUKOIL PJSC</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">Oil, Gas &amp; Consumable Fuels&mdash;2.6%</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: right">9,499,007</TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: rgb(239,240,240); text-align: right">8,722</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">LUKOIL PJSC, ADR</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">Oil, Gas &amp; Consumable Fuels&mdash;0.2%</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: right">647,347</TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: rgb(239,240,240); text-align: right">2,429,800</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">Moscow Exchange MICEX-RTS PJSC</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240)">Capital Markets&mdash;1.1%</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: right">3,884,373</TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: rgb(239,240,240); text-align: right">1,991,150</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left; padding-bottom: 1pt">Sberbank of Russia PJSC</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-bottom: 1pt">Banks&mdash;1.6%</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: right">5,716,706</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(239,240,240)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; vertical-align: top; background-color: rgb(239,240,240); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240); padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240); font-size: 10pt; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240); font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240); font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(239,240,240); padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(239,240,240); text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(239,240,240); text-align: right"><B>22,363,739</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="3" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 7pt; background-color: rgb(239,240,240); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SOUTH
    AFRICA&mdash;2.1%</B></FONT></TD><TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240)"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240); text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240)"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240); text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240); text-align: right"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240)"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: rgb(239,240,240); text-align: right">1,559,400</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">FirstRand Ltd.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">Diversified Financial Services&mdash;0.9%</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: right">3,429,244</TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: rgb(239,240,240); text-align: right">22,700</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left; padding-bottom: 1pt">Naspers Ltd., N Shares</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left; padding-bottom: 1pt">Internet &amp; Direct Marketing Retail&mdash;1.2%</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: right">4,171,813</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(239,240,240)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; vertical-align: top; background-color: rgb(239,240,240); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240); padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240); font-size: 10pt; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240); font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240); font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(239,240,240); padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(239,240,240); text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(239,240,240); text-align: right"><B>7,601,057</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="3" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 7pt; background-color: rgb(239,240,240); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>TAIWAN&mdash;10.7%</B></FONT></TD><TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240)"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240); text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240)"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240); text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240); text-align: right"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240)"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: rgb(239,240,240); text-align: right">490,000</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">Globalwafers Co. Ltd.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">Semiconductors &amp; Semiconductor Equipment&mdash;1.9%</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: right">6,748,856</TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: rgb(239,240,240); text-align: right">1,954,000</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">Taiwan Mobile Co. Ltd.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">Wireless Telecommunication Services&mdash;2.0%</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: right">7,327,830</TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: rgb(239,240,240); text-align: right">2,317,000</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left; padding-bottom: 1pt">Taiwan Semiconductor Manufacturing Co. Ltd.</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left; padding-bottom: 1pt">Semiconductors &amp; Semiconductor Equipment&mdash;6.8%</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: right">24,744,429</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(239,240,240)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; vertical-align: top; background-color: rgb(239,240,240); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240); padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240); font-size: 10pt; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240); font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240); font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(239,240,240); padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(239,240,240); text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(239,240,240); text-align: right"><B>38,821,115</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 7pt; background-color: rgb(239,240,240); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>THAILAND&mdash;5.0%</B></FONT></TD><TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240)"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240); text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240)"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240); text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240); text-align: right"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(239,240,240)"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: rgb(239,240,240); text-align: right">5,704,400</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">Hana Microelectronics PCL, Foreign Shares</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">Electronic Equipment Instruments &amp; <BR> Components&mdash;1.4%</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: right">5,168,077</TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: rgb(239,240,240); text-align: right">2,522,600</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">Intouch Holdings PCL, Foreign Shares</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">Wireless Telecommunication Services&mdash;1.3%</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: right">4,616,011</TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: rgb(239,240,240); text-align: right">14,433,400</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">Land &amp; Houses PCL, Foreign Shares</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">Real Estate Management &amp; Development&mdash;1.0%</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: right">3,577,236</TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: rgb(239,240,240); text-align: right">7,947,300</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left; padding-bottom: 1pt">Tesco Lotus Retail Growth Freehold &amp; <BR> Leasehold Property Fund</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left; padding-bottom: 1pt">Equity Real Estate Investment Trusts (REIT)&mdash; 1.3%</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); text-align: right">4,846,317</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(239,240,240)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; vertical-align: top; background-color: rgb(239,240,240); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240); padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240); font-size: 10pt; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240); font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240); font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(239,240,240); padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(239,240,240); text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(239,240,240); text-align: right"><B>18,207,641</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240)">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right; width: 94%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Aberdeen
    Emerging Markets Equity Income Fund,&nbsp;Inc.</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right; width: 3%"><B>11</B></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt"><B>Portfolio of Investments</B></FONT>
<FONT STYLE="font-size: 11pt">(unaudited) (continued)</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As of June 30, 2020</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: rgb(220,221,222); vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-top: 5pt; vertical-align: bottom"><B>Shares</B></TD><TD STYLE="padding-bottom: 1pt; text-align: center; padding-top: 5pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-top: 5pt; text-align: center"><B>Description</B></TD><TD STYLE="padding-bottom: 1pt; text-align: center; padding-top: 5pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; vertical-align: bottom"><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><B>Industry and Percentage
    <BR> of Net Assets</B></TD><TD STYLE="padding-bottom: 1pt; text-align: center; padding-top: 5pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; vertical-align: bottom"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><B>Value<BR>
    (US$)</B></TD><TD STYLE="padding-bottom: 1pt; text-align: center; padding-top: 5pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 5pt; padding-left: 5pt; padding-bottom: 1pt"><B>LONG-TERM INVESTMENTS (continued)</B></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD COLSPAN="9" STYLE="padding-top: 1pt; padding-left: 5pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><B>COMMON STOCKS (continued)</B></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-top: 1pt; padding-left: 5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>TURKEY&mdash;1.1%</B></FONT></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: top; width: 11%; text-align: right; padding-bottom: 1pt">3,068,381</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; width: 3%; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: top; width: 36%; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Enerjisa Enerji AS<SUP>(c)</SUP></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; width: 37%; padding-bottom: 1pt">Electric Utilities&mdash;1.1%</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; width: 1%; text-align: left; padding-bottom: 1pt"><B>$</B></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; width: 9%; text-align: right; padding-bottom: 1pt"><B>3,850,307</B></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; width: 1%; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 5pt; padding-left: 5pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>UNITED
    KINGDOM&mdash;0.9%</B></FONT></TD><TD STYLE="padding-top: 5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 5pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 5pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: top; text-align: right; padding-bottom: 1pt">485,527</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: top; text-align: left; padding-bottom: 1pt">M.P. Evans Group PLC</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt">Food Products&mdash;0.9%</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><B>3,294,283</B></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; vertical-align: top; font-size: 11pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; font-size: 11pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; text-align: left; font-size: 11pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total
    Common Stocks</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>351,481,160</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 5pt; padding-left: 5pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>PREFERRED
    STOCKS&mdash;12.5%</B></FONT></TD><TD STYLE="padding-top: 5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 5pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 5pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-top: 1pt; padding-left: 5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>BRAZIL&mdash;1.7%</B></FONT></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: top; text-align: right; padding-bottom: 1pt">3,583,120</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: top; text-align: left; padding-bottom: 1pt">Itausa&mdash;Investimentos Itau SA</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt">Banks&mdash;1.7%</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><B>6,318,773</B></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 5pt; padding-left: 5pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SOUTH
    KOREA &mdash;10.8%</B></FONT></TD><TD STYLE="padding-top: 5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 5pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 5pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">38,805</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">LG Chem Ltd. Pref</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">Chemicals&mdash;2.3%</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">8,164,003</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">736,593</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Samsung Electronics Co. Ltd. GDR</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Technology Hardware, Storage &amp; Peripherals&mdash;7.9%</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">28,693,443</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; vertical-align: top; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">2,200</TD><TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; padding-bottom: 1pt">Samsung Electronics Co. Ltd., Pref GDR</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; padding-bottom: 1pt">Technology Hardware, Storage &amp; Peripherals&mdash;0.6%</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">2,127,400</TD><TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; vertical-align: top; font-size: 11pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; font-size: 11pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; text-align: left; font-size: 11pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; font-size: 11pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; font-size: 11pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>38,984,846</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); font-style: normal; vertical-align: bottom; font-weight: normal">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-style: normal; padding-top: 2pt; vertical-align: top; font-size: 11pt; text-align: right; padding-bottom: 2pt; font-weight: normal"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-style: normal; padding-top: 2pt; font-size: 11pt; text-align: left; padding-bottom: 2pt; font-weight: normal"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt solid; font-style: normal; padding-top: 2pt; text-align: left; font-size: 11pt; vertical-align: top; padding-bottom: 2pt; font-weight: normal"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total
    Preferred Stocks</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: normal 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: normal 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: normal 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>45,303,619</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: normal 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 5pt; padding-left: 5pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>PRIVATE
    EQUITY&mdash;0.4%</B></FONT></TD><TD STYLE="padding-top: 5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 5pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 5pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-top: 1pt; padding-left: 5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>GLOBAL&mdash;0.0%*</B></FONT></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: top; text-align: right; padding-bottom: 1pt">11,723,413</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: left; padding-bottom: 1pt"><SUP>(d)</SUP></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: top; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Emerging Markets Ventures I, L.P.<SUP>(a)(e)(f)(g)(h)(i)</SUP></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: left; padding-bottom: 1pt">Private Equity&mdash; &ndash;%</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><B>72,333</B></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 5pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; vertical-align: top; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>ISRAEL&mdash;0.4%</B></FONT></TD><TD STYLE="padding-left: 5pt; padding-top: 4pt; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 5pt; padding-top: 4pt; text-align: left; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="padding-left: 5pt; padding-top: 4pt; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 5pt; padding-top: 4pt; text-align: left; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="padding-left: 5pt; padding-top: 4pt; text-align: right; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="padding-left: 5pt; padding-top: 4pt; text-align: left; padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">1,250,001</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><SUP>(d)</SUP></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABS GE Capital Giza Fund, L.P.<SUP>(a)(e)(f)(h)(i)(j)</SUP></FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Private Equity&mdash; &ndash;%</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">21,988</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">3,349,175</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><SUP>(d)</SUP></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BPA Israel Ventures, LLC<SUP>(a)(e)(f)(g)(h)(i)(j)</SUP></FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Private Equity&mdash; 0.1%</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">137,651</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">250,440</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><SUP>(d)</SUP></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Delta Fund I, L.P.<SUP>(a)(e)(f)(h)(i)</SUP></FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Private Equity&mdash; &ndash;%</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">726</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">108,960</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exent Technologies Ltd. Preferred A1 Shares<SUP>(a)(e)(f)(h)(i)(k)</SUP></FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Private Equity&mdash; &ndash;%</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">&ndash;</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">93,456</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exent Technologies Ltd. Preferred C Shares<SUP>(a)(e)(f)(h)(i)(k)</SUP></FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Private Equity&mdash; &ndash;%</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">&ndash;</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">23,574</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exent Technologies Ltd. Warrants A1<SUP>(a)(e)(f)(h)(i)(k)</SUP></FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Private Equity&mdash; &ndash;%</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">&ndash;</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">70,284</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Flash Networks Ltd. Ordinary Shares<SUP>(a)(e)(f)(h)(i)(k)</SUP></FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Private Equity&mdash; &ndash;%</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">&ndash;</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">18</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Flash Networks Ltd. Series C Preferred<SUP>(a)(e)(f)(h)(i)(k)</SUP></FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Private Equity&mdash; &ndash;%</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">&ndash;</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">34,896</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Flash Networks Ltd. Series C-1 Preferred<SUP>(a)(e)(f)(h)(i)(k)</SUP></FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Private Equity&mdash; &ndash;%</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">&ndash;</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">20,289</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Flash Networks Ltd. Series D Preferred<SUP>(a)(e)(f)(h)(i)(k)</SUP></FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Private Equity&mdash; &ndash;%</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">&ndash;</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">14,928</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Flash Networks Ltd. Series E Preferred<SUP>(a)(e)(f)(h)(i)(k)</SUP></FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Private Equity&mdash; &ndash;%</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">&ndash;</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">33</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Flash Networks Ltd. Warrants C<SUP>(a)(e)(f)(h)(i)(k)</SUP></FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Private Equity&mdash; &ndash;%</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">&ndash;</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">78</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Flash Networks Ltd. Warrants Ordinary<SUP>(a)(e)(f)(h)(i)(k)</SUP></FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Private Equity&mdash; &ndash;%</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">&ndash;</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">4,000,000</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><SUP>(d)</SUP></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Giza GE Venture Fund III, L.P.<SUP>(a)(e)(f)(h)(i)(j)(l)</SUP></FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Private Equity&mdash; &ndash;%</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">20,720</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">1,522,368</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><SUP>(d)</SUP></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Neurone Ventures II, L.P.<SUP>(a)(e)(f)(h)(i)(j)(l)</SUP></FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Private Equity&mdash; 0.1%</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">480,018</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; vertical-align: top; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">2,400,000</TD><TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Telesoft Partners II QP, L.P.<SUP>(a)(e)(h)(i)(j)</SUP></FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; padding-bottom: 1pt">Private Equity&mdash; 0.2%</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">591,504</TD><TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 2pt solid; padding-top: 2pt; vertical-align: top; font-size: 11pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 2pt solid; padding-top: 2pt; font-size: 11pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; padding-top: 2pt; text-align: left; font-size: 11pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 2pt solid; padding-top: 2pt; font-size: 11pt; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; padding-top: 2pt; font-size: 11pt; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>1,252,607</B></FONT></TD><TD STYLE="border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; vertical-align: top; font-size: 11pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; font-size: 11pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; text-align: left; font-size: 11pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total
    Private Equity</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,324,940</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; vertical-align: top; font-size: 11pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; font-size: 11pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; text-align: left; font-size: 11pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total
    Long-Term Investments&mdash;110.2% (cost $437,579,809)</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>398,109,719</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 7pt"><B>12</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt">Aberdeen
                                         Emerging Markets Equity Income Fund, Inc.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>





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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt"><B>Portfolio of Investments</B>
</FONT>(unaudited) (concluded)</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As of June 30, 2020</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Arial, Helvetica, Sans-Serif">
<TR STYLE="background-color: rgb(220,221,222); vertical-align: bottom">
    <TD STYLE="padding-top: 4pt; text-align: center; border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">Shares</TD><TD STYLE="padding-top: 4pt; text-align: center; border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt">Description</TD><TD STYLE="padding-top: 4pt; text-align: center; font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 4pt; border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt">Value<BR> (US$)</TD><TD STYLE="padding-top: 4pt; text-align: center; border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-top: 5pt; padding-left: 5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SHORT-TERM
    INVESTMENT&mdash;0.8%</B></FONT></TD><TD STYLE="padding-top: 5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-top: 5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-top: 5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-top: 1pt; padding-left: 5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>UNITED
    STATES&mdash;0.8%</B></FONT></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; width: 11%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">2,822,711</TD><TD STYLE="padding-top: 1pt; width: 3%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; width: 73%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.12%<SUP>(m)</SUP></FONT></TD><TD STYLE="padding-top: 1pt; width: 2%; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; width: 1%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">$</TD><TD STYLE="padding-top: 1pt; width: 9%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">2,822,711</TD><TD STYLE="padding-top: 1pt; width: 1%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; font-size: 11pt; text-align: right; padding-bottom: 2pt"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; font-size: 11pt; text-align: left; padding-bottom: 2pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt"><B>Total
    Short-Term Investment&mdash;0.8% (cost $2,822,711)</B></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-bottom: 2pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; padding-bottom: 2pt"><B>2,822,711</B></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; font-size: 11pt; text-align: right; padding-bottom: 2pt"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; font-size: 11pt; text-align: left; padding-bottom: 2pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total
    Investments&mdash;111.0% (cost $440,402,520)<SUP>(n)</SUP></B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-bottom: 2pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; padding-bottom: 2pt"><B>400,932,430</B></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font-size: 11pt; text-align: right; padding-bottom: 2pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font-size: 11pt; text-align: left; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt">Liabilities in Excess of Other Assets&mdash;(11.0)%</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; padding-bottom: 2pt">(39,639,727</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt">)</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; font-size: 11pt; text-align: right; padding-bottom: 2pt"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; font-size: 11pt; text-align: left; padding-bottom: 2pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-bottom: 2pt"><B>Net
    Assets&mdash;100.0%</B></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-bottom: 2pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt"><B>$</B></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; padding-bottom: 2pt"><B>361,292,703</B></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt"><B>&nbsp;</B></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: justify">Non-income producing security.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">(b)</TD><TD STYLE="text-align: justify">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.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">(c)</TD><TD STYLE="text-align: justify">Denotes a security issued under Regulation S or Rule
144A.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">(d)</TD><TD STYLE="text-align: justify">Represents contributed capital.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">(e)</TD><TD STYLE="text-align: justify">Illiquid security.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">(f)</TD><TD STYLE="text-align: justify">Considered in liquidation by the Fund's Adviser.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">(g)</TD><TD STYLE="text-align: justify">As of June 30, 2020, the aggregate amount of open commitments
for the Fund is $2,627,412.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">(h)</TD><TD STYLE="text-align: justify">Restricted security, not readily marketable. See Note
2(b) of the accompanying Notes to Financial Statements.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">(i)</TD><TD STYLE="text-align: justify">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 2(a) of the accompanying Notes to Financial Statements.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">(j)</TD><TD STYLE="text-align: justify">Fund of Fund investment.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">(k)</TD><TD STYLE="text-align: justify">Direct investment.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">(l)</TD><TD STYLE="text-align: justify">Considered active investments by the Fund's Adviser.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">(m)</TD><TD STYLE="text-align: justify">Registered investment company advised by State Street
Global Advisors. The rate shown is the 7-day yield as of June 30, 2020.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">(n)</TD><TD STYLE="text-align: justify">See accompanying Notes to Portfolio of Investments for
tax unrealized appreciation/(depreciation) of securities.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">*</TD><TD STYLE="text-align: justify">&quot;Global&quot; 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.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">ADR&mdash;American Depositary Receipt</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">GDR&mdash;Global Depositary Receipt</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">PLC&mdash;Public Limited Company</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">See Notes to Financial Statements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 7pt">Aberdeen Emerging
    Markets Equity Income Fund, Inc.</FONT></TD>
    <TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>13</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>





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<DIV STYLE="background-color: rgb(220,221,222)">
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt"><B>Statement of Assets and Liabilities
</B></FONT>(unaudited)</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As of June 30, 2020</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-top: 1pt; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><B>Assets</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 6pt; width: 85.5%; text-align: left; padding-bottom: 1pt">Investments, at value (cost $437,579,809)</TD><TD STYLE="background-color: rgb(239,240,240); font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 6pt; width: 3%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 6pt; width: 1%; text-align: left; padding-bottom: 1pt">$</TD><TD STYLE="background-color: rgb(239,240,240); font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 6pt; width: 9%; text-align: right; padding-bottom: 1pt">398,109,719</TD><TD STYLE="background-color: rgb(239,240,240); font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 6pt; width: 1.5%; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Short-term investments, at value (cost $2,822,711)</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">2,822,711</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Foreign currency, at value (cost $300,763)</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">301,001</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Interest and dividends receivable</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">1,935,878</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Receivable for investments sold</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">9,799</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Tax reclaim receivable</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">52,801</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Prepaid expenses</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">128,620</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; padding-bottom: 1pt">Prepaid expenses in connection with revolving credit facility (Note 7)</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">8,431</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt"><B>Total assets</B></TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-bottom: 2pt"><B>&nbsp;</B></TD>
    <TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt"><B>&nbsp;</B></TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; padding-bottom: 2pt"><B>403,368,960</B></TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 6pt; padding-bottom: 1pt"><B>Liabilities</B></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 6pt; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 6pt; text-align: left; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 6pt; text-align: right; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 6pt; text-align: left; padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Revolving credit facility payable (Note 7)</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">40,900,000</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Investment advisory fees payable (Note 3)</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">640,998</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Administration fees payable (Note 3)</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">66,506</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Director fees payable</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">56,399</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Investor relations fees payable (Note 3)</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">36,286</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Interest payable on revolving credit facility</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">26,960</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; padding-bottom: 1pt">Other accrued expenses</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">349,108</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt"><B>Total liabilities</B></TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-bottom: 2pt"><B>&nbsp;</B></TD>
    <TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt"><B>&nbsp;</B></TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; padding-bottom: 2pt"><B>42,076,257</B></TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt"><B>Net
    Assets</B></TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-bottom: 2pt"><B>&nbsp;</B></TD>
    <TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt"><B>$</B></TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; padding-bottom: 2pt"><B>361,292,703</B></TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 6pt; text-align: left; padding-bottom: 1pt"><B>Composition
    of Net Assets:</B></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 6pt; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 6pt; text-align: left; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 6pt; text-align: right; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 6pt; text-align: left; padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">Common stock (par value $.001 per share) (Note 5)</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">$</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">50,752</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Paid-in capital in excess of par</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">450,319,462</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; padding-bottom: 1pt">Distributable accumulated loss</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">(89,077,511</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt"><B>Net
    Assets</B></TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-bottom: 2pt"><B>&nbsp;</B></TD>
    <TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt"><B>$</B></TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; padding-bottom: 2pt"><B>361,292,703</B></TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt">Net asset value per share based on 50,751,778 shares issued and outstanding</TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt">$</TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; padding-bottom: 2pt">7.12</TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">See Notes to Financial Statements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 7pt"><B>14</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt">Aberdeen
                                         Emerging Markets Equity Income Fund, Inc.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
</DIV>




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<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt"><B>Statement of Operations</B>
</FONT>(unaudited)</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">For the Six-Month Period Ended June 30, 2020</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><B>Net
    Investment Income</B></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; text-align: left; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; text-align: left; padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 8pt; padding-bottom: 1pt"><B>Income</B></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 8pt; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 8pt; text-align: left; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 8pt; text-align: right; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 8pt; text-align: left; padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; width: 85.5%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Dividends and other income (net of foreign withholding taxes of $748,624)</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; width: 3%; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">$</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; width: 9%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">6,642,362</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; width: 1.5%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; padding-bottom: 1pt">Interest income and other income</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">11,269</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Total Investment Income</TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; padding-bottom: 1pt">6,653,631</TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 8pt; padding-bottom: 1pt"><B>Expenses</B></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 8pt; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 8pt; text-align: left; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 8pt; text-align: right; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 8pt; text-align: left; padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Investment advisory fee (Note 3)</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">1,598,705</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Excise tax expense</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">293,901</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Custodian's fees and expenses</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">148,856</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Administration fee (Note 3)</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">147,439</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Directors' fees and expenses</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">114,995</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Insurance expense</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">101,256</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Investor relations fees and expenses (Note 3)</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">58,529</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Legal fees and expenses</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">51,907</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Reports to shareholders and proxy solicitation</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">45,333</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Independent auditors' fees and expenses</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">35,629</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Transfer agent's fees and expenses</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">20,925</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt">Miscellaneous</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">53,494</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Total expenses before reimbursed/waived expenses</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">2,670,969</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; padding-bottom: 1pt">Interest and revolving credit facility expenses (Note 7)</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">395,701</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Total expenses</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">3,066,670</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; padding-bottom: 1pt">Less: Investment advisory fee waiver (Note 3)</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">(165,486</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: left; padding-bottom: 1pt">Net expenses</TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: right; padding-bottom: 1pt">2,901,184</TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 1pt">Net Investment Income</TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; padding-bottom: 1pt">3,752,447</TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 6pt; text-align: left; padding-bottom: 1pt"><B>Net Realized/Unrealized
    Gain/(Loss) from Investments and Foreign Currency Related Transactions:</B></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 6pt; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 6pt; text-align: left; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 6pt; text-align: right; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 6pt; text-align: left; padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 6pt; text-align: left; padding-bottom: 1pt"><B>Net realized
    gain/(loss) from:</B></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 6pt; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 6pt; text-align: left; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 6pt; text-align: right; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 6pt; text-align: left; padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Investment transactions</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">(24,308,305</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; padding-bottom: 1pt">Foreign currency transactions</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">(268,267</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font-size: 11pt; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">(24,576,572</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 8pt; text-align: left; padding-bottom: 1pt"><B>Net change
    in unrealized appreciation/(depreciation) on:</B></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 8pt; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 8pt; text-align: left; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 8pt; text-align: right; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 8pt; text-align: left; padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Investments (including $28,387 change in deferred capital gains tax)</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">(52,232,676</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; padding-bottom: 1pt">Foreign currency translation</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">(72,607</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; padding-bottom: 1pt">(52,305,283</TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Net realized and unrealized (loss) from investments and foreign currency translations</TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; padding-bottom: 1pt">(76,881,855</TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 1pt"><B>Net
    Decrease in Net Assets Resulting from Operations</B></TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 1pt"><B>$</B></TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; padding-bottom: 1pt"><B>(73,129,408</B></TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 1pt"><B>)</B></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">See Notes to Financial Statements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 7pt">Aberdeen Emerging
    Markets Equity Income Fund, Inc.</FONT></TD>
    <TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>15</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
</DIV>




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<DIV STYLE="background-color: rgb(220,221,222)">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Statements of Changes in Net Assets</B></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 14pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 4pt; font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; background-color: rgb(239,240,240); font: bold 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; text-align: right; padding-bottom: 1pt">For the Six-Month<BR> Period Ended<BR> June 30, 2020 <BR> (unaudited)</TD><TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(239,240,240); font: bold 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; padding-left: 5pt; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; text-align: right; padding-bottom: 1pt">For the<BR> Year Ended<BR> December&nbsp;31,&nbsp;2019</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 8pt; text-align: left; padding-bottom: 1pt"><B>Increase/(Decrease)
    in Net Assets</B></TD><TD STYLE="padding-top: 8pt; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 8pt; text-align: right; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 8pt; text-align: right; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 8pt; text-align: left; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 8pt; text-align: right; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="padding-top: 8pt; text-align: right; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="padding-top: 8pt; text-align: left; padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 5pt; padding-bottom: 1pt"><B>Operations:</B></TD><TD STYLE="padding-top: 5pt; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 5pt; text-align: right; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 5pt; text-align: right; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 5pt; text-align: left; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 5pt; text-align: right; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="padding-top: 5pt; text-align: right; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="padding-top: 5pt; text-align: left; padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; width: 65.5%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Net investment income</TD><TD STYLE="padding-top: 1pt; width: 2%; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; width: 5%; text-align: right; padding-bottom: 1pt">$</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; width: 9%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">3,752,447</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; width: 2%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; width: 6%; text-align: right; padding-bottom: 1pt">$</TD><TD STYLE="padding-top: 1pt; width: 9%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">12,900,241</TD><TD STYLE="padding-top: 1pt; width: 1.5%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Net realized loss from investment and foreign currency related transactions</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">(24,576,572</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">)</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">(19,113,093</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; padding-bottom: 1pt">Net change in unrealized appreciation on investments and foreign currency translation</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">(52,305,283</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">84,713,465</TD><TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 1pt">Net increase/(decrease) in net assets resulting from operations</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; padding-bottom: 1pt">(73,129,408</TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 1pt">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; padding-bottom: 1pt">78,500,613</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 5pt; text-align: left; padding-bottom: 1pt"><B>Distributions
    to Shareholders from:</B></TD><TD STYLE="padding-top: 5pt; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 5pt; text-align: right; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 5pt; text-align: right; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 5pt; text-align: left; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 5pt; text-align: right; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="padding-top: 5pt; text-align: right; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="padding-top: 5pt; text-align: left; padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; padding-bottom: 1pt">Distributable earnings</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">(4,907,699</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">(8,986,152</TD><TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 1pt">Net decrease in net assets from distributions</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; padding-bottom: 1pt">(4,907,699</TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 1pt">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; padding-bottom: 1pt">(8,986,152</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 5pt; text-align: left; padding-bottom: 1pt">Repurchase of common stock resulting in the reduction of 0 and 74,175 shares of common stock, respectively (Note 6)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 5pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 5pt; text-align: right; padding-bottom: 1pt">&ndash;</TD><TD STYLE="background-color: rgb(239,240,240); font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 5pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 5pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 5pt; text-align: right; padding-bottom: 1pt">(516,082</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 5pt; text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Cost of shares purchased through a tender offer (including $0 &amp; $161,303 in expenses, respectively) of 0 and 8,956,196 shares, respectively (Note 5)</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">&ndash;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">(70,557,004</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; padding-bottom: 1pt">Expenses in connection with the in-kind tender offer (Note 6)</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">&ndash;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">69,642</TD><TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 1pt">Change in net assets from capital transactions</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; padding-bottom: 1pt">&ndash;</TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; padding-bottom: 1pt">(71,003,444</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 1pt">Change in net assets resulting from operations</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; padding-bottom: 1pt">(78,037,107</TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 1pt">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; padding-bottom: 1pt">(1,488,983</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 8pt; text-align: left; padding-bottom: 1pt"><B>Net Assets:</B></TD><TD STYLE="padding-top: 8pt; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 8pt; text-align: right; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 8pt; text-align: right; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 8pt; text-align: left; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 8pt; text-align: right; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="padding-top: 8pt; text-align: right; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="padding-top: 8pt; text-align: left; padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt">Beginning of period</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">439,329,810</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">440,818,793</TD><TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; padding-top: 4pt; padding-bottom: 1pt"><B>End
    of period</B></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; text-align: right; padding-bottom: 1pt"><B>$</B></TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; text-align: right; padding-bottom: 1pt"><B>361,292,703</B></TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; text-align: left; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; text-align: right; padding-bottom: 1pt"><B>$</B></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; text-align: right; padding-bottom: 1pt"><B>439,329,810</B></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; text-align: left; padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Amounts listed as &quot;&ndash;&quot; are $0 or round to $0.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">See Notes to Financial Statements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 7pt"><B>16</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt">Aberdeen
                                         Emerging Markets Equity Income Fund, Inc.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
</DIV>




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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Financial Highlights</B></P>
<P STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 16pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Arial, Helvetica, Sans-Serif">
<TR STYLE="background-color: rgb(220,221,222); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.25in; font-size: 11pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-top: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">For
    the <BR> Six-Month <BR> Period Ended<BR> June&nbsp;30,&nbsp;2020</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="9" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">For
    the Fiscal Years Ended December 31,</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-style: normal; background-color: rgb(220,221,222); vertical-align: bottom; font-weight: normal">
    <TD STYLE="border-bottom: Black 2pt solid; font-style: normal; text-indent: -0.125in; padding-left: 0.25in; font-size: 11pt; font-weight: normal; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt; font-style: normal"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 2pt solid; font: normal 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt; font-style: normal"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: normal 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt; font-style: normal"><B>(unaudited)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: normal 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt; font-style: normal"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: normal 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt; font-style: normal"><B>2019</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: normal 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt; font-style: normal"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: normal 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal"><B>2018</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: normal 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal"><B><SUP>(a)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: normal 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal"><B>2017</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: normal 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal"><B><SUP>(b)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: normal 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal"><B>2016</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: normal 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal"><B><SUP>(b)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: normal 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal"><B>2015</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: normal 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal"><B><SUP>(b)</SUP></B></FONT></TD></TR>
<TR STYLE="font-style: normal; background-color: rgb(239,240,240); vertical-align: bottom; font-weight: normal">
    <TD STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; padding-top: 5pt; text-indent: -0.125in; padding-left: 0.25in; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal"><B>PER
    SHARE OPERATING PERFORMANCE<SUP>(c)</SUP>:</B></FONT></TD><TD STYLE="font-style: normal; padding-top: 5pt; padding-bottom: 1pt; font-weight: normal"><FONT STYLE="font-size: 10pt; font-style: normal"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-style: normal; padding-top: 5pt; text-align: right; padding-bottom: 1pt; font-weight: normal"><FONT STYLE="font-size: 10pt; font-style: normal"><B>&nbsp;</B></FONT></TD><TD STYLE="font-style: normal; padding-top: 5pt; text-align: left; padding-bottom: 1pt; font-weight: normal"><FONT STYLE="font-size: 10pt; font-style: normal"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-style: normal; padding-top: 5pt; text-align: right; padding-bottom: 1pt; font-weight: normal"><FONT STYLE="font-size: 10pt; font-style: normal"><B>&nbsp;</B></FONT></TD><TD STYLE="font-style: normal; padding-top: 5pt; text-align: left; padding-bottom: 1pt; font-weight: normal"><FONT STYLE="font-size: 10pt; font-style: normal"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-style: normal; padding-top: 5pt; text-align: right; padding-bottom: 1pt; font-weight: normal"><FONT STYLE="font-size: 10pt; font-style: normal"><B>&nbsp;</B></FONT></TD><TD STYLE="font-style: normal; padding-top: 5pt; text-align: left; padding-bottom: 1pt; font-weight: normal"><FONT STYLE="font-size: 10pt; font-style: normal"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-style: normal; padding-top: 5pt; text-align: right; padding-bottom: 1pt; font-weight: normal"><FONT STYLE="font-size: 10pt; font-style: normal"><B>&nbsp;</B></FONT></TD><TD STYLE="font-style: normal; padding-top: 5pt; text-align: left; padding-bottom: 1pt; font-weight: normal"><FONT STYLE="font-size: 10pt; font-style: normal"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-style: normal; padding-top: 5pt; text-align: right; padding-bottom: 1pt; font-weight: normal"><FONT STYLE="font-size: 10pt; font-style: normal"><B>&nbsp;</B></FONT></TD><TD STYLE="font-style: normal; padding-top: 5pt; text-align: left; padding-bottom: 1pt; font-weight: normal"><FONT STYLE="font-size: 10pt; font-style: normal"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-style: normal; padding-top: 5pt; text-align: right; padding-bottom: 1pt; font-weight: normal"><FONT STYLE="font-size: 10pt; font-style: normal"><B>&nbsp;</B></FONT></TD><TD STYLE="font-style: normal; padding-top: 5pt; text-align: left; padding-bottom: 1pt; font-weight: normal"><FONT STYLE="font-size: 10pt; font-style: normal"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.25in; width: 48%; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Net
    asset value per common share, beginning of period</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; width: 10%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">$8.66</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; width: 7%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">$7.37</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; width: 7%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">$9.99</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; width: 7%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">$7.80</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; width: 7%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">$5.91</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; width: 7%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">$8.57</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Net
    investment income</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">0.07</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">0.23</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">0.19</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">0.10</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">0.11</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">0.14</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Net
    realized and unrealized gains/(losses) on investments and foreign currency transactions</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">(1.51</FONT></TD><TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">1.21</FONT></TD><TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">(1.36</FONT></TD><TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">2.23</FONT></TD><TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">1.88</FONT></TD><TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">(2.69</FONT></TD><TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Total
    from investment operations applicable to common shareholders</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">(1.44</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">1.44</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">(1.17</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">2.33</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">1.99</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">(2.55</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Dividends
    and distributions to common shareholders from:</FONT></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Net
    investment income</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">(0.10</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">(0.17</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">(0.13</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">(0.14</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">(0.10</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">(0.11</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Net
    realized gains</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">(1.36</FONT></TD><TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Total
    distributions</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">(0.10</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">(0.17</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">(1.49</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">(0.14</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">(0.10</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">(0.11</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.25in; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Capital
    Share Transactions:</FONT></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Impact
    of open market repurchase program (Note 6)</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">0.01</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Impact
    due to tender offer</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">0.02</FONT></TD><TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">0.03</FONT></TD><TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Total
    capital share transactions</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">0.02</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">0.04</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.25in; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Net
    asset value per common share, end of period</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">$7.12</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">$8.66</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">$7.37</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">$9.99</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">$7.80</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">$5.91</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.25in; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Market
    value, end of period</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">$6.05</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">$7.62</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">$6.35</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">$9.15</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">$6.78</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">$5.22</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 8pt; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total
    Investment Return Based on<SUP>(d)</SUP>:</B></FONT></TD><TD STYLE="padding-top: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 8pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-top: 8pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 8pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-top: 8pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 8pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-top: 8pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 8pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-top: 8pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 8pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-top: 8pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 8pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-top: 8pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.25in; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Market
    value</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">(19.22%</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">22.80%</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">(16.72%</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">37.05%</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">31.68%</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">(30.95%</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.25in; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Net
    asset value</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">(16.35%</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">20.25%</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">(10.38%</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">30.05%</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">33.81%</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">(29.42%</FONT></TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)<SUP>(e)</SUP></FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 8pt; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>Ratio
    to Average Net Assets/Supplementary Data:</B></FONT></TD><TD STYLE="padding-top: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 8pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-top: 8pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 8pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-top: 8pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 8pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-top: 8pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 8pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-top: 8pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 8pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-top: 8pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 8pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-top: 8pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Net
    assets, end of period (000 omitted)</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">$361,293</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">$439,330</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">$440,819</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">$217,187</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">$169,502</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">$128,544</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Average
    net assets (000 omitted)</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">$370,622</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">$442,354</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">$445,001</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">$203,477</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">$161,113</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">$162,418</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
    expenses, net of fee waivers<SUP>(f)</SUP></FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">1.57%</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><SUP>(g)</SUP></FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">1.54%</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">1.55%</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">1.68%</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">1.37%</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">1.39%</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
    expenses, excluding fee waivers<SUP>(f)</SUP></FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">1.66%</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><SUP>(g)</SUP></FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">1.57%</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">1.56%</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><SUP>(h)</SUP></FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">1.70%</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">1.38%</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">1.41%</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Total
    expenses, excluding taxes net of fee waivers</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">1.57%</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><SUP>(g)</SUP></FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">1.54%</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">1.45%</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><SUP>(h)</SUP></FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">1.32%</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">1.34%</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">1.39%</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Total
    expenses, excluding taxes and interest and revolving credit facility expenses, net of fee waivers</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">1.36%</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><SUP>(g)</SUP></FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">1.19%</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">1.25%</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><SUP>(h)</SUP></FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><SUP>(i)</SUP></FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    investment income<SUP>(f)</SUP></FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">2.04%</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><SUP>(g)</SUP></FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">2.92%</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">2.24%</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><SUP>&nbsp;</SUP></FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">1.03%</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">1.48%</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">1.82%</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Portfolio
    turnover</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">12.08%</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><SUP>(j)</SUP></FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">13.26%</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">145.10%</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><SUP>(k)</SUP></FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">14.53%</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">10.71%</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">14.75%</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Senior
    securities (loan facility) outstanding (000 omitted)</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">$40,900</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">$40,900</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">$49,000</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">$&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">$&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">$&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><SUP>(i)</SUP></FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Asset
    coverage ratio on revolving credit facility at period end</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">983%</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">1,174%</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">1,000%</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><SUP>(i)</SUP></FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Asset
    coverage per $1,000 on revolving credit facility at period end<SUP>(l)</SUP></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">$9,834</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">$11,742</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">$9,996</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">$&ndash;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">$&ndash;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">$&ndash;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><SUP>(i)</SUP></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: justify">Seven Aberdeen Funds reorganized into Aberdeen Emerging
Markets Equity Income Fund on April 27, 2018.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">(b)</TD><TD STYLE="text-align: justify">Historical net asset value and per share amounts for
the accounting survivor of the reorganizations have been recasted to reflect the conversion ratio of 2.9187 in effect on the date
of reorganization of April 27, 2018. Ratios to Average Net Assets were not impacted.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">(c)</TD><TD STYLE="text-align: justify">Based on average shares outstanding.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 7pt">Aberdeen Emerging
    Markets Equity Income Fund, Inc.</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: right"><FONT STYLE="font-size: 7pt"><B>17</B></FONT></TD></TR>
</TABLE>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt"><B>Financial Highlights</B> </FONT>(concluded)</P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">(d)</TD><TD STYLE="text-align: justify">Total investment return based on market value is calculated
assuming that shares of the Fund's common stock were purchased at the closing market price as of the beginning of the period,
dividends, capital gains, and other distributions were reinvested as provided for in the Fund's dividend reinvestment plan and
then sold at the closing market price per share on the last day of the period. The computation does not reflect any sales commission
investors may incur in purchasing or selling shares of the Fund. The total investment return based on the net asset value is similarly
computed except that the Fund's net asset value is substituted for the closing market value.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">(e)</TD><TD STYLE="text-align: justify">Includes adjustments in accordance with accounting principles
generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns
based upon those net asset values may differ from the net asset value and returns based upon net asset value as reported.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">(f)</TD><TD STYLE="text-align: justify">Ratios include the effect of Chilean taxes.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">(g)</TD><TD STYLE="text-align: justify">Annualized.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">(h)</TD><TD STYLE="text-align: justify">Effective April 30, 2018, the Fund entered into an expense
limitation agreement to limit total ordinary operating expenses of the Fund (excluding any interest, taxes, brokerage fees, short
sale dividend and interest expenses and non-routine expenses) from exceeding 1.20% of the average daily Net Assets of the Fund
on an annualized basis. (See Note 3) Prior to this, there was no expense limitation agreement in place.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">(i)</TD><TD STYLE="text-align: justify">Effective June 26, 2018, the Fund began utilizing the
revolving credit facility.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">(j)</TD><TD STYLE="text-align: justify">Not annualized.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">(k)</TD><TD STYLE="text-align: justify">The variation in the Fund's turnover rate from 2017 to
2018 was primarily due to the reorganization of the Fund and change in investment strategy.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">(l)</TD><TD STYLE="text-align: justify">Asset coverage ratio is calculated by dividing net assets
plus the amount of any borrowings, for investment purposes by the amount of the Revolving Credit Facility.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 16pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Amounts listed as &quot;&ndash;&quot; are $0 or round to $0.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">See Notes to Financial Statements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 7pt"><B>18</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt">Aberdeen
                                         Emerging Markets Equity Income Fund, Inc.</FONT></TD>
</TR></TABLE>

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<div style="background-color: rgb(220,221,222)">
<p style="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231f20">&nbsp;</p>

<p style="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231f20"><FONT STYLE="font-size: 16.5pt"><B>Notes to
Financial Statements</B> </FONT><FONT STYLE="font-size: 11pt">(unaudited)</FONT></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><font style="font-size: 7pt">&nbsp;</font></p>

<p style="border-bottom: Black 1pt solid; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231f20">June 30, 2020</p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>
<div style="float: left; width: 48%">
<p style="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231f20"><b>1. Organization</b></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><font style="font-size: 2pt">&nbsp;</font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231f20">Aberdeen Emerging Markets
Equity Income Fund, Inc. (the &ldquo;Fund&rdquo;) was incorporated in Maryland on January 30, 1989 and commenced investment operations
on September 27, 1989. The Fund is registered under the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;),
as a non-diversified closed-end, management investment company. The Fund trades on the NYSE American under the ticker symbol &ldquo;AEF&rdquo;.</p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231f20"><b>2. Summary of Significant Accounting Policies</b></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><font style="font-size: 2pt">&nbsp;</font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231f20">The Fund is an investment
company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards
Board (&ldquo;FASB&rdquo;) Accounting Standard Codification Topic 946 Financial Services-Investment Companies. The following is
a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies
conform to generally accepted accounting principles (&ldquo;GAAP&rdquo;) in the United States of America. The preparation of financial
statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure
of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses for
the period. Actual results could differ from those estimates. The accounting records of the Fund are maintained in U.S. Dollars.</p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231f20"><b>a. Security Valuation:</b></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><font style="font-size: 2pt">&nbsp;</font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231f20">The Fund values its securities
at current market value or fair value, consistent with regulatory requirements. &ldquo;Fair value&rdquo; is defined in the Fund&rsquo;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.</p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231f20">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
&ldquo;Valuation Time&rdquo; subject to application. The Valuation Time is as of the close of regular trading on the New York Stock
Exchange (&ldquo;NYSE&rdquo;) (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.</p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231f20">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</p>
</DIV>
<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>
<div style="float: right; width: 48%">
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231f20">the Board. These valuation
factors are used when pricing the Fund&rsquo;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.</p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231f20">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 &ldquo;government
money market fund&rdquo; pursuant to Rule 2a-7 under the Investment Company Act as of 1940, as amended, and has an objective, which
is not guaranteed, to maintain a $1.00 per share NAV. Generally, these investment types are categorized as Level 1 investments.</p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231f20">In the event that a security&rsquo;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&rsquo;s Pricing Committee,
taking into account the relevant factors and surrounding circumstances using valuation policies and procedures approved by the
Board. A security that has been fair valued by the Fund&rsquo;s Pricing Committee may be classified as Level 2 or Level 3 depending
on the nature of the inputs.</p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231f20">In accordance with the authoritative
guidance on fair value measurements and disclosures under generally accepted accounting principles in the United States of America,
the Fund discloses the fair value of its investments using a three-level hierarchy that classifies the inputs to valuation techniques
used to measure the fair value. The hierarchy assigns Level 1, the highest level, measurements to valuations based upon unadjusted
quoted prices in active markets for identical assets, Level 2 measurements to valuations based upon other significant observable
inputs, including adjusted quoted prices in active markets for similar assets, and Level 3, the lowest level, measurements to valuations
based upon unobservable inputs that are significant to the valuation. Observable inputs are inputs that reflect the assumptions
market participants would use in pricing the asset or liability, which</p>
</DIV>
<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>
<div style="clear: both; width: 100%">
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>
</DIV>
<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="font: 7pt Arial, Helvetica, Sans-Serif; color: #231f20; text-align: right">Aberdeen Emerging Markets Equity Income Fund, Inc.</td>
    <td style="width: 0.25in; font: bold 7pt Arial, Helvetica, Sans-Serif; color: #231f20; text-align: right">19</td></tr>
</table>


<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231f20">&nbsp;</p>
</DIV>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231f20">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231f20"></p>

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<div style="background-color: rgb(220,221,222)">
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231f20">&nbsp;</p>

<p style="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231f20"><FONT STYLE="font-size: 17pt"><B>Notes to Financial
Statements</B> </FONT><FONT STYLE="font-size: 11pt">(unaudited) (continued)</FONT></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><font style="font-size: 7pt">&nbsp;</font></p>

<p style="border-bottom: Black 1pt solid; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231f20">June 30, 2020</p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>
<div style="float: left; width: 48%">
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231f20">are based on market data
obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity&rsquo;s
own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best
information available in the circumstances. A financial instrument&rsquo;s level within the fair value hierarchy is based upon
the lowest level of any input that is significant to the fair value measurement.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231f20">Level 1 &ndash; quoted prices in active markets
for identical investments;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0; color: #231f20">Level 2 &ndash; other significant observable inputs (including quoted prices for similar securities,
interest rates, prepayment speeds, and credit risk); or</p>

<p style="text-align: justify; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><font style="font-size: 1pt">&nbsp;</font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231f20">Level 3 &ndash; significant
unobservable inputs (including the Fund&rsquo;s own assumptions in determining the fair value of investments).</p>

<p style="text-align: justify; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><font style="font-size: 1pt">&nbsp;</font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231f20">The Fund may also invest
in private equity private placement securities, which represented x.x% of the net assets of the Fund as of June 30, 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</p>
</DIV>
<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>
<div style="float: right; width: 48%">
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231f20">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&rsquo;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&rsquo;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. No such adjustments
were made to the NAVs provided by the underlying funds.</p>
</DIV>
<div style="width: 100%; clear: both">
<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>
</DIV>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt; text-align: justify; color: #231f20">The following is a summary
of the inputs used as of June 30, 2020 in valuing the Fund&rsquo;s investments and other financial instruments at fair value. The
inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those
securities. Please refer to the Portfolio of Investments for a detailed breakout of the security types:</p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 6pt; padding-top: 1pt; width: 22%; padding-bottom: 1pt"><b>&nbsp;</b></td>
    <TD STYLE="padding-top: 1pt; width: 17%; padding-right: 10.25pt; text-align: right; padding-bottom: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231f20"><b>Level
    1 &ndash; Quoted</b></font></td>
    <TD STYLE="padding-top: 1pt; width: 26%; padding-right: 12.25pt; text-align: right; padding-bottom: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231f20"><b>Level
    2 &ndash; Other Significant</b></font></td>
    <TD STYLE="padding-top: 1pt; width: 21%; padding-right: 8.25pt; text-align: right; padding-bottom: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231f20"><b>Level
    3 &ndash; Significant</b></font></td>
    <TD STYLE="padding-right: 6pt; padding-top: 1pt; width: 14%; padding-bottom: 1pt"><b>&nbsp;</b></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-left: 6pt; padding-bottom: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231f20"><b>Investments,
    at Value</b></font></td>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1.5pt solid; padding-right: 10.25pt; text-align: right; padding-bottom: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231f20"><b>Prices
    ($)</b></font></td>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1.5pt solid; padding-right: 12.25pt; text-align: right; padding-bottom: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231f20"><b>Observable
    Inputs ($)</b></font></td>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1.5pt solid; padding-right: 8.25pt; text-align: right; padding-bottom: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231f20"><b>Unobservable
    Inputs ($)</b></font></td>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 6pt; text-align: right; padding-bottom: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231f20"><b>Total
    ($)</b></font></td></tr>
<tr style="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-left: 6pt; padding-bottom: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231f20"><b>Investments
    in Securities</b></font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><b>&nbsp;</b></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><b>&nbsp;</b></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><b>&nbsp;</b></td>
    <TD STYLE="padding-right: 6pt; padding-top: 1pt; padding-bottom: 1pt"><b>&nbsp;</b></td></tr>
<tr style="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-left: 6pt; padding-bottom: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231f20">Common
    Stocks</font></td>
    <TD STYLE="padding-top: 1pt; padding-right: 10.25pt; text-align: right; padding-bottom: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231f20">$67,380,362</font></td>
    <TD STYLE="padding-top: 1pt; padding-right: 13.25pt; text-align: right; padding-bottom: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231f20">$284,100,798</font></td>
    <TD STYLE="padding-top: 1pt; padding-right: 8.25pt; text-align: right; padding-bottom: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231f20">$&ndash;</font></td>
    <TD STYLE="padding-top: 1pt; padding-right: 6pt; text-align: right; padding-bottom: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231f20">$351,481,160</font></td></tr>
<tr style="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-left: 6pt; padding-bottom: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231f20">Preferred
    Stocks</font></td>
    <TD STYLE="padding-top: 1pt; padding-right: 10.25pt; text-align: right; padding-bottom: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231f20">8,446,173</font></td>
    <TD STYLE="padding-top: 1pt; padding-right: 13.25pt; text-align: right; padding-bottom: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231f20">36,857,446</font></td>
    <TD STYLE="padding-top: 1pt; padding-right: 8.25pt; text-align: right; padding-bottom: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231f20">&ndash;</font></td>
    <TD STYLE="padding-top: 1pt; padding-right: 6pt; text-align: right; padding-bottom: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231f20">45,303,619</font></td></tr>
<tr style="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-left: 6pt; padding-bottom: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231f20">Short-Term
    Investment</font></td>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 10.25pt; text-align: right; padding-bottom: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231f20">2,822,711</font></td>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 12.25pt; text-align: right; padding-bottom: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231f20">&ndash;</font></td>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 8.25pt; text-align: right; padding-bottom: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231f20">&ndash;</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 6pt; text-align: right; padding-bottom: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231f20">2,822,711</font></td></tr>
<tr style="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: #231F20 1pt solid; padding-top: 1pt; padding-left: 6pt; padding-bottom: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231f20">Total</font></td>
    <TD STYLE="padding-top: 1pt; border-bottom: #231F20 1pt solid; padding-right: 10.25pt; text-align: right; padding-bottom: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231f20">$78,649,246</font></td>
    <TD STYLE="padding-top: 1pt; border-bottom: #231F20 1pt solid; padding-right: 13.25pt; text-align: right; padding-bottom: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231f20">$320,958,244</font></td>
    <TD STYLE="padding-top: 1pt; border-bottom: #231F20 1pt solid; padding-right: 8.25pt; text-align: right; padding-bottom: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231f20">$&ndash;</font></td>
    <TD STYLE="border-bottom: #231F20 1pt solid; padding-top: 1pt; padding-right: 6pt; text-align: right; padding-bottom: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231f20">$399,607,490</font></td></tr>
<tr style="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-left: 6pt; padding-bottom: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231f20">Private
    Equity<sup>(a)</sup></font></td>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 6pt; text-align: right; padding-bottom: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231f20">1,324,940</font></td></tr>
<tr style="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-left: 6pt; padding-bottom: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231f20"><b>Total
    Investments</b></font></td>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1.5pt solid; padding-bottom: 1pt"><b>&nbsp;</b></td>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1.5pt solid; padding-bottom: 1pt"><b>&nbsp;</b></td>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1.5pt solid; padding-bottom: 1pt"><b>&nbsp;</b></td>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 6pt; text-align: right; padding-bottom: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231f20"><b>$400,932,430</b></font></td></tr>
</table>
<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; color: #231f20">Amounts listed as &ldquo;&ndash;&rdquo;
are $0 or round to $0.</p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><tr style="vertical-align: top">
<td style="width: 1pt"></td><td style="width: 15pt"><font style="font-size: 10pt">(a)</font></td><td style="text-align: left"><font style="font-size: 10pt">Private
                                         Equity investments are measured at the net asset valuations provided by the underlying
                                         funds as a practical expedient and have not been classified in the fair value levels.
                                         The fair value amounts presented are intended to permit reconciliation to the total investment
                                         amount presented in the Portfolio of Investments. </font></td></tr></table>
<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>
<div style="float: left; width: 48%">
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231f20"><b>b. Restricted Securities:</b></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><font style="font-size: 2pt">&nbsp;</font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231f20">Restricted securities are
privately-placed securities whose resale is restricted under U.S. securities laws. The Fund may invest in restricted securities,
including unregistered securities eligible for resale without registration pursuant to Rule 144A and privately-placed securities
of U.S. and non-U.S. issuers offered outside the U.S. without registration pursuant to Regulation S under the Securities Act of
1933, as amended.</p>
</DIV>
<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>
<div style="float: right; width: 48%">
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231f20">Rule 144A securities may
be freely traded among certain qualified institutional investors, such as the Fund, but resale of such securities in the U.S. is
permitted only in limited circumstances.</p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231f20"><b>c. Foreign Currency Translation:</b></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><font style="font-size: 2pt">&nbsp;</font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231f20">Foreign securities, currencies,
and other assets and liabilities denominated in foreign currencies are translated into U.S. Dollars at</p>
</DIV>
<div style="clear: both; width: 100%">
<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>
</DIV>
<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="font: 7pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><font style="font-size: 7pt; color: #231f20"><b>20</b></font></td><td style="text-align: justify"><font style="font-size: 7pt; color: #231f20">Aberdeen
                                         Emerging Markets Equity Income Fund, Inc.</font></td>
</tr></table>
<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>
</DIV>


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<p style="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231f20"></p>

<!-- Field: Split-Segment; Name: 7 -->
<DIV STYLE="background-color: rgb(220,221,222)">
<P STYLE="margin: 0">&nbsp;</P>

<p style="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231f20"><FONT STYLE="font-size: 17pt"><B>Notes to Financial
Statements</B></FONT> <FONT STYLE="font-size: 11pt">(unaudited) (continued)</FONT></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></p>

<P STYLE="border-bottom: Black 1pt solid; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231f20">June 30, 2020</p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>
<DIV STYLE="float: left; width: 48%">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231f20">the exchange rate of said
currencies against the U.S. Dollar, as of the Valuation Time, as provided by an independent pricing service approved by the Board.</p>

<P STYLE="text-align: justify; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231f20">Foreign currency amounts
are translated into U.S. Dollars on the following basis:</p>

<P STYLE="text-align: justify; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; color: #231f20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0in"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">market value of investment
securities, other assets and liabilities &ndash; at the current daily rates of exchange; and</FONT></TD>
</TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231f20">&nbsp;</p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; color: #231f20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0in"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">purchases and sales of
investment securities, income and expenses &ndash; at the rate of exchange prevailing on the respective dates of such transactions.</FONT></TD>
</TR></TABLE>

<P STYLE="text-align: justify; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231f20">The Fund does not isolate
that portion of gains and losses on investments in equity securities due to changes in the foreign exchange rates from the portion
due to changes in market prices of equity securities. Accordingly, realized and unrealized foreign currency gains and losses with
respect to such securities are included in the reported net realized and unrealized gains and losses on investment transactions
balances.</p>

<P STYLE="text-align: justify; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231f20">The Fund reports certain
foreign currency related transactions and foreign taxes withheld on security transactions as components of realized gains for financial
reporting purposes, whereas such foreign currency related transactions are treated as ordinary income for U.S. federal income tax
purposes.</p>

<P STYLE="text-align: justify; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231f20">Net unrealized currency
gains or losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as
a component of net unrealized appreciation/depreciation in value of investments, and translation of other assets and liabilities
denominated in foreign currencies.</p>

<P STYLE="text-align: justify; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231f20">Net realized foreign exchange
gains or losses represent foreign exchange gains and losses from transactions in foreign currencies and forward foreign currency
contracts, exchange gains or losses realized between the trade date and settlement date on security transactions, and the difference
between the amounts of interest and dividends recorded on the Fund&rsquo;s books and the U.S. Dollar equivalent of the amounts
actually received.</p>

<P STYLE="text-align: justify; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231f20">Foreign security and currency
transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated
movements in the value of the foreign currency relative to the U.S. Dollar. Generally, when the U.S. Dollar rises in value against
foreign currency, the Fund&rsquo;s investments denominated in that foreign currency will lose value because the foreign currency
is worth fewer U.S. Dollars; the opposite effect occurs if the U.S. Dollar falls in relative value.</p>
</DIV>

<DIV STYLE="float: right; width: 48%">
<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231f20"><b>d. Rights Issues and Warrants:</b></p>

<P STYLE="text-align: justify; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231f20">Rights issues give the right,
normally to existing shareholders, to buy a proportional number of additional securities at a given price (generally at a discount)
within a fixed period (generally a short-term period) and are offered at the company&rsquo;s discretion. Warrants are securities
that give the holder the right to buy common stock at a specified price for a specified period of time. Rights issues and warrants
are speculative and have no value if they are not exercised before the expiration date. Rights issues and warrants are valued at
the last sale price on the exchange on which they are traded.</p>

<P STYLE="text-align: justify; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>

<P STYLE="text-align: justify; color: #231f20; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> <B>e.</B> <B>Security Transactions, Investment Income and Expenses: </B></P>



<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231f20"><FONT STYLE="font-size: 2pt"><B>&nbsp;</B></FONT></p>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231f20">Security transactions are
recorded on the trade date. Realized and unrealized gains/(losses) from security and currency transactions are calculated on the
identified cost basis. Dividend income is recorded on the ex-dividend date except for certain dividends on foreign securities,
which are recorded as soon as the Fund is informed after the ex-dividend date. Interest income and expenses are recorded on an
accrual basis.</p>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231f20"><b>&nbsp;</b></p>

<P STYLE="text-align: justify; color: #231f20; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> <B>f.</B> <B>Distributions: </B></P>



<P STYLE="text-align: justify; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231f20">The Fund records dividends
and distributions payable to its shareholders on the ex-dividend date. The amount of dividends and distributions from net investment
income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP.
These book basis/tax basis differences are either considered temporary or permanent in nature. To the extent these differences
are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax basis treatment;
temporary differences do not require reclassification. Dividends and distributions which exceed net investment income and net realized
capital gains for tax purposes are reported as return of capital.</p>

<P STYLE="text-align: justify; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231f20"><b>g. Federal Income Taxes:</b></p>

<P STYLE="text-align: justify; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231f20">The Fund intends to continue
to qualify as a &ldquo;regulated investment company&rdquo; (RIC) by complying with the provisions available to certain investment
companies, as defined in Subchapter M of the Internal Revenue Code of 1986, as amended, and to make distributions of net investment
income and net realized capital gains sufficient to relieve the Fund from all federal income taxes. Therefore, no federal income
tax provision is required.</p>

<P STYLE="text-align: justify; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231f20">The Fund recognizes the
tax benefits of uncertain tax positions only where the position is &ldquo;more likely than not&rdquo; to be sustained assuming
examination by tax authorities. Management of the Fund has concluded that there are no significant uncertain tax positions that</p>
</DIV>
<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>
<DIV STYLE="clear: both; width: 100%">
<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>
</DIV>
<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; color: rgb(35,31,32); text-align: right">Aberdeen Emerging Markets Equity
    Income Fund, Inc.</TD>
    <TD STYLE="width: 0.25in; font: bold 7pt Arial, Helvetica, Sans-Serif; color: #231f20; text-align: right">21</TD></TR>
</TABLE>


<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
</DIV>
<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></p>


<!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<DIV STYLE="background-color: rgb(220,221,222)">
<p style="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231f20">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231f20"><FONT STYLE="font-size: 17pt"><B>Notes to Financial
Statements</B> </FONT><FONT STYLE="font-size: 11pt">(unaudited) (continued)</FONT></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></p>

<P STYLE="border-bottom: Black 1pt solid; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231f20">June 30, 2020</p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>
<DIV STYLE="float: left; width: 48%">
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231f20">would require recognition
in the financial statements. Since tax authorities can examine previously filed tax returns, the Fund&rsquo;s U.S. federal and
state tax returns for each of the four fiscal years up to the most recent fiscal year ended December 31, 2019 are subject to such
review.</p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231f20"><B>h. Foreign Withholding Tax:</B></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231f20">Dividend and interest income
from non-U.S. sources received by the Fund are generally subject to non-U.S. withholding taxes. In addition, the Fund may be subject
to capital gains tax in certain countries in which it invests. The above taxes may be reduced or eliminated under the terms of
applicable U.S. income tax treaties with some of these countries. The Fund accrues such taxes when the related income is earned.</p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231f20">In addition, when the Fund
sells securities within certain countries in which it invests, the capital gains realized may be subject to tax. Based on these
market requirements and as required under GAAP, the Fund accrues deferred capital gains tax on securities currently held that
have unrealized appreciation within these countries. The amount of deferred capital gains tax accrued is reported on the Statement
of Operations as part of the Net Change in Unrealized Appreciation/Depreciation on investments.</p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231f20"><B>i. Partnership Accounting Policy:</B></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231f20">The Fund records its pro-rata
share of the income/(loss) and capital gains/(losses) allocated from the private equity investments, which are classified as partnerships,
and adjusts the cost of the underlying partnerships accordingly. These amounts are included in the Fund&rsquo;s Statement of Operations.</p>
</DIV>

<DIV STYLE="float: right; width: 48%">
<p style="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231f20"><B>3. Agreements and Transactions with Affiliates</B></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231f20"><b>a. Investment Adviser:</b></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231f20">Aberdeen Asset Managers
Limited (&ldquo;AAML&rdquo; or the &ldquo;Adviser&rdquo;) serves as the Fund&rsquo;s investment adviser with respect to all investments.
AAML is an indirect wholly-owned subsidiary of Standard Life Aberdeen plc. AAML receives an annual fee, calculated weekly and paid
quarterly, equal to 0.90% of the first $250 million, 0.80% of amounts $250-$500 million and 0.75% of amounts over $500 million.
For the six-month period ended June 30, 2020, AAML earned $1,598,705 for advisory services.</p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231f20">AAML entered into a written
contract (the &ldquo;Expense Limitation Agreement&rdquo;) with the Fund that is effective through June 30, 2021. The Expense Limitation
Agreement limits the total ordinary operating expenses of the Fund (excluding any interest, taxes, brokerage fees, short sale dividend
and interest expenses and non-routine expenses) from exceeding 1.20% of the average daily Net Assets of the Fund on an annualized
basis. Through June 30, 2020, AAML waived a total of $165,486 pursuant to the Expense Limitation Agreement. AAML may request and
receive reimbursement of the advisory fees waived and other expenses reimbursed pursuant to the Expense Limitation Agreement as
of a date not more than three years after the date when AAML limited the fees or reimbursed the expenses; provided that the following
requirements are met: the reimbursements do not cause the Fund to exceed the lesser of the applicable expense limitation in the
contract at the time the fees were limited or expenses are paid or the applicable expense limitation in effect at the time the
expenses are being recouped by AAML (the &ldquo;Reimbursement Requirements&rdquo;).</p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231f20">As of June 30, 2020, to
the extent the Reimbursement Requirements are met, the cumulative potential reimbursements to AAML for them Fund, based on expenses
reimbursed by AAML, including adjustments described above, would be:</p>
</DIV>
<DIV STYLE="clear: both; width: 100%"></DIV>
<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD STYLE="width: 24%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231f20"><B>Amount</B></FONT></td>
    <TD STYLE="width: 24%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231f20"><B>Amount</B></FONT></td>
    <TD STYLE="width: 26%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231f20"><B>Amount</B></FONT></td>
    <TD STYLE="padding-right: 6pt; width: 26%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231f20"><B>Fiscal
    Year 2018</B></FONT></td>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231f20"><B>Fiscal
    Year 2019</B></FONT></td>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231f20"><B>Period
    End 2020</B></FONT></td>
    <TD STYLE="padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="border-bottom: #231F20 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231f20"><B>(Expires
    12/31/21)</B></FONT></td>
    <TD STYLE="border-bottom: #231F20 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231f20"><B>(Expires
    12/31/22)</B></FONT></td>
    <TD STYLE="border-bottom: #231F20 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231f20"><B>(Expires
    6/30/23)</B></FONT></td>
    <TD STYLE="padding-right: 6pt; border-bottom: #231F20 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231f20"><B>Total*</B></FONT></td></tr>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; border-bottom: #231F20 1pt solid; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231f20">$70,875</FONT></td>
    <TD STYLE="padding-top: 1pt; border-bottom: #231F20 1pt solid; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231f20">$151,341</FONT></td>
    <TD STYLE="padding-top: 1pt; border-bottom: #231F20 1pt solid; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231f20">$165,486</FONT></td>
    <TD STYLE="padding-top: 1pt; padding-right: 6pt; border-bottom: #231F20 1pt solid; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231f20">$387,702</FONT></td></tr>
</table>
<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt; color: #231f20">*</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: #231f20">Amounts
reported are due to expire throughout the respective 3-year expiration period presented above.</FONT></TD>
</TR></TABLE>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>
<DIV STYLE="float: left; width: 48%">
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231f20"><b>b. Fund Administration:</b></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231f20">Aberdeen Standard Investments
Inc. (formerly, Aberdeen Asset Management Inc.) (&ldquo;ASII&rdquo;), an affiliate of the Adviser, is the Fund&rsquo;s Administrator,
pursuant to an agreement under which ASII receives a fee paid by the Fund, at an annual fee rate of 0.08% of the Fund&rsquo;s average
monthly net assets. For the six-month period ended June 30, 2020, ASII earned $147,439 from the Fund for administration services.</p>
</DIV>
<DIV STYLE="float: right; width: 48%">
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231f20"><b>c. Investor Relations:</b></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231f20">Under the terms of the Investor
Relations Services Agreement, ASII provides and/or engages third parties to provide investor relations services to the Fund and
certain other funds advised by AAML or its affiliates as part of an Investor Relations Program. Under the Investor Relations Services
Agreement, the Fund owes a portion of the fees related to the Investor Relations Program (the &ldquo;Fund&rsquo;s Portion&rdquo;).</p>
</DIV>
<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>
<DIV STYLE="clear: both; width: 100%">
<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>
</DIV>
<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 7pt; color: #231f20"><B>22</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt; color: #231f20">Aberdeen
                                         Emerging Markets Equity Income Fund, Inc.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>
</DIV>

<!-- Field: Page; Sequence: 25 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<DIV STYLE="background-color: rgb(220,221,222)">
<p style="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231f20">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231f20"><FONT STYLE="font-size: 17pt"><B>Notes to Financial
Statements</B> </FONT><FONT STYLE="font-size: 11pt">(unaudited) (continued)</FONT></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></p>

<P STYLE="border-bottom: Black 1pt solid; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231f20">June 30, 2020</p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>
<DIV STYLE="float: left; width: 48%">
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231f20">However, investor relations
services fees are limited by ASII so that the Fund will only pay up to an annual rate of 0.05% of the Fund&rsquo;s average weekly
net assets. Any difference between the capped rate of 0.05% of the Fund&rsquo;s average weekly net assets and the Fund&rsquo;s
Portion is paid for by ASII.</p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231f20">Pursuant to the terms of
the Investor Relations Services Agreement, ASII (or third parties hired by ASII), among other things, provides objective and timely
information to shareholders based on publicly-available information; provides information efficiently through the use of technology
while offering shareholders immediate access to knowledgeable investor relations representatives; develops and maintains effective
communications with investment professionals from a wide variety of firms; creates and maintains investor relations communication
materials such as fund manager interviews, films and webcasts, published white papers, magazine articles and other relevant materials
discussing the Fund&rsquo;s investment results, portfolio positioning and outlook; develops and maintains effective communications
with large institutional shareholders; responds to specific shareholder questions; and reports activities and results to the Board
and management detailing insight into general shareholder sentiment.</p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231f20">During the six-month period
ended June 30, 2020, the Fund incurred investor relations fees of approximately $58,529. For the year ended June 30, 2020, ASII
did not contribute to the investor relations fees for the Fund because the Fund&rsquo;s contribution was below 0.05% of the Fund&rsquo;s
average weekly net assets on an annual basis.</p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231f20"><B>4. Investment Transactions</B></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231f20">Purchases and sales of
investment securities (excluding short-term securities) for the six-month period ended June 30, 2020, were $49,355,637 and $54,401,095,
respectively.</p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231f20"><FONT STYLE="font-size: 11pt"><B>5. Capital</B></FONT></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231f20">The authorized capital of
the Fund is 100 million shares of $0.001 par value per share common stock. As of June 30, 2020, there were 50,751,778 shares of
common stock issued and outstanding.</p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231f20"><b>a. Tender Offer and Distribution</b></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231f20">On May 8, 2019, the Fund&rsquo;s
Board approved a tender offer for shares of the Fund&rsquo;s common stock. The tender offer authorized the Fund to purchase up
to 15% of its issued and outstanding shares at a price</p>
</DIV>

<DIV STYLE="float: right; width: 48%">
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231f20">equal to 98% of the Fund&rsquo;s
NAV per share at the close of business on the NYSE American on June 18, 2019, the first business day following the expiration of
the offer. The tender offer commenced on May 17, 2019 and expired on June 17, 2019. In connection with the tender offer, the Fund
purchased 8,956,196.00 shares of capital stock at a price equal to $7.86. The tender offer was oversubscribed and all tenders of
shares were subject to pro ration (at a ratio of approximately 0.2306) in accordance with the terms of the tender offer.</p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231f20"><B>6. Open Market Repurchase Program</B></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231f20">The Board has authorized,
but does not require, Fund management to make open market purchases from time to time in an amount up to 10% of the Fund&rsquo;s
outstanding shares, in accordance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;),
and other applicable federal securities laws. Such purchases may be made when, in the reasonable judgment of Fund management, such
repurchases may enhance shareholder value. The Fund reports repurchase activity on the Fund&rsquo;s website on a monthly basis.
For the six-month period ended June 30, 2020, the Fund repurchased 0 shares pursuant to its repurchase agreement.</p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231f20"><B>7. Credit Facility</B></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231f20">The Fund&rsquo;s $55,000,000
senior secured revolving credit facility with The Bank of Nova Scotia was renewed on June 23, 2020 for a 1-year term. The outstanding
balance on the loan as of June 30, 2020 was $40,900,000 and the average interest rate on the loan facility was 1.83%. The interest
expense is accrued on a daily basis and is payable to The Bank of Nova Scotia on a monthly basis. The amounts borrowed from the
loan facility may be invested to return higher rates than the rates in the Fund&rsquo;s portfolio. However, the cost of leverage
could exceed the income earned by the Fund on the proceeds of such leverage. To the extent that the Fund is unable to invest the
proceeds from the use of leverage in assets which pay interest at a rate which exceeds the rate paid on the leverage, the yield
on the Fund&rsquo;s common stock will decrease. In addition, in the event of a general market decline in the value of assets in
which the Fund invests, the effect of that decline will be magnified in the Fund because of the additional assets purchased with
the proceeds of the leverage. Non-recurring expenses in connection with the implementation of the loan facility will reduce the
Fund&rsquo;s performance.</p>
</DIV>
<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
<DIV STYLE="clear: both; width: 100%">
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
</DIV>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; color: rgb(35,31,32); text-align: right">Aberdeen Emerging Markets Equity
    Income Fund, Inc.</TD>
    <TD STYLE="width: 0.25in; font: bold 7pt Arial, Helvetica, Sans-Serif; color: #231f20; text-align: right">23</TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>
</DIV>
<p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231f20">&nbsp;</P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231f20"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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    <!-- Field: /Page -->

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231f20"></p>

<!-- Field: Split-Segment; Name: 8 -->

<DIV STYLE="background-color: rgb(220,221,222)">
<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt"><B>Notes to Financial Statements
</B></FONT>(unaudited) (continued)</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">June 30, 2020</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>8. Private Equity Investments</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0pt; text-align: justify">Certain of the Fund's investments, listed in the chart below,
are restricted as to resale and are valued at fair value as determined in good faith by, or under the direction of, the Board under
procedures established by the Board in the absence of readily ascertainable market values.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 6pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Security
    <SUP>(1)</SUP></B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Acquisition
    <BR> Date(s)</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Total<BR>
    Commitments</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Cost</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Fair
    <BR> Value at <BR> 6/30/20</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Percent
    <BR> of Net <BR> Assets</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 6pt; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cumulative<BR>
    Distributions<BR> Received <SUP>(2)</SUP></FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-left: 6pt; width: 38%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">ABS
    GE Capital Giza Fund, L.P.</FONT></TD><TD STYLE="padding-top: 1pt; width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; width: 15%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">02/03/98
    &ndash; 02/13/02</FONT></TD><TD STYLE="padding-top: 1pt; width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; width: 8%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">$1,250,000</FONT></TD><TD STYLE="padding-top: 1pt; width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; width: 8%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">$985,303</FONT></TD><TD STYLE="padding-top: 1pt; width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; width: 8%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">$21,988</FONT></TD><TD STYLE="padding-top: 1pt; width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; width: 7%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">0.01</FONT></TD><TD STYLE="padding-top: 1pt; width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 6pt; width: 10%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">$1,660,765</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-left: 6pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BPA
    Israel Ventures, LLC <SUP>(3)</SUP></FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">10/05/00
    &ndash; 12/09/05</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">4,600,000</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">1,809,951</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">137,651</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">0.04</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 6pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">705,645</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-left: 6pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Delta
    Fund I, L.P.</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">11/15/00
    &ndash; 03/28/07</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">250,000</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">89,240</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">726</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 6pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">339,118</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-left: 6pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Emerging
    Markets Ventures I, L.P. <SUP>(3)</SUP></FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">01/22/98
    &ndash; 01/10/06</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">13,100,000</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">3,999,829</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">72,333</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">0.02</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 6pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">12,723,311</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-left: 6pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Exent
    Technologies Ltd. Preferred A1 Shares <SUP>(4)</SUP></FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">11/29/15</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">178,199</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 6pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&ndash;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-left: 6pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Exent
    Technologies Ltd. Preferred C Shares <SUP>(4)</SUP></FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">11/29/15</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 6pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&ndash;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-left: 6pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Exent
    Technologies Ltd. Warrants A1 <SUP>(4)</SUP></FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">11/29/15</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 6pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&ndash;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-left: 6pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Flash
    Networks Ltd. Ordinary Shares <SUP>(4)</SUP></FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">11/29/15</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">163,839</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 6pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&ndash;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-left: 6pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Flash
    Networks Ltd. Series C Preferred <SUP>(4)</SUP></FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">11/29/15</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 6pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&ndash;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-left: 6pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Flash
    Networks Ltd. Series C-1 Preferred <SUP>(4)</SUP></FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">11/29/15</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 6pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&ndash;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-left: 6pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Flash
    Networks Ltd. Series D Preferred <SUP>(4)</SUP></FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">11/29/15</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 6pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&ndash;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-left: 6pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Flash
    Networks Ltd. Series E Preferred <SUP>(4)</SUP></FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">11/29/15</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 6pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&ndash;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-left: 6pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Flash
    Networks Ltd. Warrants C <SUP>(4)</SUP></FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">11/29/15</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 6pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&ndash;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-left: 6pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Flash
    Networks Ltd. Warrants Ordinary <SUP>(4)</SUP></FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">11/29/15</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&ndash;</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 6pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&ndash;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-left: 6pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Giza
    GE Venture Fund III, L.P.</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">01/31/00
    &ndash; 11/23/06</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">4,000,000</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">2,429,172</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">20,720</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">0.01</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 6pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">1,323,321</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-left: 6pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Neurone
    Ventures II, L.P.</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">11/24/00
    &ndash; 12/21/10</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">1,500,000</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">130,639</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">480,018</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">0.13</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 6pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">1,145,050</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-left: 6pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Telesoft
    Partners II QP, L.P.</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">07/14/00
    &ndash; 03/01/10</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">2,400,000</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">1,066,370</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">591,504</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">0.16</FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 6pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">1,282,411</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-left: 6pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Total</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font-size: 11pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; padding-top: 1pt; font-size: 11pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">$27,100,000</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">$10,852,542</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">$1,324,940</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">0.37</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 6pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">$19,101,699</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">Amounts listed as &quot;&ndash;&quot;
are $0 or round to $0.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 9pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">Telesoft
                                         Partners II QP, L.P. is still considered an active investment by the Fund's Adviser.
                                         Exent Technologies Ltd., Flash Networks Ltd., Neurone Ventures II, L.P., ABS GE Capital
                                         Giza Fund, L.P., BPA Israel Ventures, LLC, Delta Fund I, L.P., Giza GE Venture Fund III,
                                         L.P. and Emerging Markets Ventures I, L.P. are in liquidation.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 9pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">Cumulative
                                         Distributions include distributions received from Income, realized gains or return of
                                         capital. Distributions from return of capital will reduce the cost basis of the security.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 9pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">BPA
                                         Israel Ventures LLC has open commitments of $1,250,825. Emerging Markets Ventures I,
                                         L.P. has open commitments of $1,376,587.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 9pt">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">Exent
                                         Technologies Ltd. and Flash Networks Ltd. were securities received from the dissolution
                                         of Concord Fund I Liquidating Main Trust.</FONT></TD>
</TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Fund may incur certain costs in connection with the disposition
of the above securities.</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
<DIV STYLE="float: left; width: 48%">
<P STYLE="text-align: justify; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>9. Portfolio Investment Risks</B></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><B>a. Risks Associated with Foreign Securities
and Currencies</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 2pt 0 0pt">Investments in securities of foreign issuers carry certain risks
not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments,
and the possible imposition of exchange controls or other foreign governmental</P>
</DIV>
<DIV STYLE="float: right; width: 48%">
<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">laws and restrictions. In addition, with respect to certain countries,
there is the possibility of expropriation of assets, confiscatory taxation, and political or social instability or diplomatic developments,
which could adversely affect investments in those countries.</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Certain countries also may impose substantial restrictions on
investments in their capital markets by foreign entities, including</P>
</DIV>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
<DIV STYLE="width: 100%; clear: both">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
</DIV>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 7pt"><B>24</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt">Aberdeen
                                         Emerging Markets Equity Income Fund, Inc.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
</DIV>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>




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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt"><B>Notes to Financial Statements
</B></FONT>(unaudited) (continued)</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">June 30, 2020</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
<DIV STYLE="float: left; width: 48%">
<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">restrictions on investments in issuers of industries deemed sensitive
to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity
and high price volatility with respect to securities of issuers from developing countries. Foreign securities may also be harder
to price than U.S. securities.</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The value of foreign currencies relative to the U.S. Dollar fluctuates
in response to market, economic, political, regulatory, geopolitical or other conditions. A decline in the value of a foreign currency
versus the U.S. Dollar reduces the value in U.S. Dollars of investments denominated in that foreign currency. This risk may impact
the Fund more greatly to the extent the Fund does not hedge its currency risk, or hedging techniques used by the Adviser are unsuccessful.</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>b. Risks Associated with Emerging Markets</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 2pt 0 0pt">The emerging countries' securities markets are substantially
smaller, less liquid and more volatile than the major securities markets in the United States. A high proportion of the securities
of many companies in emerging countries may be held by a limited number of persons, which may limit the number of securities available
for investment by the Fund. The limited liquidity of emerging country securities markets may also affect the Fund's ability to
acquire or dispose of securities at the price and time it wishes to do so.</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>c. Risks Associated with Restricted
Securities</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 2pt 0 0pt">The Fund, subject to local investment limitations, may invest
up to 30% of its assets (at the time of commitment) in illiquid equity securities, including securities of private equity funds
(whether in corporate or partnership form) that invest primarily in emerging markets. When investing through another investment
fund, the Fund will bear its proportionate share of the expenses incurred by that underlying fund, including management fees. Such
securities are expected to be illiquid and may involve a high degree of business and financial risk and may result in substantial
losses. Because of the current absence of any liquid trading market for these investments, the private equity funds may take longer
to liquidate than would be the case for publicly traded securities. Although these securities may be resold in privately negotiated
transactions, the prices realized on such sales could be substantially less than those originally paid by the Fund or the current
carrying values and these differences could be material. Further, companies whose securities are not publicly traded may not be
subject to the disclosures and other investor protection requirements applicable to companies whose securities are publicly traded.</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>d. China Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 2pt 0 0pt">The economy of China differs from the U.S. and other more established
economies in such respects as structure, general development,</P>
</DIV>
<DIV STYLE="float: right; width: 48%">
<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">government involvement, wealth distribution, rate of inflation,
growth rate, allocation of resources and capital reinvestment, and some of these differences are unfavorable to investors. Therefore,
investing in China involves a high degree of risk and special considerations not typically associated with investing in other more
established economies or securities markets. The Fund invests in China A shares. China A shares are shares in mainland China-based
companies that trade on Chinese stock exchanges and are usually only available to foreign investors through a quota license or
by purchasing Shanghai and Shenzhen Stock Exchange-listed securities via brokers in Hong Kong through the Shanghai-Hong Kong Stock
Connect and Shenzhen-Hong Kong Stock Connect programs (collectively, &quot;Stock Connect&quot;). Investing in China A shares may
involve special risk considerations such as volatility in the China A share market and uncertainty regarding taxation.</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Fund's ability to freely trade in China A shares as a foreign
investor through the quota license or Stock Connect may be limited by quota and repatriation restrictions, and utilizing Stock
Connect is subject to trading, clearance and settlement procedures in China that are relatively new and untested.</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>e. Illiquid Securities Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 2pt 0 0pt">Illiquid securities are assets which may not be sold or disposed
of in the ordinary course of business within seven days at approximately the price at which a Fund has valued the investment on
its books and may include such securities as those not registered under U.S. securities laws or securities that cannot be sold
in public transactions. An inability to sell a portfolio position can adversely affect a Fund's value or prevent the Fund from
being able to take advantage of other investment opportunities. Illiquid securities and relatively less liquid securities may also
be difficult to value.</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Adviser employs procedures and tests using third-party and
internal data inputs that seek to assess and manage the liquidity of its portfolio holdings. The Fund's procedures and tests take
into account relevant market, trading and other factors, and monitor whether liquidity assessments should be adjusted based on
changed market conditions. These procedures and tests are designed to assist the Fund in determining its ability to meet redemption
requests in various market conditions. In light of the dynamic nature of markets, there can be no assurance that these procedures
and tests will enable the Fund to ensure that it has sufficient liquidity to meet redemption requests.</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>f. Sector Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 2pt 0 0pt">To the extent that the Fund has a significant portion of its
assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector,
the Fund may</P>
</DIV>
<DIV STYLE="width: 100%; clear: both"></DIV>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 7pt">Aberdeen Emerging Markets
    Equity Income Fund, Inc.</FONT></TD>
    <TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>25</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
</DIV>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>




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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt"><B>Notes to Financial Statements
</B></FONT>(unaudited) (continued)</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">June 30, 2020</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
<DIV STYLE="float: left; width: 48%">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0">be more vulnerable to unfavorable developments in that economic
sector than funds that invest more broadly.</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>Financial Sector Risk.</I> To the extent that the financial
sector represents a significant portion of the Fund's investments, the Fund will be sensitive to changes in, and its performance
may depend to a greater extent on, factors impacting this sector. Performance of companies in the financials sector may be adversely
impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes
in interest rates, and decreased liquidity in credit markets. The impact of more stringent capital requirements, recent or future
regulation of any individual financial company, or recent or future regulation of the financials sector as a whole cannot be predicted.
In recent years, cyber attacks and technology malfunctions and failures have become increasingly frequent in this sector and have
caused significant losses.</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>g. Valuation Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 2pt 0 0pt">The price that the Fund could receive upon the sale of any particular
portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or
volatile markets or that are valued using a fair valuation methodology or a price provided by an independent pricing service. As
a result, the price received upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could
realize a greater than expected loss or lower than expected gain upon the sale of the investment. The Fund's ability to value its
investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>h. Market Events Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 2pt 0 0pt">Markets are affected by numerous factors, including interest
rates, the outlook for corporate profits, the health of the national and world economies, the fluctuation of other stock markets
around the world, and financial, economic and other global market developments and disruptions, such as those arising from war,
terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments,
public health emergencies and natural/environmental disasters. Such events can negatively impact the securities markets and cause
the Fund to lose value.</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">One such event is the COVID-19 pandemic, which has caused major
disruptions to economies and markets around the world, including the markets in which the Fund invests, and which has and may continue
to negatively impact the value of the Fund's investments as described in the Letter Shareholders and Report of the Investment Manager.
The COVID-19 pandemic and impacts thereof may continue for an extended period of time. To the extent the impacts of COVID-19</P>

</DIV>
<DIV STYLE="float: right; width: 48%">

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">continue, the Fund may experience negative impacts to its business
that could exacerbate other risks to which the Fund is subject.</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Policy and legislative changes in countries around the world
are affecting many aspects of financial regulation, and governmental and quasi-governmental authorities and regulators throughout
the world have previously responded to serious economic disruptions with a variety of significant fiscal and monetary policy changes.</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The impact of these changes on the markets, and the practical
implications for market participants, may not be fully known for some time. In addition, economies and financial markets throughout
the world are becoming increasingly interconnected. As a result, whether or not a Fund invests in securities of issuers located
in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the Fund's
investments may be negatively affected by such events.</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">For example, whether or not the Fund invests in securities of
issuers located in Europe (whether the EU, Eurozone or UK) or with significant exposure to European, EU, Eurozone or UK issuers
or countries, the unavoidable uncertainties and events related to the UK's departure from the EU (&quot;Brexit&quot;) could negatively
affect the value and liquidity of a Fund's investments, increase taxes and costs of business and cause volatility in currency exchange
rates and interest rates. Brexit could adversely affect the performance of contracts in existence at the date of Brexit and European,
UK or worldwide political, regulatory, economic or market conditions and could contribute to instability in political institutions,
regulatory agencies and financial markets. Brexit could also lead to legal uncertainty and politically divergent national laws
and regulations as a new relationship between the UK and EU is defined and as the UK determines which EU laws to replace or replicate.
Any of these effects of Brexit, and others that cannot be anticipated, could adversely affect the Fund's business, results of operations
and financial condition.</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Please read the prospectus for more detailed information regarding
these and other risks.</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>10. Contingencies</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 2pt 0 0pt">In the normal course of business, the Fund may provide general
indemnifications pursuant to certain contracts and organizational documents. The Fund's maximum exposure under these arrangements
is dependent on future claims that may be made against the Fund, and therefore, cannot be estimated; however, the Fund expects
the risk of loss from such claims to be remote.</P>
</DIV>
<DIV STYLE="width: 100%; clear: both"></DIV>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-size: 7pt"><B>26</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt">Aberdeen
                                         Emerging Markets Equity Income Fund, Inc.</FONT></TD>
</TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
</DIV>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>




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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<DIV STYLE="background-color: rgb(220,221,222)">
<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt"><B>Notes to Financial Statements
</B></FONT>(unaudited) (concluded)</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">June 30, 2020</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>11. Tax Information</B></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0pt">The U.S. federal income tax basis of the Fund's investments (including
derivatives, if applicable) and the net unrealized depreciation as of June 30, 2020, were as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 6pt; padding-top: 1pt; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">Tax Basis of Investments</TD><TD STYLE="padding-top: 1pt; font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">Appreciation</TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; font: bold 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">Depreciation</TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">Net Unrealized<BR> Depreciation</TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 6pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; width: 26%; text-align: left; padding-bottom: 1pt">$439,627,355</TD><TD STYLE="padding-top: 1pt; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 23%; text-align: right; padding-bottom: 1pt">$33,532,435</TD><TD STYLE="padding-top: 1pt; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 22%; text-align: right; padding-bottom: 1pt">$(72,227,360</TD><TD STYLE="padding-top: 1pt; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left; padding-bottom: 1pt">)</TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 22%; text-align: right; padding-bottom: 1pt">$(38,694,925</TD><TD STYLE="padding-top: 1pt; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left; padding-bottom: 1pt">)</TD></TR>
</TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
<DIV STYLE="float: left; width: 48%">
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>12. Subsequent Events</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 2pt 0 0pt">Management has evaluated the need for disclosures and/or adjustments
resulting from subsequent events through the date the</P>
</DIV>
<DIV STYLE="float: right; width: 48%">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0">financial statements were issued. Based on this evaluation, no
disclosures and/or adjustments were required to the financial statements as of June 30, 2020.</P>
</DIV>
<DIV STYLE="width: 100%; clear: both"></DIV>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 7pt">Aberdeen Emerging
    Markets Equity Income Fund, Inc.</FONT></TD>
    <TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>27</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
</DIV>




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<DIV STYLE="background-color: rgb(220,221,222)">
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt"><B>Supplemental Information</B>
</FONT>(unaudited)</P>

<P STYLE="border-bottom: Black 1pt solid; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 15pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Results of Annual Meeting of Shareholders</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Annual Meeting of Shareholders was held on March 4, 2020
at 1900 Market Street, Suite 200, Philadelphia, PA. The description of the proposals and number of shares voted at the meeting
are as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">1. To re-elect one Class III Director to the Board of Directors:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 85%; font: 11pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1.5pt solid; font-size: 11pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">Votes For</TD><TD STYLE="padding-top: 1pt; border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">Votes Against</TD><TD STYLE="padding-top: 1pt; border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-top: 1pt; border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">Abstained</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-left: 6pt; padding-top: 1pt; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 28%; text-align: left; padding-bottom: 1pt">Steven N. Rappaport</TD><TD STYLE="padding-top: 1pt; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 22%; text-align: right; padding-bottom: 1pt">39,694,299</TD><TD STYLE="padding-top: 1pt; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 22%; text-align: right; padding-bottom: 1pt">3,987,418</TD><TD STYLE="padding-top: 1pt; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-top: 1pt; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 22%; text-align: right; padding-bottom: 1pt">11,504</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">Under the Fund's retirement policy, the retirement of Mr. James
Cattano and Mr. Lawrence Fox was effective at the conclusion of the 2020 Annual Meeting. The Board would like to extend its sincere
gratitude to Mr. Cattano and Mr. Fox and acknowledge the invaluable contributions they have made to the Fund during their tenure
and wish them the best of success in all their future endeavours.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">In light of the foregoing, the Board approved a reduction in
the size of the Board from six to four directors. Directors, in addition to Mr. Rappaport, whose term of office continued beyond
the Meeting are as follows: Nancy Yao Maasbach, C. William Maher and Rahn Porter. Effective upon the retirement of Mr. Cattano,
the Board appointed Mr. Maher, an Independent Director, to serve in the role of Audit and Valuation Committee Chair.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Board Approval of Investment Advisory Agreement</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Investment Company Act of 1940 (the &quot;1940 Act&quot;)
and the terms of the investment advisory agreement (the &quot;Advisory Agreement&quot;) between the Aberdeen Emerging Markets Equity
Income Fund, Inc. (the &quot;Fund&quot;) and Aberdeen Asset Managers Limited (the &quot;Adviser&quot; or &quot;AAML&quot;) require
that the Advisory Agreement be approved annually at an in-person meeting by the Board of Directors (the &quot;Board&quot;), including
a majority of the Directors who have no direct or indirect interest in the Advisory Agreement and are not &quot;interested persons&quot;
of the Fund, as defined in the 1940 Act (the &quot;Independent Directors&quot;).</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">At a regularly scheduled quarterly meeting held on June 16, 2020
(the &quot;Quarterly Meeting&quot;), the Board voted unanimously to renew the Advisory Agreement between the Fund and the Adviser.
Pursuant to relief granted by the Securities and Exchange Commission (the &quot;SEC&quot;) in light of the COVID-19 pandemic (the
&quot;Order&quot;) and a determination by the Board that reliance on the Order was appropriate due to circumstances related to
the current or potential effects of COVID-19, the Quarterly Meeting was held via teleconference. In considering whether to approve
the continuation of the Fund's Advisory Agreement, the Board members received and considered a variety of information provided
by the Adviser relating to the Fund, the Advisory Agreement and the Adviser, including information regarding the nature, extent
and quality of services provided by the Adviser under the Advisory Agreement, comparative investment performance, fee and expense
information of a peer group of funds selected by Strategic Insight Mutual Fund Research and Consulting, LLC (&quot;SI&quot;), an
independent third-party provider of investment company data and other performance information for relevant benchmark indices. In
addition, the Independent Directors of the Fund held a separate telephonic meeting on June 10, 2020 (together with the Quarterly
Meeting held on June 16, 2020, the &quot;Meetings&quot;) to review the materials provided and the relevant legal considerations.</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In connection with their consideration of whether to approve
the continuation of the Fund's Advisory Agreement, the Board members received and reviewed a variety of information provided by
the Adviser relating to the Fund, the Advisory Agreement and the Adviser, including comparative performance, fee and expense information
and other information regarding the nature and quality of services provided by the Adviser under the Advisory Agreement. The materials
provided to the Board generally included, among other items: (i) information on the investment performance of the Fund and the
performance of a peer group of funds and the Fund's performance benchmark, including, with respect to the Fund's performance and
accounting predecessor (the &quot;Predecessor Fund&quot;), information for the Predecessor Fund for periods prior to the reorganization
of seven closed-end funds with and into the Fund (the &quot;Reorganization&quot;) and the renaming of the Fund that took effect
on April 30, 2018; (ii) information regarding the Fund's expenses and advisory fees, including information comparing the Fund's
expenses to those of a peer group of funds and information about applicable fee &quot;breakpoints&quot; and expense limitations;
(iii) information regarding the profitability of the Advisory Agreement to the Adviser; (iv) a report prepared by the Adviser in
response to a request submitted by the Independent Directors' independent legal counsel on behalf of the Independent Directors;
and (v) a memorandum from the Independent Directors' independent legal counsel on the responsibilities of the Board in considering
the approval of the investment advisory arrangement under the 1940 Act and Maryland law.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 7pt"><B>28</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt">Aberdeen
                                         Emerging Markets Equity Income Fund, Inc.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
</DIV>




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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt"><B>Supplemental Information</B>
</FONT>(unaudited) (continued)</P>

<P STYLE="border-bottom: Black 1pt solid; text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Independent Directors were advised by separate independent
legal counsel throughout the process and also consulted in executive sessions with their counsel regarding consideration of the
renewal of the Advisory Agreement. In determining whether to approve the continuation of the Advisory Agreement, the Board, including
the Independent Directors, did not identify any single factor as determinative. Individual Directors may have evaluated the information
presented differently from one another and given different weights to various factors. Matters considered by the Board, including
the Independent Directors, in connection with its approval of the continuation of the Advisory Agreement include the factors listed
below.</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In addition, the Board considered other matters such as: (i)
the Fund's investment objective and strategy, (ii) the Adviser's investment personnel and operations, (iii) the resources devoted
by the Adviser to the Fund, (iv) the Adviser's financial condition and stability, (v) the Adviser's record of compliance with the
Fund's investment policies and restrictions, policies on personal securities transactions and other compliance policies, (vi) the
allocation of the Fund's brokerage, and the use, if any, of &quot;soft&quot; commission dollars to pay the Fund's expenses and
to pay for research and other similar services, and (vii) possible conflicts of interest. Throughout the process, the Board members
had the opportunity to ask questions of and request additional information from management.</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Board also noted that in addition to the materials provided
by the Adviser in connection with the Board's consideration of the renewal of the Advisory Agreement at the Meetings, the Board
received and reviewed materials in advance of each regular quarterly meeting that contained information about the Fund's investment
performance and information relating to the services provided by the Adviser.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As part of their deliberations, the Board members considered
the following:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>Investment performance of the Fund and the Adviser.</I> The
Board received and reviewed with the Fund's management, among other performance data, information that compared the Fund's return
to comparable investment companies. The Board also received and considered performance information compiled by SI as compared with
the funds in the Fund's Morningstar category (the &quot;Morningstar Group&quot;).</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In addition, the Board received and reviewed: information regarding
the Fund's total return on a net and gross basis and relative to the Fund's benchmark and the Fund's and Predecessor Fund's share
performance and premium/discount information. Additionally, the Board took into account information about the Fund's discount/premium
ranking relative to its Morningstar Group and management's discussion of the Fund's performance. The Board also received and considered
information about the Fund's and Predecessor Fund's total return against the respective Morningstar Group average and against other
comparable Aberdeen-managed funds. The Directors considered management's discussion of the factors contributing to differences
in performance, including differences in the investment strategies, restrictions and risks of each of these other funds. The Board
also considered the Adviser's performance and reputation generally, the responsiveness of the Adviser to Director concerns about
performance and the willingness of the Adviser to take steps intended to improve performance. The Board concluded that overall
Fund performance supported continuation of the Advisory Agreement.</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>The nature, extent and quality of the services provided to
the Fund under the Advisory Agreement.</I> The Directors also considered the nature, extent and quality of the services provided
by the Adviser to the Fund and the resources dedicated to the Fund by the Adviser and its affiliates. Among other things, The Board
reviewed the background and experience of the Adviser's senior management personnel and the qualifications, background and responsibilities
of the portfolio managers primarily responsible for the day-to-day portfolio management services for the Fund. The Directors also
considered the financial condition of the Adviser and the Adviser's ability to provide quality service to the Fund. Management
reported to the Board on, among other things, its business plans and organizational changes. The Directors also took into account
the Adviser's investment experience and considered information regarding the Adviser's compliance with applicable laws and Securities
and Exchange Commission and other regulatory inquiries or audits of the Fund and/or the Adviser. The Board considered the Adviser's
risk management processes. The Board noted that they received information on a regular basis from the Fund's Chief Compliance Officer
regarding the Adviser's compliance policies and procedures and considered the Adviser's brokerage policies and practices. The Directors
took into account their knowledge of management and the quality of the performance of management's duties through Board meetings,
discussion and reports during the preceding year.</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>Economies of Scale.</I> The Board considered management's
discussion of the Fund's management fee structure and determined that the management fee structure was reasonable and reflected
economies of scale being shared between each of the Fund and the Adviser. The Board based its determination on various factors,
including how the Fund's management fees compared relative to a peer group consisting of other comparable closed-end funds (the
&quot;Peer Group&quot;) at higher asset levels and that the Fund's management fee schedule provided breakpoints at higher asset</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 7pt">Aberdeen Emerging
    Markets Equity Income Fund, Inc.</FONT></TD>
    <TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>29</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>






<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
</DIV>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<!-- Field: Split-Segment; Name: 10 -->
<DIV STYLE="background-color: rgb(220,221,222)">
<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt"><B>Supplemental Information</B>
</FONT>(unaudited) (concluded)</P>

<P STYLE="border-bottom: Black 1pt solid; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 15pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">levels to adjust for anticipated economies
in the event of asset increases. The Board also considered that the Adviser had agreed to extend its expense limitation agreement
with the Fund, pursuant to which the Adviser agreed to waive a portion of its advisory fee and/or reimburse certain expenses as
a means of limiting the Fund's total annual operating expenses for a period of time.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I>The costs of the services provided and
profits realized by the Adviser and its affiliates from their relationships with the Fund.</I> The Board reviewed with management
the effective annual management fee rate paid by the Fund to the Adviser for investment management services. The Board received
and took into account information compiled at the request of the Fund by SI that compared the Fund's effective annual management
fee rate with the fees paid by its Peer Group. The Board considered the management fee structure, including that management fees
for the Fund were based on the Fund's average weekly net assets rather than total managed assets. Management noted that due to
the unique strategy and structure of the Fund, Aberdeen did not have any closed-end funds that were directly comparable to the
Fund. Although there were no other substantially similar AAML-advised investment vehicles against which to compare the Fund's advisory
fees, the Adviser provided information for other Aberdeen products with similar investment strategies to those of the Fund where
available. In evaluating the Fund's advisory fees, the Board took into account the demands, complexity and quality of the investment
management of the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In addition to the foregoing, the Board
considered the Fund's fees and expenses as compared to its Peer Group, consisting of closed-end funds in the Fund's Morningstar
expense category as compiled by SI.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Board also considered other factors,
which included but were not limited to the following:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">whether the Fund has operated in accordance with its
investment objective, the Fund's record of compliance with its investment restrictions, and the compliance programs of the Adviser.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">the effect of any market and economic volatility on the
performance, asset levels and expense ratios of the Fund.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">so-called &quot;fallout benefits&quot; to the Adviser
or Aberdeen Standard Investments, Inc. (&quot;ASII&quot;), such as the benefits of research made available to ASII by reason of
brokerage commissions generated by the Fund's securities transactions or reputational and other indirect benefits. The Board considered
any possible conflicts of interest associated with these fallout and other benefits, and the reporting, disclosure and other processes
in place to disclose and monitor such possible conflicts of interest.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">the nature, quality, cost and extent of administrative
services performed by ASII, an affiliate of the Adviser, under a separate agreement covering administrative services.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Based on their evaluation of all factors
that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the
Directors, including the Independent Directors, voting separately, approved the Fund's Advisory Agreement for an additional one-year
period. Pursuant to the SEC Order, the Board determined that the Directors, including the Independent Directors, voting separately,
would ratify their approval at the next in-person Board meeting.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 7pt"><B>30</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt">Aberdeen
                                         Emerging Markets Equity Income Fund, Inc.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
</DIV>



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<DIV STYLE="background-color: rgb(220,221,222)">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt"><B>Dividend Reinvestment and Optional
Cash Purchase Plan</B> </FONT>(unaudited)</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<DIV STYLE="float: left; width: 48%">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Fund intends to distribute to stockholders
substantially all of its net investment income and to distribute any net realized capital gains at least annually. Net investment
income for this purpose is income other than net realized long-term and short-term capital gains net of expenses. Pursuant to the
Dividend Reinvestment and Optional Cash Purchase Plan (the &quot;Plan&quot;), stockholders whose shares of common stock are registered
in their own names will be deemed to have elected to have all distributions automatically reinvested by Computershare Trust Company
N.A. (the &quot;Plan Agent&quot;) in the Fund shares pursuant to the Plan, unless such stockholders elect to receive distributions
in cash. Stockholders who elect to receive distributions in cash will receive such distributions paid by check in U.S. Dollars
mailed directly to the stockholder by the Plan Agent, as dividend paying agent. In the case of stockholders such as banks, brokers
or nominees that hold shares for others who are beneficial owners, the Plan Agent will administer the Plan on the basis of the
number of shares certified from time to time by the stockholders as representing the total amount registered in such stockholders'
names and held for the account of beneficial owners that have not elected to receive distributions in cash. Investors that own
shares registered in the name of a bank, broker or other nominee should consult with such nominee as to participation in the Plan
through such nominee and may be required to have their shares registered in their own names in order to participate in the Plan.
Please note that the Fund does not issue certificates so all shares will be registered in book entry form.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Plan Agent serves as agent for the stockholders
in administering the Plan. If the Directors of the Fund declare an income dividend or a capital gains distribution payable either
in the Fund's common stock or in cash, nonparticipants in the Plan will receive cash and participants in the Plan will receive
common stock, to be issued by the Fund or purchased by the Plan Agent in the open market, as provided below. If the market price
per share on the valuation date equals or exceeds NAV per share on that date, the Fund will issue new shares to participants at
NAV; provided, however, that if the NAV is less than 95% of the market price on the valuation date, then such shares will be issued
at 95% of the market price. The valuation date will be the dividend or distribution payment date or, if that date is not a New
York Stock Exchange trading day, the next trading day. If NAV exceeds the market price of Fund shares at such time, or if the Fund
should declare an income dividend or capital gains distribution payable only in cash, the Plan Agent will, as agent for the participants,
buy Fund shares in the open market, on the New York Stock Exchange or elsewhere, for the participants' accounts on, or shortly
after, the payment date. If, before the Plan Agent has completed its purchases, the market price exceeds the NAV of a Fund share,
the average per share purchase price paid by the Plan Agent may exceed the NAV of the Fund's shares,</P>

</DIV>
<DIV STYLE="float: right; width: 48%">

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">resulting in the acquisition of fewer shares
than if the distribution had been paid in shares issued by the Fund on the dividend payment date. Because of the foregoing difficulty
with respect to open-market purchases, the Plan provides that if the Plan Agent is unable to invest the full dividend amount in
open-market purchases during the purchase period or if the market discount shifts to a market premium during the purchase period,
the Plan Agent will cease making open-market purchases and will receive the uninvested portion of the dividend amount in newly
issued shares at the close of business on the last purchase date.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Participants have the option of making additional
cash payments of a minimum of $50 per investment to the Plan Agent for investment in the Fund's common stock, with an annual maximum
contribution of $250,000. The Plan Agent will use all such funds received from participants to purchase Fund shares in the open
market within five business days after receiving the funds.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">If the participant sets up recurring automatic
monthly ACH debits, funds will be withdrawn from his or her U.S. bank account on the 20th of each month or the next business day
if the 20th is not a banking business day and invested on the next investment date. The Plan Agent maintains all shareholder accounts
in the Plan and furnishes written confirmations of all transactions in an account, including information needed by stockholders
for personal and tax records. Shares in the account of each Plan participant will be held by the Plan Agent in the name of the
participant, and each shareholder's proxy will include those shares purchased pursuant to the Plan. There is no charge to participants
for reinvesting dividends or capital gains distributions or voluntary cash payments. The Plan Agent's fees for the reinvestment
of dividends, capital gains distributions and voluntary cash payments will be paid by the Fund. There will be no charges with respect
to shares issued directly by the Fund as a result of dividends or capital gains distributions payable either in stock or in cash.
However, each participant will pay per share fee of currently $0.02 incurred with respect to the Plan Agent's open market purchases
in connection with the reinvestment of dividends, capital gains distributions and voluntary cash payments made by the participant.
Per share fees include any applicable brokerage commissions the Plan Agent is required to pay.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Participants also have the option of selling
their shares through the Plan. The Plan supports two types of sales orders. Batch order sales are submitted on each market day
and will be grouped with other sale requests to be sold. The price will be the average sale price obtained by Computershare's broker,
net of fees, for each batch order and will be sold generally within 2 business days of the request during regular open market hours.
Please note that all written sales requests are always processed by Batch Order. ($10 and $0.12 per share). Market</P>
</DIV>
<DIV STYLE="width: 100%; clear: both"></DIV>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 7pt">Aberdeen Emerging
    Markets Equity Income Fund, Inc.</FONT></TD>
    <TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>31</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
</DIV>



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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt"><B>Dividend Reinvestment and Optional
Cash Purchase Plan</B> </FONT>(unaudited) (concluded)</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<DIV STYLE="float: left; width: 48%">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Order sales will sell at the next available
trade. The shares are sold real time when they hit the market, however an available trade must be presented to complete this transaction.
Market Order sales may only be requested by phone or using Investor Center. ($25 and $0.12 per share).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The receipt of dividends and distributions
under the Plan will not relieve participants of any income tax that may be payable on such dividends or distributions. Experience
under the Plan may indicate that changes in the Plan are desirable. Accordingly, the Fund and the Plan Agent</P>

</DIV>
<DIV STYLE="float: right; width: 48%">

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">reserve the right to terminate the Plan
as applied to any voluntary cash payments made and any dividend or distribution paid subsequent to notice of the termination sent
to members of the Plan at least 30 days before the record date for such dividend or distribution. The Plan also may be amended
by the Fund or the Plan Agent, but (except when necessary or appropriate to comply with applicable law, rules or policies of a
regulatory authority) only by at least 30 days' written notice to participants in the Plan. All correspondence concerning the Plan
should be directed to the Plan Agent at Computershare Trust Company N.A., P.O. Box 505000, Louisville, KY 40233-5000.</P>
</DIV>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 7pt"><B>32</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt">Aberdeen
                                         Emerging Markets Equity Income Fund, Inc.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

</DIV>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>
<!-- Field: Split-Segment; Name: 11 -->
<DIV STYLE="background-color: rgb(220,221,222)">
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Corporate Information</B></P>

<P STYLE="border-bottom: Black 1pt solid; font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>
<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
<DIV STYLE="float: left; width: 48%">
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Directors</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Nancy Yao Maasbach</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">C. William Maher</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Rahn Porter</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Steven N. Rappaport, <I>Chairman</I></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Investment Adviser</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Aberdeen Asset Managers Limited<BR>
Bow Bells House<BR>
1 Bread Street<BR>
London, United Kingdom<BR>
EC4M 9HH</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Custodian</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">State Street Bank and Trust Co.<BR>
1 Heritage Drive, 3rd Floor<BR>
North Quincy, MA 02171</FONT></P>

</DIV>
<DIV STYLE="float: right; width: 48%">

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Administrator</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Aberdeen Standard Investments Inc.<BR>
1900 Market Street, Suite 200<BR>
Philadelphia, PA 19103</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Transfer Agent</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Computershare Trust Company, N.A.<BR>
P.O. Box 505000<BR>
Loiusville, KY 40233</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Independent Registered Public
Accounting Firm</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">KPMG LLP<BR>
1601 Market Street<BR>
Philadelphia, PA 19103</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Legal Counsel</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Dechert LLP<BR>
1900 K Street N.W.<BR>
Washington, D.C. 20006</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Investor Relations</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Aberdeen Standard Investments Inc.<BR>
1900 Market Street, Suite 200<BR>
Philadelphia, PA 19103<BR>
1-800-522-5465<BR>
Investor.Relations@aberdeenstandard.com</FONT></P>
</DIV>
<DIV STYLE="width: 100%; clear: both"></DIV>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-left: 15pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;<IMG SRC="tm2024797-1_ncsrsimg002.jpg" ALT=""></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Aberdeen
Asset Managers Limited</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The accompanying Financial Statements
as of June 30, 2020 were not audited and accordingly, no opinion is expressed therein.</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Notice is hereby given in accordance
with Section 23(c) of the Investment Company Act of 1940, as amended, that the Fund may purchase, from time to time, shares of
its common stock in the open market.</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Shares of Aberdeen Emerging Markets
Equity Income Fund, Inc. are traded on the NYSE American under the symbol &quot;AEF&quot;. Information about the Fund's net asset
value and market price is available at www.aberdeenaef.com.</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">This report, including the financial
information herein, is transmitted to the shareholders of Aberdeen Emerging Markets Equity Income Fund, Inc. for their general
information only. It does not have regard to the specific investment objectives, financial situation and the particular needs
of any specific person. Past performance is no guarantee of future returns.</FONT></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">AEF SEMI-ANNUAL</FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 2 - Code of Ethics.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This item is inapplicable to semi-annual
report on Form N-CSR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 3 - Audit Committee Financial Expert.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This item is inapplicable to semi-annual
report on Form N-CSR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 4 - Principal Accountant Fees and Services. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This item is inapplicable to semi-annual
report on Form N-CSR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.35pt"></TD><TD STYLE="width: 42.2pt"><B>Item 5 &#8211;</B></TD><TD STYLE="text-align: justify"><B>Audit Committee of Listed Registrants.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This item is inapplicable to semi-annual
report on Form N-CSR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify; text-indent: -42.2pt">&nbsp;<B>Item
6 - Schedule of Investments.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29.25pt; text-align: justify">(a) Schedule of Investments
in securities of unaffiliated issuers as of close of the reporting period are included as part of the Report to Shareholders filed
under Item 1 of this Form N-CSR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29.25pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29.25pt; text-align: justify">(b) Not applicable. &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35pt"><B>Item 7 - Disclosure
of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This item is inapplicable to semi-annual
report on Form N-CSR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 8 - Portfolio Managers of Closed-End Management Investment
Companies.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal">(a) Not
applicable to semi-annual report on Form N-CSR.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal">(b) There
has been no change, as of the date of this filing, in any of the portfolio managers identified in response to paragraph (a)(1)of
this Item in the registrant&#8217;s most recently filed annual report on Form N-CSR. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9 - Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No such purchases were made by or on behalf of the Registrant
during the period covered by the report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 10 - Submission of Matters to a Vote of Security Holders.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">During the period ended June 30, 2020, there were no material
changes to the procedures by which shareholders may recommend nominees to the Registrant&#8217;s Board of Directors.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 11 - Controls and Procedures.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">The Registrant&#8217;s principal executive and principal financial officers, or persons performing
similar functions, have concluded that the Registrant&#8217;s disclosure controls and procedures (as defined in Rule 30a-3(c) under
the Investment Company Act of 1940 (the &#8220;Act&#8221;) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of
the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls
and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d15(b)).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">There were no changes in the Registrant&#8217;s internal control over financial reporting (as defined
in Rule&nbsp;30a-3(d)&nbsp;under the Act (17 CFR 270.30a-3(d))) that occurred during the Registrant&#8217;s second fiscal half-year
covered buy this report that has materially affected, or is reasonably likely to materially affect, the Registrant&#8217;s internal
control over financial reporting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 12 - Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
<TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-size: 10pt">(a)(1)</FONT></TD>
<TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
<TD STYLE="vertical-align: top; width: 94%"><FONT STYLE="font-size: 10pt">Not applicable</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
<TD STYLE="vertical-align: top"><A HREF="tm2024797d1_ex99-cert.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">(a)(2)</FONT></A></TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top"><A HREF="tm2024797d1_ex99-cert.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">The certifications of the registrant as required by Rule 30a-2(a) under the Act are exhibits to this report.</FONT></A></TD></TR>
<TR>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
<TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(a)(3)</FONT></TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Not applicable.</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
<TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(a)(4)</FONT></TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;Change in the registrant&#8217;s independent public accountant &#8211; Not applicable for this reporting period.</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
<TD STYLE="vertical-align: top"><A HREF="tm2024797d1_ex99-906cert.htm" STYLE="-sec-extract: exhibit">(b) </A></TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top"><A HREF="tm2024797d1_ex99-906cert.htm" STYLE="-sec-extract: exhibit">The certifications pursuant to Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto. &nbsp; &nbsp;</A></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <B>SIGNATURES</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Aberdeen Emerging Markets Equity Income
Fund, Inc.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif; width: 45%">/s/ Christian Pittard</TD>
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Christian Pittard,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Principal Executive Officer of</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Aberdeen Emerging Markets Equity Income Fund, Inc.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Date:</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">September 8, 2020</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf
of the Registrant and in the capacities and on the dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif; width: 45%">/s/ Christian Pittard</TD>
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Christian Pittard,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Principal Executive Officer of</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Aberdeen Emerging Markets Equity Income Fund, Inc.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Date:</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">September 8, 2020</TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif">/s/ Andrea Melia</TD>
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Andrea Melia,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Principal Financial Officer of</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Aberdeen Emerging Markets Equity Income Fund, Inc.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Date:</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">September 8, 2020</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>4
<FILENAME>tm2024797d1_ex99-cert.htm
<DESCRIPTION>EXHIBIT-99.CERT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">x</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.CERT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="text-decoration: none">Certification
Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.2pt">I, Andrea Melia, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18.2pt">&nbsp;</TD>
    <TD STYLE="width: 16.8pt"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">I have reviewed this report on Form N-CSR of Aberdeen </FONT>Emerging Markets Equity Income <FONT STYLE="font-size: 10pt">Fund,
Inc.;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD>2.</TD><TD STYLE="text-align: justify">Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18.2pt"></TD><TD STYLE="width: 16.8pt">3.</TD><TD STYLE="text-align: justify">Based on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18.2pt"></TD><TD STYLE="width: 16.8pt">4.</TD><TD STYLE="text-align: justify">The registrant&#8217;s other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">Evaluated the effectiveness of the registrant&#8217;s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior
to the filing date of this report based on such evaluation; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">Disclosed in this report any change in the registrant&#8217;s internal control over financial reporting
that occurred during the registrant&#8217;s first fiscal half-year covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant&#8217;s internal control over financial reporting; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18.2pt"></TD><TD STYLE="width: 16.8pt">5.</TD><TD STYLE="text-align: justify">The registrant&#8217;s other certifying officer(s) and I have disclosed to the registrant&#8217;s
auditors and the audit committee of the registrant&#8217;s board of directors (or persons performing the equivalent functions):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">All significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the registrant&#8217;s ability to record, process, summarize,
and report financial information; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant&#8217;s internal control over financial reporting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Date: </FONT>September 8, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font: italic 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Andrea Melia</TD>
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Andrea Melia</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Principal Financial Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="text-decoration: none">Certification
Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.2pt">I, Christian Pittard, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18.2pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD><FONT STYLE="font-size: 10pt">I have reviewed this report on Form N-CSR of Aberdeen </FONT>Emerging Markets Equity Income <FONT STYLE="font-size: 10pt">Fund,
Inc.;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18.2pt"></TD><TD STYLE="width: 16.8pt">2.</TD><TD STYLE="text-align: justify">Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18.2pt"></TD><TD STYLE="width: 16.8pt">3.</TD><TD STYLE="text-align: justify">Based on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18.2pt"></TD><TD STYLE="width: 16.8pt">4.</TD><TD STYLE="text-align: justify">The registrant&#8217;s other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">Evaluated the effectiveness of the registrant&#8217;s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior
to the filing date of this report based on such evaluation; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">Disclosed in this report any change in the registrant&#8217;s internal control over financial reporting
that occurred during the registrant&#8217;s first fiscal half-year covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant&#8217;s internal control over financial reporting; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18.2pt"></TD><TD STYLE="width: 16.8pt">5.</TD><TD STYLE="text-align: justify">The registrant&#8217;s other certifying officer(s) and I have disclosed to the registrant&#8217;s
auditors and the audit committee of the registrant&#8217;s board of directors (or persons performing the equivalent functions):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">All significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the registrant&#8217;s ability to record, process, summarize,
and report financial information; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant&#8217;s internal control over financial reporting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Date:</FONT>
September 8, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font: italic 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Christian Pittard</TD>
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Christian Pittard</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Principal Executive Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>5
<FILENAME>tm2024797d1_ex99-906cert.htm
<DESCRIPTION>EXHIBIT 99.906 CERT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.906CERT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Certification
Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Christian Pittard, Principal Executive
Officer, and Andrea Melia, Principal Financial Officer, of Aberdeen Emerging Markets Equity Income Fund, Inc., a Maryland corporation
(the &#8220;Registrant&#8221;), each certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">The Registrant&#8217;s periodic report on Form N-CSR for the period ended June 30, 2018 (the &#8220;Form
N-CSR&#8221;) fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as
amended, as applicable; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">The information contained in the Form N-CSR fairly presents, in all material respects, the financial
condition and results of operations of the Registrant.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">PRINCIPAL EXECUTIVE OFFICER</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Aberdeen Emerging Markets Equity Income
Fund, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Christian Pittard</TD>
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Christian Pittard</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Date: September 8, 2020 </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">PRINCIPAL FINANCIAL OFFICER</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Aberdeen Emerging Markets Equity Income
Fund, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Andrea Melia</TD>
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Andrea Melia</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Date: September 8, 2020 </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This certification is being furnished solely
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure
document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained
by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.</P>



<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="margin: 0pt"></P>

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<P STYLE="margin: 0pt">&nbsp;</P>


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