NPORT-EX 2 NPORT_DRBZ_65773615_0921.htm

Statement of Investments

September 30, 2021 (unaudited)

Aberdeen Emerging Markets Equity Income Fund, Inc.

Shares		Description		Industry and Percentage of Net Assets		Value (US$)
LONG-TERM INVESTMENTS—111.8%
COMMON STOCKS —100.1%
ARGENTINA—1.5%
4,044		MercadoLibre, Inc. (a)		Internet & Direct Marketing Retail— 1.5%		$	6,791,494
AUSTRALIA—0.9%
167,316		BHP Group PLC		Metals & Mining— 0.9%			4,235,474
AUSTRIA—1.5%
275,163		Mondi PLC		Paper & Forest Products— 1.5%			6,775,933
BRAZIL—4.9%
771,900		B3 SA - Brasil Bolsa Balcao		Capital Markets— 0.4%			1,805,813
1,592,362		Banco Bradesco SA		Banks— 1.1%			5,222,345
1,006,201		Rumo SA (a)		Road & Rail— 0.7%			3,102,257
445,100		TOTVS SA		Software— 0.6%			2,950,578
513,047		Vale SA, ADR		Metals & Mining— 1.5%			7,157,005
367,500		WEG SA		Electrical Equipment— 0.6%			2,674,384
							22,912,382
CHINA—35.6%
981,500		Alibaba Group Holding Ltd. (a)		Internet & Direct Marketing Retail— 3.9%			18,171,431
545,000		Centre Testing International Group Co. Ltd., A Shares (Stock Connect) (b)		Professional Services— 0.5%			2,136,425
677,000		China Conch Venture Holdings Ltd.		Construction & Engineering— 0.7%			3,143,565
1,249,500		China Merchants Bank Co. Ltd., H Shares		Banks— 2.1%			9,943,697
982,000		China Resources Gas Group Ltd.		Gas Utilities— 1.1%			5,159,358
1,425,500		China Resources Land Ltd.		Real Estate Management & Development— 1.3%			5,999,433
144,000		China Tourism Group Duty Free Corp. Ltd., A Shares (Stock Connect) (b)		Specialty Retail— 1.2%			5,769,305
1,396,000		China Vanke Co. Ltd., H Shares		Real Estate Management & Development— 0.8%			3,817,104
412,500		GDS Holdings Ltd. Class A (a)		Information Technology Services— 0.6%			2,924,915
195,200		Hangzhou Tigermed Consulting Co. Ltd., H Shares (c)		Life Sciences Tools & Services— 0.9%			4,127,690
11,000		Kweichow Moutai Co. Ltd., A Shares (Stock Connect) (b)		Beverages— 0.7%			3,104,842
249,000		Li Ning Co. Ltd.		Textiles, Apparel & Luxury Goods— 0.6%			2,869,910
886,034		LONGi Green Energy Technology Co. Ltd., A Shares (b)		Semiconductors & Semiconductor Equipment— 2.4%			11,262,734
179,200		Meituan, B Shares (a)(c)		Internet & Direct Marketing Retail— 1.2%			5,720,319

See accompanying Notes to Portfolio of Investments.

Statement of Investments (continued)

September 30, 2021 (unaudited)

Aberdeen Emerging Markets Equity Income Fund, Inc.

599,886		Midea Group Co. Ltd., A Shares (Stock Connect) (b)		Household Durables— 1.4%		$	6,450,357
1,718,736		NARI Technology Co. Ltd., A Shares (Stock Connect) (b)		Electrical Equipment— 2.1%			9,492,615
82,042		Prosus NV (a)		Internet & Direct Marketing Retail— 1.4%			6,566,722
345,000		Shenzhou International Group Holdings Ltd.		Textiles, Apparel & Luxury Goods— 1.6%			7,322,094
300,900		Sungrow Power Supply Co. Ltd., A Shares (Stock Connect) (b)		Electrical Equipment— 1.5%			6,838,653
463,300		Tencent Holdings Ltd.		Interactive Media & Services— 6.0%			27,658,415
526,000		Wuxi Biologics Cayman, Inc. (a)(c)		Life Sciences Tools & Services— 1.8%			8,531,871
95,368		Yunnan Energy New Material Co. Ltd., A Shares (Stock Connect) (b)		Containers & Packaging— 0.9%			4,125,680
522,000		Zhongsheng Group Holdings Ltd.		Specialty Retail— 0.9%			4,184,460
							165,321,595
HONG KONG—5.1%
513,800		AIA Group Ltd.		Insurance— 1.3%			5,910,961
159,432		Hong Kong Exchanges & Clearing Ltd.		Capital Markets— 2.1%			9,797,177
17,156,000		Pacific Basin Shipping Ltd.		Marine— 1.7%			7,940,442
							23,648,580
INDIA—14.4%
180,000		Godrej Properties Ltd. (a)		Real Estate Management & Development— 1.2%			5,596,651
124,000		Hindustan Unilever Ltd.		Household Products— 1.0%			4,495,893
306,100		Housing Development Finance Corp. Ltd.		Thrifts & Mortgage Finance— 2.4%			11,271,323
43,000		Info Edge India Ltd.		Interactive Media & Services— 0.8%			3,713,582
276,000		Infosys Ltd.		Information Technology Services— 1.3%			6,203,866
1,927,000		ITC Ltd.		Tobacco— 1.3%			6,100,592
144,706		Kotak Mahindra Bank Ltd.		Banks— 0.8%			3,884,584
2,258,666		Power Grid Corp. of India Ltd.		Electric Utilities— 1.3%			5,748,471
412,000		SBI Life Insurance Co. Ltd. (c)		Insurance— 1.5%			6,709,908
140,016		Tata Consultancy Services Ltd.		Information Technology Services— 1.5%			7,101,687
61,000		UltraTech Cement Ltd.		Construction Materials— 1.3%			6,050,247
							66,876,804
INDONESIA—1.8%
23,671,586		Bank Rakyat Indonesia Persero Tbk PT		Banks— 1.4%			6,309,583
38,073,500		Sepatu Bata Tbk PT (a)		Textiles, Apparel & Luxury Goods— 0.4%			1,862,110
							8,171,693
KAZAKHSTAN—0.9%
37,297		Kaspi.KZ JSC., GDR (c)		Consumer Finance— 0.9%			3,960,941

See accompanying Notes to Portfolio of Investments.

Statement of Investments (continued)

September 30, 2021 (unaudited)

Aberdeen Emerging Markets Equity Income Fund, Inc.

MACAO—0.7%
1,538,800		Sands China Ltd. (a)		Hotels, Restaurants & Leisure— 0.7%		$	3,149,156
MEXICO—4.2%
32,887		Fomento Economico Mexicano SAB de CV, ADR		Beverages— 0.6%			2,851,961
55,318		Grupo Aeroportuario del Centro Norte SAB de CV, ADR (a)		Transportation Infrastructure— 0.6%			2,591,648
1,384,645		Grupo Financiero Banorte SAB de CV, Class O		Banks— 1.9%			8,874,098
1,344,943		Grupo Mexico SAB de CV, Class B		Metals & Mining— 1.1%			5,348,105
							19,665,812
NETHERLANDS—2.1%
8,821		ASM International NV		Semiconductors & Semiconductor Equipment— 0.8%			3,454,466
8,300		ASML Holding NV		Semiconductors & Semiconductor Equipment— 1.3%			6,200,583
							9,655,049
POLAND—1.6%
258,762		Allegro.eu SA (a)(c)		Internet & Direct Marketing Retail— 0.8%			3,763,752
42,500		Dino Polska SA (a)(c)		Food & Staples Retailing— 0.8%			3,549,814
							7,313,566
RUSSIA—5.9%
93,750		LUKOIL PJSC, ADR		Oil, Gas & Consumable Fuels— 1.9%			8,899,604
314,849		Novatek PJSC		Oil, Gas & Consumable Fuels— 1.8%			8,273,871
1,343,558		Sberbank of Russia PJSC		Banks— 1.3%			6,265,329
45,168		TCS Group Holding PLC		Banks— 0.9%			4,107,193
							27,545,997
SOUTH AFRICA—1.1%
57,989		Anglo American Platinum Ltd.		Metals & Mining— 1.1%			5,023,088
SOUTH KOREA—2.1%
21,215		Kakao Corp.		Interactive Media & Services— 0.4%			2,086,455
13,160		Samsung SDI Co. Ltd.		Electronic Equipment Instruments & Components— 1.7%			7,852,834
							9,939,289
TAIWAN—14.1%
266,000		Accton Technology Corp.		Communications Equipment— 0.5%			2,506,932
397,000		Chroma ATE, Inc.		Electronic Equipment Instruments & Components— 0.5%			2,486,260

See accompanying Notes to Portfolio of Investments.

Statement of Investments (continued)

September 30, 2021 (unaudited)

Aberdeen Emerging Markets Equity Income Fund, Inc.

281,000		Delta Electronics, Inc.		Electronic Equipment Instruments & Components— 0.5%		$	2,517,807
182,000		Globalwafers Co. Ltd.		Semiconductors & Semiconductor Equipment— 1.1%			5,134,222
1,434,000		Hon Hai Precision Industry Co. Ltd.		Electronic Equipment Instruments & Components— 1.2%			5,352,565
19,692		Sea Ltd., ADR (a)		Entertainment— 1.4%			6,276,431
2,004,000		Taiwan Semiconductor Manufacturing Co. Ltd.		Semiconductors & Semiconductor Equipment— 8.9%			41,446,895
							65,721,112
VIETNAM—1.7%
1,310,000		FPT Corp.		Information Technology Services— 1.1%			5,343,557
1,225,000		Vietnam Technological & Commercial Joint Stock Bank (a)		Banks— 0.6%			2,654,029
							7,997,586
	Total Common Stocks						464,705,551
PREFERRED STOCKS—11.6%
SOUTH KOREA—11.6%
35,056		LG Chem Ltd., Pref		Chemicals— 2.4%			11,018,340
736,593		Samsung Electronics Co. Ltd., Pref		Technology Hardware, Storage & Peripherals— 9.2%			42,971,858
							53,990,198
	Total Preferred Stocks						53,990,198
PRIVATE EQUITY—0.1%
GLOBAL—0.0%*
11,723,413 (d)		Emerging Markets Ventures I, L.P. (a)(e)(f)(g)(h)(i)		Private Equity— —%			1,759
ISRAEL—0.1%
1,250,001 (d)		ABS GE Capital Giza Fund, L.P. (a)(e)(f)(h)(i)(j)		Private Equity— —%			20,363
3,349,175 (d)		BPA Israel Ventures, LLC (a)(e)(f)(g)(h)(i)(j)		Private Equity— —%			50,405
108,960		Exent Technologies Ltd. Preferred A1 Shares (a)(e)(f)(h)(i)(k)		Private Equity— —%			—
93,456		Exent Technologies Ltd. Preferred C Shares (a)(e)(f)(h)(i)(k)		Private Equity— —%			—
23,574		Exent Technologies Ltd. Warrants A1 (a)(e)(f)(h)(i)(k)		Private Equity— —%			—
4,000,000 (d)		Giza GE Venture Fund III, L.P. (a)(e)(f)(h)(i)(j)(l)		Private Equity— —%			30,400
1,522,368 (d)		Neurone Ventures II, L.P. (a)(e)(f)(h)(i)(j)(l)		Private Equity— 0.1%			361,288
2,400,000		Telesoft Partners II QP, L.P. (a)(e)(h)(i)(j)		Private Equity— —%			121,368
							583,824
	Total Private Equity						585,583
	Total Long-Term Investments—111.8% (cost $438,023,669)						519,281,332

See accompanying Notes to Portfolio of Investments.

Statement of Investments (continued)

September 30, 2021 (unaudited)

Aberdeen Emerging Markets Equity Income Fund, Inc.

Shares		Description			Value (US$)
SHORT-TERM INVESTMENT—0.5%
UNITED STATES—0.5%
2,322,465		State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(m)		$	2,322,465
		Total Short-Term Investment—0.5% (cost $2,322,465)			2,322,465
		Total Investments—112.3% (cost $440,346,134)			521,603,797
		Liabilities in Excess of Other Assets—(12.3)%			(57,191,659	)
		Net Assets—100.0%		$	464,412,138

(a) Non-income producing security.

(b) 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.

(c) Denotes a security issued under Regulation S or Rule 144A.

(d) Represents contributed capital.

(e) Illiquid security.

(f) Considered in liquidation by the Fund's Adviser.

(g) As of September 30, 2021, the aggregate amount of open commitments for the Fund is $2,627,412.

(h) Fair Valued Security. Fair Values are determined pursuant to procedures approved by the Fund's Board of Directors. Unless otherwise noted, securities are valued by applying valuation factors to the exchange traded price. See Note (a) of the accompanying Notes to Portfolio of Investments.

(i) Restricted security, not readily marketable.

(j) Fund of Fund investment.

(k) Direct investment.

(l) Considered active investments by the Fund's Adviser.

(m) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of September 30, 2021.

* “Global” is the percentage attributable to the Fund’s holdings in a private equity fund which invests globally and is not categorized under a particular country.

ADR American Depositary Receipt

GDR Global Depositary Receipt

PLC Public Limited Company

See accompanying Notes to Portfolio of Investments.

Notes to Portfolio of Investments (unaudited) (concluded)

September 30, 2021

Summary of Significant Accounting Policies

a. Security Valuation:

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

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

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

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

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

The Fund may also invest in private equity private placement securities, which represented 0.1% of the net assets of the Fund as of September 30, 2021. The private equity private placement securities in which the Fund is invested are deemed to be restricted securities. In the absence of readily ascertainable market values, these securities are valued at fair value as determined in good faith by, or under the direction of the Board, pursuant to valuation policies and procedures established by the Board. The Fund’s estimate of fair value assumes a willing buyer and a willing seller neither of whom are acting under the compulsion to buy or sell. Although these securities may be resold in privately negotiated transactions, the prices realized on such sales could differ from the prices originally paid by the Fund or the current carrying values, and the difference could be material. These securities are stated at fair value as determined by the Fund's Pricing Committee by utilizing the net asset valuations provided by the underlying funds as a practical expedient. In determining the fair value of these investments, management uses the market approach which includes as the primary input the capital balance reported; however, adjustments to the reported capital balance may be made based on various factors, including, but not limited to, the attributes of the interest held, including the rights and obligations, and any restrictions or illiquidity of such interests, and the fair value of these private equity investments.

Aberdeen Emerging Markets Equity Income Fund, Inc.