NPORT-EX 2 NPORT_DRBZ_97316158_0322.htm

Statement of Investments

March 31, 2022 (unaudited) 

Aberdeen Emerging Markets Equity Income Fund, Inc.

Shares		Description		Industry and Percentage of Net Assets		Value (US$)
LONG-TERM INVESTMENTS—114.2%
COMMON STOCKS—103.9%
ARGENTINA—0.7%
10,250		Globant SA (a)		Information Technology Services— 0.7%		$	2,686,218
AUSTRALIA—1.7%
167,316		BHP Group Ltd.		Metals & Mining— 1.7%			6,522,032
AUSTRIA—1.6%
298,130		Mondi PLC		Paper & Forest Products— 1.6%			5,923,943
BRAZIL—7.3%
1,880,479		B3 SA - Brasil Bolsa Balcao		Capital Markets— 1.7%			6,205,002
1,474,145		Banco Bradesco SA		Banks— 1.5%			5,656,868
2,670		MercadoLibre, Inc. (a)		Internet & Direct Marketing Retail— 0.8%			3,175,912
592,592		Raia Drogasil SA		Food & Staples Retailing— 0.8%			2,979,732
853,550		Rumo SA (a)		Road & Rail— 0.9%			3,325,601
445,100		TOTVS SA		Software— 0.9%			3,401,085
367,500		WEG SA		Electrical Equipment— 0.7%			2,691,575
							27,435,775
CHILE—0.5%
82,597		Banco Santander Chile, ADR		Banks— 0.5%			1,865,866
CHINA—32.5%
1,091,300		Alibaba Group Holding Ltd. (a)		Internet & Direct Marketing Retail— 4.0%			14,892,656
545,000		Centre Testing International Group Co. Ltd., A Shares (Stock Connect) (b)		Professional Services— 0.4%			1,685,185
1,380,000		China Merchants Bank Co. Ltd., H Shares		Banks— 2.9%			10,742,502
1,015,500		China Resources Land Ltd.		Real Estate Management & Development— 1.2%			4,701,913
174,700		China Tourism Group Duty Free Corp. Ltd., A Shares (Stock Connect) (b)		Specialty Retail— 1.2%			4,493,726
496,200		China Vanke Co. Ltd., H Shares		Real Estate Management & Development— 0.3%			1,116,091
687,299		Estun Automation Co. Ltd., A Shares (b)		Machinery— 0.6%			2,162,848
329,699		Foshan Haitian Flavouring & Food Co. Ltd., A Shares (b)		Food Products— 1.2%			4,528,108
293,900		GDS Holdings Ltd., Class A (a)		Information Technology Services— 0.4%			1,422,794
195,200		Hangzhou Tigermed Consulting Co. Ltd., H Shares (c)		Life Sciences Tools & Services— 0.6%			2,354,218
92,661		JD.com, Inc., Class A (a)		Internet & Direct Marketing Retail— 0.7%			2,632,950
11,000		Kweichow Moutai Co. Ltd., A Shares (Stock Connect) (b)		Beverages— 0.8%			2,963,417

See accompanying Notes to Portfolio of Investments.

Statement of Investments (continued)

March 31, 2022 (unaudited) 

Aberdeen Emerging Markets Equity Income Fund, Inc.

306,500		Li Ning Co. Ltd.		Textiles, Apparel & Luxury Goods— 0.7%		$	2,602,599
543,832		LONGi Green Energy Technology Co. Ltd., A Shares (b)		Semiconductors & Semiconductor Equipment— 1.6%			6,131,368
448,086		Midea Group Co. Ltd., A Shares (Stock Connect) (b)		Household Durables— 1.1%			3,996,599
1,535,436		NARI Technology Co. Ltd., A Shares (Stock Connect) (b)		Electrical Equipment— 2.0%			7,566,363
39,907		Prosus NV (a)		Internet & Direct Marketing Retail— 0.6%			2,152,097
345,000		Shenzhou International Group Holdings Ltd.		Textiles, Apparel & Luxury Goods— 1.2%			4,554,697
371,300		Sungrow Power Supply Co. Ltd., A Shares (Stock Connect) (b)		Electrical Equipment— 1.6%			6,227,532
463,300		Tencent Holdings Ltd.		Interactive Media & Services— 5.7%			21,355,509
424,500		Wuxi Biologics Cayman, Inc. (a)(c)		Life Sciences Tools & Services— 0.9%			3,370,783
620,328		Yonyou Network Technology Co. Ltd., A Shares (b)		Software— 0.6%			2,230,205
95,368		Yunnan Energy New Material Co. Ltd., A Shares (Stock Connect) (b)		Chemicals— 0.9%			3,289,646
703,500		Zhongsheng Group Holdings Ltd.		Specialty Retail— 1.3%			4,946,471
							122,120,277
HONG KONG—5.1%
513,800		AIA Group Ltd.		Insurance— 1.4%			5,365,037
134,032		Hong Kong Exchanges & Clearing Ltd.		Capital Markets— 1.7%			6,282,524
13,748,000		Pacific Basin Shipping Ltd.		Marine— 2.0%			7,361,041
							19,008,602
INDIA—15.5%
117,600		Godrej Properties Ltd. (a)		Real Estate Management & Development— 0.7%			2,577,389
178,290		Hindustan Unilever Ltd.		Personal Products— 1.3%			4,790,553
356,516		Housing Development Finance Corp. Ltd.		Thrifts & Mortgage Finance— 3.0%			11,121,919
43,000		Info Edge India Ltd.		Interactive Media & Services— 0.7%			2,542,031
276,000		Infosys Ltd.		Information Technology Services— 1.9%			6,916,660
200,206		Kotak Mahindra Bank Ltd.		Banks— 1.2%			4,595,828
42,467		Maruti Suzuki India Ltd.		Automobiles— 1.1%			4,215,384
2,286,303		Power Grid Corp. of India Ltd.		Electric Utilities— 1.7%			6,518,098
430,283		SBI Life Insurance Co. Ltd. (c)		Insurance— 1.7%			6,325,531
87,141		Tata Consultancy Services Ltd.		Information Technology Services— 1.1%			4,285,899
48,369		UltraTech Cement Ltd.		Construction Materials— 1.1%			4,191,282
							58,080,574
INDONESIA—3.1%
4,925,300		Bank Central Asia Tbk PT		Banks— 0.7%			2,734,849
23,671,586		Bank Rakyat Indonesia Persero Tbk PT		Banks— 2.1%			7,645,558
37,201,600		Sepatu Bata Tbk PT (a)		Textiles, Apparel & Luxury Goods— 0.3%			1,170,766
							11,551,173

See accompanying Notes to Portfolio of Investments.

Statement of Investments (continued)

March 31, 2022 (unaudited) 

Aberdeen Emerging Markets Equity Income Fund, Inc.

KAZAKHSTAN—0.6%
45,057		Kaspi.KZ JSC., GDR (c)		Consumer Finance— 0.6%		$	2,234,951
MACAO—1.0%
1,538,800		Sands China Ltd. (a)		Hotels, Restaurants & Leisure— 1.0%			3,660,771
MEXICO—7.3%
59,990		Fomento Economico Mexicano SAB de CV, ADR		Beverages— 1.3%			4,970,172
55,318		Grupo Aeroportuario del Centro Norte SAB de CV, ADR		Transportation Infrastructure— 0.9%			3,301,931
1,086,804		Grupo Financiero Banorte SAB de CV, Class O		Banks— 2.2%			8,186,273
1,832,644		Grupo Mexico SAB de CV, Class B		Metals & Mining— 2.9%			10,941,502
							27,399,878
NETHERLANDS—2.0%
8,821		ASM International NV		Semiconductors & Semiconductor Equipment— 0.9%			3,212,005
6,170		ASML Holding NV		Semiconductors & Semiconductor Equipment— 1.1%			4,122,926
							7,334,931
PERU—0.7%
15,157		Credicorp Ltd.		Banks— 0.7%			2,605,034
POLAND—1.3%
358,589		Allegro.eu SA (a)(c)		Internet & Direct Marketing Retail— 0.8%			3,003,537
20,949		Dino Polska SA (a)(c)		Food & Staples Retailing— 0.5%			1,690,727
							4,694,264
RUSSIA—0.0%
106,851		LUKOIL PJSC, ADR		Oil, Gas & Consumable Fuels— —%			—
314,849		Novatek PJSC		Oil, Gas & Consumable Fuels— —%			—
364,420		Sberbank of Russia PJSC		Banks— —%			—
							—
SOUTH AFRICA—2.9%
68,762		Anglo American Platinum Ltd.		Metals & Mining— 2.5%			9,442,075
128,397		Vodacom Group Ltd.		Wireless Telecommunication Services— 0.4%			1,405,887
							10,847,962
SOUTH KOREA—1.7%
97,332		Samsung Engineering Co. Ltd. (a)		Construction & Engineering— 0.5%			2,089,040
9,147		Samsung SDI Co. Ltd.		Electronic Equipment Instruments & Components— 1.2%			4,451,750
							6,540,790

See accompanying Notes to Portfolio of Investments.

Statement of Investments (continued)

March 31, 2022 (unaudited) 

Aberdeen Emerging Markets Equity Income Fund, Inc.

TAIWAN—13.9%
266,000		Accton Technology Corp.		Communications Equipment— 0.5%		$	2,045,277
397,000		Chroma ATE, Inc.		Electronic Equipment Instruments & Components— 0.7%			2,475,696
279,000		Delta Electronics, Inc.		Electronic Equipment Instruments & Components— 0.7%			2,586,811
166,000		Globalwafers Co. Ltd.		Semiconductors & Semiconductor Equipment— 1.0%			3,863,648
1,390,000		Hon Hai Precision Industry Co. Ltd.		Electronic Equipment Instruments & Components— 1.4%			5,103,842
22,972		Sea Ltd., ADR (a)		Entertainment— 0.7%			2,751,816
1,619,000		Taiwan Semiconductor Manufacturing Co. Ltd.		Semiconductors & Semiconductor Equipment— 8.9%			33,211,378
							52,038,468
THAILAND—2.2%
926,900		Kasikornbank PCL		Banks— 1.2%			4,479,539
910,300		PTT Exploration & Production PCL, Foreign Shares		Oil, Gas & Consumable Fuels— 1.0%			3,922,148
							8,401,687
VIETNAM—2.3%
1,310,000		FPT Corp.		Information Technology Services— 1.6%			6,121,686
1,225,000		Vietnam Technological & Commercial Joint Stock Bank (a)		Banks— 0.7%			2,642,908
							8,764,594
Total Common Stocks							389,717,790
PREFERRED STOCKS—10.2%
SOUTH KOREA—10.2%
33,356		LG Chem Ltd., Pref		Chemicals— 2.0%			7,481,777
596,331		Samsung Electronics Co. Ltd., Pref		Technology Hardware, Storage & Peripherals— 8.2%			30,899,138
							38,380,915
Total Preferred Stocks							38,380,915
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%
3,349,175	(d)	BPA Israel Ventures, LLC (a)(e)(f)(g)(h)(i)(j)		Private Equity— —%			50,405

See accompanying Notes to Portfolio of Investments.

Statement of Investments (concluded)

March 31, 2022 (unaudited) 

Aberdeen Emerging Markets Equity Income Fund, Inc.

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— —%			—
1,522,368	(d)	Neurone Ventures II, L.P. (a)(e)(f)(h)(i)(j)		Private Equity— 0.1%			143,377
2,400,000		Telesoft Partners II QP, L.P. (a)(e)(h)(i)(j)(l)		Private Equity— —%			119,328
							313,110
Total Private Equity							314,869
Total Long-Term Investments—114.2% (cost $427,291,168)							428,413,574

Shares		Description		Value (US$)
SHORT-TERM INVESTMENT—0.7%
UNITED STATES—0.7%
2,582,038		State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.25%(m)			2,582,038
Total Short-Term Investment—0.7% (cost $2,582,038)					2,582,038
Total Investments—114.9% (cost $429,873,206)					430,995,612
Liabilities in Excess of Other Assets—(14.9)%					(55,805,289	)
Net Assets—100.0%				$	375,190,323

(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 March 31, 2022, the aggregate amount of open commitments for the Fund is $2,806,782.
(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 March 31, 2022.
*		“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)

March 31, 2022

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 Board. 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 March 31, 2022. 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.