NPORT-EX 2 NPORT_DRBZ_16652383_0922.htm
Portfolio of Investments (unaudited) 
As of September 30, 2022
abrdn Emerging Markets Equity Income Fund, Inc.
Shares Description Industry and Percentage
of Net Assets 		Value
COMMON STOCKS—112.1%
ARGENTINA—1.0%  
     13,993 Globant SA(a) IT Services—1.0% $  2,617,811
AUSTRALIA—1.6%  
    167,316 BHP Group Ltd. Metals & Mining—1.6%   4,195,399
AUSTRIA—1.7%  
    298,130 Mondi PLC Paper & Forest Products—1.7%   4,601,921
BRAZIL—8.6%  
  1,549,575 B3 SA - Brasil Bolsa Balcao Capital Markets—1.4%   3,748,728
  1,621,559 Banco Bradesco SA Banks—1.9%   4,902,839
      3,493 MercadoLibre, Inc.(a) Internet & Direct Marketing Retail—1.1%   2,891,436
    909,270 Raia Drogasil SA Food & Staples Retailing—1.4%   3,831,362
    853,550 Rumo SA Road & Rail—1.1%   2,924,097
    445,100 TOTVS SA Software—0.9%   2,421,735
    367,500 WEG SA Electrical Equipment—0.8%   2,189,596
  Total Brazil 22,909,793
CHILE—1.1%  
    202,528 Banco Santander Chile, ADR Banks—1.1%   2,837,417
CHINA—33.8%  
1,207,600 Alibaba Group Holding Ltd.(a) Internet & Direct Marketing Retail—4.5% 12,051,046
545,000 Centre Testing International Group Co. Ltd., A Shares (Stock Connect)(b) Professional Services—0.6% 1,560,825
1,143,000 China Merchants Bank Co. Ltd., H Shares Banks—2.0% 5,289,641
1,015,500 China Resources Land Ltd. Real Estate Management & Development—1.5% 3,977,597
126,300 China Tourism Group Duty Free Corp. Ltd.(b) Specialty Retail—1.3% 3,489,680
85,200 China Tourism Group Duty Free Corp. Ltd., A Shares (Stock Connect)(a)(c) Specialty Retail—0.8% 2,141,492
683,699 Estun Automation Co. Ltd., A Shares(b) Machinery—0.7% 1,807,618
294,478 Foshan Haitian Flavouring & Food Co. Ltd., A Shares(b) Food Products—1.3% 3,430,031
273,911 JD.com, Inc. Internet & Direct Marketing Retail—2.6% 6,910,277
18,497 Kweichow Moutai Co. Ltd., A Shares (Stock Connect)(b) Beverages—1.8% 4,868,062
538,764 LONGi Green Energy Technology Co. Ltd., A Shares(b) Semiconductors & Semiconductor Equipment—1.4% 3,614,550
555,486 Midea Group Co. Ltd., A Shares (Stock Connect)(b) Household Durables—1.5% 3,850,826
1,236,343 NARI Technology Co. Ltd., A Shares (Stock Connect)(b) Electrical Equipment—1.6% 4,311,585
83,755 Shenzhen Mindray Bio-Medical Electronics Co. Ltd., A Shares(b) Health Care Equipment & Supplies—1.3% 3,523,027
176,000 Sungrow Power Supply Co. Ltd., A Shares (Stock Connect)(b) Electrical Equipment—1.0% 2,726,350
454,600 Tencent Holdings Ltd. Interactive Media & Services—5.8% 15,354,710
547,500 Wuxi Biologics Cayman, Inc.(a)(c) Life Sciences Tools & Services—1.2% 3,259,181
620,328 Yonyou Network Technology Co. Ltd., A Shares(b) Software—0.6% 1,530,234
133,267 Yunnan Energy New Material Co. Ltd., A Shares (Stock Connect)(b) Chemicals—1.2% 3,260,387
716,000 Zhongsheng Group Holdings Ltd. Specialty Retail—1.1% 2,839,178
  Total China 89,796,297
HONG KONG—4.3%  
513,800 AIA Group Ltd. Insurance—1.6% 4,277,849
112,232 Hong Kong Exchanges & Clearing Ltd. Capital Markets—1.4% 3,836,360
11,072,000 Pacific Basin Shipping Ltd. Marine—1.3% 3,418,857
  Total Hong Kong 11,533,066
INDIA—19.5%  
117,600 Godrej Properties Ltd.(a) Real Estate Management & Development—0.6% 1,712,085
194,040 Hindustan Unilever Ltd. Personal Products—2.4% 6,407,725
335,758 Housing Development Finance Corp. Ltd. Diversified Financial Services—3.5% 9,370,967
43,000 Info Edge India Ltd. Interactive Media & Services—0.8% 2,022,233
276,000 Infosys Ltd. IT Services—1.8% 4,732,443
See accompanying Notes to Portfolio of Investments.
Portfolio of Investments (unaudited)  
As of September 30, 2022
abrdn Emerging Markets Equity Income Fund, Inc.
Shares Description Industry and Percentage
of Net Assets 		Value
COMMON STOCKS (continued)
INDIA (continued)  
    200,206 Kotak Mahindra Bank Ltd. Banks—1.7% $  4,440,537
     30,667 Maruti Suzuki India Ltd. Automobiles—1.2%   3,313,342
  2,396,621 Power Grid Corp. of India Ltd. Electric Utilities—2.3%   6,231,644
    466,083 SBI Life Insurance Co. Ltd.(c) Insurance—2.7%   7,120,454
     78,441 Tata Consultancy Services Ltd. IT Services—1.1%   2,877,550
     48,369 UltraTech Cement Ltd. Construction Materials—1.4%   3,706,750
  Total India 51,935,730
INDONESIA—5.3%  
  4,925,300 Bank Central Asia Tbk PT Banks—1.0%   2,749,496
 21,860,886 Bank Rakyat Indonesia Persero Tbk PT Banks—2.4%   6,398,081
 36,288,000 Sepatu Bata Tbk PT(a)(d) Textiles, Apparel & Luxury Goods—0.5%   1,227,274
 12,889,900 Telkom Indonesia Persero Tbk PT Diversified Telecommunication Services—1.4%   3,756,706
  Total Indonesia 14,131,557
KAZAKHSTAN—1.0%  
     45,057 Kaspi.KZ JSC, GDR(c) Consumer Finance—1.0%   2,588,913
MEXICO—7.4%  
59,990 Fomento Economico Mexicano SAB de CV, ADR Beverages—1.4% 3,764,373
55,318 Grupo Aeroportuario del Centro Norte SAB de CV, ADR Transportation Infrastructure—1.1% 2,773,645
1,086,804 Grupo Financiero Banorte SAB de CV, Class O Banks—2.6% 6,961,870
1,832,644 Grupo Mexico SAB de CV, Class B Metals & Mining—2.3% 6,189,649
  Total Mexico 19,689,537
NETHERLANDS—1.7%  
8,821 ASM International NV Semiconductors & Semiconductor Equipment—0.7% 1,975,084
6,170 ASML Holding NV Semiconductors & Semiconductor Equipment—1.0% 2,556,101
  Total Netherlands 4,531,185
PERU—0.7%  
15,157 Credicorp Ltd. Banks—0.7% 1,861,280
POLAND—1.3%  
20,949 Dino Polska SA(a)(c) Food & Staples Retailing—0.5% 1,268,900
388,232 InPost SA(a) Air Freight & Logistics—0.8% 2,258,910
  Total Poland 3,527,810
RUSSIA—0.0%  
106,851 LUKOIL PJSC, ADR(d)(e)(f) Oil, Gas & Consumable Fuels—0.0% –
314,849 Novatek PJSC(d)(e)(f) Oil, Gas & Consumable Fuels—0.0% –
730,234 Sberbank of Russia PJSC(d)(e)(f) Banks—0.0% –
  Total Russia –
SOUTH AFRICA—3.6%  
74,332 Anglo American Platinum Ltd. Metals & Mining—2.0% 5,271,958
1,060,671 Sanlam Ltd. Insurance—1.1% 3,000,150
198,344 Vodacom Group, Ltd. Wireless Telecommunication Services—0.5% 1,332,691
  Total South Africa 9,604,799
SOUTH KOREA—1.7%  
276,442 Samsung Engineering Co. Ltd.(a) Construction & Engineering—1.7% 4,351,699
TAIWAN—11.3%  
397,000 Chroma ATE, Inc. Electronic Equipment, Instruments & Components—0.8% 2,233,658
279,000 Delta Electronics, Inc. Electronic Equipment, Instruments & Components—0.8% 2,216,130
1,670,000 Hon Hai Precision Industry Co. Ltd. Electronic Equipment, Instruments & Components—2.0% 5,347,536
1,535,000 Taiwan Semiconductor Manufacturing Co. Ltd., ADR Semiconductors & Semiconductor Equipment—7.7% 20,347,025
  Total Taiwan 30,144,349
See accompanying Notes to Portfolio of Investments.
Portfolio of Investments (unaudited)  
As of September 30, 2022
abrdn Emerging Markets Equity Income Fund, Inc.
Shares Description Industry and Percentage
of Net Assets 		Value
COMMON STOCKS (continued)
THAILAND—3.9%  
    926,900 Kasikornbank PCL, Foreign Shares Banks—1.3% $  3,522,086
  1,602,800 PTT Exploration & Production PCL Oil, Gas & Consumable Fuels—2.6%   6,834,677
  Total Thailand 10,356,763
VIETNAM—2.6%  
  1,572,000 FPT Corp. IT Services—2.0%   5,276,843
  1,225,000 Vietnam Technological & Commercial Joint Stock Bank(a) Banks—0.6%   1,653,129
  Total Vietnam 6,929,972
  Total Common Stocks 298,145,298
PREFERRED STOCKS—8.7%
SOUTH KOREA—8.7%  
     33,356 LG Chem Ltd. Chemicals—2.2%   5,809,265
    533,514 Samsung Electronics Co. Ltd. Technology Hardware, Storage & Peripherals—6.5%  17,330,071
  Total South Korea 23,139,336
  Total Preferred Stocks 23,139,336
PRIVATE EQUITY—0.1%
GLOBAL—0.0%*  
11,723,413(g) Emerging Markets Ventures I, L.P., H Shares(a)(d)(f)(h)(i)(j) —0.0% 9,965
ISRAEL—0.1%  
3,349,175(g) BPA Israel Ventures, LLC(a)(d)(f)(h)(i)(j)(k) —0.0% 41,597
1,522,368(g) Neurone Ventures II, L.P.(a)(d)(f)(h)(i)(k) —0.1% 155,799
2,400,000 Telesoft Partners II QP, L.P.(a)(d)(f)(h)(k)(l) —0.0% 121,896
  Total Israel 319,292
  Total Private Equity 329,257
SHORT-TERM INVESTMENT—0.5%
UNITED STATES—0.5%  
1,324,595 State Street Institutional U.S. Government Money Market Fund, Premier Class, 2.94%%(m) 1,324,595
  Total Short-Term Investment 1,324,595
  Total Investments—121.4% (cost $409,402,767) 322,938,486
  Liabilities in Excess of Other Assets—(21.4%) (56,908,030)
  Net Assets—100.0%   $266,030,456
    
(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) Illiquid security.
(e) Level 3 security. See Note 1(a) of the accompanying Notes to Portfolio of Investments.
(f) Restricted security, not readily marketable.
(g) Represents contributed capital.
(h) Fair Valued Security. Fair Value is 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 trade price. See Note 1(a) of the accompanying Notes to Consolidated Portfolio of Investments for inputs used.
(i) Considered in liquidation by the Fund's Adviser.
(j) As of September 30, 2022, the aggregate amount of open commitments for the Fund is $2,806,782.
(k) Fund of Fund 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, 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.
    
See accompanying Notes to Portfolio of Investments.
Portfolio of Investments (unaudited)  
As of September 30, 2022
abrdn Emerging Markets Equity Income Fund, Inc.
ADR American Depositary Receipt
GDR Global Depositary Receipt
PLC Public Limited Company
 
See accompanying Notes to Portfolio of Investments.
Notes to Portfolio of Investments 
September 30, 2022 (unaudited)
1.    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. The Valuation Time is as of the close of regular trading on the New York Stock Exchange (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. Closed-end funds and exchange-traded funds ("ETFs") are valued at the market price of the security at the Valuation Time.
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 Fund's Board of Directors (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 Funds sweep 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 Investment Company Act of 1940, as amended, and has an objective, which is not guaranteed, to maintain a $1.00 per share net asset value (“NAV”). 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 x.x% of the net assets of the Fund as of September 30, 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.  
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