<SEC-DOCUMENT>0001752724-25-058370.txt : 20250317
<SEC-HEADER>0001752724-25-058370.hdr.sgml : 20250317
<ACCEPTANCE-DATETIME>20250317130600
ACCESSION NUMBER:		0001752724-25-058370
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20241231
FILED AS OF DATE:		20250317
DATE AS OF CHANGE:		20250317
EFFECTIVENESS DATE:		20250317

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			abrdn Emerging Markets ex-China Fund, Inc.
		CENTRAL INDEX KEY:			0000846676
		ORGANIZATION NAME:           	
		IRS NUMBER:				222990009
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05770
		FILM NUMBER:		25743457

	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:	ABRDN EMERGING MARKETS EQUITY INCOME FUND, INC.
		DATE OF NAME CHANGE:	20220630

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ABERDEEN EMERGING MARKETS EQUITY INCOME FUND, INC.
		DATE OF NAME CHANGE:	20180501

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ABERDEEN CHILE FUND, INC.
		DATE OF NAME CHANGE:	20100407
</SEC-HEADER>
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<TYPE>N-CEN
<SEQUENCE>1
<FILENAME>primary_doc.xml
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          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
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            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>FirstRand Bank Limited</custodianName>
            <custodianLei>ZAYQDKTCATIXF9OQY690</custodianLei>
            <custodianCountry>ZA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
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          <custodian>
            <custodianName>First Abu Dhabi Bank P.J.S.C.</custodianName>
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            <isCustodianAffiliated>N</isCustodianAffiliated>
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            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Banco Nacional de Mexico, S.A., Integrante del Grupo Financiero Banamex</custodianName>
            <custodianLei>2SFFM4FUIE05S37WFU55</custodianLei>
            <custodianCountry>MX</custodianCountry>
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            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
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          <custodian>
            <custodianName>Cititrust Colombia S A Sociedad Fiduciaria</custodianName>
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            <custodianCountry>CO</custodianCountry>
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            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
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          <custodian>
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            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
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          <custodian>
            <custodianName>State Street Bank and Trust Company (Edinburgh, GB, Branch)</custodianName>
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            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
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          <custodian>
            <custodianName>Citibank Europe Public Limited Company (Bucharest, Bucharest, RO, Branch)</custodianName>
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            <custodianCountry>RO</custodianCountry>
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            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
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          <custodian>
            <custodianName>Joint Stock Company 'Commercial Bank CitiBank'</custodianName>
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            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Standard Chartered Bank Kenya Limited</custodianName>
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            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Hongkong and Shanghai Banking Corporation Limited (Jung-gu, Seoul, KR, Branch)</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>KR</custodianCountry>
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            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
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          <custodian>
            <custodianName>Bank Handlowy w Warszawie Spolka Akcyjna</custodianName>
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            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
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          <custodian>
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            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
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        <shareholderServicingAgents>
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            <grossCommission>20919.61000000</grossCommission>
          </broker>
          <broker>
            <brokerName>CICC US Securities, Inc.</brokerName>
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            <brokerCrdNo>000143221</brokerCrdNo>
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            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>18532.99000000</grossCommission>
          </broker>
          <broker>
            <brokerName>CLSA Americas, LLC</brokerName>
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            <brokerCrdNo>000165533</brokerCrdNo>
            <brokerLei>213800M2DXATWY7JMS07</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>12313.25000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Macquarie Capital (USA) Inc.</brokerName>
            <brokerFileNo>8-47198</brokerFileNo>
            <brokerCrdNo>000036368</brokerCrdNo>
            <brokerLei>549300670K07JRB5UQ40</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>9484.73000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BofA Securities, Inc.</brokerName>
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            <brokerCrdNo>000283942</brokerCrdNo>
            <brokerLei>549300HN4UKV1E2R3U73</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>12858.92000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Citigroup Global Markets Inc.</brokerName>
            <brokerFileNo>8-8177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>MBNUM2BPBDO7JBLYG310</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>18403.33000000</grossCommission>
          </broker>
          <broker>
            <brokerName>J.P. Morgan Securities LLC</brokerName>
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            <grossCommission>38465.29000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>191677.25000000</aggregateCommission>
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          <principalTransaction>
            <principalName>Citigroup Global Markets Inc.</principalName>
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          </principalTransaction>
          <principalTransaction>
            <principalName>State Street Bank and Trust Company</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>571474TGEMMWANRLN572</principalLei>
            <principalStateCountry principalState="US-MA" principalCountry="US"/>
            <principalTotalPurchaseSale>188010044.45000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>J.P. Morgan Securities LLC</principalName>
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            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1151358.35000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>189848277.94000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>308167257.46076923</mnthlyAvgNetAssets>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <closedEndManagementInvestment>
      <securityRelatedItems>
        <securityRelatedItem>
          <description>Common stock</description>
          <securityClassTitle>Aberdeen Emerging Markets Equity Income Fund, Inc.</securityClassTitle>
          <commonStocks>
            <commonStock commonStockExchange="XNYS" commonStockTickerSymbol="AEF"/>
          </commonStocks>
        </securityRelatedItem>
      </securityRelatedItems>
      <isRightsOffering>N</isRightsOffering>
      <isSecondaryOffering>N</isSecondaryOffering>
      <isRepurchaseSecurity>N</isRepurchaseSecurity>
      <isDefaultLongTermDebt>N</isDefaultLongTermDebt>
      <isDividendsInArrears>N</isDividendsInArrears>
      <isSecuritiesModified>N</isSecuritiesModified>
      <managementFee>0.88000000</managementFee>
      <netOperatingExpenses>1.96000000</netOperatingExpenses>
      <marketPricePerShare>5.19000000</marketPricePerShare>
      <netAssetValuePerShare>5.96000000</netAssetValuePerShare>
    </closedEndManagementInvestment>
    <attachmentsTab>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
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    <signature registrantSignedName="abrdn Emerging Markets ex-China Fund, Inc." signedDate="2025-03-10" signature="Sharon Ferrari" title="Director Product Management"/>
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<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>2
<FILENAME>NCEN_811-05770_15621038_1224.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>aefncen.htm - Generated by SEC Publisher for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">
<a name="page_1"></a><a name="_bclPageBorder1"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p align=center style="margin-bottom:4.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Aptos Display,sans-serif" lang=EN-US style="font-size:15.0pt;font-style:normal;letter-spacing:-.5pt;">Report of Independent Registered
Public Accounting Firm</font></b></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">&nbsp;</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">To the Shareholders and Board of
Directors<br>
abrdn Emerging Markets ex-China Fund, Inc.:</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">In planning and performing our audit
of the financial statements of abrdn Emerging Markets ex-China Fund, Inc. (the
Fund) as of and for the year ended December 31, 2024, in accordance with the
standards of the Public Company Accounting Oversight Board (United States), we
considered the Fund's internal control over financial reporting, including
controls over safeguarding securities, as a basis for designing our auditing
procedures for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-CEN, but not for the
purpose of expressing an opinion on the effectiveness of the Fund's internal
control over financial reporting. Accordingly, we express no such opinion.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Management of the Fund is responsible
for establishing and maintaining effective internal control over financial
reporting. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. A company's internal control over financial reporting is a process
designed 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. A company's internal
control over financial reporting includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets
of the company; (2) provide reasonable assurance that transactions are recorded
as necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that receipts and expenditures of
the company are being made only in accordance with authorizations of management
and directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition
of the company's assets that could have a material effect on the financial
statements.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Because of its inherent limitations,
internal control over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become inadequate because of
changes in conditions, or that the degree of compliance with the policies or
procedures may deteriorate.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">A deficiency in internal control over
financial reporting exists when the design or operation of a control does not
allow management or employees, in the normal course of performing their
assigned functions, to prevent or detect misstatements on a timely basis. A
material weakness is a deficiency, or a combination of deficiencies, in
internal control over financial reporting, such that there is a reasonable
possibility that a material misstatement of the company&#8217;s annual or interim
financial statements will not be prevented or detected on a timely basis.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Our consideration of the Fund's
internal control over financial reporting was for the limited purpose described
in the first paragraph and would not necessarily disclose all deficiencies in
internal control that might be material weaknesses under standards established
by the Public Company Accounting Oversight Board (United States). However, we
noted no deficiencies in the Fund's internal control over financial reporting
and its operation, including controls over safeguarding securities, that we
consider to be a material weakness as defined above as of December 31, 2024.</font></p>


</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_2"></a><a name="_bclPageBorder2"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">This report is intended solely for the information and use of
the management and the Board of Directors of abrdn Emerging Markets ex-China
Fund, Inc. and the Securities and Exchange Commission and is not intended to be
and should not be used by anyone other than these specified parties.</font></p>

<div align=left><table cellpadding=0 cellspacing=0 width="100%" border=0 style="border-collapse:collapse;">
 <tr>
  <td valign=top width=20% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:3.0pt;page-break-after:avoid;"><font face=Arial,sans-serif style="font-size:9.0pt;font-style:normal;font-weight:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=20% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:3.0pt;page-break-after:avoid;"><font face=Arial,sans-serif style="font-size:9.0pt;font-style:normal;font-weight:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=20% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:3.0pt;page-break-after:avoid;"><font face=Arial,sans-serif style="font-size:10.0pt;">/s/ KPMG LLP</font></p>
  </td>
 <td valign=top width=20% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:3.0pt;page-break-after:avoid;"><font face=Arial,sans-serif style="font-size:9.0pt;font-style:normal;font-weight:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=20% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:3.0pt;page-break-after:avoid;"><font face=Arial,sans-serif style="font-size:9.0pt;font-style:normal;font-weight:normal;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Columbus,
Ohio<br>
February 27, 2025</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:12.0pt;">&nbsp;</font></p>




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</SEC-DOCUMENT>
