Investment Company Act file number:
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811-08076
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Exact name of registrant as specified in charter:
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Aberdeen Emerging Markets Telecommunications and Infrastructure Fund, Inc.
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Address of principal executive offices:
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c/o 1735 Market Street, 32nd Floor
Philadelphia, PA 19103
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Name and address of agent for service:
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Ms. Andrea Melia
Aberdeen Asset Management Inc.
c/o 1735 Market Street, 32nd Floor
Philadelphia, PA 19103
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Registrant’s telephone number, including area code:
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866-839-5205
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Date of fiscal year end:
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October 31
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Date of reporting period:
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7/31/11
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No. of Shares
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Description
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Value
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spacer
|
||
EQUITY SECURITIES-99.0%
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||
TELECOMMUNICATION AND INFRASTRUCTURE COMPANIES IN EMERGING COUNTRIES-96.0%
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||
ARGENTINA-2.0%
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ENERGY EQUIPMENT & SERVICES-2.0%
|
||
79,000
|
Tenaris S.A., ADR (cost $3,452,694)
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$ 3,491,800
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ASIA-0.3%
|
||
VENTURE CAPITAL-0.3%
|
||
3,622,118(a)
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TVG Asian Communications Fund II, L.P.(b)(c)(d)(e)(f) (cost $812,636)
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517,691
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BRAZIL-6.6%
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||
METALS & MINING-0.9%
|
||
123,000
|
Usinas Siderúrgicas de Minas Gerais S.A.
|
1,681,509
|
OIL, GAS & CONSUMABLE FUELS-2.3%
|
||
228,000
|
Ultrapar Participacoes S.A.
|
4,072,610
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REAL ESTATE MANAGEMENT & DEVELOPMENT-1.9%
|
||
152,000
|
Multiplan Empreendimentos Imobiliarios S.A.
|
3,283,572
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TRANSPORTATION INFRASTRUCTURE-1.5%
|
||
149,000
|
Wilson Sons Limited, BDR
|
2,641,309
|
Total Brazil (cost $10,987,735)
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11,679,000
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CHILE-2.0%
|
||
DIVERSIFIED TELECOMMUNICATION SERVICES-1.1%
|
||
100,132
|
Empresa Nacional de Telecomunicaciones S.A.
|
2,024,527
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ELECTRIC UTILITIES-0.9%
|
||
3,600,000
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Enersis S.A.
|
1,589,508
|
Total Chile (cost $2,785,922)
|
3,614,035
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CHINA-7.6%
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||
WIRELESS TELECOMMUNICATION SERVICES-7.6%
|
||
1,355,172
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China Mobile Limited(d) (cost $11,910,073)
|
13,464,932
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HONG KONG-4.2%
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||
MARINE-0.8%
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||
2,500,000
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Pacific Basin Shipping Limited(d)
|
1,369,990
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REAL ESTATE MANAGEMENT & DEVELOPMENT-3.4%
|
||
510,000
|
Hang Lung Group Limited(d)
|
3,068,141
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210,000
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Swire Pacific Limited(d)
|
2,954,090
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6,022,231
|
||
Total Hong Kong (cost $8,171,367)
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7,392,221
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INDIA-10.4%
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CONSTRUCTION MATERIALS-1.8%
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138,000
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Ultratech Cement Limited(d)
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3,213,565
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IT SERVICES-1.4%
|
||
38,000
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Infosys Technologies Limited(d)
|
2,372,477
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WIRELESS TELECOMMUNICATION SERVICES-7.2%
|
||
1,289,920
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Bharti Airtel Limited(d)
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12,734,380
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Total India (cost $16,573,428)
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18,320,422
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INDONESIA-5.5%
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DIVERSIFIED TELECOMMUNICATION SERVICES-3.6%
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||
7,334,954
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PT Telekomunikasi Indonesia Tbk(d)
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6,350,074
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WIRELESS TELECOMMUNICATION SERVICES-1.9%
|
||
5,206,356
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PT Indosat Tbk(d)
|
3,327,914
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Total Indonesia (cost $7,886,162)
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9,677,988
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KENYA-2.3%
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WIRELESS TELECOMMUNICATION SERVICES-2.3%
|
||
106,089,400
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Safaricom Limited(d) (cost $5,804,768)
|
4,131,455
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LATIN AMERICA-0.2%
|
||
VENTURE CAPITAL-0.2%
|
||
2,286,227(a)
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JP Morgan Latin America Capital Partners L.P.(b)(c)(d)(e)(f) (cost $666,719)
|
279,285
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MALAYSIA-6.6%
|
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CONSTRUCTION MATERIALS-1.0%
|
||
680,000
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Lafarge Malayan Cement Bhd(d)
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1,688,037
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WIRELESS TELECOMMUNICATION SERVICES-5.6%
|
||
980,000
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Digi.Com BHD(d)
|
9,963,590
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Total Malaysia (cost $7,746,788)
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11,651,627
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MEXICO-9.8%
|
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TRANSPORTATION INFRASTRUCTURE-1.1%
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||
114,000
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Grupo Aeroportuario del Centro Norte S.A.B. de C.V., ADR
|
1,858,200
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WIRELESS TELECOMMUNICATION SERVICES-8.7%
|
||
596,996
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América Móvil S.A.B. de C.V., Series L, ADR
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15,402,497
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Total Mexico (cost $6,850,393)
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17,260,697
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MOROCCO-3.3%
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DIVERSIFIED TELECOMMUNICATION SERVICES-3.3%
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332,000
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Maroc Telecom(d) (cost $5,999,978)
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5,822,654
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PHILIPPINES-1.6%
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REAL ESTATE MANAGEMENT & DEVELOPMENT-1.6%
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7,000,000
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Ayala Land, Inc.(d) (cost $2,563,586)
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2,797,023
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RUSSIA-4.9%
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DIVERSIFIED TELECOMMUNICATION SERVICES-2.3%
|
||
328,759
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VimpelCom Limited, ADR
|
4,076,612
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WIRELESS TELECOMMUNICATION SERVICES-2.6%
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524,000
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Mobile Telesystems OJSC(e)
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4,637,400
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Total Russia (cost $5,889,821)
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8,714,012
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SOUTH AFRICA-8.0%
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WIRELESS TELECOMMUNICATION SERVICES-8.0%
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647,791
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MTN Group Limited(d) (cost $9,497,278)
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14,017,152
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SOUTH KOREA-3.3%
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SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT-3.3%
|
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10,800
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Samsung Electronics Co., Limited(d) (cost $5,590,769)
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5,755,838
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TAIWAN-8.9%
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WIRELESS TELECOMMUNICATION SERVICES-8.9%
|
||
5,718,340
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Taiwan Mobile Co., Limited(d) (cost $9,048,795)
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15,717,386
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THAILAND-6.5%
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CONSTRUCTION MATERIALS-1.5%
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215,000
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Siam Cement PCL(d)
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2,751,553
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WIRELESS TELECOMMUNICATION SERVICES-5.0%
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2,266,765
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Advanced Info Service Public Co., Limited
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8,792,993
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Total Thailand (cost $8,555,028)
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11,544,546
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TURKEY-1.1%
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INDUSTRIAL CONGLOMERATES-1.1%
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694,318
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Enka Insaat ve Sanayi AS(d) (cost $2,427,213)
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1,890,943
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GLOBAL-0.9%
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VENTURE CAPITAL-0.9%
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7,248,829(a)
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Emerging Markets Ventures l, L.P.(b)(c)(d)(e)(f)
|
595,854
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2,400,000(a)
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Telesoft Partners II QP, L.P.(b)(c)(d)(e)
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926,592
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Total Global (cost $4,005,168)
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1,522,446
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Total Emerging Countries (cost $137,226,321)
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169,263,153
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TELECOMMUNICATION AND INFRASTRUCTURE COMPANIES IN DEVELOPED COUNTRIES-3.0%
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ISRAEL-2.6%
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SOFTWARE-1.3%
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39,000
|
Check Point Software Technologies Limited(c)
|
2,248,350
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VENTURE CAPITAL-1.3%
|
||
1,674,587 (a)
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BPA Israel Ventures LLC(b)(c)(d)(e)(f)
|
482,598
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4,000,000 (a)
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Concord Ventures Fund II, L.P.(b)(c)(d)(e)
|
150,932
|
2,750,000 (a)
|
Giza GE Venture Fund III, L.P.(b)(c)(d)(e)
|
551,292
|
2,000,000 (a)
|
K.T. Concord Venture Fund L.P.(b)(c)(d)(e)
|
83,444
|
708,684 (a)
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Neurone Ventures II, L.P.(b)(c)(d)(e)(f)
|
122,050
|
2,001,470 (a)
|
SVE Star Ventures Enterprises GmbH & Co. No. IX KG(b)(c)(d)(e)
|
423,111
|
1,375,001(a)
|
Walden-Israel Ventures III, L.P.(b)(c)(d)(e)
|
468,738
|
2,282,165
|
||
Total Israel (cost $10,964,747)
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4,530,515
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UNITED STATES-0.4%
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INTERNET SOFTWARE & SERVICES-0.3%
|
||
1,939
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NetFlix, Inc.(c)
|
515,754
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VENTURE CAPITAL-0.1%
|
||
1,952,000(a)
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Technology Crossover Ventures IV, L.P.(b)(c)(d)(e)(f)
|
220,625
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Total United States (cost $927,634)
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736,379
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Total Developed Countries (cost $11,892,381)
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5,266,894
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COMPANIES PROVIDING OTHER ESSENTIAL SERVICES IN EMERGING COUNTRIES-0.0%
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ARGENTINA-0.0%
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VENTURE CAPITAL-0.0%
|
||
1,897,761(a)
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Exxel Capital Partners V, L.P.(b)(c)(d)(e) (cost $380,481)
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0
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Total Equity Securities-99.0% (cost $149,499,183)
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174,530,047
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|
Principal
|
||
Amount (000's)
|
Description
|
Value
|
SHORT-TERM INVESTMENT-1.9%
|
||
GRAND CAYMAN-1.9%
|
||
$3,385
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Wells Fargo, overnight deposit, 0.03%, 08/01/11 (cost $3,385,000)
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$3,385,000
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Total Investments-100.9% (cost $152,884,183)
|
177,915,047
|
|
Liabilities in Excess of Cash and Other Assets-(0.9)%
|
(1,603,812)
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|
Net Assets-100.0%
|
$ 176,311,235
|
|
(d)
|
Security was fair valued as of July 31, 2011. Security is valued at fair value as determined in good faith by, or under the direction of, the Board of Directors (the “Board”) under procedures established by the Board.
|
Security
|
Acquisition Date(s)
|
Cost
|
Fair Value
At 07/31/11
|
Percent of
Net Assets
|
Distributions
Received
|
Open
Commitments
|
BPA Israel Ventures LLC
|
10/05/00 - 12/09/05
|
$1,160,483
|
$482,598
|
0.27
|
$97,293
|
$625,413
|
Concord Ventures Fund II, L.P.
|
03/29/00 - 12/15/06
|
2,370,238
|
150,932
|
0.09
|
931,294
|
–
|
Emerging Markets Ventures l, L.P.
|
01/22/98 - 01/10/06
|
2,719,587
|
595,854
|
0.34
|
7,200,920
|
851,171
|
Exxel Capital Partners V, L.P.
|
05/11/98 - 12/03/98
|
380,481
|
–
|
–
|
205,185
|
–
|
Giza GE Venture Fund III, L.P.
|
01/31/00 - 11/23/06
|
1,812,299
|
551,292
|
0.31
|
724,175
|
–
|
JP Morgan Latin America Capital Partners L.P.
|
04/10/00 - 03/20/08
|
666,719
|
279,285
|
0.16
|
2,290,424
|
502,325
|
K.T. Concord Venture Fund L.P.
|
12/08/97 - 09/29/00
|
1,260,856
|
83,444
|
0.05
|
1,320,492
|
–
|
Neurone Ventures II, L.P.
|
11/24/00 - 02/24/09
|
171,317
|
122,050
|
0.07
|
413,346
|
52,500
|
SVE Star Ventures Enterprises GmbH & Co. No. IX KG
|
12/21/00 - 08/12/08
|
1,624,685
|
423,111
|
0.24
|
380,279
|
–
|
Technology Crossover Ventures IV, L.P.
|
03/08/00 - 09/27/10
|
489,244
|
220,625
|
0.13
|
2,518,369
|
48,000
|
Telesoft Partners II QP, L.P.
|
07/14/00 - 03/01/10
|
1,285,581
|
926,592
|
0.52
|
1,109,561
|
–
|
TVG Asian Communications Fund II, L.P.
|
06/07/00 - 10/27/05
|
812,636
|
517,691
|
0.29
|
3,588,719
|
377,882
|
Walden-Israel Ventures III, L.P.
|
02/23/01 - 10/20/10
|
845,948
|
468,738
|
0.27
|
982,757
|
–
|
Total
|
$15,600,074
|
$4,822,212
|
2.74
|
$21,762,814
|
$2,457,291
|
|
·
|
Level 1 – quoted prices in active markets for identical investments.
|
·
|
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
|
·
|
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments, information provided by the General Partner or Investee Companies such as publicly traded prices, financial statements, capital statements.)
|
The following is a summary of the inputs used as of July 31, 2011 in valuing the Fund's investments carried at value. Refer to the Portfolio of Investments for a detailed breakout of the security types:
|
||||||||
Investments, at value
|
Level 1*
|
Level 2*
|
Level 3*
|
Balance as of 07/31/2011
|
||||
Construction Materials
|
$ –
|
$ 7,653,155
|
$ –
|
$ 7,653,155
|
||||
Diversified Telecommunication Services
|
6,101,139
|
12,172,728
|
–
|
18,273,867
|
||||
Electric Utilities
|
1,589,508
|
–
|
–
|
1,589,508
|
||||
Energy Equipment & Services
|
3,491,800
|
–
|
–
|
3,491,800
|
||||
Industrial Conglomerates
|
–
|
1,890,943
|
–
|
1,890,943
|
||||
Internet Software & Services
|
515,754
|
–
|
–
|
515,754
|
||||
IT Services
|
–
|
2,372,477
|
–
|
2,372,477
|
||||
Marine
|
–
|
1,369,990
|
–
|
1,369,990
|
||||
Metals & Mining
|
1,681,509
|
–
|
–
|
1,681,509
|
||||
Oil, Gas & Consumable Fuels
|
4,072,610
|
–
|
–
|
4,072,610
|
||||
Real Estate Management & Development
|
3,283,572
|
8,819,254
|
–
|
12,102,826
|
||||
Semiconductors & Semiconductor Equipment
|
–
|
5,755,838
|
–
|
5,755,838
|
||||
Software
|
2,248,350
|
–
|
–
|
2,248,350
|
||||
Transportation Infrastructure
|
4,499,509
|
–
|
–
|
4,499,509
|
||||
Venture Capital
|
–
|
–
|
4,822,212
|
4,822,212
|
||||
Wireless Telecommunication Services
|
28,832,890
|
73,356,809
|
–
|
102,189,699
|
||||
Short-Term Investments
|
–
|
3,385,000
|
–
|
3,385,000
|
||||
Total
|
$ 56,316,641
|
$ 116,776,194
|
$ 4,822,212
|
$ 177,915,047
|
||||
Investments, at value
|
Balance as of 10/31/2010
|
Accrued discounts/ premiums
|
Realized gain/(loss)
|
Change in unrealized appreciation/ (depreciation)
|
Purchases
|
Sales
|
Transfers into
Level 3
|
Transfers out of Level 3
|
Balance as of 07/31/2011
|
Venture Capital
|
$6,354,637
|
$-
|
$-
|
$(1,056,045)
|
$22,500
|
$(498,880)
|
$-
|
$-
|
$4,822,212
|
Total
|
$6,354,637
|
$-
|
$-
|
$(1,056,045)
|
$22,500
|
$(498,880)
|
$-
|
$-
|
$4,822,212
|
1.
|
I have reviewed this report on Form N-Q of Aberdeen Emerging Markets Telecommunications and Infrastructure Fund, Inc.;
|
2.
|
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;
|
(a)
|
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;
|
(b)
|
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;
|
(c)
|
Evaluated the effectiveness of the registrant’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
|
(d)
|
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
(a)
|
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’s ability to record, process, summarize, and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
1.
|
I have reviewed this report on Form N-Q of Aberdeen Emerging Markets Telecommunications and Infrastructure Fund, Inc.;
|
2.
|
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;
|
(a)
|
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;
|
(b)
|
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;
|
(c)
|
Evaluated the effectiveness of the registrant’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
|
(c)
|
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
(a)
|
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’s ability to record, process, summarize, and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|