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Dear Shareholder,

We present this Annual Report which covers the activities of Aberdeen Emerging Markets Smaller Company Opportunities Fund, Inc. (the “Fund”) (formerly know as Aberdeen Emerging Markets Telecommunications and Infrastructure Fund, Inc.) for the twelve-month period ended October 31, 2013. The Fund’s principal investment objective is to seek long-term capital appreciation. The Fund seeks to achieve this investment objective by investing primarily in equity securities of emerging market smaller company issuers.

Elective Cash Distribution

On December 6, 2013 the Board of Directors declared the payment of an elective cash distribution to be paid in the amount of $6.02616 per share of common stock, on January 31, 2014, to shareholders of record at the close of business on December 20, 2013. As announced, the distribution will be paid in shares of the Fund’s common stock. However, shareholders may to request that their distributions be paid in cash in lieu of common stock. The aggregate amount of cash distributions to all shareholders will be limited to 60% of the aggregate dollar amount of the total distribution. If cash distribution requests exceed this limit, the Fund will pro-rate the cash distribution among all shareholders who have made such requests, based on the amounts requested. Requesting shareholders who do not receive 100% of their distribution in cash, will receive the balance in shares of common stock of the Fund. Shareholder requests to receive cash in lieu of stock must be received by Computershare Trust Company, N.A., the Fund’s transfer agent, not later than 4 p.m. (New York time) on January 22, 2014. All fractional shares will be paid in cash. A written notice of the planned distribution will be sent to shareholders. The written notice will include instructions on how shareholders can request to receive cash in lieu of stock.

The per share value of shares of the Fund’s common stock to be issued in the special cash distribution will be determined on January 23, 2014. The per share value will be the average trading price of the Fund’s common shares on the NYSE MKT as of the close of trading during a three-business day period ending on January 23, 2014.

Total Return Performance

For the year ended October 31, 2013, the total return to shareholders of the Fund, based on the net asset value (“NAV”) of the Fund net of fees, and assuming reinvestment of dividends and distributions, was 0.8% versus a return of 10.6% for the Fund’s new benchmark, the MSCI Emerging Markets Small Cap Index.

Share Price and NAV

For the year ended October 31, 2013, based on market price, the Fund’s total return was 1.0%, assuming reinvestment of dividends and distributions. The Fund’s share price decreased 0.9% over the twelve

months, from $20.65 on October 31, 2012 to $20.47 on October 31, 2013. The Fund’s share price on October 31, 2013 represented a discount of 9.8% to the NAV per share of $22.69 on that date, compared with a discount of 10.0% to the NAV per share of $22.95 on October 31, 2012.

Open Market Repurchase Program

The Fund’s policy is generally to buy back Fund shares on the open market when the Fund trades at certain discounts to NAV. During the fiscal year ended October 31, 2013 and fiscal year ended October 31, 2012, the Fund did not repurchase any shares.

Portfolio Holdings Disclosure

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q filings are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information about the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Fund makes the information on Form N-Q available to shareholders on the Fund’s website or upon request and without charge by calling Investor Relations toll-free at 1-866-839-5205.

Proxy Voting

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve months ended June 30 is available by August 30 of the relevant year: (i) upon request and without charge by calling Investor Relations toll-free at 1-866-839-5205; and (ii) on the SEC’s website at http://www.sec.gov.

Investor Relations Information

As part of our ongoing commitment to provide information to our shareholders, I invite you to visit the Fund on the web at www.aberdeenetf.com. From this page, you can view monthly fact sheets, portfolio manager commentary, distribution and performance information, updated daily fact sheets courtesy of Morningstar®, conduct portfolio charting and other timely data.

Please take a look at Aberdeen’s award-winning Closed-End Fund Talk Channel, where you can watch fund manager web casts and view our latest short films. For replays of recent broadcasts or to register for upcoming events, please visit Aberdeen’s Closed-End Fund Talk Channel at www.aberdeen-asset.us/aam.nsf/usClosed/aberdeentv.

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announcements of upcoming fund manager web casts, films and other information. Please note that Aberdeen does not share our shareholder information with any other organizations.

Please contact Aberdeen Asset Management Inc. by:

·   calling toll free at 1-866-839-5205 in the United States, or

·   emailing InvestorRelations@aberdeen-asset.com

·   visiting Aberdeen Closed-End Fund Center at http://www.aberdeen-asset.us/aam.nsf/usclosed/home;

·   visiting www.aberdeenetf.com

Yours sincerely,

Christian Pittard
President

Computershare Trust Company, N.A., the Fund’s transfer agent, sponsors and administers a Dividend Reinvestment and Direct Stock Purchase Plan (the “Plan”), which is available to shareholders.

The Plan allows registered shareholders and first time investors to buy and sell shares and automatically reinvest dividends and capital gains through the transfer agent. This is a cost-effective way to invest in the Fund.

Please note that for both purchases and reinvestment purposes, shares will be purchased in the open market at the current share price and cannot be issued directly by the Fund.

For more information about the Plan and a brochure that includes the terms and conditions of the Plan, please call Computershare at 1-800-647-0584 or visit www.computershare.com/buyaberdeen.

Market Review

Emerging market equities rose during the reporting period, but underperformed their developed-market peers. Stock markets had a positive start as tension in the Eurozone1 eased and the U.S. narrowly averted the “fiscal cliff,” a series of tax hikes and government spending cuts, which had threatened to push the economy back into recession. The momentum, though, faltered at the turn of the year. Gathering signs of an economic slowdown spreading from China weighed on market sentiment. The prospect of the U.S. Federal Reserve (Fed) scaling back its government bond purchases sparked a further sell-off in emerging markets over the summer of 2013. Shares tumbled, and currencies, especially those seen as vulnerable to a capital flight, depreciated sharply against the U.S. Dollar. Brazil and Turkey came under extra pressure amid nationwide anti-government protests. However, the Fed’s assurance that it would maintain stimulus until there is substantial economic improvement, coupled with a temporary resolution to lift the U.S. debt ceiling, turned sentiment around in the last two months of the review period. Improving Chinese economic data also eased worries of a sharp slowdown.

Fund Performance Review

The Fund’s new mandate to focus on global emerging markets smaller companies, became effective March 15, 2013. The Fund now seeks to achieve its investment objective of long-term capital appreciation by investing at least 80% of its net assets in equity securities of in emerging markets smaller company issuers.

During the twelve months ended October 31, 2013, the Fund’s underperformance relative to the benchmark MSCI Emerging Markets Small Cap Index was attributable largely to currency effects and asset allocation. Stock selection, however, was generally positive. Countries such as China, Korea and Taiwan, where the Fund is underweight because of what we believe to be a lack of quality companies held up better amid the volatility. These shares gained on expectations of strengthening exports along with an improving outlook in the developed markets. In addition, China and Taiwan benefited from their pegged or managed currencies. Rising expectations of growth in the tech sector also supported the Taiwan market.

As bottom-up stock pickers, our asset allocation strategy results from our selection of what we believe are high-quality companies that are attractively valued. We do not actively seek to underweight or overweight countries or sectors, as country and sector allocation is instead the result of our bottom-up stock selection. This style may lead to significant deviations from the benchmark index.

The Fund’s overweight position to emerging Europe versus the benchmark MSCI Emerging Markets Small Cap Index contributed to performance with both positive allocation and stock selection. In particular, Turkey, where the holdings in insurer Aksigorta AS and

cement maker, Cimsa Cimento Sanayi VE Tica bolstered performance as both companies reported healthy results during the reporting period. Conversely, the overweight to Latin America, mainly in Brazil, detracted from performance, however, stock selection in the region was positive. In Brazil, domestic equities and the Real came under pressure on the back of the emerging market sell-off over the summer, with slowing economic growth and widespread protests. Despite this, we generally remain positive about Brazil, as we believe that it offers a deep market of quality companies at attractive valuations.

Among the largest contributors to Fund performance among individual stocks was Thai “cash & carry” wholesaler Siam Makro, whose shares surged sharply following news of a take-over bid by Thai retail conglomerate CP ALL. Siam Makro also benefited from the stable operating environment over the period. We subsequently exited the position after the run-up in the share price. Other contributors included Hong Kong’s Dah Sing Banking Group Limited, which benefited from its industry peer Wing Hang Bank’s takeover offers, as interest in consolidating family-owned banks was renewed among larger lenders. Detracting from Fund performance was the holding in Chilean mall operator Parque Arauco S.A., which was weighed down by expectations of capital issuance to fund growth. Additionally, cement maker PT Holcim Indonesia Tbk experienced a weaker macroeconomic environment and cost pressures.

As discussed in previous reports, most of the Fund’s venture capital holdings are foreign technology oriented venture capital funds. Global equity markets performed very strongly over the past 12 month period, increasing in value, albeit with a slight sell-off in June when former Fed chairman, Ben Bernanke, signaled that U.S. quantitative easing could cease earlier than expected. Although it was another volatile 12 months, technology markets performed very strongly over the period with the Dow Jones U.S. Technology Index increasing 16.2% to October 31, 2013. The valuation of the venture capital holdings as a whole decreased 2.2% over the twelve month period. The decline in valuation is predominantly driven by the large write down of the JP Morgan Latin America Capital Partners holding which was marked down 44.9% twelve months ending October 31, 2013.

In December 2012, the SVE Star Ventures portfolio IX was sold in a secondary sale following the end of the fund’s term. A discount of approximately 48% was applied on the sale and the holding’s remaining value in the Fund (escrows from the respective sales of Aeroscout and Broadlight) has been written down accordingly. Earlier in October 2012, SVE Star Ventures IX’s holding of Vidyo, a video conferencing technology company, was distributed in specie to the Fund and is now held in trust.

Venture capital holdings distributed $1,069,841 during the fiscal year ended October 31, 2013, with 75% of these proceeds being received

by the Fund in the first six months of the financial year of the Fund. The largest distribution proceeds over the year were from SVE Star Ventures IX ($319,200), Emerging Markets Ventures ($126,500), and Concord Ventures II Fund ($120,668). One capital call was issued over the year from JP Morgan Latin America Capital Partners of $53,123 for fees and as of October 31, 2013, the Fund had 5.6% of its total capital commitment still unfunded in its active investments. We believe it is unlikely that the general partner will implement capital calls for new investments.

Outlook

We believe that hopes for continued stimulus from the Fed have provided a respite to battered emerging market equities, but caution is still merited as uncertainties persist. Chief among these is the outlook for U.S. monetary policy. The Fed subsequently announced a moderate initial taper following its December 2013 policy meeting, reflecting the improved labor market and U.S. government fiscal situation. The Fed’s move generally was expected, and we believe that the markets already had priced in a modest reduction in quantitative

easing. Ultimately, we believe that a recovery in the U.S. is positive for global growth, although in the short term this could potentially result in painful market adjustments as liquidity is withdrawn and yields rise. Attention will be focused on where China’s economy is headed as well. Beijing has unveiled a range of substantial economic and social reforms, but, in our view, implementing these changes in the face of resistance from vested interest and bureaucratic inertia will be complex. Monetary policymakers in other emerging markets also face challenges in pursuing structural changes that have been delayed because of the easy liquidity generated by monetary easing. Until the impact of these improvements is felt, we feel that the developing world will have to adjust to a slower growth pace amid the economic restructuring. Against this backdrop, we maintain our focus on companies which we think are able to get through difficult times and emerge stronger. We believe that this emphasis on fundamentals may benefit the Fund’s performance in the long term.

Aberdeen Asset Managers Limited

October 31, 2013

As of October 31, 2013

As of October 31, 2013

As of October 31, 2013