Aberdeen Australia Equity Fund, Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

 

 

Investment Company Act file number:   811-04438
Exact name of registrant as specified in charter:   Aberdeen Australia Equity Fund, Inc.
Address of principal executive offices:  

800 Scudders Mill Road,

Plainsboro,

New Jersey 08536

Name and address of agent for service:  

Mr. Christian Pittard

Aberdeen Asset Management Inc.

1735 Market Street

37th Floor

Philadelphia, PA 19103

 

Registrant’s telephone number, including area code: 1-866-839-5205

Date of fiscal year end: 10/31/06

Date of reporting period: 7/31/06

 

Item 1 – Schedule of Investments

Aberdeen Australia Equity Fund, Inc.

Portfolio of Investments (unaudited)

July 31, 2006

 

Shares

       

Description

   

Value

(US$)

LONG-TERM INVESTMENTS - 97.0%

   

Common Stocks- 97.0%

   

Consumer Discretionary- 8.5%

   

1,067,000

      APN News & Media Corporation Limited    $ 4,112,746

374,000

      Billabong International Limited      4,141,321

809,000

      TABCORP Holdings Limited      9,516,043
           
          17,770,110
           

Consumer Staples- 10.4%

   

1,010,000

      Foster’s Group Limited      4,163,927

1,028,500

      Lion Nathan Limited      6,202,667

789,000

      Woolworths Limited      11,511,805
           
          21,878,399
           

Energy- 4.5%

      

285,500

      Woodside Petroleum Limited      9,361,552
           

Financials- 32.5%

      

738,000

      Australia & New Zealand Banking Group Limited      14,279,639

157,000

      Australian Stock Exchange Limited      3,936,520

447,500

      Bendigo Bank Limited      4,224,772

248,000

      Commonwealth Bank of Australia      8,513,912

900,000

      QBE Insurance Group Limited      15,207,246

567,000

      Suncorp-Metway Limited      8,407,435

798,000

      Westpac Banking Corporation Limited      13,453,183
           
          68,022,707
           

Industrials- 11.0%

      

1,125,000

      Downer EDI Limited      6,457,045

292,500

      Leighton Holdings Limited      4,319,237

2,668,000

      Qantas Airways Limited      6,235,699

221,000

      Wesfarmers Limited      5,995,080
           
          23,007,061
           

Materials- 16.9%

      

883,500

      BHP Billiton Limited      18,801,041

291,000

      Rio Tinto Limited*      16,581,806
           
          35,382,847
           

Property- 5.0%

      

737,000

      Westfield Group Limited      10,391,657
           

Telecommunication Services- 5.2%

   

2,338,000

      Telecom Corporation of New Zealand Limited      5,912,320

1,744,500

      Telstra Corporation Limited      5,106,623
           
          11,018,943
           

Utilities- 3.0%

      

148,000

      Australian Gas Light Company Limited      2,157,107

4,116,000

      SP Ausnet      4,068,783
           
          6,225,890
           

Total Long-Term Investments- 97.0% (cost $133,958,624)

      203,059,166
           

SHORT-TERM INVESTMENT - 0.6%

   

1,364,000

      Repurchase Agreement, State Street Bank and Trust Company, 4.71% dated 7/31/06, due 8/01/06 in the amount of $1,364,178 (collateralized by $1,215,000 U.S. Treasury Bonds, 6.25% due 8/15/23; value $1,393,724)      1,364,000
           
Total Short-Term Investments- 0.6% (cost $1,364,000)   

Total Investments- 97.6% (cost $135,322,624)

      204,423,166

Other assets in excess of liabilities - 2.4%

      4,929,240
           

Net Assets- 100.0%

    $ 209,352,406
           
* Portion of security is on loan.

Tax Cost of Investments

The United States federal income tax basis of the Fund’s investments and net unrealized appreciation as of July 31, 2006 were as follows:

 

Tax Cost Basis   Appreciation   Depreciation  

Net Unrealized

Appreciation

$  150,246,611   $ 60,816,317   $ 6,639,762   $ 54,176,555
                     

 

Aberdeen Australia Equity Fund, Inc. 1

Item 2 – Controls and Procedures

 

  (a) It is the conclusion of the Registrant’s principal executive officer and principal financial officer that the effectiveness of the Registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the Registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the Registrant has been accumulated and communicated to the Registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

 

  (b) There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) and the Investment Company Act of 1940, as amended) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3 – Exhibits.

 

  (a) Certifications required pursuant to Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed as Exhibit 99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  Aberdeen Australia Equity Fund, Inc.
  By:  

/s/ Martin Gilbert

    Martin Gilbert,
    President of
    Aberdeen Australia Equity Fund, Inc.
  Date: September 28, 2006

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

 

  By:  

/s/ Martin Gilbert

    Martin Gilbert,
    President of
    Aberdeen Australia Equity Fund, Inc.
  Date: September 28, 2006
  By:  

/s/ Christian Pittard

    Christian Pittard,
    Treasurer of
    Aberdeen Australia Equity Fund, Inc.
  Date: September 28, 2006