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: 10/31/07

Date of reporting period: 1/31/07

 

Item 1 – Schedule of Investments – [ INSERT SCHEDULE ]

Portfolio of Investments

January 31, 2007

 

Shares

       

Description

   

Value

(US$)

LONG-TERM INVESTMENTS - 96.3%

   

Common Stocks- 96.3%

   

Consumer Discretionary- 8.5%

   

1,099,500

      APN News & Media Corporation Limited    $ 5,161,132

405,000

      Billabong International Limited      5,126,066

862,500

      TABCORP Holdings Limited      11,664,885
           
          21,952,083
           

Consumer Staples- 10.3%

   

958,000

      Foster’s Group Limited      5,023,788

1,197,500

      Lion Nathan Limited      7,698,936

761,000

      Woolworths Limited      13,999,915
           
          26,722,639
           

Energy- 4.5%

      

406,500

      Woodside Petroleum Limited      11,760,567
           

Financials- 32.6%

      

798,500

      Australia & New Zealand Banking Group Limited      18,005,046

171,500

      Australian Stock Exchange Limited      5,034,779

475,500

      Bendigo Bank Limited*      4,972,347

268,000

      Commonwealth Bank of Australia*      10,387,935

765,000

      QBE Insurance Group Limited*      18,251,109

655,000

      Suncorp-Metway Limited*      10,959,031

881,000

      Westpac Banking Corporation Limited*      17,108,320
           
          84,718,567
           

Industrials- 10.7%

      

1,334,500

      Downer EDI Limited      6,812,102

320,500

      Leighton Holdings Limited      5,461,700

1,847,000

      Qantas Airways Limited      7,711,392

259,500

      Wesfarmers Limited*      7,668,475
           
          27,653,669
           

Materials- 17.5%

      

1,143,000

      BHP Billiton Limited*      23,054,958

379,000

      Rio Tinto Limited*      22,487,703
           
          45,542,661
           

Property- 5.0%

      

755,000

      Westfield Group Limited      13,047,390
           

Telecommunication Services- 3.3%

   

1,729,000

      Telecom Corporation of New Zealand Limited*      5,919,628

788,500

      Telstra Corporation Limited*      2,589,671
           
          8,509,299
           

Utilities- 3.9%

      

372,000

      AGL Energy Limited      4,987,893

4,789,000

      SP Ausnet      5,211,926
           
          10,199,819
           
Total Long-Term Investments- 96.3% (cost $158,433,816)      250,106,694
           

SHORT-TERM INVESTMENT - 2.0%

   

Par Amount

              

5,114,000

      Repurchase Agreement, State Street Bank and Trust Company, 4.70% dated 1/31/07, due 2/01/07 in the amount of $5,114,668 (collateralized by $3,935,000 U.S. Treasury Bonds, 8.125% due 5/15/21; value $5,220,128)      5,114,000
           

Total Short-Term Investments- 2.0% (cost $5,114,000)

   

Total Investments- 98.3% (cost $163,547,816)

      255,220,694

Other Assets in Excess of Liabilities - 1.7%

      4,427,189
           

Net Assets- 100.0%

    $ 259,647,883
           
* 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 January 31, 2007 were as follows:

 

Tax Cost Basis   Appreciation   Depreciation   Net Unrealized
Appreciation
$ 178,566,556   $ 77,406,624   $ 752,486   $ 76,654,138
                     

 

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 first 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: March 29, 2007

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: March 29, 2007
  By:  

/s/ Christian Pittard

    Christian Pittard,
    Treasurer of
    Aberdeen Australia Equity Fund, Inc.
  Date: March 29, 2007