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. Alan Goodson
   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: 7/31/07

 

Item 1 – Schedule of Investments – [ INSERT SCHEDULE ]

Portfolio of Investments

As of July 31, 2007 (unaudited)

 

Shares

        

Description

   

Value

(US$)

LONG-TERM INVESTMENTS - 96.5%

Common Stocks- 96.5%

Capital Goods- 1.1%

371,500       Bradken Limited    $ 3,214,977
            

Consumer Discretionary- 8.0%

1,214,500       APN News & Media Corporation Limited      5,938,331
431,000       Billabong International Limited      5,933,365
862,500       TABCORP Holdings Limited      11,923,229
            
           23,794,925
            

Consumer Staples- 10.2%

958,000       Foster’s Group Limited      4,795,143
1,126,000       Lion Nathan Limited      8,115,691
796,000       Metcash Limited      3,019,085
619,000       Woolworths Limited      14,343,229
            
           30,273,148
            

Energy- 4.6%

370,500       Woodside Petroleum Limited      13,545,579
            

Financials- 34.2%

882,000       Australia & New Zealand Banking Group Limited      21,258,878
202,000       Australian Stock Exchange Limited      8,386,453
475,500       Bendigo Bank Limited      6,524,088
294,000       Commonwealth Bank of Australia      13,558,568
827,000       QBE Insurance Group Limited      20,995,661
664,000       Suncorp-Metway Limited      10,912,058
909,000       Westpac Banking Corporation Limited      20,208,457
            
           101,844,163
            

Health Care Equipment & Services- 1.0%

328,000       Ramsay Health Care Limited      2,989,085
            

Industrials- 8.0%

1,455,500       Downer EDI Limited      8,666,836
207,250       Leighton Holdings Limited      6,856,109
246,000       Wesfarmers Limited      8,167,586
            
           23,690,531
            

Materials- 17.3%

878,000       BHP Billiton Limited      28,115,113
300,500       Rio Tinto Limited      23,549,266
            
           51,664,379
            

Property- 4.6%

843,500       Westfield Group Limited      13,646,348
            

Telecommunication Services- 3.0%

1,729,000       Telecom Corporation of New Zealand Limited      5,955,963
788,500       Telstra Corporation Limited      3,093,531
            
           9,049,494
            

Utilities- 4.5%

593,000       AGL Energy Limited      7,808,089
4,789,000       SP Ausnet      5,528,369
            
           13,336,458
            

Total Long Term Investments- 96.5% (cost $159,614,830)

      287,049,087
            

Total Investments- 96.5% (cost $159,614,830)

      287,049,087

Other Assets in Excess of Liabilities - 3.5%

      10,432,249
            

Net Assets- 100.0%

    $ 297,481,336
            

Tax Cost of Investments

The United States federal income tax basis of the Fund's investments and net unrealized appreciation as of July 31, 2007 were as follows:

 

Tax Cost Basis    Appreciation    Depreciation    Net Unrealized
Appreciation
$159,614,830    $ 127,513,551    $ 79,294    $ 127,434,257
                      

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 26, 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: September 26, 2007

 

  By:   /s/ Alan Goodson
    Alan Goodson,
    Treasurer of
    Aberdeen Australia Equity Fund, Inc.

Date: September 26, 2007