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:   1/31/06

 

Item 1 – Schedule of Investments –

Aberdeen Australia Equity Fund, Inc.

Portfolio of Investments

January 31, 2006

 

     Shares   

Description

   

Value

(US$)

LONG-TERM INVESTMENTS - 95.6%

         

Common Stocks- 95.6%

         

Consumer Discretionary- 8.3%

         
   1,267,000   

APN News & Media Corporation Limited

    $ 4,495,015
   383,000   

Billabong International Limited

      4,279,184
   803,000   

TABCORP Holdings Limited

      9,226,883
            
           18,001,082
            

Consumer Staples- 10.2%

         
   1,050,000   

Foster’s Group Limited

      4,185,830
   1,080,000   

Lion Nathan Limited

      6,119,096
   889,000   

Woolworths Limited

      11,600,389
            
           21,905,315
            

Energy- 4.5%

         
   284,000   

Woodside Petroleum Limited

      9,714,727
            

Financials- 31.8%

         
   797,000   

Australia & New Zealand Banking Group Limited

      15,012,027
   164,000   

Australian Stock Exchange Limited

      4,333,353
   506,000   

Bendigo Bank Limited

      4,834,322
   224,000   

Commonwealth Bank of Australia

      7,565,736
   987,000   

QBE Insurance Group Limited

      14,447,071
   522,000   

Suncorp-Metway Limited

      8,726,588
   780,000   

Westpac Banking Corporation Limited

      13,730,067
            
           68,649,164
            

Industrials- 11.5%

         
   936,000   

Downer EDI Limited

      5,232,412
   425,000   

Leighton Holdings Limited

      6,510,220
   2,119,000   

Qantas Airways Limited

      6,620,072
   222,500   

Wesfarmers Limited

      6,404,222
            
           24,766,926
            

Materials- 14.8%

         
   817,000   

BHP Billiton Limited

      15,944,960
   280,000   

Rio Tinto Limited

      16,059,185
            
           32,004,145
            

Property- 4.8%

         
   773,000   

Westfield Group Limited

      10,355,707
            

Telecommunication Services- 6.7%

         
   2,338,000   

Telecom Corporation of New Zealand Limited

      9,108,218
   1,759,500   

Telstra Corporation Limited

      5,297,293
            
           14,405,511
            

Utilities- 3.0%

         
   322,000   

Australian Gas Light Company Limited

      4,384,399
   2,094,000   

SP Ausnet

      2,059,215
            
           6,443,614
            

Total Long-Term Investments- 95.6%
(cost $124,945,476)

            206,246,191

Other assets in excess of liabilities - 4.4%

            9,381,362
            

Net Assets- 100.0%

          $ 215,627,553
            

Tax Cost of Investments

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

 

Tax Cost Basis   Appreciation   Depreciation  

Net Unrealized

Appreciation

$ 139,854,864   $ 69,484,785   $ 3,093,458   $ 66,391,327
                     

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 31, 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: March 31, 2006
  By:  

/s/ Christian Pittard

    Christian Pittard,
    Treasurer of
    Aberdeen Australia Equity Fund, Inc.
  Date: March 31, 2006