ABERDEEN AUSTRAILIA EQUITY FUND

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

 

 

Investment Company Act file number:   811-4438
Exact name of registrant as specified in charter:   Aberdeen Australia Equity Fund, Inc.
Address of principal executive offices:   Gateway Center 3,
    100 Mulberry Street,
    Newark, New Jersey 07102
Name and address of agent for service:   Mr. Beverley Hendry,
    300 S.E. 2nd Street, Suite #820,
    Fort Lauderdale,
    Florida 33301
Registrant’s telephone number, including area code:   954-767-9900
Date of fiscal year end:   10/31/04
Date of reporting period:   7/31/04

 

Item 1 – Schedule of Investments – [ INSERT SCHEDULE ]

 

Statement of Net Assets (unaudited)

July 31, 2004

 

Shares   Description  

Value

(US$)

LONG-TERM INVESTMENTS—96.3%
Common Stocks—96.3%
Consumer Discretionary—13.3%
1,360,000  

APN News & Media Corporation Limited

   $ 4,038,211
720,010  

Info Media

     408,421
2,900,000  

Ion Limited

     3,533,715
1,906,000  

Pacifica Group Limited

     5,592,695
793,000  

TABCORP Holdings Limited

     7,758,073
       
          21,331,115
       
Consumer Staples—15.2%
444,000  

Billabong International Limited

     2,524,778
2,680,000  

Foster’s Group Limited

     8,689,605
840,000  

Lion Nathan Limited

     4,100,118
696,000  

McGuigan Simeon Wines Limited

     2,412,674
797,000  

Woolworths Limited

     6,535,811
       
          24,262,986
       
Energy—2.1%
263,000  

Woodside Petroleum Limited

     3,313,379
       
Financials—33.8%
988,000  

Australia & New Zealand Banking Group Limited

     12,495,653
294,000  

Australian Stock Exchange Limited

     3,242,740
705,000  

AXA Asia Pacific Holdings Limited

     1,565,066
69,108  

Bendigo Bank Limited

     472,348
285,000  

Commonwealth Bank of Australia

     6,231,061
187,000  

National Australia Bank Limited

     3,492,600
1,403,000  

QBE Insurance Group Limited

     12,261,865
408,000  

Suncorp-Metway Limited

     3,971,543
873,000  

Westpac Banking Corporation Limited

     10,301,451
       
          54,034,327
       
Shares   Description  

Value

(US$)

Industrials—4.0%
981,000  

Leighton Holdings Limited

   $ 6,437,139
       
Materials—8.9%
724,000  

BHP Billiton Limited

     6,682,489
283,000  

Rio Tinto Limited

     7,509,228
       
          14,191,717
       
Property—3.9%
594,679  

Westfield Trust

     6,309,276
       
Telecommunication Services—10.4%
2,580,000  

Telecom Corporation of New Zealand Limited

     10,009,531
1,932,000  

Telstra Corporation Limited

     6,670,192
       
          16,679,723
       
Utilities—4.7%
560,000  

Australian Gas Light Company Limited

     4,941,318
1,574,000  

GasNet Australia Group

     2,623,409
       
          7,564,727
       
    Total long-term investments
(cost $113,072,830)		     154,124,389
       
Principal
Amount
(000)		        
SHORT-TERM INVESTMENT—0.7%
Repurchase Agreement—0.7%      
1,141  

State Street Bank and Trust Company, 1.20%,
dated 7/30/04, due 8/2/04 in the amount of $1,141,114
(cost $1,141,000; collaterized by $975,000 U.S. Treasury Bonds, 6.625%, 2/15/27; value including interest $1,168,837)

     1,141,000
       
Total Investments—97.0% (cost $114,213,830)      155,265,389
Other Assets in excess of Liabilities—3.0%      4,881,402
Net assets—100%    $ 160,146,791

Net Asset Value per common share
($160,146,791/16,777,298 shares issued and outstanding)

      $9.55

 

See Notes to Financial Statements.

Aberdeen Australia Equity Fund, Inc.

 

7

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 that occurred during the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

 

Item 3 – Exhibits

 

(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 – Attached hereto

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 22, 2004

 

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 22, 2004

 

By:

  

    /s/ Christian Pittard

   

Christian Pittard,

   

Treasurer of

   

Aberdeen Australia Equity Fund, Inc.

Date:

  

September 22, 2004