NPORT-EX 2 NPORT_299320994886353.htm

Portfolio of Investments (unaudited)

As of July 31, 2020

Shares				Description		Industry and Percentage of Net Assets		Value (US$)
LONG-TERM INVESTMENTS—97.1%
COMMON STOCKS—97.1%
AUSTRALIA—77.2%
	9,813			Afterpay Ltd. (a)		Information Technology Services— 0.4%		$	477,292
	90,400			Altium Ltd.		Software— 1.7%			2,112,125
	259,100			APA Group		Gas Utilities— 1.7%			2,029,707
	215,100			Aristocrat Leisure Ltd.		Hotels, Restaurants & Leisure— 3.3%			4,033,020
	84,800			ASX Ltd.		Capital Markets— 4.1%			4,996,469
	900,800			AusNet Services		Electric Utilities— 1.0%			1,150,963
	179,500			Australia & New Zealand Banking Group Ltd.		Banks— 1.9%			2,279,774
	451,100			BHP Group PLC		Metals & Mining— 8.0%			9,754,322
	282,300			Charter Hall Group		Equity Real Estate Investment Trusts (REIT)— 1.7%			2,104,540
	1,556,300			Cleanaway Waste Management Ltd.		Commercial Services & Supplies— 1.9%			2,309,030
	37,600			Cochlear Ltd.		Health Care— 4.2%			5,131,035
	192,400			Commonwealth Bank of Australia		Banks— 8.0%			9,788,320
	54,900			CSL Ltd.		Biotechnology— 8.8%			10,678,195
	381,500			Goodman Group, REIT		Equity Real Estate Investment Trusts (REIT)— 3.8%			4,638,505
	36,600			Macquarie Group Ltd.		Capital Markets— 2.6%			3,216,479
	1,117,600			Medibank Pvt Ltd.		Insurance— 1.8%			2,231,954
	610,200			Mirvac Group, REIT		Equity Real Estate Investment Trusts (REIT)— 0.8%			908,043
	279,100			National Australia Bank Ltd.		Banks— 2.9%			3,484,306
	320,400			Northern Star Resources Ltd.		Metals & Mining— 3.0%			3,636,454
	415,912			Oil Search Ltd.		Oil, Gas & Consumable Fuels— 0.7%			858,442
	448,300			Origin Energy Ltd.		Oil, Gas & Consumable Fuels— 1.4%			1,716,486
	194,000			OZ Minerals Ltd.		Metals & Mining— 1.6%			1,882,938
	205,100			Sydney Airport		Transportation Infrastructure— 0.6%			768,168
	1,953,400			Telstra Corp. Ltd.		Diversified Telecommunication Services— 3.8%			4,677,455
	224,000			Westpac Banking Corp.		Banks— 2.2%			2,689,964
	159,300			Woodside Petroleum Ltd.		Oil, Gas & Consumable Fuels— 1.9%			2,266,224
	148,200			Woolworths Group Ltd.		Food & Staples Retailing— 3.4%			4,102,774
									93,922,984
NEW ZEALAND—13.8%
	154,800			a2 Milk Co. Ltd. (a)		Food Products— 1.8%			2,125,031
	852,563			Auckland International Airport Ltd. (a)		Transportation Infrastructure— 2.9%			3,577,279
	177,000			Fisher & Paykel Healthcare Corp. Ltd.		Health Care— 3.4%			4,181,875
	528,900			Spark New Zealand Ltd. (a)		Diversified Telecommunication Services— 1.4%			1,707,710
	81,000			Xero Ltd. (a)		Software— 4.3%			5,191,591
									16,783,486
UNITED KINGDOM—3.0%
	60,700			Rio Tinto PLC - London Listing		Metals & Mining— 3.0%			3,694,941
UNITED STATES—3.1%
	184,200			ResMed, Inc.		Health Care— 3.1%			3,758,932
				Total Long-Term Investments—97.1% (cost $107,298,495)					118,160,343

See Notes to Portfolio of Investments.

Aberdeen Australia Equity Fund, Inc.

Portfolio of Investments (unaudited) (concluded)

As of July 31, 2020

Shares				Description		Value (US$)
SHORT-TERM INVESTMENT—0.1%
UNITED STATES—0.1%
	96,682			State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.09%(b)			96,682
				Total Short-Term Investment—0.1% (cost $96,682)			96,682
				Total Investments—97.2% (cost $107,395,177)			118,257,025
				Other Assets in Excess of Liabilities—2.8%			3,454,822
				Net Assets—100.0%		$	121,711,847

(a)	Non-income producing security.
(b)	Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2020.
PLC	Public Limited Company
REIT	Real Estate Investment Trust

See Notes to Portfolio of Investments.

Aberdeen Australia Equity Fund, Inc.

Notes to Portfolio of Investments (unaudited)

July 31, 2020

Summary of Significant Accounting Policies

a. Security Valuation:

The Fund values its securities at current market value or fair value, consistent with regulatory requirements. "Fair value" is defined in the Fund's Valuation and Liquidity Procedures as the price that could be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants without a compulsion to transact at the measurement date.

Equity securities that are traded on an exchange are valued at the last quoted sale price on the principal exchange on which the security is traded at the “Valuation Time” subject to application, when appropriate, of the valuation factors described in the paragraph below. The Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern Time). In the absence of a sale price, the security is valued at the mean of the bid/ask price quoted at the close on the principal exchange on which the security is traded. Securities traded on NASDAQ are valued at the NASDAQ official closing price. Closed-end funds and exchange-traded funds ("ETFs") are valued at the market price of the security at the Valuation Time. A security using any of these pricing methodologies is determined to be a Level 1 investment.

Foreign equity securities that are traded on foreign exchanges that close prior to 4:00 p.m. Eastern time are valued by applying valuation factors to the last sale price or the mean price as noted above. Valuation factors are provided by an independent pricing service provider. These valuation factors are used when pricing a Fund’s portfolio holdings to estimate market movements between the time foreign markets close and the time a Fund values such foreign securities. These valuation factors are based on inputs such as depositary receipts, indices, futures, sector indices/ETFs, exchange rates, and local exchange opening and closing prices of each security.

Short-term investments are comprised of cash and cash equivalents invested in short-term investment funds which are redeemable daily. The Fund sweeps available cash into the State Street Institutional U.S. Government Money Market Fund, which has elected to qualify as a “government money market fund” pursuant to Rule 2a-7 under the 1940 Act and has an objective, which is not guaranteed, to maintain a $1.00 per share net asset value. Generally, these investment types are categorized as Level 1 investments.

In the event that a security’s market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which they trade closed before the Valuation Time), the security is valued at fair value as determined by the Fund's Pricing Committee, taking into account the relevant factors and surrounding circumstances using valuation policies and procedures approved and established by the Board. A security that has been fair valued by the Fund's Pricing Committee may be classified as Level 2 or Level 3 depending on the nature of the inputs.

Aberdeen Australia Equity Fund, Inc.