<SEC-DOCUMENT>0001104659-21-090137.txt : 20210708
<SEC-HEADER>0001104659-21-090137.hdr.sgml : 20210708
<ACCEPTANCE-DATETIME>20210708142637
ACCESSION NUMBER:		0001104659-21-090137
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20210430
FILED AS OF DATE:		20210708
DATE AS OF CHANGE:		20210708
EFFECTIVENESS DATE:		20210708

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ABERDEEN AUSTRALIA EQUITY FUND INC
		CENTRAL INDEX KEY:			0000779336
		IRS NUMBER:				133304681
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04438
		FILM NUMBER:		211079935

	BUSINESS ADDRESS:	
		STREET 1:		1900 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		215-405-5700

	MAIL ADDRESS:	
		STREET 1:		1900 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST AUSTRALIA FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>tm2115413d11_ncsrs.htm
<DESCRIPTION>N-CSRS
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;N-CSR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: left"><FONT STYLE="font-size: 10pt">Investment
    Company Act file number:</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 49%"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">811-04438</P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Exact
    name of registrant as specified in charter:</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Aberdeen Australia Equity Fund,&nbsp;Inc.</P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Address
    of principal executive offices:</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">1900 Market Street, Suite&nbsp;200</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Philadelphia, PA 19103</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Name and
    address of agent for service:</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Andrea Melia</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Aberdeen Standard Investments Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">1900 Market Street, Suite&nbsp;200</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Philadelphia, PA 19103</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Registrant&rsquo;s
    telephone number, including area code:</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">1-800-522-5465</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Date
    of fiscal year end:</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">October&nbsp;31</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Date
    of reporting period:</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">April&nbsp;30, 2021</FONT></TD></TR>
  </TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 1. Reports to Stockholders.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a)&nbsp;A copy of the report transmitted to shareholders
pursuant to Rule&nbsp;30e-1 under the Investment Company Act of 1940 (the &ldquo;1940 Act&rdquo;) is filed herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b)&nbsp;Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>
<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><IMG SRC="tm2115413d11_ncsrsimg001.jpg" ALT="">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 32pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Aberdeen Australia<BR>

Equity Fund, Inc. (IAF)</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Semi-annual
Report</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">April 30, 2021</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><IMG SRC="tm2115413d11_ncsrsimg002.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: normal 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt; font-style: normal; font-weight: normal">Managed
Distribution Policy </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: normal">(unaudited)</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><FONT STYLE="font: 13pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></B></P>

<DIV STYLE="float: left; width: 49%">

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></B></P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">The
Board of Directors of the Aberdeen Australia Equity Fund, Inc. (the &quot;Fund&quot;) has authorized a managed distribution policy (&quot;MDP&quot;)
of paying quarterly distributions at an annual rate, set once a year, that is a percentage of the rolling average of the Fund's net asset
values over the preceding three month period ending on the last day of the month immediately preceding the distribution's declaration
date. With each distribution, the Fund will issue a notice to shareholders and an accompanying press release which will provide detailed
information</FONT></P>

</DIV>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;</FONT></P>

<DIV STYLE="float: right; width: 49%">

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">regarding
the amount and composition of the distribution and other information required by the Fund's MDP exemptive order. The Fund's Board of
Directors may amend or terminate the MDP at any time without prior notice to shareholders; however, at this time, there are no reasonably
foreseeable circumstances that might cause the termination of the MDP. You should not draw any conclusions about the Fund's investment
performance from the amount of distributions or from the terms of the Fund's MDP.</FONT></P>

</DIV>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<DIV STYLE="clear: both">

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

</DIV>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: normal 12pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt; font-style: normal; font-weight: normal">Distribution
Disclosure Classification </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: normal">(unaudited)</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><FONT STYLE="font: 13pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"></FONT></B></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="float: left; width: 49%">

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">The
Fund's policy is to provide investors with a stable distribution rate. Each quarterly distribution will be paid out of current income,
supplemented by realized capital gains and, to the extent necessary, paid-in capital.</FONT></P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">The
Fund is subject to U.S. corporate, tax and securities laws. Under U.S. tax rules, the amount applicable to the Fund and character of
distributable income for each fiscal period depends on the actual exchange rates during the entire year between the U.S. Dollar and the
currencies in which Fund assets are denominated and on the aggregate gains and losses realized by the Fund during the entire year.</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Therefore,
the exact amount of distributable income for each fiscal year can only be determined as of the end of the Fund's fiscal year, October
31. Under Section 19 of the Investment Company Act of 1940, as amended (the &quot;1940 Act&quot;), the Fund is required to indicate the</FONT></P>

</DIV>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<DIV STYLE="float: right; width: 49%"><P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">sources
of certain distributions to shareholders. The estimated distribution composition may vary from quarter to quarter because it may be materially
impacted by future income, expenses and realized gains and losses on securities and fluctuations in the value of the currencies in which
Fund assets are denominated.</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Based
on generally accepted accounting principles, the Fund estimates the distributions for the fiscal year commenced November 1, 2020 through
the distributions declared on May 11, 2021 consisted of 10% net investment income, 2% net realized short-term gain, 42% net realized
long-term gain and 46% tax return of capital.</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">In
January 2022, a Form 1099-DIV will be sent to shareholders, which will state the amount and composition of distributions and provide
information with respect to their appropriate tax treatment for the 2021 calendar year.</FONT></P>

</DIV>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<DIV STYLE="clear: both">

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

</DIV>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Aberdeen
Australia Equity Fund, Inc.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Letter
to Shareholders </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(unaudited)</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><FONT STYLE="font: 13pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></B></P>

<DIV STYLE="float: left; width: 49%">

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Dear
Shareholder,</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">We
present this Semi-Annual Report, which covers the activities of Aberdeen Australia Equity Fund, Inc. (the &quot;Fund&quot;), for the
six-month period ended April 30, 2021. The Fund's principal investment objective is long-term capital appreciation through investment
primarily in equity securities of Australian companies listed on the Australian Stock Exchange Limited. Its secondary objective is current
income, which is expected to be derived primarily from dividends and interest on Australian corporate and governmental securities.</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>Total
Investment Return</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP></FONT></B></P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">For
the six-month period ended April 30, 2021, the total return to shareholders of the Fund based on the net asset value (&quot;NAV&quot;)
and market price of the Fund, respectively, compared to the Fund's benchmark are as follows:</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%">
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="border-top: Black 1.5pt solid; padding-left: 6pt; background-color: rgb(231,231,232); vertical-align: bottom; width: 88%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">NAV<SUP>2,3</SUP></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; background-color: rgb(231,231,232); vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; font-size: 9.5pt; background-color: rgb(231,231,232); vertical-align: bottom; width: 10%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">26.9</FONT><FONT STYLE="font-size: 9.5pt">%</FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; background-color: rgb(231,231,232); vertical-align: bottom; width: 1%"></TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 6pt; background-color: rgb(231,231,232); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Market
    Price<SUP>2</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(231,231,232); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9.5pt; background-color: rgb(231,231,232); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">49.5</FONT><FONT STYLE="font-size: 9.5pt">%</FONT></TD>
    <TD STYLE="background-color: rgb(231,231,232); vertical-align: bottom"></TD>
    </TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 6pt; background-color: rgb(231,231,232); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">S&amp;P/ASX
    200 Accumulation Index (&quot;ASX 200&quot;) (Net)<SUP>4</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(231,231,232); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9.5pt; background-color: rgb(231,231,232); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">32.2</FONT><FONT STYLE="font-size: 9.5pt">%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(231,231,232); vertical-align: bottom"></TD>
    </TR>
  </TABLE>
<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">For
more information about Fund performance, please visit the Fund on the web at www.aberdeeniaf.com. Here, you can view quarterly commentary
on the Fund's performance, monthly fact sheets, distribution and performance information, and other Fund literature.</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NAV, Market
Price and Discount</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">The
below table represents comparison from current six-month period end to prior fiscal year end of Market Price to NAV and associated Premium
and Discount.</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; width: 100%">
  <TR STYLE="font-size: 9.5pt">
    <TD STYLE="font-size: 9.5pt; padding-left: 6pt; border-bottom: Black 1.5pt solid; text-align: right; background-color: rgb(209,210,212); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; background-color: rgb(209,210,212); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>NAV</B></FONT></TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; text-align: right; background-color: rgb(209,210,212)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; background-color: rgb(209,210,212); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>Closing
    <BR>
    Market <BR>
    Price</B></FONT></TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; text-align: right; background-color: rgb(209,210,212)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; background-color: rgb(209,210,212); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>Premium/<BR>
    Discount</B></FONT></TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; text-align: right; background-color: rgb(209,210,212)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 9.5pt; background-color: #CCEEFF">
    <TD STYLE="font-size: 9.5pt; padding-left: 6pt; background-color: rgb(231,231,232); vertical-align: bottom; width: 64%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">4/30/2021</FONT></TD>
    <TD STYLE="font-size: 9.5pt; background-color: rgb(231,231,232); vertical-align: bottom; width: 10%; text-align: right"><FONT STYLE="font-size: 9.5pt">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6.23</FONT></FONT></TD>
    <TD STYLE="font-size: 9.5pt; background-color: rgb(231,231,232); width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9.5pt; background-color: rgb(231,231,232); vertical-align: bottom; width: 10%; text-align: right"><FONT STYLE="font-size: 9.5pt">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6.36</FONT></FONT></TD>
    <TD STYLE="font-size: 9.5pt; background-color: rgb(231,231,232); width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9.5pt; background-color: rgb(231,231,232); vertical-align: bottom; width: 10%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">2.1%</FONT></TD>
    <TD STYLE="font-size: 9.5pt; background-color: rgb(231,231,232); width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 9.5pt">
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; padding-left: 6pt; background-color: rgb(231,231,232); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">10/31/2020</FONT></TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; background-color: rgb(231,231,232); vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9.5pt">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.16</FONT></FONT></TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; background-color: rgb(231,231,232)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; background-color: rgb(231,231,232); vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9.5pt">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.47</FONT></FONT></TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; background-color: rgb(231,231,232)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; background-color: rgb(231,231,232); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">-13.4%</FONT></TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; background-color: rgb(231,231,232)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">During
the six-month period ended April 30, 2021, the Fund's NAV was within a range of $5.22 to $6.39 and the Fund's market price was within
a range of $4.51 to $6.41. During the six-month period ended April 30, 2021, the Fund's shares traded within a range of a discount of
15.6% to a premium of 2.1%.</FONT></P>

</DIV>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<DIV STYLE="float: right; width: 49%">

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Managed
Distribution Policy</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">The
Fund has a managed distribution policy of paying quarterly distributions at an annual rate, set once a year, as a percentage of the rolling
average of the Fund's net asset values over the preceding three month period ending on the last day of the month immediately preceding
the distribution's declaration date. In March 2021, the Board of Directors of the Fund (the &quot;Board&quot;) determined the rolling
distribution rate to be 10% for the 12-month period commencing with the distribution payable in June 2021. This policy will be subject
to regular review by the Board. The distributions will be made from current income, supplemented by realized capital gains and, to the
extent necessary, paid-in capital, which is a nontaxable return of capital.</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">On
May 11, 2021, the Fund announced that it will pay on June 30, 2021, a stock distribution of US$0.15 per share to all shareholders of
record as of May 21, 2021. This stock distribution will automatically be paid in newly issued shares of the Fund unless otherwise instructed
by the shareholder. Shares of common stock will be issued at the lower of the net asset value (&quot;NAV&quot;) per share or the market
price per share with a floor for the NAV of not less than 95% of the market price. Fractional shares will generally be settled in cash,
except for registered shareholders with book entry accounts at Computershare Investor Services who will have whole and fractional shares
added to their account.</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Shareholders
may request to be paid their quarterly distributions in cash instead of shares of common stock by providing advance notice to the bank,
brokerage or nominee who holds their shares if the shares are in &quot;street name&quot; or by filling out in advance an election card
received from Computershare Investor Services if the shares are in registered form.</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">The
Fund is covered under exemptive relief received by the Fund's investment manager from the U.S. Securities and Exchange Commission (SEC)
that allows the Fund to distribute long-term capital gains as frequently as monthly in any one taxable year.</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Loan Facility
and Use of Leverage</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">The
Fund is permitted to borrow for investment purposes as may be permitted by the 1940 Act or any rule, order or interpretation thereunder.
This allows the Fund to borrow for investment purposes in the amount up to 33 1/3% of the Fund's total assets.</FONT></P>

</DIV>

<DIV STYLE="clear: both"> <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

</DIV>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Past
performance is no guarantee of future results. Investment returns and principal value will fluctuate and shares, when sold, may be worth
more or less than original cost. Current performance may be lower or higher than the performance quoted. Net asset value return data
include investment management fees, custodial charges and administrative fees (such as Director and legal fees) and assumes the reinvestment
of all distributions.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Assuming
the reinvestment of dividends and distributions.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
Fund's total return is based on the reported net asset value (&quot;NAV&quot;) for each financial reporting period end and may differ
from what is reported on the Financial Highlights due to financial statement rounding or adjustments.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
ASX 200 is a market-capitalization weighted and float-adjusted stock market index of Australian stocks listed on the Australian Securities
Exchange from S&amp;P Global Ratings. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses
are reflected. You cannot invest directly in an index.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-size: 7pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 7pt; width: 30%; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right; width: 65%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Aberdeen
                                            Australia Equity Fund, Inc.</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: right; width: 5%"><FONT STYLE="font-size: 7pt"><B>1</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt; font-style: normal; font-weight: normal">Letter
to Shareholders </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: normal">(unaudited)
(continued)</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><FONT STYLE="font: 13pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></B></P>

<DIV STYLE="float: left; width: 49%">

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">On
October 13, 2020, the Fund entered into a 3-year term revolving credit facility with a committed facility of AUD$20million with State
Street Global Advisors. On October 16, 2020, the Fund drew down AUD$10million on the facility. The Fund's outstanding balance as of April
30, 2021 was AUD$10 million on the revolving credit facility. Under the terms of the loan facility and applicable regulations, the Fund
is required to maintain certain asset coverage ratios for the amount of its outstanding borrowings.</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Open Market
Repurchase Program</B></FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">The
Fund's policy is generally to buy back Fund shares on the open market when the Fund trades at certain discounts to NAV. During the six-month
period ended April 30, 2021, the Fund did not repurchase any shares.</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Portfolio
Holdings Disclosure</B></FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">The
Fund's complete schedule of portfolio holdings for the second and fourth quarters of each fiscal year are included in the Fund's semiannual
and annual reports to shareholders. The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission
(the &quot;SEC&quot;) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. These reports
are available on the SEC's website at sec.gov. The Fund makes the information available to shareholders upon request and without charge
by calling Investor Relations toll-free at 1-800-522-5465.</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Proxy Voting</B></FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">A
description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities, and
information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12 month period ended June 30
is available by August 31 of the relevant year: (1) without charge upon request by calling Investor Relations toll-free at 1-800-522-5465;
and (2) on the SEC's website at sec.gov.</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Unclaimed
Share Accounts</B></FONT></P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Please
be advised that abandoned or unclaimed property laws for certain states require financial organizations to transfer (escheat) unclaimed
property (including Fund shares) to the state. Each state has its own definition of unclaimed property, and Fund shares could be considered
 &quot;unclaimed property&quot; due to account inactivity (e.g., no owner-generated activity for a certain period), returned mail (e.g.,
when mail sent to a shareholder is returned to the Fund's transfer agent as undeliverable), or a combination of both. If your Fund shares
are categorized as unclaimed, your financial advisor or the Fund's transfer agent will follow the applicable state's statutory requirements
to contact you, but if unsuccessful, laws may require that the shares be escheated to the appropriate state. If this happens, you will
have to contact the state to recover your property, which may involve time</FONT></P>

</DIV>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<DIV STYLE="float: right; width: 49%"><P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">and
expense. For more information on unclaimed property and how to maintain an active account, please contact your financial adviser or the
Fund's transfer agent.</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>COVID-19</B></FONT></P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">The
illness COVID-19 caused by a novel coronavirus has resulted in a global pandemic and major disruption to economies and markets around
the world, including the United States. Financial markets have experienced extreme volatility and severe losses, and trading in many
instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some interest rates are
very low and in some cases yields are negative. Some sectors of the economy and individual issuers have experienced particularly large
losses. Although some markets have rebounded, others have not. These circumstances may recur or continue for an extended period of time,
and may continue to affect adversely the value and liquidity of the Fund's investments. The ultimate economic fallout from the pandemic,
and the long-term impact on economies, markets, industries and individual issuers, including the Fund, are not known. Governments and
central banks, including the Federal Reserve in the U.S., have taken extraordinary and unprecedented actions to support local and global
economies and the financial markets. The impact of these measures, and whether they will be effective to mitigate the economic and market
disruption, will vary from market to market and, in some cases, may not be known for some time.</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>LIBOR</B></FONT></P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Under
the revolving credit facility, the Fund is charged interest on amounts borrowed at a variable rate, which may be based on the London
Interbank Offered Rate (&quot;LIBOR&quot;) plus a spread. Additionally, the Fund may invest in certain derivatives or other financial
instruments that utilize LIBOR as a &quot;benchmark&quot; or &quot;reference rate&quot; for various interest rate calculations. In 2017,
the head of the United Kingdom's Financial Conduct Authority (&quot;FCA&quot;) announced a desire to phase out the use of LIBOR by the
end of 2021. However, subsequent announcements by the FCA, the LIBOR administrator and other regulators indicate that it is possible
that the most widely used LIBOR rates may continue until mid-2023. It is anticipated that LIBOR ultimately will be discontinued or the
regulator will announce that it is no longer sufficiently robust to be representative of its underlying market around that time. There
remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement reference rate. As such, the potential
effect of a transition away from LIBOR on the Fund's payment obligations under the revolving credit facility and on the Fund's investments
that reference LIBOR cannot yet be determined.</FONT></P>

</DIV>

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<DIV STYLE="clear: both">

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

</DIV>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="font-size: 7pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 7pt; text-align: left; width: 5%"><B>2</B></TD><TD STYLE="font-size: 7pt; text-align: left; width: 65%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">Aberdeen
                                            Australia Equity Fund, Inc.</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: right; width: 30%">&nbsp;</TD>
</TR>
</TABLE>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

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<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: normal 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt; font-style: normal; font-weight: normal">Letter
to Shareholders </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: normal">(unaudited)
(concluded)</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 13pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="float: left; width: 49%">

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Investor
Relations Information</B></FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">As
part of Aberdeen Standard's commitment to shareholders, we invite you to visit the Fund on the web at www.aberdeeniaf.com. Here, you
can view monthly fact sheets, quarterly commentary, distribution and performance information, and other Fund literature.</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Enroll
in Aberdeen Standard's email services and be among the first to receive the latest closed-end fund news, announcements, videos, and other
information. In addition, you can receive electronic versions of important Fund documents, including annual reports, semi-annual reports,
prospectuses and proxy statements. Sign up today at https://www.aberdeenstandard.com/en-us/cefinvestorcenter/contact-us/preferences</FONT></P>

</DIV>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;</FONT></P>

<DIV STYLE="float: right; width: 49%">

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Contact Us:</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Visit:
aberdeenstandard.com/en-us/cefinvestorcenter;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Email:
Investor.Relations@aberdeenstandard.com; or</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Call:
1-800-522-5465 (toll free in the U.S.).</FONT></TD>
</TR></TABLE>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Yours sincerely,</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">/s/
Christian Pittard</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>Christian
Pittard</B><BR>
President</FONT></P>

</DIV>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

</DIV>

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<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>All
amounts are U.S. Dollars unless otherwise stated.</B></FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="font-size: 7pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 7pt; text-align: left; width: 30%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right; width: 65%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Aberdeen
                                            Australia Equity Fund, Inc.</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: right; width: 5%"><B>3</B></TD>
</TR>
</TABLE>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

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<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: normal 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt; font-style: normal; font-weight: normal">Total
Investment Returns </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: normal">(unaudited)</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><FONT STYLE="font: 13pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">The
following table summarizes the average annual Fund performance compared to the S&amp;P ASX 200 Index, the Fund's benchmark, for the six-month,
1-year, 3-year, 5-year and 10-year periods ended April 30, 2021.</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%">
  <TR>
    <TD STYLE="padding: 2pt 0.7pt 4pt 8pt; border-bottom: Black 1.5pt solid; text-align: right; background-color: rgb(209,210,212); vertical-align: bottom"></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(209,210,212); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>6
    Months</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; text-align: right; background-color: rgb(209,210,212)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(209,210,212); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>1
    Year</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; text-align: right; background-color: rgb(209,210,212)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(209,210,212); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>3
    Years</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; text-align: right; background-color: rgb(209,210,212)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(209,210,212); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>5
    Years</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; text-align: right; background-color: rgb(209,210,212)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(209,210,212); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>10
    Years</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; text-align: right; background-color: rgb(209,210,212)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="padding-left: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Net
    Asset Value (NAV)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">26.9%</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">51.7%</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">11.7%</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">10.8%</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">3.9%</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="padding-left: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Market
    Price</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">49.5%</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">73.6%</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">13.6%</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">13.8%</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">3.8%</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 8pt; vertical-align: bottom; width: 96px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">S&amp;P/ASX
    200 (Net)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom; width: 23px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">32.2%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 8px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom; width: 23px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">54.0%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 8px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom; width: 23px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">10.1%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 8px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom; width: 23px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">10.2%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 8px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom; width: 23px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">4.3%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 8px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><I>Aberdeen
Standard Investments Inc. has entered into an agreement with the Fund to limit investor relations services fees, without which performance
would be lower. This agreement aligns with the term of the advisory agreement and may not be terminated prior to the end of the current
term of the advisory agreement. See Note 3 in the Notes to Financial Statements.</I></FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><I>Returns
represent past performance. Total investment return at NAV is based on changes in the NAV of Fund shares and assumes reinvestment of
dividends and distributions, if any, at market prices pursuant to the dividend reinvestment program. All return data at NAV includes
fees charged to the Fund, which are listed in the Fund's Statement of Operations under &quot;Expenses&quot;. The Fund's total investment
return is based on the reported NAV on each financial reporting period end. Total investment return at market value is based on changes
in the market price at which the Fund's shares traded on the NYSE American during the period and assumes reinvestment of dividends and
distributions, if any, at market prices pursuant to the dividend reinvestment program sponsored by the Fund's transfer agent. Because
the Fund's shares trade in the stock market based on investor demand, the Fund may trade at a price higher or lower than its NAV. Therefore,
returns are calculated based on both market price and NAV. <B>Past performance is no guarantee of future results</B>. The performance
information provided does not reflect the deduction of taxes that a shareholder would pay on distributions received from the Fund. The
current performance of the Fund may be lower or higher than the figures shown. The Fund's yield, return, market price and NAV will fluctuate.
Performance information current to the most recent month-end is available at www.aberdeeniaf.com or by calling 800-522-5465.</I></FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><I>The
annualized net operating expense ratio both excluding and net of fee waivers based on the six-month period ended April 30, 2021 was 1.47%.
The annualized net operating expense ratio, net of fee waivers and excluding interest expense, based on the six-month period ended April
30, 2021 was 1.42%.</I></FONT></P>

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<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="font-size: 7pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 7pt; text-align: left; width: 5%"><B>4</B></TD><TD STYLE="font-size: 7pt; text-align: left; width: 65%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">Aberdeen
                                            Australia Equity Fund, Inc.</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: right; width: 30%">&nbsp;</TD>
</TR>
</TABLE>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: normal 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt; font-style: normal; font-weight: normal">Portfolio
Summary </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: normal">(unaudited)</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><FONT STYLE="font: 13pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>&nbsp;</B></FONT></P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">The
following table summarizes the sector composition of the Fund's portfolio, in S&amp;P Global Inc.'s Global Industry Classification Standard
(&quot;GICS&quot;) Sectors, expressed as a percentage of net assets as of April 30, 2021.</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%">
  <TR>
    <TD STYLE="padding-left: 6pt; border-bottom: Black 1.5pt solid; background-color: rgb(209,210,212); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>Sectors</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(209,210,212); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>As
    a Percentage of Net Assets</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(209,210,212)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-left: 6pt; background-color: rgb(231,231,232); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Financials</FONT></TD>
    <TD STYLE="background-color: rgb(231,231,232); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">30.9%</FONT></TD>
    <TD STYLE="background-color: rgb(231,231,232)">*<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 6pt; background-color: rgb(231,231,232); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Materials</FONT></TD>
    <TD STYLE="background-color: rgb(231,231,232); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">19.0%</FONT></TD>
    <TD STYLE="background-color: rgb(231,231,232)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-left: 6pt; background-color: rgb(231,231,232); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Health
    Care</FONT></TD>
    <TD STYLE="background-color: rgb(231,231,232); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">16.9%</FONT></TD>
    <TD STYLE="background-color: rgb(231,231,232)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 6pt; background-color: rgb(231,231,232); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Information
    Technology</FONT></TD>
    <TD STYLE="background-color: rgb(231,231,232); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">8.3%</FONT></TD>
    <TD STYLE="background-color: rgb(231,231,232)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-left: 6pt; background-color: rgb(231,231,232); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Real
    Estate</FONT></TD>
    <TD STYLE="background-color: rgb(231,231,232); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">7.4%</FONT></TD>
    <TD STYLE="background-color: rgb(231,231,232)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 6pt; background-color: rgb(231,231,232); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Communication
    Services</FONT></TD>
    <TD STYLE="background-color: rgb(231,231,232); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">4.4%</FONT></TD>
    <TD STYLE="background-color: rgb(231,231,232)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-left: 6pt; background-color: rgb(231,231,232); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Consumer
    Discretionary</FONT></TD>
    <TD STYLE="background-color: rgb(231,231,232); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">4.1%</FONT></TD>
    <TD STYLE="background-color: rgb(231,231,232)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 6pt; background-color: rgb(231,231,232); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Industrials</FONT></TD>
    <TD STYLE="background-color: rgb(231,231,232); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">4.0%</FONT></TD>
    <TD STYLE="background-color: rgb(231,231,232)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-left: 6pt; background-color: rgb(231,231,232); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Energy</FONT></TD>
    <TD STYLE="background-color: rgb(231,231,232); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">3.4%</FONT></TD>
    <TD STYLE="background-color: rgb(231,231,232)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 6pt; background-color: rgb(231,231,232); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Consumer
    Staples</FONT></TD>
    <TD STYLE="background-color: rgb(231,231,232); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">3.2%</FONT></TD>
    <TD STYLE="background-color: rgb(231,231,232)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-left: 6pt; background-color: rgb(231,231,232); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Utilities</FONT></TD>
    <TD STYLE="background-color: rgb(231,231,232); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">2.7%</FONT></TD>
    <TD STYLE="background-color: rgb(231,231,232)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 6pt; background-color: rgb(231,231,232); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Short-Term
    Investment</FONT></TD>
    <TD STYLE="background-color: rgb(231,231,232); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">0.3%</FONT></TD>
    <TD STYLE="background-color: rgb(231,231,232)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-left: 6pt; background-color: rgb(231,231,232); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Liabilities
    in Excess of Other Assets</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; background-color: rgb(231,231,232); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">(4.6)%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; background-color: rgb(231,231,232)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 6pt; border-bottom: Black 1pt solid; background-color: rgb(231,231,232); vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 3pt; width: 70%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(231,231,232); text-align: right; vertical-align: bottom; width: 29%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">100.0%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(231,231,232); width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">*</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">The
sectors, as classified by GICS, are comprised of several industries. As of April 30, 2021, the Fund did not have more than 25% of its
assets invested in any industry. As of April 30, 2021 the Fund's holdings in the Financials sector were allocated to three industries:
Banks (21.2%), Capital Markets (7.1%) and Insurance (2.6%).</FONT></TD>
</TR></TABLE>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: normal 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt; font-style: normal; font-weight: normal">Top
Ten Equity Holdings </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: normal">(unaudited)</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">The
following were the Fund's top ten equity holdings as of April 30, 2021:</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%">
  <TR STYLE="background-color: rgb(209,210,212)">
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1.5pt solid; padding-left: 6pt; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>Name
    of Security</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>As
    a Percentage of Net Assets</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1.5pt solid; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="padding-left: 6pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Commonwealth
    Bank of Australia</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">9.5%</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="padding-left: 6pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">BHP
    Group PLC</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">9.3%</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="padding-left: 6pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">CSL
    Ltd.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">8.3%</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="padding-left: 6pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">National
    Australia Bank Ltd.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">6.2%</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="padding-left: 6pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Xero
    Ltd.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">5.0%</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="padding-left: 6pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Cochlear
    Ltd.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">3.9%</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="padding-left: 6pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Australia
    &amp; New Zealand Banking Group Ltd.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">3.9%</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="padding-left: 6pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Goodman
    Group, REIT</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">3.9%</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="padding-left: 6pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Macquarie
    Group Ltd.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">3.8%</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 6pt; padding-bottom: 2pt; vertical-align: bottom; width: 70%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Aristocrat
    Leisure Ltd.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 2pt; text-align: right; vertical-align: bottom; width: 29%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">3.5%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 2pt; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="font-size: 7pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 7pt; text-align: left; width: 30%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right; width: 65%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Aberdeen
                                            Australia Equity Fund, Inc.</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: right; width: 5%"><B>5</B></TD>
</TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt">Portfolio of Investments </FONT><FONT STYLE="font-size: 11pt">(unaudited)</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt"><B>&nbsp;</B></FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As of April 30, 2021&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="background-color: rgb(220,221,222)">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; vertical-align: bottom; padding-right: 0.7pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>Shares</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; vertical-align: bottom; padding-right: 0.7pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>Description</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; vertical-align: bottom; padding-right: 0.7pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>Industry and Percentage <BR>
of Net Assets</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; vertical-align: bottom; padding-right: 0.7pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>Value<BR>
(US$)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD COLSPAN="8" STYLE="padding-top: 3pt; padding-left: 6pt; vertical-align: bottom"><FONT STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif"><B>LONG-TERM INVESTMENTS&mdash;104.3%</B></FONT></TD>
    <TD STYLE="padding-top: 3pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD COLSPAN="8" STYLE="padding-left: 6pt; vertical-align: bottom"><FONT STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif"><B>COMMON STOCKS&mdash;104.3%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD COLSPAN="8" STYLE="padding-left: 6pt; vertical-align: bottom"><FONT STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif"><B>AUSTRALIA&mdash;88.5%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="vertical-align: bottom; width: 10%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">33,300</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 32%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Afterpay
    Ltd.</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>(a)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Information Technology Services&mdash;2.1%</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">$&nbsp;&nbsp;&nbsp;&nbsp;2,999,179</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">79,500</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Altium Ltd.</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Software&mdash;1.2%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">1,813,052</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">206,500</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">APA Group</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Gas Utilities&mdash;1.1%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">1,595,489</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">180,800</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Aristocrat Leisure Ltd.</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Hotels, Restaurants &amp; Leisure&mdash;3.5%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">5,156,832</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">87,300</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">ASX Ltd.</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Capital Markets&mdash;3.4%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">4,905,286</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">944,084</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">AusNet Services</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Electric Utilities&mdash;0.9%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">1,381,881</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">258,700</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Australia &amp; New Zealand Banking Group Ltd.</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Banks&mdash;3.9%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">5,708,028</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">1,943,200</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Beach Energy Ltd.</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Oil, Gas &amp; Consumable Fuels&mdash;1.3%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">1,883,481</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">449,200</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">BHP Group PLC</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Metals &amp; Mining&mdash;9.3%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">13,527,560</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">209,200</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Charter Hall Group</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Equity Real Estate Investment Trusts (REIT)&mdash; 1.5%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">2,259,834</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">33,500</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Cochlear Ltd.</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Health Care&mdash;3.9%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">5,734,521</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">203,700</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Commonwealth Bank of Australia</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Banks&mdash;9.5%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">13,944,604</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">58,300</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">CSL Ltd.</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Biotechnology&mdash;8.3%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">12,178,544</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">389,400</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Goodman Group, REIT</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Equity Real Estate Investment Trusts (REIT)&mdash; 3.9%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">5,678,448</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">466,100</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Insurance Australia Group Ltd.</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Insurance&mdash;1.2%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">1,756,172</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">47,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">James Hardie Industries PLC</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Construction Materials&mdash;1.1%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">1,548,855</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">44,400</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Macquarie Group Ltd.</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Capital Markets&mdash;3.7%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">5,472,854</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">836,200</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Medibank Pvt Ltd.</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Insurance&mdash;1.4%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">1,984,029</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">1,414,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Mirvac Group, REIT</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Equity Real Estate Investment Trusts (REIT)&mdash; 2.0%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">2,929,830</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">444,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">National Australia Bank Ltd.</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Banks&mdash;6.2%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">9,086,093</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">127,400</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Newcrest Mining Ltd.</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Metals &amp; Mining&mdash;1.8%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">2,603,806</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">325,500</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Northern Star Resources Ltd.</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Metals &amp; Mining&mdash;1.8%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">2,615,208</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">194,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">OZ Minerals Ltd.</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Metals &amp; Mining&mdash;2.4%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">3,539,362</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">685,700</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Sydney Airport</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>(a)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Transportation Infrastructure&mdash;2.2%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">3,260,926</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">1,875,200</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Telstra Corp. Ltd.</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Diversified Telecommunication Services&mdash;3.4%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">4,898,725</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">19,200</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Wesfarmers Ltd.</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Multiline Retail&mdash;0.6%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">800,371</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">122,300</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Westpac Banking Corp.</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Banks&mdash;1.6%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">2,356,803</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">176,400</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Woodside Petroleum Ltd.</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Oil, Gas &amp; Consumable Fuels&mdash;2.1%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">3,076,534</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0.7pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">154,800</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Woolworths Group Ltd.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Food &amp; Staples Retailing&mdash;3.2%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">4,694,936</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-top: 3pt; padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>129,391,243</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD COLSPAN="8" STYLE="padding-top: 3pt; padding-left: 6pt; vertical-align: bottom"><FONT STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif"><B>NEW ZEALAND&mdash;10.9%</B></FONT></TD>
    <TD STYLE="padding-top: 3pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">490,400</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Auckland International
    Airport Ltd.</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>(a)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Transportation Infrastructure&mdash;1.8%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">2,674,741</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">134,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Fisher &amp; Paykel Healthcare Corp. Ltd.</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Health Care&mdash;2.4%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">3,470,056</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">217,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Mercury NZ Ltd.</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>(a)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Electric Utilities&mdash;0.7%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">1,086,579</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">442,200</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Spark New Zealand Ltd.</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>(a)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Diversified Telecommunication Services&mdash;1.0%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">1,405,323</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0.7pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">67,000</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Xero
    Ltd.</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Software&mdash;5.0%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">7,298,693</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-top: 3pt; padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>15,935,392</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD COLSPAN="8" STYLE="padding-top: 3pt; padding-left: 6pt; vertical-align: bottom"><FONT STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif"><B>UNITED KINGDOM&mdash;2.6%</B></FONT></TD>
    <TD STYLE="padding-top: 3pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-right: 0.7pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">45,700</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Rio Tinto PLC&mdash;London Listing</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Metals &amp; Mining&mdash;2.6%</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>3,827,702</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD COLSPAN="8" STYLE="padding-top: 3pt; padding-left: 6pt; vertical-align: bottom"><FONT STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif"><B>UNITED STATES&mdash;2.3%</B></FONT></TD>
    <TD STYLE="padding-top: 3pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-right: 0.7pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">167,900</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">ResMed, Inc.</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Health Care&mdash;2.3%</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>3,388,290</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-top: 4pt; padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-top: 4pt; padding-right: 0.7pt"><FONT STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif"><B>Total Long-Term Investments&mdash;104.3% (cost $113,767,372)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>152,542,627</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 7pt; border-collapse: collapse; width: 100%">
<TR STYLE="font-size: 7pt; vertical-align: bottom">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>6</B></FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left; width: 94%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Aberdeen
    Australia Equity Fund, Inc.</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt">Portfolio of Investments </FONT><FONT STYLE="font-size: 11pt">(unaudited)
(concluded)</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As of April 30, 2021</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="background-color: rgb(220,221,222)">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-left: 0in; padding-bottom: 1pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>Shares</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; vertical-align: bottom; padding-right: 0.7pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>Description</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>Value<BR>
    (US$)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD COLSPAN="7" STYLE="padding-left: 0.1in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>SHORT-TERM INVESTMENT&mdash;0.3%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD COLSPAN="7" STYLE="padding-left: 0.1in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>UNITED STATES&mdash;0.3%</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">469,638</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 70%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%<SUP>(b)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 1%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 10%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">469,638</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1.5pt solid; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1.5pt solid; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1.5pt solid; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>Total Short-Term Investment&mdash;0.3% (cost $469,638)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: right; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>469,638</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1.5pt solid; padding-bottom: 2pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1.5pt solid; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1.5pt solid; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1.5pt solid; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>Total Investments&mdash;104.6% (cost $114,237,010)<SUP>(c)</SUP></B></FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: right; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>153,012,265</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1.5pt solid; padding-bottom: 2pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; vertical-align: bottom; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Liabilities in Excess of Other Assets&mdash;(4.6)%</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">(6,746,753</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; padding-bottom: 2pt">)</TD></TR>
  <TR STYLE="background-color: rgb(241,241,242)">
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1.5pt solid; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1.5pt solid; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1.5pt solid; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>Net Assets&mdash;100.0%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>146,265,512</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1.5pt solid; padding-bottom: 2pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">(a)</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">Non-income producing security.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">(b)</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">Registered investment company advised by State Street Global
Advisors. The rate shown is the 7 day yield as of April 30, 2021.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(c)</TD><TD STYLE="text-align: justify">See accompanying Notes to Financial Statements for tax unrealized
appreciation/(depreciation) of securities.</TD>
</TR></TABLE>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 2pt">PLC Public Limited Company</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">REIT Real Estate Investment Trust</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">See Notes to Financial Statements.</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 7pt; border-collapse: collapse; width: 100%">
<TR STYLE="font-size: 7pt; vertical-align: bottom">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right; width: 94%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Aberdeen
    Australia Equity Fund, Inc.</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>7</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<DIV STYLE="background-color: rgb(220,221,222)">
<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt">Statement of Assets and Liabilities </FONT><FONT STYLE="font-size: 11pt">(unaudited)</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt"><B>&nbsp;</B></FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As of April 30, 2021</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: rgb(220,221,222)">
    <TD COLSPAN="4" STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>Assets</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 3pt; vertical-align: bottom; width: 87%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Investments, at value (cost $113,767,372)</FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(241,241,242); width: 3%">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(241,241,242); vertical-align: bottom; width: 1%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">$</FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(241,241,242); vertical-align: bottom; width: 8%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">152,542,627</FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(241,241,242); width: 1%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Short-term investments, at value (cost $469,638)</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">469,638</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Foreign currency, at value (cost $1,010,547)</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">1,017,986</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Receivable for investments sold</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">691,516</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Interest and dividends receivable</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">182,182</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Prepaid expenses and other assets</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">141,071</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1.5pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>Total assets</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(241,241,242); border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(241,241,242); vertical-align: bottom; padding-top: 3pt; padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(241,241,242); border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>155,045,020</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(241,241,242); border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 5pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; background-color: rgb(241,241,242); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; background-color: rgb(241,241,242); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; background-color: rgb(241,241,242); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; background-color: rgb(241,241,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Bank loan payable (Note 7)</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">7,724,501</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Payable for investments purchased</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">780,481</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Investment management fees payable (Note 3)</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">131,349</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Investor relations fees payable (Note 3)</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">18,865</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Administration fees payable (Note 3)</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">11,724</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Interest payable on bank loan</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">2,252</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Director fees payable</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">345</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Other accrued expenses</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">109,991</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1.5pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(241,241,242); border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(241,241,242); vertical-align: bottom; padding-top: 3pt; padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(241,241,242); border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>8,779,508</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(241,241,242); border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); vertical-align: bottom; padding-top: 3pt; padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1.5pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>Net Assets</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(241,241,242); border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(241,241,242); border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(241,241,242); border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>&nbsp;146,265,512</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(241,241,242); border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 5pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>Composition of Net Assets</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; background-color: rgb(241,241,242); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; background-color: rgb(241,241,242); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; background-color: rgb(241,241,242); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; background-color: rgb(241,241,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Common Stock (par value $0.01 per share) (Note 5)</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">$</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">234,951</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Paid-in capital in excess of par</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">108,658,236</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Distributable earnings</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">37,372,325</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1.5pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>Net Assets</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(241,241,242); border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(241,241,242); border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(241,241,242); border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>146,265,512</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(241,241,242); border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1.5pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Net
    asset value per share based on 23,495,131 shares issued and outstanding</FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(241,241,242); border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(241,241,242); border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">$</FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(241,241,242); border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">6.23</FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(241,241,242); border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">See Notes to Financial Statements.</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 7pt; border-collapse: collapse; width: 100%">
<TR STYLE="font-size: 7pt; vertical-align: bottom">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>8</B></FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left; width: 94%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Aberdeen
    Australia Equity Fund, Inc.</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
</div>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<DIV STYLE="background-color: rgb(220,221,222)">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt">Statement of Operations </FONT><FONT STYLE="font-size: 10pt">(</FONT><FONT STYLE="font-size: 11pt">unaudited</FONT><FONT STYLE="font-size: 10pt">)</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt"><B>&nbsp;</B></FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">For the Six-Month Period Ended April 30, 2021</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: rgb(220,221,222)">
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>Net Investment Income:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; vertical-align: bottom"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: rgb(241,241,242); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>Income</B></FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); vertical-align: bottom"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); vertical-align: bottom"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: rgb(241,241,242); vertical-align: bottom"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 88%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Dividends
    (net of foreign withholding taxes of $30,858)</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); width: 3%"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); vertical-align: bottom; width: 1%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: rgb(241,241,242); vertical-align: bottom; width: 7%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">1,940,192</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); width: 1%"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Interest and other income</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: rgb(241,241,242); border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">27</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Total Investment Income</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3pt; padding-right: 0.7pt"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: rgb(241,241,242); border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">1,940,219</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 5pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>Expenses:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; background-color: rgb(241,241,242); vertical-align: bottom"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 5pt; background-color: rgb(241,241,242); vertical-align: bottom"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 5pt; background-color: rgb(241,241,242); vertical-align: bottom"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 5pt; background-color: rgb(241,241,242)"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Investment management
    fee (Note 3)</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: rgb(241,241,242); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">658,445</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Directors' fees and expenses</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: rgb(241,241,242); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">118,026</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Administration fee (Note
    3)</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: rgb(241,241,242); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">58,249</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Investor relations fees
    and expenses (Note 3)</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: rgb(241,241,242); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">34,479</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Independent auditors'
    fees and expenses</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: rgb(241,241,242); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">31,287</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Bank loan fees and expenses</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: rgb(241,241,242); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">30,439</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Reports to shareholders
    and proxy solicitation</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: rgb(241,241,242); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">29,161</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Transfer agent's fees
    and expenses</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: rgb(241,241,242); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">26,007</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Insurance expense</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: rgb(241,241,242); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">19,384</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Custodian's fees and expenses</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: rgb(241,241,242); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">6,650</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Legal fees and expenses</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: rgb(241,241,242); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">6,205</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Miscellaneous</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: rgb(241,241,242); border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">15,161</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Total operating expenses,
    excluding interest expense</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: rgb(241,241,242); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">1,033,493</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Interest expense (Note
    10)</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: rgb(241,241,242); border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">38,349</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Net operating expenses</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-top: 3pt; padding-right: 0.7pt"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: rgb(241,241,242); border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">1,071,842</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; text-align: left; font-size: 10pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(241,241,242); border-bottom: Black 1pt solid; vertical-align: bottom; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(241,241,242); border-bottom: Black 1pt solid; text-align: left; font-size: 10pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; background-color: rgb(241,241,242); border-bottom: Black 1pt solid; vertical-align: bottom; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(241,241,242); border-bottom: Black 1pt solid; text-align: left; font-size: 10pt; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1.5pt solid; text-align: left; font-size: 10pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Net Investment Income</FONT></TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(241,241,242); border-bottom: Black 1.5pt solid; vertical-align: bottom; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(241,241,242); border-bottom: Black 1.5pt solid; text-align: left; font-size: 10pt; vertical-align: bottom"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; background-color: rgb(241,241,242); border-bottom: Black 1.5pt solid; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">868,377</FONT></TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(241,241,242); border-bottom: Black 1.5pt solid; text-align: left; font-size: 10pt; vertical-align: bottom"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 5pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>Net Realized/Unrealized
    Gain/(Loss) from Investments and Foreign Currency Related Transactions:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; background-color: rgb(241,241,242); vertical-align: bottom"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 5pt; background-color: rgb(241,241,242); vertical-align: bottom"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 5pt; background-color: rgb(241,241,242); vertical-align: bottom"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 5pt; background-color: rgb(241,241,242)"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 5pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>Net realized gain/(loss)
    from:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; background-color: rgb(241,241,242); vertical-align: bottom"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 5pt; background-color: rgb(241,241,242); vertical-align: bottom"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 5pt; background-color: rgb(241,241,242); vertical-align: bottom"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 5pt; background-color: rgb(241,241,242)"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Investment transactions</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: rgb(241,241,242); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">4,442,845</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Foreign currency transactions</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: rgb(241,241,242); border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">175,375</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3pt; padding-right: 0.7pt"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3pt; padding-right: 0.7pt"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: rgb(241,241,242); border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">4,618,220</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 5pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>Net change in unrealized
    appreciation/(depreciation) on:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; background-color: rgb(241,241,242); vertical-align: bottom"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 5pt; background-color: rgb(241,241,242); vertical-align: bottom"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 5pt; background-color: rgb(241,241,242); vertical-align: bottom"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 5pt; background-color: rgb(241,241,242)"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Investment transactions</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: rgb(241,241,242); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">17,060,221</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242)"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Foreign currency translation</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242)"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: rgb(241,241,242); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">8,881,347</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242)"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3pt; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3pt; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: rgb(241,241,242); border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">25,941,568</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Net realized and unrealized
    gain from investments and foreign currency related transactions</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3pt; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: rgb(241,241,242); border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">30,559,788</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1.5pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>Net Increase in Net
    Assets Resulting from Operations</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(241,241,242); border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(241,241,242); border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>$</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; background-color: rgb(241,241,242); border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>31,428,165</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(241,241,242); border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">See Notes to Financial Statements.</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 7pt; border-collapse: collapse; width: 100%">
<TR STYLE="font-size: 7pt; vertical-align: bottom">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right; width: 94%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Aberdeen
    Australia Equity Fund, Inc.</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">9</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
</div>
<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<DIV STYLE="background-color: rgb(220,221,222)">
<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Statements of Changes in Net Assets</P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding: 3pt 0.7pt 6pt 0.125in; border-bottom: Black 1.5pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt; background-color: rgb(241,241,242); border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1.5pt solid; padding-top: 3pt; background-color: rgb(241,241,242); vertical-align: bottom; padding-right: 0.7pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>For
    the<BR> Six-Month <BR> Period Ended<BR> April 30, 2021<BR> (unaudited)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1.5pt solid; padding-top: 3pt; background-color: rgb(241,241,242); vertical-align: bottom; padding-right: 0.7pt; text-align: right"></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt; background-color: rgb(241,241,242); border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1.5pt solid; padding-top: 3pt; vertical-align: bottom; padding-right: 0.7pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>For
    the<BR> Year Ended<BR> October 31, 2020</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1.5pt solid; padding-top: 3pt; vertical-align: bottom; padding-right: 0.7pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>Increase/(Decrease)
    in Net Assets:</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>Operations:</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: bottom; width: 69%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Net
    investment income</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); vertical-align: bottom; width: 1%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); vertical-align: bottom; width: 12%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$<FONT STYLE="font-size: 9.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868,377</FONT></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); vertical-align: bottom; width: 1%; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 12%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$<FONT STYLE="font-size: 9.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,726,003</FONT></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Net
    realized gain/(loss) from investment transactions</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">4,442,845</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">(2,240,810</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Net
    realized gain/(loss) from foreign currency transactions</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">175,375</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">(167,381</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Net
    change in unrealized appreciation/(depreciation) on investments</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">17,060,221</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">(8,064,913</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 2pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Net
    change in unrealized appreciation on foreign currency translation</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 2pt; background-color: rgb(241,241,242); padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 2pt; background-color: rgb(241,241,242); vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 2pt; background-color: rgb(241,241,242); vertical-align: bottom; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">8,881,347</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 2pt; background-color: rgb(241,241,242); vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 2pt; background-color: rgb(241,241,242); padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 2pt; vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 2pt; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">7,011,672</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 2pt; vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Net
    increase/(decrease) in net assets resulting from operations</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(241,241,242); padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(241,241,242); vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(241,241,242); vertical-align: bottom; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">31,428,165</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(241,241,242); vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(241,241,242); padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1,735,429</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-bottom: 1pt"></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 5pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>Distributions
    to Shareholders From:</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 5pt; background-color: rgb(241,241,242); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 5pt; background-color: rgb(241,241,242); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 5pt; background-color: rgb(241,241,242); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 5pt; background-color: rgb(241,241,242); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 5pt; background-color: rgb(241,241,242); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 5pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 5pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 5pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Distributable
    earnings</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">(6,502,059</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">(4,186,262</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.125in; vertical-align: bottom; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Tax
    return of capital</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; border-bottom: Black 1pt solid; background-color: rgb(241,241,242); padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; border-bottom: Black 1pt solid; background-color: rgb(241,241,242); vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; border-bottom: Black 1pt solid; background-color: rgb(241,241,242); vertical-align: bottom; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&ndash;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; border-bottom: Black 1pt solid; background-color: rgb(241,241,242); vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; border-bottom: Black 1pt solid; background-color: rgb(241,241,242); padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">(7,662,382</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; border-bottom: Black 1pt solid; vertical-align: bottom; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; border-bottom: Black 1pt solid; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding: 2pt 0.7pt 2pt 0.125in; text-indent: -0.125in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Net
    decrease in net assets from distributions</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; border-bottom: Black 1pt solid; background-color: rgb(241,241,242); padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(241,241,242); vertical-align: bottom; padding-top: 2pt; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; border-bottom: Black 1pt solid; background-color: rgb(241,241,242); vertical-align: bottom; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(6,502,059</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(241,241,242); vertical-align: bottom; padding-top: 2pt; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; border-bottom: Black 1pt solid; background-color: rgb(241,241,242); padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 2pt; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(11,848,644</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 2pt; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; border-bottom: Black 1pt solid; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding: 2pt 0.7pt 2pt 0.125in; text-indent: -0.125in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Reinvestment
    of dividends resulting in the issuance of 368,630 and 384,175 shares of common stock, respectively</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; border-bottom: Black 1pt solid; background-color: rgb(241,241,242); padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(241,241,242); vertical-align: bottom; padding-top: 2pt; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; border-bottom: Black 1pt solid; background-color: rgb(241,241,242); vertical-align: bottom; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">2,049,249</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(241,241,242); vertical-align: bottom; padding-top: 2pt; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; border-bottom: Black 1pt solid; background-color: rgb(241,241,242); padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 2pt; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">1,717,261</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 2pt; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; border-bottom: Black 1pt solid; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding: 2pt 0.7pt 2pt 0.125in; text-indent: -0.125in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Change
    in net assets resulting from operations</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; border-bottom: Black 1pt solid; background-color: rgb(241,241,242); padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(241,241,242); vertical-align: bottom; padding-top: 2pt; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; border-bottom: Black 1pt solid; background-color: rgb(241,241,242); vertical-align: bottom; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">26,975,355</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(241,241,242); vertical-align: bottom; padding-top: 2pt; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; border-bottom: Black 1pt solid; background-color: rgb(241,241,242); padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 2pt; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">(11,866,812</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 2pt; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; border-bottom: Black 1pt solid; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 5pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>Net
    Assets:</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 5pt; background-color: rgb(241,241,242); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 5pt; background-color: rgb(241,241,242); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 5pt; background-color: rgb(241,241,242); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 5pt; background-color: rgb(241,241,242); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 5pt; background-color: rgb(241,241,242); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 5pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 5pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 5pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-indent: -0.125in; padding-left: 0.25in; vertical-align: bottom; padding-bottom: 2pt"><FONT STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif">Beginning
    of period</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(241,241,242); padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(241,241,242); vertical-align: bottom; text-align: right; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(241,241,242); vertical-align: bottom; text-align: right; padding-bottom: 2pt">119,290,157</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; background-color: rgb(241,241,242); vertical-align: bottom; padding-top: 2pt; padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(241,241,242); padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; vertical-align: bottom; text-align: right; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; vertical-align: bottom; text-align: right; padding-bottom: 2pt"><FONT STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif">131,156,969</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; vertical-align: bottom; padding-top: 2pt; padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; border-bottom: Black 1.5pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: bottom; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>End
    of period</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(241,241,242); border-bottom: Black 1.5pt solid; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; border-bottom: Black 1.5pt solid; background-color: rgb(241,241,242); vertical-align: bottom; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; border-bottom: Black 1.5pt solid; background-color: rgb(241,241,242); vertical-align: bottom; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>$146,265,512</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; border-bottom: Black 1.5pt solid; background-color: rgb(241,241,242); vertical-align: bottom; padding-top: 2pt; padding-right: 0.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(241,241,242); border-bottom: Black 1.5pt solid; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>$119,290,157</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-top: 2pt; padding-right: 0.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; border-bottom: Black 1.5pt solid; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Amounts listed as &quot;&ndash;&quot; are $0 or round to $0.</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">See Notes to Financial Statements.</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 7pt; border-collapse: collapse; width: 100%">
<TR STYLE="background-color: rgb(220,221,222); font-size: 7pt; vertical-align: bottom">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>10</B></FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left; width: 94%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Aberdeen
    Australia Equity Fund, Inc.</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
</div>
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<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Financial Highlights</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; background-color: rgb(209,210,212); text-indent: -0.125in; font: 12pt Times New Roman, Times, Serif; padding-left: 0.25in">&nbsp;</TD><TD STYLE="padding-top: 1pt; background-color: rgb(209,210,212); font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; font: bold 9pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: rgb(209,210,212); text-align: right">For the<BR> Six-Month<BR> Period Ended<BR> April 30, 2021</TD><TD STYLE="padding-top: 1pt; background-color: rgb(209,210,212); padding-bottom: 1pt; font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="padding-top: 1pt; background-color: rgb(209,210,212); border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">For the Fiscal Years Ended October 31,</TD><TD STYLE="padding-top: 1pt; background-color: rgb(209,210,212); padding-bottom: 1pt; font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; background-color: rgb(209,210,212); text-indent: -0.125in; border-bottom: Black 1.5pt solid; font: 12pt Times New Roman, Times, Serif; padding-left: 0.25in">&nbsp;</TD><TD STYLE="padding-top: 1pt; background-color: rgb(209,210,212); border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(209,210,212); text-align: right">(unaudited)</TD><TD STYLE="padding-top: 1pt; background-color: rgb(209,210,212); border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(209,210,212); text-align: right">2020</TD><TD STYLE="padding-top: 1pt; background-color: rgb(209,210,212); border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(209,210,212); text-align: right">2019</TD><TD STYLE="padding-top: 1pt; background-color: rgb(209,210,212); border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(209,210,212); text-align: right">2018</TD><TD STYLE="padding-top: 1pt; background-color: rgb(209,210,212); border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(209,210,212); text-align: right">2017</TD><TD STYLE="padding-top: 1pt; background-color: rgb(209,210,212); border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(209,210,212); text-align: right">2016</TD><TD STYLE="padding-top: 1pt; background-color: rgb(209,210,212); border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-top: 1pt; background-color: rgb(231,231,232); padding-left: 0.125in; font: bold 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif"><B>PER SHARE OPERATING PERFORMANCE<SUP>(a)</SUP>:</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 12pt Times New Roman, Times, Serif; background-color: rgb(231,231,232); text-align: right">&nbsp;</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); padding-bottom: 1pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; font: 12pt Times New Roman, Times, Serif; background-color: rgb(231,231,232); text-align: right">&nbsp;</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); padding-bottom: 1pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; font: 12pt Times New Roman, Times, Serif; background-color: rgb(231,231,232); text-align: right">&nbsp;</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); padding-bottom: 1pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; font: 12pt Times New Roman, Times, Serif; background-color: rgb(231,231,232); text-align: right">&nbsp;</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); padding-bottom: 1pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; font: 12pt Times New Roman, Times, Serif; background-color: rgb(231,231,232); text-align: right">&nbsp;</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); padding-bottom: 1pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.25in; width: 42%; padding-bottom: 1pt">Net asset value, beginning of period</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; width: 8%; text-align: right">$5.16</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; width: 3%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; width: 7%; text-align: right">$5.77</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; width: 2%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; width: 7%; text-align: right">$5.51</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; width: 2%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; width: 7%; text-align: right">$6.39</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; width: 2%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; width: 7%; text-align: right">$6.09</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; width: 2%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; width: 7%; text-align: right">$6.21</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; width: 2%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); text-indent: -0.125in; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-align: left">Net investment income</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">0.04</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">0.08</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">0.17</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">0.16</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">0.17</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">0.15</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Net realized and unrealized gains/(losses) on investments and foreign currencies</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">1.32</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">(0.16</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">)</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">0.67</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">(0.40</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">)</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">0.77</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">0.40</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Total from investment operations</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">1.36</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">(0.08</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">)</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">0.84</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">(0.24</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">)</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">0.94</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">0.55</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); text-indent: -0.125in; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-align: left">Distributions from:</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232)">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); text-align: right">&nbsp;</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); text-align: right">&nbsp;</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); text-align: right">&nbsp;</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); text-align: right">&nbsp;</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); text-align: right">&nbsp;</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); text-align: right">&nbsp;</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); text-indent: -0.125in; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-align: left">Net investment income</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">(0.28</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">(0.04</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">(0.15</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">(0.14</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">(0.13</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">(0.16</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); text-indent: -0.125in; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-align: left">Net realized gains</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">&ndash;</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">(0.14</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">(0.13</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">(0.43</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">(0.16</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">(0.09</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Tax return of capital</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">&ndash;</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">(0.34</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">)</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">(0.30</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">)</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">(0.07</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">)</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">(0.35</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">)</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">(0.42</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Total distributions</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">(0.28</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">)</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">(0.52</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">)</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">(0.58</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">)</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">(0.64</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">)</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">(0.64</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">)</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">(0.67</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Impact of Stock Distribution</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">(0.01</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">)</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">(0.01</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">)</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">&ndash;</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">&ndash;</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">&ndash;</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">&ndash;</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.25in; padding-bottom: 1pt">Net asset value, end of period</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">$6.23</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">$5.16</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">$5.77</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">$5.51</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">$6.39</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">$6.09</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.25in; padding-bottom: 1pt">Market value, end of period</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">$6.36</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">$4.47</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">$5.16</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">$5.17</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">$6.25</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">$5.56</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; padding-top: 5pt; background-color: rgb(231,231,232); text-indent: -0.125in; padding-left: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>Total Investment Return Based on<SUP>(b)</SUP>:</B></FONT></TD><TD STYLE="padding-top: 5pt; background-color: rgb(231,231,232)">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; background-color: rgb(231,231,232); text-align: right">&nbsp;</TD><TD STYLE="padding-top: 5pt; background-color: rgb(231,231,232); text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; background-color: rgb(231,231,232); text-align: right">&nbsp;</TD><TD STYLE="padding-top: 5pt; background-color: rgb(231,231,232); text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; background-color: rgb(231,231,232); text-align: right">&nbsp;</TD><TD STYLE="padding-top: 5pt; background-color: rgb(231,231,232); text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; background-color: rgb(231,231,232); text-align: right">&nbsp;</TD><TD STYLE="padding-top: 5pt; background-color: rgb(231,231,232); text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; background-color: rgb(231,231,232); text-align: right">&nbsp;</TD><TD STYLE="padding-top: 5pt; background-color: rgb(231,231,232); text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; background-color: rgb(231,231,232); text-align: right">&nbsp;</TD><TD STYLE="padding-top: 5pt; background-color: rgb(231,231,232); text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); text-indent: -0.125in; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in">Market value</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">49.54%</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">(2.98%</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">11.15%</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">(8.37%</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">24.92%</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">12.92%</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); text-indent: -0.125in; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in">Net asset value</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">26.90%</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">0.16%</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">16.62%</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">(4.48%</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">16.61%</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">10.94%</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; padding-top: 5pt; background-color: rgb(231,231,232); text-indent: -0.125in; padding-left: 0.25in; text-align: left">Ratio to Average Net Assets/Supplementary Data:</TD><TD STYLE="padding-top: 5pt; background-color: rgb(231,231,232)">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; background-color: rgb(231,231,232); text-align: right">&nbsp;</TD><TD STYLE="padding-top: 5pt; background-color: rgb(231,231,232); text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; background-color: rgb(231,231,232); text-align: right">&nbsp;</TD><TD STYLE="padding-top: 5pt; background-color: rgb(231,231,232); text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; background-color: rgb(231,231,232); text-align: right">&nbsp;</TD><TD STYLE="padding-top: 5pt; background-color: rgb(231,231,232); text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; background-color: rgb(231,231,232); text-align: right">&nbsp;</TD><TD STYLE="padding-top: 5pt; background-color: rgb(231,231,232); text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; background-color: rgb(231,231,232); text-align: right">&nbsp;</TD><TD STYLE="padding-top: 5pt; background-color: rgb(231,231,232); text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; background-color: rgb(231,231,232); text-align: right">&nbsp;</TD><TD STYLE="padding-top: 5pt; background-color: rgb(231,231,232); text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); text-indent: -0.125in; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-align: left">Net assets, end of period (000 omitted)</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">$146,266</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">$119,290</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">$131,157</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">$125,219</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">$145,264</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">$138,413</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); text-indent: -0.125in; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-align: left">Average net assets (000 omitted)</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">$139,229</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">$120,590</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">$129,377</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">$143,263</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">$144,958</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">$140,809</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); text-indent: -0.125in; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-align: left">Net operating expenses, net of fee waivers</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">1.47%</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left"><SUP>(c)</SUP></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">1.53%</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">1.48%</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">1.46%</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">1.48%</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">1.64%</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left"><SUP>(d)</SUP></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); text-indent: -0.125in; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-align: left">Net operating expenses, excluding fee waivers</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">1.47%</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left"><SUP>(c)</SUP></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">1.53%</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">1.48%</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">1.46%</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">1.48%</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">1.65%</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left"><SUP>(d)</SUP></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); text-indent: -0.125in; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-align: left">Net operating expenses, excluding interest expense</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">1.42%</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left"><SUP>(c)</SUP></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">&ndash;</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">&ndash;</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">&ndash;</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">&ndash;</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">&ndash;</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); text-indent: -0.125in; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-align: left">Net investment income</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">1.26%</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left"><SUP>(c)</SUP></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">1.43%</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">3.03%</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">2.47%</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">2.68%</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">2.44%</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); text-indent: -0.125in; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-align: left">Portfolio turnover</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">10%</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left"><SUP>(e)</SUP></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">32%</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">20%</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">36%</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">12%</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">15%</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); text-indent: -0.125in; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-align: left">Senior securities (loan facility) outstanding (000 omitted)</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">$7,725</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">$7,023</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">$&ndash;</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">$&ndash;</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">$&ndash;</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">$&ndash;</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); text-indent: -0.125in; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Asset coverage ratio on revolving credit facility at period end<SUP>(f)</SUP></FONT></TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">1,994%</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">1,799%</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">&ndash;</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">&ndash;</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">&ndash;</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">&ndash;</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1.5pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left">Asset coverage per $1,000 on revolving credit facility at period end</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1.5pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1.5pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">$19,935</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1.5pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1.5pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">$17,987</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1.5pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1.5pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">$&ndash;</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1.5pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1.5pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">$&ndash;</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1.5pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1.5pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">$&ndash;</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1.5pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1.5pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">$&ndash;</TD><TD STYLE="padding-top: 1pt; background-color: rgb(231,231,232); border-bottom: Black 1.5pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; font-size: 9.5pt; width: 0.25in; text-align: left">(a)</TD><TD STYLE="padding-bottom: 2pt; font-size: 9.5pt; text-align: justify">Based on average shares outstanding.</TD>
</TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-size: 9.5pt; vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; font-size: 9.5pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; font-size: 9.5pt; width: 0.25in; text-align: left">(b)</TD><TD STYLE="padding-bottom: 2pt; font-size: 9.5pt; text-align: justify">Total investment return based on market value is calculated
assuming that shares of the Fund's common stock were purchased at the closing market price as of the beginning of the period, dividends,
capital gains and other distributions were reinvested as provided for in the Fund's dividend reinvestment plan and then sold at the closing
market price per share on the last day of the period. The computation does not reflect any sales commission investors may incur in purchasing
or selling shares of the Fund. The total investment return based on the net asset value is similarly computed except that the Fund's
net asset value is substituted for the closing market value.</TD>
</TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-size: 9.5pt; vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; font-size: 9.5pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; font-size: 9.5pt; width: 0.25in; text-align: left">(c)</TD><TD STYLE="padding-bottom: 2pt; font-size: 9.5pt; text-align: justify">Annualized.</TD>
</TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-size: 9.5pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 9.5pt; width: 0in"></TD><TD STYLE="font-size: 9.5pt; width: 0.25in; text-align: left">(d)</TD><TD STYLE="font-size: 9.5pt; text-align: justify">The expense ratio includes a one-time expense associated with
the October 2013 shelf offering costs attributable to the registered but unsold shares expiring in October 2016.</TD>
</TR></TABLE>

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<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Aberdeen
Australia Equity Fund, Inc.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>11</B></P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt">Financial Highlights </FONT><FONT STYLE="font-size: 11pt">(concluded)</FONT></P>

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<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(e)</TD><TD STYLE="text-align: justify">Not annualized.</TD>
</TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(f)</TD><TD STYLE="text-align: justify">Asset coverage ratio is calculated by dividing net assets plus
the amount of any borrowings, for investment purposes by the amount of the Revolving Credit Facility.</TD>
</TR></TABLE>

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<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Amounts listed as &quot;&ndash;&quot; are $0 or round to $0.</P>

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<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">See Notes to Financial Statements.</P>

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<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>12</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aberdeen
Australia Equity Fund, Inc.</P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt">Notes to Financial Statements </FONT><FONT STYLE="font-size: 11pt">(unaudited)</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">April 30, 2021</P>

<DIV STYLE="float: left; width: 49%">

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 2pt"><B>1. Organization</B></P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Aberdeen Australia Equity Fund, Inc. (the &quot;Fund&quot;) is a non-diversified
closed-end management investment company incorporated in Maryland on September 30, 1985. The Fund's principal investment objective is
long-term capital appreciation through investment primarily in equity securities of Australian companies listed on the Australian Stock
Exchange Limited (&quot;ASX&quot;). Its secondary objective is current income, which is expected to be derived primarily from dividends
and interest on Australian corporate and governmental securities. The Fund normally invests at least 80% of its net assets, plus the amount
of any borrowings for investment purposes, in equity securities, consisting of common stock, preferred stock and convertible stock, of
companies tied economically to Australia (each an &quot;Australian Company&quot;). This 80% investment policy is a non-fundamental policy
of the Fund and may be changed by the Board of Directors of the Fund (&quot;the Board&quot;) upon 60 days' prior written notice to shareholders.
As a fundamental policy, at least 65% of the Fund's total assets must be invested in companies listed on the ASX. Aberdeen Standard Investments
(Asia) Limited (&quot;ASIAL&quot;), the Fund's investment manager (the &quot;Investment Manager&quot;), uses the following criteria in
determining if a company is &quot;tied economically&quot; to Australia: whether the company (i) is a constituent of the ASX; (ii) has
its headquarters located in Australia, (iii) pays dividends on its stock in Australian Dollars; (iv) has its accounts audited by Australian
auditors; (v) is subject to Australian taxes levied by the Australian Taxation Office; (vi) holds its annual general meeting in Australia;
(vii) has common stock/ordinary shares and/or other principal class of securities registered with Australian regulatory authorities for
sale in Australia; (viii) is incorporated in Australia; or (ix) has a majority of its assets located in Australia or a majority of its
revenues are derived from Australian sources. There can be no assurance that the Fund will achieve its investment objective.</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 2pt"><B>2. Summary of Significant Accounting Policies</B></P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Fund is an investment company and accordingly follows the investment
company accounting and reporting guidance of the Financial Accounting Standards Board (&quot;FASB&quot;) Accounting Standard Codification
Topic 946 Financial Services-Investment Companies.</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The following is a summary of significant accounting policies followed
by the Fund in the preparation of its financial statements. The policies conform to generally accepted accounting principles (&quot;GAAP&quot;)
in the United States of America. The preparation of financial statements requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements,
and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The accounting records
of the Fund</P>

</DIV>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<DIV STYLE="float: right; width: 49%">

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">are maintained in U.S. Dollars and the U.S. Dollar is used as both the
functional and reporting currency. However, the Australian Dollar is the functional currency for U.S. federal tax purposes.</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 2pt"><B>a. Security Valuation:</B></P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Fund values its securities at current market value or fair value,
consistent with regulatory requirements. &quot;Fair value&quot; 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.</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">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 &quot;Valuation Time&quot; subject to application,
when appropriate, of the valuation factors described in the paragraph below. Under normal circumstances, the Valuation Time is as of the
close of regular trading on the New York Stock Exchange (&quot;NYSE&quot;) (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 (&quot;ETFs&quot;)
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.</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Foreign equity securities that are traded on foreign exchanges that close
prior to Valuation 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 approved by the Board. These valuation factors are used when pricing the Fund's
portfolio holdings to estimate market movements between the time foreign markets close and the time the 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. When prices with the application of valuation factors are utilized, the value assigned
to the foreign securities may not be the same as quoted or published prices of the securities on their primary markets. A security that
applies a valuation factor is determined to be a Level 2 investment because the exchange-traded price has been adjusted. Valuation factors
are not utilized if the independent pricing service provider is unable to provide a valuation factor or if the valuation factor falls
below a predetermined threshold; in such case, the security is determined to be a Level 1 investment.</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Short-term investments are comprised of cash and cash equivalents invested
in short-term investment funds which are redeemable daily.</P>

</DIV>

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<DIV STYLE="clear: both; width: 100%">

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</DIV>

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<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Aberdeen Australia Equity Fund, Inc.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>13</B></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B></B>&nbsp;</P></DIV>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B></B></P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt">Notes to Financial Statements </FONT><FONT STYLE="font-size: 11pt">(unaudited)
(continued)</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt"><B>&nbsp;</B></FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">April 30, 2021</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="float: left; width: 49%">

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Fund sweeps available cash into the State Street Institutional U.S.
Government Money Market Fund, which has elected to qualify as a &quot;government money market fund&quot; pursuant to Rule 2a-7 under the
1940 Act, and has an objective, which is not guaranteed, to maintain a $1.00 per share NAV. Generally, these investment types are categorized
as Level 1 investments.</P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">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 it trades closes 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 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.</P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In accordance with the authoritative guidance on fair value measurements
and disclosures under GAAP, the Fund discloses the fair value of its investments using a three-level hierarchy that classifies the inputs
to valuation techniques used to measure the fair value. The hierarchy assigns Level 1, the highest level, measurements to valuations based
upon unadjusted quoted prices in active markets for identical assets, Level 2 measurements to valuations based upon other significant
observable inputs, including adjusted quoted prices in active markets for similar assets, and Level 3, the lowest level, measurements</P>

</DIV>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<DIV STYLE="float: right; width: 49%">

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">to valuations based upon unobservable inputs that are significant to
the valuation. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including
assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including a pricing
model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are
inputs that reflect the assumptions market participants would use in pricing the asset or liability, which are based on market data obtained
from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about
the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the
circumstances. A financial instrument's level within the fair value hierarchy is based upon the lowest level of any input that is significant
to the fair value measurement.</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The three-level hierarchy of inputs is summarized below:</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0">Level 1 &ndash; quoted prices in active markets for identical investments;</P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Level 2 &ndash; other significant observable inputs (including quoted
prices for similar securities, interest rates, prepayment speeds, and credit risk); or</P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Level 3 &ndash; significant unobservable inputs (including the Fund's
own assumptions in determining the fair value of investments).</P>

</DIV>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<DIV STYLE="clear: both; width: 100%">

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">A summary of standard inputs is listed below:</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%">
  <TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(209,210,212); padding-left: 0.125in; vertical-align: bottom; width: 25%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>Security Type</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(209,210,212); width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(209,210,212); vertical-align: bottom; width: 73%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>Standard Inputs</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 1pt 0.7pt 1pt 0.25in; background-color: rgb(241,241,242); text-indent: -0.125in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Foreign equities utilizing a fair value factor </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; background-color: rgb(241,241,242); padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; background-color: rgb(241,241,242); vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Depositary
    receipts, indices, futures, sector indices/ETFs, exchange rates, and local exchange opening and closing prices of each
    security.</FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The following is a summary of the inputs used as of April 30, 2021 in
valuing the Fund's investments at fair value. The inputs or methodologies used for valuing securities are not necessarily an indication
of the risk associated with investing in those securities. Please refer to the Portfolio of Investments for a detailed breakout of the
security types:</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 12pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 0.125in; border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(209,210,212)">Investments, at Value</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(209,210,212)">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(209,210,212); text-align: right">Level 1 &ndash; Quoted <BR> Prices ($)</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(209,210,212)">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(209,210,212); text-align: right">Level 2 &ndash; Other Significant<BR> Observable Inputs ($)</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(209,210,212)">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(209,210,212); text-align: right">Level 3 &ndash; Significant<BR> Unobservable Inputs ($)</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(209,210,212)">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(209,210,212); text-align: right">Total ($)</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(209,210,212); text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 0.125in; background-color: rgb(241,241,242); padding-bottom: 1pt">Investments, at Value</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 0.125in; background-color: rgb(241,241,242); text-align: left; padding-bottom: 1pt">Investments in Securities</TD><TD STYLE="padding-top: 1pt; background-color: rgb(241,241,242); padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(241,241,242); text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; background-color: rgb(241,241,242); padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(241,241,242); text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; background-color: rgb(241,241,242); padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(241,241,242); text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; background-color: rgb(241,241,242); padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(241,241,242); text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; background-color: rgb(241,241,242); text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 0.125in; background-color: rgb(241,241,242); width: 27%; text-align: left; padding-bottom: 1pt">Common Stocks</TD><TD STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(241,241,242); width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(241,241,242); width: 13%; text-align: right; padding-bottom: 1pt">$1,086,579</TD><TD STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(241,241,242); width: 3%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(241,241,242); width: 18%; text-align: right; padding-bottom: 1pt">$151,456,048</TD><TD STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(241,241,242); width: 3%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(241,241,242); width: 18%; text-align: right; padding-bottom: 1pt">$&ndash;</TD><TD STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(241,241,242); width: 3%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(241,241,242); width: 12%; text-align: right; padding-bottom: 1pt">$152,542,627</TD><TD STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(241,241,242); width: 1%; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-left: 0.125in; background-color: rgb(241,241,242); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Short-Term Investment</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; background-color: rgb(241,241,242); font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; background-color: rgb(241,241,242); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">469,638</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; background-color: rgb(241,241,242); font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; background-color: rgb(241,241,242); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; background-color: rgb(241,241,242); font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; background-color: rgb(241,241,242); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; background-color: rgb(241,241,242); font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; background-color: rgb(241,241,242); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">469,638</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; background-color: rgb(241,241,242); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-left: 0.125in; background-color: rgb(241,241,242); font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">Total</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; background-color: rgb(241,241,242); font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; background-color: rgb(241,241,242); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">$1,556,217</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; background-color: rgb(241,241,242); font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; background-color: rgb(241,241,242); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">$151,456,048</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; background-color: rgb(241,241,242); font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; background-color: rgb(241,241,242); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">$&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; background-color: rgb(241,241,242); font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; background-color: rgb(241,241,242); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">$153,012,265</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; background-color: rgb(241,241,242); font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Amounts listed as &quot;&ndash;&quot; are $0 or round to $0.</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">For the six-month period ended April 30, 2021, there were no significant
changes to the fair valuation methodologies for the type of holdings in the Fund's portfolio.</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>14</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aberdeen
Australia Equity Fund, Inc.</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P></div>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"></P>

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<DIV STYLE="background-color: rgb(209,210,212)">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt">Notes to Financial Statements </FONT><FONT STYLE="font-size: 11pt">(unaudited)
(continued)</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt"><B>&nbsp;</B></FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">April 30, 2021</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="float: left; width: 49%">

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 2pt"><B>b. Foreign Currency Translation:</B></P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Foreign securities, currencies, and other assets and liabilities denominated
in foreign currencies are translated into U.S. Dollars at the exchange rate of said currencies against the U.S. Dollar, as of the Valuation
Time, as provided by an independent pricing service approved by the Board.</P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Valuation Time is as of the close of regular trading on the New York
Stock Exchange (usually 4:00 p.m. Eastern Time).</P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Foreign currency amounts are translated into U.S. Dollars on the following
basis:</P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(i)</TD><TD STYLE="text-align: justify">market value of investment securities, other assets and liabilities
 &ndash; at the current daily rates of exchange; and</TD>
</TR></TABLE>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(ii)</TD><TD STYLE="text-align: justify">purchases and sales of investment securities, income and expenses
 &ndash; at the rate of exchange prevailing on the respective dates of such transactions.</TD>
</TR></TABLE>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Fund isolates that portion of the results of operations arising from
changes in the foreign exchange rates due to the fluctuations in the market prices of the securities held at the end of the reporting
period. Similarly, the Fund isolates the effect of changes in foreign exchange rates from the fluctuations arising from changes in the
market prices of portfolio securities sold during the reporting period.</P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Net exchange gain/(loss) is realized from sales and maturities of portfolio
securities, sales of foreign currencies, settlement of securities transactions, dividends, interest and foreign withholding taxes recorded
on the Fund's books. Net unrealized foreign exchange appreciation/(depreciation) includes changes in the value of portfolio securities
and other assets and liabilities arising as a result of changes in the exchange rate.</P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Foreign security and currency transactions may involve certain considerations
and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency
relative to the U.S. Dollar. Generally, when the U.S. Dollar rises in value against foreign currency, the Fund's investments denominated
in that foreign currency will lose value because the foreign currency is worth fewer U.S. Dollars; the opposite effect occurs if the U.S.
Dollar falls in relative value.</P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 2pt"><B>c. Security Transactions, Investment Income and Expenses:</B></P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Security transactions are recorded on the trade date. Realized and unrealized
gains/(losses) from security and currency transactions are calculated on the identified cost basis. Dividend income and corporate actions
are recorded generally on the ex-date, except for certain dividends and corporate actions which may be recorded after the ex-date, as
soon as the Fund acquires information regarding such dividends</P>

</DIV>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<DIV STYLE="float: right; width: 49%">

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">or corporate actions. Interest income and expenses are recorded on an
accrual basis.</P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 2pt"><B>d. Distributions:</B></P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Fund has a managed distribution policy to pay distributions from
net investment income supplemented by net realized foreign exchange gains, net realized capital gains and return of capital distributions,
if necessary, on a quarterly basis. The managed distribution policy is subject to regular review by the Board. The Fund will also declare
and pay distributions at least annually from net realized gains on investment transactions and net realized foreign exchange gains, if
any. Dividends and distributions to shareholders are recorded on the ex-dividend date.</P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Dividends and distributions to shareholders are determined in accordance
with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for foreign
currencies, loss deferrals and recognition of market discount and premium.</P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 2pt"><B>e. Federal Income Taxes:</B></P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Fund, for U.S. federal income purposes is comprised of a separately
identifiable unit called a Qualified Business Unit (&quot;QBUs&quot;) (see section 987 of the Internal Revenue Code of 1986, as amended
(the &quot;IRC&quot;)). The Fund has operated with a QBU for U.S. federal income purposes since 1989. The home office is designated as
the United States and the QBU is Australia with a functional currency of the Australian dollar. The securities held within the Fund reside
within either the home office of the QBU or the home office depending on certain factors including geographic region of the security.
As an example, the majority of the Fund's Australian securities reside within the Australian QBU. When sold, the Australian dollar denominated
securities within the Australian QBU generate capital gain/loss but not currency gain/loss, because the QBU's functional currency is Australian
dollar.</P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">IRC section 987 states that currency gain/loss is generated when money
is repatriated from a QBU to the home office. The currency gain/loss would result from the difference between the current exchange rate
and the average exchange rate for the year during which money was originally contributed to the QBU from the home office. Based on the
QBU structure, there may be sizable differences in the currency gain/loss recognized for U.S. federal income tax purposes and what is
reported within the financial statements under GAAP. Additionally, the Fund's composition of the distributions to shareholders is calculated
based on U.S. federal income tax requirements whereby currency gain/loss is characterized as income and distributed as such. As of the
Fund's fiscal year-end, the calculation of the composition of distributions to shareholders is finalized and
reported in the Fund's annual report to shareholders.</P>

</DIV>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<DIV STYLE="clear: both; width: 100%">

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

</DIV>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Aberdeen Australia Equity Fund, Inc.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>15</B></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"></P></div>

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<DIV STYLE="background-color: rgb(220,221,223)"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt">Notes to Financial Statements </FONT><FONT STYLE="font-size: 11pt">(unaudited)
(continued)</FONT></P>

<P STYLE="font: 4pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">April 30, 2021</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 14pt">&nbsp;</FONT></P>

<DIV STYLE="float: left; width: 48%"><P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Fund intends to continue to qualify as a &quot;regulated investment
company&quot; (&quot;RIC&quot;) by complying with the provisions available to certain investment companies, as defined in Subchapter M
of the IRC, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all
federal income taxes. Therefore, no federal income tax provision is required.</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Fund recognizes the tax benefits of uncertain tax positions only
where the position is &quot;more likely than not&quot; to be sustained assuming examination by tax authorities. Management of the Fund
has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Since
tax authorities can examine previously filed tax returns, the Fund's U.S. federal and state tax returns for each of the most recent four
fiscal years up to the most recent fiscal year ended October 31, 2020 are subject to such review.</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 2pt"><FONT STYLE="font-size: 9.5pt"><B>f. Foreign Withholding Tax:</B></FONT></P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Dividend and interest income from non-U.S. sources received by the Fund
are generally subject to non-U.S. withholding taxes. In addition, the Fund may be subject to capital gains tax in certain countries in
which it invests. The above taxes may be reduced or eliminated under the terms of applicable U.S. income tax treaties with some of these
countries. The Fund accrues such taxes when the related income is earned.</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In addition, when the Fund sells securities within
certain countries in which it invests, the capital gains realized may be subject to tax. Based on these market requirements and as required
under GAAP, the Fund accrues deferred capital gains tax on securities currently held that have unrealized appreciation within these countries.
The amount of deferred capital gains tax accrued is reported on the Statement of Operations as part of the Net Change in Unrealized Appreciation/Depreciation
on Investments. For the six-month period ended April 30, 2021, there were no deferred capital gains tax.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 14pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt"><B>3. Agreements and Transactions
with Affiliates</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9.5pt"><B>a. Investment Manager and
Investment Adviser:</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 3pt"><B>&nbsp;</B></FONT></P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">ASIAL serves as investment manager to the Fund and Aberdeen Standard
Investments Australia Limited serves as investment adviser to the Fund, pursuant to a management agreement and an advisory agreement,
respectively. The Investment Manager and the Investment Adviser are indirect wholly-owned subsidiaries of Standard Life Aberdeen plc (collectively
the &quot;Advisers&quot;).</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Investment Manager makes investment decisions on behalf of the Fund
on the basis of recommendations and information furnished to it by the Investment Adviser, including the selection of, and responsibility&nbsp;</P>

</DIV>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></P>

<DIV STYLE="float: right; width: 48%"><P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">for the placement of orders with, brokers and dealers to execute portfolio transactions on behalf of the Fund.</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In rendering management services, the Investment
Manager may use the resources of advisory subsidiaries of Standard Life Aberdeen plc. These affiliates have entered into a memorandum
of understanding/ personnel sharing procedures pursuant to which investment professionals from each affiliate, including the Investment
Adviser, may render portfolio management and research services to U.S. clients of the Standard Life Aberdeen plc affiliates, including
the Fund, as associated persons of the Investment Manager. No remuneration is paid by the Fund with regards to the memorandum of understanding/personnel
sharing procedures.</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Pursuant to the management agreement, the Fund pays the Investment Manager
a fee, payable monthly by the Fund, at the following annual rates: 1.10% of the Fund's average weekly Managed Assets up to $50 million,
0.90% of the Fund's average weekly Managed Assets between $50 million and $100 million and 0.70% of the Fund's average weekly Managed
Assets in excess of $100 million. Managed Assets is defined in the management agreement as net assets plus the amount of any borrowings
for investment purposes. The Investment Adviser is paid by the Investment Manager, and not the Fund, for its services.</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">For the six-month period ended April 30, 2021, ASIAL earned $658,445
from the Fund for investment management fees.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 14pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9.5pt"><B>b. Fund Administration:</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 3pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Aberdeen Standard Investments, Inc. (&quot;ASII&quot;), an affiliate
of the Advisers, is the Fund's Administrator, pursuant to an agreement under which ASII receives a fee, payable monthly by the Fund, at
an annual fee rate of 0.08% of the Fund's average weekly Managed Assets up to $500 million, 0.07% of the Fund's average weekly Managed
Assets between $500 million and $1.5 billion, and 0.06% of the Fund's average weekly Managed Assets in excess of $1.5 billion. For the
six-month period ended April 30, 2021, ASII earned $58,249 from the Fund for administration services.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 14pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9.5pt"><B>c. Investor Relations:</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 3pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Under the terms of the Investor Relations Services Agreement, ASII provides
and pays third parties to provide investor relations services to the Fund and certain other funds advised by ASIAL or its affiliates as
part of an Investor Relations Program. Under the Investor Relations Services Agreement, the Fund owes a portion of the fees related to
the Investor Relations Program (the &quot;Fund's Portion&quot;). However, investor relations services fees are limited by ASII so that the Fund will only
pay up to an annual rate of 0.05% of the Fund's average weekly net assets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"></P>

</DIV>

<DIV STYLE="clear: both; width: 100%">

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>16</B></FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">Aberdeen
    Australia Equity Fund,&nbsp;Inc.</FONT></TD>
    </TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
<DIV STYLE="background-color: rgb(220,221,223); width: 100%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt">Notes to Financial Statements </FONT><FONT STYLE="font-size: 11pt">(unaudited)
(continued)</FONT></P>

<P STYLE="font: 4pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">April 30, 2021</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: rgb(220,221,223)"></P>

<P STYLE="font: 13pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="float: left; width: 48%">

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Any difference between the capped rate of 0.05% of the Fund's
average weekly net assets and the Fund's Portion is paid for by ASII.</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Pursuant to the terms of the Investor Relations Services Agreement, ASII
(or third parties engaged by ASII), among other things, provides objective and timely information to shareholders based on publicly-available
information; provides information efficiently through the use of technology while offering shareholders immediate access to knowledgeable
investor relations representatives; develops and maintains effective communications with investment professionals from a wide variety
of firms; creates and maintains investor relations communication materials such as fund manager interviews, films and webcasts, publishes
white papers, magazine articles and other relevant materials discussing the Fund's investment results, portfolio positioning and outlook;
develops and maintains effective communications with large institutional shareholders; responds to specific shareholder questions; and
reports activities and results to the Board and management detailing insight into general shareholder sentiment.</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">During the six-month period ended April 30, 2021, the Fund incurred investor
relations fees of approximately $34,479. For the six-month period ended April 30, 2021, ASII did not waive any investor relations fees
because the Fund did not reach the capped amount.</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><B>4.
Investment Transactions</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 9.5pt">Purchases
and sales of investment securities (excluding short-term securities) for the six-month period ended April 30, 2021, were $14,494,135
and $17,048,375, respectively.&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><B>5.
Capital</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9.5pt">The authorized capital of the Fund is 30
million shares of $0.01 par value per share of common stock. As of April 30, 2021, there were 23,495,131 shares of common stock issued
and outstanding.</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9.5pt">On December 31, 2020
and March 31, 2021, the Fund issued 177,590 and 191,040 shares, respectively, as part of its quarterly stock distribution to shareholders.</FONT></P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><B>6.
Open Market Repurchase Program</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 3pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 9.5pt">On
March 1, 2001, the Board approved a stock repurchase program. The Board amended the program on December 12, 2007. The stock repurchase
program allows the Fund to repurchase up to 10% of its outstanding common stock in the open market during any 12-month period. The Fund
reports repurchase activity on the Fund's website on a monthly basis. For the six-month period ended April 30, 2021 and fiscal year ended
October 31, 2020, the Fund did not repurchase any shares through this program.</FONT></P>

</DIV>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<DIV STYLE="float: right; width: 48%">

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><B>7.
Credit Facility</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Fund may use leverage to the maximum extent permitted by the 1940
Act, which permits leverage to exceed 33 1/3% of the Fund's total assets (including the amount obtained through leverage) in certain market
conditions.</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">On October 13, 2020, the Fund entered into a 3-year term revolving credit
facility with a committed facility of AUD$20million with State Street Global Advisors. On October 16, 2020, the Fund drew down AUD$10million
on the facility. For the six-month period ended April 30, 2021, the balance of the loan outstanding was AUD$10million and the average
interest rate on the loan facility was 1.02% The average balance for the fiscal year was AUD$10million. The interest expense is accrued
on a daily basis and is payable to State Street Global Advisors on a monthly basis.</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The amounts borrowed from the loan facility may be invested to return
higher rates than the rates in the Fund's portfolio. However, the cost of leverage could exceed the income earned by the Fund on the proceeds
of such leverage. To the extent that the Fund is unable to invest the proceeds from the use of leverage in assets which pay interest at
a rate which exceeds the rate paid on the leverage, the yield on the Fund's common stock will decrease. In addition, in the event of a
general market decline in the value of assets in which the Fund invests, the effect of that decline will be magnified in the Fund because
of the additional assets purchased with the proceeds of the leverage. Non-recurring expenses in connection with the implementation of
the loan facility will reduce the Fund's performance.</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Fund's leveraged capital structure creates
special risks not associated with unleveraged funds having similar investment objectives and policies. The funds borrowed pursuant to
the loan facility may constitute a substantial lien and burden by reason of their prior claim against the income of the Fund and against
the net assets of the Fund in liquidation. The Fund is not permitted to declare dividends or other distributions in the event of default
under the loan facility. In the event of a default under the loan facility, the lenders have the right to cause a liquidation of the
collateral (i.e., sell portfolio securities and other assets of the Fund) and, if any such default is not cured, the lenders may be able
to control the liquidation as well. A liquidation of the Fund's collateral assets in an event of default, or a voluntary paydown of the
loan facility in order to avoid an event of default, would typically involve administrative expenses and sometimes penalties. Additionally,
such liquidations often involve selling off of portions of the Fund's assets at inopportune times which can result in losses when markets
are unfavorable. The loan facility has a term of three years and is not a perpetual form of leverage; there can be no assurance that
the loan facility will be available for renewal on acceptable terms, if at all. Bank</P>

</DIV>

<DIV STYLE="float: none; clear: both; width: 100%">

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

</DIV>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 7pt">Aberdeen Australia Equity
    Fund, Inc.</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 0.25in"><FONT STYLE="font-size: 7pt"><B>17</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

</DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<DIV STYLE="background-color: rgb(220,221,223); width: 100%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt">Notes to Financial Statements </FONT><FONT STYLE="font-size: 11pt">(unaudited)
(continued)</FONT></P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">April 30, 2021</P>

<P STYLE="font: 13pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="float: left; width: 48%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">loan fees and expenses included in the Statement of Operations include fees for the loan facility as well as commitment fees
for any portion of the loan facility not drawn upon at any time during the period. During the six-month period ended April 30, 2021, the
Fund incurred fees of approximately USD$30,439.</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The credit agreement governing the loan facility includes usual and customary
covenants for this type of transaction. These covenants impose on the Fund asset coverage requirements, Fund composition requirements
and limits on certain investments, such as illiquid investments, which are more stringent than those imposed on the Fund by the 1940 Act.
The covenants or guidelines could impede the Investment Manager or Investment Adviser from fully managing the Fund's portfolio in accordance
with the Fund's investment objective and policies. The covenants also include a requirement that the Fund maintain net assets of no less
than $50,000,000. Furthermore, non-compliance with such covenants or the occurrence of other events could lead to the cancellation of
the loan facility.</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The estimated fair value of the loan facility was calculated, for disclosure
purposes, by discounting future cash flows by a rate equal to the current Australian Treasury rate with an equivalent maturity date, the
spread between the U.S. insurance and financial debt rate and the U.S. Treasury rate. The following table shows the maturity date, interest
rate, notional/carrying amount and estimated fair value outstanding as of April 30, 2021.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9.5pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font-size: 9.5pt">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 9.5pt; padding-left: 0.125in; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>Maturity
    Date</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 9.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 9.5pt; padding-right: 4pt; vertical-align: bottom; text-align: right"><P STYLE="font-size: 9.5pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>Interest</B></FONT></P>
                                                                                <P STYLE="font-size: 9.5pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>Rate</B></FONT></P></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 9.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 9.5pt; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>Notional/<BR>
    Carrying Amount</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 9.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 9.5pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>Estimated
    <BR>
    Fair Value</B></FONT></TD>
    </TR>
<TR STYLE="font-size: 9.5pt">
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; white-space: nowrap; background-color: rgb(239,240,240); padding-left: 0.125in; text-align: left; vertical-align: bottom; width: 29%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">October
    13, 2023</FONT></TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; background-color: rgb(239,240,240); width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; padding-right: 4pt; background-color: rgb(239,240,240); vertical-align: bottom; width: 21%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">1.02%</FONT></TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; background-color: rgb(239,240,240); width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; background-color: rgb(239,240,240); text-align: right; vertical-align: bottom; width: 26%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">AUD$10,000,000</FONT></TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; background-color: rgb(239,240,240); width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; background-color: rgb(239,240,240); text-align: right; vertical-align: bottom; width: 21%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">AUD$10,015,709</FONT></TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>8.
Portfolio Investment Risks</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>a.
Risks Associated with Foreign Securities and Currencies:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 3pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Investments in securities of foreign issuers carry certain risks not
ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments,
and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain
countries, there is the possibility of expropriation of assets, confiscatory taxation, and political or social instability or diplomatic
developments, which could adversely affect investments in those countries.</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Certain countries also may impose substantial restrictions on
investments in their capital markets by foreign entities, including restrictions on investments in issuers in industries deemed
sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of
liquidity and high price</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<DIV STYLE="float: right; width: 48%">

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">volatility with respect to securities of issuers from developing countries. Foreign securities may also be harder to price than
U.S. securities.</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The value of foreign currencies relative to the U.S. Dollar fluctuates
in response to market, economic, political, regulatory, geopolitical or other conditions. A decline in the value of a foreign currency
versus the U.S. Dollar reduces the value in U.S. Dollars of investments denominated in that foreign currency. This risk may impact the
Fund more greatly to the extent the Fund does not hedge its currency risk, or hedging techniques used by the Adviser are unsuccessful.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>b. Focus Risk:</B></P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Fund may have elements of risk not typically associated with investments
in the United States due to focused investments in a limited number of countries or regions subject to foreign securities or currency
risks. The Fund focuses its investments in Australia, which subjects the Fund to more volatility and greater risk of loss than geographically
diverse funds. Such focused investments may subject the Fund to additional risks resulting from political or economic conditions in such
countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities
and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>c.
Sector Risk:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">To the extent that the Fund has a significant portion of its assets invested
in securities of companies conducting business in a broadly related group of industries within an economic sector, the Fund may be more
vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In particular, being invested heavily in the financial sector may make
the Fund vulnerable to risks and pressures facing companies in that sector, such as regulatory, consolidation, interest rate changes and
general economic conditions.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>d.
Leverage Risk:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9.5pt">The Fund's leveraged
capital structure creates special risks not associated with unleveraged funds having similar investment objectives and policies. The
funds borrowed pursuant to the loan facility may constitute a substantial lien and burden by reason of their prior claim against the
income of the Fund and against the net assets of the Fund in liquidation. The Fund limited in its ability to declare dividends or other
distributions in the event of default under the loan facility. In the event of default under the loan facility, the lender has the right
to cause a liquidation of the collateral (i.e., sell portfolio securities and other assets of the Fund) and, if any such default is not
cured, the lender may be able to control the liquidation as well.</FONT></P>

</DIV>

<DIV STYLE="float: none; clear: both; width: 100%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>









<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>18</B></FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">Aberdeen
    Australia Equity Fund,&nbsp;Inc.</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right; width: 0.25in"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<DIV STYLE="background-color: rgb(220,221,223); width: 100%">

<DIV STYLE="background-color: rgb(220,221,223); width: 100%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt">Notes to Financial Statements </FONT><FONT STYLE="font-size: 11pt">(unaudited)
(concluded)</FONT></P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">April 30, 2021</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: rgb(220,221,223)"></P>

<P STYLE="font: 13pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</DIV>


<DIV STYLE="float: left; width: 48%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 2pt"><B>e. Passive Foreign Investment Company Tax Risk:</B></P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Equity investments by the Fund in certain &quot;passive foreign investment
companies&quot; (&quot;PFICs&quot;) could subject the Fund to a U.S. federal income tax (including interest charges) on distributions
received from the PFIC or on proceeds received from the disposition of shares in the PFIC. The Fund may be able to elect to treat a PFIC
as a &quot;qualified electing fund&quot; (i.e., make a &quot;QEF election&quot;), in which case the Fund will be required to include its
share of the company's income and net capital gains annually. The Fund may make an election to mark the gains (and to a limited extent
losses) in such holdings &quot;to the market&quot; as though it had sold and repurchased its holdings in those PFICs on the last day of
the Fund's taxable year. Such gains and losses are treated as ordinary income and loss. Because it is not always possible to identify
a foreign corporation as a PFIC, the Fund may incur the tax and interest charges described above in some instances.</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 2pt"><B>f. Non-U.S. Taxation Risk:</B></P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Income, proceeds and gains received by the Fund from sources within foreign
countries may be subject to withholding and other taxes imposed by such countries, which will reduce the return on those investments.
Tax treaties between certain countries and the United States may reduce or eliminate such taxes.</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">If, at the close of its taxable year, more than
50% of the value of the Fund's total assets consists of securities of foreign corporations, including for this purpose foreign governments,
the Fund will be permitted to make an election under the Code that will allow</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<DIV STYLE="float: right; width: 48%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">shareholders a deduction or credit for foreign taxes paid by the Fund.
In such a case, shareholders will include in gross income from foreign sources their pro rata shares of such taxes. A shareholder's ability
to claim an offsetting foreign tax credit or deduction in respect of such foreign taxes is subject to certain limitations imposed by
the Code, which may result in the shareholder's not receiving a full credit or deduction (if any) for the amount of such taxes. Shareholders
who do not itemize on their U.S. federal income tax returns may claim a credit (but not a deduction) for such foreign taxes. If the Fund
does not qualify for or chooses not to make such an election, shareholders will not be entitled separately to claim a credit or deduction
for U.S. federal income tax purposes with respect to foreign taxes paid by the Fund; in that case the foreign tax will nonetheless reduce
the Fund's taxable income. Even if the Fund elects to pass through to its shareholders foreign tax credits or deductions, tax-exempt
shareholders and those who invest in the Fund through tax-advantaged accounts such as IRAs will not benefit from any such tax credit
or deduction.</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 2pt"><B>9. Contingencies</B></P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In the normal course of business, the Fund may
provide general indemnifications pursuant to certain contracts and organizational documents. The Fund's maximum exposure under these
arrangements is dependent on future claims that may be made against the Fund, and therefore, cannot be estimated; however, the Fund expects
the risk of loss from such claims to be remote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

</DIV>

<DIV STYLE="float: none; clear: both; width: 100%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>10.
Tax Information</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The U.S. federal income tax basis of the Fund's investments (including
derivatives, if applicable) and the net unrealized appreciation as of April 30, 2021, were as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9.5pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font-size: 9.5pt">
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Tax
    Basis of Investments</B></FONT></TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 9.5pt; vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Appreciation</B></FONT></TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 9.5pt; vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Depreciation</B></FONT></TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-right: 0.7pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net
    Unrealized<BR>
    Appreciation</B></FONT></TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 9.5pt">
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; padding-bottom: 1pt; padding-top: 1pt; background-color: rgb(239,240,240); padding-left: 5.4pt; vertical-align: bottom; width: 32%; text-align: left"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$119,530,054</FONT></TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; padding-bottom: 1pt; padding-top: 1pt; background-color: rgb(239,240,240); width: 4%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 9.5pt; padding-bottom: 1pt; padding-top: 1pt; background-color: rgb(239,240,240); vertical-align: bottom; width: 15%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$36,670,927</FONT></TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; padding-bottom: 1pt; padding-top: 1pt; background-color: rgb(239,240,240); width: 9%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; padding-bottom: 1pt; padding-top: 1pt; background-color: rgb(239,240,240); vertical-align: bottom; width: 15%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$(3,188,716)</FONT></TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; padding-bottom: 1pt; padding-top: 1pt; background-color: rgb(239,240,240); width: 9%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; padding-bottom: 1pt; padding-top: 1pt; background-color: rgb(239,240,240); vertical-align: bottom; width: 15%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$33,482,211</FONT></TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; padding-bottom: 1pt; padding-top: 1pt; background-color: rgb(239,240,240); width: 1%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></DIV>


<DIV STYLE="background-color: rgb(220,221,223); width: 100%"><DIV STYLE="background-color: rgb(220,221,223); width: 100%"><P STYLE="font: 13pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

</DIV>


<DIV STYLE="float: left; width: 48%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>11. Recent Accounting Pronouncements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In October 2020, the SEC adopted new regulations governing the use of
derivatives by registered investment companies. Rule 18f-4 will impose limits on the amount of derivatives a fund could enter into, eliminate
the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, and require funds whose use of derivatives
is more than a limited specified exposure to establish and maintain a derivatives risk management program and appoint a derivatives risk
manager. While the new rule became effective February 19, 2021, funds will not be required to fully comply with the new rule until August
19, 2022. It is not currently clear what impact, if any, the new rule will have on the availability, liquidity or performance</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<DIV STYLE="float: right; width: 48%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0">of derivatives. Management is assessing the impact of Rule 18f-4 on the
Fund.</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>12. Subsequent Events</B></P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Management has evaluated the need for disclosures and/or adjustments
resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no disclosures and/or
adjustments were required to the financial statements as of April 30, 2021.</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">On May 11, 2021 the Fund announced that it will
pay on June 30, 2021 a stock distribution of $0.15 per share to all shareholders of record as of May 21, 2021.</P>

</DIV>

<DIV STYLE="float: none; clear: both; width: 100%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="background-color: rgb(220,221,223); vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 7pt">Aberdeen Australia Equity
    Fund, Inc.</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 0.25in"><FONT STYLE="font-size: 7pt"><B>19</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P></DIV>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<DIV STYLE="background-color: rgb(220,221,223); width: 100%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: rgb(220,221,222)"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt; font-style: normal">Supplemental Information
</FONT><FONT STYLE="font-size: 11pt; font-style: normal">(unaudited)</FONT></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><B>Results
of Annual Meeting of Shareholders</B></FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Annual Meeting of Shareholders was virtually held on April 29, 2021.
The description of the proposals and number of shares voted at the meeting are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">1. To elect one Class III Director to the Board of Directors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; width: 85%">
<TR STYLE="font-size: 9.5pt">
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: right; vertical-align: bottom; padding-top: 2pt; padding-right: 0.7pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Votes
    For</B></FONT></TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Votes
    Against</B></FONT></TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Votes
    Withheld</B></FONT></TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 9.5pt; background-color: #CCEEFF">
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; padding-left: 0.125in; white-space: nowrap; padding-top: 2pt; background-color: rgb(236,236,237); vertical-align: bottom; width: 34%">William J. Potter</TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(236,236,237); vertical-align: bottom; width: 20%; text-align: right"><FONT STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif">16,454,776</FONT></TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(236,236,237); width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(236,236,237); vertical-align: bottom; width: 20%; text-align: right"><FONT STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif">1,025,506</FONT></TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(236,236,237); width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(236,236,237); vertical-align: bottom; width: 20%; text-align: right"><FONT STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif">223,961</FONT></TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(236,236,237); width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">2. To approve the continuation of Term for three Directors under the
Corporate Governance Policies</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; width: 85%">
<TR STYLE="font-size: 9.5pt">
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: right; vertical-align: bottom; padding-top: 2pt; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; padding-bottom: 2pt; vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Votes
    For</B></FONT></TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-top: 2pt; padding-right: 0.7pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Votes
Against</B></FONT></TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; padding-bottom: 2pt; vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Votes
    Withheld</B></FONT></TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 9.5pt; background-color: #CCEEFF">
    <TD STYLE="font-size: 9.5pt; padding-left: 0.125in; white-space: nowrap; background-color: rgb(236,236,237); padding-top: 2pt; vertical-align: bottom; width: 34%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Neville
    J. Miles</FONT></TD>
    <TD STYLE="font-size: 9.5pt; background-color: rgb(236,236,237); padding-top: 2pt; vertical-align: bottom; width: 20%; text-align: right"><FONT STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif">16,484,019</FONT></TD>
    <TD STYLE="font-size: 9.5pt; background-color: rgb(236,236,237); padding-top: 2pt; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9.5pt; background-color: rgb(236,236,237); padding-top: 2pt; vertical-align: bottom; width: 20%; text-align: right"><FONT STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif">994,578</FONT></TD>
    <TD STYLE="font-size: 9.5pt; background-color: rgb(236,236,237); padding-top: 2pt; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9.5pt; background-color: rgb(236,236,237); padding-top: 2pt; vertical-align: bottom; width: 20%; text-align: right"><FONT STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif">225,646</FONT></TD>
    <TD STYLE="font-size: 9.5pt; background-color: rgb(236,236,237); padding-top: 2pt; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 9.5pt">
    <TD STYLE="font-size: 9.5pt; padding-left: 0.125in; white-space: nowrap; background-color: rgb(236,236,237); padding-bottom: 2pt; vertical-align: bottom"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Moritz Sell</FONT></TD>
    <TD STYLE="font-size: 9.5pt; background-color: rgb(236,236,237); padding-bottom: 2pt; vertical-align: bottom; text-align: right"><FONT STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif">16,486,643</FONT></TD>
    <TD STYLE="font-size: 9.5pt; background-color: rgb(236,236,237); padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9.5pt; background-color: rgb(236,236,237); padding-bottom: 2pt; vertical-align: bottom; text-align: right"><FONT STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif">981,200</FONT></TD>
    <TD STYLE="font-size: 9.5pt; background-color: rgb(236,236,237); padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9.5pt; background-color: rgb(236,236,237); padding-bottom: 2pt; vertical-align: bottom; text-align: right"><FONT STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif">236,400</FONT></TD>
    <TD STYLE="font-size: 9.5pt; background-color: rgb(236,236,237); padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 9.5pt">
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; padding-left: 0.125in; white-space: nowrap; background-color: rgb(236,236,237); padding-bottom: 2pt; vertical-align: bottom">P. Gerald Malone</TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; background-color: rgb(236,236,237); padding-bottom: 2pt; vertical-align: bottom; text-align: right"><FONT STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif">16,462,936</FONT></TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; background-color: rgb(236,236,237); padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; background-color: rgb(236,236,237); padding-bottom: 2pt; vertical-align: bottom; text-align: right"><FONT STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif">1,017,731</FONT></TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; background-color: rgb(236,236,237); padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; background-color: rgb(236,236,237); padding-bottom: 2pt; vertical-align: bottom; text-align: right"><FONT STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif">223,576</FONT></TD>
    <TD STYLE="font-size: 9.5pt; border-bottom: Black 1.5pt solid; background-color: rgb(236,236,237); padding-bottom: 2pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 7pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,223); vertical-align: bottom">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: left; width: 3%"><B>20</B></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: left; width: 94%"><FONT STYLE="font-size: 7pt">Aberdeen Australia Equity Fund, Inc.</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right; width: 3%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></DIV>



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<P STYLE="font-style: normal; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt; font-style: normal; font-variant: normal; font-weight: normal">Dividend
Reinvestment and Optional Cash Purchase Plan </FONT></P>

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<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">The Fund intends to distribute to stockholders substantially all of its net investment income and to distribute any net realized capital gains at least annually. Net investment income for this purpose is income other than net realized long-term and short-term capital gains net of expenses. Pursuant to the Dividend Reinvestment and Optional Cash Purchase Plan (the "Plan"), stockholders whose shares of common stock are registered in their own names will be deemed to have elected to have all distributions automatically reinvested by Computershare Trust Company N.A. (the "Plan Agent") in the Fund shares pursuant to the Plan, unless such stockholders elect to receive distributions in cash. Stockholders who elect to receive distributions in cash will receive such distributions paid by check in U.S. Dollars mailed directly to the stockholder by the Plan Agent, as dividend paying agent. In the case of stockholders such as banks, brokers or nominees that hold shares for others who are beneficial owners, the Plan Agent will administer the Plan on the basis of the number of shares certified from time to time by the stockholders as representing the total amount registered in such stockholders' names and held for the account of beneficial owners that have not elected to receive distributions in cash. Investors that own shares registered in the name of a bank, broker or other nominee should consult with such nominee as to participation in the Plan through such nominee and may be required to have their shares registered in their own names in order to participate in the Plan. Please note that the Fund does not issue certificates so all shares will be registered in book entry form. The Plan Agent serves as agent for the stockholders in administering the Plan. If the Directors of the Fund declare an income dividend or a capital gains distribution payable either in the Fund's common stock or in cash, nonparticipants in the Plan will receive cash and participants in the Plan will receive common stock, to be issued by the Fund or purchased by the Plan Agent in the open market, as provided below. If the market price per share (plus expected per share fees) on the valuation date equals or exceeds NAV per share on that date, the Fund will issue new shares to participants at NAV; provided, however, that if the NAV is less than 95% of the market price on the valuation date, then such shares will be issued at 95% of the market price. The valuation date will be the payable date for such distribution or dividend or, if that date is not a trading day on the New York Stock Exchange, the immediately preceding trading date. If NAV exceeds the market price of Fund shares at such time, or if the Fund should declare an income dividend or capital gains distribution payable only in cash, the Plan Agent will, as agent for the participants, buy Fund shares in the open market, on the New York Stock Exchange or elsewhere, for the participants' accounts on, or shortly after, the payment date. If, before the Plan Agent has completed its purchases, the market price exceeds the NAV of a Fund share, the average per share purchase price paid by the Plan Agent may exceed the NAV of the Fund's shares, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund on the dividend payment date.</P>

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<DIV STYLE="float: right; width: 48%"><P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Because of the foregoing difficulty with respect
to open-market purchases, the Plan provides that if the Plan Agent is unable to invest the full dividend amount in open-market purchases
during the purchase period or if the market discount shifts to a market premium during the purchase period, the Plan Agent will cease
making open-market purchases and will receive the uninvested portion of the dividend amount in newly issued shares at the close of business
on the last purchase date.</P>

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<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Participants have the option of making additional
cash payments of a minimum of $50 per investment (by check, one-time online bank debit or recurring automatic monthly ACH debit) to the
Plan Agent for investment in the Fund's common stock, with an annual maximum contribution of $250,000. The Plan Agent will use all such
funds received from participants to purchase Fund shares in the open market on the 25th day of each month or the next trading day if the
25th is not a trading day.</P>

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<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">If the participant sets up recurring automatic monthly
ACH debits, funds will be withdrawn from his or her U.S. bank account on the 20th of each month or the next business day if the 20th is
not a banking business day and invested on the next investment date. The Plan Agent maintains all stockholder accounts in the Plan and
furnishes written confirmations of all transactions in an account, including information needed by stockholders for personal and tax records.
Shares in the account of each Plan participant will be held by the Plan Agent in the name of the participant, and each stockholder's proxy
will include those shares purchased pursuant to the Plan. There will be no brokerage charges with respect to common shares issued directly
by the Fund. However, each participant will pay a per share fee of $0.02 incurred with respect to the Plan Agent's open market purchases
in connection with the reinvestment of dividends, capital gains distributions and voluntary cash payments made by the participant. Per
share fees include any applicable brokerage commissions the Plan Agent is required to pay.</P>

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<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Participants also have the option of selling their
shares through the Plan. The Plan supports two types of sales orders. Batch order sales are submitted on each market day and will be
grouped with other sale requests to be sold. The price will be the average sale price obtained by Computershare's broker, net of fees,
for each batch order and will be sold generally within 2 business days of the request during regular open market hours. Please note that
all written sales requests are always processed by Batch Order. ($10 and $0.12 per share). Market Order sales will sell at the next available
trade. The shares are sold real time when they hit the market, however an available trade must be presented to complete this transaction.
Market Order sales may only be requested by phone at 1-800-647-0584 or using Investor Center through www.computershare.com/buyaberdeen.
($25 and $0.12 per share).&nbsp;</P><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></P>

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    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right; width: 94%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Aberdeen Australia Equity Fund, Inc.</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right; width: 3%"><B>21</B></TD></TR>
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Reinvestment and Optional Cash Purchase Plan </FONT><FONT STYLE="font-size: 11pt">(concluded)</FONT></P>

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<DIV STYLE="float: left; width: 48%"><P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The receipt
of dividends and distributions under the Plan will not relieve participants of any income tax that may be payable on such dividends or
distributions. The Fund or the Plan Agent may terminate the Plan as applied to any voluntary cash payments made and any dividend or distribution
paid subsequent to notice of the termination sent to members of the Plan at least 30 days prior to the record date for such dividend
or distribution. The Plan also may be amended by the Fund or the Plan Agent, but (except when necessary or appropriate to comply<FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<DIV STYLE="float: right; width: 48%"><P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">with applicable law or the rules
or policies of the Securities and Exchange Commission or any other regulatory authority) only by mailing a written notice at least 30
days' prior to the effective date to the participants in the Plan. All correspondence concerning the Plan should be directed to the Plan
Agent by phone at 1-800-647-0584, using Investor Center through www.computershare.com/buyaberdeen or in writing to Computershare Trust
Company N.A., P.O. Box 505000, Louisville, KY 40233-5000. </P>

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    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: left; width: 93%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Aberdeen
Australia Equity Fund, Inc.</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right; width: 3%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B></B></FONT></TD></TR>
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<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Corporate
Information</P>

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<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><B></B></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><B>Directors</B></FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">Neville J. Miles, <I>Chairman</I><BR>
Radhika Ajmera<BR>
Stephen Bird<BR>
P. Gerald Malone<BR>
William J. Potter<BR>
Moritz Sell</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><B>Investment Manager</B></FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">Aberdeen Standard Investments (Asia)
Limited<BR>
21 Church Street<BR>
#01-01 Capital Square Two<BR>
Singapore 049480</FONT></P>

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<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><B>Investment Adviser</B></FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">Aberdeen Standard Investments Australia
Limited<BR>
Level 10 255 George Street<BR>
Sydney, NSW 2000, Australia</FONT></P>

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<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><B>Administrator</B></FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">Aberdeen Standard Investments Inc.<BR>
1900 Market Street, Suite 200<BR>
Philadelphia, PA 19103</FONT></P>
<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><B></B></P>

</DIV>

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<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">State Street Bank and Trust Company<BR>
1 Lincoln Street<BR>
Boston, MA 02111</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><B>Transfer Agent</B></FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">Computershare Trust Company, N.A.<BR>
P.O. Box 505000<BR>
Louisville, KY 40233</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><B>Independent Registered Public Accounting
Firm</B></FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">KPMG LLP<BR>
1601 Market Street<BR>
Philadelphia, PA 19103</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><B>Legal Counsel</B></FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">Dechert LLP<BR>
1900 K Street N.W.<BR>
Washington, DC 20006</FONT></P>

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<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><B>Investor Relations</B></FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">Aberdeen Standard Investments Inc.<BR>
1900 Market Street, Suite 200<BR>
Philadelphia, PA 19103<BR>
1-800-522-5465<BR>
Investor.Relations@aberdeenstandard.com</FONT></P>

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<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: center; margin: 0pt 0"><B>Aberdeen Standard Investments (Asia) Limited</B></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">The accompanying Financial Statements
as of April 30, 2021, were not audited and accordingly, no opinion is expressed thereon.</FONT></P>

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<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">Notice is hereby
given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that the Fund may purchase, from time to time,
shares of its common stock in the open market.</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">Shares of Aberdeen
Australia Equity Fund, Inc. are traded on the NYSE American (formerly, NYSE Market) equities exchange under the symbol &quot;IAF&quot;.
Information about the Fund's net asset value and market price is available at www.aberdeeniaf.com.</FONT></P>

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<P STYLE="text-align: justify; font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">This report, including
the financial information herein, is transmitted to the shareholders of Aberdeen Australia Equity Fund, Inc. for their general information
only. It does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person.
Past performance is no guarantee of future returns.</FONT></P>

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<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">IAF SEMI-ANNUAL</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 2. Code of Ethics.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This item is inapplicable to semi-annual report on Form&nbsp;N-CSR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 3. Audit Committee Financial Expert.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This item is inapplicable to semi-annual report on Form&nbsp;N-CSR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 4. Principal Accountant Fees and Services.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This item is inapplicable to semi-annual report on Form&nbsp;N-CSR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 5. Audit Committee of Listed Registrants.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This item is inapplicable to semi-annual report on Form&nbsp;N-CSR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 6. Investments.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a)&nbsp;Schedule of Investments in securities
of unaffiliated issuers as of close of the reporting period is included as part of the Report to Shareholders filed under Item 1 of this
Form&nbsp;N-CSR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&nbsp;Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This item is inapplicable to the semi-annual report on Form&nbsp;N-CSR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 8. Portfolio Managers of Closed-End Management Investment Companies.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.4in">(a)(1)</TD><TD>Not applicable to the semi-annual report on Form&nbsp;N-CSR.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-left: 0in; margin-top: 0pt; margin-bottom: 0pt"> (b) There has been no change, as of the date of this filing, in any of the portfolio managers identified in response to paragraph (a)(1)&nbsp;of this Item in the registrant&rsquo;s most recently filed annual report on Form&nbsp;N-CSR.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9. Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No such purchases were made by or on behalf of the Registrant during
the period covered by the report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 10. Submission of Matters to a Vote of Security Holders.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">During the period ended April&nbsp;30, 2021, there were no material
changes to the procedures by which shareholders may recommend nominees to the Registrant&rsquo;s Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 11. Controls and Procedures.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">The Registrant&rsquo;s principal executive and principal financial officers, or persons performing similar
functions, have concluded that the Registrant&rsquo;s disclosure controls and procedures (as defined in Rule&nbsp;30a-3(c)&nbsp;under
the Investment Company Act of 1940 (the &ldquo;Act&rdquo;) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing
date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required
by Rule&nbsp;30a-3(b)&nbsp;under the Act (17 CFR 270.30a3(b)) and Rule&nbsp;13a-15(b)&nbsp;or 15d-15(b)&nbsp;under the Securities Exchange
Act of 1934, as amended (17 CFR 240.13a-15(b)&nbsp;or 240.15d15(b)).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">There were no changes in the Registrant&rsquo;s internal control over financial reporting (as defined
in Rule&nbsp;30a-3(d)&nbsp;under the Act (17 CFR 270.30a-3(d))) that occurred during the second fiscal quarter of the period covered by
this report that has materially affected, or is reasonably likely to materially affect, the Registrant&rsquo;s internal control over financial
reporting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <B>Item 12 -</B> <B>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">Not applicable</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 13. Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(a)(1)</TD><TD STYLE="text-align: justify">Not applicable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><A HREF="tm2115413d11_ex99-cert.htm">(a)(2)</A></TD><TD STYLE="text-align: justify"><A HREF="tm2115413d11_ex99-cert.htm">Certifications pursuant to Rule&nbsp;30a-2(a)&nbsp;under the Act and Section&nbsp;302 of the Sarbanes-Oxley
Act of 2002 are attached hereto.</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(a)(3)</TD><TD STYLE="text-align: justify">Not applicable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)(4)</TD><TD STYLE="text-align: justify">Not applicable.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><A HREF="tm2115413d11_ex99-906cert.htm">(b)</A></TD><TD STYLE="text-align: justify"><A HREF="tm2115413d11_ex99-906cert.htm">Certifications pursuant to Rule&nbsp;30a-2(b)&nbsp;under the Act and section 906 of the Sarbanes-Oxley
Act of 2002 are attached hereto.</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify"> A copy of the Registrant&rsquo;s notices to stockholders, which accompanied
distributions paid, pursuant to the Registrant&rsquo;s Managed Distribution Policy since the Registrant&rsquo;s last filed N-CSR, are
filed herewith as Exhibits <A HREF="tm2115413d11_ex99-13c1.htm">13(c)(1)</A>, <A HREF="tm2115413d11_ex99-13c2.htm">13(c)(2)</A>&nbsp;and <A HREF="tm2115413d11_ex99-13c3.htm">13(c)(3)</A>&nbsp;as required by the terms of the Registrant&rsquo;s SEC exemptive
order.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><U>SIGNATURES</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aberdeen Australia Equity Fund,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 4%"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif; width: 46%"><FONT STYLE="font-size: 10pt">/s/ Christian Pittard</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Christian Pittard,</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Principal Executive Officer of</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">Aberdeen Australia Equity Fund,&nbsp;Inc.</P></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: July&nbsp;8, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 4%"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif; width: 46%"><FONT STYLE="font-size: 10pt">/s/ Christian Pittard</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Christian Pittard,</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Principal Executive Officer of</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">Aberdeen Australia Equity Fund,&nbsp;Inc.</P></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: July&nbsp;8, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 4%"><FONT STYLE="font-style: normal; font-weight: normal">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif; width: 46%">/s/ Andrea Melia</TD>
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Andrea Melia,</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Principal Financial Officer of</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Aberdeen Australia Equity
Fund,&nbsp;Inc.</P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: July&nbsp;8, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B><U>Exhibit&nbsp;List</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A HREF="tm2115413d11_ex99-cert.htm">13(a)(2)&nbsp;&ndash; Rule&nbsp;30a-2(a)&nbsp;Certifications</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A HREF="tm2115413d11_ex99-906cert.htm">13(b)&nbsp;&ndash; Rule&nbsp;30a-2(b)&nbsp;Certifications</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A HREF="tm2115413d11_ex99-13c1.htm">13(c)(1)</A>, <A HREF="tm2115413d11_ex99-13c2.htm">13(c)(2)</A>, <A HREF="tm2115413d11_ex99-13c3.htm">13(c)(3)</A>&nbsp;&ndash; Distribution notice to stockholders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>tm2115413d11_ex99-cert.htm
<DESCRIPTION>EXHIBIT 99.CERT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.CERT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B><U>Certification
Pursuant to Rule&nbsp;30</U></B></FONT><B><U>A<FONT STYLE="text-transform: uppercase">-2(A)&nbsp;under the 1940 Act and Section&nbsp;302
of the Sarbanes-Oxley Act</FONT></U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I, Andrea Melia, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD>I have reviewed this report on Form&nbsp;N-CSR of Aberdeen Australia
Equity Fund,&nbsp;Inc. (the &ldquo;Registrant&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this
report;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify">The Registrant&rsquo;s other certifying officer(s)&nbsp;and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule&nbsp;30a-3(c)&nbsp;under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule&nbsp;30a-3(d)&nbsp;under the Investment Company Act of 1940) for the Registrant and have:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">Evaluated the effectiveness of the Registrant&rsquo;s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">Disclosed in this report any change in the Registrant&rsquo;s internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
Registrant&rsquo;s internal control over financial reporting; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: justify">The Registrant&rsquo;s other certifying officer(s)&nbsp;and I have disclosed to the Registrant&rsquo;s
auditors and the audit committee of the Registrant&rsquo;s board of directors (or persons performing the equivalent functions):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant&rsquo;s ability to record, process, summarize, and
report financial information; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Any fraud, whether or not material, that involves management or other employees who have a significant
role in the Registrant&rsquo;s internal control over financial reporting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>July&nbsp;8,
2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%; font: italic 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Andrea Melia</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Andrea Melia</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Principal Financial Officer</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B><U>Certification
Pursuant to Rule&nbsp;30</U></B></FONT><B><U>A<FONT STYLE="text-transform: uppercase">-2(A)&nbsp;under the 1940 Act and Section&nbsp;302
of the Sarbanes-Oxley Act</FONT></U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I, Christian Pittard, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD>I have reviewed this report on Form&nbsp;N-CSR of Aberdeen Australia
Equity Fund,&nbsp;Inc. (the &ldquo;Registrant&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this
report;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify">The Registrant&rsquo;s other certifying officer(s)&nbsp;and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule&nbsp;30a-3(c)&nbsp;under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule&nbsp;30a-3(d)&nbsp;under the Investment Company Act of 1940) for the Registrant and have:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">Evaluated the effectiveness of the Registrant&rsquo;s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">Disclosed in this report any change in the Registrant&rsquo;s internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
Registrant&rsquo;s internal control over financial reporting; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: justify">The Registrant&rsquo;s other certifying officer(s)&nbsp;and I have disclosed to the Registrant&rsquo;s
auditors and the audit committee of the Registrant&rsquo;s board of directors (or persons performing the equivalent functions):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant&rsquo;s ability to record, process, summarize, and
report financial information; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Any fraud, whether or not material, that involves management or other employees who have a significant
role in the Registrant&rsquo;s internal control over financial reporting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>July&nbsp;8,
2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif; width: 50%">/s/ Christian Pittard&nbsp;</TD>
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Christian Pittard&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Principal Executive Officer</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  </TABLE>

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<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>tm2115413d11_ex99-906cert.htm
<DESCRIPTION>EXHIBIT 99.906 CERT
<TEXT>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.906CERT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B><U>Certification
Pursuant to Rule&nbsp;30</U></B></FONT><B><U>A<FONT STYLE="text-transform: uppercase">-2(B)&nbsp;under the 1940 Act and Section&nbsp;906
of the Sarbanes-Oxley Act</FONT></U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Christian Pittard, Principal Executive Officer, and Andrea Melia, Principal
Financial Officer, of Aberdeen Australia Equity Fund,&nbsp;Inc., a Maryland corporation (the &ldquo;Registrant&rdquo;), each certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">The Registrant&rsquo;s periodic report on Form&nbsp;N-CSR for the period ended April&nbsp;30, 2021 (the
 &ldquo;Form&nbsp;N-CSR&rdquo;) fully complies with the requirements of Section&nbsp;13(a)&nbsp;or Section&nbsp;15(d)&nbsp;of the Securities
Exchange Act of 1934, as amended, as applicable; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">The information contained in the Form&nbsp;N-CSR fairly presents, in all material respects, the financial
condition and results of operations of the Registrant.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">PRINCIPAL EXECUTIVE OFFICER&nbsp;</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aberdeen Australia Equity Fund,&nbsp;Inc.</P></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Christian Pittard</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Christian Pittard&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Date: July&nbsp;8, 2021</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">PRINCIPAL FINANCIAL OFFICER&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aberdeen Australia Equity Fund,&nbsp;Inc.</P></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Andrea Melia</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Andrea Melia&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Date: July&nbsp;8, 2021</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This certification is being furnished solely pursuant
to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form&nbsp;N-CSR or as a separate disclosure document.
A signed original of this written statement required by Section&nbsp;906 has been provided to the Registrant and will be retained by the
Registrant and furnished to the Securities and Exchange Commission or its staff upon request.</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.13(C)(1)
<SEQUENCE>4
<FILENAME>tm2115413d11_ex99-13c1.htm
<DESCRIPTION>EXHIBIT 99.13(C)(1)
<TEXT>
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<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0"><FONT STYLE="font-size: 10pt"><B>Exhibit 99.13(c)(1)</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0"><FONT STYLE="font-size: 10pt"><IMG SRC="tm2115413d11_ex99-13c1img001.jpg" ALT=""></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt"><IMG SRC="tm2115413d11_ex99-13c1img002.jpg" ALT="">&nbsp;</FONT></P>

<P STYLE="margin: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt; text-decoration: none"><B>FOR
IMMEDIATE RELEASE</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>For More Information
Contact:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Aberdeen Standard
Investments Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Investor
Relations</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">800-522-5465</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Investor.Relations@aberdeenstandard.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>ABERDEEN STANDARD
INVESTMENTS U.S. CLOSED-END FUNDS </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>ANNOUNCE DISTRIBUTION
PAYMENT DETAILS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Aberdeen Standard
Global Infrastructure Income Fund (&ldquo;ASGI&rdquo;)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Aberdeen Asia-Pacific
Income Fund, Inc. (&ldquo;FAX&rdquo;)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Aberdeen Australia
Equity Fund, Inc. (&ldquo;IAF&rdquo;) </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>The India Fund,
Inc. (&#9;&ldquo;IFN&rdquo;)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Philadelphia,
June 30, 2021) -The above-noted </FONT><FONT STYLE="font-size: 10pt"><U>Aberdeen Standard Investments U.S. Closed-End Funds</U> (the
 &ldquo;Funds&rdquo; or individually the &ldquo;Fund&rdquo;), today announced that the Funds paid the distributions noted in the table
below on June 30, 2021, on a per share basis to all shareholders of record as of June 23, 2021 (ex-dividend date June 22, 2021). These
dates apply to the Funds listed below with the exception of the Aberdeen Australia Equity Fund, Inc. (IAF) which paid the distribution
on June 30, 2021 to all shareholders of record as of May 21, 2021 (ex-dividend date May 20, 2021).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Ticker</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Exchange</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Fund</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Amount</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASGI</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 17%">NYSE</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 48%; text-align: left">Aberdeen Standard Global Infrastructure Income Fund</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: right">0.1083</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FAX</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">NYSE American</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Aberdeen Asia-Pacific Income Fund, Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.0275</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IAF</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">NYSE American</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Aberdeen Australia Equity Income Fund, Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.15</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IFN</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">NYSE</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">The India Fund, Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.58</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Each Fund has adopted a distribution
policy to provide investors with a stable distribution out of current income, supplemented by realized capital gains and, to the extent
necessary, paid-in capital.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">For the Aberdeen Australia Equity Fund,
Inc. (&ldquo;IAF&rdquo;), this stock distribution was automatically paid in newly issued shares of the Fund unless otherwise instructed
by the shareholder to be paid in cash. Shares of common stock were issued at the lower of the net asset value (&ldquo;NAV&rdquo;) per
share or the market price per share with a floor for the NAV of not less than 95% of the market price on June 21, 2021. The reinvestment
price per share for this distribution was $6.29. Fractional shares were generally settled in cash, except for registered shareholders
with book entry accounts at Computershare Investor Services who had whole and fractional shares added to their account.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">To have received the Aberdeen Australia
Equity Fund, Inc. (&ldquo;IAF&rdquo;) quarterly distribution payable in June 2021 in cash instead of shares of common stock, for shareholders
who hold shares in &ldquo;street name,&rdquo; the bank, brokerage or nominee who holds the shares must have advised the Depository Trust
Company as to the full and fractional shares for which they want the distribution paid in cash by June 18, 2021; and for shares that
are held in registered form, written notification for the election of cash by registered shareholders must have been received by Computershare
Investor Services prior to June 18, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Under applicable U.S. tax rules, the
amount and character of distributable income for each Fund&rsquo;s fiscal year can be finally determined only as of the end of the Fund&rsquo;s
fiscal year. However, under Section 19 of the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;) and related rules,
the Funds may be required to indicate to shareholders the estimated source of certain distributions to shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The following tables set forth the
estimated amounts of the sources of the distributions for purposes of Section 19 of the 1940 Act and the rules adopted thereunder.
The tables have been computed based on generally accepted accounting principles. The tables include estimated amounts and
percentages for the current distributions paid this month as well as for the cumulative distributions paid relating to fiscal year
to date, from the following sources: net investment income; net realized short-term capital gains; net realized long-term capital
gains; and return of capital. The estimated compositions of the distributions may vary because the estimated composition may be
impacted by future income, expenses and realized gains and losses on securities and currencies.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Each Fund&rsquo;s estimated sources
of the current distribution paid this month and for its current fiscal year to date are as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="36" STYLE="border-bottom: Black 1pt solid; padding-left: 0; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Estimated Amounts of Current Distribution per Share</B></FONT></TD><TD STYLE="padding-left: 0; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fund</TD><TD STYLE="padding-left: 0; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Distribution<BR>
 Amount</TD><TD STYLE="padding-left: 0; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-left: 0; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding-left: 0; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net Investment <BR>
Income</TD><TD STYLE="padding-left: 0; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-left: 0; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding-left: 0; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net Realized <BR>
Short-Term <BR>
Gains **</TD><TD STYLE="padding-left: 0; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-left: 0; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding-left: 0; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net Realized <BR>
Long-Term<BR>
 Gains</TD><TD STYLE="padding-left: 0; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-left: 0; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding-left: 0; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Return of <BR>
Capital</TD><TD STYLE="padding-left: 0; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt; padding-left: 0; width: 17%">ASGI</TD><TD STYLE="padding-left: 0; width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0; width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="padding-left: 0; width: 8%; font-size: 10pt; text-align: right">0.1083</TD><TD STYLE="padding-left: 0; width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0; width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="padding-left: 0; width: 6%; font-size: 10pt; text-align: right">0.0260</TD><TD STYLE="padding-left: 0; width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; width: 6%; font-size: 10pt; text-align: right">24</TD><TD STYLE="padding-left: 0; width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">%</TD><TD STYLE="padding-left: 0; width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0; width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="padding-left: 0; width: 6%; font-size: 10pt; text-align: right">0.0812</TD><TD STYLE="padding-left: 0; width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; width: 6%; font-size: 10pt; text-align: right">75</TD><TD STYLE="padding-left: 0; width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">%</TD><TD STYLE="padding-left: 0; width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; width: 6%; font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-left: 0; width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; width: 6%; font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-left: 0; width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0; width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="padding-left: 0; width: 6%; font-size: 10pt; text-align: right">0.0011</TD><TD STYLE="padding-left: 0; width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; width: 6%; font-size: 10pt; text-align: right">1</TD><TD STYLE="padding-left: 0; width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt; padding-left: 0">FAX</TD><TD STYLE="padding-left: 0; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0; font-size: 10pt; text-align: left">$</TD><TD STYLE="padding-left: 0; font-size: 10pt; text-align: right">0.0275</TD><TD STYLE="padding-left: 0; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0; font-size: 10pt; text-align: left">$</TD><TD STYLE="padding-left: 0; font-size: 10pt; text-align: right">0.0138</TD><TD STYLE="padding-left: 0; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; font-size: 10pt; text-align: right">50</TD><TD STYLE="padding-left: 0; padding-bottom: 1pt; font-size: 10pt; text-align: left">%</TD><TD STYLE="padding-left: 0; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-left: 0; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-left: 0; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-left: 0; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-left: 0; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0; font-size: 10pt; text-align: left">$</TD><TD STYLE="padding-left: 0; font-size: 10pt; text-align: right">0.0137</TD><TD STYLE="padding-left: 0; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; font-size: 10pt; text-align: right">50</TD><TD STYLE="padding-left: 0; padding-bottom: 1pt; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt; padding-left: 0">IAF</TD><TD STYLE="padding-left: 0; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0; font-size: 10pt; text-align: left">$</TD><TD STYLE="padding-left: 0; font-size: 10pt; text-align: right">0.1500</TD><TD STYLE="padding-left: 0; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0; font-size: 10pt; text-align: left">$</TD><TD STYLE="padding-left: 0; font-size: 10pt; text-align: right">0.0120</TD><TD STYLE="padding-left: 0; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; font-size: 10pt; text-align: right">8</TD><TD STYLE="padding-left: 0; padding-bottom: 1pt; font-size: 10pt; text-align: left">%</TD><TD STYLE="padding-left: 0; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-left: 0; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-left: 0; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0; font-size: 10pt; text-align: left">$</TD><TD STYLE="padding-left: 0; font-size: 10pt; text-align: right">0.0735</TD><TD STYLE="padding-left: 0; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; font-size: 10pt; text-align: right">49</TD><TD STYLE="padding-left: 0; padding-bottom: 1pt; font-size: 10pt; text-align: left">%</TD><TD STYLE="padding-left: 0; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0; font-size: 10pt; text-align: left">$</TD><TD STYLE="padding-left: 0; font-size: 10pt; text-align: right">0.0645</TD><TD STYLE="padding-left: 0; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; font-size: 10pt; text-align: right">43</TD><TD STYLE="padding-left: 0; padding-bottom: 1pt; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt; padding-left: 0">IFN</TD><TD STYLE="padding-left: 0; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0; font-size: 10pt; text-align: left">$</TD><TD STYLE="padding-left: 0; font-size: 10pt; text-align: right">0.5800</TD><TD STYLE="padding-left: 0; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-left: 0; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-left: 0; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0; font-size: 10pt; text-align: left">$</TD><TD STYLE="padding-left: 0; font-size: 10pt; text-align: right">0.0696</TD><TD STYLE="padding-left: 0; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; font-size: 10pt; text-align: right">12</TD><TD STYLE="padding-left: 0; padding-bottom: 1pt; font-size: 10pt; text-align: left">%</TD><TD STYLE="padding-left: 0; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0; font-size: 10pt; text-align: left">$</TD><TD STYLE="padding-left: 0; font-size: 10pt; text-align: right">0.5104</TD><TD STYLE="padding-left: 0; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; font-size: 10pt; text-align: right">88</TD><TD STYLE="padding-left: 0; padding-bottom: 1pt; font-size: 10pt; text-align: left">%</TD><TD STYLE="padding-left: 0; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-left: 0; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-left: 0; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="36" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Estimated Amounts of Fiscal Year to Date Cumulative Distributions per Share</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fund</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Distribution<BR>
 Amount</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net Investment<BR>
 Income</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net Realized<BR>
 Short-Term <BR>
Gains **</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net Realized <BR>
Long-Term <BR>
Gains</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Return of <BR>
Capital</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt; padding-left: 0; width: 17%">ASGI</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">0.9747</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 6%; font-size: 10pt; text-align: right">0.0260</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-size: 10pt; text-align: right">24</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">%</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 6%; font-size: 10pt; text-align: right">0.7310</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-size: 10pt; text-align: right">75</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">%</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-size: 10pt; text-align: right">-</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-size: 10pt; text-align: right">-</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 6%; font-size: 10pt; text-align: right">0.0097</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-size: 10pt; text-align: right">1</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt; padding-left: 0">FAX</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.2200</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.1100</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">50</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.1100</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">50</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt; padding-left: 0">IAF</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.4300</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.0344</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">8</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.2107</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">49</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.1849</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">43</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt; padding-left: 0">IFN</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1.1600</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.1392</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">12</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1.0208</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">88</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
</FONT><FONT STYLE="font-size: 10pt">ASGI has a 9/30 fiscal year end; FAX and IAF have a 10/31 fiscal year end; IFN has a 12/31 fiscal
year end.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">**includes currency gains.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Where the estimated amounts above show
a portion of the distribution to be a &ldquo;Return of Capital,&rdquo; it means that Fund estimates that it has distributed more than
its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for
example, when some or all of the money that you invested in a Fund is paid back to you. A return of capital distribution does not necessarily
reflect the Fund&rsquo;s investment performance and should not be confused with &ldquo;yield&rdquo; or &ldquo;income.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>The amounts and sources of distributions
reported in this notice are only estimates and are not being provided for tax reporting purposes. The final determination of the source
of all distributions for the current year will only be made after year-end. The actual amounts and sources of the amounts for tax reporting
purposes will depend upon the Fund&rsquo;s investment experience during the remainder of the fiscal year and may be subject to change
based on tax regulations. After the end of each calendar year, a Form 1099-DIV will be sent to shareholders for the prior calendar year
that will tell you how to report these distributions for federal income tax purposes.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table provides the Funds&rsquo;
total return performance based on net asset value (NAV) over various time periods compared to the Funds&rsquo; annualized and cumulative
distribution rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif; margin-left: 1in">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="16" STYLE="text-align: center; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Fund Performance and Distribution Rate Information</B></FONT></TD><TD STYLE="padding-left: 0; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-left: 0; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Fund</TD><TD STYLE="padding-left: 0; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Average <BR> Annual Total<BR> Return on <BR> NAV for the 5 <BR> Year Period <BR> Ending <BR> 05/31/2021 &sup1;</TD><TD STYLE="padding-left: 0; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-left: 0; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Current Fiscal <BR> Period&rsquo;s <BR> Annualized <BR> Distribution <BR> Rate on NAV</TD><TD STYLE="padding-left: 0; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-left: 0; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Cumulative <BR> Total Return <BR> on NAV &sup1;</TD><TD STYLE="padding-left: 0; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-left: 0; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Cumulative<BR> Distribution <BR> Rate on NAV &sup2;</TD><TD STYLE="padding-left: 0; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; width: 15%; padding-left: 0">ASGI &sup2;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; width: 17%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.44</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; width: 5%; text-align: left">%<SUP>3</SUP></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; width: 16%; text-align: right">5.60</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; width: 1%; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; width: 16%; text-align: right">25.00</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; width: 1%; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; width: 16%; text-align: right">3.73</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; width: 1%; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 0">FAX &sup2;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: right">5.67</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: right">6.98</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: right">6.34</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: right">4.07</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 0">IFN &sup2;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: right">10.70</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: right">9.69</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: right">6.93</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: right">2.42</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt; text-align: left">%</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1
</SUP>Return data is net of all Fund expenses and fees and assumes the reinvestment of all distributions reinvested at prices obtained
under the Fund&rsquo;s dividend reinvestment plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2
</SUP>Based on the Fund&rsquo;s NAV as of May 31, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>3
</SUP>The Fund launched within the past 5 years; the performance and distribution rate information presented reflects data from inception
(July 29, 2020) through May 31, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif; margin-left: 1in">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="16" STYLE="text-align: center; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Fund Performance and Distribution Rate Information</B></FONT></TD><TD STYLE="padding-left: 0; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-left: 0; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Fund</TD><TD STYLE="padding-left: 0; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Average<BR> Annual Total<BR> Return on <BR> NAV for the 5<BR> Year Period<BR> Ending<BR> 04/30/2021 &sup1;</TD><TD STYLE="padding-left: 0; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-left: 0; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Current Fiscal <BR> Period&rsquo;s <BR> Annualized <BR> Distribution <BR> Rate on NAV</TD><TD STYLE="padding-left: 0; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-left: 0; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Cumulative <BR> Total Return<BR> on NAV &sup1;</TD><TD STYLE="padding-left: 0; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-left: 0; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Cumulative<BR> Distribution <BR> Rate on NAV &sup2;</TD><TD STYLE="padding-left: 0; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; width: 19%; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IAF <SUP>2</SUP></FONT></TD><TD STYLE="padding-left: 0; font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-left: 0; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; font: 10pt Times New Roman, Times, Serif; width: 17%; text-align: right">10.82</TD><TD STYLE="padding-left: 0; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</TD><TD STYLE="padding-left: 0; font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-left: 0; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">9.31</TD><TD STYLE="padding-left: 0; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</TD><TD STYLE="padding-left: 0; font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-left: 0; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">26.90</TD><TD STYLE="padding-left: 0; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</TD><TD STYLE="padding-left: 0; font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-left: 0; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0; font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">4.49</TD><TD STYLE="padding-left: 0; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1
</SUP>Return data is net of all Fund expenses and fees and assumes the reinvestment of all distributions reinvested at prices obtained
under the Fund&rsquo;s dividend reinvestment plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2
</SUP>Based on the Fund&rsquo;s NAV as of April 30, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Shareholders should not draw any
conclusions about a Fund&rsquo;s investment performance from the amount of the Fund&rsquo;s current distributions or from the terms of
the distribution policy (the &ldquo;Distribution Policy&rdquo;).</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">While NAV performance may be indicative
of the Fund&rsquo;s investment performance, it does not measure the value of a shareholder&rsquo;s investment in the Fund. The value
of a shareholder&rsquo;s investment in the Fund is determined by the Fund&rsquo;s market price, which is based on the supply and demand
for the Fund&rsquo;s shares in the open market.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Pursuant to an exemptive order granted
by the Securities and Exchange Commission, the Funds may distribute any long-term capital gains more frequently than the limits provided
in Section 19(b) under the 1940 Act and Rule 19b-1 thereunder. Therefore, distributions paid by the Funds during the year may include
net income, short-term capital gains, long-term capital gains and/or a return of capital. Net income dividends and short-term capital
gain dividends, while generally taxable at ordinary income rates, may be eligible, to the extent of qualified dividend income earned
by the Funds, to be taxed at a lower rate not to exceed the maximum rate applicable to your long-term capital gains. Distributions made
in any calendar year in excess of investment company taxable income and net capital gain are treated as taxable ordinary dividends to
the extent of undistributed earnings and profits, and then as a return of capital that reduces the adjusted basis in the shares held.
To the extent return of capital distributions exceed the adjusted basis in the shares held, capital gain is recognized with a holding
period based on the period the shares have been held at the date such amount is received.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The payment of distributions in accordance
with the Distribution Policy may result in a decrease in the Fund&rsquo;s net assets. A decrease in the Fund&rsquo;s net assets may cause
an increase in the Fund&rsquo;s annual operating expense ratio and a decrease in the Fund&rsquo;s market price per share to the extent
the market price correlates</FONT> closely to the Fund&rsquo;s net asset
value per share. The Distribution Policy may also negatively affect the Fund&rsquo;s investment activities to the extent that the Fund
is required to hold larger cash positions than it typically would hold or to the extent that the Fund must liquidate securities that
it would not have sold, for the purpose of paying the distribution. Each Fund&rsquo;s Board has the right to amend, suspend or terminate
the Distribution Policy at any time. The amendment, suspension or termination of the Distribution Policy may affect the Fund&rsquo;s
market price per share. Investors should consult their tax advisor regarding federal, state and local tax considerations that may be
applicable in their particular circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Circular
230 disclosure</U></FONT><FONT STYLE="font-size: 10pt">: To ensure compliance with requirements imposed by the U.S. Treasury, we inform
you that any U.S. tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot
be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another
party any transaction or matter addressed herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">In the United States, Aberdeen Standard
Investments is the marketing name for the following affiliated, registered investment advisers: Aberdeen Standard Investments Inc., Aberdeen
Asset Managers Ltd., Aberdeen Standard Investments Australia Ltd., Aberdeen Standard Investments (Asia) Ltd., Aberdeen Capital Management,
LLC, Aberdeen Standard Investments ETFs Advisors LLC and Aberdeen Standard Alternative Funds Limited.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Closed-end funds are traded on the secondary
market through one of the stock exchanges. A Fund&rsquo;s investment return and principal value will fluctuate so that an investor&rsquo;s
shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount)
the net asset value (NAV) of the fund&rsquo;s portfolio. There is no assurance that a Fund will achieve its investment objective. Past
performance does not guarantee future results.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="border: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">If
you wish to receive this information electronically, please contact Investor.Relations@aberdeenstandard.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><U>https://www.aberdeenstandard.com/en-us/cefinvestorcenter/fund-centre/closed-end-funds</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">###</FONT></P>

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<DOCUMENT>
<TYPE>EX-99.13(C)(2)
<SEQUENCE>5
<FILENAME>tm2115413d11_ex99-13c2.htm
<DESCRIPTION>EXHIBIT 99.13(C)(2)
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0; text-align: right"><B>Exhibit 99.13(c)(2)</B></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>Aberdeen Australia
Equity Fund, Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>NYSE MKT: IAF
Cusip: 003 011 103</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>1900 Market Street,
Suite 200 </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Philadelphia,
PA 19103</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">DISTRIBUTION NOTICE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Aberdeen Australia Equity Fund, Inc.
<B>(NYSE American: IAF) </B>(the &ldquo;Fund&rdquo;), a closed-end equity fund, today announced that it paid on January 8, 2021 a quarterly
stock distribution of US$0.13 per share to all shareholders of record as of November 20, 2020 (ex-dividend date November 19, 2020).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Your Fund&rsquo;s policy is to provide
investors with a stable distribution rate. Each quarterly distribution will be paid out of current income, supplemented by realized capital
gains and, to the extent necessary, paid-in capital.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">This stock distribution was automatically
paid in newly issued shares of the Fund unless otherwise instructed by the shareholder to be paid in cash. Shares of common stock were
issued at the lower of the net asset value (&ldquo;NAV&rdquo;) per share or the market price per share with a floor for the NAV of not
less than 95% of the market price on December 21, 2020. The market price per share for this distribution was $5.30. Fractional shares
were generally settled in cash, except for registered shareholders with book entry accounts at Computershare Investor Services who had
whole and fractional shares added to their account.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">To have received the quarterly distribution
payable in January 2021 in cash instead of shares of common stock, the bank, brokerage or nominee who holds the shares must have advised
the Depository Trust Company as to their full and fractional share requirements by December 18, 2020 for shareholders who hold shares
in &ldquo;street name&rdquo;, and written notification for the election of cash by registered shareholders must have been received by
Computershare Investor Services prior to December 18, 2020 for shares that are held in registered form.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Under U.S. tax rules applicable to the
Fund, the amount and character of distributable income for each fiscal year can be finally determined only as of the end of the Fund&rsquo;s
fiscal year. However, under Section 19 of the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;) and related Rules,
the Fund may be required to indicate to shareholders the source of certain distributions to shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The following table sets forth the estimated
amounts of the sources of the distribution for purposes of Section 19 of the 1940 Act and the Rules adopted thereunder. The table has
been computed based on generally accepted accounting principles. The table includes estimated amounts and percentages for this distribution
and for the cumulative distributions paid fiscal year to date (11/01/2020 &ndash; 11/30/2020), from the following sources: net investment
income; net realized short-term capital gains; net realized long-term capital gains; and return of capital. The estimated composition
of the distributions may vary from quarter to quarter because the estimated composition may be impacted by future income, expenses and
realized gains and losses on securities and currencies.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="padding-left: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-left: 0; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-left: 0; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Estimated
    <BR> Amounts of <BR> Current Quarterly<BR> Distribution per <BR> share ($)</FONT></TD><TD STYLE="padding-left: 0; padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-left: 0; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-left: 0; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Estimated
    <BR> Amounts of <BR> Current Quarterly<BR> Distribution per <BR> share (%)</FONT></TD><TD STYLE="padding-left: 0; padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-left: 0; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-left: 0; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Estimated
    <BR> Amounts of Fiscal <BR> Year to Date <BR> Cumulative<BR> Distributions per <BR> share ($)</FONT></TD><TD STYLE="padding-left: 0; padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-left: 0; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-left: 0; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Estimated
    <BR> Amounts of Fiscal <BR> Year to Date <BR> Cumulative <BR> Distributions per <BR> share (%)</FONT></TD><TD STYLE="padding-left: 0; padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 36%; font-size: 10pt; text-align: left; padding-left: 0"><FONT STYLE="font-size: 10pt">Net Investment Income</FONT></TD><TD STYLE="padding-left: 0; width: 2%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0; width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="padding-left: 0; width: 12%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.0026</FONT></TD><TD STYLE="padding-left: 0; width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-left: 0; width: 2%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0; width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-left: 0; width: 12%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">2</FONT></TD><TD STYLE="padding-left: 0; width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD STYLE="padding-left: 0; width: 2%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0; width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="padding-left: 0; width: 12%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.0026</FONT></TD><TD STYLE="padding-left: 0; width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-left: 0; width: 2%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0; width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-left: 0; width: 12%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">2</FONT></TD><TD STYLE="padding-left: 0; width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0"><FONT STYLE="font-size: 10pt">Net Realized Short-Term Capital Gains*</FONT></TD><TD STYLE="padding-left: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="padding-left: 0; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.0013</FONT></TD><TD STYLE="padding-left: 0; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-left: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-left: 0; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD><TD STYLE="padding-left: 0; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD STYLE="padding-left: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="padding-left: 0; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.0013</FONT></TD><TD STYLE="padding-left: 0; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-left: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-left: 0; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD><TD STYLE="padding-left: 0; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0"><FONT STYLE="font-size: 10pt">Net Realized Long-Term Capital Gains</FONT></TD><TD STYLE="padding-left: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="padding-left: 0; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.0689</FONT></TD><TD STYLE="padding-left: 0; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-left: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-left: 0; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">53</FONT></TD><TD STYLE="padding-left: 0; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD STYLE="padding-left: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="padding-left: 0; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.0689</FONT></TD><TD STYLE="padding-left: 0; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-left: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-left: 0; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">53</FONT></TD><TD STYLE="padding-left: 0; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; padding-left: 0"><FONT STYLE="font-size: 10pt">Return of Capital</FONT></TD><TD STYLE="padding-bottom: 1pt; padding-left: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-left: 0; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.0572</FONT></TD><TD STYLE="padding-bottom: 1pt; padding-left: 0; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; padding-left: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-left: 0; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-left: 0; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">44</FONT></TD><TD STYLE="padding-bottom: 1pt; padding-left: 0; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD STYLE="padding-bottom: 1pt; padding-left: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-left: 0; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.0572</FONT></TD><TD STYLE="padding-bottom: 1pt; padding-left: 0; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; padding-left: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-left: 0; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-left: 0; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">44</FONT></TD><TD STYLE="padding-bottom: 1pt; padding-left: 0; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; padding-left: 0"><FONT STYLE="font-size: 10pt">Total (per common share)</FONT></TD><TD STYLE="padding-bottom: 1pt; padding-left: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-left: 0; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.1300</FONT></TD><TD STYLE="padding-bottom: 1pt; padding-left: 0; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; padding-left: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-left: 0; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-left: 0; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">100</FONT></TD><TD STYLE="padding-bottom: 1pt; padding-left: 0; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD STYLE="padding-bottom: 1pt; padding-left: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-left: 0; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.1300</FONT></TD><TD STYLE="padding-bottom: 1pt; padding-left: 0; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; padding-left: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-left: 0; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-left: 0; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">100</FONT></TD><TD STYLE="padding-bottom: 1pt; padding-left: 0; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">*includes currency gains</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Fund estimates that it has distributed
more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may
occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution
does not necessarily reflect the Fund&rsquo;s investment performance and should not be confused with &ldquo;yield&rdquo; or &ldquo;income.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Shareholders should not draw any
conclusions about the Fund&rsquo;s investment performance from the amount of the Fund&rsquo;s current distributions or from the terms
of the distribution policy (the &ldquo;Distribution Policy&rdquo;).</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>The amounts and sources of distributions
reported in this notice are only estimates and are not being provided for tax reporting purposes. The final determination of the source
of all distributions in 2020 will be made after year-end. The actual amounts and sources of the amounts for tax reporting purposes will
depend upon the Fund&rsquo;s investment experience during the remainder of the fiscal year and may be subject to change based on tax
regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal
income tax purposes.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The following table provides information
regarding the Fund&rsquo;s total return performance based on net asset value (NAV) over various time periods compared to the Fund&rsquo;s
annualized and cumulative distribution rates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 86%; font-size: 10pt; text-align: left; padding-left: 0"><FONT STYLE="font-size: 10pt">Average Annual Total Return
    on NAV for the 5 Year Period Ending 10/31/2020<SUP>1</SUP></FONT></TD><TD STYLE="padding-left: 0; width: 2%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0; width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-left: 0; width: 10%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">7.61</FONT></TD><TD STYLE="padding-left: 0; width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0"><FONT STYLE="font-size: 10pt">Current Fiscal Period&rsquo;s Annualized
    Distribution Rate on NAV<SUP>2</SUP></FONT></TD><TD STYLE="padding-left: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-left: 0; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">10.08</FONT></TD><TD STYLE="padding-left: 0; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="5" STYLE="padding-left: 0; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">Fiscal Year to Date (11/01/2019
    to 10/31/2020)</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0"><FONT STYLE="font-size: 10pt">Cumulative Total Return on NAV<SUP>1</SUP></FONT></TD><TD STYLE="padding-left: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-left: 0; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">0.16</FONT></TD><TD STYLE="padding-left: 0; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0"><FONT STYLE="font-size: 10pt">Cumulative Distribution Rate on NAV<SUP>2</SUP></FONT></TD><TD STYLE="padding-left: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-left: 0; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">10.08</FONT></TD><TD STYLE="padding-left: 0; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>1</SUP>Return data is net of all
fund expenses and fees and assumes the reinvestment of all distributions reinvested at prices obtained under the Fund&rsquo;s dividend
reinvestment plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>2 </SUP>Based on the Fund&rsquo;s
NAV as of October 31, 2020.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While NAV performance may be indicative
of the Fund&rsquo;s investment performance, it does not measure the value of a shareholder&rsquo;s investment in the Fund. The value
of a shareholder&rsquo;s investment in the Fund <FONT STYLE="font-size: 10pt">is determined by the Fund&rsquo;s market
price, which is based on the supply and demand for the Fund&rsquo;s shares in the open market.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Pursuant to an exemptive order granted
by the Securities and Exchange Commission on March 30, 2010, the Fund may distribute any long-term capital gains more frequently than
the limits provided in Section 19(b) under the 1940 Act and Rule 19b-1 thereunder. Therefore, distributions paid by the Fund during the
year may include net income, short-term capital gains, long-term capital gains and/or a return of capital. Net income dividends and short-term
capital gain dividends, while generally taxable at ordinary income rates, may be eligible, to the extent of qualified dividend income
earned by the Fund, to be taxed at a lower rate not to exceed the maximum rate applicable to your long-term capital gains. Distributions
made in any calendar year in excess of investment company taxable income and net capital gain are treated as taxable ordinary dividends
to the extent of undistributed earnings and profits, and then as a return of capital that reduces the adjusted basis in the shares held.
To the extent return of capital distributions exceed the adjusted basis in the shares held, capital gain is recognized with a holding
period based on the period the shares have been held at the date such amount is received. Shareholders should not draw any conclusions
about the Fund&rsquo;s investment performance from the terms of the distribution policy. The final determination of the source of all
distributions will be made after year-end. The actual amounts and sources of the amounts for tax reporting purposes will depend upon
the Fund&rsquo;s investment experience during the fiscal year and may be subject to change based on tax regulations. The Fund will send
you a Form 1099-DIV for the calendar year that will tell you how to report distributions for federal income tax purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The payment of distributions in accordance
with the Distribution Policy may result in a decrease in the Fund&rsquo;s net assets. A decrease in the Fund&rsquo;s net assets may cause
an increase in the Fund&rsquo;s annual operating expense ratio and a decrease in the Fund&rsquo;s market price per share to the extent
the market price correlates closely to the Fund&rsquo;s net asset value per share. The Distribution Policy may also negatively affect
the Fund&rsquo;s investment activities to the extent that the Fund is required to hold larger cash positions than it typically would
hold or to the extent that the Fund must liquidate securities that it would not have sold, for the purpose of paying the distribution.
The Fund&rsquo;s Board of Directors has the right to amend, suspend or terminate the Distribution Policy at any time. The amendment,
suspension or termination of the Distribution Policy may affect the Fund&rsquo;s market price per share. Investors should consult their
tax advisor regarding federal, state and local tax considerations that may be applicable in their particular circumstances.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">To the extent stockholders elect to
receive cash under the Distribution Policy, there may be a resulting decrease in the Fund&rsquo;s net assets. A decrease in the Fund&rsquo;s
net assets may cause an increase in the Fund&rsquo;s annual operating expense ratio and a decrease in the Fund&rsquo;s market price per
share to the extent the market price correlates closely to the Fund&rsquo;s net asset value per share. Cash elections under the Distribution
Policy may also negatively affect the Fund&rsquo;s investment activities to the extent that the Fund is required to hold larger cash
positions than it typically would hold or to the extent that the Fund must liquidate securities that it would not have sold, for the
purpose of paying the distribution. The Fund&rsquo;s Board of Directors has the right to amend, suspend or terminate the Distribution
Policy at any time. The amendment, suspension or termination of the Distribution Policy may affect the Fund&rsquo;s market price per
share. Investors should consult their tax advisor regarding federal, state and local tax considerations that may be applicable in their
particular circumstances.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><U>Circular 230 disclosure:</U> To ensure
compliance with requirements imposed by the U.S. Treasury, we inform you that any U.S. tax advice contained in this communication (including
any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal
Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">In the United States, Aberdeen Standard
Investments is the marketing name for the following affiliated, registered investment advisers: Aberdeen Standard Investments Inc., Aberdeen
Asset Managers Ltd., Aberdeen Standard Investments Australia Ltd., Aberdeen Standard Investments (Asia) Ltd., Aberdeen Capital Management,
LLC, Aberdeen Standard Investments ETFs Advisors LLC and Standard Life Investments (Corporate Funds) Ltd.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Closed-end funds are traded on the secondary
market through one of the stock exchanges. The Fund&rsquo;s investment return and principal value will fluctuate so that an investor&rsquo;s
shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount)
the NAV of the fund&rsquo;s portfolio. There is no assurance that the Fund will achieve its investment objective. Past performance does
not guarantee future results.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.13(C)(3)
<SEQUENCE>6
<FILENAME>tm2115413d11_ex99-13c3.htm
<DESCRIPTION>EXHIBIT 99.13(C)(3)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>Exhibit 99.13(c)(3)</B></FONT></P>

<P STYLE="margin: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>Aberdeen Australia
Equity Fund, Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>NYSE MKT: IAF
Cusip: 003 011 103</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>1900 Market Street,
Suite 200 </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Philadelphia</B></FONT><B><FONT STYLE="font-size: 10pt">,
PA 19103</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">DISTRIBUTION
NOTICE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aberdeen
Australia Equity Fund, Inc. <B>(</B></FONT><B><FONT STYLE="font-size: 10pt">NYSE American: IAF) </FONT></B><FONT STYLE="font-size: 10pt">(the
 &ldquo;Fund&rdquo;), a closed-end equity fund, today announced that it paid on March 31, 2021 a quarterly stock distribution of US$0.15
per share to all shareholders of record as of February 19, 2021 (ex-dividend date February 18, 2021).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Your Fund&rsquo;s policy is to provide
investors with a stable distribution rate. Each quarterly distribution will be paid out of current income, supplemented by realized capital
gains and, to the extent necessary, paid-in capital.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
stock distribution was automatically paid in newly issued shares of the Fund unless otherwise instructed by the shareholder to be paid
in cash. Shares of common stock were issued at the lower of the net asset value (&ldquo;NAV&rdquo;) per share or the market price per
share with a floor for the NAV of not less than 95% of the market price on March 22, 2021. The market price per share for this distribution
was $5.80.</FONT> <FONT STYLE="font-size: 10pt">Fractional shares were generally settled in cash, except for registered shareholders with
book entry accounts at Computershare Investor Services who had whole and fractional shares added to their account.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">To have received the quarterly distribution
payable in March 2021 in cash instead of shares of common stock, the bank, brokerage or nominee who holds the shares must have advised
the Depository Trust Company as to their full and fractional share requirements by March 19, 2021 for shareholders who hold shares in
 &ldquo;street name&rdquo;, and written notification for the election of cash by registered shareholders must have been received by Computershare
Investor Services prior to March 19, 2021 for shares that are held in registered form.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Under U.S. tax rules applicable to the
Fund, the amount and character of distributable income for each fiscal year can be finally determined only as of the end of the Fund&rsquo;s
fiscal year. However, under Section 19 of the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;) and related Rules,
the Fund may be required to indicate to shareholders the source of certain distributions to shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The following table sets forth the estimated
amounts of the sources of the distribution for purposes of Section 19 of the 1940 Act and the Rules adopted thereunder. The table has
been computed based on generally accepted accounting principles. The table includes estimated amounts and percentages for this distribution
and for the cumulative distributions paid fiscal year to date (11/01/2020 &ndash; 02/28/2021), from the following sources: net investment
income; net realized short-term capital gains; net realized long-term capital gains; and return of capital. The estimated composition
of the distributions may vary from quarter to quarter because the estimated composition may be impacted by future income, expenses and
realized gains and losses on securities and currencies.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="padding-left: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-left: 0; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">Estimated
    <BR> Amounts of <BR> Current Quarterly<BR> Distribution per<BR> share ($)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-left: 0; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">Estimated
    <BR> Amounts of <BR> Current Quarterly<BR> Distribution per <BR> share (%)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-left: 0; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">Estimated
    <BR> Amounts of Fiscal <BR> Year to Date <BR> Cumulative<BR> Distributions per <BR> share ($)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-left: 0; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">Estimated
    <BR> Amounts of Fiscal <BR> Year to Date <BR> Cumulative <BR> Distributions per <BR> share (%)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36%; text-align: left; padding-left: 0"><FONT STYLE="font-size: 10pt">Net
    Investment Income</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; width: 12%; text-align: right"><FONT STYLE="font-size: 10pt">0.0180</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; width: 12%; text-align: right"><FONT STYLE="font-size: 10pt">12</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; width: 12%; text-align: right"><FONT STYLE="font-size: 10pt">0.0336</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; width: 12%; text-align: right"><FONT STYLE="font-size: 10pt">12</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0"><FONT STYLE="font-size: 10pt">Net
    Realized Short-Term Capital Gains*</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0"><FONT STYLE="font-size: 10pt">Net
    Realized Long-Term Capital Gains</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">0.0690</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">46</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">0.1288</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">46</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 0"><FONT STYLE="font-size: 10pt">Return of
    Capital</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">0.0630</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">42</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">0.1176</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">42</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 0"><FONT STYLE="font-size: 10pt">Total (per
    common share)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">0.1500</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">100</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">0.2800</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">100</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*includes
curre</FONT><FONT STYLE="font-size: 10pt">ncy gains</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Fund estimates that it has distributed
more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may
occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution
does not necessarily reflect the Fund&rsquo;s investment performance and should not be confused with &ldquo;yield&rdquo; or &ldquo;income.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Shareholders should not draw any
conclusions about the Fund&rsquo;s investment performance from the amount of the Fund&rsquo;s current distributions or from the terms
of the distribution policy (the &ldquo;Distribution Policy&rdquo;).</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>The amounts and sources of distributions
reported in this notice are only estimates and are not being provided for tax reporting purposes. The final determination of the source
of all distributions in 2021 will be made after year-end. The actual amounts and sources of the amounts for tax reporting purposes will
depend upon the Fund&rsquo;s investment experience during the remainder of the fiscal year and may be subject to change based on tax
regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal
income tax purposes.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The following table provides information
regarding the Fund&rsquo;s total return performance based on net asset value (NAV) over various time periods compared to the Fund&rsquo;s
annualized and cumulative distribution rates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 84%; text-align: left; padding-bottom: 1pt; padding-left: 0"><FONT STYLE="font-size: 10pt">Average
    Annual Total Return on NAV for the 5 Year Period Ending 01/31/20211</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; width: 12%; text-align: right"><FONT STYLE="font-size: 10pt">11.73</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
    Fiscal Period&rsquo;s Annualized Distribution Rate on NAV<SUP>2</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">8.80</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="5" STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0"><FONT STYLE="font-size: 10pt">Fiscal Year
    to Date (11/01/2020 to 01/31/2021)</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cumulative
    Total Return on NAV<SUP>1</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">17.34</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cumulative
    Distribution Rate on NAV<SUP>2</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">2.20</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT><FONT STYLE="font-size: 10pt">Return
data is net of all fund expenses and fees and assumes the reinvestment of all distributions reinvested at prices obtained under the Fund&rsquo;s
dividend reinvestment plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2
</SUP></FONT><FONT STYLE="font-size: 10pt">Based on the Fund&rsquo;s NAV as of January 31, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While NAV performance may be indicative
of the Fund&rsquo;s investment performance, it does not measure the value of a shareholder&rsquo;s investment in the Fund. The value
of a shareholder&rsquo;s investment in the Fund <FONT STYLE="font-size: 10pt">is determined by the Fund&rsquo;s market
price, which is based on the supply and demand for the Fund&rsquo;s shares in the open market.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Pursuant to an exemptive order granted
by the Securities and Exchange Commission on March 30, 2010, the Fund may distribute any long-term capital gains more frequently than
the limits provided in Section 19(b) under the 1940 Act and Rule 19b-1 thereunder. Therefore, distributions paid by the Fund during the
year may include net income, short-term capital gains, long-term capital gains and/or a return of capital. Net income dividends and short-term
capital gain dividends, while generally taxable at ordinary income rates, may be eligible, to the extent of qualified dividend income
earned by the Fund, to be taxed at a lower rate not to exceed the maximum rate applicable to your long-term capital gains. Distributions
made in any calendar year in excess of investment company taxable income and net capital gain are treated as taxable ordinary dividends
to the extent of undistributed earnings and profits, and then as a return of capital that reduces the adjusted basis in the shares held.
To the extent return of capital distributions exceed the adjusted basis in the shares held, capital gain is recognized with a holding
period based on the period the shares have been held at the date such amount is received. Shareholders should not draw any conclusions
about the Fund&rsquo;s investment performance from the terms of the distribution policy. The final determination of the source of all
distributions will be made after year-end. The actual amounts and sources of the amounts for tax reporting purposes will depend upon
the Fund&rsquo;s investment experience during the fiscal year and may be subject to change based on tax regulations. The Fund will send
you a Form 1099-DIV for the calendar year that will tell you how to report distributions for federal income tax purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The payment of distributions in accordance
with the Distribution Policy may result in a decrease in the Fund&rsquo;s net assets. A decrease in the Fund&rsquo;s net assets may cause
an increase in the Fund&rsquo;s annual operating expense ratio and a decrease in the Fund&rsquo;s market price per share to the extent
the market price correlates closely to the Fund&rsquo;s net asset value per share. The Distribution Policy may also negatively affect
the Fund&rsquo;s investment activities to the extent that the Fund is required to hold larger cash positions than it typically would
hold or to the extent that the Fund must liquidate securities that it would not have sold, for the purpose of paying the distribution.
The Fund&rsquo;s Board of Directors has the right to amend, suspend or terminate the Distribution Policy at any time. The amendment,
suspension or termination of the Distribution Policy may affect the Fund&rsquo;s market price per share. Investors should consult their
tax advisor regarding federal, state and local tax considerations that may be applicable in their particular circumstances.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">To the extent stockholders elect to
receive cash under the Distribution Policy, there may be a resulting decrease in the Fund&rsquo;s net assets. A decrease in the Fund&rsquo;s
net assets may cause an increase in the Fund&rsquo;s annual operating expense ratio and a decrease in the Fund&rsquo;s market price per
share to the extent the market price correlates closely to the Fund&rsquo;s net asset value per share. Cash elections under the Distribution
Policy may also negatively affect the Fund&rsquo;s investment activities to the extent that the Fund is required to hold larger cash
positions than it typically would hold or to the extent that the Fund must liquidate securities that it would not have sold, for the
purpose of paying the distribution. The Fund&rsquo;s Board of Directors has the right to amend, suspend or terminate the Distribution
Policy at any time. The amendment, suspension or termination of the Distribution Policy may affect the Fund&rsquo;s market price per
share. Investors should consult their tax advisor regarding federal, state and local tax considerations that may be applicable in their
particular circumstances.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Circular
230 disclosure:</U></FONT> <FONT STYLE="font-size: 10pt">To ensure compliance with requirements imposed by the U.S. Treasury, we inform
you that any U.S. tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot
be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another
party any transaction or matter addressed herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">In the United States, Aberdeen Standard
Investments is the marketing name for the following affiliated, registered investment advisers: Aberdeen Standard Investments Inc., Aberdeen
Asset Managers Ltd., Aberdeen Standard Investments Australia Ltd., Aberdeen Standard Investments (Asia) Ltd., Aberdeen Capital Management,
LLC, Aberdeen Standard Investments ETFs Advisors LLC and Standard Life Investments (Corporate Funds) Ltd.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Closed-end funds are traded on the secondary
market through one of the stock exchanges. The Fund&rsquo;s investment return and principal value will fluctuate so that an investor&rsquo;s
shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount)
the NAV of the fund&rsquo;s portfolio. There is no assurance that the Fund will achieve its investment objective. Past performance does
not guarantee future results.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
