<SEC-DOCUMENT>0001752724-23-075816.txt : 20230331
<SEC-HEADER>0001752724-23-075816.hdr.sgml : 20230331
<ACCEPTANCE-DATETIME>20230331121356
ACCESSION NUMBER:		0001752724-23-075816
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20230131
FILED AS OF DATE:		20230331
DATE AS OF CHANGE:		20230331
PERIOD START:           	20231031

FILER:

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

	FILING VALUES:
		FORM TYPE:		NPORT-P
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04438
		FILM NUMBER:		23785447

	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:	ABERDEEN AUSTRALIA EQUITY FUND INC
		DATE OF NAME CHANGE:	20010531

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST AUSTRALIA FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>NPORT-P
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
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      <filer>
        <issuerCredentials>
          <cik>0000779336</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
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    <genInfo>
      <regName>ABRDN AUSTRALIA EQUITY FUND, INC.</regName>
      <regFileNumber>811-04438</regFileNumber>
      <regCik>0000779336</regCik>
      <regLei>5493003SC25JJLM4UH12</regLei>
      <regStreet1>1900 Market Street</regStreet1>
      <regStreet2>Suite 200</regStreet2>
      <regCity>PHILADELPHIA</regCity>
      <regStateConditional regCountry="US" regState="US-PA"/>
      <regZipOrPostalCode>19103</regZipOrPostalCode>
      <regPhone>215-405-5700</regPhone>
      <seriesName>ABRDN AUSTRALIA EQUITY FUND, INC.</seriesName>
      <seriesLei>5493003SC25JJLM4UH12</seriesLei>
      <repPdEnd>2023-10-31</repPdEnd>
      <repPdDate>2023-01-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>149692589.71</totAssets>
      <totLiabs>10817971.11</totLiabs>
      <netAssets>138874618.60</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.00000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>7081500.99000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.00000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.00000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.00000000</amtPayAftOneYrOther>
      <delayDeliv>0.00000000</delayDeliv>
      <standByCommit>0.00000000</standByCommit>
      <liquidPref>0.00000000</liquidPref>
      <cshNotRptdInCorD>2102967.94000000</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn rtn1="19.06000000" rtn2="-6.00000000" rtn3="13.21000000"/>
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        <othMon1 netRealizedGain="342669.19000000" netUnrealizedAppr="15606003.03000000"/>
        <othMon2 netRealizedGain="46874.20000000" netUnrealizedAppr="-6282788.16000000"/>
        <othMon3 netRealizedGain="67374.97000000" netUnrealizedAppr="15415196.44000000"/>
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      <mon1Flow redemption="0.00000000" reinvestment="0.00000000" sales="0.00000000"/>
      <mon2Flow redemption="0.00000000" reinvestment="1094531.35000000" sales="0.00000000"/>
      <mon3Flow redemption="0.00000000" reinvestment="0.00000000" sales="0.00000000"/>


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        <name>IDP Education Ltd</name>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Elders Ltd</name>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Aristocrat Leisure Ltd</name>
        <lei>529900TE2HO3OZKYKC27</lei>
        <title>Aristocrat Leisure Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="AU000000ALL7"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ASX Ltd</name>
        <lei>549300VSBVYUCBIQKT71</lei>
        <title>ASX Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000ASX7"/>
        </identifiers>
        <balance>54800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.41673200"/>
        <valUSD>2681644.71000000</valUSD>
        <pctVal>1.930982592091</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Cochlear Ltd</name>
        <lei>5493001OLLWY8KV5UC08</lei>
        <title>Cochlear Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000COH5"/>
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        <balance>25210.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.41673200"/>
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        <pctVal>2.742503812716</pctVal>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Macquarie Group Ltd</name>
        <lei>ACMHD8HWFMFUIQQ8Y590</lei>
        <title>Macquarie Group Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000MQG1"/>
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        <balance>43250.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.41673200"/>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Insurance Australia Group Ltd</name>
        <lei>549300PFEWKNHRG25N08</lei>
        <title>Insurance Australia Group Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000IAG3"/>
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        <balance>571700.00000000</balance>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Wesfarmers Ltd</name>
        <lei>5493003L32ZX9557ST85</lei>
        <title>Wesfarmers Ltd</title>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Commonwealth Bank of Australia</name>
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        <name>Northern Star Resources Ltd</name>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Mercury NZ Ltd</name>
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        <invCountry>NZ</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>James Hardie Industries PLC</name>
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        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Xero Ltd</name>
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        <name>Woolworths Group Ltd</name>
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        <name>Metcash Ltd</name>
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        <name>ResMed Inc</name>
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        <name>OZ Minerals Ltd</name>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Goodman Group</name>
        <lei>N/A</lei>
        <title>Goodman Group</title>
        <cusip>000000000</cusip>
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        <balance>292340.00000000</balance>
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        <valUSD>4169813.28000000</valUSD>
        <pctVal>3.002574064315</pctVal>
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        <assetCat>EC</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Medibank Pvt Ltd</name>
        <lei>BDYVSUPTML83OLINBJ17</lei>
        <title>Medibank Pvt Ltd</title>
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        <identifiers>
          <isin value="AU000000MPL3"/>
        </identifiers>
        <balance>972600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.41673200"/>
        <valUSD>2026201.26000000</valUSD>
        <pctVal>1.459014815252</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Woodside Energy Group Ltd</name>
        <lei>2549005ZC5RXAOO7FH41</lei>
        <title>Woodside Energy Group Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU0000224040"/>
        </identifiers>
        <balance>281205.00000000</balance>
        <units>NS</units>
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        <valUSD>7281486.27000000</valUSD>
        <pctVal>5.243208833554</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Telstra Group Ltd</name>
        <lei>894500WRW54CVN62K416</lei>
        <title>Telstra Group Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000TLS2"/>
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        <balance>1833200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.41673200"/>
        <valUSD>5298282.51000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Endeavour Group Ltd/Australia</name>
        <lei>254900JAN9FOLMWAD533</lei>
        <title>Endeavour Group Ltd/Australia</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU0000154833"/>
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        <balance>511100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.41673200"/>
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        <pctVal>1.728105779294</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Charter Hall Group</name>
        <lei>N/A</lei>
        <title>Charter Hall Group</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000CHC0"/>
        </identifiers>
        <balance>221300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.41673200"/>
        <valUSD>2179047.38000000</valUSD>
        <pctVal>1.569075329939</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Megaport Ltd</name>
        <lei>N/A</lei>
        <title>Megaport Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000MP15"/>
        </identifiers>
        <balance>234200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.41673200"/>
        <valUSD>974094.27000000</valUSD>
        <pctVal>0.701419942549</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Rio Tinto PLC</name>
        <lei>213800YOEO5OQ72G2R82</lei>
        <title>Rio Tinto PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0007188757"/>
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        <balance>77980.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.81112900"/>
        <valUSD>6105929.59000000</valUSD>
        <pctVal>4.396721050652</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mirvac Group</name>
        <lei>N/A</lei>
        <title>Mirvac Group</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000MGR9"/>
        </identifiers>
        <balance>1643100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.41673200"/>
        <valUSD>2654606.02000000</valUSD>
        <pctVal>1.911512734840</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CSL Ltd</name>
        <lei>529900ECSECK5ZDQTE14</lei>
        <title>CSL Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000CSL8"/>
        </identifiers>
        <balance>54300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.41673200"/>
        <valUSD>11465467.51000000</valUSD>
        <pctVal>8.255984877282</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>National Australia Bank Ltd</name>
        <lei>F8SB4JFBSYQFRQEH3Z21</lei>
        <title>National Australia Bank Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000NAB4"/>
        </identifiers>
        <balance>376600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.41673200"/>
        <valUSD>8497651.09000000</valUSD>
        <pctVal>6.118937481640</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Spark New Zealand Ltd</name>
        <lei>529900HUN51H3Y7QBB66</lei>
        <title>Spark New Zealand Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="NZTELE0001S4"/>
        </identifiers>
        <balance>620400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.41673200"/>
        <valUSD>2108629.22000000</valUSD>
        <pctVal>1.518369044867</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BHP Group Ltd</name>
        <lei>WZE1WSENV6JSZFK0JC28</lei>
        <title>BHP Group Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000BHP4"/>
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        <balance>464600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.41673200"/>
        <valUSD>16271282.16000000</valUSD>
        <pctVal>11.71652698241</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>State Street Global Advisors</name>
        <lei>549300BZ5TGIFZUZDZ37</lei>
        <title>State Street Institutional US Government Money Market Fund</title>
        <cusip>857492706</cusip>
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          <isin value="US8574927062"/>
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        <balance>21628.20000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21628.20000000</valUSD>
        <pctVal>0.015573904157</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ANZ Group Holdings Ltd</name>
        <lei>9845005D9C6BAA10BK72</lei>
        <title>ANZ Group Holdings Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000ANZ3"/>
        </identifiers>
        <balance>289813.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.41673200"/>
        <valUSD>5157625.13000000</valUSD>
        <pctVal>3.713871679356</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pro Medicus Ltd</name>
        <lei>N/A</lei>
        <title>Pro Medicus Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000PME8"/>
        </identifiers>
        <balance>51700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.41673200"/>
        <valUSD>2469125.24000000</valUSD>
        <pctVal>1.777952850485</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Pilbara Minerals Ltd</name>
        <lei>5299000VV1CZVF5K9C16</lei>
        <title>Pilbara Minerals Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000PLS0"/>
        </identifiers>
        <balance>875500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.41673200"/>
        <valUSD>2978379.15000000</valUSD>
        <pctVal>2.144653342723</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Auckland International Airport Ltd</name>
        <lei>549300HFZIZDJWB7AK60</lei>
        <title>Auckland International Airport Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="NZAIAE0002S6"/>
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        <balance>554840.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.41673200"/>
        <valUSD>3041122.26000000</valUSD>
        <pctVal>2.189833023959</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Beach Energy Ltd</name>
        <lei>8Q9PJD25OKTQT5FHUF40</lei>
        <title>Beach Energy Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000BPT9"/>
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        <balance>1765800.00000000</balance>
        <units>NS</units>
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        <valUSD>1897504.74000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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      </invstOrSec>
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        <name>Region RE Ltd</name>
        <lei>N/A</lei>
        <title>Region RE Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="AU0000253502"/>
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        <valUSD>1279134.96000000</valUSD>
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        <invCountry>AU</invCountry>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2023-02-28</ncom:dateSigned>
      <ncom:nameOfApplicant>ABRDN AUSTRALIA EQUITY FUND, INC.</ncom:nameOfApplicant>
      <ncom:signature>Sharon Ferrari</ncom:signature>
      <ncom:signerName>Sharon Ferrari</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
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<DOCUMENT>
<TYPE>NPORT-EX
<SEQUENCE>2
<FILENAME>NPORT_1956_21207164_0123.htm
<TEXT>
<HTML>
<HEAD>
<!--Document created using ArcReporting-->
<!--Copyright 2023 DFIN-->
<TITLE>
</TITLE>
</HEAD>
<BODY bgcolor="white">
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Arial;font-size:18pt;font-style:Normal;font-weight:bold;line-height:21pt;text-align:left;text-decoration:none;text-transform:none;">Portfolio of Investments&nbsp;<FONT
style="font-size:11pt;line-height:14pt;">(unaudited)&nbsp;<BR>
</FONT><FONT
style="font-size:10pt;line-height:13pt;">As of January 31, 2023</FONT></DIV>
<DIV
style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">abrdn Australia Equity Fund, Inc.&#160; </DIV>
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noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:0.5pt solid #000000;height:0.5pt;width:100%;" align="Left">
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<DIV
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<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100.00%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:6pt;padding-right:9pt;padding-top:3pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.72%;">Shares
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:9pt;padding-right:9pt;padding-top:3pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:40.05%;">Description
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:9pt;padding-right:9pt;padding-top:3pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;">Industry and Percentage<BR>
of Net Assets
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:9pt;padding-right:6pt;padding-top:3pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.64%;">Value
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:6pt;padding-top:2.5pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;width:99.46%;" bgcolor="#E8F3FF" colspan="4">COMMON STOCKS&#8212;106.2%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:9pt;padding-top:1.25pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:87.82%;" colspan="3">AUSTRALIA&#8212;97.6%
</TD><TD
style="line-height:8pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:11.64%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:7.61pt;padding-right:9pt;padding-top:1.25pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:7.72%;" bgcolor="#E8F3FF">&#8201;&#8199;289,813
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;" bgcolor="#E8F3FF">ANZ Group Holdings Ltd.
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:40.05%;" bgcolor="#E8F3FF">Banks&#8212;3.7%
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:6pt;padding-top:1.25pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:11.64%;" bgcolor="#E8F3FF">$<FONT
style="padding-left:4.59pt;"></FONT>&#8199;&#8199;5,157,625
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6.57pt;padding-right:9pt;padding-top:1.25pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:7.72%;">&#8201;&#8199;&#8199;95,000
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;">Aristocrat Leisure Ltd.
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;">Hotels, Restaurants &amp; Leisure&#8212;1.7%
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:14.28pt;padding-right:6pt;padding-top:1.25pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:11.64%;
">&#8199;&#8199;2,293,606
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6.45pt;padding-right:9pt;padding-top:1.25pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:7.72%;" bgcolor="#E8F3FF">&#8201;&#8199;&#8199;54,800
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;" bgcolor="#E8F3FF">ASX Ltd.
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;" bgcolor="#E8F3FF">Capital Markets&#8212;1.9%
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:15.07pt;padding-right:6pt;padding-top:1.25pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:11.64%;"
bgcolor="#E8F3FF">&#8199;&#8199;2,681,645
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:7.84pt;padding-right:9pt;padding-top:1.25pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.72%;">1,765,800
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;">Beach Energy Ltd.
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;">Oil, Gas &amp; Consumable Fuels&#8212;1.4%
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:16.61pt;padding-right:6pt;padding-top:1.25pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:11.64%;
">&#8199;&#8199;1,897,505
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:9pt;padding-top:1.25pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:7.72%;" bgcolor="#E8F3FF">&#8201;&#8199;464,600
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;" bgcolor="#E8F3FF">BHP Group Ltd.
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;" bgcolor="#E8F3FF">Metals &amp; Mining&#8212;11.7%
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:16.72pt;padding-right:6pt;padding-top:1.25pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:11.64%;"
bgcolor="#E8F3FF">&#8199;16,271,282
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:7.74pt;padding-right:9pt;padding-top:1.25pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:7.72%;">&#8201;&#8199;221,300
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;">Charter Hall Group, REIT
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;">Equity Real Estate Investment Trusts (REITs)&#8212;1.6%
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:15.92pt;padding-right:6pt;padding-top:1.25pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:11.64%;
">&#8199;&#8199;2,179,048
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:8.28pt;padding-right:9pt;padding-top:1.25pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:7.72%;" bgcolor="#E8F3FF">&#8201;&#8199;&#8199;25,210
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;" bgcolor="#E8F3FF">Cochlear Ltd.
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;" bgcolor="#E8F3FF">Health Care Equipment &amp; Supplies&#8212;2.7%
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:13.67pt;padding-right:6pt;padding-top:1.25pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:11.64%;"
bgcolor="#E8F3FF">&#8199;&#8199;3,808,642
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:7.51pt;padding-right:9pt;padding-top:1.25pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:7.72%;">&#8201;&#8199;163,200
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;">Commonwealth Bank of Australia
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:40.05%;">Banks&#8212;9.2%
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:16.38pt;padding-right:6pt;padding-top:1.25pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:11.64%;
">&#8199;12,739,729
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6.63pt;padding-right:9pt;padding-top:1.25pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:7.72%;" bgcolor="#E8F3FF">&#8201;&#8199;&#8199;54,300
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;" bgcolor="#E8F3FF">CSL Ltd.
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:40.05%;" bgcolor="#E8F3FF">Biotechnology&#8212;8.3%
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:15.48pt;padding-right:6pt;padding-top:1.25pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:11.64%;"
bgcolor="#E8F3FF">&#8199;11,465,468
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:10.45pt;padding-right:9pt;padding-top:1.25pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:7.72%;">&#8201;&#8199;157,100
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;">Elders Ltd.
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;">Food Products&#8212;0.8%
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:15.53pt;padding-right:6pt;padding-top:1.25pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:11.64%;
">&#8199;&#8199;1,081,580
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:10.17pt;padding-right:9pt;padding-top:1.25pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:7.72%;" bgcolor="#E8F3FF">&#8201;&#8199;511,100
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;" bgcolor="#E8F3FF">Endeavour Group Ltd.
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;" bgcolor="#E8F3FF">Food &amp; Staples Retailing&#8212;1.7%
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:13.99pt;padding-right:6pt;padding-top:1.25pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:11.64%;"
bgcolor="#E8F3FF">&#8199;&#8199;2,399,900
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6.84pt;padding-right:9pt;padding-top:1.25pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:7.72%;">&#8201;&#8199;292,340
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;">Goodman Group
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;">Equity Real Estate Investment Trusts (REITs)&#8212;3.0%
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:16.36pt;padding-right:6pt;padding-top:1.25pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:11.64%;
">&#8199;&#8199;4,169,813
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:8.13pt;padding-right:9pt;padding-top:1.25pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:7.72%;" bgcolor="#E8F3FF">&#8201;&#8199;172,300
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;" bgcolor="#E8F3FF">IDP Education Ltd.
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;" bgcolor="#E8F3FF">Diversified Consumer Services&#8212;2.8%
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:13.88pt;padding-right:6pt;padding-top:1.25pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:11.64%;"
bgcolor="#E8F3FF">&#8199;&#8199;3,834,268
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:8.50pt;padding-right:9pt;padding-top:1.25pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:7.72%;">&#8201;&#8199;571,700
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;">Insurance Australia Group Ltd.
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:40.05%;">Insurance&#8212;1.4%
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:14.83pt;padding-right:6pt;padding-top:1.25pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:11.64%;
">&#8199;&#8199;1,985,384
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:7.10pt;padding-right:9pt;padding-top:1.25pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:7.72%;" bgcolor="#E8F3FF">&#8201;&#8199;&#8199;62,590
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;" bgcolor="#E8F3FF">James Hardie Industries PLC
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;" bgcolor="#E8F3FF">Construction Materials&#8212;1.0%
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:15.14pt;padding-right:6pt;padding-top:1.25pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:11.64%;"
bgcolor="#E8F3FF">&#8199;&#8199;1,404,427
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:7.01pt;padding-right:9pt;padding-top:1.25pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:7.72%;">&#8201;&#8199;&#8199;43,250
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;">Macquarie Group Ltd.
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;">Capital Markets&#8212;4.2%
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:14.99pt;padding-right:6pt;padding-top:1.25pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:11.64%;
">&#8199;&#8199;5,769,936
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:13.03pt;padding-right:9pt;padding-top:1.25pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.72%;" bgcolor="#E8F3FF">972,600
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;" bgcolor="#E8F3FF">Medibank Pvt Ltd.
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:40.05%;" bgcolor="#E8F3FF">Insurance&#8212;1.5%
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:23.32pt;padding-right:6pt;padding-top:1.25pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:11.64%;" bgcolor="#E8F3FF">2,026,201
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:12.41pt;padding-right:9pt;padding-top:1.25pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.72%;">234,200
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;">Megaport Ltd.<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(a)</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;">IT Services&#8212;0.7%
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:28.93pt;padding-right:6pt;padding-top:1.25pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:11.64%;">974,094
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:12.70pt;padding-right:9pt;padding-top:1.25pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.72%;" bgcolor="#E8F3FF">534,700
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;" bgcolor="#E8F3FF">Metcash Ltd.
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;" bgcolor="#E8F3FF">Food &amp; Staples Retailing&#8212;1.1%
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:22.87pt;padding-right:6pt;padding-top:1.25pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:11.64%;" bgcolor="#E8F3FF">1,584,540
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:8.55pt;padding-right:9pt;padding-top:1.25pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.72%;">1,643,100
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;">Mirvac Group
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;">Equity Real Estate Investment Trusts (REITs)&#8212;1.9%
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:22.11pt;padding-right:6pt;padding-top:1.25pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:11.64%;">2,654,606
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:12.93pt;padding-right:9pt;padding-top:1.25pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.72%;" bgcolor="#E8F3FF">376,600
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;" bgcolor="#E8F3FF">National Australia Bank Ltd.
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:40.05%;" bgcolor="#E8F3FF">Banks&#8212;6.1%
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:24.62pt;padding-right:6pt;padding-top:1.25pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:11.64%;" bgcolor="#E8F3FF">8,497,651
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:11.88pt;padding-right:9pt;padding-top:1.25pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.72%;">482,400
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;">Northern Star Resources Ltd.
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;">Metals &amp; Mining&#8212;3.1%
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:22.15pt;padding-right:6pt;padding-top:1.25pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:11.64%;">4,298,435
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:12.94pt;padding-right:9pt;padding-top:1.25pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.72%;" bgcolor="#E8F3FF">108,200
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;" bgcolor="#E8F3FF">OZ Minerals Ltd.
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;" bgcolor="#E8F3FF">Metals &amp; Mining&#8212;1.5%
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:26.21pt;padding-right:6pt;padding-top:1.25pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:11.64%;" bgcolor="#E8F3FF">2,143,101
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:12.83pt;padding-right:9pt;padding-top:1.25pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.72%;">875,500
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;">Pilbara Minerals Ltd.<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(a)</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;">Metals &amp; Mining&#8212;2.2%
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:23.73pt;padding-right:6pt;padding-top:1.25pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:11.64%;">2,978,379
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:18.13pt;padding-right:9pt;padding-top:1.25pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.72%;" bgcolor="#E8F3FF">51,700
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;" bgcolor="#E8F3FF">Pro Medicus Ltd.
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;" bgcolor="#E8F3FF">Health Care Technology&#8212;1.8%
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:24.17pt;padding-right:6pt;padding-top:1.25pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:11.64%;" bgcolor="#E8F3FF">2,469,125
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:11.97pt;padding-right:9pt;padding-top:1.25pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.72%;">666,600
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;">Region RE Ltd.
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;">Equity Real Estate Investment Trusts (REITs)&#8212;0.9%
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:25.62pt;padding-right:6pt;padding-top:1.25pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:11.64%;">1,279,135
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:18.24pt;padding-right:9pt;padding-top:1.25pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.72%;" bgcolor="#E8F3FF">77,980
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;" bgcolor="#E8F3FF">Rio Tinto PLC
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;" bgcolor="#E8F3FF">Metals &amp; Mining&#8212;4.4%
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:23.58pt;padding-right:6pt;padding-top:1.25pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:11.64%;" bgcolor="#E8F3FF">6,105,930
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:7.22pt;padding-right:9pt;padding-top:1.25pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.72%;">1,833,200
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;">Telstra Group Ltd.
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;">Diversified Telecommunication Services&#8212;3.8%
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:22.49pt;padding-right:6pt;padding-top:1.25pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:11.64%;">5,298,283
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:15.91pt;padding-right:9pt;padding-top:1.25pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.72%;" bgcolor="#E8F3FF">84,080
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;" bgcolor="#E8F3FF">Wesfarmers Ltd.
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;" bgcolor="#E8F3FF">Multiline Retail&#8212;2.1%
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:22.10pt;padding-right:6pt;padding-top:1.25pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:11.64%;" bgcolor="#E8F3FF">2,964,383
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:13.69pt;padding-right:9pt;padding-top:1.25pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.72%;">281,205
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;">Woodside Energy Group Ltd.
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;">Oil, Gas &amp; Consumable Fuels&#8212;5.2%
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:24.19pt;padding-right:6pt;padding-top:1.25pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:11.64%;">7,281,486
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:12.60pt;padding-right:9pt;
padding-top:1.25pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.72%;" bgcolor="#E8F3FF">225,440
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;" bgcolor="#E8F3FF">Woolworths Group Ltd.
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;" bgcolor="#E8F3FF">Food &amp; Staples Retailing&#8212;4.2%
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:1.38pt;padding-left:24.51pt;padding-right:6pt;padding-top:1.25pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:11.64%;" bgcolor="#E8F3FF">5,761,670
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:1pt solid #000000;line-height:8pt;padding-bottom:4pt;padding-right:9pt;padding-top:1.38pt;text-align:right;vertical-align:bottom;width:7.72%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:9pt;padding-right:9pt;padding-top:1.38pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:80.10%;" colspan="2">Total Australia
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:13.18pt;padding-right:6pt;padding-top:1.38pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.64%;">135,456,877
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:9pt;padding-top:2.5pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;width:87.82%;" bgcolor="#E8F3FF" colspan="3">NEW ZEALAND&#8212;7.0%
</TD><TD
style="line-height:8pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:2.5pt;text-align:right;vertical-align:bottom;width:11.64%;" bgcolor="#E8F3FF">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:12.23pt;padding-right:9pt;padding-top:1.25pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.72%;">554,840
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;">Auckland International Airport Ltd.<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(a)</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;">Transportation Infrastructure&#8212;2.2%
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:24.82pt;padding-right:6pt;padding-top:1.25pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:11.64%;">3,041,122
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:11.85pt;padding-right:9pt;padding-top:1.25pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.72%;" bgcolor="#E8F3FF">499,400
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;" bgcolor="#E8F3FF">Mercury NZ Ltd.
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;" bgcolor="#E8F3FF">Electric Utilities&#8212;1.4%
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:23.60pt;padding-right:6pt;padding-top:1.25pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:11.64%;" bgcolor="#E8F3FF">1,935,233
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:11.96pt;padding-right:9pt;padding-top:1.25pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.72%;">620,400
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;">Spark New Zealand Ltd.
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;">Diversified Telecommunication Services&#8212;1.5%
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:23.80pt;padding-right:6pt;padding-top:1.25pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:11.64%;">2,108,629
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:15.88pt;padding-right:9pt;
padding-top:1.25pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.72%;" bgcolor="#E8F3FF">48,000
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;" bgcolor="#E8F3FF">Xero Ltd.<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(a)</SUP>
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:40.05%;" bgcolor="#E8F3FF">Software&#8212;1.9%
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:1.38pt;padding-left:22.38pt;padding-right:6pt;padding-top:1.25pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:11.64%;" bgcolor="#E8F3FF">2,645,590
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:1pt solid #000000;line-height:8pt;padding-bottom:4pt;padding-right:9pt;padding-top:1.38pt;text-align:right;vertical-align:bottom;width:7.72%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:9pt;padding-right:9pt;padding-top:1.38pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:80.10%;" colspan="2">Total New Zealand
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:21.56pt;padding-right:6pt;padding-top:1.38pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.64%;">9,730,574
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:9pt;padding-top:2.5pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;width:87.82%;" bgcolor="#E8F3FF" colspan="3">UNITED STATES&#8212;1.6%
</TD><TD
style="line-height:8pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:2.5pt;text-align:right;vertical-align:bottom;width:11.64%;" bgcolor="#E8F3FF">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:17.73pt;padding-right:9pt;
padding-top:1.25pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.72%;">97,400
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;">ResMed, Inc., GDR
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;">Health Care Equipment &amp; Supplies&#8212;1.6%
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:1.38pt;padding-left:24.38pt;padding-right:6pt;padding-top:1.25pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:11.64%;">2,226,182
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:1pt solid #000000;line-height:8pt;padding-bottom:4pt;padding-right:9pt;padding-top:1.38pt;text-align:right;vertical-align:bottom;width:7.72%;" bgcolor="#E8F3FF">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:9pt;padding-right:9pt;padding-top:1.38pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:80.10%;" bgcolor="#E8F3FF" colspan="2">Total Common Stocks
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:13.89pt;padding-right:6pt;padding-top:1.38pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.64%;" bgcolor="#E8F3FF">147,413,633
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:6pt;padding-top:2.5pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;width:99.46%;" colspan="4">SHORT-TERM INVESTMENT&#8212;0.0%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:9pt;padding-top:1.25pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;width:87.82%;" bgcolor="#E8F3FF" colspan="3">UNITED STATES&#8212;0.0%
</TD><TD
style="line-height:8pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:11.64%;" bgcolor="#E8F3FF">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:4pt;padding-left:17.88pt;padding-right:9pt;padding-top:1.25pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.72%;">21,628
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:4pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:80.10%;" colspan="2">State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.18%<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(b)</SUP>
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:4pt;padding-left:33.53pt;padding-right:6pt;padding-top:1.25pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:11.64%;">21,628
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:1pt solid #000000;line-height:8pt;padding-bottom:4pt;padding-right:9pt;padding-top:2.5pt;text-align:right;vertical-align:bottom;width:7.72%;" bgcolor="#E8F3FF">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:9pt;padding-right:9pt;padding-top:2.5pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:80.10%;" bgcolor="#E8F3FF" colspan="2">Total Short-Term Investment
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:32.09pt;padding-right:6pt;padding-top:2.5pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.64%;" bgcolor="#E8F3FF">21,628
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:1pt solid #000000;line-height:0pt;padding-bottom:4pt;padding-right:9pt;padding-top:2.5pt;text-align:right;vertical-align:bottom;width:7.72%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:9pt;padding-right:9pt;padding-top:2.5pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:80.10%;" colspan="2">Total Investments&#8212;106.2% (cost $122,614,562)
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:14.44pt;padding-right:6pt;padding-top:2.5pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.64%;">147,435,261
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;line-height:8pt;padding-bottom:1.38pt;padding-right:9pt;padding-top:2.5pt;text-align:right;vertical-align:bottom;width:7.72%;" bgcolor="#E8F3FF">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:9pt;padding-right:9pt;padding-top:2.5pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:80.10%;" bgcolor="#E8F3FF" colspan="2">Liabilities in Excess of Other Assets&#8212;(6.2%)
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:19.11pt;padding-right:6pt;
padding-top:2.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.64%;" bgcolor="#E8F3FF">(8,560,640)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:1pt solid #000000;line-height:8pt;padding-bottom:4pt;padding-right:9pt;padding-top:1.38pt;text-align:right;vertical-align:bottom;width:7.72%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:9pt;padding-right:9pt;padding-top:1.38pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:40.05%;">Net Assets&#8212;100.0%
</TD><TD
style="border-bottom:1pt solid #000000;line-height:8pt;padding-bottom:4pt;padding-right:9pt;padding-top:1.38pt;text-align:left;vertical-align:bottom;width:40.05%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:4pt;padding-left:9pt;padding-right:6pt;padding-top:1.38pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:11.64%;">$<FONT
style="padding-left:0.53pt;"></FONT><FONT
style="font-weight:bold;">138,874,621</FONT>
</TD></TR></TABLE>
</DIV>
<DIV
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:1.5pt;padding-top:10pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:1.90%;">(a)
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-top:10pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:98.37%;">Non-income producing security.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:1.90%;">(b)
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:98.37%;">Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of January 31, 2023.
</TD></TR></TABLE>
</DIV>
<DIV
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV>
</DIV>
<DIV
style="margin-top:30pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:9pt;text-align:left;text-decoration:none;text-transform:none;">See&#160;accompanying&#160;Notes&#160;
to&#160;Portfolio&#160;of&#160;Investments.</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Arial;font-size:18pt;font-style:Normal;font-weight:bold;line-height:21pt;text-align:left;text-decoration:none;text-transform:none;">Portfolio of Investments&nbsp;<FONT
style="font-size:11pt;line-height:14pt;">(unaudited)&nbsp;&nbsp;(concluded)<BR>
</FONT><FONT
style="font-size:10pt;line-height:13pt;">As of January 31, 2023</FONT></DIV>
<DIV
style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">abrdn Australia Equity Fund, Inc.&#160; </DIV>
<HR
noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:0.5pt solid #000000;height:0.5pt;width:100%;" align="Left">
</DIV>
<DIV
style="margin-top:16.5pt;width:100%;" type="Block">
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:1.5pt;padding-top:6pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:2.97%;">GDR
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-top:6pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:97.30%;">Global Depositary Receipt
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:2.97%;">PLC
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:97.30%;">Public Limited Company
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:2.97%;">REIT
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:97.30%;">Real Estate Investment Trust
</TD></TR></TABLE>
</DIV>
<DIV
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">&nbsp;</DIV>
</DIV>
<DIV
style="margin-top:610pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:9pt;text-align:left;text-decoration:none;text-transform:none;">See&#160;accompanying&#160;Notes&#160;
to&#160;Portfolio&#160;of&#160;Investments.</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Arial;font-size:18pt;font-style:Normal;font-weight:Normal;line-height:21pt;text-align:left;text-decoration:none;text-transform:none;">Notes to Portfolio of Investments<FONT
style="font-size:11pt;line-height:14pt;">&nbsp;<BR>
January 31, 2023 (unaudited)</FONT></DIV>
<HR
noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:0.5pt solid #000000;height:0.5pt;width:100%;" align="Left">
</DIV>
<DIV
style="margin-top:16.5pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">1.&nbsp;&nbsp;&nbsp;&nbsp;Summary of Significant
Accounting Policies</DIV>
<DIV
style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">a.&nbsp;&nbsp;&nbsp;&nbsp;Security Valuation:</DIV>
<DIV
style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:Normal;line-height:12.5pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;">The Fund values&#160;its
securities at current market value or fair value, consistent with regulatory requirements. "Fair value" is defined in the Fund's Valuation and Liquidity Procedures as the price that could be received to sell an asset
or paid to transfer a liability in an orderly transaction between willing market participants without a compulsion to transact at the measurement date. Pursuant to Rule 2a-5 under the Investment Company Act of 1940,
as amended (the "1940 Act"), the Board of Directors (the "Board") designated the abrdn Australia Limited (formerly, Aberdeen Standard Investments Australia Limited), the Fund's investment adviser (the "Investment
Adviser"), as the valuation designee ("Valuation Designee") to perform the fair value determinations relating to Fund investments for which market quotations are not readily available.</DIV>
<DIV
style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:Normal;line-height:12.5pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;">Equity securities that are
traded on an exchange are valued at the last quoted sale price or the official closing price&#160;on the principal exchange on which the security is traded at the &#8220;Valuation Time&#8221; 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 ("NYSE") (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 (&#8220;ETFs&#8221;) 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.</DIV>
<DIV
style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:Normal;line-height:12.5pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;">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. 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.</DIV>
<DIV
style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:Normal;line-height:12.5pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;">Short-term investments are
comprised of cash and cash equivalents invested in short-term investment funds which are redeemable daily. The Fund sweeps available cash into the State Street Institutional U.S. Government Money Market Fund, which
has elected to qualify as a &#8220;government money market fund&#8221; pursuant to Rule 2a-7 under the 1940 Act, and has an objective, which is not guaranteed, to maintain a&#160;$1.00 per share net asset value
(&#8220;NAV&#8221;). Registered investment companies are valued at their net asset value as reported by such company. Generally, these investment types are categorized as Level 1&#160;investments.</DIV>
<DIV
style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:Normal;line-height:12.5pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;">In the event that a
security&#8217;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 Investment Adviser as Valuation Designee, 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 Investment Adviser may be classified as Level 2 or Level 3 depending on the nature of the inputs.&nbsp;</DIV>
</DIV>
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style="margin-top:227pt;width:100%;" type="Block">
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style="text-align:right;">
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style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:4.71%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="line-height:7pt;padding-right:3pt;text-align:right;vertical-align:bottom;width:100%;">&#160;
</TD><TD
style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:3pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:76.92%;">3
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