# EDGAR Filing Document

**Accession Number:** 0000779336
**File Stem:** 0001410368-25-010656
**Filing Date:** 2025-9
**Character Count:** 29581
**Document Hash:** 202f6f68788b72904026c9cce1331887
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-010656.hdr.sgml**: 20250925

**ACCESSION NUMBER**: 0001410368-25-010656

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250925

**DATE AS OF CHANGE**: 20250925

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ABRDN AUSTRALIA EQUITY FUND, INC.
- **CENTRAL INDEX KEY:** 0000779336

**ORGANIZATION NAME:**
- **EIN:** 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:** 251340612

**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

## Nport-Ex

### Portfolio of Investments (unaudited) <br> As of July 31, 2025

#### abrdn Australia Equity Fund, Inc.

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Industry and Percentage<br> of Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**COMMON STOCKS—105.4%** | &nbsp;&nbsp;**COMMON STOCKS—105.4%** | &nbsp;&nbsp;**COMMON STOCKS—105.4%** | &nbsp;&nbsp;**COMMON STOCKS—105.4%** |
| &nbsp;&nbsp;**AUSTRALIA—91.0%** | &nbsp;&nbsp;**AUSTRALIA—91.0%** | &nbsp;&nbsp;**AUSTRALIA—91.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;410705 | &nbsp;&nbsp;&nbsp;&nbsp;ALS Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Professional Services—3.4% | &nbsp;&nbsp;&nbsp;&nbsp;$4774641 |
| &nbsp;&nbsp;&nbsp;&nbsp;266023 | &nbsp;&nbsp;&nbsp;&nbsp;ANZ Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Banks—3.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5220302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181063 | &nbsp;&nbsp;&nbsp;&nbsp;Aristocrat Leisure Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure—5.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8107436 |
| &nbsp;&nbsp;&nbsp;&nbsp;451858 | &nbsp;&nbsp;&nbsp;&nbsp;BHP Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Metals & Mining—8.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11411770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13833 | &nbsp;&nbsp;&nbsp;&nbsp;Cochlear Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies—2.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2824048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157103 | &nbsp;&nbsp;&nbsp;&nbsp;Commonwealth Bank of Australia | &nbsp;&nbsp;&nbsp;&nbsp;Banks—12.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17835828 |
| &nbsp;&nbsp;&nbsp;&nbsp;314006 | &nbsp;&nbsp;&nbsp;&nbsp;Goodman Group, REIT | &nbsp;&nbsp;&nbsp;&nbsp;Industrial REITs—5.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7020693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46491 | &nbsp;&nbsp;&nbsp;&nbsp;HUB24 Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Capital Markets—2.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3155584 |
| &nbsp;&nbsp;&nbsp;&nbsp;890201 | &nbsp;&nbsp;&nbsp;&nbsp;Insurance Australia Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Insurance—3.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4997070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68499 | &nbsp;&nbsp;&nbsp;&nbsp;James Hardie Industries PLC, CDI<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Construction Materials—1.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1797923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40118 | &nbsp;&nbsp;&nbsp;&nbsp;JB Hi-Fi Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Specialty Retail—2.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2857284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31560 | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Capital Markets—3.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4370599 |
| &nbsp;&nbsp;2490928 | &nbsp;&nbsp;&nbsp;&nbsp;Mirvac Group, REIT | &nbsp;&nbsp;&nbsp;&nbsp;Diversified REITs—2.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3573957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313224 | &nbsp;&nbsp;&nbsp;&nbsp;National Australia Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Banks—5.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7773168 |
| &nbsp;&nbsp;&nbsp;&nbsp;356672 | &nbsp;&nbsp;&nbsp;&nbsp;Northern Star Resources Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Metals & Mining—2.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3543653 |
| &nbsp;&nbsp;&nbsp;&nbsp;273885 | &nbsp;&nbsp;&nbsp;&nbsp;Origin Energy Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Electric Utilities—1.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2048060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25485 | &nbsp;&nbsp;&nbsp;&nbsp;Pro Medicus Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Health Care Technology—3.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5233461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59268 | &nbsp;&nbsp;&nbsp;&nbsp;Rio Tinto PLC | &nbsp;&nbsp;&nbsp;&nbsp;Metals & Mining—2.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3529966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65252 | &nbsp;&nbsp;&nbsp;&nbsp;SGH Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Trading Companies & Distributors—1.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2134218 |
| &nbsp;&nbsp;&nbsp;1884390 | &nbsp;&nbsp;&nbsp;&nbsp;Telstra Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Diversified Telecommunication Services—4.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6005703 |
| &nbsp;&nbsp;&nbsp;&nbsp;403096 | &nbsp;&nbsp;&nbsp;&nbsp;Transurban Group | &nbsp;&nbsp;&nbsp;&nbsp;Transportation Infrastructure—2.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3567328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119210 | &nbsp;&nbsp;&nbsp;&nbsp;Wesfarmers Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Broadline Retail—4.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6520727 |
| &nbsp;&nbsp;&nbsp;&nbsp;208548 | &nbsp;&nbsp;&nbsp;&nbsp;Westpac Banking Corp. | &nbsp;&nbsp;&nbsp;&nbsp;Banks—3.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4502578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16680 | &nbsp;&nbsp;&nbsp;&nbsp;WiseTech Global Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Software—0.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1263346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192997 | &nbsp;&nbsp;&nbsp;&nbsp;Woodside Energy Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels—2.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3265968 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Total Australia** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Australia** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**127335311** |
| &nbsp;&nbsp;**CANADA—0.5%** | &nbsp;&nbsp;**CANADA—0.5%** | &nbsp;&nbsp;**CANADA—0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;124000 | &nbsp;&nbsp;&nbsp;&nbsp;Capstone Copper Corp., CDI<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Metals & Mining—0.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**668304** |
| &nbsp;&nbsp;**NEW ZEALAND—3.5%** | &nbsp;&nbsp;**NEW ZEALAND—3.5%** | &nbsp;&nbsp;**NEW ZEALAND—3.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43143 | &nbsp;&nbsp;&nbsp;&nbsp;Xero Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Software—3.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4968372** |
| &nbsp;&nbsp;**UNITED STATES—10.4%** | &nbsp;&nbsp;**UNITED STATES—10.4%** | &nbsp;&nbsp;**UNITED STATES—10.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47153 | &nbsp;&nbsp;&nbsp;&nbsp;CSL Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Biotechnology—5.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8156724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235212 | &nbsp;&nbsp;&nbsp;&nbsp;ResMed, Inc., CDI | &nbsp;&nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies—4.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6366251 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;&nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14522975** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**147494962** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.1%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.1%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.1%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.1%** |
| &nbsp;&nbsp;**UNITED STATES—0.1%** | &nbsp;&nbsp;**UNITED STATES—0.1%** | &nbsp;&nbsp;**UNITED STATES—0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191343 | &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.25%<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.25%<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191343 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**191343** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments—105.5% (cost $108,367,966)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments—105.5% (cost $108,367,966)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**147686305** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Liabilities in Excess of Other Assets—(5.5%) | &nbsp;&nbsp;&nbsp;&nbsp;Liabilities in Excess of Other Assets—(5.5%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7761437) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Net Assets—100.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp;$**139924868** |

---

(a) Non-income producing security.

(b) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2025.

CDI Chess Depository Interest <br> PLC Public Limited Company <br> REIT Real Estate Investment Trust

See accompanying Notes to Portfolio of Investments.

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Notes to Portfolio of Investments <br> July 31, 2025 (unaudited)

------

1. Summary of Significant Accounting Policies

a. Security Valuation:

The Fund values its securities at 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, also referred to as market value. Pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the "1940 Act"), the Board of Directors (the "Board") designated abrdn Asia as the valuation designee ("Valuation Designee") for the Fund to perform the fair value determinations relating to Fund investments for which market quotations are not readily available or deemed unreliable.

Equity securities that are traded on an exchange are valued at the last quoted sale price or the official close price on the principal exchange on which the security is traded at the "Valuation Time" subject to application, when appropriate, of the valuation factors described in the paragraph below. 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.

Foreign equity securities that are traded on foreign exchanges that close prior to the 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 generally 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.

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

In the event that a security's market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closes before the Valuation Time), the security is valued at fair value as determined by the 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 Manager may be classified as Level 2 or Level 3 depending on the nature of the inputs.

In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Fund discloses the fair value of its investments using a three-level hierarchy that classifies the inputs to valuation techniques used to measure the fair value. The hierarchy assigns Level 1, the highest level, measurements to valuations based upon unadjusted quoted prices in active markets for identical assets, Level 2 measurements to valuations based upon other significant observable inputs, including adjusted quoted prices in active markets for similar assets, and Level 3, the lowest level, measurements to valuations based upon unobservable inputs that are significant to the valuation. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability, which are based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. A financial instrument's level within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement.

Open-end mutual funds are valued at the respective net asset value ("NAV") as reported by such company. The prospectuses for the registered open-end management investment companies in which the Fund invests explain the circumstances under which those companies will use fair value pricing and the effects of using fair value pricing. Closed-end funds and exchange-traded funds ("ETFs") are valued at the market price of the security at the Valuation Time (defined below). A security using any of these pricing methodologies is generally determined to be a Level 1 investment.

The three-level hierarchy of inputs is summarized below:

Level 1 - quoted prices (unadjusted) in active markets for identical investments;

**2** 

------

Notes to Portfolio of Investments (concluded)<br> July 31, 2025 (unaudited)

------

Level 2 - other significant observable inputs (including valuation factors, quoted prices for similar securities, interest rates, prepayment speeds, and credit risk, etc.); or

Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

**3**

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** ABRDN AUSTRALIA EQUITY FUND, INC.

- **b. Investment Company Act file number:** 811-04438

- **c. CIK number of Registrant:** 0000779336

- **d. LEI of Registrant:** 5493003SC25JJLM4UH12

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1900 Market Street

  - **City:** PHILADELPHIA

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19103

  - **Telephone number:** 215-405-5700

**Item A.2. Information about the Series.**

- **a. Name of Series:** ABRDN AUSTRALIA EQUITY FUND, INC.

- **c. LEI of Series:** 5493003SC25JJLM4UH12

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $151634019.00

**Total Liabilities:** $11709151.11

**Net Assets:** $139924867.89

**Cash Not Reported:** $1504090.90

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 6.15%                | 3.71%                | -0.45%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3203.15                 | $6509722.60                                |
| Month 2  | $782197.00               | $4994849.06                                |
| Month 3  | $467288.75               | $-971599.55                                |

### Schedule of Portfolio Investments

| Name                           | Title                                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Aristocrat Leisure Ltd         | Aristocrat Leisure Ltd                                     | CUSIP: 000000000<br>LEI: 529900TE2HO3OZKYKC27 | Long             | EC               | CORP              | AU        |    181063 | NS      | $8107435.46   | 5.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Cochlear Ltd                   | Cochlear Ltd                                               | CUSIP: 000000000<br>LEI: 5493001OLLWY8KV5UC08 | Long             | EC               | CORP              | AU        |     13833 | NS      | $2824048.33   | 2.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Macquarie Group Ltd            | Macquarie Group Ltd                                        | CUSIP: 000000000<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | EC               | CORP              | AU        |     31560 | NS      | $4370599.41   | 3.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Insurance Australia Group Ltd  | Insurance Australia Group Ltd                              | CUSIP: 000000000<br>LEI: 549300PFEWKNHRG25N08 | Long             | EC               | CORP              | AU        |    890201 | NS      | $4997069.53   | 3.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Wesfarmers Ltd                 | Wesfarmers Ltd                                             | CUSIP: 000000000<br>LEI: 5493003L32ZX9557ST85 | Long             | EC               | CORP              | AU        |    119210 | NS      | $6520727.02   | 4.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Commonwealth Bank of Australia | Commonwealth Bank of Australia                             | CUSIP: 000000000<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | EC               | CORP              | AU        |    157103 | NS      | $17835828.05  | 12.75%            |  |  |  | No            |                  2 | On Loan: No      |
| Northern Star Resources Ltd    | Northern Star Resources Ltd                                | CUSIP: 000000000<br>LEI: 254900XFXCRYYZAX6M78 | Long             | EC               | CORP              | AU        |    356672 | NS      | $3543652.93   | 2.53%             |  |  |  | No            |                  2 | On Loan: No      |
| James Hardie Industries PLC    | James Hardie Industries PLC                                | CUSIP: 000000000<br>LEI: 635400NSGXKTVOO7JU45 | Long             | EC               | CORP              | IE        |     68499 | NS      | $1797922.57   | 1.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Xero Ltd                       | Xero Ltd                                                   | CUSIP: 000000000<br>LEI: 254900UG5D8YST164N14 | Long             | EC               | CORP              | NZ        |     43143 | NS      | $4968371.86   | 3.55%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Global Advisors   | State Street Institutional US Government Money Market Fund | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |    191343 | NS      | $191343.36    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| ResMed Inc                     | ResMed Inc                                                 | CUSIP: 000000000<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |    235212 | NS      | $6366250.90   | 4.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Goodman Group                  | Goodman Group                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | AU        |    314006 | NS      | $7020692.77   | 5.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Origin Energy Ltd              | Origin Energy Ltd                                          | CUSIP: 000000000<br>LEI: ZSN2LWNPYW6ISMRUC664 | Long             | EC               | CORP              | AU        |    273885 | NS      | $2048060.24   | 1.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Woodside Energy Group Ltd      | Woodside Energy Group Ltd                                  | CUSIP: 000000000<br>LEI: 2549005ZC5RXAOO7FH41 | Long             | EC               | CORP              | AU        |    192997 | NS      | $3265967.97   | 2.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Telstra Group Ltd              | Telstra Group Ltd                                          | CUSIP: 000000000<br>LEI: 894500WRW54CVN62K416 | Long             | EC               | CORP              | AU        |   1884390 | NS      | $6005702.72   | 4.29%             |  |  |  | No            |                  2 | On Loan: No      |
| ALS Ltd                        | ALS Ltd                                                    | CUSIP: 000000000<br>LEI: 549300RYCQ8DMIO2J661 | Long             | EC               | CORP              | AU        |    410705 | NS      | $4774641.04   | 3.41%             |  |  |  | No            |                  2 | On Loan: No      |
| WiseTech Global Ltd            | WiseTech Global Ltd                                        | CUSIP: 000000000<br>LEI: 254900VE3AF301Q85K83 | Long             | EC               | CORP              | AU        |     16680 | NS      | $1263345.74   | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Westpac Banking Corp           | Westpac Banking Corp                                       | CUSIP: 000000000<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | EC               | CORP              | AU        |    208548 | NS      | $4502577.91   | 3.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Rio Tinto PLC                  | Rio Tinto PLC                                              | CUSIP: 000000000<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |     59268 | NS      | $3529965.56   | 2.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Mirvac Group                   | Mirvac Group                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | AU        |   2490928 | NS      | $3573956.95   | 2.55%             |  |  |  | No            |                  2 | On Loan: No      |
| CSL Ltd                        | CSL Ltd                                                    | CUSIP: 000000000<br>LEI: 529900ECSECK5ZDQTE14 | Long             | EC               | CORP              | AU        |     47153 | NS      | $8156724.21   | 5.83%             |  |  |  | No            |                  2 | On Loan: No      |
| National Australia Bank Ltd    | National Australia Bank Ltd                                | CUSIP: 000000000<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | EC               | CORP              | AU        |    313224 | NS      | $7773168.38   | 5.56%             |  |  |  | No            |                  2 | On Loan: No      |
| JB Hi-Fi Ltd                   | JB Hi-Fi Ltd                                               | CUSIP: 000000000<br>LEI: 529900TPC8H040Y3ZQ65 | Long             | EC               | CORP              | AU        |     40118 | NS      | $2857284.41   | 2.04%             |  |  |  | No            |                  2 | On Loan: No      |
| BHP Group Ltd                  | BHP Group Ltd                                              | CUSIP: 000000000<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |    451858 | NS      | $11411770.33  | 8.16%             |  |  |  | No            |                  2 | On Loan: No      |
| HUB24 Ltd                      | HUB24 Ltd                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     46491 | NS      | $3155584.36   | 2.26%             |  |  |  | No            |                  2 | On Loan: No      |
| ANZ Group Holdings Ltd         | ANZ Group Holdings Ltd                                     | CUSIP: 000000000<br>LEI: 9845005D9C6BAA10BK72 | Long             | EC               | CORP              | AU        |    266023 | NS      | $5220301.56   | 3.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Transurban Group               | Transurban Group                                           | CUSIP: 000000000<br>LEI: 549300ZR71SUQ4VUTM79 | Long             | EC               | CORP              | AU        |    403096 | NS      | $3567327.98   | 2.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Pro Medicus Ltd                | Pro Medicus Ltd                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     25485 | NS      | $5233461.29   | 3.74%             |  |  |  | No            |                  2 | On Loan: No      |
| SGH Ltd                        | SGH Ltd                                                    | CUSIP: 000000000<br>LEI: 254900DME8O9GCK94794 | Long             | EC               | CORP              | AU        |     65252 | NS      | $2134218.45   | 1.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Capstone Copper Corp           | Capstone Copper Corp                                       | CUSIP: 000000000<br>LEI: 549300III6KGKKC42W63 | Long             | EC               | CORP              | CA        |    124000 | NS      | $668304.12    | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-28

**Name of Applicant:** ABRDN AUSTRALIA EQUITY FUND, INC.

**Signature:** Sharon Ferrari

**Name of Signer:** Sharon Ferrari

**Title:** Assistant Treasurer