# EDGAR Filing Document

**Accession Number:** 0000779336
**File Stem:** 0001752724-23-075816
**Filing Date:** 2023-3
**Character Count:** 30964
**Document Hash:** 17321c6a25fc97b9c40fde2b17c8504c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-075816.hdr.sgml**: 20230331

**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

## Nport-Ex

### Portfolio of Investments (unaudited) <br> As of January 31, 2023

#### 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—106.2%** | &nbsp;&nbsp;**COMMON STOCKS—106.2%** | &nbsp;&nbsp;**COMMON STOCKS—106.2%** | &nbsp;&nbsp;**COMMON STOCKS—106.2%** |
| &nbsp;&nbsp;**AUSTRALIA—97.6%** | &nbsp;&nbsp;**AUSTRALIA—97.6%** | &nbsp;&nbsp;**AUSTRALIA—97.6%** |  |
| &nbsp;&nbsp;&nbsp; 289813 | &nbsp;&nbsp;&nbsp;&nbsp;ANZ Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Banks—3.7% | &nbsp;&nbsp;&nbsp;&nbsp;$5157625 |
| &nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;Aristocrat Leisure Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure—1.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2293606 |
| &nbsp;&nbsp;&nbsp; 54800 | &nbsp;&nbsp;&nbsp;&nbsp;ASX Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Capital Markets—1.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2681645 |
| &nbsp;&nbsp;&nbsp;1765800 | &nbsp;&nbsp;&nbsp;&nbsp;Beach Energy Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels—1.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1897505 |
| &nbsp;&nbsp; 464600 | &nbsp;&nbsp;&nbsp;&nbsp;BHP Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Metals & Mining—11.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16271282 |
| &nbsp;&nbsp;&nbsp; 221300 | &nbsp;&nbsp;&nbsp;&nbsp;Charter Hall Group, REIT | &nbsp;&nbsp;&nbsp;&nbsp;Equity Real Estate Investment Trusts (REITs)—1.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2179048 |
| &nbsp;&nbsp;&nbsp; 25210 | &nbsp;&nbsp;&nbsp;&nbsp;Cochlear Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies—2.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3808642 |
| &nbsp;&nbsp;&nbsp; 163200 | &nbsp;&nbsp;&nbsp;&nbsp;Commonwealth Bank of Australia | &nbsp;&nbsp;&nbsp;&nbsp;Banks—9.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12739729 |
| &nbsp;&nbsp;&nbsp; 54300 | &nbsp;&nbsp;&nbsp;&nbsp;CSL Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Biotechnology—8.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11465468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 157100 | &nbsp;&nbsp;&nbsp;&nbsp;Elders Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Food Products—0.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1081580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 511100 | &nbsp;&nbsp;&nbsp;&nbsp;Endeavour Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Food & Staples Retailing—1.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2399900 |
| &nbsp;&nbsp;&nbsp; 292340 | &nbsp;&nbsp;&nbsp;&nbsp;Goodman Group | &nbsp;&nbsp;&nbsp;&nbsp;Equity Real Estate Investment Trusts (REITs)—3.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4169813 |
| &nbsp;&nbsp;&nbsp; 172300 | &nbsp;&nbsp;&nbsp;&nbsp;IDP Education Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Diversified Consumer Services—2.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3834268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 571700 | &nbsp;&nbsp;&nbsp;&nbsp;Insurance Australia Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Insurance—1.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1985384 |
| &nbsp;&nbsp;&nbsp; 62590 | &nbsp;&nbsp;&nbsp;&nbsp;James Hardie Industries PLC | &nbsp;&nbsp;&nbsp;&nbsp;Construction Materials—1.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1404427 |
| &nbsp;&nbsp;&nbsp; 43250 | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Capital Markets—4.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5769936 |
| &nbsp;&nbsp;&nbsp;&nbsp;972600 | &nbsp;&nbsp;&nbsp;&nbsp;Medibank Pvt Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Insurance—1.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026201 |
| &nbsp;&nbsp;&nbsp;&nbsp;234200 | &nbsp;&nbsp;&nbsp;&nbsp;Megaport Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;IT Services—0.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974094 |
| &nbsp;&nbsp;&nbsp;&nbsp;534700 | &nbsp;&nbsp;&nbsp;&nbsp;Metcash Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Food & Staples Retailing—1.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1584540 |
| &nbsp;&nbsp;&nbsp;&nbsp;1643100 | &nbsp;&nbsp;&nbsp;&nbsp;Mirvac Group | &nbsp;&nbsp;&nbsp;&nbsp;Equity Real Estate Investment Trusts (REITs)—1.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2654606 |
| &nbsp;&nbsp;&nbsp;&nbsp;376600 | &nbsp;&nbsp;&nbsp;&nbsp;National Australia Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Banks—6.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8497651 |
| &nbsp;&nbsp;&nbsp;&nbsp;482400 | &nbsp;&nbsp;&nbsp;&nbsp;Northern Star Resources Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Metals & Mining—3.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4298435 |
| &nbsp;&nbsp;&nbsp;&nbsp;108200 | &nbsp;&nbsp;&nbsp;&nbsp;OZ Minerals Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Metals & Mining—1.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2143101 |
| &nbsp;&nbsp;&nbsp;&nbsp;875500 | &nbsp;&nbsp;&nbsp;&nbsp;Pilbara Minerals Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Metals & Mining—2.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2978379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51700 | &nbsp;&nbsp;&nbsp;&nbsp;Pro Medicus Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Health Care Technology—1.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2469125 |
| &nbsp;&nbsp;&nbsp;&nbsp;666600 | &nbsp;&nbsp;&nbsp;&nbsp;Region RE Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Equity Real Estate Investment Trusts (REITs)—0.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1279135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77980 | &nbsp;&nbsp;&nbsp;&nbsp;Rio Tinto PLC | &nbsp;&nbsp;&nbsp;&nbsp;Metals & Mining—4.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6105930 |
| &nbsp;&nbsp;&nbsp;1833200 | &nbsp;&nbsp;&nbsp;&nbsp;Telstra Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Diversified Telecommunication Services—3.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5298283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84080 | &nbsp;&nbsp;&nbsp;&nbsp;Wesfarmers Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Multiline Retail—2.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2964383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281205 | &nbsp;&nbsp;&nbsp;&nbsp;Woodside Energy Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels—5.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7281486 |
| &nbsp;&nbsp;&nbsp;&nbsp;225440 | &nbsp;&nbsp;&nbsp;&nbsp;Woolworths Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Food & Staples Retailing—4.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5761670 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Total Australia** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Australia** | &nbsp;&nbsp;&nbsp;&nbsp;**135456877** |
| &nbsp;&nbsp;**NEW ZEALAND—7.0%** | &nbsp;&nbsp;**NEW ZEALAND—7.0%** | &nbsp;&nbsp;**NEW ZEALAND—7.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;554840 | &nbsp;&nbsp;&nbsp;&nbsp;Auckland International Airport Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Transportation Infrastructure—2.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3041122 |
| &nbsp;&nbsp;&nbsp;&nbsp;499400 | &nbsp;&nbsp;&nbsp;&nbsp;Mercury NZ Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Electric Utilities—1.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1935233 |
| &nbsp;&nbsp;&nbsp;&nbsp;620400 | &nbsp;&nbsp;&nbsp;&nbsp;Spark New Zealand Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Diversified Telecommunication Services—1.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2108629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48000 | &nbsp;&nbsp;&nbsp;&nbsp;Xero Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Software—1.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2645590 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Total New Zealand** | &nbsp;&nbsp;&nbsp;&nbsp;**Total New Zealand** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9730574** |
| &nbsp;&nbsp;**UNITED STATES—1.6%** | &nbsp;&nbsp;**UNITED STATES—1.6%** | &nbsp;&nbsp;**UNITED STATES—1.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97400 | &nbsp;&nbsp;&nbsp;&nbsp;ResMed, Inc., GDR | &nbsp;&nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies—1.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2226182 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**147413633** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.0%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.0%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.0%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.0%** |
| &nbsp;&nbsp;**UNITED STATES—0.0%** | &nbsp;&nbsp;**UNITED STATES—0.0%** | &nbsp;&nbsp;**UNITED STATES—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21628 | &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.18%<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.18%<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21628 |
|  | &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;**21628** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments—106.2% (cost $122,614,562)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments—106.2% (cost $122,614,562)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**147435261** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Liabilities in Excess of Other Assets—(6.2%) | &nbsp;&nbsp;&nbsp;&nbsp;Liabilities in Excess of Other Assets—(6.2%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8560640) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Net Assets—100.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp;$**138874621** |

---

(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 January 31, 2023.

See accompanying Notes to Portfolio of Investments.

------

### Portfolio of Investments (unaudited) (concluded)<br> As of January 31, 2023

#### abrdn Australia Equity Fund, Inc.

------

GDR Global Depositary Receipt <br> PLC Public Limited Company <br> REIT Real Estate Investment Trust

See accompanying Notes to Portfolio of Investments.

------

Notes to Portfolio of Investments <br> January 31, 2023 (unaudited)

------

1. Summary of Significant Accounting Policies

a. Security Valuation:

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

Equity securities that are traded on an exchange are valued at the last quoted sale price or the official closing 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. Closed-end funds and exchange-traded funds ("ETFs") are valued at the market price of the security at the Valuation Time. A security using any of these pricing methodologies is determined to be a Level 1 investment.

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

Short-term investments are comprised of cash and cash equivalents invested in short-term investment funds which are redeemable daily. The Fund sweeps available cash into the State Street Institutional U.S. Government Money Market Fund, which has elected to qualify as a "government money market fund" pursuant to Rule 2a-7 under the 1940 Act, and has an objective, which is not guaranteed, to maintain a $1.00 per share net asset value ("NAV"). Registered investment companies are valued at their net asset value as reported by such company. 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 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.

**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:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**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:** $149692589.71

**Total Liabilities:** $10817971.11

**Net Assets:** $138874618.60

**Cash Not Reported:** $2102967.94

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 19.06%               | -6.00%               | 13.21%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $342669.19               | $15606003.03                               |
| Month 2  | $46874.20                | $-6282788.16                               |
| Month 3  | $67374.97                | $15415196.44                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| IDP Education Ltd                  | IDP Education Ltd                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    172300 | NS      | $3834268.01   | 2.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Elders Ltd                         | Elders Ltd                                                 | CUSIP: 000000000<br>LEI: 254900Y0SQG962QL6549 | Long             | EC               | CORP              | AU        |    157100 | NS      | $1081580.07   | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Aristocrat Leisure Ltd             | Aristocrat Leisure Ltd                                     | CUSIP: 000000000<br>LEI: 529900TE2HO3OZKYKC27 | Long             | EC               | CORP              | AU        |     95000 | NS      | $2293606.28   | 1.65%             |  |  |  | No            |                  2 | On Loan: No      |
| ASX Ltd                            | ASX Ltd                                                    | CUSIP: 000000000<br>LEI: 549300VSBVYUCBIQKT71 | Long             | EC               | CORP              | AU        |     54800 | NS      | $2681644.71   | 1.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Cochlear Ltd                       | Cochlear Ltd                                               | CUSIP: 000000000<br>LEI: 5493001OLLWY8KV5UC08 | Long             | EC               | CORP              | AU        |     25210 | NS      | $3808641.71   | 2.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Macquarie Group Ltd                | Macquarie Group Ltd                                        | CUSIP: 000000000<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | EC               | CORP              | AU        |     43250 | NS      | $5769936.30   | 4.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Insurance Australia Group Ltd      | Insurance Australia Group Ltd                              | CUSIP: 000000000<br>LEI: 549300PFEWKNHRG25N08 | Long             | EC               | CORP              | AU        |    571700 | NS      | $1985383.66   | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Wesfarmers Ltd                     | Wesfarmers Ltd                                             | CUSIP: 000000000<br>LEI: 5493003L32ZX9557ST85 | Long             | EC               | CORP              | AU        |     84080 | NS      | $2964383.03   | 2.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Commonwealth Bank of Australia     | Commonwealth Bank of Australia                             | CUSIP: 000000000<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | EC               | CORP              | AU        |    163200 | NS      | $12739728.37  | 9.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Northern Star Resources Ltd        | Northern Star Resources Ltd                                | CUSIP: 000000000<br>LEI: 254900XFXCRYYZAX6M78 | Long             | EC               | CORP              | AU        |    482400 | NS      | $4298434.91   | 3.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Mercury NZ Ltd                     | Mercury NZ Ltd                                             | CUSIP: 000000000<br>LEI: 254900XLT925U953KK55 | Long             | EC               | CORP              | NZ        |    499400 | NS      | $1935232.63   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| James Hardie Industries PLC        | James Hardie Industries PLC                                | CUSIP: 000000000<br>LEI: 635400NSGXKTVOO7JU45 | Long             | EC               | CORP              | IE        |     62590 | NS      | $1404427.26   | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Xero Ltd                           | Xero Ltd                                                   | CUSIP: 000000000<br>LEI: 254900UG5D8YST164N14 | Long             | EC               | CORP              | NZ        |     48000 | NS      | $2645589.92   | 1.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Woolworths Group Ltd               | Woolworths Group Ltd                                       | CUSIP: 000000000<br>LEI: QNWEWQBS7HP85QHXQL92 | Long             | EC               | CORP              | AU        |    225440 | NS      | $5761669.90   | 4.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Metcash Ltd                        | Metcash Ltd                                                | CUSIP: 000000000<br>LEI: 25490065W4SN3LZMX216 | Long             | EC               | CORP              | AU        |    534700 | NS      | $1584540.32   | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| ResMed Inc                         | ResMed Inc                                                 | CUSIP: 000000000<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |     97400 | NS      | $2226182.13   | 1.60%             |  |  |  | No            |                  2 | On Loan: No      |
| OZ Minerals Ltd                    | OZ Minerals Ltd                                            | CUSIP: 000000000<br>LEI: 529900O2VBT5CL7EZT27 | Long             | EC               | CORP              | AU        |    108200 | NS      | $2143101.00   | 1.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Goodman Group                      | Goodman Group                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | AU        |    292340 | NS      | $4169813.28   | 3.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Medibank Pvt Ltd                   | Medibank Pvt Ltd                                           | CUSIP: 000000000<br>LEI: BDYVSUPTML83OLINBJ17 | Long             | EC               | CORP              | AU        |    972600 | NS      | $2026201.26   | 1.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Woodside Energy Group Ltd          | Woodside Energy Group Ltd                                  | CUSIP: 000000000<br>LEI: 2549005ZC5RXAOO7FH41 | Long             | EC               | CORP              | AU        |    281205 | NS      | $7281486.27   | 5.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Telstra Group Ltd                  | Telstra Group Ltd                                          | CUSIP: 000000000<br>LEI: 894500WRW54CVN62K416 | Long             | EC               | CORP              | AU        |   1833200 | NS      | $5298282.51   | 3.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Endeavour Group Ltd/Australia      | Endeavour Group Ltd/Australia                              | CUSIP: 000000000<br>LEI: 254900JAN9FOLMWAD533 | Long             | EC               | CORP              | AU        |    511100 | NS      | $2399900.31   | 1.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Charter Hall Group                 | Charter Hall Group                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | AU        |    221300 | NS      | $2179047.38   | 1.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Megaport Ltd                       | Megaport Ltd                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    234200 | NS      | $974094.27    | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Rio Tinto PLC                      | Rio Tinto PLC                                              | CUSIP: 000000000<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |     77980 | NS      | $6105929.59   | 4.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Mirvac Group                       | Mirvac Group                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | AU        |   1643100 | NS      | $2654606.02   | 1.91%             |  |  |  | No            |                  2 | On Loan: No      |
| CSL Ltd                            | CSL Ltd                                                    | CUSIP: 000000000<br>LEI: 529900ECSECK5ZDQTE14 | Long             | EC               | CORP              | AU        |     54300 | NS      | $11465467.51  | 8.26%             |  |  |  | No            |                  2 | On Loan: No      |
| National Australia Bank Ltd        | National Australia Bank Ltd                                | CUSIP: 000000000<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | EC               | CORP              | AU        |    376600 | NS      | $8497651.09   | 6.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Spark New Zealand Ltd              | Spark New Zealand Ltd                                      | CUSIP: 000000000<br>LEI: 529900HUN51H3Y7QBB66 | Long             | EC               | CORP              | NZ        |    620400 | NS      | $2108629.22   | 1.52%             |  |  |  | No            |                  2 | On Loan: No      |
| BHP Group Ltd                      | BHP Group Ltd                                              | CUSIP: 000000000<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |    464600 | NS      | $16271282.16  | 11.72%            |  |  |  | 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        |     21628 | NS      | $21628.20     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ANZ Group Holdings Ltd             | ANZ Group Holdings Ltd                                     | CUSIP: 000000000<br>LEI: 9845005D9C6BAA10BK72 | Long             | EC               | CORP              | AU        |    289813 | NS      | $5157625.13   | 3.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Pro Medicus Ltd                    | Pro Medicus Ltd                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     51700 | NS      | $2469125.24   | 1.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Pilbara Minerals Ltd               | Pilbara Minerals Ltd                                       | CUSIP: 000000000<br>LEI: 5299000VV1CZVF5K9C16 | Long             | EC               | CORP              | AU        |    875500 | NS      | $2978379.15   | 2.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Auckland International Airport Ltd | Auckland International Airport Ltd                         | CUSIP: 000000000<br>LEI: 549300HFZIZDJWB7AK60 | Long             | EC               | CORP              | NZ        |    554840 | NS      | $3041122.26   | 2.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Beach Energy Ltd                   | Beach Energy Ltd                                           | CUSIP: 000000000<br>LEI: 8Q9PJD25OKTQT5FHUF40 | Long             | EC               | CORP              | AU        |   1765800 | NS      | $1897504.74   | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Region RE Ltd                      | Region RE Ltd                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | AU        |    666600 | NS      | $1279134.96   | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-28

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

**Signature:** Sharon Ferrari

**Name of Signer:** Sharon Ferrari

**Title:** Assistant Treasurer