Portfolio of Investments (unaudited) 
As of July 31, 2024
abrdn Australia Equity Fund, Inc.

Shares Description Industry and Percentage
of Net Assets
Value
COMMON STOCKS—106.1%
AUSTRALIA—90.6%  
  222,237 ALS Ltd. Professional Services—1.7% $  2,249,978
  266,023 ANZ Group Holdings Ltd. Banks—3.8%   5,061,098
  157,552 Aristocrat Leisure Ltd. Hotels, Restaurants & Leisure—4.2%   5,611,073
  122,630 AUB Group Ltd. Insurance—1.9%   2,591,255
2,564,851 Beach Energy Ltd. Oil, Gas & Consumable Fuels—1.8%   2,492,218
  493,612 BHP Group Ltd. Metals & Mining—10.2%  13,710,046
   49,504 CAR Group Ltd. Interactive Media & Services—0.8%   1,132,182
    9,762 Cochlear Ltd. Health Care Equipment & Supplies—1.6%   2,205,779
  153,646 Commonwealth Bank of Australia Banks—10.3%  13,845,057
  314,006 Goodman Group, REIT Industrial REITs—5.4%   7,249,169
   46,491 HUB24 Ltd. Capital Markets—1.1%   1,514,165
  571,700 Insurance Australia Group Ltd. Insurance—2.1%   2,765,829
   68,499 James Hardie Industries PLC, CDI(a) Construction Materials—1.8%   2,460,732
   33,481 JB Hi-Fi Ltd. Specialty Retail—1.1%   1,528,698
   31,560 Macquarie Group Ltd. Capital Markets—3.2%   4,343,466
  846,220 Medibank Pvt Ltd. Insurance—1.6%   2,203,001
1,929,976 Mirvac Group, REIT Diversified REITs—2.0% 2,717,420
376,600 National Australia Bank Ltd. Banks—7.1% 9,511,659
454,000 Northern Star Resources Ltd. Metals & Mining—3.1% 4,213,632
285,000 Origin Energy Ltd. Electric Utilities—1.5% 1,955,519
447,858 Pilbara Minerals Ltd. Metals & Mining—0.6% 865,648
42,621 Pro Medicus Ltd. Health Care Technology—3.0% 4,021,256
77,980 Rio Tinto PLC Metals & Mining—3.8% 5,071,265
1,987,454 Telstra Group Ltd. Diversified Telecommunication Services—3.8% 5,136,105
403,096 Transurban Group Transportation Infrastructure—2.6% 3,439,939
105,013 Wesfarmers Ltd. Broadline Retail—3.8% 5,068,158
238,000 Westpac Banking Corp. Banks—3.5% 4,651,187
237,000 Woodside Energy Group Ltd. Oil, Gas & Consumable Fuels—3.2% 4,297,949
  Total Australia 121,913,483
NEW ZEALAND—2.9%  
43,143 Xero Ltd.(a) Software—2.9% 3,931,068
UNITED STATES—12.6%  
58,497 CSL Ltd. Biotechnology—8.9% 11,872,731
235,212 ResMed, Inc., CDI Health Care Equipment & Supplies—3.7% 5,001,693
  Total United States 16,874,424
  Total Common Stocks 142,718,975
SHORT-TERM INVESTMENT—0.3%
UNITED STATES—0.3%  
428,097 State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.26%(b) 428,097
  Total Short-Term Investment 428,097
  Total Investments—106.4% (cost $112,043,153) 143,147,072
  Liabilities in Excess of Other Assets—(6.4%) (8,632,300)
  Net Assets—100.0%   $134,514,772
    
(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, 2024.
    
CDI Chess Depository Interest
PLC Public Limited Company
REIT Real Estate Investment Trust
 
See accompanying Notes  to Portfolio of Investments.

Notes to Portfolio of Investments 
July 31, 2024 (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 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.
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)
July 31, 2024 (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

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