Karpus Management Discloses 7.42% Stake in ABRDN Australia (IAF)

Rhea-AI Filing Summary

ABRDN AUSTRALIA EQUITY FUND, INC. disclosure: Karpus Management, Inc. reports beneficial ownership of 711,187 shares of Common stock, representing 7.42% of the class as of 03/31/2026. The shares are owned directly by accounts managed by Karpus, which reports sole voting and dispositive power over the shares. Karpus states it is controlled by City of London Investment Group plc but that informational barriers have been established so voting and investment decisions are exercised independently by Karpus.

Insights

Institutional Ownership Analyst

Karpus holds a meaningful 7.42% position in IAF, reported as direct account ownership.

The filing shows 711,187 shares with sole voting and dispositive power held by Karpus as of 03/31/2026. This is a snapshot of ownership by an investment adviser and does not indicate transaction intent.

Dependencies include continued disclosure in future filings if ownership crosses reporting thresholds or the adviser changes its voting/attribution relationships; subsequent filings will show changes in position size.

Key Figures

Report period: 03/31/2026 Shares beneficially owned: 711,187 shares Percent of class: 7.42% +3 more

6 metrics

Report period 03/31/2026 ownership as of period end

Shares beneficially owned 711,187 shares Common stock beneficially owned by Karpus-managed accounts

Percent of class 7.42% Percent of common stock outstanding

Sole voting power 711,187 shares Sole power to vote or direct the vote

Sole dispositive power 711,187 shares Sole power to dispose or direct disposition

CUSIP 003011111 Identifier for the class of common stock

Key Terms

Schedule 13G, beneficially owned, sole dispositive power

3 terms

Schedule 13G regulatory

"This statement is being filed by Karpus Management, Inc."

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

beneficially owned financial

"Amount beneficially owned: 711,187.00"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

sole dispositive power regulatory

"Sole power to dispose or to direct the disposition of: 711,187.00"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/14/2026 - 04:12 PM Learn about SEC filing dates

FAQ

What stake does Karpus Management report in ABRDN Australia Equity Fund (IAF)?

Karpus Management reports beneficial ownership of 711,187 shares, representing 7.42% of the common stock as of 03/31/2026. The shares are held directly in accounts managed by Karpus with sole voting and dispositive power.

Does Karpus control the reported shares for voting and disposition?

Yes. The filing states Karpus has sole voting and sole dispositive power over 711,187 shares. The shares are owned directly by accounts managed by Karpus, per the Schedule 13G disclosure.

How does City of London Investment Group relate to Karpus's filing for IAF?

Karpus is controlled by City of London Investment Group plc, but the filing states that effective informational barriers exist so Karpus exercises voting and investment power independently, and attribution to CLIG is not required under the cited SEC release.

What date and form record this ownership for IAF?

The ownership amount is reported for the period ending 03/31/2026 on a Schedule 13G, and the filing is signed on 05/14/2026 by Karpus's Chief Compliance Officer, Jodi L. Hedberg.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

ABRDN AUSTRALIA EQUITY FUND, INC.

(Name of Issuer)

Common

(Title of Class of Securities)

003011111

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 003011111

1

Names of Reporting Persons

KARPUS MANAGEMENT, INC.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 711,187.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 711,187.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

711,187.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.42 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: ABRDN AUSTRALIA EQUITY FUND, INC.
(b)	Address of issuer's principal executive offices: 1900 Market Street, Suite 200, Philadelphia, PA 19103
Item 2.
(a)	Name of person filing: This statement is being filed by Karpus Management, Inc., d/b/a Karpus Investment Management ("Karpus" or the "Reporting Person"). Karpus is a registered investment adviser under Section 203 of the Investment Advisers Act of 1940. Karpus is controlled by City of London Investment Group plc ("CLIG"), which is listed on the London Stock Exchange. However, in accordance with SEC Release No. 34-39538 (January 12, 1998), effective informational barriers have been established between Karpus and CLIG such that voting and investment power over the subject securities is exercised by Karpus independently of CLIG, and, accordingly, attribution of beneficial ownership is not required between Karpus and CLIG. The Shares to which this Schedule 13G relates are owned directly by the accounts managed by Karpus.
(b)	Address or principal business office or, if none, residence: 183 Sully's Trail, Pittsford, New York 14534.
(c)	Citizenship: The members of the Karpus Management Committee are US citizens. Karpus is a New York corporation.
(d)	Title of class of securities: Common
(e)	CUSIP Number(s): 003011111
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 711,187.00
(b)	Percent of class: 7.42 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 711,187.00
	(ii) Shared power to vote or to direct the vote: 0.00
	(iii) Sole power to dispose or to direct the disposition of: 711,187.00
	(iv) Shared power to dispose or to direct the disposition of: 0.00
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

KARPUS MANAGEMENT, INC.

Signature:	/s/ Jodi L. Hedberg
Name/Title:	Jodi L. Hedberg / Chief Compliance Officer
Date:	05/14/2026