N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:	811-06024
Exact name of registrant as specified in charter:	The Indonesia Fund, Inc.
Address of principal executive offices:	c/o 1735 Market Street, 32nd Floor Philadelphia, PA 19103
Name and address of agent for service:	Ms. Andrea Melia Aberdeen Asset Management Inc. c/o 1735 Market Street, 32nd Floor Philadelphia, PA 19103
Registrant’s telephone number, including area code:	866-839-5205
Date of fiscal year end:	December 31
Date of reporting period:	09/30/09

Item 1: Schedule of Investments

The Indonesia Fund, Inc.

Schedule of Investments

September 30, 2009 (unaudited)

Description	No. of Shares	Value
EQUITY OR EQUITY-LINKED SECURITIES-96.68%
Indonesia-88.30%
Automobiles-10.45%
PT Astra International Tbk	2,632,461	$ 9,028,961
Beverages-0.95%
PT Multi Bintang Indonesia Tbk	63,000	821,314
Commercial Banks-10.71%
PT Bank OCBC NISP Tbk†	72,918,960	5,658,481
PT Bank Permata Tbk†	36,503,000	3,597,589
		9,256,070
Construction Materials-5.45%
PT Holcim Indonesia Tbk†	34,419,000	4,705,971
Containers & Packaging-0.49%
PT Dynaplast Tbk†	5,145,000	425,867
Distributors-4.47%
Jardine Cycle & Carriage Ltd.	225,000	3,859,093
Diversified Telecommunication Services-9.54%
PT Telekomunikasi Indonesia Tbk	9,207,560	8,241,958
Food Products-4.35%
MP Evans Group PLC	702,842	3,755,663
Gas Utilities-4.50%
PT Perusahaan Gas Negara	10,356,000	3,887,407
Household Products-10.80%
PT Unilever Indonesia Tbk	8,432,000	9,331,012
Machinery-4.88%
PT United Tractors Tbk	2,624,700	4,216,921
Metals & Mining-4.32%
PT International Nickel Indonesia Tbk†	8,750,000	3,731,004
Multiline Retail-4.49%
PT Ramayana Lestari Sentosa Tbk	57,887,500	3,877,789
Personal Products-2.77%
PT Mandom Indonesia Tbk	3,384,500	2,393,014
Pharmaceuticals-0.38%
PT Merck Tbk	42,000	330,264
Specialty Retail-4.57%
PT ACE Hardware Indonesia Tbk	31,000,000	3,945,348
Textiles, Apparel & Luxury Goods-0.04%
PT Sepatu Bata Tbk	9,500	31,945
Tobacco-0.92%
PT BAT Indonesia Tbk†	1,177,000	791,568
Wireless Telecommunication Services-4.22%
PT Indosat Tbk	6,500,000	3,642,455
Total Indonesia
(Cost $48,748,075)		76,273,624
Singapore-8.38%
Commercial Banks-8.38%
Oversea-Chinese Banking Corp. Ltd.	660,000	3,659,587
United Overseas Bank Ltd.	302,000	3,580,602
		7,240,189
Total Singapore
(Cost $6,470,075)		7,240,189
TOTAL EQUITY OR EQUITY-LINKED SECURITIES
(Cost $55,218,150)		83,513,813
	Principal Amount (000's)
SHORT-TERM INVESTMENT-3.04%
United Kingdom-3.04%
Citibank London, overnight deposit, 0.03%, 10/01/09
(Cost $2,631,000)	$2,631	2,631,000
TOTAL INVESTMENTS-99.72%
(Cost $57,849,150)		86,144,813
Cash and Other Assets in Excess of Liabilities-0.28%		240,138
NET ASSETS-100.00%		$ 86,384,951

† Non-income producing security.

Security Valuation - The net asset value of the Fund is determined daily as of the close of regular trading on the New York Stock Exchange, Inc. (the “Exchange”) on each day the Exchange is open for business. Equity investments are valued at market value, which is generally determined using the closing price on the exchange or market on which the security is primarily traded at the time of valuation (the “Valuation Time”). If no sales are reported, equity investments are generally valued at the most recent bid quotation as of the Valuation Time or at the lowest ask quotation in the case of a short sale of securities. Debt securities with a remaining maturity greater than 60 days are valued in accordance with the price supplied by a pricing service, which may use a matrix, formula or other objective method that takes into consideration market indices, yield curves and other specific adjustments. Debt obligations that will mature in 60 days or less are valued on the basis of amortized cost, which approximates market value, unless it is determined that using this method would not represent fair value. Investments in mutual funds are valued at the mutual fund’s closing net asset value per share on the day of valuation. Securities and other assets for which market quotations are not readily available, or whose values have been materially affected by events occurring before the Fund’s Valuation Time, but after the close of the securities’ primary market, are valued at fair value as determined in good faith by, or under the direction of, the Board of Directors under procedures established by the Board of Directors. The Fund may utilize a service provided by an independent third party which has been approved by the Board of Directors to fair value certain securities. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities. The Fund’s estimate of fair value assumes a willing buyer and a willing seller neither acting under a compulsion to buy or sell.

The Fund adopted ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), effective January 1, 2008. In accordance with ASC 820, fair value is defined as the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. ASC 820 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. 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 such 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 developed 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. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

Level 1 – quoted prices in active markets for identical investments

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of September 30, 2009 in valuing the Fund’s investments carried at value:

Investments, at value	Quoted Prices in Active Markets for Identical Investments (Level 1)	Other Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Balance as of 09/30/2009
Automobiles	$                        -	$          9,028,961	$                -	$     9,028,961
Beverages	821,314	-	-	821,314
Commercial Banks	5,658,481	10,837,778	-	16,496,259
Construction Materials	-	4,705,971	-	4,705,971
Containers & Packaging	425,867	-	-	425,867
Distributors	-	3,859,093	-	3,859,093
Diversified Telecommunication Services	-	8,241,958	-	8,241,958
Food Products	-	3,755,663	-	3,755,663
Gas Utilities	-	3,887,407	-	3,887,407
Household Products	-	9,331,012	-	9,331,012
Machinery	-	4,216,921	-	4,216,921
Metals & Mining	-	3,731,004	-	3,731,004
Multiline Retail	-	3,877,789	-	3,877,789
Personal Products	-	2,393,014	-	2,393,014
Pharmaceuticals	330,264	-	-	330,264
Specialty Retail	-	3,945,348	-	3,945,348

Textiles, Apparel & Luxury Goods	31,945	-	-	31,945
Tobacco	791,568	-	-	791,568
Wireless Telecommunication Services	-	3,642,455	-	3,642,455
Short-Term Investment	-	2,631,000	-	2,631,000
Total	$               8,059,439	$        78,085,374	$                 -	$    86,144,813

Short-Term Investment - The Fund sweeps available cash into a short-term time deposit available through Brown Brothers Harriman & Co., the Fund’s custodian. The short-term time deposit is a variable rate account classified as a short-term investment.

Federal Income Tax Cost - At September 30, 2009, the identified cost for federal income tax purposes, as well as the gross unrealized appreciation from investments for those securities having an excess of value over cost, gross unrealized depreciation from investments for those securities having an excess of cost over value and the net unrealized appreciation from investments were $57,849,150, $28,795,135, $(499,472) and $28,295,663, respectively.

Other information regarding the Fund is available in the Fund’s most recent Report to Shareholders. This information is also available on the website of the Securities and Exchange Commission at www.sec.gov.

Item 2: Controls and Procedures

(a) As of a date within 90 days from the filing date of this report, the principal executive officer and principal financial officer concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)), were effective based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities and Exchange Act of 1934.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3: Exhibits

1. The certifications of the registrant as required by Rule 30a-2(a) under the Act are exhibits to this report.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

The Indonesia Fund, Inc.

By:          /s/ Christian Pittard                                           

Christian Pittard,

President of

The Indonesia Fund, Inc.

Date: November 25, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:          /s/ Christian Pittard                                           

Christian Pittard,

President of

The Indonesia Fund, Inc.

Date: November 25, 2009

By:          /s/Andrea Melia                                                      

Andrea Melia,

Treasurer of

The Indonesia Fund, Inc.

Date: November 25, 2009

EX-99.CERT

Exhibit 99.CERT

I, Christian Pittard, certify that:

1. I have reviewed this report on Form N-Q of The Indonesia Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.           Based on my knowledge, the schedule of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.           The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.           The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:           November 25, 2009

/s/ Christian Pittard                                           

Christian Pittard

President

I, Andrea Melia, certify that:

1. I have reviewed this report on Form N-Q of The Indonesia Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.           Based on my knowledge, the schedule of investments included in this report, fairly present in all material respects the investments of the registrant as of the end of  the fiscal quarter for which the report is filed;

4.           The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.           The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:           November 25, 2009

/s/ Andrea Melia                                                      

Andrea Melia

Treasurer