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:	Aberdeen 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:	3/31/12

Item 1: Schedule of Investments

Aberdeen Indonesia Fund, Inc.

Portfolio of Investments (unaudited)

March 31, 2012

No. of Shares	Description	Value
EQUITY SECURITIES-98.6%
INDONESIA-92.6%
AUTOMOBILES-7.1%
1,024,461	PT Astra International Tbk(a)	$	8,289,149
BEVERAGES-6.3%
152,000	PT Multi Bintang Indonesia Tbk(b)	7,355,643
COMMERCIAL BANKS-14.7%
68,918,960	PT Bank OCBC NISP Tbk(a)(c)	9,096,137
51,608,614	PT Bank Permata Tbk(a)(c)	7,904,950
		17,001,087
CONSTRUCTION MATERIALS-8.4%
34,469,000	PT Holcim Indonesia Tbk(a)	9,709,345
DISTRIBUTORS-6.5%
195,000	Jardine Cycle & Carriage Limited(a)(d)	7,501,798
DIVERSIFIED TELECOMMUNICATION SERVICES-8.0%
5,955,000	PT Indosat Tbk(a)	3,296,905
4,489,560	PT Telekomunikasi Indonesia Tbk(a)	3,441,654
4,552,000	PT XL Axiata Tbk(a)	2,513,215
		9,251,774
FOOD PRODUCTS-4.3%
655,240	MP Evans Group PLC(e)	4,977,594
GAS UTILITIES-3.2%
8,790,500	PT Perusahaan Gas Negara(a)	3,662,775
HOUSEHOLD PRODUCTS-7.7%
4,103,000	PT Unilever Indonesia Tbk(a)	8,975,401
MARINE-0.5%
13,554,500	PT Wintermar Offshore Marine Tbk(a)(c)	637,307
METALS & MINING-3.9%
12,266,500	PT Vale Indonesia Tbk(a)	4,535,814
MULTILINE RETAIL-3.4%
45,718,000	PT Ramayana Lestari Sentosa Tbk(a)	3,926,077
OIL, GAS & CONSUMABLE FUELS-4.3%
1,059,500	PT Indo Tambangraya Megah(a)	5,045,944
PERSONAL PRODUCTS-3.4%
4,186,000	PT Mandom Indonesia Tbk	3,948,409
PHARMACEUTICALS-0.6%
42,000	PT Merck Tbk	670,604
SPECIALTY RETAIL-5.5%
13,165,500	PT Ace Hardware Indonesia Tbk(a)	6,414,926
TEXTILES, APPAREL & LUXURY GOODS-2.6%
419,500	PT Sepatu Bata Tbk(b)	2,982,010
TRADING COMPANIES & DISTRIBUTORS-2.2%
5,310,000	PT AKR Corporindo Tbk(a)	2,499,579
	Total Indonesia (cost $51,965,674)	107,385,236
SINGAPORE-6.0%
COMMERCIAL BANKS-6.0%
505,660	Overseas-Chinese Banking Corp. Limited (a)	3,589,380
234,013	United Overseas Bank Limited (a)s	3,417,523
	Total Singapore (cost $5,014,901)	$	7,006,903
	Total Equity Securities (cost $56,980,575)	114,392,139

Principal Amount (000’s)
SHORT-TERM INVESTMENT-1.3%
GRAND CAYMAN-1.3%
$	1,477	Brown Brothers Harriman & Co., overnight deposit, 0.03%, 04/02/12 (cost $1,477,000)		1,477,000
		Total Investments-99.9% (cost $58,457,575)	115,869,139
		Cash and Other Assets in Excess of Liabilities-0.1%	152,348
		Net Assets-100.0%	$	116,021,487

(a)	Security was fair valued as of March 31, 2012. Security is valued at fair value as determined in good faith by, or under the direction of, the Board of Directors (the “Board”) under procedures established by the Board.
(b)	Illiquid Security.
(c)	Non-income producing security.
(d)	Singapore listed security, but majority of the securities business is conducted in Indonesia.
(e)	UK listed security, but majority of the securities business is conducted in Indonesia.

Aberdeen Indonesia Fund, Inc.

Notes to Portfolio of Investments (unaudited)

March 31, 2012

(a) Security Valuation:

The Fund is required to value its securities at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Securities for which market quotations are readily available are valued at current market value as of the “Valuation Time.” The Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern Time). Equity securities are typically valued at the last quoted sale price. If there is no sale price available, the last quoted mean price provided by an independent pricing service approved by the Board is used. Securities traded on NASDAQ are valued at the NASDAQ official closing price. Prices are typically obtained from the primary market or exchange on which each security trades. Investment companies are valued at net asset value as reported by such company.  Securities using this pricing methodology are categorized as Level I investments for purposes of ASU 820. The Fund does not adjust the quoted price for Level 1 investments.

Securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. Dollars at the exchange rate of said currencies against the U.S. Dollar, as of the Valuation Time, as provided by an independent pricing service approved by the Board.

The Fund’s equity securities that are traded on a foreign exchange or market which closes prior to the Fund’s Valuation Time are fair valued by an independent pricing service. The fair value of each such security generally is calculated by applying a valuation factor provided by the independent pricing service to the last sales price for that security. The Fund receives a factor for each security from a third party pricing provider. If the pricing service is unable to provide a valuation factor for a security, the security will continue to be valued at the last sale price at the close of the exchange on which it is principally traded, subject to adjustment by the Fund’s Pricing Committee, if deemed necessary. When the fair value prices 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. These factors are based on inputs such as, Depositary receipts, S&P 500 Index/S&P 500 Futures, Nikkei 225 Futures, sector indices/ETFs, exchange rates, and historical opening and closing prices of each security.  Securities using this valuation factor are categorized as Level 2 investments.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board. In addition, fair value determinations are required for securities whose value is affected by a “significant” event that materially affects the value of a domestic or foreign security which occurs subsequent to the time of the close of the principal market on which such domestic or foreign security trades and before the Valuation Time (i.e., a “subsequent event”). Typically, this will involve events occurring after the close of a foreign market on which a security trades and before the next Valuation Time.

For the period ended March 31, 2012, there have been no changes to the valuation procedures approved by the Board.

The Fund utilizes a three-tier fair value hierarchy to establish a classification of fair value measurements for disclosure purposes. The Level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety. 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, 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.

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 securities, 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, information provided by the General Partner or investee companies such as publicly traded prices, financial statements, capital statements.)

Aberdeen Indonesia Fund, Inc.

Notes to Portfolio of Investments (unaudited) (continued)

March 31, 2012

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 March 31, 2012 in valuing the Fund’s investments carried at value. Refer to the Schedule of Investments for a detailed breakout of the security types:

Investments, at value	Level 1		Level 2		Level 3		Balance as of 03/31/2012
Automobiles	$	—	$	8,289,149	$	—	$	8,289,149
Beverages	7,355,643		—		—		7,355,643
Commercial Banks	—		24,007,990		—		24,007,990
Construction Materials	—		9,709,345		—		9,709,345
Distributors	—		7,501,798		—		7,501,798
Diversified Telecommunication Services	—		9,251,774		—		9,251,774
Food Products	—		4,977,594		—		4,977,594
Gas Utilities	—		3,662,775		—		3,662,775
Household Products	—		8,975,401		—		8,975,401
Marine	—		637,307		—		637,307
Metals & Mining	—		4,535,814		—		4,535,814
Multiline Retail	—		3,926,077		—		3,926,077
Oil, Gas & Consumable Fuels	—		5,045,944		—		5,045,944
Personal Products	3,948,409		—		—		3,948,409
Pharmaceuticals	670,604		—		—		670,604
Specialty Retail	—		6,414,926		—		6,414,926
Textiles, Apparel & Luxury Goods	2,982,010		—		—		2,982,010
Trading Companies & Distributors	—		2,499,579		—		2,499,579
Short-Term Investments	—		1,477,000		—		1,477,000
Total	$	14,956,666	$	100,912,473	$	—	$	115,869,139

For movements between the levels within the fair value hierarchy, the Fund has adopted a policy of recognizing transfers at the end of each period. During the period ended March 31, 2012, there were no transfers between levels and no significant changes to the fair valuation methodologies.

(b) Short-Term Investment:

The Fund sweeps available cash into a short-term time deposit available through Brown Brothers Harriman & Co., (“BBH & Co.”) the Fund’s custodian. The short-term time deposit is a variable rate account classified as a short-term investment.

(c) Foreign Currency Translation:

Foreign currency amounts are translated into U.S. Dollars on the following basis:

(I) market value of investment securities, other assets and liabilities at the valuation date rate of exchange; and

(II) purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions.

The Fund does not isolate that portion of gains and losses on investments in equity securities which is due to changes in the foreign exchange rates from that which is due to changes in market prices of equity securities. Accordingly, realized and unrealized foreign currency gains and losses with respect to such securities are included in the reported net realized and unrealized gains and losses on investment transactions balances.

The Fund reports certain foreign currency related transactions and foreign taxes withheld on security transactions as components of realized gains for financial reporting purposes, whereas such foreign currency related transactions are treated as ordinary income for U.S. federal income tax purposes.

Net unrealized currency gains or losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation/depreciation in value of investments, and translation of other assets and liabilities denominated in foreign currencies.

Net realized foreign exchange gains or losses represent foreign exchange gains and losses from transactions in foreign currencies and forward foreign currency contracts, exchange gains or losses realized between the trade date and settlement date on security transactions, and the difference between the amounts of interest and dividends recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. Dollar. When the U.S. Dollar rises in value against foreign currency, the Fund’s investments denominated in that currency will lose value because its currency is worth fewer U.S. Dollars; the opposite effect occurs if the U.S. Dollar falls in relative value.

(d) Security Transactions and Investment Income:

Securities transactions are recorded on the trade date. Realized and unrealized gains/(losses) from security and currency transactions are calculated on the identified cost basis. Dividend income is recorded on the ex-dividend date except for certain dividends on foreign securities, which are recorded as soon as the Fund is informed after the ex-dividend date. Interest income is recorded on an accrual basis. Expenses are recorded on an accrual basis.

Aberdeen Indonesia Fund, Inc.

Notes to Portfolio of Investments (unaudited) (concluded)

March 31, 2012

(e) Distributions:

On an annual basis, the Fund intends to distribute its net realized capital gains, if any, by way of a final distribution to be declared during the calendar quarter ending December 31. Dividends and distributions to shareholders are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for foreign currencies.

(f) Federal Income Tax Cost:

At March 31, 2012, 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 $58,457,575, $58,390,883, $(979,319) and $57,411,564, 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.

(g) Subsequent Events:

Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no adjustments were required to the Financial Statements as of March 31, 2012.

Item 2: Controls and Procedures

(a) It is the conclusion of the Registrant’s principal executive officer and principal financial officer that the effectiveness of the Registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the filing) provide reasonable assurance that the information required to be disclosed by the Registrant has been recorded, processed, summarized and reported within the time period specified by the Commission’s rules and forms and that the information required to be disclosed by the Registrant has been accumulated and communicated to the Registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter of the period covered by this report 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.

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.

Aberdeen Indonesia Fund, Inc.
By:	/s/ Christian Pittard
	Christian Pittard,
	President of Aberdeen Indonesia Fund, Inc.
	Date: May 30, 2012

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 Aberdeen Indonesia Fund, Inc.
	Date: May 30, 2012
By:	/s/ Andrea Melia
	Andrea Melia,
	Treasurer of Aberdeen Indonesia Fund, Inc.
	Date: May 30, 2012

EX-99.CERT

Exhibit 99.CERT

Section 302 Certification

I, Christian Pittard, certify that:

1.I have reviewed this report on Form N-Q of Aberdeen 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: May 30, 2012

/s/ Christian Pittard

Christian Pittard

President

Section 302 Certification

I, Andrea Melia, certify that:

1.I have reviewed this report on Form N-Q of Aberdeen 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: May 30, 2012

/s/ Andrea Melia

Andrea Melia

Treasurer