UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549


SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1 )*

The Indonesia Fund, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

455778100

(CUSIP Number)

December 31, 2008

(Date of Event Which Requires Filing of this Statement)

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

|X| Rule 13d-1(b)
|_| Rule 13d-1(c)
|_| Rule 13d-1(d)

* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).


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CUSIP No. 455778100 13G Page 2 of 8 Pages
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================================================================================
1. NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS

 CITY OF LONDON INVESTMENT GROUP PLC, A COMPANY INCORPORATED UNDER THE
 LAWS OF ENGLAND AND WALES
--------- ----------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
 (b) |_|

--------- ----------------------------------------------------------------------
3. SEC USE ONLY


--------- ----------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION

 ENGLAND AND WALES
--------------------------------------------------------------------------------
 5. SOLE VOTING POWER 1,264,033


 --------- ---------------------------------------------------
 NUMBER OF 6. SHARED VOTING POWER 0
 SHARES
BENEFICIALLY
 OWNED BY --------- ---------------------------------------------------
 EACH 7. SOLE DISPOSITIVE POWER 1,264,033
 REPORTING
 PERSON WITH
 --------- ---------------------------------------------------
 8. SHARED DISPOSITIVE POWER 0


--------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 1,264,033
--------- ----------------------------------------------------------------------
10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES |_|


--------- ----------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 15.29%
--------- ----------------------------------------------------------------------
12. TYPE OF REPORTING PERSON

 HC
================================================================================


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CUSIP No. 455778100 13G Page 3 of 8 Pages
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================================================================================
1. NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS

 CITY OF LONDON INVESTMENT MANAGEMENT COMPANY LIMITED, A COMPANY
 INCORPORATED UNDER THE LAWS OF ENGLAND AND WALES
--------- ----------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
 (b) |_|

--------- ----------------------------------------------------------------------
3. SEC USE ONLY


--------- ----------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION

 ENGLAND AND WALES
--------------------------------------------------------------------------------
 5. SOLE VOTING POWER 1,264,033


 --------- ---------------------------------------------------
 NUMBER OF 6. SHARED VOTING POWER 0
 SHARES
BENEFICIALLY
 OWNED BY --------- ---------------------------------------------------
 EACH 7. SOLE DISPOSITIVE POWER 1,264,033
 REPORTING
 PERSON WITH
 --------- ---------------------------------------------------
 8. SHARED DISPOSITIVE POWER 0


--------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 1,264,033
--------- ----------------------------------------------------------------------
10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES |_|


--------- ----------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 15.29%
--------- ----------------------------------------------------------------------
12. TYPE OF REPORTING PERSON

 IA
================================================================================


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CUSIP No. 455778100 13G Page 4 of 8 Pages
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Item 1(a). Name of Issuer:

 The Indonesia Fund, Inc.

Item 1(b). Address of Issuer's Principal Executive Offices:

 The principal executive offices of the Fund are located at The
 Indonesia Fund Inc. c/o Creit Suisse Assett Managment, LLC,
 Eleven Madison Ave, New York, NY 10010 Attn J Kevin Gao, Esq -
 212-325-2000

Item 2(a). Name of Person Filing:

 This statement is being filed by City of London Investment
 Group PLC ("CLIG") and City of London Investment Management
 Company Limited ("CLIM," and together with CLIG, the
 "Reporting Persons").

 The principal business of CLIG is serving as the parent
 holding company for the City of London group of companies,
 including CLIM.

 CLIM is an emerging markets fund manager which specializes in
 investing in closed-end investment companies and is a
 registered investment adviser under Section 203 of the
 Investment Advisers Act of 1940. CLIM is controlled by CLIG.
 CLIM is principally engaged in the business of providing
 investment advisory services to various public and private
 investment funds, including The Emerging World Fund ("EWF"), a
 Dublin, Ireland-listed open-ended investment company, Emerging
 Markets Country Fund ("GEM"), a private investment fund
 organized as a Delaware business trust, Investable Emerging
 Markets Country Fund ("IEM"), a private investment fund
 organized as a Delaware business trust, The World Equity CEF
 Fund ("WOEF"), a private investment fund organized as a
 Delaware business trust, Emerging Free Markets Country Fund
 ("Free"), a private investment fund organized as a Delaware
 business trust, Frontier Emerging Markets Fund ("FRONT"), a
 private investment fund organized as a Delaware business
 trust, the Global Emerging Markets Equity Yield Fund
 ("YIELD"), a private investment fund organized as a Delaware
 business trust, Global Emerging Markets Country Fund Cayman
 ("CEM"), a Cayman listed mutual fund, GFM (Institutional)
 Emerging Markets Country Fund ("GFM"), an open-ended fund
 organized under the laws of the Province of Ontario, Tradex
 Global Equity Fund ("Tradex"), an Ontario mutual fund, and
 fifteen unaffiliated third-party segregated accounts over
 which CLIM exercises discretionary voting and investment
 authority (the "Segregated Accounts").

 EWF, GEM, IEM, WOEF, Free, FRONT, YIELD, CEM, GFM, and Tradex
 are collectively referred to herein as the "City of London
 Funds."


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CUSIP No. 455778100 13G Page 5 of 8 Pages
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Item 2(b). Address of Principal Business Office or, if None, Residence:

 Address for CLIG and CLIM:

 77 Gracechurch Street
 London EC3V 0AS
 England

Item 2(c). Citizenship:

 CLIG - England and Wales

 CLIM - England and Wales

Item 2(d). Title of Class of Securities:

 Common Stock, par value $.001 per share

Item 2(e). CUSIP Number:

 455778100

Item 3. If This Statement is Filed Pursuant to Rule 13d-1(b), or
 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) |X| An investment adviser in accordance with Rule
 13d-1(b)(1)(ii)(E) (for CLIM);

 (f) |_| An employee benefit plan or endowment fund in
 accordance with Rule 13d-1(b)(1)(ii)(F);

 (g) |X| A parent holding company or control person in
 accordance with Rule 13d-1(b)(1)(ii)(G) (for CLIG);


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CUSIP No. 455778100 13G Page 6 of 8 Pages
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 (h) |_| A savings association 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 (15 U.S.C.
 80a-3);

 (j) |_| Group, in accordance with Rule
 13d-1(b)(1)(ii)(J).


Item 4. Ownership.

 For CLIG and CLIM:

 (a) Amount beneficially owned:

 1,264,033

 (b) Percent of class:

 15.29%

 (c) Number of shares as to which such person has:

 (i) Sole power to vote or to direct the vote:
 1,264,033

 (ii) Shared power to vote or to direct the vote: 0

 (iii) Sole power to dispose or to direct the
 disposition of: 1,264,033

 (iv) Shared power to dispose or to direct the
 disposition of: 0

Item 5. Ownership of Five Percent or Less of a Class.

 Not applicable.

Item 6. Ownership of More than Five Percent on Behalf of Another
 Person.

 CLIG, as the parent holding company of CLIM, and CLIM, as
 investment advisers to the Funds, have the power to direct the
 dividends from, or the proceeds of the sale of the shares
 owned by the Funds. Each of the Funds owns less than 5% of the
 shares.

Item 7. Identification and Classification of the Subsidiary Which
 Acquired the Security Being Reported on by the Parent Holding
 Company.

 CLIG is the parent holding company of CLIM. See also Item 3.


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CUSIP No. 455778100 13G Page 7 of 8 Pages
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Item 8. Identification and Classification of Members of the Group.

 Not applicable.

Item 9. Notice of Dissolution of Group.

 Not applicable.

Item 10. Certification.

 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.

 The filing of this Schedule 13G shall not be construed as an
 admission that CLIG and/or CLIM is, for the purpose of Section
 13(d) or 13(g) of the Securities Exchange Act of 1934, the
 beneficial owner of any securities covered by this Schedule.


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CUSIP No. 455778100 13G Page 8 of 8 Pages
=================== =================


 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.

 The reporting persons agree that this statement is filed on behalf of
each of them.



Dated: January 9, 2009



 CITY OF LONDON INVESTMENT GROUP PLC


 By: /s/ Barry M. Olliff
 --------------------------
 Name: Barry M. Olliff
 Title: Director



 CITY OF LONDON INVESTMENT MANAGEMENT
 COMPANY LIMITED


 By: /s/ Barry M. Olliff
 --------------------------
 Name: Barry M. Olliff
 Title: Director

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