UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number:		811-08050
Exact name of registrant as specified in charter:		The Asia Tigers Fund, Inc.
Address of principal executive offices:		1735 Market Street, 32nd Floor
		Philadelphia, PA 19103
Name and address of agent for service:		Ms. Andrea Melia
		Aberdeen Asset Management Inc.
		1735 Market Street 32nd Floor
		Philadelphia, PA 19103
Registrant’s telephone number, including area code:		866-522-5465
Date of fiscal year end:		October 31
Date of reporting period:		January 31, 2016

---

Item 1. Schedule of Investments – The Schedule of Investments for the three-month period ended January 31, 2016 is filed herewith.

---

Portfolio of Investments (unaudited)

As of January 31, 2016

 

Shares				Description		Value (US$)
	LONG-TERM INVESTMENTS - 98.5%
	COMMON STOCKS - 94.8%
	CHINA - 7.6%
	CONSTRUCTION MATERIALS - 0.3%
	60,000			Anhui Conch Cement Co. Ltd., H Shares(a)		$	117,645
	HOTELS, RESTAURANTS & LEISURE - 1.2%
	5,900			Yum! Brands, Inc.			426,983
	OIL, GAS & CONSUMABLE FUELS - 2.0%
	1,118,000			PetroChina Co. Ltd., H Shares(a)			694,048
	WIRELESS TELECOMMUNICATION SERVICES - 4.1%
	127,200			China Mobile Ltd.(a)			1,402,078
	TOTAL CHINA						2,640,754
	HONG KONG - 25.6%
	BANKS - 4.7%
	186,111			HSBC Holdings PLC(a)			1,315,641
	8,971			HSBC Holdings PLC, ADR			317,573
							1,633,214
	DIVERSIFIED FINANCIAL SERVICES - 1.0%
	15,100			Hong Kong Exchanges and Clearing Ltd.(a)			335,804
	FOOD & STAPLES RETAILING - 1.5%
	81,900			Dairy Farm International Holdings Ltd.(a)			507,733
	INDUSTRIAL CONGLOMERATES - 5.2%
	65,500			Jardine Strategic Holdings Ltd.(a)			1,794,020
	INSURANCE - 4.3%
	269,000			AIA Group Ltd.(a)			1,497,240
	REAL ESTATE MANAGEMENT & DEVELOPMENT - 7.4%
	442,000			Hang Lung Properties Ltd.(a)			818,755
	992,500			Swire Pacific Ltd., Class B(a)			1,763,926
							2,582,681
	ROAD & RAIL - 0.6%
	44,696			MTR Corp. Ltd.(a)			202,939
	TEXTILES, APPAREL & LUXURY GOODS - 0.9%
	522,000			Li & Fung Ltd.(a)			300,278
	TOTAL HONG KONG						8,853,909
	INDIA - 16.9%
	AUTOMOBILES - 1.8%
	16,300			Hero MotoCorp Ltd.(a)			618,009
	BANKS - 1.9%
	198,530			ICICI Bank Ltd.(a)			672,798
	CONSTRUCTION MATERIALS - 3.5%
	28,500			UltraTech Cement Ltd.(a)			1,196,102
	INFORMATION TECHNOLOGY SERVICES - 3.2%
	65,124			Infosys Ltd.(a)			1,120,571
	THRIFTS & MORTGAGE FINANCE - 4.0%
	79,008			Housing Development Finance Corp. Ltd.(a)			1,379,539

 

See Notes to Portfolio of Investments.

The Asia Tigers Fund, Inc.

---

Portfolio of Investments (unaudited) (continued)

As of January 31, 2016

 

Shares				Description		Value (US$)
	LONG-TERM INVESTMENTS (continued)
	COMMON STOCKS (continued)
	TOBACCO - 2.5%
	184,500			ITC Ltd.(a)		$	867,477
	TOTAL INDIA						5,854,496
	INDONESIA - 2.2%
	AUTOMOBILES - 0.2%
	175,000			Astra International Tbk PT(a)			83,203
	BANKS - 0.6%
	233,000			Bank Central Asia Tbk PT(a)			223,410
	HOUSEHOLD PRODUCTS - 1.4%
	176,000			Unilever Indonesia Tbk PT(a)			472,118
	TOTAL INDONESIA						778,731
	MALAYSIA - 3.3%
	BANKS - 2.1%
	357,223			CIMB Group Holdings Bhd(a)			358,421
	85,200			Public Bank Bhd(a)			378,080
							736,501
	TOBACCO - 1.2%
	28,700			British American Tobacco Bhd			399,935
	TOTAL MALAYSIA						1,136,436
	PHILIPPINES - 3.8%
	BANKS - 2.2%
	410,428			Bank of the Philippine Islands(a)			756,710
	REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.6%
	840,000			Ayala Land, Inc.(a)			557,426
	TOTAL PHILIPPINES						1,314,136
	REPUBLIC OF SOUTH KOREA - 2.6%
	FOOD & STAPLES RETAILING - 0.9%
	2,180			E-Mart Inc.(a)			299,333
	TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 1.7%
	613			Samsung Electronics Co. Ltd.(a)			593,048
	TOTAL REPUBLIC OF SOUTH KOREA						892,381
	SINGAPORE - 19.8%
	AEROSPACE & DEFENSE - 2.8%
	485,000			Singapore Technologies Engineering Ltd.(a)			983,804
	BANKS - 8.8%
	46,289			DBS Group Holdings Ltd.(a)			460,175
	304,015			Oversea-Chinese Banking Corp. Ltd.(a)			1,701,294
	68,715			United Overseas Bank Ltd.(a)			873,558
							3,035,027
	DIVERSIFIED TELECOMMUNICATION SERVICES - 3.4%
	476,000			Singapore Telecommunications Ltd.(a)			1,180,313
	INDUSTRIAL CONGLOMERATES - 1.7%
	162,300			Keppel Corp. Ltd.(a)			578,809
	REAL ESTATE INVESTMENT TRUST (REIT) - 0.1%
	33,684			Keppel REIT(a)			21,209

 

See Notes to Portfolio of Investments.

The Asia Tigers Fund, Inc.

---

Portfolio of Investments (unaudited) (concluded)

As of January 31, 2016

 

Shares				Description		Value (US$)
	LONG-TERM INVESTMENTS (continued)
	COMMON STOCKS (continued)
	REAL ESTATE MANAGEMENT & DEVELOPMENT - 3.0%
	216,000			City Developments Ltd.(a)		$	1,059,561
	TOTAL SINGAPORE						6,858,723
	TAIWAN - 7.1%
	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.5%
	360,583			Taiwan Semiconductor Manufacturing Co. Ltd.(a)			1,552,644
	WIRELESS TELECOMMUNICATION SERVICES - 2.6%
	305,000			Taiwan Mobile Co. Ltd.(a)			917,681
	TOTAL TAIWAN						2,470,325
	THAILAND - 3.6%
	CONSTRUCTION MATERIALS - 3.6%
	102,200			Siam Cement PCL, Foreign Shares(a)			1,236,672
	TOTAL THAILAND						1,236,672
	UNITED KINGDOM - 2.3%
	BANKS - 2.3%
	116,058			Standard Chartered PLC(a)			782,926
	TOTAL UNITED KINGDOM						782,926
	Total Common Stocks						32,819,489
	PREFERRED STOCKS - 3.7%
	REPUBLIC OF SOUTH KOREA - 3.7%
	191			Amorepacific Corp., Preferred Shares(a)(b)			36,973
	1,495			Samsung Electronics Co. Ltd., Preferred Shares(a)			1,257,679
							1,294,652
	Total Preferred Stocks						1,294,652
	Total Long-Term Investments - 98.5% (cost $34,967,071)						34,114,141
Par Amount				Description		Value (US$)
	SHORT-TERM INVESTMENT - 1.9%
	$634,000			Repurchase Agreement, Fixed Income Clearing Corp., 0.03% dated 01/29/2016, due 02/01/2016 repurchase price $634,002 collateralized by U.S.Treasury Bond, maturing 02/15/2043; total market value of $651,336			634,000
	Total Short-Term Investment - 1.9% (cost $634,000)						634,000
	Total Investments - 100.4% (cost $35,601,071)(c)						34,748,141
	Liabilities in Excess of Other Assets - (0.4)%						(124,491	)
	Net Assets - 100.0%					$	34,623,650

 

(a)	Fair Valued Security. Fair Values are determined pursuant to procedures approved by the Fund’s Board of Directors. See Note (a) of the accompanying Notes to Portfolio of Investments.

 

(b)	Non-income producing security.

 

(c)	See accompanying Notes to Portfolio of Investments for tax unrealized appreciation/depreciation of securities.

 

ADR		-		American Depositary Receipt
REIT		-		Real Estate Investment Trust

 

See Notes to Portfolio of Investments.

The Asia Tigers Fund, Inc.

---

Notes to Portfolio of Investments (unaudited)

January 31, 2016

 

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 contract at the measurement date.

Equity securities that are traded on an exchange are valued at the last quoted sale 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. The Valuation Time is as of the close of regular trading on the New York Stock Exchange (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 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. Closed-end funds and exchange-traded funds (“ETFs”) are valued at the market price of the security at the Valuation Time. A security using any of these pricing methodologies is determined to be a Level 1 investment.

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 approved by the Board. 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 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; in such case, the security is determined to be a Level 1 investment.

In the event that a security’s market quotations are not readily available or are deemed unreliable, the security is valued at fair value as determined by the Fund’s Pricing Committee, 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 Pricing Committee may be classified as Level 2 or 3 depending on the nature of the inputs.

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, (“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 measurements to valuations based upon other significant observable inputs, including 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 identical assets, and Level 3 measurements to valuations based upon unobservable inputs that are significant to the valuation. 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.

The three-level hierarchy of inputs is summarized 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, and credit risk); or

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

 

The Asia Tigers Fund, Inc.

---

Notes to Portfolio of Investments (unaudited) (concluded)

January 31, 2016

 

The following is a summary of the inputs used as of January 31, 2016 in valuing the Fund’s investments and other financial instruments at fair value. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Please refer to the Portfolio of Investments for a detailed breakout of the security types:

 

		Level 1				Level 2				Level 3				Total
Investments, at Value
Long-Term Investments
Banks		$	317,573			$	7,523,013			$	—			$	7,840,586
Hotels, Restaurants & Leisure			426,983				—				—				426,983
Tobacco			399,935				867,477				—				1,267,412
Other			—				24,579,160				—				24,579,160
Short-Term Investment			—				634,000				—				634,000
Total		$	1,144,491			$	33,603,650			$	—			$	34,748,141
Amounts listed as “—” are $0 or round to $0.

The Fund held no Level 3 securities at January 31, 2016.

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. The utilization of valuation factors may result in transfers between Level 1 and Level 2. During the period ended January 31, 2016, the security issued by British American Tobacco Bhd in the amount of $399,935 transferred from Level 2 to Level 1 because there was not a valuation factor applied on January 31, 2016.

 

b.	Repurchase Agreements:

The Fund may enter into repurchase agreements under the terms of a Master Repurchase Agreement. It is the Fund’s policy that its custodian/counterparty segregate the underlying collateral securities, the value of which exceeds the principal amount of the repurchase transaction, including accrued interest. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates. To the extent that any repurchase transaction exceeds one business day, the collateral is valued on a daily basis to determine its adequacy. Under the Master Repurchase Agreement, if the counterparty defaults and the value of the collateral declines, or if bankruptcy proceedings are commenced with respect to the counterparty of the security, realization of the collateral by the Fund may be delayed or limited. Repurchase agreements are subject to contractual netting arrangements with the counterparty, Fixed Income Clearing Corp. For additional information on the Fund’s repurchase agreement, see the Portfolio of Investments. The Fund held a repurchase agreement of $634,000 as of January 31, 2016. The value of the related collateral exceeded the value of the repurchase agreement at January 31, 2016.

 

c.	Federal Income Taxes:

The U.S. federal income tax basis of the Fund’s investments and the net unrealized depreciation as of January 31, 2016 were as follows:

 

Cost		Appreciation		Depreciation		Net Unrealized Depreciation
$35,601,071		$5,392,107		$(6,245,037)		$(852,930)

 

The Asia Tigers Fund, Inc.

---

Item 2.

Controls and Procedures

 

(a)

The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 (17 CFR 270.30a3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).

 

(b)

There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d))) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 3.

Exhibits

 

(a)

Certification of Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is attached hereto as Exhibit 99.302CERT.

---

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 Asia Tigers Fund, Inc.
		BY:		/s/ Alan Goodson
				Alan Goodson
				Principal Executive Officer
		Date: March 30, 2016

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/ Alan Goodson
				Alan Goodson
				Principal Executive Officer
		Date: March 30, 2016

 

		BY:		/s/ Andrea Melia
				Andrea Melia
				Principal Financial Officer
		Date: March 30, 2016