UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

The Asia Tigers Fund, Inc.

(Exact name of registrant as specified in charter)

345 Park Avenue
New York, NY 10154

Simpson Thacher & Bartlett LLP
425 Lexington Avenue
New York, NY 10017

Registrant’s telephone number, including area code: 212-583-5000

Date of fiscal year end: October 31, 2009

Date of reporting period: January 31, 2009

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 

 

Item 1. Schedule of Investments.

The Schedule of Investments is attached herewith.

		The Asia Tigers Fund, Inc.
Schedule of Investments		January 31, 2009
		(Unaudited)

COMMON STOCK (96.08% of holdings)

NUMBER						PERCENT OF
OF SHARES				SECURITY		HOLDINGS				COST				VALUE
				China			14.69	%
				Building Products — Cement & Aggregation			0.94	%
	916,000			Asia Cement China Holdings Corp.+						$	411,785			$	412,248
				Coal			0.33	%
	426,000			Hidili Industry International Development, Ltd.							98,440				143,929
				Commercial Banks — Non-US			1.73	%
	1,766,000			Industrial & Commercial Bank of China, Ltd.							1,022,558				762,910
				Electrical Machinery			1.27	%
	6,638,000			Chongqing Machinery and Electric Co., Ltd.+							478,395				556,402
				Life / Health Insurance			2.20	%
	361,000			China Life Insurance Co., Ltd.							1,082,183				968,297
				Machinery — Material Handling			0.61	%
	369,500			Shanghai Zhenhua Port Machinery Co. Ltd., Class B							116,068				269,735
				Oil Companies — Integrated			1.48	%
	5,379			China Petroleum and Chemical Corp. ADR							327,325				290,789
	480,000			PetroChina Co., Ltd.							538,124				360,248
											865,449				651,037
				Real Estate — Operations & Development			1.42	%
	806,986			China Vanke Co., Ltd. Class B							476,973				623,348
				Schools			0.74	%
	6,829			New Oriental Education & Technology Group, Inc. ADR+							447,960				326,699
				Telecommunications Equipment			1.25	%
	189,300			ZTE Corp.							492,287				548,031
				Telecommunications Services			1.40	%
	1,010,000			China Communications Services Corp., Ltd.							571,618				616,056
				Transport — Marine			1.32	%
	30,600			NetEase.com, Inc. ADR+							613,754				581,706
				Total China							6,677,470				6,460,398

		The Asia Tigers Fund, Inc.
Schedule of Investments		January 31, 2009
		(Unaudited)

COMMON STOCK (continued)

NUMBER						PERCENT OF
OF SHARES				SECURITY		HOLDINGS				COST				VALUE
				Hong Kong			19.89	%
				Apparel Manufacturers			0.41	%
	178,000			Ports Design, Ltd.						$	320,374			$	181,795
				Cellular Telecommunications			5.18	%
	250,600			China Mobile, Ltd.							1,159,796				2,278,285
				Commercial Banks — Non-US			0.47	%
	42,000			Wing Hang Bank, Ltd.							300,355				205,270
				Diversified Operations			3.07	%
	227,000			Beijing Enterprises Holdings, Ltd.							762,571				901,601
	478,000			Guangdong Investment, Ltd.							183,826				184,305
	51,381			Hutchison Whampoa, Ltd.							199,162				265,033
											1,145,559				1,350,939
				Finance — Other Services			0.74	%
	37,100			Hong Kong Exchanges & Clearing, Ltd.							376,097				325,327
				Heavy Industry			0.30	%
	35,000			Cheung Kong Infrastructure Holdings, Ltd.							126,864				131,792
				Oil Companies — Exploration & Production			1.61	%
	2,481,800			CNPC Hong Kong, Ltd.							882,772				710,489
				Real Estate — Operations & Development			2.77	%
	88,700			Cheung Kong Holdings, Ltd.							640,520				833,852
	325,000			China Resources Land, Ltd.							408,804				383,480
											1,049,324				1,217,332
				Retail — Restaurants			1.45	%
	330,000			Cafe De Coral Holdings, Ltd.							297,250				638,327
				Telecommunications			0.50	%
	234,000			China Unicom, Ltd.							406,530				220,884
				Telecommunications Equipment			0.87	%
	99,000			VTech Holdings, Ltd.							455,265				381,081
				Transport — Marine			0.60	%
	1,071,000			Sinotrans Shipping, Ltd.							301,183				265,173

		The Asia Tigers Fund, Inc.
Schedule of Investments		January 31, 2009
		(Unaudited)

COMMON STOCK (continued)

NUMBER						PERCENT OF
OF SHARES				SECURITY		HOLDINGS				COST				VALUE
				Hong Kong (concluded)
				Transportation			1.92	%
	348,000			MTR Corp., Ltd.						$	972,699			$	843,674
				Total Hong Kong							7,794,068				8,750,368
				India			10.09	%
				Applications Software			1.32	%
	21,707			Infosys Technologies, Ltd.							190,892				579,756
				Banks			0.91	%
	21,050			HDFC Bank, Ltd.							549,918				398,176
				Commercial Banks — Non-US			1.97	%
	36,687			State Bank of India							696,352				864,786
				Diversified Financial Services			1.14	%
	178,500			Power Finance Corp.							426,624				502,123
				Electric — Integrated			0.72	%
	20,414			Tata Power Co., Ltd.							296,095				318,008
				Engineering / Research & Development Services			0.39	%
	165,500			Texmaco, Ltd.							472,306				169,461
				Finance — Other Services			0.44	%
	164,600			Infrastructure Development Finance Co., Ltd.							182,775				194,637
				Independent Power Producer			0.31	%
	58,670			Lanco Infratech, Ltd.+							149,295				136,953
				Oil Refining & Marketing			1.57	%
	25,532			Reliance Industries, Ltd.							230,980				692,206
				Power Conversion & Supply Equipment			0.79	%
	12,882			Bharat Heavy Electricals, Ltd.							82,332				347,996
				Tobacco			0.53	%
	63,780			ITC, Ltd.							209,986				234,478
				Total India							3,487,555				4,438,580

		The Asia Tigers Fund, Inc.
Schedule of Investments		January 31, 2009
		(Unaudited)

COMMON STOCK (continued)

NUMBER						PERCENT OF
OF SHARES				SECURITY		HOLDINGS				COST				VALUE
				Indonesia			2.93	%
				Coal			1.33	%
	895,000			PT Tambang Batubara Bukit Asam TBK						$	538,308			$	581,986
				Commercial Banks — Non-US			0.79	%
	870,000			PT Bank Rakyat Indonesia							352,465				347,847
				Telecommunications Services			0.81	%
	645,500			PT Telekomunikasi Indonesia TBK							534,708				357,351
				Total Indonesia							1,425,481				1,287,184
				Malaysia			2.53	%
				Casino Hotels			0.70	%
	496,600			Resorts World BHD							240,594				308,353
				Commercial Banks — Non-US			0.86	%
	213,400			Bumiputra — Commerce Holdings BHD							266,648				378,589
				Rubber & Vinyl			0.97	%
	342,000			Top Glove Corp. BHD							513,152				424,715
				Total Malaysia							1,020,394				1,111,657
				Singapore			9.75	%
				Agriculture Operations			0.93	%
	213,000			Wilmar International, Ltd.							436,833				408,856
				Commercial Banks — Non-US			1.77	%
	133,650			DBS Group Holdings, Ltd.							820,624				780,244
				Computers — Integrated Systems			0.70	%
	1,212,000			CSE Global, Ltd.							834,772				308,856
				Diversified Operations			0.57	%
	94,000			Keppel Corp., Ltd.							338,391				251,986
				Real Estate — Operations & Development			0.40	%
	189,500			Keppel Land, Ltd.							142,823				175,603
				REITS — Diversified			1.01	%
	699,000			CapitaCommercial Trust							472,742				441,849

		The Asia Tigers Fund, Inc.
Schedule of Investments		January 31, 2009
		(Unaudited)

COMMON STOCK (continued)

NUMBER						PERCENT OF
OF SHARES				SECURITY		HOLDINGS				COST				VALUE
				Singapore (concluded)
				Schools			0.96	%
	1,219,000			Raffles Education Corp., Ltd.						$	538,168			$	423,600
				Telecommunications Services			1.08	%
	270,840			Singapore Telecommunications, Ltd.							386,047				476,856
				Transportation — Marine			1.22	%
	1,233,000			Ezra Holdings, Ltd.							333,510				534,561
				Water Treatment Systems			1.11	%
	416,000			Hyflux, Ltd.							739,284				487,371
				Total Singapore							5,043,194				4,289,782
				South Korea			20.25	%
				Building & Construction — Miscellaneous			0.72	%
	7,315			GS Engineering & Construction Corp.							283,026				318,136
				Cellular Telecommunications			1.38	%
	4,031			SK Telecom Co., Ltd.							732,692				606,286
				Chemicals			1.06	%
	7,969			LG Chem, Ltd.							399,269				464,993
				Diversified Financial Services			2.37	%
	18,331			KB Financial Group, Inc.+							358,783				491,626
	26,730			Shinhan Financial Group Co., Ltd.+							325,011				552,192
											683,794				1,043,818
				Electric Products — Miscellaneous			0.45	%
	3,790			LG Electronics, Inc.							309,623				197,796
				Electronic Components — Semiconductors			4.10	%
	5,098			Samsung Electronics Co., Ltd.							1,350,671				1,803,294
				Engineering — Internal Combustion			1.51	%
	29,254			Hyunjin Materials Co., Ltd.+							450,333				663,709
				Metal Processors & Fabrication			1.49	%
	9,934			Taewoong Co., Ltd.							796,795				656,698

The Asia Tigers Fund, Inc.

Schedule of Investments		January 31, 2009 (Unaudited)

COMMON STOCK (continued)

NUMBER						PERCENT OF
OF SHARES				SECURITY		HOLDINGS				COST				VALUE
				South Korea (concluded)
				Non-Ferrous Metals			0.80	%
	5,390			Korea Zinc Co., Ltd.						$	192,406			$	351,624
				Property & Casualty Insurance			0.89	%
	47,360			LIG Insurance Co., Ltd.							667,763				393,065
				Retail — Discount			1.03	%
	1,394			Shinsegae Co., Ltd.							415,445				451,666
				Retail — Miscellaneous/Diversified			0.66	%
	8,872			GS Home Shopping, Inc.							251,441				289,388
				Shipbuilding			0.84	%
	18,780			Samsung Heavy Industries Co., Ltd.							245,369				368,903
				Steel — Producers			1.88	%
	3,170			POSCO							330,617				827,196
				Web Portals & Internet Service Providers			1.07	%
	4,661			NHN Corp.+							403,851				472,992
				Total South Korea							7,513,095				8,909,564
				Taiwan			11.80	%
				Building Products — Cement & Aggregation			0.88	%
	583,000			Taiwan Cement Corp.							332,534				387,943
				Computers			1.91	%
	204,000			Acer, Inc.							424,564				253,576
	202,884			Advantech Co., Ltd.							227,434				249,471
	35,600			HTC Corp.							491,264				335,994
											1,143,262				839,041
				Diversified Financial Services			0.91	%
	665,000			Fubon Financial Holding Co., Ltd.							398,351				399,941
				Electronic Components — Miscellaneous			1.27	%
	317,810			Hon Hai Precision Industry Co., Ltd.							553,235				558,267

The Asia Tigers Fund, Inc.

Schedule of Investments		January 31, 2009 (Unaudited)

COMMON STOCK (concluded)

NUMBER						PERCENT OF
OF SHARES				SECURITY		HOLDINGS				COST				VALUE
				Taiwan (concluded)
				Metal Processors & Fabrication			0.75	%
	150,375			Shin Zu Shing Co., Ltd.						$	652,574			$	329,964
				Power Conversion & Supply Equipment			0.72	%
	202,607			Delta Electronics, Inc.							441,896				317,898
				Semiconductor Components — Integrated Circuits			4.73	%
	456,000			Siliconware Precision Industries Co.							447,971				352,988
	1,443,083			Taiwan Semiconductor Manufacturing Co., Ltd.							2,226,088				1,727,188
											2,674,059				2,080,176
				Telecommunications Services			0.63	%
	182,000			Chunghwa Telecom Co., Ltd.							279,680				276,895
				Total Taiwan							6,475,591				5,190,125
				Thailand			3.70	%
				Building — Residential/Commercial			0.45	%
	2,143,200			Land & Houses PCL							201,924				197,315
				Cellular Telecommunications			1.36	%
	279,600			Advanced Info Service PCL							754,405				599,571
				Commercial Banks — Non-US			0.79	%
	232,805			Siam Commercial Bank PCL							79,340				346,129
				Oil Companies — Exploration & Production			1.10	%
	171,600			PTT Exploration & Production PCL							279,979				485,730
				Total Thailand							1,315,648				1,628,745
				United States			0.45	%
				Metals — Diversified			0.45	%
	7,950			Freeport-McMoran Copper & Gold, Inc.							200,432				199,863
				Total United States							200,432				199,863
				TOTAL COMMON STOCK							40,952,928				42,266,266

The Asia Tigers Fund, Inc.

Schedule of Investments		January 31, 2009 (Unaudited)

EXCHANGE TRADED FUNDS (2.65% of holdings)

NUMBER						PERCENT OF
OF SHARES				SECURITY		HOLDINGS				COST				VALUE
				Hong Kong			2.65	%
	965,500			iShares Asia Trust — iShares FTSE/Xinhua A50 China Tracker+						$	1,037,300			$	1,165,376
				Total Hong Kong							1,037,300				1,165,376
				TOTAL EXCHANGE TRADED FUNDS							1,037,300				1,165,376
WARRANTS (0.00% of holdings)*
				Hong Kong			0.00	%
	52,571			China State Construction International Holdings, Ltd.							0				68
				Total Hong Kong							0				68
				TOTAL WARRANTS							0				68

REPURCHASE AGREEMENTS (1.27% of holdings)

PRINCIPAL						PERCENT OF
AMOUNT				SECURITY		HOLDINGS				COST				VALUE
				United States			1.27	%
	556,845			State Street Bank, 0.01% dated 01/30/09, due 02/02/09, proceeds at maturity $556,845 (Collateralized by $560,000 U.S. Treasury Bill, 0.05%, due 02/05/09, Market Value $559,998)							556,845				556,845
				Total United States							556,845				556,845
				TOTAL REPURCHASE AGREEMENTS							556,845				556,845
				TOTAL INVESTMENTS			100.00	%		$	42,547,073			$	43,988,555

Footnotes and Abbreviations

Excess of value over tax cost		$	6,811,226
Excess of tax cost over value			(8,858,983	)
		$	(2,047,757	)

These temporary differences in book and tax cost are due to wash sale loss deferrals and cumulative mark to market of passive foreign investment companies.

Supplemental Information to the Schedule of Investments
Adoption of Statement of Financial Accounting Standards No. 157 “Fair Value Measurements”

In September 2006, Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“SFAS 157”), was issued and is effective for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. The Fund adopted SFAS 157 effective with the January 31, 2009 quarterly reporting on portfolio holdings. The three levels of the fair value hierarchy under SFAS 157 are described below:

	•		Level 1 – price quotations in active markets/exchanges for identical securities
	•		Level 2 –other significant observable inputs (including, but not limited to: quoted prices for similar securities, interest rates, credit risk, etc.)
	•		Level 3 – significant unobservable inputs (including the Fund’s own assumptions used 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. A summary of the inputs used to value the Fund’s net assets as of January 31, 2009, is as follows:

		Investments in
Valuation Inputs		Securities
Level 1 - Quoted Prices		$	42,599,851
Level 2 - Other Significant Observable Inputs			1,388,704
Level 3 - Significant Unobservable Inputs			0
Total		$	43,988,555

The Fund held no Level 3 securities on January 31, 2009.

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, as amended (the “1940 Act”) (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 their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).
	(b)		There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) 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.

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

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.

(Registrant) The Asia Tigers Fund, Inc.

By (Signature and Title)*		/s/ Prakash A. Melwani
		Prakash A. Melwani, President
		(principal executive officer)

Date		March 11, 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 (Signature and Title)*		/s/ Prakash A. Melwani
		Prakash A. Melwani, President
		(principal executive officer)

Date		March 11, 2009

By (Signature and Title)*		/s/ Joseph Malangoni
		Joseph Malangoni, Treasurer
		(principal financial officer)

Date		March 11, 2009