nvq
 
 
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
The Asia Tigers Fund, Inc.
 
(Exact name of registrant as specified in charter)
345 Park Avenue
New York, NY 10154
 
(Address of principal executive offices) (Zip code)
Simpson Thacher & Bartlett LLP
425 Lexington Avenue
New York, NY 10017
 
(Name and address of agent for service)
Registrant’s telephone number, including area code: 212-583-5000
Date of fiscal year end: October 31, 2009
Date of reporting period: July 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   July 31, 2009     
    (Unaudited)     
COMMON STOCK (98.08% of holdings)
                                 
NUMBER            PERCENT OF              
OF SHARES     SECURITY   HOLDINGS     COST     VALUE  
 
       
China
     14.84 %                
       
Coal
     0.48 %                
  233,000    
China Coal Energy Co.
           $ 250,467     $ 326,499  
       
 
                    
 
       
Commercial Banks — Non-US
     4.08 %                
  706,000    
China CITIC Bank
             351,032       491,919  
  1,762,000    
China Construction Bank Corp.
             1,230,303       1,420,959  
  1,223,000    
Industrial & Commercial Bank of China, Ltd.
             570,758       880,554  
       
 
                    
       
 
             2,152,093       2,793,432  
       
 
                    
       
Electric — Generation
     0.87 %                
  1,552,000    
Huadian Power International Corp., Ltd.+
             350,261       594,763  
       
 
                    
       
Life / Health Insurance
     2.06 %                
  319,000    
China Life Insurance Co., Ltd.
             898,475       1,413,881  
       
 
                    
       
Oil Companies — Integrated
     2.37 %                
  6,714    
China Petroleum and Chemical Corp. ADR
             401,985       599,963  
  864,000    
PetroChina Co., Ltd.
             938,505       1,026,760  
       
 
                    
       
 
             1,340,490       1,626,723  
       
 
                    
       
Real Estate — Operations & Development
     0.70 %                
  334,186    
China Vanke Co., Ltd. Class B
             88,426       478,638  
       
 
                    
       
Retail Food Chains
     0.35 %                
  130,000    
Lianhua Supermarket Holdings, Ltd.
             155,138       239,198  
       
 
                    
       
Schools
     0.68 %                
  6,329    
New Oriental Education & Technology Group, Inc. ADR+
             398,965       465,181  
       
 
                    
       
Telecommunications Equipment
     0.45 %                
  70,990    
ZTE Corp.
             97,851       309,606  
       
 
                    
       
Telecommunications Services
     0.69 %                
  308,000    
China Communications Services Corp., Ltd.
             123,086       195,927  
  538,000    
China Telecom Corp., Ltd.
             249,904       280,452  
       
 
                    
       
 
             372,990       476,379  
       
 
                    
       
Web Portals & Internet Service Providers
     2.11 %                
  24,675    
NetEase.com, Inc. ADR+
             472,661       1,087,180  

1

 

The Asia Tigers Fund, Inc.
     
     
Schedule of Investments   July 31, 2009     
    (Unaudited)     
COMMON STOCK (continued)
                                 
NUMBER            PERCENT OF              
OF SHARES     SECURITY   HOLDINGS     COST     VALUE  
 
       
China (concluded)
                        
       
Web Portals & Internet Service Providers (concluded)
                        
  5,815    
Sohu.com, Inc.+
           $ 267,942     $ 355,704  
       
 
                    
       
 
             740,603       1,442,884  
       
 
                    
       
Total China
             6,845,759       10,167,184  
       
 
                    
       
Hong Kong
     20.43 %                
       
Apparel Manufacturers
     1.29 %                
  58,700    
Esprit Holdings, Ltd.
             329,448       424,152  
  178,000    
Ports Design, Ltd.
             320,374       458,893  
       
 
                    
       
 
             649,822       883,045  
       
 
                    
       
Audio & Video Products
     0.73 %                
  1,330,000    
Skyworth Digital Holdings, Ltd.
             185,185       497,674  
       
 
                    
       
Cellular Telecommunications
     2.34 %                
  152,600    
China Mobile, Ltd.
             491,381       1,602,782  
       
 
                    
       
Commercial Banks — Non-US
     0.89 %                
  155,000    
Industrial & Commercial Bank of China (Asia), Ltd.
             303,119       293,198  
  33,000    
Wing Hang Bank, Ltd.
             235,993       316,585  
       
 
                    
       
 
             539,112       609,783  
       
 
                    
       
Diversified Operations
     5.31 %                
  158,000    
Beijing Enterprises Holdings, Ltd.
             516,637       794,072  
  842,000    
Guangdong Investment, Ltd.
             331,932       471,517  
  154,381    
Hutchison Whampoa, Ltd.
             729,648       1,156,356  
  126,000    
Shanghai Industrial Holdings, Ltd.
             448,242       682,835  
  113,000    
Wharf Holdings, Ltd.
             258,850       531,461  
       
 
                    
       
 
             2,285,309       3,636,241  
       
 
                    
       
Finance — Other Services
     0.73 %                
  26,700    
Hong Kong Exchanges & Clearing, Ltd.
             220,654       503,679  
       
 
                    
       
Heavy Industry
     0.19 %                
  35,000    
Cheung Kong Infrastructure Holdings, Ltd.
             126,863       127,580  
       
 
                    

2

 

The Asia Tigers Fund, Inc.
     
     
Schedule of Investments   July 31, 2009     
    (Unaudited)     
COMMON STOCK (continued)
                                 
NUMBER            PERCENT OF              
OF SHARES     SECURITY   HOLDINGS     COST     VALUE  
 
       
Hong Kong (concluded)
                        
       
Oil Companies — Exploration & Production
     1.83 %                
  1,241,800    
CNPC Hong Kong, Ltd.
           $ 389,935     $ 1,257,815  
       
 
                    
       
Paper & Related Products
     0.75 %                
  327,200    
Lee & Man Paper Manufacturing, Ltd.
             254,857       514,229  
       
 
                    
       
Real Estate — Operations & Development
     3.04 %                
  74,700    
Cheung Kong Holdings, Ltd.
             523,253       964,829  
  346,500    
Shimao Property Holdings, Ltd.
             349,631       696,572  
  114,000    
Sino Land Co., Ltd.
             201,069       232,706  
  1,406,000    
SRE Group, Ltd.+
             101,165       190,489  
       
 
                    
       
 
             1,175,118       2,084,596  
       
 
                    
       
Retail — Restaurants
     0.65 %                
  210,000    
Cafe De Coral Holdings, Ltd.
             159,601       443,300  
       
 
                    
       
Semiconductor Equipment — Integrated Circuits
     0.52 %                
  52,800    
ASM Pacific Technology, Ltd.
             194,404       358,356  
       
 
                    
       
Telecommunications Equipment
     0.84 %                
  81,000    
VTech Holdings, Ltd.
             353,547       577,448  
       
 
                    
       
Transport — Marine
     0.74 %                
  702,500    
Cosco International Holdings, Ltd.
             239,261       331,759  
  355,000    
Sinotrans Shipping, Ltd.
             99,194       173,147  
       
 
                    
       
 
             338,455       504,906  
       
 
                    
       
Transportation
     0.58 %                
  109,000    
MTR Corp., Ltd.
             237,509       395,210  
       
 
                    
       
Total Hong Kong
             7,601,752       13,996,644  
       
 
                    
       
India
     10.95 %                
       
Applications Software
     1.36 %                
  21,619    
Infosys Technologies, Ltd.
             376,131       930,541  
       
 
                    
       
Building — Heavy Construction
     0.76 %                
  52,908    
IVRCL Infrastructures and Projects, Ltd.
             231,047       369,363  

3

 

The Asia Tigers Fund, Inc.
     
     
Schedule of Investments   July 31, 2009     
    (Unaudited)     
COMMON STOCK (continued)
                                 
NUMBER            PERCENT OF              
OF SHARES     SECURITY   HOLDINGS     COST     VALUE  
 
       
India (continued)
                        
       
Building — Heavy Construction (concluded)
                        
  30,549    
Jaiprakash Associates, Ltd.
           $ 150,691     $ 153,446  
       
 
                    
       
 
             381,738       522,809  
       
 
                    
       
Commercial Banks — Non-US
     1.44 %                
  29,149    
Axis Bank, Ltd.
             349,317       557,874  
  11,301    
State Bank of India
             46,450       427,529  
       
 
                    
       
 
             395,767       985,403  
       
 
                    
       
Communications Software
     0.20 %                
  113,200    
Tanla Solutions, Ltd.
             124,558       135,391  
       
 
                    
       
Distribution & Wholesale
     0.25 %                
  9,837    
Adani Enterprises, Ltd.
             159,746       170,245  
       
 
                    
       
Diversified Financial Services
     0.61 %                
  38,000    
Edelweiss Capital, Ltd.
             407,615       342,872  
  15,225    
Power Finance Corp.
             36,214       73,902  
       
 
                    
       
 
             443,829       416,774  
       
 
                    
       
Electric — Integrated
     0.55 %                
  15,054    
Reliance Infrastructure, Ltd.
             136,606       378,344  
       
 
                    
       
Finance — Other Services
     0.40 %                
  5,140    
Housing Development Finance Corp., Ltd.
             251,398       271,305  
       
 
                    
       
Food & Beverages
     0.83 %                
  229,659    
Balrampur Chini Mills, Ltd.
             297,099       568,759  
       
 
                    
       
Independent Power Producer
     0.78 %                
  62,662    
Lanco Infratech, Ltd.+
             276,686       535,927  
       
 
                    
       
Information Technology
     0.15 %                
  48,789    
NIIT Technologies, Ltd.
             67,503       101,495  
       
 
                    
       
Oil Refining & Marketing
     1.27 %                
  21,354    
Reliance Industries, Ltd.+
             151,957       871,573  
       
 
                    
       
Power Conversion & Supply Equipment
     0.39 %                
  5,737    
Bharat Heavy Electricals, Ltd.
             36,666       266,576  
       
 
                    

4

 

The Asia Tigers Fund, Inc.
     
     
Schedule of Investments   July 31, 2009     
    (Unaudited)     
COMMON STOCK (continued)
                                 
NUMBER            PERCENT OF              
OF SHARES     SECURITY   HOLDINGS     COST     VALUE  
 
       
India (concluded)
                        
       
Steel
     0.33 %                
  48,141    
Welspun Gujarat Stahl Rohren, Ltd.
           $ 171,207     $ 227,703  
       
 
                    
       
Steel — Producers
     0.39 %                
  27,618    
Tata Steel, Ltd.
             106,062       266,504  
       
 
                    
       
Tire & Rubber
     0.56 %                
  456,228    
Apollo Tyres, Ltd.
             309,265       382,965  
       
 
                    
       
Transport — Marine
     0.43 %                
  242,304    
Mercator Lines, Ltd.+
             316,221       297,637  
       
 
                    
       
Vehicle
     0.25 %                
  9,692    
Mahindra & Mahindra, Ltd.
             147,803       173,183  
       
 
                    
       
Total India
             4,150,242       7,503,134  
       
 
                    
       
Indonesia
     3.49 %                
       
Coal
     1.35 %                
  675,500    
PT Tambang Batubara Bukit Asam TBK
             404,820       925,622  
       
 
                    
       
Commercial Banks — Non-US
     1.19 %                
  1,110,500    
PT Bank Rakyat Indonesia
             455,040       816,791  
       
 
                    
       
Telecommunications Services
     0.95 %                
  718,500    
PT Telekomunikasi Indonesia TBK
             584,756       647,917  
       
 
                    
       
Total Indonesia
             1,444,616       2,390,330  
       
 
                    
       
Malaysia
     3.23 %                
       
Casino Hotels
     0.64 %                
  529,100    
Genting Malaysia BHD
             254,409       441,605  
       
 
                    
       
Commercial Banks — Non-US
     0.96 %                
  213,400    
Bumiputra — Commerce Holdings BHD
             266,648       654,286  
       
 
                    
       
Metal Processors & Fabrication
     0.84 %                
  2,310,100    
KNM Group BHD
             241,357       573,836  
       
 
                    
       
Rubber & Vinyl
     0.79 %                
  275,600    
Top Glove Corp. BHD
             413,328       539,855  
       
 
                    

5

 

The Asia Tigers Fund, Inc.
     
     
Schedule of Investments   July 31, 2009     
    (Unaudited)     
COMMON STOCK (continued)
                                 
NUMBER            PERCENT OF              
OF SHARES     SECURITY   HOLDINGS     COST     VALUE  
 
       
Total Malaysia
           $ 1,175,742     $ 2,209,582  
       
 
                    
       
Singapore
     9.72 %                
       
Agriculture Operations
     1.21 %                
  200,000    
Wilmar International, Ltd.
             407,944       830,762  
       
 
                    
       
Commercial Banks — Non-US
     2.56 %                
  109,650    
DBS Group Holdings, Ltd.
             615,346       1,055,402  
  57,000    
United Overseas Bank, Ltd.
             351,945       698,838  
       
 
                    
       
 
             967,291       1,754,240  
       
 
                    
       
Computers — Integrated Systems
     0.55 %                
  800,000    
CSE Global, Ltd.
             504,203       374,467  
       
 
                    
       
Diversified Operations
     0.92 %                
  108,000    
Keppel Corp., Ltd.
             390,587       628,355  
       
 
                    
       
Real Estate — Operations & Development
     1.12 %                
  417,883    
Keppel Land, Ltd.
             376,443       770,825  
       
 
                    
       
REITS — Diversified
     0.94 %                
  1,082,000    
CapitaCommercial Trust
             524,251       641,524  
       
 
                    
       
Transportation — Marine
     1.31 %                
  840,000    
Ezra Holdings, Ltd.+
             220,796       897,056  
       
 
                    
       
Water Treatment Systems
     1.11 %                
  416,000    
Hyflux, Ltd.
             739,284       761,583  
       
 
                    
       
Total Singapore
             4,130,799       6,658,812  
       
 
                    
       
South Korea
     18.57 %                
       
Building & Construction — Miscellaneous
     0.91 %                
  8,763    
GS Engineering & Construction Corp.
             311,726       625,011  
       
 
                    
       
Cellular Telecommunications
     0.96 %                
  4,374    
SK Telecom Co., Ltd.
             782,626       660,623  
       
 
                    
       
Chemicals
     1.07 %                
  5,953    
LG Chem, Ltd.
             243,959       736,733  
       
 
                    

6

 

The Asia Tigers Fund, Inc.
     
     
Schedule of Investments   July 31, 2009     
    (Unaudited)     
COMMON STOCK (continued)
                                 
NUMBER            PERCENT OF              
OF SHARES     SECURITY   HOLDINGS     COST     VALUE  
 
       
South Korea (concluded)
                        
       
Diversified Financial Services
     2.56 %                
  18,211    
KB Financial Group, Inc.+
           $ 374,108     $ 787,334  
  28,582    
Shinhan Financial Group Co., Ltd.+
             378,186       968,106  
       
 
                    
       
 
             752,294       1,755,440  
       
 
                    
       
Electronic Components — Miscellaneous
     0.45 %                
  10,690    
LG Display Co., Ltd.
             196,750       308,550  
       
 
                    
       
Electronic Components — Semiconductors
     4.65 %                
  5,402    
Samsung Electronics Co., Ltd.
             1,487,496       3,184,374  
       
 
                    
       
Engineering — Internal Combustion
     0.54 %                
  15,589    
Hyunjin Materials Co., Ltd.+
             221,058       368,721  
       
 
                    
       
Metal Processors & Fabrication
     0.80 %                
  7,640    
Taewoong Co., Ltd.
             554,915       546,159  
       
 
                    
       
Non-Ferrous Metals
     0.65 %                
  3,922    
Korea Zinc Co., Ltd.
             151,738       448,657  
       
 
                    
       
Property & Casualty Insurance
     0.96 %                
  44,000    
LIG Insurance Co., Ltd.
             606,712       655,594  
       
 
                    
       
Retail — Discount
     1.04 %                
  1,648    
Shinsegae Co., Ltd.
             515,816       712,496  
       
 
                    
       
Retail — Miscellaneous/Diversified
     0.60 %                
  7,709    
CJ O Shopping Co., Ltd.
             469,151       411,122  
       
 
                    
       
Shipbuilding
     0.88 %                
  22,830    
Samsung Heavy Industries Co., Ltd.
             345,178       603,186  
       
 
                    
       
Steel — Producers
     2.02 %                
  3,380    
POSCO
             379,457       1,381,501  
       
 
                    
       
Web Portals & Internet Service Providers
     0.48 %                
  2,241    
NHN Corp.+
             181,188       325,695  
       
 
                    
       
Total South Korea
             7,200,064       12,723,862  
       
 
                    

7

 

The Asia Tigers Fund, Inc.
     
     
Schedule of Investments   July 31, 2009     
    (Unaudited)     
COMMON STOCK (continued)
                                 
NUMBER            PERCENT OF              
OF SHARES     SECURITY   HOLDINGS     COST     VALUE  
 
       
Sri Lanka
     0.25 %                
       
Diversified Operations
     0.25 %                
  146,100    
John Keells Holdings PLC
           $ 148,818     $ 172,687  
       
 
                    
       
Total Sri Lanka
             148,818       172,687  
       
 
                    
       
Taiwan
     13.33 %                
       
Building Products — Cement & Aggregation
     0.81 %                
  526,000    
Taiwan Cement Corp.
             297,813       557,135  
       
 
                    
       
Computers
     1.72 %                
  206,040    
Acer, Inc.
             424,564       434,588  
  171,736    
Advantech Co., Ltd.
             190,431       259,112  
  35,600    
HTC Corp.
             491,264       485,583  
       
 
                    
       
 
             1,106,259       1,179,283  
       
 
                    
       
Diversified Financial Services
     0.81 %                
  541,000    
Fubon Financial Holding Co., Ltd.+
             321,527       554,885  
       
 
                    
       
Electronic Components — Miscellaneous
     2.59 %                
  105,000    
Asustek Computer, Inc.
             149,320       166,423  
  527,000    
Chi Mei Optoelectronics Corp.+
             254,524       294,759  
  380,482    
Hon Hai Precision Industry Co., Ltd.
             602,676       1,310,486  
       
 
                    
       
 
             1,006,520       1,771,668  
       
 
                    
       
Electronic Components — Semiconductors
     0.92 %                
  44,088    
MediaTek, Inc.
             465,233       633,610  
       
 
                    
       
Food — Miscellaneous / Diversified
     0.37 %                
  241,000    
Uni-President Enterprises Corp.
             198,454       250,123  
       
 
                    
       
Metal Processors & Fabrication
     0.90 %                
  115,304    
Shin Zu Shing Co., Ltd.
             437,819       618,553  
       
 
                    
       
Power Conversion & Supply Equipment
     0.78 %                
  206,659    
Delta Electronics, Inc.
             441,896       535,419  
       
 
                    
       
Semiconductor Equipment — Integrated Circuits
     4.43 %                
  66,000    
Powertech Technology, Inc.
             106,213       177,030  
  379,000    
Siliconware Precision Industries Co.
             370,691       509,446  

8

 

The Asia Tigers Fund, Inc.
     
     
Schedule of Investments   July 31, 2009     
    (Unaudited)     
COMMON STOCK (concluded)
                                 
NUMBER            PERCENT OF              
OF SHARES     SECURITY   HOLDINGS     COST     VALUE  
 
       
Taiwan (concluded)
                        
       
Semiconductor Equipment — Integrated Circuits (concluded)
                        
  1,306,583    
Taiwan Semiconductor Manufacturing Co., Ltd.
           $ 1,967,319     $ 2,345,700  
       
 
                    
       
 
             2,444,223       3,032,176  
       
 
                    
       
Total Taiwan
             6,719,744       9,132,852  
       
 
                    
       
Thailand
     2.12 %                
       
Cellular Telecommunications
     0.79 %                
  213,700    
Advanced Info Service PCL
             576,597       543,199  
       
 
                    
       
Commercial Banks — Non-US
     0.67 %                
  201,005    
Siam Commercial Bank PCL
             68,503       456,292  
       
 
                    
       
Oil Companies — Exploration & Production
     0.66 %                
  109,200    
PTT Exploration & Production PCL
             164,850       449,251  
       
 
                    
       
Total Thailand
             809,950       1,448,742  
       
 
                    
       
United Kingdom
     0.62 %                
       
Diversified Financial Services
     0.62 %                
  8,390    
HSBC Holdings PLC-ADR
             318,887       425,373  
       
 
                    
       
Total United Kingdom
             318,887       425,373  
       
 
                    
       
United States
     0.53 %                
       
Metals — Diversified
     0.53 %                
  5,990    
Freeport-McMoran Copper & Gold, Inc.
             148,531       361,197  
       
 
                    
       
Total United States
             148,531       361,197  
       
 
                    
       
TOTAL COMMON STOCK
             40,694,904       67,190,399  
       
 
                    
EXCHANGE TRADED FUNDS (1.84% of holdings)                        
       
Hong Kong
     1.58 %                
  524,900    
iShares Asia Trust — iShares FTSE/Xinhua A50 China Tracker
             532,412       1,085,012  
       
 
                    
       
Total Hong Kong
             532,412       1,085,012  
       
 
                    

9

 

The Asia Tigers Fund, Inc.
     
     
Schedule of Investments   July 31, 2009     
    (Unaudited)     
EXCHANGE TRADED FUNDS (concluded)
                                 
NUMBER            PERCENT OF              
OF SHARES     SECURITY   HOLDINGS     COST     VALUE  
 
       
Taiwan
     0.26 %                
  15,475    
iShares MSCI Taiwan Index Fund
           $ 137,902     $ 175,332  
       
 
                    
       
Total Taiwan
             137,902       175,332  
       
 
                    
       
TOTAL EXCHANGE TRADED FUNDS
             670,314       1,260,344  
       
 
                    
RIGHTS (0.03% of holdings)                        
       
South Korea
     0.03 %                
       
Diversified Financial Services
     0.03 %                
  1,414    
KB Financial Group Co., Ltd. (Expiration date: 08/27/09)
             0       18,248  
       
 
                    
       
Total South Korea
             0       18,248  
       
 
                    
       
TOTAL RIGHTS
             0       18,248  
       
 
                    
                                 
PRINCIPAL            PERCENT OF              
AMOUNT     SECURITY   HOLDINGS     COST     VALUE  
 
REPURCHASE AGREEMENTS (0.05% of holdings)                        
       
United States
     0.05 %                
  32,228    
State Street Bank, 0.01% dated 07/31/09, due 08/03/09, proceeds at maturity $32,228 (Collateralized by $35,000 U.S. Treasury Bill, 0.17%, due 10/01/09, Market Value $34,991)
             32,228       32,228  
       
 
                    
       
Total United States
             32,228       32,228  
       
 
                    
       
TOTAL REPURCHASE AGREEMENTS
             32,228       32,228  
       
 
                    
       
TOTAL INVESTMENTS
     100.00 %   $ 41,397,446     $ 68,501,219  
       
 
                    
Footnotes and Abbreviations
 
+   Non-Income producing security.
 
ADR   American Depository Receipts.
         
As of April 30, 2009, the aggregate cost for federal income tax purposes was $41,658,387. The aggregate gross unrealized appreciation (depreciation) for all securities were as follows:
     Excess of value over tax cost
   $ 14,012,753  
     Excess of tax cost over value
     (1,587,892 )
 
      
 
   $ 12,424,861  
 
      
These temporary differences in book and tax cost were due to wash sale loss deferrals.

10

 

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 July 31, 2009, is as follows:
         
    Investments in  
Valuation Inputs   Securities*  
Level 1 — Quoted Prices
   $ 67,002,001  
Level 2 — Other Significant Observable Inputs
     1,499,218  
Level 3 — Significant Unobservable Inputs
     0  
 
      
Total
   $ 68,501,219  
 
      
The Fund held no Level 3 securities on July 31, 2009.
 
*   See Schedule of Investments for identification of securities by security type and country and industry classification.
Adoption of Statement of Financial Accounting Standards No. 161 “Disclosures about Derivative Instruments and Hedging Activities”
In March 2008, the Financial Accounting Standards Board (FASB) released Statement of Financial Accounting Standards No. 161 “Disclosures about Derivative Instruments and Hedging Activities” (“SFAS 161”). SFAS 161 requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments and disclosures about credit-risk-related contingent features in derivative agreements. The application of SFAS 161 is required for fiscal years and interim periods beginning after November 15, 2008. As of July 31, 2009, management has evaluated the impact of SFAS 161 on financial reporting disclosures and has determined that no additional disclosure is required.

 

 

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
   September 2, 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
   September 2, 2009     
 
    
 
        
By (Signature and Title)*
  /s/ Joseph M. Malangoni
 
Joseph M. Malangoni, Treasurer and Vice President 		   
 
  (principal financial officer)    
Date
   September 2, 2009     
 
    
 
*   Print the name and title of each signing officer under his or her signature.