Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q)
27 Marzo 2014 - 9:11AM
Edgar (US Regulatory)
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:
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811-06115
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Exact name of registrant as specified in charter:
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Aberdeen Singapore Fund, Inc.
(Formerly, The Singapore Fund, Inc.)
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Address of principal executive offices:
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1735 Market Street, 32nd Floor
Philadelphia, PA 19103
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Name and address of agent for service:
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Ms. Andrea Melia
Aberdeen Asset Management Inc.
1735 Market Street, 32nd Floor
Philadelphia, PA 19103
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Registrants telephone number, including area code:
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866-839-5205
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Date of fiscal year end:
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October 31
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Date of reporting period:
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January 31, 2014
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Item 1.
Schedule of Investments
- The schedule of investments for the three-month period ended January 31, 2014 is filed herewith.
Portfolio of Investments (unaudited)
As of January 31, 2014
Shares
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Description
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Value
(US$)
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LONG-TERM INVESTMENTS99.8%(a)
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COMMON STOCKS99.8%
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CONSUMER DISCRETIONARY3.0%
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2,035,000
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FJ Benjamin Holdings Ltd.
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$
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319,744
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65,000
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Jardine Cycle & Carriage Ltd.
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1,775,141
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310,000
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Singapore Press Holdings Ltd.
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969,950
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3,064,835
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FINANCIALS47.6%
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2,900,000
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Ascendas Hospitality Trust
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1,650,275
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710,000
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Bukit Sembawang Estates Ltd.
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3,132,689
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1,350,000
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CapitaMalls Asia Ltd.
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1,855,944
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723,000
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CDL Hospitality Trusts
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909,955
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774,000
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City Developments Ltd.
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5,285,902
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520,120
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DBS Group Holdings Ltd.
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6,717,072
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3,280,000
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Far East Hospitality Trust
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2,020,768
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851,000
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Hong Leong Finance Ltd.
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1,810,957
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1,187,500
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Keppel REIT
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1,043,060
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1,360,641
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Oversea-Chinese Banking Corp. Ltd.
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9,886,224
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559,000
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Singapore Exchange Ltd.
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2,993,578
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554,397
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United Overseas Bank Ltd.
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8,668,993
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2,251,000
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Wheelock Properties (Singapore) Ltd.
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2,779,531
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48,754,948
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HEALTH CARE4.0%
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2,195,000
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Eu Yan Sang International Ltd.(b)
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1,340,983
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1,183,604
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Raffles Medical Group Ltd.
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2,779,111
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4,120,094
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INDUSTRIALS36.8%
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1,450,000
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ComfortDelGro Corp. Ltd.
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2,191,368
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138,400
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Jardine Matheson Holdings Ltd.
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7,415,479
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67,000
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Jardine Strategic Holdings Ltd.
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2,174,587
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1,103,500
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Keppel Corp. Ltd.
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8,986,486
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700,000
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SATS Ltd.
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1,716,178
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1,415,000
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SembCorp Marine Ltd.
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4,494,867
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335,000
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Singapore Airlines Ltd.
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2,514,216
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1,025,000
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Singapore Post Ltd.
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1,073,217
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1,460,000
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Singapore Technologies Engineering Ltd.
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4,324,230
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809,990
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Straits Trading Co. Ltd.(b)
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2,214,110
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490,000
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United Engineers Ltd.
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665,890
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37,770,628
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INFORMATION TECHNOLOGY4.1%
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2,000,000
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Silverlake Axis Ltd.
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1,359,999
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497,000
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Venture Corp. Ltd.
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2,879,261
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4,239,260
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TELECOMMUNICATION SERVICES4.3%
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1,605,000
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Singapore Telecommunications Ltd.
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4,427,899
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Total Long-Term Investments99.8% (cost $87,729,325)
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102,377,664
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See Notes to Portfolio of Investments.
Aberdeen Singapore Fund, Inc.
Par
Amount
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Description
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Value
(US$)
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SHORT-TERM INVESTMENT0.3%(b)
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$
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254,000
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Repurchase Agreement, State Street Bank and Trust Co., 0.00% dated 01/31/2014, due 02/03/2014 repurchase price $254,000, collateralized by U.S. Treasury Bond, maturing 11/15/2043; total market value of $262,331
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$
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254,000
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Total Short-Term Investment0.3% (cost $254,000)
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254,000
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Total Investments100.1% (cost $87,983,325) (c)
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102,631,664
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Liabilities in Excess of Other Assets(0.1)%
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(61,607
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Net Assets100.0%
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$
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102,570,057
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(a)
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Unless otherwise noted, all securities are fair valued. Fair Values are determined pursuant to procedures approved by the Board of Directors. See Note (a) of the accompanying notes to portfolio of investments.
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(b)
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Security is not fair valued.
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(c)
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See notes to portfolio of investments for tax unrealized appreciation/depreciation of securities.
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See Notes to Portfolio of Investments.
Aberdeen Singapore Fund, Inc.
Notes to Portfolio of Investments (unaudited)
January 31, 2014
Summary of Significant Accounting Policies
(a)
Security Valuation:
The Funds value their securities at current market value or fair value consistent with regulatory requirements. Fair value is defined in the Funds valuation policies and 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 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 fair 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. 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. These valuation factors are used when pricing the Funds 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 securitys market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which they trade closed before the Valuation Time), the security is valued at fair value as determined by the Funds 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 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 entitys 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 instruments 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-tier hierarchy of inputs is summarized below:
Level 1quoted prices in active markets for identical investments;
Level 2other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk); or
Level 3significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments).
See Notes to Portfolio of Investments.
Aberdeen Singapore Fund, Inc.
Notes to Portfolio of Investments (unaudited) (continued)
January 31, 2014
The following is a summary of the inputs used as of January 31, 2014 in valuing the Funds investments at fair value. The inputs or methodologies 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:
Investments
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Level 1
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Level 2
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Level 3
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Total
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Long-Term Investments
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Health Care
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$
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1,340,983
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$
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2,779,111
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$
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$
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4,120,094
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Industrials
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2,214,110
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35,556,518
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37,770,628
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Other
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60,486,942
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60,486,942
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Short-Term Investment
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254,000
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254,000
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Total Investments
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$
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3,555,093
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$
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99,076,571
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$
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$
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102,631,664
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The Fund held no Level 3 securities at January 31, 2014.
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. As described above, certain foreign securities are valued utilizing valuation factors provided by an independent pricing service to reflect any significant market movements between the time foreign markets close and the time the Fund values such foreign securities. The utilization of valuation factors may result in transfers between Level 1 and Level 2. During the period ended January 31, 2014, the amount of $2,130,701 transferred from Level 1 to Level 2 because there was a fair valuation factor applied at January 31, 2014.
There were no transfers between Level 2 and Level 3. For the period ended January 31, 2014, there have been no significant changes to the fair valuation methodologies.
(b)
Repurchase Agreements:
The Fund may enter into repurchase agreements under the terms of a Master Repurchase Agreement. It is the Funds 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. The Fund held a repurchase agreement of $254,000 as of January 31, 2014. The value of the related collateral exceeded the value of the repurchase agreement at period end.
(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 exchange rates at the current daily rates of exchange; and
(ii)
purchases and sales of investment securities, income and expenses at the rate 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.
Notes to Portfolio of Investments (unaudited) (continued)
January 31, 2014
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 Funds 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. Generally, when the U.S. Dollar rises in value against foreign currency, the Funds investments denominated in that foreign currency will lose value because the foreign currency is worth fewer U.S. Dollars; the opposite effect occurs if the U.S. Dollar falls in relative value.
(d)
Security Transactions, Investment Income and Expenses:
Security 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 and expenses are recorded on an accrual basis.
(e)
Distributions:
The Fund has a managed distribution policy to pay distributions from net investment income supplemented by net realized foreign exchange gains, net realized short-term capital gains and return of capital distributions, if necessary, on a quarterly basis. The managed distribution policy is subject to regular review by the Board. The Fund will also declare and pay distributions at least annually from net investment income and net realized gains on investment transactions and net realized foreign exchange gains, if any to the extent those amounts are not otherwise distributed under the managed distribution policy. Dividends and distributions to stockholders are recorded on the ex-dividend date.
Dividends and distributions to stockholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to wash sales and investments in passive foreign investment companies.
(f)
Federal Income Taxes:
The U.S. federal income tax basis of the Funds investments and the net unrealized appreciation as of January 31, 2014 were as follows:
Cost
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Appreciation
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Depreciation
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Net
Unrealized
Appreciation
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$
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87,983,325
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$
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21,012,298
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$
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(6,363,959
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$
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14,648,339
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Item 2. Controls and Procedures
a)
The registrants principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the 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 the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a3(b)) and Rule 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d15(b)).
b)
There were no changes in the Registrants 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 Registrants last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrants 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.
Aberdeen Singapore Fund, Inc..
(Formerly, The Singapore Fund, Inc.)
By:
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/s/
Alan Goodson
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Alan Goodson
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Principal Executive Officer of
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Aberdeen Singapore Fund, Inc.
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Date: March 27, 2014
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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:
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/s/
Alan Goodson
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Alan Goodson,
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Principal Executive Officer of
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Aberdeen Singapore Fund, Inc.
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Date: March 27, 2014
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By:
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/s/ Andrea Melia
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Andrea Melia,
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Principal Financial Officer of
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Aberdeen Singapore Fund, Inc.
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Date: March 27, 2014
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Aberdeen Singapore Fund, Inc. (delisted) (NYSE:SGF)
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