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.
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(Exact name of registrant as specified in charter)
345 Park Avenue
New York, NY 10154
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(Address of principal executive offices) (Zip code)
Simpson Thacher & Bartlett LLP
425 Lexington Avenue
New York, NY 10017
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(Name and address of agent for service)
Registrant's telephone number, including area code: 212-583-5344
Date of fiscal year end: October 31
Date of reporting period: January 31, 2006
Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (ss.ss. 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. ss. 3507.
ITEM 1. SCHEDULE OF INVESTMENTS.
The Schedule of Investments is attached herewith.
THE ASIA TIGERS FUND, INC.
SCHEDULE OF INVESTMENTS JANUARY 31, 2006
(UNAUDITED)
NUMBER PERCENT OF
OF SHARES SECURITY HOLDINGS COST VALUE
-----------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS (99.25% of holdings)
CHINA 5.59%
AIRPORT DEVELOPMENT & MAINTENANCE 0.87%
1,384,000 Beijing Capital International Airport Co., Ltd. $ 503,268 $ 780,565
----------------- ------------------
CHEMICALS 0.28%
510,000 Sinopec Shanghai Petrochemicals Company Limited 248,679 248,189
----------------- ------------------
MACHINERY - MATERIAL HANDLING 0.69%
550,800 Shanghai Zhenhua Port Machinery Co., Class B 360,563 622,955
----------------- ------------------
METAL PROCESSORS & FABRICATION 0.84%
1,230,280 Jiangxi Copper Co., Ltd. 674,945 749,378
----------------- ------------------
OIL COMPANIES - INTEGRATED 1.42%
20,549 China Petroleum and Chemical Corp. ADR 604,381 1,268,695
----------------- ------------------
REAL ESTATE - OPERATIONS & DEVELOPMENT 1.21%
1,375,903 China Vanke Co., Ltd. Class B 329,363 1,083,737
----------------- ------------------
TELECOMMUNICATIONS 0.28%
16,600 China Techfaith Wireless Communication Technology Limited 251,206 252,486
----------------- ------------------
TOTAL CHINA 2,972,405 5,006,005
----------------- ------------------
HONG KONG 22.90%
APPAREL & SHOES MANUFACTURING 0.55%
3,460,000 Symphony Holdings, Ltd. 559,162 495,101
----------------- ------------------
CELLULAR TELECOMMUNICATIONS 2.14%
394,600 China Mobile (Hong Kong) Ltd. 1,272,171 1,917,756
----------------- ------------------
COMMERCIAL BANKS - NON-US 1.71%
88,402 Dah Sing Financial Holdings, Ltd. 499,746 618,240
30,500 HSBC Holdings PLC 347,585 509,959
56,000 Wing Hang Bank, Ltd. 405,097 404,991
----------------- ------------------
1,252,428 1,533,190
----------------- ------------------
DISTRIBUTION & WHOLESALE 1.82%
187,000 Esprit Holdings, Ltd. 256,915 1,625,993
----------------- ------------------
1
THE ASIA TIGERS FUND, INC.
SCHEDULE OF INVESTMENTS JANUARY 31, 2006
(UNAUDITED)
NUMBER PERCENT OF
OF SHARES SECURITY HOLDINGS COST VALUE
-----------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS (continued)
HONG KONG (CONTINUED)
DIVERSIFIED OPERATIONS 2.01%
175,810 Hutchison Whampoa, Ltd. $ 782,938 $ 1,796,130
----------------- ------------------
ELECTRIC - GENERATION 0.79%
1,090,000 China Resources Power Holdings Co., Ltd. 602,433 702,573
----------------- ------------------
FINANCE - OTHER SERVICES 1.23%
226,000 Hong Kong Exchanges & Clearing, Ltd. 420,335 1,102,730
----------------- ------------------
HOTELS & MOTELS 0.40%
4,590,000 Regal Hotels International Holdings Ltd. 297,999 360,942
----------------- ------------------
MACHINERY - GENERAL INDUSTRY 0.52%
596,000 Fongs' Industries Co., Ltd 498,763 460,991
----------------- ------------------
OIL COMPANIES - EXPLORATION & PRODUCTION 1.20%
12,450 CNOOC Ltd. ADR 614,875 1,071,821
----------------- ------------------
REAL ESTATE - OPERATIONS & DEVELOPMENT 5.92%
128,700 Cheung Kong Holdings, Ltd. 918,480 1,381,204
2,615,000 Emperor Entertainment Hotel, Ltd. 591,617 1,028,174
1,385,000 Far East Consortium 400,040 508,850
272,000 Hopewell Holdings, Ltd. 299,503 683,752
223,326 Kerry Properties, Ltd. 390,305 725,496
93,300 Sun Hung Kai Properties, Ltd. 667,036 966,412
----------------- ------------------
3,266,981 5,293,888
----------------- ------------------
RETAIL - RESTAURANTS 0.43%
330,000 Cafe De Coral Holdings, Ltd. 297,250 387,124
----------------- ------------------
SEMICONDUCTOR COMPONENTS - INTEGRATED CIRCUITS 0.71%
1,368,000 Solomon Systech International, Ltd. 504,638 639,277
----------------- ------------------
SUGAR 0.29%
600,000 Xiwang Sugar Holdings Co., Ltd.+ 277,127 262,982
----------------- ------------------
TELECOMMUNICATIONS EQUIPMENT 1.07%
540,000 Foxconn International Holdings, Ltd.+ 312,381 957,175
----------------- ------------------
2
THE ASIA TIGERS FUND, INC.
SCHEDULE OF INVESTMENTS JANUARY 31, 2006
(UNAUDITED)
NUMBER PERCENT OF
OF SHARES SECURITY HOLDINGS COST VALUE
-----------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS (continued)
HONG KONG (CONTINUED)
TELECOMMUNICATIONS SERVICES 0.83%
1,960,000 China Telecom Corp., Ltd. $ 644,805 $ 739,055
----------------- ------------------
TEXTILE - PRODUCTS 0.60%
1,548,000 Victory City International Holdings, Ltd. 497,611 533,814
----------------- ------------------
UTILITIES - ELECTRIC & GAS 0.68%
278,500 Hong Kong and China Gas Co., Ltd. 596,807 610,336
----------------- ------------------
TOTAL HONG KONG 12,955,619 20,490,878
----------------- ------------------
INDIA 8.24%
APPLICATIONS SOFTWARE 2.21%
30,326 Infosys Technologies, Ltd. 591,189 1,979,145
----------------- ------------------
COMMERCIAL BANKS - NON-US 1.90%
25,600 Punjab National Bank, Ltd. 228,991 270,098
71,214 State Bank of India 288,089 1,431,220
----------------- ------------------
517,080 1,701,318
----------------- ------------------
DIVERSIFIED FINANCIAL SERVICES 0.01%
47,538 Reliance Capital Ventures Ltd.+ 4,866 6,249
----------------- ------------------
ELECTRIC - INTEGRATED 0.04%
47,538 Reliance Energy Ventures Ltd.+ 27,312 35,100
----------------- ------------------
FINANCE - OTHER SERVICES 0.05%
29,350 Infrastructure Development Finance Co., Ltd.+ 45,492 46,328
----------------- ------------------
OIL & GAS 0.00%
47,538 Global Fuel Management Svcs 2,604 3,361
----------------- ------------------
OIL COMPANIES - EXPLORATION & PRODUCTION 0.64%
20,500 Oil and Natural Gas Corp., Ltd. 470,392 575,068
----------------- ------------------
PETROCHEMICALS 0.86%
47,538 Reliance Industries, Ltd. 194,531 768,904
----------------- ------------------
POWER CONVERSION & SUPPLY EQUIPMENT 1.33%
29,120 Bharat Heavy Electricals, Ltd. 279,666 1,186,248
----------------- ------------------
3
THE ASIA TIGERS FUND, INC.
SCHEDULE OF INVESTMENTS JANUARY 31, 2006
(UNAUDITED)
NUMBER PERCENT OF
OF SHARES SECURITY HOLDINGS COST VALUE
-----------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS (continued)
INDIA (CONTINUED)
TELECOMMUNICATIONS 0.21%
47,538 Reliance Communication Venture $ 144,785 $ 186,058
----------------- ------------------
TELECOMMUNICATIONS SERVICES 0.60%
65,980 Bharti Tele-Ventures, Ltd.+ 160,829 531,728
----------------- ------------------
TEXTILE - PRODUCTS 0.39%
48,150 Mahavir Spinning Mills, Ltd. 179,973 349,790
----------------- ------------------
TOTAL INDIA 2,618,719 7,369,297
----------------- ------------------
INDONESIA 1.41%
COMMERCIAL BANKS - NON-US 0.55%
1,258,830 PT Bank Central Asia TBK 333,342 486,151
----------------- ------------------
TELECOMMUNICATIONS SERVICES 0.86%
1,149,500 PT Telekomunikasi Indonesia 552,962 771,518
----------------- ------------------
TOTAL INDONESIA 886,304 1,257,669
----------------- ------------------
MALAYSIA 3.52%
AGRICULTURAL OPERATIONS 0.62%
165,200 IOI Corp. BHD 270,086 554,998
----------------- ------------------
COMMERCIAL BANKS - NON-US 0.60%
365,400 Bumiputra - Commerce Holdings BHD 457,078 540,720
----------------- ------------------
ELECTRIC - GENERATION 0.42%
167,400 Malakoff Berhad 347,904 379,389
----------------- ------------------
LOTTERY SERVICES 0.55%
389,700 Berjaya Sports Toto BHD 348,676 488,359
----------------- ------------------
RESORTS & THEME PARKS 0.73%
196,500 Resorts World BHD 453,803 654,913
----------------- ------------------
TRANSPORTATION - MARINE 0.60%
203,700 Malaysia International Shipping Corp. BHD 231,815 534,981
----------------- ------------------
TOTAL MALAYSIA 2,109,362 3,153,360
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4
THE ASIA TIGERS FUND, INC.
SCHEDULE OF INVESTMENTS JANUARY 31, 2006
(UNAUDITED)
NUMBER PERCENT OF
OF SHARES SECURITY HOLDINGS COST VALUE
-----------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS (continued)
SINGAPORE 10.02%
COMMERCIAL BANKS - NON-US 1.23%
109,100 DBS Group Holdings, Ltd. $ 699,870 $ 1,102,563
----------------- ------------------
COMMERCIAL SERVICES 0.55%
341,000 Singapore Airport Terminal Services, Ltd. 463,043 495,908
----------------- ------------------
DIVERSIFIED OPERATIONS 0.81%
90,000 Keppel Corp., Ltd. 649,687 726,522
----------------- ------------------
ELECTRONIC COMPONENTS - MISCELLANEOUS 1.11%
590,000 Chartered Semiconductor Manufacturing, Ltd.+ 461,137 508,997
1,199,000 Huan Hsin Holdings, Ltd. 491,824 483,944
----------------- ------------------
952,961 992,941
----------------- ------------------
FOOD & HOUSEHOLD PRODUCTS 1.07%
808,000 Want Want Holdings, Ltd. 820,096 953,440
----------------- ------------------
FOOD - MEAT PRODUCTS 0.85%
1,058,500 People's Food Holdings, Ltd. 569,072 756,631
----------------- ------------------
REAL ESTATE - OPERATIONS & DEVELOPMENT 0.71%
272,500 Keppel Land, Ltd. 207,204 638,095
----------------- ------------------
TELECOMMUNICATIONS SERVICES 1.05%
597,720 Singapore Telecommunications, Ltd. 784,026 935,549
----------------- ------------------
TRANSPORTATION - MARINE 2.07%
1,006,000 Cosco Corp. (Singapore) Ltd. 603,229 700,505
970,200 Ezra Holdings, Ltd. 599,454 1,147,883
----------------- ------------------
1,202,683 1,848,388
----------------- ------------------
WATER TREATMENT SYSTEMS 0.57%
280,250 Hyflux, Ltd. 476,429 514,632
----------------- ------------------
TOTAL SINGAPORE 6,825,071 8,964,669
----------------- ------------------
SOUTH KOREA 27.79%
AIRLINES 0.00%
5 Korean Air Lines Co., Ltd. 48 155
----------------- ------------------
5
THE ASIA TIGERS FUND, INC.
SCHEDULE OF INVESTMENTS JANUARY 31, 2006
(UNAUDITED)
NUMBER PERCENT OF
OF SHARES SECURITY HOLDINGS COST VALUE
-----------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS (continued)
SOUTH KOREA (CONTINUED)
AUTO - CARS & LIGHT TRUCKS 1.38%
13,700 Hyundai Motor Co. $ 564,529 $ 1,238,418
----------------- ------------------
AUTOMOTIVE PARTS-EQUIPMENT 0.64%
6,570 Hyundai Mobis 554,032 568,699
----------------- ------------------
BUILDING & CONSTRUCTION - MISCELLANEOUS 1.19%
21,010 GS Engineering & Construction Corp. 454,396 1,062,860
----------------- ------------------
CELLULAR TELECOMMUNICATIONS 1.85%
8,331 SK Telecom Co., Ltd. 1,466,331 1,658,168
----------------- ------------------
CIRCUIT BOARDS 0.35%
35,000 Sanyang Electro Mechanics Co., Ltd.+ 297,910 310,942
----------------- ------------------
CIRCUITS 0.82%
17,450 Core Logic, Inc. 614,668 732,623
----------------- ------------------
COMMERCIAL BANKS - NON-US 2.09%
23,541 Kookmin Bank 527,907 1,869,321
----------------- ------------------
DIVERSIFIED FINANCIAL SERVICES 2.68%
13,920 Korea Investment Holdings Co., Ltd. 487,194 571,432
42,950 Shinhan Financial Group Co., Ltd. 640,088 1,827,707
----------------- ------------------
1,127,282 2,399,139
----------------- ------------------
ELECTRIC - INTEGRATED 0.61%
12,710 Korea Electric Power Corp. 338,311 546,794
----------------- ------------------
ELECTRIC PRODUCTS - MISCELLANEOUS 9.74%
11,366 Samsung Electronics Co., Ltd. 3,070,107 8,719,059
----------------- ------------------
NON-FERROUS METALS 0.81%
12,010 Korea Zinc Co., Ltd. 290,270 724,597
----------------- ------------------
PETROCHEMICALS 0.41%
16,330 LG Petrochemical Co., Ltd. 386,976 369,040
----------------- ------------------
PROPERTY & CASUALTY INSURANCE 0.73%
39,050 LG Insurance Co., Ltd. 138,268 653,768
----------------- ------------------
6
THE ASIA TIGERS FUND, INC.
SCHEDULE OF INVESTMENTS JANUARY 31, 2006
(UNAUDITED)
NUMBER PERCENT OF
OF SHARES SECURITY HOLDINGS COST VALUE
-----------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS (continued)
SOUTH KOREA (CONTINUED)
RETAIL - DISCOUNT 1.18%
1,990 Shinsegae Co., Ltd. $ 558,276 $ 1,052,091
----------------- ------------------
RETAILING 0.76%
6,100 GS Home Shopping, Inc. 650,915 684,207
----------------- ------------------
SHIPBUILDING 0.83%
46,090 Samsung Heavy Industries 602,185 740,574
----------------- ------------------
STEEL - PRODUCERS 1.72%
5,625 POSCO 710,822 1,285,764
4,350 POSCO ADR 123,672 249,647
----------------- ------------------
834,494 1,535,411
----------------- ------------------
TOTAL SOUTH KOREA 12,476,905 24,865,866
----------------- ------------------
TAIWAN 16.32%
BUILDING PRODUCTS - CEMENT & AGGREGATION 0.99%
1,183,350 Taiwan Cement Corp. 647,707 884,340
----------------- ------------------
COMMERCIAL BANKS - NON-US 0.74%
1,161,227 Taishin Financial Holdings Co., Ltd. 584,299 664,471
----------------- ------------------
COMPUTERS 2.71%
352,440 Acer, Inc. 695,164 804,481
290,669 Advantech Co., Ltd. 370,818 831,626
1 Compal Electronics, Inc. 1 1
37,000 High Tech Computer Corp. 450,372 785,560
----------------- ------------------
1,516,355 2,421,668
----------------- ------------------
DIVERSIFIED FINANCIAL SERVICES 1.37%
1,535,876 Chinatrust Financial Holding Co., Ltd. 1,003,275 1,229,431
----------------- ------------------
ELECTRONIC COMPONENTS & INSTRUMENTS 0.40%
109,000 Asustek Computer Incorporated 356,120 356,164
----------------- ------------------
ELECTRONIC COMPONENTS - MISCELLANEOUS 2.67%
355,562 HON HAI Precision Industry 1,030,503 2,390,351
----------------- ------------------
7
THE ASIA TIGERS FUND, INC.
SCHEDULE OF INVESTMENTS JANUARY 31, 2006
(UNAUDITED)
NUMBER PERCENT OF
OF SHARES SECURITY HOLDINGS COST VALUE
-----------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS (continued)
TAIWAN (CONTINUED)
OIL REFINING & MARKETING 0.73%
353,000 Formosa Petrochemical Corp. $ 654,925 $ 650,127
----------------- ------------------
RETAIL - AUTOMOBILE 0.53%
191,000 Hotai Motor Co., Ltd 429,959 470,617
----------------- ------------------
SEMICONDUCTOR COMPONENTS - INTEGRATED CIRCUITS 5.50%
863,583 Advanced Semiconductor Engineering, Inc. 620,026 757,434
66,584 Novatek Microelectronics Corp., Ltd. 285,070 407,028
318,000 Siliconware Precision Industries Co. 307,776 446,956
1,172,485 Taiwan Semiconductor Manufacturing Co., Ltd. 1,823,693 2,328,032
1,738,791 United Microelectronics Corp. 1,103,553 986,807
----------------- ------------------
4,140,118 4,926,257
----------------- ------------------
TELECOMMUNICATIONS 0.68%
110,000 Compal Communications, Inc. 352,584 608,799
----------------- ------------------
TOTAL TAIWAN 10,715,845 14,602,225
----------------- ------------------
THAILAND 3.46%
BUILDING PRODUCTS - CEMENT & AGGREGATION 0.80%
103,020 Siam Cement PCL 377,676 714,590
----------------- ------------------
CELLULAR TELECOMMUNICATIONS 0.45%
150,900 Advanced Info Service PCL 292,536 399,299
----------------- ------------------
COMMERCIAL BANKS - NON-US 0.18%
114,000 Siam Commercial Bank PCL 154,471 165,472
----------------- ------------------
OIL COMPANIES - EXPLORATION & PRODUCTION 1.38%
84,100 PTT Exploration & Production PCL 663,125 1,235,843
----------------- ------------------
REITS - SHOPPING CENTERS 0.65%
2,050,000 CPN Retail Growth Property Foreign+ 560,035 579,319
----------------- ------------------
TOTAL THAILAND 2,047,843 3,094,523
----------------- ------------------
TOTAL COMMON STOCKS 53,608,073 88,804,492
----------------- ------------------
8
THE ASIA TIGERS FUND, INC.
SCHEDULE OF INVESTMENTS JANUARY 31, 2006
(UNAUDITED)
NUMBER PERCENT OF
OF SHARES SECURITY HOLDINGS COST VALUE
-----------------------------------------------------------------------------------------------------------------------------
PREFERRED STOCK (0.75% of holdings)
THAILAND 0.75%
COMMERCIAL BANKS - NON-US 0.75%
444,205 Siam Commercial Bank PCL - 5.25% Preferred $ 151,803 $ 667,591
----------------- ------------------
TOTAL THAILAND 151,803 667,591
----------------- ------------------
TOTAL PREFERRED STOCK 151,803 667,591
----------------- ------------------
TOTAL INVESTMENTS++ 100.00% $ 53,759,876 $ 89,472,083
================= ==================
This Schedule of Investments reflects each company's country of domicile. The
companies may also be subject to the risks of other countries.
FOOTNOTES AND ABBREVIATIONS
ADR -- American Depository Receipts
+ Non-Income producing security.
++ As of October 31, 2005, the aggregate cost for federal income tax
purposes was $53,213,113. The aggregate gross unrealized
appreciation (depreciation) for all securities was as follows:
Excess of value over tax cost $ 23,691,871
Excess of tax cost over value (1,224,790)
------------
$ 22,467,081
============
9
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 8, 2006
-------------------------------------------------------------------------
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 8, 2006
-------------------------------------------------------------------------
By (Signature and Title)* /s/ Brian S. Chase
-----------------------------------------------------
Brian S. Chase, Treasurer
(principal financial officer)
Date March 8, 2006
-------------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.