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: 212-583-5000
Date of fiscal year end: October 31, 2006
Date of reporting period: July 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 JULY 31, 2006
(UNAUDITED)
NUMBER PERCENT OF
OF SHARES SECURITY HOLDINGS COST VALUE
-----------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS (99.25% of holdings)
CHINA 7.41%
AIRPORT DEVELOPMENT & MAINTENANCE 0.98%
1,384,000 Beijing Capital International Airport Co., Ltd. $ 503,268 $ 861,967
----------------- ------------------
INSURANCE 0.69%
360,000 China Life Insurance Co., Limited 548,386 606,852
----------------- ------------------
MACHINERY - MATERIAL HANDLING 1.80%
1,363,300 Shanghai Zhenhua Port Machinery Co., Class B 621,791 1,580,065
----------------- ------------------
OIL COMPANIES - INTEGRATED 1.54%
12,199 China Petroleum and Chemical Corp. ADR 470,729 701,564
580,000 Petrochina Co., Ltd. 552,167 657,526
----------------- ------------------
1,022,896 1,359,090
----------------- ------------------
PETROCHEMICALS 0.28%
510,000 Sinopec Shanghai Petrochemicals Company Limited 248,679 247,412
----------------- ------------------
REAL ESTATE - OPERATIONS & DEVELOPMENT 1.78%
1,236,603 China Vanke Co., Ltd. Class B 294,888 1,123,425
629,700 Jiangsu Xincheng Real Estate Co., Ltd. 510,807 447,087
----------------- ------------------
805,695 1,570,512
----------------- ------------------
TELECOMMUNICATIONS 0.34%
29,200 China Techfaith Wireless Communication Technology
Ltd. ADR+ 447,609 296,672
----------------- ------------------
TOTAL CHINA 4,198,324 6,522,570
----------------- ------------------
HONG KONG 23.25%
APPAREL & SHOES MANUFACTURING 0.69%
4,600,000 Symphony Holdings, Ltd. 709,042 609,683
----------------- ------------------
CELLULAR TELECOMMUNICATIONS 2.62%
358,600 China Mobile (Hong Kong) Ltd. 1,145,967 2,309,529
----------------- ------------------
COMMERCIAL BANKS - NON-US 1.46%
88,402 Dah Sing Financial Holdings, Ltd. 499,745 738,271
30,500 HSBC Holdings PLC 347,585 549,854
----------------- ------------------
847,330 1,288,125
----------------- ------------------
1
THE ASIA TIGERS FUND, INC.
SCHEDULE OF INVESTMENTS JULY 31, 2006
(UNAUDITED)
NUMBER PERCENT OF
OF SHARES SECURITY HOLDINGS COST VALUE
----------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS (continued)
HONG KONG (CONTINUED)
DISTRIBUTION & WHOLESALE 1.62%
187,000 Esprit Holdings, Ltd. $ 256,915 $ 1,422,126
----------------- ------------------
DIVERSIFIED OPERATIONS 1.38%
133,381 Hutchison Whampoa, Ltd. 593,570 1,216,884
----------------- ------------------
ELECTRIC - GENERATION 1.01%
1,090,000 China Resources Power Holdings Co., Ltd. 602,433 892,057
----------------- ------------------
ELECTRONIC COMPONENTS - MISCELLANEOUS 0.41%
372,000 AAC Acoustic Technology Holdings Inc.+ 359,869 359,016
----------------- ------------------
FINANCE - OTHER SERVICES 0.98%
132,000 Hong Kong Exchanges & Clearing, Ltd. 273,917 857,777
----------------- ------------------
HOTELS & MOTELS 0.40%
4,590,000 Regal Hotels International Holdings Ltd. 297,999 348,477
----------------- ------------------
MACHINERY - GENERAL INDUSTRY 1.00%
596,000 Fongs' Industries Co., Ltd. 498,763 373,495
1,422,000 Shanghai Prime Machinery Company Limited+ 506,685 506,860
----------------- ------------------
1,005,448 880,355
----------------- ------------------
MINING 0.56%
504,000 Lingbao Gold Company Ltd. 535,008 496,785
----------------- ------------------
NON-FERROUS METALS 0.62%
1,412,000 Hunan Non-Ferrous Metal Corp., Ltd.+ 370,405 543,269
----------------- ------------------
OIL COMPANIES - EXPLORATION & PRODUCTION 1.22%
12,450 CNOOC, Ltd. ADR 614,875 1,068,957
----------------- ------------------
REAL ESTATE - OPERATIONS & DEVELOPMENT 4.11%
103,700 Cheung Kong Holdings, Ltd. 745,670 1,123,570
2,615,000 Emperor Entertainment Hotel, Ltd. 591,618 605,694
1,400,109 Far East Consortium 405,398 590,942
272,000 Hopewell Holdings, Ltd. 299,503 775,268
2,488,261 Shanghai Real Estate Ltd. 549,366 521,906
----------------- ------------------
2,591,555 3,617,380
----------------- ------------------
2
THE ASIA TIGERS FUND, INC.
SCHEDULE OF INVESTMENTS JULY 31, 2006
(UNAUDITED)
NUMBER PERCENT OF
OF SHARES SECURITY HOLDINGS COST VALUE
----------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS (continued)
HONG KONG (CONTINUED)
RETAIL - RESTAURANTS 0.56%
330,000 Cafe De Coral Holdings, Ltd. $ 297,250 $ 490,886
----------------- ------------------
RETAIL MERCHANDISING 0.59%
970,000 Golden Eagle Retail Group, Ltd.+ 455,807 517,999
----------------- ------------------
SEMICONDUCTOR COMPONENTS - INTEGRATED CIRCUITS 0.50%
1,812,000 Solomon Systech International, Ltd. 664,281 440,686
----------------- ------------------
SHIPBUILDING 0.44%
426,000 Guangzhou Shipyard International Company Ltd. 261,428 383,722
----------------- ------------------
SUGAR 0.54%
778,000 Xiwang Sugar Holdings Co., Ltd. 353,553 472,532
----------------- ------------------
TELECOMMUNICATIONS EQUIPMENT 1.43%
540,000 Foxconn International Holdings, Ltd.+ 312,381 1,254,933
----------------- ------------------
TEXTILE - PRODUCTS 0.56%
1,593,950 Victory City International Holdings, Ltd. 510,583 496,363
----------------- ------------------
UTILITIES - ELECTRIC & GAS 0.55%
214,500 Hong Kong and China Gas Co., Ltd. 460,294 485,239
----------------- ------------------
TOTAL HONG KONG 13,519,910 20,452,780
----------------- ------------------
INDIA 7.27%
APPLICATIONS SOFTWARE 2.00%
49,552 Infosys Technologies, Ltd. 518,785 1,760,182
----------------- ------------------
BUILDING & CONSTRUCTION - MISCELLANEOUS 0.15%
17,988 Unity Infraprojects Ltd. 168,089 132,901
----------------- ------------------
COMMERCIAL BANKS - NON-US 0.94%
58,980 Punjab National Bank, Ltd. 490,396 481,619
20,015 State Bank of India 82,268 348,221
----------------- ------------------
572,664 829,840
----------------- ------------------
METAL - DIVERSIFIED 0.29%
22,900 Hindustan Zinc Limited 251,182 254,477
----------------- ------------------
3
THE ASIA TIGERS FUND, INC.
SCHEDULE OF INVESTMENTS JULY 31, 2006
(UNAUDITED)
NUMBER PERCENT OF
OF SHARES SECURITY HOLDINGS COST VALUE
----------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS (continued)
INDIA (CONTINUED)
OIL COMPANIES - EXPLORATION & PRODUCTION 0.38%
13,127 Oil and Natural Gas Corp., Ltd. $ 303,445 $ 331,488
----------------- ------------------
OIL REFINING & MARKETING 0.92%
38,454 Reliance Industries, Ltd. 180,517 808,558
----------------- ------------------
PHARMACEUTICALS 0.34%
78,700 Torrent Pharmaceuticals Ltd. 398,435 303,746
----------------- ------------------
POWER CONVERSION & SUPPLY EQUIPMENT 1.30%
26,024 Bharat Heavy Electricals, Ltd. 263,730 1,143,077
----------------- ------------------
SHIPBUILDING 0.39%
69,350 ABG Shipyard Limited 559,414 342,803
----------------- ------------------
TELECOMMUNICATIONS 0.56%
87,160 Reliance Communication Venture 406,352 491,866
----------------- ------------------
TOTAL INDIA 3,622,613 6,398,938
----------------- ------------------
INDONESIA 3.84%
COMMERCIAL BANKS - NON-US 0.66%
1,258,830 PT Bank Central Asia TBK 333,342 579,450
----------------- ------------------
METAL PROCESSORS & FABRICATION 0.63%
29,500,000 PT Bakrie and Brothers TBK+ 500,647 552,922
----------------- ------------------
OIL & GAS 0.75%
509,500 PT Perusahaan Gas Negara 645,483 662,856
----------------- ------------------
TELECOMMUNICATIONS SERVICES 1.07%
1,149,500 PT Telekomunikasi Indonesia 552,962 944,187
----------------- ------------------
TRANSPORTATION - MARINE 0.73%
3,271,000 PT Berlian Laju Tanker TBK 504,329 641,938
----------------- ------------------
TOTAL INDONESIA 2,536,763 3,381,353
----------------- ------------------
MALAYSIA 3.01%
AGRICULTURAL OPERATIONS 0.83%
165,200 IOI Corp. BHD 270,086 736,230
----------------- ------------------
4
THE ASIA TIGERS FUND, INC.
SCHEDULE OF INVESTMENTS JULY 31, 2006
(UNAUDITED)
NUMBER PERCENT OF
OF SHARES SECURITY HOLDINGS COST VALUE
----------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS (continued)
MALAYSIA (CONTINUED)
COMMERCIAL BANKS - NON-US 0.70%
365,400 Bumiputra - Commerce Holdings BHD $ 457,078 $ 614,411
----------------- ------------------
RESORTS & THEME PARKS 0.69%
196,500 Resorts World BHD 453,803 607,095
----------------- ------------------
RUBBER & PLASTIC 0.79%
278,700 Top Glove Corporation BHD 687,717 693,416
----------------- ------------------
TOTAL MALAYSIA 1,868,684 2,651,152
----------------- ------------------
SINGAPORE 10.95%
COMMERCIAL BANKS - NON-US 1.42%
109,100 DBS Group Holdings, Ltd. 699,870 1,252,671
----------------- ------------------
DIVERSIFIED OPERATIONS 0.99%
90,000 Keppel Corp., Ltd. 649,687 873,509
----------------- ------------------
ELECTRONIC COMPONENTS - MISCELLANEOUS 0.56%
1,120,000 United Test and Assembly Center Limited+ 707,500 490,231
----------------- ------------------
FOOD & HOUSEHOLD PRODUCTS 1.32%
808,000 Want Want Holdings, Ltd. 820,096 1,163,520
----------------- ------------------
FOOD - MEAT PRODUCTS 0.77%
1,058,500 People's Food Holdings, Ltd. 569,072 678,181
----------------- ------------------
FOOD - WHOLESALE / DISTRIBUTION 0.61%
618,000 Olam International, Ltd. 602,366 541,005
----------------- ------------------
OIL FIELD MACHINE & EQUIPMENT 0.48%
323,000 KS Energy Services Limited 405,617 417,990
----------------- ------------------
REAL ESTATE - OPERATIONS & DEVELOPMENT 0.77%
272,500 Keppel Land, Ltd. 196,844 677,620
----------------- ------------------
TELECOMMUNICATIONS SERVICES 1.12%
597,720 Singapore Telecommunications, Ltd. 784,026 982,045
----------------- ------------------
TRANSPORTATION - MARINE 2.91%
1,006,000 Cosco Corp. (Singapore) Ltd. 603,229 976,389
5
THE ASIA TIGERS FUND, INC.
SCHEDULE OF INVESTMENTS JULY 31, 2006
(UNAUDITED)
NUMBER PERCENT OF
OF SHARES SECURITY HOLDINGS COST VALUE
----------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS (continued)
SINGAPORE (CONTINUED)
TRANSPORTATION - MARINE (CONTINUED)
999,000 Ezra Holdings, Ltd. $ 518,927 $ 1,584,306
----------------- ------------------
1,122,156 2,560,695
----------------- ------------------
TOTAL SINGAPORE 6,557,234 9,637,467
----------------- ------------------
SOUTH KOREA 26.32%
AUTO - CARS & LIGHT TRUCKS 1.19%
13,700 Hyundai Motor Co. 564,529 1,047,891
----------------- ------------------
AUTOMOTIVE PARTS-EQUIPMENT 0.62%
6,570 Hyundai Mobis 554,032 545,839
----------------- ------------------
BUILDING & CONSTRUCTION - MISCELLANEOUS 1.37%
18,030 GS Engineering & Construction Corp. 403,459 1,207,408
----------------- ------------------
CELLULAR TELECOMMUNICATIONS 1.97%
8,331 SK Telecom Co., Ltd. 1,466,331 1,730,358
----------------- ------------------
CIRCUIT BOARDS 0.30%
81,169 Sanyang Electro Mechanics Co., Ltd.+ 555,917 260,740
----------------- ------------------
CIRCUITS 0.59%
17,450 Core Logic, Inc. 614,669 524,029
----------------- ------------------
COMMERCIAL BANKS - NON-US 2.58%
25,981 Kookmin Bank 731,247 2,267,255
----------------- ------------------
DIVERSIFIED FINANCIAL SERVICES 2.82%
13,920 Korea Investment Holdings Co., Ltd. 487,194 522,164
39,770 Shinhan Financial Group Co., Ltd. 607,945 1,955,833
----------------- ------------------
1,095,139 2,477,997
----------------- ------------------
ELECTRIC - INTEGRATED 0.54%
12,710 Korea Electric Power Corp. 338,311 476,110
----------------- ------------------
ELECTRIC PRODUCTS - MISCELLANEOUS 8.22%
11,366 Samsung Electronics Co., Ltd. 3,070,107 7,230,855
----------------- ------------------
6
THE ASIA TIGERS FUND, INC.
SCHEDULE OF INVESTMENTS JULY 31, 2006
(UNAUDITED)
NUMBER PERCENT OF
OF SHARES SECURITY HOLDINGS COST VALUE
----------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS (continued)
SOUTH KOREA (CONTINUED)
NON-FERROUS METALS 1.10%
10,890 Korea Zinc Co., Ltd. $ 348,012 $ 965,139
----------------- ------------------
PROPERTY & CASUALTY INSURANCE 0.75%
51,330 LIG Non-Life Insurance Co., Ltd. 296,637 663,310
----------------- ------------------
RETAIL - DISCOUNT 1.12%
1,990 Shinsegae Co., Ltd. 558,276 982,819
----------------- ------------------
SHIPBUILDING 1.29%
46,090 Samsung Heavy Industries 602,185 1,133,321
----------------- ------------------
STEEL - PRODUCERS 1.86%
5,625 POSCO 710,822 1,371,377
4,350 POSCO ADR 123,672 268,395
----------------- ------------------
834,494 1,639,772
----------------- ------------------
TOTAL SOUTH KOREA 12,033,345 23,152,843
----------------- ------------------
TAIWAN 12.82%
ATHLETIC EQUIPMENT 0.78%
119,000 Johnson Health Tech Co., Ltd. 605,773 686,790
----------------- ------------------
BUILDING PRODUCTS - CEMENT & AGGREGATION 0.83%
990,350 Taiwan Cement Corp. 544,565 730,333
----------------- ------------------
COMPUTERS 2.13%
290,669 Advantech Co., Ltd. 370,818 887,593
1 Compal Electronics, Inc. 1 1
44,400 High Tech Computer Corp. 450,372 987,028
----------------- ------------------
821,191 1,874,622
----------------- ------------------
DIVERSIFIED FINANCIAL SERVICES 0.61%
694,876 Chinatrust Financial Holding Co., Ltd. 502,547 541,082
----------------- ------------------
ELECTRONIC COMPONENTS - MISCELLANEOUS 2.86%
181,000 Asustek Computer Incorporated 560,356 406,791
355,562 HON HAI Precision Industry 1,030,503 2,106,359
----------------- ------------------
1,590,859 2,513,150
----------------- ------------------
7
THE ASIA TIGERS FUND, INC.
SCHEDULE OF INVESTMENTS JULY 31, 2006
(UNAUDITED)
NUMBER PERCENT OF
OF SHARES SECURITY HOLDINGS COST VALUE
----------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS (continued)
TAIWAN (CONTINUED)
HOSPITAL BEDS / EQUIPMENT 0.95%
419,000 Pihsiang Machinery Manufacturing Company Limited $ 660,129 $ 832,933
----------------- ------------------
SEMICONDUCTOR COMPONENTS - INTEGRATED CIRCUITS 4.62%
863,583 Advanced Semiconductor Engineering, Inc. 620,026 756,835
106,087 Novatek Microelectronics Corp., Ltd. 482,776 521,558
811,000 Powerchip Semiconductor Corp. 555,450 532,445
1,345,667 Taiwan Semiconductor Manufacturing Co., Ltd. 2,076,883 2,251,818
----------------- ------------------
3,735,135 4,062,656
----------------- ------------------
TELECOMMUNICATIONS 0.04%
8,700 Compal Communications, Inc. 25,234 34,271
----------------- ------------------
TOTAL TAIWAN 8,485,433 11,275,837
----------------- ------------------
THAILAND 4.00%
BUILDING PRODUCTS - CEMENT & AGGREGATION 0.60%
88,320 Siam Cement PCL 347,055 527,492
----------------- ------------------
COMMERCIAL BANKS - NON-US 0.19%
114,000 Siam Commercial Bank PCL 154,471 170,217
----------------- ------------------
ELECTRIC - GENERATION 0.68%
756,000 Glow Energy PCL 488,623 599,366
----------------- ------------------
OIL & GAS 1.80%
346,100 PTT Exploration & Production PCL 555,818 1,070,129
303,200 Thai Oil Public Company Limited 509,471 516,818
----------------- ------------------
1,065,289 1,586,947
----------------- ------------------
REAL ESTATE - OPERATIONS & DEVELOPMENT 0.73%
1,268,000 Central Pattana Public Company Limited 534,288 636,681
----------------- ------------------
TOTAL THAILAND 2,589,726 3,520,703
----------------- ------------------
UNITED STATES 0.38%
ADVERTISING SALES 0.38%
5,300 Focus Media Holding Limited ADR+ 299,709 331,833
----------------- ------------------
8
THE ASIA TIGERS FUND, INC.
SCHEDULE OF INVESTMENTS JULY 31, 2006
(UNAUDITED)
NUMBER PERCENT OF
OF SHARES SECURITY HOLDINGS COST VALUE
----------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS (continued)
TOTAL UNITED STATES 299,709 331,833
----------------- ------------------
TOTAL COMMON STOCKS 55,711,741 87,325,476
----------------- ------------------
PREFERRED STOCK (0.75% of holdings)
THAILAND 0.75%
COMMERCIAL BANKS - NON-US 0.75%
444,205 Siam Commercial Bank PCL - 5.25% Preferred $ 151,802 $ 663,255
----------------- ------------------
TOTAL THAILAND 151,802 663,255
----------------- ------------------
TOTAL PREFERRED STOCK 151,802 663,255
----------------- ------------------
TOTAL INVESTMENTS 100.00% 55,863,543 87,988,731
----------------- ------------------
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 August 25, 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 August 25, 2006
---------------------------------------------------------------------------
By (Signature and Title)* /s/ Brian S. Chase
------------------------------------------------------
Brian S. Chase, Treasurer
(principal financial officer)
Date August 25, 2006
---------------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.