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
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Asia Tigers Fund, Inc.
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(Exact name of registrant as specified in charter)
200 Park Avenue
New York, NY 10166
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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: 212-667-4939
Date of fiscal year end: October 31
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Date of reporting period: July 31, 2005
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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, 450 Fifth Street, NW, Washington,
DC 20549-0609. 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, 2005
(UNAUDITED)
NUMBER PERCENT OF
OF SHARES SECURITY HOLDINGS COST VALUE
-------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS (99.37% of holdings)
CHINA 5.74%
AIRPORT DEVELOPMENT & MAINTENANCE 0.69%
1,384,000 Beijing Capital International Airport Co., Ltd. $ 503,268 $ 574,115
----------------- ------------------
COAL 0.85%
859,200 Yanzhou Coal Mining Company Ltd. 232,527 701,780
----------------- ------------------
HOTELS & MOTELS 0.04%
456,200 Shanghai Jinjiang International Hotels Development Co., Ltd. 33,025 32,215
----------------- ------------------
MACHINERY - MATERIAL HANDLING 0.59%
773,500 Shanghai Zhenhua Port Machinery Co., Class B 511,056 489,626
----------------- ------------------
METAL PROCESSORS & FABRICATION 0.68%
1,106,280 Jiangxi Copper Co., Ltd. 623,740 558,519
----------------- ------------------
OIL COMPANIES - INTEGRATED 1.67%
31,849 China Petroleum and Chemical Corp. ADR 837,670 1,382,565
----------------- ------------------
REAL ESTATE - OPERATIONS & DEVELOPMENT 1.22%
1,830,202 China Vanke Co., Ltd. Class B 439,959 1,009,926
----------------- ------------------
TOTAL CHINA 3,181,245 4,748,746
----------------- ------------------
HONG KONG 21.27%
ATHLETIC FOOTWEAR 0.66%
173,600 Yue Yuen Industrial Holdings 308,659 548,194
----------------- ------------------
CELLULAR TELECOMMUNICATIONS 1.72%
355,100 China Mobile (Hong Kong) Ltd. 1,006,060 1,425,077
----------------- ------------------
COMMERCIAL BANKS - NON-US 2.25%
86,002 Dah Sing Financial Holdings, Ltd. 452,772 628,333
53,200 Hang Seng Bank Ltd. 548,066 735,620
30,500 HSBC Holdings PLC 347,585 495,884
----------------- ------------------
1,348,423 1,859,837
----------------- ------------------
DISTRIBUTION & WHOLESALE 1.68%
187,000 Esprit Holdings Ltd. 256,915 1,395,092
----------------- ------------------
1
THE ASIA TIGERS FUND, INC.
SCHEDULE OF INVESTMENTS JULY 31, 2005
(UNAUDITED)
NUMBER PERCENT OF
OF SHARES SECURITY HOLDINGS COST VALUE
-------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS (continued)
HONG KONG (CONTINUED)
DIVERSIFIED OPERATIONS 2.07%
175,810 Hutchison Whampoa Ltd. $ 782,938 $ 1,717,530
----------------- ------------------
ELECTRIC - GENERATION 0.75%
1,090,000 China Resources Power Holdings Co. 602,433 620,402
----------------- ------------------
FINANCE - OTHER SERVICES 0.85%
226,000 Hong Kong Exchanges & Clearing Ltd. 420,335 702,035
----------------- ------------------
HOTELS & MOTELS 0.67%
5,422,000 Regal Hotels International Holdings Ltd. 343,151 550,959
----------------- ------------------
MACHINERY - GENERAL INDUSTRY 0.51%
596,000 Fongs' Industries Co., Ltd 498,763 425,473
----------------- ------------------
OIL COMPANIES - EXPLORATION & PRODUCTION 1.24%
14,650 CNOOC Ltd. ADR 719,891 1,022,716
----------------- ------------------
REAL ESTATE - OPERATIONS & DEVELOPMENT 6.05%
142,700 Cheung Kong Holdings Ltd. 1,015,150 1,539,076
2,320,000 Emperor Entertainment Hotel Ltd.+ 500,097 429,718
1,037,000 Far East Consortium 250,215 446,845
212,000 Hopewell Holdings Ltd. 148,468 549,470
344,326 Kerry Properties Ltd. 579,940 890,224
112,300 Sun Hung Kai Properties Ltd. 812,231 1,157,754
----------------- ------------------
3,306,101 5,013,087
----------------- ------------------
RETAIL - RESTAURANTS 0.49%
358,000 Cafe De Coral Holdings Ltd. 281,577 407,530
----------------- ------------------
TELECOMMUNICATIONS EQUIPMENT 0.62%
620,000 Foxconn International Holdings, Ltd.+ 353,710 510,393
----------------- ------------------
TELECOMMUNICATIONS SERVICES 1.30%
2,780,000 China Telecom Corp., Ltd. 903,150 1,072,752
----------------- ------------------
TEXTILE - PRODUCTS 0.41%
1,078,000 Victory City Intl. Holdings Ltd. 349,291 343,184
----------------- ------------------
TOTAL HONG KONG 11,481,397 17,614,261
----------------- ------------------
2
THE ASIA TIGERS FUND, INC.
SCHEDULE OF INVESTMENTS JULY 31, 2005
(UNAUDITED)
NUMBER PERCENT OF
OF SHARES SECURITY HOLDINGS COST VALUE
-------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS (continued)
INDIA 10.03%
APPLICATIONS SOFTWARE 2.53%
30,326 Infosys Technologies Ltd. $ 591,189 $ 1,584,157
42,525 Satyam Computer Services Ltd. 368,188 510,613
----------------- ------------------
959,377 2,094,770
----------------- ------------------
COMMERCIAL BANKS - NON-US 2.29%
25,600 Punjab National Bank Ltd. 228,991 250,254
89,080 State Bank of India 363,501 1,642,156
----------------- ------------------
592,492 1,892,410
----------------- ------------------
ELECTRONIC COMPONENTS - MISCELLANEOUS 0.50%
24,500 Bharat Electronics Ltd. 344,211 411,858
----------------- ------------------
METALS - ALUMINUM 0.80%
22,555 Hindalco Industries Ltd. 654,924 659,594
----------------- ------------------
PETROCHEMICALS 1.35%
69,238 Reliance Industries Ltd. 438,478 1,120,336
----------------- ------------------
POWER CONVERSION & SUPPLY EQUIPMENT 1.09%
39,000 Bharat Heavy Electricals Ltd. 330,552 903,716
----------------- ------------------
TELECOMMUNICATIONS SERVICES 1.09%
138,680 Bharti Tele-Ventures Ltd. + 429,607 903,782
----------------- ------------------
TEXTILE - PRODUCTS 0.38%
32,100 Mahavir Spinning Mills Ltd. 179,973 316,640
----------------- ------------------
TOTAL INDIA 3,929,614 8,303,106
----------------- ------------------
INDONESIA 1.54%
COMMERCIAL BANKS - NON-US 0.57%
1,258,830 PT Bank Central Asia Tbk 333,342 468,611
----------------- ------------------
TELECOMMUNICATIONS SERVICES 0.97%
1,424,000 PT Telekomunikasi Indonesia 677,964 806,038
----------------- ------------------
TOTAL INDONESIA 1,011,306 1,274,649
----------------- ------------------
3
THE ASIA TIGERS FUND, INC.
SCHEDULE OF INVESTMENTS JULY 31, 2005
(UNAUDITED)
NUMBER PERCENT OF
OF SHARES SECURITY HOLDINGS COST VALUE
-------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS (continued)
MALAYSIA 4.84%
AGRICULTURAL OPERATIONS 0.86%
241,400 IOI Corp. BHD $ 371,052 $ 708,012
----------------- ------------------
CELLULAR TELECOMMUNICATIONS 0.89%
277,650 Maxis Communications BHD 438,442 740,301
----------------- ------------------
COMMERCIAL BANKS - NON-US 0.65%
365,400 Commerce Asset-Holding BHD 457,078 540,720
----------------- ------------------
LOTTERY SERVICES 0.57%
389,700 Berjaya Sports Toto BHD 400,370 471,734
----------------- ------------------
RESORTS & THEME PARKS 0.68%
196,500 Resorts World BHD 453,803 560,605
----------------- ------------------
TRANSPORTATION - MARINE 1.19%
199,500 Malaysia International Shipping Corp. BHD 455,085 984,069
----------------- ------------------
TOTAL MALAYSIA 2,575,830 4,005,441
----------------- ------------------
SINGAPORE 10.99%
COMMERCIAL BANKS - NON-US 1.89%
161,100 DBS Group Holdings Ltd. 1,068,861 1,562,241
----------------- ------------------
COMMERCIAL SERVICES 0.38%
230,000 Singapore Airport Terminal Services Ltd. 313,452 320,012
----------------- ------------------
DIVERSIFIED OPERATIONS 0.82%
90,000 Keppel Corp. Ltd. 649,687 683,030
----------------- ------------------
ELECTRONIC COMPONENTS - MISCELLANEOUS 0.28%
555,000 Huan Hsin Holdings Ltd. 234,663 230,658
----------------- ------------------
ENGINEERING/RESEARCH AND DEVELOPMENT SERVICES 1.04%
520,000 SembCorp Industries Ltd. 818,628 861,316
----------------- ------------------
FOOD - MEAT PRODUCTS 0.71%
1,058,500 People's Food Holdings Ltd. 569,072 589,738
----------------- ------------------
REAL ESTATE - OPERATIONS & DEVELOPMENT 1.02%
434,500 Keppel Land Ltd. 336,757 842,698
----------------- ------------------
4
THE ASIA TIGERS FUND, INC.
SCHEDULE OF INVESTMENTS JULY 31, 2005
(UNAUDITED)
NUMBER PERCENT OF
OF SHARES SECURITY HOLDINGS COST VALUE
-------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS (continued)
SINGAPORE (CONTINUED)
TELECOMMUNICATIONS SERVICES 1.18%
585,720 Singapore Telecommunications Ltd. $ 729,903 $ 977,229
----------------- ------------------
TRANSPORTATION - MARINE 1.63%
406,000 Cosco Corp. (Singapore) Ltd. 454,074 569,781
970,200 Ezra Holdings Ltd. 599,454 777,212
----------------- ------------------
1,053,528 1,346,993
----------------- ------------------
WATER TREATMENT SYSTEMS 2.04%
725,250 Hyflux Limited 464,646 1,686,171
----------------- ------------------
TOTAL SINGAPORE 6,239,197 9,100,086
----------------- ------------------
SOUTH KOREA 25.55%
AIRLINES 0.00%
5 Korean Air Lines Co., Ltd. 48 96
----------------- ------------------
AUTO - CARS & LIGHT TRUCKS 0.91%
10,860 Hyundai Motor Co. 364,339 752,066
----------------- ------------------
BUILDING & CONSTRUCTION - MISCELLANEOUS 1.15%
25,180 GS Engineering & Construction Corp. 495,532 955,256
----------------- ------------------
CELLULAR TELECOMMUNICATIONS 1.13%
4,890 SK Telecom Co., Ltd. 842,053 933,515
----------------- ------------------
CIRCUITS 0.46%
11,170 Core Logic, Inc. 400,376 380,783
----------------- ------------------
COMMERCIAL BANKS - NON-US 1.91%
29,721 Kookmin Bank 632,906 1,577,671
----------------- ------------------
COMPUTERS 0.35%
2,880 Samsung SDI Company Limited 294,318 286,121
----------------- ------------------
DIVERSIFIED FINANCIAL SERVICES 2.09%
57,140 Shinhan Financial Group Co., Ltd. 712,356 1,733,623
----------------- ------------------
DIVERSIFIED OPERATIONS 0.80%
30,150 GS Holdings Corp. 660,749 660,733
----------------- ------------------
5
THE ASIA TIGERS FUND, INC.
SCHEDULE OF INVESTMENTS JULY 31, 2005
(UNAUDITED)
NUMBER PERCENT OF
OF SHARES SECURITY HOLDINGS COST VALUE
-------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS (continued)
SOUTH KOREA (CONTINUED)
ELECTRIC - INTEGRATED 0.89%
21,240 Korea Electric Power Corp. $ 532,147 $ 738,549
----------------- ------------------
ELECTRIC PRODUCTS - MISCELLANEOUS 9.54%
4,600 LG Electronics, Inc. 279,125 298,393
13,811 Samsung Electronics Company Ltd. 3,488,109 7,600,287
----------------- ------------------
3,767,234 7,898,680
----------------- ------------------
NON-FERROUS METALS 0.38%
11,160 Korea Zinc Co., Ltd. 205,508 313,593
----------------- ------------------
PETROCHEMICALS 0.73%
23,500 LG Petrochemical Co., Ltd. 568,569 607,700
----------------- ------------------
PROPERTY & CASUALTY INSURANCE 0.73%
67,060 LG Insurance Co., Ltd. 271,598 607,439
----------------- ------------------
RETAIL - DISCOUNT 0.85%
1,990 Shinsegae Co., Ltd. 558,276 704,553
----------------- ------------------
SHIPBUILDING 0.45%
19,480 Daewoo Shipbuilding and Marine Engineering Co., Ltd. 314,757 368,084
----------------- ------------------
STEEL - PRODUCERS 2.64%
25,770 Dongkuk Steel Mill Co., Ltd. 425,029 407,872
7,830 POSCO 902,127 1,563,407
4,350 POSCO ADR 123,672 217,065
----------------- ------------------
1,450,828 2,188,344
----------------- ------------------
TRANSPORTATION - MARINE 0.54%
17,390 Hanjin Shipping Co., Ltd. 304,224 449,698
----------------- ------------------
TOTAL SOUTH KOREA 12,375,818 21,156,504
----------------- ------------------
TAIWAN 16.73%
BUILDING PRODUCTS - CEMENT & AGGREGATION 1.02%
1,363,000 Taiwan Cement Corp. 778,783 845,616
----------------- ------------------
CELLULAR TELECOMMUNICATIONS 0.54%
367,000 Far EasTone Telecommunications Co., Ltd. 398,803 450,779
----------------- ------------------
6
THE ASIA TIGERS FUND, INC.
SCHEDULE OF INVESTMENTS JULY 31, 2005
(UNAUDITED)
NUMBER PERCENT OF
OF SHARES SECURITY HOLDINGS COST VALUE
-------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS (continued)
TAIWAN (CONTINUED)
CHEMICALS - PLASTICS 0.89%
476,787 Formosa Plastic Corp. $ 653,307 $ 739,506
----------------- ------------------
COMMERCIAL BANKS - NON-US 1.50%
1,740,227 Taishin Financial Holdings Co., Ltd. 652,319 1,243,234
----------------- ------------------
COMPUTERS 2.03%
274,000 Acer, Inc. 549,678 521,136
443,672 Advantech Co., Ltd. 590,455 1,162,199
1 Compal Electronics, Inc. 1 1
----------------- ------------------
1,140,134 1,683,336
----------------- ------------------
DIVERSIFIED FINANCIAL SERVICES 1.64%
1,280,430 Chinatrust Financial Holding Co. 1,003,275 1,354,071
----------------- ------------------
1,003,275 1,354,071
----------------- ------------------
ELECTRONIC COMPONENTS - MISCELLANEOUS 2.67%
345,480 Au Optronics Corp. 487,675 538,552
297,350 HON HAI Precision Industry 1,030,503 1,667,758
----------------- ------------------
1,518,178 2,206,310
----------------- ------------------
RETAIL - AUTOMOBILE 0.58%
191,000 Hotai Motor Co.,Ltd 429,959 478,779
----------------- ------------------
SEMICONDUCTOR COMPONENTS - INTEGRATED CIRCUITS 5.86%
637,000 Advanced Semiconductor Engineering, Inc.+ 474,485 498,990
80,584 Novatek Microelectronics Corp., Ltd. 312,130 338,348
886,000 Powerchip Semiconductor Corp. 611,599 651,011
1,541,485 Taiwan Semiconductor Manufacturing Co., Ltd. 2,505,142 2,569,584
1,125,000 United Microelectronics Corp.+ 768,044 794,897
----------------- ------------------
4,671,400 4,852,830
----------------- ------------------
TOTAL TAIWAN 11,246,158 13,854,461
----------------- ------------------
THAILAND 2.68%
BUILDING PRODUCTS - CEMENT & AGGREGATION 1.05%
148,020 Siam Cement PCL 468,003 867,568
----------------- ------------------
7
THE ASIA TIGERS FUND, INC.
SCHEDULE OF INVESTMENTS JULY 31, 2005
(UNAUDITED)
NUMBER PERCENT OF
OF SHARES SECURITY HOLDINGS COST VALUE
-------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS (continued)
THAILAND (CONTINUED)
CELLULAR TELECOMMUNICATIONS 0.61%
208,800 Advanced Info Service PCL $ 336,149 $ 506,577
----------------- ------------------
COMMERCIAL BANKS - NON-US 0.16%
114,000 Siam Commercial Bank PCL 154,472 132,813
----------------- ------------------
OIL COMPANIES - EXPLORATION & PRODUCTION 0.86%
69,700 PTT Exploration & Production PCL 512,898 709,892
----------------- ------------------
TOTAL THAILAND 1,471,522 2,216,850
----------------- ------------------
TOTAL COMMON STOCKS 53,512,087 82,274,104
----------------- ------------------
PREFERRED STOCK (0.63% of holdings)
THAILAND 0.63%
COMMERCIAL BANKS - NON-US 0.63%
444,205 Siam Commercial Bank PLC - 5.25% Preferred+ 151,802 517,510
----------------- ------------------
TOTAL THAILAND 151,802 517,510
----------------- ------------------
TOTAL PREFERRED STOCK 151,802 517,510
----------------- ------------------
TOTAL INVESTMENTS++ 100.00% $ 53,663,889 $ 82,791,614
============ ============
FOOTNOTES AND ABBREVIATIONS
ADR -- American Depository Receipts
+ Non-Income producing security.
++ As of October 31, 2004 aggregate cost for federal income tax purposes was $60,040,440. The aggregate
gross unrealized appreciation (depreciation) for all securities was as follows:
Excess of value over tax cost $18,889,396
Excess of tax cost over value (2,623,916)
-----------
$16,265,480
===========
8
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) Asia Tigers Fund, Inc.
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By (Signature and Title)* /s/ Bryan McKigney
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Bryan McKigney, Director, President and Chairman
(principal executive officer)
Date September 21, 2005
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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 (Signature and Title)* /s/ Bryan McKigney
-------------------------------------------------------
Bryan McKigney, Director, President and Chairman
(principal executive officer)
Date September 21, 2005
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By (Signature and Title)* /s/ Alan Kaye
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Alan Kaye, Treasurer
(principal financial officer)
Date September 21, 2005
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* Print the name and title of each signing officer under his or her signature.