UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-08050
The Asia Tigers Fund, Inc.
(Exact name of registrant as specified in charter)
345 Park Avenue
New York, NY 10154
New York, NY 10154
(Address of principal executive offices) (Zip code)
Simpson Thacher & Bartlett LLP
425 Lexington Avenue
New York, NY 10017
425 Lexington Avenue
New York, NY 10017
(Name and address of agent for service)
Registrant’s telephone number, including area code: 212-583-5000
Date of fiscal year end: October 31, 2007
Date of reporting period: April 30, 2007
Form N-CSR is to be used by management investment companies to file reports with the Commission not
later than 10 days after the transmission to stockholders of any report that is required to be
transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR
270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory,
disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission
will make this information public. A registrant is not required to respond to the collection of
information contained in Form N-CSR 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 Secretary,
Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed
this collection of information under the clearance requirements of 44 U.S.C. § 3507.
| Item 1. | Reports to Stockholders. |
The Report to Shareholders is attached herewith.
The Asia Tigers Fund, Inc.
June 25, 2007
Dear
Fund Shareholder,
We are pleased to provide you with the unaudited financial
statements of The Asia Tigers Fund, Inc. (the “Fund”)
for the six months ended April 30, 2007.
The Fund’s net asset value (“NAV”) closed at
$23.44 on April 30, 2007, representing an increase of 22.0%
for the six month period. The Fund outperformed its benchmark,
the MSCI AC Asia Free ex-Japan*, which rose 17.4% during the
same six month period.
Asian equity markets continued to move broadly higher during the
Fund’s first-half fiscal year, interrupted only briefly by
a 10% sell-off in early March that was more than recouped during
the next seven weeks. In our opinion, Asia continues to be in a
bull market trend, fueled by many of the same factors driving
the region’s outperformance over the past few years, i.e.,
a low interest rate and inflation environment, the twin growth
engines of China and India and double-digit corporate earnings
growth. In addition to solid fundamentals, ample global
liquidity has also led to (for now at least) a sustained
investor appetite for risk. The result has been a general price
to earnings ratio re-rating for almost all emerging markets,
including Asia ex-Japan, vis-à-vis developed markets.
After four consecutive years of gains, investors may start to
ask when the bull market will end, or more precisely, what might
be the catalyst. Over the past year, Asia’s market
sell-offs have generally had U.S. origins, caused by heightened
fears over either escalating inflation or recession in the
region’s most important export market. Clearly, both of
these concerns may yet materialize. Nevertheless, given that we
remain sanguine about the U.S. economic outlook, we believe
the main risk to Asian equities probably resides in Asia itself,
or more specifically China, where a significant policy mistake
or a sharp correction in the frothy A-share market could result
in a broad-based sell-off that would take some time to recover
from.
1
We believe the odds of such an event are probably quite low,
though it is a scenario that requires close monitoring. Overall
however, with Asia’s fundamental, secular growth story
fully intact and underlying valuations at a quite reasonable 14x
twelve months forward price to earnings ratio relative to 16%
earnings per share growth, we remain generally positive on the
region’s prospects for the remainder of the year**.
On behalf of the Board of Directors, we thank you for your
participation and continued support of the Fund. If you have any
questions, please do not hesitate to visit our website at
www.blackstone.com or call our toll-free number,
1-866-800-8933.
Sincerely,
Prakash A. Melwani
Director and President
The Asia Tigers Fund, Inc.
* Please note
that the benchmark is an unmanaged index. Investors cannot
directly invest in the index. The index does not reflect
transaction costs or manager fees.
** Source: FactSet
Research Systems Inc., Institutional Brokers’ Estimate
System (IBES)
PAST PERFORMANCE IS NO
GUARANTEE OF FUTURE
RESULTS. There
is no guarantee that the Fund’s or any other investment
technique will be effective under all market conditions.
2
THE
ASIA TIGERS FUND, INC.
Fundamental Periodic Repurchase Policy
The Fund has adopted the following fundamental policy regarding
periodic repurchases:
| a) | The Fund will make offers to repurchase its shares at semi-annual intervals pursuant to Rule 23c-3 under the Investment Company Act of 1940, as amended from time to time (“Offers”). The Board of Directors may place such conditions and limitations on Offers as may be permitted under Rule 23c-3. |
| b) | 14 days prior to the last Friday of each of the Fund’s first and third fiscal quarters, or the next business day if such Friday is not a business day, will be the deadline (the “Repurchase Request Deadline”) by which the Fund must receive repurchase requests submitted by stockholders in response to the most recent Offer. |
| c) | The date on which the repurchase price for shares is to be determined (the “Repurchase Pricing Date”) shall occur no later than the last Friday of each of the Fund’s first and third fiscal quarters, or the next business day if such day is not a business day. |
| d) | Offers may be suspended or postponed under certain circumstances, as provided for in Rule 23c-3. |
(For further details, see Note E to the Financial
Statements.)
3
THE
ASIA TIGERS FUND, INC.
April 30,
2007
(Unaudited)
(Unaudited)
Schedule of Investments
| COMMON STOCKS (99.20% of net assets) | ||||||||||||||||
|
NUMBER |
PERCENT OF |
|||||||||||||||
| OF SHARES | SECURITY | NET ASSETS | COST | VALUE | ||||||||||||
|
China
|
17.74% | |||||||||||||||
|
Advertising Sales
|
0.44% | |||||||||||||||
| 13,800 |
Focus Media Holding, Ltd. ADR+
|
$ | 398,799 | $ | 510,600 | |||||||||||
|
Athletic Footwear
|
0.66% | |||||||||||||||
| 322,000 |
China Hongxing Sports Ltd.
|
431,078 | 762,782 | |||||||||||||
|
Chemicals –
Fibers
|
0.49% | |||||||||||||||
| 595,000 |
China Sky Chemical Fibre Co.
Ltd.
|
502,307 | 567,711 | |||||||||||||
|
Commercial Banks –
Non-US
|
2.12% | |||||||||||||||
| 210,000 |
China CITIC Bank+
|
159,077 | 176,404 | |||||||||||||
| 1,596,000 |
China Construction Bank
|
850,141 | 975,404 | |||||||||||||
| 525,500 |
China Merchants Bank Co., Ltd.,
144A
|
648,722 | 1,294,056 | |||||||||||||
| 1,657,940 | 2,445,864 | |||||||||||||||
|
Food – Meat
Products
|
0.59% | |||||||||||||||
| 532,500 |
People’s Food Holdings,
Ltd.
|
317,435 | 686,780 | |||||||||||||
|
Food –
Miscellaneous/Diversified
|
0.44% | |||||||||||||||
| 402,000 |
Synear Food Holdings Ltd.
|
518,439 | 505,244 | |||||||||||||
|
Gold Mining
|
0.48% | |||||||||||||||
| 947,500 |
Zijin Mining Group Co., Ltd.
|
493,186 | 557,264 | |||||||||||||
|
Life/Health Insurance
|
0.98% | |||||||||||||||
| 360,000 |
China Life Insurance Co.,
Ltd.
|
548,386 | 1,125,396 | |||||||||||||
|
Machinery – General
Industry
|
1.24% | |||||||||||||||
| 976,000 |
Haitian International Holdings,
Ltd.+
|
559,086 | 643,907 | |||||||||||||
| 1,886,000 |
Shanghai Prime Machinery Co.,
Ltd.
|
655,482 | 793,344 | |||||||||||||
| 1,214,568 | 1,437,251 | |||||||||||||||
|
Machinery – Material
Handling
|
1.64% | |||||||||||||||
| 1,115,600 |
Shanghai Zhenhua Port Machinery
Co., Class B
|
538,097 | 1,887,595 | |||||||||||||
|
Non-Ferrous Metals
|
0.60% | |||||||||||||||
| 1,140,000 |
Hunan Non-Ferrous Metal Corp.,
Ltd., 144A
|
311,981 | 696,717 | |||||||||||||
|
Oil Companies –
Integrated
|
1.52% | |||||||||||||||
| 10,299 |
China Petroleum and Chemical Corp.
ADR
|
431,156 | 898,176 | |||||||||||||
| 756,000 |
Petrochina Co., Ltd.
|
753,958 | 861,238 | |||||||||||||
| 1,185,114 | 1,759,414 | |||||||||||||||
4
THE
ASIA TIGERS FUND, INC.
April 30,
2007
(Unaudited)
(Unaudited)
Schedule of Investments (continued)
| COMMON STOCKS (continued) | ||||||||||||||||
|
NUMBER |
PERCENT OF |
|||||||||||||||
| OF SHARES | SECURITY | NET ASSETS | COST | VALUE | ||||||||||||
|
China
(continued)
|
||||||||||||||||
|
Real Estate –
Operations & Development
|
3.11% | |||||||||||||||
| 947,603 |
China Vanke Co., Ltd., Class B
|
$ | 223,254 | $ | 2,179,623 | |||||||||||
| 629,700 |
Jiangsu Xincheng Real Estate Co.,
Ltd., Class B
|
510,807 | 1,410,528 | |||||||||||||
| 734,061 | $ | 3,590,151 | ||||||||||||||
|
Retail – Regional
Department Store
|
0.71% | |||||||||||||||
| 1,208,000 |
Golden Eagle Retail Group,
Ltd.
|
603,467 | 813,957 | |||||||||||||
|
Shipbuilding
|
1.71% | |||||||||||||||
| 566,000 |
Guangzhou Shipyard International
Co., Ltd.+
|
479,551 | 1,968,381 | |||||||||||||
|
Telecommunications
Equipment
|
0.57% | |||||||||||||||
| 217,000 |
Foxconn International Holdings,
Ltd.+
|
145,515 | 657,555 | |||||||||||||
|
Transport –
Services
|
0.44% | |||||||||||||||
| 1,084,000 |
Guangdong Nan Yue Logistics Co.,
Ltd.
|
498,523 | 510,036 | |||||||||||||
|
Total
China
|
10,578,447 | 20,482,698 | ||||||||||||||
|
Hong
Kong
|
15.55% | |||||||||||||||
|
Apparel Manufacturers
|
1.92% | |||||||||||||||
| 156,000 |
Esprit Holdings, Ltd.
|
219,698 | 1,904,810 | |||||||||||||
| 111,500 |
Ports Design, Ltd.
|
201,204 | 313,633 | |||||||||||||
| 420,902 | 2,218,443 | |||||||||||||||
|
Cellular
Telecommunications
|
3.00% | |||||||||||||||
| 379,600 |
China Mobile, Ltd.
|
1,300,184 | 3,467,786 | |||||||||||||
|
Commercial Banks –
Non-US
|
0.66% | |||||||||||||||
| 88,402 |
Dah Sing Financial Holdings,
Ltd.
|
499,745 | 757,853 | |||||||||||||
|
Diversified Operations
|
0.74% | |||||||||||||||
| 88,381 |
Hutchison Whampoa, Ltd.
|
419,142 | 855,983 | |||||||||||||
|
Electric –
Generation
|
1.34% | |||||||||||||||
| 864,000 |
China Resources Power Holdings
Co., Ltd.
|
478,981 | 1,542,137 | |||||||||||||
|
Electronic
Components – Miscellaneous
|
0.38% | |||||||||||||||
| 466,000 |
AAC Acoustic Technology Holdings,
Inc.+
|
462,596 | 438,518 | |||||||||||||
|
Finance – Other
Services
|
0.82% | |||||||||||||||
| 98,000 |
Hong Kong Exchanges &
Clearing, Ltd.
|
214,561 | 944,133 | |||||||||||||
|
Food –
Wholesale/Distribution
|
0.30% | |||||||||||||||
| 1,600,000 |
Heng Tai Consumables Group, Ltd.
|
363,615 | 345,725 | |||||||||||||
|
Hotels &
Motels
|
0.49% | |||||||||||||||
| 6,470,000 |
Regal Hotels International
Holdings, Ltd.
|
450,068 | 562,519 | |||||||||||||
5
THE
ASIA TIGERS FUND, INC.
April 30,
2007
(Unaudited)
(Unaudited)
Schedule of Investments (continued)
| COMMON STOCKS (continued) | ||||||||||||||||
|
NUMBER |
PERCENT OF |
|||||||||||||||
| OF SHARES | SECURITY | NET ASSETS | COST | VALUE | ||||||||||||
|
Hong
Kong (continued)
|
||||||||||||||||
|
Machinery – General
Industry
|
0.40% | |||||||||||||||
| 596,000 |
Fongs’ Industries Co.,
Ltd.
|
$ | 498,763 | $ | 461,026 | |||||||||||
|
Oil Companies –
Exploration & Production
|
0.83% | |||||||||||||||
| 11,250 |
CNOOC, Ltd. ADR
|
557,593 | 962,663 | |||||||||||||
|
Real Estate –
Operations & Development
|
2.86% | |||||||||||||||
| 104,700 |
Cheung Kong Holdings, Ltd.
|
845,018 | 1,365,434 | |||||||||||||
| 272,000 |
Hopewell Holdings, Ltd.
|
299,503 | 1,201,547 | |||||||||||||
| 2,488,261 |
Shanghai Real Estate, Ltd.
|
549,365 | 738,087 | |||||||||||||
| 1,693,886 | 3,305,068 | |||||||||||||||
|
Retail –
Restaurants
|
0.52% | |||||||||||||||
| 330,000 |
Cafe De Coral Holdings, Ltd.
|
297,250 | 603,356 | |||||||||||||
|
Textile –
Products
|
0.61% | |||||||||||||||
| 1,634,488 |
Victory City International
Holdings, Ltd.
|
525,318 | 704,264 | |||||||||||||
|
Transport –
Services
|
0.68% | |||||||||||||||
| 278,000 |
Integrated Distribution Services
Group, Ltd.
|
506,378 | 781,972 | |||||||||||||
|
Total
Hong Kong
|
8,688,982 | 17,951,446 | ||||||||||||||
|
India
|
8.54% | |||||||||||||||
|
Applications Software
|
2.14% | |||||||||||||||
| 49,552 |
Infosys Technologies, Ltd.
|
518,785 | 2,465,389 | |||||||||||||
|
Commercial Banks –
Non-US
|
1.09% | |||||||||||||||
| 58,980 |
Punjab National Bank, Ltd.
|
490,396 | 720,819 | |||||||||||||
| 20,015 |
State Bank of India
|
82,268 | 537,062 | |||||||||||||
| 572,664 | 1,257,881 | |||||||||||||||
|
Medical –
Drugs
|
0.41% | |||||||||||||||
| 47,250 |
Venus Remedies, Ltd.
|
501,110 | 479,612 | |||||||||||||
|
Oil Companies –
Exploration & Production
|
0.52% | |||||||||||||||
| 27,225 |
Oil and Natural Gas Corp.,
Ltd.
|
429,122 | 602,731 | |||||||||||||
|
Oil Refining &
Marketing
|
1.26% | |||||||||||||||
| 38,454 |
Reliance Industries, Ltd.
|
180,517 | 1,456,472 | |||||||||||||
|
Power Conversion &
Supply Equipment
|
1.92% | |||||||||||||||
| 26,024 |
Bharat Heavy Electricals,
Ltd.
|
263,730 | 1,571,454 | |||||||||||||
| 81,150 |
Indo Tech Transformers, Ltd.
|
568,775 | 640,393 | |||||||||||||
| 832,505 | 2,211,847 | |||||||||||||||
|
Shipbuilding
|
0.57% | |||||||||||||||
| 69,350 |
ABG Shipyard, Ltd.
|
559,414 | 659,743 | |||||||||||||
6
THE
ASIA TIGERS FUND, INC.
April 30,
2007
(Unaudited)
(Unaudited)
Schedule of Investments (continued)
| COMMON STOCKS (continued) | ||||||||||||||||
|
NUMBER |
PERCENT OF |
|||||||||||||||
| OF SHARES | SECURITY | NET ASSETS | COST | VALUE | ||||||||||||
|
India
(continued)
|
||||||||||||||||
|
Telecommunications
Services
|
0.63% | |||||||||||||||
| 62,910 |
Reliance Communications, Ltd.+
|
$ | 377,962 | $ | 728,681 | |||||||||||
|
Total
India
|
3,972,079 | 9,862,356 | ||||||||||||||
|
Indonesia
|
3.28% | |||||||||||||||
|
Coal
|
0.46% | |||||||||||||||
| 3,540,500 |
PT Bumi Resources TBK
|
460,360 | 537,916 | |||||||||||||
|
Commercial Banks –
Non-US
|
0.64% | |||||||||||||||
| 1,258,830 |
PT Bank Central Asia TBK
|
333,342 | 734,537 | |||||||||||||
|
Metal Processors &
Fabrication
|
0.67% | |||||||||||||||
| 29,500,000 |
PT Bakrie and Brothers TBK+
|
500,647 | 779,478 | |||||||||||||
|
Telecommunications
Services
|
0.93% | |||||||||||||||
| 925,500 |
PT Telekomunikasi Indonesia TBK
|
450,957 | 1,069,883 | |||||||||||||
|
Transportation –
Marine
|
0.58% | |||||||||||||||
| 3,001,000 |
PT Berlian Laju Tanker TBK
|
539,551 | 669,055 | |||||||||||||
|
Total
Indonesia
|
2,284,857 | 3,790,869 | ||||||||||||||
|
Malaysia
|
5.56% | |||||||||||||||
|
Agricultural
Operations
|
0.91% | |||||||||||||||
| 141,700 |
IOI Corp. BHD
|
238,665 | 1,045,566 | |||||||||||||
|
Casino Hotels
|
0.93% | |||||||||||||||
| 1,133,500 |
Resorts World BHD
|
602,397 | 1,079,839 | |||||||||||||
|
Commercial Banks –
Non-US
|
1.00% | |||||||||||||||
| 365,400 |
Bumiputra – Commerce
Holdings BHD
|
457,078 | 1,153,220 | |||||||||||||
|
Metal Processors &
Fabrication
|
0.93% | |||||||||||||||
| 259,600 |
KNM Group BHD
|
551,769 | 1,069,655 | |||||||||||||
|
Office Supplies &
Forms
|
0.47% | |||||||||||||||
| 383,400 |
Pelikan International Corp. BHD
|
445,581 | 548,995 | |||||||||||||
|
Real Estate –
Operations & Development
|
0.56% | |||||||||||||||
| 779,100 |
IGB Corp. BHD
|
501,233 | 648,871 | |||||||||||||
|
Rubber and Vinyl
|
0.76% | |||||||||||||||
| 330,580 |
Top Glove Corp. BHD
|
582,070 | 874,269 | |||||||||||||
|
Total
Malaysia
|
3,378,793 | 6,420,415 | ||||||||||||||
7
THE
ASIA TIGERS FUND, INC.
April 30,
2007
(Unaudited)
(Unaudited)
Schedule of Investments (continued)
| COMMON STOCKS (continued) | ||||||||||||||||
|
NUMBER |
PERCENT OF |
|||||||||||||||
| OF SHARES | SECURITY | NET ASSETS | COST | VALUE | ||||||||||||
|
Pakistan
|
0.21% | |||||||||||||||
|
Commercial Banks –
Non-US
|
0.21% | |||||||||||||||
| 59,800 |
National Bank of Pakistan
|
$ | 254,572 | $ | 245,383 | |||||||||||
|
Total
Pakistan
|
254,572 | 245,383 | ||||||||||||||
|
Singapore
|
14.85% | |||||||||||||||
|
Commercial Banks –
Non-US
|
1.32% | |||||||||||||||
| 109,100 |
DBS Group Holdings, Ltd.
|
699,870 | 1,529,137 | |||||||||||||
|
Computers – Integrated
Systems
|
0.55% | |||||||||||||||
| 546,000 |
CSE Global, Ltd.
|
517,403 | 632,335 | |||||||||||||
|
Diversified Operations
|
1.10% | |||||||||||||||
| 90,000 |
Keppel Corp., Ltd.
|
649,687 | 1,267,356 | |||||||||||||
|
Electronic
Components – Semiconductors
|
0.57% | |||||||||||||||
| 1,120,000 |
United Test and Assembly Center,
Ltd.+
|
707,501 | 659,604 | |||||||||||||
|
Food –
Confectionary
|
1.41% | |||||||||||||||
| 808,000 |
Want Want Holdings, Ltd.
|
820,096 | 1,624,080 | |||||||||||||
|
Food –
Wholesale/Distribution
|
1.11% | |||||||||||||||
| 618,000 |
Olam International, Ltd.
|
602,366 | 1,285,043 | |||||||||||||
|
Oil Field Machinery &
Equipment
|
0.79% | |||||||||||||||
| 444,000 |
KS Energy Services, Ltd.
|
561,409 | 911,548 | |||||||||||||
|
Real Estate –
Operations & Development
|
1.80% | |||||||||||||||
| 245,500 |
Keppel Land, Ltd.
|
179,271 | 1,429,674 | |||||||||||||
| 410,000 |
Yanlord Land Group Ltd.
|
555,626 | 642,100 | |||||||||||||
| 734,897 | 2,071,774 | |||||||||||||||
|
Schools
|
0.64% | |||||||||||||||
| 20,333 |
Hartford Education Corp.,
Ltd.
|
4,016 | 7,760 | |||||||||||||
| 488,000 |
Raffles Education Corp., Ltd.
|
397,612 | 732,145 | |||||||||||||
| 401,628 | 739,905 | |||||||||||||||
|
Telecommunications
Services
|
0.87% | |||||||||||||||
| 457,840 |
Singapore Telecommunications,
Ltd.
|
615,592 | 1,000,216 | |||||||||||||
|
Transportation –
Marine
|
4.20% | |||||||||||||||
| 927,000 |
Cosco Corp. (Singapore) Ltd.
|
559,046 | 1,726,269 | |||||||||||||
| 742,000 |
Ezra Holdings, Ltd.
|
388,967 | 3,124,827 | |||||||||||||
| 948,013 | 4,851,096 | |||||||||||||||
8
THE
ASIA TIGERS FUND, INC.
April 30,
2007
(Unaudited)
(Unaudited)
Schedule of Investments (continued)
| COMMON STOCKS (continued) | ||||||||||||||||
|
NUMBER |
PERCENT OF |
|||||||||||||||
| OF SHARES | SECURITY | NET ASSETS | COST | VALUE | ||||||||||||
|
Singapore
(continued)
|
||||||||||||||||
|
Water Treatment
Systems
|
0.49% | |||||||||||||||
| 250,000 |
Sino-Environment Technology Group,
Ltd.+
|
$ | 506,993 | $ | 569,191 | |||||||||||
|
Total
Singapore
|
7,765,455 | 17,141,285 | ||||||||||||||
|
South
Korea
|
20.82% | |||||||||||||||
|
Auto –
Cars & Light Trucks
|
0.64% | |||||||||||||||
| 11,640 |
Hyundai Motor Co.
|
504,126 | 741,808 | |||||||||||||
|
Building &
Construction – Miscellaneous
|
1.73% | |||||||||||||||
| 18,030 |
GS Engineering &
Construction Corp.
|
403,459 | 1,803,969 | |||||||||||||
| 6,500 |
Kumho Industrial Co., Ltd.
|
207,541 | 192,101 | |||||||||||||
| 611,000 | 1,996,070 | |||||||||||||||
|
Cellular
Telecommunications
|
0.70% | |||||||||||||||
| 3,851 |
SK Telecom Co., Ltd.
|
698,091 | 813,242 | |||||||||||||
|
Circuits
|
0.00% | |||||||||||||||
| — | * |
Core Logic, Inc.
|
3 | 2 | ||||||||||||
|
Commercial Banks –
Non-US
|
2.15% | |||||||||||||||
| 27,701 |
Kookmin Bank
|
886,609 | 2,485,796 | |||||||||||||
|
Diversified Financial
Services
|
2.57% | |||||||||||||||
| 13,920 |
Korea Investment Holdings Co.,
Ltd.
|
487,195 | 830,263 | |||||||||||||
| 37,520 |
Shinhan Financial Group Co.,
Ltd.
|
585,202 | 2,133,056 | |||||||||||||
| 1,072,397 | 2,963,319 | |||||||||||||||
|
Electronic
Components – Semiconductors
|
5.71% | |||||||||||||||
| 10,682 |
Samsung Electronics Co., Ltd.
|
2,955,287 | 6,589,434 | |||||||||||||
|
Machinery – General
Industry
|
0.53% | |||||||||||||||
| 18,900 |
Doosan Infracore Co., Ltd.
|
499,364 | 606,303 | |||||||||||||
|
Non-Ferrous Metals
|
1.08% | |||||||||||||||
| 8,180 |
Korea Zinc Co., Ltd.
|
291,771 | 1,252,713 | |||||||||||||
|
Property & Casualty
Insurance
|
0.75% | |||||||||||||||
| 51,330 |
LIG Non-Life Insurance Co.,
Ltd.
|
296,637 | 868,831 | |||||||||||||
|
Retail –
Discount
|
1.18% | |||||||||||||||
| 1,990 |
Shinsegae Co., Ltd.
|
558,276 | 1,360,172 | |||||||||||||
|
Shipbuilding
|
1.32% | |||||||||||||||
| 46,090 |
Samsung Heavy Industries Co.,
Ltd.
|
602,185 | 1,520,648 | |||||||||||||
9
THE
ASIA TIGERS FUND, INC.
April 30,
2007
(Unaudited)
(Unaudited)
Schedule of Investments (continued)
| COMMON STOCKS (continued) | ||||||||||||||||
|
NUMBER |
PERCENT OF |
|||||||||||||||
| OF SHARES | SECURITY | NET ASSETS | COST | VALUE | ||||||||||||
|
South
Korea (continued)
|
||||||||||||||||
|
Steel –
Producers
|
2.46% | |||||||||||||||
| 5,625 |
POSCO
|
$ | 710,822 | $ | 2,378,761 | |||||||||||
| 4,350 |
POSCO ADR
|
123,672 | 455,619 | |||||||||||||
| 834,494 | 2,834,380 | |||||||||||||||
|
Total
South Korea
|
9,810,240 | 24,032,718 | ||||||||||||||
|
Taiwan
|
10.13% | |||||||||||||||
|
Athletic Equipment
|
0.75% | |||||||||||||||
| 125,775 |
Johnson Health Tech Co., Ltd.
|
522,054 | 868,312 | |||||||||||||
|
Computers
|
1.26% | |||||||||||||||
| 296,479 |
Advantech Co., Ltd.+
|
370,817 | 876,565 | |||||||||||||
| 1 |
Compal Electronics, Inc.
|
1 | 1 | |||||||||||||
| 38,400 |
High Tech Computer Corp.
|
487,388 | 576,308 | |||||||||||||
| 858,206 | 1,452,874 | |||||||||||||||
|
Electronic
Components – Miscellaneous
|
2.85% | |||||||||||||||
| 199,100 |
Asustek Computer, Inc.
|
560,356 | 456,582 | |||||||||||||
| 426,674 |
Hon Hai Precision Industry Co.,
Ltd.
|
1,030,503 | 2,836,766 | |||||||||||||
| 1,590,859 | 3,293,348 | |||||||||||||||
|
Electronic
Components – Semiconductors
|
0.27% | |||||||||||||||
| 25,000 |
MediaTek, Inc.
|
292,147 | 313,668 | |||||||||||||
|
Entertainment Software
|
0.47% | |||||||||||||||
| 58,000 |
International Games System Co., Ltd
|
502,312 | 543,170 | |||||||||||||
|
Life/Health Insurance
|
0.55% | |||||||||||||||
| 311,000 |
Cathay Financial Holding Co.,
Ltd.
|
649,497 | 632,913 | |||||||||||||
|
Semiconductor
Components – Integrated Circuits
|
3.98% | |||||||||||||||
| 863,583 |
Advanced Semiconductor
Engineering, Inc.+
|
620,026 | 997,972 | |||||||||||||
| 87,087 |
Novatek Microelectronics Corp.,
Ltd.
|
413,021 | 431,312 | |||||||||||||
| 1,531,666 |
Taiwan Semiconductor Manufacturing
Co., Ltd.
|
2,434,054 | 3,158,453 | |||||||||||||
| 3,467,101 | 4,587,737 | |||||||||||||||
|
Total
Taiwan
|
7,882,176 | 11,692,022 | ||||||||||||||
|
Thailand
|
2.52% | |||||||||||||||
|
Building Products –
Cement & Aggregation
|
0.46% | |||||||||||||||
| 77,420 |
Siam Cement PCL
|
423,667 | 529,862 | |||||||||||||
|
Commercial Banks –
Non-US
|
0.05% | |||||||||||||||
| 30,500 |
Siam Commercial Bank PCL
|
41,328 | 57,009 | |||||||||||||
10
THE
ASIA TIGERS FUND, INC.
April 30,
2007
(Unaudited)
(Unaudited)
Schedule of Investments (continued)
| COMMON STOCKS (continued) | ||||||||||||||||
|
NUMBER |
PERCENT OF |
|||||||||||||||
| OF SHARES | SECURITY | NET ASSETS | COST | VALUE | ||||||||||||
|
Thailand
(continued)
|
||||||||||||||||
|
Oil Companies –
Exploration & Production
|
0.73% | |||||||||||||||
| 313,300 |
PTT Exploration &
Production PCL
|
$ | 508,510 | $ | 846,879 | |||||||||||
|
Oil Refining &
Marketing
|
0.50% | |||||||||||||||
| 303,200 |
Thai Oil PCL
|
509,471 | 571,088 | |||||||||||||
|
Real Estate –
Operations & Development
|
0.78% | |||||||||||||||
| 1,175,900 |
Central Pattana PCL
|
538,566 | 904,539 | |||||||||||||
|
Total
Thailand
|
2,021,542 | 2,909,377 | ||||||||||||||
|
TOTAL
COMMON STOCKS
|
56,637,143 | 114,528,569 | ||||||||||||||
|
PREFERRED STOCK
(0.68% of holdings)
|
||||||||||||||||
|
Thailand
|
0.68% | |||||||||||||||
|
Commercial Banks –
Non-US
|
0.68% | |||||||||||||||
| 413,705 |
Siam Commercial Bank
PCL – 5.25% Preferred
|
140,991 | 782,203 | |||||||||||||
|
Total
Thailand
|
140,991 | 782,203 | ||||||||||||||
|
TOTAL
PREFERRED STOCK
|
140,991 | 782,203 | ||||||||||||||
|
TOTAL
STOCK INVESTMENTS
|
$ | 56,778,134 | $ | 115,310,772 | ||||||||||||
| REPURCHASE AGREEMENT (0.80% of net assets) | ||||||||||||||||
|
PRINCIPAL |
PERCENT OF |
|||||||||||||||
| AMOUNT | SECURITY | NET ASSETS | COST | VALUE | ||||||||||||
|
United
States
|
0.80% | |||||||||||||||
|
Commercial Banks
|
0.80% | |||||||||||||||
| $ | 921,963 |
State Street Bank, 1.50% dated
04/30/07, due 05/01/07, proceeds at maturity $922,001
(Collateralized by $890,000 FNMA, 6%, due 05/15/08, Market Value
$922,541)
|
$ | 921,963 | $ | 921,963 | ||||||||||
|
Total
United States
|
921,963 | 921,963 | ||||||||||||||
|
TOTAL
REPURCHASE AGREEMENT
|
921,963 | 921,963 | ||||||||||||||
|
TOTAL
INVESTMENTS
|
100.68% | $ | 57,700,097 | 116,232,735 | ||||||||||||
|
LIABILITIES
IN EXCESS OF OTHER ASSETS
|
(0.68)% | (785,116 | ) | |||||||||||||
|
NET
ASSETS
|
100.00% | $ | 115,447,619 | |||||||||||||
This Schedule of Investments reflects each company’s
country of domicile. The companies may also be subject to the
risks of other countries.
11
THE
ASIA TIGERS FUND, INC.
April 30,
2007
(Unaudited)
(Unaudited)
Schedule of Investments (concluded)
Footnotes and
Abbreviations
| ADR | American Depository Receipt | |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2007, these securities amounted to a value of $1,990,773. |
| * | Less than one share | |
| + | Non-Income producing security | |
| ++ | As of April 30, 2007, the aggregate cost for federal income tax purposes was $57,944,887. The aggregate gross unrealized appreciation (depreciation) for all securities was as follows: |
|
Excess of value over tax cost
|
$ | 58,595,132 | ||
|
Excess of tax cost over value
|
(307,284 | ) | ||
| $ | 58,287,848 | |||
See accompanying notes to financial statements.
12
THE
ASIA TIGERS FUND, INC.
April 30,
2007
(Unaudited)
(Unaudited)
Statement of Assets and Liabilities
|
ASSETS
|
||||
|
Investments, at value (Cost
$57,700,097)
|
$ | 116,232,735 | ||
|
Cash (including $359,889 of
foreign currency holdings with a cost of $359,869)
|
360,047 | |||
|
Receivables:
|
||||
|
Securities sold
|
244,269 | |||
|
Dividends
|
108,239 | |||
|
Prepaid expenses
|
124,223 | |||
|
Total
Assets
|
117,069,513 | |||
|
LIABILITIES
|
||||
|
Payable for securities purchased
|
517,412 | |||
|
Due to Investment Manager
|
98,704 | |||
|
Due to Administrator
|
19,741 | |||
|
Due to Directors
|
5,048 | |||
|
Accrued expenses
|
218,696 | |||
|
Deferred foreign withholding taxes
payable
|
762,293 | |||
|
Total
Liabilities
|
1,621,894 | |||
|
Net
Assets
|
$ | 115,447,619 | ||
|
NET
ASSET VALUE PER SHARE
($115,447,619/4,925,676 shares issued and outstanding) |
$ | 23.44 | ||
|
NET
ASSETS CONSIST OF:
|
||||
|
Capital stock, $0.001 par
value; 20,514,984 shares issued
(100,000,000 shares authorized) |
$ | 20,515 | ||
|
Paid-in capital
|
218,086,110 | |||
|
Cost of 15,589,308 shares
repurchased
|
(148,802,621 | ) | ||
|
Accumulated net investment loss
|
(388,810 | ) | ||
|
Accumulated net realized loss on
investments
|
(11,238,772 | ) | ||
|
Net unrealized appreciation in
value of investments and on translation of other assets and
liabilities denominated in foreign currencies (net of deferred
foreign withholding taxes of $762,293)
|
57,771,197 | |||
| $ | 115,447,619 | |||
13
See accompanying notes to financial
statements.
THE
ASIA TIGERS FUND, INC.
Statement of Operations
For
the Six Months Ended
April 30, 2007
(Unaudited)
April 30, 2007
(Unaudited)
|
Investment
Income
|
||||||||
|
Dividends (net of taxes withheld
of $71,418)
|
$ | 671,182 | ||||||
|
Interest
|
10,454 | |||||||
|
Total
Investment Income
|
681,636 | |||||||
|
Expenses
|
||||||||
|
Management fees
|
528,969 | |||||||
|
Legal fees
|
141,116 | |||||||
|
Administration fees
|
105,794 | |||||||
|
Custodian fees
|
69,189 | |||||||
|
Printing
|
68,591 | |||||||
|
Audit and tax fees
|
67,031 | |||||||
|
Insurance
|
27,019 | |||||||
|
Directors’ fees
|
16,355 | |||||||
|
Transfer agent fees
|
14,530 | |||||||
|
NYSE fees
|
10,654 | |||||||
|
ICI fees
|
1,570 | |||||||
|
Miscellaneous
|
19,628 | |||||||
|
Total
Expenses
|
1,070,446 | |||||||
|
Net
Investment Loss
|
(388,810 | ) | ||||||
| Net Realized and Unrealized Gain (Loss) on Investments, Foreign Currency Holdings and Translation of Other Assets and Liabilities Denominated in Foreign Currencies: | ||||||||
|
Net realized gain (loss) from:
|
||||||||
|
Security transactions (net of
capital gains tax of $58,066)
|
4,256,380 | |||||||
|
Foreign currency related
transactions
|
(35,773 | ) | ||||||
| 4,220,607 | ||||||||
|
Net change in unrealized
appreciation in value of investments, foreign currency holdings
and translation of other assets and liabilities denominated in
foreign currencies (net of increase in deferred foreign
withholding taxes of $66,805)
|
17,072,084 | |||||||
|
Net realized and unrealized gain
on investments, foreign currency holdings and translation of
other assets and liabilities denominated in foreign currencies
|
21,292,691 | |||||||
|
Net increase in net assets
resulting from operations
|
$ | 20,903,881 | ||||||
14
See accompanying notes to financial
statements.
THE
ASIA TIGERS FUND, INC.
Statement of Changes in Net Assets
|
For the Six
Months |
||||||||
|
Ended |
For the Year |
|||||||
|
April 30,
2007 |
Ended |
|||||||
| (Unaudited) | October 31, 2006 | |||||||
|
INCREASE
(DECREASE) IN NET ASSETS
|
||||||||
|
Operations
|
||||||||
|
Net investment loss
|
$ | (388,810 | ) | $ | (3,255 | ) | ||
|
Net realized gain on investments
and foreign currency related transactions
|
4,220,607 | 13,265,743 | ||||||
|
Net change in unrealized
appreciation in value of investments, foreign currency holdings
and translation of other assets and liabilities denominated in
foreign currencies
|
17,072,084 | 18,556,371 | ||||||
|
Net increase in net assets
resulting from operations
|
20,903,881 | 31,818,859 | ||||||
|
Capital
Share Transactions
|
||||||||
|
Shares repurchased under
Repurchase Offers (19,251 and 767,564 shares, respectively)
(net of repurchase fees of $8,236 and $271,885 respectively)
(including expenses of $52,440 and $258,087 respectively)
|
(455,983 | ) | (13,580,170 | ) | ||||
|
Net decrease in net assets
resulting from capital share transactions
|
(455,983 | ) | (13,580,170 | ) | ||||
|
Total increase in net assets
|
20,447,898 | 18,238,689 | ||||||
|
NET
ASSETS
|
||||||||
|
Beginning of period
|
94,999,721 | 76,761,032 | ||||||
|
End of period
|
$ | 115,447,619 | $ | 94,999,721 | ||||
15
See accompanying notes to financial
statements.
THE
ASIA TIGERS FUND, INC.
Financial Highlights
For
a Share Outstanding throughout Each Period
|
For the |
||||||||||||||||||||||||
|
Six Months |
||||||||||||||||||||||||
|
Ended |
For the Year |
For the Year |
For the Year |
For the Year |
For the Year |
|||||||||||||||||||
|
Apr. 30,
2007 |
Ended |
Ended |
Ended |
Ended |
Ended |
|||||||||||||||||||
| (Unaudited) | Oct. 31, 2006 | Oct. 31, 2005 | Oct. 31, 2004 | Oct. 31, 2003 | Oct. 31, 2002 | |||||||||||||||||||
|
Per
Share Operating Performance
|
||||||||||||||||||||||||
|
Net asset value, beginning of
period
|
$ | 19.21 | $ | 13.44 | $ | 10.98 | $ | 10.62 | $ | 7.65 | $ | 6.89 | ||||||||||||
|
Net investment
income1
|
(0.08 | ) | — | 0.06 | 0.07 | 0.05 | 0.01 | |||||||||||||||||
|
Net realized and unrealized gains
on investments, foreign currency holdings, and translation of
other assets and liabilities denominated in foreign
currencies2
|
4.32 | 5.77 | 2.38 | 0.35 | 2.87 | 0.60 | ||||||||||||||||||
|
Net increase from investment
operations
|
4.24 | 5.77 | 2.44 | 0.42 | 2.92 | 0.61 | ||||||||||||||||||
|
Less dividends and distributions:
|
||||||||||||||||||||||||
|
Dividends from net investment
income
|
— | — | — | (0.07 | ) | — | — | |||||||||||||||||
|
Total dividends and distributions
|
— | — | — | (0.07 | ) | — | — | |||||||||||||||||
|
Capital share transactions
|
||||||||||||||||||||||||
|
Anti-dilutive effect of Tender
Offer
|
— | — | — | — | — | 0.14 | ||||||||||||||||||
|
Anti-dilutive effect of Repurchase
Offer
|
(0.01 | ) | — | 0.02 | 0.01 | 0.05 | 0.01 | |||||||||||||||||
|
Anti-dilutive effect of Share
Repurchase Program
|
— | — | — | — | — | — | 4 | |||||||||||||||||
|
Total capital share transactions
|
(0.01 | ) | — | 0.02 | 0.01 | 0.05 | 0.15 | |||||||||||||||||
|
Net asset value, end of period
|
$ | 23.44 | $ | 19.21 | $ | 13.44 | $ | 10.98 | $ | 10.62 | $ | 7.65 | ||||||||||||
|
Per share market value, end of
period
|
$ | 20.84 | $ | 18.55 | $ | 12.91 | $ | 10.02 | $ | 10.30 | $ | 6.77 | ||||||||||||
|
Total
Investment
Return3
|
||||||||||||||||||||||||
|
Based
on Market Value
|
12.35 | % | 43.69 | % | 28.84 | % | (2.13 | )% | 52.14 | % | 16.93 | % | ||||||||||||
|
Ratios/Supplemental
Data:
|
||||||||||||||||||||||||
|
Net assets, end of period (in 000s)
|
$ | 115,448 | $ | 95,000 | $ | 76,761 | $ | 77,029 | $ | 91,480 | $ | 100,438 | ||||||||||||
|
Ratios of expenses to average net
assets
|
2.04 | %6 | 2.20 | % | 2.08 | % | 1.99 | % | 1.95 | % | 1.78 | % | ||||||||||||
|
Ratios of net investment income to
average net assets
|
(0.74 | )%6 | — | 5 | 0.49 | % | 0.65 | % | 0.60 | % | 0.06 | % | ||||||||||||
|
Portfolio turnover
|
12.99 | % | 36.44 | % | 40.79 | % | 39.79 | % | 33.10 | % | 41.32 | % | ||||||||||||
|
See page 17 for footnotes.
|
||||||||||||||||||||||||
16
See accompanying notes to financial
statements.
THE
ASIA TIGERS FUND, INC.
Financial Highlights (concluded)
For
a Share Outstanding throughout Each Period
| 1 | Based on average shares outstanding throughout the period. | |
| 2 | Net of deferred foreign withholding taxes of $0.01, $0.01, $0.03, less than $0.01, $0.03, and less than $0.01 per share for the six months ended April 30, 2007, and for the years ended October 31, 2006, October 31, 2005, October 31, 2004, October 31, 2003, and October 31, 2002, respectively. | |
| 3 | Total investment return is calculated assuming a purchase of common stock at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Fund’s dividend reinvestment plan. Total investment return does not reflect brokerage commissions or sales charges and is not annualized. Past performance is not a guarantee of future results. | |
| 4 | Less than $0.01 per share. | |
| 5 | Less than 0.01% per share. | |
| 6 | Annualized. |
17
See accompanying notes to financial
statements.
THE
ASIA TIGERS FUND, INC.
April 30,
2007
(Unaudited)
(Unaudited)
Notes to Financial Statements
NOTE A:
ORGANIZATION
The Asia Tigers Fund, Inc. (the “Fund”) was
incorporated in Maryland on September 23, 1993 and
commenced operations on November 29, 1993. The Fund is
registered under the Investment Company Act of 1940, as amended
(the “1940 Act”), as a closed-end, non-diversified
management investment company. The Fund’s investment
objective is long-term capital appreciation, which it seeks to
achieve by investing primarily in equity securities of Asian
companies.
NOTE B:
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are in
conformity with accounting principles generally accepted in the
United States of America (“GAAP”) and are consistently
followed by the Fund in the preparation of its financial
statements.
The preparation of financial statements in conformity with GAAP
requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of increases
and decreases in net assets from operations during the reported
period. Actual results could differ from those estimates.
Significant
accounting policies are as follows:
Portfolio Valuation. Investments are stated at value
in the accompanying financial statements. In valuing the
Fund’s assets, all securities for which market quotations
are readily available are generally valued:
| (i) | at the last sale price prior to the time of determination if there was a sale on the date of determination, | |
| (ii) | at the mean between the last current bid and asked prices if there was no sales price on such date and bid and asked quotations are available, and | |
| (iii) | at the bid price if there was no sales price on such date and only bid quotations are available. |
Securities that are traded
over-the-counter
are valued, if bid and asked quotations are available, at the
mean between the current bid and asked prices. Securities for
which sales prices and bid and asked quotations are not
available on the date of determination may be valued at the most
recently available prices or quotations under policies adopted
by the Board of Directors. Investments in short-term debt
securities having a maturity of 60 days or less are valued
at amortized cost which approximates market value. All other
securities and assets are carried at fair value as determined in
good faith by, or under the direction of, the Board of
Directors. The net asset value per share of the Fund is
calculated weekly and at the end of each month.
18
THE
ASIA TIGERS FUND, INC.
April 30,
2007
(Unaudited)
(Unaudited)
Notes to Financial Statements
(continued)
Repurchase Agreements. The Fund may enter into
repurchase agreements, whereby securities are purchased from a
counterparty under an agreement to resell them at a future date
at the same price plus accrued interest. The Fund is exposed to
credit risk on repurchase agreements to the extent that the
counterparty defaults on its obligation to repurchase the
securities, and the market value of such securities held by the
Fund, including any accrued interest or dividends on such
securities, is less than the face amount of the repurchase
agreement plus accrued interest.
Investment Transactions and Investment
Income. Investment transactions are accounted for on
the trade date. The cost of investments sold is determined by
use of the specific identification method for both financial
reporting and income tax purposes. Interest income is recorded
on an accrual basis; dividend income is recorded on the
ex-dividend date or when known. The collectibility of income
receivable from foreign securities is evaluated periodically,
and any resulting allowances for uncollectible amounts are
reflected currently in the determination of investment income.
Tax Status. No provision is made for
U.S. Federal income or excise taxes as it is the
Fund’s intention to continue to qualify as a regulated
investment company under Subchapter M of the Internal Revenue
Code and to make the requisite distributions to its shareholders
which will be sufficient to relieve it from all or substantially
all Federal income and excise taxes.
Income and capital gain distributions are determined in
accordance with federal income tax regulations, which may differ
from GAAP.
At October 31, 2006, the Fund had no undistributed income
and capital gains on a tax basis.
During the year ended October 31, 2006, the Fund reduced
accumulated net investment loss by $3,255, accumulated net
realized loss by $59,215,891 and paid-in capital by $59,219,146.
These reclassifications were the result of permanent tax
differences relating to the net operating loss, foreign currency
losses, capital gains taxes and the expiration of the
Fund’s capital loss carryover for the year ended
October 31, 2006. Net assets were not affected by these
reclassifications.
At October 31, 2006, the Fund had a net capital loss
carryover of $15,214,589 which is available to offset future net
realized gains on securities transactions to the extent provided
for in the Internal Revenue Code. Of the aggregate capital loss,
$8,437,899 will expire in the year 2009, $3,353,570 will expire
in 2010 and $3,423,120 will expire in 2011. To the extent that
capital gains are so offset, such gains will not be distributed.
During the year ended October 31, 2006, the Fund utilized
capital loss carryforwards amounting to $13,376,789 and
unutilized capital loss carryforwards of $59,105,234 expired.
Dividend and interest income from
non-U.S. sources
received by the Fund are generally subject to
non-U.S. withholding
taxes. In addition, the Fund may be subject to capital gains tax
in certain countries in which it invests. The above taxes may be
reduced or eliminated under the terms of applicable
19
THE
ASIA TIGERS FUND, INC.
April 30,
2007
(Unaudited)
(Unaudited)
Notes to Financial Statements
(continued)
U.S. income tax treaties with some of these countries. The
Fund accrues such taxes when the related income is earned.
In June 2006, the Financial Accounting Standards Board
(“FASB”) issued FASB Interpretation 48
(“FIN 48”), “Accounting for Uncertainty in
Income Taxes.” This standard defines the threshold for
recognizing the benefits of tax-return positions in the
financial statements as “more-likely-than-not” to be
sustained by the taxing authority and requires measurement of a
tax position meeting the more-likely-than-not criterion, based
on the largest benefit that is more than 50% likely to be
realized. FIN 48 is effective as of the beginning of the
first fiscal year beginning after December 15, 2006, which
for the Fund will be November 1, 2007, with early
application permitted if no interim financial statements have
been issued. At adoption, companies must adjust their financial
statements to reflect only those tax positions that are
more-likely-than-not to be sustained as of the adoption date. As
of April 30, 2007, the Fund has not completed its
evaluation of the impact that will result from adopting
FIN 48.
In September 2006, the FASB issued Statement on Financial
Accounting Standards (“SFAS”) No. 157, “Fair
Value Measurements.” This standard establishes a single
authoritative definition of fair value, sets out a framework for
measuring fair value and requires additional disclosures about
fair value measurements. SFAS No. 157 applies to fair value
measurements already required or permitted by existing
standards. SFAS No. 157 is effective for financial
statements issued for fiscal years beginning after
November 15, 2007 and interim periods within those fiscal
years. The changes to current generally accepted accounting
principles from the application of this Statement relate to the
definition of fair value, the methods used to measure fair
value, and the expanded disclosures about fair value
measurements. As of April 30, 2007, the Fund does not
believe the adoption of SFAS No. 157 will impact the
amounts reported in the financial statements, however,
additional disclosures may be required about the inputs used to
develop the measurements and the effect of certain of the
measurements reported on the Statements of Changes in net assets
for a fiscal period.
Foreign Currency Translation. The books and records
of the Fund are maintained in U.S. dollars. Foreign
currency amounts are translated into U.S. dollars on the
following basis:
| (i) | value of investment securities, assets and liabilities at the current rates of exchange on the valuation date; and | |
| (ii) | purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions. |
The Fund generally does not isolate the effect of fluctuations
in foreign exchange rates from the effect of fluctuations in the
market prices of securities. However, the Fund does isolate the
effect of fluctuations in foreign currency rates when
determining the gain or loss upon the sale of foreign currency
denominated debt obligations pursuant to U.S. federal
income tax regulations; such amounts are categorized as foreign
currency gains or losses for federal income tax purposes. The
Fund reports certain realized foreign exchange
20
THE
ASIA TIGERS FUND, INC.
April 30,
2007
(Unaudited)
(Unaudited)
Notes to Financial Statements
(continued)
gains and losses as components of realized gains and losses for
financial reporting purposes, whereas such amounts are treated
as ordinary income for federal income tax reporting purposes.
Securities denominated in currencies other than
U.S. dollars are subject to changes in value due to
fluctuations in foreign exchange rates. Foreign security and
currency transactions may involve certain considerations and
risks not typically associated with those of domestic origin as
a result of, among other factors, the level of governmental
supervision and regulation of foreign securities markets and the
possibility of political or economic instability, and the fact
that foreign securities markets may be smaller and have less
developed and less reliable settlement and share registration
procedures.
Distribution of Income and Gains. The Fund intends
to distribute annually to shareholders substantially all of its
net investment income, including foreign currency gains, and to
distribute annually any net realized gains after the utilization
of available capital loss carryovers. An additional distribution
may be made to the extent necessary to avoid payment of a 4%
federal excise tax.
Distributions to shareholders are recorded on the ex-dividend
date. The amount of dividends and distributions from net
investment income and net realized gains are determined in
accordance with federal income tax regulations, which may differ
from GAAP. These “book/tax” differences are either
considered temporary or permanent in nature. To the extent these
differences are permanent in nature, such amounts are
reclassified at the end of each fiscal year with the capital
accounts based on their federal tax-basis treatment; temporary
differences do not require reclassification. Dividends and
distributions which exceed net investment income and net
realized capital gains for financial reporting purposes but not
for tax purposes are reported as dividends in excess of net
investment income and net realized capital gains. To the extent
they exceed net investment income and net realized gains for tax
purposes, they are reported as distributions of additional
paid-in capital.
NOTE C:
MANAGEMENT, INVESTMENT ADVISORY, ADMINISTRATIVE SERVICES AND
DIRECTORS
Blackstone Asia Advisors L.L.C. (“Blackstone
Advisors”), an affiliate of The Blackstone Group
(“Blackstone”), serves as the Fund’s Investment
Manager under the terms of a management agreement dated
February 24, 2006 (the “Management Agreement”).
Pursuant to the Management Agreement, Blackstone Advisors
supervises the Fund’s investment program and is responsible
on a
day-to-day
basis for investing the Fund’s portfolio in accordance with
its investment objective and policies. For its services,
Blackstone Advisors receives monthly fees at an annual rate of:
(i) 1.00% for the first $500,000,000 of the Fund’s
average weekly net assets; (ii) 0.95% for the next
$500,000,000 of the Fund’s average weekly net assets; and
(iii) 0.90% of the Fund’s average weekly net assets in
excess of $1,000,000,000. For the six months ended
April 30, 2007, the Fund paid a total of $528,969 in
management fees to Blackstone Advisors.
21
THE
ASIA TIGERS FUND, INC.
April 30,
2007
(Unaudited)
(Unaudited)
Notes to Financial Statements
(continued)
Blackstone Advisors also serves as the Fund’s Administrator
pursuant to an administration agreement dated January 1,
2006. Blackstone Advisors provides certain administrative
services to the Fund. For its services, Blackstone Advisors
receives a fee that is computed monthly and paid quarterly at an
annual rate of: (i) 0.20% of the value of the Fund’s
average monthly net assets for the first $1,500,000,000 of the
Fund’s average monthly net assets and (ii) 0.15% of
the value of the Fund’s average monthly net assets in
excess of $1,500,000,000 of the Fund’s average monthly net
assets. For the six months ended April 30, 2007, the Fund
paid $105,794 in administrative fees to Blackstone Advisors.
Blackstone Advisors subcontracts certain of these services to
PFPC Inc.
The Fund pays each of its Directors who is not a director,
officer or employee of the Investment Manager or any affiliate
thereof an annual fee of $5,000 plus $1,000 for each in-person
Board of Directors meeting and $250 for each telephonic Board of
Directors meeting attended. The Chairman of the Board also
receives an annual fee of $2,500. In addition, the Fund
reimburses all Directors for travel and
out-of-pocket
expenses incurred in connection with Board of Directors meetings.
NOTE D:
PORTFOLIO ACTIVITY
Purchases and sales of securities other than short-term
obligations aggregated $13,604,470 and $14,821,956,
respectively, for the six months ended April 30, 2007.
NOTE E:
SEMI-ANNUAL REPURCHASE OFFERS
In January 2002, the Board of Directors approved, subject to
stockholder approval, a fundamental policy whereby the Fund
would adopt an “interval fund” structure pursuant to
Rule 23c-3
under the 1940 Act. Stockholders of the Fund subsequently
approved the policy at the Special Meeting of Stockholders held
on April 26, 2002. As an interval fund, the Fund makes
periodic repurchase offers at net asset value (less a 2%
repurchase fee) to all Fund stockholders. The percentage of
outstanding shares that the Fund can repurchase in each offer
will be established by the Fund’s Board of Directors
shortly before the commencement of each quarterly offer, and
will be between 5% and 25% of the Fund’s then outstanding
shares.
Under the Fund’s original policy, the Fund conducted
quarterly repurchase offers. This policy was amended at the
February 23, 2007, Annual Meeting of Stockholders to
provide that the Fund will from that date forward conduct
repurchase offers on a semi-annual, rather than on a quarterly,
basis.
22
THE
ASIA TIGERS FUND, INC.
April 30,
2007
(Unaudited)
(Unaudited)
Notes to Financial Statements
(continued)
During the six months ended April 30, 2007, the results of
the periodic repurchase offer was as follows:
|
Repurchase |
|||
| Offer #17 | |||
|
Commencement Date
|
December 22, 2006 | ||
|
Expiration Date
|
January 12, 2007 | ||
|
Repurchase Offer Date
|
January 19, 2007 | ||
| % of Issued and Outstanding Shares of Common Stock | 5% | ||
|
Shares Validly Tendered
|
19,251.0000 | ||
|
Final Pro-ration Odd Lot Shares
|
no proration | ||
|
Final Pro-ration Non-Odd Lot Shares
|
no proration | ||
|
% of Non-Odd Lot
Shares Accepted
|
no proration | ||
|
Shares Accepted for Tender
|
19,251 | ||
| Net Asset Value as of Repurchase Offer Date ($) | 21.39 | ||
|
Repurchase Fee per Share ($)
|
0.4278 | ||
|
Repurchase Offer Price ($)
|
20.9622 | ||
|
Repurchase Fee ($)
|
8,236 | ||
|
Expenses ($)
|
52,440 | ||
|
Total Cost ($)
|
455,983 | ||
23
THE
ASIA TIGERS FUND, INC.
April 30,
2007
(Unaudited)
(Unaudited)
Notes to Financial Statements
(continued)
During the year ended October 31, 2006, the results of the
four quarterly repurchase offers were as follows:
|
Repurchase |
Repurchase |
Repurchase |
Repurchase |
|||||||||
| Offer #13 | Offer #14 | Offer #15 | Offer #16 | |||||||||
|
Commencement Date
|
December 22, 2005 | March 24, 2006 | June 23, 2006 | September 22, 2006 | ||||||||
|
Expiration Date
|
January 13, 2006 | April 17, 2006 | July 14, 2006 | October 13, 2006 | ||||||||
|
Repurchase Offer Date
|
January 20, 2006 | April 21, 2006 | July 21, 2006 | October 20, 2006 | ||||||||
| % of Issued and Outstanding Shares of Common Stock | 5% | 5% | 5% | 5% | ||||||||
|
Shares Validly Tendered
|
285,625.8018 | 211,376.0000 | 10,303.0000 | 334,390.0000 | ||||||||
|
Final Pro-ration Odd Lot Shares
|
2,389.0000 | no proration | no proration | 3,047.0000 | ||||||||
|
Final Pro-ration Non-Odd Lot Shares
|
283,236.8018 | no proration | no proration | 257,212.0000 | ||||||||
|
% of Non-Odd Lot
Shares Accepted
|
22.49230% | no proration | no proration | 77.62700% | ||||||||
|
Shares Accepted for Tender
|
285,626 | 211,376 | 10,303 | 260,259 | ||||||||
| Net Asset Value as of Repurchase Offer Date ($) | 15.92 | 18.63 | 16.69 | 18.97 | ||||||||
|
Repurchase Fee per Share ($)
|
0.3184 | 0.3726 | 0.3340 | 0.3794 | ||||||||
|
Repurchase Offer Price ($)
|
15.6016 | 18.2574 | 16.3540 | 18.5906 | ||||||||
|
Repurchase Fee ($)
|
90,943 | 78,759 | 3,441 | 98,742 | ||||||||
|
Expenses ($)
|
57,055 | 89,239 | 42,710 | 69,083 | ||||||||
|
Total Cost ($)
|
4,513,262 | 3,948,415 | 211,195 | 4,907,298 | ||||||||
24
THE
ASIA TIGERS FUND, INC.
April 30,
2007
(Unaudited)
(Unaudited)
Notes to Financial Statements
(concluded)
NOTE F:
CONCENTRATION OF RISKS
At April 30, 2007, substantially all of the Fund’s
assets were invested in Asian securities. The Asian securities
markets are substantially smaller, less developed, less liquid
and more volatile than the major securities markets in the
United States. Consequently, acquisitions and dispositions of
Asian securities involve special risks and considerations not
present with respect to U.S. securities.
Securities denominated in currencies other than
U.S. dollars are subject to changes in value due to
fluctuations in foreign exchange. Foreign security and currency
transactions involve certain considerations and risks not
typically associated with those of domestic origin as a result
of, among other factors, the level of governmental supervision
and regulation of foreign securities markets and the
possibilities of political or economic instability, the fact
that foreign securities markets may be smaller and less
developed and the fact that securities, tax and corporate laws
may have only recently developed or are in developing stages,
and laws may not exist to cover all contingencies or to protect
investors adequately.
NOTE G:
OTHER
In the normal course of business, the Fund may enter into
contracts that contain a variety of representations and
warranties and which may provide for general indemnifications.
The Fund’s maximum exposure under these arrangements is
unknown, as this would involve future claims that may be made
against the Fund that have not yet occurred. However, based on
experience, management expects the risk of loss to be remote.
25
THE
ASIA TIGERS FUND, INC.
Results of Annual Meeting of
Stockholders
(unaudited)
ANNUAL
MEETING
The Fund held its Annual Meeting of Stockholders on
February 23, 2007. At the meeting, stockholders elected the
nominees proposed for election to the Fund’s Board of
Directors and amended the Fund’s repurchase offer policy.
The following table provides information concerning the matters
voted on at the meeting:
I. Election
of Directors
|
Votes |
Non-Voting |
Total Voting and |
||||||||||||||
|
Nominee
|
Votes For | Withheld | Shares | Non-Voting Shares | ||||||||||||
|
Lawrence K. Becker
|
3,296,757 | 159,519 | 0 | 3,456,276 | ||||||||||||
|
Prakash A. Melwani
|
3,311,650 | 144,626 | 0 | 3,456,276 | ||||||||||||
At April 30, 2007, in addition to Lawrence K. Becker and
Prakash A. Melwani, the other directors of the Fund were as
follows:
Jeswald W. Salacuse
Leslie H. Gelb
Luis F. Rubio
II. Approval
of an Amendment to the Fund’s repurchase offer
policy
|
Votes |
Non-Voting |
Total Voting and |
||||||||||||||||
|
Votes For
|
Votes Against | Abstained | Shares | Non-Voting Shares | ||||||||||||||
| 2,367,706 | 170,542 | 49,838 | 0 | 2,588,086 | ||||||||||||||
A description of the policies and procedures that the Fund uses
to determine how to vote proxies relating to portfolio
securities is available without charge upon request by calling
the Fund’s toll free number at
1-866-800-8933
and at the Securities and Exchange Commission website at
http://www.sec.gov.
Information regarding how the Fund voted proxies relating to
portfolio securities during the most recent twelve month period
ended June 30, 2007 will be available, without charge, upon
request, by calling the Fund’s toll free number at
1-866-800-8933 and at the Securities and Exchange Commission
website at http://www.sec.gov.
| 1 | The Fund’s Board of Directors is divided into three classes: Class I, Class II, and Class III. The terms of office of the Class I, Class II, and Class III Directors expire at the Annual Meeting of Stockholders in the year 2008, year 2009 and year 2010, respectively, or thereafter in each case when their respective successors are duly elected and qualified. The Fund’s executive officers are chosen each year at the first meeting of the Fund’s Board of Directors following the Annual Meeting of Stockholders, to hold office until the meeting of the Board following the next Annual Meeting of Stockholders and until their successors are duly elected and qualified. |
26
THE
ASIA TIGERS FUND, INC.
Dividends and Distributions
(unaudited)
DIVIDEND
REINVESTMENT AND CASH PURCHASE PLAN
The Fund intends to distribute annually to shareholders
substantially all of its net investment income, and to
distribute any net realized capital gains at least annually. Net
investment income for this purpose is income other than net
realized long-and short-term capital gains net of expenses.
Pursuant to the Dividend Reinvestment and Cash Purchase Plan
(the “Plan”), shareholders whose shares of Common
Stock are registered in their own names will be deemed to have
elected to have all distributions automatically reinvested by
the Plan Agent in the Fund shares pursuant to the Plan, unless
such shareholders elect to receive distributions in cash.
Shareholders who elect to receive distributions in cash will
receive all distributions in cash paid by check in dollars
mailed directly to the shareholder by PNC Bank, National
Association, as dividend paying agent. In the case of
shareholders such as banks, brokers or nominees that hold shares
for others who are beneficial owners, the Plan Agent will
administer the Plan on the basis of the number of shares
certified from time to time by the shareholders as representing
the total amount registered in such shareholders’ names and
held for the account of beneficial owners that have not elected
to receive distributions in cash. Investors that own shares
registered in the name of a bank, broker or other nominee should
consult with such nominee as to participation in the Plan
through such nominee, and may be required to have their shares
registered in their own names in order to participate in the
Plan.
The Plan Agent serves as agent for the shareholders in
administering the Plan. If the Directors of the Fund declare an
income dividend or a capital gains distribution payable either
in the Fund’s Common Stock or in cash, nonparticipants in
the Plan will receive cash and participants in the Plan will
receive Common Stock, to be issued by the Fund or purchased by
the Plan Agent in the open market, as provided below. If the
market price per share on the valuation date equals or exceeds
net asset value per share on that date, the Fund will issue new
shares to participants at net asset value; provided, however,
that if the net asset value is less than 95% of the market price
on the valuation date, then such shares will be issued at 95% of
the market price. The valuation date will be the dividend or
distribution payment date or, if that date is not a New York
Stock Exchange trading day, the next preceding trading day. If
net asset value exceeds the market price of Fund shares at such
time, or if the Fund should declare an income dividend or
capital gains distribution payable only in cash, the Plan Agent
will, as agent for the participants, buy Fund shares in the open
market, on the New York Stock Exchange or elsewhere, for the
participants’ accounts on, or shortly after, the payment
date. If, before the Plan Agent has completed its purchases, the
market price exceeds the net asset value of a Fund share, the
average per share purchase price paid by the Plan Agent may
exceed the net asset value of the Fund’s shares, resulting
in the acquisition of fewer shares than if the distribution had
been paid in shares issued by the Fund on the dividend payment
date. Because of the foregoing difficulty with respect to
open-market purchases, the Plan provides that if the Plan Agent
is unable to invest the full dividend amount in open-market
purchases during the purchase period or if the market discount
shifts to a market premium during the purchase period, the Plan
Agent will cease making open-market purchases and
27
THE
ASIA TIGERS FUND, INC.
DIVIDEND
REINVESTMENT AND CASH PURCHASE PLAN (continued)
will receive the uninvested portion of the dividend amount in
newly issued shares at the close of business on the last
purchase date.
Participants have the option of making additional cash payments
to the Plan Agent, annually, in any amount from $100 to $3,000,
for investment in the Fund’s Common Stock. The Plan Agent
will use all such funds received from participants to purchase
Fund shares in the open market on or about February 15.
Any voluntary cash payment received more than 30 days prior
to this date will be returned by the Plan Agent, and interest
will not be paid on any uninvested cash payment. To avoid
unnecessary cash accumulations, and also to allow ample time for
receipt and processing by the Plan Agent, it is suggested that
participants send in voluntary cash payments to be received by
the Plan Agent approximately ten days before an applicable
purchase date specified above. A participant may withdraw a
voluntary cash payment by written notice, if the notice is
received by the Plan Agent not less than 48 hours before
such payment is to be invested.
The Plan Agent maintains all shareholder accounts in the Plan
and furnishes written confirmations of all transactions in an
account, including information needed by shareholders for
personal and tax records. Shares in the account of each Plan
participant will be held by the Plan Agent in the name of the
participant, and each shareholder’s proxy will include
those shares purchased pursuant to the Plan.
There is no charge to participants for reinvesting dividends or
capital gains distributions or voluntary cash payments. The Plan
Agent’s fees for the reinvestment of dividends and capital
gains distributions and voluntary cash payments will be paid by
the Fund. There will be no brokerage charges with respect to
shares issued directly by the Fund as a result of dividends or
capital gains distributions payable either in stock or in cash.
However, each participant will pay a pro rata share of brokerage
commissions incurred with respect to the Plan Agent’s open
market purchases in connection with the reinvestment of
dividends and capital gains distributions and voluntary cash
payments made by the participant. Brokerage charges for
purchasing small amounts of stock for individual accounts
through the Plan are expected to be less than the usual
brokerage charges for such transactions, because the Plan Agent
will be purchasing stock for all participants in blocks and
prorating the lower commission thus attainable.
The receipt of dividends and distributions under the Plan will
not relieve participants of any income tax that may be payable
on such dividends or distributions.
28
THE
ASIA TIGERS FUND, INC.
DIVIDEND
REINVESTMENT AND CASH PURCHASE PLAN (concluded)
Experience under the Plan may indicate that changes in the Plan
are desirable. Accordingly, the Fund and the Plan Agent reserve
the right to terminate the Plan as applied to any voluntary cash
payments made and any dividend or distribution paid subsequent
to notice of the termination sent to members of the Plan at
least 30 days before the record date for such dividend or
distribution. The Plan also may be amended by the Fund or the
Plan Agent, but (except when necessary or appropriate to comply
with applicable law, rules or policies of a regulatory
authority) only by at least 30 days’ written notice to
participants in the Plan. All correspondence concerning the Plan
should be directed to the Plan Agent at P.O. Box 43027,
Westborough, Massachusetts, 01581.
29
THE
ASIA TIGERS FUND, INC.
PRIVACY
POLICY OF
BLACKSTONE
ASIA ADVISORS L.L.C.
YOUR PRIVACY IS
PROTECTED
An important part of our commitment to you is our respect for
your right to privacy. Protecting all the information we are
either required to gather or which accumulates in the course of
doing business with you is a cornerstone of our relationship
with you. While the range of products and services we offer
continues to expand, and the technology we use continues to
change, our commitment to maintaining standards and procedures
with respect to security remains constant.
COLLECTION OF
INFORMATION
The primary reason that we collect and maintain information is
to more effectively administer our customer relationship with
you. It allows us to identify, improve and develop products and
services that we believe could be of benefit. It also permits us
to provide efficient, accurate and responsive service, to help
protect you from unauthorized use of your information and to
comply with regulatory and other legal requirements. These
include those related to institutional risk control and the
resolution of disputes or inquiries.
Various sources are used to collect information about you,
including (i) information you provide to us at the time you
establish a relationship, (ii) information provided in
applications, forms or instruction letters completed by you,
(iii) information about your transactions with us or our
affiliated companies,
and/or
(iv) information we receive through an outside source, such
as a bank or credit bureau. In order to maintain the integrity
of client information, we have procedures in place to update
such information, as well as to delete it when appropriate. We
encourage you to communicate such changes whenever necessary.
DISCLOSURE OF
INFORMATION
We do not disclose any nonpublic, personal information (such as
your name, address or tax identification number) about our
clients or former clients to anyone, except as permitted or
required by law. We maintain physical, electronic and procedural
safeguards to protect such information, and limit access to such
information to those employees who require it in order to
provide products or services to you.
The law permits us to share client information with companies
that are affiliated with us which provide financial, credit,
insurance, trust, legal, accounting and administrative services
to us or our clients. This allows us to enhance our relationship
with you by providing a broader range of products to better meet
your needs and to protect the assets you may hold with us by
preserving the safety and soundness of our firm.
30
THE
ASIA TIGERS FUND, INC.
PRIVACY POLICY
OF
BLACKSTONE
ASIA ADVISORS L.L.C.
Finally, we are also permitted to disclose nonpublic, personal
information to unaffiliated outside parties who assist us with
processing, marketing or servicing a financial product,
transaction or service requested by you, administering benefits
or claims relating to such a transaction, product or service,
and/or
providing confirmations, statements, valuations or other records
or information produced on our behalf.
It may be necessary, under anti-money laundering or other laws,
to disclose information about you in order to accept your
subscription. Information about you may also be released if you
so direct, or if we or an affiliate are compelled to do so by
law, or in connection with any government or self-regulatory
organization request or investigation.
We are committed to upholding this Privacy Policy. We will
notify you on an annual basis of our policies and practices in
this regard and at any time that there is a material change that
would require your consent.
December 2005
31
THE
ASIA TIGERS FUND, INC.
Investment
Manager:
Blackstone Asia Advisors L.L.C.
an affiliate of The Blackstone Group
Administrator:
Blackstone Asia Advisors L.L.C.
Sub-Administrator:
PFPC Inc.
Transfer
Agent:
PFPC Inc.
Custodian:
State Street Corporation
The Fund has adopted the Investment Manager’s proxy voting
policies and procedures to govern the voting of proxies
relating to its voting securities. You may obtain a copy of
these proxy voting procedures, without charge, by calling
1-866-800-8933
or by visiting the Securities and Exchange Commission’s
website at www.sec.gov.
Information regarding how the Fund voted proxies relating to
portfolio securities during the
12-month
period ended June 30, 2006, is available without charge,
upon request, by calling 1-866-800-8933 or by visiting the
Securities and Exchange Commission’s website at www.sec.gov.
The Fund files its complete schedule of portfolio holdings with
the Securities and Exchange Commission for the first and third
quarters of its fiscal year on
Form N-Q.
You may obtain a copy of these filings by visiting the
Securities and Exchange Commission’s website at www.sec.gov
or its Public Reference Room in Washington, D.C.
Information on the operation of the Public Reference Room may be
obtained by calling
1-800-SEC-0330.
This report is sent to shareholders of the Fund for their
information. It is not a Prospectus, circular or representation
intended for use in the purchase or sale of shares of the Fund
or of any securities mentioned in this report.
Blackstone Asia
Advisors L.L.C.
The Asia Tigers Fund, Inc.
Semi-Annual Report
April 30, 2007
The Asia Tigers Fund, Inc.
| Item 2. | Code of Ethics. |
Not applicable.
| Item 3. | Audit Committee Financial Expert. |
Not applicable.
| Item 4. | Principal Accountant Fees and Services. |
Not applicable.
| Item 5. | Audit Committee of Listed registrants. |
Not applicable.
| Item 6. | Schedule of Investments. |
Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting
period is included as part of the report to shareholders filed under Item 1 of this form.
| Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
| Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
There has been no change, as of the date of this filing, in any of the portfolio managers
identified in response to paragraph (a)(1) of this Item in the registrant’s most recently filed
annual report on Form N-CSR.
| Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
REGISTRANT PURCHASES OF EQUITY SECURITIES
| (d) Maximum Number | ||||||||||||||||
| (or Approximate | ||||||||||||||||
| (c) Total Number of | Dollar Value) of | |||||||||||||||
| Shares (or Units) | Shares (or Units) | |||||||||||||||
| (a) Total Number of | (b) Average Price | Purchased as Part of | that May Yet Be | |||||||||||||
| Shares (or Units) | Paid per Share (or | Publicly Announced Plans | Purchased Under the | |||||||||||||
| Period | Purchased | Unit) | or Programs | Plans or Programs | ||||||||||||
11/01/06 to 11/30/06 |
None | None | None | None | ||||||||||||
12/01/06 to 12/31/06 |
None | None | None | None | ||||||||||||
01/01/07 to 01/31/07 |
19,251.0000 | $ | 20.9622 | 19,251.0000 | (1) | None | ||||||||||
02/01/07 to 02/28/07 |
None | None | None | None | ||||||||||||
03/01/07 to 03/31/07 |
None | None | None | None | ||||||||||||
04/01/07 to 04/30/07 |
None | None | None | None | ||||||||||||
Total |
19,251.0000 | — | 19,251.0000 | None | ||||||||||||
| (1) | These shares were repurchased in connection with the Fund’s regular, periodic repurchase offer announced on December 22, 2006 that expired on January 12, 2007. In connection with this repurchase offer, the Fund offered to repurchase up to 247,246.3382 shares of its common stock, an amount equal to 5% of its outstanding shares of common stock, for cash at a price approximately equal to the Fund’s net asset value as of January 19, 2007. |
| Item 10. | Submission of Matters to a Vote of Security Holders. |
There have been no material changes to the procedures by which the shareholders may recommend
nominees to the registrant’s board of directors, where those changes were implemented after the
registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of
Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR
240.14a-101)), or this Item.
| Item 11. | 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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
| Item 12. | Exhibits. |
| (a)(1) | Not applicable. | ||
| (a)(2) | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. | ||
| (a)(3) | Not applicable. | ||
| (b) | Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 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
|
June 25, 2007 | |
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
|
June 25, 2007 | |
By (Signature and Title)*
|
/s/ Joseph Malangoni | |
| Joseph Malangoni, Treasurer | ||
| (principal financial officer) | ||
Date
|
June 25, 2007 | |
* Print the name and title of each signing officer under his or her signature.