UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

The Asia Tigers Fund, Inc.

(Exact name of registrant as specified in charter)

345 Park Avenue
New York, NY 10154

Simpson Thacher & Bartlett LLP
425 Lexington Avenue
(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: July 31, 2007

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 

 

Item 1. Schedule of Investments.

The Asia Tigers Fund, Inc.

Schedule of Investments		July 31, 2007 (Unaudited)

NUMBER				PERCENT OF
OF SHARES		SECURITY		HOLDINGS				COST				VALUE
COMMON STOCKS (99.48% of holdings)
		China			19.46	%
		Athletic Footwear			0.62	%
1,610,000		China Hongxing Sports, Ltd.						$	431,078			$	843,488
		Chemicals—Fibers			0.55	%
500,000		China Sky Chemical Fibre Co., Ltd.							416,603				757,850
		Commercial Banks—Non-US			2.28	%
1,596,000		China Construction Bank							850,141				1,203,182
525,500		China Merchants Bank Co., Ltd., 144A							648,722				1,913,656
									1,498,863				3,116,838
		Food—Meat Products			0.45	%
532,500		People's Food Holdings, Ltd.							317,435				621,124
		Food—Miscellaneous / Diversified			0.53	%
537,000		Synear Food Holdings, Ltd.							666,820				721,922
		Gold Mining			0.73	%
1,287,500		Zijin Mining Group Co., Ltd.							702,845				1,003,514
		Life / Health Insurance			1.43	%
454,000		China Life Insurance Co., Ltd.							855,388				1,963,635
		Machinery—General Industry			0.86	%
1,538,000		Haitian International Holdings, Ltd.+							970,031				1,175,178
		Machinery—Material Handling			1.74	%
1,115,600		Shanghai Zhenhua Port Machinery Co., Class B							538,098				2,384,037
		Non-Ferrous Metals			0.56	%
1,140,000		Hunan Non-Ferrous Metal Corp., Ltd., 144A							311,981				760,364
		Oil Companies—Integrated			1.47	%
8,399		China Petroleum and Chemical Corp. ADR							349,357				881,643
756,000		Petrochina Co., Ltd.							753,957				1,126,333
									1,103,314				2,007,976
		Power Conversion & Supply Equipment			0.30	%
64,000		Dongfang Electrical Machinery Co., Ltd.							380,442				413,787

The Asia Tigers Fund, Inc.

Schedule of Investments		July 31, 2007 (Unaudited)

NUMBER				PERCENT OF
OF SHARES		SECURITY		HOLDINGS				COST				VALUE
COMMON STOCKS (continued)
		China (continued)
		Real Estate—Operations & Development			4.25	%
390,600		China Merchants Property Development Co., Ltd.						$	1,573,001			$	2,043,273
1,300,004		China Vanke Co., Ltd., Class B							203,166				3,772,316
									1,776,167				5,815,589
		Retail—Regional Department Store			0.77	%
1,208,000		Golden Eagle Retail Group, Ltd.							603,467				1,057,314
		Shipbuilding			2.26	%
486,000		Guangzhou Shipyard International Co., Ltd.+							431,829				3,101,830
		Telecommunications Equipment			0.46	%
217,000		Foxconn International Holdings, Ltd.+							145,516				632,180
		Transport—Services			0.20	%
348,000		Dalian Port (PDA) Co., Ltd.							257,236				270,796
		Total China							11,407,113				26,647,422
		Hong Kong			18.26	%
		Apparel Manufacturers			1.74	%
156,000		Esprit Holdings, Ltd.							219,698				2,112,889
111,500		Ports Design, Ltd.							201,204				268,412
									420,902				2,381,301
		Cellular Telecommunications			2.92	%
343,100		China Mobile, Ltd.							1,179,056				3,995,984
		Chemicals—Specialty			0.32	%
944,000		EcoGreen Fine Chemical Group							414,404				446,293
		Commercial Banks—Non-US			0.59	%
88,402		Dah Sing Financial Group							499,745				808,763
		Commercial Services			0.47	%
5,402,500		Shenzhen International Holdings, Ltd.							548,836				648,887
		Diversified Operations			1.88	%
1,000,000		C C Land Holdings, Ltd.							1,038,946				1,234,308
88,381		Hutchison Whampoa, Ltd.							419,142				949,732

The Asia Tigers Fund, Inc.

Schedule of Investments		July 31, 2007 (Unaudited)

NUMBER				PERCENT OF
OF SHARES		SECURITY		HOLDINGS				COST				VALUE
COMMON STOCKS (continued)
		Hong Kong (continued)
		Diversified Operations (continued)
159,000		NWS Holdings, Ltd.						$	386,938			$	386,009
									1,845,026				2,570,049
		Electric—Generation			1.64	%
864,000		China Resources Power Holdings Co., Ltd.							478,981				2,241,073
		Electronic Components—Miscellaneous			0.41	%
466,000		AAC Acoustic Technology Holdings, Inc.+							462,596				557,324
		Finance—Other Services			1.19	%
98,000		Hong Kong Exchanges & Clearing, Ltd.							214,561				1,629,107
		Food—Wholesale / Distribution			0.44	%
2,495,000		Heng Tai Consumables Group, Ltd.+							564,380				608,906
		Footwear & Related Apparel			0.43	%
694,000		Prime Success International Group, Ltd.							543,805				583,488
		Oil Companies—Exploration & Production			0.97	%
11,250		CNOOC, Ltd. ADR							557,593				1,334,250
		Real Estate—Operations & Development			2.65	%
104,700		Cheung Kong Holdings, Ltd.							845,018				1,484,964
247,000		Hopewell Holdings, Ltd.							281,995				1,074,633
2,507,328		Shanghai Real Estate, Ltd.							555,728				1,070,050
									1,682,741				3,629,647
		Retail—Apparel / Shoe			0.54	%
640,000		Belle International Holdings, Ltd.							535,528				744,162
		Retail—Restaurants			0.46	%
330,000		Cafe De Coral Holdings, Ltd.							297,250				629,114
		Steel—Producers			0.59	%
2,478,000		Shougang Concord International Enterprises Co., Ltd.							427,244				807,398
		Sugar			0.39	%
1,048,000		Xiwang Sugar Holdings Co., Ltd.							557,734				528,938

The Asia Tigers Fund, Inc.

Schedule of Investments		July 31, 2007 (Unaudited)

NUMBER				PERCENT OF
OF SHARES		SECURITY		HOLDINGS				COST				VALUE
COMMON STOCKS (continued)
		Hong Kong (continued)
		Transport—Services			0.63	%
278,000		Integrated Distribution Services Group, Ltd.						$	506,378			$	861,396
		Total Hong Kong							11,736,760				25,006,080
		India			8.56	%
		Applications Software			1.55	%
43,352		Infosys Technologies, Ltd.							475,290				2,122,646
		Commercial Banks—Non-US			1.14	%
58,980		Punjab National Bank, Ltd.							490,396				751,809
20,015		State Bank of India							82,268				805,160
									572,664				1,556,969
		Motion Pictures & Services			0.39	%
45,363		UTV Software Communications, Ltd.							546,716				529,090
		Oil Refining & Marketing			1.81	%
94,750		Chennai Petroleum Corp., Ltd.							617,596				676,207
38,454		Reliance Industries, Ltd.							180,517				1,801,932
									798,113				2,478,139
		Power Conversion & Supply Equipment			2.31	%
52,048		Bharat Heavy Electricals, Ltd.							263,730				2,231,945
79,455		Indo Tech Transformers, Ltd.							557,676				931,738
									821,406				3,163,683
		Shipbuilding			0.73	%
69,350		ABG Shipyard, Ltd.							559,414				1,006,784
		Telecommunications Services			0.63	%
62,910		Reliance Communications, Ltd.							377,962				870,528
		Total India							4,151,565				11,727,839
		Indonesia			3.11	%
		Coal			0.76	%
3,540,500		PT Bumi Resources TBK							460,360				1,036,244

The Asia Tigers Fund, Inc.

Schedule of Investments		July 31, 2007 (Unaudited)

NUMBER				PERCENT OF
OF SHARES		SECURITY		HOLDINGS				COST				VALUE
COMMON STOCKS (continued)
		Indonesia (continued)
		Commercial Banks—Non-US			0.63	%
1,258,830		PT Bank Central Asia TBK						$	333,342			$	859,689
		Metal Processors & Fabrication			0.64	%
26,619,000		PT Bakrie and Brothers TBK+							451,297				880,086
		Telecommunications Services			0.63	%
709,500		PT Telekomunikasi Indonesia TBK							350,610				861,398
		Transportation—Marine			0.45	%
3,001,000		PT Berlian Laju Tanker TBK							539,551				614,839
		Total Indonesia							2,135,160				4,252,256
		Malaysia			4.85	%
		Agriculture			0.79	%
708,500		IOI Corp. BHD							238,665				1,087,002
		Casino Hotels			1.00	%
1,133,500		Resorts World BHD							602,397				1,364,991
		Commercial Banks—Non-US			0.91	%
365,400		Bumiputra—Commerce Holdings BHD							457,078				1,248,146
		Metal Processors & Fabrication			1.14	%
1,038,400		KNM Group BHD							551,769				1,563,086
		Real Estate—Operations & Development			0.44	%
779,100		IGB Corp. BHD							501,233				602,170
		Rubber and Vinyl			0.57	%
330,580		Top Glove Corp. BHD							582,070				779,918
		Total Malaysia							2,933,212				6,645,313
		Singapore			11.84	%
		Commercial Banks—Non-US			1.15	%
103,100		DBS Group Holdings, Ltd.							659,566				1,569,482
		Computers—Integrated Systems			0.59	%
939,000		CSE Global, Ltd.							618,468				804,442

The Asia Tigers Fund, Inc.

Schedule of Investments		July 31, 2007 (Unaudited)

NUMBER				PERCENT OF
OF SHARES		SECURITY		HOLDINGS				COST				VALUE
COMMON STOCKS (continued)
		Singapore (continued)
		Diversified Operations			1.17	%
180,000		Keppel Corp., Ltd.						$	649,687			$	1,601,371
		Food—Wholesale / Distribution			0.79	%
551,000		Olam International, Ltd.							536,293				1,089,327
		Oil Field Machinery & Equipment			0.83	%
444,000		KS Energy Services, Ltd.							561,409				1,141,125
		Real Estate—Operations & Development			1.63	%
245,500		Keppel Land, Ltd.							179,271				1,350,901
410,000		Yanlord Land Group, Ltd.							555,627				875,416
									734,898				2,226,317
		Schools			0.42	%
488,000		Raffles Education Corp., Ltd.							397,612				578,866
		Telecommunications Services			0.55	%
326,840		Singapore Telecommunications, Ltd.							466,545				753,857
		Transport—Equipment & Leasing			0.20	%
176,000		Goodpack, Ltd.							274,877				270,243
		Transportation—Marine			4.16	%
778,000		Cosco Corp. (Singapore), Ltd.							588,852				2,640,416
742,000		Ezra Holdings, Ltd.							388,967				3,056,114
									977,819				5,696,530
		Water Treatment Systems			0.35	%
250,000		Sino-Environment Technology Group, Ltd.+							506,993				477,775
		Total Singapore							6,384,167				16,209,335
		South Korea			20.90	%
		Auto—Cars & Light Trucks			0.75	%
11,640		Hyundai Motor Co.							504,126				1,028,139
		Building & Construction—Miscellaneous			2.22	%
17,190		GS Engineering & Construction Corp.							388,617				2,580,463

The Asia Tigers Fund, Inc.

Schedule of Investments		July 31, 2007 (Unaudited)

NUMBER				PERCENT OF
OF SHARES		SECURITY		HOLDINGS				COST				VALUE
COMMON STOCKS (continued)
		South Korea (continued)
		Building & Construction—Miscellaneous (continued)
6,500		Kumho Industrial Co., Ltd.						$	207,541			$	458,175
									596,158				3,038,638
		Cellular Telecommunications			0.63	%
3,851		SK Telecom Co., Ltd.							698,091				858,757
		Commercial Banks—Non-US			1.76	%
27,701		Kookmin Bank							886,609				2,416,643
		Diversified Financial Services			2.57	%
13,920		Korea Investment Holdings Co., Ltd.							487,195				961,514
37,520		Shinhan Financial Group Co., Ltd.							585,202				2,554,935
									1,072,397				3,516,449
		Electronic Components—Semiconductors			5.13	%
10,521		Samsung Electronics Co., Ltd.							2,928,051				7,026,971
		Finance—Credit Card			0.50	%
9,380		Samsung Card Co., Ltd.+							484,207				682,609
		Machinery—General Industry			0.56	%
18,900		Doosan Infracore Co., Ltd.							499,364				760,687
		Non-Ferrous Metals			1.33	%
8,180		Korea Zinc Co., Ltd.							291,771				1,819,656
		Retail—Discount			0.95	%
1,990		Shinsegae Co., Ltd.							558,276				1,307,473
		Shipbuilding			1.85	%
46,090		Samsung Heavy Industries Co., Ltd.							602,185				2,531,867
		Steel—Producers			2.65	%
5,625		POSCO							710,822				3,267,432
2,550		POSCO ADR							73,236				363,247
									784,058				3,630,679
		Total South Korea							9,905,293				28,618,568

The Asia Tigers Fund, Inc.

Schedule of Investments		July 31, 2007 (Unaudited)

NUMBER				PERCENT OF
OF SHARES		SECURITY		HOLDINGS				COST				VALUE
COMMON STOCKS (continued)
		Taiwan			9.29	%
		Circuit Boards			0.35	%
334,560		Unimicron Technology Corp.						$	500,103			$	485,387
		Computers			0.69	%
296,479		Advantech Co., Ltd.+							370,817				939,798
1		Compal Electronics, Inc.							1				1
									370,818				939,799
		Electronic Components—Miscellaneous			3.00	%
199,100		Asustek Computer, Inc.							560,356				568,614
426,674		Hon Hai Precision Industry Co., Ltd.							1,030,503				3,537,302
									1,590,859				4,105,916
		Electronic Components—Semiconductors			0.35	%
26,250		MediaTek, Inc.							292,147				474,450
		Entertainment Software			0.86	%
95,450		International Games System Co., Ltd.							755,322				1,181,161
		Life / Health Insurance			0.69	%
357,000		Cathay Financial Holding Co., Ltd.							749,087				937,956
		Semiconductor Components—Integrated Circuits			3.35	%
863,583		Advanced Semiconductor Engineering, Inc.+							620,026				1,131,826
88,829		Novatek Microelectronics Corp., Ltd.							413,021				411,532
1,539,324		Taiwan Semiconductor Manufacturing Co., Ltd.							2,434,054				3,049,653
									3,467,101				4,593,011
		Total Taiwan							7,725,437				12,717,680
		Thailand			3.21	%
		Building Products—Cement & Aggregation			0.46	%
77,420		Siam Cement PCL							423,667				623,486
		Commercial Banks—Non-US			0.66	%
370,105		Siam Commercial Bank PCL							157,065				898,553
		Oil Companies—Exploration & Production			0.80	%
289,400		PTT Exploration & Production PCL							474,039				1,096,764

The Asia Tigers Fund, Inc.

Schedule of Investments		July 31, 2007 (Unaudited)

NUMBER				PERCENT OF
OF SHARES		SECURITY		HOLDINGS				COST				VALUE
COMMON STOCKS (continued)
		Thailand (continued)
		Oil Refining & Marketing			0.57	%
303,200		Thai Oil PCL						$	509,471			$	785,492
		Real Estate—Operations & Development			0.72	%
981,000		Central Pattana PCL							456,377				987,535
		Total Thailand							2,020,619				4,391,830
		TOTAL COMMON STOCKS							58,399,326				136,216,323
REPURCHASE AGREEMENTS (0.52% of holdings)
PRINCIPAL AMOUNT		United States			0.52	%
		State Street Bank, 1.5% dated 07/31/07,
		due 08/01/07, proceeds at maturity $708,934
		(Collateralized by $696,000 FNMA, 6%, due
708,904		05/15/08, Market Value $709,166)							708,904				708,904
		Total United States							708,904				708,904
		TOTAL REPURCHASE AGREEMENTS							708,904				708,904
		TOTAL INVESTMENTS			100.00	%		$	59,108,230			$	136,925,227

Footnotes and Abbreviations

Excess of value over tax cost		$	58,595,132
Excess of tax cost over value			(307,284	)
		$	58,287,848

Item 2. Controls and Procedures.

	(a)		The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).
	(b)		There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) The Asia Tigers Fund, Inc.

By (Signature and Title)*		/s/ Prakash A. Melwani      Prakash A. Melwani, President
		(principal executive officer)

Date September 13, 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 September 13, 2007

By (Signature and Title)*		/s/ Joseph Malangoni      Joseph Malangoni, Treasurer
		(principal financial officer)

Date September 13, 2007