N-Q
 

 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-08050
The Asia Tigers Fund, Inc.
 
(Exact name of registrant as specified in charter)
345 Park Avenue
New York, NY 10154
 
(Address of principal executive offices) (Zip code)
Simpson Thacher & Bartlett LLP
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, 2008
Date of reporting period: January 31, 2008
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 Schedule of Investments is attached herewith.

 

 

    The Asia Tigers Fund, Inc.
Schedule of Investments    
    January 31, 2008            
    (Unaudited)            
                                 
NUMBER         PERCENT OF              
OF SHARES     SECURITY   HOLDINGS     COST     VALUE  
 
COMMON STOCKS (97.31% of holdings)                        
       
China
     13.42 %                
       
Advertising Sales
     0.70 %                
  36,600    
AirMedia Group, Inc. ADR+
           $ 713,272     $ 837,774  
       
 
                    
       
Athletic Footwear
     0.59 %                
  1,610,000    
China Hongxing Sports, Ltd.
             431,078       698,568  
       
 
                    
       
Building & Construction Products — Miscellaneous
     0.31 %                
  168,000    
China National Building Material Co., Ltd.
             411,015       373,218  
       
 
                    
       
Chemicals — Fibers
     0.44 %                
  540,000    
China Sky Chemical Fibre Co., Ltd.
             470,012       529,561  
       
 
                    
       
Commercial Banks — Non-US
     1.42 %                
  488,000    
China Merchants Bank Co., Ltd., 144A
             607,118       1,696,270  
       
 
                    
       
Food — Miscellaneous / Diversified
     0.45 %                
  675,000    
Synear Food Holdings, Ltd.
             817,278       542,895  
       
 
                    
       
Gold Mining
     1.17 %                
  1,179,500    
Zijin Mining Group Co., Ltd.
             646,629       1,391,848  
       
 
                    
       
Life / Health Insurance
     1.01 %                
  335,000    
China Life Insurance Co., Ltd.
             669,803       1,203,119  
       
 
                    
       
Machinery — General Industry
     0.20 %                
  312,000    
Shanghai Electric Group Co., Ltd.
             255,668       239,311  
       
 
                    
       
Machinery — Material Handling
     1.52 %                
  861,200    
Shanghai Zhenhua Port Machinery Co., Class B
             452,140       1,811,965  
       
 
                    
       
Oil Companies — Integrated
     1.16 %                
  4,199    
China Petroleum and Chemical Corp. ADR
             168,538       451,896  
  678,000    
Petrochina Co., Ltd.
             679,391       932,246  
       
 
                    
       
 
             847,929       1,384,142  
       
 
                    
       
Real Estate — Operations & Development
     1.61 %                
  266,800    
China Merchants Property Development Co., Ltd.
             1,073,650       872,634  
  513,204    
China Vanke Co., Ltd. Class B
             79,537       1,043,338  
       
 
                    
       
 
             1,153,187       1,915,972  
       
 
                    

1

 

    The Asia Tigers Fund, Inc.
Schedule of Investments    
    January 31, 2008            
    (Unaudited)            
                                 
NUMBER         PERCENT OF              
OF SHARES     SECURITY   HOLDINGS     COST     VALUE  
 
COMMON STOCKS (continued)                        
       
China (continued)
                        
       
Schools
     0.27 %                
  5,600    
New Oriental Education & Technology Group, Inc. ADR+
           $ 367,522     $ 317,240  
       
 
                    
       
Shipbuilding
     1.23 %                
  422,000    
Guangzhou Shipyard International Co., Ltd.+
             519,180       1,464,150  
       
 
                    
       
Telecommunications Equipment
     0.30 %                
  217,000    
Foxconn International Holdings, Ltd.+
             145,516       357,937  
       
 
                    
       
Telecommunications Services
     0.85 %                
  1,334,000    
China Communications Services Corp., Ltd.+
             1,003,892       1,018,072  
       
 
                    
       
Transport — Services
     0.19 %                
  392,000    
Dalian Port (PDA) Co., Ltd.
             284,422       225,756  
       
 
                    
       
Total China
             9,795,661       16,007,798  
       
 
                    
       
Hong Kong
     20.67 %                
       
Apparel Manufacturers
     2.22 %                
  156,000    
Esprit Holdings, Ltd.
             219,698       2,016,931  
  218,500    
Ports Design, Ltd.
             451,027       630,579  
       
 
                    
       
 
             670,725       2,647,510  
       
 
                    
       
Building & Construction — Miscellaneous
     0.47 %                
  368,000    
China State Construction International Holdings, Ltd
     .       686,253       564,527  
       
 
                    
       
Cellular Telecommunications
     4.08 %                
  331,600    
China Mobile, Ltd.
             1,144,748       4,861,459  
       
 
                    
       
Chemicals — Specialty
     0.51 %                
  1,620,000    
EcoGreen Fine Chemical Group
             712,759       602,586  
       
 
                    
       
Commercial Banks — Non-US
     0.58 %                
  88,402    
Dah Sing Financial Group
             499,745       696,204  
       
 
                    
       
Commercial Services
     0.47 %                
  5,402,500    
Shenzhen International Holdings, Ltd.
             548,836       561,288  
       
 
                    
       
Diversified Operations
     0.73 %                
  88,381    
Hutchison Whampoa, Ltd.
             419,142       863,813  
       
 
                    

2

 

The Asia Tigers Fund, Inc.
     
Schedule of Investments   January 31, 2008            
    (Unaudited)            
                                 
NUMBER         PERCENT OF              
OF SHARES     SECURITY   HOLDINGS      COST     VALUE  
 
COMMON STOCKS (continued)                        
       
Hong Kong (continued)
                        
       
Electric — Generation
     1.25 %                
  621,500    
China Resources Power Holdings Co., Ltd.
           $ 523,751     $ 1,484,317  
       
 
                    
       
Electronic Components — Miscellaneous
     0.53 %                
  678,000    
AAC Acoustic Technology Holdings, Inc.+
             659,408       633,962  
       
 
                    
       
Finance — Other Services
     1.24 %                
  71,500    
Hong Kong Exchanges & Clearing, Ltd.
             248,006       1,474,681  
       
 
                    
       
Oil Companies — Exploration & Production
     0.86 %                
  7,050    
CNOOC, Ltd. ADR
             356,973       1,027,396  
       
 
                    
       
Power Conversion / Supply Equipment
     0.50 %                
  332,000    
China High Speed Transmission Equipment Group Co., Ltd.+
             795,634       596,173  
       
 
                    
       
Real Estate — Operations & Development
     2.69 %                
  104,700    
Cheung Kong Holdings, Ltd.
             845,018       1,688,060  
  3,781,328    
SRE Group, Ltd.
             790,667       703,264  
  42,000    
Sun Hung Kai Properties, Ltd.
             718,923       821,533  
       
 
                    
       
 
             2,354,608       3,212,857  
       
 
                    
       
Retail — Apparel / Shoe
     0.89 %                
  914,000    
Belle International Holdings, Ltd.
             900,300       1,064,481  
       
 
                    
       
Retail — Consumer Electronics
     0.73 %                
  391,000    
Gome Electrical Appliances Holdings, Ltd.
             650,207       872,633  
       
 
                    
       
Retail — Major Department Store
     1.04 %                
  1,000,000    
New World Department Store China+
             1,154,784       1,244,164  
       
 
                    
       
Retail — Restaurants
     0.56 %                
  330,000    
Cafe De Coral Holdings, Ltd.
             297,250       666,231  
       
 
                    
       
Steel — Producers
     0.65 %                
  2,804,000    
Shougang Concord International Enterprises Co., Ltd.
             631,192       769,658  
       
 
                    
       
Transport — Services
     0.67 %                
  278,000    
Integrated Distribution Services Group, Ltd.
             506,378       802,293  
       
 
                    
       
Total Hong Kong
             13,760,699       24,646,233  
       
 
                    

3

 

The Asia Tigers Fund, Inc.
     
Schedule of Investments   January 31, 2008            
    (Unaudited)            
                                 
NUMBER         PERCENT OF              
OF SHARES     SECURITY   HOLDINGS      COST     VALUE  
 
COMMON STOCKS (continued)                        
       
India
     12.12 %                
       
Applications Software
     1.07 %                
  33,452    
Infosys Technologies, Ltd.
           $ 401,465     $ 1,277,675  
       
 
                    
       
Commercial Banks — Non-US
     1.72 %                
  58,980    
Punjab National Bank, Ltd.
             490,396       958,659  
  20,015    
State Bank of India
             82,268       1,099,109  
       
 
                    
       
 
             572,664       2,057,768  
       
 
                    
       
Engineering / Research & Development Services
     1.09 %                
  60,950    
Punj Lloyd, Ltd.
             512,789       684,497  
  16,550    
Texmaco, Ltd.
             472,306       619,716  
       
 
                    
       
 
             985,095       1,304,213  
       
 
                    
       
Independent Power Producer
     0.13 %                
  12,500    
Lanco Infratech, Ltd.
             247,027       153,349  
       
 
                    
       
Machinery Tools & Related Products
     0.40 %                
  277,550    
Shanthi Gears, Ltd.
             535,969       478,267  
       
 
                    
       
Motion Pictures & Services
     0.96 %                
  51,313    
UTV Software Communications, Ltd.
             652,601       1,143,091  
       
 
                    
       
Oil Refining & Marketing
     2.75 %                
  94,750    
Chennai Petroleum Corp., Ltd.
             617,596       715,408  
  40,704    
Reliance Industries, Ltd.
             331,847       2,563,189  
       
 
                    
       
 
             949,443       3,278,597  
       
 
                    
       
Power Conversion & Supply Equipment
     2.32 %                
  31,368    
Bharat Heavy Electricals, Ltd.
             200,480       1,644,360  
  65,355    
Indo Tech Transformers, Ltd.
             465,348       1,120,372  
       
 
                    
       
 
             665,828       2,764,732  
       
 
                    
       
Shipbuilding
     0.87 %                
  57,750    
ABG Shipyard, Ltd.
             455,088       1,039,207  
       
 
                    
       
Telecommunications Services
     0.81 %                
  62,910    
Reliance Communications, Ltd.
             377,962       961,744  
       
 
                    
       
Total India
             5,843,142       14,458,643  
       
 
                    

4

 

The Asia Tigers Fund, Inc.
     
Schedule of Investments   January 31, 2008            
    (Unaudited)            
                                 
NUMBER         PERCENT OF              
OF SHARES     SECURITY   HOLDINGS     COST     VALUE  
 
COMMON STOCKS (continued)                        
       
Indonesia
     4.02 %                
       
Coal
     2.05 %                
  3,540,500    
PT Bumi Resources TBK
           $ 460,360     $ 2,450,570  
       
 
                    
       
Commercial Banks — Non-US
     0.81 %                
  2,517,660    
PT Bank Central Asia TBK
             333,342       966,603  
       
 
                    
       
Industrial
     0.63 %                
  34,750,500    
Duta Graha Indah TBK PT
             728,531       751,647  
       
 
                    
       
Telecommunications Services
     0.53 %                
  629,500    
PT Telekomunikasi Indonesia TBK
             313,016       629,738  
       
 
                    
       
Total Indonesia
             1,835,249       4,798,558  
       
 
                    
       
Malaysia
     6.35 %                
       
Agriculture
     1.24 %                
  673,075    
IOI Corp. BHD
             229,192       1,476,999  
       
 
                    
       
Casino Hotels
     1.15 %                
  1,133,500    
Resorts World BHD
             602,397       1,366,296  
       
 
                    
       
Commercial Banks — Non-US
     0.98 %                
  365,400    
Bumiputra — Commerce Holdings BHD
             457,078       1,163,227  
       
 
                    
       
Engineering / Research & Development Services
     0.63 %                
  267,850    
WCT Engineering BHD
             665,878       753,341  
       
 
                    
       
Metal Processors & Fabrication
     1.91 %                
  1,038,400    
KNM Group BHD
             551,769       2,278,671  
       
 
                    
       
Real Estate — Operations & Development
     0.44 %                
  779,100    
IGB Corp. BHD
             501,233       529,754  
       
 
                    
       
Total Malaysia
             3,007,547       7,568,288  
       
 
                    
       
Singapore
     11.52 %                
       
Agricultural Chemicals
     0.41 %                
  826,000    
China XLX Fertiliser, Ltd.+
             621,597       483,688  
       
 
                    
       
Commercial Banks — Non-US
     1.06 %                
  103,100    
DBS Group Holdings, Ltd.
             659,566       1,264,201  
       
 
                    

5

 

The Asia Tigers Fund, Inc.
     
Schedule of Investments   January 31, 2008            
    (Unaudited)            
                                 
NUMBER         PERCENT OF              
OF SHARES     SECURITY   HOLDINGS     COST     VALUE  
 
COMMON STOCKS (continued)                        
       
Singapore (continued)
                        
       
Computers — Integrated Systems
     0.63 %                
  1,131,000    
CSE Global, Ltd.
           $ 769,089     $ 750,064  
       
 
                    
       
Diversified Operations
     1.20 %                
  180,000    
Keppel Corp., Ltd.
             649,687       1,437,562  
       
 
                    
       
Energy — Alternate Sources
     0.47 %                
  600,000    
First Resources, Ltd.+
             461,501       563,003  
       
 
                    
       
Food — Wholesale / Distribution
     0.84 %                
  551,000    
Olam International, Ltd.
             536,293       1,006,836  
       
 
                    
       
Oil — Field Services
     0.43 %                
  316,000    
Swiber Holdings, Ltd.+
             596,313       514,999  
       
 
                    
       
Oil Field Machinery & Equipment
     0.44 %                
  366,000    
KS Energy Services, Ltd.
             463,608       524,185  
       
 
                    
       
Real Estate — Operations & Development
     0.70 %                
  189,500    
Keppel Land, Ltd.
             142,823       831,586  
       
 
                    
       
Schools
     0.68 %                
  488,000    
Raffles Education Corp., Ltd.
             397,612       809,087  
       
 
                    
       
Telecommunications Services
     0.71 %                
  326,840    
Singapore Telecommunications, Ltd.
             466,545       841,658  
       
 
                    
       
Transport — Equipment & Leasing
     0.47 %                
  495,000    
Goodpack, Ltd.
             716,306       565,754  
       
 
                    
       
Transportation — Marine
     3.48 %                
  622,000    
Cosco Corp. (Singapore), Ltd.
             501,604       1,952,801  
  1,352,000    
Ezra Holdings, Ltd.
             357,030       2,193,876  
       
 
                    
       
 
             858,634       4,146,677  
       
 
                    
       
Total Singapore
             7,339,574       13,739,300  
       
 
                    
       
South Korea
     17.56 %                
       
Auto — Cars & Light Trucks
     0.50 %                
  7,670    
Hyundai Motor Co.
             385,526       596,438  
       
 
                    

6

 

The Asia Tigers Fund, Inc.
     
Schedule of Investments   January 31, 2008            
(Unaudited)            
                             
NUMBER         PERCENT OF            
OF SHARES     SECURITY   HOLDINGS   COST     VALUE  
 
COMMON STOCKS (continued)                    
       
South Korea (continued)
                    
       
Building & Construction — Miscellaneous
   1.41%                
  14,040    
GS Engineering & Construction Corp.
       $ 332,960     $ 1,680,814  
       
 
                
       
Cellular Telecommunications
   0.73%                
  3,851    
SK Telecom Co., Ltd.
         698,091       869,015  
       
 
                
       
Commercial Banks — Non-US
   1.53%                
  27,701    
Kookmin Bank
         886,609       1,819,538  
       
 
                
       
Diversified Financial Services
   1.68%                
  37,520    
Shinhan Financial Group Co., Ltd.
         585,202       1,999,424  
       
 
                
       
Electronic Components — Semiconductors
   4.36%                
  8,254    
Samsung Electronics Co., Ltd.
         2,409,054       5,203,019  
       
 
                
       
Finance — Credit Card
   0.53%                
  12,910    
Samsung Card Co., Ltd.+
         682,836       629,156  
       
 
                
       
Finance — Investment Banker / Broker
   0.59%                
  5,727    
Mirae Asset Securities Co., Ltd.
         1,054,425       709,883  
       
 
                
       
Machinery — Construction & Mining
   0.47%                
  24,920    
Doosan Infracore Co., Ltd.
         701,683       563,664  
       
 
                
       
Metal Processors & Fabrication
   0.84%                
  13,580    
PYEONG SAN Co., Ltd.
         728,691       472,617  
  6,209    
Taewoong Co., Ltd.
         638,136       524,926  
       
 
                
       
 
         1,366,827       997,543  
       
 
                
       
Non-Ferrous Metals
   0.66%                
  6,830    
Korea Zinc Co., Ltd.
         254,371       785,099  
       
 
                
       
Retail — Discount
   1.08%                
  1,990    
Shinsegae Co., Ltd.
         558,276       1,288,155  
       
 
                
       
Shipbuilding
   0.64%                
  28,290    
Samsung Heavy Industries Co., Ltd.
         369,621       762,772  
       
 
                
       
Steel — Producers
   2.54%                
  5,625    
POSCO
         710,822       3,033,293  
       
 
                

7

 

The Asia Tigers Fund, Inc.
     
Schedule of Investments   January 31, 2008            
(Unaudited)            
                             
NUMBER         PERCENT OF            
OF SHARES     SECURITY   HOLDINGS   COST     VALUE  
 
COMMON STOCKS (continued)                    
       
Total South Korea
       $ 10,996,303     $ 20,937,813  
       
 
                
       
Taiwan
   8.73%                
       
Circuit Boards
   0.50%                
  468,560    
Unimicron Technology Corp.
         761,240       592,229  
       
 
                
       
Computers
   0.53%                
  311,324    
Advantech Co., Ltd.
         370,818       634,040  
  1    
Compal Electronics, Inc.
         1       1  
       
 
                
       
 
         370,819       634,041  
       
 
                
       
Electronic Components — Miscellaneous
   2.82%                
  258,003    
Asustek Computer, Inc.
         711,010       662,627  
  512,009    
Hon Hai Precision Industry Co., Ltd.
         1,030,503       2,698,428  
       
 
                
       
 
         1,741,513       3,361,055  
       
 
                
       
Electronic Components — Semiconductors
   0.23%                
  28,250    
MediaTek, Inc.
         370,144       275,372  
       
 
                
       
Entertainment Software
   0.48%                
  95,450    
International Games System Co., Ltd.
         755,322       572,792  
       
 
                
       
Life / Health Insurance
   0.79%                
  401,000    
Cathay Financial Holding Co., Ltd.
         847,899       942,605  
       
 
                
       
Semiconductor Components — Integrated Circuits
   3.38%                
  991,333    
Advanced Semiconductor Engineering, Inc.
         620,026       864,602  
  88,829    
Novatek Microelectronics Corp., Ltd.
         413,021       303,815  
  1,539,324    
Taiwan Semiconductor Manufacturing Co., Ltd.
         2,434,054       2,866,954  
       
 
                
       
 
         3,467,101       4,035,371  
       
 
                
       
Total Taiwan
         8,314,038       10,413,465  
       
 
                
       
Thailand
   2.92%                
       
Commercial Banks — Non-US
   0.68%                
  370,105    
Siam Commercial Bank PCL
         157,065       807,135  
       
 
                
       
Oil Companies — Exploration & Production
   1.08%                
  289,400    
PTT Exploration & Production PCL
         474,039       1,288,560  
       
 
                

8

 

The Asia Tigers Fund, Inc.
     
Schedule of Investments   January 31, 2008            
(Unaudited)            
                             
NUMBER         PERCENT OF            
OF SHARES     SECURITY   HOLDINGS   COST     VALUE  
 
COMMON STOCKS (continued)                    
       
Thailand (continued)
                    
       
Oil Refining & Marketing
   0.59%                
  303,200    
Thai Oil PCL
       $ 509,471     $ 697,961  
       
 
                
       
Real Estate — Operations & Development
   0.57%                
  981,000    
Central Pattana PCL
         456,377       683,417  
       
 
                
       
Total Thailand
         1,596,952       3,477,073  
       
 
                
       
TOTAL COMMON STOCKS
         62,489,165       116,047,171  
       
 
                
RIGHTS (0.05% of holdings)                    
       
India
   0.05%                
       
Commercial Banks — Non-US
   0.05%                
  4,003    
State Bank of India
         0       58,177  
       
 
                
       
Total India
         0       58,177  
       
 
                
       
TOTAL RIGHTS
         0       58,177  
       
 
                
REPURCHASE AGREEMENTS (2.64% of holdings)                    
PRINCIPAL                        
AMOUNT  
United States
   2.64%                
       
State Street Bank, 1.25% dated 01/31/08, due 02/01/08, proceeds at maturity $3,147,998 (Collaterized by $3,082,000 FNMA, 6%, due
                    
  3,147,889    
05/15/08, Market Value $3,148,006)
         3,147,889       3,147,889  
       
 
                
       
Total United States
         3,147,889       3,147,889  
       
 
                
       
TOTAL REPURCHASE AGREEMENTS
         3,147,889       3,147,889  
       
 
                
       
TOTAL INVESTMENTS
   100.00%   $ 65,637,054     $ 119,253,237  
       
 
                

9

 

The Asia Tigers Fund, Inc.
     
Schedule of Investments   January 31, 2008            
(Unaudited)            
 
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 January 31, 2008, these securities amounted to a value of $1,696,270.
+
  Non-Income producing security
 
  As of October 31, 2007, the aggregate cost for federal income tax purposes was $64,565,434. The aggregate gross unrealized appreciation (depreciation) for all securities was as follows:
         
Excess of value over tax cost
   $ 104,525,834  
Excess of tax cost over value
     (243,556 )
 
      
 
   $ 104,282,278  
 
      

10

 

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
         
(Registrant) 
  The Asia Tigers Fund, Inc.
 
    
         
By (Signature and Title)*
  /s/ Prakash A. Melwani    
 
 
 
Prakash A. Melwani, President 		   
 
  (principal executive officer)    
         
Date
   March 24, 2008    
 
 
 
    
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
         
By (Signature and Title)*
  /s/ Prakash A. Melwani    
 
 
 
Prakash A. Melwani, President 		   
 
  (principal executive officer)    
         
Date
   March 24, 2008    
 
 
 
    
         
By (Signature and Title)*
  /s/ Joseph Malangoni    
 
 
 
Joseph Malangoni, Treasurer 		   
 
  (principal financial officer)    
         
Date
   March 24, 2008    
 
 
 
    
 
* Print the name and title of each signing officer under his or her signature.

 

 

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.