ASIA TIGERS FUND INC, N-30D, 1999-12-29

ASIA TIGERS FUND INC
N-30D, 1999-12-29

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The Asia Tigers Fund, Inc.

Annual Report
October 31, 1999

ADVANTAGE ADVISERS, INC.
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The Asia Tigers Fund, Inc.

December 10, 1999

Dear Shareholder,

We are pleased to present you with the audited financial statements of The Asia
Tigers Fund, Inc. (the "Fund") for the fiscal year ended October 31, 1999.
During the past twelve months, the Asian region has experienced a remarkable
recovery, with the Fund participating significantly in the surging equity
markets. Nine of the twelve markets in which the Fund invests recorded gains of
23% or more in U.S. dollar terms during the latest twelve month period, with the
remaining three markets increasing at lower rates. The standout performers were
Malaysia, Indonesia and Korea, each of which increased 160% or better in U.S.
dollar terms during the period.

The Fund's net asset value ("NAV") closed at $11.02 per share on October 31,
1999, up 46.0% from $7.55 per share twelve months earlier. In comparison, the
MSCI AC Asia Free ex-Japan Index increased 50.7% during the same period.

Particularly noteworthy has been the Fund's performance since July 1, 1999, when
Advantage Advisers' Portfolio Manager Punita Kumar-Sinha assumed responsibility
for the Fund. Between July 1 and October 31, 1999, the Fund outperformed its
benchmark index by more than 520 basis points.

In the following pages, the Investment Manager provides a detailed look at the
Fund's portfolio, as well as a discussion of the economic and market conditions
of the region.

The Investment Manager currently has a positive outlook for the next twelve
months. While some investors have expressed concerns over the impact on the
region of the Y2K issue and of any interest rate increases by the U.S. Federal
Reserve, the Investment Manager believes that these issues should not stand in
the way of further Asian economic restructuring and recovery.

On behalf of the Board of Directors, thank you for your participation in the
Fund.

Sincerely,

/s/ Alan Rappaport

Alan Rappaport
Chairman

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THE ASIA TIGERS FUND, INC.

Report of the Investment Manager

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PERFORMANCE

During the twelve-month period ended October 31, 1999, Asia ex-Japan equity
markets staged a remarkable recovery, as investor confidence and capital flows
began returning to the region. The MSCI AC Asia Free ex-Japan Index, the
regional benchmark which The Asia Tigers Fund uses for comparison purposes,
surged 50.7%, while the Fund's net asset value per share ("NAV") appreciated
46.0% during the year ended October 31, 1999. The Fund's slight underperformance
occurred entirely in the first six months of the fiscal year, and resulted from
the Fund being significantly cash-heavy when equity markets first began to
recover.

Nine of the twelve markets in which the Fund invests recorded gains of 23% or
more in U.S. dollar terms during the twelve months ended October 31, 1999, with
three registering triple-digit advances. Malaysia, Indonesia and Korea were the
standout performers, surging 186.2%, 164.3%, and 161.8%, respectively, in U.S.
dollar terms. Notable laggards were Sri Lanka and the Philippines, rising only
3.3% and 8.3% in U.S. dollar terms, respectively. None of the 12 markets in
which the Fund invests recorded a loss for the period.

Just as in the twelve months ended October 31, 1998, currencies once again
played a significant role in performance. Not surprisingly, the three standout
markets mentioned above also recorded the biggest positive currency impacts. In
Korea and Indonesia, appreciating local currencies contributed 23.8% and 26.9%,
respectively, to their U.S. dollar-denominated gains. The currency impact on
Malaysia was even more dramatic, with currency accounting for 85.9% of the
market's 186.2% U.S. dollar-denominated gain. In some instances, however, a
weakening local currency muted U.S. dollar-denominated gains. Most notably, this
was the case in Singapore, Thailand, India, and Pakistan.

ASIAN MARKET RETURNS FOR THE TWELVE MONTHS ENDED OCTOBER 31, 1999

US$ returns Local currency returns
Hong Kong 23.2% 23.6%
Taiwan 27.9 25.0
India 61.6 65.5
Singapore* 56.1 59.6
Korea 161.8 138.0
Thailand* 36.3 43.2
Philippines* 8.3 7.8
Malaysia* 186.2 100.3
China* 14.7 15.0
Pakistan 43.5 46.3
Sri Lanka 3.3 10.0
Indonesia* 164.3 137.4

* Market indices used to calculate these returns reflect transactions
that are free of foreign ownership limits or legal restrictions at
the country level.
Source: FactSet, an online database of financial and market data derived
from many sources.

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THE ASIA TIGERS FUND, INC.

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COUNTRY ALLOCATION

During the twelve-month period ended October 31, 1999, the biggest percentage
point shift in the Fund's country allocations was a tripling of the percentage
of the Fund's holdings invested in Korean companies, to 21.8% as of October 31,
1999, from 7.2% on October 31, 1998. The big increase in Korean exposure
reflected percentage point reductions in most of the other markets (including
Hong Kong, Taiwan, India, Singapore, Thailand, Pakistan, China and Sri Lanka).
Modest percentage point increases were recorded for Indonesia and the
Philippines.

Despite its 1.5 percentage point drop in portfolio share in the past twelve
months, Hong Kong remains the largest single country allocation, at 27.8% of the
portfolio's holdings on October 31, 1999.

Reflecting the available investment opportunities in the region, the Fund's cash
position was reduced dramatically to approximately 1% at October 31, 1999,
compared with 10% at October 31, 1998.

COUNTRY HOLDINGS* [GRAPHIC OMITTED]
October 31, 1999

Hong Kong 27.8%
Korea 21.7
Taiwan 16.7
India 12.1
Singapore 10.4
Thailand 3.0
Malaysia 2.5
Philippines 2.3
Indonesia 2.0
Pakistan 0.4
China 0.3
Sri Lanka 0.1
Cash 0.7

*Percent of Fund's Net Assets.

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The Fund's net asset value is calculated weekly and published in The Wall Street
Journal every Monday under the heading, "Closed End Funds." The Fund's NAV is
also published in The New York Times on Mondays and in Barron's on Saturdays.
The Fund is listed on the New York Stock Exchange under ticker symbol GRR.

If you have any questions or would like an update on the Fund, please call our
toll-free number, (800) 421-4777. This number provides a recorded monthly review
as well as specific details about the Fund, its portfolio and performance.
- --------------------------------------------------------------------------------

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THE ASIA TIGERS FUND, INC. [GRAPHIC OMITTED]

COUNTRY HOLDINGS* (continued)
October 31,1998

Hong Kong 29.3%
Taiwan 16.9
India 14.4
Singapore 11.6
Korea 7.2
Thailand 4.8
Philippines 1.9
Malaysia 1.8
China 1.0
Pakistan 0.6
Sri Lanka 0.2
Indonesia 0.3
Cash 10.0

*Percent of Fund's Net Assets.

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REGIONAL OUTLOOK

During the twelve months ended October 31, 1999, Asia finally began what appears
to be a sustained recovery from its economic crisis. The initial confidence
boost in Asian markets was triggered by the U.S. Federal Reserve Board's three
interest rate cuts in November 1998. But we believe that the subsequent
broad-based rally could not have been sustained without growing evidence that
Asia's economies were indeed on the mend. Fortunately, with just a few
exceptions (e.g., Indonesia, Pakistan), we believe that signs of a cyclical
bottoming, together with structural reform efforts, became evident during 1999.

Although the pace of recovery continues to vary sharply among the Asian
countries, the broad recovery trends have been somewhat similar from country to
country. In the past twelve months, most Asian countries have exhibited at least
some of the following: declining interest rates, subdued inflation, a sharp
pick-up in industrial production, a revival in exports fueling rising current
account surpluses, and a bottoming out and/or recovery in consumer spending. We
believe that a stronger-than-expected Japanese economy has also been a key
factor in aiding and sustaining non-Japan Asia's recovery. In short, just as the
close economic links within Asia exacerbated the region's downturn, once having
bottomed, they are now accelerating the recovery.

FOCUS ON STRUCTURAL REFORM

Together with the cyclical upturn, Asian governments as well as corporations
have also shown increasing seriousness and focus in undertaking structural
reform. The pace and extent of such changes have varied dramatically within the
region; nevertheless, we believe that in almost every country, there have been
encouraging signs.

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THE ASIA TIGERS FUND, INC.

South Korea is probably the best example of this development, with the
government maintaining unrelenting pressure on the chaebols (conglomerates) to
streamline, pay down debt, and restructure. In Thailand, a new bankruptcy law
was finally passed, helping to accelerate non-performing loan (NPL)
restructuring. On September 1, 1999, Malaysia lifted the bulk of its capital
controls, and in October, Indonesia successfully completed its first democratic
elections in the nation's history.

At the corporate level, a number of Asian companies have reduced their goal of
growth for its own sake, and have shown a new-found interest in enhancing return
on capital and economic value-added, as well as in fair treatment for minority
shareholders. Although such companies can be found throughout the region,
particularly impressive are the new management attitudes evident in Singapore,
Korea, Taiwan, and India.

INVESTOR CONCERNS

With Asian markets having retreated from their mid-1999 highs, investors are now
focused on Year 2000 ("Y2K") concerns and the direction of U.S. interest rates
as possible stumbling blocks to further Asian restructuring and recovery. While
we cannot be certain of the impact of Y2K concerns or interest rate movements on
any of the Asian countries, we do not believe that either of these concerns
represents a major impediment to overall Asian prospects in the next twelve
months.

o While we believe Y2K concerns will not be critical for the larger
Asian countries, most observers believe that the issue remains a
more significant problem for some of the smaller markets, such as
the Philippines and Thailand, where stocks have been sold down at
least partially because of these concerns. In these smaller markets,
putting the issue to rest will be especially important.

o As for interest rates, we think it is unlikely that Asian markets
will be derailed by further modest U.S. rate hikes.

In short, with no exogenous shocks expected, we believe that Asia's near-term
future rests largely in its own hands, with further equity gains hinging mainly
on accelerating earnings growth and a continuation of macroeconomic and
corporate restructuring.

SOME INVESTMENT THEMES

During the past twelve months, a stronger-than-expected macroeconomic recovery
raised Asian share prices in a broad range of industries and companies. By
contrast, in the next twelve months, we believe that investors will need to be
more selective in order to earn a significant rate of return in the Asian
markets.

One important theme on which we continue to focus is the impact on Asia of the
rapid pace of technological change. One example is the trend toward global
outsourcing. As more multinationals recognize that their core skill-set revolves
around brand management and research and design capabilities, they are
contracting out nearly all of their manufacturing. Countries with globally
competi-

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THE ASIA TIGERS FUND, INC.

tive manufacturing expertise, such as Taiwan and South Korea, have companies
that we believe will emerge as big winners from this global shift in
manufacturing. Not surprisingly, we are overweight in both Taiwan and Korea.

But global outsourcing is only one trend. Numerous growth industries are
emerging in Asia, such as computers, software, communications, networking and
wireless connectivity. Moreover, it is only recently that investors have been
able to acquire significant exposure, with many of these exciting new companies
being listed in the larger markets such as South Korea, Taiwan, India, Singapore
and Hong Kong.

Together with the resumption of growth in Asia's traditional industries, we
believe that these new trends suggest a positive outlook for Asia in the coming
year.

CHINA
US$0.7 million, 0.3% of the Fund's total investments as of October 31, 1999.

In our view, the deflation threat appears to be receding for China's economy,
with the country's Consumer Price Index actually moving into positive territory
in August 1999, recording a 0.1% increase versus August 1998. Aided by an
expansionary fiscal policy and a reduction in interest rates, domestic economic
activity has been picking up while export growth has returned to pre-crisis
levels. The government has been showing a determined effort to reform the
state-owned enterprises, e.g., permitting private takeovers and even failures of
state-owned enterprises. Recent successful negotiations paving the way for China
to enter the World Trade Organization represent a watershed event for the
country. We expect GDP growth forecasts to be raised as further details of the
agreement are released.

Most of the Fund's greater China exposure is in Hong Kong-based companies that
have significant operations in China. However, the Fund also holds securities of
two mainland China-based companies: (1) Yanzhou Coal Mining exports to two of
the largest coal-consuming Asian countries, Japan and South Korea. In the first
six months of 1999, reported sales rose 3.1% year-to-year to Renminbi (RMB)
1,865.2 million from RMB 1,809 million and reported net profit rose 19.6%
year-to-year to RMB 445.5 million from RMB 372.5 million. (2) Beijing Datang
Power Generation Company develops, constructs, owns, and operates coal-fired
power plants in northern China. For the six months ended June 1999, its reported
net profit rose 8.3% to RMB 645.8 million vs. RMB 596.4 million a year earlier.

HONG KONG
US$62.8 million, 28% of the Fund's total investments as of October 31, 1999.

Calendar year 1999 has been a year of recovery in Hong Kong, as that area
benefited from the region-wide economic pick-up. By midyear, export growth began
to rebound, while the worst of the deflationary spiral began to ease. However,
because of the local currency peg to the U.S. dollar, we believe that Hong Kong
did not experience as sharp a drop in interest rates as compared to the rest of
the region. Hence, with inflation remaining largely non-existent, real interest
rates in Hong Kong have been at their highest levels in 15 years. Not
surprisingly, this has kept the property market in

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THE ASIA TIGERS FUND, INC.

the doldrums. Nevertheless, with the unemployment rate now falling since the
second quarter of 1999, and retail sales picking up since April 1999, we believe
that these are clear signs that local confidence is returning to Hong Kong.
Recently, there was a much better than expected domestic response to the
government's sale of shares of Hong Kong-based blue chip companies.

Hong Kong-based Hutchison Whampoa is the Fund's largest holding. Hutchison's
activities include telecommunications, property development and investment, port
operations, and supermarkets as well as other retail businesses. However, over
50% of its net asset value is estimated to be telecommunications-related. With a
visionary management and solid capital structure, Hutchison is arguably the
premier conglomerate in non-Japan Asia. Hutchison's earnings can be quite
volatile, due to frequent asset sales and spinoffs. For instance, analysts have
forecast that Hutchison will earn a full year 1999 net profit in excess of Hong
Kong Dollars (HK$)125 billion on the back of only about HK$50 billion in
revenues. Roughly HK$115 billion of the net profit is expected to be attributed
to the spinoff of Orange, a U.K.-based cellular phone operator.

INDIA
US$27.4 million, 12.2% of the Fund's total investments as of October 31, 1999.

Despite political uncertainty and heightened cross-border tensions, 1999 has
been another good year for the Indian economy and the equity market. Industrial
production began to pick up across-the-board during the second quarter of
calendar 1999, rising 5.6%, and exports also rebounded, increasing 6.5%. In
April, the ruling Bhartiya Janata Party (BJP) lost a no-confidence vote, making
it necessary to hold new elections. The BJP returned to power in a convincing
victory in September, hopefully paving the way for a period of relative
political stability. We believe that India now needs to convincingly deal with
its high budget deficit, as well as the many structural impediments that are
holding back faster growth of the economy.

A key sector among the Fund's Indian holdings continues to be the software
industry, with major holdings in Infosys Technology and NIIT. Analysts' earnings
growth forecasts for both companies for their current 2000 fiscal year are in
the range of 35%-70%; the analysts also expect that companies will be investing
to move up to higher value-added services. In its most recent fiscal year ended
March 1999, Infosys Technology reported both revenue and earnings growth of
124%, with revenues of Rupees (Rs) 5,089 million and earnings of Rs 1,353
million. The consensus estimate from analysts covered by the Institutional
Brokers Estimate System (I/B/E/S) was that NIIT would achieve a 37% earnings
growth for the twelve months ended September 1999, its fiscal year end.

INDONESIA
US$4.5 million, 2.0% of the Fund's total investments as of October 31, 1999.

The key hope in Indonesia is that following the successful completion of a
democratic presidential election held in October -- the first in the nation's
history -- the country has put the worst of the post-Suharto turmoil behind it.
Certainly, there is reason for some optimism. Although it is still early in his
term, President Gus Dur has shown signs of being a skilled leader. The full
audit of the Bank

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THE ASIA TIGERS FUND, INC.

Bali scandal has been made available to the International Monetary Fund (IMF),
paving the way for a resumption of international funding. The violence in East
Timor appears to be winding down, which should help to improve the country's
international reputation. In our view, if the new government can steer clear of
scandals and reckless military activity, it can focus on recapitalizing the
banking system and debt-laden corporations.

The Fund's holdings in Indonesia reflect a cautious optimism, from PT
Telkomunikasi Indonesia, the national phone monopoly, to PT Gudang Garam, the
country's largest cigarette manufacturer, to PT Indofood Sukses Makmur, one of
the world's largest instant noodle makers. For PT Telkomunikasi Indonesia,
following flat earnings in 1998, the first nine months of 1999 registered a
sharp recovery, with reported revenues rising 18.7% to Rupiah (Rph.) 5,740
billion from Rph. 4,836 billion a year earlier and reported net profits surging
352% to Rph. 1,474 billion from Rph. 326 billion a year earlier.

KOREA
US$48.9 million, 21.8% of the Fund's total investments as of October 31, 1999.

Over the past twelve months, Korea has surprised even the optimists with a much
stronger than expected rebound. Industrial production gathered increasing
strength throughout the year, while exports moved back up into double-digit
growth by mid-calendar year 1999. As a result, Korea's second quarter of 1999
GDP annualized growth rate surged 9.5%, with most analysts revising upward their
full year 1999 forecast to 6%-7%.

There has also been a great deal of evidence on a micro level that Korean
companies have been making the tough decisions in restructuring, scaling back
operations and recapitalizing their balance sheets. Although trouble resurfaced
in the third calendar quarter of 1999 with the Daewoo debt crisis, the
government has moved quickly to contain the problem. It now appears that the
cost of bailing out Daewoo will be spread among the investment trust companies,
the government and the public.

In Korea, the Fund has significant exposure to the Samsung Group, including
Samsung Electronics, Electro-Mechanics and Display Devices. Among all of the
Korean chaebols, Samsung has responded quickly and decisively to Korea's
economic crisis by de-leveraging balance sheets, shedding loss-making
businesses, and raising global competitiveness. Samsung's management is viewed
by foreign institutional investors as among the most progressive and
forward-looking in South Korea. One of its businesses, Samsung Electronics, is
one of the world's largest DRAM memory chip manufacturers; that unit's net
profit surged a reported 154% in 1998 to Won 313 billion from Won 123 billion in
1997, on 8.7% revenue growth to Won 20,084 billion from Won 18,476 billion.

MALAYSIA
US$5.7 million, 2.6% of the Fund's total investments as of October 31, 1999.

Since the beginning of 1999, Malaysia has shown many signs of a cyclical
economic recovery -- surging industrial production; robust export growth (aided
by the pegged currency); benign infla-

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THE ASIA TIGERS FUND, INC.

tion; and a burgeoning trade surplus, which from January 1999 through July 1999
accumulated to US$10.4 billion. In addition, relative to other ASEAN
(Association of Southeast Asian Nations) member countries, Malaysia's Central
Bank has moved more effectively to clean up non-performing loans in the banking
system. On September 1, 1999, the government, as promised, lifted nearly all
exchange controls, retaining only a 10% "exit levy" on profits. The subsequent
estimated outflow of foreign funds totaled only approximately US$1.5-US$2.0
billion, a reflection that despite negative sentiment arising from the
government's past actions, investors cannot ignore the market's improving
fundamentals and decent valuations.

The Fund's holdings in Malaysia include blue-chip, heavyweight Malayan Bank;
positions in the highly profitable gaming industry, including Berjaya Sports
Toto (private lottery operator) and Resorts World (casino); and electronics
exposure through a high-quality integrated circuits packager, Unisem. Among
listed Malaysian companies, we view these four as among the highest quality,
with very strong returns on capital. We believe that these holdings will help
the Fund's portfolio to be well positioned when Malaysia returns to the MSCI
benchmark indices in May 2000. Malayan Bank's June 1999 fiscal year end results
showed a 648% increase in reported earnings to Ringgit (RM) 970 million from RM
130 million a year earlier, largely because of a non-repeat of the prior year's
heavy provisioning. Resorts World also announced half-year results (for the six
months ended June 1999) of RM 374 million, a 104% year-on-year increase vs. RM
183 million a year earlier.

PAKISTAN
US$1.0 million, 0.4% of the Fund's total investments as of October 31, 1999.

We view Pakistan as a country in crisis. Following the recent overthrow of Prime
Minister Sharif's government, the military is now running the country with no
clear timetable for a return to civilian rule. Meanwhile, the economy has been
pushed to the brink of default, although the IMF and other international bodies
are working to help Pakistan through its near-term problems. Perhaps the most
positive point that can be made about Pakistan is that, given its difficulties,
equity valuations are among the cheapest in Asia.

The Fund's only holding in Pakistan is Republic of Pakistan convertible bonds.
These bonds may be converted into shares of Pakistan Telecom, the country's
dominant telephone service provider. For its June 1998 fiscal year (latest
available), Pakistan Telecom reported revenue of Rupees (Rps) 46.5 billion and
net profit of Rps 14.6 billion, for increases of 14.6% and 19.1%, vs. revenues
of Rps 40.6 billion and net profit of Rps 12.25 billion in fiscal 1997.

PHILIPPINES
US$5.2 million, 2.3% of the Fund's total investments as of October 31, 1999.

During the past year, the Philippines' macroeconomic trends have been generally
positive. Trade performance has been particularly impressive, with exports
rising 13.7% year-to-date from January through July 1999 versus the same period
in 1998, fueling a burgeoning current account surplus.

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THE ASIA TIGERS FUND, INC.

Inflation and interest rates trended down sharply during the year, though
concern that both are close to bottoming has recently begun to surface. But the
biggest worry continues to be political. Specifically, President Estrada's
administration is seen as not moving quickly enough to tackle such ills as the
burgeoning fiscal deficit, corporate cronyism, and structural reform.

The Fund holds six stocks in the Philippines, providing exposure to the banking,
telecommunications, property, media, consumer and energy sectors. A key holding
is Manila Electric, the country's dominant electricity transmission and
distribution network. We believe that expected industry deregulation combined
with a proposed tariff increase should impact the company positively in 2000. In
1998, reported revenues surged 21.5% to 81.5 million pesos from 67 million pesos
in 1997, although reported net profit declined 5% due to higher costs as well as
an expected electricity rate hike that failed to materialize.

SINGAPORE
US$23.5 million, 10.5% of the Fund's total investments as of October 31, 1999.

More than any Asian country, we believe that Singapore probably responded the
most rapidly and most proactively to the Asian economic crisis, and is now
pushing most aggressively to adapt its corporate culture to the more competitive
global business environment. The economy moved out of a deflationary mode by
midyear 1999, although inflation is still running less than 1% while interbank
rates have hovered between 2%-3%. The biggest concern about Singapore has
generally been lack of growth opportunities. However, as new industries develop
(e.g., contract manufacturers) and others increasingly turn to offshore
investments, we believe that this is becoming less of a concern.

The Fund's largest sector holdings are in the banking and electronics contract
manufacturers (ECM) sectors. We believe that Singapore banks are viewed as
extremely well managed, with some of the highest capital adequacy ratios in
Asia, and also stand to benefit from banking industry consolidation.

Singapore's ECMs, such as Venture, Natsteel Electronics, and Omni, continue to
exploit the rising trend of global outsourcing by multinationals. During 1998,
the three companies registered earnings growth rates of 32%, 90%, and 28%,
respectively. Looking ahead, the industry is forecast to grow 25%-30% per annum
over the next few years.

SRI LANKA
US$0.2 million, 0.1% of the Fund's total investments as of October 31, 1999.

Although the economy has managed to continue to grow despite the ongoing
16-year-old civil war in north Sri Lanka, defense spending has surged to 5% of
GDP, while foreign investors have become increasingly unnerved. In addition,
export performances from both the tea and garment industries have been
disappointing during the past year. Presidential elections were recently called
for December 1999, one year earlier than previously expected.

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THE ASIA TIGERS FUND, INC.

The Fund owns one stock in Sri Lanka, John Keells Holding, a broadly diversified
conglomerate with a focus on operating tourism-related services. The company
also manages tea plantations, and recently expanded its leisure operations into
the Maldives. Based on the I/B/E/S consensus forecast, analysts expect John
Keells' earnings for the fiscal year ending March 2000 to surge 33%
year-over-year to (Rupee) Rp 965 million from Rp 725 million a year earlier.

TAIWAN
US$37.8 million, 16.8% of the Fund's total investments as of October 31, 1999.

Being a much more insulated economy, Taiwan emerged largely unscathed from the
Asian economic crisis. However, by the same token, it was also insulated from,
and did not participate in, much of the upside as recovery trends took hold in
the region during the past year. (Some effects of the regional recovery included
sharply declining interest rates and improving bank non-performing loans.)

Nevertheless, the upturn in global commodity prices, which first surfaced during
the second quarter of 1999, positively impacted Taiwan's industrial sector. With
that said, the year's most successful performance again came from Taiwan's
technology sector, fueled by rising PC demand and the continued global
outsourcing trend. The second half of the year saw no shortage of challenges, as
a July political clash with China was followed two months later by a 7.3
Richter-scale earthquake, killing over 2,000 people and causing billions of
dollars in damages. However, the sabre rattling with China has eased, and it
appears that Taiwan's economy is recovering from the quake much more quickly
than initially forecast.

The Fund's key focus in Taiwan is the technology sector. Holdings include Taiwan
Semiconductor Manufacturing Company, Hon Hai Precision Industry, Compal
Electronics Inc., and Asustek Computers Inc. Taiwan's technology sector covers a
broad range of companies, including foundries, integrated circuit packagers,
notebook computers, and other electronic component manufacturers. One
commonality is that nearly all are globally competitive, strongly managed
companies which are well positioned to exploit the rapidly growing technological
investment sweeping Asia. During the first half of 1999, Hon Hai and Asustek
registered net profit growth of 19% and 40.5% to (New Taiwan Dollar) NT$2.96
billion and NT$6.7 billion from NT$2.48 billion and NT$4.77 billion,
respectively. Taiwan Semiconductor, which recently announced third quarter 1999
numbers, has seen revenues and earnings for the first nine months of 1999 surge
69% and 65%, respectively. Looking forward, earnings growth ranging from 25%-40%
is forecast for all three companies.

THAILAND
US$6.8 million, 3.0% of the Fund's total investments as of October 31, 1999.

Similar to much of Asia, Thailand has benefited during the past twelve months
from steadily falling inflation and interest rates. However, the country's
export growth has not been as impressive, rising only 1.5% year-over-year in the
first six months of the calendar year 1999. Nevertheless, we believe the economy
is recovering, as evidenced by the 3.5% year-over-year rise in second quarter
1999

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THE ASIA TIGERS FUND, INC.

GDP, as compared to a 9.4% contraction for full year 1998. Most importantly, we
believe that Thailand is slowly gaining control of the banking system's
problems. Almost all of the major banks have now recapitalized and are
aggressively restructuring loans. The ratio of non-performing loans as a
percentage of total loans outstanding appears to have finally peaked near 50% in
August 1999, and has been steadily declining since.

The Fund's exposure in Thailand centers on the banking and telecommunications
sectors. Our two bank holdings, Thai Farmers Bank and Siam Commercial Bank, have
been among the most progressive of the banks in restructuring non-performing
loans and recapitalizing their balance sheets. Among telecommunications
companies, we believe that Advanced Information Service is a high quality
cellular investment, while Telecom Asia Corporation is aggressively
restructuring, both operationally and financially. Advanced Info's recently
released third quarter 1999 net profit showed a 143% year-over-year increase to
Baht 1,316 million from Baht 541 million a year earlier, while Telecom Asia's
third quarter 1999 results saw an encouraging recovery of revenue growth, rising
a reported 7% year-over-year to Baht 2,611 million from Baht 2,440 million.

Punita Kumar-Sinha
Portfolio Manager
Advantage Advisers, Inc.

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Portfolio Management Change

On July 1, 1999, Advantage Advisers, Inc. ("Advantage"), the Fund's Investment
Manager, assumed direct responsibility for the day-to-day portfolio management
of the Fund in accordance with its Management Agreement. Ms. Punita Kumar-Sinha,
Ph.D., CFA, of Advantage, is responsible for managing the Fund's portfolio. Ms.
Kumar-Sinha joined Advantage in June 1997 as the portfolio manager of The India
Fund, Inc., a closed-end country fund. Prior to joining Advantage, Ms.
Kumar-Sinha was a portfolio manager in the emerging markets team at Batterymarch
Financial Management Inc., managing funds invested in Indian subcontinent
securities. Ms. Kumar-Sinha also worked previously at Standish Ayer and Wood as
an international equity analyst focusing on Asia, as well as developing country
allocation models and strategies as part of the international equity management
team. Prior to July 1, 1999, AXA Asset Management Partenaires served as
Investment Adviser to the Fund.

Year 2000 Processing Issues

Many computer programs employed throughout the world use two digits rather than
four to identify the year. These programs, if not adapted, may not correctly
handle the change from "99" to "00" on January 1, 2000, and may not be able to
perform necessary functions. The Year 2000 issue affects virtually all companies
and organizations.

The Investment Manager has advised the Fund that it has implemented steps
intended to ensure that its computer systems are capable of Year 2000
processing. In addition, the Fund has inquired with third parties to assess the
adequacy of their Year 2000 compliance efforts. The Fund has developed
contingency plans intended to ensure that third-party non-compliance will not
materially affect the Fund's operations. The Fund does not currently anticipate
that the Year 2000 issue will have an adverse effect on the Investment Manager's
ability to continue to provide the services currently provided to the Fund.

Companies in which the Fund invests could be adversely affected by the Year 2000
issue, but the Fund cannot predict the consequential effect on its investment
return. To the extent the impact on a portfolio holding is negative, the Fund's
investment return could be adversely affected.

Share Repurchase Program

On December 10, 1999, the Board of Directors of the Fund authorized the Fund to
repurchase from time to time in the open market up to 1,000,000 shares of the
Fund's common stock. The Fund's Board directed management to repurchase the
Fund's shares at such times and in such amounts as management believes will
enhance shareholder value, subject to review by the Fund's Board of Directors.
- --------------------------------------------------------------------------------

13
<PAGE>

THE ASIA TIGERS FUND, INC.

Schedule of Investments October 31, 1999

COMMON STOCKS (95.76% of holdings)

<TABLE>
<CAPTION>
Number Percent of
of Shares Security Holdings Cost Value
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
China 0.30%
Mining 0.18%
1,200,000 Yanzhou Coal Mining Company ............................. $ 380,218 $ 397,719
-------------- ---------------
Utilities - Electric & Gas 0.12%
1,326,000 Beijing Datang Power Generation ......................... 564,843 276,488
-------------- ---------------
Total China ............................................. 945,061 674,207
-------------- ---------------
Hong Kong 28.00%
Banking 3.86%
524,800 Hang Seng Bank .......................................... 4,612,389 5,707,799
246,000 HSBC Holdings ........................................... 2,803,473 2,952,583
-------------- ---------------
7,415,862 8,660,382
-------------- ---------------
Consumer Goods & Services 0.68%
901,000 Li & Fung ............................................... 1,203,218 1,536,593
-------------- ---------------
Energy Sources 0.28%
3,020,000 Shanghai Petrochemical Company .......................... 560,170 618,048
-------------- ---------------
Financial Services 0.53%
298,800 Dah Sing Financial Group ................................ 1,190,105 1,192,231
-------------- ---------------
Manufacturing 0.57%
1,358,000 Esprit Holdings ......................................... 1,044,558 1,284,710
-------------- ---------------
Media 0.63%
266,000 Television Broadcasts ................................... 1,239,972 1,420,849
-------------- ---------------
Multi-Industry 6.22%
1,391,000 Hutchison Whampoa ....................................... 9,304,402 13,964,965
-------------- ---------------
Real Estate 8.79%
1,074,000 Amoy Properties ......................................... 1,048,695 926,184
804,000 Cheung Kong Holdings .................................... 5,629,933 7,295,638
1,026,000 Kerry Properties ........................................ 1,533,763 1,016,848
967,700 Sun Hung Kai Properties ................................. 6,679,436 7,815,784
925,714 Wharf Holdings .......................................... 2,461,192 2,674,923
-------------- ---------------
17,353,019 19,729,377
-------------- ---------------
Retailing 1.19%
910,000 Dickson Concepts International .......................... 795,678 849,176
1,710,000 Giordano International .................................. 1,245,966 1,815,801
-------------- ---------------
2,041,644 2,664,977
-------------- ---------------
</TABLE>

14
<PAGE>

THE ASIA TIGERS FUND, INC.

Schedule of Investments (continued) October 31, 1999

COMMON STOCKS (continued)

<TABLE>
<CAPTION>
Number Percent of
of Shares Security Holdings Cost Value
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Hong Kong (continued)
Telecommunications 4.21%
2,478,800 Cable and Wireless ...................................... $ 4,725,706 $ 5,663,148
900,000 China Telecommunication ................................. 1,709,224 3,081,359
347,000 City Telecommunication .................................. 167,233 243,413
600,000 Pacific Century Cyberworks + ............................ 513,377 451,778
-------------- ---------------
7,115,540 9,439,698
-------------- ---------------
Transportation - Air 0.71%
787,000 Cathay Pacific Airways .................................. 1,263,601 1,600,479
-------------- ---------------
Utilities - Electric & Gas 0.33%
161,900 CLP Holdings ............................................ 836,115 741,848
-------------- ---------------
Total Hong Kong ......................................... 50,568,206 62,854,157
-------------- ---------------
India 12.22%
Automobiles 0.59%
55,000 Punjab Tractors ......................................... 1,077,471 1,309,243
1,500 Tata Engineering & Locomotive ........................... 12,622 8,279
100 TVS Suzuki .............................................. 1,296 1,659
-------------- ---------------
1,091,389 1,319,181
-------------- ---------------
Banking 0.01%
9,100 Bank of Baroda .......................................... 22,744 13,626
-------------- ---------------
Beverages & Tobacco 0.61%
85,000 ITC ..................................................... 1,381,536 1,362,918
-------------- ---------------
Building Materials & Components 0.26%
100 Gujarat Ambuja Cements .................................. 864 1,244
301,150 India Cements ........................................... 606,279 589,674
-------------- ---------------
607,143 590,918
-------------- ---------------
Business/Public Service 4.46%
37,200 Infosys Technology ...................................... 1,136,668 5,954,057
81,450 NIIT .................................................... 1,096,283 4,063,118
-------------- ---------------
2,232,951 10,017,175
-------------- ---------------
Chemicals 0.94%
1,284 Castrol India ........................................... 11,650 10,086
389,523 Reliance Industries ..................................... 1,521,738 2,095,671
-------------- ---------------
1,533,388 2,105,757
-------------- ---------------
</TABLE>

15
<PAGE>

THE ASIA TIGERS FUND, INC.

Schedule of Investments (continued) October 31, 1999

COMMON STOCKS (continued)

<TABLE>
<CAPTION>
Number Percent of
of Shares Security Holdings Cost Value
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
India (continued)
Construction & Housing 0.00%
1,400 Larsen & Toubro ......................................... $ 8,693 $ 12,839
-------------- ---------------
Energy Sources 0.71%
435,000 Hindustan Petroleum ..................................... 2,053,442 1,602,816
-------------- ---------------
Health/Personal Care 2.50%
36,645 Glaxo India ............................................. 472,828 623,835
93,975 Hindustan Lever ......................................... 3,755,522 4,981,476
500 Ranbaxy Laboratories .................................... 3,066 10,020
-------------- ---------------
4,231,416 5,615,331
-------------- ---------------
Internet 0.40%
23,000 Satyam Infoway ADR+ ..................................... 414,000 891,250
-------------- ---------------
Metals - Steel 0.45%
294,500 Tata Iron & Steel ....................................... 1,109,668 1,000,662
-------------- ---------------
Technology 0.81%
62,000 Satyam Computer Services ................................ 1,186,165 1,816,724
-------------- ---------------
Telecommunications 0.48%
67,500 Videsh Sanchar Nigam GDR ................................ 1,018,470 1,078,313
-------------- ---------------
Total India ............................................. 16,891,005 27,427,510
-------------- ---------------
Indonesia 1.99%
Beverages 0.75%
650,000 PT Gudang Garam ......................................... 1,084,158 1,671,293
-------------- ---------------
Food & Household Products 0.34%
652,500 PT Indofood Sukses Makmur+ .............................. 774,589 772,133
-------------- ---------------
Forest Products & Paper 0.52%
2,700,000 PT Indah Kiat Pulp & Paper+ ............................. 1,093,233 1,163,623
-------------- ---------------
Telecommunications 0.38%
93,800 PT Telekomunikasi Indonesia ADR ......................... 625,873 861,787
-------------- ---------------
Total Indonesia ......................................... 3,577,853 4,468,836
-------------- ---------------
Korea 20.17%
Appliance & Household Durables 4.37%
58,910 Samsung Electronics ..................................... 5,422,473 9,822,426
-------------- ---------------
Banking 2.40%
128,000 Hanvit Bank GDR+ ........................................ 1,225,350 947,200
82,220 H & CB .................................................. 1,332,190 2,172,884
</TABLE>

16
<PAGE>

THE ASIA TIGERS FUND, INC.

Schedule of Investments (continued) October 31, 1999

COMMON STOCKS (continued)

<TABLE>
<CAPTION>
Number Percent of
of Shares Security Holdings Cost Value
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Korea (continued)
Banking (continued)
140,000 Kookmin Bank ............................................ $ 1,847,447 $ 2,182,576
14,062 Kookmin Bank Rights Expiration Date 11/03/99+ ........... 0 85,580
-------------- ---------------
4,404,987 5,388,240
-------------- ---------------
Beverages & Tobacco 0.40%
25,740 Hite Brewery Company Limited + .......................... 798,601 901,276
-------------- ---------------
Chemicals 1.75%
130,000 L.G. Chemical ........................................... 1,634,816 3,934,139
-------------- ---------------
Construction & Housing 1.31%
99,887 Hyundai Industrial Development & Construction ........... 527,093 1,045,087
34,900 Keum Kang Limited ....................................... 2,215,017 1,891,205
-------------- ---------------
2,742,110 2,936,292
-------------- ---------------
Electrical & Electronics 0.62%
28,900 Samsung Electro-Mechanics ............................... 1,253,256 1,397,416
-------------- ---------------
Electronic Components & Instruments 0.49%
20,740 Samsung Display Devices ................................. 1,007,445 1,089,304
-------------- ---------------
Financial Services 2.55%
140,600 Dongwon Securities ...................................... 2,559,269 4,219,758
40,200 Samsung Securities ...................................... 2,291,786 1,407,586
9,648 Samsung Securities Rights Expiration Date 11/22/99+ ..... 0 102,151
-------------- ---------------
4,851,055 5,729,495
-------------- ---------------
Food & Household Products 0.34%
5,900 Lotte Confectionery Company ............................. 970,517 762,401
-------------- ---------------
Machinery & Engineering 1.21%
50,000 Halla Climate Control ................................... 1,590,145 2,709,462
-------------- ---------------
Metals - Steel 1.35%
16,500 Pohang Iron & Steel ..................................... 712,299 2,030,346
30,000 Pohang Iron & Steel ADR ................................. 982,500 1,001,250
-------------- ---------------
1,694,799 3,031,596
-------------- ---------------
Telecommunications 2.26%
7,350 Dacom Corporation ....................................... 743,457 900,750
33,100 Korea Telecom Corporation ............................... 1,836,660 2,226,903
1,683 SK Telecom .............................................. 1,241,830 1,943,272
-------------- ---------------
3,821,947 5,070,925
-------------- ---------------
</TABLE>

17
<PAGE>

THE ASIA TIGERS FUND, INC.

Schedule of Investments (continued) October 31, 1999

COMMON STOCKS (continued)

<TABLE>
<CAPTION>
Number Percent of
of Shares Security Holdings Cost Value
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Korea (continued)
Transportation - Air 0.43%
73,900 Korean Air Lines ........................................ $ 929,029 $ 967,261
-------------- ---------------
Utilities - Electric & Gas 0.69%
53,000 Korea Electric Power .................................... 2,084,203 1,550,896
-------------- ---------------
Total Korea ............................................. 33,205,383 45,291,129
-------------- ---------------
Malaysia 2.55%
Banking 0.94%
618,100 Malayan Banking ......................................... 1,350,636 2,098,287
-------------- ---------------
Electrical & Electronics 0.31%
168,000 Unisem .................................................. 535,434 685,263
-------------- ---------------
Investment Company 0.27%
107,100 WEBS- Malaysia (Free) Index Series ...................... 646,101 615,825
-------------- ---------------
Leisure & Tourism 0.57%
448,000 Resorts World ........................................... 1,011,262 1,285,053
-------------- ---------------
Multi-Industry 0.46%
479,000 Berjaya Sports Toto ..................................... 980,267 1,039,934
-------------- ---------------
Total Malaysia .......................................... 4,523,700 5,724,362
-------------- ---------------
Philippines 2.31%
Banking 0.36%
107,500 Metropolitan Bank & Trust Company ....................... 788,306 804,239
-------------- ---------------
Beverages & Tobacco 0.19%
297,000 San Miguel-B ............................................ 420,401 429,576
-------------- ---------------
Media 0.33%
665,000 ABS-CBN Broadcasting Corporation+ ....................... 726,853 729,676
-------------- ---------------
Real Estate 0.43%
5,500,000 SM Prime ................................................ 1,125,082 973,815
-------------- ---------------
Telecommunications 0.57%
62,300 Phillipine Long Distance Telephone ADR .................. 1,488,652 1,281,044
-------------- ---------------
Utilities - Electric & Gas 0.43%
350,000 Manila Electric Company ................................. 1,068,752 960,100
-------------- ---------------
Total Philippines ....................................... 5,618,046 5,178,450
-------------- ---------------
</TABLE>

18
<PAGE>

THE ASIA TIGERS FUND, INC.

Schedule of Investments (continued) October 31, 1999

COMMON STOCKS (continued)

<TABLE>
<CAPTION>
Number Percent of
of Shares Security Holdings Cost Value
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Singapore 8.31%
Banking 2.29%
420,000 Overseas-Chinese Bank Corporation Limited ............... $ 1,917,273 $ 3,156,376
456,800 Overseas Union Bank ..................................... 1,936,909 1,977,370
-------------- ---------------
3,854,182 5,133,746
-------------- ---------------
Broadcasting/Publishing 1.22%
160,000 Singapore Press Holdings Limited ........................ 1,667,465 2,741,538
-------------- ---------------
Electronic Components & Instruments 0.84%
1,000 Chartered Semiconductor ADR ............................. 20,000 33,188
215,100 Natsteel Electronics Limited ............................ 972,552 840,588
112,500 Venture Manufacturing ................................... 281,948 1,001,022
-------------- ---------------
1,274,500 1,874,798
-------------- ---------------
Food & Household Products 0.32%
550,000 Golden Agri Resources Limited+ .......................... 350,951 222,750
343,000 Want Want Holdings ADR .................................. 505,761 459,620
22,800 Want Want Holdings Warrants ............................. 1,140 30,552
-------------- ---------------
857,852 712,922
-------------- ---------------
Real Estate 0.76%
194,600 City Developments Limited ............................... 662,828 1,006,168
800,000 Wing Tai Holdings* ...................................... 967,810 702,219
-------------- ---------------
1,630,638 1,708,387
-------------- ---------------
Shipbuilding 0.80%
667,000 Keppel Corporation ...................................... 1,490,338 1,812,565
-------------- ---------------
Technology 0.32%
750,000 Omni Industries Limited ................................. 811,844 712,439
-------------- ---------------
Telecommunications 0.32%
375,000 Singapore Telecommunications Limited .................... 691,112 712,439
-------------- ---------------
Transportation - Air 1.44%
308,000 Singapore Airlines Limited .............................. 2,462,945 3,240,546
-------------- ---------------
Total Singapore ......................................... 14,740,876 18,649,380
-------------- ---------------
Sri Lanka 0.07%
Multi-Industry 0.07%
60,000 John Keells Holdings .................................... 144,010 150,943
-------------- ---------------
Total Sri Lanka ......................................... 144,010 150,943
-------------- ---------------
</TABLE>

19
<PAGE>

THE ASIA TIGERS FUND, INC.

Schedule of Investments (continued) October 31, 1999

COMMON STOCKS (continued)

<TABLE>
<CAPTION>
Number Percent of
of Shares Security Holdings Cost Value
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Taiwan 16.82%
Automobiles 0.45%
830,231 China Motor Company Limited ............................. $ 1,300,345 $ 1,012,924
-------------- ---------------
Banking 0.02%
72,893 Bank Sinopac ............................................ 47,870 41,134
-------------- ---------------
Chemicals 1.60%
2,053,500 Nan Ya Plastics ......................................... 2,935,437 3,592,978
-------------- ---------------
Data Processing and Reproduction 0.94%
631,000 Compal Electronics Inc. ................................. 1,889,412 2,118,584
-------------- ---------------
Electrical & Electronics 5.74%
462,000 Hon Hai Precision Industry+ ............................. 1,556,211 3,160,593
63,000 Powerchip Semiconductor GDR+ ............................ 674,100 752,850
2,019,184 Taiwan Semiconductor Manufacturing Company+ ............. 6,394,962 8,975,566
-------------- ---------------
8,625,273 12,889,009
-------------- ---------------
Electronic Components & Instruments 4.12%
734,200 Advanced Semiconductor Engineering+ ..................... 1,408,206 2,256,762
282,272 Asustek Computer Inc. ................................... 2,507,907 2,963,322
39,000 Ritek Incorporation+ .................................... 229,489 255,738
75,550 Ritek Incorporation 144A GDR+** ......................... 896,023 1,010,481
139,000 Synnex Technology International Corporation ............. 741,438 696,753
38,000 Synnex Technology International Corporation
144A GDR+** ......................................... 719,340 750,500
508,000 United Micro Electronics Corporation Limited+ ........... 1,135,480 1,321,248
-------------- ---------------
7,637,883 9,254,804
-------------- ---------------
Insurance 0.73%
631,500 Cathay Life Insurance ................................... 1,801,030 1,632,503
-------------- ---------------
Metals - Steel 0.68%
2,000,000 China Steel Corporation ................................. 1,316,897 1,538,462
-------------- ---------------
Textiles & Apparel 1.57%
2,568,000 Far Eastern Textile ..................................... 2,260,197 3,513,594
-------------- ---------------
Transportation - Air 0.45%
1,622,000 China Airlines+ ......................................... 1,250,899 1,012,472
-------------- ---------------
Utilities - Electric & Gas 0.52%
573,443 Phoenixtec Power Company Limited ........................ 1,133,690 1,166,049
-------------- ---------------
Total Taiwan ............................................ 30,198,933 37,772,513
-------------- ---------------
</TABLE>

20
<PAGE>

THE ASIA TIGERS FUND, INC.

Schedule of Investments (continued) October 31, 1999

COMMON STOCKS (continued)

21
<PAGE>

THE ASIA TIGERS FUND, INC.

Schedule of Investments (continued) October 31, 1999

CONVERTIBLE BONDS (4.24% of holdings)

<TABLE>
<CAPTION>
Par Value Percent of
($000) Security Holdings Cost Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Korea 1.63%
Appliance & Household Durables 0.27%
450 Samsung Electronics Zero Coupon Bond,
12/31/07 ............................................ $ 619,146 $ 608,625
-------------- ---------------
Utilities - Electric & Gas 1.36%
3,160 Korea Electric Power 5.00%, 08/01/01 .................... 3,068,768 3,044,028
-------------- ---------------
Total Korea ............................................. 3,687,914 3,652,653
-------------- ---------------
Pakistan 0.43%
Telecommunications 0.43%
1,750 Republic of Pakistan Convertible Bond
6.00%, 02/26/02 ..................................... 1,542,425 976,500
-------------- ---------------
Total Pakistan .......................................... 1,542,425 976,500
-------------- ---------------
Singapore 2.18%
Banking 1.20%
1,500 Finlayson Global Zero Coupon Bond,
02/19/04 ............................................ 1,616,625 2,699,850
-------------- ---------------
Telecommunications 0.98%
2,150 Fullerton Global Corp Zero Coupon Bond,
04/02/03 ............................................ 2,025,699 2,185,260
-------------- ---------------
Total Singapore ......................................... 3,642,324 4,885,110
-------------- ---------------
TOTAL CONVERTIBLE BONDS ................................. $ 8,872,663 $ 9,514,263
-------------- ---------------
TOTAL INVESTMENTS++ 100.00% $ 176,043,621 $ 224,487,445
============== ===============
</TABLE>

22
<PAGE>

THE ASIA TIGERS FUND, INC.

Schedule of Investments (concluded) October 31, 1999
Footnotes and Abbreviations

ADR- American Depository Receipts
GDR- Global Depository Receipts
* Passive Foreign Investment Company
** Security has been fair valued as determined by or under the
direction of the Board of Directors.
+ Non-income producing security
++ Aggregate cost for Federal income tax purposes is $176,542,566
The aggregate gross unrealized appreciation (depreciation) for
all securities is as follows:
Excess of value over tax cost $55,399,550
Excess of tax cost over value (7,454,671)
--------------
$47,944,879
==============

See accompanying notes to financial statements.

23
<PAGE>

THE ASIA TIGERS FUND, INC.

Statement of Assets and Liabilities October 31, 1999

<TABLE>
<S> <C>
ASSETS

Investments, at value (Cost $176,043,621) .................................... $ 224,487,445
Cash (including $719,056 of foreign currency holdings
with a cost of $715,484) ................................................ 2,898,146
Receivables:
Dividends ............................................................. 468,717
Interest .............................................................. 156,192
Securities sold ....................................................... 308,191
Prepaid expenses ............................................................. 49,865
-------------

Total Assets ............................................... 228,368,556
-------------

LIABILITIES

Deferred foreign withholding taxes payable ................................... 999,941
Payable for securities purchased ............................................. 734,866
Due to Investment Manager .................................................... 188,296
Due to Administrator ......................................................... 37,659
Accrued expenses ............................................................. 330,656
-------------

Total Liabilities .......................................... 2,291,418
-------------

Net Assets ................................................................... $ 226,077,138
=============

NET ASSET VALUE PER SHARE ($226,077,138/20,514,984) .......................... $ 11.02
=============

NET ASSETS CONSIST OF:

Capital stock, $0.001 par value; 20,514,984 shares issued
and outstanding (100,000,000 shares authorized) ......................... $ 20,515
Paid-in capital .............................................................. 285,743,977
Undistributed net investment income .......................................... 1,463,323
Accumulated net realized loss on investments ................................. (108,600,118)
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 $999,941) ......................... 47,449,441
-------------
$ 226,077,138
=============
</TABLE>

See accompanying notes to financial statements.

24
<PAGE>

THE ASIA TIGERS FUND, INC.

For the Year Ended
Statement of Operations October 31, 1999

<TABLE>
<S> <C> <C>
Investment Income
Dividends (Net of taxes withheld of $161,230) ........................ $ 3,310,855
Interest ............................................................. 796,617
-------------
Total Investment Income ............................ 4,107,472
-------------
Expenses
Management fees ...................................................... $ 1,934,425
Custodian fees ....................................................... 467,000
Administration fees .................................................. 386,885
Legal fees ........................................................... 231,498
Audit fees ........................................................... 73,000
Transfer agent fees .................................................. 51,001
Insurance ............................................................ 47,465
NYSE fees ............................................................ 32,339
Printing ............................................................. 21,999
Directors' fees ...................................................... 26,274
Interest expense ..................................................... 5,014
Amortization of organizational costs ................................. 1,933
Miscellaneous ........................................................ 6,001
--------------
Total expenses ..................................... 3,284,834
-------------

Net Investment Income .............................. 822,638
-------------
Net Realized and Unrealized Gain On Investments, Foreign Currency
Holdings and Translation of Other Assets and Liabilities Denominated
In Foreign Currencies:
Net realized gain from:
Security transactions (net of foreign withholding tax of $179,254) 16,320,041
Foreign currency related transactions .............................................. 922,405
-------------
17,242,446
-------------
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 change in deferred
foreign withholding taxes of $999,941) ............................................. 53,271,491
-------------
Net realized and unrealized gain on investments, foreign currency
holdings and translation of other assets and liabilities
denominated in foreign currencies .................................................. 70,513,937
-------------
Net increase in net assets resulting from operations ..................................... $ 71,336,575
=============
</TABLE>

See accompanying notes to financial statements.

25
<PAGE>

THE ASIA TIGERS FUND, INC.

Statements of Changes in Net Assets

<TABLE>
<CAPTION>
For the Year For the Year
Ended Ended
October 31, 1999 October 31, 1998
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
Operations
Net investment income .............................................. $ 822,638 $ 1,650,943

Net realized gain (loss) on investments and foreign currency
related transactions ............................................ 17,242,446 (93,826,774)

Netchange in unrealized appreciation in value of investments,
foreign currency holdings and translation of other assets and
liabilities denominated in foreign currencies ................... 53,271,491 48,532,628
------------- -------------
Net increase (decrease) in net assets resulting from operations .... 71,336,575 (43,643,203)
------------- -------------
Distributions to shareholders from
Net investment income ($0.01 per share) ............................ (205,150) --
------------- -------------
Net decrease in net assets from distributions ...................... (205,150) --
------------- -------------

Total increase (decrease) in net assets ............................ 71,131,425 (43,643,203)

NET ASSETS
Beginning of year .................................................. 154,945,713 198,588,916
------------- -------------
End of year (including undistributed net investment income
of $1,463,323 and $102,684, respectively) ....................... $ 226,077,138 $ 154,945,713
============= =============
</TABLE>

See accompanying notes to financial statements.

26
<PAGE>

THE ASIA TIGERS FUND, INC.

FINANCIAL HIGHLIGHTS

For a Share Outstanding throughout Each Period

<TABLE>
<CAPTION>
For the For the For the For the For the
Year Ended Year Ended Year Ended Year Ended Year Ended
October 31, 1999 October 31, 1998 October 31, 1997 October 31, 1996 October 31, 1995
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net asset value, beginning of period ...... $ 7.55 $ 9.68 $ 12.49 $ 12.08 $ 13.89
-------- -------- -------- -------- --------
Net investment income ..................... 0.04 0.08 0.03 0.05 0.09
Net realized and unrealized gains
(losses) on investments, foreign
currency holdings, and translation
of other assets and liabilities
denominated in foreign currencies ...... 3.44** (2.21) (2.80) 0.44 (1.67)
-------- -------- -------- -------- --------
Net increase (decrease) from
investment operations .................. 3.48 (2.13) (2.77) 0.49 (1.58)
-------- -------- -------- -------- --------

Less Distributions:
Dividends from net investment
income ........................... (0.01) -- (0.00)+ (0.08) (0.06)
In excess of net investment
income ....................... -- -- (0.04) -- --
Distributions from net
realized gains ............... -- -- -- -- (0.17)
-------- -------- -------- -------- --------
Total dividends and distributions ......... (0.01) 0.00 (0.04) (0.08) (0.23)
-------- -------- -------- -------- --------
Net asset value, end of period ............ $ 11.02 $ 7.55 $ 9.68 $ 12.49 $ 12.08
======== ======== ======== ======== ========

Per share market value, end of period ..... $ 8.63 $ 6.13 $ 7.94 $ 10.38 $ 10.38
Total Investment Return Based
on Market Value* ....................... 41.03% (22.83)% (23.23)% 0.59% (14.17)%

Ratios/Supplemental Data:
Net assets, end of period (in 000s) ....... $226,077 $154,946 $198,589 $256,194 $247,761
Ratios of expenses to average net assets .. 1.70% 1.74% 1.60% 1.60% 1.65%
Ratios of net investment income
to average net assets .................. 0.43% 0.99% 0.25% 0.41% 0.71%
Portfolio turnover ........................ 92.44% 93.47% 95.38% 91.57% 77.88%
</TABLE>

* 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.

** Net of foreign withholding taxes of $0.06 per share.

+ Less than $0.01 per share.

See accompanying notes to financial statements.

27
<PAGE>

THE ASIA TIGERS FUND, INC.

Notes to Financial Statements October 31, 1999

NOTE A: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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, as a
closed-end, non-diversified management investment company.

The preparation of financial statements in accordance with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts and disclosures in the financial statements. 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 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.

At October 31, 1999, investments of $1,760,981 (0.78% of net assets) have been
fair valued in good faith by, or under the direction of, the Fund's Board of
Directors.

The net asset value per share of the Fund is calculated weekly and at the end of
each month.

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.

28
<PAGE>

THE ASIA TIGERS FUND, INC.

Notes to Financial Statements (continued) October 31, 1999

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
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.

At October 31, 1999, the Fund had a net capital loss carryover of $108,101,176,
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 losses, $15,321,476 will expire in the year 2003, $1,846,888
will expire in the year 2004 and $90,932,812 will expire in the year 2006.
During the year ended October 31, 1999, the Fund utilized $15,351,058 of capital
losses carried forward from prior periods.

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. Such
withholding taxes may be reduced or eliminated under the terms of applicable
U.S. income tax treaties with some of these countries. The Fund accrues such
taxes when the related income is earned.

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) market 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 does not generally isolate the effect of fluctuations in foreign
currency rates from the effect of fluctuations in the market prices of equity
securities. The Fund reports certain realized gains and losses on foreign
currency related transactions as components of realized gains and losses for
financial reporting purposes, whereas such gains and losses are included in or
are a reduction of ordinary income for Federal income tax purposes.

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.

29
<PAGE>

THE ASIA TIGERS FUND, INC.

Notes to Financial Statements (continued) October 31, 1999

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 capital gains in
excess of net realized capital losses (including any 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
capital gains are determined in accordance with federal income tax regulations,
which may differ from generally accepted accounting principles. 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
within 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 or distributions in
excess of net realized capital gains. To the extent they exceed net investment
income and net realized capital gains for tax purposes, they are reported as
distributions of paid-in-capital.

During the year ended October 31, 1999, the Fund reclassified $743,151 from
accumulated net realized gain on investments to undistributed net investment
income as a result of permanent book and tax differences primarily relating to
net realized foreign currency gains. Net investment income and net assets were
not affected by the reclassification.

NOTE B: MANAGEMENT, INVESTMENT ADVISORY, AND ADMINISTRATIVE SERVICES

Effective May 3, 1999, CIBC Oppenheimer Corp. changed its name to CIBC World
Markets Corp. CIBC Oppenheimer Corp. is a division of CIBC World Markets Corp.
Advantage Advisers, Inc. ("Advantage"), a subsidiary of CIBC World Markets Corp.
("CIBC", formerly CIBC Oppenheimer Corp.), serves as the Fund's Investment
Manager under the terms of a management agreement (the "Management Agreement").
Pursuant to the Management Agreement, the Investment Manager supervises the
Fund's investment program and effective July 1, 1999, assumed the portfolio
management responsibilities for the Fund. Prior to July 1, 1999, AXA Asset
Management Partenaires ("AAMP") acted as the Fund's Investment Adviser pursuant
to an investment advisory agreement among Advantage, AAMP and the Fund.

For its services, the Investment Manager receives monthly fees at an annual rate
of 1.00% of the Fund's average weekly net assets. For its services, AAMP was
entitled to receive from the Investment Manager monthly fees at an annual rate
of 0.50% of the Fund's average weekly net assets. For the

30
<PAGE>

THE ASIA TIGERS FUND, INC.

Notes to Financial Statements (concluded) October 31, 1999

year ended October 31, 1999, fees paid to the Investment Manager amounted to
$1,934,425, of which the Investment Manager informed the Fund it paid $589,604
to AAMP.

CIBC World Markets Corp., an indirect wholly-owned subsidiary of Canadian
Imperial Bank of Commerce, serves as the Fund's administrator (the
"Administrator").

The Administrator provides certain administrative services to the Fund. For its
services, the Administrator receives a monthly fee at an annual rate of 0.20% of
the value of the Fund's average weekly net assets. For the year ended October
31, 1999, these fees amounted to $386,885. At October 31, 1999, CIBC World
Markets Corp. owned 3,567 shares of the Fund's common stock.

The Fund pays each of its directors who is not a director, officer or employee
of the Investment Manager, the Administrator or any affiliate thereof an annual
fee of $5,000 plus up to $700 for each Board of Directors meeting attended. In
addition, the Fund reimburses the directors for travel and out-of-pocket
expenses incurred in connection with Board of Directors meetings.

NOTE C: PORTFOLIO ACTIVITY

Purchases and sales of securities other than short-term obligations aggregated
$185,334,443 and $168,655,424, respectively, for the year ended October 31,
1999.

NOTE D: OTHER

At October 31, 1999, 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.

Additionally, the Fund owned securities of certain companies in India valued at
approximately $258,577 which were in the process of being registered in the name
of the Fund. Significant delays are common in registering the transfer of
securities in this country, and such transfers can take a year or longer.
Securities regulations in India normally preclude the Fund from selling such
securities until the completion of the registration process.

- --------------------------------------------------------------------------------
U.S. Federal Taxation Notice (unaudited)

The Fund paid foreign taxes of $340,484 during the fiscal year ended October 31,
1999, which it intends to pass through pursuant to Section 853 of the Internal
Revenue Code, to its shareholders, which is deemed to be foreign source income
for tax information reporting purposes.
- --------------------------------------------------------------------------------

31
<PAGE>

THE ASIA TIGERS FUND, INC.

Report of Independent Accountants

TO THE BOARD OF DIRECTORS AND SHAREHOLDERS
OF THE ASIA TIGERS FUND, INC.

In our opinion, the accompanying statement of assets and liabilities, including
the schedule of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of The Asia Tigers Fund, Inc. (the
"Fund") at October 31, 1999, the results of its operations for the year then
ended, the changes in its net assets for each of the two years in the period
then ended and the financial highlights for each of the five years in the period
then ended, in conformity with generally accepted accounting principles. These
financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Fund's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with generally accepted auditing standards which require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation.
We believe that our audits, which included confirmation of securities at October
31, 1999 by correspondence with the custodian and brokers, provide a reasonable
basis for the opinion expressed above.

PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, New York
December 17, 1999

32
<PAGE>

THE ASIA TIGERS FUND, INC.

Dividends and Distributions

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

33
<PAGE>

THE ASIA TIGERS FUND, INC.

Dividends and Distributions (continued)

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 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.

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

34
<PAGE>

THE ASIA TIGERS FUND, INC.

Dividends and Distributions (concluded)

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 400 Bellevue Parkway,
Wilmington, Delaware, 19809.

35
<PAGE>

THE ASIA TIGERS FUND, INC.

Investment Manager:

Advantage Advisers, Inc., a subsidiary
of CIBC World Markets Corp.

Administrator:

CIBC World Markets Corp.

Sub-Administrator:

PFPC Inc.

Transfer Agent:

PFPC Inc.

Custodian:

The Chase Manhattan Bank