<PAGE>
[JARDINE FLEMING INDIA FUND, INC. LOGO]
Contents
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Page
<S> <C>
Objective 1
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Management 1
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Market Information 1
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Highlights 2
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Investment Review 3
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Major Holdings 5
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Investment Portfolio 7
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Statement of Assets and Liabilities 11
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Statement of Operations 12
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Statements of Changes in Net Assets 13
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Financial Highlights 14
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Notes to Financial Statements 15
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Other Information 19
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Dividend Reinvestment Plan 20
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</TABLE>
<PAGE>
[JARDINE FLEMING INDIA FUND, INC. LOGO]
Objective
--------------------------------------------------------------------------------
Jardine Fleming India Fund, Inc. (the "Fund") seeks to achieve long-term
capital appreciation through investments primarily in equity securities of
Indian companies. The Fund may also invest up to 10% of its assets in equity
securities of companies in Pakistan, Sri Lanka and Bangladesh.
The Fund provides investors with an opportunity to participate in the emerging
economies of India and its neighbors. The Indian government introduced a
structural reform program in 1991 which led to the adoption of more liberal and
free market economic policies. Liberalization of investment restrictions has
enabled foreign institutional investors such as the Fund to have access to the
increasing investment opportunities created by India's reforms.
Management
--------------------------------------------------------------------------------
Jardine Fleming International Management Inc. ("JFIM") is the investment
management company appointed to advise and manage the Fund's portfolio. JFIM is
an investment management and advisory company owned by Robert Fleming Holdings
Limited ("Flemings"). Flemings has a team of investment managers worldwide
managing funds of approximately US$124 billion at May 31, 2000 for both
institutional and private clients. Mr. Edward Pulling is the portfolio manager
of the Fund. Mr. Pulling has worked in the Asia Pacific region for more than
eleven years as of May 2000.
Market Information
--------------------------------------------------------------------------------
JARDINE FLEMING INDIA FUND, INC. IS LISTED ON THE NEW YORK STOCK EXCHANGE
(SYMBOL "JFI") AND THE MARKET PRICE IN US DOLLARS IS PUBLISHED IN:
--------------------------------------------------------------------------------
o The Wall Street Journal (daily)
o The Asian Wall Street Journal (daily)
o Reuters (page JFIC)
o The New York Times (daily)
o Barron's (each Saturday)
THE NET ASSET VALUE PER SHARE IS CALCULATED WEEKLY AND PUBLISHED IN US DOLLARS
IN:
--------------------------------------------------------------------------------
o The Wall Street Journal (under "Closed-End Funds" each Monday)
o The Asian Wall Street Journal (under "Publicly Traded Funds" each Monday)
o Reuters (page JFIC)
o South China Morning Post in Hong Kong (first Thursday of every month)
o The New York Times (each Sunday)
o Barron's (each Saturday)
Additional information (including updated Net Asset Value and Market Price) may
be obtained through the Fund's dedicated toll-free number, 800-757-0590.
To receive a copy of the Fund's most recent financial report or Dividend
Reinvestment Plan brochure, please call toll-free 800-426-5523.
--- 1 ---
<PAGE>
[JARDINE FLEMING INDIA FUND, INC. LOGO]
Highlights
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<TABLE>
<CAPTION>
AT AT
MAY 31, 2000 NOVEMBER 30, 1999
---------------------- ----------------------
<S> <C> <C>
Net Assets US$ 153,252,161 US$ 160,859,210
Shares Outstanding 10,178,769 11,307,169
Net Asset Value US$15.06 US$14.23
MARKET DATA
Market Price on New York Stock Exchange US$9.4375 US$9.4375
Discount to Net Asset Value -37.3% -33.7%
TOTAL RETURN
Net Asset Value 5.8%(1) 117.9%(2)
Market Price 0.0%(1) 86.4%(2)
Bombay Stock Exchange ("BSE") -6.8% (1) 76.2%(2)
National 100 Index
</TABLE>
NET ASSET VALUE AND MARKET PRICE VS. BSE NATIONAL 100 INDEX(3)
[GRAPHIC OMITTED]
(1) For the six months ended May 31, 2000.
(2) For the year ended November 30, 1999.
(3) Based on initial net asset value and market price of $13.85 and $15.00,
respectively.
--- 2 ---
<PAGE>
[JARDINE FLEMING INDIA FUND, INC. LOGO]
Investment Review
--------------------------------------------------------------------------------
Dear Fellow Shareholders
The first half of the fiscal year, December 1999 to May 2000, proved somewhat
less exciting for your Company relative to the very high investment returns
that were achieved for last fiscal year. Perhaps after the stock market
strength of last year, particularly in the high-tech sector almost globally, it
is only reasonable that a period of consolidation should follow. Such a period
of market consolidation has also occurred in the Indian markets. I have written
in previous reports of the independence of the Indian stock markets relative to
their global counterparts given the lack of convertibility of the Rupee and the
country's independent monetary and interest rate policies. A recent trend has
been the closer interrelationship of the Indian market as international
sentiment is imported through the listings of India's high-tech stocks on US
stock markets; this trend is expected to develop further until the Indian
market is fully international. A result of such internationalization will
undoubtedly be greater price volatility within the Indian market.
For the first half of your Company's year the Bombay National 100 Index fell
6.8% against an increase of your Company's Net Asset Value of 5.8%. The period
started on a buoyant note with technology shares worldwide continuing the
strong theme evident throughout most of 1999 while the widely publicized
potential problems associated with computers transferring into the new
millennium, Y2K,were largely unrealized. The Indian market was buoyed further
by very encouraging financial results for the third quarter of the fiscal year
and a surprisingly high net investment by local Indian investors, of some
US$800 million, into domestic mutual funds.
The macroeconomic outlook provided encouragement with credit demand remaining
weak, inflation low and the government indicating a keenness to continue its
election promises of further deregulation. Within the corporate sector,
confidence stood at a two year high on strong numbers emanating from the
manufacturing sector and the outlook for a good monsoon season, this despite
some signs of economic growth slowing in the second year of the recovery.
However by mid-February, with the benchmark index having risen from the period
start of 2242 to its period high of 3839, the fears of both higher US interest
rates and concerns towards the high level of valuations in the US's Nasdaq
market, affected not only India's technology issues listed in the US but also
confidence levels in the domestic Indian markets. This weakness was, perhaps,
more of a technical nature given that corporate earnings continued to improve
throughout the period. The budget, traditionally announced at the close of
February, proved somewhat disappointing thereby reducing sentiment further.
As a reflection of this deterioration in sentiment the market fell some
2000-plus points or 50% within three months of its February peak and ultimately
bottomed in mid-May at the 1900-level; this period witnessed greater stock
price volatility than had been seen for many years with individual stocks
falling up to 50% from their February highs on decreased trading volumes. Such
declines in stock prices, combined with the drought in four states estimated to
be affecting some 50 million, took its toll on consumption although strong
inflows to the local mutual fund sector maintained their momentum.
Since the half-year end in May, the return of confidence to the Indian market
has continued in line with that of the US's Nasdaq and other leading market
indicators as much on the hope of few further increases in interest rates. At
the time of writing the Bombay National 100 Index stands at 2377, a 10.2%
increase since the period end.
--- 3 ---
<PAGE>
[JARDINE FLEMING INDIA FUND, INC. LOGO]
Investment Review (concluded)
--------------------------------------------------------------------------------
The performance of Indian country funds over the past one-year period has been
excellent with the peer group having the best market returns, 37.93%, of any
sub-sector in the Country Fund universe and the best NAV appreciation of any
sub-sector, at 55.68%. Year to date, your Company has been the best performing
country fund in its peer group of closed-end India equity mutual funds while
the Company's NAV has appreciated 81% versus 32% for its benchmark.
We continue to remain optimistic for both the Indian economy and stock markets.
The economy continues to prosper: manufacturing growth is at its highest for 5
years whilst both imports and exports registered 30% gains in May year-on-year.
Economic growth in the '99-'00 fiscal year was 6.4% which is a figure that
should again be reached this year. Perhaps our only area of concern might be
inflation, which has recently nudged up to the 6% level on the back of rising
commodity prices, particularly crude oil. While the Rupee has been relatively
stable over the past twelve months inflationary fears may place downward
pressure on it in the period ahead.
The political situation is quiet: while the government's stated privatization
program has slowed and it has fared marginally less well in recent
bye-elections, our major concern relates to the health of aging Prime Minister
Vajpayee, who has the great and necessary capability of controlling the
multitude of disparate factions within his coalition.
For a company that has fared so well in terms of performance of NAV against
both its benchmark and its peer group, as mentioned above, and which holds the
laurel for being the best performing country fund on the NYSE over the past
twelve months, your directors continue to be disappointed and most concerned at
the significant discount of the share price relative to NAV. While we
appreciate that this is both an industry and peer group problem your board has
recently carried out a share buyback program for 10% of the stock which
successfully increased the NAV and we also favorably renegotiated charges with
certain of the service providers. We as a board remain steadfast in tackling
the share price discount problem and endeavouring to find a lasting solution.
Respectively submitted,
/s/ Julian Reid
Julian Reid
Chairman, Jardine Fleming India Fund, Inc.
Mauritius, July 18 2000
--- 4 ---
<PAGE>
[JARDINE FLEMING INDIA FUND, INC. LOGO]
Major Holdings
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
AT MAY 31, 2000
% of
Company Net Assets
--------------------------------------------------------------------------------------------------
<S> <C>
INFOSYS TECHNOLOGIES LTD. 13.3
Infosys is considered to be India's premier integrated IT solutions provider.
Management is renowned for its emphasis on customer relations, transparency,
and generating shareholder returns. Future growth rates of 50% are expected due
to global demand for cost effective software solutions.
HINDUSTAN LEVER LTD. ("HL") 9.8
Majority owned by Unilever, HL is the largest listed company in India and
possesses an unparalleled distribution system. HL's return on equity of 40% is
evidence of the company's outstanding management. With India's consumption
on a long-term upward trend, HL should achieve above average growth for years
to come.
SATYAM COMPUTER SERVICES LTD. ("SC") 6.3
SC is a totally integrated IT solutions provider, selling its services to clients all
over the world. By utilizing India's large pool of inexpensive yet talented
computer engineers, the company is able to provide cost effective solutions to
major IT problems. Annualized sales growth rates for SC exceed 50%.
STERLITE INDUSTRIES (INDIA) LTD. ("SI") 4.5
SI manufactures a wide range of electrical wires and cables. It's products include
AAC/ACSR conductors, PVC armoured cables, plastic insulated cables, enamelled
copper wires, jelly filled phone cables, continuous cast copper rods and aluminum
cold rolled products.
RELIANCE INDUSTRIES LTD. ("RI") 3.9
RI is India's leading industrial entity, dominating polyester and ethylene
production with its fully interested complexes. RI also owns a majority stake in
India's biggest refinery.
</TABLE>
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<PAGE>
[JARDINE FLEMING INDIA FUND, INC. LOGO]
Major Holdings (concluded)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
AT MAY 31, 2000
% of
Company Net Assets
-------------------------------------------------------------------------------------------------
<S> <C>
ITC LTD. 3.5
A subsidiary of B.A.T., ITC is India's largest manufacturer and distributor of
cigarettes. After years of low return diversification, management is focusing on its
core business, thereby increasing ITC's already strong cash flows.
NIIT LTD. 2.9
NIIT is India's leading computer education company with owned and/or
franchised outlets all over India and increasingly throughout Asia. The company
has also successfully diversified into software solutions.
HIMACHAL FUTURISTIC COMMUNICATIONS LTD. ("HFC") 2.7
HFC manufactures analog and digital subscriber carrier systems and other
telecommunication systems.
HINDALCO INDUSTRIES LTD. ("HI") 2.6
HI is an integrated aluminum manufacturer. The company mines bauxite and
refines it into alumina. Additional operations include the smelting of alumina into
aluminum, the manufacture of semi-fabricated rolled and extruded products, and
the generation of power.
MAHANAGAR TELEPHONE NIGAM LTD. ("MTN") 2.6
MTN was established by the Department of Telecommunications in 1986 to
provide telephone services in Mumbai and Delhi, which account for 26% of
national capacity. MTN's strategy is to upgrade both the quality and range of its
services.
</TABLE>
--- 6 ---
<PAGE>
[JARDINE FLEMING INDIA FUND, INC. LOGO]
Investment Portfolio
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
AT MAY 31, 2000 (UNAUDITED)
--------------------------------------------------------------------------
% of
Value Net
Description Shares US $ Assets
--------------------------------------------------------------------------
<S> <C> <C> <C>
INDIAN EQUITY INVESTMENTS (103.8%)
--------------------------------------------------------------------------
AUTOMOBILES & ANCILLIARIES (5.2%)
DC Design Ltd.* (a) 6,000 2,017,937 1.3
Escorts Ltd. 425,000 1,166,368 0.8
Hero Honda Motors Ltd. 25,000 521,300 0.3
Punjab Tractors Ltd. 111,635 1,521,215 1.0
Sundaram Auto Engineers (India) Ltd. (a) 231,992 1,318,089 0.9
Tata Engineering and Locomotive Co. Ltd. 500,050 1,379,062 0.9
--------------------------------------------------------------------------
7,923,971 5.2
--------------------------------------------------------------------------
BANKING & FINANCE (6.3%)
Cyberspace Infosys Ltd. 80,000 1,745,291 1.1
Federal Bank Ltd. 200 204 0.0
HDFC Bank Ltd. 354,352 1,814,266 1.2
ICICI Banking Ltd. 100 471 0.0
ICICI Ltd. ADR 53,927 1,051,577 0.7
Reliance Capital Ltd. 1,060,000 2,828,251 1.8
State Bank of India Ltd. 150 684 0.0
State Bank of India Ltd. GDR 175,000 1,535,625 1.0
Vysya Bank Ltd. 259,950 664,446 0.5
--------------------------------------------------------------------------
9,640,815 6.3
--------------------------------------------------------------------------
CHEMICALS & DERIVATIVES (3.9%)
BOC Ltd.* 100 56 0.0
ICI (India) Ltd. 93 232 0.0
Reliance Industries Ltd. 785,550 6,053,667 3.9
--------------------------------------------------------------------------
6,053,955 3.9
--------------------------------------------------------------------------
COMPUTER EDUCATION (6.0%)
Aptech Ltd. 150,000 2,216,872 1.4
NIIT Ltd. 100,000 4,419,843 2.9
Software Solutions Integrated Ltd. 50,000 2,504,877 1.6
Software Solutions Integrated Ltd. GDR* 4,432 31,024 0.1
--------------------------------------------------------------------------
9,172,616 6.0
--------------------------------------------------------------------------
</TABLE>
--- 7 ---
<PAGE>
[JARDINE FLEMING INDIA FUND, INC. LOGO]
Investment Portfolio (continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
AT MAY 31, 2000 (UNAUDITED)
----------------------------------------------------------------------
% of
Value Net
Description Shares US $ Assets
----------------------------------------------------------------------
<S> <C> <C> <C>
CONSTRUCTION & MATERIALS (2.3%)
Associated Cement Companies Ltd.* 889,406 2,263,399 1.5
Gujarat Ambuja Cements Ltd. 7,000 30,613 0.0
India Cements Ltd. 1,234,207 1,189,930 0.8
----------------------------------------------------------------------
3,483,942 2.3
----------------------------------------------------------------------
CONSUMER CYCLICALS (0.7%)
Satyam Infoway Ltd. ADR* 50,000 1,037,500 0.7
----------------------------------------------------------------------
CONSUMER NON-DURABLES (14.2%)
Britannia Industries Ltd. 29,298 403,997 0.3
Cadbury India Ltd. 45,487 930,138 0.6
Hindustan Lever Ltd. 261,597 15,044,760 9.8
ITC Ltd. 331,651 5,383,752 3.5
----------------------------------------------------------------------
21,762,647 14.2
----------------------------------------------------------------------
DIVERSIFIED/MISCELLANEOUS (8.1%)
Century Textiles & Industries Ltd. 729,450 691,015 0.4
Gesco Corporation Ltd.* 350,000 90,247 0.1
Grasim Industries Ltd. 450,000 2,763,565 1.8
Great Eastern Shipping Co. Ltd. 3,150,000 1,062,948 0.7
Modi Luft Ltd.* 2,480,300 553,340 0.4
Moser BAER Ltd.* 469,200 3,398,018 2.2
New Delhi TV Ltd.* (a) 324,335 1,367,152 0.9
Otis Elevator Co. (India) Ltd. 63,989 473,461 0.3
Zee Telefilms Ltd. 178,799 2,072,425 1.3
----------------------------------------------------------------------
12,472,171 8.1
----------------------------------------------------------------------
ENGINEERING (2.4%)
KEC International Ltd. 799,989 483,401 0.3
Larsen & Toubro Ltd. 668,129 2,831,309 1.9
Unitech Ltd. 400,000 313,901 0.2
----------------------------------------------------------------------
3,628,611 2.4
----------------------------------------------------------------------
</TABLE>
--- 8 ---
<PAGE>
[JARDINE FLEMING INDIA FUND, INC. LOGO]
Investment Portfolio (continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
AT MAY 31, 2000 (UNAUDITED)
----------------------------------------------------------------------
% of
Value Net
Description Shares US $ Assets
----------------------------------------------------------------------
<S> <C> <C> <C>
INFORMATION TECHNOLOGY (23.6%)
Encore Software Ltd.* (a) 25,000 56,054 0.0
HCL Technologies Ltd.* 105,000 2,903,274 1.9
Infosys Technologies Ltd. 130,000 20,374,440 13.3
Polaris Software Lab Ltd. 173,600 3,173,649 2.1
Satyam Computer Services Ltd. 168,324 9,592,958 6.3
----------------------------------------------------------------------
36,100,375 23.6
----------------------------------------------------------------------
MEDIA (1.9%)
ETC Networks Ltd.* (a) 75,000 336,323 0.2
Pentamedia Graphics Ltd. 135,000 1,337,892 0.9
UTV Software Communications Ltd.* (a) 105,000 1,177,130 0.8
----------------------------------------------------------------------
2,851,345 1.9
----------------------------------------------------------------------
METALS (2.6%)
Hindalco Industries Ltd. 237,190 3,837,054 2.5
Hindalco Industries Ltd. GDR 12,809 219,674 0.1
Saw Pipes Ltd. 100 49 0.0
Tata Iron & Steel Co. Ltd. 50 136 0.0
----------------------------------------------------------------------
4,056,913 2.6
----------------------------------------------------------------------
PETROLEUM & ENERGY (0.9%)
BSES Ltd. 170 1,089 0.0
BSES Ltd. GDR* 71,992 1,371,448 0.9
Reliance Petroleum Ltd.* 300 332 0.0
----------------------------------------------------------------------
1,372,869 0.9
----------------------------------------------------------------------
PHARMACEUTICALS (9.2%)
CIPLA Ltd. 160,300 2,789,076 1.8
Dr. Reddy's Laboratories Ltd. 27,000 839,089 0.5
Glaxo India Ltd. 115,000 877,842 0.6
Hoechst Marion Roussel Ltd. 140,000 1,478,475 0.9
Lupin Labs Ltd. 220,000 1,134,529 0.7
Morepen Laboratories Ltd. 250,000 3,077,354 2.0
Sun Pharmaceuticals Industries Ltd. 200,500 1,978,027 1.3
Wockhardt Life Sciences Ltd. 239,000 288,569 0.3
Wockhardt Ltd. 205,000 1,723,655 1.1
----------------------------------------------------------------------
14,186,616 9.2
----------------------------------------------------------------------
</TABLE>
--- 9 ---
<PAGE>
[JARDINE FLEMING INDIA FUND, INC. LOGO]
Investment Portfolio (concluded)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
AT MAY 31, 2000 (UNAUDITED)
----------------------------------------------------------------------------------
% of
Value Net
Description Shares US $ Assets
----------------------------------------------------------------------------------
<S> <C> <C> <C>
TELECOMMUNICATIONS (16.5%)
Global Tele-Systems Ltd.* 117,400 2,693,093 1.8
Himachal Futuristic Communications Ltd. 178,010 4,135,939 2.7
Hughes Software Systems Ltd. 34,400 1,946,222 1.3
Mahanagar Telephone Nigam Ltd. 1,000,000 4,056,054 2.6
Shyam Telecom Ltd.* 320,000 2,063,498 1.3
Sterlite Industries (India) Ltd. 450,000 6,870,572 4.5
Videsh Sanchar Nigam Ltd. 125,000 3,572,169 2.3
----------------------------------------------------------------------------------
25,337,547 16.5
----------------------------------------------------------------------------------
TOTAL INDIAN EQUITY INVESTMENTS (103.8%)
(cost $129,314,006) (b) 159,081,893 103.8
----------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS (3.8)% (5,829,732) ( 3.8)
----------------------------------------------------------------------------------
NET ASSETS (100.0%) 153,252,161 100.0
==================================================================================
</TABLE>
ADR-- American Depositary Receipt
GDR-- Global Depositary Receipt
*Non-income producing security.
(a) Fair valued security, aggregating $6,272,685 or 4.1% of net assets.
(b) Aggregate cost for federal income tax purposes is substantially the same as
the cost for financial statement purposes. The aggregate unrealized
appreciation (depreciation) for all securities is as follows:
<TABLE>
<CAPTION>
<S> <C>
US $
----------------------------------------------------
Excess of market value over tax cost 55,648,861
Excess of tax cost over market value (25,880,974)
----------------------------------------------------
Net unrealized appreciation 29,767,887
====================================================
</TABLE>
See accompanying notes to financial statements
--- 10 ---
<PAGE>
[JARDINE FLEMING INDIA FUND, INC. LOGO]
Statement of Assets and Liabilities
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C>
AT MAY 31, 2000 (UNAUDITED)
----------------------------------------------------------------------------------------------------
US $
----------------------------------------------------------------------------------------------------
ASSETS
----------------------------------------------------------------------------------------------------
Investments at value (cost $129,314,006) 159,081,893
Cash (including Indian rupees with a cost of $5,908,842 and value of $5,870,384) 6,098,422
Receivable for investments sold 3,930,223
Dividends receivable 328,441
Prepaid expenses and other assets 68,608
----------------------------------------------------------------------------------------------------
TOTAL ASSETS 169,507,587
----------------------------------------------------------------------------------------------------
LIABILITIES
----------------------------------------------------------------------------------------------------
Loan payable (including interest of $1,874) 9,370,802
Payable for investments purchased 6,546,371
Payable to Investment Adviser 151,846
Payable to Administrators 30,265
Accrued expenses 156,142
----------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 16,255,426
----------------------------------------------------------------------------------------------------
NET ASSETS 153,252,161
====================================================================================================
Net assets consist of:
Common stock, $0.001 par value, 10,178,769 shares issued and outstanding (100,000,000
shares authorized) 10,179
Additional paid-in capital 129,684,726
Accumulated net investment loss (1,385,674)
Accumulated net realized loss (4,803,178)
Net unrealized appreciation of investments and other assets
and liabilities denominated in foreign currency 29,746,108
----------------------------------------------------------------------------------------------------
NET ASSETS 153,252,161
====================================================================================================
NET ASSET VALUE PER SHARE ($153,252,161 (divided by) 10,178,769) 15.06
====================================================================================================
</TABLE>
See accompanying notes to financial statements
--- 11 ---
<PAGE>
[JARDINE FLEMING INDIA FUND, INC. LOGO]
Statement of Operations
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C>
FOR THE SIX MONTHS ENDED MAY 31, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
US $
--------------------------------------------------------------------------------
INVESTMENT INCOME
--------------------------------------------------------------------------------
Dividends 1,121,162
Interest 6,039
--------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME 1,127,201
--------------------------------------------------------------------------------
EXPENSES
--------------------------------------------------------------------------------
Investment advisory fees 1,169,838
Interest expense 778,328
Administration fees and expenses 202,430
Custodian and accounting fees 172,014
Directors' fees and expenses 77,500
Audit and tax services fees 35,515
Reports to shareholders 25,288
New York Stock Exchange listing fee 17,500
Legal fees 13,776
Insurance expense 10,579
Transfer agent fees 6,778
Miscellaneous expenses 3,329
--------------------------------------------------------------------------------
TOTAL EXPENSES 2,512,875
--------------------------------------------------------------------------------
NET INVESTMENT LOSS (1,385,674)
--------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY TRANSACTIONS
--------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) ON:
Investments 48,111,344
Foreign currency transactions (76,968)
NET CHANGE IN UNREALIZED APPRECIATION/DEPRECIATION OF:
Investments (35,677,740)
Other assets and liabilities denominated in foreign currency (22,165)
--------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS
AND FOREIGN CURRENCY TRANSACTIONS 12,334,471
--------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 10,948,797
================================================================================
</TABLE>
See accompanying notes to financial statements
--- 12 ---
<PAGE>
[JARDINE FLEMING INDIA FUND, INC. LOGO]
Statements of Changes in Net Assets
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR THE
SIX MONTHS
ENDED FOR THE YEAR
MAY 31, 2000 ENDED
(UNAUDITED) NOVEMBER 30, 1999
US $ US $
---------------------------------------------------------------------------------------
<S> <C> <C>
INCOME (LOSS) FROM INVESTMENT OPERATIONS
Net investment loss (1,385,674) (1,313,511)
Net realized gain on investments and foreign
currency transactions 48,034,376 13,381,376
Net change in unrealized appreciation/depreciation
of investments and other assets and liabilities
denominated in foreign currency (35,699,905) 74,964,477
---------------------------------------------------------------------------------------
Net increase in net assets
resulting from operations 10,948,797 87,032,342
---------------------------------------------------------------------------------------
CAPITAL STOCK TRANSACTIONS
Cost of shares repurchased (18,555,846) --
---------------------------------------------------------------------------------------
Net increase (decrease) in net assets (7,607,049) 87,032,342
NET ASSETS:
Beginning of period 160,859,210 73,826,868
---------------------------------------------------------------------------------------
End of period 153,252,161 160,859,210
=======================================================================================
</TABLE>
See accompanying notes to financial statements
--- 13 ---
<PAGE>
[JARDINE FLEMING INDIA FUND, INC. LOGO]
Financial Highlights
--------------------------------------------------------------------------------
Selected data for a share of common stock outstanding throughout each period is
presented below.
<TABLE>
<CAPTION>
FOR THE
SIX MONTHS
ENDED FOR THE YEAR ENDED NOVEMBER 30,
MAY 31, 2000 ------------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
US $ US $ US $ US $ US $ US $
-----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period 14.23 6.53 8.09 6.82 7.74 15.41
-----------------------------------------------------------------------------------------------------------------------------------
INCOME (LOSS) FROM INVESTMENT OPERATIONS
Net investment loss (0.14) (0.11) (0.10) (0.13) (0.14) (0.16)
Net realized and unrealized gain (loss) on
investments and other assets and liabilities
denominated in foreign currency 0.33 7.81 (1.46) 1.40 (0.78) (7.32)
-----------------------------------------------------------------------------------------------------------------------------------
Total from investment operations 0.19 7.70 (1.56) 1.27 (0.92) (7.48)
-----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
From net realized gain on investments -- -- -- -- -- (0.12)
In excess of net realized gain on investments -- -- -- -- -- (0.07)
-----------------------------------------------------------------------------------------------------------------------------------
Total distributions to Shareholders -- -- -- -- -- (0.19)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase in net asset value resulting from
repurchase of common stock 0.64 -- -- -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD 15.06 14.23 6.53 8.09 6.82 7.74
===================================================================================================================================
MARKET PRICE, END OF PERIOD 9.438 9.438 5.063 6.625 6.375 9.000
===================================================================================================================================
TOTAL INVESTMENT RETURN BASED ON: (A)
Net asset value 5.83% 117.92% (19.28)% 18.62% (11.89)% (48.96)%
Market price 0.00% 86.41% (23.58)% 3.92% (29.17)% (33.48)%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $153,252 $160,859 $ 73,827 $91,430 $ 77,123 $ 87,479
Ratio of expenses to average net assets 2.47%+ 2.50% 2.81% 2.68% 3.28% 2.90%
Ratio of expenses to average net assets,
excluding interest expense 1.71%+ 2.14% 2.77% 2.35% 2.83% 2.35%
Ratio of net investment loss to average net
assets (1.36)%+ (1.18)% (1.32)% (1.52)% (1.55)% (1.38)%
Portfolio turnover rate 29% 56% 73% 53% 81% 49%
</TABLE>
-----------------
+ Annualized.
(a) Total investment return is calculated assuming a purchase of common stock
on the opening of the first day and a sale on the closing of 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. Generally, total investment return based on
net asset value will be higher than total investment return based on market
price in periods where there is an increase in the discount or a decrease
in the premium of the market price to the net asset value from the
beginning to the end of such periods. Conversely, total investment return
based on net asset value will be lower than total investment return based
on market value in periods where there is a decrease in the discount or an
increase in the premium of the market value to the net asset value from the
beginning to the end of such periods. Total investment return for a period
of less than one year is not annualized.
See accompanying notes to financial statements
--- 14 ---
<PAGE>
[JARDINE FLEMING INDIA FUND, INC. LOGO]
Notes to Financial Statements
--------------------------------------------------------------------------------
AT MAY 31, 2000 (UNAUDITED)
1. ORGANIZATION AND CAPITAL
Jardine Fleming India Fund, Inc. (the "Fund") was incorporated in the
State of Maryland on January 5, 1994 and is registered as a
non-diversified, closed-end management investment company under the
Investment Company Act of 1940. The Fund commenced operations on March 3,
1994.
The preparation of financial statements in accordance with generally
accepted accounting principles requires Fund management to make estimates
and assumptions that affect the reported amounts and disclosures in the
financial statements. Actual results could differ from those estimates.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies followed by
the Fund, which are in conformity with generally accepted accounting
principles.
i) SECURITY VALUATION
All securities for which market quotations are readily available are
valued at the last sales price prior to the time of determination, or,
if no sales price is available at that time, at the mean between the
last current bid and asked prices. Securities that are traded
over-the-counter are valued, if bid and asked quotations are available,
at the mean between the current bid and asked prices. Investments in
short-term debt securities having a maturity of 60 days or less are
valued at amortized cost, which approximates market value, or by
amortizing their value on the 61st day prior to maturity if their term
to maturity from the date of purchase is greater than 60 days. All
other securities and assets are valued at fair value as determined in
good faith by or under the direction of the Board of Directors.
ii) INVESTMENT TRANSACTIONS AND INVESTMENT INCOME
Investment transactions are accounted for on the date the securities
are purchased or sold (the trade date). Realized gains and losses on
the sale of investments and foreign currency transactions are
determined on the identified cost basis. Interest income is recorded on
an accrual basis. Dividend income and other distributions are recorded
on the ex-dividend date, except for certain dividends which are
recorded as soon after the ex-dividend date as the Fund, using
reasonable diligence, becomes aware of such dividends.
iii) FOREIGN CURRENCY TRANSLATION
The books and records of the Fund are maintained in US dollars. Foreign
currency amounts are translated into US dollars as follows:
o investments and other assets and liabilities denominated in
foreign currency at the prevailing rates of exchange on the
valuation date;
o purchases and sales of investments, income and expenses at the
prevailing rates of exchange on the respective dates of such
transactions.
The resulting net foreign currency gain or loss is included in the
Statement of Operations.
The Fund does not generally isolate that portion of the results of
operations arising as a result of changes in the foreign currency
exchange rates from fluctuations arising from changes in market prices
of securities. Accordingly, such foreign currency gain (loss) is
included in net realized and unrealized gain (loss) on investments.
However, the Fund does isolate the effect of fluctuations in foreign
currency rates when determining the gain or loss upon the sale or
maturity of foreign
--- 15 ---
<PAGE>
[JARDINE FLEMING INDIA FUND, INC. LOGO]
Notes to Financial Statements (continued)
--------------------------------------------------------------------------------
currency denominated debt obligations pursuant to U.S. federal income
tax regulations; such amount is categorized as foreign currency gain
(loss) for both financial reporting and income tax reporting purposes.
Net foreign currency gain (loss) from valuing foreign currency
denominated assets and liabilities at the period end exchange rate is
reflected as a component of net unrealized appreciation of investments
and other assets and liabilities denominated in foreign currency. Net
realized foreign currency gain (loss) is treated as ordinary income
(loss) for income tax reporting purposes.
iv) DIVIDENDS AND DISTRIBUTIONS
Dividends and distributions to shareholders are recorded on the
ex-dividend date. 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
considered either 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 or 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 gain on investments. To the
extent they exceed net investment income or net realized capital gain
for tax purposes, they are reported as distributions of additional
paid-in capital.
3. INVESTMENT ADVISER AND ADMINISTRATORS
i) Jardine Fleming International Management Inc. (the "Investment
Adviser") provides investment advisory services to the Fund under the
terms of an Investment Advisory Agreement and the addenda amending it.
Under this amended agreement, the Investment Adviser was paid a monthly
fee at the annual rate of 1.25% of the Fund's average weekly net
assets. With effect from December 1, 1999, the annual rate was reduced
to 1.15% of the Fund's average weekly net assets, as agreed by the
Board of Directors on January 20, 2000.
ii) Mitchell Hutchins Asset Management Inc. (the "Administrator"), a
wholly-owned subsidiary of PaineWebber Incorporated ("PaineWebber"),
provides administrative services to the Fund under an Administrative
Services Agreement. The Fund pays the Administrator a monthly fee at
the annual rate of 0.15% of the Fund's average weekly net assets up to
$200 million and 0.10% of such net assets in excess of $200 million,
subject to a minimum annual fee of $200,000. With effect from December
1, 1999, the annual rate was increased to 0.18% of the Fund's average
weekly net assets up to $250 million and 0.15% of such net assets in
excess of $250 million, subject to a minimum annual fee of $250,000, as
agreed by the Board of Directors on January 20, 2000.
Multiconsult Ltd. (the "Mauritius Administrator") provides certain
administrative services relating to the operation and maintenance of
the Fund's Mauritius branch. The Mauritius Administrator is paid a
monthly fee of $1,500, a quarterly fee of $1,000, and receives
reimbursement for certain out-of-pocket expenses. With effect from
December 1, 1999, the monthly fee was increased to $2,000, as agreed by
the Board of Directors on January 20, 2000.
4. PORTFOLIO TRANSACTIONS
For the six months ended May 31, 2000, aggregate purchases and sales of
portfolio securities, excluding short-term securities, were $60,199,897
and $88,699,683 respectively.
--- 16 ---
<PAGE>
[JARDINE FLEMING INDIA FUND, INC. LOGO]
Notes to Financial Statements (continued)
--------------------------------------------------------------------------------
At May 31, 2000, the Fund owned securities valued at approximately
$1,273,192 which were in the process of being registered in the name of
the Fund or being dematerialized. Indian securities regulations normally
preclude the Fund from selling such securities until the completion of the
registration or the dematerialization process, as applicable.
5. U.S. FEDERAL INCOME TAXES
The Fund intends to distribute all of its taxable income and to comply
with the other requirements of the U.S. Internal Revenue Code of 1986, as
amended, applicable to regulated investment companies. Accordingly, no
provision for U.S. federal income taxes is required. In addition, by
distributing substantially all of its net investment income, realized
capital gains and certain other amounts, if any, during each calendar
year, the Fund intends not to be subject to U.S. federal excise tax.
At November 30, 1999, the Fund had a capital loss carryforward of
$52,743,860 ($4,197,079 of which expires in the year 2003, $36,718,579 in
2004, $1,356,288 in 2005, $10,471,914 in 2006) available as a reduction,
to the extent provided in the regulations, of any future net realized
capital gains. To the extent that these losses are used to offset future
capital gains, such gains will not be distributed.
6. FOREIGN INCOME TAXES
The Fund conducts its investment activities in India as a tax resident of
Mauritius and expects to obtain benefits under the double taxation treaty
between Mauritius and India. To obtain benefits under the double taxation
treaty, the Fund must meet certain criteria and conditions including the
establishment of Mauritius tax residence and related requirements. The
Fund has obtained a certificate from the Mauritian authorities that it is
a resident of Mauritius under the double taxation treaty between Mauritius
and India. A fund which is a tax resident of Mauritius under the treaty,
but has no branch or permanent establishment in India, will not be subject
to capital gains tax in India on the sale of securities but was subject to
a 15% withholding tax on dividends declared, distributed or paid by an
Indian company prior to June 1, 1997. Effective June 1, 1997, the Indian
government exempted income tax on dividend income from domestic companies.
The Fund is subject to and accrues 20% Indian withholding tax on interest
earned on Indian securities.
The Fund will pay tax in Mauritius on income distributions received from
the Fund's investments in India at rates which, when offset by the credit
available with respect to tax withheld in India on payment of income to
the Fund, will result in a net payment in Mauritius with respect to such
distributions at an effective rate of approximately 1%. For the six months
ended May 31, 2000, no provision for Mauritian taxes is considered
necessary as a result of the net investment loss incurred by the Fund.
Moreover, to the extent that it is later determined that the Fund would be
unable to obtain the benefits of the treaty, the Fund would be subject to
tax on capital gains in India on the sale of securities and would be
subject to the applicable tax on dividends declared, distributed or paid
prior to June 1, 1997, which was at the rate of 20%
The foregoing is based on current interpretation and practice and is
subject to future changes in Indian or Mauritian tax laws and in the tax
treaty between India and Mauritius.
7. TRANSACTIONS WITH AFFILIATES
The Investment Adviser, out of its advisory fee, pays PaineWebber a fee in
an amount equal to 0.10% of the value of the Fund's average weekly net
assets in consideration for certain consulting and support services (not
including advice or recommendations regarding the purchase or sale of
investments). For the six months ended May 31, 2000, $101,725 was paid or
accrued by the Investment Adviser to PaineWebber for such services. For
the six months ended May 31, 2000, the Administrator, an affiliate of
PaineWebber, earned $182,889 in administration fees from the Fund.
--- 17 ---
<PAGE>
[JARDINE FLEMING INDIA FUND, INC. LOGO]
Notes to Financial Statements (concluded)
--------------------------------------------------------------------------------
For the six months ended May 31, 2000, the Fund paid approximately $44,554
in brokerage commissions to Jardine Fleming India Broking, (Pvt) Ltd., an
affiliate of the Investment Adviser.
The Fund has a multi-currency Revolving Credit Agreement (the "Credit
Agreement"), payable on demand, with Jardine Fleming Bank Limited ("JF
Bank"), an affiliate of the Investment Adviser. The maximum credit
available under the Credit Agreement is the lower of $31,000,000
(increased from $20,000,000 as of January 13, 2000) or 20% of the Fund's
assets. Interest payments on borrowings are to be agreed at the time of
drawing (currently based on 1.75% per annum over JF Bank's cost of funds).
For the six months ended May 31, 2000, the weighted average interest rate
paid by the Fund was 6.8% and the maximum and average amount of the loan
outstanding during the borrowing period was $27,962,341 and $17,809,503,
respectively. For the six months ended May 31, 2000, $607,257 was paid or
accrued by the Fund to JF Bank for interest under the Credit Agreement. At
May 31, 2000 $9,370,802 was outstanding pursuant to the Credit Agreement
including accrued interest of $1,874.
The Fund has a multi-currency Revolving Credit Agreement (the "Credit
Agreement"), payable on demand, with Den Danske Bank. The maximum credit
available under the Credit Agreement is $20,000,000 or 20% of the net
asset value of the Fund. Interest payments on borrowings are to be agreed
at the time of drawing. For the six months ended May 31, 2000, the
weighted average interest rate paid by the Fund was 6.8% and the maximum
and average amount of the loan outstanding during the borrowing period was
$19,163,113 and $14,480,114, respectively. For the six months ended May
31, 2000, $171,071 was paid or accrued by the Fund to DenDanske Bank for
interest under the Credit Agreement. At May 31, 2000, the Fund did not
have any borrowings pursuant to the Agreement.
8. CAPITAL STOCK
There are 100,000,000, shares of $0.001 par value capital stock
authorized. For the period February 1, 2000 (commencement of repurchase
program) through May 31, 2000, the Fund repurchased 1,128,400 shares of
its common stock on the open market at a total cost of $18,555,846
including brokerage commissions. These shares were repurchased at an
average market price per share of $16.39 (before commissions) and a
weighted average discount from net asset value of 27.00%. These shares
were repurchased pursuant to the Fund's stock repurchase program approved
by the Fund's Board of Directors authorizing the Fund to purchase up to an
aggregate of 10% of the outstanding shares of its common stock.
9. CONCENTRATION OF RISK
Investments in India may involve certain considerations and risks not
typically associated with investments in the U.S. as a result of, among
other things, the possibility of future political and economic conditions
of developing countries and the level of Indian governmental supervision
and regulation of its securities markets. The ability of the issuers of
the debt securities held by the Fund to meet their obligations may be
affected by economic and political developments in a specific industry or
region. At May 31, 2000, the Fund has a concentration of its investments
in the information technology industry. The values of such investments may
be affected by economic and political developments in the information
technology industry.
--- 18 ---
<PAGE>
[JARDINE FLEMING INDIA FUND, INC. LOGO]
Other Information
--------------------------------------------------------------------------------
ANNUAL SHAREHOLDERS' MEETING
The Fund's annual meeting of shareholders was held on May 11, 2000.
Shareholders voted to re-elect Jean Jocelyn de Chasteauneuf and Ashok V. Desai
as Directors and ratified the appointment of PricewaterhouseCoopers LLP as the
Fund's independent accountants for the fiscal year ending November 30, 2000.
The resulting vote count for each proposal is indicated below:
1. Election of Directors:
Jean Jocelyn de Chasteauneuf For: 4,558,565
Withheld Authority: 1,896,120
Ashok V. Desai For: 4,559,065
Withheld Authority: 1,895,620
In addition to the above re-elected Directors, Julian M.I. Reid, A. Douglas Eu,
Timothy R.H. Kimber and Ernest L. Rene Noel continue to serve as Directors of
the Fund.
2. Ratification of Appointment of PricewaterhouseCoopers LLP as the Fund's
Independent Accountants:
For: 6,405,595
Against: 40,790
Abstain: 8,300
--- 19 ---
<PAGE>
[JARDINE FLEMING INDIA FUND, INC. LOGO]
Dividend Reinvestment Plan
--------------------------------------------------------------------------------
The Fund operates an optional Dividend Reinvestment Plan (the "Plan") whereby:
1) shareholders may elect to receive income dividends and capital gain
distributions (collectively referred to as "distributions") in the form of
additional shares of the Fund (the "Share Distribution Plan").
2) shareholders who do not participate in the Plan will receive all
distributions in cash paid by check in dollars mailed directly to the
shareholder by State Street Bank & Trust Company (the "Plan Agent"), as
dividend paying agent.
The following should be noted with respect to the Plan:
1) The Share Distribution Plan allows you to reinvest your distributions into
newly issued shares of the Fund with no brokerage charge or, if the market
price of the shares on the distribution date is below their net asset
value, have the Plan Agent purchase shares on your behalf in the open
market at a pro rata share of the brokerage commission. Such distributions,
if any, would most likely be declared in December and paid and reinvested
in January. Shareholders do not pay a service charge to participate in this
program.
2) Under the Share Distribution Plan, whenever the Board of Directors of the
Fund declares a distribution, you will automatically receive your
distribution in newly issued shares (cash will be paid in lieu of
fractional shares), if the market price of the shares on the date of the
distribution is at or above the net asset value ("NAV") of the shares. The
number of shares to be issued to you by the Fund will be determined by
dividing the amount of the cash distribution to which you are entitled (net
of any applicable withholding taxes) by the greater of the NAV per share on
such date or 95% of the market price of a share on such date. If the market
price of the shares on such a distribution date is below the NAV, the Plan
Agent will, as agent for the participants, purchase shares on the open
market, on the New York Stock Exchange or elsewhere, for the participant's
account on, or after, the payment date.
3) For US federal income tax purposes, shareholders electing to receive newly
issued shares pursuant to the Share Distribution Plan will be treated as
receiving income or capital gains in an amount equal to the fair market
value (determined as of the payment date) of the shares received and will
have a cost basis equal to such fair market value. Shareholders receiving a
distribution in the form of shares purchased in the open market pursuant to
the Share Distribution Plan will be treated as receiving a distribution of
the cash distribution that such shareholder would have received had the
shareholder not elected to have such distribution reinvested and will have
a cost basis in such shares equal to the amount of such distribution.
4) There will be no brokerage charge to participants for shares issued directly
by the Fund under the Share Distribution Plan. Each participant will pay a
pro rata share of brokerage commissions incurred with respect to the Plan
Agent's open market purchases of shares in connection with the Share
Distribution Plan. The Fund will pay fees of the Plan Agent for handling
the Share Distribution Plan.
5) You may terminate your account under the Share Distribution Plan by
notifying the Plan Agent in writing. The Plan may be terminated by the Plan
Agent or the Fund with notice to you at least 30 days prior to any record
date for the payment of any distribution by the Fund. Upon any termination,
the Plan Agent will deliver a certificate or certificates for the full
shares held for you under the Plan and a cash adjustment for any fractional
shares.
This information is only a summary. To receive a copy of the Dividend
Reinvestment Plan brochure describing the full terms and conditions of the
Plan, please contact the Plan Agent at the following address or call toll-free
800-426-5523.
State Street Bank & Trust Company
P.O. Box 8200
Boston, MA 02266-8200
USA
--- 20 ---
<PAGE>
DIRECTORS AND OFFICERS
-----------------------------------------------
Julian M.I. Reid -- Director & Chairman of the Board
Jean Jocelyn de Chasteauneuf -- Director
Ashok V. Desai -- Director
A. Douglas Eu -- Director & President of the Fund
Timothy R.H. Kimber -- Director
Ernest L. Rene Noel -- Director
Paul H. Schubert -- Treasurer & Secretary
Joanne M. Kilkeary - Assistant Treasurer
INVESTMENT ADVISER
-----------------------------------------------
Jardine Fleming International Management Inc.
P.O. Box 3151
Road Town, Tortola
British Virgin Islands
ADMINISTRATOR
-----------------------------------------------
Mitchell Hutchins Asset Management Inc.
51 W. 52nd Street
New York, NY 10019
USA
MAURITIUS ADMINISTRATOR
-----------------------------------------------
Multiconsult Ltd.
P.O. Box 799
Les Jamalacs
Vieux Conseil Street
Port Louis
Mauritius
CUSTODIAN
-----------------------------------------------
Citibank, N.A.
New York:
Citicorp Center
153 East 53rd Street
New York, NY 10043
USA
India:
First Floor, Sakhar Bhawan
Nariman Point 230 Backbay Reclamation
Mumbai 400 021
India
INDEPENDENT ACCOUNTANTS
-----------------------------------------------
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, NY 10036
USA
LEGAL COUNSEL
-----------------------------------------------
Cleary, Gottlieb, Steen & Hamilton
New York:
1 Liberty Plaza
New York, NY 10006
USA
Hong Kong:
39/F, Bank of China Tower
1 Garden Road
Hong Kong
REGISTRAR, TRANSFER AGENT &
DIVIDEND PAYING AGENT
-----------------------------------------------
State Street Bank & Trust Company
P.O. Box 8200
Boston, MA 02266-8200
USA
The financial information included herein is taken from the records of the Fund
without examination by independent accountants, who do not express an opinion
thereon.
This report, including the financial statements herein, is sent to the
shareholders
of the Fund for their information. It is not a prospectus, circular or
representation intended for use in the purchase or sale of shares of the Fund
or of any securities mentioned in this report.
Notice is hereby given in accordance with Section 23(c) of the Investment
Company Act of 1940, as amended, that from time to time the Fund may
purchase shares of its common stock in the open market.
--------------------------------------------------------------------------------
JARDINE FLEMING
INDIA FUND, INC.
--------------------------------------------------------------------------------
Semi-Annual Report
May 31, 2000
[JARDINE FLEMING INDIA FUND, INC. LOGO]
