SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934

Filed by the Registrant /X/
Filed by a Party other than the Registrant / /

Check the appropriate box:

/ / Preliminary Proxy Statement
/ / Confidential, for Use of the Commission Only (as permitted by
Rule 14a-6(e)(2))
/X/ Definitive Proxy Statement
/ / Definitive Additional Materials
/ / Soliciting Material Pursuant to Section240.14a-11(c) or Section240.14a-12

THE SINGAPORE FUND, INC.

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(Name of Registrant as Specified In Its Charter)

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(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):

/X/ No fee required.

/ / Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.
(1) Title of each class of securities to which transaction applies:

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(2) Aggregate number of securities to which transaction applies:

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(3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11 (set forth the amount on which the
filing fee is calculated and state how it was determined):

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(4) Proposed maximum aggregate value of transaction:

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(5) Total fee paid:

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/ / Fee paid previously with preliminary materials.

/ / Check box if any part of the fee is offset as provided by Exchange Act
Rule 0-11(a)(2) and identify the filing for which the offsetting fee was
paid previously. Identify the previous filing by registration
statement number, or the Form or Schedule and the date of its filing.
(1) Amount Previously Paid:

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(2) Form, Schedule or Registration Statement No.:

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(3) Filing Party:

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(4) Date Filed:

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THE THAI CAPITAL FUND, INC.
THE SINGAPORE FUND, INC.

C/O DAIWA SECURITIES TRUST COMPANY
ONE EVERTRUST PLAZA
JERSEY CITY, NEW JERSEY 07302
(201) 333-7300

April 28, 2000

Dear Stockholders:

The Annual Meetings of Stockholders of The Singapore Fund, Inc. and The Thai
Capital Fund, Inc. (each a "Fund," and collectively, the "Funds") will be held
on Thursday, June 8, 2000, at the offices of Daiwa Securities America Inc.,
Financial Square, 32 Old Slip, 14th Floor, New York, New York 10005, at
10:30 a.m., New York time, for The Singapore Fund, and at 12:30 p.m., New York
time, for The Thai Capital Fund. A Notice and Joint Proxy Statement regarding
the Meetings, proxy card(s) for your vote at the Meetings, and a postage prepaid
envelope in which to return your proxy(s) are enclosed.

At the Annual Meetings, each Fund's stockholders will (i) elect Directors of
the Funds; and (ii) consider the ratification of the selection of
PricewaterhouseCoopers LLP as independent accountants. In addition, the
stockholders who will be present at the Annual Meeting of a Fund will hear an
investment report on the Fund and will have an opportunity to discuss matters of
interest to them.

If you will not be able to attend the Annual Meetings in person, please take
the time now to review the enclosed materials and vote your shares by proxy.
YOUR VOTE IS IMPORTANT.

The Board has recommended that the stockholders vote in favor of each of the
foregoing matters.

Respectfully,

/s/ Masayasu Ohi

Masayasu Ohi
CHAIRMAN OF THE BOARD

STOCKHOLDERS ARE STRONGLY URGED TO PROMPTLY SIGN AND MAIL THE ACCOMPANYING
PROXY(S) IN THE ENCLOSED RETURN ENVELOPE TO ENSURE A QUORUM AT THE MEETING.
YOUR VOTE IS IMPORTANT.

THE THAI CAPITAL FUND, INC.
THE SINGAPORE FUND, INC.

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NOTICE OF THE ANNUAL MEETINGS OF STOCKHOLDERS

JUNE 8, 2000

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To the Stockholders of
The Singapore Fund, Inc. and
The Thai Capital Fund, Inc.:

NOTICE IS HEREBY GIVEN that the Annual Meetings of Stockholders of The
Singapore Fund, Inc. and The Thai Capital Fund, Inc. (each a Fund, and
collectively, the "Funds") will be held at the offices of Daiwa Securities
America Inc., Financial Square, 32 Old Slip, 14th Floor, New York, New
York 10005, on Thursday, June 8, 2000, at 10:30 a.m., New York time for The
Singapore Fund and at 12:30 p.m., New York time, for The Thai Capital Fund, for
the following purposes:

1. To elect Directors of each Fund.

2. To ratify or reject the selection of PricewaterhouseCoopers LLP as
independent accountants of each Fund, for the fiscal year ending
October 31, 2000 for The Singapore Fund and ending December 31, 2000 for
The Thai Capital Fund.

3. To transact such other business as may properly come before the Meeting
or any adjournments thereof.

Each Fund's Board of Directors has fixed the close of business on March 17,
2000 as the record date for the determination of stockholders entitled to notice
of and to vote at the Meeting or any adjournments thereof.

You are cordially invited to attend the Meetings. Stockholders who do not
expect to attend the Meetings in person are requested to complete, date and sign
the enclosed form of proxy and return it promptly in the envelope provided for
that purpose. You may nevertheless vote in person at the Meetings if you choose
to attend. Your vote is important. The enclosed proxy for each Fund is being
solicited by the Board of Directors of the Fund.

By order of the Board of Directors,

Judy Runrun Tu
SECRETARY
April 28, 2000

THE THAI CAPITAL FUND, INC.
THE SINGAPORE FUND, INC.

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JOINT PROXY STATEMENT
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INTRODUCTION

This Joint Proxy Statement is furnished in connection with the solicitation
of proxies by the Board of Directors of THE SINGAPORE FUND, INC. and THE THAI
CAPITAL FUND, INC. (each a "Fund," and collectively, the "Funds") for use at the
Annual Meetings of Stockholders, to be held at the offices of Daiwa Securities
America Inc., Financial Square, 32 Old Slip, 14th Floor, New York, New
York 10005, on Thursday, June 8, 2000, at 10:30 a.m., New York time for The
Singapore Fund, and at 12:30 p.m., New York time, for The Thai Capital Fund, and
at any adjournments thereof.

This Joint Proxy Statement and the form of proxy are being mailed to
stockholders on or about April 28, 2000. Any stockholder giving a proxy in
advance of the Annual Meetings has the power to revoke it by mail (addressed to
the Secretary of such Fund, c/o Daiwa Securities Trust Company, One Evertrust
Plaza, 9th Floor, Jersey City, New Jersey 07302) or in person at the Meeting of
such Fund, by executing a superseding proxy or by submitting a notice of
revocation to such Fund. All properly executed proxies received in time for the
Meetings will be voted as specified in the proxy or, if no specification is
made, for each proposal referred to in this Joint Proxy Statement. Abstentions
and broker non-votes are each included in the determination of the number of
shares present at the Meetings.

EACH FUND WILL FURNISH, WITHOUT CHARGE, A COPY OF ITS ANNUAL REPORT FOR ITS
MOST RECENT FISCAL YEAR TO ANY STOCKHOLDER REQUESTING SUCH REPORT. REQUESTS FOR
THE ANNUAL REPORT SHOULD BE MADE BY WRITING TO THE RESPECTIVE FUND, C/O DAIWA
SECURITIES TRUST COMPANY, ONE EVERTRUST PLAZA, 9TH FLOOR, JERSEY CITY, NEW
JERSEY 07302, ATTENTION: SHAREHOLDER RELATIONS OR BY CALLING (201) 333-7300.

The Board of Directors of each Fund has fixed the close of business on
March 17, 2000 as the record date for the determination of stockholders entitled
to notice of and to vote at the Meetings and at any adjournments thereof.
Stockholders on the record date will be entitled to one vote for each share
held, with no shares having cumulative voting rights. As of the record date, The
Singapore Fund had outstanding 9,200,840 shares of common stock and The Thai
Capital Fund had outstanding 6,278,588 shares of common stock. To the knowledge
of each Fund's management, no person owned beneficially more than 5% of such
Fund's outstanding shares as of March 17, 2000.

Management of each Fund knows of no business other than that mentioned in
Items 1 and 2 of the Notice of Meetings which will be presented for
consideration at the Meetings. If any other matter is properly presented, it is
the intention of the persons named in the enclosed proxy to vote in accordance
with their best judgment.

EACH FUND'S BOARD RECOMMENDS THAT THE STOCKHOLDERS VOTE IN FAVOR OF EACH OF
THE MATTERS MENTIONED IN ITEMS 1 AND 2 OF THE NOTICE OF MEETINGS.

(1) ELECTION OF DIRECTORS

Persons named in the accompanying form of proxy intend in the absence of
contrary instructions to vote all proxies for the election of the nominees
listed below as directors of such Fund listed below:

FOR SINGAPORE FUND

CLASS I CLASS III
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Robert F. Gurnee Austin C. Dowling
Martin J. Gruber
Masayasu Ohi

FOR THAI CAPITAL FUND

CLASS I CLASS II CLASS III
------------------------------ --------------------- ---------------------

David G. Harmer Oren G. Shaffer Martin J. Gruber
Alfred C. Morley
Masayasu Ohi

to serve for terms expiring on the date of subsequent Annual Meetings of
Stockholders in the year 2001 for Class I Directors, 2002 for Class II Directors
and 2003 for Class III Directors, or until their successors are elected and
qualified. If any such nominee should be unable to serve, an event that is not
now anticipated, the proxies will be voted for such person, if any, as shall be
designated by each Fund's Board of Directors to replace any such nominee. The
election of each nominee as a director of a Fund will require the affirmative
vote of a majority of the votes cast at the Fund's Meeting. For this purpose,
abstentions and broker nonvotes will not be counted as votes cast at the
Meetings.

If each of the persons nominated as Directors of the Funds is elected at the
Meetings, Austin C. Dowling, Martin J. Gruber, Robert F. Gurnee, David G.
Harmer, Alfred C. Morley and Oren G. Shaffer will be members of the Board of
Directors of The Singapore Fund, The Thai Capital Fund and The Japan Equity
Fund. In addition, Masayasu Ohi will be on the Board of Directors of The Thai
Capital Fund and The Singapore Fund, and Virabongsa Ramangkura will be on the
Board of Directors of The Thai Capital Fund.

INFORMATION CONCERNING NOMINEES AND DIRECTORS

The following table sets forth information concerning each of the nominees
as a director of the Funds, as well as the other current directors of the Funds.
Each of the nominees has consented to be named in this Proxy Statement and to
serve as a director of each of the Funds if elected. In the table, Singapore
Fund is sometimes abbreviated with the words "SGF" and Thai Capital Fund is
sometimes abbreviated with the words "TC."

PRESENT OFFICE WITH THE FUND, IF ANY,
PRINCIPAL OCCUPATION SHARES
OR EMPLOYMENT DURING PAST BENEFICIALLY
FIVE YEARS AND OWNED PERCENT
NAME (AGE) AND ADDRESS DIRECTORSHIPS IN DIRECTOR MARCH 17, OF
OF NOMINEES/DIRECTORS PUBLICLY HELD COMPANIES SINCE 2000(1) CLASS
- ---------------------------------- ------------------------------------------------------------ -------- ------------ ---------

NOMINEES
Austin C. Dowling (67) Director, The Japan Equity Fund, Inc., since 1992. TC: TC: **
1002 E Long Beach Boulevard 1990 1,250
North Beach, NJ 08008 SGF:
500
Martin J. Gruber (62) Professor of Finance, Leonard N. Stern School of Business, -- -- **
229 South Irving Street New York University, since 1965; Director, SG Cowen
Ridgewood, NJ 07450 Income & Growth Fund, Inc., since 1986; Director, SG Cowen
Opportunity Fund, since 1987; Director, SG Cowen Standby
Reserve Fund Inc., since 1985; Director, SG Cowen Standby
Tax Exempt Reserve Fund Inc., since 1986; Trustee, BT
Pyramid Fund, since 1992; Trustee, BT Leadership Trust,
since 1993; Director, The Taiwan Equity Fund, Inc., since
1994; Trustee, T.I.A.A., since 1996; Director, The Japan
Equity Fund, Inc., since 1992.
Robert F. Gurnee (72) Chairman and Chief Executive Officer, Financial Integrity TC: TC: **
102 Santomera Lane Group Inc. (bank and financial services consulting firm), 1990 1,500
Greenville, DE 19807 since 1990; Director, Vestaur Securities Co., since 1991;
Director, The Japan Equity Fund, Inc., since 1992.
David G. Harmer (57) President, Jetway Systems, a division of FMC Corporation, SGF: SGF: **
1805 West -- 2550 South since January 1997; Vice President and Chief Financial 1996 1,000
Ogden, UT 84401 Officer, Armco Inc., from April 1993 to December 1996; Vice
President and Corporate Controller, FMC Corporation, from
1987 to 1993; Director, The Japan Equity Fund, Inc., since
1997.
Alfred C. Morley (73) Financial Consultant, since 1991; Senior Director, Old SGF: SGF: **
1129 Marion Drive Dominion Capital Management, since 1991; President, 1990 5,103
Charlottesville, VA 22903 Institute of Chartered Financial Analysts, from 1984 to TC: TC:
1990; Senior Adviser, Institute of Chartered Financial 1990 4,673
Analysts, 1991; President, Association for Investment
Management and Research, 1990; Senior Adviser, Association
for Investment Management and Research, 1991.

* Masayasu Ohi (51) Chairman of the Board of the Funds, since 1998; Chairman, SGF: SGF: --
Financial Square since 1998, The Taiwan Equity Fund, Inc.; Chairman and Chief 1998 None
32 Old Slip, 14(th) Floor Executive Officer, Daiwa Securities America Inc., since TC: TC:
New York, NY 10005 1998; Executive Officer, Daiwa Securities Group Inc., since 1998 None
1999; Director, Daiwa Securities Co. Ltd., from 1998 to
1999; Joint Chief Executive of Daiwa Europe Limited, from
1997 to 1998; President of Daiwa Europe Limited, London,
from 1994 to 1997.
Oren G. Shaffer (56) Executive Vice President and Chief Financial Officer of SGF: SGF: --
30 S. Wacker Drive Ameritech Corporation, from 1994 to 2000; President and 1997 3,000
38(th) Floor Director of Virgocap Inc., from 1992 to 1994; Executive Vice
Chicago, IL 60606 President, Chief Financial Officer and Director, The
Goodyear Tire and Rubber Company, from 1984 to 1992:
Director, Sunshine Mining since 1992; Director, Hygenic
Corporation since 1993; Director, The Taiwan Equity
Fund, Inc., since 1994.
OTHER CURRENT DIRECTORS
Virabongsa Ramangkura (55) Member of the Thai Senate; Chairman, Bangkok Expressway TC: TC: --
99 Surasak Road Public Co., Ltd., since 1993; Executive Director, Advance 1992 None
Bangrak, Bangkok Agro Public Co., Ltd., since 1994; Director, Preccha Group
10500, Thailand Public Co., Ltd.; Ex-member, The Thailand Development
Research Institute and The Council of Trustees; Ex-chairman,
Economic Board, National Research Bureau from 1996 to 1997;
Director, from 1996 to 1997, Bangkok Airways Co., Ltd.;
Chairman, from 1993 to 1994, Board of Commissioners of The
State Railway of Thailand; Member, from 1993 to 1994,
National Land Transportation Committee of Thailand. Advisor,
Orach (Thailand); Advisor, GE Capital (Thailand); Director,
Country Property, Plc.; Director, Assets Insurance Co. Ltd.;
Director, Imperial Hotel Family Plc.

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1 The information as to beneficial ownership is based on statements furnished
to the Funds by the nominees and directors.

* Directors so noted are deemed by the Funds' counsel to be "interested
persons" (as defined in the U.S. Investment Company Act of 1940, as amended
(the "1940 Act"). Mr. Ohi is deemed an "interested person" of each Fund
because of his affiliation with Daiwa Securities America Inc., an affiliate
of each Fund's investment adviser, Daiwa SB Investments (HK) Ltd. for Thai
Capital Fund and Daiwa SB Investments (Singapore) Ltd. for The Singapore
Fund, or because he is an officer of each Fund, or both.

** Represented less than 1% of the outstanding shares at March 17, 2000.

The Singapore Fund's Board of Directors held four regular meetings during
its fiscal year ended October 31, 1999, the Thai Capital Fund held four regular
meetings and one special meeting during its fiscal year ended December 31, 1999.
All current Directors attended at least seventy-five percent of the aggregate
number of meetings of their respective Board of Directors, except for
Dr. Virabongsa.

Each Fund's Board of Directors has an Audit Committee which is responsible
for reviewing financial and accounting matters. The current members of Singapore
Fund's Audit Committee are Messrs. Shaffer, Harmer and Morley. The current
members of Thai Capital Fund's Audit Committee are Messrs. Dowling, Gurnee,
Morley and Dr. Virabongsa. Each Fund's Audit Committee met twice during its
respective fiscal year. All of the incumbent members of the Audit Committee
attended the meetings held during the fiscal year, except for Dr. Virabongsa.
Neither Fund has a compensation nor a nominating committee.

Section 16(a) of the U.S. Securities Exchange Act of 1934, as amended,
requires each Fund's officers and directors, and persons who own more than ten
percent of a registered class of such Fund's equity securities, to file reports
of ownership and changes in ownership with the Securities and Exchange
Commission and the New York Stock Exchange, Inc. Each Fund believes that its
officers and directors have complied with all applicable filing requirements.

OFFICERS OF THE FUNDS

Mr. Ohi (age 51) has been Chairman of the Board of the Funds since
September 1998 (see information provided above).

Judy Runrun Tu (age 34) has been Secretary of the Funds since April 2000;
Assistant Vice President of DSTC since March 1998; Assistant Secretary of the
Funds from 1999 to 2000; Financial Analyst of Canon USA from 1997 to 1998;
Marketing Coordinator of TotalTel USA from 1995 to 1997; Assistant Controller of
Daniel Caron Ltd. from 1990 to 1995.

Laurence E. Cranch (age 53), has been Assistant Secretary of the Funds since
July 1992 and has been a partner in the law firm of Clifford Chance Rogers &
Wells LLP since 1980.

TRANSACTIONS WITH AND REMUNERATION OF OFFICERS AND DIRECTORS

The aggregate fee remuneration for directors not affiliated with such Fund's
investment manager or the investment adviser was U.S. $27,600 during the fiscal
year ended October 31, 1999 for The Singapore Fund and $29,470 for the fiscal
year ended December 31, 1999 for The Thai Capital Fund. Commencing July 1, 2000,
each such non-affiliated director will receive fees, paid by each Fund, of U.S.
$638 for The Thai Capital Fund and $750 for The Singapore Fund for each
directors' meeting attended in person or by telephone, U.S. $510 for The Thai
Capital Fund and $600 for The Singapore Fund for each audit committee

meeting attended in person or by telephone and an annual fee of U.S. $4,250 for
The Thai Capital Fund and $5,000 for The Singapore Fund. The officers and
interested directors of each Fund received no compensation from the Funds.

DSTC, which pays the compensation and certain expenses of the officers of
DSTC who serve as officers of the Funds, receives administration and custodian
fees from the Funds.

Set forth below is a chart showing the aggregate fee compensation paid by
the Funds (in U.S. dollars) to each of its directors during each Fund's fiscal
year ended, as well as the total fee compensation paid to each incumbent
director of the Funds by such Fund and by other investment companies advised by
DBS Asset Management (United States) Pte. Ltd., Daiwa SB Investments (Singapore)
Ltd., Daiwa SB Investments (HK) Ltd., Thai Farmers Asset Management Co., Ltd. or
their respective affiliates (collectively, the "Fund Complex") for their
services as directors of such investment companies during their respective
fiscal years:

TOTAL
PENSION OR COMPENSATION
AGGREGATE AGGREGATE RETIREMENT FROM FUND AND
COMPENSATION COMPENSATION BENEFITS ACCRUED FUND COMPLEX
FROM SINGAPORE FROM THAI AS PART OF PAID TO
NAME OF DIRECTOR FUND CAPITAL FUND FUND EXPENSES DIRECTORS
- ------------------------------ --------------- --------------- ---------------- ----------------

Austin C. Dowling* $ 0 $ 7,820 None $ 17,020
Martin J. Gruber* 0 0 None 19,900
Robert F. Gurnee* 0 7,820 None 17,020
David G. Harmer* 9,200 0 None 18,400
Alfred C. Morley* 9,200 7,820 None 17,020
Masayasu Ohi*(1) 0 0 None 0
Virabongsa Ramangkura 0 6,010 None 6,010
Oren G. Shaffer* 9,200 0 None 19,900
Ronnie Teo Heng Hock(1)** 0 0 None 0

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* Also serves or served as a director of one other investment company for
which an affiliate of Daiwa SB Investments (USA) Ltd. or Daiwa SB
Investments Ltd., the Fund's investment manager and investment adviser,
respectively, serves as investment manager or investment adviser.

** Ronnie Teo Heng Hock has resigned as Director and President of the Singapore
Fund effective as of December 8, 1999.

1 "Interested person" of the Funds within the meaning of the 1940 Act.

(2)RATIFICATION OR REJECTION OF SELECTION
OF INDEPENDENT ACCOUNTANTS

The Board of Directors of each Fund, including a majority of the directors
who are not "interested persons" of such Fund (as defined in the 1940 Act),
selected PricewaterhouseCoopers LLP to act as independent accountants for the
Fund for the fiscal year ending December 31, 2000 for The Thai Capital Fund and
October 31, 2000 for Singapore Fund. The Funds know of no direct financial
interest or material indirect financial interest of that firm in the Funds. One
or more representatives of

PricewaterhouseCoopers LLP are expected to be present at the Meetings and will
have an opportunity to make a statement if they so desire. Such representatives
are expected to be available at the Meetings to respond to appropriate questions
from stockholders.

This selection of independent accountants is subject to the ratification or
rejection of each Fund's stockholders at the Meetings. Ratification of the
selection of the independent accountants will require the affirmative vote of a
majority of the votes cast at the Meetings. For this purpose, abstentions and
broker nonvotes will not be counted as votes cast at the Meetings.

MISCELLANEOUS

Proxies will be solicited by mail and may be solicited in person or by
telephone or telegraph by officers of the Funds or personnel of DSTC. Each Fund
has retained Corporate Investor Communications, Inc. to assist in the proxy
solicitation. The fee for such services is estimated at U.S. $4,500 per Fund,
plus reimbursement of expenses. The expenses connected with the solicitation of
these proxies and with any further proxies which may be solicited by the Funds'
officers or agents in person, by telephone or by telegraph will be borne by each
Fund. Each Fund will reimburse banks, brokers and other persons holding such
Fund's shares registered in their names or in the names of their nominees for
their expenses incurred in sending proxy material to and obtaining proxies from
the beneficial owners of such shares.

It is important that you promptly submit your vote as a stockholder of the
Fund(s). In the event that sufficient votes in favor of any proposal set forth
in the Notice of the Meeting for a Fund are not received by June 8, 2000, the
persons named as attorneys in the enclosed proxy may propose one or more
adjournments of such Fund's Meeting to permit further solicitation of proxies.
Any such adjournment will require the affirmative vote of the holders of a
majority of the shares present in person or by proxy at the session of such
Fund's Meeting to be adjourned. The persons named as attorneys in the enclosed
proxy will vote in favor of such adjournment those proxies which they are
entitled to vote in favor of the proposal for which further solicitation of
proxies is to be made. They will vote against any such adjournment those proxies
required to be voted against such proposal. The costs of any such additional
solicitation and of any adjourned session will be borne by the Fund that
adjourns its Meeting.

STOCKHOLDER PROPOSALS

Any proposal by a stockholder of a Fund intended to be included in the proxy
materials for the year 2001 meeting of stockholders of the Fund must be received
by the Fund, c/o Daiwa Securities Trust Company, One Evertrust Plaza, 9th Floor,
Jersey City, New Jersey 07302, not later than December 29, 2000.

Each Fund's By-laws require that any proposal by a stockholder of such Fund
intended to be presented at a meeting of stockholders must be received by such
Fund, c/o Daiwa Securities Trust Company, One Evertrust Plaza, 9th Floor, Jersey
City, New Jersey 07302, not earlier than 90 days prior and not later than 60
days prior to such meeting of stockholders.

By order of the Board of Directors,
Judy Runrun Tu
SECRETARY

One Evertrust Plaza
Jersey City, New Jersey 07302
April 28, 2000

SKU# TCFCM-PS-00
SKU# SGFCM-PS-00

THE SINGAPORE FUND, INC.

c/o Daiwa Securities Trust Company, One Evertrust Plaza,
Jersey City, New Jersey 07302

PROXY SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS
FOR THE ANNUAL MEETING OF STOCKHOLDERS ON
JUNE 8, 2000

The undersigned stockholder of The Singapore Fund, Inc. (the "Fund") hereby
appoints Hideaki Matsuura and Judy Runrun Tu, or any of them, proxies of the
undersigned, with full power of substitution, to vote and act for and in the
name and stead of the undersigned at the Annual Meeting of Stockholders of
the Fund, to be held at the offices of Daiwa Securities America, Inc.,
Financial Square, 32 Old Slip, 14th Floor, New York, New York 10005, on
June 8, 2000, at 10:30 a.m., New York time, and at any and all adjournments
thereof, according to the number of votes the undersigned would be entitled
to cast if personally present.

The shares represented by this proxy will be voted in accordance with the
instructions given by the undersigned stockholder, but if no instructions are
given, this proxy will be voted in favor of proposals 1 through 2 as set forth
in this proxy. In addition, this proxy will be voted, in the discretion of
such proxies, upon such other business as may properly come before the
Meeting or any adjournment thereof. The undersigned hereby revokes any and
all proxies with respect to such Shares heretofore given by the undersigned.
The undersigned acknowledges receipt of the Proxy Statement dated April 28,
2000.

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PLEASE VOTE, DATE AND SIGN ON REVERSE AND PROMPTLY RETURN THIS PROXY IN THE
ENCLOSED ENVELOPE.
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Please sign exactly as your name(s) appear(s) on the books of the Fund. Joint
owners should each sign. Trustees and other fiduciaries should indicate the
capacity in which they sign, and where more than one name appears, a majority
must sign. If a corporation, this signature should be that of an authorized
officer who should indicate his or her title.
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HAS YOUR ADDRESS CHANGED? DO YOU HAVE ANY COMMENTS?

___________________________________ _________________________________________
___________________________________ _________________________________________
___________________________________ _________________________________________

[X] PLEASE MARK VOTES
AS IN THIS EXAMPLE

THE BOARD OF DIRECTORS RECOMMENDS A VOTE FOR PROPOSALS
1 THROUGH 2 BELOW.

1. To elect Directors of the Fund. Nominees:

CLASS I: (01) Robert F. Gurnee FOR ALL WITH- FOR ALL
CLASS III: (02) Austin C. Dowling NOMINEES HOLD EXCEPT
(03) Martin J. Gruber [ ] [ ] [ ]
(04) Masayasu Ohi

NOTE: If you do not wish your shares voted "For" a particular nominee, mark
the "For All Except" box and strike a line through the name of the nominee in
the list above.

FOR AGAINST ABSTAIN
2. To ratify the selection of Pricewaterhouse- [ ] [ ] [ ]
Coopers LLP as independent accountants of
The Singapore Fund for the fiscal year
ending October 31, 2000.

Mark box at right if an address change or comment has been noted on the [ ]
reverse side of this card.

RECORD DATE SHARES:
- --------------------------------------------------------------------------------------

-----------------------------
Please be sure to sign and date this Proxy. Date
- --------------------------------------------------------------------------------------

- ----------- Stockholder sign here --------------------- Co-owner sign here -----------
- --------------------------------------------------------------------------------------