<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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SIGNATURE GENE STARK
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000795618
<NAME> PRUDENTIAL MUTUAL FUND-THE ASIA PACIFIC FUND
<SERIES>
<NUMBER> 001
<NAME> PRUDENTIAL MUTUAL FUND-THE ASIA PACIFIC FUND
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PRINT ON COMPAQ
The Board of Directors of
The Asia Pacific Fund, Inc.:
In planning and performing our audit of the
financial statements of The Asia Pacific Fund,
Inc. for the year ended March 31, 1996, we
considered its internal control structure,
including procedures for safeguarding securities,
in order to determine our auditing procedures for
the purpose of expressing our opinion on the
financial statements and to comply with the
requirements of Form N-SAR, not to provide
assurance on the internal control structure.
The management of the Fund is responsible for
establishing and maintaining an internal control
structure. In fulfilling this responsibility,
estimates and judgments by management are required
to assess the expected benefits and related costs
of internal control structure policies and
procedures. Two of the objectives of an internal
control structure are to provide management with
reasonable, but not absolute, assurance that
assets are safeguarded against loss from
unauthorized use or disposition and that
transactions are executed in accordance with
management's authorization and recorded properly
to permit preparation of financial statements in
conformity with generally accepted accounting
principles.
Because of inherent limitations in any internal
control structure, errors or irregularities may
occur and not be detected. Also, projection of
any evaluation of the structure to future periods
is subject to the risk that it may become
inadequate because of changes in conditions or
that the effectiveness of the design and operation
may deteriorate.
Our consideration of the internal control
structure would not necessarily disclose all
matters in the internal control structure that
might be material weaknesses under standards
established by the American Institute of Certified
Public Accountants. A material weakness is a
condition in which the design or operation of the
specific internal control structure elements does
not reduce to a relatively low level the risk that
errors or irregularities in amounts that would be
material in relation to the financial statements
being audited may occur and not be detected within
a timely period by employees in the normal course
of performing their assigned functions. However,
we noted no matters involving the internal control
structure, including procedures for safeguarding
securities, that we consider to be material
weaknesses as defined above as of March 31, 1996.
This report is intended solely for the information
and use of management and the Securities and
Exchange Commission.
May 13, 1996
1
For the fiscal year ended (a) March 31, 1996
File number (c) 811-4710
SUB-ITEM 77C
Submission of Matters to a Vote of Security Holders
An Annual Meeting of Stockholders was held on June 22, 1995. At such
meeting the stockholders elected the entire slate of Class III directors,
ratified the selection of independent accountants and approved the following
proposals:
a) approval of the Investment Management Agreement between Baring
International Investment (Far East) Limited and the Fund.
Affirmative Negative
votes cast votes cast
7,863,846 181,011
b) approval to transact such other business as may properly come before
the Meeting or any adjournments thereof.
Affirmative Negative
votes cast votes cast
7,273,810 364,159
For the fiscal year ended (a) March 31, 1996
File number (c) 811-4710
SUB-ITEM 77H
Change in Control of the Registrant
At a meeting held on March 15, 1995, the Board of Directors of the Fund,
including a majority of the Directors who are not "interested" Directors as
defined in the Investment Company Act, approved a new interim investment
management agreement (the "Interim Agreement") and a new definitive management
agreement (the "New Agreement" and, together with the Interim Agreement, the
"Agreements"), with the Fund's investment manager, Baring International
Investment (Far East) Limited ("BII(FE)" or "the Investment Manager.") The
terms of the Interim Agreement and the New Agreement are identical in all
respects to the terms of the Fund's prior investment management agreement with
BII(FE) dated September 20, 1989 (the "Prior Agreement") except that the Interim
Agreement terminated on June 22, 1995 and the New Agreement became effective
upon approval by the stockholders on that date and will have an initial term of
two years. The Prior Agreement terminated automatically in accordance with its
terms and the requirements of the 1940 Act on March 5, 1995 as a result of the
acquisition on such date by Internationale Nederlanden Groep N.V. ("ING"),
through its newly established wholly-owned subsidiary Baring Holding Company
Limited ("Baring Holding"), of all of the outstanding stock of Baring Asset
Management Holdings Limited ("BAM Holdings"), an indirect parent of BII(FE).
BII(FE) is a Hong Kong corporation and its address is Edinburgh Tower, 15
Queen's Road Central, Hong Kong. The principal executive officer of BII(FE) is
David J. Brennan, Chairman, who together with Michael D. Clegg, Administration
Director, and Iris S. To, Director-Corporate Accounts, constitute BII(FE)'s
Board of Directors. The address of each of these persons is 19th Floor,
Edinburgh Tower, The Landmark, 15 Queen's Road Central, Hong Kong, and the
principal occupation of each is their employment with BII(FE) and its
affiliates.
On February 26, 1995, Barings, of which BII(FE) was on such date an
indirect wholly-owned subsidiary, Baring Brothers & Co., Ltd. ("Baring
Brothers") and certain other affiliates of Barings (but not BII(FE)) announced
that such entities were petitioning for court appointment of administrators as a
result of losses suffered by Barings Brothers in connection with trading of
equity and bond futures and options by an employee in Singapore. Effective
March 5, 1995, the administrators of Barings entered into an agreement whereby
ING acquired substantially all of the businesses of Baring's banking and
securities operations and the outstanding stock of BAM Holdings (the
"Acquisition"). As a result of the Acquisition, BII(FE) became a wholly-owned
indirect subsidiary of ING on March 5, 1995. The basis of the current ownership
of BII(FE) by ING is as follows:
(a) BII(FE) is a wholly-owned direct subsidiary of Baring Asset
Management (Asia) Holdings Limited, 19th Floor, Edinburgh Tower, The Landmark,
15 Queen's Road Central, Hong Kong, which in turn is a wholly-owned direct
subsidiary of Baring Asset Management U.K. Holdings Limited, 155
Bishopsgate, London, EC2M 2XY.
(b) Baring Asset Management U.K. Holdings Limited is a wholly
owned direct subsidiary of Baring International Investment Mangement Limited,
19th Floor, Edinburgh Tower, The Landmark, 15 Queen's Road Central, Hong Kong,
which in turn is a wholly-owned direct subsidiary of Baring International
Investment Management Holdings Limited, 155 Bishopsgate, London, EC2M 2XY.
(c) Baring International Investment Management Holdings Limited is
a wholly-owned direct subsidiary of Baring Asset Management Limited, 155
Bishopsgate, London, EC2M 2XY, which in turn is a wholly-owned direct
subsidiary of Baring Asset Management Holdings Limited, 155 Bishopsgate,
London, EC2M 2XY.
(d) Baring Asset Management Holdings Limited is a wholly- owned
subsidiary of Baring Holding Company Limited, 155 Bishopsgate, London, EC2M
2XY, which in turn is a wholly-owned subsidiary of ING.
For fiscal year ended (a) March 31, 1996
File number (c) 811-6284
SUB-ITEM 77J
Restatement of Capital Share Account
Reclassification of Capital Accounts: The
Asia Pacific Fund accounts for and reports
distributions to shareholders in accordance with
the A.I.C.P.A.'s Statement of Position 93-2:
Determination, Disclosure, and Financial Statement
Presentation of Income, Capital Gain, and Return
of Capital Distributions by Investment Companies.
The effect caused by applying this statement was
to increase accumulated net realized losses on
investments and foreign currency transactions and
decrease undistributed net investment income by
$173,258 for differences in the treatment for book
and tax purposes of certain transactions involving
foreign securities, currencies and withholding
taxes. Net investment income, net realized gains
and net assets were not affected by this change.
