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<PAGE> PAGE 3
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SIGNATURE GENE STARK
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000795618
<NAME> THE ASIA PACIFIC FUND, INC.
<SERIES>
<NUMBER> 001
<NAME> THE ASIA PACIFIC FUND, INC.
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 170,876,052
<INVESTMENTS-AT-VALUE> 170,029,352
<RECEIVABLES> 3,484,487
<ASSETS-OTHER> 1,908,395
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 175,422,234
<PAYABLE-FOR-SECURITIES> 775,197
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 628,100
<TOTAL-LIABILITIES> 1,403,297
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 221,034,394
<SHARES-COMMON-STOCK> 18,930,333
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<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> (3,213,658)
<ACCUM-APPREC-OR-DEPREC> (906,555)
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<DIVIDEND-INCOME> 5,058,574
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<OTHER-INCOME> 0
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<APPREC-INCREASE-CURRENT> (35,365,964)
<NET-CHANGE-FROM-OPS> (75,823,657)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,180,947)
<DISTRIBUTIONS-OF-GAINS> (7,825,857)
<DISTRIBUTIONS-OTHER> (3,036,251)
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<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 192,890
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<PER-SHARE-GAIN-APPREC> (4.14)
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</TABLE>
INDEPENDENT AUDITORS' REPORT
To the Shareholders and 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. (the "Fund") for the year ended March 31,
1998 (on which we have issued our report dated
May 7, 1998), we considered its internal
control, including control activities 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, and not to provide assurance on
the Fund's internal control.
The management of the Fund is responsible for
establishing and maintaining internal control.
In fulfilling this responsibility, estimates and
judgments by management are required to assess
the expected benefits and related costs of
controls. Generally, controls that are relevant
to an audit pertain to the entity's objective of
preparing financial statements for external
purposes that are fairly presented in conformity
with generally accepted accounting principles.
Those controls include the safeguarding of
assets against unauthorized acquisition, use, or
disposition.
Because of inherent limitations in any internal
control, errors or fraud may occur and not be
detected. Also, projection of any evaluation of
internal control 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 Fund's internal control
would not necessarily disclose all matters in
internal control 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 one or more
of the internal control components does not
reduce to a relatively low level the risk that
errors or fraud 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 Fund's internal control and its
operation, including controls for safeguarding
securities, that we consider to be material
weaknesses as defined above as of March 31,
1998.
This report is intended solely for the
information and use of management, the Board of
Directors of The Asia Pacific Fund, Inc., and
the Securities and Exchange Commission.
DELOITTE & TOUCHE LLP
New York, New York
May 7, 1998
For the fiscal year ended (a) March 31, 1998
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 July 10, 1997. At such meeting the
stockholders elected the entire slate of Class
II Directors and ratified the selection of
independent accountants. Shareholders did not
approve the following proposal submitted by a
shareholder of the Fund:
a) approval of a shareholder proposal
recommending the liquidation of the
Fund.
Affirmative Negative
Shares
votes cast votes cast
Abstained
2,733,730 4,222,890
373,264
For the fiscal year ended (a) March 31, 1998
File number (c) 811-4710
SUB-ITEM 77J
Revaluation of Assets or
Restatement of Capital Share Account
As of March 31, 1998 there were 30 million
shares of $0.01 par value common stock
authorized and 18,930,333 shares outstanding of
the Asia Pacific Fund, Inc. During the year
ended March 31, 1998 the Fund issued 27,054
additional shares in connection with the
reinvestment of dividends and distributions.
For the period ended (a) March 31, 1998
File number (c) 811-4710
SUB-ITEM 77J
Restatement of Capital Share Account
The Asia Pacific Fund, Inc. accounts for
and reports distributions to shareholders in
accordance with the American Institute of
Certified Public Accountants' 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 of applying this statement was to
increase paid-in capital by $1,068,591, increase
accumulated net investment loss by $1,144,304
and decrease accumulated net realized losses on
investments and foreign currency transactions by
$75,713 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.
