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SIGNATURE GENE STARK
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000795618
<NAME> THE ASIA PACIFIC FUND, INC.
<SERIES>
<NUMBER> 001
<NAME> THE ASIA PACIFIC FUND, INC.
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<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 146,594,060
<INVESTMENTS-AT-VALUE> 163,753,578
<RECEIVABLES> 448,457
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For the fiscal year ended (a) March 31, 1999
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 9,
1998.
At such meeting the stockholders elected the entire slate of
Class III Directors and ratified the selection of
independent accountants.
INDEPENDENT AUDITORS' REPORT
The Board of Directors
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, 1999 (on which we have issued our
report dated May 7, 1999), 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,
misstatements due to error or fraud may occur and not be
detected. Also, projections of any evaluation of internal
control to future periods are subject to the risk that the
internal control may become inadequate because of changes in
conditions, or that the degree of compliance with policies
and procedures may deteriorate.
Our consideration of the Fund's internal control would not
necessarily disclose all matters in the 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 misstatements caused by error 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 Company'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, 1999.
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 and
is not intended to be and should not be used by anyone other
than these specified parties.
May 7, 1999
Reclassification of Capital Accounts
The Fund 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. As a
result of this Statement, the Fund reclassified amounts
to better disclose the differences between financial
statement amounts and distributions determined in
accordance with U.S. federal income tax regulations.
The effect of applying this statement was to decrease
net investment loss by $794,330, increase accumulated
net realized loss on investments and foreign currency
transaction by $612,072 and decrease paid in capital
in excess of par by $182,258 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.
