Morgan Stanley Asia-Pacific Fund (APF) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number		811-08388
Morgan Stanley Asia-Pacific Fund, Inc.
(Exact name of registrant as specified in charter)
522 Fifth Avenue New York, NY				10036
(Address of principal executive offices)				(Zip code)
Randy Takian 522 Fifth Avenue New York, New York 10036
(Name and address of agent for service)
Registrant’s telephone number, including area code:			1-800-231-2608
Date of fiscal year end:	12/31
Date of reporting period:	6/30/09

Form N-CSR is to be used by management investment companies to file  reports with the Commission not later than 10 days after the transmission to  stockholders of any report that is required to be transmitted to stockholders  under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).  The Commission may use the information provided on Form N-CSR in its  regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form  N-CSR, and the Commission will make this information public. A registrant is  not required to respond to the collection of information contained in Form  N-CSR unless the Form displays a currently valid Office of Management and  Budget (“OMB”) control number. Please direct comments concerning the accuracy  of the information collection burden estimate and any suggestions for reducing  the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street,  NW, Washington, DC 20549-0609. The OMB has reviewed this collection of  information under the clearance requirements of 44 U.S.C. Section 3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

The Fund’s semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

INVESTMENT MANAGEMENT

Morgan Stanley Asia-Pacific Fund, Inc. (APF)

Morgan Stanley

Investment Management Inc.

Investment Adviser

Semi-Annual Report

June 30, 2009

Morgan Stanley Asia-Pacific Fund, Inc.

Overview (unaudited)

Letter to Stockholders

Performance

For the six months ended June 30, 2009, the Morgan Stanley Asia-Pacific Fund, Inc. (the “Fund”) had total returns of 15.75%, based on net asset value and 18.11% based on market value per share (including reinvestment of distributions), compared to its benchmark which returned 17.15%. The benchmark for the Fund is comprised of two Morgan Stanley Capital International (MSCI) indicies; Japan Net and All Country Asia Pacific Free ex-Japan Net (together the “Index”), with each index weighted equally. On June 30, 2009, the closing price of the Fund’s shares on the New York Stock Exchange was $12.65, representing a 12.6% discount to the Fund’s net asset value per share. Past performance is no guarantee of future results.

Factors Affecting Performance

·The six-month period ended June 30, 2009 for Asia Pacific equities was a virtual “V” shaped pattern — after a sharp drop for the first couple of months of the period, equities rallied from the middle of March through the end of the period.

·Year-to-date ending June 2009, all markets within the Asia Pacific region posted positive returns. The Blended Index rose 17.2% to outperform developed markets represented by the MSCI EAFE Index (up 8%) but underperformed emerging markets represented by MSCI Emerging Markets Index (which rose 36%). In the first half of 2009, Japan lagged its regional peers to rise 2.6%. Most other markets outperformed the overall Index. India and Indonesia led the gainers by rising 57.5% and 56.3% respectively, with election results in both countries likely being the main catalysts for their strong performance. Other markets like Thailand (up 45.7%), China (37.4%), Hong Kong (35.1%), Singapore (32.8%) and Taiwan (35.4%) also experienced a strong rebound in the first half of 2009.

·In the first half of the period, economic news remained bleak and the plunge in the global economy continued with a 20-year record drop in industrial production, a 25-year high for U.S. unemployment, a record low for consumer sentiment, and one of the largest single quarter declines in gross domestic product (GDP) for Japan since 1974. This series of negative economic data points together with severely subdued investor sentiment led the Japanese market, as measured by the Nikkei index, to fall almost 7,000 points in March, to a level last observed in 1982. Furthermore, at one point during the period the median price-to-book ratio valuations for securities listed on the Tokyo Stock Exchange First Section (composed of large companies) fell to 0.8 times, another multi-decade low.

·However, the Japanese market, like most global equity markets, began a sharp move upward on March 11. The rally was triggered by multiple rounds of policy action by the G-20 (Group of Twenty Finance Ministers and Central Bank Governors, representing 19 large national economies and the European Union), including lower interest rates globally and pledges by the U.S. Treasury to provide creative mechanisms for institutions to dispose of their “toxic assets”. Investors renewed their appetite for risk assets and, in particular, increased exposure to Japan, which is considered a cyclical market (one that is more sensitive to economic changes).

·The much trumpeted “green shoots” recovery for the global economy continued to fuel optimism for Japanese equities during the second quarter of 2009, and stocks rose strongly. However, technical indicators suggest the markets may be in for a correction, and the closely watched 200-day moving averages have been breached to the downside. This suggests to us that a summer pause is the likely next phase of the global stock markets.

2

Morgan Stanley Asia-Pacific Fund, Inc.

Overview (unaudited)

Letter to Stockholders (cont’d)

·Attitudes toward risk have reversed over the last few months as less negative news and some evidence that stimulus packages in a low real interest rate environment are starting to show results. Global monetary easing and aggressive fiscal stimulus as well as slowing growth have caused excess liquidity to find its way back to Asia and the emerging markets. However, the question remains whether this is the start of a sustainable recovery, or whether there will be consolidation after the strong rebound over the past three months. At this stage of the market cycle, we expect that prices will continue to be highly volatile, driven mainly by changes in multiples rather than earnings outlook. Our base case expectation remains that the global economy will grow at a slower pace going forward rather than a V-shape recovery as deleveraging continues in developed economies. However, outside of the largest economies, we believe that growth will see a sharper recovery. With the strong rebound in the second quarter, markets are no longer trading at crisis lows.

Management Strategies

·Asset allocation was the primary driver of the Fund’s underperformance, while stock selection was a positive contributor.

·From a top-down perspective, the Fund’s overweight allocations to both China and Indonesia contributed to alpha, but this was offset by our relative underweight to India, overweight exposure to Japan and high cash holding.

·From a bottom-up perspective, stock selection in Japan was a material contributor to performance while stock selection in Australia (underweight financials and materials) and Korea (overweight telecommunications services) detracted from performance over this period.

·The Japan portion contributed most to the Fund’s relative performance for the six-month period. Avoiding deep defensive sectors such as utilities and overweighting economically sensitive sectors including technology hardware and equipment, consumer durables and apparels, and capital goods sectors contributed. In addition, stock selection within the automobiles and components sector was positive, while the Fund’s underweight exposure to this sector detracted from relative performance.

Sincerely,

Randy Takian
President and Principal Executive Officer	July 2009

3

Morgan Stanley Asia-Pacific Fund, Inc.

June 30, 2009 (unaudited)

Investment Advisory Agreement Approval

Nature, Extent and Quality of Services

The Board reviewed and considered the nature and extent of the investment advisory services provided by the Adviser (as defined herein) under the advisory agreement, including portfolio management, investment research and equity and fixed income securities trading. The Board reviewed similar information and factors regarding each Sub-Adviser (as defined herein), to the extent applicable. The Board also reviewed and considered the nature and extent of the non-advisory, administrative services provided by the Fund’s Adviser under the administration agreement, including accounting, clerical, bookkeeping, compliance, business management and planning, and the provision of supplies, office space and utilities at the Adviser’s expense. (The Adviser and Sub-Advisers together are referred to as the “Adviser” and the advisory, sub-advisory and administration agreements together are referred to as the “Management Agreement.”) The Board also compared the nature of the services provided by the Adviser with similar services provided by non-affiliated advisers as reported to the Board by Lipper, Inc. (“Lipper”).

The Board reviewed and considered the qualifications of the portfolio managers, the senior administrative managers and other key personnel of the Adviser who provide the administrative and advisory services to the Fund. The Board determined that the Adviser’s portfolio managers and key personnel are well qualified by education and/or training and experience to perform the services in an efficient and professional manner. The Board concluded that the nature and extent of the advisory and administrative services provided were necessary and appropriate for the conduct of the business and investment activities of the Fund and supported its decision to approve the Management Agreement.

Performance, Fees and Expenses of the Fund

The Board reviewed the performance, fees and expenses of the Fund compared to its peers, as determined by Lipper, and to appropriate benchmarks where applicable. The Board discussed with the Adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund’s performance, the Board and the Adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance, as of December 31, 2008, as applicable). When a fund underperforms its benchmark and/or its peer group average, the Board and the Adviser discuss the causes of such underperformance and, where necessary, they discuss specific changes to investment strategy or investment personnel. The Board noted that the Fund’s performance was better than its peer group average for the one-, three- and five-year periods. The Board discussed with the Adviser the level of the advisory and administration fees (together, the “management fee”) for this Fund relative to comparable funds advised by the Adviser and compared to its peers as determined by Lipper. In addition to the management fee, the Board also reviewed the Fund’s total expense ratio. The Board noted that while the management fee was higher than but close to the peer group average, the total expense ratio was lower than the peer group average. After discussion, the Board concluded that the Fund’s management fee, total expense ratio and performance were competitive with the peer group average.

Economies of Scale

The Board considered the size and growth prospects of the Fund and how that relates to the Fund’s total expense ratio and particularly the Fund’s management fee rate, which does not include breakpoints. In conjunction with its review of the Adviser’s profitability, the Board discussed with the Adviser how a change in assets can affect the efficiency or effectiveness of managing the Fund and whether the management fee level is appropriate relative to current and projected asset levels and/or whether the management fee structure reflects economies of scale as asset levels change. The Board considered that, with respect to closed-end funds, the assets are not likely

4

Morgan Stanley Asia-Pacific Fund, Inc.

June 30, 2009 (unaudited)

Investment Advisory Agreement Approval (cont’d)

to grow with new sales or grow significantly as a result of capital appreciation. The Board concluded that economies of scale for the Fund were not a factor that needed to be considered at the present time.

Profitability of the Adviser and Affiliates

The Board considered information concerning the costs incurred and profits realized by the Adviser and its affiliates during the last year from their relationship with the Fund and during the last two years from their relationship with the Morgan Stanley Fund Complex and reviewed with the Adviser the cost allocation methodology used to determine the profitability of the Adviser and affiliates. The Board has determined that its review of the analysis of the Adviser’s expenses and profitability supports its decision to approve the Management Agreement.

Other Benefits of the Relationship

The Board considered other benefits to the Adviser and its affiliates derived from their relationship with the Fund and other funds advised by the Adviser. These benefits may include, among other things, “float” benefits derived from handling of checks for purchases and sales, research received by the Adviser generated from commission dollars spent on funds’ portfolio trading and fees for distribution and/or shareholder servicing. The Board reviewed with the Adviser each of these arrangements and the reasonableness of its costs relative to the services performed. The Board has determined that its review of the other benefits received by the Adviser or its affiliates supports its decision to approve the Management Agreement.

Resources of the Adviser and Historical Relationship Between the Fund and the Adviser

The Board considered whether the Adviser is financially sound and has the resources necessary to perform its obligations under the Management Agreement. The Board also reviewed and considered the historical relationship between the Fund and the Adviser, including the organizational structure of the Adviser, the policies and procedures formulated and adopted by the Adviser for managing the Fund’s operations and the Board’s confidence in the competence and integrity of the senior managers and key personnel of the Adviser. The Board concluded that the Adviser has the financial resources necessary to fulfill its obligations under the Management Agreement and that it is beneficial for the Fund to continue its relationship with the Adviser.

Other Factors and Current Trends

The Board considered the controls and procedures adopted and implemented by the Adviser and monitored by the Fund’s Chief Compliance Officer and concluded that the conduct of business by the Adviser indicates a good faith effort on its part to adhere to high ethical standards in the conduct of the Fund’s business.

General Conclusion

After considering and weighing all of the above factors, the Board concluded that it would be in the best interest of the Fund and its shareholders to approve renewal of the Management Agreement for another year. In reaching this conclusion the Board did not give particular weight to any single factor referenced above. The Board considered these factors over the course of numerous meetings, some of which were in executive session with only the Independent Board members and their counsel present. It is possible that individual Board members may have weighed these factors differently in reaching their individual decisions to approve the Management Agreement.

5

Morgan Stanley Asia-Pacific Fund, Inc.

June 30, 2009 (unaudited)

Portfolio of Investments

		Value
	Shares	(000)
COMMON STOCKS (98.1%)
(Unless Otherwise Noted)
Australia (10.6%)
Airlines
Qantas Airways Ltd.	1,511,885	$	2,439
Biotechnology
CSL Ltd.	163,928	4,237
Chemicals
Incitec Pivot Ltd.	1,180,357	2,246
Nufarm Ltd.	143,709	1,057
		3,303
Commercial Banks
Australia & New Zealand Banking Group Ltd.	91,195	1,206
Commonwealth Bank of Australia	63,420	1,983
National Australia Bank Ltd.	127,488	2,295
Westpac Banking Corp.	192,164	3,113
		8,597
Diversified Financial Services
ASX Ltd.	132,033	3,923
Diversified Telecommunication Services
Telstra Corp. Ltd.	1,212,725	3,309
Food & Staples Retailing
Woolworths Ltd.	104,267	2,205
Industrial Conglomerates
CSR Ltd.	1,171,704	1,595
Information Technology Services
Computershare Ltd.	347,873	2,521
Insurance
QBE Insurance Group Ltd.	151,447	2,416
Suncorp-Metway Ltd.	314,500	1,689
		4,105
Media
Fairfax Media Ltd.	3,966,621	3,883
Metals & Mining
BHP Billiton Ltd.	90,780	2,488
BlueScope Steel Ltd.	1,131,951	2,290
OneSteel Ltd.	1,115,742	2,301
		7,079
Textiles, Apparel & Luxury Goods
Billabong International Ltd.	485,428	3,411
		50,607
China (14.2%)
Automobiles
Dongfeng Motor Group Co., Ltd., Class H	4,885,000	4,108
Commercial Banks
Bank of China Ltd., Class H	9,646,900	4,571
China Citic Bank, Class H	4,157,000	2,721
China Construction Bank Corp., Class H	12,146,000	9,390
Industrial & Commercial Bank of China, Class H	5,834,000	4,052
		20,734
Construction & Engineering
China Zhongwang Holdings Ltd. (a)	2,243,200	3,080
Construction Materials
Anhui Conch Cement Co., Ltd., Class H	499,000	3,113
Diversified Telecommunication Services
China Communications Services Corp., Ltd., Class H	1,112,000	686
Energy Equipment & Services
China Oilfield Services Ltd., Class H	808,000	869
Independent Power Producers & Energy Traders
Datang International Power Generation Co., Ltd., Class H	1,346,000	814
Industrial Conglomerates
Beijing Enterprises Holdings Ltd.	266,500	1,328
Shanghai Industrial Holdings Ltd.	753,000	3,056
		4,384
Insurance
China Life Insurance Co., Ltd., Class H	1,393,000	5,144
Ping An Insurance Group Co. of China Ltd., Class H	480,000	3,237
		8,381
Oil, Gas & Consumable Fuels
PetroChina Co., Ltd., Class H	4,816,000	5,313
Yanzhou Coal Mining Co., Ltd., Class H	882,000	1,211
		6,524
Personal Products
Bawang International (a)	216,000	67
Real Estate Management & Development
Sino-Ocean Land Holdings Ltd.	1,322,500	1,509

6 The accompanying notes are an integral part of the financial statements.

Morgan Stanley Asia-Pacific Fund, Inc.

June 30, 2009 (unaudited)

Portfolio of Investments (cont’d)

	Shares	Value (000)
China (cont’d)
Specialty Retail
361 Degrees International Ltd. (a)	416,000	$	209
Belle International Holdings Ltd.	2,196,000	1,928
GOME Electrical Appliances Holdings Ltd. (b)	16,663,000	4,150
		6,287
Textiles, Apparel & Luxury Goods
China Dongxiang Group Co.	1,488,400	998
Wireless Telecommunication Services
China Mobile Ltd.	591,000	5,926
		67,480
Hong Kong (4.4%)
Commercial Banks
BOC Hong Kong Holdings Ltd.	766,000	1,356
Hang Seng Bank Ltd.	99,900	1,418
		2,774
Distributors
Li & Fung Ltd.	496,000	1,326
Independent Power Producers & Energy Traders
China Resources Power Holdings Co., Ltd.	814,000	1,802
Industrial Conglomerates
Hutchison Whampoa Ltd.	139,000	906
Metals & Mining
Fushan International Energy Group Ltd. (a)	940,000	526
Real Estate Management & Development
Cheung Kong Holdings Ltd.	176,000	2,018
Hongkong Land Holdings Ltd.	385,000	1,359
Hopewell Holdings Ltd.	505,000	1,576
New World Development Ltd.	1,034,800	1,868
Sun Hung Kai Properties Ltd.	92,000	1,145
Swire Pacific Ltd., Class A	56,000	564
Wharf Holdings Ltd.	786,187	3,323
		11,853
Specialty Retail
Esprit Holdings Ltd.	325,700	1,814
		21,001
India (1.4%)
Automobiles
Hero Honda Motors Ltd.	64,675	1,886
Commercial Banks
HDFC Bank Ltd.	85,127	2,638
Electrical Equipment
Bharat Heavy Electricals Ltd.	43,416	1,994
		6,518
Indonesia (3.2%)
Automobiles
Astra International Tbk PT	930,500	2,165
Commercial Banks
Bank Central Asia Tbk PT	5,313,000	1,832
Bank Mandiri Tbk PT	4,432,500	1,367
Bank Rakyat Indonesia Tbk PT	3,384,000	2,079
		5,278
Construction Materials
Indocement Tunggal Prakarsa Tbk PT	1,735,500	1,314
Diversified Telecommunication Services
Telekomunikasi Indonesia Tbk PT	5,973,500	4,424
Gas Utilities
Perusahaan Gas Negara PT	1,007,500	310
Oil, Gas & Consumable Fuels
Bumi Resources Tbk PT	9,857,500	1,786
		15,277
Japan (48.9%)
Auto Components
Toyoda Gosei Co., Ltd.	60,300	1,616
Automobiles
Nissan Motor Co., Ltd.	817,400	4,935
Suzuki Motor Corp.	238,700	5,337
Toyota Motor Corp.	193,600	7,319
Yamaha Motor Co., Ltd.	215,100	2,376
		19,967
Building Products
Daikin Industries Ltd.	164,600	5,262
Nippon Sheet Glass Co., Ltd.	681,000	1,972
Sanwa Holdings Corp.	437,000	1,557
		8,791
Chemicals
Daicel Chemical Industries Ltd.	719,000	4,346
Denki Kagaku Kogyo KK	926,000	2,562
Kaneka Corp.	553,000	3,913
Lintec Corp.	161,200	2,786
Mitsubishi Chemical Holdings Corp.	619,000	2,611

The accompanying notes are an integral part of the financial statements. 7

Morgan Stanley Asia-Pacific Fund, Inc.

June 30, 2009 (unaudited)

Portfolio of Investments (cont’d)

	Shares	Value (000)
Japan (cont’d)
Chemicals (cont’d)
Nifco, Inc.	137,200	$	2,118
Shin-Etsu Polymer Co., Ltd.	275,300	1,480
Teijin Ltd.	912,000	2,929
Toyo Ink Manufacturing Co., Ltd.	489,000	1,781
		24,526
Commercial Services & Supplies
Dai Nippon Printing Co., Ltd.	289,000	3,951
Nissha Printing Co., Ltd.	55,700	2,673
		6,624
Computers & Peripherals
Fujitsu Ltd.	1,069,000	5,792
NEC Corp. (a)	1,152,000	4,498
Toshiba Corp.	1,180,000	4,248
		14,538
Construction & Engineering
Kyudenko Corp.	224,000	1,549
Maeda Road Construction Co., Ltd.	173,000	1,767
Obayashi Corp.	722,000	3,531
Sanki Engineering Co., Ltd.	128,000	983
		7,830
Consumer Finance
Hitachi Capital Corp.	187,800	2,534
Diversified Telecommunication Services
Nippon Telegraph & Telephone Corp.	81,400	3,312
Electric Utilities
Tokyo Electric Power Co., Inc. (The)	71,500	1,838
Electrical Equipment
Furukawa Electric Co., Ltd.	951,000	4,265
Electronic Equipment, Instruments & Components
FUJIFILM Holdings Corp.	151,100	4,767
Hitachi High-Technologies Corp.	115,600	1,961
Hitachi Ltd.	884,000	2,738
Kyocera Corp.	72,900	5,468
Mitsumi Electric Co., Ltd.	209,100	4,441
Ryosan Co., Ltd.	99,700	2,339
TDK Corp.	72,800	3,403
		25,117
Food & Staples Retailing
FamilyMart Co., Ltd.	114,500	3,589
Food Products
House Foods Corp.	113,200	1,645
Nippon Meat Packers, Inc.	181,000	2,283
		3,928
Household Durables
Casio Computer Co., Ltd.	343,400	3,056
Panasonic Corp.	437,500	5,868
Sekisui Chemical Co., Ltd.	579,000	3,628
Sekisui House Ltd.	330,000	3,336
Sony Corp.	119,300	3,082
		18,970
Leisure Equipment & Products
Yamaha Corp.	211,400	2,626
Machinery
Amada Co., Ltd.	469,000	2,898
Daifuku Co., Ltd.	324,000	2,299
Fuji Machine Manufacturing Co., Ltd.	114,600	1,384
Fujitec Co., Ltd.	184,000	869
Kurita Water Industries Ltd.	133,200	4,291
Minebea Co., Ltd.	564,000	2,386
Mitsubishi Heavy Industries Ltd.	1,398,000	5,767
Tsubakimoto Chain Co.	589,000	2,053
		21,947
Media
Toho Co., Ltd.	82,600	1,345
Metals & Mining
Mitsui Mining & Smelting Co., Ltd. (a)	931,000	2,394
Nippon Steel Corp.	383,000	1,461
		3,855
Office Electronics
Canon, Inc.	204,500	6,656
Ricoh Co., Ltd.	435,000	5,572
		12,228
Pharmaceuticals
Astellas Pharma, Inc.	153,500	5,422
Daiichi Sankyo Co., Ltd.	265,800	4,756
Ono Pharmaceutical Co., Ltd.	98,600	4,363
		14,541
Road & Rail
East Japan Railway Co.	59,900	3,607

8 The accompanying notes are an integral part of the financial statements.

Morgan Stanley Asia-Pacific Fund, Inc.

June 30, 2009 (unaudited)

Portfolio of Investments (cont’d)

	Shares	Value (000)
Japan (cont’d)
Semiconductors & Semiconductor Equipment
Rohm Co., Ltd.	60,500	$	4,394
Software
Nintendo Co., Ltd.	24,100	6,632
Textiles, Apparel & Luxury Goods
Nisshinbo Holdings, Inc.	225,000	2,535
Trading Companies & Distributors
Marubeni Corp.	558,000	2,465
Mitsubishi Corp.	372,200	6,836
Nagase & Co., Ltd.	190,000	1,902
		11,203
		232,358
Malaysia (0.9%)
Commercial Banks
Bumiputra-Commerce Holdings Bhd	389,200	1,000
Construction & Engineering
IJM Corp. Bhd	487,250	802
Diversified Financial Services
AMMB Holdings Bhd	856,500	821
Electric Utilities
Tenaga Nasional Bhd	513,000	1,113
Wireless Telecommunication Services
Digi.com Bhd	81,600	515
		4,251
Philippines (0.4%)
Diversified Financial Services
Ayala Corp.	375,758	2,057
Singapore (1.4%)
Commercial Banks
DBS Group Holdings Ltd.	120,000	974
United Overseas Bank Ltd.	81,500	823
		1,797
Diversified Financial Services
Singapore Exchange Ltd.	360,000	1,759
Diversified Telecommunication Services
Singapore Telecommunications Ltd.	701,000	1,447
Industrial Conglomerates
Keppel Corp. Ltd.	111,000	527
Media
Singapore Press Holdings Ltd.	133,000	290
Real Estate Management & Development
CapitaLand Ltd.	125,000	317
Transportation Infrastructure
CWT Ltd.	1,451,000	478
		6,615
South Korea (6.4%)
Chemicals
Cheil Industries, Inc.	40	1
LG Chem Ltd.	18,566	2,025
SSCP Co., Ltd. (a)	59,869	363
		2,389
Commercial Banks
Hana Financial Group, Inc.	68,490	1,461
KB Financial Group, Inc. (a)	73,290	2,441
Shinhan Financial Group Co., Ltd. (a)	104,346	2,621
		6,523
Construction & Engineering
Hyundai Engineering & Construction Co., Ltd.	37,500	1,564
Food & Staples Retailing
Shinsegae Co., Ltd.	3,775	1,494
Household Durables
LG Electronics, Inc.	10,188	931
Woongjin Coway Co., Ltd.	91,920	2,230
		3,161
Insurance
Samsung Fire & Marine Insurance Co., Ltd.	1,815	267
Internet Software & Services
NHN Corp. (a)	12,340	1,705
Media
Cheil Worldwide, Inc.	5,464	1,003
Personal Products
Amorepacific Corp.	843	452
Semiconductors & Semiconductor Equipment
Samsung Electronics Co., Ltd.	13,110	6,071
Samsung Electronics Co., Ltd. (Preference)	5,523	1,684
		7,755
Tobacco
KT&G Corp.	26,130	1,476

The accompanying notes are an integral part of the financial statements. 9

Morgan Stanley Asia-Pacific Fund, Inc.

June 30, 2009 (unaudited)

Portfolio of Investments (cont’d)

	Shares	Value (000)
South Korea (cont’d)
Wireless Telecommunication Services
LG Telecom Ltd.	132,600	$	834
SK Telecom Co., Ltd.	12,904	1,762
		2,596
		30,385
Taiwan (6.0%)
Capital Markets
Yuanta Financial Holding Co., Ltd.	2,028,000	1,357
Chemicals
Taiwan Fertilizer Co., Ltd.	183,000	541
Computers & Peripherals
Acer, Inc.	1,268,215	2,195
HTC Corp.	282,600	3,974
Wistron Corp.	389,000	642
Wistron Corp. GDR	25,650	426
		7,237
Diversified Financial Services
Fubon Financial Holding Co., Ltd.	2,001,000	1,860
Diversified Telecommunication Services
Chunghwa Telecom Co., Ltd.	779,106	1,554
Electronic Equipment, Instruments & Components
HON HAI Precision Industry Co., Ltd.	1,942,062	5,978
Insurance
Cathay Financial Holding Co., Ltd.	1,740,350	2,557
Semiconductors & Semiconductor Equipment
Siliconware Precision Industries Co.	1,079,000	1,242
Taiwan Semiconductor Manufacturing Co., Ltd.	3,683,237	6,118
		7,360
		28,444
Thailand (0.3%)
Commercial Banks
Kasikornbank PCL (Foreign)	351,700	741
Oil, Gas & Consumable Fuels
Banpu PCL (Foreign)	74,500	735
		1,476
TOTAL COMMON STOCKS (Cost $473,886)		466,469
INVESTMENT COMPANY (1.4%)
India (1.4%)
Diversified Financial Services
Morgan Stanley Growth Fund (a)(c) (Cost $1,254)	6,860,401	6,688

	No. of Rights
RIGHTS (0.0%)
Hong Kong (0.0%)
Independent Power Producers & Energy Traders
China Resources Power Holdings Co., Ltd., expires 7/10/09 (a) (Cost $—)	81,400	33

	Shares
SHORT-TERM INVESTMENT (0.6%)
United States (0.6%)
Investment Company
Morgan Stanley Institutional Liquidity Funds — Money Market Portfolio — Institutional Class (c) (Cost $2,640)	2,639,666	2,640
TOTAL INVESTMENTS (100.1%) (Cost $477,780) (d)		475,830
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.1%)		(239		)
NET ASSETS (100%)		$	475,591

(a)	Non-income producing security.
(b)	Security has been deemed illiquid at June 30, 2009.
(c)	See Note G within the Notes to Financial Statements regarding investments in the Morgan Stanley Growth Fund and the Morgan Stanley Institutional Liquidity Funds — Money Market Portfolio — Institutional Class.
(d)	The approximate market value and percentage of total investments, $472,664,000 and 99.3%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A within the Notes to Financial Statements.
GDR —	Global Depositary Receipt

10 The accompanying notes are an integral part of the financial statements.

Morgan Stanley Asia-Pacific Fund, Inc.

June 30, 2009 (unaudited)

Portfolio of Investments (cont’d)

Foreign Currency Exchange Contract Information:

The Fund had the following foreign currency exchange contract(s) open at period end:

Currency to Deliver (000)		Value (000)		Settlement Date	In Exchange For (000)		Value (000)		Net Unrealized Appreciation (Depreciation) (000)
HKD	984	$	127	7/1/09	USD	127	$	127	$	—	@
HKD	151	20		7/1/09	USD	20	20		—		@
JPY	2,252	23		7/1/09	USD	23	23		—		@
USD	67	67		7/2/09	HKD	519	67		—		@
USD	120	120		7/1/09	KRW	153,451	120		—		@
		$	357				$	357	$	—	@

HKD —  Hong Kong Dollar

JPY —  Japanese Yen

KRW —  Korean Won

USD —  United States Dollar

@ Value is less than $500.

Fair Value Measurement Information:

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below. (See Note 4 to the financial statements for further information regarding fair value measurement.)

Investment Type	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 significant unobservable inputs		Total
Assets:
Common Stocks
Airlines	$	—	$	2,439	$	—	$	2,439
Auto Components	—		1,616		—		1,616
Automobiles	—		28,126		—		28,126
Biotechnology	—		4,237		—		4,237
Building Products	—		8,791		—		8,791
Capital Markets	—		1,357		—		1,357
Chemicals	—		30,759		—		30,759
Commercial Banks	—		50,082		—		50,082
Commercial Services & Supplies	—		6,624		—		6,624
Computers & Peripherals	—		21,775		—		21,775
Construction & Engineering	—		13,276		—		13,276
Construction Materials	—		4,427		—		4,427
Consumer Finance	—		2,534		—		2,534
Distributors	—		1,326		—		1,326
Diversified Financial Services	—		10,420		—		10,420
Diversified Telecommunication Services	—		14,732		—		14,732
Electric Utilities	—		2,951		—		2,951
Electrical Equipment	—		6,259		—		6,259
Electronic Equipment, Instruments & Components	—		31,095		—		31,095
Energy Equipment & Services	—		869		—		869
Food & Staples Retailing	—		7,288		—		7,288
Food Products	—		3,928		—		3,928
Gas Utilities	—		310		—		310
Household Durables	—		22,131		—		22,131
Independent Power Producers & Energy Traders	—		2,616		—		2,616
Industrial Conglomerates	—		7,412		—		7,412
Information Technology Services	—		2,521		—		2,521
Insurance	—		15,310		—		15,310
Internet Software & Services	—		1,705		—		1,705
Leisure Equipment & Products	—		2,626		—		2,626
Machinery	—		21,947		—		21,947
Media	—		6,521		—		6,521
Metals & Mining	—		11,460		—		11,460

The accompanying notes are an integral part of the financial statements. 11

Morgan Stanley Asia-Pacific Fund, Inc.

June 30, 2009 (unaudited)

Portfolio of Investments (cont’d)

Investment Type	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 significant unobservable inputs		Total
Office Electronics	$	—	$	12,228		$	—	$	12,228
Oil, Gas & Consumable Fuels	—		9,045			—		9,045
Personal Products	—		519			—		519
Pharmaceuticals	—		14,541			—		14,541
Real Estate Management & Development	—		13,679			—		13,679
Road & Rail	—		3,607			—		3,607
Semiconductors & Semiconductor Equipment	—		19,509			—		19,509
Software	—		6,632			—		6,632
Specialty Retail	209		7,892			—		8,101
Textiles, Apparel & Luxury Goods	—		6,944			—		6,944
Tobacco	—		1,476			—		1,476
Trading Companies & Distributors	—		11,203			—		11,203
Transportation Infrastructure	—		478			—		478
Wireless Telecommunication Services	—		9,037			—		9,037
Total Common Stocks	209		466,260			—		466,469
Forwards	—		—		@	—		—		@
Investment Company
Diversified Financial Services	6,688		—			—		6,688
Rights	—		33			—		33
Short-Term Investment
Investment Company	2,640		—			—		2,640
Total Assets	9,537		466,293			—		475,830
Liabilities:
Forwards	—		—		@	—		—		@
Total Liabilities	—		—		@	—		—		@
Total	$	9,537	$	466,293		$	—	$	475,830

@  Amount is less than $500.

Portfolio Composition

Classification	Percentage of Total Investments
Commercial Banks	10.5	%
Electronic Equipment, Instruments & Components	6.5
Chemicals	6.5
Automobiles	5.9
Other*	70.0
Short-Term Investment	0.6
Total Investments	100.0	%

*  Industries representing less than 5% of total investments.

12 The accompanying notes are an integral part of the financial statements.

Morgan Stanley Asia-Pacific Fund, Inc.

June 30, 2009

Financial Statements

Statement of Assets and Liabilities

	June 30, 2009 (unaudited) (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value (Cost $473,886)	$	466,502
Investments in Securities of Affiliated Issuers, at Value (Cost $3,894)	9,328
Total Investments in Securities, at Value (Cost $477,780)	475,830
Dividends Receivable	966
Foreign Currency, at Value (Cost $78)	78
Receivable for Investments Sold	19
Receivable from Affiliate	6
Unrealized Appreciation on Foreign Currency Exchange Contracts	—		@
Other Assets	12
Total Assets	476,911
Liabilities:
Payable For:
Investments Purchased	590
Investment Advisory Fees	386
Bank Overdraft	78
Custodian Fees	47
Administration Fees	11
Unrealized Depreciation on Foreign Currency Exchange Contracts	—		@
Other Liabilities	208
Total Liabilities	1,320
Net Assets
Applicable to 32,849,643 Issued and Outstanding $0.01 Par Value Shares (200,000,000 Shares Authorized)	$	475,591
Net Asset Value Per Share	$	14.48
Net Assets Consist of:
Common Stock	$	328
Paid-in Capital	536,578
Accumulated Net Investment Loss	(278		)
Accumulated Net Realized Loss	(59,095		)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Exchange Contracts and Translations	(1,942		)
Net Assets	$	475,591

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements. 13

Morgan Stanley Asia-Pacific Fund, Inc.

June 30, 2009

Financial Statements (cont’d)

Statement of Operations

	Six Months Ended June 30, 2009 (unaudited) (000)
Investment Income:
Dividends from Securities of Unaffiliated Issuers (Net of $345 of Foreign Taxes Withheld)	$	5,195
Dividends from Security of Affiliated Issuer	9
Interest from Securities of Unaffiliated Issuers	—		@
Total Investment Income	5,204
Expenses:
Investment Advisory Fees (Note B)	2,009
Administration Fees (Note C)	161
Professional Fees	95
Custodian Fees (Note D)	58
Stockholder Reporting Expenses	31
Stockholder Servicing Agent Fees	17
Proxy Fees	16
Directors’ Fees and Expenses	4
Other Expenses	21
Total Expenses	2,412
Waiver of Administration Fees (Note C)	(99		)
Rebate from Morgan Stanley Affiliates (Note G)	(20		)
Expense Offset (Note D)	—		@
Net Expenses	2,293
Net Investment Income	2,911
Net Realized Gain (Loss) on:
Investments (Net of Country Taxes of $7)	(33,893		)
Foreign Currency Transactions	19
Net Realized Loss	(33,874		)
Change in Unrealized Appreciation (Depreciation) on:
Investments	95,190
Foreign Currency Exchange Contracts and Translations	6
Change in Unrealized Appreciation (Depreciation)	95,196
Net Realized Gain (Loss) and Change in Unrealized Appreciation (Depreciation)	61,322
Net Increase in Net Assets Resulting from Operations	$	64,233

@ Amount is less than $500.

14 The accompanying notes are an integral part of the financial statements.

Morgan Stanley Asia-Pacific Fund, Inc.

June 30, 2009

Financial Statements (cont’d)

Statements of Changes in Net Assets

	Six Months Ended June 30, 2009 (unaudited) (000)			Year Ended December 31, 2008 (000)
Increase (Decrease) in Net Assets
Operations:
Net Investment Income	$	2,911		$	8,627
Net Realized Gain (Loss)	(33,874		)	12,646
Net Change in Unrealized Appreciation (Depreciation)	95,196			(342,046		)
Net Increase (Decrease) in Net Assets Resulting from Operations	64,233			(320,773		)
Distributions from and/or in Excess of:
Net Investment Income	—			(3		)
Net Realized Gain	—			(58,218		)
Total Distributions	—			(58,221		)
Capital Share Transactions:
Repurchase of Shares (133,700 and 989,148 shares)	(1,229		)	(16,971		)
Total Increase (Decrease)	63,004			(395,965		)
Net Assets:
Beginning of Period	412,587			808,552
End of Period (Including Accumulated Net Investment Loss and Distributions in Excess of Net Investment Income of $(278) and $(3,189))	$	475,591		$	412,587

The accompanying notes are an integral part of the financial statements. 15

Morgan Stanley Asia-Pacific Fund, Inc.

June 30, 2009

Financial Highlights

Selected Per Share Data and Ratios

	Six Months Ended June 30,			Year Ended December 31,
	2009 (unaudited)			2008			2007			2006			2005			2004
Net Asset Value, Beginning of Period	$	12.51		$	23.80		$	20.92		$	17.33		$	14.58		$	12.29
Net Investment Income†	0.09			0.26			0.15			0.13			0.11			0.09
Net Realized and Unrealized Gain (Loss) on Investments	1.88			(9.84		)	5.15			3.69			2.81			2.31
Total from Investment Operations	1.97			(9.58		)	5.30			3.82			2.92			2.40
Distributions from and/or in excess of:
Net Investment Income	—			(0.00		)‡	(0.46		)	(0.24		)	(0.18		)	(0.11		)
Net Realized Gain	—			(1.76		)	(2.04		)	—			—			—
Total Distributions	—			(1.76		)	(2.50		)	(0.24		)	(0.18		)	(0.11		)
Anti-Dilutive Effect of Share Repurchase Program	0.00		‡	0.05			0.08			0.01			0.01			0.00		‡
Net Asset Value, End of Period	$	14.48		$	12.51		$	23.80		$	20.92		$	17.33		$	14.58
Per Share Market Value, End of Period	$	12.65		$	10.71		$	20.14		$	19.11		$	15.53		$	12.81
TOTAL INVESTMENT RETURN:
Market Value	18.11		%#	(39.02		)%	18.62		%	24.62		%	22.58		%	19.06		%
Net Asset Value(1)	15.75		%#	(39.72		)%	28.11		%	22.27		%	20.11		%	19.63		%
RATIOS, SUPPLEMENTAL DATA:
Net Assets, End of Period (Thousands)	$	475,591		$	412,587		$	808,552		$	737,472		$	615,838		$	520,127
Ratio of Expenses to Average Net Assets(2)	1.15		%*+	1.16		%+	1.13		%+	1.16		%	1.17		%	1.18		%
Ratio of Net Investment Income to Average Net Assets(2)	1.45		%*+	1.37		%+	0.63		%+	0.69		%	0.73		%	0.66		%
Rebate from Morgan Stanley Affiliates to Average Net Assets	0.01		%*	0.01		%	0.00		%§	N/A			N/A			N/A
Portfolio Turnover Rate	20		%#	47		%	48		%	43		%	28		%	25		%
(2) Supplemental Information on the Ratios to Average Net Assets:
Ratios Before Expenses Waived by Administrator:
Ratio of Expenses to Average Net Assets	1.20		%*+	1.21		%+	1.18		%+	1.21		%	1.22		%	1.19		%
Ratio of Net Investment Income to Average Net Assets	1.40		%*+	1.32		%+	0.58		%+	0.64		%	0.68		%	0.65		%

(1)	Total investment return based on net asset value per share reflects the effects of changes in net asset value on the performance of the Fund during each period, and assumes dividends and distributions, if any, were reinvested. This percentage is not an indication of the performance of a stockholder’s investment in the Fund based on market value due to differences between the market price of the stock and the net asset value per share of the Fund.
†	Per share amount is based on average shares outstanding.
‡	Amount is less than $0.005 per share.
#	Not Annualized
*	Annualized
+	The Ratio of Expenses and Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The affect of the rebate on the ratios is disclosed in the above table as “Rebate from Morgan Stanley Affiliates to Average Net Assets”.
§	Amount is less than 0.005%

16 The accompanying notes are an integral part of the financial statements.

Morgan Stanley Asia-Pacific Fund, Inc.

June 30, 2009 (unaudited)

Notes to Financial Statements

The Morgan Stanley Asia-Pacific Fund, Inc. (the “Fund”) was incorporated in Maryland on February 28, 1994, and is registered as a diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund’s investment objective is long-term capital appreciation through investments primarily in equity securities of Asian-Pacific issuers and in debt securities issued or guaranteed by Asian Pacific governments or governmental entities. To the extent that the Fund invests in derivative instruments that the Adviser believes have economic characteristics similar to equity securities of Asian-Pacific issuers and in debt securities issued or guaranteed by Asian Pacific governments or governmental entities, such investments will be counted for purposes of the Fund’s policy in the previous sentence. To the extent the Fund makes such investments, the Fund will be subject to the risks of such derivative instruments as described herein.

A.  Significant Accounting Policies: The following significant accounting policies are in conformity with U.S. generally accepted accounting principles. Such policies are consistently followed by the Fund in the preparation of its financial statements. U.S. generally accepted accounting principles may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results may differ from those estimates.

1.Security Valuation: Securities listed on a foreign exchange are valued at their closing price except as noted below. Unlisted securities and listed securities not traded on the valuation date for which market quotations are readily available are valued at the mean between the current bid and asked prices obtained from reputable brokers. Equity securities listed on a U.S. exchange are valued at the latest quoted sales price on the valuation date. Equity securities listed or traded on NASDAQ, for which market quotations are available, are valued at the NASDAQ Official Closing Price. Debt securities purchased with remaining maturities of 60 days or less are valued at amortized cost, if it approximates market value.

All other securities and investments for which market values are not readily available, including restricted securities, and those securities for which it is inappropriate to determine prices in accordance with the aforementioned procedures, are valued at fair value as determined in good faith under procedures adopted by the Board of Directors (the “Directors”), although the actual calculations may be done by others. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer’s financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.

Most foreign markets close before the New York Stock Exchange (NYSE). Occasionally, developments that could affect the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business on the NYSE. If these developments are expected to materially affect the value of the securities, the valuations may be adjusted to reflect the estimated fair value as of the close of the NYSE, as determined in good faith under procedures established by the Directors.

2.Foreign Currency Translation: The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the mean of the bid and asked prices of such currencies against U.S. dollars last quoted by a major bank as follows:

· investments, other assets and liabilities at the prevailing rates of exchange on the valuation date;

· investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

17

Morgan Stanley Asia-Pacific Fund, Inc.

June 30, 2009 (unaudited)

Notes to Financial Statements (cont’d)

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of the securities held at period end. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of securities sold during the period. Accordingly, realized and unrealized foreign currency gains (losses) on investments in securities are included in the reported net realized and unrealized gains (losses) on investment transactions and balances.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from sales and maturities of foreign currency exchange contracts, disposition of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of unrealized appreciation (depreciation) on investments and foreign currency translations in the Statement of Assets and Liabilities. The change in net unrealized currency gains (losses) on foreign currency translations for the period is reflected in the Statement of Operations.

A significant portion of the Fund’s net assets consist of securities of issuers located in Asia which are denominated in foreign currencies. Changes in currency exchange rates will affect the value of and investment income from such securities. In general, Asian securities are subject to greater price volatility, limited capitalization and liquidity, and higher rates of inflation than securities of companies based in the United States. In addition, Asian securities may be subject to substantial governmental involvement in the economy and greater social, economic and political uncertainty. Such securities may be concentrated in a limited number of countries and regions and may vary throughout the year.

Governmental approval for foreign investments may be required in advance of making an investment under certain circumstances in some countries, and the extent of foreign investments in domestic companies may be subject to limitation in other countries. Foreign ownership limitations also may be imposed by the charters of individual companies to prevent, among other concerns, violations of foreign investment limitations. As a result, an additional class of shares (identified as “Foreign” in the Portfolio of Investments) may be created and offered for investment. The “local” and “foreign shares” market values may differ. In the absence of trading of the foreign shares in such markets, the Fund values the foreign shares at the closing exchange price of the local shares. Such securities, if any, are identified as fair valued in the Portfolio of Investments.

3.Derivatives: The Fund may use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. Derivatives are financial instruments whose value is based on the value of another underlying asset, interest rate, index or financial instrument. A derivative instrument often has risks similar to its underlying instrument and may have additional risks, including imperfect correlation between the value of the derivative and the underlying instrument, risks of default by the other party to certain transactions, magnification of losses incurred due to changes in the market value of the securities, instruments, indices or interest rates to which they relate, and risks that the transactions may not be liquid. The use of derivatives

18

Morgan Stanley Asia-Pacific Fund, Inc.

June 30, 2009 (unaudited)

Notes to Financial Statements (cont’d)

involves risks that are different from, and possibly greater than, the risks associated with other portfolio investments. Derivatives may involve the use of highly specialized instruments that require investment techniques and risk analyses different from those associated with other portfolio investments. All of the Fund’s portfolio holdings, including derivative instruments, are marked to market each day with the change in value reflected in unrealized appreciation (depreciation). Upon disposition, a realized gain or loss is generally recognized.

Certain derivative transactions may give rise to a form of leverage. Leverage associated with derivative transactions may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet earmarking or segregation requirements, pursuant to applicable SEC rules and regulations, or may cause the Fund to be more volatile than if the Fund had not been leveraged. Although the Investment Adviser and/or Sub-Adviser seek to use derivatives to further the Fund’s investment objectives, there is no assurance that the use of derivatives will achieve this result.

Following is a description of the derivative instruments and techniques that the Fund may use and their associated risks:

Structured Investments: The Fund also may invest a portion of its assets in structured notes and other types of structured investments. A structured note is a derivative security for which the amount of principal repayment and/or interest payments is based on the movement of one or more “factors.” These factors include, but are not limited to, currency exchange rates, interest rates (such as the prime lending rate or LIBOR), referenced bonds and stock indices. Investments in structured notes involve risks including interest rate risk, credit risk and market risk. Changes in interest rates and movement of the factor may cause significant price fluctuations and changes in the reference factor may cause the interest rate on the structured note to be reduced to zero and any further changes in the reference factor may then reduce the principal amount payable on maturity. Other types of structured investments include interests in entities organized and operated for the purpose of restructuring the investment characteristics of underlying investment interests or securities. These investment entities may be structured as trusts or other types of pooled investment vehicles. Holders of structured investments bear risks of the underlying investment and are subject to counterparty risk. Certain structured investments may be thinly traded or have a limited trading market and may have the effect of increasing the Fund’s illiquidity to the extent that the Fund, at a particular point in time, may be unable to find qualified buyers for these securities.

Foreign Currency Forward Contracts: In connection with its investments in foreign securities, the Fund also may enter into contracts with banks, brokers or dealers to purchase or sell securities or foreign currencies at a future date (“forward contracts”). A foreign currency forward contract is a negotiated agreement between the contracting parties to exchange a specified amount of currency at a specified future time at a specified rate. The rate can be higher or lower than the spot rate between the currencies that are the subject of the contract. Forward foreign currency exchange contracts may be used to protect against uncertainty in the level of future foreign currency exchange rates or to gain or modify exposure to a particular currency. In addition, the Fund may use cross currency hedging or proxy hedging with respect to currencies in which the Fund has or expects to have portfolio or currency exposure. Cross currency hedges involve the sale of one currency against the positive exposure to a different currency and may be used for hedging purposes or to establish an active exposure to the exchange rate between any two currencies. A forward contract is marked-to-market daily and the change in

19

Morgan Stanley Asia-Pacific Fund, Inc.

June 30, 2009 (unaudited)

Notes to Financial Statements (cont’d)

market value is recorded by the Fund as unrealized gain or loss. The Fund records realized gains (losses) when the contract is closed equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Hedging the Fund’s currency risks involves the risk of mismatching the Fund’s objectives under a forward or futures contract with the value of securities denominated in a particular currency. Furthermore, such transactions reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position taken. There is an additional risk to the effect that currency contracts create exposure to currencies in which the Fund’s securities are not denominated. Unanticipated changes in currency prices may result in poorer overall performance for the Fund than if it had not entered into such contracts.

Over-the-Counter Trading:  Securities and other derivative instruments that may be purchased or sold by the Fund may consist of instruments not traded on an exchange. The risk of non-performance by the obligor on such an instrument may be greater, and the ease with which the Fund can dispose of or enter into closing transactions with respect to such an instrument may be less, than in the case of an exchange-traded instrument. In addition, significant spreads may exist between bid and ask prices for derivative instruments that are not traded on an exchange. Derivative instruments not traded on exchanges are also not subject to the same type of government regulation as exchange traded instruments, and many of the protections afforded to participants in a regulated environment may not be available in connection with such transactions.

The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities” (“SFAS 161”), effective December 29, 2008. SFAS 161 is intended to improve financial reporting about derivative instruments by requiring enhanced disclosures to enable investors to better understand how and why the Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund’s financial position and results of operations.

The following table sets forth the fair value of the Fund’s derivative contracts by primary risk exposure as of June 30, 2009.

Primary Risk Exposure	Statement of Assets and Liabilities	Foreign Currency Contracts (000)
Assets:
Foreign Currency Contracts	Receivables	$	—@
Liabilities:
Foreign Currency Contracts	Payables	$	(—@	)

The following tables set forth by primary risk exposure the Fund’s realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract for the six months ended June 30, 2009 in accordance with SFAS 161.

Primary Risk Exposure	Statement of Operations	Foreign Currency Contracts (000)
Foreign Currency Contracts	Realized Gain (Loss) on Foreign Currency Exchange Contracts	$	140

Primary Risk Exposure	Statement of Operations	Foreign Currency Contracts (000)
Foreign Currency Contracts	Change in Unrealized Appreciation (Depreciation) on Foreign Currency Exchange Contracts	$	—@

@ Amount is less than $500.

All open derivative positions at period end are reflected on the Portfolio of Investments and the volume of these open

20

Morgan Stanley Asia-Pacific Fund, Inc.

June 30, 2009 (unaudited)

Notes to Financial Statements (cont’d)

positions relative to the net assets of the Fund is generally representative of open positions throughout the reporting period for the Fund.

4.Fair Value Measurement: In accordance with Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“SFAS 157”), fair value is defined as the price that the Fund would receive to sell an investment or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability. SFAS 157 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund’s investments. The inputs are summarized in the three broad levels listed below.

·Level 1 — quoted prices in active markets for identical securities

·Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

·Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

5.Subsequent Event: In accordance with the provisions set forth in Financial Accounting Standards Board Statement of Financial Accounting Standards No. 165, Subsequent Events, adopted by the Fund as of June 30, 2009, management has evaluated the possibility of subsequent events existing in the Fund’s financial statements through August 28, 2009. Management has determined that there are no material events that would require disclosure in the Fund’s financial statements through this date.

6.Other: Security transactions are accounted for on the date the securities are purchased or sold. Investments in new Indian securities are made by making applications in the public offerings. The issue price, or a portion thereof, is paid at the time of application and is reflected as share application money on the Statement of Assets and Liabilities, if any. Upon allotment of the securities, this amount plus any remaining amount of issue price is recorded as cost of investments. Realized gains (losses) on the sale of investment securities are determined on the specific identified cost basis. Interest income is recognized on the accrual basis. Dividend income and distributions are recorded on the ex-dividend date (except certain dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes.

B.   Investment Advisory Fees: Morgan Stanley Investment Management Inc. (the “Adviser” or “MS Investment Management”) provides investment advisory services to the Fund under the terms of an Investment Advisory and Management Agreement (the “Agreement”). Under the Agreement, the Adviser is paid a fee computed weekly and payable monthly at an annual rate of 1.00% of the Fund’s average weekly net assets.

21

Morgan Stanley Asia-Pacific Fund, Inc.

June 30, 2009 (unaudited)

Notes to Financial Statements (cont’d)

The Adviser has entered into a Sub-Advisory Agreement with each of Morgan Stanley Investment Management Company and Morgan Stanley Asset & Investment Trust Co. Limited (together, the “Sub-Advisers”), each a wholly-owned subsidiary of Morgan Stanley. The Sub-Advisers provide the Fund with investment advisory services subject to the overall supervision of the Adviser and the Fund’s Officers and Directors. The Adviser pays the Sub-Advisers on a monthly basis a portion of the net advisory fees the Adviser receives from the Fund.

C.   Administration Fees: MS Investment Management also serves as Administrator to the Fund pursuant to an Administration Agreement. Under the Administration Agreement, the administration fee is 0.08% of the Fund’s average weekly net assets. MS Investment Management has agreed to limit the administration fee through a waiver so that it will be no greater than the previous administration fee of 0.02435% of the Fund’s average weekly net assets plus $24,000 per annum. This waiver is voluntary and may be terminated at any time. For the six months ended June 30, 2009, approximately $99,000 of administration fees were waived pursuant to this arrangement. Under a sub-administration agreement between the Administrator and JPMorgan Investor Services Co. (“JPMIS”), a corporate affiliate of JPMorgan Chase Bank, N.A., JPMIS provides certain administrative services to the Fund. For such services, the Administrator pays JPMIS a portion of the fee the Administrator receives from the Fund. Administration costs (including out-of-pocket expenses) incurred in the ordinary course of providing services under the agreement, except pricing services and extraordinary expenses, will be covered under the administration fee.

D.   Custodian Fees: JPMorgan Chase Bank, N.A., (the “Custodian”) and its affiliates serve as Custodian for the Fund. The Custodian holds cash, securities, and other assets of the Fund as required by the 1940 Act. Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.

The Fund has entered into an arrangement with its Custodian whereby credits realized on uninvested cash balances were used to offset a portion of the Fund’s expenses. These custodian credits are shown as “Expense Offset” on the Statement of Operations.

E.   Federal Income Taxes: It is the Fund’s intention to continue to qualify as a regulated investment company and distribute all of its taxable income. Accordingly, no provision for Federal income taxes is required in the financial statements. Dividend Income and distributions to stockholders are recorded on the ex-dividend date.

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/ or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned.

Financial Accounting Standards Board Interpretation No. 48 Accounting for Uncertainty in Income Taxes (FIN 48) sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in “Interest Expense” and penalties in “Other” expenses on the Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four year period ended December 31, 2008, remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown on the Statements of Changes in Net Assets due to short-term capital gains being treated as

22

Morgan Stanley Asia-Pacific Fund, Inc.

June 30, 2009 (unaudited)

Notes to Financial Statements (cont’d)

ordinary income for tax purposes. The tax character of distributions paid during fiscal 2008 and 2007 was as follows:

2008 Distributions Paid From: (000)				2007 Distributions Paid From: (000)
Ordinary Income		Long-term Capital Gain		Ordinary Income		Long-term Capital Gain
$	1	$	58,220	$	14,775	$	70,228

The amount and character of income and capital gain distributions to be paid by the Fund are determined in accordance with Federal income tax regulations, which may differ from U.S. generally accepted accounting principles. The book/tax differences are considered either temporary or permanent in nature.

Temporary differences are generally due to differing book and tax treatments for the timing of the recognition of gains (losses) on certain investment transactions and the timing of the deductibility of certain expenses.

Permanent differences, primarily due to differing treatments of gains (losses) related to foreign currency transactions, basis adjustments on certain equity securities designated as issued by passive foreign investment companies and distribution redesignations, resulted in the following reclassifications among the components of net assets at December 31, 2008:

Increase (Decrease)
Undistributed (Distributions in Excess of) Net Investment Income (Loss) (000)		Accumulated Net Realized Gain (Loss) (000)			Paid-in Capital (000)
$	988	$	(988	)	$	—

At December 31, 2008, the components of distributable earnings on a tax basis were as follows:

Undistributed Ordinary Income (000)		Undistributed Long-term Capital Gain (000)
$	7	$	—

At June 30, 2009, the U.S. Federal income tax cost basis of investments was approximately $477,780,000 and, accordingly, net unrealized depreciation for U.S. Federal income tax purposes was $1,950,000 of which $66,782,000 related to appreciated securities and $68,732,000 related to depreciated securities.

Net capital, currency and passive foreign investment company (“PFIC”) losses incurred after October 31, and within the taxable year are deemed to arise on the first day of the Fund’s next taxable year. For the year ended December 31, 2008, the Fund deferred to January 2, 2009, for U.S. Federal income tax purposes, capital losses of approximately $20,532,000.

F.   Contractual Obligations: The Fund enters into contracts that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

G.   Security Transactions and Transactions with Affiliates: The Fund invests in the Morgan Stanley Growth Fund, an open-end management investment company advised by an affiliate of the Adviser. Investment Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of advisory and administration fees paid by the Morgan Stanley Growth Fund. For the six months ended June 30, 2009, advisory fees paid were reduced by approximately $17,000 relating to the Fund’s investment in the Morgan Stanley Growth. The Morgan Stanley Growth Fund has a cost basis of approximately $1,254,000.

23

Morgan Stanley Asia-Pacific Fund, Inc.

June 30, 2009 (unaudited)

Notes to Financial Statements (cont’d)

A summary of the Fund’s transactions in shares of the affiliated issuer during the six months ended June 30, 2009 is as follows:

Market Value December 31, 2008 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Dividend Income (000)		Market Value June 30, 2009 (000)
$	4,442	$	—	$	—	$	—	$	6,688

The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds — Money Market Portfolio, an open-end management investment company managed by the Adviser. Investment Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of advisory and administration fees paid by the Morgan Stanley Institutional Liquidity Funds — Money Market Portfolio. For the six months ended June 30, 2009, advisory fees paid were reduced by approximately $3,000 relating to the Fund’s investment in the Morgan Stanley Institutional Liquidity Funds — Money Market Portfolio.

A summary of the Fund’s transactions in shares of the affiliated issuer during the six months ended June 30, 2009 is as follows:

Market Value December 31, 2008 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Dividend Income (000)		Market Value June 30, 2009 (000)
$	39,089	$	26,758	$	63,207	$	9	$	2,640

During the six months ended June 30, 2009, the Fund made purchases and sales totaling approximately $81,027,000 and $79,316,000, respectively, of investment securities other than long-term U.S. Government securities and short-term investments. There were no purchases or sales of long-term U.S. Government securities.

During the six months ended June 30, 2009, the Fund incurred approximately $3,000 of brokerage commissions with Morgan Stanley & Co. Incorporated, an affiliated broker/dealer.

Additionally, during the six months ended June 30, 2009, the Fund incurred no brokerage commissions with China International Capital Corporation (Hong Kong) Limited (CICC), an affiliated broker/dealer.

H.   Other: On January 23, 1998, the Fund commenced a share repurchase program for purposes of enhancing stockholder value and reducing the discount at which the Fund’s shares trade from their net asset value. At a meeting held on June 18-19, 2009, the Board of Directors approved removing a restriction that limited the amount of shares that the Fund could repurchase to 25% of net assets. During the six months ended June 30, 2009, the Fund repurchased 133,700 of its shares at an average discount of 14.11% from net asset value per share. Since the inception of the program, the Fund has repurchased 18,086,048 of its shares at an average discount of 18.65% from net asset value per share. The Fund expects to continue to repurchase its outstanding shares at such time and in such amounts as it believes will further the accomplishment of the foregoing objectives, subject to review by the Directors.

I.   Supplemental Proxy Information: On June 17, 2009, an annual meeting of the Fund’s stockholders was held for the purpose of voting on the following matter, the results of which were as follows:

Election of Directors by all stockholders:

	For	Withheld
Michael Bozic	23,859,605	3,622,269
Michael F. Klein	23,870,747	3,611,127
W. Allen Reed	22,493,176	4,988,698

24

Morgan Stanley Asia-Pacific Fund, Inc.

June 30, 2009 (unaudited)

Notes to Financial Statements (cont’d)

For More Information About Portfolio Holdings

The Fund provides a complete schedule of portfolio holdings in its semi-annual and annual reports within 60 days of the end of the Fund’s second and fourth fiscal quarters. The semi-annual reports and the annual reports are filed electronically with the Securities and Exchange Commission (SEC) on Form N-CSRS and Form N-CSR, respectively. Morgan Stanley also delivers the semi-annual and annual reports to Fund stockholders and makes these reports available on its public website, www.morganstanley.com/im. Each Morgan Stanley fund also files a complete schedule of portfolio holdings with the SEC for the Fund’s first and third fiscal quarters on Form N-Q. Morgan Stanley does not deliver the reports for the first and third fiscal quarters to stockholders, nor are the reports posted to the Morgan Stanley public website. You may, however, obtain the Form N-Q filings (as well as the Form N-CSR and N-CSRS filings) by accessing the SEC’s website, www.sec.gov. You may also review and copy them at the SEC’s public reference room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling the SEC toll free at 1-(800) SEC-0330. You can also request copies of these materials, upon payment of a duplicating fee, by electronic request at the SEC’s e-mail address (publicinfo@sec.gov) or by writing the public reference section of the SEC, Washington, DC 20549-0102.

In addition to filing a complete schedule of portfolio holdings with the SEC each fiscal quarter, the Fund makes portfolio holdings information available by periodically providing the information on its public website, www.morganstanley.com/im.

The Fund provides a complete schedule of portfolio holdings on the public website on a calendar-quarter basis approximately 31 calendar days after the close of the calendar quarter. The Fund also provides Top 10 holdings information on the public website approximately 15 business days following the end of each month. You may obtain copies of the Fund’s monthly or calendar-quarter website postings, by calling toll free 1-(800) 231-2608.

Proxy Voting Policy and Procedures and Proxy Voting Record

A copy of (1) the Fund’s policies and procedures with respect to the voting of proxies relating to the Fund’s portfolio securities; and (2) how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30, is available without charge, upon request, by calling toll free 1-(800) 548-7786 or by visiting our website at www.morganstanley.com/im. This information is also available on the SEC’s website at www.sec.gov.

25

Morgan Stanley Asia-Pacific Fund, Inc.

June 30, 2009 (unaudited)

Fund Management

The Fund is managed within the Emerging Markets Equity and Japanese Equity teams. The teams consist of portfolio managers and analysts. Current members of the teams jointly and primarily responsible for the day-to-day management of the Fund’s portfolio are John R. Alkire and Kunihiko Sugio, each a Managing Director of Morgan Stanley Asset & Investment Trust Co. Limited (“MSAITCL”), a sub-adviser to the Fund, and James Cheng, a Managing Director of Morgan Stanley Investment Management Company (“MSIM Company”), a sub-adviser to the Fund.

Mr. Alkire has been associated with MSAITCL in an investment management capacity since 1981 and began managing the Fund at its inception in August 1994. Mr. Sugio has been associated with MSAITCL in an investment management capacity since 1993 and began managing the Fund at its inception in August 1994. Mr. Cheng has been associated with MSIM Company in an investment management capacity since July 2006 and began managing the Fund in July 2006. Prior to July 2006, Mr. Cheng worked in an investment management capacity at Invesco Asia Limited, Asia Strategic Investment Management Limited and Munich Re Asia Capital Management.

26

Morgan Stanley Asia-Pacific Fund, Inc.

June 30, 2009 (unaudited)

Dividend Reinvestment and Cash Purchase Plan

Pursuant to the Dividend Reinvestment and Cash Purchase Plan (the Plan), each stockholder will be deemed to have elected, unless Computershare Trust Company, N.A. (the Plan Agent) is otherwise instructed by the stockholder in writing, to have all distributions automatically reinvested in Fund shares. Participants in the Plan have the option of making additional voluntary cash payments to the Plan Agent, annually, in any amount from $100 to $3,000, for investment in Fund shares.

Dividend and capital gain distributions (Distributions) will be reinvested on the reinvestment date in full and fractional shares. If the market price per share equals or exceeds net asset value per share on the reinvestment date, the Fund will issue shares to participants at net asset value or, if net asset value is less than 95% of the market price on the reinvestment date, shares will be issued at 95% of the market price. If net asset value exceeds the market price on the reinvestment date, participants will receive shares valued at market price. The Fund may purchase shares of its Common Stock in the open market in connection with dividend reinvestment requirements at the discretion of the Board of Directors. Should the Fund declare a Distribution payable only in cash, the Plan Agent will purchase Fund shares for participants in the open market as agent for the participants.

The Plan Agent’s fees for the reinvestment of a Distribution will be paid by the Fund. However, each participant’s account will be charged a pro rata share of brokerage commissions incurred on any open market purchases effected on such participant’s behalf. A participant will also pay brokerage commissions incurred on purchases made by voluntary cash payments. Although stockholders in the Plan may receive no cash distributions, participation in the Plan will not relieve participants of any income tax which may be payable on such dividends or distributions.

In the case of stockholders, such as banks, brokers or nominees, that hold shares for others who are the beneficial owners, the Plan Agent will administer the Plan on the basis of the number of shares certified from time to time by the stockholder as representing the total amount registered in the stockholder’s name and held for the account of beneficial owners who are participating in the Plan.

Stockholders who do not wish to have distributions automatically reinvested should notify the Plan Agent in writing. There is no penalty for non-participation or withdrawal from the Plan, and stockholders who have previously withdrawn from the Plan may rejoin at any time. Requests for additional information or any correspondence concerning the Plan should be directed to the Plan Agent at:

Morgan Stanley Asia-Pacific Fund, Inc.
Computershare Trust Company, N.A.
P.O. Box 43078
Providence, Rhode Island 02940-3078
1-(800) 231-2608

27

Morgan Stanley Asia-Pacific Fund, Inc.

June 30, 2009 (unaudited)

Morgan Stanley Institutional Closed End Funds
An Important Notice Concerning Our U.S. Privacy Policy

We are required by federal law to provide you with a copy of our Privacy Policy annually.

The following Policy applies to current and former individual investors in Morgan Stanley Institutional closed end funds. This Policy is not applicable to partnerships, corporations, trusts or other non-individual clients or account holders. Please note that we may amend this Policy at any time, and will inform you of any changes to this Policy as required by law.

We Respect Your Privacy

We appreciate that you have provided us with your personal financial information. We strive to maintain the privacy of such information while we help you achieve your financial objectives. This Policy describes what non-public personal information we collect about you, why we collect it, and when we may share it with others. We hope this Policy will help you understand how we collect and share non-public personal information that we gather about you. Throughout this Policy, we refer to the non-public information that personally identifies you or your accounts as “personal information.”

1. What Personal Information Do We Collect About You?

To serve you better and manage our business, it is important that we collect and maintain accurate information about you. We may obtain this information from applications and other forms you submit to us, from your dealings with us, from consumer reporting agencies, from our Web sites and from third parties and other sources.

For example:

·We may collect information such as your name, address, e-mail address, telephone/fax numbers, assets, income and investment objectives through applications and other forms you submit to us.

·We may obtain information about account balances, your use of account(s) and the types of products and services you prefer to receive from us through your dealings and transactions with us and other sources.

·We may obtain information about your creditworthiness and credit history from consumer reporting agencies.

·We may collect background information from and through third-party vendors to verify representations you have made and to comply with various regulatory requirements.

·If you interact with us through our public and private Web sites, we may collect information that you provide directly through online communications (such as an e-mail address). We may also collect information about your Internet service provider, your

28

Morgan Stanley Asia-Pacific Fund, Inc.

June 30, 2009 (unaudited)

Morgan Stanley Institutional Closed End Funds
An Important Notice Concerning Our U.S. Privacy Policy (cont’d)

domain name, your computer’s operating system and Web browser, your use of our Web sites and your product and service preferences, through the use of “cookies.” “Cookies” recognize your computer each time you return to one of our sites, and help to improve our sites’ content and personalize your experience on our sites by, for example, suggesting offerings that may interest you. Please consult the Terms of Use of these sites for more details on our use of cookies.

2. When Do We Disclose Personal Information We Collect About You?

To provide you with the products and services you request, to serve you better and to manage our business, we may disclose personal information we collect about you to our affiliated companies and to non-affiliated third parties as required or permitted by law.

A. Information We Disclose to Our Affiliated Companies. We do not disclose personal information that we collect about you to our affiliated companies except to enable them to provide services on our behalf or as otherwise required or permitted by law.

B. Information We Disclose to Third Parties. We do not disclose personal information that we collect about you to non-affiliated third parties except to enable them to provide services on our behalf, to perform joint marketing agreements with other financial institutions, or as otherwise required or permitted by law. For example, some instances where we may disclose information about you to nonaffiliated third parties include: for servicing and processing transactions, to offer our own products and services, to protect against fraud, for institutional risk control, to respond to judicial process or to perform services on our behalf. When we share personal information with these companies, they are required to limit their use of personal information to the particular purpose for which it was shared and they are not allowed to share personal information with others except to fulfill that limited purpose.

3. How Do We Protect the Security and Confidentiality of Personal Information We Collect About You?

We maintain physical, electronic and procedural security measures to help safeguard the personal information we collect about you. We have internal policies governing the proper handling of client information. Third parties that provide support or marketing services on our behalf may also receive personal information, and we require them to adhere to confidentiality standards with respect to such information.

29

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Morgan Stanley Asia-Pacific Fund, Inc.

Directors
Michael E. Nugent	Kevin Klingert
	Vice President
Frank L. Bowman
	Stefanie V. Chang Yu
Michael Bozic	Vice President
Kathleen A. Dennis	James W. Garrett
	Treasurer and Chief Financial Officer
James F. Higgins
	Carsten Otto
Dr. Manuel H. Johnson	Chief Compliance Officer
Joseph J. Kearns	Mary E. Mullin
	Secretary
Michael F. Klein
W. Allen Reed
Fergus Reid

Officers

Michael E. Nugent

Chairman of the Board and Director

Randy Takian

President and Principal Executive Officer

Investment Adviser and Administrator

Morgan Stanley Investment Management Inc.

522 Fifth Avenue

New York, New York 10036

Custodian

JPMorgan Chase Bank, N.A.

270 Park Avenue

New York, New York 10017

Stockholder Servicing Agent

Computershare Trust Company, N.A.

250 Royall Street

Canton, Massachusetts 02021

Legal Counsel

Clifford Chance US LLP

31 West 52nd Street

New York, New York 10019-6131

Independent Registered Public Accounting Firm

Ernst & Young LLP

200 Clarendon Street

Boston, Massachusetts 02116

For additional Fund information, including the Fund’s net asset value per share and information regarding the investments comprising the Fund’s portfolio, please call toll free 1-(800) 231-2608 or visit our website at www.morganstanley.com/im. All investments involve risks, including the possible loss of principal.

© 2009 Morgan Stanley

CEAPFSAN

IU09-03436I-Y06/09

Item 2. Code of Ethics.

Not applicable for semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semiannual reports.

Item 4. Principal Accountant Fees and Services

Not applicable for semiannual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semiannual reports.

Item 6. Schedule of Investments

Refer to Item 1.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable for semiannual reports.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Applicable only to annual reports filed by closed-end funds.

Item 9. Closed-End Fund Repurchases

Morgan Stanley Asia-Pacific Fund, Inc.*

				TOTAL NUMBER OF
				SHARES PURCHASED AS	MAXIMUM NUMBER
				PART OF PUBLICLY	OF SHARES THAT MAY YET
	TOTAL NUMBER OF	AVERAGE PRICE		ANNOUNCED PLANS	BE PURCHASED UNDER
Period	SHARES PURCHASED	PAID PER SHARE		OR PROGRAMS	THE PLANS OR PROGRAMS
January	23,500	$	9.95	23,500	Unlimited
February	80,800	$	9.32	80,800	Unlimited
March	29,400	$	8.08	29,400	Unlimited
April	—	—		—	Unlimited
May	—	—		—	Unlimited
June	—	—		—	Unlimited

*  The Share Repurchase Program commenced on 1/23/1998.

The Fund expects to continue to repurchase its outstanding shares at such time and in such amounts as it believes will further the accomplishment of the foregoing objectives, subject to review by the Board of Directors.

Item 10. Submission of Matters to a Vote of Security Holders

Not applicable.

Item 11. Controls and Procedures

(a)  The Fund’s principal executive officer and principal financial officer have concluded that the Fund’s disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Fund in this Form N-CSR was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, based upon such officers’ evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.

1

(b)  There were no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits

(a) Code of Ethics - Not applicable for semiannual reports.

(b) A separate certification for each principal executive officer and principal financial officer of the registrant are attached hereto as part of EX-99.CERT.

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)			Morgan Stanley Asia-Pacific Fund, Inc.
By:	/s/ Randy Takian
Name:		Randy Takian
Title:		Principal Executive Officer
Date:		August 20, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Randy Takian
Name:			Randy Takian
Title:			Principal Executive Officer
Date:			August 20, 2009
By:	/s/ James W. Garrett
Name:		James W. Garrett
Title:		Principal Financial Officer
Date:		August 20, 2009