Morgan Stanley Asia-Pacific Fund NCSR/A Certified annual shareholder report (management investment company) (amended)

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
(Exact name of registrant as specified in charter)

522 Fifth Avenue, New York, New York					10036
(Address of principal executive offices)					(Zip code)

Arthur Lev 522 Fifth Avenue, New York, New York 10036
(Name and address of agent for service)

Registrant’s telephone number, including area code:				212-296-6990

Date of fiscal year end:	December 31, 2011

Date of reporting period:		December 31, 2011

Item 1 - Report to Shareholders

Morgan Stanley Asia-Pacific Fund, Inc.

Directors

Michael E. Nugent

Frank L. Bowman

Michael Bozic

Kathleen A. Dennis

James F. Higgins

Dr. Manuel H. Johnson

Joseph J. Kearns

Michael F. Klein

W. Allen Reed

Fergus Reid

Officers

Michael E. Nugent

Chairman of the Board and Director

Arthur Lev

President and Principal Executive Officer

Stefanie V. Chang Yu

Vice President

Francis J. Smith

Treasurer and Principal Financial Officer

Mary Ann Picciotto

Chief Compliance Officer

Mary E. Mullin

Secretary

Investment Adviser and Administrator

Morgan Stanley Investment Management Inc.

522 Fifth Avenue

New York, New York 10036

Custodian

State Street Bank and Trust Company

One Lincoln Street

Boston, Massachusetts 02111

Stockholder Servicing Agent

Computershare Trust Company, N.A.

250 Royall Street

Canton, Massachusetts 02021

Legal Counsel

Dechert LLP

1095 Avenue of the Americas

New York, New York 10036

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.

INVESTMENT MANAGEMENT

Morgan Stanley

Asia-Pacific Fund, Inc.

(APF)

Morgan Stanley

Investment Management Inc.

Investment Adviser

Annual
Report

December 31, 2011

CEAPFANN
IU12-00331P-Y12/11

Morgan Stanley Asia-Pacific Fund, Inc.

December 31, 2011

Table of Contents

Letter to Stockholders					3

Portfolio of Investments					6

Statement of Assets and Liabilities					13

Statement of Operations					14

Statements of Changes in Net Assets					15

Financial Highlights					16

Notes to Financial Statements					17

Report of Independent Registered Public Accounting Firm					26

Portfolio Management					27

Investment Policy					28

Dividend Reinvestment and Cash Purchase Plan					29

U.S. Privacy Policy					30

Director and Officer Information					34

Morgan Stanley Asia-Pacific Fund, Inc.

Overview

Letter to Stockholders (unaudited)

Performance

For the year ended December 31, 2011, the Morgan Stanley Asia-Pacific Fund, Inc. (the "Fund") had total returns of -16.34%, based on net asset value, and -16.53% based on market value per share (including reinvestment of distributions), compared to its benchmark, the Morgan Stanley Capital International (MSCI) All Country Asia Pacific Index (the "Index"), which returned -15.11%. On December 31, 2011, the closing price of the Fund's shares on the New York Stock Exchange was $13.10, representing an 11.9% discount to the Fund's net asset value per share. Past performance is no guarantee of future results.

Factors Affecting Performance

• Japan's equity market started the year off strongly, with robust exports and a flow of data all pointing to a recovery in economic activity after a period of stagnation in late 2010. However, the tragic earthquake and tsunami on March 11 greatly contributed to uncertainty and the market fell into a sharp decline. On March 14, the Bank of Japan undertook it's largest-ever supply of funds to the money markets, when it made available ¥7 trillion. The central bank was also a key participant in a concerted effort by the governments of the G7 group of major nations to contain the appreciation of the yen in the wake of the disasters. The MSCI Japan Index experienced a decline of 4.8% for the first six months of the year, as investors remained apprehensive about lingering radiation concerns and ongoing aftershocks, coupled with political instability in the Middle East and the euro debt crisis. However, from mid-June Japan's market rallied and rose steadily toward June month end on the back of more positive economic and corporate news.

• Thanks in part to government investment, the Japanese economy made a good recovery in the second half of 2011 after the dislocations associated with the earthquake, tsunami, and nuclear disaster in March. Economic data showed better than expected corporate profitability and gross domestic product (GDP) growth. Japan also saw an increase in merger and acquisition (M&A) activity and management buyouts that signified that corporate Japan was recognizing that share prices were significantly undervalued. However, Japan's major stock market indices were unable to avoid the general aversion to risk on the part of investors, and the MSCI Japan Index fell 6.4% in the third quarter. The resignation of Democratic Party of Japan Prime Minister Naoto Kan, replaced at month end by former Finance Minister Yoshihiko Noda also added to uncertainty. Approaching the end of the year, Japan was also evaluating the impact of Thailand's worst flood in 50 years and the effect it would have on its manufacturing industry. The MSCI Japan Index declined 14.3% for the full year.

• Markets within the Asia Pacific region posted mixed returns over the 12-month reporting period, with significant variation in performance. Markets in the emerging ASEAN (Association of Southeast Asian Nations) region (Indonesia, Malaysia, the Philippines, and Thailand) all outperformed the Index with Indonesia leading the region, rising 6% over the course of the year. Most markets, however, ended the year in the red. India's market saw a sharp correction in the fourth quarter of 2011 and ended the year down 37%. Other markets such as Taiwan, China, Singapore, and Hong Kong had each fallen between 16% and 21% over this

Morgan Stanley Asia-Pacific Fund, Inc.

Overview

Letter to Stockholders (unaudited) (cont'd)

period. The MSCI All Country Asia Pacific Index underperformed developed markets (represented by the MSCI EAFE Index), which fell 12.1%, but outperformed global emerging markets (represented by MSCI Emerging Markets Index), which fell 18.4%.

• During the first quarter, the earthquake and tsunami in Japan led to an initial knee-jerk sell-off across the region, but the discounts were readjusted quickly. The increased political uncertainty in the Middle East and North Africa also had a limited impact on regional markets as the contagion effect waned. In the second quarter of 2011, concerns over slowing global growth, high levels of inflation, the expiration of the U.S. Federal Reserve's second round of quantitative easing (QE2), continued debt problems in the euro zone, and Chinese local government debt continued to weigh on investor sentiment. Inflation was a threat given that demand stayed strong in Asian economies through the crisis and the slowdown in capacity expansion during the crisis has kept capacity utilization high.

• In the latter part of the third quarter, global markets experienced a sharp correction and increased volatility as concerns over G7 sovereign debt and banking sector crisis intensified compounding existing fears of a global economic slowdown. Macro data in the U.S. was marginally better towards the end of the fourth quarter, however, it was not sufficient to reverse negative sentiment generated from news flow in October and November where political concerns in Europe and the failure of the U.S. congressional "super committee" to agree on deficit cuts combined with concerns over slowing global growth, hurt investor confidence.

• We believe that inflation is no longer a threat in most Asian economies. We believe that in the absence of concern over unemployment, China's policy makers will remain extremely vigilant on inflation, which seems to have peaked in the fourth quarter of 2011. We expect inflation to move to the lower end of the 3% to 5% range which is higher than pre-crisis levels but still acceptable. On a more positive note, one of our biggest concerns is margin pressure. Recent data suggest that margin pressure has peaked in China with raw material prices no longer increasing. Additionally, valuation remains at an extreme in China. It is currently trading near 2008 crisis levels in price-to-book value and price-to-earnings ratio terms.

Management Strategies

• Overall, country allocation contributed to relative performance while stock selection detracted from performance over this 12-month period.

• From a top-down perspective, the Fund's relative overweight exposure to Korea and Indonesia had contributed to relative returns; however, our underweight exposure to Australia was a relative detractor. Cash in the portfolio was a contributor as the Index fell 15% in 2011.

• From a bottom-up perspective, active positions in Korea (overweight consumer discretionary and underweight information technology) contributed to performance. However this was not sufficient to offset negative stock selection in Australia (overweight industrials and consumer discretionary, and underweight materials), which was the primary detractor from relative

Morgan Stanley Asia-Pacific Fund, Inc.

Overview

Letter to Stockholders (unaudited) (cont'd)

performance. To a lesser degree, stock selection in Hong Kong (overweight real estate) was also a drag on performance. In Japan, stock selection in industrials and our underweight to consumer staples were detractors, while underweight exposure to utilities and information technology were positive contributors to performance.

Sincerely,

Arthur Lev
President and Principal Executive Officer January 2012

Morgan Stanley Asia-Pacific Fund, Inc.

December 31, 2011

Portfolio of Investments

	Shares		Value (000)
COMMON STOCKS (96.7%)
Australia (9.6%)
Airlines
Qantas Airways Ltd. (a)		1,311,783	$	1,959
Commercial Banks
Australia & New Zealand Banking Group Ltd.		240,069		5,041
Commonwealth Bank of Australia		111,328		5,605
				10,646
Energy Equipment & Services
WorleyParsons Ltd.		84,649		2,222
Food & Staples Retailing
Wesfarmers Ltd.		65,123		1,965
Hotels, Restaurants & Leisure
Tatts Group Ltd.		901,712		2,250
Insurance
Suncorp Group Ltd.		356,377		3,055
AMP Ltd.		686,835		2,859
				5,914
Media
Ten Network Holdings Ltd.		3,131,492		2,690
Metals & Mining
BHP Billiton Ltd.		53,903		1,898
				29,544
China (12.3%)
Beverages
Tsingtao Brewery Co., Ltd. H Shares (b)		98,000		543
Commercial Banks
Agricultural Bank of China Ltd. (b)		3,233,000		1,390
China Construction Bank Corp. H Shares (b)		6,065,560		4,233
China Merchants Bank Co., Ltd. H Shares (b)		404,500		818
China Minsheng Banking Corp., Ltd. H Shares (b)		1,177,000		1,020
				7,461
Diversified Telecommunication Services
China Telecom Corp., Ltd. H Shares (b)		4,208,000		2,395
Food & Staples Retailing
China Resources Enterprise Ltd. (b)		142,000		487

	Shares		Value (000)
Food Products
China Mengniu Dairy Co., Ltd. (b)		655,000	$	1,532
Want Want China Holdings Ltd. (b)		1,334,000		1,331
				2,863
Health Care Providers & Services
Shanghai Pharmaceuticals Holding Co., Ltd. H Shares (a)(b)		690,200		1,118
Independent Power Producers & Energy Traders
China Resources Power Holdings Co., Ltd. (b)		1,283,400		2,475
Insurance
AIA Group Ltd. (b)		353,200		1,103
China Life Insurance Co., Ltd. H Shares (b)		497,000		1,229
China Pacific Insurance Group Co., Ltd. H Shares (b)		724,400		2,061
Ping An Insurance Group Co. H Shares (b)		355,500		2,343
				6,736
Internet Software & Services
Baidu, Inc. ADR (a)		13,200		1,537
Netease.com ADR (a)		17,500		785
Tencent Holdings Ltd. (b)		99,000		1,990
				4,312
Oil, Gas & Consumable Fuels
Yanzhou Coal Mining Co., Ltd. H Shares (b)		503,000		1,074
Personal Products
Hengan International Group Co., Ltd. (b)		133,500		1,249
Semiconductors & Semiconductor Equipment
GCL Poly Energy Holdings Ltd. (b)		3,644,000		1,018
Specialty Retail
Belle International Holdings Ltd. (b)		1,445,000		2,519
China ZhengTong Auto Services Holdings Ltd. (a)(b)		1,011,000		992
Chow Tai Fook Jewellery Group Ltd. (a)(b)(c)		887,800		1,591
				5,102
Textiles, Apparel & Luxury Goods
Trinity Ltd. (b)		1,212,000		874
				37,707

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

Morgan Stanley Asia-Pacific Fund, Inc.

December 31, 2011

Portfolio of Investments (cont'd)

	Shares		Value (000)
Hong Kong (3.6%)
Airlines
Cathay Pacific Airways Ltd.		376,000	$	645
Commercial Banks
BOC Hong Kong Holdings Ltd.		406,000		962
Distributors
Li & Fung Ltd.		398,000		737
Diversified Financial Services
Hong Kong Exchanges and Clearing Ltd.		96,000		1,534
Industrial Conglomerates
Hutchison Whampoa Ltd.		241,000		2,018
Real Estate Management & Development
Cheung Kong Holdings Ltd.		87,000		1,035
Hongkong Land Holdings Ltd.		250,000		1,135
Kerry Properties Ltd.		51,500		170
Wharf Holdings Ltd.		522,805		2,363
				4,703
Textiles, Apparel & Luxury Goods
Samsonite International SA (a)		435,900		684
				11,283
India (1.3%)
Automobiles
Mahindra & Mahindra Ltd.		69,127		888
Commercial Banks
IndusInd Bank Ltd.		381,591		1,676
Tobacco
ITC Ltd.		353,019		1,338
				3,902
Indonesia (6.6%)
Automobiles
Astra International Tbk PT		361,000		2,946
Commercial Banks
Bank Central Asia Tbk PT		2,163,000		1,908
Bank Mandiri Tbk PT		2,877,000		2,142
Bank Tabungan Negara Tbk PT		13,665,500		1,824
				5,874
Diversified Telecommunication Services
Telekomunikasi Indonesia Tbk PT		1,481,500		1,152

	Shares		Value (000)
Food Products
Indofood Agri Resources Ltd. (a)		1,108,000	$	1,080
Indofood Sukses Makmur Tbk PT		1,852,500		940
				2,020
Oil, Gas & Consumable Fuels
Delta Dunia Makmur Tbk PT (a)		8,019,500		592
Pharmaceuticals
Kalbe Farma Tbk PT		3,620,000		1,357
Real Estate Management & Development
Bumi Serpong Damai PT		21,154,500		2,286
Lippo Karawaci Tbk PT		23,416,500		1,705
				3,991
Wireless Telecommunication Services
Indosat Tbk PT		3,482,500		2,170
				20,102
Japan (40.2%)
Airlines
All Nippon Airways Co., Ltd.		604,000		1,687
Automobiles
Nissan Motor Co., Ltd.		565,300		5,082
Suzuki Motor Corp.		55,200		1,142
Toyota Motor Corp.		179,900		5,995
Yamaha Motor Co., Ltd.		391,800		4,958
				17,177
Building Products
Asahi Glass Co., Ltd.		430,000		3,609
Daikin Industries Ltd.		104,300		2,856
				6,465
Capital Markets
Nomura Holdings, Inc.		983,000		2,976
Chemicals
Teijin Ltd.		897,000		2,762
Commercial Banks
Sumitomo Mitsui Financial Group, Inc.		218,500		6,086
Sumitomo Mitsui Trust Holdings, Inc.		1,821,000		5,347
Tokyo Tomin Bank Ltd. (The)		376,000		4,577
Yachiyo Bank Ltd. (The)		128,000		3,040
				19,050
Construction & Engineering
Maeda Corp.		248,000		909
Consumer Finance
Jaccs Co., Ltd.		833,000		2,489

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

Morgan Stanley Asia-Pacific Fund, Inc.

December 31, 2011

Portfolio of Investments (cont'd)

	Shares		Value (000)
Japan (cont'd)
Diversified Financial Services
Fuyo General Lease Co., Ltd.		85,200	$	2,929
Japan Securities Finance Co., Ltd.		376,600		1,703
				4,632
Electrical Equipment
Furukawa Electric Co., Ltd.		949,000		2,182
Electronic Equipment, Instruments & Components
Hitachi Ltd.		647,000		3,396
Household Durables
Sony Corp.		122,300		2,196
Insurance
T&D Holdings, Inc.		407,700		3,798
Machinery
Amada Co., Ltd.		159,000		1,008
Asahi Diamond Industrial Co., Ltd.		244,300		2,952
Fuji Machine Manufacturing Co., Ltd.		64,900		1,158
THK Co., Ltd.		100,200		1,975
				7,093
Marine
Mitsui OSK Lines Ltd.		1,360,000		5,265
Media
Fuji Media Holdings, Inc.		2,708		4,106
TV Asahi Corp.		3,310		5,457
				9,563
Metals & Mining
Mitsui Mining & Smelting Co., Ltd.		832,000		2,151
Nippon Steel Corp.		1,293,000		3,225
				5,376
Multiline Retail
Takashimaya Co., Ltd.		133,000		963
Office Electronics
Canon, Inc.		23,200		1,028
Real Estate Management & Development
Daibiru Corp.		164,200		1,033
Mitsubishi Estate Co., Ltd.		270,000		4,034
Mitsui Fudosan Co., Ltd.		292,000		4,256
				9,323
Road & Rail
East Japan Railway Co.		33,200		2,114

	Shares		Value (000)
Semiconductors & Semiconductor Equipment
Disco Corp.		48,300	$	2,520
Tokyo Electron Ltd.		74,100		3,769
				6,289
Specialty Retail
K's Holdings Corp.		159,600		6,324
				123,057
Korea, Republic of (11.2%)
Aerospace & Defense
Korea Aerospace Industries Ltd.		29,800		1,027
Airlines
Korean Air Lines Co., Ltd. (a)		15,913		605
Auto Components
Hyundai Mobis (a)		2,686		684
Mando Corp.		5,090		915
				1,599
Automobiles
Hyundai Motor Co.		16,454		3,058
Chemicals
Cheil Industries, Inc.		2,347		207
Korea Kumho Petrochemical (a)		7,275		1,066
LG Chem Ltd.		3,859		1,072
SSCP Co., Ltd. (a)		29,257		112
				2,457
Commercial Banks
KB Financial Group, Inc.		30,525		969
Shinhan Financial Group Co., Ltd.		44,746		1,553
				2,522
Construction & Engineering
Hyundai Engineering & Construction Co., Ltd. (a)		29,679		1,826
Distributors
GS Retail Co., Ltd.		17,730		356
Food & Staples Retailing
E-Mart Co., Ltd.		816		198
Household Durables
Woongjin Coway Co., Ltd.		42,260		1,346
Information Technology Services
SK C&C Co., Ltd.		14,637		1,489

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

Morgan Stanley Asia-Pacific Fund, Inc.

December 31, 2011

Portfolio of Investments (cont'd)

	Shares		Value (000)
Korea, Republic of (cont'd)
Insurance
Samsung Fire & Marine Insurance Co., Ltd.		993	$	182
Internet Software & Services
NHN Corp.		689		126
Machinery
Hyundai Heavy Industries Co., Ltd.		4,216		950
Samsung Heavy Industries Co., Ltd.		4,630		113
				1,063
Media
Cheil Worldwide, Inc.		49,400		816
YG Entertainment, Inc. (a)		2,800		179
				995
Metals & Mining
Hyundai Steel Co. (a)		11,017		922
POSCO		1,806		598
				1,520
Oil, Gas & Consumable Fuels
GS Holdings		24,608		1,091
SK Innovation Co., Ltd.		1,718		213
				1,304
Semiconductors & Semiconductor Equipment
Hynix Semiconductor, Inc. (a)		22,530		432
Samsung Electronics Co., Ltd.		8,404		7,734
Samsung Electronics Co., Ltd. (Preference)		2,796		1,625
				9,791
Software
NCSoft Corp.		4,051		1,085
Nexon Co., Ltd. (a)		111,000		1,596
				2,681
				34,145
Malaysia (1.6%)
Commercial Banks
CIMB Group Holdings Bhd		476,300		1,118
Construction & Engineering
IJM Corp. Bhd		307,500		548
Diversified Financial Services
AMMB Holdings Bhd		548,200		1,029

	Shares		Value (000)
Health Care Equipment & Supplies
Top Glove Corp. Bhd		622,500	$	982
Industrial Conglomerates
Sime Darby Bhd		196,500		570
Real Estate Management & Development
UEM Land Holdings Bhd (a)		644,500		492
				4,739
Philippines (2.8%)
Airlines
Cebu Air, Inc.		504,530		749
Commercial Banks
Metropolitan Bank & Trust		1,700,380		2,648
Diversified Financial Services
Ayala Corp.		221,996		1,578
Metro Pacific Investments Corp.		32,570,000		2,726
				4,304
Food & Staples Retailing
Puregold Price Club, Inc. (a)		2,012,800		822
				8,523
Singapore (1.1%)
Commercial Banks
DBS Group Holdings Ltd.		115,000		1,021
Food & Staples Retailing
Olam International Ltd.		648,318		1,065
Industrial Conglomerates
Keppel Corp., Ltd.		91,100		653
Real Estate Management & Development
CapitaLand Ltd.		400,000		682
				3,421
Taiwan (6.1%)
Capital Markets
Yuanta Financial Holding Co., Ltd. (a)		1,520,564		776
Chemicals
Formosa Plastics Corp.		201,000		536
Taiwan Fertilizer Co., Ltd.		209,000		487
				1,023
Communications Equipment
HTC Corp.		79,851		1,311

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

Morgan Stanley Asia-Pacific Fund, Inc.

December 31, 2011

Portfolio of Investments (cont'd)

	Shares		Value (000)
Taiwan (cont'd)
Computers & Peripherals
Asustek Computer, Inc.		175,280	$	1,248
Catcher Technology Co., Ltd.		140,000		650
Foxconn Technology Co. Ltd.		2,000		6
				1,904
Construction & Engineering
Lung Yen Life Service Corp.		214,000		628
Construction Materials
Taiwan Cement Corp.		970,000		1,121
Diversified Financial Services
Fubon Financial Holding Co., Ltd.		1,313,625		1,390
Electronic Equipment, Instruments & Components
Hon Hai Precision Industry Co., Ltd.		1,376,419		3,768
Largan Precision Co. Ltd.		33,000		617
				4,385
Food Products
Uni-President Enterprises Corp.		2,497,906		3,650
Metals & Mining
China Steel Corp.		36,369		35
Semiconductors & Semiconductor Equipment
MStar Semiconductor, Inc.		108,000		564
Taiwan Semiconductor Manufacturing Co., Ltd.		810,592		2,029
				2,593
				18,816
Thailand (0.3%)
Airlines
Thai Airways International PCL		215,300		137
Commercial Banks
Kasikornbank PCL NVDR		33,700		130
Construction Materials
Siam Cement PCL NVDR		12,500		124
Oil, Gas & Consumable Fuels
Banpu PCL		27,650		479
Real Estate Management & Development
Land and Houses PCL		684,700		133
				1,003
TOTAL COMMON STOCKS (Cost $305,743)				296,242

	Shares		Value (000)
INVESTMENT COMPANY (1.5%)
India (1.5%)
Diversified Financial Services
Morgan Stanley Growth Fund (See Note F) (a) (Cost $890)		4,967,183	$	4,584
PARTICIPATION NOTES (0.5%)
China (0.5%)
Software
UBS AG, UFIDA Software Co., Ltd., Class A, Equity Linked Notes, Zero Coupon, 9/30/13 (Cost $1,880)		50,497		1,444
SHORT-TERM INVESTMENT (8.9%)
Investment Company (8.9%)
Morgan Stanley Institutional Liquidity Funds — Money Market Portfolio — Institutional Class (See Note F) (Cost $27,209)		27,208,659		27,209
TOTAL INVESTMENTS (107.6%) (Cost $335,722)				329,479
LIABILITIES IN EXCESS OF OTHER ASSETS (-7.6%)				(23,145	)
NET ASSETS (100.0%)			$	306,334

(a) Non-income producing security.

(b) Security trades on the Hong Kong exchange.

(c) 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.

ADR American Depositary Receipt.

NVDR Non-Voting Depositary Receipt.

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

Morgan Stanley Asia-Pacific Fund, Inc.

December 31, 2011

Portfolio of Investments (cont'd)

Fair Value Measurement Information:

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2011. (See Note A-4 to the financial statements for further information regarding fair value measurement.)

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Assets:
Common Stocks
Aerospace & Defense	$	1,027	$	—	$	—	$	1,027
Airlines		5,782		—		—		5,782
Auto Components		1,599		—		—		1,599
Automobiles		24,069		—		—		24,069
Beverages		543		—		—		543
Building Products		6,465		—		—		6,465
Capital Markets		3,752		—		—		3,752
Chemicals		6,242		—		—		6,242
Commercial Banks		51,432		1,676		—		53,108
Communications Equipment		1,311		—		—		1,311
Computers & Peripherals		1,904		—		—		1,904
Construction & Engineering		3,911		—		—		3,911
Construction Materials		1,245		—		—		1,245
Consumer Finance		2,489		—		—		2,489
Distributors		1,093		—		—		1,093
Diversified Financial Services		12,889		—		—		12,889
Diversified Telecommuni- cation Services		3,547		—		—		3,547

Fair Value Measurement Information: (cont'd)

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Assets: (cont'd)
Common Stocks (cont'd)
Electrical Equipment	$	2,182	$	—	$	—	$	2,182
Electronic Equipment, Instruments & Components		7,781		—		—		7,781
Energy Equipment & Services		2,222		—		—		2,222
Food & Staples Retailing		4,537		—		—		4,537
Food Products		8,533		—		—		8,533
Health Care Equipment & Supplies		982		—		—		982
Health Care Providers & Services		1,118		—		—		1,118
Hotels, Restaurants & Leisure		2,250		—		—		2,250
Household Durables		3,542		—		—		3,542
Independent Power Producers & Energy Traders		2,475		—		—		2,475
Industrial Conglomerates		3,241		—		—		3,241
Information Technology Services		1,489		—		—		1,489
Insurance		16,630		—		—		16,630
Internet Software & Services		4,438		—		—		4,438

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

Morgan Stanley Asia-Pacific Fund, Inc.

December 31, 2011

Portfolio of Investments (cont'd)

Fair Value Measurement Information: (cont'd)

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Assets: (cont'd)
Common Stocks (cont'd)
Machinery	$	8,156	$	—	$	—	$	8,156
Marine		5,265		—		—		5,265
Media		13,248		—		—		13,248
Metals & Mining		8,829		—		—		8,829
Multiline Retail		963		—		—		963
Office Electronics		1,028		—		—		1,028
Oil, Gas & Consumable Fuels		3,449		—		—		3,449
Personal Products		1,249		—		—		1,249
Pharmaceuticals		1,357		—		—		1,357
Real Estate Management & Development		19,324		—		—		19,324
Road & Rail		2,114		—		—		2,114
Semiconductors & Semiconductor Equipment		19,691		—		—		19,691
Software		2,681		—		—		2,681
Specialty Retail		11,426		—		—		11,426
Textiles, Apparel & Luxury Goods		1,558		—		—		1,558
Tobacco		1,338		—		—		1,338
Wireless Telecommuni- cation Services		2,170		—		—		2,170
Total Common Stocks		294,566		1,676		—		296,242

Fair Value Measurement Information: (cont'd)

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Assets: (cont'd)
Investment Company	$	4,584	$	—	$	—	$	4,584
Participation Notes		—		1,444		—		1,444
Short-Term Investment — Investment Company		27,209		—		—		27,209
Total Assets	$	326,359	$	3,120	$	—	$	329,479

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes. The Fund recognizes transfers between the levels as of the end of the period. As of December 31, 2011, the Fund did not have any significant investments transfer between investment levels.

Portfolio Composition

Classification	Percentage of Total Investments
Other*		46.1	%
Commercial Banks		16.1
Short-Term Investments		8.3
Automobiles		7.3
Semiconductors & Semiconductor Equipment		6.0
Real Estate Management & Development		5.9
Diversified Financial Services		5.3
Insurance		5.0
Total Investments		100.0	%

* Industries representing less than 5% of total investments.

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

Morgan Stanley Asia-Pacific Fund, Inc.

December 31, 2011

Financial Statements

Statement of Assets and Liabilities	December 31, 2011 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value (Cost $307,623)	$	297,686
Investment in Security of Affiliated Issuer, at Value (Cost $28,099)		31,793
Total Investments in Securities, at Value (Cost $335,722)		329,479
Foreign Currency, at Value (Cost $269)		269
Receivable for Investments Sold		438
Dividends Receivable		190
Receivable from Affiliate		1
Other Assets		6
Total Assets		330,383
Liabilities:
Dividends Declared		23,100
Payable for Investments Purchased		367
Payable for Investment Advisory Fees		282
Payable for Professional Fees		147
Payable for Custodian Fees		41
Payable for Tender Offer Fees		39
Payable for Stockholder Servicing Agent Fees		17
Payable for Administration Fees		9
Payable for Directors' Fees and Expenses		8
Deferred Capital Gain Country Tax		2
Other Liabilities		37
Total Liabilities		24,049
Net Assets
Applicable to 20,607,298 Issued and Outstanding $0.01 Par Value Shares (200,000,000 Shares Authorized)	$	306,334
Net Asset Value Per Share	$	14.87
Net Assets Consist of:
Common Stock	$	206
Paid-in-Capital		328,234
Distributions in Excess of Net Investment Income		(5,110	)
Accumulated Net Realized Loss		(10,753	)
Unrealized Appreciation (Depreciation) on:
Investments (Net of $2 in Deferred Capital Gain Country Tax)		(9,939	)
Investments in Affiliates		3,694
Foreign Currency Translations		2
Net Assets	$	306,334

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

Morgan Stanley Asia-Pacific Fund, Inc.

December 31, 2011

Financial Statements (cont'd)

Statement of Operations	Year Ended December 31, 2011 (000)
Investment Income:
Dividends from Securities of Unaffiliated Issuers (Net of $731 of Foreign Taxes Withheld)	$	8,984
Dividends from Security of Affiliated Issuer		21
Interest from Securities of Unaffiliated Issuers		24
Total Investment Income		9,029
Expenses:
Investment Advisory Fees (Note B)		4,563
Administration Fees (Note C)		365
Custodian Fees (Note D)		310
Professional Fees		275
Tender Offer Fees		239
Stockholder Reporting Expenses		111
Stockholder Servicing Agent Fees		18
Directors' Fees and Expenses		15
Other Expenses		115
Total Expenses		6,011
Waiver of Administration Fees (Note C)		(230	)
Rebate from Morgan Stanley Affiliate (Note F)		(104	)
Net Expenses		5,677
Net Investment Income		3,352
Realized Gain (Loss):
Investments Sold (Net of Deferred Capital Gain Country Tax of $108)		25,114
Investments in Affiliates		2,066
Foreign Currency Transactions		(470	)
Net Realized Gain		26,710
Change in Unrealized Appreciation (Depreciation):
Investments (Net of Decrease in Deferred Capital Gain Country Tax Accruals of $225)		(104,050	)
Investments in Affiliates		(5,666	)
Foreign Currency Translations		(63	)
Net Change in Unrealized Appreciation (Depreciation)		(109,779	)
Total Net Realized Gain and Change in Unrealized Appreciation (Depreciation)		(83,069	)
Net Decrease in Net Assets Resulting from Operations	$	(79,717	)

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

Morgan Stanley Asia-Pacific Fund, Inc.

December 31, 2011

Financial Statements (cont'd)

Statements of Changes in Net Assets	Year Ended December 31, 2011 (000)			Year Ended December 31, 2010 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	3,352		$	4,170
Net Realized Gain		26,710			32,707
Net Change in Unrealized Appreciation (Depreciation)		(109,779	)		38,516
Net Increase (Decrease) in Net Assets Resulting from Operations		(79,717	)		75,393
Distributions from and/or in Excess of:
Net Investment Income		—			(8,309	)
Net Realized Gain		(23,100	)		—
Total Distributions		(23,100	)		(8,309	)
Capital Share Transactions:
Repurchase of Shares (347,154 and 3,579,967 shares)		(5,883	)		(53,915	)
Common Stock Redeemed through 2011 Tender Offers (8,315,224 and 0 shares)		(147,925	)		—
Net Decrease in Net Assets Resulting from Capital Share Transactions		(153,808	)		(53,915	)
Total Increase (Decrease)		(256,625	)		13,169
Net Assets:
Beginning of Period		562,959			549,790
End of Period (Including Distributions in Excess of Net Investment Income of $(5,110) and $(10,934))	$	306,334		$	562,959

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

Morgan Stanley Asia-Pacific Fund, Inc.

December 31, 2011

Financial Highlights

Selected Per Share Data and Ratios

	Year Ended December 31,
	2011			2010			2009			2008			2007
Net Asset Value, Beginning of Period	$	19.23		$	16.74		$	12.51		$	23.80		$	20.92
Net Investment Income†		0.13			0.13			0.13			0.26			0.15
Net Realized and Unrealized Gain (Loss)		(3.49	)		2.49			4.36			(9.84	)		5.15
Total from Investment Operations		(3.36	)		2.62			4.49			(9.58	)		5.30
Distributions from and/or in excess of:
Net Investment Income		—			(0.28	)		(0.26	)		0.00	‡		(0.46	)
Net Realized Gain		(1.12	)		—			—			(1.76	)		(2.04	)
Total Distributions		(1.12	)		(0.28	)		(0.26	)		(1.76	)		(2.50	)
Anti-Dilutive Effect of Share Repurchase Program		0.01			0.15			0.00	‡		0.05			0.08
Anti-Dilutive Effect of Tender Offer		0.11			—			—			—			—
Net Asset Value, End of Period	$	14.87		$	19.23		$	16.74		$	12.51		$	23.80
Per Share Market Value, End of Period	$	13.10		$	16.98		$	14.65		$	10.71		$	20.14
TOTAL INVESTMENT RETURN:
Market Value		(16.53	)%		17.79	%		39.12	%		(39.02	)%		18.62	%
Net Asset Value(1)		(16.34	)%		16.74	%		36.10	%		(39.72	)%		28.11	%
RATIOS, SUPPLEMENTAL DATA:
Net Assets, End of Period (Thousands)	$	306,334		$	562,959		$	549,790		$	412,587		$	808,552
Ratio of Expenses to Average Net Assets(2)		1.24	%+		1.15	%+		1.12	%+		1.16	%+		1.13	%+
Ratio of Net Investment Income to Average Net Assets(2)		0.74	%+		0.79	%+		0.95	%+		1.37	%+		0.63	%+
Ratio of Rebate from Morgan Stanley Affiliates to Average Net Assets		0.02	%		0.02	%		0.01	%		0.01	%		0.00	%§
Portfolio Turnover Rate		77	%		73	%		33	%		47	%		48	%
(2) Supplemental Information on the Ratios to Average Net Assets:
Ratios Before Expenses Waived by Administrator:
Ratio of Expenses to Average Net Assets		1.31	%		1.21	%+		1.17	%+		1.21	%+		1.18	%+
Ratio of Net Investment Income to Average Net Assets		0.67	%		0.73	%+		0.90	%+		1.32	%+		0.58	%+

(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.

+ The Ratios 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 effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates to Average Net Assets."

§ Amount is less than 0.005%.

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

Morgan Stanley Asia-Pacific Fund, Inc.

December 31, 2011

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 "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 ("GAAP"). Such policies are consistently followed by the Fund in the preparation of its financial statements. GAAP 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 ask prices. 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. Short-term debt securities purchased with remaining maturities of 60 days or less are valued at amortized cost, unless the Board of Directors (the "Directors") determines such valuation does not reflect the securities' fair value, in which case these securities will be valued at their fair value as determined in good faith under procedures adopted by the Directors.

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 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

Morgan Stanley Asia-Pacific Fund, Inc.

December 31, 2011

Notes to Financial Statements (cont'd)

mean of the bid and ask prices of such currencies against U.S. dollars last quoted by a major bank as follows:

—investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

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

Although the net assets of the Fund are presented at the foreign exchange rate 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 rate 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 the foreign exchange rate 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 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. Structured Investments: The Fund invested a portion of its assets in structured investments. A structured investment is a derivative security designed to offer a return linked to a particular underlying security, currency or market. Structured investments may come in various forms including notes, warrants and options to purchase

Morgan Stanley Asia-Pacific Fund, Inc.

December 31, 2011

Notes to Financial Statements (cont'd)

securities. The Fund will typically use structured investments to gain exposure to a permitted underlying security, currency or market when direct access to a market is limited or inefficient from a tax or cost standpoint. Investments in structured investments involve risks including counterparty risk and market risk. Holders of structured investments bear risks of the underlying investment and are subject to counterparty risk because the Fund is relying on the creditworthiness of such counterparty and has no rights with respect to the underlying investment. 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.

4. Fair Value Measurement: Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 820, "Fair Value Measurements and Disclosure" ("ASC 820"), defines fair value as the value 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. ASC 820 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 – unadjusted quoted prices in active markets for identical investments

• 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. 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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.

In May 2011, FASB issued Accounting Standards Update ("ASU") 2011-04. The amendments in this update are the results of the work of FASB and the International Accounting Standards Board to develop common requirements for measuring fair value and for disclosing information about fair value measurements, which are effective during interim and annual periods beginning after December 15, 2011. Consequently, these amendments improve the comparability of fair value measurements presented and disclosed in the financial statements prepared in accordance with GAAP and International Financial Reporting Standards. At this time, the Fund's management is evaluating the implications of ASU 2011-04.

Morgan Stanley Asia-Pacific Fund, Inc.

December 31, 2011

Notes to Financial Statements (cont'd)

5. Indemnifications: 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.

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 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/Sub-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, 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.

The Adviser has entered into a Sub-Advisory Agreement with Morgan Stanley Investment Management Company and Morgan Stanley Investment Management Ltd. (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 year ended December 31, 2011, approximately $230,000 of administration fees were waived pursuant to this arrangement. Under a Sub-Administration Agreement between the Administrator and State Street Bank and Trust Company ("State Street"), State Street provides certain administrative services to the Fund. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

D. Custodian Fees: State Street (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 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. If applicable, these custodian credits are shown as "Expense Offset" in 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.

Morgan Stanley Asia-Pacific Fund, Inc.

December 31, 2011

Notes to Financial Statements (cont'd)

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.

FASB ASC 740-10 "Income Taxes — Overall" 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" in the Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Each of the tax years in the four-year period ended December 31, 2011, remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal 2011 and 2010 was as follows:

2011 Distributions Paid From:				2010 Distributions Paid From:
Long-Term Ordinary Income (000)		Capital Gain (000)		Long-Term Ordinary Income (000)		Capital Gain (000)
$	—	$	23,259	$	8,309	$	—

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 GAAP. These book/tax differences are considered either temporary or permanent in nature.

Temporary differences are attributable 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, distributions in excess of current earnings, dividend redesignations and basis adjustments on certain equity securities designated as issued by passive foreign investment companies. resulted in the following reclassifications among the components of net assets at December 31, 2011:

				Undistributed (Distributions in Excess of) Net Investment Income (Loss) (000)				Accumulated Net Realized Gain (Loss) (000)				Paid-in Capital (000)
				$	2,472			$	(1,755	)		$	(717	)

At December 31, 2011, the Fund had no distributable earnings on a tax basis.

At December 31, 2011, the U.S. Federal income tax cost basis of investments was approximately $342,218,000 and, accordingly, net unrealized depreciation for U.S. Federal income tax purposes was $12,739,000 of which $28,243,000 related to appreciated securities and $40,982,000 related to depreciated securities.

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the "Modernization Act") was signed into law. The Modernization Act modernizes several tax provisions related to Regulated Investment Companies ("RICs") and their shareholders. One key change made by the Modernization Act is that capital losses will generally retain their character as short-term or long-term and may be carried forward indefinitely to offset future gains. These losses are utilized before other capital loss carryforwards that expire. Generally, the

Morgan Stanley Asia-Pacific Fund, Inc.

December 31, 2011

Notes to Financial Statements (cont'd)

Modernization Act is effective for taxable years beginning after December 22, 2010.

During the year ended December 31, 2011, the Fund utilized capital loss carryforwards for U.S. Federal income tax purposes of approximately $8,272,000.

Capital losses and specified ordinary losses, including currency losses, incurred after October 31 but 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, 2011, the Fund deferred to January 1, 2012 for U.S. Federal income tax purposes the following losses:

Post-October Currency And Specified Ordinary Losses (000)				Post-October Capital Losses (000)
$	1,325			$	8,037

F. Security Transactions and Transactions with Affiliates:

For the year ended December 31, 2011, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments, were approximately $338,721,000 and $509,800,000.

The Fund invests in 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 the advisory and administration fees paid by the Morgan Stanley Growth Fund. For the year ended December 31, 2011, advisory fees paid were reduced by approximately $72,000 relating to the Fund's investment in the Morgan Stanley Growth Fund. The Morgan Stanley Growth Fund has a cost basis of approximately $890,000 at December 31, 2011.

A summary of the Fund's transactions in shares of the Morgan Stanley Growth Fund during the year ended December 31, 2011 is as follows:

Value December 31, 2010 (000)				Purchases at Cost (000)				Sales (000)				Realized Gain/ Loss (000)				Dividend Income (000)				Value December 31, 2011 (000)
$	10,614			$	—			$	2,430			$	2,066			$	—			$	4,584

The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds — Money Market Portfolio (the "Liquidity Funds"), 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 Fund due to its investments in the Liquidity Funds. For the year ended December 31, 2011, advisory fees paid were reduced by approximately $32,000 relating to the Fund's investment in the Liquidity Funds.

A summary of the Fund's transactions in shares of the Liquidity Funds during the year ended December 31, 2011 is as follows:

Value December 31, 2010 (000)				Purchases at Cost (000)				Sales (000)				Dividend Income (000)				Value December 31, 2011 (000)
$	5,687			$	181,988			$	160,466			$	21			$	27,209

During the year ended December 31, 2011, the Fund incurred approximately $72,000 in brokerage commissions with Morgan Stanley & Co., LLC, an affiliate of the Adviser, Sub-Advisers, and Administrator, for portfolio transactions executed on behalf of the Portfolio.

During the year ended December 31, 2011, the Fund incurred approximately $17,000 in brokerage commissions with Citigroup, Inc. and its affiliated broker/dealers, which may be deemed affiliates of the Adviser, Sub-Advisers, and Administrator under Section 17 of the Act, for portfolio transactions executed on behalf of the Fund.

Morgan Stanley Asia-Pacific Fund, Inc.

December 31, 2011

Notes to Financial Statements (cont'd)

G. 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. During the year ended December 31, 2011, the Fund repurchased 347,154 of its shares at an average discount of 10.60% from net asset value per share. Since the inception of the program, the Fund has repurchased 22,013,169 of its shares at an average discount of 17.14% 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.

On May 9, 2011, the Directors of the Fund authorized the Fund to conduct a tender offer during the second quarter of 2011 for up to 25% of the Fund's shares, at a price equal to 98.5% of the Fund's net asset value per share ("NAV").

On June 9, 2011, the Fund completed the tender offer. The Fund accepted 7,230,630 shares for payment which represented 25% of the Fund's then outstanding shares. Final payment was made on June 17, 2011 at $18.01 per share, representing 98.5% of the NAV per share on June 10, 2011.

On January 3, 2011, the Fund announced that the Directors approved a policy designed to attempt to narrow the trading discount for the Fund (the "Policy"). The Policy, which was amended by announcement on April 7, 2011, requires the Fund to conduct up to four, consecutive, semi-annual tender offers, each to purchase up to 5 percent of the Fund's outstanding shares of common stock for cash at a price equal to 98 percent of its net asset value per share as of the close of trading on the New York Stock Exchange on the day after the date on which the tender offer expires if the Fund's shares trade at an average discount of at least 10 percent during the 12-week measurement period. The first 12-week measurement period under the amended Policy commenced on July 11, 2011.

Pursuant to the Policy, on October 17, 2011, the Director of the Fund authorized the Fund to conduct a tender offer during the fourth quarter of 2011 for up to 5% of the Fund's outstanding shares, at a price equal to 98% of the Fund's net asset value per share ("NAV"). On November 14, 2011, the Fund completed the offer. The Fund accepted 1,084,594 shares for payment which represented 5% of the Fund's then outstanding shares. Final payment was made on or about November 22, 2011 at $16.32 per share, representing 98% of the NAV per share on November 15, 2011.

H. Results of Annual Meeting of Stockholders (unaudited): On June 30, 2011, 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:

Director	For		Withheld
Kathleen A. Dennis		22,791,589		2,055,582
Joseph J. Kearns		21,299,958		3,547,214
Michael E. Nugent		21,245,607		3,601,564
Fergus Reid		22,767,167		2,080,005

Morgan Stanley Asia-Pacific Fund, Inc.

December 31, 2011

Notes to Financial Statements (cont'd)

Federal Income Tax Information (unaudited)

For Federal income tax purposes, the following information is furnished with respect to dividends paid by the Fund during its taxable year ended December 31, 2011.

The Fund designated and paid approximately $23,259,000 as long-term capital distribution.

The Fund intends to pass through foreign tax credits of approximately $717,000, and has derived net income from sources within foreign coountries amounting to approximately $9,553,000.

In January, the Fund provides tax information to stockholders for the preceding calendar year.

For More Information About Portfolio Holdings (unaudited)

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.

Morgan Stanley Asia-Pacific Fund, Inc.

December 31, 2011

Notes to Financial Statements (cont'd)

Proxy Voting Policy and Procedures and Proxy Voting Record (unaudited)

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 web site at www.sec.gov.

Morgan Stanley Asia-Pacific Fund, Inc.

December 31, 2011

Report of Independent Registered Public Accounting Firm

To the Stockholders and Board of Directors of
Morgan Stanley Asia-Pacific Fund, Inc.

We have audited the accompanying statement of assets and liabilities of Morgan Stanley Asia-Pacific Fund, Inc. (the "Fund"), including the portfolio of investments, as of December 31, 2011, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund's internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2011, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Morgan Stanley Asia-Pacific Fund, Inc. at December 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts
February 24, 2012

Morgan Stanley Asia-Pacific Fund, Inc.

December 31, 2011

Portfolio Management (unaudited)

The Fund is managed within the Emerging Markets Equity and International Small Cap 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 James Cheng, a Managing Director of Morgan Stanley Investment Management Company ("MSIM Company"), a sub-adviser to the Fund, and Arthur Pollock, an Executive Director of Morgan Stanley Investment Management Limited ("MSIM Ltd."), a sub-adviser to the Fund.

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. Mr. Pollock has been associated with MSIM Ltd. in an investment management capacity since June 1999 and began managing the Fund in May 2010.

Morgan Stanley Asia-Pacific Fund, Inc.

December 31, 2011

Investment Policy (unaudited)

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 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. 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 seeks 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:

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 currency exchange contract is marked-to-market daily and the change in 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.

Structured Investments. The Fund also may invest a portion of its assets in structured investments. A structured investment is a derivative security designed to offer a return linked to a particular underlying security, currency or market. Structured investments may come in various forms including notes, warrants and options to purchase securities. The Fund will typically use structured investments to gain exposure to a permitted underlying security, currency or market when direct access to a market is limited or inefficient from a tax or cost standpoint. Investments in structured investments involve risks including counterparty risk and market risk. Holders of structured investments bear risks of the underlying investment and are subject to counterparty risk because the Fund is relying on the creditworthiness of such counterparty and has no rights with respect to the underlying investment. 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.

Morgan Stanley Asia-Pacific Fund, Inc.

December 31, 2011

Dividend Reinvestment and Cash Purchase Plan (unaudited)

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

Morgan Stanley Asia-Pacific Fund, Inc.

December 31, 2011

U.S. Privacy Policy (unaudited)

An Important Notice Concerning Our U.S. Privacy Policy

This privacy notice describes the U.S. privacy policy of Morgan Stanley Distribution, Inc., and the Morgan Stanley family of mutual funds ("us", "our", "we").

We are required by federal law to provide you with notice of our U.S. privacy policy ("Policy"). This Policy applies to both our current and former clients unless we state otherwise and is intended for individual clients who purchase products or receive services from us for personal, family or household purposes. This Policy is not applicable to partnerships, corporations, trusts or other non-individual clients or account holders, nor is this Policy applicable to individuals who are either beneficiaries of a trust for which we serve as trustee or participants in an employee benefit plan administered or advised by us. This Policy is, however, applicable to individuals who select us to be a custodian of securities or assets in individual retirement accounts, 401(k) accounts, or accounts subject to the Uniform Gifts to Minors Act.

This notice sets out our business practices to protect your privacy; how we collect and share personal information about you; and how you can limit our sharing or certain uses by others of this information. We may amend this Policy at any time, and will inform you of any changes to our Policy as required by law.

We Respect Your Privacy

We appreciate that you have provided us with your personal financial information and understand your concerns about your information. We strive to safeguard the information our clients entrust to us. Protecting the confidentiality and security of client information is an important part of how we conduct our business.

This notice describes what personal information we collect about you, how we collect it, when we may share it with others, and how certain others may use it. It discusses the steps you may take to limit our sharing of certain information about you with our affiliated companies, including, but not limited to our affiliated banking businesses, brokerage firms and credit service affiliates. It also discloses how you may limit our affiliates' use of shared information for marketing purposes.

Throughout this Policy, we refer to the nonpublic information that personally identifies you as "personal information." We also use the term "affiliated company" in this notice. An affiliated company is a company in our family of companies and includes companies with the Morgan Stanley name. These affiliated companies are financial institutions such as broker-dealers, banks, investment advisers and credit card issuers. We refer to any company that is not an affiliated company as a nonaffiliated third party. For purposes of Section 5 of this notice, and your ability to limit certain uses of personal information by our affiliates, this notice applies to the use of personal information by our affiliated companies.

1. What Personal Information Do We Collect From You?

We may collect the following types of information about you: (i) information provided by you, including information from applications and other forms we receive from you, (ii) information about your transactions with us or our affiliates, (iii) information

Morgan Stanley Asia-Pacific Fund, Inc.

December 31, 2011

U.S. Privacy Policy (unaudited) (cont'd)

about your transactions with nonaffiliated third parties, (iv) information from consumer reporting agencies, (v) information obtained from our websites, and (vi) information obtained from other sources. For example:

• We 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.

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

We may disclose personal information we collect about you in each of the categories listed above to affiliated and nonaffiliated third parties.

A. Information We Disclose to Affiliated Companies. We may disclose personal information that we collect about you to our affiliated companies to manage your account(s) effectively, to service and process your transactions, and to let you know about products and services offered by us and affiliated companies, to manage our business, and as otherwise required or permitted by law. Offers for products and services from affiliated companies are developed under conditions designed to safeguard your personal information.

B. Information We Disclose to Third Parties. We may disclose personal information that we collect about you to nonaffiliated third parties to provide marketing services on our behalf or to other financial institutions with whom we have joint marketing agreements. We may also disclose all of the information we collect to other nonaffiliated third parties for our everyday business purposes, such as to process transactions, maintain account(s), respond to court orders and legal investigations, report to credit bureaus, offer our own products and services, protect against fraud, for institutional risk control, to perform services on our behalf, and as otherwise required or permitted by law.

When we share personal information about you with a nonaffiliated third party, they are required to limit their use of personal information about you to the particular purpose for which it was shared and they are not allowed to share personal information about you with others except to fulfill that limited purpose or as may be permitted or required by law.

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

We maintain physical, electronic and procedural security measures that comply with applicable law and regulations to help safeguard the personal information we collect about you. We have internal policies governing the proper handling of client information by

Morgan Stanley Asia-Pacific Fund, Inc.

December 31, 2011

U.S. Privacy Policy (unaudited) (cont'd)

employees. Third parties that provide support or marketing services on our behalf may also receive personal information about you, and we require them to adhere to appropriate security standards with respect to such information.

4. How Can You Limit Our Sharing Certain Personal Information About You With Our Affiliated Companies for Eligibility Determination?

By following the opt-out procedures in Section 6, below, you may limit the extent to which we share with our affiliated companies, personal information that was collected to determine your eligibility for products and services such as your credit reports and other information that you have provided to us or that we may obtain from third parties ("eligibility information"). Eligibility information does not include your identification information or personal information pertaining to our transactions or experiences with you. Please note that, even if you direct us not to share eligibility information with our affiliated companies, we may still share your personal information, including eligibility information, with our affiliated companies under circumstances that are permitted under applicable law, such as to process transactions or to service your account.

5. How Can You Limit the Use of Certain Personal Information About You by Our Affiliated Companies for Marketing?

By following the opt-out instructions in Section 6, below, you may limit our affiliated companies from marketing their products or services to you based on personal information we disclose to them. This information may include, for example, your income and account history with us. Please note that, even if you choose to limit our affiliated companies from using personal information about you that we may share with them for marketing their products and services to you, our affiliated companies may use your personal information that they obtain from us to market to you in circumstances permitted by law, such as if the affiliated party has its own relationship with you.

6. How Can You Send Us an Opt-Out Instruction?

If you wish to limit our sharing of eligibility information about you with our affiliated companies, or our affiliated companies' use of personal information for marketing purposes, as described in this notice, you may do so by:

• Calling us at (800) 548-7786
Monday–Friday between 8a.m. and 5p.m. (EST)

• Writing to us at the following address:

Morgan Stanley Services Company Inc.
c/o Privacy Coordinator
201 Plaza Two, 3rd Floor
Jersey City, New Jersey 07311

Morgan Stanley Asia-Pacific Fund, Inc.

December 31, 2011

U.S. Privacy Policy (unaudited) (cont'd)

If you choose to write to us, your request should include: your name, address, telephone number and account number(s) to which the opt-out applies and whether you are opting out with respect to sharing of eligibility information (Section 4 above), or information used for marketing (Section 5 above), or both. Written opt-out requests should not be sent with any other correspondence. In order to process your request, we require that the request be provided by you directly and not through a third party. Once you have informed us about your privacy preferences, your opt-out preference will remain in effect with respect to this Policy (as it may be amended) until you notify us otherwise. If you are a joint account owner, we will accept instructions from any one of you and apply those instructions to the entire account.

Please understand that if you limit our sharing or our affiliated companies' use of personal information, you and any joint account holder(s) may not receive information about our affiliated companies' products and services, including products or services that could help you manage your financial resources and achieve your investment objectives.

If you have more than one account or relationship with us, please specify the accounts to which you would like us to apply your privacy choices. If you have accounts or relationships with our affiliates, you may receive multiple privacy policies from them, and will need to separately notify those companies of your privacy choices for those accounts or relationships.

7. What if an Affiliated Company Becomes a Nonaffiliated Third Party?

If, at any time in the future, an affiliated company becomes a nonaffiliated third party, further disclosures of personal information made to the former affiliated company will be limited to those described in Section 2(b) above relating to nonaffiliated third parties. If you elected under Section 6 to limit disclosures we make to affiliated companies, or use of personal information by affiliated companies, your election will not apply to use by any former affiliated company of your personal information in their possession once it becomes a nonaffiliated third party.

SPECIAL NOTICE TO RESIDENTS OF VERMONT

The following section supplements our Policy with respect to our individual clients who have a Vermont address and supersedes anything to the contrary in the above Policy with respect to those clients only.

The State of Vermont requires financial institutions to obtain your consent prior to sharing personal information that they collect about you with nonaffiliated third parties, or eligibility information with affiliated companies, other than in certain limited circumstances. Except as permitted by law, we will not share personal information we collect about you with nonaffiliated third parties or eligibility information with affiliated companies, unless you provide us with your written consent to share such information.

SPECIAL NOTICE TO RESIDENTS OF CALIFORNIA

The following section supplements our Policy with respect to our individual clients who have a California address and supersedes anything to the contrary in the above Policy with respect to those clients only.

In response to a California law, if your account has a California home address, your personal information will not be disclosed to nonaffiliated third parties except as permitted by applicable California law, and we will limit sharing such personal information with our affiliates to comply with California privacy laws that apply to us.

Morgan Stanley Asia-Pacific Fund, Inc.

December 31, 2011

Director and Officer Information (unaudited)

Independent Directors:

Name, Age and Address of
Independent Director

Position(s)
Held with
Registrant

Length of
Time
Served*

Principal Occupation(s) During Past 5 Years

Number of
Portfolios in
Fund
Complex
Overseen
by
Independent
Director**

Other Directorships Held by
Independent Director***

Frank L. Bowman (67)
c/o Kramer Levin Naftalis & Frankel LLP
Counsel to the Independent Directors
1177 Avenue of the Americas
New York, NY 10036

Director

Since
August 2006

President, Strategic Decisions, LLC (consulting) (since February 2009); Director or Trustee of various Morgan Stanley Funds (since August 2006); Chairperson of the Insurance Sub-Committee of the Compliance and Insurance Committee (since February 2007); served as President and Chief Executive Officer of the Nuclear Energy Institute (policy organization) (February 2005-November 2008); retired as Admiral, U.S. Navy after serving over 38 years on active duty including 8 years as Director of the Naval Nuclear Propulsion Program in the Department of the Navy and the U.S. Department of Energy (1996-2004); served as Chief of Naval Personnel (July 1994-September 1996) and on the Joint Staff as Director of Political Military Affairs (June 1992 to July 1994); Knighted as Honorary Knight Commander of the Most Excellent Order of the British Empire; Awarded the Officer de l'Orde National du Mérite by the French Government; elected to the National Academy of Engineering (2009).

102

Director of BP p.l.c.; Director of Naval and Nuclear Technologies LLP; Director of the Armed Services YMCA of the USA and the Naval Submarine League; Director of the American Shipbuilding Suppliers Association; Member of the National Security Advisory Council of the Center for U.S. Global Engagement and a member of the CNA Military Advisory Board; Member of the American Lung Association's President's Council.

Michael Bozic (71)
c/o Kramer Levin Naftalis & Frankel LLP
Counsel to the Independent Directors
1177 Avenue of the Americas
New York, NY 10036

Director

Since
April 1994

Private investor; Chairperson of the Compliance and Insurance Committee (since October 2006); Director or Trustee of various Morgan Stanley Funds (since April 1994); formerly, Chairperson of the Insurance Committee (July 2006-September 2006); Vice Chairman of Kmart Corporation (December 1998-October 2000), Chairman and Chief Executive Officer of Levitz Furniture Corporation (November 1995-November 1998) and President and Chief Executive Officer of Hills Department Stores (May 1991-July 1995); variously Chairman, Chief Executive Officer, President and Chief Operating Officer (1987-1991) of the Sears Merchandise Group of Sears, Roebuck & Co.

104

Director of various business organizations.

Morgan Stanley Asia-Pacific Fund, Inc.

December 31, 2011

Director and Officer Information (unaudited) (cont'd)

Independent Directors (cont'd):

Name, Age and Address of
Independent Director

Position(s)
Held with
Registrant

Length of
Time
Served*

Principal Occupation(s) During Past 5 Years

Number of
Portfolios in
Fund
Complex
Overseen
by
Independent
Director**

Other Directorships Held by
Independent Director***

Kathleen A. Dennis (58)
c/o Kramer Levin Naftalis & Frankel LLP
Counsel to the Independent Directors
1177 Avenue of the Americas
New York, NY 10036

Director

Since
August 2006

President, Cedarwood Associates (mutual fund and investment management consulting) (since July 2006); Chairperson of the Money Market and Alternatives Sub-Committee of the Investment Committee (since October 2006) and Director or Trustee of various Morgan Stanley Funds (since August 2006); formerly, Senior Managing Director of Victory Capital Management (1993-2006).

102

Director of various non-profit organizations.

Dr. Manuel H. Johnson (63)
c/o Johnson Smick Group, Inc.
888 16th Street, N.W. Suite 740
Washington, D.C. 20006

Director

Since
July 1991

Senior Partner, Johnson Smick International, Inc. (consulting firm); Chairperson of the Investment Committee (since October 2006) and Director or Trustee of various Morgan Stanley Funds (since July 1991); Co-Chairman and a founder of the Group of Seven Council (G7C) (international economic commission); formerly, Chairperson of the Audit Committee (July 1991-September 2006), Vice Chairman of the Board of Governors of the Federal Reserve System and Assistant Secretary of the U.S. Treasury.

104

Director of NVR, Inc. (home construction).

Joseph J. Kearns (69)
c/o Kearns & Associates LLC
PMB754
22631 Pacific Coast Highway
Malibu, CA 90265

Director

Since
August
1994

President, Kearns & Associates LLC (investment consulting); Chairperson of the Audit Committee (since October 2006) and Director or Trustee of various Morgan Stanley Funds (since August 1994); formerly, Deputy Chairperson of the Audit Committee (July 2003-September 2006) and Chairperson of the Audit Committee of various Morgan Stanley Funds (since August 1994); CFO of the J. Paul Getty Trust.

105

Director of Electro Rent Corporation (equipment leasing) and The Ford Family Foundation.

Morgan Stanley Asia-Pacific Fund, Inc.

December 31, 2011

Director and Officer Information (unaudited) (cont'd)

Independent Directors (cont'd):

Name, Age and Address of
Independent Director

Position(s)
Held with
Registrant

Length of
Time
Served*

Principal Occupation(s) During Past 5 Years

Number of
Portfolios in
Fund
Complex
Overseen
by
Independent
Director**

Other Directorships Held by
Independent Director***

Michael F. Klein (53)
c/o Kramer Levin Naftalis & Frankel LLP
Counsel to the Independent Directors
1177 Avenue of the Americas
New York, NY 10036

Director

Since
August 2006

Managing Director, Aetos Capital, LLC (since March 2000) and Co-President, Aetos Alternatives Management, LLC (since January 2004); Chairperson of the Fixed Income Sub-Committee of the Investment Committee (since October 2006) and Director or Trustee of various Morgan Stanley Funds (since August 2006); formerly, Managing Director, Morgan Stanley & Co. Inc. and Morgan Stanley Dean Witter Investment Management, President, various Morgan Stanley Funds (June 1998-March 2000) and Principal, Morgan Stanley & Co. Inc. and Morgan Stanley Dean Witter Investment Management (August 1997-December 1999).

102

Director of certain investment funds managed or sponsored by Aetos Capital, LLC. Director of Sanitized AG and Sanitized Marketing AG (specialty chemicals).

Michael E. Nugent (75)
c/o Triumph Capital, L.P.
445 Park Avenue
New York, NY 10022

Chairperson of the Board and Director

Chairperson of the Boards since July 2006 and Director since July 1991

General Partner, Triumph Capital, L.P. (private investment partnership); Chairperson of the Boards of various Morgan Stanley Funds (since July 2006); Director or Trustee of various Morgan Stanley Funds (since July 1991); formerly, Chairperson of the Insurance Committee (until July 2006).

104

None.

W. Allen Reed (64)
c/o Kramer Levin Naftalis & Frankel LLP
Counsel to the Independent Directors
1177 Avenue of the Americas
New York, NY 10036

Director

Since
August 2006

Chairperson of the Equity Sub-Committee of the Investment Committee (since October 2006) and Director or Trustee of various Morgan Stanley Funds (since August 2006); formerly, President and CEO of General Motors Asset Management; Chairman and Chief Executive Officer of the GM Trust Bank and Corporate Vice President of General Motors Corporation (August 1994-December 2005).

102

Director of Temple-Inland Industries (packaging and forest products); Director of Legg Mason, Inc. and Director of the Auburn University Foundation.

Fergus Reid (79)
c/o Joe Pietryka, Inc.
85 Charles Colman Blvd.
Pawling, NY 12564

Director

Since
June 1992

Chairman, Joe Pietryka, Inc.; Chairperson of the Governance Committee and Director or Trustee of various Morgan Stanley Funds (since June 1992).

105

Trustee and Director of certain investment companies in the JPMorgan Funds complex managed by JP Morgan Investment Management Inc.

Morgan Stanley Asia-Pacific Fund, Inc.

December 31, 2011

Director and Officer Information (unaudited) (cont'd)

Interested Director:

Name, Age and Address of
Interested Director

Position(s)
Held with
Registrant

Length of
Time
Served*

Principal Occupation(s) During Past 5 Years

Number of
Portfolios in
Fund
Complex
Overseen
by
Interested
Director**

Other Directorships Held by
Interested Director***

James F. Higgins (64)
c/o Morgan Stanley Services Company Inc.
Harborside Financial Center
201 Plaza Two
Jersey City, NJ 07311

Director

Since
June 2000

Director or Trustee of various Morgan Stanley Funds (since June 2000); Senior Advisor of Morgan Stanley (since August 2000).

103

Director of AXA Financial, Inc. and The Equitable Life Assurance Society of the United States (financial services).

* Each Director serves an indefinite term, until his or her successor is elected.

** The Fund Complex includes (as of December 31, 2011) all open-end and closed-end funds (including all of their portfolios) advised by Morgan Stanley Investment Management Inc. (the "Adviser") and any funds that have an adviser that is an affiliated person of the Adviser (including, but not limited to, Morgan Stanley AIP GP LP).

*** This includes any directorships at public companies and registered investment companies held by the Director at any time during the past five years.

Morgan Stanley Asia-Pacific Fund, Inc.

December 31, 2011

Director and Officer Information (unaudited) (cont'd)

Executive Officers:

Name, Age and Address of Executive Officer

Position(s)
Held with
Registrant

Length of
Time Served*

Principal Occupation(s) During Past 5 Years

Arthur Lev (50)
522 Fifth Avenue
New York, NY 10036

President and Principal Executive Officer – Equity and Fixed Income Funds

Since
June 2011

President and Principal Executive Officer (since June 2011) of the Equity and Fixed Income Funds in the Fund Complex; Head of the Long Only Business of Morgan Stanley Investment Management (since February 2011); Managing Director of the Adviser and various entities affiliated with the Adviser (since December 2006). Formerly, Chief Strategy Officer of Morgan Stanley Investment Management's Traditional Asset Management business (November 2010-February 2011); General Counsel of Morgan Stanley Investment Management (December 2006-October 2010); Partner and General Counsel of FrontPoint Partners LLC (July 2002-December 2006); Managing Director and General Counsel of Morgan Stanley Investment Management (May 2000-June 2002).

Mary Ann Picciotto (38)
c/o Morgan Stanley Services Company Inc.
Harborside Financial Center
201 Plaza Two
Jersey City, NJ 07311

Chief Compliance Officer

Since
May 2010

Managing Director of the Adviser and various entities affiliated with the Adviser; Chief Compliance Officer of various Morgan Stanley Funds (since May 2010); Chief Compliance Officer of the Adviser (since April 2007).

Stefanie V. Chang Yu (45)
522 Fifth Avenue
New York, NY 10036

Vice President

Since
December 1997

Managing Director of the Adviser and various entities affiliated with the Adviser; Vice President of various Morgan Stanley Funds (since December 1997).

Francis J. Smith (46)
c/o Morgan Stanley Services Company Inc.
Harborside Financial Center
201 Plaza Two
Jersey City, NJ 07311

Treasurer and Principal Financial Officer

Treasurer since July 2003 and Principal Financial Officer since September 2002

Executive Director of the Adviser and various entities affiliated with the Adviser; Treasurer and Principal Financial Officer of various Morgan Stanley Funds (since July 2003).

Mary E. Mullin (44)
522 Fifth Avenue
New York, NY 10036

Secretary

Since
June 1999

Executive Director of the Adviser and various entities affiliated with the Adviser; Secretary of various Morgan Stanley Funds (since June 1999).

* Each Officer serves an indefinite term, until his or her successor is elected.

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Item 2. Code of Ethics.

(a) The Trust/Fund has adopted a code of ethics (the “Code of Ethics”) that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Trust/Fund or a third party.

(b) No information need be disclosed pursuant to this paragraph.

(d) Not applicable.

(e) Not applicable.

(f)

(1) The Trust/Fund’s Code of Ethics is attached hereto as Exhibit 12 A.

(2) Not applicable.

(3) Not applicable.

Item 3. Audit Committee Financial Expert.

The Fund’s Board of Trustees has determined that Joseph J. Kearns, an “independent” Trustee, is an “audit committee financial expert” serving on its audit committee. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification.

Item 4. Principal Accountant Fees and Services.

(a)(b)(c)(d) and (g). Based on fees billed for the periods shown:

2011

	Registrant			Covered Entities(1)
Audit Fees	$	70,200		N/A

Non-Audit Fees
Audit-Related Fees	$	—	(2)	$	—	(2)
Tax Fees	$	3,380	(3)	$	89,626	(3)
All Other Fees	$			$	1,133,094	(4)
Total Non-Audit Fees	$	3,380		$	1,222,720

Total	$	73,580		$	1,222,720

2010

	Registrant			Covered Entities(1)
Audit Fees	$	70,200		N/A

Non-Audit Fees
Audit-Related Fees	$		(2)	$		(2)
Tax Fees	$	3,380	(3)	$	199,783	(3)
All Other Fees	$			$	90,520	(4)
Total Non-Audit Fees	$	3,380		$	290,303

Total	$	73,580		$	290,303

N/A- Not applicable, as not required by Item 4.

(1)		Covered Entities include the Adviser (excluding sub-advisors) and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Registrant.
(2)		Audit-Related Fees represent assurance and related services provided that are reasonably related to the performance of the audit of the financial statements of the Covered Entities’ and funds advised by the Adviser or its affiliates, specifically data verification and agreed-upon procedures related to asset securitizations and agreed-upon procedures engagements.
(3)		Tax Fees represent tax compliance, tax planning and tax advice services provided in connection with the preparation and review of the Registrant’s tax returns.
(4)		Tax Fees represent tax compliance, tax planning and tax advice services provided in connection with the review of Covered Entities’ tax returns.
(5)		All other fees represent project management for future business applications and improving business and operational processes.

(e)(1) The audit committee’s pre-approval policies and procedures are as follows:

APPENDIX A

AUDIT COMMITTEE

AUDIT AND NON-AUDIT SERVICES

PRE-APPROVAL POLICY AND PROCEDURES

OF THE

MORGAN STANLEY RETAIL AND INSTITUTIONAL FUNDS

AS ADOPTED AND AMENDED JULY 23, 2004,(1)

1. Statement of Principles

The Audit Committee of the Board is required to review and, in its sole discretion, pre-approve all Covered Services to be provided by the Independent Auditors to the Fund and Covered Entities in order to assure that services performed by the Independent Auditors do not impair the auditor’s independence from the Fund.

The SEC has issued rules specifying the types of services that an independent auditor may not provide to its audit client, as well as the audit committee’s administration of the engagement of the independent auditor. The SEC’s rules establish two different approaches to pre-approving services, which the SEC considers to be equally valid. Proposed services either: may be pre-approved without consideration of specific case-by-case services by the Audit Committee (“general pre-approval”); or require the specific pre-approval of the Audit Committee or its delegate (“specific pre-approval”). The Audit Committee believes that the combination of these two approaches in this Policy will result in an effective and efficient procedure to pre-approve services performed by the Independent Auditors. As set forth in this Policy, unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee (or by any member of the Audit Committee to which pre-approval authority has been delegated) if it is to be provided by the Independent Auditors. Any proposed services exceeding pre-approved cost levels or budgeted amounts will also require specific pre-approval by the Audit Committee.

The appendices to this Policy describe the Audit, Audit-related, Tax and All Other services that have the general pre-approval of the Audit Committee. The term of any general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee considers and provides a different period and states otherwise. The Audit Committee will annually review and pre-approve the services that may be provided by the Independent Auditors without obtaining specific pre-approval from the Audit Committee. The Audit Committee will add to or subtract from the list of general pre-approved services from time to time, based on subsequent determinations.

(1) This Audit Committee Audit and Non-Audit Services Pre-Approval Policy and Procedures (the “Policy”), adopted as of the date above, supersedes and replaces all prior versions that may have been adopted from time to time.

The purpose of this Policy is to set forth the policy and procedures by which the Audit Committee intends to fulfill its responsibilities. It does not delegate the Audit Committee’s responsibilities to pre-approve services performed by the Independent Auditors to management.

The Fund’s Independent Auditors have reviewed this Policy and believes that implementation of the Policy will not adversely affect the Independent Auditors’ independence.

2. Delegation

As provided in the Act and the SEC’s rules, the Audit Committee may delegate either type of pre-approval authority to one or more of its members. The member to whom such authority is delegated must report, for informational purposes only, any pre-approval decisions to the Audit Committee at its next scheduled meeting.

3. Audit Services

The annual Audit services engagement terms and fees are subject to the specific pre-approval of the Audit Committee. Audit services include the annual financial statement audit and other procedures required to be performed by the Independent Auditors to be able to form an opinion on the Fund’s financial statements. These other procedures include information systems and procedural reviews and testing performed in order to understand and place reliance on the systems of internal control, and consultations relating to the audit. The Audit Committee will approve, if necessary, any changes in terms, conditions and fees resulting from changes in audit scope, Fund structure or other items.

In addition to the annual Audit services engagement approved by the Audit Committee, the Audit Committee may grant general pre-approval to other Audit services, which are those services that only the Independent Auditors reasonably can provide. Other Audit services may include statutory audits and services associated with SEC registration statements (on Forms N-1A, N-2, N-3, N-4, etc.), periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings.

The Audit Committee has pre-approved the Audit services in Appendix B.1. All other Audit services not listed in Appendix B.1 must be specifically pre-approved by the Audit Committee (or by any member of the Audit Committee to which pre-approval has been delegated).

4. Audit-related Services

Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the Fund’s financial statements and, to the extent they are Covered Services, the Covered Entities or that are traditionally performed by the Independent Auditors. Because the Audit Committee believes that the provision of Audit-related services does not impair the independence of the auditor and is consistent with the SEC’s rules on auditor independence, the Audit Committee may grant general pre-approval to Audit-related services. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters

not classified as “Audit services”; assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; agreed-upon or expanded audit procedures related to accounting and/or billing records required to respond to or comply with financial, accounting or regulatory reporting matters; and assistance with internal control reporting requirements under Forms N-SAR and/or N-CSR.

The Audit Committee has pre-approved the Audit-related services in Appendix B.2. All other Audit-related services not listed in Appendix B.2 must be specifically pre-approved by the Audit Committee (or by any member of the Audit Committee to which pre-approval has been delegated).

5. Tax Services

The Audit Committee believes that the Independent Auditors can provide Tax services to the Fund and, to the extent they are Covered Services, the Covered Entities, such as tax compliance, tax planning and tax advice without impairing the auditor’s independence, and the SEC has stated that the Independent Auditors may provide such services.

Pursuant to the preceding paragraph, the Audit Committee has pre-approved the Tax Services in Appendix B.3. All Tax services in Appendix B.3 must be specifically pre-approved by the Audit Committee (or by any member of the Audit Committee to which pre-approval has been delegated).

6. All Other Services

The Audit Committee believes, based on the SEC’s rules prohibiting the Independent Auditors from providing specific non-audit services, that other types of non-audit services are permitted. Accordingly, the Audit Committee believes it may grant general pre-approval to those permissible non-audit services classified as All Other services that it believes are routine and recurring services, would not impair the independence of the auditor and are consistent with the SEC’s rules on auditor independence.

The Audit Committee has pre-approved the All Other services in Appendix B.4. Permissible All Other services not listed in Appendix B.4 must be specifically pre-approved by the Audit Committee (or by any member of the Audit Committee to which pre-approval has been delegated).

7. Pre-Approval Fee Levels or Budgeted Amounts

Pre-approval fee levels or budgeted amounts for all services to be provided by the Independent Auditors will be established annually by the Audit Committee. Any proposed services exceeding these levels or amounts will require specific pre-approval by the Audit Committee. The Audit Committee is mindful of the overall relationship of fees for audit and non-audit services in determining whether to pre-approve any such services.

8. Procedures

All requests or applications for services to be provided by the Independent Auditors that do not require specific approval by the Audit Committee will be submitted to the Fund’s Chief Financial Officer and must include a detailed description of the services to be

rendered. The Fund’s Chief Financial Officer will determine whether such services are included within the list of services that have received the general pre-approval of the Audit Committee. The Audit Committee will be informed on a timely basis of any such services rendered by the Independent Auditors. Requests or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by both the Independent Auditors and the Fund’s Chief Financial Officer, and must include a joint statement as to whether, in their view, the request or application is consistent with the SEC’s rules on auditor independence.

The Audit Committee has designated the Fund’s Chief Financial Officer to monitor the performance of all services provided by the Independent Auditors and to determine whether such services are in compliance with this Policy. The Fund’s Chief Financial Officer will report to the Audit Committee on a periodic basis on the results of its monitoring. Both the Fund’s Chief Financial Officer and management will immediately report to the chairman of the Audit Committee any breach of this Policy that comes to the attention of the Fund’s Chief Financial Officer or any member of management.

9. Additional Requirements

The Audit Committee has determined to take additional measures on an annual basis to meet its responsibility to oversee the work of the Independent Auditors and to assure the auditor’s independence from the Fund, such as reviewing a formal written statement from the Independent Auditors delineating all relationships between the Independent Auditors and the Fund, consistent with Independence Standards Board No. 1, and discussing with the Independent Auditors its methods and procedures for ensuring independence.

10. Covered Entities

Covered Entities include the Fund’s investment adviser(s) and any entity controlling, controlled by or under common control with the Fund’s investment adviser(s) that provides ongoing services to the Fund(s). Beginning with non-audit service contracts entered into on or after May 6, 2003, the Fund’s audit committee must pre-approve non-audit services provided not only to the Fund but also to the Covered Entities if the engagements relate directly to the operations and financial reporting of the Fund. This list of Covered Entities would include:

Morgan Stanley Retail Funds

Morgan Stanley Investment Advisors Inc.

Morgan Stanley & Co. Incorporated

Morgan Stanley DW Inc.

Morgan Stanley Investment Management Inc.

Morgan Stanley Investment Management Limited

Morgan Stanley Investment Management Private Limited

Morgan Stanley Asset & Investment Trust Management Co., Limited

Morgan Stanley Investment Management Company

Morgan Stanley Services Company, Inc.

Morgan Stanley Distributors Inc.

Morgan Stanley Trust FSB

Morgan Stanley Institutional Funds

Morgan Stanley Investment Management Inc.

Morgan Stanley Investment Advisors Inc.

Morgan Stanley Investment Management Limited

Morgan Stanley Investment Management Private Limited

Morgan Stanley Asset & Investment Trust Management Co., Limited

Morgan Stanley Investment Management Company

Morgan Stanley & Co. Incorporated

Morgan Stanley Distribution, Inc.

Morgan Stanley AIP GP LP

Morgan Stanley Alternative Investment Partners LP

(e)(2) Beginning with non-audit service contracts entered into on or after May 6, 2003, the audit committee also is required to pre-approve services to Covered Entities to the extent that the services are determined to have a direct impact on the operations or financial reporting of the Registrant. 100% of such services were pre-approved by the audit committee pursuant to the Audit Committee’s pre-approval policies and procedures (attached hereto).

(f) Not applicable.

(g) See table above.

(h) The audit committee of the Board of Trustees has considered whether the provision of services other than audit services performed by the auditors to the Registrant and Covered Entities is compatible with maintaining the auditors’ independence in performing audit services.

Item 5. Audit Committee of Listed Registrants.

(a) The Fund has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act whose members are:

Joseph Kearns, Michael Nugent and Allen Reed.

(b) Not applicable.

Item 6.

(a) See Item 1.

(b) Not applicable.

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

The Fund/Trust invests in exclusively non-voting securities and therefore this item is not applicable.

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

Morgan Stanley Asia-Pacific Fund, Inc.

FUND MANAGEMENT

The Fund is managed by members of the Emerging Markets Equity and International Small Cap 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 James Cheng and Arthur Pollock. Mr. Cheng is a Managing Director of Morgan Stanley Investment Management Company (“MSIM Company”), a sub-adviser to the Fund. Mr. Pollock is an Executive Director of Morgan Stanley Investment Management Limited (“MSIM Limited”), a sub-adviser to the Fund. Mr. Cheng has been associated with MSIM Company in an investment management capacity since July 2006 and joined the team 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. Mr. Pollock has been associated with MSIM Limited in an investment management capacity since June 1999 and began managing the Fund in May 2010.

The composition of the teams may change without notice from time to time.

OTHER ACCOUNTS MANAGED BY THE PORTFOLIO MANAGERS

The following information is as of December 31, 2011:

Mr. Cheng managed 12 registered investment companies with a total of approximately $4.2 billion in assets; seven pooled investment vehicles other than registered investment companies with a total of approximately $2.6 billion in assets; and 26 other accounts with a total of approximately $10.9 billion in assets. Of these other accounts, three accounts with a total of approximately $1.5 billion in assets had performance based fees.

Mr. Pollock managed two registered investment companies with a total of approximately $595.6 million in assets; two pooled investment vehicles other than registered investment companies with a total of approximately $106.8 million in assets; and nine other accounts with a total of approximately $258.5 million in assets.

Because the portfolio managers manage assets for other investment companies, pooled investment vehicles and/or other accounts (including institutional clients, pension plans and certain high net worth individuals), there may be an incentive to favor one client over another resulting in conflicts of interest. For instance, the Adviser and/or Sub-Advisers may receive fees from certain accounts that are higher than the fee it receives from the Fund, or it may receive a performance-based fee on certain accounts. In those instances, the portfolio manager may have an incentive to favor the higher and/or performance-based fee accounts over the Fund. In addition, a conflict of interest could exist to the extent the Adviser and/or Sub-Advisers have proprietary investments in certain accounts, where portfolio managers have personal investments in certain accounts or when certain accounts are investment options in the Adviser’s and/or Sub-Advisers’ employee benefits and/or deferred compensation plans. The portfolio managers may have an incentive to favor these accounts over others. If the Adviser and/or Sub-Advisers manage accounts that engage in short sales of securities of the type in which the Fund invests, the Adviser and/or Sub-Advisers could be seen as harming the performance of the Fund for the benefit of the accounts engaging in short sales if the short sales cause

the market value of the securities to fall. The Adviser and Sub-Advisers have adopted trade allocation and other policies and procedures that it believes are reasonably designed to address these and other conflicts of interest.

PORTFOLIO MANAGER COMPENSATION STRUCTURE

Portfolio managers receive a combination of base compensation and discretionary compensation, comprising a cash bonus and several deferred compensation programs described below. The methodology used to determine portfolio manager compensation is applied across all funds/accounts managed by the portfolio managers.

BASE SALARY COMPENSATION. Generally, portfolio managers receive base salary compensation based on the level of their position with the Adviser and/or Sub-Advisers.

DISCRETIONARY COMPENSATION. In addition to base compensation, portfolio managers may receive discretionary compensation.

Discretionary compensation can include:

· Cash Bonus.

· Morgan Stanley’s Long Term Incentive Compensation awards - a mandatory program that defers a portion of discretionary year-end compensation into restricted stock units or other awards based on Morgan Stanley common stock or other plans that are subject to vesting and other conditions. All long term incentive compensation awards are subject to clawback provisions where awards can be cancelled if an employee takes any action, or omits to take any action which; causes a restatement of Morgan Stanley’s consolidated financial results; or constitutes a violation of Morgan Stanley’s risk policies and standards.

· Investment Management Alignment Plan (IMAP) awards - a mandatory program that defers a portion of discretionary year-end compensation and notionally invests it in designated funds advised by the Adviser and/or Sub-Advisers or their affiliates. The award is subject to vesting and other conditions. Portfolio managers must notionally invest a minimum of 25% to a maximum of 100% of their IMAP deferral account into a combination of the designated funds they manage that are included in the IMAP fund menu, which may or may not include the Fund. In addition to the clawbacks listed above for long term incentive compensation awards, the provision on IMAP awards is further strengthened such that it may also be triggered if any employee’s actions cause substantial financial loss on a trading strategy, investment, commitment or other holding provided that previous gains on those position were relevant to the employees’ prior year compensation decisions.

· Voluntary Deferred Compensation Plans - voluntary programs that permit certain employees to elect to defer a portion of their discretionary year-end compensation and notionally invest the deferred amount across a range of designated investment funds, which may include funds advised by the Adviser and/or Sub-Advisers or their affiliates.

Several factors determine discretionary compensation, which can vary by portfolio management team and circumstances. These factors include:

· Revenues generated by the investment companies, pooled investment vehicles and other accounts managed by the portfolio manager.

· The investment performance of the funds/accounts managed by the portfolio manager.

· Contribution to the business objectives of the Adviser and/or Sub-Advisers.

· The dollar amount of assets managed by the portfolio manager.

· Market compensation survey research by independent third parties.

· Other qualitative factors, such as contributions to client objectives.

· Performance of Morgan Stanley and Morgan Stanley Investment Management, and the overall performance of the investment team(s) of which the portfolio manager is a member.

SECURITIES OWNERSHIP OF PORTFOLIO MANAGERS

As of December 31, 2011, the portfolio managers did not own any shares of the Fund.

Item 9. Closed-End Fund Repurchases

REGISTRANT PURCHASE OF EQUITY SECURITIES

Period	(a) Total Number of Shares (or Units) Purchased	(b) Average Price Paid per Share (or Unit)	(c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs	(d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs
January 2011	46,872	17.245	N/A	N/A
February 2011	73,356	17.227	N/A	N/A
March 2011	179,955	16.723	N/A	N/A
April 2011	46,971	17.100	N/A	N/A
May 2011	—	—	N/A	N/A
June 2011	7,230,630	18.01	N/A	N/A
July 2011	—	—	N/A	N/A
August 2011	—	—	N/A	N/A
September 2011	—	—	N/A	N/A
October 2011	—	—	N/A	N/A
November 2011	1,084,594	16.32	N/A	N/A
December 2011	—	—	N/A	N/A
Total	8,662,378		N/A	N/A

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

Not applicable.

Item 11. Controls and Procedures

(a) The Trust’s/Fund’s principal executive officer and principal financial officer have concluded that the Trust’s/Fund’s disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Trust/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.

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

Item 12. Exhibits

(a) The Code of Ethics for Principal Executive and Senior Financial Officers is attached hereto.

(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.

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.

Morgan Stanley Asia-Pacific Fund, Inc.

/s/ Arthur Lev
Arthur Lev
Principal Executive Officer
February 15, 2012

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.

/s/ Arthur Lev
Arthur Lev
Principal Executive Officer
February 15, 2012

/s/ Francis Smith
Francis Smith
Principal Financial Officer
February 15, 2012

Morgan Stanley Asia-Pacific Fund (APF) N-CSR/ACertified annual shareholder report (management investment company) (amended)