Interim Results

Schroder AsiaPacific Fund PLC
17 May 2000

                        Schroder AsiaPacific Fund plc
                               Interim Results

The  Directors of Schroder AsiaPacific Fund plc announce the unaudited interim
results for the six months ended 31 March 2000:
                                        
                                                    
                              Six months ended       Six months ended
                                31 March 2000          31 March 1999
                          Revenue  Capital   Total  Revenue  Capital    Total
                     
                            £'000    £'000   £'000    £'000    £'000    £'000

Realised gains/(losses)         -    4,385   4,385        -   (7,857)  (7,857)
on sales of investments      
Unrealised gains                -   40,111  40,111        -   34,400   34,400
on investments       
Exchange (losses)/gains         -     (259)   (259)       -       92       92
on currency balances
Loss on forward foreign         -        -       -        -     (444)    (444)
exchange transaction
Overseas dividend             419        -     419      730        -      730
income
Bank deposit interest         105        -     105      145        -      145
interest
Other income                    2        -       2       21        -       21
Investment management fee    (720)       -    (720)    (387)       -     (387)
Administrative expenses      (191)       -    (191)    (114)       -     (114)
(Deficit)/return before      (385)  44,237  44,852      395   26,191   26,586
finance costs and taxation                     
Interest payable             (368)       -    (368)       -        -        -
(Deficit)/return on          (753)  44,237  43,484      395   26,191   26,586
ordinary activities 
before taxation
Tax on ordinary activities     80        -      80     (173)       -     (173)
activities
(Deficit)/return             (673)  44,237  43,564      222   26,191   26,413
attributable to equity
shareholders
Transfer (from)/to reserves  (673)  44,237  43,564      222   26,191   26,413
reserves                          
(Deficit)/return per share  (0.48)   31.60   31.12     0.16    18.71   18.87
                            pence    pence   pence    pence    pence   Pence



                                         At 31 March      At 31 March
                                             2000            1999
Assets                                      £'000            £'000
                                                       
Investments                                164,546           81,836
                                                
Net current (liabilities)/assets           (12,039)           2,445

Net Assets                                 152,507           84,281
                                                
Net asset value per share (undiluted)       108.93            60.20
(undiluted)

                                  Six months ended      Six months ended
                                    31 March 2000         31 March 1999
Abridged Cash Flow Statement            £'000                 £'000
                                                        
Net cash (outflow)/inflow from              (150)                 199
operating activities
                                                 
Interest Paid                               (300)                   -
                                                                
Total tax (paid)/received                   (152)                 122
                                                 
Net cash outflow from financial           (9,819)              (3,609)
investment
                                                 
Equity Dividends paid                       (700)                (700)
                                                                
Net cash inflow/(outflow) from             6,466                  (34)
financing
                                                                
Net cash outflow                          (4,655)              (4,022)


Investment Manager's Review

Regional markets performed well in the first half of the fiscal year, and the
Company's benchmark index recorded a 23.0% increase in sterling terms.  The
undiluted net asset value per share of the Company rose 40.0% and the share
price by 33.6% over the period.

The bulk of the returns were seen in the first three months.  Subsequently,
markets reflected global concerns over rising interest rates and the return to
recessionary conditions in Japan, and specific political issues in Taiwan, the
Philippines, and Indonesia.

It has also been a fairly volatile period, and one in which there has been a
wide variation in performance between markets.




                   Percentage Index changes In Sterling Terms
                     Over the six months to 31st March 2000
                                        
Market                                % Change

MSCI Malaysia Free                      +57.0
MSCI Taiwan                             +38.9
MSCI Hong Kong                          +34.2
MSCI ACFEF ex Japan                     +23.0
MSCI Korea                              +20.5
MSCI Thailand Free                      +16.8
MSCI Indonesia Free                     +14.8
MSCI Singapore Free                      +1.5
MSCI Philippines Free                   -16.6
MSCI China Free                         -31.2

Source: MSCI, total returns gross of tax.

In part, the divergences can be ascribed to country-specific factors.  Continued
deflation and a lack of convincing evidence of a turnaround in  domestic
consumption has hampered Chinese equities, while in contrast Malaysian equities
rose strongly amid easy monetary conditions and a return of confidence on the
part of both domestic and foreign investors.

However, a large measure of the differential performance can be ascribed to
sectoral factors.  Reflecting trends evident globally, the region has
experienced strong outperformance by perceived growth sectors of technology,
media and telecommunications (TMT).  An illustration of this is that the
regional MSCI index of growth stocks has risen 38.1% over the first half of  the
year, compared to a rise of only 9.2% for value stocks.

The strength of TMT stocks has been particularly evident in the strong
performances in Taiwan, Hong Kong and Korea, though the latter was held back  by
the weaker performance of cyclical stocks and the banks.  The bid by  Pacific
Century Cyberworks, an internet start-up company in Hong Kong, for HK  Telecom
marked something of a watershed for technology sector performance and, in line
with global markets generally, there has been a significant correction in such
stocks from the highs seen in March.

Investment Policy and Performance

The table shows the asset distribution of the Company's portfolio at the
beginning and end of the half year, along with the distribution of the benchmark
index for comparison purposes.

                        Portfolio Asset Allocation

Market             SAPF NAV Weightings (%)     Benchmark Index (%)

                    30.9.99        31.3.00        31.3.00

Hong Kong/China        33.8           31.3           35.7
Korea                  19.8           26.1           22.0
Taiwan                 16.1           24.6           21.7
Singapore              16.2           13.0           12.6
Thailand                2.3            1.9            4.1
Indonesia               3.9            2.3            2.3
Philippines             1.6            1.0            1.7
Malaysia                7.6            7.6            0.0
Net Liabilities        (1.3)          (7.7)

The  level of gearing rose modestly through the period, with the main net buying
taking  place  in  Korea and Taiwan.  This buying focused primarily  on  the  IT
hardware manufacturing sectors, and semiconductors in particular, exemplified by
additions  to  our  positions in Samsung Electronics, Taiwan Semiconductor,  and
United  Microelectronics.   Our  purchases  reflect  expectations  for  a  sharp
recovery  in  profits based on strong revenue growth (spurred by both  corporate
and  consumer  demand  for IT products), increased outsourcing  to  Asian  based
manufacturers, and the shortage of capacity in some key product areas.

In contrast, we have been more cautious about the internet and telecommunication
related  stocks, limiting our main positions either to dominant providers  (e.g.
SK Telecom in Korea) or those such as China Telecom displaying superior growth.

The outperformance relative to the index has primarily reflected stock selection
in Hong Kong and Korea.

Investment Outlook

The  period has continued to see very robust economic performance in the region,
with  fourth  quarter year-on-year growth rates ranging from a low of  5.75%  in
Indonesia up to 13% in Korea.

In  all probability, the region is entering a phase of more stable growth.   Our
forecasts  are for economic activity to expand by over 6% in 2000  which,  while
high  in  absolute terms, marks something of a flattening out  of  the  rate  of
change.  The inherent capacity of the region to grow appears good given what are
still  strongly positive current accounts, and, with the exception of Hong Kong,
the  region enjoys greater independence of US monetary policy than it did  prior
to the 1997/98 crisis.

There  are,  however,  significant sources of strain in the  region.   For  some
economies,  such as Indonesia and Thailand, the costs of rehabilitation  of  the
financial  sectors will put considerable pressure on public finances. Elsewhere,
most  notably  Korea,  evidence of capacity constraints  including  rising  wage
demands suggests that modestly tighter monetary conditions are on the way.

Overriding  all  these concerns, though, is the importance of  continued  strong
trade growth for the region, and particularly in technology-related areas.   For
Singapore, Malaysia, the Philippines and Taiwan, technology represents over  50%
of  total  exports.  Although there are powerful secular trends  supporting  the
demand  for  IT  products, spending is subject to cyclical  influences  such  as
consumer  confidence  and  corporate profitability  generally.   These  must  be
closely monitored, but on the basis of our expectation of a soft landing in  the
United  States  and  some  modest  recovery in Japan,  we  believe  the  outlook
justifies confidence in those companies demonstrating global competitiveness.

Consequently, the portfolio remains modestly geared with overweight positions in
Korea  and  Taiwan.   This  is balanced by a generally cautious  stance  on  the
emerging  ASEAN markets, the exception being Malaysia which is  due  to  be 
re-instated into the benchmark index at the end of May.

The  Interim  Report  will be sent by mail to shareholders at  their  registered
addresses in June 2000 and from that date copies of the Interim Report  will  be
made  available  to the public at the Company's registered office:   31  Gresham
Street, London, EC2V 7QA.

Enquiries:                Schroder Investment Management Limited
John Spedding                                     (020 7658 3206)