Investment Company Act file number:
|
811-04710
|
Exact name of registrant as specified in charter:
|
The Asia Pacific Fund, Inc.
|
Address of principal executive offices:
|
48 Wall Street – 22nd Floor
New York, NY 10005
|
Name and address of agent for service:
|
Hoyt M. Peters
c/o AST Fund Solutions, LLC
48 Wall Street – 22nd Floor
New York, NY 10005
|
Registrant's telephone number, including area code:
|
212-269-5550
|
Date of fiscal year end:
|
3/31/2018
|
Date of reporting period:
|
9/30/2017
|
Fund Statistics
|
1
|
Report of the Investment Manager
|
2
|
Portfolio of Investments
|
6
|
Statement of Assets and Liabilities
|
12
|
Statement of Operations
|
12
|
Statement of Changes in Net Assets
|
13
|
Notes to Financial Statements
|
13
|
Financial Highlights
|
18
|
Board of Directors Approval of Continuance of Investment Management Agreement
|
20
|
Supplemental Proxy Information
|
23
|
Dividend Reinvestment Plan
|
24
|
Additional Information
|
25
|
Statistics
|
|
Total Net Assets
|
$151,014,723
|
Shares Outstanding
|
10,344,072
|
Net Asset Value
|
$14.60
|
Equity
|
99.8%(a)
|
Total Return Performance (US Dollar terms)
|
||
Period
|
Market Price(b)
|
NAV(c)
|
3 months
|
7.4%
|
5.8%
|
6 months
|
13.5%
|
12.7%
|
1 Year
|
34.2%
|
21.1%
|
3 Years (d)
|
9.8%
|
7.8%
|
5 Years (d)
|
7.8%
|
6.4%
|
10 Years (d)
|
1.6%
|
1.1%
|
Other Information
|
|
Ticker Symbol
|
APB
|
Primary Exchange
|
NYSE
|
Dividend Repurchase Program
|
Yes
|
Portfolio Characteristics
|
|
Top Ten Equity Holdings
(% of Total Net Assets) |
|
Samsung Electronics Co. Ltd.
|
8.2%
|
China Construction Bank Corp. (Class “H” Shares)
|
5.2%
|
Longfor Properties Co. Ltd.
|
4.6%
|
KB Financial Group, Inc.
|
2.8%
|
PetroChina Co. Ltd. (Class “H” Shares)
|
2.7%
|
China Resources Power Holdings Co. Ltd.
|
2.4%
|
Far East Horizon Ltd.
|
2.2%
|
Ping An Insurance Group Co. of China Ltd. (Class “H” Shares)
|
2.2%
|
Midea Group Co. Ltd.
|
2.1%
|
Yangtze Optical Fibre and Cable Joint Stock Ltd. Co. (Class “H” Shares)
|
2.1%
|
Sector Breakdown: Top Ten Industries
(% of Total Net Assets) |
|
Real Estate
|
14.7%
|
Consumer Discretionary
|
12.4%
|
Industrials
|
12.2%
|
Banking
|
11.5%
|
Information Technology
|
11.2%
|
Technology Hardware & Equipment
|
8.6%
|
Insurance
|
5.3%
|
Utilities
|
5.1%
|
Telecommunication Services
|
3.6%
|
(a)
|
Expressed as a percentage of total investments.
|
(b)
|
Total investment return is calculated assuming a purchase of common stock at the current market value on the first day and a sale at the current market value on the last day of each period reported. Dividends and distributions are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Fund’s dividend reinvestment plan. These calculations do not include brokerage commissions.
|
(c)
|
This information represents the historical net asset value (NAV) per share performance of the Fund. NAV per share performance is calculated assuming reinvestment of dividends and distributions. Because NAV per share performance does not reflect market price, it is not the same as total investment return.
|
(d)
|
Average annual return.
|
Currency
US$/Local rate |
Mar 31,
2017 |
Sep 30,
2017 |
Mar 31, 2017 to
Sep 30, 2017 Change %* |
|||||||||
North Asia
|
||||||||||||
Chinese Renminbi
|
6.89
|
6.64
|
3.75
|
|||||||||
Hong Kong Dollar
|
7.77
|
7.81
|
-0.50
|
|||||||||
South Korean Won
|
1,118.30
|
1,145.35
|
-2.36
|
|||||||||
New Taiwan Dollar
|
30.34
|
,30.32
|
0.06
|
|||||||||
ASEAN
|
||||||||||||
Thai Baht
|
34.36
|
33.35
|
3.04
|
|||||||||
Malaysian Ringgit
|
4.43
|
4.22
|
4.81
|
|||||||||
Philippines Peso
|
50.18
|
50.80
|
-1.23
|
|||||||||
Singapore Dollar
|
1.40
|
1.36
|
2.90
|
|||||||||
Indonesian Rupiah
|
13,325.50
|
13,469.00
|
-1.07
|
|||||||||
South Asia
|
||||||||||||
Sri Lankan Rupee
|
152.13
|
153.10
|
-0.64
|
|||||||||
Indian Rupee
|
64.94
|
65.32
|
-0.59
|
|||||||||
Vietnamese Dong
|
22,755.00
|
22,726.50
|
0.13
|
*
|
A negative figure denotes a depreciation of the local currency vs the USD (and vice-versa).
|
Country - Index
|
Market Change %
Local |
Market Change %
US Dollar |
North Asia
|
||
MSCI Hong Kong
|
13.2
|
12.7
|
MSCI Taiwan
|
10.4
|
10.5
|
MSCI Korea
|
16.0
|
13.3
|
MSCI China
|
27.5
|
27.0
|
ASEAN
|
|
|
MSCI Singapore
|
5.5
|
8.6
|
MSCI Malaysia
|
2.2
|
7.1
|
MSCI Thailand
|
10.1
|
13.4
|
MSCI Indonesia
|
8.8
|
7.6
|
MSCI Philippines
|
11.9
|
10.6
|
South Asia
|
|
|
MSCI Sri Lanka
|
15.6
|
14.9
|
MSCI India
|
6.6
|
5.9
|
MSCI Vietnam
|
9.8
|
9.9
|
MSCI All Countries Asia Ex-Japan
|
16.1
|
15.7
|
Country
|
Mar 31, 2017
% |
Jun 30, 2017
% |
Sep 30, 2017
% |
North Asia
|
79.2%
|
78.2%
|
83.9%
|
Hong Kong/China/Macau
|
54.3%
|
53.9%
|
58.2%
|
South Korea
|
17.7%
|
15.1%
|
15.9%
|
Taiwan
|
7.2%
|
9.2%
|
9.8%
|
ASEAN
|
12.9%
|
13.9%
|
12.2%
|
Singapore
|
4.3%
|
4.2%
|
1.9%
|
Thailand
|
1.4%
|
1.5%
|
2.5%
|
Indonesia
|
4.0%
|
5.2%
|
5.5%
|
Malaysia
|
2.4%
|
2.1%
|
1.3%
|
Philippines
|
0.8%
|
0.9%
|
1.0%
|
South Asia
|
3.9%
|
4.2%
|
1.6%
|
India
|
3.9%
|
4.2%
|
1.6%
|
Cash & Other
|
4.0%
|
3.7%
|
2.3%
|
*
|
Rounded up to nearest tenth of one percent
|
Shares |
Description |
Value
(Note 1) |
|||||
LONG-TERM INVESTMENTS—97.7%
|
|||||||
COMMON STOCKS—87.7%
|
|||||||
CHINA (INCLUDING HONG KONG AND MACAU SARs)—57.0%
|
|||||||
291,500
|
BOC Hong Kong Holdings Ltd.
|
$
|
1,416,154
|
||||
(Banking)
|
|||||||
666,000
|
China Communications Construction Co. Ltd. (Class “H” Shares)
|
831,264
|
|||||
(Industrials)
|
|||||||
China Construction Bank Corp. (Class “H” Shares)
|
7,920,406
|
||||||
(Banking)
|
|||||||
292,000
|
China Life Insurance Co. Ltd. (Class “H” Shares)
|
869,092
|
|||||
(Insurance)
|
|||||||
2,794,000
|
China Lilang Ltd.
|
2,328,453
|
|||||
(Consumer Discretionary)
|
|||||||
1,258,000
|
China Machinery Engineering Corp. (Class “H” Shares)
|
785,888
|
|||||
(Industrials)
|
|||||||
208,000
|
China Overseas Land & Investment Ltd.
|
676,327
|
|||||
(Real Estate)
|
|||||||
1,251,000
|
China Power International Development Ltd.
|
411,576
|
|||||
(Utilities)
|
|||||||
1,988,622
|
China Resources Power Holdings Co. Ltd.
|
3,589,478
|
|||||
(Utilities)
|
|||||||
1,460,000
|
China State Construction International Holdings Ltd.
|
2,126,939
|
|||||
(Industrials)
|
|||||||
1,164,000
|
China Tian Lun Gas Holdings Ltd.
|
843,392
|
|||||
(Utilities)
|
|||||||
1,346,685
|
Chongqing Changan Automobile Co. Ltd. (Class “B” Shares)
|
1,780,846
|
|||||
(Consumer Discretionary)
|
|||||||
1,873,000
|
Chongqing Rural Commercial Bank Co Ltd. (Class “H” Shares)
|
1,186,869
|
|||||
(Banking)
|
|||||||
223,000
|
Chow Sang Sang Holdings International Ltd.
|
510,996
|
|||||
(Consumer Discretionary)
|
|||||||
3,704,000
|
CIFI Holdings Group Co. Ltd.
|
2,062,625
|
|||||
(Real Estate)
|
|||||||
276,156
|
CK Asset Holdings Ltd.
|
|
2,285,509
|
||||
(Real Estate)
|
|||||||
81,656
|
CK Hutchison Holdings Ltd.
|
1,043,749
|
|||||
(Industrials)
|
|||||||
1,250,000
|
Convenience Retail Asia Ltd.
|
595,269
|
|||||
(Consumer Staples)
|
|||||||
25,940,000
|
CSI Properties Ltd.
|
1,261,867
|
|||||
(Real Estate)
|
|||||||
1,666,000
|
Datang International Power Generation Co. Ltd. (Class “H” Stock)*
|
533,181
|
|||||
(Utilities)
|
|||||||
1,946,000
|
Ecogreen International Group Ltd.
|
373,675
|
|||||
(Materials)
|
|||||||
1,424,000
|
EGL Holdings Co. Ltd.
|
246,096
|
|||||
(Consumer Discretionary)
|
|||||||
5,749,277
|
Far East Consortium International Ltd.
|
3,032,288
|
|||||
(Real Estate)
|
|||||||
3,570,000
|
Far East Horizon Ltd.
|
3,354,473
|
|||||
(Financials)
|
|||||||
2,397,000
|
FSE Engineering Holdings Ltd.
|
760,991
|
|||||
(Industrials)
|
|||||||
1,990,000
|
Goldpac Group Ltd.
|
649,611
|
|||||
(Technology Hardware & Equipment)
|
|||||||
423,000
|
Haitian International Holdings Ltd.
|
1,215,673
|
|||||
(Industrials)
|
|||||||
178,500
|
Hengan International Group Co. Ltd.
|
1,652,101
|
|||||
(Consumer Staples)
|
|||||||
1,348,000
|
HKBN Ltd.
|
1,408,121
|
|||||
(Telecommunication Services)
|
|||||||
926,000
|
Hopefluent Group Holdings Ltd.
|
472,981
|
|||||
(Real Estate)
|
|||||||
560,799
|
Huayu Automotive Systems Co. Ltd. (Class “A” Shares)
|
1,903,718
|
|||||
(Consumer Discretionary)
|
|||||||
8,000
|
Jiangnan Group Ltd.
|
476
|
|||||
(Industrials)
|
|||||||
661,000
|
Jinmao Hotel and Jinmao China Hotel Investments and Management Ltd.
|
421,396
|
|||||
(Real Estate)
|
Shares |
Description |
Value
(Note 1) |
|||||
CHINA (INCLUDING HONG KONG AND MACAU SARs)—(continued)
|
|||||||
1,622,000
|
Lee & Man Chemical Co. Ltd.
|
$
|
894,928
|
||||
(Materials)
|
|||||||
2,726,000
|
Longfor Properties Co. Ltd.
|
6,874,674
|
|||||
(Real Estate)
|
|||||||
467,300
|
Midea Group Co. Ltd. (Class “A” Shares)
|
3,108,627
|
|||||
(Consumer Discretionary)
|
|||||||
2,840,000
|
Nameson Holdings Ltd.
|
665,318
|
|||||
(Consumer Discretionary)
|
|||||||
4,547,054
|
Oi Wah Pawnshop Credit Holdings Ltd.
|
244,478
|
|||||
(Diversified Financial Services)
|
|||||||
6,404,000
|
PetroChina Co. Ltd. (Class “H” Shares)
|
4,058,042
|
|||||
(Energy)
|
|||||||
434,000
|
Ping An Insurance Group Co. of China Ltd. (Class “H” Shares)
|
3,330,726
|
|||||
(Insurance)
|
|||||||
4,534,000
|
Qingdao Port International Co. Ltd. (Class “H” Shares)
|
2,890,486
|
|||||
(Industrials)
|
|||||||
3,137,000
|
SITC International Holdings Co. Ltd.
|
2,843,202
|
|||||
(Industrials)
|
|||||||
4,521,699
|
Skyworth Digital Holdings Ltd.
|
2,309,588
|
|||||
(Consumer Discretionary)
|
|||||||
418,500
|
SmarTone Telecommunications Holdings Ltd.
|
501,990
|
|||||
(Telecommunication Services)
|
|||||||
1,555,000
|
Springland International Holdings Ltd.
|
276,697
|
|||||
(Consumer Staples)
|
|||||||
1,125,000
|
Times Property Holdings Ltd
|
1,155,013
|
|||||
(Real Estate)
|
|||||||
2,428,000
|
TK Group Holdings Ltd.
|
1,209,089
|
|||||
(Industrials)
|
|||||||
551,000
|
WH Group Ltd.
|
585,450
|
|||||
(Consumer Staples)
|
|||||||
3,244,000
|
Wonderful Sky Financial Group Holdings Ltd.
|
764,115
|
|||||
(Consumer Discretionary)
|
|||||||
1,939,660
|
Xinjiang Goldwind Science & Technology Co. Ltd. (Class “H” Shares)
|
2,423,458
|
|||||
(Industrials)
|
|||||||
722,000
|
Xtep International Holdings Ltd.
|
|
248,628
|
||||
(Consumer Discretionary)
|
|||||||
812,000
|
Yangtze Optical Fibre and Cable Joint Stock Ltd. Co. (Class “H” Shares)
|
3,097,650
|
|||||
(Information Technology)
|
|||||||
86,033,639
|
|||||||
INDIA—1.6%
|
|||||||
100,452
|
Bharti Infratel Ltd.
|
612,677
|
|||||
(Telecommunication Services)
|
|||||||
32,419
|
Indiabulls Housing Finance Ltd.
|
598,923
|
|||||
(Banking)
|
|||||||
235,102
|
Power Grid Corp. of India Ltd.
|
759,438
|
|||||
(Utilities)
|
|||||||
132,032
|
Sterlite Technologies Ltd.
|
452,066
|
|||||
(Information Technology)
|
|||||||
2,423,104
|
|||||||
INDONESIA—5.5%
|
|||||||
1,275,000
|
Acset Indonusa Tbk PT
|
280,199
|
|||||
(Industrials)
|
|||||||
5,510,900
|
Cikarang Listrindo Tbk PT
|
460,299
|
|||||
(Utilities)
|
|||||||
3,267,600
|
Pembangunan Perumahan Perser
|
560,409
|
|||||
(Industrials)
|
|||||||
1,576,100
|
PT Adhi Karya Persero Tbk
|
234,034
|
|||||
(Industrials)
|
|||||||
9,242,100
|
PT Bank Pan Indonesia Tbk*
|
782,240
|
|||||
(Banking)
|
|||||||
20,658,300
|
PT Bekasi Fajar Industrial Estate Tbk
|
417,184
|
|||||
(Real Estate)
|
|||||||
3,508,600
|
PT Indosat Tbk
|
1,628,090
|
|||||
(Telecommunication Services)
|
|||||||
2,420,900
|
PT Link Net Tbk
|
930,148
|
|||||
(Telecommunication Services)
|
|||||||
3,454,600
|
PT Media Nusantara Citra Tbk
|
338,560
|
|||||
(Consumer Discretionary)
|
|||||||
192,700
|
PT Metropolitan Land Tbk
|
4,922
|
|||||
(Real Estate)
|
|||||||
1,482,800
|
PT Nusa Raya Cipta Tbk
|
45,577
|
|||||
(Industrials)
|
|||||||
58,714,000
|
PT Panin Financial Tbk*
|
1,063,644
|
|||||
(Insurance)
|
|||||||
5,334,800
|
PT Waskita Karya Persero Tbk
|
703,042
|
|||||
(Industrials)
|
Shares |
Description |
Value
(Note 1) |
|||||
INDONESIA—(continued)
|
|||||||
1,492,800
|
PT XL Axiata Tbk*
|
$
|
414,513
|
||||
(Telecommunication Services)
|
|||||||
15,689,700
|
Puradelta Lestari Tbk PT
|
232,975
|
|||||
(Real Estate)
|
|||||||
5,582,900
|
Total Bangun Persada Tbk PT
|
310,875
|
|||||
(Industrials)
|
|||||||
8,406,711
|
|||||||
MALAYSIA—1.3%
|
|||||||
552,800
|
CB Industrial Product Holding Bhd
|
250,053
|
|||||
(Industrials)
|
|||||||
297,901
|
Cimb Group Holdings Bhd
|
444,470
|
|||||
(Banking)
|
|||||||
2,075,025
|
Mah Sing Group Bhd
|
732,217
|
|||||
(Real Estate)
|
|||||||
801,600
|
UOA Development Bhd
|
491,686
|
|||||
(Real Estate)
|
|||||||
1,918,426
|
|||||||
PHILIPPINES—1.0%
|
|||||||
160,100
|
EEI Corp.
|
43,870
|
|||||
(Industrials)
|
|||||||
4,505,000
|
Megaworld Corp.
|
463,807
|
|||||
(Real Estate)
|
|||||||
436,820
|
Metropolitan Bank & Trust Co.
|
743,805
|
|||||
(Banking)
|
|||||||
1,989,900
|
Pryce Corp.*
|
258,533
|
|||||
(Energy)
|
|||||||
1,510,015
|
|||||||
SINGAPORE—3.1%
|
|||||||
663,956
|
AIMS AMP Capital Industrial REIT
|
690,168
|
|||||
(Real Estate Investment Trusts)
|
|||||||
1,497,800
|
Asian Pay Television Trust
|
629,397
|
|||||
(Consumer Discretionary)
|
|||||||
345,400
|
BOC Aviation Ltd.
|
1,874,771
|
|||||
(Industrials)
|
|||||||
614,373
|
CapitaLand Retail China Trust
|
726,948
|
|||||
(Real Estate Investment Trusts)
|
|||||||
353,400
|
China Jinjiang Environment Holding Co. Ltd.
|
205,821
|
|||||
(Utilities)
|
|||||||
861,400
|
Viva Industrial Trust
|
600,113
|
|||||
(Real Estate)
|
|||||||
4,727,218
|
|||||||
SOUTH KOREA—6.0%
|
|||||||
18,217
|
Amotech Co. Ltd.*
|
|
623,483
|
||||
(Information Technology)
|
|||||||
55,342
|
BH Co. Ltd.*
|
1,070,263
|
|||||
(Information Technology)
|
|||||||
6,354
|
E-MART, Inc.
|
1,156,685
|
|||||
(Consumer Staples)
|
|||||||
14,705
|
Fila Korea Ltd.
|
879,463
|
|||||
(Consumer Discretionary)
|
|||||||
502
|
Hyundai Robotics Co Ltd.*
|
186,713
|
|||||
(Information Technology)
|
|||||||
85,689
|
KB Financial Group, Inc.
|
4,197,104
|
|||||
(Banking)
|
|||||||
27,292
|
Korea Electric Power Corp.
|
929,312
|
|||||
(Utilities)
|
|||||||
9,043,023
|
|||||||
TAIWAN—9.8%
|
|||||||
165,000
|
Accton Technology Corp.
|
530,520
|
|||||
(Information Technology)
|
|||||||
236,340
|
Advanced Semiconductor Engineering, Inc.
|
289,151
|
|||||
(Information Technology)
|
|||||||
383,000
|
Basso Industry Corp.
|
1,067,257
|
|||||
(Consumer Discretionary)
|
|||||||
139,000
|
Chilisin Electronics Corp.
|
392,376
|
|||||
(Information Technology)
|
|||||||
417,000
|
ChipMOS Technologies, Inc.
|
406,356
|
|||||
(Information Technology)
|
|||||||
1,307,000
|
CTBC Financial Holding Co. Ltd.
|
818,922
|
|||||
(Banking)
|
|||||||
254,178
|
Flexium Interconnect, Inc.
|
972,321
|
|||||
(Information Technology)
|
|||||||
899,000
|
Inventec Corp.
|
664,081
|
|||||
(Information Technology)
|
|||||||
343,000
|
Kerry TJ Logistics Co. Ltd.
|
410,030
|
|||||
(Industrials)
|
|||||||
1,721,000
|
King Yuan Electronics Co. Ltd.
|
1,688,423
|
|||||
(Information Technology)
|
|||||||
99,000
|
Merry Electronics Co. Ltd.
|
623,566
|
|||||
(Information Technology)
|
|||||||
546,000
|
Pegatron Corp.
|
1,417,036
|
|||||
(Information Technology)
|
|||||||
195,000
|
Primax Electronics Ltd.
|
482,291
|
|||||
(Information Technology)
|
Shares |
Description |
Value
(Note 1) |
|||||
TAIWAN—(continued)
|
|||||||
262,000
|
Quanta Computer, Inc.
|
$
|
603,074
|
||||
(Information Technology)
|
|||||||
17,848
|
Silicon Motion Technology Corp. ADR
|
857,240
|
|||||
(Information Technology)
|
|||||||
21,955
|
Superalloy Industrial Co. Ltd.
|
65,791
|
|||||
(Consumer Discretionary)
|
|||||||
798,000
|
Taiwan Sakura Corp.
|
1,007,895
|
|||||
(Consumer Discretionary)
|
|||||||
347,000
|
Taiwan Semiconductor Manufacturing Co. Ltd.
|
2,477,427
|
|||||
(Information Technology)
|
|||||||
14,773,757
|
|||||||
THAILAND—2.4%
|
|||||||
2,659,900
|
AP Thailand PCL
|
626,093
|
|||||
(Real Estate)
|
|||||||
214,700
|
Bangkok Bank PCL NVDR
|
1,200,646
|
|||||
(Banking)
|
|||||||
18,600
|
Kang Yong Electric PCL
|
271,053
|
|||||
(Consumer Discretionary)
|
|||||||
959,600
|
Supalai PCL
|
667,548
|
|||||
(Real Estate)
|
|||||||
1,162,800
|
Toa Paint Thailand PCL*
|
836,798
|
|||||
(Materials)
|
|||||||
3,602,138
|
|||||||
TOTAL COMMON STOCKS (cost $118,396,741)
|
132,438,031
|
||||||
PREFERENCE STOCKS—9.9%
|
|||||||
SOUTH KOREA
|
|||||||
16,854
|
Samsung Fire & Marine Insurance Co. Ltd.
|
2,678,158
|
|||||
(Insurance)
|
|||||||
6,845
|
Samsung Electronics Co. Ltd.
|
12,323,211
|
|||||
(Technology Hardware & Equipment)
|
|||||||
Total Preference Stocks (cost $10,579,470)
|
15,001,369
|
Units |
Description |
Value
(Note 1) |
|||||
RIGHTS*—0.0%
|
|||||||
TAIWAN
|
|||||||
12,840
|
Chilisin Electronics Corp., expiring 10/12/2017 (cost $0)
|
$
|
6,860
|
||||
(Information Technology)
|
|||||||
WARRANTS*—0.1%
|
|||||||
MALAYSIA—0.0%
|
|||||||
423,637
|
Mah Sing Group Bhd, expiring 02/21/20
|
13,043
|
|||||
(Real Estate)
|
|||||||
SINGAPORE—0.0%
|
|||||||
286,063
|
Ezion Holdings Ltd., expiring 04/24/20(1)
|
0
|
|||||
(Energy)
|
|||||||
THAILAND—0.1%
|
|||||||
239,900
|
Supalai Public Company Ltd., expiring 10/20/2018
|
138,113
|
|||||
(Real Estate)
|
|||||||
Total Warrants (cost $89,239)
|
151,156
|
||||||
Total Long-Term Investments (cost $129,065,450)
|
147,597,416
|
||||||
Shares
|
|||||||
SHORT-TERM INVESTMENT—0.2%
|
|||||||
MONEY MARKET MUTUAL FUND
|
|||||||
227,173
|
JPMorgan Prime Money Market Fund/Premier (cost $227,173)
|
227,173
|
|||||
Total Investments—97.9% (cost $129,292,623) (Note 5)
|
147,824,589
|
||||||
Other assets in excess of liabilities—2.1%
|
3,190,134
|
||||||
Net Assets—100.0%
|
$
|
151,014,723
|
*
|
Non-income producing security.
|
(1)
|
The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Measurements table located at the end of the Portfolio of Investments.
|
ADR
|
American Depositary Receipt
|
Level 1
|
Level 2
|
Level 3
|
||||||||||
Investments in Securities
|
||||||||||||
Common Stocks
|
||||||||||||
China (including Hong Kong and Macau SARs)
|
$
|
86,033,639
|
$
|
—
|
$
|
—
|
||||||
India
|
2,423,104
|
—
|
—
|
|||||||||
Indonesia
|
8,406,711
|
—
|
—
|
|||||||||
Malaysia
|
1,918,426
|
—
|
—
|
|||||||||
Philippines
|
1,510,015
|
—
|
—
|
|||||||||
Singapore
|
4,727,218
|
—
|
—
|
|||||||||
South Korea
|
9,043,023
|
—
|
—
|
|||||||||
Taiwan
|
14,773,757
|
—
|
—
|
|||||||||
Thailand
|
1,200,646
|
2,401,492
|
—
|
|||||||||
Preference Stocks
|
||||||||||||
South Korea
|
15,001,369
|
—
|
—
|
|||||||||
Rights
|
||||||||||||
Taiwan
|
—
|
6,860
|
—
|
|||||||||
Warrants
|
||||||||||||
Malaysia
|
13,043
|
—
|
—
|
|||||||||
Singapore
|
—
|
—
|
0
|
|||||||||
Thailand
|
—
|
138,113
|
—
|
|||||||||
Money Market Mutual Fund
|
227,173
|
—
|
—
|
|||||||||
Total
|
$
|
145,278,124
|
$
|
2,546,465
|
$
|
0
|
Real Estate
|
14.7%
|
Industrials
|
13.8
|
Banking
|
12.8
|
Consumer Discretionary
|
12.2
|
Information Technology
|
11.2
|
Technology Hardware & Equipment
|
8.6
|
Insurance
|
5.3
|
Utilities
|
5.1
|
Telecommunication Services
|
3.6
|
Energy
|
2.9
|
Consumer Staples
|
2.8
|
Financials
|
2.2
|
Materials
|
1.4
|
Real Estate Investment Trusts
|
0.9
|
Diversified Financial Services
|
0.2
|
Money Market Mutual Fund
|
0.2
|
97.9
|
|
Other assets in excess of liabilities
|
2.1
|
100.0%
|
Asset Derivatives
|
Liability Derivatives
|
|||||||||||||
Derivatives not accounted for as hedging instruments,
carried at fair value |
Balance
Sheet Location |
Fair Value
|
Balance
Sheet Location |
Fair Value
|
||||||||||
Equity contracts
|
Investments
|
$
|
151,156
|
—
|
$
|
—
|
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income |
|||||
Derivatives not accounted for as hedging instruments,
carried at fair value |
Warrants*
|
||||
Equity contracts
|
$
|
31,063
|
*
|
Included in net change in unrealized (depreciation) on investments in the Statement of Operations.
|
THE ASIA PACIFIC FUND, INC.
Statement of Assets and Liabilities as of September 30, 2017 (Unaudited) |
||||
Assets
|
||||
Investments at value:
|
||||
Investments, at value (cost $129,292,623)
|
$
|
147,824,589
|
||
Cash
|
2,165,020
|
|||
Foreign currency, at value (cost $680,947)
|
697,868
|
|||
Receivable for investments sold
|
2,071,010
|
|||
Dividends and interest receivable
|
378,011
|
|||
Prepaid expenses
|
87,157
|
|||
Total Assets
|
153,223,655
|
|||
Liabilities
|
||||
Payable for investments purchased
|
1,824,192
|
|||
Accrued expenses and other liabilities
|
273,598
|
|||
Investment management fee payable
|
95,015
|
|||
Administration Fee Payable
|
16,127
|
|||
Total Liabilities
|
2,208,932
|
|||
Net Assets
|
$
|
151,014,723
|
||
Net assets were comprised of:
|
||||
Common stock, at par
|
$
|
103,441
|
||
Paid-in capital in excess of par
|
126,998,926
|
|||
127,102,367
|
||||
Undistributed net investment income
|
2,667,542
|
|||
Accumulated net realized gain on investment and foreign currency transactions
|
2,695,040
|
|||
Net unrealized appreciation on investments and foreign currencies
|
18,549,774
|
|||
Net assets, September 30, 2017
|
$
|
151,014,723
|
||
Net asset value per share ($151,014,723 ÷ 10,344,072 shares of common stock outstanding)
|
$
|
14.60
|
THE ASIA PACIFIC FUND, INC.
Statement of Operations Six Months Ended September 30, 2017 (Unaudited) |
||||
Net Investment Income
|
||||
Income
|
||||
Dividends (net of foreign withholding taxes of $298,131)
|
$
|
4,043,325
|
||
Total income
|
4,043,325
|
|||
Expenses
|
||||
Investment management fee
|
650,305
|
|||
Administration fee
|
100,699
|
|||
Legal fees and expenses
|
175,000
|
|||
Custodian and accounting fees
|
140,000
|
|||
Directors' fees and board expenses
|
134,000
|
|||
Reports to shareholders
|
42,000
|
|||
Audit fee
|
26,000
|
|||
Registration fees
|
13,000
|
|||
Transfer agent's fees and expenses
|
9,000
|
|||
Miscellaneous
|
126,723
|
|||
Total expenses
|
1,416,727
|
|||
Less: Management Fee Waiver
|
(7,774
|
)
|
||
Net expenses
|
1,408,953
|
|||
Net investment income
|
2,634,372
|
|||
Realized And Unrealized Gain (Loss) On Investments And Foreign Currency Transactions
|
||||
Net realized gain on:
|
||||
Investment transactions
|
5,108,863
|
|||
Foreign currency transactions
|
39,604
|
|||
5,148,467
|
||||
Net change in unrealized appreciation (depreciation) on:
|
||||
Investments
|
9,155,403
|
|||
Foreign currencies
|
(27,694
|
)
|
||
9,127,709
|
||||
Net gain on investment and foreign currency transactions
|
14,276,176
|
|||
Net Increase In Net Assets Resulting From Operations
|
$
|
16,910,548
|
Increase in Net Assets
|
Six Months Ended September 30,
2017 |
Year Ended March 31, 2017
|
||||||
Operations
|
||||||||
Net investment income
|
$
|
2,634,372
|
$
|
2,266,747
|
||||
Net realized gain on investment and foreign currency transactions
|
5,148,467
|
1,183,203
|
||||||
Net change in unrealized appreciation on investments and foreign currencies
|
9,127,709
|
16,548,696
|
||||||
Net increase in net assets resulting from operations
|
16,910,548
|
19,998,646
|
||||||
Dividends from net investment income
|
—
|
(2,275,979
|
)
|
|||||
Total increase
|
16,910,548
|
17,722,667
|
||||||
Net Assets:
|
||||||||
Beginning of period
|
134,104,175
|
116,381,508
|
||||||
End of period (a)
|
$
|
151,014,723
|
$
|
134,104,175
|
||||
(a) Includes undistributed net investment income of:
|
$
|
2,667,542
|
$
|
33,170
|
Tax Basis
|
Appreciation
|
Depreciation
|
$129,855,488
|
$23,811,168
|
$(5,842,067)
|
Net Unrealized Depreciation
|
Other Cost Basis Adjustments
|
Total Net Unrealized Depreciation
|
$17,969,101
|
$—
|
$17,969,101
|
Post-Enactment Losses:
|
$
|
0
|
||
Pre-Enactment Losses:
|
||||
Expiring 2018
|
$
|
2,195,000
|
Per Share Operating Performance:
|
Six Months Ended September 30, 2017 (unaudited) |
Year Ended March 31, |
||||||||||
2017
|
2016
|
|||||||||||
Net asset value, beginning of period
|
$
|
12.96
|
$
|
11.25
|
$
|
13.07
|
||||||
Net investment income
|
0.25
|
0.22
|
0.20
|
|||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions
|
1.39
|
1.71
|
(1.51
|
)
|
||||||||
Total from investment operations
|
1.64
|
1.93
|
(1.31
|
)
|
||||||||
Less dividends:
|
||||||||||||
Dividends from net investment income
|
—
|
(0.22
|
)
|
(0.51
|
)
|
|||||||
Net asset value, end of period
|
$
|
14.60
|
$
|
12.96
|
$
|
11.25
|
||||||
Market value, end of period
|
$
|
13.88
|
$
|
12.23
|
$
|
9.61
|
||||||
Total investment return(a):
|
26.74
|
%
|
30.04
|
%
|
(12.79
|
)%
|
||||||
Ratios to Average Net Assets:
|
||||||||||||
Total expenses (including loan interest and waiver/reimbursement)(c)
|
1.97
|
%(b)(d)
|
2.07
|
%
|
2.08
|
%(b)
|
||||||
Total expenses (including loan interest and excluding waiver/reimbursement)(c)
|
1.98
|
%(d)
|
2.08
|
%
|
2.08
|
%(b)
|
||||||
Net investment income, including waiver/reimbursement
|
3.68
|
%(d)
|
1.84
|
%
|
1.62
|
%
|
||||||
Supplemental Data:
|
||||||||||||
Average net assets (000 omitted)
|
$
|
142,972
|
$
|
123,051
|
$
|
130,218
|
||||||
Portfolio turnover rate
|
43
|
%(e)
|
66
|
%
|
69
|
%
|
||||||
Net assets, end of period (000 omitted)
|
$
|
151,015
|
$
|
134,104
|
$
|
116,382
|
(a)
|
Total investment return is calculated assuming a purchase of common stock at the current market value on the first day and a sale at the current market value on the last day of each fiscal period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Fund’s dividend reinvestment plan. These calculations do not include brokerage commissions.
|
(b)
|
The expense ratios without loan interest expense would have been 2.07%, 2.05% and 2.11% for the fiscal years ended March 31, 2016, 2015 and 2013, respectively. No loan interest was incurred during the six months ended September 30, 2017 and fiscal years ended March 31, 2017 and 2014. The impact of the advisory waiver for the six months ended September 30, 2017 was 0.01%.
|
(c)
|
Does not include expenses of the underlying funds in which the Fund invests.
|
(d)
|
Annualized.
|
(e)
|
Not annualized.
|
Shown above is selected data for a share of common stock outstanding-total investment return, ratios to average net assets and other supplemental data for the periods indicated. This information has been determined based upon information provided in the financial statements and market price data for the Fund’s share of common stock.
|
Year Ended March 31,
|
||||||||||||
Per Share Operating Performance:
|
2015
|
2014
|
2013
|
|||||||||
Net asset value, beginning of period
|
$
|
11.50
|
$
|
11.92
|
$
|
11.67
|
||||||
Net investment income (loss)
|
0.23
|
(0.02
|
)
|
(0.03
|
)
|
|||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions
|
1.34
|
(0.40
|
)
|
0.28
|
||||||||
Total from investment operations
|
1.57
|
(0.42
|
)
|
0.25
|
||||||||
Less dividends:
|
||||||||||||
Dividends from net investment income
|
—
|
—
|
—
|
|||||||||
Net asset value, end of period
|
$
|
13.07
|
$
|
11.50
|
$
|
11.92
|
||||||
Market value, end of period
|
$
|
11.61
|
$
|
10.33
|
$
|
10.76
|
||||||
Total investment return(a):
|
12.39
|
%
|
(4.00
|
)%
|
1.70
|
%
|
||||||
Ratios to Average Net Assets:
|
||||||||||||
Total expenses (including loan interest and waiver/reimbursement)(c)
|
2.05
|
%(b)
|
2.33
|
%
|
2.16
|
%(b)
|
||||||
Total expenses (including loan interest and excluding waiver/reimbursement)(c)
|
2.05
|
%(b)
|
2.33
|
%
|
2.16
|
%(b)
|
||||||
Net investment income (loss), including waiver/reimbursement
|
1.83
|
%
|
(0.18
|
)%
|
(0.28
|
)%
|
||||||
Supplemental Data:
|
||||||||||||
Average net assets (000 omitted)
|
$
|
129,506
|
$
|
119,204
|
$
|
117,996
|
||||||
Portfolio turnover rate
|
76
|
%
|
175
|
%
|
180
|
%
|
||||||
Net assets, end of period (000 omitted)
|
$
|
135,243
|
$
|
118,991
|
$
|
123,269
|
(a)
|
Total investment return is calculated assuming a purchase of common stock at the current market value on the first day and a sale at the current market value on the last day of each fiscal period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Fund’s dividend reinvestment plan. These calculations do not include brokerage commissions.
|
(b)
|
The expense ratios without loan interest expense would have been 2.07%, 2.05% and 2.11% for the fiscal years ended March 31, 2016, 2015 and 2013, respectively. No loan interest was incurred during the six months ended September 30, 2017 and fiscal years ended March 31, 2017 and 2014. The impact of the advisory waiver for the six months ended September 30, 2017 was 0.01%.
|
(c)
|
Does not include expenses of the underlying funds in which the Fund invests.
|
(d)
|
Annualized.
|
(e)
|
Not annualized.
|
Shown above is selected data for a share of common stock outstanding-total investment return, ratios to average net assets and other supplemental data for the periods indicated. This information has been determined based upon information provided in the financial statements and market price data for the Fund’s share of common stock.
|
1)
|
Election of Class I Directors:
|
Affirmative
votes cast |
Shares
Withheld |
Shares
Abstained |
|
Michael J. Downey
|
7,114,975
|
2,088,906
|
381,971
|
Duncan M. McFarland
|
7,115,325
|
2,088,906
|
381,621
|
2)
|
Approve, on an advisory basis, the steps necessary to narrow materially or eliminate the Fund’s discount to net asset value.
|
Affirmative
votes cast |
Votes
Against |
Shares
Abstained |
|
7,428,255
|
462,676
|
36,295
|
Item 2
|
–
|
Code of Ethics – Not required, as this is not an annual filing.
|
||||
Item 3
|
–
|
Audit Committee Financial Expert – Not required, as this is not an annual filing.
|
||||
Item 4
|
–
|
Principal Accountant Fees and Services – Not required, as this is not an annual filing.
|
||||
Item 5
|
–
|
Audit Committee of Listed Registrants – Not required, as this is not an annual filing.
|
||||
Item 6
|
–
|
Schedule of Investments – The schedule is included as part of the report to shareholders filed under Item 1 of this Form.
|
||||
Item 7
|
–
|
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not required, as this is not an annual filing.
|
||||
Item 8
|
–
|
Portfolio Managers of Closed-End Management Investment Companies – Not required, as this is not an annual filing.
|
||||
Item 9
|
–
|
Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – There were no purchases made by or on behalf of the registrant or any "affiliated purchaser," as defined in Rule 10b-18(a) (3) under the Securities Exchange Act of 1934, as amended, of shares of the registrant's equity securities made in the period covered by this report.
|
||||
Item 10
|
–
|
Submission of Matters to a Vote of Security Holders – Not applicable.
|
||||
Item 11
|
–
|
Controls and Procedures
|
||||
(a)
|
It is the conclusion of the registrant's principal executive officer and principal financial officer that the effectiveness of the registrant's current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission's rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant's principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
|
|||||
(b)
|
There has been no significant change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter of the period covered by this report that has materially affected, or is likely to materially affect, the registrant's internal control over financial reporting.
|
|||||
Item 12
|
–
|
Exhibits
|
||||
(a)
|
(1) Code of Ethics – Not required, as this is not an annual filing.
|
|||||
(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.CERT.
|
||||||
(3) Any written solicitation to purchase securities under Rule 23c-1. – Not applicable.
|
||||||
(b)
|
Certifications pursuant to Section 906 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.906CERT.
|
(Registrant)
|
The Asia Pacific Fund, Inc.
|
|
By (Signature and Title)*
|
/s/ Hoyt M. Peters
|
|
Hoyt M Peters
|
||
Secretary
|
||
Date
|
November 20, 2017
|
By (Signature and Title)*
|
/s/ Dr. King Lun Au
|
|
Dr. King Lun Au
|
||
President and Principal Executive Officer
|
||
Date
|
November 20, 2017
|
|
By (Signature and Title)*
|
/s/ Frank J. Maresca
|
|
Frank J. Maresca
|
||
Treasurer and Principal Financial Officer
|
||
Date
|
November 20, 2017
|
*
|
Print the name and title of each signing officer under his or her signature.
|
1.
|
I have reviewed this report on Form N-CSR of The Asia Pacific Fund, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report.
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and;
|
d)
|
Disclosed in this report any change 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; and
|
5.
|
The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal controls which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
/s/ Dr. King Lun Au
|
||
Dr. King Lun Au
|
||
President and Principal Executive Officer
|
1.
|
I have reviewed this report on Form N-CSR of The Asia Pacific Fund, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report.
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being /prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and;
|
d)
|
Disclosed in this report any change 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; and
|
5.
|
The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal controls which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
/s/ Frank J. Maresca
|
||
Frank J. Maresca
|
||
Treasurer and Principal Financial Officer
|
1.
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer.
|
Date: November 20, 2017
|
/s/ Dr. King Lun Au
|
|
Dr. King Lun Au
|
||
President and Principal Executive Officer
|
||
Date: November 20, 2017
|
/s/ Frank J. Maresca
|
|
Frank J. Maresca
|
||
Treasurer and Principal Financial Officer
|
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