N-Q 1 a10-10699_10nq.htm N-Q

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number

811-08388

 

 

MORGAN STANLEY ASIA-PACIFIC FUND, INC.

(Exact name of registrant as specified in charter)

 

522 FIFTH AVENUE NEW YORK, NY

 

10036

(Address of principal executive offices)

 

(Zip code)

 

RANDY TAKIAN

522 FIFTH AVENUE NEW YORK, NY, 10036

(Name and address of agent for service)

 

Registrant’s telephone number, including area code:

1-800-231-2608

 

 

Date of fiscal year end:

12/31

 

 

 

 

Date of reporting period:

3/31/10

 

 


 

Item 1. Schedule of Investments.

 

The Fund’s schedule of investment as of the close of the reporting period prepared pursuant to Rule 12-12 Regulation S-X is as follows:

 

 


 

Morgan Stanley Asia-Pacific Fund, Inc.

Portfolio of Investments

First Quarter Report

March 31, 2010 (unaudited)

 

 

 

 

 

Value

 

 

 

Shares

 

(000)

 

COMMON STOCKS (97.9%)

 

 

 

 

 

Australia (12.2%)

 

 

 

 

 

Airlines

 

 

 

 

 

Qantas Airways Ltd. (a)

 

755,943

 

$

1,970

 

 

 

 

 

 

 

Biotechnology

 

 

 

 

 

CSL Ltd.

 

82,195

 

2,748

 

 

 

 

 

 

 

Capital Markets

 

 

 

 

 

Macquarie Group Ltd.

 

131,684

 

5,710

 

 

 

 

 

 

 

Chemicals

 

 

 

 

 

Incitec Pivot Ltd.

 

1,180,357

 

3,758

 

 

 

 

 

 

 

Commercial Banks

 

 

 

 

 

Australia & New Zealand Banking Group Ltd.

 

316,309

 

7,361

 

National Australia Bank Ltd.

 

218,452

 

5,517

 

Westpac Banking Corp.

 

192,164

 

4,909

 

 

 

 

 

17,787

 

Construction & Engineering

 

 

 

 

 

Boart Longyear Group (a)

 

9,275,459

 

2,851

 

 

 

 

 

 

 

Industrial Conglomerates

 

 

 

 

 

CSR Ltd.

 

1,376,752

 

2,091

 

 

 

 

 

 

 

Information Technology Services

 

 

 

 

 

Computershare Ltd.

 

347,873

 

3,997

 

 

 

 

 

 

 

Insurance

 

 

 

 

 

QBE Insurance Group Ltd.

 

151,447

 

2,895

 

 

 

 

 

 

 

Media

 

 

 

 

 

Fairfax Media Ltd.

 

1,799,706

 

2,973

 

 

 

 

 

 

 

Metals & Mining

 

 

 

 

 

BHP Billiton Ltd.

 

90,780

 

3,631

 

BlueScope Steel Ltd. (a)

 

1,131,951

 

3,023

 

OneSteel Ltd.

 

1,115,742

 

3,993

 

Rio Tinto Ltd.

 

102,975

 

7,408

 

 

 

 

 

18,055

 

Oil, Gas & Consumable Fuels

 

 

 

 

 

Centennial Coal Co., Ltd.

 

547,406

 

2,140

 

 

 

 

 

 

 

Textiles, Apparel & Luxury Goods

 

 

 

 

 

Billabong International Ltd.

 

245,060

 

2,541

 

 

 

 

 

69,516

 

Bermuda (0.2%)

 

 

 

 

 

Metals & Mining

 

 

 

 

 

Aquarius Platinum Ltd.

 

210,600

 

1,333

 

 

 

 

 

 

 

China (12.0%)

 

 

 

 

 

Automobiles

 

 

 

 

 

Dongfeng Motor Group Co., Ltd., Class H

 

1,817,000

 

2,953

 

 

 

 

 

 

 

Beverages

 

 

 

 

 

Tsingtao Brewery Co., Ltd., Class H

 

132,000

 

664

 

 

 

 

 

 

 

Commercial Banks

 

 

 

 

 

Bank of China Ltd., Class H

 

4,240,900

 

2,261

 

China Citic Bank, Class H

 

3,533,000

 

2,648

 

China Construction Bank Corp., Class H

 

10,053,000

 

8,235

 

Industrial & Commercial Bank of China, Class H

 

4,826,000

 

3,680

 

 

 

 

 

16,824

 

Energy Equipment & Services

 

 

 

 

 

China Oilfield Services Ltd., Class H

 

808,000

 

1,186

 

 

 

 

 

 

 

Food Products

 

 

 

 

 

Want Want China Holdings Ltd.

 

1,736,000

 

1,232

 

 

 

 

 

 

 

Independent Power Producers & Energy Traders

 

 

 

 

 

China Resources Power Holdings Co., Ltd.

 

1,185,400

 

2,538

 

 

 

 

 

 

 

Industrial Conglomerates

 

 

 

 

 

Beijing Enterprises Holdings Ltd.

 

266,500

 

1,852

 

Shanghai Industrial Holdings Ltd.

 

678,000

 

3,109

 

 

 

 

 

4,961

 

Insurance

 

 

 

 

 

China Life Insurance Co., Ltd., Class H

 

1,286,000

 

6,161

 

Ping An Insurance Group Co. of China Ltd., Class H

 

475,000

 

4,093

 

 

 

 

 

10,254

 

Machinery

 

 

 

 

 

Sany Heavy Equipment International Holdings Co., Ltd. (a)

 

343,000

 

384

 

 

 

 

 

 

 

Metals & Mining

 

 

 

 

 

China Zhongwang Holdings Ltd. (a)

 

2,243,200

 

1,970

 

Fushan International Energy Group Ltd.

 

2,176,000

 

1,654

 

 

 

 

 

3,624

 

Oil, Gas & Consumable Fuels

 

 

 

 

 

China Coal Energy Co.

 

1,480,000

 

2,310

 

China Petroleum & Chemical Corp., Class H

 

6,106,000

 

5,002

 

PetroChina Co., Ltd., Class H

 

686,000

 

802

 

 

 

 

 

8,114

 

Personal Products

 

 

 

 

 

Hengan International Group Co., Ltd.

 

92,000

 

686

 

 

 

 

 

 

 

Real Estate Management & Development

 

 

 

 

 

Sino-Ocean Land Holdings Ltd.

 

1,322,500

 

1,165

 

 

 

 

 

 

 

Specialty Retail

 

 

 

 

 

Belle International Holdings Ltd.

 

2,196,000

 

2,953

 

GOME Electrical Appliances Holdings Ltd. (a)

 

15,730,340

 

5,288

 

 

 

 

 

8,241

 

Textiles, Apparel & Luxury Goods

 

 

 

 

 

China Dongxiang Group Co.

 

1,488,400

 

1,074

 

 

 

 

 

 

 

Wireless Telecommunication Services

 

 

 

 

 

China Mobile Ltd.

 

435,500

 

4,190

 

 

 

 

 

68,090

 

Hong Kong (5.1%)

 

 

 

 

 

Commercial Banks

 

 

 

 

 

BOC Hong Kong Holdings Ltd.

 

1,085,000

 

2,588

 

Hang Seng Bank Ltd.

 

50,000

 

697

 

 

 

 

 

3,285

 

Distributors

 

 

 

 

 

Li & Fung Ltd.

 

496,000

 

2,440

 

 

 

 

 

 

 

Diversified Financial Services

 

 

 

 

 

Hong Kong Exchanges & Clearing Ltd.

 

84,100

 

1,404

 

 


 

Morgan Stanley Asia-Pacific Fund, Inc.

Portfolio of Investments

First Quarter Report

March 31, 2010 (unaudited)

 

 

 

 

 

Value

 

 

 

Shares

 

(000)

 

Hong Kong (cont’d)

 

 

 

 

 

Diversified Telecommunication Services

 

 

 

 

 

China Telecom Corp., Ltd., Class H

 

1,576,000

 

$

778

 

China Unicom Hong Kong Ltd.

 

1,252,000

 

1,409

 

 

 

 

 

2,187

 

Electric Utilities

 

 

 

 

 

Cheung Kong Infrastructure Holdings Ltd.

 

114,000

 

441

 

CLP Holdings Ltd.

 

61,500

 

440

 

 

 

 

 

881

 

Gas Utilities

 

 

 

 

 

Hong Kong & China Gas Co., Ltd.

 

350,000

 

873

 

 

 

 

 

 

 

Independent Power Producers & Energy Traders

 

 

 

 

 

China Longyuan Power Group Corp., Class H (a)

 

498,000

 

590

 

 

 

 

 

 

 

Industrial Conglomerates

 

 

 

 

 

Hutchison Whampoa Ltd.

 

238,000

 

1,741

 

 

 

 

 

 

 

Insurance

 

 

 

 

 

China Pacific Insurance Group Co., Ltd., Class H (a)

 

585,800

 

2,595

 

 

 

 

 

 

 

Real Estate Management & Development

 

 

 

 

 

Cheung Kong Holdings Ltd.

 

117,000

 

1,507

 

Hong Kong Land Holdings Ltd.

 

385,000

 

1,952

 

Kerry Properties Ltd.

 

69,500

 

373

 

New World Development Ltd.

 

1,034,800

 

2,025

 

Wharf Holdings Ltd.

 

786,187

 

4,430

 

 

 

 

 

10,287

 

Specialty Retail

 

 

 

 

 

Esprit Holdings Ltd.

 

333,745

 

2,633

 

 

 

 

 

28,916

 

India (1.1%)

 

 

 

 

 

Commercial Banks

 

 

 

 

 

Yes Bank Ltd. (a)

 

137,300

 

783

 

 

 

 

 

 

 

Machinery

 

 

 

 

 

Tata Motors Ltd.

 

152,427

 

2,573

 

 

 

 

 

 

 

Pharmaceuticals

 

 

 

 

 

Dr. Reddy’s Laboratories Ltd.

 

95,186

 

2,703

 

 

 

 

 

6,059

 

Indonesia (4.8%)

 

 

 

 

 

Automobiles

 

 

 

 

 

Astra International Tbk PT

 

930,500

 

4,285

 

 

 

 

 

 

 

Commercial Banks

 

 

 

 

 

Bank Central Asia Tbk PT

 

4,267,500

 

2,579

 

Bank Mandiri Tbk PT

 

1,683,500

 

990

 

Bank Rakyat Indonesia

 

4,099,500

 

3,717

 

 

 

 

 

7,286

 

Construction Materials

 

 

 

 

 

Indocement Tunggal Prakarsa Tbk PT

 

320,500

 

502

 

 

 

 

 

 

 

Diversified Telecommunication Services

 

 

 

 

 

Telekomunikasi Indonesia Tbk PT

 

4,701,500

 

4,159

 

 

 

 

 

 

 

Food Products

 

 

 

 

 

Indofood Agri Resources Ltd. (a)

 

1,221,000

 

1,955

 

Indofood Sukses Makmur Tbk PT

 

3,003,000

 

1,246

 

 

 

 

 

3,201

 

Gas Utilities

 

 

 

 

 

Perusahaan Gas Negara PT

 

4,021,000

 

1,878

 

 

 

 

 

 

 

Oil, Gas & Consumable Fuels

 

 

 

 

 

Bumi Resources Tbk PT

 

10,829,500

 

2,678

 

Straits Asia Resources Ltd.

 

1,694,000

 

2,615

 

 

 

 

 

5,293

 

Real Estate Management & Development

 

 

 

 

 

Bumi Serpong Damai Tbk PT

 

10,486,500

 

703

 

 

 

 

 

 

 

Wireless Telecommunication Services

 

 

 

 

 

Indosat Tbk PT

 

315,500

 

191

 

 

 

 

 

27,498

 

Japan (45.8%)

 

 

 

 

 

Auto Components

 

 

 

 

 

Toyoda Gosei Co., Ltd.

 

59,000

 

1,654

 

 

 

 

 

 

 

Automobiles

 

 

 

 

 

Nissan Motor Co., Ltd. (a)

 

799,900

 

6,853

 

Suzuki Motor Corp.

 

233,600

 

5,155

 

Toyota Motor Corp.

 

189,500

 

7,591

 

Yamaha Motor Co., Ltd. (a)

 

210,500

 

3,154

 

 

 

 

 

22,753

 

Building Products

 

 

 

 

 

Daikin Industries Ltd.

 

148,400

 

6,072

 

Nippon Sheet Glass Co., Ltd.

 

666,000

 

1,966

 

Sanwa Holdings Corp.

 

428,000

 

1,428

 

 

 

 

 

9,466

 

Chemicals

 

 

 

 

 

Daicel Chemical Industries Ltd.

 

704,000

 

4,842

 

Denki Kagaku Kogyo KK

 

799,000

 

3,436

 

Kaneka Corp.

 

541,000

 

3,507

 

Lintec Corp.

 

157,700

 

3,083

 

Mitsubishi Chemical Holdings Corp.

 

605,500

 

3,096

 

Nifco, Inc.

 

134,300

 

3,088

 

Shin-Etsu Polymer Co., Ltd.

 

269,400

 

2,049

 

Teijin Ltd.

 

892,000

 

2,996

 

Toyo Ink Manufacturing Co., Ltd.

 

479,000

 

2,152

 

 

 

 

 

28,249

 

Commercial Services & Supplies

 

 

 

 

 

Dai Nippon Printing Co., Ltd.

 

283,000

 

3,823

 

Nissha Printing Co., Ltd.

 

54,500

 

2,128

 

 

 

 

 

5,951

 

Computers & Peripherals

 

 

 

 

 

Fujitsu Ltd.

 

1,046,000

 

6,847

 

NEC Corp.

 

1,127,000

 

3,388

 

Toshiba Corp. (a)

 

1,155,000

 

5,967

 

 

 

 

 

16,202

 

Construction & Engineering

 

 

 

 

 

Kyudenko Corp.

 

219,000

 

1,314

 

Maeda Road Construction Co., Ltd.

 

169,000

 

1,378

 

Obayashi Corp.

 

707,000

 

3,138

 

Sanki Engineering Co., Ltd.

 

125,000

 

880

 

 

 

 

 

6,710

 

Consumer Finance

 

 

 

 

 

Hitachi Capital Corp.

 

183,800

 

2,617

 

 


 

Morgan Stanley Asia-Pacific Fund, Inc.

Portfolio of Investments

First Quarter Report

March 31, 2010 (unaudited)

 

 

 

 

 

Value

 

 

 

Shares

 

(000)

 

Japan (cont’d)

 

 

 

 

 

Diversified Telecommunication Services

 

 

 

 

 

Nippon Telegraph & Telephone Corp.

 

79,700

 

$

3,359

 

 

 

 

 

 

 

Electric Utilities

 

 

 

 

 

Tokyo Electric Power Co., Inc. (The)

 

70,000

 

1,866

 

 

 

 

 

 

 

Electrical Equipment

 

 

 

 

 

Furukawa Electric Co., Ltd.

 

931,000

 

4,840

 

 

 

 

 

 

 

Electronic Equipment, Instruments & Components

 

 

 

 

 

FUJIFILM Holdings Corp.

 

147,900

 

5,094

 

Hitachi High-Technologies Corp.

 

113,100

 

2,595

 

Hitachi Ltd. (a)

 

865,000

 

3,229

 

Kyocera Corp.

 

71,300

 

6,948

 

Mitsumi Electric Co., Ltd.

 

204,600

 

4,477

 

Ryosan Co., Ltd.

 

97,600

 

2,486

 

TDK Corp.

 

71,200

 

4,737

 

 

 

 

 

29,566

 

Food & Staples Retailing

 

 

 

 

 

FamilyMart Co., Ltd.

 

112,000

 

3,564

 

 

 

 

 

 

 

Food Products

 

 

 

 

 

House Foods Corp.

 

110,800

 

1,610

 

Nippon Meat Packers, Inc.

 

177,000

 

2,240

 

 

 

 

 

3,850

 

Household Durables

 

 

 

 

 

Casio Computer Co., Ltd.

 

336,000

 

2,584

 

Panasonic Corp.

 

428,100

 

6,548

 

Sekisui Chemical Co., Ltd.

 

567,000

 

3,845

 

Sekisui House Ltd.

 

323,000

 

3,227

 

Sony Corp.

 

150,000

 

5,744

 

 

 

 

 

21,948

 

Leisure Equipment & Products

 

 

 

 

 

Yamaha Corp.

 

206,900

 

2,671

 

 

 

 

 

 

 

Machinery

 

 

 

 

 

Amada Co., Ltd.

 

459,000

 

3,849

 

Daifuku Co., Ltd.

 

317,000

 

2,496

 

Fuji Machine Manufacturing Co., Ltd.

 

112,100

 

2,016

 

Fujitec Co., Ltd.

 

180,000

 

1,070

 

Kurita Water Industries Ltd.

 

130,300

 

3,686

 

Minebea Co., Ltd.

 

552,000

 

3,360

 

Mitsubishi Heavy Industries Ltd.

 

1,368,000

 

5,663

 

Tsubakimoto Chain Co.

 

576,000

 

2,766

 

 

 

 

 

24,906

 

Media

 

 

 

 

 

Toho Co., Ltd.

 

80,800

 

1,302

 

 

 

 

 

 

 

Metals & Mining

 

 

 

 

 

Mitsui Mining & Smelting Co., Ltd.

 

911,000

 

2,728

 

Nippon Steel Corp.

 

375,000

 

1,472

 

 

 

 

 

4,200

 

Office Electronics

 

 

 

 

 

Canon, Inc.

 

200,100

 

9,267

 

Ricoh Co., Ltd.

 

426,000

 

6,653

 

 

 

 

 

15,920

 

Pharmaceuticals

 

 

 

 

 

Astellas Pharma, Inc.

 

150,200

 

5,438

 

Daiichi Sankyo Co., Ltd.

 

260,100

 

4,872

 

Ono Pharmaceutical Co., Ltd.

 

96,500

 

4,294

 

 

 

 

 

14,604

 

Road & Rail

 

 

 

 

 

East Japan Railway Co.

 

58,600

 

4,074

 

 

 

 

 

 

 

Semiconductors & Semiconductor Equipment

 

 

 

 

 

Rohm Co., Ltd.

 

59,200

 

4,420

 

 

 

 

 

 

 

Software

 

 

 

 

 

Nintendo Co., Ltd.

 

23,600

 

7,901

 

 

 

 

 

 

 

Textiles, Apparel & Luxury Goods

 

 

 

 

 

Nisshinbo Holdings, Inc.

 

220,000

 

2,278

 

 

 

 

 

 

 

Trading Companies & Distributors

 

 

 

 

 

Marubeni Corp.

 

546,000

 

3,393

 

Mitsubishi Corp.

 

364,200

 

9,544

 

Nagase & Co., Ltd.

 

186,000

 

2,326

 

 

 

 

 

15,263

 

 

 

 

 

260,134

 

Malaysia (0.8%)

 

 

 

 

 

Commercial Banks

 

 

 

 

 

CIMB Group Holdings Bhd

 

469,600

 

2,024

 

 

 

 

 

 

 

Construction & Engineering

 

 

 

 

 

IJM Corp. Bhd

 

682,150

 

1,021

 

 

 

 

 

 

 

Diversified Financial Services

 

 

 

 

 

AMMB Holdings Bhd

 

1,056,200

 

1,619

 

 

 

 

 

4,664

 

Philippines (0.9%)

 

 

 

 

 

Diversified Financial Services

 

 

 

 

 

Ayala Corp.

 

579,668

 

4,265

 

Metro Pacific Investments Corp. (a)

 

9,229,000

 

633

 

 

 

 

 

4,898

 

Singapore (1.1%)

 

 

 

 

 

Commercial Banks

 

 

 

 

 

DBS Group Holdings Ltd.

 

178,000

 

1,819

 

United Overseas Bank Ltd.

 

81,500

 

1,120

 

 

 

 

 

2,939

 

Food Products

 

 

 

 

 

Golden Agri-Resources Ltd. (a)

 

3,347,000

 

1,388

 

 

 

 

 

 

 

Industrial Conglomerates

 

 

 

 

 

Keppel Corp. Ltd.

 

111,000

 

724

 

 

 

 

 

 

 

Real Estate Management & Development

 

 

 

 

 

CapitaLand Ltd.

 

324,000

 

919

 

 

 

 

 

5,970

 

South Korea (7.7%)

 

 

 

 

 

Auto Components

 

 

 

 

 

Hyundai Mobis

 

4,810

 

638

 

 

 

 

 

 

 

Automobiles

 

 

 

 

 

Hyundai Motor Co.

 

7,919

 

808

 

Kia Motors Corp.

 

166,087

 

3,707

 

 

 

 

 

4,515

 

Chemicals

 

 

 

 

 

LG Chem Ltd.

 

8,102

 

1,722

 

OCI Co., Ltd.

 

13,607

 

2,369

 

SSCP Co., Ltd. (a)

 

71,730

 

462

 

 

 

 

 

4,553

 

 


 

Morgan Stanley Asia-Pacific Fund, Inc.

Portfolio of Investments

First Quarter Report

March 31, 2010 (unaudited)

 

 

 

 

 

Value

 

 

 

Shares

 

(000)

 

South Korea (cont’d)

 

 

 

 

 

Commercial Banks

 

 

 

 

 

KB Financial Group, Inc.

 

31,063

 

$

1,499

 

Korea Exchange Bank

 

51,660

 

616

 

Shinhan Financial Group Co., Ltd.

 

84,446

 

3,318

 

 

 

 

 

5,433

 

Construction & Engineering

 

 

 

 

 

Hyundai Engineering & Construction Co., Ltd.

 

37,814

 

2,075

 

 

 

 

 

 

 

Diversified Telecommunication Services

 

 

 

 

 

KT Corp.

 

4,130

 

171

 

 

 

 

 

 

 

Electronic Equipment, Instruments & Components

 

 

 

 

 

LG Display Co., Ltd.

 

96,260

 

3,399

 

LG Display Co., Ltd. ADR

 

33,200

 

587

 

 

 

 

 

3,986

 

Food & Staples Retailing

 

 

 

 

 

Shinsegae Co., Ltd.

 

5,178

 

2,448

 

 

 

 

 

 

 

Household Durables

 

 

 

 

 

Woongjin Coway Co., Ltd.

 

65,910

 

2,042

 

 

 

 

 

 

 

Insurance

 

 

 

 

 

Korea Life Insurance Co., Ltd. (a)

 

117,170

 

907

 

Samsung Fire & Marine Insurance Co., Ltd.

 

548

 

88

 

 

 

 

 

995

 

Internet Software & Services

 

 

 

 

 

NHN Corp. (a)

 

2,064

 

329

 

SK C&C Co., Ltd.

 

41,830

 

2,292

 

 

 

 

 

2,621

 

Media

 

 

 

 

 

Cheil Worldwide, Inc.

 

4,551

 

1,347

 

 

 

 

 

 

 

Oil, Gas & Consumable Fuels

 

 

 

 

 

SK Energy Co., Ltd.

 

2,183

 

234

 

 

 

 

 

 

 

Personal Products

 

 

 

 

 

Amorepacific Corp.

 

420

 

305

 

 

 

 

 

 

 

Semiconductors & Semiconductor Equipment

 

 

 

 

 

Samsung Electronics Co., Ltd.

 

12,989

 

9,391

 

Samsung Electronics Co., Ltd. (Preference)

 

4,126

 

1,962

 

 

 

 

 

11,353

 

Software

 

 

 

 

 

NCSoft Corp.

 

5,383

 

683

 

 

 

 

 

 

 

Wireless Telecommunication Services

 

 

 

 

 

LG Telecom Ltd.

 

58,224

 

397

 

 

 

 

 

43,796

 

Taiwan (5.8%)

 

 

 

 

 

Capital Markets

 

 

 

 

 

Yuanta Financial Holding Co., Ltd.

 

2,028,000

 

1,216

 

 

 

 

 

 

 

Chemicals

 

 

 

 

 

Taiwan Fertilizer Co., Ltd.

 

172,000

 

550

 

 

 

 

 

 

 

Computers & Peripherals

 

 

 

 

 

Acer, Inc.

 

894,067

 

2,641

 

HTC Corp.

 

71,430

 

835

 

Lite-On Technology Corp.

 

1,046,000

 

1,388

 

Wistron Corp.

 

427,230

 

776

 

 

 

 

 

5,640

 

Diversified Financial Services

 

 

 

 

 

Fubon Financial Holding Co., Ltd. (a)

 

2,001,000

 

2,432

 

 

 

 

 

 

 

Electronic Equipment, Instruments & Components

 

 

 

 

 

AU Optronics Corp.

 

2,331,970

 

2,651

 

Hon Hai Precision Industry Co., Ltd.

 

1,874,062

 

8,114

 

Prime View International Co., Ltd. (a)

 

141,000

 

255

 

 

 

 

 

11,020

 

Food Products

 

 

 

 

 

Uni-President Enterprises Corp.

 

626,000

 

713

 

 

 

 

 

 

 

Insurance

 

 

 

 

 

Cathay Financial Holding Co., Ltd. (a)

 

1,740,350

 

2,904

 

 

 

 

 

 

 

Metals & Mining

 

 

 

 

 

China Steel Corp.

 

1,910,000

 

1,976

 

 

 

 

 

 

 

Semiconductors & Semiconductor Equipment

 

 

 

 

 

Siliconware Precision Industries Co.

 

901,000

 

1,087

 

Taiwan Semiconductor Manufacturing Co., Ltd.

 

2,770,592

 

5,365

 

 

 

 

 

6,452

 

 

 

 

 

32,903

 

Thailand (0.4%)

 

 

 

 

 

Oil, Gas & Consumable Fuels

 

 

 

 

 

Banpu PCL (Foreign)

 

74,500

 

1,424

 

 

 

 

 

 

 

Wireless Telecommunication Services

 

 

 

 

 

Total Access Communication PCL

 

594,000

 

689

 

 

 

 

 

2,113

 

TOTAL COMMON STOCKS

(Cost $479,299)

 

 

 

555,890

 

 

 

 

 

 

 

INVESTMENT COMPANY (1.6%)

 

 

 

 

 

India (1.6%)

 

 

 

 

 

Diversified Financial Services

 

 

 

 

 

Morgan Stanley Growth Fund (a)(b) (Cost $1,254)

 

6,860,401

 

9,020

 

 

 

 

 

 

 

 

 

No. of

 

 

 

 

 

Warrants

 

 

 

WARRANTS (0.0%)

 

 

 

 

 

Malaysia (0.0%)

 

 

 

 

 

Construction & Engineering

 

 

 

 

 

IJM Corp. Bhd, expires 10/24/10 (a)

(Cost $5)

 

68,215

 

24

 

 

 

 

 

 

 

 

 

Shares

 

 

 

SHORT-TERM INVESTMENT (0.3%)

 

 

 

 

 

United States (0.3%)

 

 

 

 

 

Investment Company

 

 

 

 

 

Morgan Stanley Institutional Liquidity Funds — Money Market Portfolio — Institutional Class (b) (Cost $1,929)

 

1,929,248

 

1,929

 

 


 

Morgan Stanley Asia-Pacific Fund, Inc.

Portfolio of Investments

First Quarter Report

March 31, 2010 (unaudited)

 

 

 

 

 

Value

 

 

 

 

 

(000)

 

TOTAL INVESTMENTS (99.8%)

(Cost $482,487) +

 

 

 

$

566,863

 

OTHER ASSETS IN EXCESS OF LIABILITIES (0.2%)

 

 

 

1,357

 

NET ASSETS (100%)

 

 

 

$

568,220

 

 

(a)

Non-income producing security.

(b)

The Fund invests in the Morgan Stanley Growth Fund, an open-end management investment company advised by an affiliate of the Adviser. The Morgan Stanley Growth Fund has a cost basis of approximately $1,254,000 at March 31, 2010. 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 period ended March 31, 2010, advisory fees paid were reduced by approximately $21,000 relating to the Fund’s investment in the Morgan Stanley Growth Fund. For the period ended March 31, 2010, the Fund had no purchases or sales of the security. The Fund invests in the Morgan Stanley Liquidity Funds — Money Market Portfolio — Institutional Class (the “Liquidity Fund”), 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 the advisory and administration fees paid by the Liquidity Fund. For the period ended March 31, 2010, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Fund. For the same period, income distributions earned by the Fund were recorded as dividends from affiliates and totaled approximately $1,000. For the period ended March 31, 2010, the approximate cost of purchases and sales in the Liquidity Fund were $10,400,000 and $16,824,000, respectively.

@

Value is less than $500.

+

At March 31, 2010, the U.S. Federal income tax cost basis of investments was approximately $482,487,000 and, accordingly, net unrealized appreciation for U.S. Federal income tax purposes was $84,376,000 of which $120,513,000 related to appreciated securities and $36,137,000 related to depreciated securities.

 

 

ADR

American Depositary Receipt

 

Foreign Currency Exchange Contracts Information:

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

 

 

 

 

 

 

 

 

 

 

 

Net

 

Currency

 

 

 

 

 

In

 

 

 

Unrealized

 

to

 

 

 

 

 

Exchange

 

 

 

Appreciation

 

Deliver

 

Value

 

Settlement

 

For

 

Value

 

(Depreciation)

 

(000)

 

(000)

 

Date

 

(000)

 

(000)

 

(000)

 

HKD

 

453

 

$

58

 

4/1/10

 

USD

58

 

$

58

 

$

—

@

HKD

 

95

 

12

 

4/1/10

 

USD

12

 

12

 

—

@

IDR

 

284,468

 

31

 

4/1/10

 

USD

31

 

31

 

—

@

JPY

 

10,460

 

112

 

4/1/10

 

USD

112

 

112

 

—

@

KRW

 

5,405

 

5

 

4/1/10

 

USD

5

 

5

 

—

@

KRW

 

11,956

 

11

 

4/1/10

 

USD

11

 

11

 

—

@

USD

 

9

 

9

 

4/1/10

 

KRW

10,488

 

9

 

—

@

 

 

 

 

$

238

 

 

 

 

 

 

$

238

 

$

—

@

 

HKD

—

Hong Kong Dollar

IDR

—

Indonesian Rupiah

JPY

—

Japanese Yen

KRW

—

Korean Won

USD

—

United States Dollar

 

Fair Value Measurement Information:

The following is a summary of the inputs used to value the Fund’s net assets as of March 31, 2010. (See Notes to Portfolio of Investments for further information regarding fair value measurement.)

 

 

 

 

 

Level 2

 

 

 

 

 

 

 

 

 

Other

 

Level 3

 

 

 

 

 

Level 1

 

significant

 

Significant

 

 

 

 

 

Quoted

 

observable

 

unobservable

 

 

 

 

 

prices

 

inputs

 

inputs

 

Total

 

Investment Type

 

(000)

 

(000)

 

(000)

 

(000)

 

Assets:

 

 

 

 

 

 

 

 

 

Common Stocks

 

 

 

 

 

 

 

 

 

Airlines

 

$

1,970

 

$

—

 

$

—

 

$

1,970

 

Auto Components

 

2,292

 

—

 

—

 

2,292

 

Automobiles

 

34,506

 

—

 

—

 

34,506

 

Beverages

 

664

 

—

 

—

 

664

 

Biotechnology

 

2,748

 

—

 

—

 

2,748

 

Building Products

 

9,466

 

—

 

—

 

9,466

 

Capital Markets

 

6,926

 

—

 

—

 

6,926

 

Chemicals

 

37,110

 

—

 

—

 

37,110

 

Commercial Banks

 

56,361

 

—

 

—

 

56,361

 

Commercial Services & Supplies

 

5,951

 

—

 

—

 

5,951

 

Computers & Peripherals

 

21,842

 

—

 

—

 

21,842

 

Construction & Engineering

 

12,657

 

—

 

—

 

12,657

 

Construction Materials

 

502

 

—

 

—

 

502

 

Consumer Finance

 

2,617

 

—

 

—

 

2,617

 

Distributors

 

2,440

 

—

 

—

 

2,440

 

Diversified Financial Services

 

10,353

 

—

 

—

 

10,353

 

Diversified Telecommunication Services

 

9,876

 

—

 

—

 

9,876

 

Electric Utilities

 

2,747

 

—

 

—

 

2,747

 

Electrical Equipment

 

4,840

 

—

 

—

 

4,840

 

Electronic Equipment, Instruments & Components

 

44,572

 

—

 

—

 

44,572

 

Energy Equipment & Services

 

1,186

 

—

 

—

 

1,186

 

Food & Staples Retailing

 

6,012

 

—

 

—

 

6,012

 

Food Products

 

10,384

 

—

 

—

 

10,384

 

Gas Utilities

 

2,751

 

—

 

—

 

2,751

 

Household Durables

 

23,990

 

—

 

—

 

23,990

 

 


 

Morgan Stanley Asia-Pacific Fund, Inc.

Portfolio of Investments

First Quarter Report

March 31, 2010 (unaudited)

 

Fair Value Measurement Information: (cont’d)

 

 

 

 

 

Level 2

 

 

 

 

 

 

 

 

 

Other

 

Level 3

 

 

 

 

 

Level 1

 

significant

 

Significant

 

 

 

 

 

Quoted

 

observable

 

unobservable

 

 

 

 

 

prices

 

inputs

 

inputs

 

Total

 

Investment Type

 

(000)

 

(000)

 

(000)

 

(000)

 

Assets: (cont’d)

 

 

 

 

 

 

 

 

 

Common Stocks (cont’d)

 

 

 

 

 

 

 

 

 

Independent Power Producers & Energy Traders

 

$

3,128

 

$

—

 

$

—

 

$

3,128

 

Industrial Conglomerates

 

9,517

 

—

 

—

 

9,517

 

Information Technology Services

 

3,997

 

—

 

—

 

3,997

 

Insurance

 

19,643

 

—

 

—

 

19,643

 

Internet Software & Services

 

2,621

 

—

 

—

 

2,621

 

Leisure Equipment & Products

 

2,671

 

—

 

—

 

2,671

 

Machinery

 

27,863

 

—

 

—

 

27,863

 

Media

 

5,622

 

—

 

—

 

5,622

 

Metals & Mining

 

29,188

 

—

 

—

 

29,188

 

Office Electronics

 

15,920

 

—

 

—

 

15,920

 

Oil, Gas & Consumable Fuels

 

17,205

 

—

 

—

 

17,205

 

Personal Products

 

991

 

—

 

—

 

991

 

Pharmaceuticals

 

17,307

 

—

 

—

 

17,307

 

Real Estate Management & Development

 

13,074

 

—

 

—

 

13,074

 

Road & Rail

 

4,074

 

—

 

—

 

4,074

 

Semiconductors & Semiconductor Equipment

 

22,225

 

—

 

—

 

22,225

 

Software

 

8,584

 

—

 

—

 

8,584

 

Specialty Retail

 

10,874

 

—

 

—

 

10,874

 

Textiles, Apparel & Luxury Goods

 

5,893

 

—

 

—

 

5,893

 

Trading Companies & Distributors

 

15,263

 

—

 

—

 

15,263

 

Wireless Telecommunication Services

 

5,467

 

—

 

—

 

5,467

 

Total Common Stocks

 

555,890

 

—

 

—

 

555,890

 

Foreign Currency Exchange Contracts

 

—

 

—

@

—

 

—

@

Investment Company

 

9,020

 

—

 

—

 

9,020

 

Short-Term Investment

 

 

 

 

 

 

 

 

 

Investment Company

 

1,929

 

—

 

—

 

1,929

 

Warrants

 

24

 

—

 

—

 

24

 

Total Assets

 

566,863

 

—

@

—

 

566,863

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

Foreign Currency Exchange Contracts

 

—

 

—

@

—

 

—

@

Total Liabilities

 

—

 

—

@

—

 

—

@

Total

 

$

566,863

 

$

—

@

$

—

 

$

566,863

 

 

 


 

Morgan Stanley Asia-Pacific Fund, Inc.

Portfolio of Investments

First Quarter Report

March 31, 2010 (unaudited)

 

Notes to Portfolio of Investments (unaudited)

 

In accordance with FASB ASC 820 “Fair Value Measurements and Disclosure” (“ASC 820”) (formerly known as SFAS 157), fair value is defined as the price that the Fund would receive to sell an investment or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability. 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 the Fund’s investments. The inputs are summarized in the three broad levels listed below.

 

· Level 1 – 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)

 

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

 

Security Valuation: Securities listed on a foreign exchange are valued at their closing price except as noted below. Unlisted securities and listed securities not traded on the valuation date for which market quotations are readily available are valued at the mean between the current bid and asked prices obtained from reputable brokers. Equity securities listed on a U.S. exchange are valued at the latest quoted sales price on the valuation date. Equity securities listed or traded on NASDAQ, for which market quotations are available, are valued at the NASDAQ Official Closing Price. Debt securities purchased with remaining maturities of 60 days or less are valued at amortized cost, unless the Board of Directors (the “Directors”) determines such valuation does not reflect the securities’ market value, in which case these securities will be valued at their fair value as determined 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.

 

 


 

Item 2. Controls and Procedures.

 

(a)  The Fund’s principal executive officer and principal financial officer have concluded that the Fund’s disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Fund in this Form N-Q 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 Fund’s internal control over financial reporting that occurred during the registrant’s fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Fund’s internal control over financial reporting.

 

Item 3. Exhibits.

 

 


 

SIGNATURES

 

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

 

(Registrant)

Morgan Stanley Asia-Pacific Fund, Inc.

 

 

By:

/s/ Randy Takian

 

Name:

Randy Takian

Title:

Principal Executive Officer

Date:

May 17, 2010

 

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

 

By:

/s/ Randy Takian

 

Name:

Randy Takian

Title:

Principal Executive Officer

Date:

May 17, 2010

 

By:

/s/ Frank Smith

 

Name:

Frank Smith

Title:

Principal Financial Officer

Date:

May 17, 2010