N-Q 1 a10-21801_8nq.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, New York

 

10036

(Address of principal executive offices)

 

(Zip code)

 

Sara Furber
522 Fifth Avenue, New York, New York 10036

(Name and address of agent for service)

 

Registrant’s telephone number, including area code:

212-296-6963

 

 

Date of fiscal year end:

12/31

 

 

 

 

Date of reporting period:

9/30/10

 

 


 

Item 1.  Schedule of Investments.

 

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

 


 

 

2010 Third Quarter Report

 

 

 

September 30, 2010 (unaudited)

 

Portfolio of Investments

 

Morgan Stanley Asia-Pacific Fund, Inc.

 

 

 

Shares

 

Value
(000)

 

Common Stocks (96.8%)

 

 

 

 

 

Australia (10.6%)

 

 

 

 

 

Airlines

 

 

 

 

 

Qantas Airways Ltd. (a)

 

755,943

 

$

2,039

 

 

 

 

 

 

 

Biotechnology

 

 

 

 

 

CSL Ltd.

 

78,840

 

2,518

 

 

 

 

 

 

 

Chemicals

 

 

 

 

 

Incitec Pivot Ltd.

 

1,132,180

 

3,929

 

 

 

 

 

 

 

Commercial Banks

 

 

 

 

 

Australia & New Zealand Banking Group Ltd.

 

151,699

 

3,472

 

National Australia Bank Ltd.

 

209,536

 

5,132

 

Westpac Banking Corp.

 

184,321

 

4,140

 

 

 

 

 

12,744

 

Construction & Engineering

 

 

 

 

 

Boart Longyear Group

 

1,984,024

 

6,060

 

 

 

 

 

 

 

Distributors

 

 

 

 

 

Pacific Brands Ltd. (a)

 

2,587,456

 

2,801

 

 

 

 

 

 

 

Industrial Conglomerates

 

 

 

 

 

CSR Ltd.

 

1,376,752

 

2,395

 

 

 

 

 

 

 

Insurance

 

 

 

 

 

QBE Insurance Group Ltd.

 

314,253

 

5,243

 

 

 

 

 

 

 

Media

 

 

 

 

 

Fairfax Media Ltd.

 

2,722,229

 

3,855

 

Ten Network Holdings Ltd. (a)

 

3,128,435

 

4,188

 

 

 

 

 

8,043

 

Metals & Mining

 

 

 

 

 

Aquarius Platinum Ltd.

 

788,258

 

4,289

 

 

 

 

 

 

 

Oil, Gas & Consumable Fuels

 

 

 

 

 

Centennial Coal Co., Ltd.

 

525,063

 

3,131

 

 

 

 

 

 

 

Textiles, Apparel & Luxury Goods

 

 

 

 

 

Billabong International Ltd.

 

385,370

 

2,969

 

 

 

 

 

56,161

 

 


 

 

2010 Third Quarter Report

 

 

 

September 30, 2010 (unaudited)

 

Portfolio of Investments (cont’d)

 

Morgan Stanley Asia-Pacific Fund, Inc.

 

 

 

Shares

 

Value
(000)

 

China (14.1%)

 

 

 

 

 

Automobiles

 

 

 

 

 

Dongfeng Motor Group Co., Ltd., Class H

 

1,743,000

 

$

3,567

 

 

 

 

 

 

 

Beverages

 

 

 

 

 

Tsingtao Brewery Co., Ltd., Class H

 

132,000

 

761

 

 

 

 

 

 

 

Commercial Banks

 

 

 

 

 

Agricultural Bank of China (a)

 

8,296,000

 

4,298

 

Bank of China Ltd., Class H

 

4,240,900

 

2,225

 

China Citic Bank Corp. Ltd., Class H

 

3,389,000

 

2,162

 

China Construction Bank Corp., Class H

 

11,046,000

 

9,681

 

 

 

 

 

18,366

 

Diversified Telecommunication Services

 

 

 

 

 

China Telecom Corp. Ltd., Class H

 

5,686,000

 

3,122

 

China Unicom Hong Kong Ltd.

 

1,252,000

 

1,833

 

 

 

 

 

4,955

 

Electrical Equipment

 

 

 

 

 

China High Speed Transmission Equipment Group Co., Ltd.

 

540,000

 

1,172

 

 

 

 

 

 

 

Energy Equipment & Services

 

 

 

 

 

China Oilfield Services Ltd., Class H

 

808,000

 

1,264

 

 

 

 

 

 

 

Food Products

 

 

 

 

 

Want Want China Holdings Ltd.

 

1,736,000

 

1,611

 

 

 

 

 

 

 

Gas Utilities

 

 

 

 

 

China Resources Gas Group Ltd.

 

564,000

 

830

 

 

 

 

 

 

 

Independent Power Producers & Energy Traders

 

 

 

 

 

China Resources Power Holdings Co., Ltd.

 

1,395,400

 

3,000

 

 

 

 

 

 

 

Industrial Conglomerates

 

 

 

 

 

Beijing Enterprises Holdings Ltd.

 

266,500

 

1,896

 

Shanghai Industrial Holdings Ltd.

 

650,000

 

3,284

 

 

 

 

 

5,180

 

Insurance

 

 

 

 

 

China Life Insurance Co., Ltd., Class H

 

1,216,000

 

4,803

 

China Pacific Insurance Group Co., Ltd., Class H

 

585,800

 

2,201

 

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

 

475,000

 

4,849

 

 

 

 

 

11,853

 

Internet Software & Services

 

 

 

 

 

Netease.com ADR (a)

 

23,500

 

927

 

Sohu.com, Inc. (a)

 

18,100

 

1,043

 

Tencent Holdings Ltd.

 

46,100

 

1,008

 

 

 

 

 

2,978

 

 


 

 

2010 Third Quarter Report

 

 

 

September 30, 2010 (unaudited)

 

Portfolio of Investments (cont’d)

 

Morgan Stanley Asia-Pacific Fund, Inc.

 

 

 

Shares

 

Value
(000)

 

Machinery

 

 

 

 

 

Sany Heavy Equipment International Holdings Co., Ltd.

 

343,000

 

$

606

 

 

 

 

 

 

 

Oil, Gas & Consumable Fuels

 

 

 

 

 

China Coal Energy Co., Class H

 

1,480,000

 

2,449

 

China Petroleum & Chemical Corp., Class H

 

2,770,000

 

2,456

 

Yanzhou Coal Mining Co. Ltd.

 

576,000

 

1,414

 

 

 

 

 

6,319

 

Personal Products

 

 

 

 

 

Hengan International Group Co., Ltd.

 

92,000

 

917

 

 

 

 

 

 

 

Semiconductors & Semiconductor Equipment

 

 

 

 

 

JA Solar Holdings Co., Ltd. ADR (a)

 

134,800

 

1,258

 

 

 

 

 

 

 

Specialty Retail

 

 

 

 

 

Belle International Holdings Ltd.

 

2,106,000

 

4,229

 

GOME Electrical Appliances Holdings Ltd. (a)

 

6,109,340

 

1,842

 

 

 

 

 

6,071

 

Wireless Telecommunication Services

 

 

 

 

 

China Mobile Ltd.

 

397,000

 

4,065

 

 

 

 

 

74,773

 

Germany (0.2%)

 

 

 

 

 

Specialty Retail

 

 

 

 

 

Esprit Holdings Ltd.

 

200,245

 

1,087

 

 

 

 

 

 

 

Hong Kong (4.4%)

 

 

 

 

 

Commercial Banks

 

 

 

 

 

BOC Hong Kong Holdings Ltd.

 

1,092,500

 

3,464

 

 

 

 

 

 

 

Distributors

 

 

 

 

 

Li & Fung Ltd.

 

534,000

 

3,004

 

 

 

 

 

 

 

Diversified Financial Services

 

 

 

 

 

Hong Kong Exchanges and Clearing Ltd.

 

147,900

 

2,913

 

 

 

 

 

 

 

Electric Utilities

 

 

 

 

 

Cheung Kong Infrastructure Holdings Ltd.

 

78,000

 

310

 

CLP Holdings Ltd.

 

2,500

 

20

 

 

 

 

 

330

 

 


 

 

2010 Third Quarter Report

 

 

 

September 30, 2010 (unaudited)

 

Portfolio of Investments (cont’d)

 

Morgan Stanley Asia-Pacific Fund, Inc.

 

 

 

Shares

 

Value
(000)

 

Industrial Conglomerates

 

 

 

 

 

Hutchison Whampoa Ltd.

 

238,000

 

$

2,221

 

 

 

 

 

 

 

Real Estate Management & Development

 

 

 

 

 

Cheung Kong Holdings Ltd.

 

117,000

 

1,773

 

Hongkong Land Holdings Ltd.

 

385,000

 

2,391

 

Kerry Properties Ltd.

 

69,500

 

378

 

New World Development Ltd.

 

1,034,800

 

2,086

 

Wharf Holdings Ltd.

 

754,187

 

4,850

 

 

 

 

 

11,478

 

 

 

 

 

23,410

 

India (2.0%)

 

 

 

 

 

Commercial Banks

 

 

 

 

 

Yes Bank Ltd.

 

458,300

 

3,571

 

 

 

 

 

 

 

Machinery

 

 

 

 

 

Tata Motors Ltd.

 

152,427

 

3,725

 

 

 

 

 

 

 

Pharmaceuticals

 

 

 

 

 

Dr. Reddy’s Laboratories Ltd.

 

101,209

 

3,247

 

 

 

 

 

10,543

 

Indonesia (6.7%)

 

 

 

 

 

Automobiles

 

 

 

 

 

Astra International Tbk PT

 

892,500

 

5,670

 

 

 

 

 

 

 

Commercial Banks

 

 

 

 

 

Bank Central Asia Tbk PT

 

4,093,500

 

3,073

 

Bank Rakyat Indonesia

 

3,932,000

 

4,406

 

Bank Tabungan Negara Tbk PT

 

10,835,000

 

2,209

 

 

 

 

 

9,688

 

Diversified Telecommunication Services

 

 

 

 

 

Telekomunikasi Indonesia Tbk PT

 

4,509,500

 

4,649

 

 

 

 

 

 

 

Food Products

 

 

 

 

 

Golden Agri-Resources Ltd.

 

3,347,000

 

1,450

 

Indofood Agri Resources Ltd. (a)

 

1,221,000

 

2,098

 

Indofood CBP Sukses Makmur Tbk PT (a)

 

375,000

 

227

 

Indofood Sukses Makmur Tbk PT

 

3,003,000

 

1,834

 

 

 

 

 

5,609

 

Oil, Gas & Consumable Fuels

 

 

 

 

 

Straits Asia Resources Ltd.

 

1,625,000

 

2,718

 

 


 

 

2010 Third Quarter Report

 

 

 

September 30, 2010 (unaudited)

 

Portfolio of Investments (cont’d)

 

Morgan Stanley Asia-Pacific Fund, Inc.

 

 

 

Shares

 

Value
(000)

 

Pharmaceuticals

 

 

 

 

 

Kalbe Farma Tbk PT

 

5,868,000

 

$

1,677

 

 

 

 

 

 

 

Real Estate Management & Development

 

 

 

 

 

Bumi Serpong Damai PT

 

16,647,500

 

1,791

 

 

 

 

 

 

 

Wireless Telecommunication Services

 

 

 

 

 

Indosat Tbk PT

 

5,908,500

 

3,641

 

 

 

 

 

35,443

 

Japan (38.7%)

 

 

 

 

 

Automobiles

 

 

 

 

 

Nissan Motor Co., Ltd.

 

656,000

 

5,729

 

Suzuki Motor Corp.

 

81,400

 

1,712

 

Toyota Motor Corp.

 

123,700

 

4,442

 

Yamaha Motor Co., Ltd. (a)

 

386,900

 

5,807

 

 

 

 

 

17,690

 

Building Products

 

 

 

 

 

Nippon Sheet Glass Co., Ltd.

 

721,000

 

1,572

 

Sanwa Holdings Corp.

 

682,000

 

2,018

 

 

 

 

 

3,590

 

Capital Markets

 

 

 

 

 

Daiwa Securities Group, Inc.

 

1,781,000

 

7,190

 

 

 

 

 

 

 

Chemicals

 

 

 

 

 

JSR Corp.

 

140,100

 

2,385

 

Kaneka Corp.

 

610,000

 

3,661

 

Mitsubishi Chemical Holdings Corp.

 

542,000

 

2,753

 

Shin-Etsu Polymer Co., Ltd.

 

368,500

 

2,079

 

Teijin Ltd.

 

772,000

 

2,552

 

 

 

 

 

13,430

 

Commercial Banks

 

 

 

 

 

Chuo Mitsui Trust Holdings, Inc.

 

1,787,000

 

5,929

 

Sumitomo Mitsui Financial Group, Inc.

 

238,500

 

6,948

 

Sumitomo Trust & Banking Co., Ltd. (The)

 

1,078,000

 

5,398

 

 

 

 

 

18,275

 

Computers & Peripherals

 

 

 

 

 

Fujitsu Ltd.

 

378,000

 

2,653

 

NEC Corp.

 

1,177,000

 

3,130

 

 

 

 

 

5,783

 

Construction & Engineering

 

 

 

 

 

Maeda Corp.

 

310,000

 

839

 

Obayashi Corp.

 

287,000

 

1,142

 

 

 

 

 

1,981

 

 


 

 

2010 Third Quarter Report

 

 

 

September 30, 2010 (unaudited)

 

Portfolio of Investments (cont’d)

 

Morgan Stanley Asia-Pacific Fund, Inc.

 

 

 

Shares

 

Value
(000)

 

Construction Materials

 

 

 

 

 

Sumitomo Osaka Cement Co., Ltd.

 

3,943,000

 

$

6,754

 

Taiheiyo Cement Corp. (a)

 

4,734,000

 

5,558

 

 

 

 

 

12,312

 

Consumer Finance

 

 

 

 

 

Hitachi Capital Corp.

 

276,400

 

3,768

 

 

 

 

 

 

 

Diversified Financial Services

 

 

 

 

 

Japan Securities Finance Co., Ltd.

 

944,800

 

5,410

 

 

 

 

 

 

 

Diversified Telecommunication Services

 

 

 

 

 

Nippon Telegraph & Telephone Corp.

 

153,900

 

6,720

 

 

 

 

 

 

 

Electrical Equipment

 

 

 

 

 

Sumitomo Electric Industries Ltd.

 

263,300

 

3,211

 

 

 

 

 

 

 

Electronic Equipment, Instruments & Components

 

 

 

 

 

Hitachi High-Technologies Corp.

 

184,600

 

3,405

 

 

 

 

 

 

 

Household Durables

 

 

 

 

 

Casio Computer Co., Ltd.

 

321,300

 

2,382

 

Panasonic Corp.

 

263,400

 

3,569

 

Sekisui Chemical Co., Ltd.

 

406,000

 

2,456

 

Sekisui House Ltd.

 

495,000

 

4,447

 

Sony Corp.

 

199,100

 

6,156

 

 

 

 

 

19,010

 

Machinery

 

 

 

 

 

Amada Co., Ltd.

 

495,000

 

3,392

 

Asahi Diamond Industrial Co., Ltd.

 

270,000

 

5,207

 

Daifuku Co., Ltd.

 

1,265,500

 

6,428

 

Fuji Machine Manufacturing Co., Ltd.

 

282,900

 

4,223

 

Minebea Co., Ltd.

 

586,000

 

3,018

 

THK Co., Ltd.

 

143,700

 

2,692

 

Tsubakimoto Chain Co.

 

1,088,000

 

4,470

 

Union Tool Co.

 

154,500

 

3,874

 

 

 

 

 

33,304

 

Marine

 

 

 

 

 

Mitsui OSK Lines Ltd.

 

751,000

 

4,723

 

 

 

 

 

 

 

Metals & Mining

 

 

 

 

 

Mitsui Mining & Smelting Co., Ltd.

 

1,205,000

 

3,450

 

Nippon Steel Corp.

 

993,000

 

3,378

 

 

 

 

 

6,828

 

 


 

 

2010 Third Quarter Report

 

 

 

September 30, 2010 (unaudited)

 

Portfolio of Investments (cont’d)

 

Morgan Stanley Asia-Pacific Fund, Inc.

 

 

 

Shares

 

Value
(000)

 

Office Electronics

 

 

 

 

 

Canon, Inc.

 

49,000

 

$

2,286

 

Ricoh Co., Ltd.

 

268,000

 

3,779

 

 

 

 

 

6,065

 

Real Estate Management & Development

 

 

 

 

 

Mitsubishi Estate Co., Ltd.

 

452,000

 

7,353

 

Mitsui Fudosan Co., Ltd.

 

344,000

 

5,802

 

Daibiru Corp.

 

385,700

 

2,855

 

 

 

 

 

16,010

 

Road & Rail

 

 

 

 

 

East Japan Railway Co.

 

38,700

 

2,336

 

 

 

 

 

 

 

Semiconductors & Semiconductor Equipment

 

 

 

 

 

Dainippon Screen Manufacturing Co., Ltd. (a)

 

1,152,000

 

5,934

 

Tokyo Electron Ltd.

 

109,600

 

5,494

 

 

 

 

 

11,428

 

Trading Companies & Distributors

 

 

 

 

 

Mitsubishi Corp.

 

106,300

 

2,523

 

 

 

 

 

204,992

 

Korea, Republic of (9.4%)

 

 

 

 

 

Auto Components

 

 

 

 

 

Hyundai Mobis

 

3,954

 

891

 

 

 

 

 

 

 

Automobiles

 

 

 

 

 

Hyundai Motor Co.

 

20,875

 

2,801

 

Kia Motors Corp.

 

36,917

 

1,192

 

 

 

 

 

3,993

 

Chemicals

 

 

 

 

 

LG Chem Ltd.

 

6,799

 

1,989

 

OCI Co., Ltd.

 

10,085

 

3,126

 

SSCP Co., Ltd. (a)

 

71,730

 

467

 

 

 

 

 

5,582

 

Commercial Banks

 

 

 

 

 

KB Financial Group, Inc.

 

22,511

 

967

 

Shinhan Financial Group Co., Ltd.

 

72,586

 

2,779

 

Woori Finance Holdings Co., Ltd.

 

91,920

 

1,145

 

 

 

 

 

4,891

 

 


 

 

2010 Third Quarter Report

 

 

 

September 30, 2010 (unaudited)

 

Portfolio of Investments (cont’d)

 

Morgan Stanley Asia-Pacific Fund, Inc.

 

 

 

Shares

 

Value
(000)

 

Construction & Engineering

 

 

 

 

 

GS Engineering & Construction Corp.

 

8,782

 

$

675

 

Hyundai Engineering & Construction Co., Ltd.

 

39,139

 

2,489

 

 

 

 

 

3,164

 

Diversified Telecommunication Services

 

 

 

 

 

KT Corp.

 

43,820

 

1,756

 

KT Corp. ADR

 

34,400

 

704

 

 

 

 

 

2,460

 

Electronic Equipment, Instruments & Components

 

 

 

 

 

LG Display Co., Ltd.

 

77,950

 

2,693

 

LG Display Co., Ltd. ADR

 

21,600

 

377

 

 

 

 

 

3,070

 

Food & Staples Retailing

 

 

 

 

 

Shinsegae Co., Ltd.

 

5,247

 

2,766

 

 

 

 

 

 

 

Household Durables

 

 

 

 

 

Woongjin Coway Co., Ltd.

 

68,380

 

2,663

 

 

 

 

 

 

 

Insurance

 

 

 

 

 

Samsung Fire & Marine Insurance Co., Ltd.

 

1,440

 

246

 

Samsung Life Insurance Co., Ltd.

 

13,880

 

1,266

 

 

 

 

 

1,512

 

Internet Software & Services

 

 

 

 

 

NHN Corp. (a)

 

2,174

 

374

 

SK C&C Co., Ltd.

 

33,012

 

2,938

 

 

 

 

 

3,312

 

Media

 

 

 

 

 

Cheil Worldwide, Inc.

 

107,500

 

1,277

 

 

 

 

 

 

 

Metals & Mining

 

 

 

 

 

Hyundai Steel Co.

 

404

 

41

 

POSCO

 

5,071

 

2,295

 

 

 

 

 

2,336

 

Personal Products

 

 

 

 

 

Amorepacific Corp.

 

22

 

22

 

 

 

 

 

 

 

Semiconductors & Semiconductor Equipment

 

 

 

 

 

Samsung Electronics Co., Ltd.

 

13,673

 

9,317

 

Samsung Electronics Co., Ltd. (Preference)

 

3,812

 

1,862

 

 

 

 

 

11,179

 

 


 

 

2010 Third Quarter Report

 

 

 

September 30, 2010 (unaudited)

 

Portfolio of Investments (cont’d)

 

Morgan Stanley Asia-Pacific Fund, Inc.

 

 

 

Shares

 

Value
(000)

 

Trading Companies & Distributors

 

 

 

 

 

Samsung C&T Corp.

 

9,166

 

$

500

 

 

 

 

 

49,618

 

Malaysia (1.2%)

 

 

 

 

 

Commercial Banks

 

 

 

 

 

CIMB Group Holdings Bhd

 

1,274,200

 

3,372

 

 

 

 

 

 

 

Construction & Engineering

 

 

 

 

 

IJM Corp. Bhd

 

497,365

 

836

 

 

 

 

 

 

 

Diversified Financial Services

 

 

 

 

 

AMMB Holdings Bhd

 

1,056,200

 

2,029

 

 

 

 

 

 

 

Health Care Equipment & Supplies

 

 

 

 

 

Top Glove Corp. Bhd

 

264,000

 

439

 

 

 

 

 

6,676

 

Namibia (1.2%)

 

 

 

 

 

Oil, Gas & Consumable Fuels

 

 

 

 

 

Paladin Energy Ltd. (a)

 

1,873,592

 

6,501

 

 

 

 

 

 

 

Philippines (0.5%)

 

 

 

 

 

Diversified Financial Services

 

 

 

 

 

Ayala Corp.

 

185,718

 

1,729

 

Metro Pacific Investments Corp.

 

9,229,000

 

791

 

 

 

 

 

2,520

 

 

 

 

 

2,520

 

Singapore (0.9%)

 

 

 

 

 

Commercial Banks

 

 

 

 

 

DBS Group Holdings Ltd.

 

178,000

 

1,906

 

United Overseas Bank Ltd.

 

53,500

 

745

 

 

 

 

 

2,651

 

Food & Staples Retailing

 

 

 

 

 

Olam International Ltd.

 

165,000

 

409

 

 

 

 

 

 

 

Industrial Conglomerates

 

 

 

 

 

Keppel Corp. Ltd.

 

111,000

 

758

 

 

 

 

 

 

 

Real Estate Management & Development

 

 

 

 

 

CapitaLand Ltd.

 

324,000

 

1,000

 

 

 

 

 

4,818

 

 


 

 

2010 Third Quarter Report

 

 

 

September 30, 2010 (unaudited)

 

Portfolio of Investments (cont’d)

 

Morgan Stanley Asia-Pacific Fund, Inc.

 

 

 

Shares

 

Value
(000)

 

Taiwan (6.4%)

 

 

 

 

 

Capital Markets

 

 

 

 

 

Yuanta Financial Holding Co., Ltd.

 

2,028,000

 

$

1,234

 

 

 

 

 

 

 

Chemicals

 

 

 

 

 

Formosa Plastics Corp.

 

325,000

 

798

 

Taiwan Fertilizer Co., Ltd.

 

172,000

 

537

 

 

 

 

 

1,335

 

Communications Equipment

 

 

 

 

 

HTC Corp.

 

75,001

 

1,702

 

 

 

 

 

 

 

Computers & Peripherals

 

 

 

 

 

Acer, Inc.

 

857,961

 

2,181

 

Asustek Computer, Inc.

 

132,000

 

946

 

Lite-On Technology Corp.

 

1,017,229

 

1,283

 

 

 

 

 

4,410

 

Diversified Financial Services

 

 

 

 

 

Fubon Financial Holding Co., Ltd.

 

1,855,942

 

2,284

 

 

 

 

 

 

 

Electronic Equipment, Instruments & Components

 

 

 

 

 

AU Optronics Corp. (a)

 

2,331,970

 

2,418

 

Chimei Innolux Corp. (a)

 

474,000

 

645

 

Hon Hai Precision Industry Co., Ltd.

 

1,923,109

 

7,233

 

 

 

 

 

10,296

 

Food Products

 

 

 

 

 

Uni-President Enterprises Corp.

 

4,071,100

 

5,284

 

 

 

 

 

 

 

Insurance

 

 

 

 

 

Cathay Financial Holding Co., Ltd.

 

1,801,067

 

2,753

 

 

 

 

 

 

 

Metals & Mining

 

 

 

 

 

China Steel Corp.

 

1,702,384

 

1,760

 

 

 

 

 

 

 

Semiconductors & Semiconductor Equipment

 

 

 

 

 

Taiwan Semiconductor Manufacturing Co., Ltd.

 

1,415,592

 

2,809

 

 

 

 

 

33,867

 

Thailand (0.5%)

 

 

 

 

 

Oil, Gas & Consumable Fuels

 

 

 

 

 

Banpu PCL

 

74,500

 

1,767

 

 

 

 

 

 

 

Wireless Telecommunication Services

 

 

 

 

 

Total Access Communication PCL NVDR

 

796,000

 

1,095

 

 

 

 

 

2,862

 

Total Common Stocks (Cost $468,965)

 

 

 

513,271

 

 


 

 

2010 Third Quarter Report

 

 

 

September 30, 2010 (unaudited)

 

Portfolio of Investments (cont’d)

 

Morgan Stanley Asia-Pacific Fund, Inc.

 

 

 

Shares

 

Value
(000)

 

Investment Company (2.0%)

 

 

 

 

 

India (2.0%)

 

 

 

 

 

Diversified Financial Services

 

 

 

 

 

Morgan Stanley Growth Fund (a)(b)

 

6,860,401

 

$

10,501

 

 

 

 

 

 

 

Short-Term Investment (0.8%)

 

 

 

 

 

Investment Company (0.8%)

 

 

 

 

 

Morgan Stanley Institutional Liquidity Funds — Money Market Portfolio — Institutional Class (b) (Cost $4,151)

 

4,150,952

 

4,151

 

Total Investments (99.6%) (Cost $474,370) +

 

 

 

527,923

 

Other Assets in Excess of Liabilities (0.4%)

 

 

 

2,096

 

Net Assets (100.0%)

 

 

 

$

530,019

 

 

(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 Investment Adviser. Investment advisory fees paid by the Fund are reduced by an amount equal to the advisory and administrative service fees paid by the Morgan Stanley Growth Fund with respect to assets invested by the Fund in the Morgan Stanley Growth Fund. The Fund invests in the Morgan Stanley Institutional Liquidity Funds — Money Market Portfolio — Institutional Class, (the “Liquidity Fund”), an open-end management investment company managed by the Investment Adviser. Investment advisory fees paid by the Fund are reduced by an amount equal to the advisory and administrative service fees paid by the Liquidity Fund with respect to assets invested by the Fund in the Liquidity Fund.

+

 

At September 30, 2010, the U.S. Federal income tax cost basis of investments was approximately $474,370,000 and, accordingly, net unrealized appreciation for U.S. Federal income tax purposes was $53,553,000 of which $88,805,000 related to appreciated securities and $35,252,000 related to depreciated securities.

ADR

 

American Depositary Receipt

NVDR

 

Non-Voting Depositary Receipt

 


 

 

2010 Third Quarter Report

 

 

 

September 30, 2010 (unaudited)

 

Portfolio of Investments (cont’d)

 

Morgan Stanley Asia-Pacific Fund, Inc.

 

Foreign Currency Exchange Contracts Information:

 

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

 

Counterparty

 

Currency
to
Deliver
(000)

 

Value
(000)

 

Settlement
Date

 

In
Exchange
For
(000)

 

Value
(000)

 

Net
Unrealized
Appreciation
(Depreciation)
(000)

 

Credit Suisse London Branch

 

JPY

4,656

 

$

 56

 

10/1/10

 

USD

56

 

$

 56

 

— @

 

Credit Suisse London Branch

 

USD

2

 

2

 

10/1/10

 

SGD

3

 

2

 

— @

 

State Street Hong Kong

 

MYR

72

 

23

 

10/1/10

 

USD

23

 

23

 

— @

 

State Street Hong Kong

 

USD

19

 

19

 

10/1/10

 

MYR

58

 

19

 

— @

 

State Street Hong Kong

 

USD

284

 

284

 

10/1/10

 

IDR

2,541,837

 

285

 

1

 

State Street Bank and Trust Co.

 

USD

221

 

221

 

10/1/10

 

KRW

252,233

 

221

 

— @

 

State Street Bank and Trust Co.

 

USD

8

 

8

 

10/1/10

 

KRW

9,343

 

8

 

— @

 

State Street Bank and Trust Co.

 

USD

68

 

68

 

10/1/10

 

KRW

77,309

 

68

 

— @

 

State Street Bank and Trust Co.

 

USD

17

 

17

 

10/1/10

 

KRW

19,362

 

17

 

— @

 

State Street Bank and Trust Co.

 

USD

192

 

192

 

10/1/10

 

KRW

218,814

 

192

 

— @

 

State Street Bank and Trust Co.

 

USD

27

 

27

 

10/1/10

 

KRW

30,082

 

27

 

— @

 

State Street Bank and Trust Co.

 

USD

9

 

9

 

10/1/10

 

KRW

9,887

 

9

 

— @

 

State Street Bank and Trust Co.

 

USD

218

 

218

 

10/1/10

 

KRW

248,435

 

218

 

— @

 

State Street Bank and Trust Co.

 

USD

56

 

56

 

10/1/10

 

KRW

64,173

 

56

 

— @

 

State Street Bank and Trust Co.

 

USD

43

 

43

 

10/1/10

 

KRW

48,410

 

43

 

— @

 

State Street Bank and Trust Co.

 

USD

26

 

26

 

10/1/10

 

KRW

29,676

 

26

 

— @

 

Credit Suisse London Branch

 

HKD

2,786

 

359

 

10/4/10

 

USD

359

 

359

 

— @

 

Standard Chartered Bank

 

JPY

345,133

 

4,134

 

10/4/10

 

USD

4,123

 

4,123

 

(11

)

Standard Chartered Bank

 

USD

3

 

3

 

10/4/10

 

SGD

3

 

3

 

— @

 

State Street Hong Kong

 

MYR

132

 

43

 

10/4/10

 

USD

43

 

43

 

— @

 

State Street Hong Kong

 

USD

51

 

51

 

10/4/10

 

MYR

159

 

51

 

— @

 

State Street Hong Kong

 

USD

279

 

279

 

10/4/10

 

IDR

2,488,673

 

279

 

— @

 

State Street Hong Kong

 

USD

200

 

200

 

10/6/10

 

IDR

1,792,705

 

200

 

— @

 

State Street Hong Kong

 

USD

24

 

24

 

10/6/10

 

IDR

215,234

 

24

 

— @

 

State Street Hong Kong

 

USD

4

 

4

 

10/6/10

 

IDR

35,418

 

4

 

— @

 

 

 

 

 

 

$

 6,366

 

 

 

 

 

 

$

 6,356

 

$

(10

)

 


 

 

2010 Third Quarter Report

 

 

 

September 30, 2010 (unaudited)

 

Portfolio of Investments (cont’d)

 

Morgan Stanley Asia-Pacific Fund, Inc.

 

@

—

Value is less than $500.

HKD

—

Hong Kong Dollar

IDR

—

Indonesian Rupiah

JPY

—

Japanese Yen

KRW

—

South Korean Won

MYR

—

Malaysian Ringgit

SGD

—

Singapore Dollar

USD

—

United States Dollar

 


 

 

2010 Third Quarter Report

 

 

 

September 30, 2010 (unaudited)

 

Portfolio of Investments

 

Morgan Stanley Asia-Pacific Fund, Inc.

 

Fair Value Measurement Information:

 

The following is a summary of the inputs used to value the Portfolio’s net assets as of September 30, 2010. (See Notes to the Portfolio of Investments for further information regarding fair value measurement.)

 

Investment Type

 

Level 1
Quoted
prices
(000)

 

Level 2
Other
significant
observable
inputs
(000)

 

Level 3
Significant
unobservable
inputs
(000)

 

Total
(000)

 

Assets:

 

 

 

 

 

 

 

 

 

Common Stocks

 

 

 

 

 

 

 

 

 

Airlines

 

$

2,039

 

$

—

 

$

—

 

$

2,039

 

Auto Components

 

891

 

—

 

—

 

891

 

Automobiles

 

30,920

 

—

 

—

 

30,920

 

Beverages

 

760

 

—

 

—

 

760

 

Biotechnology

 

2,518

 

—

 

—

 

2,518

 

Building Products

 

3,590

 

—

 

—

 

3,590

 

Capital Markets

 

8,423

 

—

 

—

 

8,423

 

Chemicals

 

24,276

 

—

 

—

 

24,276

 

Commercial Banks

 

77,023

 

—

 

—

 

77,023

 

Communications Equipment

 

1,702

 

—

 

—

 

1,702

 

Computers & Peripherals

 

10,193

 

—

 

—

 

10,193

 

Construction & Engineering

 

12,041

 

—

 

—

 

12,041

 

Construction Materials

 

12,312

 

—

 

—

 

12,312

 

Consumer Finance

 

3,768

 

—

 

—

 

3,768

 

Distributors

 

5,805

 

—

 

—

 

5,805

 

Diversified Financial Services

 

15,155

 

—

 

—

 

15,155

 

Diversified Telecommunication Services

 

18,783

 

—

 

—

 

18,783

 

Electric Utilities

 

330

 

—

 

—

 

330

 

Electrical Equipment

 

4,383

 

—

 

—

 

4,383

 

Electronic Equipment, Instruments & Components

 

16,772

 

—

 

—

 

16,772

 

Energy Equipment & Services

 

1,264

 

—

 

—

 

1,264

 

Food & Staples Retailing

 

3,175

 

—

 

—

 

3,175

 

Food Products

 

12,504

 

—

 

—

 

12,504

 

Gas Utilities

 

830

 

—

 

—

 

830

 

Health Care Equipment & Supplies

 

439

 

—

 

—

 

439

 

Household Durables

 

21,673

 

—

 

—

 

21,673

 

Independent Power Producers & Energy Traders

 

3,000

 

—

 

—

 

3,000

 

Industrial Conglomerates

 

10,554

 

—

 

—

 

10,554

 

Insurance

 

21,361

 

—

 

—

 

21,361

 

Internet Software & Services

 

6,290

 

—

 

—

 

6,290

 

Machinery

 

37,634

 

—

 

—

 

37,634

 

Marine

 

4,723

 

—

 

—

 

4,723

 

Media

 

9,320

 

—

 

—

 

9,320

 

Metals & Mining

 

15,214

 

—

 

—

 

15,214

 

Office Electronics

 

6,065

 

—

 

—

 

6,065

 

Oil, Gas & Consumable Fuels

 

20,437

 

—

 

—

 

20,437

 

Personal Products

 

939

 

—

 

—

 

939

 

Pharmaceuticals

 

4,924

 

—

 

—

 

4,924

 

Real Estate Management & Development

 

30,280

 

—

 

—

 

30,280

 

Road & Rail

 

2,336

 

—

 

—

 

2,336

 

Semiconductors & Semiconductor Equipment

 

26,675

 

—

 

—

 

26,675

 

Specialty Retail

 

7,158

 

—

 

—

 

7,158

 

Textiles, Apparel & Luxury Goods

 

2,969

 

—

 

—

 

2,969

 

Trading Companies & Distributors

 

3,022

 

—

 

—

 

3,022

 

Wireless Telecommunication Services

 

8,801

 

—

 

—

 

8,801

 

Total Common Stocks

 

513,271

 

—

 

—

 

513,271

 

Investment Company

 

 

 

 

 

 

 

 

 

Diversified Financial Services

 

10,501

 

—

 

—

 

10,501

 

Short-Term Investments

 

 

 

 

 

 

 

 

 

Investment Company

 

4,151

 

—

 

—

 

4,151

 

Foreign Currency Exchange Contract

 

—

 

1

 

—

 

1

 

Total Assets

 

527,923

 

1

 

—

 

527,924

 

Liabilities:

 

 

 

 

 

 

 

 

 

Foreign Currency Exchange Contract

 

—

 

11

 

—

 

11

 

Total

 

$

527,923

 

$

(10

)

$

—

 

$

527,913

 

 


 

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. The Portfolio recognizes transfers between the levels as of the end of period. As of September 30, 2010, securities with a total value of approximately $338,783,000 transferred from Level 2 to Level 1. At December 31, 2009, the fair market value of certain securities were adjusted due to developments which occurred between the time of the close of the foreign markets on which they trade and the close of business on the NYSE which resulted in their Level 1 classification.

 


 

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 of the Fund’s investments. The inputs are summarized in the three broad levels listed below.

 

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

 

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

 

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

 

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

 

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. 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”) determine 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.

 

(a) A separate certification for each principal executive officer and principal financial officer of the registrant are attached hereto.

 


 

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.

 

Asia-Pacific Fund, Inc.

 

/s/ Sara Furber

 

Sara Furber

Principal Executive Officer

November 16, 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.

 

/s/ Sara Furber

 

Sara Furber

Principal Executive Officer

November 16, 2010

 

/s/ Francis Smith

 

Francis Smith

Principal Financial Officer

November 16, 2010