UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

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:		Gateway Center 3, 100 Mulberry Street, Newark, New Jersey 07102
Name and address of agent for service:		Deborah A. Docs Gateway Center 3, 100 Mulberry Street, Newark, New Jersey 07102
Registrant’s telephone number, including area code:		973-367-7521
Date of fiscal year end:		3/31/2012
Date of reporting period:		6/30/2011

 

 

 

Item 1.

Schedule of Investments

THE ASIA PACIFIC FUND, INC.

Portfolio of Investments

June 30, 2011

(Unaudited)

 

Shares		Description		Value
LONG-TERM INVESTMENTS—99.2%
EQUITIES—98.5%
CHINA (INCLUDING HONG KONG)—37.2%
5,503,000		Agricultural Bank of China Ltd. (Class “H” Shares)		$	2,892,333
		(Banking)
1,428,000		Belle International Holdings Ltd.			3,009,522
		(Consumer Discretionary)
981,000		BOC Hong Kong Holdings Ltd.			2,849,069
		(Banking)
1,506,000		Brilliance China Automotive Holdings Ltd.(a)			1,699,202
		(Consumer Discretionary)
1,104,480		Changsha Zoomlion Heavy Industry Science and Technology Development Co. Ltd. (Class “H” Shares)			2,103,447
		(Industrials)
2,443,000		China High Precision Automation Group Ltd.			1,911,905
		(Information Technology)
720,000		China Oilfield Services Ltd. (Class “H” Shares)			1,310,151
		(Energy)
2,700,000		China Resources Cement Holdings Ltd.			2,539,805
		(Materials)
1,476,000		China Resources Gas Group Ltd.			2,063,673
		(Utilities)			`
383,500		China Shenhua Energy Co. Ltd. (Class “H” Shares)			1,828,373
		(Energy)
389,000		China Yurun Food Group Ltd.			1,094,761
		(Consumer Staples)
795,000		CNOOC Ltd.			1,855,276
		(Energy)
2,727,000		CSR Corp. Ltd. (Class “H” Shares)			2,561,699
		(Industrials)
1,004,000		Galaxy Entertainment Group Ltd.(a)			2,146,904
		(Consumer Discretionary)
5,566,000		Industrial & Commercial Bank of China (Class “H” Shares)			4,227,233
		(Banking)
1,720,000		International Mining Machinery Holdings Ltd.			1,651,105
		(Industrials)
3,578,000		Lenovo Group Ltd.			2,046,095
		(Information Technology)
646,500		L’Occitane International SA (Hong Kong Exchange)(a)			1,728,054
		(Consumer Discretionary)
265,000		Ping An Insurance Group Co. of China Ltd. (Class “H” Shares)			2,736,259
		(Diversified Financials)
1,309,500		Sany Heavy Equipment International Holdings Co. Ltd.			1,494,321
		(Industrials)
1,878,000		Springland International Holdings Ltd.			1,561,440
		(Consumer Discretionary)
171,000		Sun Hung Kai Properties Ltd.			2,489,726
		(Real Estate-Developers)
79,100		Tencent Holdings Ltd.			2,146,821
		(Information Technology)
134,900		Wharf Holdings Ltd.			936,986
		(Real Estate-Developers)
					50,884,160
INDIA—5.8%
120,073		ICICI Bank Ltd.			2,940,281
		(Banking)
55,100		Larsen & Toubro Ltd.			2,247,942
		(Industrials)
230,064		Opto Circuits India Ltd.			1,537,277
		(Healthcare)
56,329		Reliance Industries Ltd.			1,132,187
		(Energy)
					7,857,687

INDONESIA—5.4%
2,656,000		PT Bank Rakyat Indonesia Persero Tbk			2,013,177
		(Banking)
11,466,000		PT Borneo Lumbung Energi & Metal Tbk(a)			1,871,891
		(Materials)
232,000		PT Indo Tambangraya Megah			1,210,658
		(Energy)
1,117,000		PT Indocement Tunggal Prakarsa Tbk			2,220,844
		(Materials)
					7,316,570
MALAYSIA—3.0%
1,744,300		AirAsia Berhad			2,033,428
		(Industrials)
906,300		Petronas Chemicals Group Bhd(a)			2,128,057
		(Materials)
					4,161,485
PHILIPPINES—1.1%
707,500		Cebu Air, Inc.			1,485,693
		(Industrials)
SINGAPORE—5.4%
1,319,000		Genting Singapore PLC(a)			2,072,515
		(Consumer Discretionary)
244,210		Keppel Corp. Ltd.			2,202,920
		(Industrials)
218,000		Singapore Exchange Ltd.			1,336,432
		(Diversified Financials)
112,000		United Overseas Bank Ltd.			1,794,480
		(Banking)
					7,406,347
SOUTH KOREA—23.4%
46,750		Hana Financial Group, Inc.			1,633,283
		(Banking)
53,800		Hynix Semiconductor, Inc.(a)			1,262,296
		(Information Technology)
12,163		Hyundai Department Store Co. Ltd.			1,976,566
		(Consumer Discretionary)
8,268		Hyundai Heavy Industries Co. Ltd.			3,434,513
		(Industrials)
13,979		Hyundai Mobis			5,237,297
		(Consumer Discretionary)
7,162		LG Chem Ltd.			3,273,597
		(Materials)
38,040		LG Display Co. Ltd.			1,052,856
		(Information Technology)
3,721		Lotte Shopping Co. Ltd.			1,773,979
		(Consumer Discretionary)
6,899		Samsung Electronics Co. Ltd.			5,337,493
		(Information Technology)
14,066		Samsung Engineering Co. Ltd.			3,359,556
		(Industrials)
28,710		Shinhan Financial Group Co. Ltd.			1,368,744
		(Banking)
12,788		SK Holdings Co. Ltd.			2,215,876
		(Industrials)
					31,926,056
SRI LANKA—1.0%
711,745		Sampath Bank PLC			1,560,639
		(Banking)
TAIWAN—14.5%
470,000		Catcher Technology Co. Ltd.			2,961,686
		(Information Technology)
1,461,237		Far Eastern New Century Corp.(b)			2,276,546
		(Industrials)
513,000		Formosa Plastics Corp.			1,848,504
		(Materials)
1,185,000		Fubon Financial Holding Co. Ltd.			1,821,427
		(Diversified Financials)
59,000		HTC Corp.			1,984,229
		(Information Technology)
44,000		Largan Precision Co. Ltd.			1,409,299
		(Information Technology)
1,738,000		Mega Financial Holding Co. Ltd.			1,518,750
		(Banking)
1,090,000		Taiwan Semiconductor Manufacturing Co. Ltd.			2,739,847
		(Information Technology)
41,000		TPK Holding Co. Ltd.(a)			1,248,977
		(Information Technology)
1,188,000		WPG Holdings Ltd.			2,014,225
		(Information Technology)
					19,823,490

THAILAND—1.7%
207,100		PTT PCL			2,258,047
		(Energy)
		Total equities (cost $103,431,327)			134,680,174
EXCHANGE TRADED FUND—0.7%
VIETNAM
44,250		Market Vectors Vietnam ETF (New York Stock Exchange) (cost $1,066,605)			923,055
		Total long-term investments (cost $104,497,932)			135,603,229
SHORT-TERM INVESTMENT—1.2%
MONEY MARKET MUTUAL FUND
UNITED STATES
1,596,865		JPMorgan Prime Money Market Fund/Premier (cost $1,596,865)			1,596,865
		Total Investments—100.4% (cost $106,094,797)(c)			137,200,094
		Liabilities in excess of other assets—(0.4%)			(516,024	)
		Net Assets—100.0%		$	136,684,070

 

The following annotation is used in the Portfolio of Investments:

ETF—Exchange Traded Fund

 

(a)	Non-income producing security.

(b)	An independent Director of the Fund is Chairman and Chief Executive Officer of the Company.

(c)	The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of June 30, 2011 were as follows:

 

Tax Basis		Appreciation		Depreciation		Net Unrealized Appreciation
$106,800,739		$33,156,690		$(2,757,335)		$30,399,355

 

The difference between book basis and tax basis of investments is attributable to deferred losses on wash sales and investments in passive foreign investment companies as of the most recent fiscal year end.

 

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

 

Level 1—quoted prices generally for stocks, exchange traded funds, options and futures traded in active markets for identical securities, and mutual funds which trade at daily net asset value.

Level 2—other significant observable inputs (including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds, foreign currency exchange rates, and amortized cost) generally for debt securities, swaps, forward foreign currency contracts and for foreign stocks priced using vendor modeling tools.

Level 3—significant unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

 

The following is a summary of the inputs used as of June 30, 2011 in valuing such portfolio securities:

 

		Level 1				Level 2				Level 3
Investments in Securities
Equities
China (including Hong Kong)		$	50,884,160			$	—			$	—
India			7,857,687				—				—
Indonesia			7,316,570				—				—
Malaysia			4,161,485				—				—
Philippines			1,485,693				—				—
Singapore			7,406,347				—				—
South Korea			31,926,056				—				—
Sri Lanka			1,560,639				—				—
Taiwan			19,823,490				—				—
Thailand			—				2,258,047				—
Exchange Traded Fund
Vietnam			923,055
Money Market Mutual Fund			1,596,865				—				—
Total		$	134,942,047			$	2,258,047			$	—

The industry classification of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2011 was as follows:

 

Information Technology			21.0	%
Banking			16.7
Industrials			17.9
Consumer Discretionary			15.5
Materials			10.2
Energy			7.0
Diversified Financials			4.3
Real Estate-Developers			2.5
Utilities			1.5
Money Market Mutual Fund			1.2
Healthcare			1.1
Consumer Staples			0.8
Exchange Traded Fund			0.7
			100.4
Liabilities in excess of other assets			(0.4	)
Total			100.0	%

 

Notes to Portfolio of Investments (Unaudited)

 

Securities Valuation: Investments are stated at value. Securities for which the primary market is on an exchange are valued at the last sale price on such exchange on the day of valuation or, if there was no sale on such day, at the last bid price quoted on such day. Securities for which reliable market quotations are not readily available, or whose value have been affected by events occurring after the close of the security’s foreign market and before the Fund’s normal pricing time, are valued at the fair value in accordance with the Board of Director’s approved fair valuation procedures. When determining the fair valuation of securities, some of the factors influencing the valuation include the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; any available analyst, media or other reports or information regarding the issuer or the markets or industry in which it operates; other analytical data; and consistency with valuation of similar securities held by other funds managed by Baring Asset Management (Asia) Limited. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the price used by other mutual funds to calculate their net asset values.

 

Investments in open end, non exchange-traded mutual funds are valued at their net asset value on each day the New York Stock Exchange is open for trading.

 

Market values of investments traded in a foreign currency are translated into U.S. dollars at the current rates of exchange.

 

Other information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

Item 2.

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 have been no significant changes in the registrant’s internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

 

Item 3.

Exhibits

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 – 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.

(Registrant) The Asia Pacific Fund, Inc.

 

By (Signature and Title)*		/s/ Deborah A. Docs
		Deborah A. Docs
		Secretary of the Fund

Date August 26, 2011

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

 

By (Signature and Title)*		/s/ Brian Corris
		Brian Corris
		President and Principal Executive Officer

Date August 26, 2011

 

By (Signature and Title)*		/s/ M. Sadiq Peshimam
		M. Sadiq Peshimam
		Treasurer and Principal Financial Officer

Date August 26, 2011

 

*	Print the name and title of each signing officer under his or her signature.