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:
|
Frank J. Maresca
AST Fund Solutions, LLC
48 Wall Street, 22nd Floor
New York, NY 10005
|
Registrant’s telephone number, including area code:
|
212-269-5500
|
Date of fiscal year end:
|
03/31/2017
|
Date of reporting period:
|
12/31/2016
|
Shares
|
Value
|
|||||||
LONG-TERM INVESTMENTS — 98.9%
|
||||||||
COMMON STOCKS — 88.0%
|
||||||||
CHINA (INCLUDING HONG KONG AND MACAU SAR) 58.1%
|
||||||||
Agricultural Bank of China Ltd. (Class "H" Shares) (Banking)
|
1,495,000
|
$
|
613,076
|
|||||
Anhui Conch Cement Co. Ltd. (Class "H" Shares) (Materials)
|
66,000
|
179,586
|
||||||
Belle International Holdings Ltd. (Consumer Discretionary)
|
1,862,000
|
1,046,917
|
||||||
BOC Hong Kong Holdings Ltd. (Banking)
|
501,000
|
1,792,862
|
||||||
Cheung Kong Property Holdings Ltd. (Real Estate)
|
158,656
|
972,866
|
||||||
China Construction Bank Corp. (Class "H" Shares) (Banking)
|
6,333,000
|
4,875,622
|
||||||
China Life Insurance Co. Ltd. (Class "H" Shares) (Insurance)
|
495,000
|
1,289,445
|
||||||
China Lilang Ltd. (Consumer Discretionary)
|
2,260,000
|
1,273,609
|
||||||
China Machinery Engineering Corp. (Class "H" Shares) (Industrials)
|
894,000
|
567,216
|
||||||
China Overseas Land & Investment Ltd. (Real Estate)
|
1,212,000
|
3,211,890
|
||||||
China Power International Development Ltd. (Utilities)
|
4,244,000
|
1,537,899
|
||||||
China Resources Cement Holdings Ltd. (Materials)
|
904,000
|
350,898
|
||||||
China Resources Power Holdings Co. Ltd. (Utilities)
|
1,186,622
|
1,885,252
|
||||||
China State Construction International Holdings Ltd. (Industrials)
|
1,444,000
|
2,160,088
|
||||||
China Zhongwang Holdings Ltd. (Materials)
|
458,000
|
194,906
|
||||||
Chongqing Changan Automobile Co. Ltd. (Class "B" Shares) (Consumer Discretionary)
|
1,346,685
|
1,925,944
|
||||||
Chow Sang Sang Holdings International Ltd. (Consumer Discretionary)
|
358,000
|
664,801
|
||||||
CIFI Holdings Group Co. Ltd. (Real Estate)
|
4,414,000
|
1,189,665
|
||||||
CK Hutchison Holdings Ltd. (Industrials)
|
120,656
|
1,367,678
|
||||||
Convenience Retail Asia Ltd. (Consumer Staples)
|
876,000
|
417,977
|
||||||
CSI Properties Ltd. (Real Estate)
|
30,750,000
|
1,090,496
|
||||||
Daqin Railway Co. Ltd. (Class "A" Shares) (Industrials)
|
236,100
|
240,534
|
||||||
EGL Holdings Co. Ltd. (Consumer Discretionary)
|
1,424,000
|
286,471
|
||||||
Far East Consortium International Ltd. (Real Estate)
|
4,391,277
|
1,874,412
|
||||||
Far East Horizon Ltd. (Financials)
|
2,441,000
|
2,093,320
|
||||||
FSE Engineering Holdings Ltd. (Industrials)
|
2,397,000
|
754,230
|
||||||
Goldpac Group Ltd. (Technology Hardware & Equipment)
|
697,000
|
185,160
|
||||||
Haitian International Holdings Ltd. (Industrials)
|
265,000
|
520,124
|
||||||
Hopefluent Group Holdings Ltd. (Real Estate)
|
864,000
|
239,551
|
||||||
Hui Xian Real Estate Investment Trust (Real Estate Investment Trusts)
|
929,395
|
419,930
|
||||||
Hutchison Telecommunications Hong Kong Holdings Ltd. (Telecommunication Services)
|
2,626,000
|
846,605
|
||||||
Intime Retail Group Co. Ltd. (Consumer Discretionary)(a)
|
1,023,000
|
927,422
|
||||||
Jiangnan Group Ltd. (Industrials)
|
6,420,000
|
902,418
|
||||||
Langham Hospitality Investments (Real Estate)
|
1,118,000
|
451,266
|
||||||
Lee & Man Chemical Co. Ltd. (Materials)
|
1,188,000
|
372,279
|
||||||
Longfor Properties Co. Ltd. (Real Estate)
|
2,622,500
|
3,327,797
|
||||||
Midea Group Co. Ltd. (Class "A" Shares) (Consumer Discretionary)
|
683,000
|
2,768,560
|
||||||
Nameson Holdings Ltd. (Consumer Discretionary)
|
288,000
|
63,138
|
||||||
Oi Wah Pawnshop Credit Holdings Ltd. (Diversified Financial Services)
|
6,531,054
|
421,114
|
||||||
PetroChina Co. Ltd. (Class "H" Shares) (Energy)
|
6,404,000
|
4,773,373
|
||||||
Pico Far East Holdings Ltd. (Consumer Discretionary)
|
1,006,000
|
308,760
|
||||||
Ping An Insurance Group Co. of China Ltd. (Class "H" Shares) (Insurance)
|
343,000
|
1,716,216
|
||||||
Qingdao Port International Co. Ltd. (Class "H" Shares) (Industrials)
|
3,108,000
|
1,478,950
|
||||||
Shimao Property Holdings Ltd. (Real Estate)
|
1,049,000
|
1,371,702
|
||||||
Sinopec Engineering Group Co. Ltd. (Class "H" Shares) (Industrials)
|
1,394,500
|
1,163,507
|
||||||
SITC International Holdings Co. Ltd. (Industrials)
|
2,361,000
|
1,437,091
|
||||||
Skyworth Digital Holdings Ltd. (Consumer Discretionary)
|
3,748,025
|
2,136,343
|
||||||
SmarTone Telecommunications Holdings Ltd. (Telecommunication Services)
|
745,500
|
1,001,755
|
||||||
Spring Real Estate Investment Trust (Real Estate Investment Trusts)
|
131,000
|
54,397
|
||||||
Springland International Holdings Ltd. (Consumer Discretionary)
|
1,608,000
|
265,425
|
||||||
TK Group Holdings Ltd. (Industrials)
|
2,334,000
|
635,082
|
||||||
Wasion Group Holdings Ltd. (Technology Hardware & Equipment)
|
1,606,000
|
863,630
|
||||||
WH Group Ltd. (Consumer Staples)
|
1,102,500
|
891,440
|
||||||
Wonderful Sky Financial Group Holdings Ltd. (Consumer Discretionary)
|
2,344,000
|
631,757
|
||||||
Xinjiang Goldwind Science & Technology Co. Ltd. (Class "H" Shares) (Capital Goods)
|
855,800
|
1,445,739
|
||||||
Yangtze Optical Fibre and Cable Joint Stock Ltd. Co. (Class "H" Shares) (Information Technology)
|
1,076,500
|
2,029,587
|
||||||
Yangzijiang Shipbuilding Holdings Ltd. (Capital Goods)
|
1,243,900
|
700,051
|
Shares
|
Value
|
|||||||
CHINA (INCLUDING HONG KONG AND MACAU SAR) (continued)
|
||||||||
Zhejiang Expressway Co. Ltd. (Class "H" Shares) (Industrials)
|
948,000
|
$
|
904,662
|
|||||
ZTO Express Cayman, Inc. ADR* (Industrials)
|
5,407
|
65,262
|
||||||
69,177,753
|
||||||||
INDIA — 0.3%
|
||||||||
Sterlite Technologies Ltd. (Information Technology)
|
268,385
|
380,611
|
||||||
INDONESIA — 3.2%
|
||||||||
PT Bank Mandiri Persero Tbk (Banking)
|
615,700
|
528,983
|
||||||
PT Bank Negara Indonesia Persero Tbk (Banking)
|
1,518,200
|
622,606
|
||||||
PT Bank Pan Indonesia Tbk* (Banking)
|
6,565,000
|
365,467
|
||||||
PT Indosat Tbk* (Telecommunication Services)
|
1,374,100
|
657,855
|
||||||
PT Media Nusantara Citra Tbk (Consumer Discretionary)
|
2,487,200
|
323,996
|
||||||
PT Nusa Raya Cipta Tbk (Capital Goods)
|
1,482,800
|
36,320
|
||||||
PT Panin Financial Tbk* (Insurance)
|
22,533,500
|
287,679
|
||||||
PT Perusahaan Gas Negara Persero Tbk (Utilities)
|
4,841,100
|
970,196
|
||||||
3,793,102
|
||||||||
MALAYSIA — 2.3%
|
||||||||
Cimb Group Holdings Bhd (Banking)
|
557,000
|
559,980
|
||||||
Mah Sing Group Bhd (Real Estate)
|
1,754,525
|
559,289
|
||||||
Tenaga Nasional Bhd (Utilities)
|
312,300
|
967,670
|
||||||
UOA Development Bhd (Real Estate)
|
751,300
|
393,570
|
||||||
ViTrox Corp. Bhd (Semiconductors & Semiconductor Equipment)
|
272,900
|
225,693
|
||||||
2,706,202
|
||||||||
PHILIPPINES — 0.4%
|
||||||||
Metropolitan Bank & Trust Co. (Financials)
|
346,570
|
506,130
|
||||||
SINGAPORE — 4.2%
|
||||||||
AIMS AMP Capital Industrial REIT (Real Estate Investment Trusts)
|
623,756
|
564,251
|
||||||
Asian Pay Television Trust (Consumer Discretionary)
|
961,300
|
248,930
|
||||||
CapitaLand Retail China Trust (Real Estate Investment Trusts)
|
574,696
|
543,682
|
||||||
Croesus Retail Trust (Real Estate Investment Trusts)
|
1,378,325
|
794,739
|
||||||
DBS Group Holdings Ltd. (Banking)
|
112,282
|
1,344,453
|
||||||
Ezion Holdings Ltd.* (Energy)
|
1,597,000
|
424,573
|
||||||
Frasers Commercial Trust (Real Estate Investment Trusts)
|
618,375
|
538,033
|
||||||
Viva Industrial Trust (Real Estate)
|
1,071,600
|
558,684
|
||||||
5,017,345
|
||||||||
SOUTH KOREA — 11.8%
|
||||||||
Amorepacific Group (Consumer Staples)
|
2,719
|
124,041
|
||||||
Dongbu Insurance Co. Ltd. (Insurance)
|
28,849
|
1,492,848
|
||||||
Fila Korea Ltd. (Consumer Discretionary)
|
7,441
|
434,336
|
||||||
GS Retail Co. Ltd. (Consumer Staples)
|
52,877
|
2,083,909
|
||||||
Hyundai Motor Co. (Consumer Discretionary)
|
2,109
|
254,938
|
||||||
KB Financial Group, Inc. (Banking)
|
44,710
|
1,584,358
|
||||||
Korea Electric Power Corp. (Utilities)
|
61,614
|
2,247,141
|
||||||
Macquarie Korea Infrastructure Fund (Diversified Financial Services)
|
85,587
|
577,524
|
||||||
Maeil Dairy Industry Co. Ltd. (Consumer Staples)
|
13,932
|
463,131
|
||||||
Samsung Electronics Co. Ltd. (Technology Hardware & Equipment)
|
1,263
|
1,884,357
|
||||||
Sekonix Co. Ltd. (Technology Hardware & Equipment)
|
25,788
|
323,471
|
||||||
SK Hynix, Inc. (Semiconductors & Semiconductor Equipment)
|
69,400
|
2,568,455
|
||||||
14,038,509
|
||||||||
TAIWAN — 5.1%
|
||||||||
Basso Industry Corp. (Consumer Discretionary)
|
215,000
|
623,740
|
||||||
CTBC Financial Holding Co. Ltd. (Banking)
|
1,608,000
|
880,611
|
||||||
Johnson Health Tech Co. Ltd. (Consumer Discretionary)
|
157,825
|
227,465
|
||||||
Kerry TJ Logistics Co. Ltd. (Industrials)
|
343,000
|
474,660
|
||||||
Largan Precision Co. Ltd. (Information Technology)
|
21,000
|
2,469,515
|
||||||
Rechi Precision Co. Ltd. (Industrials)
|
42,000
|
41,180
|
Shares
|
Value
|
|||||||
TAIWAN (continued)
|
||||||||
Superalloy Industrial Co. Ltd. (Consumer Discretionary)
|
52,955
|
$
|
292,469
|
|||||
Win Semiconductors Corp.* (Information Technology)
|
386,222
|
1,089,316
|
||||||
6,098,956
|
||||||||
THAILAND — 2.1%
|
||||||||
AP Thailand PCL (Real Estate)
|
3,063,000
|
641,502
|
||||||
Hana Microelectronics PCL (Technology Hardware & Equipment)
|
538,300
|
593,760
|
||||||
SPCG PCL (Utilities)
|
451,100
|
269,573
|
||||||
Supalai PCL (Real Estate)
|
1,422,900
|
993,354
|
||||||
2,498,189
|
||||||||
UNITED STATES — 0.5%
|
||||||||
Yum China Holdings, Inc.* (Consumer Discretionary)
|
23,813
|
621,995
|
||||||
TOTAL COMMON STOCKS (cost $109,331,718)
|
104,838,792
|
|||||||
MUTUAL FUND — 2.0%
|
||||||||
INDIA — 2.0%
|
||||||||
iShares MSCI India ETF (cost $2,452,478) (Others)
|
86,900
|
2,329,789
|
||||||
PREFERENCE STOCKS — 8.9%
|
||||||||
SOUTH KOREA — 8.9%
|
||||||||
CJ CheilJedang Corp. (Consumer Staples)
|
2,642
|
378,429
|
||||||
LG Corp. (Industrials)
|
52,101
|
1,684,504
|
||||||
Samsung Electronics Co. Ltd. (Technology Hardware & Equipment)
|
4,787
|
5,679,559
|
||||||
Samsung Fire & Marine Insurance Co. Ltd. (Insurance)
|
19,417
|
2,925,893
|
||||||
TOTAL PREFERENCE STOCKS (cost $9,576,805)
|
10,668,385
|
|||||||
WARRANTS*(b) — 0.0%
|
||||||||
Units
|
||||||||
MALAYSIA
|
||||||||
Mah Sing Group Bhd, expiring 02/21/20 (Real Estate)
|
423,637
|
8,971
|
||||||
SINGAPORE
|
||||||||
Ezion Holdings Ltd., expiring 04/24/20 (Energy)
|
286,063
|
16,396
|
||||||
TOTAL WARRANTS (cost $0)
|
25,367
|
|||||||
TOTAL LONG-TERM INVESTMENTS (cost $121,361,001)
|
117,862,333
|
|||||||
Shares
|
||||||||
SHORT-TERM INVESTMENT — 0.3%
|
||||||||
MONEY MARKET MUTUAL FUND
|
||||||||
JPMorgan Prime Money Market Fund/Premier (cost $371,762)
|
371,762
|
371,762
|
Value
|
||||
TOTAL INVESTMENTS — 99.2% (cost $121,732,763)(c)
|
118,234,095
|
|||
Other assets in excess of liabilities — 0.8%
|
943,337
|
|||
NET ASSETS — 100.0%
|
$
|
119,177,432
|
The following abbreviations are used in the quarterly report:
|
ADR American Depositary Receipt
|
ETF Exchange Traded Fund
|
MSCI Morgan Stanley Capital International
|
REIT Real Estate Investment Trust
|
*
|
Non-income producing security.
|
(a)
|
Indicates a Level 3 security. The aggregate value of Level 3 securities is $927,422 and 0.8% of net assets.
|
(b)
|
The amount represents fair value of derivative instruments subject to equity contracts risk exposure as of December 31, 2016.
|
(c)
|
The United States federal income tax basis of the Fund’s investments and net unrealized depreciation as of December 31, 2016 were as follows:
|
Tax Basis
|
$
|
122,193,613
|
||
Appreciation
|
7,545,854
|
|||
Depreciation
|
(11,505,372
|
)
|
||
Net Unrealized Depreciation
|
(3,959,518
|
)
|
Real Estate
|
14.2
|
%
|
Consumer Discretionary
|
12.9
|
|
Industrials
|
12.1
|
|
Banking
|
11.0
|
|
Technology Hardware & Equipment
|
8.0
|
|
Utilities
|
6.6
|
|
Insurance
|
6.5
|
|
Information Technology
|
5.0
|
|
Energy
|
4.4
|
|
Consumer Staples
|
3.7
|
|
Real Estate Investment Trusts
|
2.4
|
|
Semiconductors & Semiconductor Equipment
|
2.3
|
|
Financials
|
2.2
|
|
Telecommunication Services
|
2.1
|
|
Others
|
2.0
|
|
Capital Goods
|
1.8
|
|
Materials
|
0.9
|
|
Diversified Financial Services
|
0.8
|
|
Money Market Mutual Fund
|
0.3
|
|
99.2
|
||
Other assets in excess of liabilities
|
0.8
|
|
100.0
|
%
|
Level 1
|
Level 2
|
Level 3
|
||||||||||
Investments in Securities
|
||||||||||||
Mutual Funds
|
||||||||||||
India
|
$
|
2,329,789
|
$
|
—
|
$
|
—
|
||||||
Common Stocks
|
||||||||||||
China (including Hong Kong and Macau SAR)
|
68,250,331
|
—
|
927,422
|
|||||||||
India
|
380,611
|
—
|
—
|
|||||||||
Indonesia
|
3,793,102
|
—
|
—
|
|||||||||
Malaysia
|
2,706,202
|
—
|
—
|
|||||||||
Philippines
|
506,130
|
—
|
—
|
|||||||||
Singapore
|
5,017,345
|
—
|
—
|
|||||||||
South Korea
|
14,038,509
|
—
|
—
|
|||||||||
Taiwan
|
6,098,956
|
—
|
—
|
|||||||||
Thailand
|
—
|
2,498,189
|
—
|
|||||||||
United States
|
621,995
|
—
|
—
|
|||||||||
Preference Stocks
|
||||||||||||
South Korea
|
10,668,385
|
—
|
—
|
|||||||||
Warrants
|
||||||||||||
Malaysia
|
8,971
|
—
|
—
|
|||||||||
Singapore
|
16,396
|
—
|
—
|
|||||||||
Money Market Mutual Fund
|
371,762
|
—
|
—
|
|||||||||
Total
|
$
|
114,808,484
|
$
|
2,498,189
|
$
|
927,422
|
Balance as of 3/31/16
|
$
|
2,225,498
|
||
Realized gain (loss)
|
-
|
|||
Purchases
|
-
|
|||
Sales
|
-
|
|||
Accrued discount (premium)
|
-
|
|||
Transfers into Level 3
|
$
|
927,422
|
||
Transfers out of Level 3
|
(2,225,498
|
) | ||
Balance as of 12/31/2016
|
$
|
927,422
|
Level 3 Securities
|
Fair Value as of
December 31, 2016
|
Valuation
Methodology
|
Unobservable Inputs
|
Intime Retail Group Co. Ltd.
|
$927,422
|
Stale pricing
|
Stale underlying security price
|
(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.
|
(Registrant)
|
The Asia Pacific Fund, Inc.
|
|
By (Signature and Title)*
|
/s/ Hoyt M. Peters
|
|
Hoyt M. Peters
|
||
Secretary
|
By (Signature and Title)*
|
/s/ Raymond Tam
|
|
Raymond Tam
|
||
President and Principal Executive Officer
|
||
Date February 10, 2017
|
||
By (Signature and Title)*
|
/s/ Frank J. Maresca
|
|
Frank J. Maresca
|
||
Treasurer and Principal Financial Officer
|
||
Date February 10, 2017
|
*
|
Print the name and title of each signing officer under his or her signature.
|