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)

 

Arthur Lev
522 Fifth Avenue, New York, New York 10036

(Name and address of agent for service)

 

Registrant’s telephone number, including area code:

201-830-8894

 

 

Date of fiscal year end:

December 31, 2012

 

 

Date of reporting period:

March 31, 2012

 

 



 

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:

 



 

Morgan Stanley Asia-Pacific Fund, Inc.

Portfolio of Investments

First Quarter Report

March 31, 2012 (unaudited)

 

 

 

Shares

 

Value
(000)

 

Common Stocks (95.0%)

 

 

 

 

 

 

 

 

 

 

 

Australia (9.5%)

 

 

 

 

 

 

 

 

 

 

 

Airlines

 

 

 

 

 

Qantas Airways Ltd. (a) 

 

1,311,783

 

$

2,426

 

 

 

 

 

 

 

 

Commercial Banks

 

 

 

 

 

Australia & New Zealand Banking Group Ltd.

 

240,069

 

5,784

 

Commonwealth Bank of Australia

 

111,328

 

5,778

 

 

 

 

 

11,562

 

Construction & Engineering

 

 

 

 

 

UGL Ltd.

 

211,100

 

2,887

 

 

 

 

 

 

 

Energy Equipment & Services

 

 

 

 

 

WorleyParsons Ltd.

 

84,649

 

2,510

 

 

 

 

 

 

 

Food & Staples Retailing

 

 

 

 

 

Wesfarmers Ltd.

 

65,123

 

2,025

 

 

 

 

 

 

 

Insurance

 

 

 

 

 

AMP Ltd.

 

686,835

 

3,073

 

Suncorp Group Ltd.

 

356,377

 

3,101

 

 

 

 

 

6,174

 

Media

 

 

 

 

 

Ten Network Holdings Ltd.

 

894,906

 

746

 

 

 

 

 

 

 

Metals & Mining

 

 

 

 

 

BHP Billiton Ltd.

 

114,146

 

4,092

 

 

 

 

 

32,422

 

China (10.5%)

 

 

 

 

 

 

 

 

 

 

 

Beverages

 

 

 

 

 

Tsingtao Brewery Co., Ltd. H Shares (b) 

 

98,000

 

529

 

 

 

 

 

 

 

Commercial Banks

 

 

 

 

 

China Construction Bank Corp. H Shares (b) 

 

6,065,560

 

4,687

 

 

 

 

 

 

 

Diversified Telecommunication Services

 

 

 

 

 

China Telecom Corp., Ltd. H Shares (b) 

 

6,094,000

 

3,374

 

 

 

 

 

 

 

Food & Staples Retailing

 

 

 

 

 

China Resources Enterprise Ltd. (b) 

 

312,000

 

1,089

 

 

 

 

 

 

 

Food Products

 

 

 

 

 

China Mengniu Dairy Co., Ltd. (b) 

 

655,000

 

1,919

 

 

 

 

 

 

 

Health Care Providers & Services

 

 

 

 

 

Shanghai Pharmaceuticals Holding Co., Ltd. H Shares (a)(b) 

 

690,200

 

1,106

 

 

 

 

 

 

 

Independent Power Producers & Energy Traders

 

 

 

 

 

China Resources Power Holdings Co., Ltd. (b) 

 

1,027,400

 

1,902

 

 

 

 

 

 

 

Insurance

 

 

 

 

 

AIA Group Ltd. (b) 

 

589,600

 

2,160

 

China Pacific Insurance Group Co., Ltd. H Shares (b) 

 

829,800

 

2,570

 

 



 

 

 

Shares

 

Value
(000)

 

Ping An Insurance Group Co. H Shares (b) 

 

355,500

 

$

2,687

 

 

 

 

 

7,417

 

Internet Software & Services

 

 

 

 

 

Baidu, Inc. ADR (a) 

 

13,200

 

1,924

 

Tencent Holdings Ltd. (b) 

 

99,000

 

2,762

 

 

 

 

 

4,686

 

Oil, Gas & Consumable Fuels

 

 

 

 

 

PetroChina Co., Ltd. H Shares (b) 

 

1,400,000

 

1,979

 

 

 

 

 

 

 

Personal Products

 

 

 

 

 

Hengan International Group Co., Ltd. (b) 

 

133,500

 

1,350

 

 

 

 

 

 

 

Specialty Retail

 

 

 

 

 

Belle International Holdings Ltd. (b) 

 

1,386,000

 

2,488

 

China ZhengTong Auto Services Holdings Ltd. (a)(b) 

 

1,011,000

 

1,013

 

Chow Tai Fook Jewellery Group Ltd. (a)(b) 

 

887,800

 

1,406

 

 

 

 

 

4,907

 

Textiles, Apparel & Luxury Goods

 

 

 

 

 

Trinity Ltd. (b) 

 

1,212,000

 

997

 

 

 

 

 

35,942

 

Hong Kong (3.4%)

 

 

 

 

 

 

 

 

 

 

 

Airlines

 

 

 

 

 

Cathay Pacific Airways Ltd.

 

376,000

 

696

 

 

 

 

 

 

 

Commercial Banks

 

 

 

 

 

BOC Hong Kong Holdings Ltd.

 

406,000

 

1,121

 

 

 

 

 

 

 

Diversified Financial Services

 

 

 

 

 

Hong Kong Exchanges and Clearing Ltd.

 

48,000

 

807

 

 

 

 

 

 

 

Industrial Conglomerates

 

 

 

 

 

Hutchison Whampoa Ltd.

 

241,000

 

2,408

 

 

 

 

 

 

 

Real Estate Management & Development

 

 

 

 

 

Cheung Kong Holdings Ltd.

 

87,000

 

1,124

 

Hongkong Land Holdings Ltd.

 

250,000

 

1,452

 

Kerry Properties Ltd.

 

34,500

 

155

 

Wharf Holdings Ltd.

 

522,805

 

2,841

 

 

 

 

 

5,572

 

Textiles, Apparel & Luxury Goods

 

 

 

 

 

Samsonite International SA (a) 

 

435,900

 

793

 

 

 

 

 

 

 

Wireless Telecommunication Services

 

 

 

 

 

SmarTone Telecommunications Holdings Ltd.

 

31,500

 

65

 

 

 

 

 

11,462

 

 



 

 

 

Shares

 

Value
(000)

 

India (1.5%)

 

 

 

 

 

 

 

 

 

 

 

Automobiles

 

 

 

 

 

Tata Motors Ltd.

 

176,164

 

$

952

 

 

 

 

 

 

 

 

Commercial Banks

 

 

 

 

 

IndusInd Bank Ltd.

 

381,591

 

2,451

 

 

 

 

 

 

 

Tobacco

 

 

 

 

 

ITC Ltd.

 

353,019

 

1,572

 

 

 

 

 

4,975

 

Indonesia (6.0%)

 

 

 

 

 

 

 

 

 

 

 

Automobiles

 

 

 

 

 

Astra International Tbk PT

 

361,000

 

2,920

 

 

 

 

 

 

 

Commercial Banks

 

 

 

 

 

Bank Central Asia Tbk PT

 

1,562,500

 

1,367

 

Bank Mandiri Tbk PT

 

2,877,000

 

2,155

 

Bank Tabungan Negara Tbk PT

 

13,665,500

 

1,794

 

 

 

 

 

5,316

 

Diversified Telecommunication Services

 

 

 

 

 

Telekomunikasi Indonesia Tbk PT

 

1,481,500

 

1,134

 

 

 

 

 

 

 

Food Products

 

 

 

 

 

Indofood Agri Resources Ltd. (a) 

 

1,108,000

 

1,371

 

Indofood Sukses Makmur Tbk PT

 

1,852,500

 

982

 

 

 

 

 

2,353

 

Oil, Gas & Consumable Fuels

 

 

 

 

 

Delta Dunia Makmur Tbk PT (a) 

 

8,019,500

 

535

 

 

 

 

 

 

 

Pharmaceuticals

 

 

 

 

 

Kalbe Farma Tbk PT

 

3,620,000

 

1,405

 

 

 

 

 

 

 

Real Estate Management & Development

 

 

 

 

 

Bumi Serpong Damai PT

 

21,154,500

 

2,984

 

Lippo Karawaci Tbk PT

 

23,416,500

 

2,049

 

 

 

 

 

5,033

 

Wireless Telecommunication Services

 

 

 

 

 

Indosat Tbk PT

 

3,482,500

 

1,923

 

 

 

 

 

20,619

 

Japan (38.3%)

 

 

 

 

 

 

 

 

 

 

 

Airlines

 

 

 

 

 

All Nippon Airways Co., Ltd.

 

219,000

 

661

 

 

 

 

 

 

 

Auto Components

 

 

 

 

 

Toyota Industries Corp.

 

86,300

 

2,602

 

 

 

 

 

 

 

Automobiles

 

 

 

 

 

Nissan Motor Co., Ltd.

 

438,200

 

4,664

 

Suzuki Motor Corp.

 

27,900

 

666

 

 



 

 

 

Shares

 

Value
(000)

 

Toyota Motor Corp.

 

176,400

 

$

7,609

 

Yamaha Motor Co., Ltd.

 

391,800

 

5,250

 

 

 

 

 

18,189

 

Building Products

 

 

 

 

 

Asahi Glass Co., Ltd.

 

430,000

 

3,647

 

Daikin Industries Ltd.

 

104,300

 

2,839

 

 

 

 

 

6,486

 

Capital Markets

 

 

 

 

 

Daiwa Securities Group, Inc.

 

1,425,000

 

5,630

 

Nomura Holdings, Inc.

 

1,270,300

 

5,617

 

 

 

 

 

11,247

 

Chemicals

 

 

 

 

 

Teijin Ltd.

 

191,000

 

642

 

 

 

 

 

 

 

Commercial Banks

 

 

 

 

 

Sumitomo Mitsui Financial Group, Inc.

 

175,600

 

5,777

 

Sumitomo Mitsui Trust Holdings, Inc.

 

1,821,000

 

5,808

 

Tokyo Tomin Bank Ltd. (The)

 

342,700

 

4,132

 

Yachiyo Bank Ltd. (The)

 

113,000

 

2,777

 

 

 

 

 

18,494

 

Computers & Peripherals

 

 

 

 

 

Toshiba Corp.

 

575,000

 

2,529

 

 

 

 

 

 

 

Consumer Finance

 

 

 

 

 

Jaccs Co., Ltd.

 

603,000

 

2,149

 

 

 

 

 

 

 

Diversified Financial Services

 

 

 

 

 

Fuyo General Lease Co., Ltd.

 

85,200

 

3,022

 

 

 

 

 

 

 

Electrical Equipment

 

 

 

 

 

Furukawa Electric Co., Ltd.

 

484,000

 

1,286

 

 

 

 

 

 

 

Electronic Equipment, Instruments & Components

 

 

 

 

 

Hitachi Ltd.

 

398,000

 

2,554

 

TDK Corp.

 

25,400

 

1,439

 

 

 

 

 

3,993

 

Insurance

 

 

 

 

 

Dai-ichi Life Insurance Co., Ltd. (The)

 

2,999

 

4,142

 

T&D Holdings, Inc.

 

515,200

 

5,969

 

 

 

 

 

10,111

 

Machinery

 

 

 

 

 

Amada Co., Ltd.

 

159,000

 

1,072

 

Asahi Diamond Industrial Co., Ltd.

 

244,300

 

2,863

 

Sumitomo Heavy Industries Ltd.

 

475,000

 

2,640

 

THK Co., Ltd.

 

46,400

 

943

 

 

 

 

 

7,518

 

 



 

 

 

Shares

 

Value
(000)

 

Marine

 

 

 

 

 

Mitsui OSK Lines Ltd.

 

1,360,000

 

$

5,915

 

Nippon Yusen KK

 

1,161,000

 

3,647

 

 

 

 

 

9,562

 

Media

 

 

 

 

 

Fuji Media Holdings, Inc.

 

450

 

774

 

TV Asahi Corp.

 

852

 

1,388

 

 

 

 

 

2,162

 

Metals & Mining

 

 

 

 

 

Mitsubishi Materials Corp.

 

417,000

 

1,320

 

Mitsui Mining & Smelting Co., Ltd.

 

832,000

 

2,342

 

Nippon Steel Corp.

 

1,293,000

 

3,546

 

 

 

 

 

7,208

 

Multiline Retail

 

 

 

 

 

Takashimaya Co., Ltd.

 

133,000

 

1,104

 

 

 

 

 

 

 

Real Estate Management & Development

 

 

 

 

 

Mitsubishi Estate Co., Ltd.

 

240,000

 

4,280

 

Mitsui Fudosan Co., Ltd.

 

243,000

 

4,647

 

 

 

 

 

8,927

 

Road & Rail

 

 

 

 

 

East Japan Railway Co.

 

10,400

 

655

 

 

 

 

 

 

 

Semiconductors & Semiconductor Equipment

 

 

 

 

 

Disco Corp.

 

48,300

 

2,670

 

Tokyo Electron Ltd.

 

74,100

 

4,239

 

 

 

 

 

6,909

 

Specialty Retail

 

 

 

 

 

K’s Holdings Corp.

 

158,800

 

5,119

 

 

 

 

 

130,575

 

Korea, Republic of (11.3%)

 

 

 

 

 

 

 

 

 

 

 

Aerospace & Defense

 

 

 

 

 

Korea Aerospace Industries Ltd.

 

27,430

 

703

 

 

 

 

 

 

 

Airlines

 

 

 

 

 

Korean Air Lines Co., Ltd. (a) 

 

15,913

 

702

 

 

 

 

 

 

 

Auto Components

 

 

 

 

 

Mando Corp.

 

2,978

 

438

 

 

 

 

 

 

 

Automobiles

 

 

 

 

 

Hyundai Motor Co.

 

15,939

 

3,278

 

Kolao Holdings

 

82,190

 

783

 

 

 

 

 

4,061

 

Chemicals

 

 

 

 

 

Cheil Industries, Inc.

 

1,462

 

124

 

 



 

 

 

Shares

 

Value
(000)

 

Kumho Petro Chemical Co., Ltd.

 

6,673

 

$

836

 

LG Chem Ltd.

 

3,859

 

1,260

 

SSCP Co., Ltd. (a) 

 

29,257

 

125

 

 

 

 

 

2,345

 

Commercial Banks

 

 

 

 

 

KB Financial Group, Inc.

 

30,525

 

1,114

 

Shinhan Financial Group Co., Ltd.

 

44,746

 

1,728

 

 

 

 

 

2,842

 

Construction & Engineering

 

 

 

 

 

Hyundai Engineering & Construction Co., Ltd.

 

29,679

 

2,116

 

 

 

 

 

 

 

Distributors

 

 

 

 

 

GS Retail Co., Ltd.

 

17,730

 

368

 

 

 

 

 

 

 

Food & Staples Retailing

 

 

 

 

 

E-Mart Co., Ltd.

 

816

 

180

 

 

 

 

 

 

 

Household Durables

 

 

 

 

 

Woongjin Coway Co., Ltd.

 

42,260

 

1,402

 

 

 

 

 

 

 

Information Technology Services

 

 

 

 

 

SK C&C Co., Ltd.

 

14,637

 

1,447

 

 

 

 

 

 

 

Insurance

 

 

 

 

 

Samsung Fire & Marine Insurance Co., Ltd.

 

555

 

105

 

 

 

 

 

 

 

Internet Software & Services

 

 

 

 

 

NHN Corp.

 

689

 

158

 

 

 

 

 

 

 

Machinery

 

 

 

 

 

Hyundai Heavy Industries Co., Ltd.

 

6,074

 

1,724

 

Samsung Heavy Industries Co., Ltd.

 

4,630

 

154

 

 

 

 

 

1,878

 

Media

 

 

 

 

 

Cheil Worldwide, Inc.

 

49,400

 

789

 

YG Entertainment, Inc. (a) 

 

7,650

 

302

 

 

 

 

 

1,091

 

Metals & Mining

 

 

 

 

 

Hyundai Steel Co.

 

10,619

 

956

 

POSCO

 

1,806

 

606

 

 

 

 

 

1,562

 

Oil, Gas & Consumable Fuels

 

 

 

 

 

GS Holdings

 

24,608

 

1,409

 

SK Innovation Co., Ltd.

 

1,718

 

251

 

 

 

 

 

1,660

 

Semiconductors & Semiconductor Equipment

 

 

 

 

 

Hynix Semiconductor, Inc. (a) 

 

22,530

 

582

 

Samsung Electronics Co., Ltd.

 

8,404

 

9,457

 

 



 

 

 

Shares

 

Value
(000)

 

Samsung Electronics Co., Ltd. (Preference)

 

3,313

 

$

2,324

 

 

 

 

 

12,363

 

Software

 

 

 

 

 

NCSoft Corp.

 

3,140

 

830

 

Nexon Co., Ltd. (a) 

 

127,000

 

2,213

 

 

 

 

 

3,043

 

 

 

 

 

38,464

 

Malaysia (1.4%)

 

 

 

 

 

 

 

 

 

 

 

Commercial Banks

 

 

 

 

 

CIMB Group Holdings Bhd

 

476,300

 

1,196

 

 

 

 

 

 

 

Construction & Engineering

 

 

 

 

 

IJM Corp. Bhd

 

307,500

 

565

 

 

 

 

 

 

 

Diversified Financial Services

 

 

 

 

 

AMMB Holdings Bhd

 

548,200

 

1,129

 

 

 

 

 

 

 

Health Care Equipment & Supplies

 

 

 

 

 

Top Glove Corp. Bhd

 

622,500

 

914

 

 

 

 

 

 

 

Industrial Conglomerates

 

 

 

 

 

Sime Darby Bhd

 

196,500

 

625

 

 

 

 

 

 

 

Real Estate Management & Development

 

 

 

 

 

UEM Land Holdings Bhd (a) 

 

644,500

 

471

 

 

 

 

 

4,900

 

Philippines (3.1%)

 

 

 

 

 

 

 

 

 

 

 

Airlines

 

 

 

 

 

Cebu Air, Inc.

 

504,530

 

789

 

 

 

 

 

 

 

Commercial Banks

 

 

 

 

 

Metropolitan Bank & Trust

 

1,700,380

 

3,460

 

 

 

 

 

 

 

Diversified Financial Services

 

 

 

 

 

Ayala Corp.

 

217,076

 

2,056

 

Metro Pacific Investments Corp.

 

32,570,000

 

3,140

 

 

 

 

 

5,196

 

Food & Staples Retailing

 

 

 

 

 

Puregold Price Club, Inc. (a) 

 

2,101,200

 

998

 

 

 

 

 

 

 

Transportation Infrastructure

 

 

 

 

 

International Container Terminal Services, Inc.

 

35,500

 

54

 

 

 

 

 

10,497

 

Singapore (1.5%)

 

 

 

 

 

 

 

 

 

 

 

Commercial Banks

 

 

 

 

 

DBS Group Holdings Ltd.

 

141,000

 

1,591

 

 



 

 

 

Shares

 

Value
(000)

 

Food & Staples Retailing

 

 

 

 

 

Olam International Ltd.

 

793,318

 

$

1,489

 

 

 

 

 

 

 

 

Industrial Conglomerates

 

 

 

 

 

Keppel Corp., Ltd.

 

111,100

 

971

 

 

 

 

 

 

 

Real Estate Management & Development

 

 

 

 

 

CapitaLand Ltd.

 

489,000

 

1,214

 

 

 

 

 

5,265

 

Taiwan (6.6%)

 

 

 

 

 

 

 

 

 

 

 

Capital Markets

 

 

 

 

 

 

 

 

 

 

 

Yuanta Financial Holding Co., Ltd. (a) 

 

1,074,564

 

559

 

Chemicals

 

 

 

 

 

Formosa Plastics Corp.

 

184,000

 

542

 

Taiwan Fertilizer Co., Ltd.

 

209,000

 

541

 

 

 

 

 

1,083

 

Communications Equipment

 

 

 

 

 

HTC Corp.

 

68,851

 

1,393

 

 

 

 

 

 

 

Computers & Peripherals

 

 

 

 

 

Asustek Computer, Inc.

 

158,280

 

1,494

 

Catcher Technology Co., Ltd.

 

140,000

 

989

 

Foxconn Technology Co., Ltd.

 

2,000

 

8

 

 

 

 

 

2,491

 

Construction & Engineering

 

 

 

 

 

Lung Yen Life Service Corp.

 

214,000

 

682

 

 

 

 

 

 

 

Construction Materials

 

 

 

 

 

Taiwan Cement Corp.

 

970,000

 

1,135

 

 

 

 

 

 

 

Diversified Financial Services

 

 

 

 

 

Chailease Holding Co., Ltd. (a) 

 

258,000

 

370

 

Fubon Financial Holding Co., Ltd.

 

1,313,625

 

1,480

 

 

 

 

 

1,850

 

Electronic Equipment, Instruments & Components

 

 

 

 

 

Hon Hai Precision Industry Co., Ltd.

 

1,461,419

 

5,670

 

 

 

 

 

 

 

Food Products

 

 

 

 

 

Uni-President Enterprises Corp.

 

2,445,906

 

3,385

 

 

 

 

 

 

 

Semiconductors & Semiconductor Equipment

 

 

 

 

 

MStar Semiconductor, Inc.

 

175,000

 

1,070

 

Taiwan Semiconductor Manufacturing Co., Ltd.

 

1,156,592

 

3,327

 

 

 

 

 

4,397

 

 

 

 

 

22,645

 

 



 

 

 

Shares

 

Value
(000)

 

Thailand (1.6%)

 

 

 

 

 

 

 

 

 

 

 

Airlines

 

 

 

 

 

Thai Airways International PCL

 

1,320,100

 

$

1,102

 

Thai Airways International PCL NVDR

 

321,900

 

268

 

 

 

 

 

1,370

 

Commercial Banks

 

 

 

 

 

Kasikornbank PCL NVDR

 

257,000

 

1,283

 

 

 

 

 

 

 

Construction Materials

 

 

 

 

 

Siam Cement PCL NVDR

 

95,300

 

1,097

 

 

 

 

 

 

 

Oil, Gas & Consumable Fuels

 

 

 

 

 

Banpu PCL

 

27,650

 

547

 

 

 

 

 

 

 

Real Estate Management & Development

 

 

 

 

 

Land and Houses PCL

 

5,249,500

 

1,174

 

 

 

 

 

5,471

 

United States (0.3%)

 

 

 

 

 

 

 

 

 

 

 

Distributors

 

 

 

 

 

Li & Fung Ltd. (b) 

 

398,000

 

913

 

Total Common Stocks (Cost $297,958)

 

 

 

324,150

 

 

 

 

 

 

 

Investment Company (1.6%)

 

 

 

 

 

 

 

 

 

 

 

India (1.6%)

 

 

 

 

 

 

 

 

 

 

 

Diversified Financial Services

 

 

 

 

 

Morgan Stanley Growth Fund (a)(c)  (Cost $890)

 

4,967,183

 

5,488

 

 

 

 

 

 

 

Participation Notes (0.4%)

 

 

 

 

 

 

 

 

 

 

 

China (0.4%)

 

 

 

 

 

 

 

 

 

 

 

Software

 

 

 

 

 

UBS AG, UFIDA Software Co., Ltd., Class A, Equity Linked Notes, Zero Coupon, 9/30/13 (Cost $1,880)

 

50,497

 

1,506

 

 

 

 

 

 

 

Short-Term Investment (3.0%)

 

 

 

 

 

Investment Company (3.0%)

 

 

 

 

 

Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio - Institutional Class (d)  (Cost $10,221)

 

10,220,897

 

10,221

 

Total Investments (100.0%) (Cost $310,949) +

 

 

 

341,365

 

Liabilities in Excess of Other Assets (0.0) (e)

 

 

 

(114

)

Net Assets (100.0%)

 

 

 

$

341,251

 

 


(a)                                   Non-income producing security.

(b)                                  Security trades on the Hong Kong exchange.

 



 

(c)                                   For the three months ended March 31, 2012, there were no transactions in Morgan Stanley Growth Fund, Investment Company, and its affiliated broker/dealers, which may be deemed to be affiliates of the Adviser, Administrator and Distributor under the Investment Company Act of 1940.

(d)                                  The Fund invests in the Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio - Institutional Class (the “Liquidity Funds”), an open-end management investment company managed by the 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 Funds with respect to assets invested by the Fund in the Liquidity Funds.

+                                          At March 31, 2012, the U.S. Federal income tax cost basis of investments was approximately $310,949,000 and, accordingly, net unrealized appreciation for U.S. Federal income tax purposes was approximately $30,416,000 of which approximately $47,517,000 related to appreciated securities and approximately $17,101,000 related to depreciated securities.

(e)                                   Amount is less than 0.05%.

ADR                      American Depositary Receipt.

NVDR               Non-Voting Depositary Receipt.

 



 

Foreign Currency Exchange Contracts Information:

 

The Fund had the following foreign currency exchange contracts open at period end:

 

Counterparty

 

Currency
to
Deliver
(000)

 

Value
(000)

 

Settlement
Date

 

In
Exchange
For
(000)

 

Value
(000)

 

Unrealized
Appreciation
(Depreciation)
(000)

 

State Street Bank Hong Kong

 

JPY

 

152,409

 

$

1,842

 

4/19/12

 

USD

 

1,822

 

$

1,822

 

$

(20

)

 


JPY  -  Japenese Yen

USD - United States Dollar

 



 

Fair Value Measurement Information:

 

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2012. (See Notes to the Portfolio of Investments for further information regarding fair value measurement.)

 

Investment Type

 

Level 1
Unadjusted
quoted
prices
(000)

 

Level 2
Other
significant
observable
inputs
(000)

 

Level 3
Significant
unobservable
inputs
(000)

 

Total
(000)

 

Assets:

 

 

 

 

 

 

 

 

 

Common Stocks

 

 

 

 

 

 

 

 

 

Aerospace & Defense

 

$

703

 

$

 

$

 

$

703

 

Airlines

 

5,542

 

1,102

 

 

6,644

 

Auto Components

 

3,040

 

 

 

3,040

 

Automobiles

 

26,122

 

 

 

26,122

 

Beverages

 

529

 

 

 

529

 

Building Products

 

6,486

 

 

 

6,486

 

Capital Markets

 

11,806

 

 

 

11,806

 

Chemicals

 

4,070

 

 

 

4,070

 

Commercial Banks

 

51,552

 

2,451

 

 

54,003

 

Communications Equipment

 

1,393

 

 

 

1,393

 

Computers & Peripherals

 

5,020

 

 

 

5,020

 

Construction & Engineering

 

6,250

 

 

 

6,250

 

Construction Materials

 

2,232

 

 

 

2,232

 

Consumer Finance

 

2,149

 

 

 

2,149

 

Distributors

 

1,281

 

 

 

1,281

 

Diversified Financial Services

 

12,004

 

 

 

12,004

 

Diversified Telecommunication Services

 

4,508

 

 

 

4,508

 

Electrical Equipment

 

1,286

 

 

 

1,286

 

Electronic Equipment, Instruments & Components

 

9,663

 

 

 

9,663

 

Energy Equipment & Services

 

2,510

 

 

 

2,510

 

Food & Staples Retailing

 

5,781

 

 

 

5,781

 

Food Products

 

7,657

 

 

 

7,657

 

Health Care Equipment & Supplies

 

914

 

 

 

914

 

Health Care Providers & Services

 

1,106

 

 

 

1,106

 

Household Durables

 

1,402

 

 

 

1,402

 

Independent Power Producers & Energy Traders

 

1,902

 

 

 

1,902

 

Industrial Conglomerates

 

4,004

 

 

 

4,004

 

Information Technology Services

 

1,447

 

 

 

1,447

 

Insurance

 

23,807

 

 

 

23,807

 

Internet Software & Services

 

4,844

 

 

 

4,844

 

Machinery

 

9,396

 

 

 

9,396

 

Marine

 

9,562

 

 

 

9,562

 

Media

 

3,999

 

 

 

3,999

 

Metals & Mining

 

12,862

 

 

 

12,862

 

Multiline Retail

 

1,104

 

 

 

1,104

 

Oil, Gas & Consumable Fuels

 

4,721

 

 

 

4,721

 

Personal Products

 

1,350

 

 

 

1,350

 

Pharmaceuticals

 

1,405

 

 

 

1,405

 

Real Estate Management & Development

 

22,391

 

 

 

22,391

 

Road & Rail

 

655

 

 

 

655

 

Semiconductors & Semiconductor Equipment

 

23,669

 

 

 

23,669

 

Software

 

3,043

 

 

 

3,043

 

Specialty Retail

 

10,026

 

 

 

10,026

 

Textiles, Apparel & Luxury Goods

 

1,790

 

 

 

1,790

 

Tobacco

 

1,572

 

 

 

1,572

 

Transportation Infrastructure

 

54

 

 

 

54

 

Wireless Telecommunication Services

 

1,988

 

 

 

1,988

 

 



 

Total Common Stocks

 

320,597

 

3,553

 

 

324,150

 

Investment Company

 

5,488

 

 

 

5,488

 

Participation Notes

 

 

1,506

 

 

1,506

 

Short-Term Investment - Investment Company

 

10,221

 

 

 

10,221

 

Total Assets

 

336,306

 

5,059

 

 

341,365

 

Liabilities:

 

 

 

 

 

 

 

 

 

Foreign Currency Exchange Contracts

 

 

(20

)

 

(20

)

Total

 

$

336,306

 

$

5,039

 

$

 

$

341,345

 

 

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. The Fund recognizes transfers between the levels as of the end of the period. As of March 31, 2012, securities with a total value of approximately $1,102,000 transferred from Level 1 to Level 2. Securities which were valued using unadjusted quoted prices at December 31, 2011 were valued using other significant observable inputs at March 31, 2012.

 



 

Morgan Stanley Asia-Pacific Fund, Inc.

 

Notes to the Portfolio of Investments · March 31, 2012 (unaudited)

 

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 ask prices. 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”) determines such valuation does not reflect the securities’ fair value, in which case these securities will be valued at their fair value as determined in good faith under procedures adopted 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.

 

Fair Value Measurement: Financial Accounting Standards Board (“FASB”) Accounting Standards Codification TM  (“ASC”) 820, “Fair Value Measurements and Disclosure” (“ASC 820”), defines fair value as the value 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 – unadjusted 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.  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

 



 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.

 



 

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.

 

Morgan Stanley Asia-Pacific Fund, Inc.

 

/s/ Arthur Lev

 

Arthur Lev

Principal Executive Officer

May 22, 2012

 

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/ Arthur Lev

 

Arthur Lev

 

Principal Executive Officer

 

May 22, 2012

 

 

 

/s/ Francis Smith

 

Francis Smith

 

Principal Financial Officer

 

May 22, 2012

 

 


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