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

                                   FORM 13F

                              FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: June 30, 2011

Check here if Amendment [_]; Amendment Number: ______
This Amendment (Check only one):  [_] is a restatement.
                                  [_] adds new holdings entries. Institutional

Institutional Investment Manager Filing this Report:

Name:     Asia Pacific Associates III, Ltd.*
Address:  c/o W.S. Walker & Company
          P.O. Box 265, GT
          Walker House
          Grand Cayman, Cayman Islands

Form 13F File Number: 28-14317

The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:

Name:   Ta-Lin Hsu
Title:  Director
Phone:  (650) 838-8088

 Signature, Place, and Date of Signing:

      /s/ Ta-Lin Hsu        Palo Alto, California        August 12, 2011
 ------------------------  ------------------------  ------------------------
       [Signature]              [City, State]                 [Date]

*  The report on Form 13F for the period ended March 31, 2011 is being filed by
   Asia Pacific Associates III, Ltd., the general partner of Asia Pacific
   Growth Fund III, L.P.

Report Type (Check only one.):

[X]  13F HOLDINGS REPORT.
[_]  13F NOTICE.
[_]  13F COMBINATION REPORT.



                             FORM 13F SUMMARY PAGE

Report Summary:

Number of Other Included Managers:            0
Form 13F Information Table Entry Total:       1
Form 13F Information Table Value Total:    185,342
                                         (thousands)

List of Other Managers Reporting for this Manager:

None.



                          FORM 13F INFORMATION TABLE



COLUMN 1  COLUMN 2 COLUMN 3  COLUMN 4       COLUMN 5       COLUMN 6  COLUMN 7       COLUMN 8
--------  -------- --------- --------- ------------------ ---------- -------- ---------------------
                                                                                VOTING AUTHORITY
NAME OF   TITLE OF             VALUE    SHRS OR  SH/ PUT/ INVESTMENT  OTHER   ---------------------
ISSUER     CLASS    CUSIP    (x$1,000)  PRN AMT  PRN CALL DISCRETION MANAGER    SOLE    SHARED NONE
-------   -------- --------- --------- --------- --- ---- ---------- -------- --------- ------ ----
                                                              

FABRINET   COMMON  G3323L100  185,342  9,193,564 SH        DEFINED            9,157,063