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| Name | Symbol | Market | Type |
|---|---|---|---|
| Matthews Asian Growth And Income Fund Investor Class (MM) | NASDAQ:MACSX | NASDAQ | Fund |
| Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0 | - |
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 |
811-08510 |
|
|
Matthews International Funds |
|
(Exact name of registrant as specified in charter) |
|
Four Embarcadero Center, Suite 550 |
||
|
|
San Francisco , CA 94111 |
|
|
(Address of principal executive offices) (Zip code) |
||
|
William J. Hackett, President |
||
|
Four Embarcadero Center, Suite 550 |
||
|
|
San Francisco , CA 94111 |
|
|
(Name and address of agent for service) |
||
|
|
Registrant’s telephone number, including area code: |
415-788-7553 |
|
|
|
Date of fiscal year end: |
December 31 |
|
|
|
|
Date of reporting period: |
March 31, 2013 |
|
|
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Schedule of Investments.
The Schedule(s) of Investments is attached herewith.
|
Matthews Asia Strategic Income Fund |
|
March 28, 2013 |
|
Schedule of Investments(a) (unaudited) |
|
|
|
|
|
Face Amount * |
|
Value |
|
||
|
CORPORATE BONDS: (continued) |
|
|
|
|
|
||
|
PHILIPPINES: 5.1% |
|
|
|
|
|
||
|
International Container Terminal Services, Inc. |
|
|
|
|
|
||
|
7.375%, 03/17/20 |
|
1,000,000 |
|
$ |
1,189,710 |
|
|
|
Alliance Global Group, Inc. |
|
|
|
|
|
||
|
6.500%, 08/18/17 |
|
1,050,000 |
|
1,151,000 |
|
||
|
SM Investments Corp. |
|
|
|
|
|
||
|
5.500%, 10/13/17 |
|
500,000 |
|
531,150 |
|
||
|
Total Philippines |
|
|
|
2,871,860 |
|
||
|
|
|
|
|
|
|
||
|
INDONESIA: 4.9% |
|
|
|
|
|
||
|
Theta Capital Pte., Ltd. |
|
|
|
|
|
||
|
7.000%, 05/16/19 |
|
1,000,000 |
|
1,080,250 |
|
||
|
TBG Global Pte, Ltd. |
|
|
|
|
|
||
|
4.625%, 04/03/18(b) |
|
1,000,000 |
|
1,002,500 |
|
||
|
Alam Synergy Pte, Ltd. |
|
|
|
|
|
||
|
6.950%, 03/27/20(b) |
|
700,000 |
|
710,500 |
|
||
|
Total Indonesia |
|
|
|
2,793,250 |
|
||
|
|
|
|
|
|
|
||
|
MALAYSIA: 3.1% |
|
|
|
|
|
||
|
Malayan Banking BHD |
|
|
|
|
|
||
|
3.250%(c), 09/20/22 |
|
1,000,000 |
|
1,008,772 |
|
||
|
Axiata SPV1 Labuan, Ltd. |
|
|
|
|
|
||
|
5.375%, 04/28/20 |
|
650,000 |
|
737,199 |
|
||
|
Total Malaysia |
|
|
|
1,745,971 |
|
||
|
|
|
|
|
|
|
||
|
UNITED KINGDOM: 2.9% |
|
|
|
|
|
||
|
Jaguar Land Rover Automotive PLC |
|
|
|
|
|
||
|
7.750%, 05/15/18(b) |
|
500,000 |
|
546,250 |
|
||
|
Jaguar Land Rover PLC, Reg S |
|
|
|
|
|
||
|
7.750%, 05/15/18 |
|
500,000 |
|
546,250 |
|
||
|
Jaguar Land Rover Automotive PLC |
|
|
|
|
|
||
|
5.625%, 02/01/23(b) |
|
500,000 |
|
519,375 |
|
||
|
Total United Kingdom |
|
|
|
1,611,875 |
|
||
|
|
|
|
|
|
|
||
|
THAILAND: 1.7% |
|
|
|
|
|
||
|
Bangkok Bank Public Co., Ltd. |
|
|
|
|
|
||
|
9.025%, 03/15/29 |
|
500,000 |
|
687,500 |
|
||
|
PTTEP Canada International Finance, Ltd. |
|
|
|
|
|
||
|
5.692%, 04/05/21(b) |
|
250,000 |
|
287,784 |
|
||
|
Total Thailand |
|
|
|
975,284 |
|
||
|
|
|
|
|
|
|
||
|
JAPAN: 0.4% |
|
|
|
|
|
||
|
ORIX Corp. 4.000%, 11/29/14 |
|
CNY |
1,500,000 |
|
244,031 |
|
|
|
Total Japan |
|
|
|
244,031 |
|
||
|
TOTAL CORPORATE BONDS (Cost $33,274,506) |
|
|
|
34,100,930 |
|
||
|
|
|
Shares |
|
|
|
|
|
COMMON EQUITIES: 9.2% |
|
|
|
|
|
|
|
THAILAND: 2.3% |
|
|
|
|
|
|
|
Advanced Info Service Public Co., Ltd. |
|
60,000 |
|
484,738 |
|
|
|
Kasikornbank Public Co., Ltd. |
|
60,000 |
|
427,578 |
|
|
|
PTT Exploration & Production Public Co., Ltd. |
|
75,000 |
|
381,748 |
|
|
|
Total Thailand |
|
|
|
1,294,064 |
|
|
|
|
|
|
|
|
|
|
|
SINGAPORE: 2.0% |
|
|
|
|
|
|
|
StarHub, Ltd. |
|
140,000 |
|
492,156 |
|
|
|
Ascendas REIT |
|
170,000 |
|
357,219 |
|
|
|
Mapletree Logistics Trust, REIT |
|
320,000 |
|
313,699 |
|
|
|
Total Singapore |
|
|
|
1,163,074 |
|
|
|
|
|
|
|
|
|
|
|
CHINA/HONG KONG: 1.5% |
|
|
|
|
|
|
|
HSBC Holdings PLC |
|
40,000 |
|
429,591 |
|
|
|
Kunlun Energy Co., Ltd. |
|
200,000 |
|
426,102 |
|
|
|
Total China/Hong Kong |
|
|
|
855,693 |
|
|
|
|
|
|
|
|
|
|
|
PHILIPPINES: 1.0% |
|
|
|
|
|
|
|
Alliance Global Group, Inc. |
|
1,060,000 |
|
549,579 |
|
|
|
Total Philippines |
|
|
|
549,579 |
|
|
|
|
|
|
|
|
|
|
|
JAPAN: 0.9% |
|
|
|
|
|
|
|
GLP J-REIT |
|
480 |
|
515,515 |
|
|
|
Total Japan |
|
|
|
515,515 |
|
|
|
|
|
|
|
|
|
|
|
MALAYSIA: 0.8% |
|
|
|
|
|
|
|
Axiata Group BHD |
|
200,000 |
|
428,055 |
|
|
|
Total Malaysia |
|
|
|
428,055 |
|
|
|
|
|
|
|
|
|
|
|
AUSTRALIA: 0.7% |
|
|
|
|
|
|
|
Telstra Corp., Ltd. |
|
80,000 |
|
376,167 |
|
|
|
Total Australia |
|
|
|
376,167 |
|
|
|
TOTAL COMMON EQUITIES (Cost $4,233,246) |
|
|
|
5,182,147 |
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS: 100.0% (Cost $54,304,619(d)) |
|
|
|
56,558,712 |
|
|
|
|
|
|
|
|
|
|
|
CASH AND OTHER ASSETS, LESS LIABILITIES : 0.0% |
|
|
|
26,178 |
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS: 100.0% |
|
|
|
$ |
56,584,890 |
|
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS:
|
|
Currency
|
|
Currency
|
|
Counterparty |
|
Settlement
|
|
Unrealized
|
|
||||
|
LONG |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CNY |
1,259,800 |
|
USD |
|
200,000 |
|
Deutsche Banc Alex Brown, Inc. |
|
04/11/13 |
|
$ |
719 |
|
|
|
IDR |
1,987,200,000 |
|
USD |
|
200,000 |
|
Deutsche Banc Alex Brown, Inc. |
|
04/11/13 |
|
3,808 |
|
|
|
|
INR |
11,172,000 |
|
USD |
|
200,000 |
|
Deutsche Banc Alex Brown, Inc. |
|
04/12/13 |
|
4,421 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
8,948 |
|
|
SHORT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
USD |
370,000 |
|
JPY |
|
32,537,060 |
|
Brown Brothers Harriman |
|
04/11/13 |
|
$ |
24,326 |
|
|
|
USD |
200,000 |
|
PHP |
|
8,138,000 |
|
Deutsche Banc Alex Brown, Inc. |
|
04/11/13 |
|
666 |
|
|
|
|
USD |
200,000 |
|
THB |
|
6,112,000 |
|
Deutsche Banc Alex Brown, Inc. |
|
04/11/13 |
|
(8,523 |
) |
|
|
|
USD |
200,000 |
|
TWD |
|
5,786,000 |
|
Deutsche Banc Alex Brown, Inc. |
|
04/11/13 |
|
6,530 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
22,999 |
|
FINANCIAL FUTURES CONTRACTS SOLD AS OF MARCH 28, 2013 WERE AS FOLLOWS:
|
Contracts |
|
Issue |
|
Exchange |
|
Expiration |
|
Notional Value |
|
Unrealized
|
|
||
|
10 |
|
U.S. Treasury Notes (10 Year) |
|
Chicago Board of Trade |
|
June, 2013 |
|
$ |
1,319,844 |
|
$ |
(12,163 |
) |
See accompanying notes to schedules of investments.
|
Matthews Asian Growth and Income Fund |
|
March 28, 2013 |
|
Schedule of Investments(a) (unaudited) |
|
|
|
|
|
Face Amount * |
|
|
|
|
|
CORPORATE BONDS: 11.1% |
|
|
|
|
|
|
|
CHINA/HONG KONG: 5.5% |
|
|
|
|
|
|
|
China Petroleum & Chemical Corp. (Sinopec), Cnv. |
|
|
|
|
|
|
|
0.000%, 04/24/14 |
|
HKD |
676,210,000 |
|
104,403,538 |
|
|
Hong Kong Exchanges and Clearing, Ltd., Cnv. |
|
|
|
|
|
|
|
0.500%, 10/23/17 |
|
82,400,000 |
|
89,548,200 |
|
|
|
Power Regal Group, Ltd., Cnv. |
|
|
|
|
|
|
|
2.250%, 06/02/14 |
|
HKD |
234,020,000 |
|
41,196,299 |
|
|
PB Issuer No. 2, Ltd., Cnv. |
|
|
|
|
|
|
|
1.750%, 04/12/16 |
|
21,820,000 |
|
22,060,020 |
|
|
|
Total China/Hong Kong |
|
|
|
257,208,057 |
|
|
|
|
|
Face Amount * |
|
Value |
|
||
|
CORPORATE BONDS: (continued) |
|
|
|
|
|
||
|
INDIA: 2.2% |
|
|
|
|
|
||
|
Tata Power Co., Ltd., Cnv. |
|
|
|
|
|
||
|
1.750%, 11/21/14 |
|
56,200,000 |
|
$ |
59,122,400 |
|
|
|
Larsen & Toubro, Ltd., Cnv. |
|
|
|
|
|
||
|
3.500%, 10/22/14 |
|
41,200,000 |
|
42,374,200 |
|
||
|
Total India |
|
|
|
101,496,600 |
|
||
|
|
|
|
|
|
|
||
|
SINGAPORE: 1.9% |
|
|
|
|
|
||
|
CapitaLand, Ltd., Cnv. |
|
|
|
|
|
||
|
3.125%, 03/05/18 |
|
SGD |
62,000,000 |
|
54,184,706 |
|
|
|
CapitaLand, Ltd., Cnv. |
|
|
|
|
|
|
|
|
2.875%, 09/03/16 |
|
SGD |
41,750,000 |
|
35,544,806 |
|
|
|
Total Singapore |
|
|
|
89,729,512 |
|
||
|
|
|
|
|
|
|
||
|
AUSTRALIA: 1.5% |
|
|
|
|
|
||
|
QBE Funding Trust, Cnv. |
|
|
|
|
|
||
|
0.000%, 05/12/30 |
|
104,571,000 |
|
68,389,434 |
|
||
|
Total Australia |
|
|
|
68,389,434 |
|
||
|
TOTAL CORPORATE BONDS (Cost $502,604,983) |
|
|
|
516,823,603 |
|
||
|
|
|
|
|
|
|
||
|
TOTAL INVESTMENTS: 97.4% (Cost $3,535,863,729(b)) |
|
|
|
4,526,401,586 |
|
||
|
|
|
|
|
|
|
||
|
CASH AND OTHER ASSETS, LESS LIABILITIES : 2.6% |
|
|
|
121,192,950 |
|
||
|
|
|
|
|
|
|
||
|
NET ASSETS: 100.0% |
|
|
|
$ |
4,647,594,536 |
|
|
See accompanying notes to schedules of investments.
|
Matthews Asia Dividend Fund |
|
March 28, 2013 |
|
Schedule of Investments(a) (unaudited) |
|
|
See accompanying notes to schedules of investments.
|
Matthews China Dividend Fund |
|
March 28, 2013 |
|
Schedule of Investments(a) (unaudited) |
|
|
|
|
|
Shares |
|
Value |
|
|
|
COMMON EQUITIES: 99.4% |
|
|
|
|
|
|
|
CONSUMER DISCRETIONARY: 30.8% |
|
|
|
|
|
|
|
Hotels, Restaurants & Leisure: 9.1% |
|
|
|
|
|
|
|
Yum! Brands, Inc. |
|
51,300 |
|
$ |
3,690,522 |
|
|
Shanghai Jinjiang International Hotels Development Co., Ltd. B Shares |
|
2,244,510 |
|
3,606,384 |
|
|
|
Cafe’ de Coral Holdings, Ltd. |
|
916,000 |
|
2,794,002 |
|
|
|
|
|
|
|
10,090,908 |
|
|
|
Auto Components: 5.6% |
|
|
|
|
|
|
|
Minth Group, Ltd. |
|
2,858,000 |
|
4,220,032 |
|
|
|
Xingda International Holdings, Ltd. H Shares |
|
5,888,000 |
|
1,947,210 |
|
|
|
|
|
|
|
6,167,242 |
|
|
|
Automobiles: 3.7% |
|
|
|
|
|
|
|
Dongfeng Motor Group Co., Ltd. H Shares |
|
2,952,000 |
|
4,161,211 |
|
|
|
|
|
|
|
|
|
|
|
Media: 3.6% |
|
|
|
|
|
|
|
Television Broadcasts, Ltd. |
|
527,700 |
|
4,003,153 |
|
|
|
|
|
|
|
|
|
|
|
Textiles, Apparel & Luxury Goods: 3.1% |
|
|
|
|
|
|
|
Shenzhou International Group Holdings, Ltd. |
|
1,225,000 |
|
3,448,410 |
|
|
|
|
|
|
|
|
|
|
|
Multiline Retail: 3.1% |
|
|
|
|
|
|
|
Springland International Holdings, Ltd. |
|
6,772,000 |
|
3,424,555 |
|
|
|
|
|
|
|
|
|
|
|
Leisure Equipment & Products: 2.6% |
|
|
|
|
|
|
|
Johnson Health Tech Co., Ltd. |
|
1,033,132 |
|
2,869,834 |
|
|
|
Total Consumer Discretionary |
|
|
|
34,165,313 |
|
|
|
|
|
|
|
|
|
|
|
FINANCIALS: 16.9% |
|
|
|
|
|
|
|
Real Estate Investment Trusts: 8.9% |
|
|
|
|
|
|
|
Yuexiu, REIT |
|
7,118,000 |
|
4,050,939 |
|
|
|
CapitaRetail China Trust, REIT |
|
2,829,000 |
|
3,993,854 |
|
|
|
The Link REIT |
|
331,500 |
|
1,808,025 |
|
|
|
|
|
|
|
9,852,818 |
|
|
|
Real Estate Management & Development: 4.4% |
|
|
|
|
|
|
|
Cheung Kong Holdings, Ltd. |
|
181,000 |
|
2,681,381 |
|
|
|
E-House China Holdings, Ltd. ADS |
|
231,500 |
|
1,076,475 |
|
|
|
Swire Pacific, Ltd. A Shares |
|
82,500 |
|
1,053,912 |
|
|
|
|
|
|
|
4,811,768 |
|
|
|
Commercial Banks: 3.6% |
|
|
|
|
|
|
|
HSBC Holdings PLC ADR |
|
75,300 |
|
4,016,502 |
|
|
|
Total Financials |
|
|
|
18,681,088 |
|
|
|
|
|
|
|
|
|
|
|
INDUSTRIALS: 14.0% |
|
|
|
|
|
|
|
Transportation Infrastructure: 7.3% |
|
|
|
|
|
|
|
China Merchants Holdings International Co., Ltd. |
|
862,000 |
|
2,839,096 |
|
|
|
Jiangsu Expressway Co., Ltd. H Shares |
|
2,678,000 |
|
2,685,134 |
|
|
|
Yuexiu Transport Infrastructure, Ltd. |
|
4,874,000 |
|
2,552,159 |
|
|
|
|
|
|
|
8,076,389 |
|
|
|
Machinery: 4.1% |
|
|
|
|
|
|
|
Haitian International Holdings, Ltd. |
|
2,911,000 |
|
4,530,068 |
|
|
|
|
|
|
|
|
|
|
|
Air Freight & Logistics: 2.6% |
|
|
|
|
|
|
|
Shenzhen Chiwan Petroleum B Shares |
|
1,645,789 |
|
2,919,831 |
|
|
|
Total Industrials |
|
|
|
15,526,288 |
|
|
|
|
|
|
|
|
|
|
|
HEALTH CARE: 8.4% |
|
|
|
|
|
|
|
Health Care Equipment & Supplies: 5.9% |
|
|
|
|
|
|
|
Pacific Hospital Supply Co., Ltd. |
|
1,225,000 |
|
3,769,373 |
|
|
|
St. Shine Optical Co., Ltd. |
|
139,811 |
|
2,734,685 |
|
|
|
|
|
|
|
6,504,058 |
|
|
|
Pharmaceuticals: 2.5% |
|
|
|
|
|
|
|
Tianjin ZhongXin Pharmaceutical Group Corp., Ltd.S Shares |
|
2,599,000 |
|
2,800,463 |
|
|
|
Total Health Care |
|
|
|
9,304,521 |
|
|
|
|
|
|
|
|
|
|
|
ENERGY: 8.4% |
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels: 8.4% |
|
|
|
|
|
|
|
China Shenhua Energy Co., Ltd. H Shares |
|
1,081,000 |
|
3,944,185 |
|
|
|
China Petroleum & Chemical Corp. ADR |
|
27,940 |
|
3,266,745 |
|
|
|
CNOOC, Ltd. ADR |
|
10,650 |
|
2,039,475 |
|
|
|
Total Energy |
|
|
|
9,250,405 |
|
|
|
|
|
|
|
|
|
|
|
TELECOMMUNICATION SERVICES: 6.4% |
|
|
|
|
|
|
|
Wireless Telecommunication Services: 3.4% |
|
|
|
|
|
|
|
China Mobile, Ltd. ADR |
|
70,830 |
|
3,763,198 |
|
|
|
|
|
|
|
|
|
|
|
Diversified Telecommunication Services: 3.0% |
|
|
|
|
|
|
|
Chunghwa Telecom Co., Ltd. ADR |
|
107,304 |
|
3,337,154 |
|
|
|
Total Telecommunication Services |
|
|
|
7,100,352 |
|
|
|
|
|
|
|
|
|
|
|
CONSUMER STAPLES: 6.1% |
|
|
|
|
|
|
|
Beverages: 3.6% |
|
|
|
|
|
|
|
Yantai Changyu Pioneer Wine Co., Ltd. B Shares |
|
889,160 |
|
3,935,768 |
|
|
|
|
|
|
|
|
|
|
|
Food Products: 2.5% |
|
|
|
|
|
|
|
Vitasoy International Holdings, Ltd. |
|
2,494,000 |
|
2,811,986 |
|
|
|
Total Consumer Staples |
|
|
|
6,747,754 |
|
|
|
|
|
|
|
|
|
|
|
UTILITIES: 4.7% |
|
|
|
|
|
|
|
Water Utilities: 2.9% |
|
|
|
|
|
|
|
Guangdong Investment, Ltd. |
|
3,696,000 |
|
3,250,101 |
|
|
|
|
|
|
|
|
|
|
|
Electric Utilities: 1.8% |
|
|
|
|
|
|
|
Cheung Kong Infrastructure Holdings, Ltd. |
|
282,000 |
|
1,937,882 |
|
|
|
Total Utilities |
|
|
|
5,187,983 |
|
|
|
|
|
|
|
|
|
|
|
INFORMATION TECHNOLOGY: 2.6% |
|
|
|
|
|
|
|
Electronic Equipment, Instruments & Components: 1.3% |
|
|
|
|
|
|
|
TXC Corp. |
|
974,199 |
|
1,473,968 |
|
|
|
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment: 1.3% |
|
|
|
|
|
|
|
Taiwan Semiconductor Manufacturing Co., Ltd. |
|
424,000 |
|
1,420,085 |
|
|
|
Total Information Technology |
|
|
|
2,894,053 |
|
|
|
|
|
|
|
|
|
|
|
MATERIALS: 1.1% |
|
|
|
|
|
|
|
Containers & Packaging: 1.1% |
|
|
|
|
|
|
|
Taiwan Hon Chuan Enterprise Co., Ltd. |
|
483,354 |
|
1,251,679 |
|
|
|
Total Materials |
|
|
|
1,251,679 |
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS: 99.4% (Cost $102,228,369(b)) |
|
|
|
110,109,436 |
|
|
|
|
|
|
|
|
|
|
|
CASH AND OTHER ASSETS, LESS LIABILITIES : 0.6% |
|
|
|
680,055 |
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS: 100.0% |
|
|
|
$ |
110,789,491 |
|
|
(a) |
Certain securities were fair valued under the discretion of the Board of Trustees (Note A). |
|||||
|
(b) |
Cost for federal income tax purposes is $102,228,369 and net unrealized appreciation consists of: |
|||||
|
|
|
|||||
|
|
Gross unrealized appreciation |
|
$ |
11,405,797 |
|
|
|
|
Gross unrealized depreciation |
|
(3,524,730 |
) |
|
|
|
|
Net unrealized appreciation |
|
$ |
7,881,067 |
|
|
|
|
|
|
|
|
|
|
|
ADR |
American Depositary Receipt |
|
|
|
|
|
|
ADS |
American Depositary Share |
|
|
|
|
|
|
REIT |
Real Estate Investment Trust |
|
|
|
|
|
See accompanying notes to schedules of investments.
|
Matthews Asia Growth Fund |
|
March 28, 2013 |
|
Schedule of Investments(a) (unaudited) |
|
|
|
|
|
Shares |
|
Value |
|
|
|
COMMON EQUITIES: 97.8% |
|
|
|
|
|
|
|
JAPAN: 42.1% |
|
|
|
|
|
|
|
ORIX Corp. |
|
2,305,600 |
|
$ |
29,437,824 |
|
|
Toyota Motor Corp. |
|
512,900 |
|
26,448,087 |
|
|
|
Honda Motor Co., Ltd. |
|
567,300 |
|
21,846,998 |
|
|
|
Mitsubishi UFJ Financial Group, Inc. |
|
2,674,400 |
|
16,135,287 |
|
|
|
Nitto Denko Corp. |
|
231,200 |
|
13,921,076 |
|
|
|
Kakaku.com, Inc. |
|
529,200 |
|
13,323,130 |
|
|
|
Sumitomo Mitsui Financial Group, Inc. |
|
301,600 |
|
12,373,101 |
|
|
|
Mizuho Financial Group, Inc. |
|
5,599,300 |
|
12,015,001 |
|
|
|
Mitsui & Co., Ltd. |
|
792,500 |
|
11,172,729 |
|
|
|
Rakuten, Inc. |
|
1,079,000 |
|
11,035,112 |
|
|
|
Sysmex Corp. |
|
173,600 |
|
10,577,011 |
|
|
|
Rinnai Corp. |
|
117,500 |
|
8,376,897 |
|
|
|
FANUC Corp. |
|
50,000 |
|
7,698,529 |
|
|
|
Fuji Heavy Industries, Ltd. |
|
457,000 |
|
7,248,906 |
|
|
|
Unicharm Corp. |
|
118,200 |
|
6,749,016 |
|
|
|
Otsuka Holdings Co., Ltd. |
|
189,100 |
|
6,563,555 |
|
|
|
Nidec Corp. |
|
109,400 |
|
6,557,879 |
|
|
|
Pigeon Corp. |
|
72,700 |
|
5,098,201 |
|
|
|
Komatsu, Ltd. |
|
208,900 |
|
4,996,318 |
|
|
|
Calbee, Inc. |
|
39,000 |
|
3,068,922 |
|
|
|
Total Japan |
|
|
|
234,643,579 |
|
|
|
|
|
|
|
|
|
|
|
CHINA/HONG KONG: 13.9% |
|
|
|
|
|
|
|
Haitian International Holdings, Ltd. |
|
7,655,000 |
|
11,912,632 |
|
|
|
Sinopharm Group Co., Ltd. H Shares |
|
3,229,600 |
|
10,435,916 |
|
|
|
Sands China, Ltd. |
|
1,895,200 |
|
9,861,563 |
|
|
|
Shenzhou International Group Holdings, Ltd. |
|
3,186,000 |
|
8,968,681 |
|
|
|
China Lodging Group, Ltd. ADS(b) |
|
526,600 |
|
8,667,836 |
|
|
|
Dairy Farm International Holdings, Ltd. |
|
602,454 |
|
7,289,693 |
|
|
|
Tingyi (Cayman Islands) Holding Corp. |
|
1,888,000 |
|
4,934,499 |
|
|
|
Shandong Weigao Group Medical Polymer Co., Ltd. H Shares |
|
4,800,000 |
|
4,349,178 |
|
|
|
Sany Heavy Equipment International Holdings Co., Ltd. |
|
9,375,000 |
|
4,348,023 |
|
|
|
Hang Lung Group, Ltd. |
|
742,000 |
|
4,180,452 |
|
|
|
Baidu, Inc. ADR(b) |
|
28,200 |
|
2,473,140 |
|
|
|
Total China/Hong Kong |
|
|
|
77,421,613 |
|
|
|
|
|
|
|
|
|
|
|
INDONESIA: 6.6% |
|
|
|
|
|
|
|
PT Indofood CBP Sukses Makmur |
|
16,995,000 |
|
16,787,982 |
|
|
|
PT Bank Rakyat Indonesia Persero |
|
11,610,500 |
|
10,494,155 |
|
|
|
PT Astra International |
|
11,845,500 |
|
9,665,544 |
|
|
|
Total Indonesia |
|
|
|
36,947,681 |
|
|
|
|
|
|
|
|
|
|
|
INDIA: 6.1% |
|
|
|
|
|
|
|
Emami, Ltd. |
|
975,093 |
|
10,799,581 |
|
|
|
HDFC Bank, Ltd. |
|
813,560 |
|
9,375,557 |
|
|
|
Castrol India, Ltd. |
|
974,370 |
|
5,690,384 |
|
|
|
Sun Pharmaceutical Industries, Ltd. |
|
313,520 |
|
4,728,966 |
|
|
|
Multi Commodity Exchange of India, Ltd. |
|
232,913 |
|
3,564,555 |
|
|
|
Total India |
|
|
|
34,159,043 |
|
|
|
|
|
|
|
|
|
|
|
THAILAND: 5.9% |
|
|
|
|
|
|
|
SVI Public Co., Ltd.(b) |
|
63,593,700 |
|
9,912,637 |
|
|
|
Major Cineplex Group Public Co., Ltd. |
|
11,921,000 |
|
8,358,325 |
|
|
|
Siam Commercial Bank Public Co., Ltd. |
|
1,264,400 |
|
7,689,497 |
|
|
|
SNC Former Public Co., Ltd. |
|
8,400,700 |
|
6,834,135 |
|
|
|
Total Thailand |
|
|
|
32,794,594 |
|
|
|
|
|
|
|
|
|
|
|
SRI LANKA: 5.3% |
|
|
|
|
|
|
|
John Keells Holdings PLC |
|
9,556,504 |
|
18,648,848 |
|
|
|
Sampath Bank PLC |
|
3,712,039 |
|
6,586,490 |
|
|
|
Lanka Orix Leasing Co. PLC |
|
10,216,236 |
|
4,594,284 |
|
|
|
Total Sri Lanka |
|
|
|
29,829,622 |
|
|
|
|
|
|
|
|
|
|
|
TAIWAN: 4.5% |
|
|
|
|
|
|
|
St. Shine Optical Co., Ltd. |
|
711,000 |
|
13,907,068 |
|
|
|
Synnex Technology International Corp. |
|
3,133,000 |
|
5,678,518 |
|
|
|
Gourmet Master Co., Ltd. |
|
966,800 |
|
5,401,060 |
|
|
|
Total Taiwan |
|
|
|
24,986,646 |
|
|
|
|
|
|
|
|
|
|
|
AUSTRALIA: 3.3% |
|
|
|
|
|
|
|
Oil Search, Ltd. |
|
1,305,704 |
|
10,155,797 |
|
|
|
CSL, Ltd. |
|
137,045 |
|
8,470,937 |
|
|
|
Total Australia |
|
|
|
18,626,734 |
|
|
|
|
|
|
|
|
|
|
|
VIETNAM: 2.6% |
|
|
|
|
|
|
|
Vietnam Dairy Products JSC |
|
2,662,642 |
|
14,593,524 |
|
|
|
Total Vietnam |
|
|
|
14,593,524 |
|
|
|
|
|
|
|
|
|
|
|
MALAYSIA: 2.4% |
|
|
|
|
|
|
|
SapuraKencana Petroleum BHD(b) |
|
6,092,700 |
|
5,914,273 |
|
|
|
Parkson Holdings BHD |
|
3,093,969 |
|
4,696,158 |
|
|
|
Oldtown BHD |
|
3,740,500 |
|
2,977,855 |
|
|
|
Total Malaysia |
|
|
|
13,588,286 |
|
|
|
|
|
|
|
|
|
|
|
SINGAPORE: 2.1% |
|
|
|
|
|
|
|
Keppel Land, Ltd. |
|
2,204,000 |
|
7,029,609 |
|
|
|
Goodpack, Ltd. |
|
2,919,000 |
|
4,412,565 |
|
|
|
Total Singapore |
|
|
|
11,442,174 |
|
|
|
|
|
|
|
|
|
|
|
CAMBODIA: 1.5% |
|
|
|
|
|
|
|
NagaCorp, Ltd. |
|
10,200,000 |
|
8,621,473 |
|
|
|
Total Cambodia |
|
|
|
8,621,473 |
|
|
|
|
|
|
|
|
|
|
|
PHILIPPINES: 1.5% |
|
|
|
|
|
|
|
Vista Land & Lifescapes, Inc. |
|
62,435,500 |
|
8,286,269 |
|
|
|
Total Philippines |
|
|
|
8,286,269 |
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS: 97.8% (Cost $420,503,964(c)) |
|
|
|
545,941,238 |
|
|
|
|
|
|
|
|
|
|
|
CASH AND OTHER ASSETS, LESS LIABILITIES : 2.2% |
|
|
|
12,013,476 |
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS: 100.0% |
|
|
|
$ |
557,954,714 |
|
|
(a) |
Certain securities were fair valued under the discretion of the Board of Trustees (Note A). |
|||||
|
(b) |
Non-income producing security. |
|||||
|
(c) |
Cost for federal income tax purposes is $420,503,964 and net unrealized appreciation consists of: |
|||||
|
|
|
|||||
|
|
Gross unrealized appreciation |
|
$ |
141,724,231 |
|
|
|
|
Gross unrealized depreciation |
|
(16,286,957 |
) |
|
|
|
|
Net unrealized appreciation |
|
$ |
125,437,274 |
|
|
|
|
|
|
|
|
|
|
|
ADR |
American Depositary Receipt |
|||||
|
ADS |
American Depositary Share |
|||||
|
BHD |
Berhad |
|||||
|
JSC |
Joint Stock Co. |
|||||
See accompanying notes to schedules of investments.
|
Matthews Pacific Tiger Fund |
|
March 28, 2013 |
|
Schedule of Investments(a) (unaudited) |
|
|
|
|
|
Shares |
|
Value |
|
|
|
COMMON EQUITIES: 97.2% |
|
|
|
|
|
|
|
CHINA/HONG KONG: 27.0% |
|
|
|
|
|
|
|
Ping An Insurance Group Co. of China, Ltd. H Shares |
|
24,429,500 |
|
$ |
190,028,434 |
|
|
Dairy Farm International Holdings, Ltd. |
|
13,226,346 |
|
160,038,787 |
|
|
|
China Resources Land, Ltd. |
|
54,976,000 |
|
154,147,844 |
|
|
|
Hang Lung Group, Ltd. |
|
26,089,000 |
|
146,986,270 |
|
|
|
Sinopharm Group Co., Ltd. H Shares† |
|
43,788,000 |
|
141,493,655 |
|
|
|
Dongfeng Motor Group Co., Ltd. H Shares |
|
78,440,000 |
|
110,570,929 |
|
|
|
China Mobile, Ltd. ADR |
|
2,063,150 |
|
109,615,160 |
|
|
|
China Resources Enterprise, Ltd. |
|
32,902,000 |
|
97,766,049 |
|
|
|
Lenovo Group, Ltd. |
|
97,092,000 |
|
96,839,606 |
|
|
|
Tingyi (Cayman Islands) Holding Corp. |
|
36,846,000 |
|
96,301,144 |
|
|
|
China Vanke Co., Ltd. B Shares |
|
48,875,258 |
|
95,533,826 |
|
|
|
Digital China Holdings, Ltd.† |
|
59,828,000 |
|
81,148,365 |
|
|
|
Hengan International Group Co., Ltd. |
|
7,996,000 |
|
78,443,959 |
|
|
|
Swire Pacific, Ltd. A Shares |
|
5,683,500 |
|
72,604,963 |
|
|
|
Tencent Holdings, Ltd. |
|
2,011,900 |
|
64,349,843 |
|
|
|
Hong Kong Exchanges and Clearing, Ltd. |
|
3,664,500 |
|
62,618,301 |
|
|
|
Baidu, Inc. ADR(b) |
|
710,700 |
|
62,328,390 |
|
|
|
Shangri-La Asia, Ltd. |
|
31,457,333 |
|
61,768,241 |
|
|
|
China Merchants Bank Co., Ltd. H Shares |
|
22,182,350 |
|
47,136,354 |
|
|
|
Li & Fung, Ltd. |
|
29,802,000 |
|
41,197,778 |
|
|
|
Total China/Hong Kong |
|
|
|
1,970,917,898 |
|
|
|
|
|
|
|
|
|
|
|
INDIA: 15.8% |
|
|
|
|
|
|
|
Tata Power Co., Ltd. |
|
101,851,796 |
|
181,179,241 |
|
|
|
ITC, Ltd. |
|
24,235,000 |
|
138,076,153 |
|
|
|
GAIL India, Ltd. |
|
20,180,934 |
|
118,307,782 |
|
|
|
Housing Development Finance Corp. |
|
7,485,685 |
|
114,060,339 |
|
|
|
Sun Pharmaceutical Industries, Ltd. |
|
7,001,815 |
|
105,611,588 |
|
|
|
Kotak Mahindra Bank, Ltd. |
|
8,767,491 |
|
105,561,483 |
|
|
|
HDFC Bank, Ltd. |
|
8,635,920 |
|
99,521,309 |
|
|
|
Container Corp. of India, Ltd. |
|
4,188,081 |
|
79,411,718 |
|
|
|
Titan Industries, Ltd. |
|
15,686,666 |
|
74,093,219 |
|
|
|
Dabur India, Ltd. |
|
25,308,038 |
|
63,770,668 |
|
|
|
Thermax, Ltd. |
|
3,575,212 |
|
37,074,324 |
|
|
|
Infosys, Ltd. |
|
313,401 |
|
16,722,518 |
|
|
|
HDFC Bank, Ltd. ADR |
|
319,500 |
|
11,955,690 |
|
|
|
Infosys, Ltd. ADR |
|
219,611 |
|
11,839,229 |
|
|
|
Total India |
|
|
|
1,157,185,261 |
|
|
|
|
|
|
|
|
|
|
|
SOUTH KOREA: 15.0% |
|
|
|
|
|
|
|
Dongbu Insurance Co., Ltd.† |
|
3,911,360 |
|
167,236,520 |
|
|
|
Samsung Electronics Co., Ltd. |
|
121,004 |
|
164,932,133 |
|
|
|
NHN Corp. |
|
568,302 |
|
137,387,772 |
|
|
|
Amorepacific Corp. |
|
142,442 |
|
119,880,912 |
|
|
|
Cheil Worldwide, Inc.(b) |
|
5,510,440 |
|
119,440,555 |
|
|
|
Green Cross Corp.† |
|
838,869 |
|
116,952,107 |
|
|
|
Yuhan Corp.† |
|
568,453 |
|
97,286,715 |
|
|
|
Hyundai Mobis |
|
317,719 |
|
89,191,690 |
|
|
|
POSCO |
|
195,584 |
|
57,554,836 |
|
|
|
MegaStudy Co., Ltd.† |
|
396,412 |
|
25,444,136 |
|
|
|
Total South Korea |
|
|
|
1,095,307,376 |
|
|
|
|
|
|
|
|
|
|
|
INDONESIA: 10.4% |
|
|
|
|
|
|
|
PT Perusahaan Gas Negara Persero |
|
364,396,500 |
|
223,619,865 |
|
|
|
PT Astra International |
|
185,902,300 |
|
151,690,255 |
|
|
|
PT Indofood CBP Sukses Makmur |
|
138,070,500 |
|
136,388,651 |
|
|
|
PT Bank Central Asia |
|
115,688,500 |
|
136,095,285 |
|
|
|
PT Telekomunikasi Indonesia Persero |
|
80,460,500 |
|
91,319,478 |
|
|
|
PT Telekomunikasi Indonesia Persero ADR |
|
375,700 |
|
16,936,556 |
|
|
|
Total Indonesia |
|
|
|
756,050,090 |
|
|
|
|
|
|
|
|
|
|
|
THAILAND: 8.9% |
|
|
|
|
|
|
|
Central Pattana Public Co., Ltd. |
|
66,346,100 |
|
215,677,886 |
|
|
|
Bank of Ayudhya Public Co., Ltd. |
|
136,106,700 |
|
160,861,997 |
|
|
|
Siam Cement Public Co., Ltd. NVDR |
|
9,478,500 |
|
155,722,380 |
|
|
|
PTT Exploration & Production Public Co., Ltd. |
|
23,423,867 |
|
119,226,780 |
|
|
|
Total Thailand |
|
|
|
651,489,043 |
|
|
|
|
|
|
|
|
|
|
|
TAIWAN: 7.6% |
|
|
|
|
|
|
|
Delta Electronics, Inc. |
|
50,921,000 |
|
213,580,517 |
|
|
|
President Chain Store Corp. |
|
20,439,608 |
|
112,274,137 |
|
|
|
Synnex Technology International Corp. |
|
50,022,354 |
|
90,664,805 |
|
|
|
Taiwan Semiconductor Manufacturing Co., Ltd. |
|
20,423,513 |
|
68,403,575 |
|
|
|
Yuanta Financial Holding Co., Ltd. |
|
133,911,782 |
|
67,998,094 |
|
|
|
Total Taiwan |
|
|
|
552,921,128 |
|
|
|
|
|
|
|
|
|
|
|
MALAYSIA: 4.9% |
|
|
|
|
|
|
|
Genting BHD |
|
47,065,500 |
|
152,783,155 |
|
|
|
Public Bank BHD |
|
22,511,386 |
|
118,145,650 |
|
|
|
Top Glove Corp. BHD |
|
25,175,960 |
|
43,904,468 |
|
|
|
IHH Healthcare BHD(b) |
|
27,846,700 |
|
33,126,143 |
|
|
|
IHH Healthcare BHD(b) |
|
11,543,000 |
|
13,114,685 |
|
|
|
Total Malaysia |
|
|
|
361,074,101 |
|
|
|
|
|
|
|
|
|
|
|
PHILIPPINES: 3.0% |
|
|
|
|
|
|
|
SM Prime Holdings, Inc. |
|
466,949,271 |
|
218,708,329 |
|
|
|
Total Philippines |
|
|
|
218,708,329 |
|
|
|
|
|
|
|
|
|
|
|
SINGAPORE: 2.5% |
|
|
|
|
|
|
|
Keppel Land, Ltd. |
|
34,212,000 |
|
109,118,420 |
|
|
|
Hyflux, Ltd.† |
|
65,284,280 |
|
77,014,292 |
|
|
|
Total Singapore |
|
|
|
186,132,712 |
|
|
|
|
|
|
|
|
|
|
|
VIETNAM: 1.4% |
|
|
|
|
|
|
|
Vietnam Dairy Products JSC |
|
18,122,812 |
|
99,328,292 |
|
|
|
Total Vietnam |
|
|
|
99,328,292 |
|
|
|
|
|
|
|
|
|
|
|
SWITZERLAND: 0.7% |
|
|
|
|
|
|
|
DKSH Holding, Ltd.(b) |
|
550,878 |
|
49,277,638 |
|
|
|
Total Switzerland |
|
|
|
49,277,638 |
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS: 97.2% (Cost $4,995,199,127(c)) |
|
|
|
7,098,391,868 |
|
|
|
|
|
|
|
|
|
|
|
CASH AND OTHER ASSETS, LESS LIABILITIES : 2.8% |
|
|
|
205,499,618 |
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS: 100.0% |
|
|
|
$ |
7,303,891,486 |
|
See accompanying notes to schedules of investments.
|
Matthews China Fund |
|
March 28, 2013 |
|
Schedule of Investments(a) (unaudited) |
|
|
|
|
|
Shares |
|
Value |
|
|
|
COMMON EQUITIES: China/Hong Kong 99.9% |
|
|
|
|
|
|
|
FINANCIALS: 24.9% |
|
|
|
|
|
|
|
Real Estate Management & Development: 8.8% |
|
|
|
|
|
|
|
China Vanke Co., Ltd. B Shares |
|
24,772,268 |
|
$ |
48,421,014 |
|
|
China Resources Land, Ltd. |
|
17,010,000 |
|
47,694,536 |
|
|
|
Hang Lung Group, Ltd. |
|
6,844,000 |
|
38,559,319 |
|
|
|
Swire Pacific, Ltd. A Shares |
|
2,289,500 |
|
29,247,658 |
|
|
|
|
|
|
|
163,922,527 |
|
|
|
Commercial Banks: 8.7% |
|
|
|
|
|
|
|
China Merchants Bank Co., Ltd. H Shares |
|
23,432,114 |
|
49,792,040 |
|
|
|
China Construction Bank Corp. H Shares |
|
49,602,660 |
|
40,660,251 |
|
|
|
Agricultural Bank of China, Ltd. H Shares |
|
79,788,000 |
|
38,396,822 |
|
|
|
BOC Hong Kong Holdings, Ltd. |
|
9,672,500 |
|
32,350,917 |
|
|
|
|
|
|
|
161,200,030 |
|
|
|
Insurance: 5.3% |
|
|
|
|
|
|
|
Ping An Insurance Group Co. of China, Ltd. H Shares |
|
6,889,500 |
|
53,590,982 |
|
|
|
China Life Insurance Co., Ltd. H Shares |
|
12,376,000 |
|
32,289,003 |
|
|
|
China Life Insurance Co., Ltd. ADR |
|
324,600 |
|
12,795,732 |
|
|
|
|
|
|
|
98,675,717 |
|
|
|
Diversified Financial Services: 2.1% |
|
|
|
|
|
|
|
Hong Kong Exchanges and Clearing, Ltd. |
|
2,320,200 |
|
39,647,150 |
|
|
|
Total Financials |
|
|
|
463,445,424 |
|
|
|
|
|
|
|
|
|
|
|
CONSUMER DISCRETIONARY: 17.3% |
|
|
|
|
|
|
|
Hotels, Restaurants & Leisure: 7.6% |
|
|
|
|
|
|
|
Cafe’ de Coral Holdings, Ltd. |
|
14,652,100 |
|
44,692,139 |
|
|
|
Sands China, Ltd. |
|
6,928,800 |
|
36,053,608 |
|
|
|
Home Inns & Hotels Management, Inc. ADR(b) |
|
1,167,246 |
|
34,772,258 |
|
|
|
Shangri-La Asia, Ltd. |
|
13,367,400 |
|
26,247,641 |
|
|
|
|
|
|
|
141,765,646 |
|
|
|
Automobiles: 2.0% |
|
|
|
|
|
|
|
Dongfeng Motor Group Co., Ltd. H Shares |
|
27,242,000 |
|
38,400,985 |
|
|
|
|
|
|
|
|
|
|
|
Specialty Retail: 1.9% |
|
|
|
|
|
|
|
Belle International Holdings, Ltd. |
|
21,405,000 |
|
35,764,738 |
|
|
|
|
|
|
|
|
|
|
|
Multiline Retail: 1.7% |
|
|
|
|
|
|
|
Golden Eagle Retail Group, Ltd. |
|
17,744,000 |
|
32,067,637 |
|
|
|
|
|
|
|
|
|
|
|
Media: 1.7% |
|
|
|
|
|
|
|
Television Broadcasts, Ltd. |
|
4,082,000 |
|
30,966,211 |
|
|
|
|
|
|
|
|
|
|
|
Distributors: 1.6% |
|
|
|
|
|
|
|
Li & Fung, Ltd. |
|
21,516,400 |
|
29,743,905 |
|
|
|
|
|
|
|
|
|
|
|
Textiles, Apparel & Luxury Goods: 0.8% |
|
|
|
|
|
|
|
Li Ning Co., Ltd.(b) |
|
24,670,000 |
|
14,561,353 |
|
|
|
Total Consumer Discretionary |
|
|
|
323,270,475 |
|
|
|
|
|
|
|
|
|
|
|
INFORMATION TECHNOLOGY: 11.5% |
|
|
|
|
|
|
|
Internet Software & Services: 4.6% |
|
|
|
|
|
|
|
NetEase, Inc. ADR |
|
556,500 |
|
30,479,505 |
|
|
|
Tencent Holdings, Ltd. |
|
880,300 |
|
28,156,055 |
|
|
|
Sina Corp.(b) |
|
562,100 |
|
27,312,439 |
|
|
|
|
|
|
|
85,947,999 |
|
|
|
Electronic Equipment, Instruments & Components: 2.2% |
|
|
|
|
|
|
|
Digital China Holdings, Ltd. |
|
30,018,000 |
|
40,715,244 |
|
|
|
|
|
|
|
|
|
|
|
Communications Equipment: 1.9% |
|
|
|
|
|
|
|
ZTE Corp. H Shares |
|
20,708,504 |
|
35,926,415 |
|
|
|
|
|
|
|
|
|
|
|
Computers & Peripherals: 1.7% |
|
|
|
|
|
|
|
Lenovo Group, Ltd. |
|
31,998,000 |
|
31,914,820 |
|
|
|
|
|
|
|
|
|
|
|
Software: 1.1% |
|
|
|
|
|
|
|
Kingdee International Software Group Co., Ltd.(b) |
|
123,524,800 |
|
20,434,427 |
|
|
|
Total Information Technology |
|
|
|
214,938,905 |
|
|
|
|
|
|
|
|
|
|
|
CONSUMER STAPLES: 10.7% |
|
|
|
|
|
|
|
Food Products: 3.9% |
|
|
|
|
|
|
|
Tingyi (Cayman Islands) Holding Corp. |
|
14,525,000 |
|
37,962,713 |
|
|
|
China Mengniu Dairy Co., Ltd. |
|
12,266,000 |
|
35,198,660 |
|
|
|
|
|
|
|
73,161,373 |
|
|
|
Food & Staples Retailing: 3.6% |
|
|
|
|
|
|
|
China Resources Enterprise, Ltd. |
|
9,728,000 |
|
28,906,089 |
|
|
|
Lianhua Supermarket Holdings Co., Ltd. H Shares† |
|
31,193,800 |
|
24,904,740 |
|
|
|
Sun Art Retail Group, Ltd. |
|
9,443,000 |
|
13,154,588 |
|
|
|
|
|
|
|
66,965,417 |
|
|
|
Beverages: 1.6% |
|
|
|
|
|
|
|
Tsingtao Brewery Co., Ltd. H Shares |
|
4,753,000 |
|
30,327,448 |
|
|
|
|
|
|
|
|
|
|
|
Personal Products: 1.6% |
|
|
|
|
|
|
|
Hengan International Group Co., Ltd. |
|
3,009,000 |
|
29,519,494 |
|
|
|
Total Consumer Staples |
|
|
|
199,973,732 |
|
|
|
|
|
|
|
|
|
|
|
INDUSTRIALS: 10.4% |
|
|
|
|
|
|
|
Machinery: 3.5% |
|
|
|
|
|
|
|
CSR Corp., Ltd. H Shares |
|
48,012,000 |
|
34,218,286 |
|
|
|
Sany Heavy Equipment International Holdings Co., Ltd. |
|
34,230,500 |
|
15,875,732 |
|
|
|
China National Materials Co., Ltd. H Shares |
|
55,910,000 |
|
14,982,559 |
|
|
|
|
|
|
|
65,076,577 |
|
|
|
Transportation Infrastructure: 3.4% |
|
|
|
|
|
|
|
China Merchants Holdings International Co., Ltd. |
|
11,594,581 |
|
38,188,086 |
|
|
|
Yuexiu Transport Infrastructure, Ltd. |
|
48,899,000 |
|
25,604,844 |
|
|
|
|
|
|
|
63,792,930 |
|
|
|
Airlines: 1.9% |
|
|
|
|
|
|
|
Air China, Ltd. H Shares |
|
39,109,900 |
|
34,842,961 |
|
|
|
|
|
|
|
|
|
|
|
Industrial Conglomerates: 1.6% |
|
|
|
|
|
|
|
NWS Holdings, Ltd. |
|
16,914,914 |
|
30,151,138 |
|
|
|
Total Industrials |
|
|
|
193,863,606 |
|
|
|
|
|
|
|
|
|
|
|
ENERGY: 6.8% |
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels: 4.6% |
|
|
|
|
|
|
|
China Shenhua Energy Co., Ltd. H Shares |
|
8,574,000 |
|
31,283,479 |
|
|
|
CNOOC, Ltd. |
|
15,418,000 |
|
29,647,351 |
|
|
|
Kunlun Energy Co., Ltd. |
|
11,798,000 |
|
25,135,785 |
|
|
|
|
|
|
|
86,066,615 |
|
|
|
Energy Equipment & Services: 2.2% |
|
|
|
|
|
|
|
China Oilfield Services, Ltd. H Shares |
|
19,196,000 |
|
40,345,610 |
|
|
|
Total Energy |
|
|
|
126,412,225 |
|
|
|
|
|
|
|
|
|
|
|
UTILITIES: 6.5% |
|
|
|
|
|
|
|
Electric Utilities: 2.9% |
|
|
|
|
|
|
|
Cheung Kong Infrastructure Holdings, Ltd. |
|
7,929,500 |
|
54,490,902 |
|
|
|
|
|
|
|
|
|
|
|
Gas Utilities: 2.1% |
|
|
|
|
|
|
|
Hong Kong & China Gas Co., Ltd. |
|
13,406,739 |
|
39,169,192 |
|
|
See accompanying notes to schedules of investments.
|
Matthews India Fund |
|
March 28, 2013 |
|
Schedule of Investments(a) (unaudited) |
|
|
|
|
|
Shares |
|
Value |
|
|
|
COMMON EQUITIES: 98.5% |
|
|
|
|
|
|
|
FINANCIALS: 24.5% |
|
|
|
|
|
|
|
Commercial Banks: 10.5% |
|
|
|
|
|
|
|
HDFC Bank, Ltd. |
|
1,830,165 |
|
$ |
21,091,026 |
|
|
ICICI Bank, Ltd. |
|
840,000 |
|
16,324,435 |
|
|
|
Axis Bank, Ltd. |
|
333,532 |
|
8,008,380 |
|
|
|
Allahabad Bank |
|
3,158,529 |
|
7,361,723 |
|
|
|
HDFC Bank, Ltd. ADR |
|
148,922 |
|
5,572,661 |
|
|
|
ICICI Bank, Ltd. ADR |
|
113,283 |
|
4,859,841 |
|
|
|
|
|
|
|
63,218,066 |
|
|
|
Diversified Financial Services: 7.3% |
|
|
|
|
|
|
|
Kotak Mahindra Bank, Ltd. |
|
2,100,000 |
|
25,284,214 |
|
|
|
IDFC, Ltd. |
|
6,211,855 |
|
16,470,539 |
|
|
|
Multi Commodity Exchange of India, Ltd. |
|
159,509 |
|
2,441,163 |
|
|
|
|
|
|
|
44,195,916 |
|
|
|
Real Estate Management & Development: 3.6% |
|
|
|
|
|
|
|
Ascendas India Trust |
|
32,094,000 |
|
21,379,968 |
|
|
|
|
|
|
|
|
|
|
|
Thrifts & Mortgage Finance: 3.1% |
|
|
|
|
|
|
|
Housing Development Finance Corp. |
|
1,225,000 |
|
18,665,482 |
|
|
|
Total Financials |
|
|
|
147,459,432 |
|
|
|
|
|
|
|
|
|
|
|
INDUSTRIALS: 18.8% |
|
|
|
|
|
|
|
Machinery: 8.0% |
|
|
|
|
|
|
|
Ashok Leyland, Ltd. |
|
40,022,554 |
|
16,157,517 |
|
|
|
Thermax, Ltd. |
|
1,378,128 |
|
14,290,946 |
|
|
|
AIA Engineering, Ltd. |
|
2,306,467 |
|
13,490,816 |
|
|
|
Jain Irrigation Systems, Ltd. |
|
3,675,635 |
|
4,160,563 |
|
|
|
|
|
|
|
48,099,842 |
|
|
|
Road & Rail: 3.3% |
|
|
|
|
|
|
|
Container Corp. of India, Ltd. |
|
1,039,216 |
|
19,704,950 |
|
|
|
|
|
|
|
|
|
|
|
Industrial Conglomerates: 3.0% |
|
|
|
|
|
|
|
MAX India, Ltd. |
|
4,388,102 |
|
18,123,019 |
|
|
|
|
|
|
|
|
|
|
|
Transportation Infrastructure: 2.9% |
|
|
|
|
|
|
|
Gujarat Pipavav Port, Ltd.(b) |
|
19,180,000 |
|
17,582,413 |
|
|
|
|
|
|
|
|
|
|
|
Electrical Equipment: 1.6% |
|
|
|
|
|
|
|
Crompton Greaves, Ltd. |
|
5,587,500 |
|
9,666,889 |
|
|
|
Total Industrials |
|
|
|
113,177,113 |
|
|
|
|
|
|
|
|
|
|
|
CONSUMER STAPLES: 17.1% |
|
|
|
|
|
|
|
Personal Products: 13.0% |
|
|
|
|
|
|
|
Emami, Ltd. |
|
3,240,555 |
|
35,890,563 |
|
|
|
Dabur India, Ltd. |
|
10,654,430 |
|
26,846,811 |
|
|
|
Bajaj Corp., Ltd. |
|
3,803,615 |
|
15,495,005 |
|
|
|
|
|
|
|
78,232,379 |
|
|
|
Tobacco: 4.1% |
|
|
|
|
|
|
|
ITC, Ltd. |
|
4,340,000 |
|
24,726,656 |
|
|
|
Total Consumer Staples |
|
|
|
102,959,035 |
|
|
|
|
|
|
|
|
|
|
|
MATERIALS: 13.7% |
|
|
|
|
|
|
|
Chemicals: 10.5% |
|
|
|
|
|
|
|
Asian Paints, Ltd. |
|
351,500 |
|
31,846,520 |
|
|
|
Castrol India, Ltd. |
|
3,268,602 |
|
19,088,847 |
|
|
|
Supreme Industries, Ltd. |
|
2,100,000 |
|
12,105,307 |
|
|
|
|
|
|
|
63,040,674 |
|
|
|
Construction Materials: 1.9% |
|
|
|
|
|
|
|
Grasim Industries, Ltd. |
|
224,459 |
|
11,631,765 |
|
|
|
|
|
|
|
|
|
|
|
Metals & Mining: 1.3% |
|
|
|
|
|
|
|
NMDC, Ltd. |
|
3,145,923 |
|
7,948,274 |
|
|
|
Total Materials |
|
|
|
82,620,713 |
|
|
|
|
|
|
|
|
|
|
|
CONSUMER DISCRETIONARY: 10.2% |
|
|
|
|
|
|
|
Auto Components: 4.3% |
|
|
|
|
|
|
|
Exide Industries, Ltd. |
|
10,906,722 |
|
25,971,406 |
|
|
|
|
|
|
|
|
|
|
|
Media: 3.7% |
|
|
|
|
|
|
|
Jagran Prakashan, Ltd. |
|
9,961,391 |
|
17,045,250 |
|
|
|
Dish TV India, Ltd.(b) |
|
3,868,505 |
|
4,783,383 |
|
|
|
|
|
|
|
21,828,633 |
|
|
|
Textiles, Apparel & Luxury Goods: 1.2% |
|
|
|
|
|
|
|
Titan Industries, Ltd. |
|
1,538,820 |
|
7,268,347 |
|
|
|
|
|
|
|
|
|
|
|
Household Durables: 1.0% |
|
|
|
|
|
|
|
Symphony, Ltd. |
|
915,000 |
|
6,041,985 |
|
|
|
Total Consumer Discretionary |
|
|
|
61,110,371 |
|
|
|
|
|
|
|
|
|
|
|
HEALTH CARE: 6.0% |
|
|
|
|
|
|
|
Pharmaceuticals: 6.0% |
|
|
|
|
|
|
|
Sun Pharmaceutical Industries, Ltd. |
|
1,923,300 |
|
29,010,016 |
|
|
|
Cipla India, Ltd. |
|
988,275 |
|
6,900,382 |
|
|
|
Total Health Care |
|
|
|
35,910,398 |
|
|
|
|
|
|
|
|
|
|
|
INFORMATION TECHNOLOGY: 4.6% |
|
|
|
|
|
|
|
Internet Software & Services: 3.7% |
|
|
|
|
|
|
|
Info Edge India, Ltd. |
|
3,324,978 |
|
21,987,067 |
|
|
|
|
|
|
|
|
|
|
|
IT Services: 0.9% |
|
|
|
|
|
|
|
MindTree, Ltd. |
|
320,000 |
|
5,384,655 |
|
|
|
Total Information Technology |
|
|
|
27,371,722 |
|
|
|
|
|
|
|
|
|
|
|
UTILITIES: 2.9% |
|
|
|
|
|
|
|
Gas Utilities: 2.9% |
|
|
|
|
|
|
|
GAIL India, Ltd. |
|
2,944,751 |
|
17,263,173 |
|
|
|
Total Utilities |
|
|
|
17,263,173 |
|
|
|
|
|
|
|
|
|
|
|
ENERGY: 0.7% |
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels: 0.7% |
|
|
|
|
|
|
|
Reliance Industries, Ltd. |
|
290,742 |
|
4,144,034 |
|
|
|
Total Energy |
|
|
|
4,144,034 |
|
|
|
TOTAL COMMON EQUITIES (Cost $540,169,126) |
|
|
|
592,015,991 |
|
|
|
|
|
Face Amount |
|
|
|
||
|
CORPORATE BONDS: 1.3% |
|
|
|
|
|
||
|
UTILITIES: 1.3% |
|
|
|
|
|
||
|
Electric Utilities: 1.3% |
|
|
|
|
|
||
|
Tata Power Co., Ltd., Cnv. |
|
|
|
|
|
||
|
1.750%, 11/21/14 |
|
$ |
7,700,000 |
|
8,100,400 |
|
|
|
Total Utilities |
|
|
|
8,100,400 |
|
||
|
TOTAL CORPORATE BONDS (Cost $8,893,250) |
|
|
|
8,100,400 |
|
||
|
|
|
|
|
|
|
||
|
TOTAL INVESTMENTS: 99.8% (Cost $549,062,376(c)) |
|
|
|
|
600,116,391 |
|
|
|
|
|
|
|
|
|
||
|
CASH AND OTHER ASSETS, LESS LIABILITIES : 0.2% |
|
|
|
1,178,397 |
|
||
|
|
|
|
|
|
|
||
|
NET ASSETS: 100.0% |
|
|
|
$ |
601,294,788 |
|
|
|
(a) |
Certain securities were fair valued under the discretion of the Board of Trustees (Note A). |
|
|||||
|
(b) |
Non-income producing security. |
|
|||||
|
(c) |
Cost for federal income tax purposes is $549,126,066 and net unrealized appreciation consists of: |
|
|||||
|
|
|
|
|||||
|
|
Gross unrealized appreciation |
|
$ |
135,691,376 |
|
|
|
|
|
Gross unrealized depreciation |
|
(84,701,051 |
) |
|
||
|
|
Net unrealized appreciation |
|
$ |
50,990,325 |
|
|
|
|
|
|
|
|||||
|
ADR |
American Depositary Receipt |
|
|||||
|
Cnv. |
Convertible |
|
|||||
See accompanying notes to schedules of investments.
|
Matthews Japan Fund |
|
March 28, 2013 |
|
Schedule of Investments(a) (unaudited) |
|
|
|
|
|
Shares |
|
Value |
|
|
|
COMMON EQUITIES: JAPAN (continued) |
|
|
|
|
|
|
|
Pigeon Corp. |
|
20,500 |
|
$ |
1,437,595 |
|
|
|
|
|
|
3,641,588 |
|
|
|
Food & Staples Retailing: 2.0% |
|
|
|
|
|
|
|
Daikokutenbussan Co., Ltd. |
|
66,600 |
|
1,688,082 |
|
|
|
Ain Pharmaciez, Inc. |
|
23,800 |
|
1,284,368 |
|
|
|
|
|
|
|
2,972,450 |
|
|
|
Food Products: 1.0% |
|
|
|
|
|
|
|
Calbee, Inc. |
|
20,100 |
|
1,581,675 |
|
|
|
Total Consumer Staples |
|
|
|
8,195,713 |
|
|
|
|
|
|
|
|
|
|
|
MATERIALS: 4.6% |
|
|
|
|
|
|
|
Chemicals: 4.6% |
|
|
|
|
|
|
|
Nitto Denko Corp. |
|
61,900 |
|
3,727,139 |
|
|
|
Shin-Etsu Chemical Co., Ltd. |
|
48,100 |
|
3,190,123 |
|
|
|
Total Materials |
|
|
|
6,917,262 |
|
|
|
|
|
|
|
|
|
|
|
TELECOMMUNICATION SERVICES: 1.1% |
|
|
|
|
|
|
|
Wireless Telecommunication Services: 1.1% |
|
|
|
|
|
|
|
Softbank Corp. |
|
37,200 |
|
1,713,870 |
|
|
|
Total Telecommunication Services |
|
|
|
1,713,870 |
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS: 95.9% (Cost $121,951,960(c)) |
|
|
|
145,141,187 |
|
|
|
|
|
|
|
|
|
|
|
CASH AND OTHER ASSETS, LESS LIABILITIES : 4.1% |
|
|
|
6,236,779 |
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS: 100.0% |
|
|
|
$ |
151,377,966 |
|
|
(a) |
Certain securities were fair valued under the discretion of the Board of Trustees (Note A). |
|
|||||
|
(b) |
Non-income producing security. |
|
|||||
|
(c) |
Cost for federal income tax purposes is $121,951,960 and net unrealized appreciation consists of: |
|
|||||
|
|
|
|
|
|
|
||
|
|
Gross unrealized appreciation |
|
$ |
27,073,041 |
|
|
|
|
|
Gross unrealized depreciation |
|
(3,883,814 |
) |
|
||
|
|
Net unrealized appreciation |
|
$ |
23,189,227 |
|
|
|
|
|
|
|
|||||
|
ADR |
American Depositary Receipt |
|
|||||
|
REIT |
Real Estate Investment Trust |
|
|||||
See accompanying notes to schedules of investments.
|
Matthews Korea Fund |
|
March 28, 2013 |
|
Schedule of Investments(a) (unaudited) |
|
|
|
|
|
Shares |
|
Value |
|
|
|
COMMON EQUITIES: SOUTH KOREA: 88.4% |
|
|
|
|
|
|
|
CONSUMER DISCRETIONARY: 25.1% |
|
|
|
|
|
|
|
Hotels, Restaurants & Leisure: 6.9% |
|
|
|
|
|
|
|
Kangwon Land, Inc. |
|
97,770 |
|
$ |
2,710,220 |
|
|
Shinsegae Food Co., Ltd. |
|
30,534 |
|
2,500,132 |
|
|
|
Modetour Network, Inc. |
|
89,358 |
|
2,249,784 |
|
|
|
Hotel Shilla Co., Ltd. |
|
31,080 |
|
1,540,949 |
|
|
|
|
|
|
|
9,001,085 |
|
|
|
Media: 4.7% |
|
|
|
|
|
|
|
CJ CGV Co., Ltd. |
|
58,870 |
|
2,662,230 |
|
|
|
SBS Media Holdings Co., Ltd. |
|
388,280 |
|
2,062,090 |
|
|
|
Cheil Worldwide, Inc.(b) |
|
65,490 |
|
1,419,517 |
|
|
|
|
|
|
|
6,143,837 |
|
|
|
Auto Components: 4.2% |
|
|
|
|
|
|
|
Hyundai Mobis |
|
10,533 |
|
2,956,877 |
|
|
|
Hankook Tire Co., Ltd. |
|
60,131 |
|
2,604,580 |
|
|
|
|
|
|
|
5,561,457 |
|
|
|
Automobiles: 4.2% |
|
|
|
|
|
|
|
Hyundai Motor Co. |
|
17,586 |
|
3,554,921 |
|
|
|
Kia Motors Corp. |
|
37,820 |
|
1,918,909 |
|
|
|
|
|
|
|
5,473,830 |
|
|
|
Multiline Retail: 3.1% |
|
|
|
|
|
|
|
Hyundai Greenfood Co., Ltd. |
|
142,440 |
|
2,175,189 |
|
|
|
Hyundai Department Store Co., Ltd. |
|
13,076 |
|
1,923,189 |
|
|
|
|
|
|
|
4,098,378 |
|
|
|
Internet & Catalog Retail: 2.0% |
|
|
|
|
|
|
|
Hyundai Home Shopping Network Corp. |
|
21,041 |
|
2,624,652 |
|
|
|
Total Consumer Discretionary |
|
|
|
32,903,239 |
|
|
|
|
|
|
|
|
|
|
|
INFORMATION TECHNOLOGY: 17.0% |
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment: 12.0% |
|
|
|
|
|
|
|
Samsung Electronics Co., Ltd. |
|
11,578 |
|
15,781,166 |
|
|
|
|
|
|
|
|
|
|
|
Internet Software & Services: 3.8% |
|
|
|
|
|
|
|
NHN Corp. |
|
9,425 |
|
2,278,506 |
|
|
|
Daum Communications Corp. |
|
25,208 |
|
2,073,251 |
|
|
|
SBS Contents Hub Co., Ltd. |
|
46,691 |
|
640,237 |
|
|
|
|
|
|
|
4,991,994 |
|
|
|
Electronic Equipment, Instruments & Components: 1.2% |
|
|
|
|
|
|
|
Samsung SDI Co., Ltd. |
|
12,528 |
|
1,590,027 |
|
|
|
Total Information Technology |
|
|
|
22,363,187 |
|
|
|
|
|
|
|
|
|
|
|
FINANCIALS: 15.9% |
|
|
|
|
|
|
|
Commercial Banks: 6.3% |
|
|
|
|
|
|
|
Shinhan Financial Group Co., Ltd. |
|
158,214 |
|
5,694,561 |
|
|
|
KB Financial Group, Inc. |
|
75,446 |
|
2,520,366 |
|
|
|
|
|
|
|
8,214,927 |
|
|
|
Insurance: 6.1% |
|
|
|
|
|
|
|
Dongbu Insurance Co., Ltd. |
|
72,001 |
|
3,078,519 |
|
|
|
Samsung Fire & Marine Insurance Co., Ltd. |
|
12,653 |
|
2,480,181 |
|
|
|
Hyundai Marine & Fire Insurance Co., Ltd. |
|
85,630 |
|
2,459,900 |
|
|
|
|
|
|
|
8,018,600 |
|
|
|
Capital Markets: 2.8% |
|
|
|
|
|
|
|
Samsung Securities Co., Ltd. |
|
39,707 |
|
1,915,928 |
|
|
|
Kiwoom Securities Co., Ltd. |
|
28,605 |
|
1,746,870 |
|
|
|
|
|
|
|
3,662,798 |
|
|
|
Diversified Financial Services: 0.7% |
|
|
|
|
|
|
|
NICE Information Service Co., Ltd. |
|
202,724 |
|
958,411 |
|
|
|
Total Financials |
|
|
|
20,854,736 |
|
|
|
|
|
|
|
|
|
|
|
CONSUMER STAPLES: 11.7% |
|
|
|
|
|
|
|
Food Products: 4.6% |
|
|
|
|
|
|
|
Orion Corp. |
|
2,118 |
|
2,073,089 |
|
|
|
Binggrae Co., Ltd. |
|
17,468 |
|
2,067,609 |
|
|
|
Ottogi Corp. |
|
7,247 |
|
1,966,124 |
|
|
|
|
|
|
|
6,106,822 |
|
|
|
Household Products: 2.2% |
|
|
|
|
|
|
|
LG Household & Health Care, Ltd. |
|
5,248 |
|
2,884,887 |
|
|
|
|
|
|
|
|
|
|
|
Tobacco: 1.8% |
|
|
|
|
|
|
|
KT&G Corp. |
|
35,657 |
|
2,419,651 |
|
|
|
|
|
|
|
|
|
|
|
Personal Products: 1.6% |
|
|
|
|
|
|
|
Amorepacific Corp. |
|
2,423 |
|
2,039,226 |
|
|
|
|
|
|
|
|
|
|
|
Food & Staples Retailing: 1.5% |
|
|
|
|
|
|
|
E-Mart Co., Ltd. |
|
9,732 |
|
1,924,539 |
|
|
|
Total Consumer Staples |
|
|
|
15,375,125 |
|
|
|
|
|
|
|
|
|
|
|
MATERIALS: 5.8% |
|
|
|
|
|
|
|
Chemicals: 3.2% |
|
|
|
|
|
|
|
LG Chem, Ltd. |
|
12,373 |
|
2,968,419 |
|
|
|
KPX Chemical Co., Ltd. |
|
25,686 |
|
1,216,657 |
|
|
|
|
|
|
|
4,185,076 |
|
|
|
Metals & Mining: 2.6% |
|
|
|
|
|
|
|
POSCO ADR |
|
46,300 |
|
3,412,773 |
|
|
|
Total Materials |
|
|
|
7,597,849 |
|
|
|
|
|
|
|
|
|
|
|
INDUSTRIALS: 4.7% |
|
|
|
|
|
|
|
Trading Companies & Distributors: 1.6% |
|
|
|
|
|
|
|
iMarketKorea, Inc. |
|
92,610 |
|
2,102,191 |
|
|
|
|
|
|
|
|
|
|
|
Construction & Engineering: 1.4% |
|
|
|
|
|
|
|
Samsung Engineering Co., Ltd. |
|
10,330 |
|
1,197,721 |
|
|
|
Hyundai Engineering & Construction Co., Ltd. |
|
11,154 |
|
669,228 |
|
|
|
|
|
|
|
1,866,949 |
|
|
|
Commercial Services & Supplies: 1.0% |
|
|
|
|
|
|
|
KEPCO Plant Service & Engineering Co., Ltd. |
|
24,814 |
|
1,251,559 |
|
|
|
|
|
|
|
|
|
|
|
Industrial Conglomerates: 0.7% |
|
|
|
|
|
|
|
Samsung Techwin Co., Ltd. |
|
16,517 |
|
979,064 |
|
|
|
Total Industrials |
|
|
|
6,199,763 |
|
|
|
|
|
|
|
|
|
|
|
ENERGY: 3.2% |
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels: 3.2% |
|
|
|
|
|
|
|
SK Innovation Co., Ltd. |
|
16,424 |
|
2,418,362 |
|
|
|
S-Oil Corp. |
|
21,884 |
|
1,849,365 |
|
|
|
Total Energy |
|
|
|
4,267,727 |
|
|
|
|
|
|
|
|
|
|
|
TELECOMMUNICATION SERVICES: 2.6% |
|
|
|
|
|
|
|
Wireless Telecommunication Services: 2.6% |
|
|
|
|
|
|
|
SK Telecom Co., Ltd. ADR |
|
191,300 |
|
3,418,531 |
|
|
|
Total Telecommunication Services |
|
|
|
3,418,531 |
|
|
See accompanying notes to schedules of investments.
|
Matthews Asia Small Companies Fund |
|
March 28, 2013 |
|
Schedule of Investments(a) (unaudited) |
|
|
|
(a) |
Certain securities were fair valued under the discretion of the Board of Trustees (Note A). |
|
|||||
|
(b) |
Non-income producing security. |
|
|||||
|
(c) |
Illiquid security. |
|
|||||
|
(d) |
Cost for federal income tax purposes is $353,727,372 and net unrealized appreciation consists of: |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
Gross unrealized appreciation |
|
$ |
89,651,237 |
|
|
|
|
|
Gross unrealized depreciation |
|
(33,563,890 |
) |
|
||
|
|
Net unrealized appreciation |
|
$ |
56,087,347 |
|
|
|
|
|
|
|
|||||
|
BHD |
Berhad |
|
|||||
|
NVDR |
Non-voting Depositary Receipt |
|
|||||
See accompanying notes to schedules of investments.
|
Matthews China Small Companies Fund |
|
March 28, 2013 |
|
Schedule of Investments(a) (unaudited) |
|
|
|
|
|
Shares |
|
Value |
|
|
|
COMMON EQUITIES: 94.3% |
|
|
|
|
|
|
|
CONSUMER DISCRETIONARY: 25.7% |
|
|
|
|
|
|
|
Leisure Equipment & Products: 7.6% |
|
|
|
|
|
|
|
Sunny Optical Technology Group Co., Ltd. |
|
625,000 |
|
$ |
722,869 |
|
|
Goodbaby International Holdings, Ltd. |
|
1,045,000 |
|
615,376 |
|
|
|
|
|
|
|
1,338,245 |
|
|
|
Hotels, Restaurants & Leisure: 4.2% |
|
|
|
|
|
|
|
Gourmet Master Co., Ltd. |
|
50,970 |
|
284,746 |
|
|
|
Tao Heung Holdings, Ltd. |
|
483,000 |
|
275,020 |
|
|
|
Home Inns & Hotels Management, Inc. ADR(b) |
|
6,100 |
|
181,719 |
|
|
|
|
|
|
|
741,485 |
|
|
|
Auto Components: 3.4% |
|
|
|
|
|
|
|
Minth Group, Ltd. |
|
412,000 |
|
608,346 |
|
|
|
|
|
|
|
|
|
|
|
Multiline Retail: 2.8% |
|
|
|
|
|
|
|
Springland International Holdings, Ltd. |
|
961,000 |
|
485,971 |
|
|
|
|
|
|
|
|
|
|
|
Media: 2.6% |
|
|
|
|
|
|
|
Television Broadcasts, Ltd. |
|
61,300 |
|
465,024 |
|
|
|
|
|
|
|
|
|
|
|
Diversified Consumer Services: 2.0% |
|
|
|
|
|
|
|
TAL Education Group ADR |
|
38,300 |
|
358,871 |
|
|
|
|
|
|
|
|
|
|
|
Textiles, Apparel & Luxury Goods: 1.6% |
|
|
|
|
|
|
|
Trinity, Ltd. |
|
312,000 |
|
159,975 |
|
|
|
Anta Sports Products, Ltd. |
|
149,000 |
|
127,714 |
|
|
|
|
|
|
|
287,689 |
|
|
|
Specialty Retail: 1.5% |
|
|
|
|
|
|
|
Hengdeli Holdings, Ltd. |
|
932,000 |
|
261,501 |
|
|
|
Total Consumer Discretionary |
|
|
|
4,547,132 |
|
|
|
|
|
|
|
|
|
|
|
INDUSTRIALS: 17.0% |
|
|
|
|
|
|
|
Machinery: 7.1% |
|
|
|
|
|
|
|
Yungtay Engineering Co., Ltd. |
|
274,000 |
|
536,324 |
|
|
|
Haitian International Holdings, Ltd. |
|
214,000 |
|
333,025 |
|
|
|
Airtac International Group |
|
43,000 |
|
219,661 |
|
|
|
Sany Heavy Equipment International Holdings Co., Ltd. |
|
346,000 |
|
160,471 |
|
|
|
|
|
|
|
1,249,481 |
|
|
|
Electrical Equipment: 3.7% |
|
|
|
|
|
|
|
Hangzhou Steam Turbine Co., Ltd. B Shares |
|
318,843 |
|
534,970 |
|
|
|
Zhuzhou CSR Times Electric Co., Ltd. H Shares |
|
43,000 |
|
122,473 |
|
|
|
|
|
|
|
657,443 |
|
|
|
Transportation Infrastructure: 2.3% |
|
|
|
|
|
|
|
Yuexiu Transport Infrastructure, Ltd. |
|
784,000 |
|
410,524 |
|
|
|
|
|
|
|
|
|
|
|
Professional Services: 2.1% |
|
|
|
|
|
|
|
51job, Inc. ADR(b) |
|
6,155 |
|
365,668 |
|
|
|
|
|
|
|
|
|
|
|
Marine: 1.8% |
|
|
|
|
|
|
|
SITC International Holdings Co., Ltd. |
|
851,000 |
|
322,725 |
|
|
|
Total Industrials |
|
|
|
3,005,841 |
|
|
|
|
|
|
|
|
|
|
|
HEALTH CARE: 15.7% |
|
|
|
|
|
|
|
Pharmaceuticals: 8.7% |
|
|
|
|
|
|
|
Sino Biopharmaceutical |
|
1,296,000 |
|
906,611 |
|
|
|
Lee’s Pharmaceutical Holdings, Ltd. |
|
590,000 |
|
410,396 |
|
|
|
Tianjin ZhongXin Pharmaceutical Group Corp., Ltd. S Shares |
|
203,000 |
|
218,736 |
|
|
|
|
|
|
|
1,535,743 |
|
|
|
Health Care Equipment & Supplies: 5.3% |
|
|
|
|
|
|
|
Ginko International Co., Ltd. |
|
37,000 |
|
611,299 |
|
|
|
St. Shine Optical Co., Ltd. |
|
17,000 |
|
332,518 |
|
|
|
|
|
|
|
943,817 |
|
|
|
Life Sciences Tools & Services: 1.7% |
|
|
|
|
|
|
|
WuXi PharmaTech Cayman, Inc. ADR(b) |
|
17,500 |
|
300,650 |
|
|
|
Total Health Care |
|
|
|
2,780,210 |
|
|
|
|
|
|
|
|
|
|
|
FINANCIALS: 12.2% |
|
|
|
|
|
|
|
Real Estate Management & Development: 10.7% |
|
|
|
|
|
|
|
China Overseas Grand Oceans Group, Ltd. |
|
645,750 |
|
854,855 |
|
|
|
Franshion Properties China, Ltd. |
|
1,620,000 |
|
531,147 |
|
|
|
K Wah International Holdings, Ltd. |
|
516,000 |
|
290,647 |
|
|
|
KWG Property Holding, Ltd. |
|
333,000 |
|
209,229 |
|
|
|
|
|
|
|
1,885,878 |
|
|
|
Diversified Financial Services: 1.5% |
|
|
|
|
|
|
|
Chailease Holding Co., Ltd. |
|
94,000 |
|
261,929 |
|
|
|
Total Financials |
|
|
|
2,147,807 |
|
|
|
|
|
|
|
|
|
|
|
MATERIALS: 7.6% |
|
|
|
|
|
|
|
Containers & Packaging: 5.0% |
|
|
|
|
|
|
|
Greatview Aseptic Packaging Co., Ltd. |
|
933,000 |
|
625,268 |
|
|
|
Taiwan Hon Chuan Enterprise Co., Ltd. |
|
99,535 |
|
257,753 |
|
|
|
|
|
|
|
883,021 |
|
|
|
Chemicals: 2.6% |
|
|
|
|
|
|
|
Yip’s Chemical Holdings, Ltd. |
|
422,000 |
|
452,761 |
|
|
|
Total Materials |
|
|
|
1,335,782 |
|
|
|
|
|
|
|
|
|
|
|
INFORMATION TECHNOLOGY: 6.2% |
|
|
|
|
|
|
|
Electronic Equipment, Instruments & Components: 3.2% |
|
|
|
|
|
|
|
Digital China Holdings, Ltd. |
|
215,000 |
|
291,618 |
|
|
|
PAX Global Technology, Ltd.(b) |
|
1,108,000 |
|
255,971 |
|
|
|
China High Precision Automation Group, Ltd.(c) |
|
195,000 |
|
10,048 |
|
|
|
|
|
|
|
557,637 |
|
|
|
Internet Software & Services: 2.0% |
|
|
|
|
|
|
|
21Vianet Group, Inc. ADR(b) |
|
23,600 |
|
221,840 |
|
|
|
Sina Corp.(b) |
|
2,900 |
|
140,911 |
|
|
|
|
|
|
|
362,751 |
|
|
|
Semiconductors & Semiconductor Equipment: 1.0% |
|
|
|
|
|
|
|
Spreadtrum Communications, Inc. ADR |
|
5,800 |
|
118,958 |
|
|
|
RDA Microelectronics, Inc. ADR |
|
6,200 |
|
57,350 |
|
|
|
|
|
|
|
176,308 |
|
|
|
Total Information Technology |
|
|
|
1,096,696 |
|
|
|
|
|
|
|
|
|
|
|
UTILITIES: 5.2% |
|
|
|
|
|
|
|
Gas Utilities: 5.2% |
|
|
|
|
|
|
|
Towngas China Co., Ltd. |
|
990,000 |
|
915,795 |
|
|
|
Total Utilities |
|
|
|
915,795 |
|
|
|
|
|
|
|
|
|
|
|
CONSUMER STAPLES: 4.1% |
|
|
|
|
|
|
|
Food Products: 1.9% |
|
|
|
|
|
|
|
Shenguan Holdings Group, Ltd. |
|
498,000 |
|
258,650 |
|
|
|
Tenfu Cayman Holdings Co., Ltd. |
|
136,000 |
|
71,847 |
|
|
|
|
|
|
|
330,497 |
|
|
|
|
|
Shares |
|
Value |
|
|
|
COMMON EQUITIES: (continued) |
|
|
|
|
|
|
|
Household Products: 1.3% |
|
|
|
|
|
|
|
Vinda International Holdings, Ltd. |
|
163,000 |
|
$ |
233,391 |
|
|
|
|
|
|
|
|
|
|
Food & Staples Retailing: 0.9% |
|
|
|
|
|
|
|
Wumart Stores, Inc. H Shares |
|
85,000 |
|
153,658 |
|
|
|
Total Consumer Staples |
|
|
|
717,546 |
|
|
|
|
|
|
|
|
|
|
|
ENERGY: 0.6% |
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels: 0.6% |
|
|
|
|
|
|
|
Sinopec Kantons Holdings, Ltd. |
|
112,000 |
|
98,528 |
|
|
|
Total Energy |
|
|
|
98,528 |
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS: 94.3% (Cost $15,062,608(d)) |
|
|
|
16,645,337 |
|
|
|
|
|
|
|
|
|
|
|
CASH AND OTHER ASSETS, LESS LIABILITIES : 5.7% |
|
|
|
1,009,202 |
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS: 100.0% |
|
|
|
$ |
17,654,539 |
|
|
(a) |
Certain securities were fair valued under the discretion of the Board of Trustees (Note A). |
|
|||||
|
(b) |
Non-income producing security. |
|
|||||
|
(c) |
Illiquid security. |
|
|||||
|
(d) |
Cost for federal income tax purposes is $15,143,472 and net unrealized appreciation consists of: |
|
|||||
|
|
|
|
|
|
|
||
|
|
Gross unrealized appreciation |
|
$ |
2,409,408 |
|
|
|
|
|
Gross unrealized depreciation |
|
(907,543 |
) |
|
||
|
|
Net unrealized appreciation |
|
$ |
1,501,865 |
|
|
|
|
|
|
|
|||||
|
ADR |
American Depositary Receipt |
|
|||||
See accompanying notes to schedules of investments.
|
Matthews Asia Science and Technology Fund |
|
March 28, 2013 |
|
Schedule of Investments(a) (unaudited) |
|
|
|
(a) |
Certain securities were fair valued under the discretion of the Board of Trustees (Note A). |
|
|||||
|
(b) |
Non-income producing security. |
|
|||||
|
(c) |
Cost for federal income tax purposes is $99,460,155 and net unrealized appreciation consists of: |
|
|||||
|
|
|
|
|||||
|
|
Gross unrealized appreciation |
|
$ |
31,998,296 |
|
|
|
|
|
Gross unrealized depreciation |
|
(3,719,156 |
) |
|
||
|
|
Net unrealized appreciation |
|
$ |
28,279,140 |
|
|
|
|
|
|
|
|||||
|
ADR |
American Depositary Receipt |
|
|||||
|
BHD |
Berhad |
|
|||||
|
Pfd. |
Preferred |
|
|||||
See accompanying notes to schedules of investments.
Notes to Schedules of Investments (unaudited)
A. SECURITY VALUATION: The value of the Matthews Asia Funds’ (the “Trust”, each a “Fund”, collectively the “Funds”) securities is based on market quotations for those securities, or on their fair value determined by or under the direction of the Funds’ Board of Trustees (the “Board”). Market quotations and valuation information are provided by commercial pricing services or securities dealers that are independent of the Funds and Matthews International Capital Management, LLC (“Matthews”), in accordance with procedures established by the Funds’ Board. Foreign exchange-traded securities are valued as of the close of trading on the primary exchange on which they trade. Securities that trade in over-the-counter markets, including most debt securities (bonds), may be valued by other third-party vendors or by using indicative bid quotations from dealers or market makers, or other available market information. Market values for securities are determined based on quotations, market data or other information from the principal (or most advantageous) market on which the security is traded. Market quotations for equity securities used by the Funds include last reported sale prices, or, if such prices are not reported or available, bid and ask prices. Financial futures contracts traded on exchanges are valued at their settlement price. Foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined at the close of business on the New York Stock Exchange (“NYSE”). Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. The Funds may also utilize independent pricing services to assist them in determining a current market value for each security based on sources believed to be reliable.
The Board has delegated the responsibility of making fair value determinations to the Funds’ Valuation Committee (the “Valuation Committee”) subject to the Funds’ Pricing Policies. When fair value pricing is employed, the prices of securities used by a Fund to calculate its Net Asset Value (“NAV”) may differ from any quoted or published prices for the same securities for that day. All fair value determinations are made subject to the Board’s oversight. Events affecting the value of foreign investments may occur between the time at which they are determined and when the Funds calculate their NAV, which is normally the close of trading on the NYSE. If such events render market quotations unreliable, and the impact of such events can be reasonably determined, the investments will be valued at their fair value in accordance with pricing policies. The fair value of a security held by the Funds may be determined using the services of third-party pricing services to assist in this process.
The books and records of the Funds are maintained in U.S. dollars. Transactions, portfolio securities, and assets and liabilities denominated in a foreign currency are translated and recorded in U.S. dollars at the prevailing exchange rate as of the close of trading on the NYSE. Translation gains or losses resulting from changes in the exchange rate during the reporting period and realized gains and losses on the settlement of foreign currency transactions are reported in the results of operations for the current period. The Funds do not isolate that portion of gains and losses on investments in securities that is due to changes in foreign exchange rate from that which is due to changes in market prices of securities.
Foreign securities held by the Funds may be traded on days and at times when the NYSE is closed. Accordingly, the NAV of the Funds may be significantly affected on days when shareholders have no access to the Funds.
B. FAIR VALUE MEASUREMENTS : In accordance with the guidance on fair value measurements and disclosures under generally accepted accounting principles in the United States (“U.S. GAAP”), the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). Various inputs are used in determining the fair value of investments and derivative financial instruments, which are as follows:
Level 1: Quoted prices in active markets for identical securities.
Level 2: Other significant observable inputs (including quoted prices for similar securities, 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).
As of March 28, 2013, Level 3 securities consist of equities that, as of March 28, 2013, were suspended from trading and certain foreign government obligations, using a quoted price. As described in Note A, these securities are valued based on their fair value as determined under the direction of the Board. The significant unobservable inputs, the methodology used for valuing such securities, and the characterization of such securities as Level 3 securities are not necessarily an indication of liquidity, or the risk associated with investing in these securities. Certain of the Funds’ securities categorized as Level 3 were valued utilizing third party pricing information which is based on unobservable inputs. A significant change in the unobservable inputs could result in a significantly lower or higher value in such Level 3 securities.
The summary of inputs used to determine the fair valuation of the Fund’s investments and derivative financial instruments as of March 28, 2013 is as follows:
|
|
|
|
|
Matthews Asian |
|
|
|
|
|
|
|
|||||
|
|
|
Matthews Asia |
|
Growth and |
|
Matthews Asia |
|
Matthews Asia |
|
Matthews Pacific |
|
|||||
|
|
|
Strategic Income Fund |
|
Income Fund |
|
Dividend Fund |
|
Growth Fund |
|
Tiger Fund |
|
|||||
|
Level 1: Quoted Prices |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Common Equities: |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
China/Hong Kong |
|
$ |
— |
|
$ |
201,620,303 |
|
$ |
493,308,577 |
|
$ |
30,343,301 |
|
$ |
331,982,337 |
|
|
India |
|
— |
|
— |
|
— |
|
10,799,581 |
|
204,051,629 |
|
|||||
|
Indonesia |
|
— |
|
69,603,520 |
|
32,350,941 |
|
— |
|
16,936,556 |
|
|||||
|
Japan |
|
515,515 |
|
— |
|
— |
|
— |
|
— |
|
|||||
|
Malaysia |
|
— |
|
133,912,870 |
|
97,049,249 |
|
4,696,158 |
|
43,904,468 |
|
|||||
|
Philippines |
|
— |
|
60,735,408 |
|
50,100,073 |
|
— |
|
— |
|
|||||
|
Singapore |
|
— |
|
— |
|
— |
|
4,412,565 |
|
— |
|
|||||
|
South Korea |
|
— |
|
74,929,780 |
|
82,380,910 |
|
— |
|
— |
|
|||||
|
Sri Lanka |
|
— |
|
— |
|
— |
|
11,180,774 |
|
— |
|
|||||
|
Taiwan |
|
— |
|
100,905,494 |
|
179,758,599 |
|
— |
|
— |
|
|||||
|
Vietnam |
|
— |
|
49,841,704 |
|
— |
|
14,593,524 |
|
99,328,292 |
|
|||||
|
Level 2: Other Significant Observable Inputs |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Foreign Government Obligations(a) |
|
15,170,878 |
|
— |
|
— |
|
— |
|
— |
|
|||||
|
Corporate Bonds(a) |
|
34,100,930 |
|
516,823,603 |
|
— |
|
— |
|
— |
|
|||||
|
Common Equities: |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Australia |
|
376,167 |
|
390,539,942 |
|
444,706,609 |
|
18,626,734 |
|
— |
|
|||||
|
Cambodia |
|
— |
|
— |
|
— |
|
8,621,473 |
|
— |
|
|||||
|
China/Hong Kong |
|
855,693 |
|
820,277,852 |
|
1,043,313,370 |
|
47,078,312 |
|
1,638,935,561 |
|
|||||
|
India |
|
— |
|
75,067,280 |
|
54,745,047 |
|
23,359,462 |
|
953,133,632 |
|
|||||
|
Indonesia |
|
— |
|
97,784,310 |
|
277,069,070 |
|
36,947,681 |
|
739,113,534 |
|
|||||
|
Japan |
|
— |
|
423,588,341 |
|
915,729,745 |
|
234,643,579 |
|
— |
|
|||||
|
Malaysia |
|
428,055 |
|
141,407,293 |
|
4,378,845 |
|
8,892,128 |
|
317,169,633 |
|
|||||
|
Philippines |
|
549,579 |
|
— |
|
— |
|
8,286,269 |
|
218,708,329 |
|
|||||
|
Singapore |
|
1,163,074 |
|
666,660,757 |
|
505,704,881 |
|
7,029,609 |
|
186,132,712 |
|
|||||
|
South Korea |
|
— |
|
95,772,150 |
|
14,954,332 |
|
— |
|
1,095,307,376 |
|
|||||
|
Sri Lanka |
|
— |
|
— |
|
— |
|
18,648,848 |
|
— |
|
|||||
|
Switzerland |
|
— |
|
— |
|
— |
|
— |
|
49,277,638 |
|
|||||
|
Taiwan |
|
— |
|
69,239,797 |
|
164,041,833 |
|
24,986,646 |
|
552,921,128 |
|
|||||
|
Thailand |
|
1,294,064 |
|
322,659,527 |
|
205,549,192 |
|
32,794,594 |
|
651,489,043 |
|
|||||
|
United Kingdom |
|
— |
|
75,378,369 |
|
— |
|
— |
|
— |
|
|||||
|
Preferred Equities: |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
South Korea |
|
— |
|
139,653,286 |
|
70,621,517 |
|
— |
|
— |
|
|||||
|
Level 3: Significant Unobservable Inputs |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Corporate Bonds(a) |
|
2,104,757 |
|
— |
|
— |
|
— |
|
— |
|
|||||
|
Total Market Value of Investments |
|
$ |
56,558,712 |
|
$ |
4,526,401,586 |
|
$ |
4,635,762,790 |
|
$ |
545,941,238 |
|
$ |
7,098,391,868 |
|
(a) Industry, countries, or security types are disclosed on the Schedule of Investments.
(1) Derivative financial instruments are financial futures contracts and foreign currency exchange contracts. Financial futures contracts and foreign currency exchange contracts are valued at the unrealized appreciation/depreciation on the instrument.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
Matthews China |
|
Matthews |
|
Matthews |
|
Matthews |
|
Matthews |
|
Matthews China |
|
||||||
|
|
|
Dividend Fund |
|
China Fund |
|
India Fund |
|
Japan Fund |
|
Korea Fund |
|
Small Companies Fund |
|
||||||
|
Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Level 1: Quoted Prices |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Common Equities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Consumer Discretionary |
|
$ |
3,690,522 |
|
$ |
34,772,258 |
|
$ |
17,045,250 |
|
$ |
1,002,240 |
|
$ |
2,500,132 |
|
$ |
815,610 |
|
|
Consumer Staples |
|
— |
|
— |
|
62,737,374 |
|
2,972,450 |
|
2,419,651 |
|
— |
|
||||||
|
Energy |
|
5,306,220 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
||||||
|
Financials |
|
5,092,977 |
|
12,795,732 |
|
10,432,502 |
|
2,402,515 |
|
958,411 |
|
— |
|
||||||
|
Health Care |
|
— |
|
61,007,072 |
|
— |
|
1,535,501 |
|
— |
|
300,650 |
|
||||||
|
Industrials |
|
4,530,068 |
|
— |
|
47,486,712 |
|
— |
|
— |
|
698,693 |
|
||||||
|
Information Technology |
|
— |
|
57,791,944 |
|
27,371,722 |
|
— |
|
— |
|
539,059 |
|
||||||
|
Materials |
|
— |
|
— |
|
— |
|
— |
|
4,629,430 |
|
— |
|
||||||
|
Telecommunication Services |
|
7,100,352 |
|
24,763,893 |
|
— |
|
— |
|
3,418,531 |
|
— |
|
||||||
|
Level 2: Other Significant Observable Inputs |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Common Equities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Consumer Discretionary |
|
30,474,791 |
|
288,498,217 |
|
44,065,121 |
|
27,261,403 |
|
30,403,107 |
|
3,731,522 |
|
||||||
|
Consumer Staples |
|
6,747,754 |
|
199,973,732 |
|
40,221,661 |
|
5,223,263 |
|
12,955,474 |
|
717,546 |
|
||||||
|
Energy |
|
3,944,185 |
|
126,412,225 |
|
4,144,034 |
|
— |
|
4,267,727 |
|
98,528 |
|
||||||
|
Financials |
|
13,588,111 |
|
450,649,692 |
|
137,026,930 |
|
32,753,764 |
|
19,896,325 |
|
2,147,807 |
|
||||||
|
Health Care |
|
9,304,521 |
|
48,135,244 |
|
35,910,398 |
|
9,267,739 |
|
1,723,923 |
|
2,479,560 |
|
||||||
|
Industrials |
|
10,996,220 |
|
193,863,606 |
|
65,690,401 |
|
32,544,720 |
|
6,199,763 |
|
2,307,148 |
|
||||||
|
Information Technology |
|
2,894,053 |
|
157,146,961 |
|
— |
|
21,546,460 |
|
22,363,187 |
|
547,589 |
|
||||||
|
Materials |
|
1,251,679 |
|
— |
|
82,620,713 |
|
6,917,262 |
|
2,968,419 |
|
1,335,782 |
|
||||||
|
Telecommunication Services |
|
— |
|
85,794,053 |
|
17,263,173 |
|
1,713,870 |
|
— |
|
— |
|
||||||
|
Utilities |
|
5,187,983 |
|
120,975,163 |
|
— |
|
— |
|
— |
|
915,795 |
|
||||||
|
Rights: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Consumer Discretionary |
|
— |
|
1,719,037 |
|
— |
|
— |
|
— |
|
— |
|
||||||
|
Preferred Equities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Consumer Discretionary |
|
— |
|
— |
|
— |
|
— |
|
4,251,795 |
|
— |
|
||||||
|
Energy |
|
— |
|
— |
|
— |
|
— |
|
710,871 |
|
— |
|
||||||
|
Financials |
|
— |
|
— |
|
— |
|
— |
|
2,824,957 |
|
— |
|
||||||
|
Information Technology |
|
— |
|
— |
|
— |
|
— |
|
3,600,286 |
|
— |
|
||||||
|
Materials |
|
— |
|
— |
|
— |
|
— |
|
1,583,605 |
|
— |
|
||||||
|
Corporate Bonds(a) |
|
— |
|
— |
|
8,100,400 |
|
— |
|
— |
|
— |
|
||||||
|
Level 3: Significant Unobservable Inputs |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Common Equities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Health Care |
|
— |
|
— |
|
— |
|
— |
|
1,444,157 |
|
— |
|
||||||
|
Information Technology |
|
— |
|
— |
|
— |
|
— |
|
— |
|
10,048 |
|
||||||
|
Total Market Value of Investments |
|
$ |
110,109,436 |
|
$ |
1,864,298,829 |
|
$ |
600,116,391 |
|
$ |
145,141,187 |
|
$ |
129,119,751 |
|
$ |
16,645,337 |
|
(a) Industry, countries, or security types are disclosed on the Schedule of Investments.
|
|
|
Matthews Asia |
|
Matthews Asia |
|
||
|
|
|
Small Companies |
|
Science and Technology |
|
||
|
|
|
Fund |
|
Fund |
|
||
|
Level 1: Quoted Prices |
|
|
|
|
|
||
|
Common Equities: |
|
|
|
|
|
||
|
China/Hong Kong |
|
$ |
12,493,446 |
|
$ |
19,110,002 |
|
|
India |
|
31,397,685 |
|
6,049,978 |
|
||
|
Indonesia |
|
12,378,932 |
|
— |
|
||
|
Japan |
|
— |
|
1,760,880 |
|
||
|
Malaysia |
|
5,439,432 |
|
— |
|
||
|
Philippines |
|
2,913,747 |
|
— |
|
||
|
South Korea |
|
— |
|
1,560,051 |
|
||
|
Thailand |
|
5,501,673 |
|
— |
|
||
|
United States |
|
— |
|
1,869,284 |
|
||
|
Warrants: |
|
|
|
|
|
||
|
Malaysia |
|
86,598 |
|
— |
|
||
|
Level 2: Other Significant Observable Inputs |
|
|
|
|
|
||
|
Common Equities: |
|
|
|
|
|
||
|
China/Hong Kong |
|
106,947,171 |
|
16,121,456 |
|
||
|
India |
|
34,753,016 |
|
— |
|
||
|
Indonesia |
|
30,632,452 |
|
1,725,764 |
|
||
|
Japan |
|
— |
|
31,214,109 |
|
||
|
Malaysia |
|
20,162,468 |
|
1,369,766 |
|
||
|
Philippines |
|
14,638,439 |
|
— |
|
||
|
Singapore |
|
26,034,555 |
|
— |
|
||
|
South Korea |
|
34,030,744 |
|
19,804,898 |
|
||
|
Taiwan |
|
43,319,247 |
|
21,848,307 |
|
||
|
Thailand |
|
28,894,800 |
|
2,030,246 |
|
||
|
Preferred Equities: |
|
|
|
|
|
||
|
South Korea |
|
— |
|
3,274,554 |
|
||
|
Level 3: Significant Unobservable Inputs |
|
|
|
|
|
||
|
Common Equities: |
|
|
|
|
|
||
|
China/Hong Kong |
|
190,314 |
|
— |
|
||
|
Total Market Value of Investments |
|
$ |
409,814,719 |
|
$ |
127,739,295 |
|
Certain foreign securities may be fair valued by external pricing services when the Funds determine that events affecting the value of foreign securities which occur between the time at which they are determined and the close of trading on the NYSE render market quotations unreliable. Such fair valuations are categorized as Level 2 in the fair value hierarchy. Foreign securities that are valued based on market quotations are categorized as Level 1 in the fair value hierarchy (see Note A). The Funds’ policy is to recognize transfers in and transfers out as of the beginning of the reporting period. At March 28, 2013, the Funds utilized third party pricing services to fair value certain markets which were different than markets which utilized third party pricing services at December 31, 2012. As a result, certain securities held by the Funds were transferred from Level 2 into Level 1 and certain securities held by the Funds were transferred from Level 1 into Level 2 with beginning of period values as follows:
|
|
|
Transfer to Level 1
|
|
Transfer to Level 2
|
|
||
|
Matthews Asian Growth and Income Fund |
|
$ |
254,050,986 |
|
$ |
— |
|
|
Matthews Asia Dividend Fund |
|
207,099,433 |
|
33,808,481 |
|
||
|
Matthews China Dividend Fund |
|
— |
|
1,503,892 |
|
||
|
Matthews Asia Growth Fund |
|
38,338,725 |
|
— |
|
||
|
Matthews Pacific Tiger Fund |
|
365,493,792 |
|
94,394,016 |
|
||
|
Matthews India Fund |
|
101,579,439 |
|
20,318,857 |
|
||
|
Matthews Japan Fund |
|
2,626,612 |
|
2,904,784 |
|
||
|
Matthews Korea Fund |
|
3,855,860 |
|
5,150,775 |
|
||
|
Matthews Asia Small Companies Fund |
|
43,452,076 |
|
13,244,976 |
|
||
|
Matthews Asia Science and Technology Fund |
|
978,113 |
|
4,298,984 |
|
||
A reconciliation of Level 3 investments for which significant unobservable inputs were used to determine value are as follows:
|
|
|
Matthews Asia |
|
Matthews Asia |
|
Matthews |
|
Matthews Asia |
|
Matthews |
|
|||||
|
|
|
Strategic Income Fund |
|
Strategic Income Fund |
|
Korea Fund |
|
Small Companies Fund |
|
China Small Companies Fund |
|
|||||
|
|
|
|
|
|
|
Common Equities - |
|
Common Equities - |
|
Common Equities - |
|
|||||
|
|
|
Corporate Bonds |
|
Foreign Government Obligations |
|
Health Care |
|
China |
|
Information Technology |
|
|||||
|
Balance as of 12/31/12 (market value) |
|
$ |
212,844 |
|
$ |
— |
|
$ |
— |
|
$ |
190,601 |
|
$ |
10,064 |
|
|
Accrued discounts/premiums |
|
— |
|
4,710 |
|
— |
|
— |
|
— |
|
|||||
|
Realized gain/(loss) |
|
— |
|
— |
|
235,530 |
|
— |
|
— |
|
|||||
|
Change in unrealized appreciation/depreciation |
|
— |
|
(61,052 |
) |
(38,071 |
) |
(287 |
) |
(16 |
) |
|||||
|
Purchases |
|
— |
|
2,161,099 |
|
— |
|
— |
|
— |
|
|||||
|
Sales |
|
— |
|
— |
|
(578,890 |
) |
— |
|
— |
|
|||||
|
Transfers in to Level 3* |
|
— |
|
— |
|
1,825,588 |
|
— |
|
— |
|
|||||
|
Transfers out of Level 3* |
|
(212,844 |
) |
— |
|
— |
|
— |
|
— |
|
|||||
|
Balance as of 3/28/13 (market value) |
|
$ |
— |
|
$ |
2,104,757 |
|
$ |
1,444,157 |
|
$ |
190,314 |
|
$ |
10,048 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net change in unrealized appreciation/depreciation on |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Level 3 investments held as of 03/28/13 |
|
$ |
— |
|
$ |
(61,052 |
) |
$ |
(38,071 |
) |
$ |
(287 |
) |
$ |
(16 |
) |
* The Fund’s policy is to recognize transfers in and transfer out as of the beginning of the reporting period.
Certain foreign securities, for which market quotations are not readily available, may be fair valued and classified as either Level 2 or Level 3. When the underlying inputs include significant observable inputs obtained from sources independent of the Funds, the securities are classified as Level 2. When the underlying inputs include significant unobservable inputs and reflect assumptions of market participants, the securities are classified as Level 3. As of March 28, 2013, the Funds utilized significant observable inputs including evaluated prices from the Funds’ pricing vendors, day-on-day price changes, primary and ancillary pricing sources, and other available independent market indicators of value. As a result, certain securities held by the Funds that were previously classified as Level 3 were transferred to Level 2. As of March 28, 2013, certain equity securities were suspended from trading and were transferred from Level 2 to Level 3.
C. DERIVATIVE FINANCIAL INSTRUMENTS
Matthews Asia Strategic Income Fund engages in various portfolio investment strategies using derivative contracts to hedge its exposure to foreign currency exchange rate risk. Losses may arise if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument or if the counterparty does not perform under the contract. The Fund’s primary risks associated with the use of derivatives include the other party to the derivative contract may fail to fulfill its obligation, reduced liquidity, the Fund may suffer disproportionate heavy losses relative to the amount invested, and changes in the value of the derivatives may not match or fully offset changes in the value of the hedged portfolio securities, thereby failing to achieve the original purpose for using the derivative.
Financial Futures Contracts: Matthews Asia Strategic Income Fund may purchase financial futures contracts for hedging purposes or to maintain liquidity. Financial futures contracts are agreements between the Fund and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and at a specified date. Depending on the terms of the particular contract, futures contracts are settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash settlement amount on settlement date. Pursuant to the contract, the Fund agrees to receive from or pay an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The primary risks associated with the use of futures contracts are: (i) imperfect correlation between the change in market value of the securities held by the Fund and the price of futures contracts; (ii) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (iii) losses, which are potentially unlimited, due to unanticipated market movements; and (iv) Matthews’ ability to predict correctly the direction of security prices, interest rates and other economic factors.
Forward Foreign Currency Exchange Contracts: Matthews Asia Strategic Income Fund entered into forward foreign currency exchange contracts as a hedge against either specific transactions or portfolio instruments or to obtain exposure to foreign currencies (foreign currency exchange rate risk). Forward foreign currency exchange contracts, when used by the Fund, may also help to manage the overall exposure to the currencies (currency risk) in which some of the investments held by the Fund are denominated. A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a future date. The contract is marked-to-market daily and the change in market value is recorded by the Fund as an unrealized gain or loss. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The use of forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies and the risk that the counterparty to the contract does not perform its obligations under the agreement.
D. HOLDINGS OF 5% VOTING SHARES OF PORTFOLIO COMPANIES
The Investing Company Act of 1940 defines “affiliated companies” to include investments in portfolio companies in which a fund owns 5% or more of the outstanding voting shares. During the period ended March 28, 2013, the Funds below held 5% or more of the outstanding voting shares of the noted portfolio companies. During this period, other Funds in the Trust may also have held voting shares of the issuers at levels below 5%.
Investments in affiliates:
A summary of transactions in securities of issuers affiliated with a Fund for the period ended March 28, 2013 is set forth below:
|
|
|
Shares Held at |
|
Shares |
|
Shares |
|
Shares Held at |
|
Value at |
|
|
|
|
|
Dec. 31, 2012 |
|
Purchased |
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Sold |
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Mar. 28, 2013 |
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Mar. 28, 2013 |
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MATTHEWS ASIAN GROWTH AND INCOME FUND |
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Name of Issuer: |
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Citic Telecom International Holdings, Ltd. |
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139,126,000 |
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— |
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— |
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139,126,000 |
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$ |
51,910,198 |
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Vitasoy International Holdings, Ltd. |
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51,771,000 |
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— |
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— |
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51,771,000 |
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58,371,822 |
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Total Affiliates |
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$ |
110,282,020 |
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MATTHEWS ASIA DIVIDEND FUND |
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Name of Issuer: |
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Ascendas India Trust |
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55,065,000 |
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— |
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— |
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55,065,000 |
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$ |
36,682,493 |
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CapitaRetail China Trust, REIT |
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47,540,000 |
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— |
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— |
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47,540,000 |
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67,114,821 |
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EPS Corp. |
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14,592 |
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14,592 |
† |
— |
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29,184 |
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43,308,783 |
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Jiangsu Expressway Co., Ltd. H Shares |
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65,104,000 |
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7,500,000 |
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— |
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72,604,000 |
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72,797,404 |
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Johnson Health Tech Co., Ltd. |
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16,429,890 |
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500,000 |
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— |
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16,929,890 |
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47,027,851 |
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Minth Group, Ltd. |
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56,685,000 |
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3,122,000 |
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— |
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59,807,000 |
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88,309,126 |
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Pigeon Corp. |
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1,501,800 |
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— |
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— |
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1,501,800 |
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105,316,079 |
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Shinko Plantech Co., Ltd.†† |
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3,760,200 |
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— |
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1,797,600 |
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1,962,600 |
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15,879,139 |
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Sichuan Expressway Co., Ltd. H Shares†† |
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74,946,000 |
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— |
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52,558,000 |
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22,388,000 |
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7,251,159 |
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TXC Corp. |
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21,549,524 |
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— |
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— |
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21,549,524 |
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32,604,545 |
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Woongjin Thinkbig Co., Ltd.†† |
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2,079,870 |
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— |
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2,079,870 |
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— |
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— |
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Xingda International Holdings, Ltd. H Shares |
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109,164,000 |
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9,000,000 |
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— |
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118,164,000 |
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39,077,805 |
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Yuexiu Transport Infrastructure, Ltd. |
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97,210,000 |
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2,948,000 |
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— |
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100,158,000 |
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52,445,449 |
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Total Affiliates |
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$ |
607,814,654 |
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MATTHEWS PACIFIC TIGER FUND |
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Name of Issuer: |
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Digital China Holdings, Ltd. |
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55,828,000 |
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4,000,000 |
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— |
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59,828,000 |
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$ |
81,148,365 |
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Dongbu Insurance Co., Ltd. |
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3,505,500 |
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405,860 |
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— |
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3,911,360 |
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167,236,520 |
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Green Cross Corp. |
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838,869 |
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— |
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— |
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838,869 |
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116,952,107 |
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Hyflux, Ltd. |
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65,284,280 |
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— |
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— |
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65,284,280 |
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77,014,292 |
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MegaStudy Co., Ltd. |
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396,412 |
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— |
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— |
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396,412 |
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25,444,136 |
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Sinopharm Group Co., Ltd. H Shares |
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43,788,000 |
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— |
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— |
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43,788,000 |
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141,493,655 |
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Yuhan Corp. |
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584,138 |
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— |
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15,685 |
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568,453 |
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97,286,715 |
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Total Affiliates |
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$ |
706,575,790 |
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MATTHEWS CHINA FUND |
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Name of Issuer: |
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Xinhua Supermarket Holdings Co., Ltd. H Shares |
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31,193,800 |
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— |
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— |
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31,193,800 |
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$ |
24,904,740 |
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Total Affiliates |
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$ |
24,904,740 |
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† |
Includes stock split during the period. |
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†† |
Issuer was not an affiliated company as of March 28, 2013. |
E. TAX INFORMATION: Under current tax law, the Funds have elected to defer certain qualified late-year losses and recognize such losses in the year ending December 31, 2013.
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Late Year |
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Losses* |
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Matthews Asia Dividend Fund |
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$ |
4,007,951 |
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Matthews Asia Growth Fund |
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1,872,371 |
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Matthews Pacific Tiger Fund |
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72,733 |
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Matthews China Fund |
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3,835 |
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Matthews India Fund |
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4,073,778 |
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Matthews Japan Fund |
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545,902 |
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Matthews Korea Fund |
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100,400 |
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Matthews Asia Small Companies Fund |
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1,127,134 |
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Matthews China Small Companies Fund |
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64,704 |
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Matthews Asia Science and Technology Fund |
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503,896 |
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* The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next fiscal year.
For federal income tax purposes, the Funds indicated below have capital loss carryforwards as of December 31, 2012, which expire in year indicated, which are available to offset future capital gains, if any:
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Amount With No Expiration* |
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Short-term |
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Long-term |
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LOSSES DEFERRED EXPIRING IN: |
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2016 |
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2017 |
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Losses |
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Losses |
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Total |
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Matthews Asia Dividend Fund |
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$ |
— |
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$ |
— |
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$ |
50,197,337 |
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$ |
93,485,554 |
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$ |
143,682,891 |
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Matthews China Dividend Fund |
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— |
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— |
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749,904 |
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1,142,893 |
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1,892,797 |
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Matthews Asia Growth Fund |
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— |
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47,329,141 |
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— |
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— |
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47,329,141 |
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Matthews Japan Fund |
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29,280,430 |
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44,032,426 |
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— |
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— |
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73,312,856 |
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Matthews Asia Small Companies Fund |
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— |
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— |
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4,921,090 |
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11,054,602 |
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15,975,692 |
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Matthews China Small Companies Fund |
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— |
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— |
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834,812 |
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292,613 |
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1,127,425 |
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Matthews Asia Science and Technology Fund |
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— |
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10,329,226 |
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1,414,823 |
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— |
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11,744,049 |
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* Post-Enactment Losses: Must be utilized prior to losses subject to expiration.
Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years, which generally expire after eight years from when they are incurred. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.
For additional information regarding the accounting policies of the Matthews Asia Funds, refer to the most recent financial statements in the N-CSR filing at www.sec.gov.
Item 2. Controls and Procedures.
(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 3. Exhibits.
Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 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.
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(Registrant) |
Matthews International Funds |
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By (Signature and Title)* |
/s/ William J. Hackett |
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William J. Hackett , President |
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(principal executive officer) |
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Date |
May 24, 2013 |
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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.
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By (Signature and Title)* |
/s/ William J. Hackett |
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William J. Hackett , President |
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(principal executive officer) |
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Date |
May 24, 2013 |
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By (Signature and Title)* |
/s/ Shai Malka |
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Shai Malka , Treasurer |
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(principal financial officer) |
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Date |
May 24, 2013 |
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* Print the name and title of each signing officer under his or her signature.
1 Year Matthews Asian Growth And Income Fund Investor Class (MM) Chart |
1 Month Matthews Asian Growth And Income Fund Investor Class (MM) Chart |
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