UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
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Investment Company Act file number |
811-08510 |
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Matthews International Funds | |||
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(Exact name of registrant as specified in charter) | |||
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Four Embarcadero Center, Suite 550 | |||
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(Address of principal executive offices) (Zip code) | |||
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William J. Hackett, President Four Embarcadero Center, Suite 550 San Francisco, CA 94111 | |||
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(Name and address of agent for service) | |||
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Registrant’s telephone number, including area code: |
415-788-7553 |
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Date of fiscal year end: |
December 31 |
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Date of reporting period: |
September 30, 2013 |
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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.
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Matthews Asia Strategic Income Fund |
|
September 30, 2013 |
|
Schedule of Investments(a) (unaudited) |
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Face Amount* |
|
Value |
| ||
|
FOREIGN GOVERNMENT OBLIGATIONS: 27.0% |
|
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|
|
| ||
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SOUTH KOREA: 7.2% |
|
|
|
|
| ||
|
Korea Treasury Bond |
|
|
|
|
| ||
|
2.750%, 09/10/17 |
|
KRW |
1,600,000,000 |
|
$ |
1,475,153 |
|
|
Korea Treasury Bond |
|
|
|
|
| ||
|
3.500%, 09/10/16 |
|
KRW |
1,000,000,000 |
|
946,721 |
| |
|
Korea Treasury Bond |
|
|
|
|
| ||
|
3.250%, 12/10/14 |
|
KRW |
500,000,000 |
|
468,194 |
| |
|
Korea Treasury Bond |
|
|
|
|
| ||
|
4.000%, 09/10/15 |
|
KRW |
300,000,000 |
|
285,562 |
| |
|
Korea Treasury Bond |
|
|
|
|
| ||
|
3.250%, 06/10/15 |
|
KRW |
300,000,000 |
|
281,416 |
| |
|
Total South Korea |
|
|
|
3,457,046 |
| ||
|
|
|
|
|
|
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SRI LANKA: 5.6% |
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|
|
|
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Sri Lanka Government Bond |
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|
|
|
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|
8.500%, 06/01/18 |
|
LKR |
200,000,000 |
|
1,358,136 |
| |
|
Sri Lanka Government Bond |
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|
|
|
| ||
|
8.500%, 07/15/18 |
|
LKR |
100,000,000 |
|
669,394 |
| |
|
Sri Lanka Government Bond |
|
|
|
|
| ||
|
8.000%, 11/15/18 |
|
LKR |
100,000,000 |
|
653,000 |
| |
|
Total Sri Lanka |
|
|
|
2,680,530 |
| ||
|
|
|
|
|
|
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THAILAND: 5.0% |
|
|
|
|
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|
Thailand Government Bond |
|
|
|
|
| ||
|
3.125%, 12/11/15 |
|
THB |
45,000,000 |
|
1,442,985 |
| |
|
Thailand Government Bond |
|
|
|
|
| ||
|
3.250%, 06/16/17 |
|
THB |
30,000,000 |
|
958,932 |
| |
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Total Thailand |
|
|
|
2,401,917 |
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|
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|
|
|
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MALAYSIA: 4.5% |
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|
|
|
| ||
|
Malaysian Government Bond |
|
|
|
|
| ||
|
3.492%, 03/31/20 |
|
MYR |
5,000,000 |
|
1,513,562 |
| |
|
Malaysian Government Bond |
|
|
|
|
| ||
|
3.580%, 09/28/18 |
|
MYR |
1,000,000 |
|
306,218 |
| |
|
Malaysia Investment Issue |
|
|
|
|
| ||
|
3.309%, 08/30/17 |
|
MYR |
1,000,000 |
|
304,458 |
| |
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Total Malaysia |
|
|
|
2,124,238 |
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|
|
|
|
|
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PHILIPPINES: 3.1% |
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|
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|
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Republic of Philippines |
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|
|
|
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|
6.250%, 01/14/36 |
|
PHP |
40,000,000 |
|
1,033,532 |
| |
|
Republic of Philippines |
|
|
|
|
| ||
|
4.950%, 01/15/21 |
|
PHP |
18,000,000 |
|
445,452 |
| |
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Total Philippines |
|
|
|
1,478,984 |
| ||
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|
|
|
|
|
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INDONESIA: 1.6% |
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Indonesia Government Bond |
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|
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|
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|
8.250%, 07/15/21 |
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IDR |
9,000,000,000 |
|
758,465 |
| |
|
Total Indonesia |
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|
758,465 |
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|
|
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|
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TOTAL FOREIGN GOVERNMENT OBLIGATIONS |
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12,901,180 |
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|
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NON-CONVERTIBLE CORPORATE BONDS: 61.0% |
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|
|
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CHINA/HONG KONG: 22.8% |
|
|
|
|
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KWG Property Holding, Ltd. |
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|
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12.500%, 08/18/17 |
|
1,800,000 |
|
1,975,500 |
| ||
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Shimao Property Holdings, Ltd. |
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|
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|
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6.625%, 01/14/20 |
|
2,000,000 |
|
1,925,000 |
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MCE Finance, Ltd. |
|
|
|
|
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5.000%, 02/15/21 |
|
2,000,000 |
|
1,920,000 |
| ||
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Galaxy Entertainment Group, Ltd. |
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|
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4.625%, 12/16/13 |
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CNY |
7,470,000 |
|
1,219,011 |
| |
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Longfor Properties Co., Ltd. |
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9.500%, 04/07/16 |
|
1,000,000 |
|
1,068,800 |
| ||
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FPT Finance, Ltd. |
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6.375%, 09/28/20 |
|
1,050,000 |
|
1,044,750 |
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Golden Eagle Retail Group, Ltd. |
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4.625%, 05/21/23(b) |
|
1,000,000 |
|
876,259 |
| ||
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Wheelock Finance, Ltd. |
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|
|
| ||
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4.500%, 09/02/21 |
|
SGD |
750,000 |
|
597,888 |
| |
|
Beijing Enterprises Water Group, Ltd. |
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|
|
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|
3.750%, 06/30/14 |
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CNY |
1,500,000 |
|
244,657 |
| |
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Total China/Hong Kong |
|
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|
10,871,865 |
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SINGAPORE: 8.4% |
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|
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|
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Global Logistic Properties, Ltd. |
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|
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|
3.375%, 05/11/16 |
|
CNY |
12,500,000 |
|
2,018,591 |
| |
|
United Overseas Bank, Ltd. |
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|
|
|
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|
3.150%(c), 07/11/22 |
|
SGD |
2,000,000 |
|
1,605,414 |
| |
|
Oversea-Chinese Banking Corp., Ltd. |
|
|
|
|
| ||
|
3.750%(c), 11/15/22 |
|
400,000 |
|
411,352 |
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Total Singapore |
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|
4,035,357 |
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AUSTRALIA: 7.6% |
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|
|
|
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Macquarie Bank, Ltd. |
|
|
|
|
| ||
|
6.625%, 04/07/21 |
|
1,100,000 |
|
1,199,719 |
| ||
|
Lend Lease Financial International, Ltd. |
|
|
|
|
| ||
|
4.625%, 07/24/17 |
|
SGD |
1,250,000 |
|
1,032,185 |
| |
|
SPI Electricity & Gas Australia Holdings Pty, Ltd. |
|
|
|
|
| ||
|
5.750%, 06/28/22 |
|
AUD |
1,000,000 |
|
919,664 |
| |
|
Crown Group Finance, Ltd. |
|
|
|
|
| ||
|
5.750%, 07/18/17 |
|
AUD |
500,000 |
|
479,858 |
| |
|
Total Australia |
|
|
|
3,631,426 |
| ||
|
|
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|
|
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INDONESIA: 6.8% |
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|
|
|
| ||
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Alam Synergy Pte, Ltd. |
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|
|
|
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|
6.950%, 03/27/20(b) |
|
1,500,000 |
|
1,335,000 |
| ||
|
Theta Capital Pte, Ltd. |
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|
|
|
| ||
|
7.000%, 05/16/19 |
|
1,000,000 |
|
985,187 |
| ||
|
TBG Global Pte, Ltd. |
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|
|
|
| ||
|
4.625%, 04/03/18(b) |
|
1,000,000 |
|
945,000 |
| ||
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Total Indonesia |
|
|
|
3,265,187 |
| ||
|
|
|
|
|
|
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INDIA: 6.0% |
|
|
|
|
| ||
|
ICICI Bank, Ltd. |
|
|
|
|
| ||
|
6.375%(c), 04/30/22 |
|
1,500,000 |
|
1,387,500 |
| ||
|
Axis Bank, Ltd. |
|
|
|
|
| ||
|
7.250%(c), 08/12/21 |
|
1,000,000 |
|
980,000 |
| ||
|
Bank of Baroda |
|
|
|
|
| ||
|
6.625%(c), 05/25/22 |
|
500,000 |
|
482,545 |
| ||
|
Total India |
|
|
|
2,850,045 |
| ||
|
|
|
|
|
|
| ||
|
PHILIPPINES: 2.3% |
|
|
|
|
| ||
|
Alliance Global Group, Inc. |
|
|
|
|
| ||
|
6.500%, 08/18/17 |
|
1,050,000 |
|
1,097,250 |
| ||
|
Total Philippines |
|
|
|
1,097,250 |
| ||
|
|
|
|
|
|
| ||
|
UNITED KINGDOM: 2.3% |
|
|
|
|
| ||
|
Jaguar Land Rover Automotive PLC |
|
|
|
|
| ||
|
7.750%, 05/15/18(b) |
|
500,000 |
|
540,000 |
| ||
|
|
|
Face Amount* |
|
Value |
| ||
|
NON-CONVERTIBLE CORPORATE BONDS (continued) |
|
|
|
|
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|
Jaguar Land Rover Automotive PLC, Reg S |
|
|
|
|
| ||
|
7.750%, 05/15/18 |
|
500,000 |
|
$ |
540,000 |
| |
|
Total United Kingdom |
|
|
|
1,080,000 |
| ||
|
|
|
|
|
|
| ||
|
MALAYSIA: 2.0% |
|
|
|
|
| ||
|
Malayan Banking BHD |
|
|
|
|
| ||
|
3.250%(c), 09/20/22 |
|
1,000,000 |
|
975,000 |
| ||
|
Total Malaysia |
|
|
|
975,000 |
| ||
|
|
|
|
|
|
| ||
|
JAPAN: 1.5% |
|
|
|
|
| ||
|
Softbank Corp. |
|
|
|
|
| ||
|
4.500%, 04/15/20(b) |
|
500,000 |
|
480,500 |
| ||
|
ORIX Corp. |
|
|
|
|
| ||
|
4.000%, 11/29/14 |
|
CNY |
1,500,000 |
|
245,749 |
| |
|
Total Japan |
|
|
|
726,249 |
| ||
|
|
|
|
|
|
| ||
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THAILAND: 1.3% |
|
|
|
|
| ||
|
Bangkok Bank Public Co., Ltd. |
|
|
|
|
| ||
|
9.025%, 03/15/29 |
|
500,000 |
|
625,126 |
| ||
|
Total Thailand |
|
|
|
625,126 |
| ||
|
|
|
|
|
|
| ||
|
TOTAL NON-CONVERTIBLE CORPORATE BONDS |
|
|
|
29,157,505 |
| ||
|
|
|
|
|
|
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|
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Shares |
|
|
| ||
|
COMMON EQUITIES: 5.2% |
|
|
|
|
| ||
|
SINGAPORE: 2.2% |
|
|
|
|
| ||
|
StarHub, Ltd. |
|
140,000 |
|
479,021 |
| ||
|
Ascendas REIT |
|
170,000 |
|
309,313 |
| ||
|
Mapletree Logistics Trust, REIT |
|
320,000 |
|
273,179 |
| ||
|
Total Singapore |
|
|
|
1,061,513 |
| ||
|
|
|
|
|
|
| ||
|
THAILAND: 1.2% |
|
|
|
|
| ||
|
Kasikornbank Public Co., Ltd. |
|
60,000 |
|
335,854 |
| ||
|
PTT Exploration & Production Public Co., Ltd. |
|
45,000 |
|
235,578 |
| ||
|
Total Thailand |
|
|
|
571,432 |
| ||
|
|
|
|
|
|
| ||
|
CHINA/HONG KONG: 0.9% |
|
|
|
|
| ||
|
HSBC Holdings PLC |
|
40,000 |
|
433,235 |
| ||
|
Total China/Hong Kong |
|
|
|
433,235 |
| ||
|
|
|
|
|
|
| ||
|
MALAYSIA: 0.9% |
|
|
|
|
| ||
|
Axiata Group BHD |
|
200,000 |
|
422,290 |
| ||
|
Total Malaysia |
|
|
|
422,290 |
| ||
|
|
|
|
|
|
| ||
|
TOTAL COMMON EQUITIES |
|
|
|
2,488,470 |
| ||
|
|
|
|
|
|
| ||
|
|
|
Face Amount* |
|
|
| ||
|
CONVERTIBLE CORPORATE BONDS: 5.5% |
|
|
|
|
| ||
|
CHINA/HONG KONG: 5.5% |
|
|
|
|
| ||
|
Home Inns & Hotels Management, Inc., Cnv. |
|
|
|
|
| ||
|
2.000%, 12/15/15 |
|
2,800,000 |
|
2,644,250 |
| ||
|
Total China/Hong Kong |
|
|
|
2,644,250 |
| ||
|
|
|
|
|
|
| ||
|
TOTAL CONVERTIBLE CORPORATE BONDS |
|
|
|
2,644,250 |
| ||
|
|
|
|
|
|
| ||
|
TOTAL INVESTMENTS: 98.7% |
|
|
|
47,191,405 |
| ||
|
|
|
|
|
|
| ||
|
CASH AND OTHER ASSETS, LESS LIABILITIES : 1.3% |
|
|
|
601,554 |
| ||
|
|
|
|
|
|
| ||
|
NET ASSETS: 100.0% |
|
|
|
$ |
47,792,959 |
| |
|
|
(a) |
Certain securities were fair valued under the discretion of the Board of Trustees (Note A). | ||||
|
|
(b) |
Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors. | ||||
|
|
(c) |
Variable rate security. The rate represents the rate in effect at September 30, 2013. | ||||
|
|
(d) |
Cost for federal income tax purposes is $48,530,067 and net unrealized depreciation consists of: | ||||
|
|
|
| ||||
|
|
|
Gross unrealized appreciation |
|
$ |
916,891 |
|
|
|
|
Gross unrealized depreciation |
|
(2,255,553 |
) | |
|
|
|
Net unrealized depreciation |
|
$ |
(1,338,662 |
) |
|
|
|
| ||||
|
|
* |
All values are in USD unless otherwise noted. | ||||
|
|
AUD |
Australian Dollar | ||||
|
|
BHD |
Berhad | ||||
|
|
Cnv. |
Convertible | ||||
|
|
CNY |
Chinese Renminbi (Yuan) | ||||
|
|
IDR |
Indonesian Rupiah | ||||
|
|
INR |
Indian Rupee | ||||
|
|
JPY |
Japanese Yen | ||||
|
|
KRW |
Korean Won | ||||
|
|
LKR |
Sri Lankan Rupee | ||||
|
|
MYR |
Malaysian Ringgit | ||||
|
|
PHP |
Philippine Peso | ||||
|
|
REIT |
Real Estate Investment Trust | ||||
|
|
SGD |
Singapore Dollar | ||||
|
|
THB |
Thai Baht | ||||
|
|
TWD |
Taiwan Dollar | ||||
|
|
USD |
U.S. Dollar | ||||
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS:
|
|
|
Currency |
|
Currency Sold |
|
Counterparty |
|
Settlement |
|
Unrealized |
| |||
|
LONG |
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
IDR |
20,560,000,000 |
|
USD |
2,000,000 |
|
Goldman Sachs & Co. |
|
10/07/13 |
|
$ |
(250,712 |
) |
|
|
|
INR |
120,840,000 |
|
USD |
2,000,000 |
|
Goldman Sachs & Co. |
|
10/07/13 |
|
(73,704 |
) | |
|
|
|
MYR |
6,359,000 |
|
USD |
2,000,000 |
|
Barclays Capital Group |
|
10/07/13 |
|
(50,085 |
) | |
|
|
|
PHP |
86,520,000 |
|
USD |
1,936,004 |
|
Barclays Capital Group |
|
10/07/13 |
|
55,480 |
| |
|
|
|
THB |
62,230,000 |
|
USD |
1,918,902 |
|
Deutsche Banc Alex Brown, Inc. |
|
10/07/13 |
|
69,621 |
| |
|
|
|
TWD |
59,890,000 |
|
USD |
2,001,002 |
|
Deutsche Banc Alex Brown, Inc. |
|
10/07/13 |
|
20,533 |
| |
|
|
|
INR |
28,145,000 |
|
USD |
500,000 |
|
Goldman Sachs & Co. |
|
10/15/13 |
|
(52,483 |
) | |
|
|
|
INR |
55,260,000 |
|
USD |
1,000,000 |
|
Goldman Sachs & Co. |
|
10/15/13 |
|
(121,343 |
) | |
|
|
|
INR |
57,100,000 |
|
USD |
1,000,000 |
|
Standard Chartered Bank Hong Kong |
|
10/15/13 |
|
(92,086 |
) | |
|
|
|
|
|
|
|
|
|
|
|
$ |
(494,778 |
) | ||
|
SHORT |
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
USD |
1,746,814 |
|
IDR |
20,560,000,000 |
|
Goldman Sachs & Co. |
|
10/07/13 |
|
$ |
(2,475 |
) |
|
|
|
USD |
1,776,536 |
|
INR |
120,840,000 |
|
Goldman Sachs & Co. |
|
10/07/13 |
|
(149,759 |
) | |
|
|
|
USD |
500,000 |
|
JPY |
49,742,500 |
|
Brown Brothers Harriman & Co. |
|
10/07/13 |
|
(6,076 |
) | |
|
|
|
USD |
1,901,615 |
|
MYR |
6,359,000 |
|
Barclays Capital Group |
|
10/07/13 |
|
(48,300 |
) | |
|
|
|
USD |
2,000,000 |
|
PHP |
86,520,000 |
|
Barclays Capital Group |
|
10/07/13 |
|
8,517 |
| |
|
|
|
USD |
2,000,000 |
|
THB |
62,230,000 |
|
Deutsche Banc Alex Brown, Inc. |
|
10/07/13 |
|
11,477 |
| |
|
|
|
USD |
2,000,000 |
|
TWD |
59,890,000 |
|
Deutsche Banc Alex Brown, Inc. |
|
10/07/13 |
|
(21,535 |
) | |
|
|
|
USD |
1,364,164 |
|
INR |
83,405,000 |
|
Goldman Sachs & Co. |
|
10/15/13 |
|
37,989 |
| |
|
|
|
USD |
928,455 |
|
INR |
57,100,000 |
|
Standard Chartered Bank Hong Kong |
|
10/15/13 |
|
20,541 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(149,621 |
) | |
FINANCIAL FUTURES CONTRACTS SOLD AS OF SEPTEMBER 30, 2013 WERE AS FOLLOWS:
|
Contracts |
|
Issue |
|
Exchange |
|
Expiration |
|
Notional Value |
|
Unrealized |
| ||
|
20 |
|
U.S. Treasury Notes (10 Year) |
|
Chicago Board of Trade |
|
December, 2013 |
|
$ |
2,527,813 |
|
$ |
(22,031 |
) |
See accompanying notes to schedules of investments.
SECTOR ALLOCATION (%)
|
Financials |
|
44.4 |
|
|
Foreign Government Bonds: |
|
27.0 |
|
|
Consumer Discretionary |
|
17.2 |
|
|
Telecommunication Services |
|
4.9 |
|
|
Utilities |
|
2.4 |
|
|
Industrials |
|
2.3 |
|
|
Energy |
|
0.5 |
|
|
Cash And Other Assets, Less Liabilities |
|
1.3 |
|
COUNTRY ALLOCATION (%)
|
China/Hong Kong |
|
29.2 |
|
|
Singapore |
|
10.6 |
|
|
Indonesia |
|
8.4 |
|
|
Australia |
|
7.6 |
|
|
Thailand |
|
7.5 |
|
|
Malaysia |
|
7.4 |
|
|
South Korea |
|
7.2 |
|
|
India |
|
6.0 |
|
|
Sri Lanka |
|
5.6 |
|
|
Philippines |
|
5.4 |
|
|
United Kingdom |
|
2.3 |
|
|
Japan |
|
1.5 |
|
|
Cash And Other Assets, Less Liabilities |
|
1.3 |
|
TOP TEN HOLDINGS
|
|
|
Country |
|
% of Net |
|
|
Home Inns & Hotels Management, Inc., Cnv. |
|
China/Hong Kong |
|
5.5 |
|
|
Global Logistic Properties, Ltd. |
|
Singapore |
|
4.2 |
|
|
KWG Property Holding, Ltd. |
|
China/Hong Kong |
|
4.1 |
|
|
Shimao Property Holdings, Ltd. |
|
China/Hong Kong |
|
4.0 |
|
|
MCE Finance, Ltd. |
|
China/Hong Kong |
|
4.0 |
|
|
United Overseas Bank, Ltd. |
|
Singapore |
|
3.3 |
|
|
Malaysian Government Bond |
|
Malaysia |
|
3.2 |
|
|
Korea Treasury Bond |
|
South Korea |
|
3.1 |
|
|
Thailand Government Bond |
|
Thailand |
|
3.0 |
|
|
ICICI Bank, Ltd. |
|
India |
|
2.9 |
|
|
% OF ASSETS IN TOP TEN |
|
|
|
37.3 |
|
|
Matthews Asian Growth and Income Fund |
|
September 30, 2013 |
|
Schedule of Investments(a) (unaudited) |
|
|
|
|
|
Shares |
|
Value |
| ||
|
COMMON EQUITIES: 80.8% |
|
|
|
|
| ||
|
CHINA/HONG KONG: 22.7% |
|
|
|
|
| ||
|
AIA Group, Ltd. |
|
29,573,600 |
|
$ |
139,160,659 |
| |
|
Jardine Matheson Holdings, Ltd. |
|
2,402,000 |
|
131,920,557 |
| ||
|
CLP Holdings, Ltd. |
|
11,771,700 |
|
95,872,752 |
| ||
|
HSBC Holdings PLC ADR |
|
1,679,433 |
|
91,126,035 |
| ||
|
China Mobile, Ltd. ADR |
|
1,555,700 |
|
87,788,151 |
| ||
|
Hang Lung Properties, Ltd. |
|
24,970,920 |
|
85,027,781 |
| ||
|
VTech Holdings, Ltd. |
|
5,860,700 |
|
75,712,820 |
| ||
|
Vitasoy International Holdings, Ltd.† |
|
51,771,000 |
|
65,374,566 |
| ||
|
Television Broadcasts, Ltd. |
|
10,328,300 |
|
65,159,607 |
| ||
|
China Pacific Insurance Group Co., Ltd. H Shares |
|
17,033,400 |
|
61,147,356 |
| ||
|
Cafe’ de Coral Holdings, Ltd. |
|
18,352,000 |
|
56,939,156 |
| ||
|
CITIC Telecom International Holdings, Ltd.† |
|
191,298,250 |
|
54,810,516 |
| ||
|
Total China/Hong Kong |
|
|
|
1,010,039,956 |
| ||
|
|
|
|
|
|
| ||
|
SINGAPORE: 14.1% |
|
|
|
|
| ||
|
Singapore Technologies Engineering, Ltd. |
|
48,017,125 |
|
159,826,544 |
| ||
|
United Overseas Bank, Ltd. |
|
6,487,000 |
|
107,002,345 |
| ||
|
Keppel Corp., Ltd. |
|
12,825,900 |
|
106,627,993 |
| ||
|
Ascendas REIT |
|
53,925,000 |
|
98,116,033 |
| ||
|
SIA Engineering Co., Ltd. |
|
18,588,000 |
|
72,042,779 |
| ||
|
ARA Asset Management, Ltd. |
|
31,219,210 |
|
40,700,687 |
| ||
|
Singapore Post, Ltd. |
|
38,209,000 |
|
38,537,746 |
| ||
|
Keppel REIT |
|
1,026,072 |
|
1,004,757 |
| ||
|
Total Singapore |
|
|
|
623,858,884 |
| ||
|
|
|
|
|
|
| ||
|
JAPAN: 8.6% |
|
|
|
|
| ||
|
Japan Tobacco, Inc. |
|
3,264,600 |
|
117,688,091 |
| ||
|
Lawson, Inc. |
|
1,333,600 |
|
104,560,210 |
| ||
|
Hisamitsu Pharmaceutical Co., Inc. |
|
1,726,300 |
|
96,484,738 |
| ||
|
Japan Real Estate Investment Corp., REIT |
|
5,590 |
|
65,175,378 |
| ||
|
Total Japan |
|
|
|
383,908,417 |
| ||
|
|
|
|
|
|
| ||
|
MALAYSIA: 7.2% |
|
|
|
|
| ||
|
AMMB Holdings BHD |
|
56,073,200 |
|
127,581,884 |
| ||
|
Genting Malaysia BHD |
|
75,188,700 |
|
97,398,974 |
| ||
|
Axiata Group BHD |
|
29,634,423 |
|
62,571,536 |
| ||
|
Telekom Malaysia BHD |
|
20,245,551 |
|
32,500,899 |
| ||
|
British American Tobacco Malaysia BHD |
|
85,300 |
|
1,681,412 |
| ||
|
Total Malaysia |
|
|
|
321,734,705 |
| ||
|
|
|
|
|
|
| ||
|
AUSTRALIA: 6.8% |
|
|
|
|
| ||
|
Orica, Ltd. |
|
4,431,561 |
|
83,031,245 |
| ||
|
Coca-Cola Amatil, Ltd. |
|
6,909,102 |
|
79,124,113 |
| ||
|
Woolworths, Ltd. |
|
2,378,518 |
|
77,725,389 |
| ||
|
CSL, Ltd. |
|
1,044,381 |
|
62,336,861 |
| ||
|
Total Australia |
|
|
|
302,217,608 |
| ||
|
|
|
|
|
|
| ||
|
THAILAND: 5.4% |
|
|
|
|
| ||
|
PTT Public Co., Ltd. |
|
8,719,200 |
|
88,192,879 |
| ||
|
BEC World Public Co., Ltd. |
|
30,807,800 |
|
56,010,213 |
| ||
|
Glow Energy Public Co., Ltd. |
|
21,887,400 |
|
45,677,889 |
| ||
|
Land & Houses Public Co., Ltd. NVDR |
|
79,394,395 |
|
27,415,839 |
| ||
|
Land & Houses Public Co., Ltd. |
|
65,695,905 |
|
22,685,586 |
| ||
|
Total Thailand |
|
|
|
239,982,406 |
| ||
|
|
|
|
|
|
| ||
|
SOUTH KOREA: 4.4% |
|
|
|
|
| ||
|
KT&G Corp. |
|
1,104,197 |
|
79,089,178 |
| ||
|
GS Home Shopping, Inc. |
|
298,935 |
|
69,065,536 |
| ||
|
S1 Corp. |
|
771,922 |
|
46,449,384 |
| ||
|
Total South Korea |
|
|
|
194,604,098 |
| ||
|
|
|
|
|
|
| ||
|
TAIWAN: 3.9% |
|
|
|
|
| ||
|
Taiwan Semiconductor Manufacturing Co., Ltd. |
|
20,673,187 |
|
70,395,075 |
| ||
|
Taiwan Semiconductor Manufacturing Co., Ltd. ADR |
|
3,558,724 |
|
60,355,959 |
| ||
|
Chunghwa Telecom Co., Ltd. ADR |
|
1,277,525 |
|
40,344,239 |
| ||
|
Total Taiwan |
|
|
|
171,095,273 |
| ||
|
|
|
|
|
|
| ||
|
INDONESIA: 2.9% |
|
|
|
|
| ||
|
PT Perusahaan Gas Negara Persero |
|
159,343,000 |
|
71,110,615 |
| ||
|
PT Telekomunikasi Indonesia Persero ADR |
|
1,544,000 |
|
56,062,640 |
| ||
|
Total Indonesia |
|
|
|
127,173,255 |
| ||
|
|
|
|
|
|
| ||
|
UNITED KINGDOM: 1.7% |
|
|
|
|
| ||
|
BHP Billiton PLC |
|
2,588,378 |
|
76,140,953 |
| ||
|
Total United Kingdom |
|
|
|
76,140,953 |
| ||
|
|
|
|
|
|
| ||
|
PHILIPPINES: 1.7% |
|
|
|
|
| ||
|
Globe Telecom, Inc. |
|
2,065,510 |
|
75,958,934 |
| ||
|
Total Philippines |
|
|
|
75,958,934 |
| ||
|
|
|
|
|
|
| ||
|
VIETNAM: 1.4% |
|
|
|
|
| ||
|
Vietnam Dairy Products JSC |
|
9,093,802 |
|
60,744,477 |
| ||
|
Total Vietnam |
|
|
|
60,744,477 |
| ||
|
|
|
|
|
|
| ||
|
TOTAL COMMON EQUITIES |
|
|
|
3,587,458,966 |
| ||
|
|
|
|
|
|
| ||
|
PREFERRED EQUITIES: 4.8% |
|
|
|
|
| ||
|
SOUTH KOREA: 4.8% |
|
|
|
|
| ||
|
Hyundai Motor Co., Ltd., Pfd. |
|
673,649 |
|
67,691,631 |
| ||
|
Hyundai Motor Co., Ltd., 2nd Pfd. |
|
612,366 |
|
64,412,823 |
| ||
|
Samsung Fire & Marine Insurance Co., Ltd., Pfd. |
|
515,311 |
|
57,601,097 |
| ||
|
LG Household & Health Care, Ltd., Pfd. |
|
121,855 |
|
23,817,949 |
| ||
|
Total South Korea |
|
|
|
213,523,500 |
| ||
|
|
|
|
|
|
| ||
|
TOTAL PREFERRED EQUITIES |
|
|
|
213,523,500 |
| ||
|
|
|
|
|
|
| ||
|
|
|
Face Amount* |
|
|
| ||
|
CONVERTIBLE CORPORATE BONDS: 12.7% |
|
|
|
|
| ||
|
CHINA/HONG KONG: 6.9% |
|
|
|
|
| ||
|
China Petroleum & Chemical Corp. (Sinopec), Cnv. |
|
|
|
|
| ||
|
0.000%, 04/24/14 |
|
HKD |
676,210,000 |
|
104,514,852 |
| |
|
Hong Kong Exchanges and Clearing, Ltd., Cnv. |
|
|
|
|
| ||
|
0.500%, 10/23/17 |
|
96,000,000 |
|
102,672,000 |
| ||
|
Power Regal Group, Ltd., Cnv. |
|
|
|
|
| ||
|
2.250%, 06/02/14 |
|
HKD |
234,020,000 |
|
39,149,673 |
| |
|
Hengan International Group Co., Ltd., Cnv. |
|
|
|
|
|
| |
|
0.000%, 06/27/18 |
|
HKD |
265,000,000 |
|
36,063,835 |
| |
|
|
|
Face Amount* |
|
Value |
| ||
|
CONVERTIBLE CORPORATE BONDS (continued) |
|
|
|
|
| ||
|
PB Issuer No. 2, Ltd., Cnv. |
|
|
|
|
| ||
|
1.750%, 04/12/16 |
|
21,820,000 |
|
$ |
23,074,650 |
| |
|
Total China/Hong Kong |
|
|
|
305,475,010 |
| ||
|
|
|
|
|
|
| ||
|
INDIA: 2.2% |
|
|
|
|
| ||
|
Tata Power Co., Ltd., Cnv. |
|
|
|
|
| ||
|
1.750%, 11/21/14 |
|
56,200,000 |
|
58,476,100 |
| ||
|
Larsen & Toubro, Ltd., Cnv. |
|
|
|
|
| ||
|
3.500%, 10/22/14 |
|
41,200,000 |
|
40,994,000 |
| ||
|
Total India |
|
|
|
99,470,100 |
| ||
|
|
|
|
|
|
| ||
|
SINGAPORE: 2.0% |
|
|
|
|
| ||
|
CapitaLand, Ltd., Cnv. |
|
|
|
|
| ||
|
1.950%, 10/17/23(b) |
|
SGD |
110,250,000 |
|
89,198,318 |
| |
|
Total Singapore |
|
|
|
89,198,318 |
| ||
|
|
|
|
|
|
| ||
|
AUSTRALIA: 1.6% |
|
|
|
|
| ||
|
QBE Funding Trust, Cnv. |
|
|
|
|
| ||
|
0.000%, 05/12/30 |
|
104,571,000 |
|
70,716,139 |
| ||
|
Total Australia |
|
|
|
70,716,139 |
| ||
|
|
|
|
|
|
| ||
|
TOTAL CONVERTIBLE CORPORATE BONDS |
|
|
|
564,859,567 |
| ||
|
|
|
|
|
|
| ||
|
TOTAL INVESTMENTS: 98.3% |
|
|
|
4,365,842,033 |
| ||
|
|
|
|
|
|
| ||
|
CASH AND OTHER ASSETS, LESS LIABILITIES : 1.7% |
|
|
|
73,970,223 |
| ||
|
|
|
|
|
|
| ||
|
NET ASSETS: 100.0% |
|
|
|
$ |
4,439,812,256 |
| |
|
(a) |
Certain securities were fair valued under the discretion of the Board of Trustees (Note A). | |||||
|
(b) |
Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors. | |||||
|
(c) |
Cost for federal income tax purposes is $3,514,041,871 and net unrealized appreciation consists of: | |||||
|
|
| |||||
|
|
Gross unrealized appreciation |
|
$ |
931,382,907 |
|
|
|
|
Gross unrealized depreciation |
|
(79,582,745 |
) |
| |
|
|
Net unrealized appreciation |
|
$ |
851,800,162 |
|
|
|
|
| |||||
|
† |
Affiliated Issuer, as defined under the Investment Company Act of 1940 (ownership of 5% or more of the outstanding voting securities of this issuer) | |||||
|
* |
All values are in USD unless otherwise noted. | |||||
|
ADR |
American Depositary Receipt | |||||
|
BHD |
Berhad | |||||
|
Cnv. |
Convertible | |||||
|
HKD |
Hong Kong Dollar | |||||
|
JSC |
Joint Stock Co. | |||||
|
NVDR |
Non-voting Depositary Receipt | |||||
|
Pfd. |
Preferred | |||||
|
REIT |
Real Estate Investment Trust | |||||
|
SGD |
Singapore Dollar | |||||
|
USD |
U.S. Dollar | |||||
See accompanying notes to schedules of investments.
SECTOR ALLOCATION (%)
|
Financials |
|
26.7 |
|
|
Industrials |
|
14.8 |
|
|
Consumer Staples |
|
14.6 |
|
|
Consumer Discretionary |
|
10.7 |
|
|
Telecommunication Services |
|
9.2 |
|
|
Utilities |
|
6.1 |
|
|
Information Technology |
|
4.7 |
|
|
Energy |
|
4.3 |
|
|
Materials |
|
3.6 |
|
|
Health Care |
|
3.6 |
|
|
Cash And Other Assets, Less Liabilities |
|
1.7 |
|
COUNTRY ALLOCATION (%)
|
China/Hong Kong |
|
29.6 |
|
|
Singapore |
|
16.1 |
|
|
South Korea |
|
9.2 |
|
|
Japan |
|
8.6 |
|
|
Australia |
|
8.4 |
|
|
Malaysia |
|
7.2 |
|
|
Thailand |
|
5.4 |
|
|
Taiwan |
|
3.9 |
|
|
Indonesia |
|
2.9 |
|
|
India |
|
2.2 |
|
|
United Kingdom |
|
1.7 |
|
|
Philippines |
|
1.7 |
|
|
Vietnam |
|
1.4 |
|
|
Cash And Other Assets, Less Liabilities |
|
1.7 |
|
TOP TEN HOLDINGS
|
|
|
Country |
|
% of Net |
|
|
Singapore Technologies Engineering, Ltd. |
|
Singapore |
|
3.6 |
|
|
AIA Group, Ltd. |
|
China/Hong Kong |
|
3.1 |
|
|
Jardine Matheson Holdings, Ltd. |
|
China/Hong Kong |
|
3.0 |
|
|
AMMB Holdings BHD |
|
Malaysia |
|
2.9 |
|
|
Japan Tobacco, Inc. |
|
Japan |
|
2.6 |
|
|
United Overseas Bank, Ltd. |
|
Singapore |
|
2.4 |
|
|
Keppel Corp., Ltd. |
|
Singapore |
|
2.4 |
|
|
Lawson, Inc. |
|
Japan |
|
2.3 |
|
|
China Petroleum & Chemical Corp. (Sinopec), Cnv. |
|
China/Hong Kong |
|
2.4 |
|
|
Hong Kong Exchanges and Clearing, Ltd., Cnv. |
|
China/Hong Kong |
|
2.3 |
|
|
% OF ASSETS IN TOP TEN |
|
|
|
27.0 |
|
|
Matthews Asia Dividend Fund |
|
September 30, 2013 |
|
Schedule of Investments(a) (unaudited) |
|
|
|
|
|
Shares |
|
Value |
| |
|
COMMON EQUITIES: 95.0% |
|
|
|
|
| |
|
CHINA/HONG KONG: 31.8% |
|
|
|
|
| |
|
China Mobile, Ltd. ADR |
|
3,823,800 |
|
$ |
215,777,034 |
|
|
HSBC Holdings PLC ADR |
|
3,591,791 |
|
194,890,580 |
| |
|
Dongfeng Motor Group Co., Ltd. H Shares |
|
101,940,000 |
|
155,080,314 |
| |
|
China Shenhua Energy Co., Ltd. H Shares |
|
40,491,500 |
|
123,589,362 |
| |
|
Cheung Kong Holdings, Ltd. |
|
8,077,000 |
|
122,958,705 |
| |
|
Shenzhou International Group Holdings, Ltd. |
|
37,691,000 |
|
122,451,328 |
| |
|
Television Broadcasts, Ltd. |
|
18,932,500 |
|
119,442,140 |
| |
|
Minth Group, Ltd.† |
|
59,807,000 |
|
119,213,582 |
| |
|
Yum! Brands, Inc. |
|
1,594,000 |
|
113,795,660 |
| |
|
Jiangsu Expressway Co., Ltd. H Shares† |
|
77,082,000 |
|
90,937,261 |
| |
|
Haitian International Holdings, Ltd. |
|
37,823,000 |
|
87,031,470 |
| |
|
Guangdong Investment, Ltd. |
|
89,488,000 |
|
76,968,668 |
| |
|
Yuexiu Transport Infrastructure, Ltd.† |
|
105,890,000 |
|
58,056,265 |
| |
|
Greatview Aseptic Packaging Co., Ltd.† |
|
100,000,000 |
|
57,225,402 |
| |
|
Xingda International Holdings, Ltd. H Shares† |
|
112,164,000 |
|
52,683,905 |
| |
|
Cafe’ de Coral Holdings, Ltd. |
|
16,750,000 |
|
51,968,769 |
| |
|
The Link REIT |
|
10,220,000 |
|
49,966,937 |
| |
|
Total China/Hong Kong |
|
|
|
1,812,037,382 |
| |
|
|
|
|
|
|
| |
|
JAPAN: 23.3% |
|
|
|
|
| |
|
ORIX Corp. |
|
16,347,200 |
|
267,242,824 |
| |
|
ITOCHU Corp. |
|
18,693,000 |
|
230,282,636 |
| |
|
Japan Tobacco, Inc. |
|
6,270,700 |
|
226,057,315 |
| |
|
Pigeon Corp.† |
|
3,003,600 |
|
147,890,374 |
| |
|
Suntory Beverage & Food, Ltd.(b) |
|
3,862,300 |
|
130,256,112 |
| |
|
Toyo Suisan Kaisha, Ltd. |
|
3,370,000 |
|
98,946,192 |
| |
|
NTT DoCoMo, Inc. |
|
4,425,000 |
|
71,703,357 |
| |
|
Lawson, Inc. |
|
815,100 |
|
63,907,489 |
| |
|
Miraca Holdings, Inc. |
|
1,326,500 |
|
59,284,105 |
| |
|
EPS Corp.† |
|
29,184 |
|
28,560,832 |
| |
|
Total Japan |
|
|
|
1,324,131,236 |
| |
|
|
|
|
|
|
| |
|
AUSTRALIA: 11.4% |
|
|
|
|
| |
|
Ansell, Ltd.† |
|
8,575,000 |
|
167,031,476 |
| |
|
Primary Health Care, Ltd.† |
|
31,495,465 |
|
141,617,745 |
| |
|
Coca-Cola Amatil, Ltd. |
|
11,229,895 |
|
128,606,508 |
| |
|
QBE Insurance Group, Ltd. |
|
8,486,726 |
|
116,223,779 |
| |
|
Breville Group, Ltd.† |
|
8,427,453 |
|
68,792,024 |
| |
|
David Jones, Ltd. |
|
9,357,739 |
|
25,252,179 |
| |
|
Total Australia |
|
|
|
647,523,711 |
| |
|
|
|
|
|
|
| |
|
SINGAPORE: 8.1% |
|
|
|
|
| |
|
Singapore Technologies Engineering, Ltd. |
|
30,906,000 |
|
102,871,614 |
| |
|
Ascendas REIT |
|
54,925,000 |
|
99,935,524 |
| |
|
United Overseas Bank, Ltd. |
|
5,669,000 |
|
93,509,526 |
| |
|
CapitaRetail China Trust, REIT† |
|
47,540,000 |
|
52,067,166 |
| |
|
Super Group, Ltd. |
|
14,023,000 |
|
47,426,590 |
| |
|
ARA Asset Management, Ltd. |
|
29,964,660 |
|
39,065,122 |
| |
|
Ascendas India Trust† |
|
55,065,000 |
|
27,419,609 |
| |
|
Total Singapore |
|
|
|
462,295,151 |
| |
|
|
|
|
|
|
| |
|
TAIWAN: 6.5% |
|
|
|
|
| |
|
Chunghwa Telecom Co., Ltd. ADR |
|
4,315,701 |
|
136,289,838 |
| |
|
Taiwan Semiconductor Manufacturing Co., Ltd. ADR |
|
4,005,040 |
|
67,925,478 |
| |
|
Johnson Health Tech Co., Ltd.† |
|
17,014,539 |
|
54,218,751 |
| |
|
St. Shine Optical Co., Ltd. |
|
1,911,000 |
|
52,660,967 |
| |
|
TXC Corp.† |
|
19,549,524 |
|
26,103,325 |
| |
|
Taiwan Hon Chuan Enterprise Co., Ltd. |
|
8,832,948 |
|
19,177,667 |
| |
|
Taiwan Semiconductor Manufacturing Co., Ltd. |
|
4,646,469 |
|
15,821,873 |
| |
|
Total Taiwan |
|
|
|
372,197,899 |
| |
|
|
|
|
|
|
| |
|
INDONESIA: 5.3% |
|
|
|
|
| |
|
PT Indofood Sukses Makmur |
|
203,052,000 |
|
122,687,972 |
| |
|
PT United Tractors |
|
59,840,000 |
|
83,749,807 |
| |
|
PT Perusahaan Gas Negara Persero |
|
142,302,000 |
|
63,505,663 |
| |
|
PT Telekomunikasi Indonesia Persero ADR |
|
717,634 |
|
26,057,291 |
| |
|
PT Telekomunikasi Indonesia Persero |
|
45,182,500 |
|
8,153,753 |
| |
|
Total Indonesia |
|
|
|
304,154,486 |
| |
|
|
|
|
|
|
| |
|
MALAYSIA: 2.3% |
|
|
|
|
| |
|
AMMB Holdings BHD |
|
57,950,000 |
|
131,852,118 |
| |
|
Total Malaysia |
|
|
|
131,852,118 |
| |
|
|
|
|
|
|
| |
|
SOUTH KOREA: 2.2% |
|
|
|
|
| |
|
KT&G Corp. |
|
1,707,000 |
|
122,265,526 |
| |
|
Total South Korea |
|
|
|
122,265,526 |
| |
|
|
|
|
|
|
| |
|
THAILAND: 1.6% |
|
|
|
|
| |
|
Thai Beverage Public Co., Ltd. |
|
207,530,000 |
|
91,120,980 |
| |
|
Total Thailand |
|
|
|
91,120,980 |
| |
|
|
|
|
|
|
| |
|
INDIA: 1.5% |
|
|
|
|
| |
|
Tata Motors, Ltd. DVR A Shares |
|
33,303,115 |
|
87,189,639 |
| |
|
Total India |
|
|
|
87,189,639 |
| |
|
|
|
|
|
|
| |
|
PHILIPPINES: 1.0% |
|
|
|
|
| |
|
Globe Telecom, Inc. |
|
1,503,820 |
|
55,302,838 |
| |
|
Total Philippines |
|
|
|
55,302,838 |
| |
|
|
|
|
|
|
| |
|
TOTAL COMMON EQUITIES |
|
|
|
5,410,070,966 |
| |
|
|
|
|
|
|
| |
|
PREFERRED EQUITIES: 2.2% |
|
|
|
|
| |
|
SOUTH KOREA: 2.2% |
|
|
|
|
| |
|
LG Chem, Ltd., Pfd. |
|
949,641 |
|
123,709,425 |
| |
|
Total South Korea |
|
|
|
123,709,425 |
| |
|
|
|
|
|
|
| |
|
TOTAL PREFERRED EQUITIES |
|
|
|
123,709,425 |
| |
|
|
|
|
|
|
| |
|
TOTAL INVESTMENTS: 97.2% |
|
|
|
5,533,780,391 |
| |
|
|
|
|
|
|
| |
|
CASH AND OTHER ASSETS, LESS LIABILITIES: 2.8% |
|
|
|
160,953,786 |
| |
|
|
|
|
|
|
| |
|
NET ASSETS: 100.0% |
|
|
|
$ |
5,694,734,177 |
|
|
(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 $4,633,105,287 and net unrealized appreciation consists of: | |||||
|
|
| |||||
|
|
Gross unrealized appreciation |
|
$ |
1,078,470,208 |
|
|
|
|
Gross unrealized depreciation |
|
(177,795,104 |
) |
| |
|
|
Net unrealized appreciation |
|
$ |
900,675,104 |
|
|
|
|
| |||||
|
† |
Affiliated Issuer, as defined under the Investment Company Act of 1940 (ownership of 5% or more of the outstanding voting securities of this issuer) | |||||
|
|
| |||||
|
ADR |
American Depositary Receipt | |||||
|
BHD |
Berhad | |||||
|
DVR |
Differential Voting Right | |||||
|
Pfd. |
Preferred | |||||
|
REIT |
Real Estate Investment Trust | |||||
See accompanying notes to schedules of investments.
SECTOR ALLOCATION (%)
|
Financials |
|
21.0 |
|
|
Consumer Staples |
|
20.7 |
|
|
Consumer Discretionary |
|
17.0 |
|
|
Industrials |
|
11.5 |
|
|
Telecommunication Services |
|
9.0 |
|
|
Health Care |
|
7.9 |
|
|
Materials |
|
3.5 |
|
|
Utilities |
|
2.5 |
|
|
Energy |
|
2.2 |
|
|
Information Technology |
|
1.9 |
|
|
Cash And Other Assets, Less Liabilities |
|
2.8 |
|
COUNTRY ALLOCATION (%)
|
China/Hong Kong |
|
31.8 |
|
|
Japan |
|
23.3 |
|
|
Australia |
|
11.4 |
|
|
Singapore |
|
8.1 |
|
|
Taiwan |
|
6.5 |
|
|
Indonesia |
|
5.3 |
|
|
South Korea |
|
4.4 |
|
|
Malaysia |
|
2.3 |
|
|
Thailand |
|
1.6 |
|
|
India |
|
1.5 |
|
|
Philippines |
|
1.0 |
|
|
Cash And Other Assets, Less Liabilities |
|
2.8 |
|
TOP TEN HOLDINGS
|
|
|
Country |
|
% of Net |
|
|
ORIX Corp. |
|
Japan |
|
4.7 |
|
|
ITOCHU Corp. |
|
Japan |
|
4.1 |
|
|
Japan Tobacco, Inc. |
|
Japan |
|
4.0 |
|
|
China Mobile, Ltd. ADR |
|
China/Hong Kong |
|
3.8 |
|
|
HSBC Holdings PLC ADR |
|
China/Hong Kong |
|
3.4 |
|
|
Ansell, Ltd. |
|
Australia |
|
2.9 |
|
|
Dongfeng Motor Group Co., Ltd. H Shares |
|
China/Hong Kong |
|
2.7 |
|
|
Pigeon Corp. |
|
Japan |
|
2.6 |
|
|
Primary Health Care, Ltd. |
|
Australia |
|
2.5 |
|
|
Chunghwa Telecom Co., Ltd. ADR |
|
Taiwan |
|
2.4 |
|
|
% OF ASSETS IN TOP TEN |
|
|
|
33.1 |
|
|
Matthews China Dividend Fund |
September 30, 2013 |
|
Schedule of Investments(a) (unaudited) |
|
|
|
|
Shares |
|
Value |
| |
|
COMMON EQUITIES: 97.7% |
|
|
|
|
| |
|
CONSUMER DISCRETIONARY: 32.5% |
|
|
|
|
| |
|
Hotels, Restaurants & Leisure: 8.6% |
|
|
|
|
| |
|
Yum! Brands, Inc. |
|
58,800 |
|
$ |
4,197,732 |
|
|
Shanghai Jinjiang International Hotels Development Co., Ltd. B Shares |
|
2,657,495 |
|
3,780,768 |
| |
|
Cafe’ de Coral Holdings, Ltd. |
|
1,006,000 |
|
3,121,229 |
| |
|
|
|
|
|
11,099,729 |
| |
|
Auto Components: 6.3% |
|
|
|
|
| |
|
Minth Group, Ltd. |
|
2,858,000 |
|
5,696,865 |
| |
|
Xingda International Holdings, Ltd. H Shares |
|
5,108,000 |
|
2,399,249 |
| |
|
|
|
|
|
8,096,114 |
| |
|
Automobiles: 4.2% |
|
|
|
|
| |
|
Dongfeng Motor Group Co., Ltd. H Shares |
|
3,580,000 |
|
5,446,219 |
| |
|
|
|
|
|
|
| |
|
Multiline Retail: 3.7% |
|
|
|
|
| |
|
Springland International Holdings, Ltd. |
|
8,915,000 |
|
4,827,679 |
| |
|
|
|
|
|
|
| |
|
Textiles, Apparel & Luxury Goods: 3.6% |
|
|
|
|
| |
|
Shenzhou International Group Holdings, Ltd. |
|
1,431,000 |
|
4,649,063 |
| |
|
|
|
|
|
|
| |
|
Media: 3.2% |
|
|
|
|
| |
|
Television Broadcasts, Ltd. |
|
646,600 |
|
4,079,297 |
| |
|
|
|
|
|
|
| |
|
Leisure Equipment & Products: 2.9% |
|
|
|
|
| |
|
Johnson Health Tech Co., Ltd. |
|
1,169,952 |
|
3,728,184 |
| |
|
Total Consumer Discretionary |
|
|
|
41,926,285 |
| |
|
|
|
|
|
|
| |
|
INDUSTRIALS: 18.5% |
|
|
|
|
| |
|
Machinery: 4.4% |
|
|
|
|
| |
|
Haitian International Holdings, Ltd. |
|
2,470,000 |
|
5,683,519 |
| |
|
|
|
|
|
|
| |
|
Transportation Infrastructure: 3.7% |
|
|
|
|
| |
|
Yuexiu Transport Infrastructure, Ltd. |
|
4,874,000 |
|
2,672,266 |
| |
|
Jiangsu Expressway Co., Ltd. H Shares |
|
1,752,000 |
|
2,066,917 |
| |
|
|
|
|
|
4,739,183 |
| |
|
Road & Rail: 3.4% |
|
|
|
|
| |
|
Guangshen Railway Co., Ltd. H Shares |
|
6,674,000 |
|
3,504,460 |
| |
|
Guangshen Railway Co., Ltd. ADR |
|
32,900 |
|
871,850 |
| |
|
|
|
|
|
4,376,310 |
| |
|
Air Freight & Logistics: 2.7% |
|
|
|
|
| |
|
Shenzhen Chiwan Petroleum B Shares |
|
1,824,689 |
|
3,519,243 |
| |
|
|
|
|
|
|
| |
|
Professional Services: 2.3% |
|
|
|
|
| |
|
Sporton International, Inc. |
|
1,013,030 |
|
3,031,588 |
| |
|
|
|
|
|
|
| |
|
Electrical Equipment: 2.0% |
|
|
|
|
| |
|
Boer Power Holdings, Ltd. |
|
3,435,000 |
|
2,547,178 |
| |
|
Total Industrials |
|
|
|
23,897,021 |
| |
|
|
|
|
|
|
| |
|
FINANCIALS: 14.4% |
|
|
|
|
| |
|
Real Estate Investment Trusts: 5.6% |
|
|
|
|
| |
|
CapitaRetail China Trust, REIT |
|
3,180,000 |
|
3,482,827 |
| |
|
Yuexiu, REIT |
|
5,117,000 |
|
2,534,145 |
| |
|
The Link REIT |
|
247,500 |
|
1,210,060 |
| |
|
|
|
|
|
7,227,032 |
| |
|
Commercial Banks: 3.5% |
|
|
|
|
| |
|
HSBC Holdings PLC ADR |
|
83,700 |
|
4,541,562 |
| |
|
|
|
|
|
|
| |
|
Real Estate Management & Development: 2.7% |
|
|
|
|
| |
|
Cheung Kong Holdings, Ltd. |
|
229,000 |
|
3,486,139 |
| |
|
|
|
|
|
|
| |
|
Diversified Financial Services: 2.6% |
|
|
|
|
| |
|
Far East Horizon, Ltd. |
|
4,972,000 |
|
3,281,098 |
| |
|
Total Financials |
|
|
|
18,535,831 |
| |
|
|
|
|
|
|
| |
|
HEALTH CARE: 8.3% |
|
|
|
|
| |
|
Health Care Equipment & Supplies: 5.7% |
|
|
|
|
| |
|
Pacific Hospital Supply Co., Ltd. |
|
1,313,000 |
|
4,412,535 |
| |
|
St. Shine Optical Co., Ltd. |
|
108,811 |
|
2,998,479 |
| |
|
|
|
|
|
7,411,014 |
| |
|
Pharmaceuticals: 2.6% |
|
|
|
|
| |
|
Tianjin ZhongXin Pharmaceutical Group Corp., Ltd. S Shares |
|
3,571,000 |
|
3,286,120 |
| |
|
Total Health Care |
|
|
|
10,697,134 |
| |
|
|
|
|
|
|
| |
|
CONSUMER STAPLES: 5.4% |
|
|
|
|
| |
|
Beverages: 2.7% |
|
|
|
|
| |
|
Yantai Changyu Pioneer Wine Co., Ltd. B Shares |
|
1,020,786 |
|
3,483,826 |
| |
|
|
|
|
|
|
| |
|
Food Products: 2.7% |
|
|
|
|
| |
|
Vitasoy International Holdings, Ltd. |
|
2,744,000 |
|
3,465,025 |
| |
|
Total Consumer Staples |
|
|
|
6,948,851 |
| |
|
|
|
|
|
|
| |
|
TELECOMMUNICATION SERVICES: 5.1% |
|
|
|
|
| |
|
Wireless Telecommunication Services: 2.7% |
|
|
|
|
| |
|
China Mobile, Ltd. ADR |
|
62,530 |
|
3,528,568 |
| |
|
|
|
|
|
|
| |
|
Diversified Telecommunication Services: 2.4% |
|
|
|
|
| |
|
Chunghwa Telecom Co., Ltd. ADR |
|
95,804 |
|
3,025,490 |
| |
|
Total Telecommunication Services |
|
|
|
6,554,058 |
| |
|
|
|
|
|
|
| |
|
UTILITIES: 3.6% |
|
|
|
|
| |
|
Water Utilities: 3.6% |
|
|
|
|
| |
|
Guangdong Investment, Ltd. |
|
5,402,000 |
|
4,646,262 |
| |
|
Total Utilities |
|
|
|
4,646,262 |
| |
|
|
|
|
|
|
| |
|
INFORMATION TECHNOLOGY: 3.5% |
|
|
|
|
| |
|
Internet Software & Services: 2.4% |
|
|
|
|
| |
|
Pacific Online, Ltd. |
|
6,941,000 |
|
3,074,833 |
| |
|
|
|
|
|
|
| |
|
Semiconductors & Semiconductor Equipment: 1.1% |
|
|
|
|
| |
|
Taiwan Semiconductor Manufacturing Co., Ltd. |
|
424,000 |
|
1,443,779 |
| |
|
Total Information Technology |
|
|
|
4,518,612 |
| |
|
|
|
|
|
|
| |
|
ENERGY: 3.5% |
|
|
|
|
| |
|
Oil, Gas & Consumable Fuels: 3.5% |
|
|
|
|
| |
|
China Shenhua Energy Co., Ltd. H Shares |
|
1,465,000 |
|
4,471,517 |
| |
|
Total Energy |
|
|
|
4,471,517 |
| |
|
|
|
|
|
|
| |
|
MATERIALS: 2.9% |
|
|
|
|
| |
|
Containers & Packaging: 2.9% |
|
|
|
|
| |
|
Greatview Aseptic Packaging Co., Ltd. |
|
6,577,000 |
|
3,763,715 |
| |
|
Total Materials |
|
|
|
3,763,715 |
| |
|
|
|
|
|
Value |
| |
|
TOTAL INVESTMENTS: 97.7% |
|
|
|
$ |
125,959,286 |
|
|
|
|
|
|
|
| |
|
CASH AND OTHER ASSETS, LESS LIABILITIES: 2.3% |
|
|
|
3,011,342 |
| |
|
|
|
|
|
|
| |
|
NET ASSETS: 100.0% |
|
|
|
$ |
128,970,628 |
|
|
(a) |
Certain securities were fair valued under the discretion of the Board of Trustees (Note A). | |||||
|
(b) |
Cost for federal income tax purposes is $116,442,651 and net unrealized appreciation consists of: | |||||
|
|
| |||||
|
|
Gross unrealized appreciation |
|
$ |
15,015,958 |
|
|
|
|
Gross unrealized depreciation |
|
(5,499,323 |
) |
| |
|
|
Net unrealized appreciation |
|
$ |
9,516,635 |
|
|
|
|
|
|
|
|
| |
|
ADR |
American Depositary Receipt |
|
|
|
| |
|
REIT |
Real Estate Investment Trust |
|
|
|
| |
See accompanying notes to schedules of investments.
SECTOR ALLOCATION (%)
|
Consumer Discretionary |
|
32.5 |
|
|
Industrials |
|
18.5 |
|
|
Financials |
|
14.4 |
|
|
Health Care |
|
8.3 |
|
|
Consumer Staples |
|
5.4 |
|
|
Telecommunication Services |
|
5.1 |
|
|
Utilities |
|
3.6 |
|
|
Information Technology |
|
3.5 |
|
|
Energy |
|
3.5 |
|
|
Materials |
|
2.9 |
|
|
Cash And Other Assets, Less Liabilities |
|
2.3 |
|
COUNTRY ALLOCATION (%)
|
China/Hong Kong |
|
80.6 |
|
|
Taiwan |
|
14.4 |
|
|
Singapore |
|
2.7 |
|
|
Cash And Other Assets, Less Liabilities |
|
2.3 |
|
TOP TEN HOLDINGS
|
|
|
Sector |
|
% of Net |
|
|
Minth Group, Ltd. |
|
Consumer Discretionary |
|
4.4 |
|
|
Haitian International Holdings, Ltd. |
|
Industrials |
|
4.4 |
|
|
Dongfeng Motor Group Co., Ltd. H Shares |
|
Consumer Discretionary |
|
4.2 |
|
|
Springland International Holdings, Ltd. |
|
Consumer Discretionary |
|
3.7 |
|
|
Shenzhou International Group Holdings, Ltd. |
|
Consumer Discretionary |
|
3.6 |
|
|
Guangdong Investment, Ltd. |
|
Utilities |
|
3.6 |
|
|
HSBC Holdings PLC ADR |
|
Financials |
|
3.5 |
|
|
China Shenhua Energy Co., Ltd. H Shares |
|
Energy |
|
3.5 |
|
|
Pacific Hospital Supply Co., Ltd. |
|
Health Care |
|
3.4 |
|
|
Yum! Brands, Inc. |
|
Consumer Discretionary |
|
3.3 |
|
|
% OF ASSETS IN TOP TEN |
|
|
|
37.6 |
|
|
Matthews Asia Focus Fund |
September 30, 2013 |
|
Schedule of Investments(a) (unaudited) |
|
|
|
|
|
|
|
| |
|
|
|
Shares |
|
Value |
| |
|
COMMON EQUITIES: 94.6% |
|
|
|
|
| |
|
CHINA/HONG KONG: 27.9% |
|
|
|
|
| |
|
AIA Group, Ltd. |
|
91,200 |
|
$ |
429,148 |
|
|
Jardine Matheson Holdings, Ltd. |
|
6,400 |
|
351,495 |
| |
|
Baidu, Inc. ADR(b) |
|
2,037 |
|
316,101 |
| |
|
Yum! Brands, Inc. |
|
4,350 |
|
310,547 |
| |
|
Samsonite International SA |
|
98,100 |
|
274,263 |
| |
|
HSBC Holdings PLC |
|
18,400 |
|
199,288 |
| |
|
Hang Lung Group, Ltd. |
|
37,000 |
|
197,765 |
| |
|
Jardine Matheson Holdings, Ltd. ADR |
|
1,000 |
|
55,000 |
| |
|
Total China/Hong Kong |
|
|
|
2,133,607 |
| |
|
|
|
|
|
|
| |
|
MALAYSIA: 11.4% |
|
|
|
|
| |
|
Guinness Anchor BHD |
|
44,800 |
|
236,167 |
| |
|
Genting Malaysia BHD |
|
169,700 |
|
219,828 |
| |
|
AMMB Holdings BHD |
|
91,200 |
|
207,505 |
| |
|
Axiata Group BHD |
|
98,200 |
|
207,344 |
| |
|
Total Malaysia |
|
|
|
870,844 |
| |
|
|
|
|
|
|
| |
|
AUSTRALIA: 10.9% |
|
|
|
|
| |
|
Ansell, Ltd. |
|
12,412 |
|
241,772 |
| |
|
Insurance Australia Group, Ltd. |
|
37,154 |
|
203,672 |
| |
|
Orica, Ltd. |
|
10,624 |
|
199,055 |
| |
|
Coca-Cola Amatil, Ltd. |
|
16,796 |
|
192,350 |
| |
|
Total Australia |
|
|
|
836,849 |
| |
|
|
|
|
|
|
| |
|
SINGAPORE: 9.1% |
|
|
|
|
| |
|
Singapore Telecommunications, Ltd. |
|
93,000 |
|
276,963 |
| |
|
United Overseas Bank, Ltd. |
|
14,000 |
|
230,928 |
| |
|
Singapore Technologies Engineering, Ltd. |
|
56,000 |
|
186,398 |
| |
|
United Overseas Bank, Ltd. ADR |
|
200 |
|
6,662 |
| |
|
Total Singapore |
|
|
|
700,951 |
| |
|
|
|
|
|
|
| |
|
INDONESIA: 7.2% |
|
|
|
|
| |
|
PT Bank Rakyat Indonesia Persero |
|
313,500 |
|
194,795 |
| |
|
PT Indofood Sukses Makmur |
|
320,000 |
|
193,350 |
| |
|
PT Kalbe Farma |
|
1,583,500 |
|
160,300 |
| |
|
Total Indonesia |
|
|
|
548,445 |
| |
|
|
|
|
|
|
| |
|
THAILAND: 6.1% |
|
|
|
|
| |
|
Kasikornbank Public Co., Ltd. |
|
45,000 |
|
251,891 |
| |
|
Thai Union Frozen Products Public Co., Ltd. |
|
133,100 |
|
217,200 |
| |
|
Total Thailand |
|
|
|
469,091 |
| |
|
|
|
|
|
|
| |
|
SOUTH KOREA: 5.2% |
|
|
|
|
| |
|
Samsung Electronics Co., Ltd. |
|
311 |
|
395,590 |
| |
|
Total South Korea |
|
|
|
395,590 |
| |
|
|
|
|
|
|
| |
|
SWITZERLAND: 4.3% |
|
|
|
|
| |
|
Cie Financiere Richemont SA |
|
3,304 |
|
331,047 |
| |
|
Total Switzerland |
|
|
|
331,047 |
| |
|
|
|
|
|
|
| |
|
TAIWAN: 3.6% |
|
|
|
|
| |
|
Taiwan Semiconductor Manufacturing Co., Ltd. |
|
80,000 |
|
272,411 |
| |
|
Total Taiwan |
|
|
|
272,411 |
| |
|
|
|
|
|
|
| |
|
UNITED STATES: 3.4% |
|
|
|
|
| |
|
Mead Johnson Nutrition Co. |
|
3,468 |
|
257,534 |
| |
|
Total United States |
|
|
|
257,534 |
| |
|
|
|
|
|
|
| |
|
INDIA: 2.9% |
|
|
|
|
| |
|
Tata Motors, Ltd. |
|
41,231 |
|
|
220,263 |
|
|
Total India |
|
|
|
220,263 |
| |
|
|
|
|
|
|
| |
|
UNITED KINGDOM: 2.6% |
|
|
|
|
| |
|
BHP Billiton PLC |
|
6,785 |
|
199,591 |
| |
|
Total United Kingdom |
|
|
|
199,591 |
| |
|
|
|
|
|
|
| |
|
TOTAL INVESTMENTS: 94.6% |
|
|
|
7,236,223 |
| |
|
|
|
|
|
|
| |
|
CASH AND OTHER ASSETS, LESS LIABILITIES: 5.4% |
|
|
|
416,334 |
| |
|
|
|
|
|
|
| |
|
NET ASSETS: 100.0% |
|
|
|
$ |
7,652,557 |
|
|
(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 $7,477,080 and net unrealized depreciation consists of: | |||||
|
|
| |||||
|
|
Gross unrealized appreciation |
|
$ |
288,779 |
|
|
|
|
Gross unrealized depreciation |
|
(529,636 |
) |
| |
|
|
Net unrealized depreciation |
|
$ |
(240,857 |
) |
|
|
|
|
|
|
|
| |
|
ADR |
American Depositary Receipt |
|
|
|
| |
|
BHD |
Berhad |
|
|
|
| |
See accompanying notes to schedules of investments.
SECTOR ALLOCATION (%)
|
Financials |
|
25.1 |
|
|
Consumer Discretionary |
|
17.7 |
|
|
Consumer Staples |
|
14.3 |
|
|
Information Technology |
|
12.9 |
|
|
Industrials |
|
7.8 |
|
|
Telecommunication Services |
|
6.3 |
|
|
Health Care |
|
5.3 |
|
|
Materials |
|
5.2 |
|
|
Cash And Other Assets, Less Liabilities |
|
5.4 |
|
COUNTRY ALLOCATION (%)
|
China/Hong Kong |
|
27.9 |
|
|
Malaysia |
|
11.4 |
|
|
Australia |
|
10.9 |
|
|
Singapore |
|
9.1 |
|
|
Indonesia |
|
7.2 |
|
|
Thailand |
|
6.1 |
|
|
South Korea |
|
5.2 |
|
|
Switzerland |
|
4.3 |
|
|
Taiwan |
|
3.6 |
|
|
United States |
|
3.4 |
|
|
India |
|
2.9 |
|
|
United Kingdom |
|
2.6 |
|
|
Cash And Other Assets, Less Liabilities |
|
5.4 |
|
TOP TEN HOLDINGS
|
|
|
Country |
|
% of Net |
|
|
AIA Group, Ltd. |
|
China/Hong Kong |
|
5.6 |
|
|
Samsung Electronics Co., Ltd. |
|
South Korea |
|
5.2 |
|
|
Jardine Matheson Holdings, Ltd. |
|
China/Hong Kong |
|
4.6 |
|
|
Cie Financiere Richemont SA |
|
Switzerland |
|
4.3 |
|
|
Baidu, Inc. ADR |
|
China/Hong Kong |
|
4.1 |
|
|
Yum! Brands, Inc. |
|
China/Hong Kong |
|
4.1 |
|
|
Singapore Telecommunications, Ltd. |
|
Singapore |
|
3.6 |
|
|
Samsonite International SA |
|
China/Hong Kong |
|
3.6 |
|
|
Taiwan Semiconductor Manufacturing Co., Ltd. |
|
Taiwan |
|
3.6 |
|
|
Mead Johnson Nutrition Co. |
|
United States |
|
3.4 |
|
|
% OF ASSETS IN TOP TEN |
|
|
|
42.1 |
|
|
Matthews Asia Growth Fund |
September 30, 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 $545,667,589 and net unrealized appreciation consists of: | |||||
|
|
| |||||
|
|
Gross unrealized appreciation |
|
$ |
183,078,424 |
|
|
|
|
Gross unrealized depreciation |
|
(20,855,824 |
) |
| |
|
|
Net unrealized appreciation |
|
$ |
162,222,600 |
|
|
|
|
|
|
|
|
| |
|
ADR |
American Depositary Receipt |
|
|
|
| |
|
ADS |
American Depositary Share |
|
|
|
| |
|
BHD |
Berhad |
|
|
|
| |
|
JSC |
Joint Stock Co. |
|
|
|
| |
See accompanying notes to schedules of investments.
SECTOR ALLOCATION (%)
|
Financials |
|
21.8 |
|
|
Consumer Discretionary |
|
19.8 |
|
|
Industrials |
|
15.0 |
|
|
Consumer Staples |
|
14.6 |
|
|
Information Technology |
|
9.0 |
|
|
Health Care |
|
8.0 |
|
|
Telecommunication Services |
|
3.2 |
|
|
Energy |
|
2.7 |
|
|
Materials |
|
2.7 |
|
|
Cash And Other Assets, Less Liabilities |
|
3.2 |
|
COUNTRY ALLOCATION (%)
|
Japan |
|
49.9 |
|
|
China/Hong Kong |
|
12.6 |
|
|
Indonesia |
|
6.1 |
|
|
India |
|
5.1 |
|
|
Taiwan |
|
4.4 |
|
|
Thailand |
|
3.9 |
|
|
Sri Lanka |
|
3.6 |
|
|
Australia |
|
2.8 |
|
|
Vietnam |
|
2.4 |
|
|
Malaysia |
|
2.4 |
|
|
Philippines |
|
2.2 |
|
|
Singapore |
|
1.4 |
|
|
Cash And Other Assets, Less Liabilities |
|
3.2 |
|
TOP TEN HOLDINGS
|
|
|
Country |
|
% of Net |
|
|
ORIX Corp. |
|
Japan |
|
5.2 |
|
|
Toyota Motor Corp. |
|
Japan |
|
4.7 |
|
|
Honda Motor Co., Ltd. |
|
Japan |
|
3.6 |
|
|
Kakaku.com, Inc. |
|
Japan |
|
3.4 |
|
|
Softbank Corp. |
|
Japan |
|
3.2 |
|
|
Mitsubishi UFJ Financial Group, Inc. |
|
Japan |
|
3.0 |
|
|
St. Shine Optical Co., Ltd. |
|
Taiwan |
|
2.7 |
|
|
Haitian International Holdings, Ltd. |
|
China/Hong Kong |
|
2.6 |
|
|
Sumitomo Mitsui Financial Group, Inc. |
|
Japan |
|
2.5 |
|
|
Vietnam Dairy Products JSC |
|
Vietnam |
|
2.4 |
|
|
% OF ASSETS IN TOP TEN |
|
|
|
33.3 |
|
|
Matthews Pacific Tiger Fund |
September 30, 2013 |
|
Schedule of Investments(a) (unaudited) |
|
|
|
|
|
|
|
Shares |
|
Value |
| |
|
COMMON EQUITIES: 97.0% |
|
|
|
|
| |
|
CHINA/HONG KONG: 27.8% |
|
|
|
|
| |
|
Ping An Insurance Group Co. of China, Ltd. H Shares |
|
27,666,000 |
|
$ |
205,945,948 |
|
|
China Resources Enterprise, Ltd. |
|
49,802,000 |
|
158,481,556 |
| |
|
China Resources Land, Ltd. |
|
54,976,000 |
|
156,660,427 |
| |
|
Hang Lung Group, Ltd. |
|
28,314,000 |
|
151,338,073 |
| |
|
Dairy Farm International Holdings, Ltd. |
|
13,476,546 |
|
136,247,880 |
| |
|
Baidu, Inc. ADR(b) |
|
847,500 |
|
131,515,050 |
| |
|
Hengan International Group Co., Ltd. |
|
10,246,000 |
|
119,901,667 |
| |
|
Dongfeng Motor Group Co., Ltd. H Shares |
|
78,440,000 |
|
119,329,997 |
| |
|
China Mobile, Ltd. ADR |
|
2,063,150 |
|
116,423,555 |
| |
|
Sinopharm Group Co., Ltd. H Shares |
|
43,788,000 |
|
109,905,814 |
| |
|
Tencent Holdings, Ltd. |
|
2,011,900 |
|
105,802,982 |
| |
|
Lenovo Group, Ltd. |
|
97,092,000 |
|
101,762,679 |
| |
|
Tingyi (Cayman Islands) Holding Corp. |
|
36,846,000 |
|
97,733,907 |
| |
|
China Vanke Co., Ltd. B Shares |
|
48,875,258 |
|
89,074,832 |
| |
|
Digital China Holdings, Ltd.† |
|
59,828,000 |
|
73,379,440 |
| |
|
Swire Pacific, Ltd. A Shares |
|
5,683,500 |
|
68,176,537 |
| |
|
Hong Kong Exchanges and Clearing, Ltd. |
|
3,664,500 |
|
58,793,720 |
| |
|
Shangri-La Asia, Ltd. |
|
31,457,333 |
|
52,114,554 |
| |
|
Total China/Hong Kong |
|
|
|
2,052,588,618 |
| |
|
|
|
|
|
|
| |
|
SOUTH KOREA: 16.2% |
|
|
|
|
| |
|
Naver Corp. |
|
388,215 |
|
201,095,298 |
| |
|
Amorepacific Corp. |
|
214,241 |
|
180,415,572 |
| |
|
Samsung Electronics Co., Ltd. |
|
136,754 |
|
173,950,236 |
| |
|
Dongbu Insurance Co., Ltd.† |
|
3,950,500 |
|
169,812,630 |
| |
|
Cheil Worldwide, Inc.(b) |
|
5,735,440 |
|
132,295,629 |
| |
|
Green Cross Corp.† |
|
967,499 |
|
123,733,659 |
| |
|
Yuhan Corp. |
|
542,138 |
|
98,878,544 |
| |
|
Hyundai Mobis |
|
317,719 |
|
84,520,111 |
| |
|
MegaStudy Co., Ltd.† |
|
396,412 |
|
28,019,425 |
| |
|
Total South Korea |
|
|
|
1,192,721,104 |
| |
|
|
|
|
|
|
| |
|
INDIA: 15.1% |
|
|
|
|
| |
|
Tata Power Co., Ltd.† |
|
126,160,510 |
|
163,569,734 |
| |
|
Sun Pharmaceutical Industries, Ltd. |
|
14,303,630 |
|
135,643,952 |
| |
|
ITC, Ltd. |
|
24,735,000 |
|
134,529,345 |
| |
|
GAIL India, Ltd. |
|
24,682,108 |
|
129,328,641 |
| |
|
Kotak Mahindra Bank, Ltd. |
|
9,443,688 |
|
102,354,839 |
| |
|
Housing Development Finance Corp. |
|
7,485,685 |
|
91,443,310 |
| |
|
HDFC Bank, Ltd. |
|
8,635,920 |
|
82,038,571 |
| |
|
Titan Industries, Ltd. |
|
20,882,503 |
|
77,516,135 |
| |
|
Container Corp. of India, Ltd. |
|
6,286,659 |
|
72,014,655 |
| |
|
Dabur India, Ltd. |
|
25,308,038 |
|
68,495,028 |
| |
|
Thermax, Ltd. |
|
4,785,351 |
|
44,546,739 |
| |
|
HDFC Bank, Ltd. ADR |
|
319,500 |
|
9,834,210 |
| |
|
Total India |
|
|
|
1,111,315,159 |
| |
|
|
|
|
|
|
| |
|
TAIWAN: 8.7% |
|
|
|
|
| |
|
Delta Electronics, Inc. |
|
46,121,000 |
|
223,964,038 |
| |
|
President Chain Store Corp. |
|
24,239,608 |
|
175,084,445 |
| |
|
Synnex Technology International Corp. |
|
65,522,354 |
|
102,568,461 |
| |
|
Taiwan Semiconductor Manufacturing Co., Ltd. |
|
20,423,513 |
|
69,544,900 |
| |
|
Yuanta Financial Holding Co., Ltd. |
|
133,911,782 |
|
68,628,944 |
| |
|
Total Taiwan |
|
|
|
639,790,788 |
| |
|
|
|
|
|
|
| |
|
INDONESIA: 8.2% |
|
|
|
|
| |
|
PT Perusahaan Gas Negara Persero |
|
364,396,500 |
|
|
162,620,632 |
|
|
PT Astra International |
|
227,099,300 |
|
125,680,892 |
| |
|
PT Indofood CBP Sukses Makmur |
|
137,813,000 |
|
121,212,592 |
| |
|
PT Bank Central Asia |
|
115,688,500 |
|
99,291,770 |
| |
|
PT Telekomunikasi Indonesia Persero |
|
432,302,500 |
|
78,014,448 |
| |
|
PT Telekomunikasi Indonesia Persero ADR |
|
375,700 |
|
13,641,667 |
| |
|
Total Indonesia |
|
|
|
600,462,001 |
| |
|
|
|
|
|
|
| |
|
THAILAND: 8.1% |
|
|
|
|
| |
|
Central Pattana Public Co., Ltd. |
|
130,207,600 |
|
183,103,135 |
| |
|
Bank of Ayudhya Public Co., Ltd. |
|
136,106,700 |
|
164,388,097 |
| |
|
Siam Cement Public Co., Ltd. NVDR |
|
9,478,500 |
|
129,349,061 |
| |
|
PTT Exploration & Production Public Co., Ltd. |
|
23,423,867 |
|
122,625,701 |
| |
|
Total Thailand |
|
|
|
599,465,994 |
| |
|
|
|
|
|
|
| |
|
MALAYSIA: 5.2% |
|
|
|
|
| |
|
Genting BHD |
|
49,015,500 |
|
156,412,498 |
| |
|
Public Bank BHD |
|
24,011,386 |
|
130,641,461 |
| |
|
Top Glove Corp. BHD |
|
25,175,960 |
|
48,583,153 |
| |
|
IHH Healthcare BHD(b) |
|
27,846,700 |
|
35,464,308 |
| |
|
IHH Healthcare BHD(b) |
|
11,543,000 |
|
14,546,655 |
| |
|
Total Malaysia |
|
|
|
385,648,075 |
| |
|
|
|
|
|
|
| |
|
PHILIPPINES: 2.2% |
|
|
|
|
| |
|
SM Prime Holdings, Inc. |
|
449,449,271 |
|
165,148,782 |
| |
|
Total Philippines |
|
|
|
165,148,782 |
| |
|
|
|
|
|
|
| |
|
SINGAPORE: 2.2% |
|
|
|
|
| |
|
Keppel Land, Ltd. |
|
34,212,000 |
|
96,573,641 |
| |
|
Hyflux, Ltd.† |
|
65,284,280 |
|
62,790,359 |
| |
|
Total Singapore |
|
|
|
159,364,000 |
| |
|
|
|
|
|
|
| |
|
VIETNAM: 1.8% |
|
|
|
|
| |
|
Vietnam Dairy Products JSC |
|
19,622,807 |
|
131,075,777 |
| |
|
Total Vietnam |
|
|
|
131,075,777 |
| |
|
|
|
|
|
|
| |
|
SWITZERLAND: 1.5% |
|
|
|
|
| |
|
DKSH Holding, Ltd. |
|
1,300,879 |
|
110,933,889 |
| |
|
Total Switzerland |
|
|
|
110,933,889 |
| |
|
|
|
|
|
|
| |
|
TOTAL INVESTMENTS: 97.0% |
|
|
|
7,148,514,187 |
| |
|
|
|
|
|
|
| |
|
CASH AND OTHER ASSETS, LESS LIABILITIES: 3.0% |
|
|
|
222,845,282 |
| |
|
|
|
|
|
|
| |
|
NET ASSETS: 100.0% |
|
|
|
$ |
7,371,359,469 |
|
|
(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 $5,260,275,001 and net unrealized appreciation consists of: | |||||
|
|
| |||||
|
|
Gross unrealized appreciation |
|
$ |
2,153,697,012 |
|
|
|
|
Gross unrealized depreciation |
|
(265,457,826 |
) |
| |
|
|
Net unrealized appreciation |
|
$ |
1,888,239,186 |
|
|
|
† |
Affiliated Issuer, as defined under the Investment Company Act of 1940 (ownership of 5% or more of the outstanding voting securities of this issuer) | ||||
|
ADR |
American Depositary Receipt | ||||
|
BHD |
Berhad |
|
|
|
|
|
JSC |
Joint Stock Co. |
|
|
|
|
|
NVDR |
Non-voting Depositary Receipt |
|
|
|
|
See accompanying notes to schedules of investments.
SECTOR ALLOCATION (%)
|
Financials |
|
28.4 |
|
|
Consumer Staples |
|
17.9 |
|
|
Information Technology |
|
16.1 |
|
|
Consumer Discretionary |
|
10.5 |
|
|
Health Care |
|
7.7 |
|
|
Utilities |
|
7.0 |
|
|
Industrials |
|
3.1 |
|
|
Telecommunication Services |
|
2.8 |
|
|
Materials |
|
1.8 |
|
|
Energy |
|
1.7 |
|
|
Cash And Other Assets, Less Liabilities |
|
3.0 |
|
COUNTRY ALLOCATION (%)
|
China/Hong Kong |
|
27.8 |
|
|
South Korea |
|
16.2 |
|
|
India |
|
15.1 |
|
|
Taiwan |
|
8.7 |
|
|
Indonesia |
|
8.2 |
|
|
Thailand |
|
8.1 |
|
|
Malaysia |
|
5.2 |
|
|
Philippines |
|
2.2 |
|
|
Singapore |
|
2.2 |
|
|
Vietnam |
|
1.8 |
|
|
Switzerland |
|
1.5 |
|
|
Cash And Other Assets, Less Liabilities |
|
3.0 |
|
TOP TEN HOLDINGS
|
|
|
Country |
|
% of Net |
|
|
Delta Electronics, Inc. |
|
Taiwan |
|
3.0 |
|
|
Ping An Insurance Group Co. of China, Ltd. H Shares |
|
China/Hong Kong |
|
2.8 |
|
|
Naver Corp. |
|
South Korea |
|
2.7 |
|
|
Central Pattana Public Co., Ltd. |
|
Thailand |
|
2.5 |
|
|
Amorepacific Corp. |
|
South Korea |
|
2.5 |
|
|
President Chain Store Corp. |
|
Taiwan |
|
2.4 |
|
|
Samsung Electronics Co., Ltd. |
|
South Korea |
|
2.4 |
|
|
Dongbu Insurance Co., Ltd. |
|
South Korea |
|
2.3 |
|
|
SM Prime Holdings, Inc. |
|
Philippines |
|
2.2 |
|
|
Bank of Ayudhya Public Co., Ltd. |
|
Thailand |
|
2.2 |
|
|
% OF ASSETS IN TOP TEN |
|
|
|
25.0 |
|
|
Matthews Emerging Asia Fund |
September 30, 2013 |
|
Schedule of Investments(a) (unaudited) |
|
|
|
|
Shares |
|
Value |
| |
|
COMMON EQUITIES: 97.1% |
|
|
|
|
| |
|
CHINA/HONG KONG: 17.3% |
|
|
|
|
| |
|
Melco Crown Entertainment, Ltd.(b) |
|
93,900 |
|
$ |
983,797 |
|
|
Sina Corp.(b) |
|
10,900 |
|
884,753 |
| |
|
Haitian International Holdings, Ltd. |
|
383,000 |
|
881,291 |
| |
|
Shenzhou International Group Holdings, Ltd. |
|
262,000 |
|
851,191 |
| |
|
CSPC Pharmaceutical Group, Ltd. |
|
1,438,000 |
|
767,997 |
| |
|
Tencent Holdings, Ltd. |
|
11,900 |
|
625,804 |
| |
|
CIMC Enric Holdings, Ltd. |
|
400,000 |
|
536,946 |
| |
|
Sun Art Retail Group, Ltd. |
|
325,000 |
|
466,384 |
| |
|
Total China/Hong Kong |
|
|
|
5,998,163 |
| |
|
|
|
|
|
|
| |
|
INDIA: 15.4% |
|
|
|
|
| |
|
Emami, Ltd. |
|
126,978 |
|
983,718 |
| |
|
Gruh Finance, Ltd. |
|
232,143 |
|
794,266 |
| |
|
Info Edge India, Ltd. |
|
124,174 |
|
629,349 |
| |
|
Housing Development Finance Corp. |
|
44,499 |
|
543,589 |
| |
|
Cipla India, Ltd. |
|
60,053 |
|
415,059 |
| |
|
Lupin, Ltd. |
|
30,161 |
|
412,574 |
| |
|
Shriram City Union Finance, Ltd. |
|
18,420 |
|
311,306 |
| |
|
Castrol India, Ltd. |
|
57,613 |
|
284,913 |
| |
|
Praj Industries, Ltd. |
|
494,063 |
|
283,784 |
| |
|
VST Industries, Ltd. |
|
11,233 |
|
269,391 |
| |
|
Jubilant Foodworks, Ltd.(b) |
|
11,592 |
|
214,283 |
| |
|
Multi Commodity Exchange of India, Ltd. |
|
32,155 |
|
195,740 |
| |
|
Total India |
|
|
|
5,337,972 |
| |
|
|
|
|
|
|
| |
|
SRI LANKA: 12.5% |
|
|
|
|
| |
|
John Keells Holdings PLC |
|
481,870 |
|
796,968 |
| |
|
Commercial Bank of Ceylon PLC |
|
881,324 |
|
786,021 |
| |
|
Aitken Spence Hotel Holdings PLC |
|
1,184,124 |
|
580,405 |
| |
|
National Development Bank PLC |
|
434,897 |
|
474,581 |
| |
|
Sampath Bank PLC |
|
295,784 |
|
380,821 |
| |
|
Cargills Ceylon PLC |
|
320,666 |
|
374,799 |
| |
|
Ceylinco Insurance Co. PLC |
|
34,935 |
|
331,988 |
| |
|
Lanka Orix Leasing Co. PLC |
|
573,466 |
|
252,846 |
| |
|
Chevron Lubricants Lanka PLC |
|
68,184 |
|
139,577 |
| |
|
Ceylon Tobacco Co. PLC |
|
17,034 |
|
136,060 |
| |
|
Odel PLC |
|
605,867 |
|
88,126 |
| |
|
Total Sri Lanka |
|
|
|
4,342,192 |
| |
|
|
|
|
|
|
| |
|
BANGLADESH: 9.6% |
|
|
|
|
| |
|
Square Pharmaceuticals, Ltd. |
|
512,070 |
|
1,146,578 |
| |
|
British American Tobacco Bangladesh Co., Ltd. |
|
25,200 |
|
506,630 |
| |
|
GrameenPhone, Ltd. |
|
163,400 |
|
398,480 |
| |
|
Apex Adelchi Footwear, Ltd. |
|
74,800 |
|
353,751 |
| |
|
Islami Bank Bangladesh, Ltd. |
|
731,500 |
|
340,615 |
| |
|
Bata Shoe Co. Bangladesh, Ltd. |
|
34,500 |
|
319,963 |
| |
|
Berger Paints Bangladesh, Ltd. |
|
25,150 |
|
267,060 |
| |
|
Total Bangladesh |
|
|
|
3,333,077 |
| |
|
|
|
|
|
|
| |
|
PHILIPPINES: 9.6% |
|
|
|
|
| |
|
RFM Corp. |
|
6,968,400 |
|
776,632 |
| |
|
Puregold Price Club, Inc. |
|
808,100 |
|
774,901 |
| |
|
Vista Land & Lifescapes, Inc. |
|
6,201,400 |
|
758,814 |
| |
|
GT Capital Holdings, Inc. |
|
30,110 |
|
524,775 |
| |
|
Universal Robina Corp. |
|
170,590 |
|
|
482,587 |
|
|
Total Philippines |
|
|
|
3,317,709 |
| |
|
|
|
|
|
|
| |
|
VIETNAM: 7.2% |
|
|
|
|
| |
|
Vinh Hoan Corp. |
|
572,987 |
|
597,073 |
| |
|
Saigon Securities, Inc. |
|
554,160 |
|
435,653 |
| |
|
Masan Group Corp.(b) |
|
91,240 |
|
369,517 |
| |
|
Phu Nhuan Jewelry JSC |
|
211,430 |
|
267,487 |
| |
|
DHG Pharmaceutical JSC |
|
47,240 |
|
246,505 |
| |
|
Phuoc Hoa Rubber JSC |
|
145,050 |
|
204,736 |
| |
|
National Seed JSC |
|
51,750 |
|
193,641 |
| |
|
Dinh Vu Port Investment & Development JSC |
|
53,600 |
|
186,600 |
| |
|
Total Vietnam |
|
|
|
2,501,212 |
| |
|
|
|
|
|
|
| |
|
THAILAND: 5.8% |
|
|
|
|
| |
|
Siam Cement Public Co., Ltd. |
|
43,400 |
|
592,261 |
| |
|
Major Cineplex Group Public Co., Ltd. |
|
981,500 |
|
584,883 |
| |
|
SNC Former Public Co., Ltd. |
|
809,700 |
|
505,689 |
| |
|
Beauty Community Public Co., Ltd. |
|
456,000 |
|
321,140 |
| |
|
Total Thailand |
|
|
|
2,003,973 |
| |
|
|
|
|
|
|
| |
|
INDONESIA: 3.9% |
|
|
|
|
| |
|
PT Modern Internasional |
|
7,336,000 |
|
509,249 |
| |
|
PT Bank Mandiri Persero |
|
701,000 |
|
478,132 |
| |
|
PT Indofood CBP Sukses Makmur |
|
405,500 |
|
356,655 |
| |
|
Total Indonesia |
|
|
|
1,344,036 |
| |
|
|
|
|
|
|
| |
|
MALAYSIA: 3.7% |
|
|
|
|
| |
|
SapuraKencana Petroleum BHD(b) |
|
617,900 |
|
699,705 |
| |
|
Oldtown BHD |
|
708,500 |
|
587,393 |
| |
|
Total Malaysia |
|
|
|
1,287,098 |
| |
|
|
|
|
|
|
| |
|
SINGAPORE: 3.6% |
|
|
|
|
| |
|
Yoma Strategic Holdings, Ltd. |
|
1,072,000 |
|
667,664 |
| |
|
Petra Foods, Ltd. |
|
218,000 |
|
601,814 |
| |
|
Total Singapore |
|
|
|
1,269,478 |
| |
|
|
|
|
|
|
| |
|
TAIWAN: 3.4% |
|
|
|
|
| |
|
Ginko International Co., Ltd. |
|
28,000 |
|
518,055 |
| |
|
ScinoPharm Taiwan, Ltd. |
|
140,400 |
|
415,460 |
| |
|
King Slide Works Co., Ltd. |
|
28,000 |
|
244,846 |
| |
|
Total Taiwan |
|
|
|
1,178,361 |
| |
|
|
|
|
|
|
| |
|
CAMBODIA: 3.3% |
|
|
|
|
| |
|
NagaCorp, Ltd. |
|
1,352,000 |
|
1,140,711 |
| |
|
Total Cambodia |
|
|
|
1,140,711 |
| |
|
|
|
|
|
|
| |
|
AUSTRALIA: 1.8% |
|
|
|
|
| |
|
Oil Search, Ltd. |
|
79,306 |
|
637,102 |
| |
|
Total Australia |
|
|
|
637,102 |
| |
|
|
|
|
|
|
| |
|
TOTAL INVESTMENTS: 97.1% |
|
|
|
33,691,084 |
| |
|
|
|
|
|
|
| |
|
CASH AND OTHER ASSETS, LESS LIABILITIES : 2.9% |
|
|
|
1,003,041 |
| |
|
|
|
|
|
|
| |
|
NET ASSETS: 100.0% |
|
|
|
$ |
34,694,125 |
|
|
(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 $35,420,410 and net unrealized depreciation consists of: | |||||
|
|
|
|
|
|
| |
|
|
Gross unrealized appreciation |
|
$ |
1,960,884 |
|
|
|
|
Gross unrealized depreciation |
|
(3,690,210 |
) |
| |
|
|
Net unrealized depreciation |
|
$ |
(1,729,326 |
) |
|
|
|
|
|
|
|
| |
|
BHD |
Berhad |
|
|
|
| |
|
JSC |
Joint Stock Co. |
|
|
|
| |
See accompanying notes to schedules of investments.
SECTOR ALLOCATION (%)
|
Consumer Staples |
|
21.6 |
|
|
Financials |
|
19.0 |
|
|
Consumer Discretionary |
|
18.5 |
|
|
Industrials |
|
11.8 |
|
|
Health Care |
|
11.3 |
|
|
Information Technology |
|
6.2 |
|
|
Energy |
|
4.3 |
|
|
Materials |
|
3.3 |
|
|
Telecommunication Services |
|
1.1 |
|
|
Cash And Other Assets, Less Liabilities |
|
2.9 |
|
COUNTRY ALLOCATION (%)
|
China/Hong Kong |
|
17.3 |
|
|
India |
|
15.4 |
|
|
Sri Lanka |
|
12.5 |
|
|
Bangladesh |
|
9.6 |
|
|
Philippines |
|
9.6 |
|
|
Vietnam |
|
7.2 |
|
|
Thailand |
|
5.8 |
|
|
Indonesia |
|
3.9 |
|
|
Malaysia |
|
3.7 |
|
|
Singapore |
|
3.6 |
|
|
Taiwan |
|
3.4 |
|
|
Cambodia |
|
3.3 |
|
|
Australia |
|
1.8 |
|
|
Cash And Other Assets, Less Liabilities |
|
2.9 |
|
TOP TEN HOLDINGS
|
|
|
Country |
|
% of Net |
|
|
Square Pharmaceuticals, Ltd. |
|
Bangladesh |
|
3.3 |
|
|
NagaCorp, Ltd. |
|
Cambodia |
|
3.3 |
|
|
Melco Crown Entertainment, Ltd. |
|
China/Hong Kong |
|
2.8 |
|
|
Emami, Ltd. |
|
India |
|
2.8 |
|
|
Sina Corp. |
|
China/Hong Kong |
|
2.6 |
|
|
Haitian International Holdings, Ltd. |
|
China/Hong Kong |
|
2.5 |
|
|
Shenzhou International Group Holdings, Ltd. |
|
China/Hong Kong |
|
2.5 |
|
|
John Keells Holdings PLC |
|
Sri Lanka |
|
2.3 |
|
|
Gruh Finance, Ltd. |
|
India |
|
2.3 |
|
|
Commercial Bank of Ceylon PLC |
|
Sri Lanka |
|
2.3 |
|
|
% OF ASSETS IN TOP TEN |
|
|
|
26.7 |
|
|
Matthews China Fund |
|
September 30, 2013 |
|
Schedule of Investments(a) (unaudited) |
|
|
|
|
|
Shares |
|
Value |
| |
|
COMMON EQUITIES: CHINA/HONG KONG: 99.8% |
|
|
|
|
| |
|
FINANCIALS: 21.3% |
|
|
|
|
| |
|
Real Estate Management & Development: 8.4% |
|
|
|
|
| |
|
China Vanke Co., Ltd. B Shares |
|
19,242,468 |
|
$ |
35,069,269 |
|
|
China Resources Land, Ltd. |
|
12,034,000 |
|
34,292,265 |
| |
|
Hang Lung Group, Ltd. |
|
4,885,000 |
|
26,110,281 |
| |
|
Swire Pacific, Ltd. A Shares |
|
1,925,000 |
|
23,091,376 |
| |
|
|
|
|
|
118,563,191 |
| |
|
Commercial Banks: 7.1% |
|
|
|
|
| |
|
China Merchants Bank Co., Ltd. H Shares |
|
18,625,643 |
|
33,915,968 |
| |
|
China Construction Bank Corp. H Shares |
|
28,813,660 |
|
22,205,903 |
| |
|
BOC Hong Kong Holdings, Ltd. |
|
6,831,000 |
|
21,947,927 |
| |
|
Agricultural Bank of China, Ltd. H Shares |
|
47,388,000 |
|
21,838,341 |
| |
|
|
|
|
|
99,908,139 |
| |
|
Insurance: 4.1% |
|
|
|
|
| |
|
Ping An Insurance Group Co. of China, Ltd. H Shares |
|
4,167,500 |
|
31,022,907 |
| |
|
China Life Insurance Co., Ltd. H Shares |
|
8,188,000 |
|
21,204,752 |
| |
|
China Life Insurance Co., Ltd. ADR |
|
162,400 |
|
6,310,864 |
| |
|
|
|
|
|
58,538,523 |
| |
|
Diversified Financial Services: 1.7% |
|
|
|
|
| |
|
Hong Kong Exchanges and Clearing, Ltd. |
|
1,519,300 |
|
24,375,849 |
| |
|
Total Financials |
|
|
|
301,385,702 |
| |
|
|
|
|
|
|
| |
|
CONSUMER DISCRETIONARY: 17.5% |
|
|
|
|
| |
|
Hotels, Restaurants & Leisure: 7.3% |
|
|
|
|
| |
|
Cafe’ de Coral Holdings, Ltd. |
|
9,964,100 |
|
30,914,747 |
| |
|
Sands China, Ltd. |
|
4,685,200 |
|
29,003,798 |
| |
|
Home Inns & Hotels Management, Inc. ADR(b) |
|
808,346 |
|
26,837,087 |
| |
|
Shangri-La Asia, Ltd. |
|
10,417,400 |
|
17,258,239 |
| |
|
|
|
|
|
104,013,871 |
| |
|
Textiles, Apparel & Luxury Goods: 3.1% |
|
|
|
|
| |
|
Li Ning Co., Ltd.(b) |
|
29,725,000 |
|
23,424,886 |
| |
|
Li & Fung, Ltd. |
|
14,106,400 |
|
20,547,484 |
| |
|
|
|
|
|
43,972,370 |
| |
|
Specialty Retail: 1.8% |
|
|
|
|
| |
|
Belle International Holdings, Ltd. |
|
17,281,000 |
|
25,125,906 |
| |
|
|
|
|
|
|
| |
|
Automobiles: 1.6% |
|
|
|
|
| |
|
Dongfeng Motor Group Co., Ltd. H Shares |
|
15,004,000 |
|
22,825,437 |
| |
|
|
|
|
|
|
| |
|
Media: 1.6% |
|
|
|
|
| |
|
Television Broadcasts, Ltd. |
|
3,509,600 |
|
22,141,510 |
| |
|
|
|
|
|
|
| |
|
Multiline Retail: 1.5% |
|
|
|
|
| |
|
Golden Eagle Retail Group, Ltd. |
|
13,532,000 |
|
21,129,782 |
| |
|
|
|
|
|
|
| |
|
Diversified Consumer Services: 0.6% |
|
|
|
|
| |
|
New Oriental Education & Technology Group, Inc. ADR |
|
327,000 |
|
8,142,300 |
| |
|
Total Consumer Discretionary |
|
|
|
247,351,176 |
| |
|
|
|
|
|
|
| |
|
INFORMATION TECHNOLOGY: 17.3% |
|
|
|
|
| |
|
Internet Software & Services: 8.0% |
|
|
|
|
| |
|
Tencent Holdings, Ltd. |
|
730,800 |
|
38,431,741 |
| |
|
Sina Corp.(b) |
|
449,800 |
|
36,510,266 |
| |
|
NetEase, Inc. ADR |
|
330,300 |
|
23,983,083 |
| |
|
Baidu, Inc. ADR(b) |
|
90,800 |
|
14,090,344 |
| |
|
|
|
|
|
113,015,434 |
| |
|
Electronic Equipment, Instruments & Components: 2.6% |
|
|
|
|
| |
|
Digital China Holdings, Ltd. |
|
30,018,000 |
|
36,817,277 |
| |
|
|
|
|
|
|
| |
|
Software: 2.5% |
|
|
|
|
| |
|
Kingdee International Software Group Co., Ltd.(b) |
|
123,524,800 |
|
35,581,430 |
| |
|
|
|
|
|
|
| |
|
Communications Equipment: 2.4% |
|
|
|
|
| |
|
ZTE Corp. H Shares(b) |
|
16,408,704 |
|
33,952,505 |
| |
|
|
|
|
|
|
| |
|
Computers & Peripherals: 1.8% |
|
|
|
|
| |
|
Lenovo Group, Ltd. |
|
24,808,000 |
|
26,001,406 |
| |
|
Total Information Technology |
|
|
|
245,368,052 |
| |
|
|
|
|
|
|
| |
|
CONSUMER STAPLES: 11.3% |
|
|
|
|
| |
|
Food Products: 4.2% |
|
|
|
|
| |
|
China Mengniu Dairy Co., Ltd. |
|
7,588,000 |
|
34,037,851 |
| |
|
Tingyi (Cayman Islands) Holding Corp. |
|
9,607,000 |
|
25,482,539 |
| |
|
|
|
|
|
59,520,390 |
| |
|
Food & Staples Retailing: 4.0% |
|
|
|
|
| |
|
China Resources Enterprise, Ltd. |
|
7,546,000 |
|
24,013,128 |
| |
|
Lianhua Supermarket Holdings Co., Ltd. H Shares† |
|
31,193,800 |
|
18,786,720 |
| |
|
Sun Art Retail Group, Ltd. |
|
9,443,000 |
|
13,550,956 |
| |
|
|
|
|
|
56,350,804 |
| |
|
Personal Products: 1.6% |
|
|
|
|
| |
|
Hengan International Group Co., Ltd. |
|
1,949,000 |
|
22,807,764 |
| |
|
|
|
|
|
|
| |
|
Beverages: 1.5% |
|
|
|
|
| |
|
Tsingtao Brewery Co., Ltd. H Shares |
|
2,803,000 |
|
21,343,633 |
| |
|
Total Consumer Staples |
|
|
|
160,022,591 |
| |
|
|
|
|
|
|
| |
|
INDUSTRIALS: 9.7% |
|
|
|
|
| |
|
Transportation Infrastructure: 3.8% |
|
|
|
|
| |
|
China Merchants Holdings International Co., Ltd. |
|
7,468,581 |
|
27,203,178 |
| |
|
Yuexiu Transport Infrastructure, Ltd. |
|
48,899,000 |
|
26,809,834 |
| |
|
|
|
|
|
54,013,012 |
| |
|
Machinery: 2.7% |
|
|
|
|
| |
|
CSR Corp., Ltd. H Shares |
|
39,029,000 |
|
27,276,913 |
| |
|
Sany Heavy Equipment International Holdings Co., Ltd. |
|
34,230,500 |
|
10,423,622 |
| |
|
|
|
|
|
37,700,535 |
| |
|
Industrial Conglomerates: 1.7% |
|
|
|
|
| |
|
NWS Holdings, Ltd. |
|
15,430,914 |
|
23,987,088 |
| |
|
|
|
|
|
|
| |
|
Airlines: 1.5% |
|
|
|
|
| |
|
Air China, Ltd. H Shares |
|
30,993,900 |
|
21,005,160 |
| |
|
Total Industrials |
|
|
|
136,705,795 |
| |
|
|
|
|
|
|
| |
|
TELECOMMUNICATION SERVICES: 6.0% |
|
|
|
|
| |
|
Wireless Telecommunication Services: 3.8% |
|
|
|
|
| |
|
China Mobile, Ltd. |
|
2,849,083 |
|
32,058,313 |
| |
|
China Mobile, Ltd. ADR |
|
391,400 |
|
22,086,702 |
| |
|
|
|
|
|
54,145,015 |
| |
|
Diversified Telecommunication Services: 2.2% |
|
|
|
|
| |
|
China Communications Services Corp., Ltd. H Shares |
|
51,940,800 |
|
30,361,215 |
| |
|
Total Telecommunication Services |
|
|
|
84,506,230 |
| |
|
|
|
|
|
|
| |
|
ENERGY: 5.8% |
|
|
|
|
| |
|
Oil, Gas & Consumable Fuels: 4.0% |
|
|
|
|
| |
|
CNOOC, Ltd. |
|
10,657,000 |
|
21,589,793 |
| |
|
|
|
Shares |
|
Value |
| |
|
COMMON EQUITIES: CHINA/HONG KONG (continued) |
|
|
|
|
| |
|
China Shenhua Energy Co., Ltd. H Shares |
|
6,243,500 |
|
$ |
19,056,597 |
|
|
Kunlun Energy Co., Ltd. |
|
11,798,000 |
|
16,522,825 |
| |
|
|
|
|
|
57,169,215 |
| |
|
Energy Equipment & Services: 1.8% |
|
|
|
|
| |
|
China Oilfield Services, Ltd. H Shares |
|
9,916,000 |
|
24,885,782 |
| |
|
Total Energy |
|
|
|
82,054,997 |
| |
|
|
|
|
|
|
| |
|
HEALTH CARE: 5.5% |
|
|
|
|
| |
|
Health Care Equipment & Supplies: 2.7% |
|
|
|
|
| |
|
Mindray Medical International, Ltd. ADR |
|
970,568 |
|
37,745,390 |
| |
|
|
|
|
|
|
| |
|
Health Care Providers & Services: 2.3% |
|
|
|
|
| |
|
Sinopharm Group Co., Ltd. H Shares |
|
13,122,400 |
|
32,936,605 |
| |
|
|
|
|
|
|
| |
|
Pharmaceuticals: 0.5% |
|
|
|
|
| |
|
Sino Biopharmaceutical |
|
11,732,000 |
|
7,952,721 |
| |
|
Total Health Care |
|
|
|
78,634,716 |
| |
|
|
|
|
|
|
| |
|
UTILITIES: 5.4% |
|
|
|
|
| |
|
Independent Power Producers & Energy Traders: 2.1% |
|
|
|
|
| |
|
China Longyuan Power Group Corp. H Shares |
|
28,680,000 |
|
29,806,655 |
| |
|
|
|
|
|
|
| |
|
Electric Utilities: 1.9% |
|
|
|
|
| |
|
Cheung Kong Infrastructure Holdings, Ltd. |
|
3,848,500 |
|
26,692,752 |
| |
|
|
|
|
|
|
| |
|
Gas Utilities: 1.4% |
|
|
|
|
| |
|
Hong Kong & China Gas Co., Ltd. |
|
8,248,312 |
|
19,855,330 |
| |
|
Total Utilities |
|
|
|
76,354,737 |
| |
|
|
|
|
|
|
| |
|
TOTAL INVESTMENTS: 99.8% |
|
|
|
|
| |
|
(Cost $1,220,648,877(c)) |
|
|
|
1,412,383,996 |
| |
|
|
|
|
|
|
| |
|
CASH AND OTHER ASSETS, LESS LIABILITIES : 0.2% |
|
|
|
2,436,262 |
| |
|
|
|
|
|
|
| |
|
NET ASSETS: 100.0% |
|
|
|
$ |
1,414,820,258 |
|
|
(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 $1,221,292,492 and net unrealized appreciation consists of: | |||||
|
|
|
|
|
|
| |
|
|
Gross unrealized appreciation |
|
$ |
298,144,032 |
|
|
|
|
Gross unrealized depreciation |
|
(107,052,528 |
) |
| |
|
|
Net unrealized appreciation |
|
$ |
191,091,504 |
|
|
|
|
|
|
|
|
| |
|
† |
Affiliated Issuer, as defined under the Investment Company Act of 1940 (ownership of 5% or more of the outstanding voting securities of this issuer) | |||||
|
ADR |
American Depositary Receipt |
|
|
|
| |
See accompanying notes to schedules of investments.
SECTOR ALLOCATION (%)
|
Financials |
|
21.3 |
|
|
Consumer Discretionary |
|
17.5 |
|
|
Information Technology |
|
17.3 |
|
|
Consumer Staples |
|
11.3 |
|
|
Industrials |
|
9.7 |
|
|
Telecommunication Services |
|
6.0 |
|
|
Energy |
|
5.8 |
|
|
Health Care |
|
5.5 |
|
|
Utilities |
|
5.4 |
|
|
Cash And Other Assets, Less Liabilities |
|
0.2 |
|
TOP TEN HOLDINGS
|
|
|
Sector |
|
% of Net |
|
|
Tencent Holdings, Ltd. |
|
Information Technology |
|
2.7 |
|
|
Mindray Medical International, Ltd. ADR |
|
Health Care |
|
2.7 |
|
|
Digital China Holdings, Ltd. |
|
Information Technology |
|
2.6 |
|
|
Sina Corp. |
|
Information Technology |
|
2.6 |
|
|
Kingdee International Software Group Co., Ltd. |
|
Information Technology |
|
2.5 |
|
|
China Vanke Co., Ltd. B Shares |
|
Financials |
|
2.5 |
|
|
China Resources Land, Ltd. |
|
Financials |
|
2.4 |
|
|
China Mengniu Dairy Co., Ltd. |
|
Consumer Staples |
|
2.4 |
|
|
ZTE Corp. H Shares |
|
Information Technology |
|
2.4 |
|
|
China Merchants Bank Co., Ltd. H Shares |
|
Financials |
|
2.4 |
|
|
% OF ASSETS IN TOP TEN |
|
|
|
25.2 |
|
|
Matthews India Fund |
|
September 30, 2013 |
|
Schedule of Investments(a) (unaudited) |
|
|
|
|
|
Shares |
|
Value |
| |
|
COMMON EQUITIES: 99.8% |
|
|
|
|
| |
|
FINANCIALS: 23.4% |
|
|
|
|
| |
|
Diversified Financial Services: 7.7% |
|
|
|
|
| |
|
Kotak Mahindra Bank, Ltd. |
|
1,940,000 |
|
$ |
21,026,572 |
|
|
IDFC, Ltd. |
|
7,311,855 |
|
10,291,858 |
| |
|
Multi Commodity Exchange of India, Ltd. |
|
159,509 |
|
970,991 |
| |
|
|
|
|
|
32,289,421 |
| |
|
Commercial Banks: 6.9% |
|
|
|
|
| |
|
HDFC Bank, Ltd. |
|
1,790,165 |
|
17,006,014 |
| |
|
ICICI Bank, Ltd. |
|
445,000 |
|
6,336,780 |
| |
|
ICICI Bank, Ltd. ADR |
|
113,283 |
|
3,452,866 |
| |
|
HDFC Bank, Ltd. ADR |
|
65,922 |
|
2,029,079 |
| |
|
|
|
|
|
28,824,739 |
| |
|
Consumer Finance: 3.1% |
|
|
|
|
| |
|
Shriram City Union Finance, Ltd. |
|
780,000 |
|
13,182,318 |
| |
|
|
|
|
|
|
| |
|
Thrifts & Mortgage Finance: 3.0% |
|
|
|
|
| |
|
Housing Development Finance Corp. |
|
1,035,000 |
|
12,643,309 |
| |
|
|
|
|
|
|
| |
|
Real Estate Management & Development: 2.7% |
|
|
|
|
| |
|
Ascendas India Trust |
|
23,036,000 |
|
11,470,773 |
| |
|
Total Financials |
|
|
|
98,410,560 |
| |
|
|
|
|
|
|
| |
|
CONSUMER STAPLES: 22.3% |
|
|
|
|
| |
|
Personal Products: 15.8% |
|
|
|
|
| |
|
Emami, Ltd. |
|
3,707,801 |
|
28,724,911 |
| |
|
Dabur India, Ltd. |
|
7,974,430 |
|
21,582,424 |
| |
|
Bajaj Corp., Ltd. |
|
3,803,615 |
|
15,957,503 |
| |
|
|
|
|
|
66,264,838 |
| |
|
Tobacco: 5.5% |
|
|
|
|
| |
|
ITC, Ltd. |
|
4,260,000 |
|
23,169,396 |
| |
|
|
|
|
|
|
| |
|
Food Products: 1.0% |
|
|
|
|
| |
|
Zydus Wellness, Ltd. |
|
498,779 |
|
4,254,183 |
| |
|
Total Consumer Staples |
|
|
|
93,688,417 |
| |
|
|
|
|
|
|
| |
|
INDUSTRIALS: 17.5% |
|
|
|
|
| |
|
Machinery: 7.7% |
|
|
|
|
| |
|
Thermax, Ltd. |
|
1,378,128 |
|
12,828,967 |
| |
|
AIA Engineering, Ltd. |
|
2,306,467 |
|
11,579,308 |
| |
|
Ashok Leyland, Ltd. |
|
33,822,554 |
|
8,195,354 |
| |
|
|
|
|
|
32,603,629 |
| |
|
Transportation Infrastructure: 3.4% |
|
|
|
|
| |
|
Gujarat Pipavav Port, Ltd.(b) |
|
19,180,000 |
|
14,138,759 |
| |
|
|
|
|
|
|
| |
|
Road & Rail: 3.2% |
|
|
|
|
| |
|
Container Corp. of India, Ltd. |
|
1,196,324 |
|
13,704,077 |
| |
|
|
|
|
|
|
| |
|
Industrial Conglomerates: 3.2% |
|
|
|
|
| |
|
MAX India, Ltd. |
|
4,388,102 |
|
13,447,127 |
| |
|
Total Industrials |
|
|
|
73,893,592 |
| |
|
|
|
|
|
|
| |
|
MATERIALS: 12.5% |
|
|
|
|
| |
|
Chemicals: 9.0% |
|
|
|
|
| |
|
Asian Paints, Ltd. |
|
2,147,000 |
|
15,763,252 |
| |
|
Supreme Industries, Ltd. |
|
2,100,000 |
|
11,346,494 |
| |
|
Castrol India, Ltd. |
|
2,139,063 |
|
10,578,291 |
| |
|
|
|
|
|
37,688,037 |
| |
|
Construction Materials: 2.1% |
|
|
|
|
| |
|
Grasim Industries, Ltd. |
|
208,459 |
|
8,818,571 |
| |
|
|
|
|
|
|
| |
|
Metals & Mining: 1.4% |
|
|
|
|
| |
|
NMDC, Ltd. |
|
3,145,923 |
|
6,039,012 |
| |
|
Total Materials |
|
|
|
52,545,620 |
| |
|
|
|
|
|
|
| |
|
CONSUMER DISCRETIONARY: 10.6% |
|
|
|
|
| |
|
Auto Components: 4.9% |
|
|
|
|
| |
|
Exide Industries, Ltd. |
|
10,036,722 |
|
20,754,749 |
| |
|
|
|
|
|
|
| |
|
Media: 3.0% |
|
|
|
|
| |
|
Jagran Prakashan, Ltd. |
|
9,481,391 |
|
12,403,577 |
| |
|
|
|
|
|
|
| |
|
Textiles, Apparel & Luxury Goods: 1.5% |
|
|
|
|
| |
|
Titan Industries, Ltd. |
|
1,648,820 |
|
6,120,442 |
| |
|
|
|
|
|
|
| |
|
Household Durables: 1.2% |
|
|
|
|
| |
|
Symphony, Ltd. |
|
1,073,560 |
|
5,228,225 |
| |
|
Total Consumer Discretionary |
|
|
|
44,506,993 |
| |
|
|
|
|
|
|
| |
|
INFORMATION TECHNOLOGY: 5.3% |
|
|
|
|
| |
|
Internet Software & Services: 3.5% |
|
|
|
|
| |
|
Info Edge India, Ltd. |
|
2,924,978 |
|
14,824,623 |
| |
|
|
|
|
|
|
| |
|
IT Services: 1.8% |
|
|
|
|
| |
|
MindTree, Ltd. |
|
387,000 |
|
7,529,487 |
| |
|
Total Information Technology |
|
|
|
22,354,110 |
| |
|
|
|
|
|
|
| |
|
HEALTH CARE: 5.1% |
|
|
|
|
| |
|
Pharmaceuticals: 5.1% |
|
|
|
|
| |
|
Sun Pharmaceutical Industries, Ltd. |
|
2,256,559 |
|
21,399,364 |
| |
|
Total Health Care |
|
|
|
21,399,364 |
| |
|
|
|
|
|
|
| |
|
UTILITIES: 3.1% |
|
|
|
|
| |
|
Gas Utilities: 3.1% |
|
|
|
|
| |
|
GAIL India, Ltd. |
|
2,509,751 |
|
13,150,525 |
| |
|
Total Utilities |
|
|
|
13,150,525 |
| |
|
|
|
|
|
|
| |
|
TOTAL INVESTMENTS: 99.8% |
|
|
|
419,949,181 |
| |
|
(Cost $449,978,380(c)) |
|
|
|
|
| |
|
|
|
|
|
|
| |
|
CASH AND OTHER ASSETS, LESS LIABILITIES: 0.2% |
|
|
|
929,414 |
| |
|
|
|
|
|
|
| |
|
NET ASSETS: 100.0% |
|
|
|
$ |
420,878,595 |
|
|
(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 $450,040,479 and net unrealized depreciation consists of: | |||||
|
|
|
|
|
|
| |
|
|
Gross unrealized appreciation |
|
$ |
84,237,811 |
|
|
|
|
Gross unrealized depreciation |
|
(114,329,109 |
) |
| |
|
|
Net unrealized depreciation |
|
$ |
(30,091,298 |
) |
|
|
|
|
|
|
|
| |
|
ADR |
American Depositary Receipt |
|
|
|
| |
See accompanying notes to schedules of investments.
SECTOR ALLOCATION (%)
|
Financials |
|
23.4 |
|
|
Consumer Staples |
|
22.3 |
|
|
Industrials |
|
17.5 |
|
|
Materials |
|
12.5 |
|
|
Consumer Discretionary |
|
10.6 |
|
|
Information Technology |
|
5.3 |
|
|
Health Care |
|
5.1 |
|
|
Utilities |
|
3.1 |
|
|
Cash And Other Assets, Less Liabilities |
|
0.2 |
|
TOP TEN HOLDINGS
|
|
|
Sector |
|
% of Net |
|
|
Emami, Ltd. |
|
Consumer Staples |
|
6.8 |
|
|
ITC, Ltd. |
|
Consumer Staples |
|
5.5 |
|
|
Dabur India, Ltd. |
|
Consumer Staples |
|
5.2 |
|
|
Sun Pharmaceutical Industries, Ltd. |
|
Health Care |
|
5.1 |
|
|
Kotak Mahindra Bank, Ltd. |
|
Financials |
|
5.0 |
|
|
Exide Industries, Ltd. |
|
Consumer Discretionary |
|
4.9 |
|
|
HDFC Bank, Ltd. |
|
Financials |
|
4.1 |
|
|
Bajaj Corp., Ltd. |
|
Consumer Staples |
|
3.8 |
|
|
Asian Paints, Ltd. |
|
Materials |
|
3.8 |
|
|
Info Edge India, Ltd. |
|
Information Technology |
|
3.5 |
|
|
% OF ASSETS IN TOP TEN |
|
|
|
47.7 |
|
|
Matthews Japan Fund |
|
September 30, 2013 |
|
Schedule of Investments(a) (unaudited) |
|
|
|
|
|
Shares |
|
Value |
| |
|
COMMON EQUITIES: JAPAN: 96.6% |
|
|
|
|
| |
|
FINANCIALS: 22.9% |
|
|
|
|
| |
|
Commercial Banks: 9.8% |
|
|
|
|
| |
|
Mitsubishi UFJ Financial Group, Inc. |
|
1,826,900 |
|
$ |
11,718,390 |
|
|
Sumitomo Mitsui Financial Group, Inc. |
|
133,700 |
|
6,474,483 |
| |
|
Mizuho Financial Group, Inc. |
|
2,685,000 |
|
5,837,064 |
| |
|
Seven Bank, Ltd. |
|
1,375,300 |
|
4,607,096 |
| |
|
Shinsei Bank, Ltd. |
|
1,341,000 |
|
3,272,917 |
| |
|
|
|
|
|
31,909,950 |
| |
|
Diversified Financial Services: 5.1% |
|
|
|
|
| |
|
ORIX Corp. |
|
869,400 |
|
14,212,887 |
| |
|
Zenkoku Hosho Co., Ltd. |
|
55,500 |
|
2,463,866 |
| |
|
|
|
|
|
16,676,753 |
| |
|
Real Estate Management & Development: 3.3% |
|
|
|
|
| |
|
Mitsui Fudosan Co., Ltd. |
|
197,000 |
|
6,652,568 |
| |
|
Hulic Co., Ltd. |
|
279,200 |
|
4,197,401 |
| |
|
|
|
|
|
10,849,969 |
| |
|
Real Estate Investment Trusts: 2.9% |
|
|
|
|
| |
|
GLP J-REIT |
|
4,214 |
|
4,705,851 |
| |
|
Global One Real Estate Investment Corp., REIT |
|
762 |
|
4,563,816 |
| |
|
|
|
|
|
9,269,667 |
| |
|
Insurance: 1.8% |
|
|
|
|
| |
|
Tokio Marine Holdings, Inc. |
|
180,100 |
|
5,904,586 |
| |
|
Total Financials |
|
|
|
74,610,925 |
| |
|
|
|
|
|
|
| |
|
INDUSTRIALS: 20.2% |
|
|
|
|
| |
|
Machinery: 11.1% |
|
|
|
|
| |
|
FANUC Corp. |
|
46,500 |
|
7,706,309 |
| |
|
Glory, Ltd. |
|
262,800 |
|
6,621,566 |
| |
|
Mitsubishi Heavy Industries, Ltd. |
|
1,019,000 |
|
5,876,338 |
| |
|
Nabtesco Corp. |
|
214,900 |
|
5,252,177 |
| |
|
Komatsu, Ltd. |
|
163,800 |
|
4,089,919 |
| |
|
Freund Corp. |
|
180,600 |
|
3,386,989 |
| |
|
Harmonic Drive Systems, Inc. |
|
158,900 |
|
3,282,782 |
| |
|
|
|
|
|
36,216,080 |
| |
|
Professional Services: 2.5% |
|
|
|
|
| |
|
Nihon M&A Center, Inc. |
|
59,900 |
|
4,618,178 |
| |
|
Benefit One, Inc. |
|
316,500 |
|
3,542,061 |
| |
|
|
|
|
|
8,160,239 |
| |
|
Trading Companies & Distributors: 2.2% |
|
|
|
|
| |
|
ITOCHU Corp. |
|
345,100 |
|
4,251,353 |
| |
|
Marubeni Corp. |
|
378,000 |
|
2,989,377 |
| |
|
|
|
|
|
7,240,730 |
| |
|
Building Products: 1.9% |
|
|
|
|
| |
|
Aica Kogyo Co., Ltd. |
|
300,400 |
|
5,994,658 |
| |
|
Nihon Flush Co., Ltd. |
|
3,800 |
|
102,082 |
| |
|
|
|
|
|
6,096,740 |
| |
|
Electrical Equipment: 1.6% |
|
|
|
|
| |
|
Nidec Corp. |
|
32,400 |
|
2,729,801 |
| |
|
Endo Lighting Corp. |
|
106,800 |
|
2,402,573 |
| |
|
|
|
|
|
5,132,374 |
| |
|
Road & Rail: 0.9% |
|
|
|
|
| |
|
Trancom Co., Ltd. |
|
104,100 |
|
3,112,695 |
| |
|
Total Industrials |
|
|
|
65,958,858 |
| |
|
|
|
|
|
|
| |
|
CONSUMER DISCRETIONARY: 18.3% |
|
|
|
|
| |
|
Automobiles: 9.0% |
|
|
|
|
| |
|
Toyota Motor Corp. |
|
212,500 |
|
13,629,229 |
| |
|
Honda Motor Co., Ltd. |
|
302,100 |
|
11,547,110 |
| |
|
Fuji Heavy Industries, Ltd. |
|
155,000 |
|
4,319,174 |
| |
|
|
|
|
|
29,495,513 |
| |
|
Auto Components: 3.7% |
|
|
|
|
| |
|
Bridgestone Corp. |
|
195,600 |
|
7,168,443 |
| |
|
Nifco, Inc. |
|
177,800 |
|
4,763,198 |
| |
|
|
|
|
|
11,931,641 |
| |
|
Specialty Retail: 2.4% |
|
|
|
|
| |
|
VT Holdings Co., Ltd. |
|
328,200 |
|
4,425,563 |
| |
|
Workman Co., Ltd. |
|
81,400 |
|
3,273,214 |
| |
|
|
|
|
|
7,698,777 |
| |
|
Household Durables: 1.7% |
|
|
|
|
| |
|
Rinnai Corp. |
|
74,200 |
|
5,514,096 |
| |
|
|
|
|
|
|
| |
|
Diversified Consumer Services: 1.5% |
|
|
|
|
| |
|
ESCRIT, Inc. |
|
413,700 |
|
3,872,331 |
| |
|
JP-Holdings, Inc. |
|
207,000 |
|
1,095,383 |
| |
|
|
|
|
|
4,967,714 |
| |
|
Total Consumer Discretionary |
|
|
|
59,607,741 |
| |
|
|
|
|
|
|
| |
|
INFORMATION TECHNOLOGY: 13.8% |
|
|
|
|
| |
|
Electronic Equipment, Instruments & Components: 8.1% |
|
|
|
|
| |
|
Hitachi, Ltd. |
|
1,043,000 |
|
6,911,175 |
| |
|
Kyocera Corp. |
|
110,600 |
|
5,898,011 |
| |
|
Keyence Corp. |
|
13,900 |
|
5,288,863 |
| |
|
Yokogawa Electric Corp. |
|
355,600 |
|
5,078,854 |
| |
|
Murata Manufacturing Co., Ltd. |
|
41,300 |
|
3,163,752 |
| |
|
|
|
|
|
26,340,655 |
| |
|
Internet Software & Services: 4.4% |
|
|
|
|
| |
|
Kakaku.com, Inc. |
|
228,800 |
|
5,348,819 |
| |
|
Yahoo! Japan Corp. |
|
816,200 |
|
4,643,992 |
| |
|
Macromill, Inc. |
|
736,800 |
|
4,457,137 |
| |
|
|
|
|
|
14,449,948 |
| |
|
IT Services: 1.3% |
|
|
|
|
| |
|
Bit-isle, Inc. |
|
485,000 |
|
4,153,377 |
| |
|
Total Information Technology |
|
|
|
44,943,980 |
| |
|
|
|
|
|
|
| |
|
CONSUMER STAPLES: 8.9% |
|
|
|
|
| |
|
Household Products: 3.1% |
|
|
|
|
| |
|
Unicharm Corp. |
|
112,800 |
|
6,601,188 |
| |
|
Pigeon Corp. |
|
70,200 |
|
3,456,487 |
| |
|
|
|
|
|
10,057,675 |
| |
|
Food & Staples Retailing: 2.5% |
|
|
|
|
| |
|
Seven & I Holdings Co., Ltd. |
|
109,900 |
|
4,028,933 |
| |
|
Daikokutenbussan Co., Ltd. |
|
84,500 |
|
2,448,637 |
| |
|
Cosmos Pharmaceutical Corp. |
|
13,900 |
|
1,833,483 |
| |
|
|
|
|
|
8,311,053 |
| |
|
Beverages: 1.8% |
|
|
|
|
| |
|
Suntory Beverage & Food, Ltd.(b) |
|
174,600 |
|
5,888,387 |
| |
|
|
|
Shares |
|
Value |
| |
|
COMMON EQUITIES: JAPAN (continued) |
|
|
|
|
| |
|
Food Products: 1.5% |
|
|
|
|
| |
|
Calbee, Inc. |
|
164,000 |
|
$ |
4,759,180 |
|
|
Total Consumer Staples |
|
|
|
29,016,295 |
| |
|
|
|
|
|
|
| |
|
HEALTH CARE: 5.9% |
|
|
|
|
| |
|
Health Care Equipment & Supplies: 3.6% |
|
|
|
|
| |
|
Asahi Intecc Co., Ltd. |
|
90,400 |
|
5,931,809 |
| |
|
Sysmex Corp. |
|
70,500 |
|
4,508,482 |
| |
|
Daiken Medical Co., Ltd. |
|
70,000 |
|
1,318,475 |
| |
|
|
|
|
|
11,758,766 |
| |
|
Health Care Providers & Services: 2.3% |
|
|
|
|
| |
|
Ship Healthcare Holdings, Inc. |
|
96,300 |
|
3,756,310 |
| |
|
Message Co., Ltd. |
|
120,500 |
|
3,600,144 |
| |
|
|
|
|
|
7,356,454 |
| |
|
Total Health Care |
|
|
|
19,115,220 |
| |
|
|
|
|
|
|
| |
|
MATERIALS: 3.4% |
|
|
|
|
| |
|
Chemicals: 3.4% |
|
|
|
|
| |
|
Nitto Denko Corp. |
|
106,300 |
|
6,932,224 |
| |
|
Shin-Etsu Chemical Co., Ltd. |
|
68,700 |
|
4,215,164 |
| |
|
Total Materials |
|
|
|
11,147,388 |
| |
|
|
|
|
|
|
| |
|
TELECOMMUNICATION SERVICES: 3.2% |
|
|
|
|
| |
|
Wireless Telecommunication Services: 3.2% |
|
|
|
|
| |
|
Softbank Corp. |
|
151,300 |
|
10,507,408 |
| |
|
Total Telecommunication Services |
|
|
|
10,507,408 |
| |
|
|
|
|
|
|
| |
|
TOTAL INVESTMENTS: 96.6% |
|
|
|
|
| |
|
(Cost $267,946,574(c)) |
|
|
|
314,907,815 |
| |
|
|
|
|
|
|
| |
|
CASH AND OTHER ASSETS, LESS LIABILITIES: 3.4% |
|
|
|
11,091,385 |
| |
|
|
|
|
|
|
| |
|
NET ASSETS: 100.0% |
|
|
|
$ |
325,999,200 |
|
|
(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 $267,946,574 and net unrealized appreciation consists of: | |||||
|
|
| |||||
|
|
Gross unrealized appreciation |
|
$ |
50,153,380 |
|
|
|
|
Gross unrealized depreciation |
|
(3,192,139 |
) |
| |
|
|
Net unrealized appreciation |
|
$ |
46,961,241 |
|
|
|
|
| |||||
|
REIT |
Real Estate Investment Trust | |||||
See accompanying notes to schedules of investments.
SECTOR ALLOCATION (%)
|
Financials |
|
22.9 |
|
|
Industrials |
|
20.2 |
|
|
Consumer Discretionary |
|
18.3 |
|
|
Information Technology |
|
13.8 |
|
|
Consumer Staples |
|
8.9 |
|
|
Health Care |
|
5.9 |
|
|
Materials |
|
3.4 |
|
|
Telecommunication Services |
|
3.2 |
|
|
Cash And Other Assets, Less Liabilities |
|
3.4 |
|
TOP TEN HOLDINGS
|
|
|
Sector |
|
% of Net |
|
|
ORIX Corp. |
|
Financials |
|
4.4 |
|
|
Toyota Motor Corp. |
|
Consumer Discretionary |
|
4.2 |
|
|
Mitsubishi UFJ Financial Group, Inc. |
|
Financials |
|
3.6 |
|
|
Honda Motor Co., Ltd. |
|
Consumer Discretionary |
|
3.5 |
|
|
Softbank Corp. |
|
Telecommunication Services |
|
3.2 |
|
|
FANUC Corp. |
|
Industrials |
|
2.4 |
|
|
Bridgestone Corp. |
|
Consumer Discretionary |
|
2.2 |
|
|
Nitto Denko Corp. |
|
Materials |
|
2.1 |
|
|
Hitachi, Ltd. |
|
Information Technology |
|
2.1 |
|
|
Mitsui Fudosan Co., Ltd. |
|
Financials |
|
2.0 |
|
|
% OF ASSETS IN TOP TEN |
|
|
|
29.7 |
|
|
Matthews Korea Fund |
September 30, 2013 |
|
Schedule of Investments(a) (unaudited) |
|
|
|
|
Shares |
|
Value |
| |
|
COMMON EQUITIES: South Korea: 84.0% |
|
|
|
|
| |
|
CONSUMER DISCRETIONARY: 28.3% |
|
|
|
|
| |
|
Hotels, Restaurants & Leisure: 8.3% |
|
|
|
|
| |
|
Shinsegae Food Co., Ltd. |
|
39,361 |
|
$ |
3,510,937 |
|
|
Hotel Shilla Co., Ltd. |
|
48,246 |
|
2,895,392 |
| |
|
Kangwon Land, Inc. |
|
106,200 |
|
2,815,532 |
| |
|
Modetour Network, Inc. |
|
112,891 |
|
2,539,820 |
| |
|
|
|
|
|
11,761,681 |
| |
|
Auto Components: 5.3% |
|
|
|
|
| |
|
Hankook Tire Co., Ltd. |
|
74,300 |
|
4,245,488 |
| |
|
Hyundai Mobis |
|
12,618 |
|
3,356,660 |
| |
|
|
|
|
|
7,602,148 |
| |
|
Automobiles: 5.1% |
|
|
|
|
| |
|
Hyundai Motor Co. |
|
19,730 |
|
4,603,266 |
| |
|
Kia Motors Corp. |
|
43,171 |
|
2,620,759 |
| |
|
|
|
|
|
7,224,025 |
| |
|
Media: 4.0% |
|
|
|
|
| |
|
CJ CGV Co., Ltd. |
|
58,103 |
|
2,972,585 |
| |
|
Cheil Worldwide, Inc.(b) |
|
60,250 |
|
1,389,747 |
| |
|
SBS Media Holdings Co., Ltd. |
|
320,660 |
|
1,315,037 |
| |
|
|
|
|
|
5,677,369 |
| |
|
Multiline Retail: 3.2% |
|
|
|
|
| |
|
Hyundai Greenfood Co., Ltd. |
|
154,720 |
|
2,475,051 |
| |
|
Hyundai Department Store Co., Ltd. |
|
14,204 |
|
2,129,571 |
| |
|
|
|
|
|
4,604,622 |
| |
|
Internet & Catalog Retail: 2.4% |
|
|
|
|
| |
|
Hyundai Home Shopping Network Corp. |
|
22,856 |
|
3,362,011 |
| |
|
Total Consumer Discretionary |
|
|
|
40,231,856 |
| |
|
|
|
|
|
|
| |
|
FINANCIALS: 15.8% |
|
|
|
|
| |
|
Commercial Banks: 6.7% |
|
|
|
|
| |
|
Shinhan Financial Group Co., Ltd. |
|
177,584 |
|
7,225,416 |
| |
|
KB Financial Group, Inc. |
|
63,806 |
|
2,246,413 |
| |
|
|
|
|
|
9,471,829 |
| |
|
Insurance: 6.1% |
|
|
|
|
| |
|
Samsung Fire & Marine Insurance Co., Ltd. |
|
14,465 |
|
3,320,877 |
| |
|
Dongbu Insurance Co., Ltd. |
|
64,641 |
|
2,778,600 |
| |
|
Hyundai Marine & Fire Insurance Co., Ltd. |
|
93,010 |
|
2,530,730 |
| |
|
|
|
|
|
8,630,207 |
| |
|
Capital Markets: 2.6% |
|
|
|
|
| |
|
Samsung Securities Co., Ltd. |
|
53,243 |
|
2,330,116 |
| |
|
Kiwoom Securities Co., Ltd. |
|
28,565 |
|
1,379,105 |
| |
|
|
|
|
|
3,709,221 |
| |
|
Diversified Financial Services: 0.4% |
|
|
|
|
| |
|
NICE Information Service Co., Ltd. |
|
222,729 |
|
629,011 |
| |
|
Total Financials |
|
|
|
22,440,268 |
| |
|
|
|
|
|
|
| |
|
INFORMATION TECHNOLOGY: 13.3% |
|
|
|
|
| |
|
Semiconductors & Semiconductor Equipment: 7.3% |
|
|
|
|
| |
|
Samsung Electronics Co., Ltd. |
|
8,143 |
|
10,357,845 |
| |
|
|
|
|
|
|
| |
|
Internet Software & Services: 4.6% |
|
|
|
|
| |
|
Naver Corp. |
|
8,391 |
|
4,346,536 |
| |
|
Daum Communications Corp. |
|
25,195 |
|
2,174,496 |
| |
|
|
|
|
|
6,521,032 |
| |
|
Electronic Equipment, Instruments & Components: 1.4% |
|
|
|
|
| |
|
Samsung SDI Co., Ltd. |
|
11,552 |
|
2,013,121 |
| |
|
Total Information Technology |
|
|
|
18,891,998 |
| |
|
|
|
|
|
|
| |
|
CONSUMER STAPLES: 12.4% |
|
|
|
|
| |
|
Food Products: 3.6% |
|
|
|
|
| |
|
Orion Corp. |
|
2,123 |
|
1,882,004 |
| |
|
Binggrae Co., Ltd. |
|
18,974 |
|
1,700,748 |
| |
|
Ottogi Corp. |
|
4,285 |
|
1,493,024 |
| |
|
|
|
|
|
5,075,776 |
| |
|
Food & Staples Retailing: 3.2% |
|
|
|
|
| |
|
E-Mart Co., Ltd. |
|
20,033 |
|
4,513,861 |
| |
|
|
|
|
|
|
| |
|
Household Products: 2.1% |
|
|
|
|
| |
|
LG Household & Health Care, Ltd. |
|
5,875 |
|
2,981,895 |
| |
|
|
|
|
|
|
| |
|
Personal Products: 2.0% |
|
|
|
|
| |
|
Amorepacific Corp. |
|
3,499 |
|
2,946,561 |
| |
|
|
|
|
|
|
| |
|
Tobacco: 1.5% |
|
|
|
|
| |
|
KT&G Corp. |
|
29,568 |
|
2,117,837 |
| |
|
Total Consumer Staples |
|
|
|
17,635,930 |
| |
|
|
|
|
|
|
| |
|
MATERIALS: 3.6% |
|
|
|
|
| |
|
Chemicals: 3.1% |
|
|
|
|
| |
|
LG Chem, Ltd. |
|
9,208 |
|
2,633,102 |
| |
|
KPX Chemical Co., Ltd. |
|
27,901 |
|
1,755,049 |
| |
|
|
|
|
|
4,388,151 |
| |
|
Metals & Mining: 0.5% |
|
|
|
|
| |
|
POSCO ADR |
|
9,300 |
|
684,852 |
| |
|
Total Materials |
|
|
|
5,073,003 |
| |
|
|
|
|
|
|
| |
|
TELECOMMUNICATION SERVICES: 3.0% |
|
|
|
|
| |
|
Wireless Telecommunication Services: 3.0% |
|
|
|
|
| |
|
SK Telecom Co., Ltd. ADR |
|
188,900 |
|
4,288,030 |
| |
|
Total Telecommunication Services |
|
|
|
4,288,030 |
| |
|
|
|
|
|
|
| |
|
HEALTH CARE: 2.7% |
|
|
|
|
| |
|
Pharmaceuticals: 2.7% |
|
|
|
|
| |
|
Yuhan Corp. |
|
10,940 |
|
1,995,306 |
| |
|
Dong-A ST Co., Ltd.(b) |
|
8,753 |
|
1,093,267 |
| |
|
Dong-A Socio Holdings Co., Ltd. |
|
5,169 |
|
738,404 |
| |
|
Total Health Care |
|
|
|
3,826,977 |
| |
|
|
|
|
|
|
| |
|
INDUSTRIALS: 2.5% |
|
|
|
|
| |
|
Commercial Services & Supplies: 1.1% |
|
|
|
|
| |
|
KEPCO Plant Service & Engineering Co., Ltd. |
|
29,828 |
|
1,508,815 |
| |
|
|
|
|
|
|
| |
|
Industrial Conglomerates: 0.7% |
|
|
|
|
| |
|
Samsung Techwin Co., Ltd. |
|
17,942 |
|
1,017,351 |
| |
|
|
|
|
|
|
| |
|
Professional Services: 0.7% |
|
|
|
|
| |
|
SaraminHR Co., Ltd.(b) |
|
91,739 |
|
966,385 |
| |
|
Total Industrials |
|
|
|
3,492,551 |
| |
|
|
|
|
|
|
| |
|
ENERGY: 2.4% |
|
|
|
|
| |
|
Oil, Gas & Consumable Fuels: 2.4% |
|
|
|
|
| |
|
S-Oil Corp. |
|
23,773 |
|
1,723,359 |
| |
|
SK Innovation Co., Ltd. |
|
11,985 |
|
1,628,811 |
| |
|
Total Energy |
|
|
|
3,352,170 |
| |
|
|
|
|
|
|
| |
|
TOTAL COMMON EQUITIES (Cost $69,135,827) |
|
|
|
119,232,783 |
| |
|
|
|
Shares |
|
Value |
| |
|
PREFERRED EQUITIES: SOUTH KOREA: 14.8% |
|
|
|
|
| |
|
CONSUMER DISCRETIONARY: 5.0% |
|
|
|
|
| |
|
Automobiles: 5.0% |
|
|
|
|
| |
|
Hyundai Motor Co., Ltd., 2nd Pfd. |
|
66,788 |
|
$ |
7,025,216 |
|
|
Total Consumer Discretionary |
|
|
|
7,025,216 |
| |
|
|
|
|
|
|
| |
|
FINANCIALS: 3.8% |
|
|
|
|
| |
|
Insurance: 3.8% |
|
|
|
|
| |
|
Samsung Fire & Marine Insurance Co., Ltd., Pfd. |
|
48,876 |
|
5,463,325 |
| |
|
Total Financials |
|
|
|
5,463,325 |
| |
|
|
|
|
|
|
| |
|
INFORMATION TECHNOLOGY: 2.9% |
|
|
|
|
| |
|
Semiconductors & Semiconductor Equipment: 2.9% |
|
|
|
|
| |
|
Samsung Electronics Co., Ltd., Pfd. |
|
5,049 |
|
4,115,483 |
| |
|
Total Information Technology |
|
|
|
4,115,483 |
| |
|
|
|
|
|
|
| |
|
MATERIALS: 2.2% |
|
|
|
|
| |
|
Chemicals: 2.2% |
|
|
|
|
| |
|
LG Chem, Ltd., Pfd. |
|
23,686 |
|
3,085,568 |
| |
|
Total Materials |
|
|
|
3,085,568 |
| |
|
|
|
|
|
|
| |
|
ENERGY: 0.9% |
|
|
|
|
| |
|
Oil, Gas & Consumable Fuels: 0.9% |
|
|
|
|
| |
|
S-Oil Corp., Pfd. |
|
24,348 |
|
1,283,688 |
| |
|
Total Energy |
|
|
|
1,283,688 |
| |
|
|
|
|
|
|
| |
|
TOTAL PREFERRED EQUITIES |
|
|
|
20,973,280 |
| |
|
|
|
|
|
|
| |
|
TOTAL INVESTMENTS: 98.8% |
|
|
|
140,206,063 |
| |
|
|
|
|
|
|
| |
|
CASH AND OTHER ASSETS, LESS LIABILITIES: 1.2% |
|
|
|
1,732,980 |
| |
|
|
|
|
|
|
| |
|
NET ASSETS: 100.0% |
|
|
|
$ |
141,939,043 |
|
|
(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 $83,025,405 and net unrealized appreciation consists of: | |||||
|
|
|
|
|
|
| |
|
|
Gross unrealized appreciation |
|
$ |
58,270,705 |
|
|
|
|
Gross unrealized depreciation |
|
(1,090,047 |
) |
| |
|
|
Net unrealized appreciation |
|
$ |
57,180,658 |
|
|
|
|
| |||||
|
ADR |
American Depositary Receipt | |||||
|
Pfd. |
Preferred | |||||
See accompanying notes to schedules of investments.
SECTOR ALLOCATION (%)
|
Consumer Discretionary |
|
|
|
33.3 |
|
|
Financials |
|
|
|
19.6 |
|
|
Information Technology |
|
|
|
16.2 |
|
|
Consumer Staples |
|
|
|
12.4 |
|
|
Materials |
|
|
|
5.8 |
|
|
Energy |
|
|
|
3.3 |
|
|
Telecommunication Services |
|
|
|
3.0 |
|
|
Health Care |
|
|
|
2.7 |
|
|
Industrials |
|
|
|
2.5 |
|
|
Cash And Other Assets, Less Liabilities |
|
|
|
1.2 |
|
TOP TEN HOLDINGS
|
|
|
Sector |
|
% of Net |
|
|
Samsung Electronics Co., Ltd. |
|
Information Technology |
|
7.3 |
|
|
Shinhan Financial Group Co., Ltd. |
|
Financials |
|
5.1 |
|
|
Hyundai Motor Co., Ltd., 2nd Pfd. |
|
Consumer Discretionary |
|
5.0 |
|
|
Samsung Fire & Marine Insurance Co., Ltd., Pfd. |
|
Financials |
|
3.8 |
|
|
Hyundai Motor Co. |
|
Consumer Discretionary |
|
3.2 |
|
|
E-Mart Co., Ltd. |
|
Consumer Staples |
|
3.2 |
|
|
Naver Corp. |
|
Information Technology |
|
3.1 |
|
|
SK Telecom Co., Ltd. ADR |
|
Telecommunication Services |
|
3.0 |
|
|
Hankook Tire Co., Ltd. |
|
Consumer Discretionary |
|
3.0 |
|
|
Samsung Electronics Co., Ltd., Pfd. |
|
Information Technology |
|
2.9 |
|
|
% OF ASSETS IN TOP TEN |
|
|
|
39.6 |
|
|
Matthews Asia Small Companies Fund |
September 30, 2013 |
|
Schedule of Investments(a) (unaudited) |
|
|
|
|
Shares |
|
Value |
| |
|
COMMON EQUITIES: 98.2% |
|
|
|
|
| |
|
CHINA/HONG KONG: 27.1% |
|
|
|
|
| |
|
Towngas China Co., Ltd. |
|
12,243,000 |
|
$ |
11,148,260 |
|
|
Minth Group, Ltd. |
|
5,118,000 |
|
10,201,734 |
| |
|
Haitian International Holdings, Ltd. |
|
4,202,000 |
|
9,668,885 |
| |
|
Vitasoy International Holdings, Ltd. |
|
6,976,000 |
|
8,809,043 |
| |
|
Airtac International Group |
|
1,182,520 |
|
8,313,148 |
| |
|
Lee’s Pharmaceutical Holdings, Ltd. |
|
9,855,000 |
|
8,273,515 |
| |
|
Pacific Online, Ltd. |
|
17,539,000 |
|
7,769,701 |
| |
|
Stelux Holdings International, Ltd. |
|
17,997,000 |
|
6,389,166 |
| |
|
Yip’s Chemical Holdings, Ltd. |
|
6,898,000 |
|
5,997,021 |
| |
|
Xingda International Holdings, Ltd. H Shares |
|
12,560,000 |
|
5,899,485 |
| |
|
Sunny Optical Technology Group Co., Ltd. |
|
5,595,000 |
|
5,847,182 |
| |
|
Vinda International Holdings, Ltd. |
|
3,603,000 |
|
5,093,505 |
| |
|
KWG Property Holding, Ltd. |
|
7,592,000 |
|
4,794,239 |
| |
|
Convenience Retail Asia, Ltd. |
|
6,420,000 |
|
4,627,161 |
| |
|
Trinity, Ltd. |
|
12,636,000 |
|
4,257,833 |
| |
|
Lifetech Scientific Corp.(b) |
|
1,710,000 |
|
1,266,971 |
| |
|
Integrated Waste Solutions Group Holdings, Ltd.(b),(c) |
|
24,622,000 |
|
514 |
| |
|
Total China/Hong Kong |
|
|
|
108,357,363 |
| |
|
|
|
|
|
|
| |
|
INDIA: 15.1% |
|
|
|
|
| |
|
Ipca Laboratories, Ltd. |
|
734,595 |
|
8,395,047 |
| |
|
Emami, Ltd. |
|
1,035,478 |
|
8,022,009 |
| |
|
Page Industries, Ltd. |
|
95,185 |
|
6,658,957 |
| |
|
MindTree, Ltd. |
|
333,492 |
|
6,488,433 |
| |
|
Gruh Finance, Ltd. |
|
1,704,502 |
|
5,831,872 |
| |
|
Supreme Industries, Ltd. |
|
976,162 |
|
5,274,293 |
| |
|
Gujarat Pipavav Port, Ltd.(b) |
|
6,035,198 |
|
4,448,916 |
| |
|
AIA Engineering, Ltd. |
|
849,415 |
|
4,264,374 |
| |
|
Berger Paints India, Ltd. |
|
1,218,565 |
|
4,230,539 |
| |
|
CRISIL, Ltd. |
|
217,039 |
|
4,084,757 |
| |
|
Castrol India, Ltd. |
|
516,103 |
|
2,552,280 |
| |
|
Total India |
|
|
|
60,251,477 |
| |
|
|
|
|
|
|
| |
|
TAIWAN: 10.7% |
|
|
|
|
| |
|
St. Shine Optical Co., Ltd. |
|
511,492 |
|
14,095,062 |
| |
|
PChome Online, Inc. |
|
1,532,642 |
|
8,818,309 |
| |
|
Pacific Hospital Supply Co., Ltd. |
|
2,367,670 |
|
7,956,913 |
| |
|
Sinmag Equipment Corp. |
|
1,690,032 |
|
7,295,284 |
| |
|
TXC Corp. |
|
3,541,792 |
|
4,729,146 |
| |
|
Total Taiwan |
|
|
|
42,894,714 |
| |
|
|
|
|
|
|
| |
|
INDONESIA: 10.2% |
|
|
|
|
| |
|
PT Bank Tabungan Pensiunan Nasional(b) |
|
16,112,500 |
|
5,496,592 |
| |
|
PT Astra Otoparts |
|
13,214,125 |
|
4,963,081 |
| |
|
PT AKR Corporindo |
|
14,052,500 |
|
4,822,255 |
| |
|
PT Sumber Alfaria Trijaya |
|
88,890,000 |
|
4,346,010 |
| |
|
PT Arwana Citramulia |
|
59,239,500 |
|
4,322,434 |
| |
|
PT Selamat Sempurna |
|
16,730,500 |
|
4,305,796 |
| |
|
PT Wismilak Inti Makmur |
|
67,974,000 |
|
4,020,694 |
| |
|
PT Sarana Menara Nusantara(b) |
|
11,445,000 |
|
2,724,217 |
| |
|
PT Modern Internasional |
|
37,572,000 |
|
2,608,164 |
| |
|
PT Jasa Marga Persero |
|
5,579,500 |
|
2,489,844 |
| |
|
PT Ultrajaya Milk Industry & Trading Co.(b) |
|
1,811,000 |
|
636,802 |
| |
|
Total Indonesia |
|
|
|
40,735,889 |
| |
|
|
|
|
|
|
| |
|
THAILAND: 7.5% |
|
|
|
|
| |
|
Bangkok Chain Hospital Public Co., Ltd. |
|
29,232,975 |
|
6,224,139 |
| |
|
Supalai Public Co., Ltd. |
|
11,327,100 |
|
5,685,264 |
| |
|
Tisco Financial Group Public Co., Ltd. |
|
3,332,010 |
|
4,023,458 |
| |
|
Oishi Group Public Co., Ltd. |
|
1,352,900 |
|
3,918,587 |
| |
|
SNC Former Public Co., Ltd. |
|
5,790,300 |
|
3,616,269 |
| |
|
Aeon Thana Sinsap Thailand Public Co., Ltd. |
|
1,199,400 |
|
3,590,000 |
| |
|
Siam Global House Public Co., Ltd. |
|
3,022,100 |
|
1,725,350 |
| |
|
Aeon Thana Sinsap Thailand Public Co., Ltd. NVDR |
|
377,000 |
|
1,128,422 |
| |
|
Total Thailand |
|
|
|
29,911,489 |
| |
|
|
|
|
|
|
| |
|
SINGAPORE: 7.5% |
|
|
|
|
| |
|
Super Group, Ltd. |
|
3,094,000 |
|
10,464,085 |
| |
|
Petra Foods, Ltd. |
|
3,072,000 |
|
8,480,610 |
| |
|
ARA Asset Management, Ltd. |
|
5,464,000 |
|
7,123,452 |
| |
|
Raffles Medical Group, Ltd. |
|
1,471,000 |
|
3,693,829 |
| |
|
Total Singapore |
|
|
|
29,761,976 |
| |
|
|
|
|
|
|
| |
|
MALAYSIA: 7.4% |
|
|
|
|
| |
|
Alliance Financial Group BHD |
|
4,631,300 |
|
7,117,262 |
| |
|
KPJ Healthcare BHD |
|
3,118,400 |
|
5,883,774 |
| |
|
Dialog Group BHD |
|
6,995,205 |
|
5,453,766 |
| |
|
LPI Capital BHD |
|
1,125,600 |
|
5,284,393 |
| |
|
Oldtown BHD |
|
5,687,500 |
|
4,715,314 |
| |
|
Apex Healthcare BHD |
|
695,200 |
|
1,020,311 |
| |
|
Total Malaysia |
|
|
|
29,474,820 |
| |
|
|
|
|
|
|
| |
|
SOUTH KOREA: 7.2% |
|
|
|
|
| |
|
Pyeong Hwa Automotive Co., Ltd. |
|
356,616 |
|
8,412,262 |
| |
|
Daum Communications Corp. |
|
72,492 |
|
6,256,541 |
| |
|
Binggrae Co., Ltd. |
|
62,664 |
|
5,616,934 |
| |
|
Cheil Worldwide, Inc.(b) |
|
214,255 |
|
4,942,079 |
| |
|
Kiwoom Securities Co., Ltd. |
|
76,834 |
|
3,709,509 |
| |
|
Total South Korea |
|
|
|
28,937,325 |
| |
|
|
|
|
|
|
| |
|
PHILIPPINES: 5.5% |
|
|
|
|
| |
|
Security Bank Corp. |
|
2,203,630 |
|
6,641,999 |
| |
|
Vista Land & Lifescapes, Inc. |
|
49,465,300 |
|
6,052,659 |
| |
|
RFM Corp. |
|
51,122,800 |
|
5,697,665 |
| |
|
Philippine Seven Corp. |
|
1,454,751 |
|
3,598,660 |
| |
|
Total Philippines |
|
|
|
21,990,983 |
| |
|
|
|
|
|
|
| |
|
TOTAL INVESTMENTS: 98.2% |
|
|
|
392,316,036 |
| |
|
|
|
|
|
|
| |
|
CASH AND OTHER ASSETS, LESS LIABILITIES : 1.8% |
|
|
|
7,309,064 |
| |
|
|
|
|
|
|
| |
|
NET ASSETS: 100.0% |
|
|
|
$ |
399,625,100 |
|
|
(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 $358,690,863 and net unrealized appreciation consists of: | |||||
|
|
|
|
|
|
| |
|
|
Gross unrealized appreciation |
|
$ |
75,399,419 |
|
|
|
|
Gross unrealized depreciation |
|
(41,774,246 |
) |
| |
|
|
Net unrealized appreciation |
|
$ |
33,625,173 |
|
|
|
|
| |||||
|
BHD |
Berhad | |||||
|
NVDR |
Non-voting Depositary Receipt | |||||
See accompanying notes to schedules of investments.
SECTOR ALLOCATION (%)
|
Consumer Staples |
|
|
|
18.5 |
|
|
Financials |
|
|
|
17.7 |
|
|
Consumer Discretionary |
|
|
|
16.1 |
|
|
Health Care |
|
|
|
14.2 |
|
|
Industrials |
|
|
|
13.7 |
|
|
Information Technology |
|
|
|
10.0 |
|
|
Materials |
|
|
|
4.5 |
|
|
Utilities |
|
|
|
2.8 |
|
|
Telecommunication Services |
|
|
|
0.7 |
|
|
Cash And Other Assets, Less Liabilities |
|
|
|
1.8 |
|
COUNTRY ALLOCATION (%)
|
China/Hong Kong |
|
|
|
27.1 |
|
|
India |
|
|
|
15.1 |
|
|
Taiwan |
|
|
|
10.7 |
|
|
Indonesia |
|
|
|
10.2 |
|
|
Thailand |
|
|
|
7.5 |
|
|
Singapore |
|
|
|
7.5 |
|
|
Malaysia |
|
|
|
7.4 |
|
|
South Korea |
|
|
|
7.2 |
|
|
Philippines |
|
|
|
5.5 |
|
|
Cash And Other Assets, Less Liabilities |
|
|
|
1.8 |
|
TOP TEN HOLDINGS
|
|
|
Country |
|
% of Net |
|
|
St. Shine Optical Co., Ltd. |
|
Taiwan |
|
3.5 |
|
|
Towngas China Co., Ltd. |
|
China/Hong Kong |
|
2.8 |
|
|
Super Group, Ltd. |
|
Singapore |
|
2.6 |
|
|
Minth Group, Ltd. |
|
China/Hong Kong |
|
2.5 |
|
|
Haitian International Holdings, Ltd. |
|
China/Hong Kong |
|
2.4 |
|
|
PChome Online, Inc. |
|
Taiwan |
|
2.2 |
|
|
Vitasoy International Holdings, Ltd. |
|
China/Hong Kong |
|
2.2 |
|
|
Petra Foods, Ltd. |
|
Singapore |
|
2.1 |
|
|
Pyeong Hwa Automotive Co., Ltd. |
|
South Korea |
|
2.1 |
|
|
Ipca Laboratories, Ltd. |
|
India |
|
2.1 |
|
|
% OF ASSETS IN TOP TEN |
|
|
|
24.5 |
|
|
Matthews China Small Companies Fund |
September 30, 2013 |
|
Schedule of Investments(a) (unaudited) |
|
|
|
|
Shares |
|
Value |
| |
|
COMMON EQUITIES: 96.0% |
|
|
|
|
| |
|
CONSUMER DISCRETIONARY: 21.2% |
|
|
|
|
| |
|
Hotels, Restaurants & Leisure: 4.9% |
|
|
|
|
| |
|
Tao Heung Holdings, Ltd. |
|
514,000 |
|
$ |
372,179 |
|
|
Gourmet Master Co., Ltd. |
|
50,970 |
|
365,393 |
| |
|
Home Inns & Hotels Management, Inc. ADR(b) |
|
6,100 |
|
202,520 |
| |
|
China Lodging Group, Ltd. ADS(b) |
|
5,700 |
|
108,243 |
| |
|
|
|
|
|
1,048,335 |
| |
|
Auto Components: 4.2% |
|
|
|
|
| |
|
Minth Group, Ltd. |
|
452,000 |
|
900,974 |
| |
|
|
|
|
|
|
| |
|
Leisure Equipment & Products: 3.0% |
|
|
|
|
| |
|
Goodbaby International Holdings, Ltd. |
|
1,257,000 |
|
632,861 |
| |
|
|
|
|
|
|
| |
|
Multiline Retail: 2.6% |
|
|
|
|
| |
|
Springland International Holdings, Ltd. |
|
1,041,000 |
|
563,726 |
| |
|
|
|
|
|
|
| |
|
Diversified Consumer Services: 2.6% |
|
|
|
|
| |
|
TAL Education Group ADR |
|
38,300 |
|
555,350 |
| |
|
|
|
|
|
|
| |
|
Media: 1.8% |
|
|
|
|
| |
|
Television Broadcasts, Ltd. |
|
61,300 |
|
386,732 |
| |
|
|
|
|
|
|
| |
|
Specialty Retail: 1.2% |
|
|
|
|
| |
|
Hengdeli Holdings, Ltd. |
|
1,025,200 |
|
246,238 |
| |
|
|
|
|
|
|
| |
|
Textiles, Apparel & Luxury Goods: 0.9% |
|
|
|
|
| |
|
Anta Sports Products, Ltd. |
|
149,000 |
|
192,149 |
| |
|
Total Consumer Discretionary |
|
|
|
4,526,365 |
| |
|
|
|
|
|
|
| |
|
INDUSTRIALS: 18.3% |
|
|
|
|
| |
|
Machinery: 8.6% |
|
|
|
|
| |
|
Yungtay Engineering Co., Ltd. |
|
307,000 |
|
806,146 |
| |
|
Haitian International Holdings, Ltd. |
|
214,000 |
|
492,418 |
| |
|
Airtac International Group |
|
46,010 |
|
323,452 |
| |
|
CIMC Enric Holdings, Ltd. |
|
86,000 |
|
115,443 |
| |
|
Sany Heavy Equipment International Holdings Co., Ltd. |
|
346,000 |
|
105,361 |
| |
|
|
|
|
|
1,842,820 |
| |
|
Electrical Equipment: 3.4% |
|
|
|
|
| |
|
Hangzhou Steam Turbine Co., Ltd. B Shares |
|
325,667 |
|
446,006 |
| |
|
Zhuzhou CSR Times Electric Co., Ltd. H Shares |
|
61,000 |
|
198,776 |
| |
|
Boer Power Holdings, Ltd. |
|
125,000 |
|
92,692 |
| |
|
|
|
|
|
737,474 |
| |
|
Transportation Infrastructure: 2.1% |
|
|
|
|
| |
|
Yuexiu Transport Infrastructure, Ltd. |
|
824,000 |
|
451,774 |
| |
|
|
|
|
|
|
| |
|
Marine: 2.1% |
|
|
|
|
| |
|
SITC International Holdings Co., Ltd. |
|
1,099,000 |
|
442,400 |
| |
|
|
|
|
|
|
| |
|
Professional Services: 2.1% |
|
|
|
|
| |
|
51job, Inc. ADR(b) |
|
6,155 |
|
442,052 |
| |
|
Total Industrials |
|
|
|
3,916,520 |
| |
|
|
|
|
|
|
| |
|
HEALTH CARE: 17.2% |
|
|
|
|
| |
|
Pharmaceuticals: 8.4% |
|
|
|
|
| |
|
Sino Biopharmaceutical |
|
1,296,000 |
|
878,514 |
| |
|
Lee’s Pharmaceutical Holdings, Ltd. |
|
755,000 |
|
633,841 |
| |
|
Tianjin ZhongXin Pharmaceutical Group Corp., Ltd. S Shares |
|
178,000 |
|
163,800 |
| |
|
CSPC Pharmaceutical Group, Ltd. |
|
210,000 |
|
112,155 |
| |
|
|
|
|
|
1,788,310 |
| |
|
Health Care Equipment & Supplies: 6.6% |
|
|
|
|
| |
|
Ginko International Co., Ltd. |
|
37,000 |
|
|
684,572 |
|
|
St. Shine Optical Co., Ltd. |
|
17,000 |
|
468,465 |
| |
|
Pacific Hospital Supply Co., Ltd. |
|
77,000 |
|
258,770 |
| |
|
|
|
|
|
1,411,807 |
| |
|
Life Sciences Tools & Services: 2.2% |
|
|
|
|
| |
|
WuXi PharmaTech Cayman, Inc. ADR(b) |
|
17,500 |
|
479,500 |
| |
|
Total Health Care |
|
|
|
3,679,617 |
| |
|
|
|
|
|
|
| |
|
FINANCIALS: 15.0% |
|
|
|
|
| |
|
Real Estate Management & Development: 10.7% |
|
|
|
|
| |
|
Franshion Properties China, Ltd. |
|
2,514,000 |
|
829,426 |
| |
|
China Overseas Grand Oceans Group, Ltd. |
|
674,750 |
|
822,518 |
| |
|
K Wah International Holdings, Ltd. |
|
688,000 |
|
371,644 |
| |
|
KWG Property Holding, Ltd. |
|
397,500 |
|
251,016 |
| |
|
|
|
|
|
2,274,604 |
| |
|
Diversified Financial Services: 4.3% |
|
|
|
|
| |
|
Chailease Holding Co., Ltd. |
|
394,900 |
|
926,624 |
| |
|
Total Financials |
|
|
|
3,201,228 |
| |
|
|
|
|
|
|
| |
|
INFORMATION TECHNOLOGY: 11.1% |
|
|
|
|
| |
|
Electronic Equipment, Instruments & Components: 7.4% |
|
|
|
|
| |
|
Sunny Optical Technology Group Co., Ltd. |
|
625,000 |
|
653,170 |
| |
|
PAX Global Technology, Ltd.(b) |
|
1,108,000 |
|
467,149 |
| |
|
Digital China Holdings, Ltd. |
|
215,000 |
|
263,699 |
| |
|
Truly International Holdings |
|
322,000 |
|
187,312 |
| |
|
China High Precision Automation Group, Ltd.(c) |
|
195,000 |
|
10,057 |
| |
|
|
|
|
|
1,581,387 |
| |
|
Internet Software & Services: 2.9% |
|
|
|
|
| |
|
21Vianet Group, Inc. ADR(b) |
|
23,600 |
|
389,164 |
| |
|
Sina Corp.(b) |
|
2,900 |
|
235,393 |
| |
|
|
|
|
|
624,557 |
| |
|
Semiconductors & Semiconductor Equipment: 0.8% |
|
|
|
|
| |
|
Spreadtrum Communications, Inc. ADR |
|
5,800 |
|
176,668 |
| |
|
Total Information Technology |
|
|
|
2,382,612 |
| |
|
|
|
|
|
|
| |
|
MATERIALS: 5.0% |
|
|
|
|
| |
|
Containers & Packaging: 3.3% |
|
|
|
|
| |
|
Greatview Aseptic Packaging Co., Ltd. |
|
1,109,000 |
|
634,630 |
| |
|
Taiwan Hon Chuan Enterprise Co., Ltd. |
|
28,535 |
|
61,954 |
| |
|
|
|
|
|
696,584 |
| |
|
Chemicals: 1.7% |
|
|
|
|
| |
|
Yip’s Chemical Holdings, Ltd. |
|
422,000 |
|
366,881 |
| |
|
Total Materials |
|
|
|
1,063,465 |
| |
|
|
|
|
|
|
| |
|
UTILITIES: 4.7% |
|
|
|
|
| |
|
Gas Utilities: 4.7% |
|
|
|
|
| |
|
Towngas China Co., Ltd. |
|
1,112,000 |
|
1,012,568 |
| |
|
Total Utilities |
|
|
|
1,012,568 |
| |
|
|
|
|
|
|
| |
|
CONSUMER STAPLES: 2.1% |
|
|
|
|
| |
|
Household Products: 1.1% |
|
|
|
|
| |
|
Vinda International Holdings, Ltd. |
|
163,000 |
|
230,431 |
| |
|
|
|
|
|
|
| |
|
Food Products: 1.0% |
|
|
|
|
| |
|
Shenguan Holdings Group, Ltd. |
|
498,000 |
|
213,538 |
| |
|
|
|
Shares |
|
Value |
| |
|
COMMON EQUITIES (continued) |
|
|
|
|
| |
|
Total Consumer Staples |
|
|
|
$ |
443,969 |
|
|
|
|
|
|
|
| |
|
ENERGY: 1.4% |
|
|
|
|
| |
|
Energy Equipment & Services: 1.0% |
|
|
|
|
| |
|
Hilong Holding, Ltd. |
|
371,000 |
|
216,223 |
| |
|
|
|
|
|
|
| |
|
Oil, Gas & Consumable Fuels: 0.4% |
|
|
|
|
| |
|
Sinopec Kantons Holdings, Ltd. |
|
112,000 |
|
96,293 |
| |
|
Total Energy |
|
|
|
312,516 |
| |
|
|
|
|
|
|
| |
|
TOTAL INVESTMENTS: 96.0% |
|
|
|
20,538,860 |
| |
|
|
|
|
|
|
| |
|
CASH AND OTHER ASSETS, LESS LIABILITIES: 4.0% |
|
|
|
849,217 |
| |
|
|
|
|
|
|
| |
|
NET ASSETS: 100.0% |
|
|
|
$ |
21,388,077 |
|
|
(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 $17,347,552 and net unrealized appreciation consists of: | |||||
|
|
|
|
|
|
| |
|
|
Gross unrealized appreciation |
|
$ |
3,970,791 |
|
|
|
|
Gross unrealized depreciation |
|
(779,483 |
) |
| |
|
|
Net unrealized appreciation |
|
$ |
3,191,308 |
|
|
|
|
| |||||
|
ADR |
American Depositary Receipt | |||||
|
ADS |
American Depositary Share | |||||
See accompanying notes to schedules of investments.
SECTOR ALLOCATION (%)
|
Consumer Discretionary |
|
21.2 |
|
|
Industrials |
|
18.3 |
|
|
Health Care |
|
17.2 |
|
|
Financials |
|
15.0 |
|
|
Information Technology |
|
11.1 |
|
|
Materials |
|
5.0 |
|
|
Utilities |
|
4.7 |
|
|
Consumer Staples |
|
2.1 |
|
|
Energy |
|
1.4 |
|
|
Cash And Other Assets, Less Liabilities |
|
4.0 |
|
COUNTRY ALLOCATION (%)
|
China/Hong Kong |
|
79.3 |
|
|
Taiwan |
|
16.7 |
|
|
Cash And Other Assets, Less Liabilities |
|
4.0 |
|
|
Matthews Asia Science and Technology Fund |
September 30, 2013 |
|
Schedule of Investments(a) (unaudited) |
|
|
|
|
Shares |
|
Value |
| |
|
COMMON EQUITIES: 94.1% |
|
|
|
|
| |
|
CHINA/HONG KONG: 33.8% |
|
|
|
|
| |
|
Baidu, Inc. ADR(b) |
|
84,100 |
|
$ |
13,050,638 |
|
|
Airtac International Group |
|
584,220 |
|
4,107,082 |
| |
|
51job, Inc. ADR(b) |
|
54,549 |
|
3,917,709 |
| |
|
WuXi PharmaTech Cayman, Inc. ADR(b) |
|
134,800 |
|
3,693,520 |
| |
|
Haitian International Holdings, Ltd. |
|
1,390,000 |
|
3,198,417 |
| |
|
NetEase, Inc. ADR |
|
42,200 |
|
3,064,142 |
| |
|
China Mobile, Ltd. ADR |
|
49,300 |
|
2,781,999 |
| |
|
CITIC Telecom International Holdings, Ltd. |
|
9,132,000 |
|
2,616,488 |
| |
|
Pacific Online, Ltd. |
|
5,852,000 |
|
2,592,411 |
| |
|
Sunny Optical Technology Group Co., Ltd. |
|
2,314,000 |
|
2,418,298 |
| |
|
Lenovo Group, Ltd. |
|
2,036,000 |
|
2,133,943 |
| |
|
Xingda International Holdings, Ltd. H Shares |
|
4,031,000 |
|
1,893,378 |
| |
|
China Mobile, Ltd. |
|
122,000 |
|
1,372,762 |
| |
|
Sinopharm Group Co., Ltd. H Shares |
|
304,800 |
|
765,034 |
| |
|
Phoenix Satellite Television Holdings, Ltd. |
|
1,698,000 |
|
607,005 |
| |
|
Total China/Hong Kong |
|
|
|
48,212,826 |
| |
|
|
|
|
|
|
| |
|
JAPAN: 24.3% |
|
|
|
|
| |
|
Softbank Corp. |
|
83,100 |
|
5,771,088 |
| |
|
Hitachi, Ltd. |
|
547,000 |
|
3,624,557 |
| |
|
Asahi Intecc Co., Ltd. |
|
51,000 |
|
3,346,485 |
| |
|
Nitto Denko Corp. |
|
47,500 |
|
3,097,654 |
| |
|
FANUC Corp. |
|
15,800 |
|
2,618,488 |
| |
|
Sony Corp. |
|
103,200 |
|
2,215,174 |
| |
|
Macromill, Inc. |
|
337,800 |
|
2,043,460 |
| |
|
Yokogawa Electric Corp. |
|
141,600 |
|
2,022,401 |
| |
|
Nabtesco Corp. |
|
80,500 |
|
1,967,428 |
| |
|
Yahoo! Japan Corp. |
|
345,600 |
|
1,966,385 |
| |
|
Murata Manufacturing Co., Ltd. |
|
23,500 |
|
1,800,198 |
| |
|
Kyocera Corp. |
|
31,500 |
|
1,679,813 |
| |
|
OSG Corp. |
|
83,900 |
|
1,469,705 |
| |
|
Endo Lighting Corp. |
|
45,600 |
|
1,025,818 |
| |
|
Total Japan |
|
|
|
34,648,654 |
| |
|
|
|
|
|
|
| |
|
TAIWAN: 14.0% |
|
|
|
|
| |
|
Taiwan Semiconductor Manufacturing Co., Ltd. |
|
1,619,933 |
|
5,516,097 |
| |
|
Delta Electronics, Inc. |
|
839,000 |
|
4,074,192 |
| |
|
MediaTek, Inc. |
|
309,000 |
|
3,816,858 |
| |
|
St. Shine Optical Co., Ltd. |
|
131,000 |
|
3,609,935 |
| |
|
PChome Online, Inc. |
|
385,732 |
|
2,219,373 |
| |
|
Largan Precision Co., Ltd. |
|
22,000 |
|
740,193 |
| |
|
Total Taiwan |
|
|
|
19,976,648 |
| |
|
|
|
|
|
|
| |
|
SOUTH KOREA: 12.6% |
|
|
|
|
| |
|
Samsung Electronics Co., Ltd. |
|
5,710 |
|
7,263,084 |
| |
|
Naver Corp. |
|
7,262 |
|
3,761,715 |
| |
|
SK Telecom Co., Ltd. ADR |
|
110,500 |
|
2,508,350 |
| |
|
Samsung SDI Co., Ltd. |
|
10,526 |
|
1,834,324 |
| |
|
Daum Communications Corp. |
|
18,957 |
|
1,636,115 |
| |
|
SaraminHR Co., Ltd.(b) |
|
90,062 |
|
948,720 |
| |
|
Total South Korea |
|
|
|
17,952,308 |
| |
|
|
|
|
|
|
| |
|
INDIA: 6.1% |
|
|
|
|
| |
|
Info Edge India, Ltd. |
|
541,185 |
|
2,742,880 |
| |
|
Ipca Laboratories, Ltd. |
|
184,869 |
|
2,112,707 |
| |
|
Just Dial, Ltd.(b) |
|
150,000 |
|
2,021,920 |
| |
|
MindTree, Ltd. |
|
92,226 |
|
1,794,353 |
| |
|
Total India |
|
|
|
8,671,860 |
| |
|
|
|
|
|
|
| |
|
UNITED STATES: 2.4% |
|
|
|
|
| |
|
Mead Johnson Nutrition Co. |
|
24,500 |
|
1,819,370 |
| |
|
Cognizant Technology Solutions Corp. Class A(b) |
|
20,500 |
|
1,683,460 |
| |
|
Total United States |
|
|
|
3,502,830 |
| |
|
|
|
|
|
|
| |
|
INDONESIA: 0.9% |
|
|
|
|
| |
|
PT Astra Graphia |
|
11,417,000 |
|
1,342,151 |
| |
|
Total Indonesia |
|
|
|
1,342,151 |
| |
|
TOTAL COMMON EQUITIES |
|
|
|
134,307,277 |
| |
|
|
|
|
|
|
| |
|
PREFERRED EQUITIES: 2.7% |
|
|
|
|
| |
|
SOUTH KOREA: 2.7% |
|
|
|
|
| |
|
Samsung Electronics Co., Ltd., Pfd. |
|
4,719 |
|
3,846,497 |
| |
|
Total South Korea |
|
|
|
3,846,497 |
| |
|
|
|
|
|
|
| |
|
TOTAL PREFERRED EQUITIES |
|
|
|
3,846,497 |
| |
|
|
|
|
|
|
| |
|
TOTAL INVESTMENTS: 96.8% |
|
|
|
138,153,774 |
| |
|
|
|
|
|
|
| |
|
CASH AND OTHER ASSETS, LESS LIABILITIES: 3.2% |
|
|
|
4,544,478 |
| |
|
|
|
|
|
|
| |
|
NET ASSETS: 100.0% |
|
|
|
$ |
142,698,252 |
|
|
(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 $98,074,708 and net unrealized appreciation consists of: | |||||
|
|
|
|
|
|
| |
|
|
Gross unrealized appreciation |
|
$ |
42,202,490 |
|
|
|
|
Gross unrealized depreciation |
|
(2,123,424 |
) |
| |
|
|
Net unrealized appreciation |
|
$ |
40,079,066 |
|
|
|
|
| |||||
|
ADR |
American Depositary Receipt | |||||
|
Pfd. |
Preferred | |||||
See accompanying notes to schedules of investments.
SECTOR ALLOCATION (%)
|
Information Technology |
|
55.6 |
|
|
Industrials |
|
14.4 |
|
|
Telecommunication Services |
|
10.5 |
|
|
Health Care |
|
9.5 |
|
|
Consumer Discretionary |
|
3.3 |
|
|
Materials |
|
2.2 |
|
|
Consumer Staples |
|
1.3 |
|
|
Cash And Other Assets, Less Liabilities |
|
3.2 |
|
COUNTRY ALLOCATION (%)
|
China/Hong Kong |
|
33.8 |
|
|
Japan |
|
24.3 |
|
|
South Korea |
|
15.3 |
|
|
Taiwan |
|
14.0 |
|
|
India |
|
6.1 |
|
|
United States |
|
2.4 |
|
|
Indonesia |
|
0.9 |
|
|
Cash And Other Assets, Less Liabilities |
|
3.2 |
|
TOP TEN HOLDINGS
|
|
|
Country |
|
% of Net |
|
|
Baidu, Inc. ADR |
|
China/Hong Kong |
|
9.2 |
|
|
Samsung Electronics Co., Ltd. |
|
South Korea |
|
5.1 |
|
|
Softbank Corp. |
|
Japan |
|
4.0 |
|
|
Taiwan Semiconductor Manufacturing Co., Ltd. |
|
Taiwan |
|
3.9 |
|
|
Airtac International Group |
|
China/Hong Kong |
|
2.9 |
|
|
Delta Electronics, Inc. |
|
Taiwan |
|
2.8 |
|
|
51job, Inc. ADR |
|
China/Hong Kong |
|
2.7 |
|
|
Samsung Electronics Co., Ltd., Pfd. |
|
South Korea |
|
2.7 |
|
|
MediaTek, Inc. |
|
Taiwan |
|
2.7 |
|
|
Naver Corp. |
|
South Korea |
|
2.6 |
|
|
% OF ASSETS IN TOP TEN |
|
|
|
38.6 |
|
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, 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 September 30, 2013, Level 3 securities consist of equities that, as of September 30, 2013, were suspended from trading and international bonds that trade in over-the-counter markets. 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. Level 2 equity securities consist primarily of securities that have been fair valued by third-party pricing services (see Note A).
The summary of inputs used to determine the fair valuation of the Fund’s investments and derivative financial instruments as of September 30, 2013 is as follows:
|
|
|
Matthews Asia |
|
Matthews Asian |
|
|
|
|
|
|
| |||||
|
|
|
Strategic |
|
Growth and |
|
Matthews Asia |
|
Matthews Asia |
|
Matthews Asia |
| |||||
|
|
|
Income Fund |
|
Income Fund |
|
Dividend Fund |
|
Focus Fund |
|
Growth Fund |
| |||||
|
Assets: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Investments: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Level 1: Quoted Prices |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Common Equities: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Australia |
|
$ |
— |
|
$ |
— |
|
$ |
235,823,500 |
|
$ |
241,772 |
|
$ |
— |
|
|
China/Hong Kong |
|
— |
|
178,914,186 |
|
615,400,535 |
|
681,648 |
|
26,868,239 |
| |||||
|
India |
|
— |
|
— |
|
— |
|
— |
|
7,960,621 |
| |||||
|
Indonesia |
|
— |
|
56,062,640 |
|
26,057,291 |
|
— |
|
— |
| |||||
|
Japan |
|
— |
|
— |
|
130,256,112 |
|
— |
|
7,055,272 |
| |||||
|
Malaysia |
|
— |
|
— |
|
— |
|
— |
|
2,367,227 |
| |||||
|
Singapore |
|
— |
|
— |
|
— |
|
6,662 |
|
4,025,244 |
| |||||
|
Sri Lanka |
|
— |
|
— |
|
— |
|
— |
|
4,518,000 |
| |||||
|
Taiwan |
|
— |
|
100,700,198 |
|
204,215,316 |
|
— |
|
— |
| |||||
|
United States |
|
— |
|
— |
|
— |
|
257,534 |
|
— |
| |||||
|
Level 2: Other Significant Observable Inputs |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Foreign Government Obligations(a) |
|
12,901,180 |
|
— |
|
— |
|
— |
|
— |
| |||||
|
Non-Convertible Corporate Bonds(a) |
|
28,177,505 |
|
— |
|
— |
|
— |
|
— |
| |||||
|
Convertible Corporate Bonds(a) |
|
2,644,250 |
|
564,859,567 |
|
— |
|
— |
|
— |
| |||||
|
Common Equities: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Australia |
|
— |
|
302,217,608 |
|
411,700,211 |
|
595,077 |
|
20,450,110 |
| |||||
|
China/Hong Kong |
|
433,235 |
|
831,125,770 |
|
1,196,636,847 |
|
1,451,959 |
|
65,367,044 |
| |||||
|
India |
|
— |
|
— |
|
87,189,639 |
|
220,263 |
|
29,113,298 |
| |||||
|
Indonesia |
|
— |
|
71,110,615 |
|
278,097,195 |
|
548,445 |
|
44,272,324 |
| |||||
|
Japan |
|
— |
|
383,908,417 |
|
1,193,875,124 |
|
— |
|
358,001,339 |
| |||||
|
Malaysia |
|
422,290 |
|
321,734,705 |
|
131,852,118 |
|
870,844 |
|
15,324,760 |
| |||||
|
Philippines |
|
— |
|
75,958,934 |
|
55,302,838 |
|
— |
|
15,877,210 |
| |||||
|
Singapore |
|
1,061,513 |
|
623,858,884 |
|
462,295,151 |
|
694,289 |
|
6,221,452 |
| |||||
|
South Korea |
|
— |
|
194,604,098 |
|
122,265,526 |
|
395,590 |
|
— |
| |||||
|
Sri Lanka |
|
— |
|
— |
|
— |
|
— |
|
22,130,446 |
| |||||
|
Switzerland |
|
— |
|
— |
|
— |
|
331,047 |
|
— |
| |||||
|
Taiwan |
|
— |
|
70,395,075 |
|
167,982,583 |
|
272,411 |
|
32,080,381 |
| |||||
|
Thailand |
|
571,432 |
|
239,982,406 |
|
91,120,980 |
|
469,091 |
|
28,337,765 |
| |||||
|
United Kingdom |
|
— |
|
76,140,953 |
|
— |
|
199,591 |
|
— |
| |||||
|
Vietnam |
|
— |
|
60,744,477 |
|
— |
|
— |
|
17,919,457 |
| |||||
|
Preferred Equities: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
South Korea |
|
— |
|
213,523,500 |
|
123,709,425 |
|
— |
|
— |
| |||||
|
Level 3: Significant Unobservable Inputs |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Non-Convertible Corporate Bonds(a) |
|
980,000 |
|
— |
|
— |
|
— |
|
— |
| |||||
|
Total Market Value of Investments |
|
$ |
47,191,405 |
|
$ |
4,365,842,033 |
|
$ |
5,533,780,391 |
|
$ |
7,236,223 |
|
$ |
707,890,189 |
|
(a) Industry, countries, or security types are disclosed on the Schedule of Investments.
|
|
|
Matthews Asia |
| ||
|
|
|
Strategic Income |
| ||
|
|
|
Fund |
| ||
|
Derivative Financial Instruments(1) |
|
|
| ||
|
Assets |
|
|
| ||
|
Level 2: |
Other Significant Observable Inputs |
|
|
| |
|
|
Foreign Currency Exchange Contracts |
|
$ |
224,157 |
|
|
|
|
|
|
| |
|
Liabilities |
|
|
|
| |
|
Level 1: |
Quoted Prices |
|
|
| |
|
|
Interest Rate Contracts |
|
(22,031 |
) | |
|
Level 2: |
Other Significant Observable Inputs |
|
|
| |
|
|
Foreign Currency Exchange Contracts |
|
(868,556 |
) | |
|
Total Market Value of Derivative Financial Instruments |
|
$ |
(666,430 |
) | |
(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 China |
|
Matthews |
|
Matthews |
|
Matthews |
|
Matthews |
|
Small Companies |
| ||||||
|
|
|
Dividend Fund |
|
China Fund |
|
India Fund |
|
Japan Fund |
|
Korea Fund |
|
Fund |
| ||||||
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Level 1: Quoted Prices |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Common Equities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Consumer Discretionary |
|
$ |
9,025,411 |
|
$ |
34,979,387 |
|
$ |
12,403,577 |
|
$ |
— |
|
$ |
— |
|
$ |
1,429,839 |
|
|
Consumer Staples |
|
3,483,826 |
|
— |
|
15,957,503 |
|
5,888,387 |
|
2,946,561 |
|
— |
| ||||||
|
Financials |
|
4,541,562 |
|
6,310,864 |
|
19,635,254 |
|
— |
|
629,011 |
|
— |
| ||||||
|
Health Care |
|
— |
|
37,745,390 |
|
— |
|
— |
|
— |
|
479,500 |
| ||||||
|
Industrials |
|
2,938,767 |
|
— |
|
52,869,271 |
|
— |
|
— |
|
442,052 |
| ||||||
|
Information Technology |
|
— |
|
74,583,693 |
|
14,824,623 |
|
— |
|
— |
|
1,268,374 |
| ||||||
|
Materials |
|
— |
|
— |
|
10,578,291 |
|
— |
|
2,439,901 |
|
— |
| ||||||
|
Telecommunication Services |
|
6,554,058 |
|
22,086,702 |
|
— |
|
— |
|
4,288,030 |
|
— |
| ||||||
|
Level 2: Other Significant Observable Inputs |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Common Equities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Consumer Discretionary |
|
32,900,874 |
|
212,371,789 |
|
32,103,416 |
|
59,607,741 |
|
40,231,856 |
|
3,096,526 |
| ||||||
|
Consumer Staples |
|
3,465,025 |
|
160,022,591 |
|
77,730,914 |
|
23,127,908 |
|
14,689,369 |
|
443,969 |
| ||||||
|
Energy |
|
4,471,517 |
|
82,054,997 |
|
— |
|
— |
|
3,352,170 |
|
312,516 |
| ||||||
|
Financials |
|
13,994,269 |
|
295,074,838 |
|
78,775,306 |
|
74,610,925 |
|
21,811,257 |
|
3,201,228 |
| ||||||
|
Health Care |
|
10,697,134 |
|
40,889,326 |
|
21,399,364 |
|
19,115,220 |
|
3,826,977 |
|
3,200,117 |
| ||||||
|
Industrials |
|
20,958,254 |
|
136,705,795 |
|
21,024,321 |
|
65,958,858 |
|
3,492,551 |
|
3,474,468 |
| ||||||
|
Information Technology |
|
4,518,612 |
|
170,784,359 |
|
7,529,487 |
|
44,943,980 |
|
18,891,998 |
|
1,104,181 |
| ||||||
|
Materials |
|
3,763,715 |
|
— |
|
41,967,329 |
|
11,147,388 |
|
2,633,102 |
|
1,063,465 |
| ||||||
|
Telecommunication Services |
|
— |
|
62,419,528 |
|
— |
|
10,507,408 |
|
— |
|
— |
| ||||||
|
Utilities |
|
4,646,262 |
|
76,354,737 |
|
13,150,525 |
|
— |
|
— |
|
1,012,568 |
| ||||||
|
Preferred Equities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Consumer Discretionary |
|
— |
|
— |
|
— |
|
— |
|
7,025,216 |
|
— |
| ||||||
|
Energy |
|
— |
|
— |
|
— |
|
— |
|
1,283,688 |
|
— |
| ||||||
|
Financials |
|
— |
|
— |
|
— |
|
— |
|
5,463,325 |
|
— |
| ||||||
|
Information Technology |
|
— |
|
— |
|
— |
|
— |
|
4,115,483 |
|
— |
| ||||||
|
Materials |
|
— |
|
— |
|
— |
|
— |
|
3,085,568 |
|
— |
| ||||||
|
Level 3: Significant Unobservable Inputs |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Common Equities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Information Technology |
|
— |
|
— |
|
— |
|
— |
|
— |
|
10,057 |
| ||||||
|
Total Market Value of Investments |
|
$ |
125,959,286 |
|
$ |
1,412,383,996 |
|
$ |
419,949,181 |
|
$ |
314,907,815 |
|
$ |
140,206,063 |
|
$ |
20,538,860 |
|
|
|
|
Matthews |
|
Matthews |
|
Matthews Asia |
|
Matthews Asia |
| ||||
|
|
|
Pacific Tiger |
|
Emerging Asia |
|
Small Companies |
|
Science and |
| ||||
|
|
|
Fund |
|
Fund |
|
Fund |
|
Technology Fund |
| ||||
|
Assets: |
|
|
|
|
|
|
|
|
| ||||
|
Investments: |
|
|
|
|
|
|
|
|
| ||||
|
Level 1: Quoted Prices |
|
|
|
|
|
|
|
|
| ||||
|
Common Equities: |
|
|
|
|
|
|
|
|
| ||||
|
Bangladesh |
|
$ |
— |
|
$ |
2,165,869 |
|
$ |
— |
|
$ |
— |
|
|
China/Hong Kong |
|
384,186,485 |
|
884,753 |
|
4,627,161 |
|
26,508,008 |
| ||||
|
India |
|
81,848,865 |
|
2,484,965 |
|
21,182,199 |
|
2,742,880 |
| ||||
|
Indonesia |
|
13,641,667 |
|
— |
|
7,070,227 |
|
— |
| ||||
|
Malaysia |
|
48,583,153 |
|
— |
|
5,883,774 |
|
— |
| ||||
|
Sri Lanka |
|
— |
|
672,960 |
|
— |
|
— |
| ||||
|
South Korea |
|
180,415,572 |
|
— |
|
— |
|
2,508,350 |
| ||||
|
Vietnam |
|
— |
|
1,182,050 |
|
— |
|
— |
| ||||
|
United States |
|
— |
|
— |
|
— |
|
3,502,830 |
| ||||
|
Level 2: Other Significant Observable Inputs |
|
|
|
|
|
|
|
|
| ||||
|
Common Equities: |
|
|
|
|
|
|
|
|
| ||||
|
Australia |
|
— |
|
637,102 |
|
— |
|
— |
| ||||
|
Bangladesh |
|
— |
|
1,167,208 |
|
— |
|
— |
| ||||
|
Cambodia |
|
— |
|
1,140,711 |
|
— |
|
— |
| ||||
|
China/Hong Kong |
|
1,668,402,133 |
|
5,113,410 |
|
103,729,688 |
|
21,704,818 |
| ||||
|
India |
|
1,029,466,294 |
|
2,853,007 |
|
39,069,278 |
|
5,928,980 |
| ||||
|
Indonesia |
|
586,820,334 |
|
1,344,036 |
|
33,665,662 |
|
1,342,151 |
| ||||
|
Japan |
|
— |
|
— |
|
— |
|
34,648,654 |
| ||||
|
Malaysia |
|
337,064,922 |
|
1,287,098 |
|
23,591,046 |
|
— |
| ||||
|
Philippines |
|
165,148,782 |
|
3,317,709 |
|
21,990,983 |
|
— |
| ||||
|
Singapore |
|
159,364,000 |
|
1,269,478 |
|
29,761,976 |
|
— |
| ||||
|
Sri Lanka |
|
— |
|
3,669,232 |
|
— |
|
— |
| ||||
|
South Korea |
|
1,012,305,532 |
|
— |
|
28,937,325 |
|
15,443,958 |
| ||||
|
Switzerland |
|
110,933,889 |
|
— |
|
— |
|
— |
| ||||
|
Taiwan |
|
639,790,788 |
|
1,178,361 |
|
42,894,714 |
|
19,976,648 |
| ||||
|
Thailand |
|
599,465,994 |
|
2,003,973 |
|
29,911,489 |
|
— |
| ||||
|
Vietnam |
|
131,075,777 |
|
1,319,162 |
|
— |
|
— |
| ||||
|
Preferred Equities: |
|
— |
|
|
|
|
|
|
| ||||
|
South Korea |
|
— |
|
— |
|
— |
|
3,846,497 |
| ||||
|
Level 3: Significant Unobservable Inputs |
|
|
|
|
|
|
|
|
| ||||
|
Common Equities: |
|
|
|
|
|
|
|
|
| ||||
|
China/Hong Kong |
|
— |
|
— |
|
514 |
|
— |
| ||||
|
Total Market Value of Investments |
|
$ |
7,148,514,187 |
|
$ |
33,691,084 |
|
$ |
392,316,036 |
|
$ |
138,153,774 |
|
Foreign securities that are valued based on market quotations are categorized as Level 1 in the fair value hierarchy (see Note A). 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 typically categorized as Level 2 in the fair value hierarchy. The Funds’ policy is to recognize transfers in and transfers out as of the beginning of the reporting period. At September 30, 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 |
|
$ |
— |
|
$ |
39,987,943 |
|
|
Matthews Asia Dividend Fund |
|
67,783,756 |
|
68,141,909 |
| ||
|
Matthews China Dividend Fund |
|
3,796,309 |
|
2,927,639 |
| ||
|
Matthews Asia Growth Fund |
|
27,938,082 |
|
9,135,611 |
| ||
|
Matthews Pacific Tiger Fund |
|
336,998,751 |
|
153,934,189 |
| ||
|
Matthews India Fund |
|
121,279,064 |
|
49,372,845 |
| ||
|
Matthews Japan Fund |
|
— |
|
5,960,360 |
| ||
|
Matthews Korea Fund |
|
5,117,957 |
|
8,211,601 |
| ||
|
Matthews Asia Small Companies Fund |
|
18,523,628 |
|
7,992,257 |
| ||
|
Matthews China Small Companies Fund |
|
115,214 |
|
187,367 |
| ||
|
Matthews Asia Science and Technology Fund |
|
— |
|
2,625,036 |
| ||
A reconciliation of Level 3 investments for which significant unobservable inputs were used to determine value are as follows:
|
|
|
Matthews Asia |
|
Matthews |
|
Matthews |
| |||
|
|
|
Strategic |
|
Asia Small |
|
China Small |
| |||
|
|
|
Income Fund |
|
Companies Fund |
|
Companies Fund |
| |||
|
|
|
|
|
|
|
Common |
| |||
|
|
|
|
|
Common |
|
Equities - |
| |||
|
|
|
Non-Convertible |
|
Equities - |
|
Information |
| |||
|
|
|
Corporate Bonds |
|
China |
|
Technology |
| |||
|
Balance as of 12/31/12 (market value) |
|
$ |
212,844 |
|
$ |
190,601 |
|
$ |
10,064 |
|
|
Accrued discounts/premiums |
|
(10,402 |
) |
— |
|
— |
| |||
|
Realized gain/(loss) |
|
— |
|
— |
|
— |
| |||
|
Change in unrealized (depreciation) |
|
(54,707 |
) |
(190,087 |
) |
(7 |
) | |||
|
Purchases |
|
535,000 |
|
— |
|
— |
| |||
|
Sales |
|
— |
|
— |
|
— |
| |||
|
Transfers in to Level 3* |
|
510,109 |
|
— |
|
— |
| |||
|
Transfers out of Level 3* |
|
(212,844 |
) |
— |
|
— |
| |||
|
Balance as of 9/30/13 (market value) |
|
$ |
980,000 |
|
$ |
514 |
|
$ |
10,057 |
|
|
|
|
|
|
|
|
|
| |||
|
Net change in unrealized appreciation/depreciation on |
|
|
|
|
|
|
| |||
|
Level 3 investments held as of 9/30/13 |
|
$ |
(54,707 |
) |
$ |
(190,087 |
) |
$ |
(7 |
) |
* 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 September 30, 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 well as significant unobservable inputs. As a result, certain securities held by the Funds that were previously classified as
Level 3 were transferred to Level 2 and certain securities held by the Funds that were previously classified as Level 2 were transferred to Level 3.
C. DERIVATIVE FINANCIAL INSTRUMENTS
Matthews Asia Strategic Income Fund engages in derivative transactions for a variety of purposes, including managing interest rate, currency and credit exposure. In particular, the Fund may seek to take on
currency exposure by using derivatives such as currency forwards, and the Fund may also employ a currency overlay strategy in an effort to enhance returns and moderate volatility. Derivative instruments and transactions in which the Fund may engage include financial futures contracts and forward foreign currency exchange contracts. The currency overlay strategy involves long and short positions on one or more currencies. As a result, the Fund’s exposure to a currency could exceed the value of the Fund’s assets and could be exposed to currency risk whether or not it holds a bond or other instrument denominated in that currency. The gross notional value of derivative instruments and transactions could exceed the value of the Fund’s net assets, although the net market value of these instruments and transactions, on a marked-to-market basis, at most times, is expected to be substantially lower. The primary risks associated with the use of derivative instruments are: (i) Matthews may not correctly predict the direction of currency exchange rates, interest rates, security prices, or other economic factors; (ii) Matthews may not correctly predict changes in the value of derivative instruments and related underlying instruments or assets, which may result in disproportionately increased losses and/or reduced opportunities for gains; (iii) imperfect correlation between the change in market value of the securities held by the Fund and the price of futures contracts; (iv) the lack of, or a reduction in the liquidity of, any secondary market for the instrument, and the resulting inability to close position (or exit the position) when desired; (v) losses, which are potentially unlimited, due to unanticipated market movements; (vi) the value of the instrument may change unfavorably due to movements in the value of the referenced foreign currencies; (vii) the Fund may suffer disproportionately heavy losses relative to the amount invested; (viii) changes in the value of the derivatives may not match or fully offset changes in the value of hedged or related portfolio securities, thereby failing to achieve the hedging purpose for the derivative transaction; and (ix) the other party to the instrument may fail to fulfill its obligation.
Financial Futures Contracts: 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.
Forward Foreign Currency Exchange Contracts: 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.
D. HOLDINGS OF 5% VOTING SHARES OF PORTFOLIO COMPANIES
The Investment 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 September 30, 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 September 30, 2013 is set forth below:
|
|
|
Shares Held at |
|
Shares |
|
Shares |
|
Shares Held at |
|
Value at |
| |
|
|
|
Dec. 31, 2012 |
|
Purchased |
|
Sold |
|
Sept. 30, 2013 |
|
Sept. 30, 2013 |
| |
|
MATTHEWS ASIAN GROWTH AND INCOME FUND |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Name of Issuer: |
|
|
|
|
|
|
|
|
|
|
| |
|
Citic Telecom International Holdings, Ltd. |
|
139,126,000 |
|
52,172,250 |
|
— |
|
191,298,250 |
|
$ |
54,810,516 |
|
|
Vitasoy International Holdings, Ltd. |
|
51,771,000 |
|
— |
|
— |
|
51,771,000 |
|
65,374,566 |
| |
|
Total Affiliates |
|
|
|
|
|
|
|
|
|
$ |
120,185,082 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
MATTHEWS ASIA DIVIDEND FUND |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Name of Issuer: |
|
|
|
|
|
|
|
|
|
|
| |
|
Ansell, Ltd. |
|
— |
|
8,575,000 |
|
— |
|
8,575,000 |
|
$ |
167,031,476 |
|
|
Ascendas India Trust |
|
55,065,000 |
|
— |
|
— |
|
55,065,000 |
|
27,419,609 |
| |
|
Breville Group, Ltd. |
|
— |
|
8,427,453 |
|
— |
|
8,427,453 |
|
68,792,024 |
| |
|
CapitaRetail China Trust, REIT |
|
47,540,000 |
|
— |
|
— |
|
47,540,000 |
|
52,067,166 |
| |
|
EPS Corp. |
|
14,592 |
|
14,592 |
† |
— |
|
29,184 |
|
28,560,832 |
| |
|
Greatview Aseptic Packaging Co., Ltd. |
|
— |
|
100,000,000 |
|
— |
|
100,000,000 |
|
57,225,402 |
| |
|
Jiangsu Expressway Co., Ltd. H Shares |
|
65,104,000 |
|
11,978,000 |
|
— |
|
77,082,000 |
|
90,937,261 |
| |
|
Johnson Health Tech Co., Ltd. |
|
16,429,890 |
|
584,649 |
†† |
— |
|
17,014,539 |
|
54,218,751 |
| |
|
Minth Group, Ltd. |
|
56,685,000 |
|
3,122,000 |
|
— |
|
59,807,000 |
|
119,213,582 |
| |
|
Pigeon Corp. |
|
1,501,800 |
|
1,501,800 |
† |
— |
|
3,003,600 |
|
147,890,374 |
| |
|
Primary Health Care, Ltd. |
|
— |
|
31,495,465 |
|
— |
|
31,495,465 |
|
141,617,745 |
| |
|
Shinko Plantech Co., Ltd.††† |
|
3,760,200 |
|
— |
|
3,760,200 |
|
— |
|
— |
| |
|
Sichuan Expressway Co., Ltd. H Shares††† |
|
74,946,000 |
|
— |
|
74,946,000 |
|
— |
|
— |
| |
|
TXC Corp. |
|
21,549,524 |
|
— |
|
2,000,000 |
|
19,549,524 |
|
26,103,325 |
| |
|
Woongjin Thinkbig Co., Ltd.††† |
|
2,079,870 |
|
— |
|
2,079,870 |
|
— |
|
— |
| |
|
Xingda International Holdings, Ltd. |
|
109,164,000 |
|
9,000,000 |
|
6,000,000 |
|
112,164,000 |
|
52,683,905 |
| |
|
Yuexiu Transport Infrastructure, Ltd. |
|
97,210,000 |
|
8,680,000 |
|
— |
|
105,890,000 |
|
58,056,265 |
| |
|
Total Affiliates |
|
|
|
|
|
|
|
|
|
$ |
1,091,817,717 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
MATTHEWS PACIFIC TIGER FUND |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Name of Issuer: |
|
|
|
|
|
|
|
|
|
|
| |
|
Digital China Holdings, Ltd. |
|
55,828,000 |
|
4,000,000 |
|
— |
|
59,828,000 |
|
$ |
73,379,440 |
|
|
Dongbu Insurance Co., Ltd. |
|
3,505,500 |
|
445,000 |
|
— |
|
3,950,500 |
|
169,812,630 |
| |
|
Green Cross Corp. |
|
838,869 |
|
196,191 |
†† |
67,561 |
|
967,499 |
|
123,733,659 |
| |
|
Hyflux, Ltd. |
|
65,284,280 |
|
— |
|
— |
|
65,284,280 |
|
62,790,359 |
| |
|
MegaStudy Co., Ltd. |
|
396,412 |
|
— |
|
— |
|
396,412 |
|
28,019,425 |
| |
|
Sinopharm Group Co., Ltd. H Shares††† |
|
43,788,000 |
|
— |
|
— |
|
43,788,000 |
|
— |
| |
|
Tata Power Co., Ltd. |
|
89,491,554 |
|
36,668,956 |
|
— |
|
126,160,510 |
|
163,569,734 |
| |
|
Yuhan Corp.††† |
|
584,138 |
|
— |
|
— |
|
584,138 |
|
— |
| |
|
Total Affiliates |
|
|
|
|
|
|
|
|
|
$ |
621,305,247 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
MATTHEWS CHINA FUND |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Name of Issuer: |
|
|
|
|
|
|
|
|
|
|
| |
|
Lianhua Supermarket Holdings Co., Ltd. H Shares |
|
31,193,800 |
|
— |
|
— |
|
31,193,800 |
|
$ |
18,786,720 |
|
|
Total Affiliates |
|
|
|
|
|
|
|
|
|
$ |
18,786,720 |
|
|
† |
Includes stock split during the period. |
|
†† |
Includes stock dividend during the period. |
|
††† |
Issuer was not an affiliated company as of September 30, 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.
|
|
|
Late Year |
| |
|
|
|
Losses* |
| |
|
Matthews Asia Dividend Fund |
|
$ |
4,007,951 |
|
|
Matthews Asia Growth Fund |
|
1,872,371 |
| |
|
Matthews Pacific Tiger Fund |
|
72,733 |
| |
|
Matthews China Fund |
|
3,835 |
| |
|
Matthews India Fund |
|
4,073,778 |
| |
|
Matthews Japan Fund |
|
545,902 |
| |
|
Matthews Korea Fund |
|
100,400 |
| |
|
Matthews Asia Small Companies Fund |
|
1,127,134 |
| |
|
Matthews China Small Companies Fund |
|
64,704 |
| |
|
Matthews Asia Science and Technology Fund |
|
503,896 |
| |
* 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:
|
|
|
|
|
|
|
Amount With No Expiration* |
|
|
| |||||||
|
|
|
|
|
|
|
Short-term |
|
Long-term |
|
|
| |||||
|
LOSSES DEFERRED EXPIRING IN: |
|
2016 |
|
2017 |
|
Losses |
|
Losses |
|
Total |
| |||||
|
Matthews Asia Dividend Fund |
|
$ |
— |
|
$ |
— |
|
$ |
50,197,337 |
|
$ |
93,485,554 |
|
$ |
143,682,891 |
|
|
Matthews China Dividend Fund |
|
— |
|
— |
|
749,904 |
|
1,142,893 |
|
1,892,797 |
| |||||
|
Matthews Asia Growth Fund |
|
— |
|
47,329,141 |
|
— |
|
— |
|
47,329,141 |
| |||||
|
Matthews Japan Fund |
|
29,280,430 |
|
44,032,426 |
|
— |
|
— |
|
73,312,856 |
| |||||
|
Matthews Asia Small Companies Fund |
|
— |
|
— |
|
4,921,090 |
|
11,054,602 |
|
15,975,692 |
| |||||
|
Matthews China Small Companies Fund |
|
— |
|
— |
|
834,812 |
|
292,613 |
|
1,127,425 |
| |||||
|
Matthews Asia Science and Technology Fund |
|
— |
|
10,329,226 |
|
1,414,823 |
|
— |
|
11,744,049 |
| |||||
* 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.
F. RECENT ACCOUNTING STANDARD: In June 2013, the Financial Accounting Standards Board issued Accounting Standards Update No. 2013-08 (“ASU No. 2013-08”) that creates a two-tiered approach to assess whether an entity is an investment company. ASU No. 2013-08 will also require an investment company to measure noncontrolling ownership interests in other investment companies at fair value and will require additional disclosures relating to investment company status, any changes thereto and information about financial support provided or contractually required to be provided to any of the investment company’s investees. ASU No. 2013-08 is effective for financial statements with fiscal years beginning after December 15, 2013 and interim periods within those fiscal years. Management is evaluating the impact of this guidance on the Funds’ financial statement disclosures.
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.
|
(Registrant) |
Matthews International Funds |
| ||
|
|
|
| ||
|
By (Signature and Title)* |
/s/ William J. Hackett |
| ||
|
|
William J. Hackett, President |
| ||
|
|
(principal executive officer) |
| ||
|
|
|
| ||
|
Date |
|
11/22/2013 |
| |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
By (Signature and Title)* |
/s/ William J. Hackett |
| ||
|
|
William J. Hackett, President |
| ||
|
|
(principal executive officer) |
| ||
|
|
|
| ||
|
Date |
|
11/22/2013 |
| |
|
By (Signature and Title)* |
/s/ Shai Malka |
| ||
|
|
Shai Malka, Treasurer |
| ||
|
|
(principal financial officer) |
| ||
|
|
|
| ||
|
Date |
|
11/22/2013 |
| |
* Print the name and title of each signing officer under his or her signature.