Form N-Q for Matthews International Funds
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file
number 811-08510
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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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San Francisco, CA 94111 |
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(Address of principal executive offices) (Zip code) |
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William J. Hackett, President |
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Four Embarcadero Center, Suite 550 |
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San Francisco, CA 94111 |
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(Name and address of agent for service) |
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Registrants telephone number, including area
code: 415-788-7553
Date of fiscal year end: December 31
Date of reporting period: September 30, 2015
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 |
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September 30, 2015 |
Schedule of Investmentsa (unaudited) |
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Face Amount* |
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Value |
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NON-CONVERTIBLE CORPORATE BONDS: 69.2% |
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INDIA: 24.4% |
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Bank of Baroda 6.625%b, 05/25/22 |
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2,000,000 |
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$ |
2,045,242 |
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ICICI Bank, Ltd. 6.375%b, 04/30/22 |
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2,000,000 |
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2,025,952 |
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TML Holdings Pte, Ltd. 5.750%, 05/07/21 |
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2,000,000 |
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1,999,948 |
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Housing Development Finance Corp., Ltd. 9.240%, 06/24/24 |
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INR |
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100,000,000 |
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1,609,095 |
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Housing Development Finance Corp., Ltd. 8.950%, 03/21/23 |
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INR |
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100,000,000 |
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1,573,355 |
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Power Grid Corp. of India, Ltd. 9.250%, 12/26/15 |
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INR |
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100,000,000 |
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1,529,031 |
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Delhi International Airport, Ltd. 6.125%, 02/03/22 |
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1,400,000 |
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1,406,248 |
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Axis Bank, Ltd. 7.250%b, 08/12/21 |
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1,000,000 |
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1,021,140 |
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Power Grid Corp. of India, Ltd., Series B 9.300%, 09/04/24 |
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INR |
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52,000,000 |
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844,869 |
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Rural Electrification Corp., Ltd. 9.340%, 08/25/24 |
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INR |
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52,000,000 |
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836,834 |
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Rural Electrification Corp., Ltd. 9.020%, 06/18/19 |
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INR |
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50,000,000 |
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783,276 |
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Total India |
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15,674,990 |
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CHINA/HONG KONG: 18.4% |
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Longfor Properties Co., Ltd. 6.875%, 10/18/19 |
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2,700,000 |
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2,808,000 |
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Shimao Property Holdings, Ltd. 6.625%, 01/14/20 |
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2,000,000 |
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2,015,152 |
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Yum! Brands, Inc. 5.350%, 11/01/43 |
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2,000,000 |
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1,921,534 |
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Value Success International, Ltd. 4.750%, 11/04/18 |
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CNY |
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12,000,000 |
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1,838,683 |
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MCE Finance, Ltd. 5.000%, 02/15/21 |
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2,000,000 |
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1,715,200 |
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Wynn Macau, Ltd. 5.250%, 10/15/21 |
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1,480,000 |
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1,284,825 |
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Alibaba Group Holding, Ltd. 3.600%, 11/28/24 c |
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300,000 |
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280,248 |
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Total China/Hong Kong |
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11,863,642 |
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INDONESIA: 11.7% |
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PT Perusahaan Listrik Negara 5.250%, 10/24/42 |
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2,500,000 |
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1,975,000 |
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Theta Capital Pte, Ltd. 7.000%, 05/16/19 |
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1,500,000 |
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1,414,940 |
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Jababeka International BV 7.500%, 09/24/19 |
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1,400,000 |
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1,228,669 |
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Alam Synergy Pte, Ltd. 6.950%, 03/27/20 c |
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1,500,000 |
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1,192,500 |
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TBG Global Pte, Ltd. 4.625%, 04/03/18 c |
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1,000,000 |
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972,500 |
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Alam Synergy Pte, Ltd. 6.950%, 03/27/20 |
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500,000 |
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397,500 |
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PT Astra Sedaya Finance 8.600%, 02/21/17 |
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IDR |
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5,000,000,000 |
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338,225 |
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Total Indonesia |
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7,519,334 |
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Face Amount* |
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Value |
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SRI LANKA: 8.1% |
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DFCC Bank PLC 9.625%, 10/31/18 |
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2,650,000 |
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$ |
2,775,478 |
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National Savings Bank 5.150%, 09/10/19 |
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2,000,000 |
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1,910,000 |
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National Savings Bank 8.875%, 09/18/18 |
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500,000 |
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530,000 |
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Total Sri Lanka |
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5,215,478 |
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SINGAPORE: 3.0% |
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Global Logistic Properties, Ltd. 3.375%, 05/11/16 |
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CNY |
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12,500,000 |
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1,932,582 |
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Total Singapore |
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1,932,582 |
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AUSTRALIA: 1.9% |
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Macquarie Bank, Ltd. 6.625%, 04/07/21 |
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1,100,000 |
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1,233,068 |
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Total Australia |
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1,233,068 |
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PHILIPPINES: 1.7% |
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Alliance Global Group Cayman Islands, Inc. 6.500%, 08/18/17 |
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1,050,000 |
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1,101,240 |
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Total Philippines |
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1,101,240 |
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TOTAL NON-CONVERTIBLE CORPORATE BONDS
(Cost $47,439,990) |
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44,540,334 |
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CONVERTIBLE CORPORATE BONDS: 18.4% |
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CHINA/HONG KONG: 18.4% |
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Homeinns Hotel Group, Cnv. 2.000%, 12/15/15 |
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2,800,000 |
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2,758,000 |
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E-House China Holdings, Ltd., Cnv. 2.750%, 12/15/18 c |
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2,010,000 |
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1,870,556 |
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Ctrip.com International, Ltd., Cnv. 1.000%, 07/01/20 c |
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1,850,000 |
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1,671,938 |
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Biostime International Holdings, Ltd., Cnv. 0.000%, 02/20/19 |
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HKD |
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14,000,000 |
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1,634,828 |
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China Singyes Solar Technologies Holdings, Ltd., Cnv. 5.000%, 08/08/19 |
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CNY |
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12,000,000 |
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1,579,382 |
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Qihoo 360 Technology Co., Ltd., Cnv. 1.750%, 08/15/21 |
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1,500,000 |
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1,261,875 |
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Johnson Electric Holdings, Ltd., Cnv. 1.000%, 04/02/21 |
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1,000,000 |
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1,060,000 |
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Total China/Hong Kong |
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11,836,579 |
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TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $12,540,601) |
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11,836,579 |
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FOREIGN GOVERNMENT OBLIGATIONS: 8.7% |
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SRI LANKA: 2.1% |
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Sri Lanka Government Bond 6.125%, 06/03/25 |
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1,400,000 |
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1,336,805 |
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Total Sri Lanka |
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1,336,805 |
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INDONESIA: 2.0% |
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Indonesia Treasury Bond 7.875%, 04/15/19 |
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IDR |
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20,000,000,000 |
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1,296,423 |
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Total Indonesia |
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1,296,423 |
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Matthews Asia Strategic Income Fund |
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September 30, 2015 |
Schedule of Investmentsa (unaudited) (continued) |
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Face Amount* |
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Value |
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FOREIGN GOVERNMENT OBLIGATIONS: (continued) |
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SOUTH KOREA: 1.9% |
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Korea Treasury Bond 3.500%, 09/10/16 |
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KRW |
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1,000,000,000 |
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$ |
859,355 |
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Korea Treasury Bond 3.500%, 03/10/24 |
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KRW |
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400,000,000 |
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376,137 |
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Total South Korea |
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1,235,492 |
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VIETNAM: 1.5% |
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Socialist Republic of Vietnam 4.800%, 11/19/24 |
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1,055,000 |
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997,180 |
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Total Vietnam |
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997,180 |
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SUPRANATIONAL: 1.2% |
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International Finance Corp. 7.750%, 12/03/16 |
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INR |
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50,000,000 |
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766,580 |
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Total Supranational |
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766,580 |
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TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost $6,255,012) |
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5,632,480 |
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COMMON EQUITIES: 1.2% |
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Shares |
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SINGAPORE: 0.8% |
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Vicom, Ltd. |
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118,000 |
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497,730 |
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Total Singapore |
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497,730 |
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PHILIPPINES: 0.4% |
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Alliance Global Group, Inc. |
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780,000 |
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256,264 |
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Total Philippines |
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256,264 |
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TOTAL COMMON EQUITIES
(Cost $1,039,054) |
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753,994 |
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TOTAL INVESTMENTS: 97.5%
(Cost $67,274,657d) |
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62,763,387 |
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CASH AND OTHER ASSETS, LESS LIABILITIES: 2.5% |
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1,588,417 |
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NET ASSETS: 100.0% |
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$ |
64,351,804 |
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a |
Certain securities were fair valued under the valuation polices approved by the Board of Trustees (Note A). |
b |
Variable rate security. The rate represents the rate in effect at June 30, 2015. |
c |
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 Funds Board of Directors. |
d |
Cost for federal income tax purposes is $67,274,657 and net unrealized depreciation consists of: |
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Gross unrealized appreciation |
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$ |
266,385 |
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Gross unrealized depreciation |
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(4,777,655 |
) |
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Net unrealized depreciation |
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($ |
4,511,270 |
) |
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* |
All values are in USD unless otherwise noted. |
CNY |
Chinese Renminbi (Yuan) |
See accompanying notes to schedules of investments.
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|
Matthews Asian Growth and Income Fund |
|
September 30, 2015 |
Schedule of Investmentsa (unaudited) |
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Shares |
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Value |
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COMMON EQUITIES: 86.9% |
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CHINA/HONG KONG: 29.7% |
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Yum! Brands, Inc. |
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1,317,300 |
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|
$ |
105,318,135 |
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Jardine Matheson Holdings, Ltd. |
|
|
2,011,000 |
|
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|
95,222,855 |
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AIA Group, Ltd. |
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|
17,078,600 |
|
|
|
88,821,536 |
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Techtronic Industries Co., Ltd. |
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|
21,378,000 |
|
|
|
79,698,358 |
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Guangdong Investment, Ltd. |
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50,412,000 |
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|
75,251,146 |
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China Mobile, Ltd. ADR |
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1,233,400 |
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|
|
73,387,300 |
|
VTech Holdings, Ltd. |
|
|
5,885,200 |
|
|
|
69,871,420 |
|
CLP Holdings, Ltd. |
|
|
8,136,700 |
|
|
|
69,560,372 |
|
HSBC Holdings PLC ADR |
|
|
1,750,133 |
|
|
|
66,295,038 |
|
Hang Lung Properties, Ltd. |
|
|
27,223,920 |
|
|
|
61,236,363 |
|
CK Hutchison Holdings, Ltd. |
|
|
4,400,172 |
|
|
|
57,235,840 |
|
Café de Coral Holdings, Ltd. |
|
|
16,074,000 |
|
|
|
53,795,515 |
|
Vitasoy International Holdings, Ltd. |
|
|
33,079,000 |
|
|
|
49,178,155 |
|
Cheung Kong Property Holdings, Ltd. |
|
|
4,400,172 |
|
|
|
32,237,085 |
|
|
|
|
|
|
|
|
|
|
Total China/Hong Kong |
|
|
|
|
|
|
977,109,118 |
|
|
|
|
|
|
|
|
|
|
SINGAPORE: 13.6% |
|
|
|
|
|
|
|
|
Ascendas REIT |
|
|
48,437,600 |
|
|
|
79,798,465 |
|
Singapore Technologies Engineering, Ltd. |
|
|
35,134,225 |
|
|
|
73,711,187 |
|
United Overseas Bank, Ltd. |
|
|
5,126,000 |
|
|
|
66,930,755 |
|
Singapore Telecommunications, Ltd. |
|
|
21,686,400 |
|
|
|
54,890,785 |
|
SIA Engineering Co., Ltd. |
|
|
19,032,500 |
|
|
|
49,290,143 |
|
Keppel Corp., Ltd. |
|
|
9,879,000 |
|
|
|
47,245,945 |
|
Singapore Post, Ltd. |
|
|
38,209,000 |
|
|
|
45,571,425 |
|
ARA Asset Management, Ltd. |
|
|
31,219,210 |
|
|
|
28,958,475 |
|
|
|
|
|
|
|
|
|
|
Total Singapore |
|
|
|
|
|
|
446,397,180 |
|
|
|
|
|
|
|
|
|
|
SOUTH KOREA: 8.3% |
|
|
|
|
|
|
|
|
Kangwon Land, Inc. |
|
|
2,051,776 |
|
|
|
73,333,328 |
|
KT&G Corp. |
|
|
743,294 |
|
|
|
70,078,884 |
|
Samsung Electronics Co., Ltd. |
|
|
54,642 |
|
|
|
52,426,477 |
|
KEPCO Plant Service & Engineering Co., Ltd. |
|
|
386,300 |
|
|
|
39,434,995 |
|
GS Home Shopping, Inc. |
|
|
227,544 |
|
|
|
36,501,503 |
|
|
|
|
|
|
|
|
|
|
Total South Korea |
|
|
|
|
|
|
271,775,187 |
|
|
|
|
|
|
|
|
|
|
MALAYSIA: 6.4% |
|
|
|
|
|
|
|
|
Genting Malaysia BHD |
|
|
75,188,700 |
|
|
|
71,047,852 |
|
British American Tobacco Malaysia BHD |
|
|
4,164,600 |
|
|
|
57,184,666 |
|
Axiata Group BHD |
|
|
37,993,923 |
|
|
|
50,186,145 |
|
Telekom Malaysia BHD |
|
|
20,245,551 |
|
|
|
30,789,836 |
|
|
|
|
|
|
|
|
|
|
Total Malaysia |
|
|
|
|
|
|
209,208,499 |
|
|
|
|
|
|
|
|
|
|
JAPAN: 6.3% |
|
|
|
|
|
|
|
|
Japan Tobacco, Inc. |
|
|
2,299,400 |
|
|
|
71,327,834 |
|
Lawson, Inc. |
|
|
911,100 |
|
|
|
67,223,353 |
|
KDDI Corp. |
|
|
3,000,100 |
|
|
|
67,151,554 |
|
|
|
|
|
|
|
|
|
|
Total Japan |
|
|
|
|
|
|
205,702,741 |
|
|
|
|
|
|
|
|
|
|
TAIWAN: 4.7% |
|
|
|
|
|
|
|
|
Taiwan Semiconductor Manufacturing Co., Ltd. |
|
|
13,915,187 |
|
|
|
55,767,578 |
|
Chunghwa Telecom Co., Ltd. ADR |
|
|
1,747,125 |
|
|
|
52,798,118 |
|
Taiwan Semiconductor Manufacturing Co., Ltd. ADR |
|
|
2,296,124 |
|
|
|
47,644,573 |
|
|
|
|
|
|
|
|
|
|
Total Taiwan |
|
|
|
|
|
|
156,210,269 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
|
|
THAILAND: 4.3% |
|
|
|
|
|
|
|
|
Advanced Info Service Public Co., Ltd. |
|
|
9,595,700 |
|
|
$ |
59,848,092 |
|
Glow Energy Public Co., Ltd. |
|
|
21,887,400 |
|
|
|
51,418,013 |
|
BEC World Public Co., Ltd. |
|
|
35,030,100 |
|
|
|
30,911,501 |
|
|
|
|
|
|
|
|
|
|
Total Thailand |
|
|
|
|
|
|
142,177,606 |
|
|
|
|
|
|
|
|
|
|
AUSTRALIA: 3.5% |
|
|
|
|
|
|
|
|
CSL, Ltd. |
|
|
1,044,381 |
|
|
|
65,726,454 |
|
Insurance Australia Group, Ltd. |
|
|
14,241,305 |
|
|
|
48,692,937 |
|
|
|
|
|
|
|
|
|
|
Total Australia |
|
|
|
|
|
|
114,419,391 |
|
|
|
|
|
|
|
|
|
|
NEW ZEALAND: 2.9% |
|
|
|
|
|
|
|
|
SKYCITY Entertainment Group, Ltd. |
|
|
21,703,820 |
|
|
|
51,987,073 |
|
SKY Network Television, Ltd. |
|
|
15,123,711 |
|
|
|
45,070,753 |
|
|
|
|
|
|
|
|
|
|
Total New Zealand |
|
|
|
|
|
|
97,057,826 |
|
|
|
|
|
|
|
|
|
|
INDONESIA: 2.5% |
|
|
|
|
|
|
|
|
PT Telekomunikasi Indonesia Persero ADR |
|
|
1,553,600 |
|
|
|
55,385,840 |
|
PT Perusahaan Gas Negara Persero |
|
|
159,343,000 |
|
|
|
27,572,765 |
|
|
|
|
|
|
|
|
|
|
Total Indonesia |
|
|
|
|
|
|
82,958,605 |
|
|
|
|
|
|
|
|
|
|
VIETNAM: 2.1% |
|
|
|
|
|
|
|
|
Vietnam Dairy Products JSC |
|
|
15,640,711 |
|
|
|
69,631,617 |
|
|
|
|
|
|
|
|
|
|
Total Vietnam |
|
|
|
|
|
|
69,631,617 |
|
|
|
|
|
|
|
|
|
|
PHILIPPINES: 1.6% |
|
|
|
|
|
|
|
|
Globe Telecom, Inc. |
|
|
1,074,105 |
|
|
|
54,059,514 |
|
|
|
|
|
|
|
|
|
|
Total Philippines |
|
|
|
|
|
|
54,059,514 |
|
|
|
|
|
|
|
|
|
|
UNITED KINGDOM: 1.0% |
|
|
|
|
|
|
|
|
BHP Billiton PLC |
|
|
2,244,661 |
|
|
|
34,167,278 |
|
|
|
|
|
|
|
|
|
|
Total United Kingdom |
|
|
|
|
|
|
34,167,278 |
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON EQUITIES
(Cost $2,766,942,443) |
|
|
|
|
|
|
2,860,874,831 |
|
|
|
|
|
|
|
|
|
|
PREFERRED EQUITIES: 3.2% |
|
|
|
|
|
|
|
|
SOUTH KOREA: 3.2% |
|
|
|
|
|
|
|
|
LG Household & Health Care, Ltd., Pfd. |
|
|
121,855 |
|
|
|
41,112,371 |
|
Hyundai Motor Co., Ltd., Pfd. |
|
|
355,983 |
|
|
|
33,289,211 |
|
Hyundai Motor Co., Ltd., 2nd Pfd. |
|
|
318,246 |
|
|
|
30,679,958 |
|
|
|
|
|
|
|
|
|
|
Total South Korea |
|
|
|
|
|
|
105,081,540 |
|
|
|
|
|
|
|
|
|
|
TOTAL PREFERRED EQUITIES
(Cost $38,549,481) |
|
|
|
|
|
|
105,081,540 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONVERTIBLE CORPORATE BONDS: 7.6% |
|
|
|
|
|
|
|
|
|
Face Amount* |
|
|
|
|
CHINA/HONG KONG: 5.3% |
|
|
|
|
|
|
|
|
|
|
Shine Power International, Ltd., Cnv. 0.000%, 07/28/19 |
|
HKD |
|
|
446,000,000 |
|
|
|
54,526,745 |
|
Johnson Electric Holdings, Ltd., Cnv. 1.000%, 04/02/21 |
|
|
|
|
49,750,000 |
|
|
|
52,735,000 |
|
Hengan International Group Co., Ltd., Cnv. 0.000%, 06/27/18 |
|
HKD |
|
|
339,000,000 |
|
|
|
45,436,642 |
|
PB Issuer No. 2, Ltd., Cnv. 1.750%, 04/12/16 |
|
|
|
|
21,820,000 |
|
|
|
21,438,150 |
|
|
|
|
|
|
|
|
|
|
|
|
Total China/Hong Kong |
|
|
|
|
|
|
|
|
174,136,537 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Matthews Asian Growth and Income Fund |
|
September 30, 2015 |
Schedule of Investmentsa (unaudited) (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Face Amount* |
|
|
Value |
|
|
|
CONVERTIBLE CORPORATE BONDS: (continued) |
|
SINGAPORE: 2.3% |
|
|
|
|
|
|
|
|
|
|
CapitaLand, Ltd., Cnv. 1.950%, 10/17/23 |
|
SGD |
|
|
110,250,000 |
|
|
$ |
75,615,052 |
|
|
|
|
|
|
|
|
|
|
|
|
Total Singapore |
|
|
|
|
|
|
|
|
75,615,052 |
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $265,941,743) |
|
|
|
249,751,589 |
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS: 97.7%
(Cost $3,071,433,667b) |
|
|
|
|
|
|
|
|
3,215,707,960 |
|
CASH AND OTHER ASSETS, LESS LIABILITIES: 2.3% |
|
|
|
|
|
|
|
|
75,517,095 |
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS: 100.0% |
|
|
|
|
|
|
|
$ |
3,291,225,055 |
|
|
|
|
|
|
|
|
|
|
|
|
a |
Certain securities were fair valued under the valuation polices approved by the Board of Trustees (Note A). |
b |
Cost for federal income tax purposes is $3,071,736,452 and net unrealized appreciation consists of: |
|
|
|
|
|
Gross unrealized appreciation |
|
|
$506,484,269 |
|
Gross unrealized depreciation |
|
|
(362,512,761 |
) |
|
|
|
|
|
Net unrealized appreciation |
|
$ |
143,971,508 |
|
|
|
|
|
|
* |
All Values are in USD unless otherwise noted. |
ADR |
American Depositary Receipt |
REIT |
Real Estate Investment Trust |
See accompanying notes to schedules of investments.
|
|
|
Matthews Asia Dividend Fund |
|
September 30, 2015 |
Consolidated Schedule of Investmentsa (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
|
|
COMMON EQUITIES: 95.8% |
|
|
|
|
|
|
|
|
CHINA/HONG KONG: 34.7% |
|
|
|
|
|
|
|
|
Shenzhou International Group Holdings, Ltd. |
|
|
32,775,000 |
|
|
$ |
169,815,581 |
|
Minth Group, Ltd. |
|
|
59,535,000 |
|
|
|
106,587,035 |
|
China Construction Bank Corp. H Shares |
|
|
150,798,000 |
|
|
|
100,632,421 |
|
Guangdong Investment, Ltd. |
|
|
66,566,000 |
|
|
|
99,364,591 |
|
China Mobile, Ltd. ADR |
|
|
1,598,925 |
|
|
|
95,136,038 |
|
Qualcomm, Inc. |
|
|
1,569,800 |
|
|
|
84,345,354 |
|
AIA Group, Ltd. |
|
|
16,087,600 |
|
|
|
83,667,593 |
|
Kweichow Moutai Co., Ltd. A Shares |
|
|
2,462,935 |
|
|
|
73,907,874 |
|
China Power International Development, Ltd. |
|
|
106,195,000 |
|
|
|
69,271,223 |
|
Yuexiu Transport Infrastructure, Ltd. |
|
|
109,322,000 |
|
|
|
68,862,795 |
|
Café de Coral Holdings, Ltd. |
|
|
18,014,000 |
|
|
|
60,288,192 |
|
Far East Horizon, Ltd. |
|
|
75,288,000 |
|
|
|
58,466,098 |
|
Daqin Railway Co., Ltd. A Shares |
|
|
40,506,372 |
|
|
|
56,396,143 |
|
Shanghai International Airport Co., Ltd. A Sharesb |
|
|
12,098,309 |
|
|
|
52,895,169 |
|
Greatview Aseptic Packaging Co., Ltd. |
|
|
110,859,000 |
|
|
|
51,762,923 |
|
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. B Shares |
|
|
18,910,723 |
|
|
|
51,439,909 |
|
Jiangsu Expressway Co., Ltd. H Shares |
|
|
37,732,000 |
|
|
|
48,332,696 |
|
HKBN, Ltd.c |
|
|
41,566,123 |
|
|
|
48,110,820 |
|
China Machinery Engineering Corp. H
Shares |
|
|
52,323,000 |
|
|
|
45,223,848 |
|
Haitian International Holdings, Ltd. |
|
|
27,177,000 |
|
|
|
44,980,752 |
|
Hopewell Holdings, Ltd. |
|
|
12,233,500 |
|
|
|
41,669,406 |
|
Fuyao Glass Industry Group Co., Ltd. H Sharesc |
|
|
21,248,000 |
|
|
|
40,620,672 |
|
Henan Shuanghui Investment & Development Co., Ltd. A Sharesb |
|
|
12,972,979 |
|
|
|
36,007,866 |
|
China Mobile, Ltd. |
|
|
1,248,500 |
|
|
|
14,944,247 |
|
Television Broadcasts, Ltd. |
|
|
2,232,200 |
|
|
|
7,449,036 |
|
|
|
|
|
|
|
|
|
|
Total China/Hong Kong |
|
|
|
|
|
|
1,610,178,282 |
|
|
|
|
|
|
|
|
|
|
JAPAN: 29.7% |
|
|
|
|
|
|
|
|
Bridgestone Corp. |
|
|
4,096,100 |
|
|
|
141,750,306 |
|
Suntory Beverage & Food, Ltd. |
|
|
3,610,600 |
|
|
|
138,715,910 |
|
Japan Tobacco, Inc. |
|
|
4,403,200 |
|
|
|
136,588,119 |
|
Hoya Corp. |
|
|
3,759,800 |
|
|
|
123,140,585 |
|
Sumitomo Mitsui Financial Group, Inc. |
|
|
3,107,200 |
|
|
|
117,825,995 |
|
Kao Corp. |
|
|
2,454,600 |
|
|
|
111,269,088 |
|
ITOCHU Corp. |
|
|
9,585,000 |
|
|
|
101,325,276 |
|
Toyo Suisan Kaisha, Ltd. |
|
|
2,656,200 |
|
|
|
100,701,984 |
|
NTT DoCoMo, Inc. |
|
|
5,677,200 |
|
|
|
95,757,615 |
|
Pigeon Corp. |
|
|
3,806,100 |
|
|
|
88,932,634 |
|
Skylark Co., Ltd. |
|
|
5,978,700 |
|
|
|
77,871,876 |
|
Lawson, Inc. |
|
|
755,300 |
|
|
|
55,728,019 |
|
Anritsu Corp. |
|
|
7,564,500 |
|
|
|
46,013,778 |
|
Dexerials Corp. |
|
|
3,111,500 |
|
|
|
39,994,440 |
|
|
|
|
|
|
|
|
|
|
Total Japan |
|
|
|
|
|
|
1,375,615,625 |
|
|
|
|
|
|
|
|
|
|
SOUTH KOREA: 5.4% |
|
|
|
|
|
|
|
|
KT&G Corp. |
|
|
1,275,189 |
|
|
|
120,226,750 |
|
BGF Retail Co., Ltd. |
|
|
494,372 |
|
|
|
84,440,241 |
|
GS Retail Co., Ltd. |
|
|
868,658 |
|
|
|
44,856,236 |
|
|
|
|
|
|
|
|
|
|
Total South Korea |
|
|
|
|
|
|
249,523,227 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
|
|
TAIWAN: 5.1% |
|
|
|
|
|
|
|
|
Chunghwa Telecom Co., Ltd. ADR |
|
|
3,364,401 |
|
|
$ |
101,672,198 |
|
Taiwan Semiconductor Manufacturing Co., Ltd. ADR |
|
|
3,134,940 |
|
|
|
65,050,005 |
|
St. Shine Optical Co., Ltd. |
|
|
2,383,000 |
|
|
|
29,237,789 |
|
Sercomm Corp. |
|
|
11,111,000 |
|
|
|
27,313,993 |
|
Taiwan Semiconductor Manufacturing Co., Ltd. |
|
|
3,125,469 |
|
|
|
12,525,871 |
|
|
|
|
|
|
|
|
|
|
Total Taiwan |
|
|
|
|
|
|
235,799,856 |
|
|
|
|
|
|
|
|
|
|
SINGAPORE: 4.0% |
|
|
|
|
|
|
|
|
Singapore Technologies Engineering, Ltd. |
|
|
28,460,000 |
|
|
|
59,708,742 |
|
CapitaLand Retail China Trust, REIT |
|
|
43,232,400 |
|
|
|
41,548,158 |
|
Ascendas India Trust |
|
|
53,470,700 |
|
|
|
32,126,382 |
|
ARA Asset Management, Ltd. |
|
|
29,448,660 |
|
|
|
27,316,139 |
|
Super Group, Ltd. |
|
|
43,809,700 |
|
|
|
23,758,523 |
|
|
|
|
|
|
|
|
|
|
Total Singapore |
|
|
|
|
|
|
184,457,944 |
|
|
|
|
|
|
|
|
|
|
AUSTRALIA: 3.7% |
|
|
|
|
|
|
|
|
Spotless Group Holdings, Ltd. |
|
|
48,823,125 |
|
|
|
73,981,771 |
|
Primary Health Care, Ltd. |
|
|
16,868,177 |
|
|
|
45,128,183 |
|
Breville Group, Ltd. |
|
|
10,644,019 |
|
|
|
44,346,625 |
|
Ansell, Ltd. |
|
|
834,895 |
|
|
|
11,055,406 |
|
|
|
|
|
|
|
|
|
|
Total Australia |
|
|
|
|
|
|
174,511,985 |
|
|
|
|
|
|
|
|
|
|
INDONESIA: 3.4% |
|
|
|
|
|
|
|
|
PT United Tractors |
|
|
47,821,900 |
|
|
|
57,248,127 |
|
PT Telekomunikasi Indonesia Persero ADR |
|
|
1,090,634 |
|
|
|
38,881,102 |
|
PT Telekomunikasi Indonesia Persero |
|
|
213,210,000 |
|
|
|
38,505,973 |
|
PT Bank Rakyat Indonesia Persero |
|
|
37,724,646 |
|
|
|
22,336,611 |
|
|
|
|
|
|
|
|
|
|
Total Indonesia |
|
|
|
|
|
|
156,971,813 |
|
|
|
|
|
|
|
|
|
|
THAILAND: 2.7% |
|
|
|
|
|
|
|
|
Thai Beverage Public Co., Ltd. |
|
|
161,322,100 |
|
|
|
77,781,614 |
|
Total Access Communication Public Co., Ltd. |
|
|
23,524,300 |
|
|
|
37,479,961 |
|
Total Access Communication Public Co., Ltd. NVDR |
|
|
7,149,500 |
|
|
|
11,390,901 |
|
|
|
|
|
|
|
|
|
|
Total Thailand |
|
|
|
|
|
|
126,652,476 |
|
|
|
|
|
|
|
|
|
|
INDIA: 2.5% |
|
|
|
|
|
|
|
|
ITC, Ltd. |
|
|
13,801,000 |
|
|
|
69,201,859 |
|
Bharti Infratel, Ltd. |
|
|
8,846,586 |
|
|
|
47,935,094 |
|
|
|
|
|
|
|
|
|
|
Total India |
|
|
|
|
|
|
117,136,953 |
|
|
|
|
|
|
|
|
|
|
LUXEMBOURG: 1.7% |
|
|
|
|
|
|
|
|
LOccitane International SA |
|
|
36,976,500 |
|
|
|
77,385,840 |
|
|
|
|
|
|
|
|
|
|
Total Luxembourg |
|
|
|
|
|
|
77,385,840 |
|
|
|
|
|
|
|
|
|
|
PHILIPPINES: 1.6% |
|
|
|
|
|
|
|
|
Globe Telecom, Inc. |
|
|
1,447,730 |
|
|
|
72,863,993 |
|
|
|
|
|
|
|
|
|
|
Total Philippines |
|
|
|
|
|
|
72,863,993 |
|
|
|
|
|
|
|
|
|
|
VIETNAM: 1.3% |
|
|
|
|
|
|
|
|
Vietnam Dairy Products JSC |
|
|
13,534,658 |
|
|
|
60,255,581 |
|
|
|
|
|
|
|
|
|
|
Total Vietnam |
|
|
|
|
|
|
60,255,581 |
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON EQUITIES
(Cost $4,213,284,588) |
|
|
|
|
|
|
4,441,353,575 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Matthews Asia Dividend Fund |
|
September 30, 2015 |
Consolidated Schedule of Investmentsa (unaudited)
(continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
|
|
PREFERRED EQUITIES: 3.0% |
|
|
|
|
|
|
|
|
SOUTH KOREA: 3.0% |
|
|
|
|
|
|
|
|
LG Chem, Ltd., Pfd. |
|
|
851,204 |
|
|
$ |
137,055,525 |
|
|
|
|
|
|
|
|
|
|
Total South Korea |
|
|
|
|
|
|
137,055,525 |
|
|
|
|
|
|
|
|
|
|
TOTAL PREFERRED EQUITIES
(Cost $74,725,574) |
|
|
|
|
|
|
137,055,525 |
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS: 98.8%
(Cost $4,288,010,162d) |
|
|
|
|
|
|
4,578,409,100 |
|
CASH AND OTHER ASSETS, LESS LIABILITIES: 1.2% |
|
|
|
|
|
|
55,983,855 |
|
|
|
|
|
|
|
|
|
|
NET ASSETS: 100.0% |
|
|
|
|
|
$ |
4,634,392,955 |
|
|
|
|
|
|
|
|
|
|
a |
Certain securities were fair valued under the valuation polices approved by the Board of Trustees (Note A). |
b |
Security held by Matthews ADF-U Series. |
c |
Non-income producing security. |
d |
Cost for federal income tax purposes is $4,298,543,164 and net unrealized appreciation consists of: |
|
|
|
|
|
Gross unrealized appreciation |
|
$ |
788,844,134 |
|
Gross unrealized depreciation |
|
|
(508,978,198 |
) |
|
|
|
|
|
Net unrealized appreciation |
|
$ |
279,865,936 |
|
|
|
|
|
|
|
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 |
NVDR |
Non-voting Depositary Receipt |
REIT |
Real Estate Investment Trust |
See accompanying notes to schedules of investments.
|
|
|
Matthews China Dividend Fund |
|
September 30, 2015 |
Schedule of Investmentsa (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
|
|
COMMON EQUITIES: 94.8% |
|
INDUSTRIALS: 21.2% |
|
|
|
|
|
|
|
|
Transportation Infrastructure: 5.9% |
|
|
|
|
|
|
|
|
Yuexiu Transport Infrastructure, Ltd. |
|
|
6,606,000 |
|
|
$ |
4,161,172 |
|
Qingdao Port International Co., Ltd. H Shares |
|
|
6,602,000 |
|
|
|
2,972,025 |
|
Shanghai International Airport Co., Ltd. A Shares |
|
|
403,264 |
|
|
|
1,761,444 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,894,641 |
|
|
|
|
|
|
|
|
|
|
Electrical Equipment: 3.1% |
|
|
|
|
|
|
|
|
Voltronic Power Technology Corp. |
|
|
361,049 |
|
|
|
4,698,383 |
|
|
|
|
|
|
|
|
|
|
Marine: 2.7% |
|
|
|
|
|
|
|
|
SITC International Holdings Co., Ltd. |
|
|
8,502,000 |
|
|
|
4,118,080 |
|
|
|
|
|
|
|
|
|
|
Construction & Engineering: 2.5% |
|
|
|
|
|
|
|
|
China Machinery Engineering Corp. H Shares |
|
|
4,390,000 |
|
|
|
3,794,367 |
|
|
|
|
|
|
|
|
|
|
Machinery: 2.4% |
|
|
|
|
|
|
|
|
Shanghai Mechanical and Electrical Industry Co., Ltd. B Shares |
|
|
1,583,560 |
|
|
|
3,615,165 |
|
|
|
|
|
|
|
|
|
|
Industrial Conglomerates: 2.3% |
|
|
|
|
|
|
|
|
Hopewell Holdings, Ltd. |
|
|
996,500 |
|
|
|
3,394,250 |
|
|
|
|
|
|
|
|
|
|
Road & Rail: 2.2% |
|
|
|
|
|
|
|
|
Daqin Railway Co., Ltd. A Shares |
|
|
2,353,614 |
|
|
|
3,276,886 |
|
|
|
|
|
|
|
|
|
|
Professional Services: 0.1% |
|
|
|
|
|
|
|
|
Sporton International, Inc. |
|
|
9,686 |
|
|
|
56,319 |
|
|
|
|
|
|
|
|
|
|
Total Industrials |
|
|
|
|
|
|
31,848,091 |
|
|
|
|
|
|
|
|
|
|
FINANCIALS: 16.3% |
|
|
|
|
|
|
|
|
Banks: 8.7% |
|
|
|
|
|
|
|
|
China Merchants Bank Co., Ltd. H Shares |
|
|
2,077,500 |
|
|
|
5,063,502 |
|
China Construction Bank Corp. H Shares |
|
|
6,616,000 |
|
|
|
4,415,072 |
|
Huishang Bank Corp., Ltd. H Shares |
|
|
8,311,000 |
|
|
|
3,644,497 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,123,071 |
|
|
|
|
|
|
|
|
|
|
Insurance: 2.6% |
|
|
|
|
|
|
|
|
AIA Group, Ltd. |
|
|
758,200 |
|
|
|
3,943,209 |
|
|
|
|
|
|
|
|
|
|
Real Estate Management & Development: 2.6% |
|
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. B Shares |
|
|
1,441,679 |
|
|
|
3,921,576 |
|
|
|
|
|
|
|
|
|
|
Real Estate Investment Trusts (REITS): 1.2% |
|
CapitaLand Retail China Trust, REIT |
|
|
1,941,000 |
|
|
|
1,865,383 |
|
|
|
|
|
|
|
|
|
|
Capital Markets: 1.2% |
|
|
|
|
|
|
|
|
China Everbright, Ltd. |
|
|
752,000 |
|
|
|
1,727,115 |
|
|
|
|
|
|
|
|
|
|
Total Financials |
|
|
|
|
|
|
24,580,354 |
|
|
|
|
|
|
|
|
|
|
CONSUMER DISCRETIONARY: 15.5% |
|
Auto Components: 5.6% |
|
|
|
|
|
|
|
|
Minth Group, Ltd. |
|
|
2,266,000 |
|
|
|
4,056,878 |
|
Fuyao Glass Industry Group Co., Ltd. H Sharesb |
|
|
1,234,400 |
|
|
|
2,359,853 |
|
Weifu High-Technology Group Co., Ltd. B Shares |
|
|
824,759 |
|
|
|
2,075,628 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,492,359 |
|
|
|
|
|
|
|
|
|
|
Hotels, Restaurants & Leisure: 3.6% |
|
|
|
|
|
|
|
|
Café de Coral Holdings, Ltd. |
|
|
1,216,000 |
|
|
|
4,069,637 |
|
Xiao Nan Guo Restaurants Holdings, Ltd.b |
|
|
14,818,000 |
|
|
|
1,440,004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,509,641 |
|
|
|
|
|
|
|
|
|
|
Textiles, Apparel & Luxury Goods: 3.2% |
|
|
|
|
|
|
|
|
Shenzhou International Group Holdings, Ltd. |
|
|
927,000 |
|
|
|
4,803,022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
|
|
Diversified Consumer Services: 2.9% |
|
|
|
|
|
|
|
|
New Oriental Education & Technology Group, Inc. ADR |
|
|
216,000 |
|
|
$ |
4,365,360 |
|
|
|
|
|
|
|
|
|
|
Media: 0.2% |
|
|
|
|
|
|
|
|
Television Broadcasts, Ltd. |
|
|
72,300 |
|
|
|
241,271 |
|
|
|
|
|
|
|
|
|
|
Total Consumer Discretionary |
|
|
|
|
|
|
23,411,653 |
|
|
|
|
|
|
|
|
|
|
CONSUMER STAPLES: 11.0% |
|
|
|
|
|
|
|
|
Beverages: 3.4% |
|
|
|
|
|
|
|
|
Kweichow Moutai Co., Ltd. A Shares |
|
|
171,603 |
|
|
|
5,149,471 |
|
|
|
|
|
|
|
|
|
|
Food Products: 2.6% |
|
|
|
|
|
|
|
|
Vitasoy International Holdings, Ltd. |
|
|
2,614,000 |
|
|
|
3,886,203 |
|
|
|
|
|
|
|
|
|
|
Food & Staples Retailing: 2.5% |
|
|
|
|
|
|
|
|
Shanghai Bailian Group Co., Ltd. B Shares |
|
|
2,238,277 |
|
|
|
3,830,330 |
|
|
|
|
|
|
|
|
|
|
Personal Products: 2.5% |
|
|
|
|
|
|
|
|
Shanghai Jahwa United Co., Ltd. A Sharesc |
|
|
697,793 |
|
|
|
3,730,792 |
|
|
|
|
|
|
|
|
|
|
Total Consumer Staples |
|
|
|
|
|
|
16,596,796 |
|
|
|
|
|
|
|
|
|
|
INFORMATION TECHNOLOGY: 9.0% |
|
Communications Equipment: 6.5% |
|
|
|
|
|
|
|
|
Sercomm Corp. |
|
|
2,285,000 |
|
|
|
5,617,179 |
|
Qualcomm, Inc. |
|
|
78,100 |
|
|
|
4,196,313 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,813,492 |
|
|
|
|
|
|
|
|
|
|
Electronic Equipment, Instruments & Components: 2.5% |
|
Sunny Optical Technology Group Co., Ltd. |
|
|
1,900,000 |
|
|
|
3,806,299 |
|
|
|
|
|
|
|
|
|
|
Total Information Technology |
|
|
|
|
|
|
13,619,791 |
|
|
|
|
|
|
|
|
|
|
TELECOMMUNICATION SERVICES: 8.7% |
|
Diversified Telecommunication Services: 5.6% |
|
HKBN, Ltd.b |
|
|
3,987,957 |
|
|
|
4,615,871 |
|
CITIC Telecom International Holdings, Ltd. |
|
|
11,085,000 |
|
|
|
3,805,060 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,420,931 |
|
|
|
|
|
|
|
|
|
|
Wireless Telecommunication Services: 3.1% |
|
China Mobile, Ltd. ADR |
|
|
79,030 |
|
|
|
4,702,285 |
|
|
|
|
|
|
|
|
|
|
Total Telecommunication Services |
|
|
|
|
|
|
13,123,216 |
|
|
|
|
|
|
|
|
|
|
UTILITIES: 5.5% |
|
|
|
|
|
|
|
|
Independent Power and Renewable Electricity Producers: 3.2% |
|
China Power International Development, Ltd. |
|
|
7,282,000 |
|
|
|
4,750,064 |
|
|
|
|
|
|
|
|
|
|
Water Utilities: 2.3% |
|
|
|
|
|
|
|
|
Guangdong Investment, Ltd. |
|
|
2,328,000 |
|
|
|
3,475,059 |
|
|
|
|
|
|
|
|
|
|
Total Utilities |
|
|
|
|
|
|
8,225,123 |
|
|
|
|
|
|
|
|
|
|
ENERGY: 2.8% |
|
|
|
|
|
|
|
|
Energy Equipment & Services: 1.5% |
|
|
|
|
|
|
|
|
Hilong Holding, Ltd. |
|
|
10,826,000 |
|
|
|
2,212,673 |
|
|
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels: 1.3% |
|
|
|
|
|
|
|
|
PetroChina Co., Ltd. H Shares |
|
|
2,780,000 |
|
|
|
1,936,001 |
|
|
|
|
|
|
|
|
|
|
Total Energy |
|
|
|
|
|
|
4,148,674 |
|
|
|
|
|
|
|
|
|
|
MATERIALS: 2.7% |
|
|
|
|
|
|
|
|
Containers & Packaging: 2.7% |
|
|
|
|
|
|
|
|
Greatview Aseptic Packaging Co., Ltd. |
|
|
8,688,000 |
|
|
|
4,056,651 |
|
|
|
|
|
|
|
|
|
|
Total Materials |
|
|
|
|
|
|
4,056,651 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Matthews China Dividend Fund |
|
September 30, 2015 |
Schedule of Investmentsa (unaudited) (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
|
|
COMMON EQUITIES: (continued) |
|
HEALTH CARE: 2.1% |
|
|
|
|
|
|
|
|
Pharmaceuticals: 2.1% |
|
|
|
|
|
|
|
|
Tianjin ZhongXin Pharmaceutical Group Corp., Ltd. S Shares |
|
|
2,966,200 |
|
|
$ |
3,154,657 |
|
|
|
|
|
|
|
|
|
|
Total Health Care |
|
|
|
|
|
|
3,154,657 |
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS: 94.8%
(Cost $153,049,559d) |
|
|
|
|
|
|
142,765,006 |
|
CASH AND OTHER ASSETS, LESS LIABILITIES: 5.2% |
|
|
|
|
|
|
7,783,423 |
|
|
|
|
|
|
|
|
|
|
NET ASSETS: 100.0% |
|
|
|
|
|
$ |
150,548,429 |
|
|
|
|
|
|
|
|
|
|
a |
Certain securities were fair valued under the valuation polices approved by the Board of Trustees (Note A). |
b |
Non-income producing security. |
c |
Illiquid security, trading was halted at 9/30/15. |
d |
Cost for federal income tax purposes is $153,103,578 and net unrealized depreciation consists of: |
|
|
|
|
|
Gross unrealized appreciation |
|
$ |
13,391,722 |
|
Gross unrealized depreciation |
|
|
(23,730,294 |
) |
|
|
|
|
|
Net unrealized depreciation |
|
($ |
10,338,572 |
) |
|
|
|
|
|
ADR |
American Depositary Receipt |
REIT |
Real Estate Investment Trust |
See accompanying notes to schedules of investments.
|
|
|
Matthews Asia Focus Fund |
|
September 30, 2015 |
Schedule of Investmentsa (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
|
|
COMMON EQUITIES: 92.3% |
|
CHINA/HONG KONG: 38.9% |
|
|
|
|
|
|
|
|
AIA Group, Ltd. |
|
|
134,600 |
|
|
$ |
700,021 |
|
Techtronic Industries Co., Ltd. |
|
|
131,500 |
|
|
|
490,239 |
|
Jardine Matheson Holdings, Ltd. |
|
|
10,000 |
|
|
|
473,510 |
|
Yum! Brands, Inc. |
|
|
5,750 |
|
|
|
459,713 |
|
Samsonite International SA |
|
|
139,800 |
|
|
|
456,849 |
|
VTech Holdings, Ltd. |
|
|
31,800 |
|
|
|
377,542 |
|
Baidu, Inc. ADRb |
|
|
2,637 |
|
|
|
362,350 |
|
HSBC Holdings PLC |
|
|
47,200 |
|
|
|
354,423 |
|
CK Hutchison Holdings, Ltd. |
|
|
27,228 |
|
|
|
354,172 |
|
Hang Lung Group, Ltd. |
|
|
76,000 |
|
|
|
258,741 |
|
Cheung Kong Property Holdings, Ltd. |
|
|
28,728 |
|
|
|
210,471 |
|
|
|
|
|
|
|
|
|
|
Total China/Hong Kong |
|
|
|
|
|
|
4,498,031 |
|
|
|
|
|
|
|
|
|
|
SINGAPORE: 9.3% |
|
|
|
|
|
|
|
|
Singapore Telecommunications, Ltd. |
|
|
191,600 |
|
|
|
484,962 |
|
Singapore Technologies Engineering, Ltd. |
|
|
144,500 |
|
|
|
303,159 |
|
United Overseas Bank, Ltd. |
|
|
22,500 |
|
|
|
293,785 |
|
|
|
|
|
|
|
|
|
|
Total Singapore |
|
|
|
|
|
|
1,081,906 |
|
|
|
|
|
|
|
|
|
|
MALAYSIA: 7.9% |
|
|
|
|
|
|
|
|
Genting Malaysia BHD |
|
|
359,600 |
|
|
|
339,796 |
|
Guinness Anchor BHD |
|
|
100,200 |
|
|
|
313,904 |
|
Axiata Group BHD |
|
|
199,100 |
|
|
|
262,991 |
|
|
|
|
|
|
|
|
|
|
Total Malaysia |
|
|
|
|
|
|
916,691 |
|
|
|
|
|
|
|
|
|
|
UNITED STATES: 6.1% |
|
|
|
|
|
|
|
|
Mead Johnson Nutrition Co. |
|
|
5,568 |
|
|
|
391,987 |
|
ResMed, Inc. |
|
|
6,100 |
|
|
|
310,856 |
|
|
|
|
|
|
|
|
|
|
Total United States |
|
|
|
|
|
|
702,843 |
|
|
|
|
|
|
|
|
|
|
AUSTRALIA: 5.3% |
|
|
|
|
|
|
|
|
Ansell, Ltd. |
|
|
23,691 |
|
|
|
313,709 |
|
Insurance Australia Group, Ltd. |
|
|
88,011 |
|
|
|
300,921 |
|
|
|
|
|
|
|
|
|
|
Total Australia |
|
|
|
|
|
|
614,630 |
|
|
|
|
|
|
|
|
|
|
THAILAND: 5.1% |
|
|
|
|
|
|
|
|
Intouch Holdings Public Co., Ltd. NVDR |
|
|
159,400 |
|
|
|
319,797 |
|
Kasikornbank Public Co., Ltd. |
|
|
56,500 |
|
|
|
266,826 |
|
|
|
|
|
|
|
|
|
|
Total Thailand |
|
|
|
|
|
|
586,623 |
|
|
|
|
|
|
|
|
|
|
INDONESIA: 4.7% |
|
|
|
|
|
|
|
|
PT Indofood Sukses Makmur |
|
|
726,300 |
|
|
|
273,339 |
|
PT Bank Rakyat Indonesia Persero |
|
|
458,900 |
|
|
|
271,713 |
|
|
|
|
|
|
|
|
|
|
Total Indonesia |
|
|
|
|
|
|
545,052 |
|
|
|
|
|
|
|
|
|
|
TAIWAN: 3.7% |
|
|
|
|
|
|
|
|
Taiwan Semiconductor Manufacturing Co., Ltd. |
|
|
106,000 |
|
|
|
424,814 |
|
|
|
|
|
|
|
|
|
|
Total Taiwan |
|
|
|
|
|
|
424,814 |
|
|
|
|
|
|
|
|
|
|
SWITZERLAND: 3.3% |
|
|
|
|
|
|
|
|
Cie Financiere Richemont SA |
|
|
4,953 |
|
|
|
385,398 |
|
|
|
|
|
|
|
|
|
|
Total Switzerland |
|
|
|
|
|
|
385,398 |
|
|
|
|
|
|
|
|
|
|
SOUTH KOREA: 3.0% |
|
|
|
|
|
|
|
|
Samsung Electronics Co., Ltd. |
|
|
365 |
|
|
|
350,201 |
|
|
|
|
|
|
|
|
|
|
Total South Korea |
|
|
|
|
|
|
350,201 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
|
|
JAPAN: 2.6% |
|
|
|
|
|
|
|
|
Japan Tobacco, Inc. |
|
|
9,500 |
|
|
$ |
294,692 |
|
|
|
|
|
|
|
|
|
|
Total Japan |
|
|
|
|
|
|
294,692 |
|
|
|
|
|
|
|
|
|
|
INDIA: 2.4% |
|
|
|
|
|
|
|
|
Tata Motors, Ltd.b |
|
|
61,471 |
|
|
|
279,628 |
|
|
|
|
|
|
|
|
|
|
Total India |
|
|
|
|
|
|
279,628 |
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS: 92.3%
(Cost $12,731,261c) |
|
|
|
|
|
|
10,680,509 |
|
CASH AND OTHER ASSETS, LESS LIABILITIES: 7.7% |
|
|
|
|
|
|
896,687 |
|
|
|
|
|
|
|
|
|
|
NET ASSETS: 100.0% |
|
|
|
|
|
$ |
11,577,196 |
|
|
|
|
|
|
|
|
|
|
a |
Certain securities were fair valued under the valuation polices approved by the Board of Trustees (Note A). |
b |
Non-income producing security. |
c |
Cost for federal income tax purposes is $12,805,544 and net unrealized depreciation consists of: |
|
|
|
|
|
Gross unrealized appreciation |
|
$ |
267,494 |
|
Gross unrealized depreciation |
|
|
(2,392,529 |
) |
|
|
|
|
|
Net unrealized depreciation |
|
($ |
2,125,035 |
) |
|
|
|
|
|
ADR American Depositary Receipt
BHD Berhad
NVDR Non-voting Depositary
Receipt
See accompanying notes to schedules of investments.
|
|
|
Matthews Asia Growth Fund |
|
September 30, 2015 |
Schedule of Investmentsa (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
|
|
COMMON EQUITIES: 99.2% |
|
|
|
|
|
|
|
|
JAPAN: 44.4% |
|
|
|
|
|
|
|
|
ORIX Corp. |
|
|
2,411,000 |
|
|
$ |
31,100,316 |
|
Sysmex Corp. |
|
|
568,600 |
|
|
|
30,028,767 |
|
Omron Corp. |
|
|
873,100 |
|
|
|
26,282,230 |
|
Seven & I Holdings Co., Ltd. |
|
|
471,800 |
|
|
|
21,529,724 |
|
Kakaku.com, Inc. |
|
|
1,183,400 |
|
|
|
19,218,919 |
|
M3, Inc. |
|
|
966,900 |
|
|
|
19,215,024 |
|
Toyota Motor Corp. |
|
|
321,400 |
|
|
|
18,817,300 |
|
Unicharm Corp. |
|
|
919,600 |
|
|
|
16,287,852 |
|
SoftBank Corp. |
|
|
348,000 |
|
|
|
16,091,455 |
|
Daikin Industries, Ltd. |
|
|
274,000 |
|
|
|
15,367,555 |
|
Nidec Corp. |
|
|
218,800 |
|
|
|
15,045,997 |
|
Nitto Denko Corp. |
|
|
233,500 |
|
|
|
13,984,954 |
|
Komatsu, Ltd. |
|
|
925,100 |
|
|
|
13,579,017 |
|
COOKPAD, Inc. |
|
|
570,600 |
|
|
|
12,045,794 |
|
Pigeon Corp. |
|
|
503,400 |
|
|
|
11,762,352 |
|
Glory, Ltd. |
|
|
480,100 |
|
|
|
11,347,175 |
|
Rinnai Corp. |
|
|
132,100 |
|
|
|
10,078,694 |
|
Dexerials Corp. |
|
|
757,100 |
|
|
|
9,731,573 |
|
Calbee, Inc. |
|
|
263,500 |
|
|
|
8,526,861 |
|
FANUC Corp. |
|
|
53,000 |
|
|
|
8,153,451 |
|
Recruit Holdings Co., Ltd. |
|
|
258,800 |
|
|
|
7,759,939 |
|
Daiken Medical Co., Ltd. |
|
|
911,500 |
|
|
|
7,523,169 |
|
Benefit One, Inc. |
|
|
433,800 |
|
|
|
7,352,670 |
|
Yokogawa Electric Corp. |
|
|
401,100 |
|
|
|
4,198,336 |
|
|
|
|
|
|
|
|
|
|
Total Japan |
|
|
|
|
|
|
355,029,124 |
|
|
|
|
|
|
|
|
|
|
CHINA/HONG KONG: 14.1% |
|
|
|
|
|
|
|
|
Baidu, Inc. ADRb |
|
|
183,700 |
|
|
|
25,242,217 |
|
Shenzhou International Group Holdings, Ltd. |
|
|
4,792,000 |
|
|
|
24,828,566 |
|
Alibaba Group Holding, Ltd. ADRb |
|
|
218,900 |
|
|
|
12,908,533 |
|
Luk Fook Holdings International, Ltd. |
|
|
3,859,000 |
|
|
|
9,672,822 |
|
China Lodging Group, Ltd. ADSb |
|
|
366,800 |
|
|
|
8,924,244 |
|
Sands China, Ltd. |
|
|
2,632,000 |
|
|
|
7,994,596 |
|
Autohome, Inc. ADRb |
|
|
202,400 |
|
|
|
6,584,072 |
|
Galaxy Entertainment Group, Ltd. |
|
|
1,958,000 |
|
|
|
5,014,997 |
|
Haitian International Holdings, Ltd. |
|
|
2,848,000 |
|
|
|
4,713,735 |
|
Shanghai Haohai Biological Technology Co., Ltd. H Sharesb |
|
|
734,500 |
|
|
|
4,283,742 |
|
Hang Lung Group, Ltd. |
|
|
742,000 |
|
|
|
2,526,133 |
|
|
|
|
|
|
|
|
|
|
Total China/Hong Kong |
|
|
|
|
|
|
112,693,657 |
|
|
|
|
|
|
|
|
|
|
INDIA: 12.9% |
|
|
|
|
|
|
|
|
Emami, Ltd. |
|
|
1,551,001 |
|
|
|
27,306,499 |
|
Lupin, Ltd. |
|
|
585,342 |
|
|
|
18,172,701 |
|
HDFC Bank, Ltd. |
|
|
1,102,893 |
|
|
|
18,016,947 |
|
Sun Pharmaceutical Industries, Ltd. |
|
|
1,306,465 |
|
|
|
17,287,807 |
|
ITC, Ltd. |
|
|
2,970,516 |
|
|
|
14,894,952 |
|
Multi Commodity Exchange of India, Ltd. |
|
|
516,163 |
|
|
|
7,383,107 |
|
|
|
|
|
|
|
|
|
|
Total India |
|
|
|
|
|
|
103,062,013 |
|
|
|
|
|
|
|
|
|
|
INDONESIA: 7.2% |
|
|
|
|
|
|
|
|
PT Bank Rakyat Indonesia Persero |
|
|
31,353,900 |
|
|
|
18,564,518 |
|
PT Astra International |
|
|
43,107,700 |
|
|
|
15,440,665 |
|
PT Indofood CBP Sukses Makmur |
|
|
14,320,100 |
|
|
|
12,143,619 |
|
PT Ace Hardware Indonesia |
|
|
194,172,500 |
|
|
|
6,703,619 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
|
|
PT Arwana Citramulia |
|
|
145,017,700 |
|
|
$ |
4,423,420 |
|
|
|
|
|
|
|
|
|
|
Total Indonesia |
|
|
|
|
|
|
57,275,841 |
|
|
|
|
|
|
|
|
|
|
PHILIPPINES: 4.8% |
|
|
|
|
|
|
|
|
Vista Land & Lifescapes, Inc. |
|
|
117,224,100 |
|
|
|
12,634,711 |
|
Universal Robina Corp. |
|
|
2,873,600 |
|
|
|
11,814,797 |
|
Jollibee Foods Corp. |
|
|
2,007,890 |
|
|
|
8,297,609 |
|
Emperador, Inc. |
|
|
37,942,500 |
|
|
|
5,674,328 |
|
|
|
|
|
|
|
|
|
|
Total Philippines |
|
|
|
|
|
|
38,421,445 |
|
|
|
|
|
|
|
|
|
|
AUSTRALIA: 3.7% |
|
|
|
|
|
|
|
|
CSL, Ltd. |
|
|
253,921 |
|
|
|
15,980,114 |
|
Oil Search, Ltd. |
|
|
2,632,693 |
|
|
|
13,367,320 |
|
|
|
|
|
|
|
|
|
|
Total Australia |
|
|
|
|
|
|
29,347,434 |
|
|
|
|
|
|
|
|
|
|
SRI LANKA: 3.6% |
|
|
|
|
|
|
|
|
Sampath Bank PLC |
|
|
7,897,235 |
|
|
|
14,449,212 |
|
Lanka Orix Leasing Co. PLCb |
|
|
12,121,473 |
|
|
|
8,286,867 |
|
John Keells Holdings PLC |
|
|
5,248,780 |
|
|
|
6,316,703 |
|
|
|
|
|
|
|
|
|
|
Total Sri Lanka |
|
|
|
|
|
|
29,052,782 |
|
|
|
|
|
|
|
|
|
|
TAIWAN: 2.0% |
|
|
|
|
|
|
|
|
St. Shine Optical Co., Ltd. |
|
|
711,000 |
|
|
|
8,723,486 |
|
Sinmag Equipment Corp. |
|
|
1,220,675 |
|
|
|
4,452,995 |
|
Synnex Technology International Corp. |
|
|
3,133,000 |
|
|
|
3,134,145 |
|
|
|
|
|
|
|
|
|
|
Total Taiwan |
|
|
|
|
|
|
16,310,626 |
|
|
|
|
|
|
|
|
|
|
SOUTH KOREA: 1.8% |
|
|
|
|
|
|
|
|
Orion Corp. |
|
|
9,402 |
|
|
|
7,487,174 |
|
Samsung Electronics Co., Ltd. |
|
|
7,384 |
|
|
|
7,084,607 |
|
|
|
|
|
|
|
|
|
|
Total South Korea |
|
|
|
|
|
|
14,571,781 |
|
|
|
|
|
|
|
|
|
|
THAILAND: 1.3% |
|
|
|
|
|
|
|
|
Major Cineplex Group Public Co., Ltd. |
|
|
11,921,000 |
|
|
|
10,501,901 |
|
|
|
|
|
|
|
|
|
|
Total Thailand |
|
|
|
|
|
|
10,501,901 |
|
|
|
|
|
|
|
|
|
|
MALAYSIA: 1.3% |
|
|
|
|
|
|
|
|
7-Eleven Malaysia Holdings BHD |
|
|
21,204,100 |
|
|
|
7,137,370 |
|
SapuraKencana Petroleum BHD |
|
|
7,729,800 |
|
|
|
3,317,894 |
|
|
|
|
|
|
|
|
|
|
Total Malaysia |
|
|
|
|
|
|
10,455,264 |
|
|
|
|
|
|
|
|
|
|
VIETNAM: 1.2% |
|
|
|
|
|
|
|
|
Vietnam Dairy Products JSC |
|
|
2,164,300 |
|
|
|
9,635,349 |
|
|
|
|
|
|
|
|
|
|
Total Vietnam |
|
|
|
|
|
|
9,635,349 |
|
|
|
|
|
|
|
|
|
|
PAKISTAN: 0.9% |
|
|
|
|
|
|
|
|
Habib Bank, Ltd. |
|
|
4,001,000 |
|
|
|
7,570,401 |
|
|
|
|
|
|
|
|
|
|
Total Pakistan |
|
|
|
|
|
|
7,570,401 |
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS: 99.2%
(Cost $747,213,240c) |
|
|
|
|
|
|
793,927,618 |
|
CASH AND OTHER ASSETS, LESS LIABILITIES: 0.8% |
|
|
|
|
|
|
6,344,663 |
|
|
|
|
|
|
|
|
|
|
NET ASSETS: 100.0% |
|
|
|
|
|
$ |
800,272,281 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Matthews Asia Growth Fund |
|
September 30, 2015 |
Schedule of Investmentsa (unaudited) (continued) |
|
|
a |
Certain securities were fair valued under the valuation polices approved by the Board of Trustees (Note A). |
b |
Non-income producing security. |
c |
Cost for federal income tax purposes is $747,213,240 and net unrealized appreciation consists of: |
|
|
|
|
|
Gross unrealized appreciation |
|
$ |
161,229,313 |
|
Gross unrealized depreciation |
|
|
(114,514,935 |
) |
|
|
|
|
|
Net unrealized appreciation |
|
$ |
46,714,378 |
|
|
|
|
|
|
ADR |
American Depositary Receipt |
ADS |
American Depositary Share |
See accompanying notes to schedules of investments.
|
|
|
Matthews Pacific Tiger Fund |
|
September 30, 2015 |
Schedule of Investmentsa (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
|
|
COMMON EQUITIES: 98.4% |
|
|
|
|
|
|
|
|
CHINA/HONG KONG: 31.8% |
|
|
|
|
|
|
|
|
Hengan International Group Co., Ltd. |
|
|
16,483,500 |
|
|
$ |
161,072,028 |
|
Ping An Insurance Group Co. of China, Ltd. H Shares |
|
|
30,743,000 |
|
|
|
153,622,315 |
|
Baidu, Inc. ADRb |
|
|
1,081,800 |
|
|
|
148,650,138 |
|
Sinopharm Group Co., Ltd. H Shares |
|
|
38,969,200 |
|
|
|
137,068,243 |
|
China Mobile, Ltd. ADR |
|
|
2,215,026 |
|
|
|
131,794,047 |
|
Lenovo Group, Ltd. |
|
|
135,894,000 |
|
|
|
114,883,135 |
|
China Resources Land, Ltd. |
|
|
47,814,000 |
|
|
|
112,904,062 |
|
Tencent Holdings, Ltd. |
|
|
5,886,500 |
|
|
|
99,226,320 |
|
WuXi PharmaTech Cayman, Inc. ADRb |
|
|
2,243,158 |
|
|
|
96,926,857 |
|
Dairy Farm International Holdings, Ltd. |
|
|
15,954,946 |
|
|
|
96,824,792 |
|
China Resources Enterprise, Ltd. |
|
|
50,302,000 |
|
|
|
93,591,025 |
|
AIA Group, Ltd. |
|
|
17,640,800 |
|
|
|
91,745,398 |
|
Hang Lung Group, Ltd. |
|
|
25,553,000 |
|
|
|
86,994,983 |
|
Yum! Brands, Inc. |
|
|
1,074,410 |
|
|
|
85,899,080 |
|
Alibaba Group Holding, Ltd. ADRb |
|
|
1,291,700 |
|
|
|
76,171,549 |
|
China Vanke Co., Ltd. H Shares |
|
|
29,747,704 |
|
|
|
63,908,292 |
|
Hong Kong Exchanges and Clearing, Ltd. |
|
|
2,603,000 |
|
|
|
59,715,424 |
|
Fuyao Glass Industry Group Co., Ltd. H Sharesb, |
|
|
30,836,000 |
|
|
|
58,950,444 |
|
Inner Mongolia Yili Industrial Group Co., Ltd. A Shares |
|
|
24,190,604 |
|
|
|
58,696,725 |
|
Swire Pacific, Ltd. A Share Class |
|
|
5,013,000 |
|
|
|
56,188,414 |
|
Tasly Pharmaceutical Group Co., Ltd. A Shares |
|
|
8,120,247 |
|
|
|
42,461,515 |
|
Shanghai Jahwa United Co., Ltd. A Sharesc |
|
|
2,220,199 |
|
|
|
11,870,427 |
|
|
|
|
|
|
|
|
|
|
Total China/Hong Kong |
|
|
|
|
|
|
2,039,165,213 |
|
|
|
|
|
|
|
|
|
|
INDIA: 20.3% |
|
|
|
|
|
|
|
|
Kotak Mahindra Bank, Ltd. |
|
|
16,873,409 |
|
|
|
167,018,044 |
|
Tata Power Co., Ltd. |
|
|
165,620,436 |
|
|
|
164,257,211 |
|
Sun Pharmaceutical Industries, Ltd. |
|
|
12,078,258 |
|
|
|
159,825,633 |
|
Container Corp. of India, Ltd. |
|
|
5,471,996 |
|
|
|
123,878,507 |
|
Titan Co., Ltd. |
|
|
24,797,915 |
|
|
|
120,169,075 |
|
Housing Development Finance Corp., Ltd. |
|
|
5,935,685 |
|
|
|
109,973,491 |
|
GAIL India, Ltd. |
|
|
22,282,108 |
|
|
|
102,814,741 |
|
HDFC Bank, Ltd. |
|
|
6,223,409 |
|
|
|
101,666,100 |
|
ITC, Ltd. |
|
|
18,735,000 |
|
|
|
93,942,238 |
|
Dabur India, Ltd. |
|
|
21,117,482 |
|
|
|
88,881,395 |
|
Thermax, Ltd. |
|
|
5,310,034 |
|
|
|
68,907,480 |
|
|
|
|
|
|
|
|
|
|
Total India |
|
|
|
|
|
|
1,301,333,915 |
|
|
|
|
|
|
|
|
|
|
SOUTH KOREA: 16.2% |
|
|
|
|
|
|
|
|
Naver Corp. |
|
|
417,316 |
|
|
|
180,879,726 |
|
Dongbu Insurance Co., Ltd. |
|
|
3,399,119 |
|
|
|
176,291,308 |
|
Amorepacific Corp. |
|
|
519,511 |
|
|
|
169,292,275 |
|
Orion Corp. |
|
|
203,080 |
|
|
|
161,720,405 |
|
Green Cross Corp. |
|
|
964,850 |
|
|
|
152,914,024 |
|
Samsung Electronics Co., Ltd. |
|
|
105,105 |
|
|
|
100,843,395 |
|
Cheil Worldwide, Inc.b, |
|
|
6,154,297 |
|
|
|
95,088,408 |
|
|
|
|
|
|
|
|
|
|
Total South Korea |
|
|
|
|
|
|
1,037,029,541 |
|
|
|
|
|
|
|
|
|
|
TAIWAN: 6.0% |
|
|
|
|
|
|
|
|
President Chain Store Corp. |
|
|
23,236,608 |
|
|
|
144,919,330 |
|
Delta Electronics, Inc. |
|
|
29,692,000 |
|
|
|
140,050,019 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
|
|
Synnex Technology International Corp. |
|
|
98,191,354 |
|
|
$ |
98,227,231 |
|
|
|
|
|
|
|
|
|
|
Total Taiwan |
|
|
|
|
|
|
383,196,580 |
|
|
|
|
|
|
|
|
|
|
INDONESIA: 5.8% |
|
|
|
|
|
|
|
|
PT Indofood CBP Sukses Makmur |
|
|
112,761,300 |
|
|
|
95,622,950 |
|
PT Bank Central Asia |
|
|
100,580,000 |
|
|
|
84,444,620 |
|
PT Telekomunikasi Indonesia Persero |
|
|
446,304,300 |
|
|
|
80,603,074 |
|
PT Astra International |
|
|
159,745,900 |
|
|
|
57,219,078 |
|
PT Perusahaan Gas Negara Persero |
|
|
234,985,100 |
|
|
|
40,661,898 |
|
PT Telekomunikasi Indonesia Persero ADR |
|
|
364,070 |
|
|
|
12,979,096 |
|
|
|
|
|
|
|
|
|
|
Total Indonesia |
|
|
|
|
|
|
371,530,716 |
|
|
|
|
|
|
|
|
|
|
THAILAND: 5.4% |
|
|
|
|
|
|
|
|
Central Pattana Public Co., Ltd. |
|
|
134,488,800 |
|
|
|
166,031,454 |
|
The Siam Cement Public Co., Ltd. |
|
|
8,872,950 |
|
|
|
113,569,452 |
|
Kasikornbank Public Co., Ltd. NVDR |
|
|
13,577,700 |
|
|
|
64,121,895 |
|
|
|
|
|
|
|
|
|
|
Total Thailand |
|
|
|
|
|
|
343,722,801 |
|
|
|
|
|
|
|
|
|
|
MALAYSIA: 3.4% |
|
|
|
|
|
|
|
|
Genting BHD |
|
|
54,370,200 |
|
|
|
90,028,084 |
|
IHH Healthcare BHD |
|
|
47,676,300 |
|
|
|
64,716,492 |
|
Public Bank BHD |
|
|
12,771,594 |
|
|
|
50,925,868 |
|
IHH Healthcare BHD |
|
|
11,543,000 |
|
|
|
15,192,642 |
|
|
|
|
|
|
|
|
|
|
Total Malaysia |
|
|
|
|
|
|
220,863,086 |
|
|
|
|
|
|
|
|
|
|
PHILIPPINES: 2.9% |
|
|
|
|
|
|
|
|
GT Capital Holdings, Inc. |
|
|
3,897,540 |
|
|
|
105,725,833 |
|
SM Prime Holdings, Inc. |
|
|
181,670,771 |
|
|
|
80,481,761 |
|
|
|
|
|
|
|
|
|
|
Total Philippines |
|
|
|
|
|
|
186,207,594 |
|
|
|
|
|
|
|
|
|
|
SWITZERLAND: 2.7% |
|
|
|
|
|
|
|
|
DKSH Holding, Ltd. |
|
|
2,688,062 |
|
|
|
170,537,576 |
|
|
|
|
|
|
|
|
|
|
Total Switzerland |
|
|
|
|
|
|
170,537,576 |
|
|
|
|
|
|
|
|
|
|
VIETNAM: 2.0% |
|
|
|
|
|
|
|
|
Vietnam Dairy Products JSC |
|
|
28,359,837 |
|
|
|
126,256,493 |
|
|
|
|
|
|
|
|
|
|
Total Vietnam |
|
|
|
|
|
|
126,256,493 |
|
|
|
|
|
|
|
|
|
|
UNITED STATES: 1.4% |
|
|
|
|
|
|
|
|
Cognizant Technology Solutions Corp. Class Ab |
|
|
1,382,600 |
|
|
|
86,564,586 |
|
|
|
|
|
|
|
|
|
|
Total United States |
|
|
|
|
|
|
86,564,586 |
|
|
|
|
|
|
|
|
|
|
SINGAPORE: 0.5% |
|
|
|
|
|
|
|
|
Hyflux, Ltd. |
|
|
63,942,780 |
|
|
|
31,121,336 |
|
|
|
|
|
|
|
|
|
|
Total Singapore |
|
|
|
|
|
|
31,121,336 |
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON EQUITIES
(Cost $5,369,900,832) |
|
|
|
|
|
|
6,297,529,437 |
|
|
|
|
|
|
|
|
|
|
WARRANTS: 0.0% |
|
|
|
|
|
|
|
|
MALAYSIA: 0.0% |
|
|
|
|
|
|
|
|
Genting BHD, expires 12/18/18 |
|
|
12,253,875 |
|
|
|
2,383,453 |
|
|
|
|
|
|
|
|
|
|
Total Malaysia |
|
|
|
|
|
|
2,383,453 |
|
|
|
|
|
|
|
|
|
|
TOTAL WARRANTS
(Cost $5,593,674) |
|
|
|
|
|
|
2,383,453 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Matthews Pacific Tiger Fund |
|
September 30, 2015 |
Schedule of Investmentsa (unaudited) (continued) |
|
|
|
|
|
|
|
|
|
Value |
|
|
|
TOTAL INVESTMENTS: 98.4%
(Cost $5,375,494,506d) |
|
$ |
6,299,912,890 |
|
CASH AND OTHER ASSETS, LESS LIABILITIES: 1.6% |
|
|
103,601,745 |
|
|
|
|
|
|
NET ASSETS: 100.0% |
|
$ |
6,403,514,635 |
|
|
|
|
|
|
a |
Certain securities were fair valued under the valuation polices approved by the Board of Trustees (Note A). |
b |
Non-income producing security. |
c |
Illiquid security, trading was halted at 9/30/15. |
d |
Cost for federal income tax purposes is $5,377,127,603 and net unrealized appreciation consists of: |
|
|
|
|
|
Gross unrealized appreciation |
|
$ |
1,582,676,337 |
|
Gross unrealized depreciation |
|
|
(659,891,050 |
) |
|
|
|
|
|
Net unrealized appreciation |
|
$ |
922,785,287 |
|
|
|
|
|
|
|
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 |
NVDR |
Non-voting Depositary Receipt |
See accompanying notes to schedules of investments.
|
|
|
Matthews Asia ESG Fund |
|
September 30, 2015 |
Schedule of Investmentsa (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
|
|
COMMON EQUITIES: 92.0% |
|
|
|
|
|
|
|
|
CHINA/HONG KONG: 25.1% |
|
|
|
|
|
|
|
|
Sino Biopharmaceutical, Ltd. |
|
|
120,000 |
|
|
$ |
148,603 |
|
MTR Corp., Ltd. |
|
|
33,000 |
|
|
|
143,484 |
|
JD.com, Inc. ADRb |
|
|
5,200 |
|
|
|
135,512 |
|
Inner Mongolia Yili Industrial Group Co., Ltd. A Shares |
|
|
54,800 |
|
|
|
132,968 |
|
AIA Group, Ltd. |
|
|
19,000 |
|
|
|
98,814 |
|
CSPC Pharmaceutical Group, Ltd. |
|
|
110,000 |
|
|
|
96,851 |
|
Towngas China Co., Ltd. |
|
|
146,000 |
|
|
|
89,743 |
|
Haier Electronics Group Co., Ltd. |
|
|
42,000 |
|
|
|
70,519 |
|
Beijing Urban Construction Design & Development Group Co., Ltd. H Shares |
|
|
122,000 |
|
|
|
68,860 |
|
Guangdong Investment, Ltd. |
|
|
36,000 |
|
|
|
53,738 |
|
China Conch Venture Holdings, Ltd. |
|
|
24,500 |
|
|
|
52,123 |
|
HKBN, Ltd.b |
|
|
43,500 |
|
|
|
50,349 |
|
Weifu High-Technology Group Co., Ltd. B Shares |
|
|
11,500 |
|
|
|
28,941 |
|
CIMC Enric Holdings, Ltd. |
|
|
44,000 |
|
|
|
25,264 |
|
|
|
|
|
|
|
|
|
|
Total China/Hong Kong |
|
|
|
|
|
|
1,195,769 |
|
|
|
|
|
|
|
|
|
|
INDIA: 17.1% |
|
|
|
|
|
|
|
|
Bharti Infratel, Ltd. |
|
|
27,712 |
|
|
|
150,157 |
|
Bata India, Ltd. |
|
|
8,718 |
|
|
|
143,363 |
|
Ipca Laboratories, Ltd. |
|
|
8,837 |
|
|
|
99,996 |
|
Power Grid Corp. of India, Ltd. |
|
|
48,922 |
|
|
|
98,937 |
|
Lupin, Ltd. |
|
|
3,122 |
|
|
|
96,927 |
|
Infosys, Ltd. |
|
|
5,446 |
|
|
|
96,613 |
|
Sanofi India, Ltd. |
|
|
1,010 |
|
|
|
63,652 |
|
KPIT Technologies, Ltd. |
|
|
23,275 |
|
|
|
38,042 |
|
SKS Microfinance, Ltd.b |
|
|
4,882 |
|
|
|
30,245 |
|
|
|
|
|
|
|
|
|
|
Total India |
|
|
|
|
|
|
817,932 |
|
|
|
|
|
|
|
|
|
|
TAIWAN: 13.0% |
|
|
|
|
|
|
|
|
Taiwan Semiconductor Manufacturing Co., Ltd. |
|
|
57,000 |
|
|
|
228,438 |
|
CHC Resources Corp. |
|
|
34,000 |
|
|
|
61,614 |
|
St. Shine Optical Co., Ltd. |
|
|
5,000 |
|
|
|
61,347 |
|
Merida Industry Co., Ltd. |
|
|
11,000 |
|
|
|
59,401 |
|
Greatek Electronics, Inc. |
|
|
68,000 |
|
|
|
58,308 |
|
KD Holding Corp. |
|
|
12,000 |
|
|
|
57,443 |
|
Lumax International Corp., Ltd. |
|
|
36,000 |
|
|
|
47,430 |
|
Sporton International, Inc. |
|
|
8,077 |
|
|
|
46,964 |
|
|
|
|
|
|
|
|
|
|
Total Taiwan |
|
|
|
|
|
|
620,945 |
|
|
|
|
|
|
|
|
|
|
SOUTH KOREA: 8.2% |
|
|
|
|
|
|
|
|
Hanon Systems |
|
|
4,502 |
|
|
|
149,678 |
|
DGB Financial Group, Inc. |
|
|
11,233 |
|
|
|
99,892 |
|
iMarketKorea, Inc. |
|
|
2,951 |
|
|
|
73,317 |
|
KT Skylife Co., Ltd. |
|
|
3,990 |
|
|
|
68,686 |
|
|
|
|
|
|
|
|
|
|
Total South Korea |
|
|
|
|
|
|
391,573 |
|
|
|
|
|
|
|
|
|
|
JAPAN: 5.8% |
|
|
|
|
|
|
|
|
Tsukui Corp. |
|
|
11,800 |
|
|
|
113,419 |
|
Daikin Industries, Ltd. |
|
|
1,800 |
|
|
|
100,955 |
|
Koito Manufacturing Co., Ltd. |
|
|
1,200 |
|
|
|
39,212 |
|
Ain Pharmaciez, Inc. |
|
|
500 |
|
|
|
25,521 |
|
|
|
|
|
|
|
|
|
|
Total Japan |
|
|
|
|
|
|
279,107 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
|
|
PHILIPPINES: 4.6% |
|
|
|
|
|
|
|
|
Puregold Price Club, Inc. |
|
|
179,900 |
|
|
$ |
119,317 |
|
Energy Development Corp. |
|
|
831,900 |
|
|
|
98,053 |
|
|
|
|
|
|
|
|
|
|
Total Philippines |
|
|
|
|
|
|
217,370 |
|
|
|
|
|
|
|
|
|
|
THAILAND: 4.2% |
|
|
|
|
|
|
|
|
Total Access Communication Public Co., Ltd. NVDR |
|
|
116,700 |
|
|
|
185,932 |
|
Bumrungrad Hospital Public Co., Ltd. |
|
|
2,500 |
|
|
|
14,903 |
|
|
|
|
|
|
|
|
|
|
Total Thailand |
|
|
|
|
|
|
200,835 |
|
|
|
|
|
|
|
|
|
|
SINGAPORE: 3.2% |
|
|
|
|
|
|
|
|
Parkway Life REIT |
|
|
64,400 |
|
|
|
104,086 |
|
Vicom, Ltd. |
|
|
11,300 |
|
|
|
47,664 |
|
|
|
|
|
|
|
|
|
|
Total Singapore |
|
|
|
|
|
|
151,750 |
|
|
|
|
|
|
|
|
|
|
PAKISTAN: 2.5% |
|
|
|
|
|
|
|
|
Abbott Laboratories Pakistan, Ltd. |
|
|
11,950 |
|
|
|
74,748 |
|
Bank Alfalah, Ltd. |
|
|
182,000 |
|
|
|
43,429 |
|
|
|
|
|
|
|
|
|
|
Total Pakistan |
|
|
|
|
|
|
118,177 |
|
|
|
|
|
|
|
|
|
|
INDONESIA: 2.4% |
|
|
|
|
|
|
|
|
PT Bank Rakyat Indonesia Persero |
|
|
121,200 |
|
|
|
71,762 |
|
PT Perusahaan Gas Negara Persero |
|
|
241,700 |
|
|
|
41,824 |
|
|
|
|
|
|
|
|
|
|
Total Indonesia |
|
|
|
|
|
|
113,586 |
|
|
|
|
|
|
|
|
|
|
LUXEMBOURG: 1.5% |
|
|
|
|
|
|
|
|
LOccitane International SA |
|
|
34,500 |
|
|
|
72,203 |
|
|
|
|
|
|
|
|
|
|
Total Luxembourg |
|
|
|
|
|
|
72,203 |
|
|
|
|
|
|
|
|
|
|
SRI LANKA: 1.3% |
|
|
|
|
|
|
|
|
Nestle Lanka PLC |
|
|
4,224 |
|
|
|
62,738 |
|
|
|
|
|
|
|
|
|
|
Total Sri Lanka |
|
|
|
|
|
|
62,738 |
|
|
|
|
|
|
|
|
|
|
BANGLADESH: 1.3% |
|
|
|
|
|
|
|
|
Square Pharmaceuticals, Ltd. |
|
|
19,040 |
|
|
|
61,055 |
|
|
|
|
|
|
|
|
|
|
Total Bangladesh |
|
|
|
|
|
|
61,055 |
|
|
|
|
|
|
|
|
|
|
AUSTRALIA: 1.3% |
|
|
|
|
|
|
|
|
Ansell, Ltd. |
|
|
2,695 |
|
|
|
35,686 |
|
Tox Free Solutions, Ltd. |
|
|
13,444 |
|
|
|
24,404 |
|
|
|
|
|
|
|
|
|
|
Total Australia |
|
|
|
|
|
|
60,090 |
|
|
|
|
|
|
|
|
|
|
UNITED STATES: 0.5% |
|
|
|
|
|
|
|
|
Sensata Technologies Holding NVb |
|
|
500 |
|
|
|
22,170 |
|
|
|
|
|
|
|
|
|
|
Total United States |
|
|
|
|
|
|
22,170 |
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS: 92.0%
(Cost $4,775,414c) |
|
|
|
|
|
|
4,385,300 |
|
CASH AND OTHER ASSETS, LESS LIABILITIES: 8.0% |
|
|
|
|
|
|
381,267 |
|
|
|
|
|
|
|
|
|
|
NET ASSETS: 100.0% |
|
|
|
|
|
$ |
4,766,567 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Matthews Asia ESG Fund |
|
September 30, 2015 |
Schedule of Investmentsa (unaudited) (continued) |
|
|
a |
Certain securities were fair valued under the valuation polices approved by the Board of Trustees (Note A). |
b |
Non-income producing security. |
c |
Cost for federal income tax purposes is $4,775,414 and net unrealized depreciation consists of: |
|
|
|
|
|
Gross unrealized appreciation |
|
$ |
84,408 |
|
Gross unrealized depreciation |
|
|
(474,522 |
) |
|
|
|
|
|
Net unrealized depreciation |
|
($ |
390,114 |
) |
|
|
|
|
|
ADR |
American Depositary Receipt |
NVDR |
Non-voting Depositary Receipt |
REIT |
Real Estate Investment Trust |
See accompanying notes to schedules of investments.
|
|
|
Matthews Emerging Asia Fund |
|
September 30, 2015 |
Schedule of Investmentsa (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
|
|
COMMON EQUITIES: 99.1% |
|
PAKISTAN: 19.2% |
|
|
|
|
|
|
|
|
The Searle Pakistan, Ltd.b |
|
|
2,041,700 |
|
|
$ |
7,834,054 |
|
K-Electric, Ltd.b |
|
|
56,269,000 |
|
|
|
3,815,631 |
|
Habib Bank, Ltd. |
|
|
1,508,100 |
|
|
|
2,853,517 |
|
PAK Suzuki Motor Co., Ltd. |
|
|
688,600 |
|
|
|
2,732,452 |
|
Hum Network, Ltd. |
|
|
15,552,000 |
|
|
|
2,420,283 |
|
Abbott Laboratories Pakistan, Ltd. |
|
|
347,100 |
|
|
|
2,171,140 |
|
GlaxoSmithKline Pakistan, Ltd. |
|
|
1,021,540 |
|
|
|
2,089,622 |
|
ICI Pakistan, Ltd. |
|
|
452,600 |
|
|
|
2,088,998 |
|
Engro Foods, Ltd.b |
|
|
1,237,100 |
|
|
|
1,747,633 |
|
Pakistan Petroleum, Ltd. |
|
|
1,487,800 |
|
|
|
1,701,686 |
|
National Foods, Ltd. |
|
|
429,700 |
|
|
|
1,487,899 |
|
|
|
|
|
|
|
|
|
|
Total Pakistan |
|
|
|
|
|
|
30,942,915 |
|
|
|
|
|
|
|
|
|
|
BANGLADESH: 15.6% |
|
|
|
|
|
|
|
|
British American Tobacco Bangladesh Co., Ltd. |
|
|
132,990 |
|
|
|
5,041,208 |
|
Olympic Industries, Ltd. |
|
|
1,193,695 |
|
|
|
4,644,322 |
|
Square Pharmaceuticals, Ltd. |
|
|
1,421,741 |
|
|
|
4,559,077 |
|
Marico Bangladesh, Ltd. |
|
|
161,759 |
|
|
|
3,567,745 |
|
United Commercial Bank, Ltd. |
|
|
11,765,239 |
|
|
|
3,388,510 |
|
Berger Paints Bangladesh, Ltd. |
|
|
69,450 |
|
|
|
1,915,070 |
|
Bata Shoe Co. Bangladesh, Ltd. |
|
|
75,700 |
|
|
|
1,321,575 |
|
Apex Footwear, Ltd. |
|
|
113,800 |
|
|
|
576,499 |
|
|
|
|
|
|
|
|
|
|
Total Bangladesh |
|
|
|
|
|
|
25,014,006 |
|
|
|
|
|
|
|
|
|
|
VIETNAM: 12.3% |
|
|
|
|
|
|
|
|
Vinh Hoan Corp. |
|
|
2,579,760 |
|
|
|
4,201,346 |
|
Phu Nhuan Jewelry JSC |
|
|
2,007,863 |
|
|
|
2,936,007 |
|
Tien Phong Plastic JSC |
|
|
1,292,517 |
|
|
|
2,622,123 |
|
National Seed JSC |
|
|
554,535 |
|
|
|
2,516,408 |
|
Mobile World Investment Corp.b |
|
|
632,587 |
|
|
|
1,723,279 |
|
DHG Pharmaceutical JSC |
|
|
436,320 |
|
|
|
1,294,114 |
|
Nam Long Investment Corp. |
|
|
1,386,590 |
|
|
|
1,258,433 |
|
Dinh Vu Port Investment & Development JSC |
|
|
517,550 |
|
|
|
1,174,288 |
|
Masan Group Corp.b |
|
|
273,360 |
|
|
|
901,461 |
|
Saigon Securities, Inc. |
|
|
820,829 |
|
|
|
858,430 |
|
Phuoc Hoa Rubber JSC |
|
|
304,000 |
|
|
|
246,148 |
|
|
|
|
|
|
|
|
|
|
Total Vietnam |
|
|
|
|
|
|
19,732,037 |
|
|
|
|
|
|
|
|
|
|
INDIA: 11.4% |
|
|
|
|
|
|
|
|
PC Jeweller, Ltd. |
|
|
801,621 |
|
|
|
4,328,558 |
|
Emami, Ltd. |
|
|
126,978 |
|
|
|
2,235,540 |
|
Supreme Industries, Ltd. |
|
|
223,468 |
|
|
|
2,106,087 |
|
Praj Industries, Ltd. |
|
|
1,224,447 |
|
|
|
1,551,392 |
|
Info Edge India, Ltd. |
|
|
124,174 |
|
|
|
1,513,281 |
|
GRUH Finance, Ltd. |
|
|
304,007 |
|
|
|
1,234,828 |
|
VST Industries, Ltd. |
|
|
49,694 |
|
|
|
1,214,793 |
|
Shriram Transport Finance Co., Ltd. |
|
|
83,544 |
|
|
|
1,180,566 |
|
Shriram City Union Finance, Ltd. |
|
|
41,454 |
|
|
|
1,077,368 |
|
Shalimar Paints, Ltd.b |
|
|
525,830 |
|
|
|
826,660 |
|
Cipla India, Ltd. |
|
|
60,053 |
|
|
|
582,993 |
|
Multi Commodity Exchange of India, Ltd. |
|
|
32,155 |
|
|
|
459,940 |
|
|
|
|
|
|
|
|
|
|
Total India |
|
|
|
|
|
|
18,312,006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
|
|
CHINA/HONG KONG: 10.8% |
|
|
|
|
|
|
|
|
Shenzhou International Group Holdings, Ltd. |
|
|
689,000 |
|
|
$ |
3,569,884 |
|
Luk Fook Holdings International, Ltd. |
|
|
1,200,000 |
|
|
|
3,007,874 |
|
CIMC Enric Holdings, Ltd. |
|
|
4,378,000 |
|
|
|
2,513,741 |
|
Alibaba Group Holding, Ltd. ADRb |
|
|
29,300 |
|
|
|
1,727,821 |
|
Playmates Toys, Ltd. |
|
|
8,756,000 |
|
|
|
1,694,135 |
|
Tencent Holdings, Ltd. |
|
|
88,700 |
|
|
|
1,495,180 |
|
Future Bright Holdings, Ltd. |
|
|
9,948,000 |
|
|
|
1,110,697 |
|
Haitian International Holdings, Ltd. |
|
|
618,000 |
|
|
|
1,022,854 |
|
Melco Crown Entertainment, Ltd. ADR |
|
|
49,500 |
|
|
|
681,120 |
|
Louis XIII Holdings, Ltd.b |
|
|
1,923,000 |
|
|
|
537,980 |
|
|
|
|
|
|
|
|
|
|
Total China/Hong Kong |
|
|
|
|
|
|
17,361,286 |
|
|
|
|
|
|
|
|
|
|
SRI LANKA: 9.5% |
|
|
|
|
|
|
|
|
Sampath Bank PLC |
|
|
2,483,749 |
|
|
|
4,544,403 |
|
National Development Bank PLC |
|
|
2,515,196 |
|
|
|
3,958,218 |
|
Hemas Holdings PLC |
|
|
5,038,636 |
|
|
|
3,031,027 |
|
Aitken Spence Hotel Holdings PLC |
|
|
1,973,457 |
|
|
|
1,033,516 |
|
Chevron Lubricants Lanka PLC |
|
|
260,863 |
|
|
|
684,619 |
|
Ceylon Tobacco Co. PLC |
|
|
85,424 |
|
|
|
584,750 |
|
Expolanka Holdings PLC |
|
|
9,348,946 |
|
|
|
542,543 |
|
Ceylinco Insurance Co. PLC |
|
|
51,393 |
|
|
|
509,202 |
|
Lanka Orix Leasing Co. PLCb |
|
|
573,466 |
|
|
|
392,051 |
|
|
|
|
|
|
|
|
|
|
Total Sri Lanka |
|
|
|
|
|
|
15,280,329 |
|
|
|
|
|
|
|
|
|
|
INDONESIA: 8.4% |
|
|
|
|
|
|
|
|
PT Matahari Department Store |
|
|
3,032,600 |
|
|
|
3,349,541 |
|
PT Gudang Garam |
|
|
1,058,900 |
|
|
|
3,039,779 |
|
PT Mayora Indah |
|
|
1,179,600 |
|
|
|
2,141,799 |
|
PT Bank Mandiri Persero |
|
|
3,728,900 |
|
|
|
2,022,739 |
|
PT Sumber Alfaria Trijaya |
|
|
38,533,300 |
|
|
|
1,499,248 |
|
PT Indofood CBP Sukses Makmur |
|
|
1,301,700 |
|
|
|
1,103,857 |
|
PT Electronic City Indonesia |
|
|
4,790,100 |
|
|
|
289,424 |
|
|
|
|
|
|
|
|
|
|
Total Indonesia |
|
|
|
|
|
|
13,446,387 |
|
|
|
|
|
|
|
|
|
|
PHILIPPINES: 6.3% |
|
|
|
|
|
|
|
|
Puregold Price Club, Inc. |
|
|
4,214,000 |
|
|
|
2,794,908 |
|
Universal Robina Corp. |
|
|
505,710 |
|
|
|
2,079,225 |
|
Vista Land & Lifescapes, Inc. |
|
|
18,094,100 |
|
|
|
1,950,228 |
|
Emperador, Inc. |
|
|
9,273,800 |
|
|
|
1,386,903 |
|
GT Capital Holdings, Inc. |
|
|
40,630 |
|
|
|
1,102,141 |
|
RFM Corp. |
|
|
9,430,400 |
|
|
|
807,181 |
|
|
|
|
|
|
|
|
|
|
Total Philippines |
|
|
|
|
|
|
10,120,586 |
|
|
|
|
|
|
|
|
|
|
THAILAND: 2.6% |
|
|
|
|
|
|
|
|
SNC Former Public Co., Ltd. |
|
|
5,111,700 |
|
|
|
1,931,074 |
|
Srisawad Power 1979 Public Co., Ltd. |
|
|
1,283,568 |
|
|
|
1,303,317 |
|
Beauty Community Public Co., Ltd. |
|
|
7,142,000 |
|
|
|
893,392 |
|
|
|
|
|
|
|
|
|
|
Total Thailand |
|
|
|
|
|
|
4,127,783 |
|
|
|
|
|
|
|
|
|
|
AUSTRALIA: 1.1% |
|
|
|
|
|
|
|
|
Oil Search, Ltd. |
|
|
349,221 |
|
|
|
1,773,146 |
|
|
|
|
|
|
|
|
|
|
Total Australia |
|
|
|
|
|
|
1,773,146 |
|
|
|
|
|
|
|
|
|
|
CAMBODIA: 1.0% |
|
|
|
|
|
|
|
|
NagaCorp, Ltd. |
|
|
2,828,000 |
|
|
|
1,700,602 |
|
|
|
|
|
|
|
|
|
|
Total Cambodia |
|
|
|
|
|
|
1,700,602 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Matthews Emerging Asia Fund |
|
September 30, 2015 |
Schedule of Investmentsa (unaudited) (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
|
|
COMMON EQUITIES: (continued) |
|
|
|
|
|
|
|
|
SINGAPORE: 0.9% |
|
|
|
|
|
|
|
|
Yoma Strategic Holdings, Ltd.b |
|
|
5,491,766 |
|
|
$ |
1,412,890 |
|
|
|
|
|
|
|
|
|
|
Total Singapore |
|
|
|
|
|
|
1,412,890 |
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON EQUITIES
(Cost $161,682,042) |
|
|
|
|
|
|
159,223,973 |
|
|
|
|
|
|
|
|
|
|
WARRANTS: 0.0% |
|
|
|
|
|
|
|
|
THAILAND: 0.0% |
|
|
|
|
|
|
|
|
Srisawad Power 1979 Public Co., Ltd., expires 6/11/20 |
|
|
50,336 |
|
|
|
11,372 |
|
|
|
|
|
|
|
|
|
|
Total Thailand |
|
|
|
|
|
|
11,372 |
|
|
|
|
|
|
|
|
|
|
TOTAL WARRANTS
(Cost $0) |
|
|
|
|
|
|
11,372 |
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS: 99.1%
(Cost $161,682,042c) |
|
|
|
|
|
|
159,235,345 |
|
CASH AND OTHER ASSETS, LESS LIABILITIES: 0.9% |
|
|
|
|
|
|
1,454,174 |
|
|
|
|
|
|
|
|
|
|
NET ASSETS: 100.0% |
|
|
|
|
|
$ |
160,689,519 |
|
|
|
|
|
|
|
|
|
|
a |
Certain securities were fair valued under the valuation polices approved by the Board of Trustees (Note A). |
b |
Non-income producing security. |
c |
Cost for federal income tax purposes is $161,682,042 and net unrealized depreciation consists of: |
|
|
|
|
|
Gross unrealized appreciation |
|
$ |
22,455,480 |
|
Gross unrealized depreciation |
|
|
(24,902,177 |
) |
|
|
|
|
|
Net unrealized depreciation |
|
($ |
2,446,697 |
) |
|
|
|
|
|
ADR |
American Depositary Receipt |
See accompanying notes to schedules of investments.
|
|
|
Matthews China Fund |
|
September 30, 2015 |
Consolidated Schedule of Investmentsa (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
|
|
COMMON EQUITIES: CHINA: 98.5% |
|
|
|
|
|
|
|
|
FINANCIALS: 38.3% |
|
|
|
|
|
|
|
|
Insurance: 13.4% |
|
|
|
|
|
|
|
|
Ping An Insurance Group Co. of China, Ltd. H Shares |
|
|
9,580,500 |
|
|
$ |
47,873,617 |
|
China Life Insurance Co., Ltd. H Shares |
|
|
7,941,000 |
|
|
|
27,669,445 |
|
AIA Group, Ltd. |
|
|
4,103,800 |
|
|
|
21,342,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
96,885,902 |
|
|
|
|
|
|
|
|
|
|
Banks: 12.2% |
|
|
|
|
|
|
|
|
China Construction Bank Corp. H Shares |
|
|
48,922,660 |
|
|
|
32,647,686 |
|
China Merchants Bank Co., Ltd. H Shares |
|
|
6,738,643 |
|
|
|
16,424,129 |
|
BOC Hong Kong Holdings, Ltd. |
|
|
5,566,000 |
|
|
|
16,415,690 |
|
Chongqing Rural Commercial Bank Co., Ltd. H Shares |
|
|
24,695,000 |
|
|
|
14,040,451 |
|
Bank of China, Ltd. H Shares |
|
|
21,709,000 |
|
|
|
9,361,634 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
88,889,590 |
|
|
|
|
|
|
|
|
|
|
Real Estate Management & Development: 8.2% |
|
|
|
|
|
China Overseas Land & Investment, Ltd. |
|
|
6,896,000 |
|
|
|
20,966,461 |
|
China Vanke Co., Ltd. H Shares |
|
|
9,185,368 |
|
|
|
19,733,327 |
|
China Resources Land, Ltd. |
|
|
8,062,000 |
|
|
|
19,036,946 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
59,736,734 |
|
|
|
|
|
|
|
|
|
|
Capital Markets: 2.3% |
|
|
|
|
|
|
|
|
China Galaxy Securities Co., Ltd. H Shares |
|
|
23,969,500 |
|
|
|
16,981,084 |
|
|
|
|
|
|
|
|
|
|
Diversified Financial Services: 2.2% |
|
|
|
|
|
|
|
|
Hong Kong Exchanges and Clearing, Ltd. |
|
|
681,300 |
|
|
|
15,629,703 |
|
|
|
|
|
|
|
|
|
|
Total Financials |
|
|
|
|
|
|
278,123,013 |
|
|
|
|
|
|
|
|
|
|
INFORMATION TECHNOLOGY: 16.5% |
|
|
|
|
|
Internet Software & Services: 11.3% |
|
|
|
|
|
|
|
|
Tencent Holdings, Ltd. |
|
|
3,024,700 |
|
|
|
50,986,129 |
|
NetEase, Inc. ADR |
|
|
134,100 |
|
|
|
16,108,092 |
|
Baidu, Inc. ADRb |
|
|
107,400 |
|
|
|
14,757,834 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
81,852,055 |
|
|
|
|
|
|
|
|
|
|
Electronic Equipment, Instruments & Components: 2.6% |
|
Hangzhou Hikvision Digital Technology Co., Ltd. A Sharesc |
|
|
3,705,959 |
|
|
|
19,040,803 |
|
|
|
|
|
|
|
|
|
|
Communications Equipment: 2.6% |
|
|
|
|
|
|
|
|
ZTE Corp. H Shares |
|
|
8,220,364 |
|
|
|
18,802,475 |
|
|
|
|
|
|
|
|
|
|
Total Information Technology |
|
|
|
|
|
|
119,695,333 |
|
|
|
|
|
|
|
|
|
|
INDUSTRIALS: 15.3% |
|
|
|
|
|
|
|
|
Commercial Services & Supplies: 4.2% |
|
|
|
|
|
|
|
|
China Everbright International, Ltd. |
|
|
13,168,000 |
|
|
|
18,498,674 |
|
Dongjiang Environmental Co., Ltd. H Shares |
|
|
7,675,400 |
|
|
|
11,949,072 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30,447,746 |
|
|
|
|
|
|
|
|
|
|
Construction & Engineering: 2.8% |
|
|
|
|
|
|
|
|
China State Construction International Holdings, Ltd. |
|
|
14,052,000 |
|
|
|
20,165,154 |
|
|
|
|
|
|
|
|
|
|
Transportation Infrastructure: 2.5% |
|
|
|
|
|
|
|
|
China Merchants Holdings International Co., Ltd. |
|
|
3,572,581 |
|
|
|
10,548,282 |
|
Qingdao Port International Co., Ltd. H Shares |
|
|
14,043,000 |
|
|
|
6,321,743 |
|
Yuexiu Transport Infrastructure, Ltd. |
|
|
2,657,000 |
|
|
|
1,673,665 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,543,690 |
|
|
|
|
|
|
|
|
|
|
Airlines: 2.1% |
|
|
|
|
|
|
|
|
Air China, Ltd. H Shares |
|
|
19,367,900 |
|
|
|
15,339,910 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
|
|
Electrical Equipment: 2.1% |
|
|
|
|
|
|
|
|
Boer Power Holdings, Ltd. |
|
|
8,874,000 |
|
|
$ |
15,019,727 |
|
|
|
|
|
|
|
|
|
|
Air Freight & Logistics: 1.6% |
|
|
|
|
|
|
|
|
Sinotrans, Ltd. H Shares |
|
|
24,822,000 |
|
|
|
11,713,586 |
|
|
|
|
|
|
|
|
|
|
Total Industrials |
|
|
|
|
|
|
111,229,813 |
|
|
|
|
|
|
|
|
|
|
CONSUMER DISCRETIONARY: 13.3% |
|
|
|
|
|
|
|
|
Internet & Catalog Retail: 5.5% |
|
|
|
|
|
|
|
|
JD.com, Inc. ADRb |
|
|
723,300 |
|
|
|
18,849,198 |
|
Vipshop Holdings, Ltd. ADRb |
|
|
807,500 |
|
|
|
13,566,000 |
|
Ctrip.com International, Ltd. ADRb |
|
|
120,400 |
|
|
|
7,606,872 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40,022,070 |
|
|
|
|
|
|
|
|
|
|
Household Durables: 3.0% |
|
|
|
|
|
|
|
|
Haier Electronics Group Co., Ltd. |
|
|
7,121,000 |
|
|
|
11,956,349 |
|
Gree Electric Appliances, Inc. of Zhuhai A Sharesc |
|
|
3,824,278 |
|
|
|
9,789,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,745,599 |
|
|
|
|
|
|
|
|
|
|
Textiles, Apparel & Luxury Goods: 2.8% |
|
|
|
|
|
|
|
|
ANTA Sports Products, Ltd. |
|
|
7,758,000 |
|
|
|
20,138,275 |
|
|
|
|
|
|
|
|
|
|
Hotels, Restaurants & Leisure: 1.6% |
|
|
|
|
|
|
|
|
Sands China, Ltd. |
|
|
3,876,800 |
|
|
|
11,775,627 |
|
|
|
|
|
|
|
|
|
|
Automobiles: 0.4% |
|
|
|
|
|
|
|
|
Chongqing Changan Automobile Co., Ltd. B Shares |
|
|
1,561,114 |
|
|
|
2,637,685 |
|
|
|
|
|
|
|
|
|
|
Total Consumer Discretionary |
|
|
|
|
|
|
96,319,256 |
|
|
|
|
|
|
|
|
|
|
HEALTH CARE: 6.3% |
|
|
|
|
|
|
|
|
Pharmaceuticals: 4.2% |
|
|
|
|
|
|
|
|
Sino Biopharmaceutical, Ltd. |
|
|
14,240,000 |
|
|
|
17,634,252 |
|
Jiangsu Hengrui Medicine Co., Ltd. A Sharesc |
|
|
1,799,919 |
|
|
|
13,110,242 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30,744,494 |
|
|
|
|
|
|
|
|
|
|
Health Care Providers & Services: 2.1% |
|
|
|
|
|
|
|
|
Sinopharm Group Co., Ltd. H Shares |
|
|
4,276,000 |
|
|
|
15,040,181 |
|
|
|
|
|
|
|
|
|
|
Total Health Care |
|
|
|
|
|
|
45,784,675 |
|
|
|
|
|
|
|
|
|
|
CONSUMER STAPLES: 3.3% |
|
|
|
|
|
|
|
|
Beverages: 2.4% |
|
|
|
|
|
|
|
|
Kweichow Moutai Co., Ltd. A Sharesc |
|
|
584,779 |
|
|
|
17,559,950 |
|
|
|
|
|
|
|
|
|
|
Food Products: 0.9% |
|
|
|
|
|
|
|
|
China Mengniu Dairy Co., Ltd. |
|
|
1,873,000 |
|
|
|
6,604,717 |
|
|
|
|
|
|
|
|
|
|
Total Consumer Staples |
|
|
|
|
|
|
24,164,667 |
|
|
|
|
|
|
|
|
|
|
UTILITIES: 3.2% |
|
|
|
|
|
|
|
|
Water Utilities: 1.8% |
|
|
|
|
|
|
|
|
Beijing Enterprises Water Group, Ltd. |
|
|
18,710,000 |
|
|
|
13,087,684 |
|
|
|
|
|
|
|
|
|
|
Independent Power and Renewable Electricity Producers: 1.4% |
|
China Longyuan Power Group Corp. H Shares |
|
|
9,065,000 |
|
|
|
9,804,532 |
|
|
|
|
|
|
|
|
|
|
Total Utilities |
|
|
|
|
|
|
22,892,216 |
|
|
|
|
|
|
|
|
|
|
ENERGY: 1.3% |
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels: 1.3% |
|
|
|
|
|
|
|
|
China Shenhua Energy Co., Ltd. H Shares |
|
|
6,054,000 |
|
|
|
9,298,257 |
|
|
|
|
|
|
|
|
|
|
Total Energy |
|
|
|
|
|
|
9,298,257 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Matthews China Fund |
|
September 30, 2015 |
Consolidated Schedule of Investmentsa (unaudited) (continued) |
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
Value |
|
|
|
COMMON EQUITIES: CHINA (continued) |
|
MATERIALS: 1.0% |
|
|
|
|
|
|
Construction Materials: 1.0% |
|
|
|
|
|
|
Anhui Conch Cement Co., Ltd. H Shares |
|
2,567,000 |
|
$ |
7,589,337 |
|
|
|
|
|
|
|
|
Total Materials |
|
|
|
|
7,589,337 |
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS: 98.5%
(Cost $691,968,129d) |
|
|
|
|
715,096,567 |
|
CASH AND OTHER ASSETS, LESS LIABILITIES: 1.5% |
|
|
|
|
11,163,136 |
|
|
|
|
|
|
|
|
NET ASSETS: 100.0% |
|
|
|
$ |
726,259,703 |
|
|
|
|
|
|
|
|
a |
Certain securities were fair valued under the valuation polices approved by the Board of Trustees (Note A). |
b |
Non-income producing security. |
c |
Security held by Matthews ADF-U Series. |
d |
Cost for federal income tax purposes is $692,289,021 and net unrealized appreciation consists of: |
|
|
|
|
|
Gross unrealized appreciation |
|
$ |
94,422,966 |
|
Gross unrealized depreciation |
|
|
(71,615,420 |
) |
|
|
|
|
|
Net unrealized appreciation |
|
$ |
22,807,546 |
|
|
|
|
|
|
ADR |
American Depositary Receipt |
See accompanying notes to schedules of investments.
|
|
|
Matthews India Fund |
|
September 30, 2015 |
Schedule of Investmentsa (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
|
|
COMMON EQUITIES: 99.4% |
|
|
|
|
|
|
|
|
FINANCIALS: 25.9% |
|
|
|
|
|
|
|
|
Banks: 10.4% |
|
|
|
|
|
|
|
|
IndusInd Bank, Ltd. |
|
|
4,803,934 |
|
|
$ |
69,141,169 |
|
Kotak Mahindra Bank, Ltd. |
|
|
5,547,258 |
|
|
|
54,908,417 |
|
HDFC Bank, Ltd. |
|
|
2,030,165 |
|
|
|
33,164,935 |
|
HDFC Bank, Ltd. ADR+ |
|
|
30,922 |
|
|
|
1,889,025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
159,103,546 |
|
|
|
|
|
|
|
|
|
|
Consumer Finance: 5.7% |
|
|
|
|
|
|
|
|
Shriram City Union Finance, Ltd. |
|
|
2,910,154 |
|
|
|
75,633,413 |
|
Sundaram Finance, Ltd. |
|
|
543,318 |
|
|
|
12,710,529 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
88,343,942 |
|
|
|
|
|
|
|
|
|
|
Diversified Financial Services: 4.8% |
|
|
|
|
|
|
|
|
CRISIL, Ltd. |
|
|
1,527,723 |
|
|
|
42,775,395 |
|
IDFC, Ltd. |
|
|
13,050,467 |
|
|
|
28,136,032 |
|
Multi Commodity Exchange of India, Ltd. |
|
|
168,101 |
|
|
|
2,404,488 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
73,315,915 |
|
|
|
|
|
|
|
|
|
|
Thrifts & Mortgage Finance: 4.7% |
|
|
|
|
|
|
|
|
Housing Development Finance Corp., Ltd. |
|
|
2,958,810 |
|
|
|
54,819,396 |
|
GRUH Finance, Ltd. |
|
|
4,421,238 |
|
|
|
17,958,363 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
72,777,759 |
|
|
|
|
|
|
|
|
|
|
Real Estate Management & Development: 0.3% |
|
Ascendas India Trust |
|
|
7,367,700 |
|
|
|
4,426,678 |
|
|
|
|
|
|
|
|
|
|
Total Financials |
|
|
|
|
|
|
397,967,840 |
|
|
|
|
|
|
|
|
|
|
CONSUMER STAPLES: 18.0% |
|
|
|
|
|
|
|
|
Personal Products: 10.0% |
|
|
|
|
|
|
|
|
Emami, Ltd. |
|
|
3,464,801 |
|
|
|
61,000,338 |
|
Bajaj Corp., Ltd. |
|
|
5,759,447 |
|
|
|
39,367,629 |
|
Dabur India, Ltd. |
|
|
7,592,176 |
|
|
|
31,954,718 |
|
Marico, Ltd. |
|
|
3,425,223 |
|
|
|
21,102,649 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
153,425,334 |
|
|
|
|
|
|
|
|
|
|
Tobacco: 6.7% |
|
|
|
|
|
|
|
|
ITC, Ltd. |
|
|
14,617,949 |
|
|
|
73,298,257 |
|
VST Industries, Ltd. |
|
|
1,215,704 |
|
|
|
29,718,444 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
103,016,701 |
|
|
|
|
|
|
|
|
|
|
Food Products: 1.3% |
|
|
|
|
|
|
|
|
Zydus Wellness, Ltd. |
|
|
1,670,471 |
|
|
|
20,688,748 |
|
|
|
|
|
|
|
|
|
|
Total Consumer Staples |
|
|
|
|
|
|
277,130,783 |
|
|
|
|
|
|
|
|
|
|
INFORMATION TECHNOLOGY: 16.3% |
|
IT Services: 12.4% |
|
|
|
|
|
|
|
|
Mindtree, Ltd. |
|
|
2,933,292 |
|
|
|
67,855,113 |
|
Cognizant Technology Solutions Corp. Class Ab |
|
|
1,047,700 |
|
|
|
65,596,497 |
|
eClerx Services, Ltd. |
|
|
2,366,218 |
|
|
|
57,343,359 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
190,794,969 |
|
|
|
|
|
|
|
|
|
|
Internet Software & Services: 3.9% |
|
|
|
|
|
|
|
|
Info Edge India, Ltd. |
|
|
3,072,208 |
|
|
|
37,440,326 |
|
Just Dial, Ltd. |
|
|
1,528,000 |
|
|
|
22,958,207 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
60,398,533 |
|
|
|
|
|
|
|
|
|
|
Total Information Technology |
|
|
|
|
|
|
251,193,502 |
|
|
|
|
|
|
|
|
|
|
HEALTH CARE: 15.5% |
|
|
|
|
|
|
|
|
Pharmaceuticals: 14.7% |
|
|
|
|
|
|
|
|
Taro Pharmaceutical Industries, Ltd.b |
|
|
538,100 |
|
|
|
76,889,109 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
|
|
Ajanta Pharma, Ltd. |
|
|
2,942,072 |
|
|
$ |
66,503,145 |
|
Sun Pharma Advanced Research Co., Ltd.b |
|
|
4,816,014 |
|
|
|
28,328,151 |
|
Sun Pharmaceutical Industries, Ltd. |
|
|
2,117,725 |
|
|
|
28,022,811 |
|
Alembic Pharmaceuticals, Ltd. |
|
|
1,942,940 |
|
|
|
20,232,623 |
|
Caplin Point Laboratories, Ltd. |
|
|
239,449 |
|
|
|
5,259,301 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
225,235,140 |
|
|
|
|
|
|
|
|
|
|
Health Care Equipment & Supplies: 0.8% |
|
Poly Medicure, Ltd. |
|
|
2,076,732 |
|
|
|
12,185,963 |
|
|
|
|
|
|
|
|
|
|
Total Health Care |
|
|
|
|
|
|
237,421,103 |
|
|
|
|
|
|
|
|
|
|
INDUSTRIALS: 10.8% |
|
|
|
|
|
|
|
|
Machinery: 5.4% |
|
|
|
|
|
|
|
|
AIA Engineering, Ltd. |
|
|
2,898,571 |
|
|
|
43,914,648 |
|
Thermax, Ltd. |
|
|
1,598,128 |
|
|
|
20,738,657 |
|
Ashok Leyland, Ltd. |
|
|
12,656,152 |
|
|
|
17,891,414 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
82,544,719 |
|
|
|
|
|
|
|
|
|
|
Air Freight & Logistics: 1.9% |
|
Blue Dart Express, Ltd. |
|
|
261,973 |
|
|
|
30,003,530 |
|
|
|
|
|
|
|
|
|
|
Road & Rail: 1.9% |
|
|
|
|
|
|
|
|
Container Corp. of India, Ltd. |
|
|
1,291,324 |
|
|
|
29,233,809 |
|
|
|
|
|
|
|
|
|
|
Transportation Infrastructure: 1.6% |
|
Gujarat Pipavav Port, Ltd.b |
|
|
8,578,564 |
|
|
|
24,307,841 |
|
|
|
|
|
|
|
|
|
|
Total Industrials |
|
|
|
|
|
|
166,089,899 |
|
|
|
|
|
|
|
|
|
|
CONSUMER DISCRETIONARY: 7.5% |
|
Textiles, Apparel & Luxury Goods: 4.9% |
|
Titan Co., Ltd. |
|
|
9,030,467 |
|
|
|
43,761,053 |
|
Page Industries, Ltd. |
|
|
107,100 |
|
|
|
21,672,665 |
|
Kewal Kiran Clothing, Ltd. |
|
|
222,262 |
|
|
|
7,258,300 |
|
Vaibhav Global, Ltd. |
|
|
500,000 |
|
|
|
2,868,678 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
75,560,696 |
|
|
|
|
|
|
|
|
|
|
Household Durables: 2.6% |
|
|
|
|
|
|
|
|
Symphony, Ltd. |
|
|
1,166,560 |
|
|
|
32,773,736 |
|
LA Opala RG, Ltd. |
|
|
746,323 |
|
|
|
6,327,291 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39,101,027 |
|
|
|
|
|
|
|
|
|
|
Total Consumer Discretionary |
|
|
|
|
|
|
114,661,723 |
|
|
|
|
|
|
|
|
|
|
MATERIALS: 5.4% |
|
|
|
|
|
|
|
|
Chemicals: 3.4% |
|
|
|
|
|
|
|
|
Asian Paints, Ltd. |
|
|
1,534,000 |
|
|
|
19,700,323 |
|
Supreme Industries, Ltd. |
|
|
1,895,000 |
|
|
|
17,859,537 |
|
Castrol India, Ltd. |
|
|
2,139,063 |
|
|
|
14,434,830 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
51,994,690 |
|
|
|
|
|
|
|
|
|
|
Metals & Mining: 2.0% |
|
|
|
|
|
|
|
|
NMDC, Ltd. |
|
|
21,773,892 |
|
|
|
30,942,004 |
|
|
|
|
|
|
|
|
|
|
Total Materials |
|
|
|
|
|
|
82,936,694 |
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS: 99.4%
(Cost $1,258,501,680c) |
|
|
|
|
|
|
1,527,401,544 |
|
CASH AND OTHER ASSETS, LESS LIABILITIES: 0.6% |
|
|
|
|
|
|
8,972,491 |
|
|
|
|
|
|
|
|
|
|
NET ASSETS: 100.0% |
|
|
|
|
|
$ |
1,536,374,035 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Matthews India Fund |
|
September 30, 2015 |
Schedule of Investmentsa (unaudited) (continued) |
|
|
a |
Certain securities were fair valued under the valuation polices approved by the Board of Trustees (Note A). |
b |
Non-income producing security. |
c |
Cost for federal income tax purposes is $1,258,604,786 and net unrealized appreciation consists of: |
|
|
|
|
|
Gross unrealized appreciation |
|
$ |
351,915,076 |
|
Gross unrealized depreciation |
|
|
(83,118,318 |
) |
|
|
|
|
|
Net unrealized appreciation |
|
$ |
268,796,758 |
|
|
|
|
|
|
|
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.
|
|
|
Matthews Japan Fund |
|
September 30, 2015 |
Schedule of Investmentsa (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
|
|
COMMON EQUITIES: JAPAN: 94.2% |
|
|
|
|
|
|
|
|
INDUSTRIALS: 22.9% |
|
|
|
|
|
|
|
|
Professional Services: 7.5% |
|
|
|
|
|
|
|
|
Nihon M&A Center, Inc. |
|
|
707,300 |
|
|
$ |
30,908,918 |
|
TechnoPro Holdings, Inc. |
|
|
993,500 |
|
|
|
26,339,751 |
|
Nomura Co., Ltd. |
|
|
1,276,400 |
|
|
|
18,106,297 |
|
Benefit One, Inc. |
|
|
811,300 |
|
|
|
13,751,087 |
|
Recruit Holdings Co., Ltd. |
|
|
432,200 |
|
|
|
12,959,217 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
102,065,270 |
|
|
|
|
|
|
|
|
|
|
Machinery: 6.6% |
|
|
|
|
|
|
|
|
Mitsubishi Heavy Industries, Ltd. |
|
|
5,718,000 |
|
|
|
25,572,268 |
|
Komatsu, Ltd. |
|
|
1,635,400 |
|
|
|
24,005,106 |
|
SMC Corp. |
|
|
95,400 |
|
|
|
20,888,636 |
|
Harmonic Drive Systems, Inc. |
|
|
1,402,700 |
|
|
|
20,098,480 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
90,564,490 |
|
|
|
|
|
|
|
|
|
|
Electrical Equipment: 3.9% |
|
|
|
|
|
|
|
|
Nidec Corp. |
|
|
413,500 |
|
|
|
28,434,734 |
|
Mabuchi Motor Co., Ltd. |
|
|
553,300 |
|
|
|
24,024,063 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
52,458,797 |
|
|
|
|
|
|
|
|
|
|
Building Products: 2.7% |
|
|
|
|
|
|
|
|
Aica Kogyo Co., Ltd. |
|
|
1,005,000 |
|
|
|
20,107,073 |
|
Daikin Industries, Ltd. |
|
|
309,100 |
|
|
|
17,336,173 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37,443,246 |
|
|
|
|
|
|
|
|
|
|
Road & Rail: 1.6% |
|
|
|
|
|
|
|
|
Trancom Co., Ltd. |
|
|
403,300 |
|
|
|
21,475,844 |
|
|
|
|
|
|
|
|
|
|
Air Freight & Logistics: 0.6% |
|
|
|
|
|
|
|
|
AIT Corp. |
|
|
1,130,300 |
|
|
|
8,780,673 |
|
|
|
|
|
|
|
|
|
|
Total Industrials |
|
|
|
|
|
|
312,788,320 |
|
|
|
|
|
|
|
|
|
|
CONSUMER DISCRETIONARY: 17.8% |
|
|
|
|
|
|
|
|
Specialty Retail: 5.9% |
|
|
|
|
|
|
|
|
VT Holdings Co., Ltd. |
|
|
4,366,500 |
|
|
|
26,283,419 |
|
United Arrows, Ltd. |
|
|
599,600 |
|
|
|
24,748,768 |
|
Sacs Bar Holdings, Inc. |
|
|
1,101,950 |
|
|
|
18,847,656 |
|
Workman Co., Ltd. |
|
|
171,000 |
|
|
|
10,406,312 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
80,286,155 |
|
|
|
|
|
|
|
|
|
|
Automobiles: 2.8% |
|
|
|
|
|
|
|
|
Toyota Motor Corp. |
|
|
642,400 |
|
|
|
37,611,181 |
|
|
|
|
|
|
|
|
|
|
Multiline Retail: 2.2% |
|
|
|
|
|
|
|
|
Ryohin Keikaku Co., Ltd. |
|
|
146,900 |
|
|
|
29,910,122 |
|
|
|
|
|
|
|
|
|
|
Hotels, Restaurants & Leisure: 2.1% |
|
|
|
|
|
|
|
|
Kyoritsu Maintenance Co., Ltd. |
|
|
451,300 |
|
|
|
29,046,466 |
|
Ride On Express Co., Ltd. |
|
|
13,600 |
|
|
|
147,903 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,194,369 |
|
|
|
|
|
|
|
|
|
|
Distributors: 1.9% |
|
|
|
|
|
|
|
|
Doshisha Co., Ltd. |
|
|
1,380,800 |
|
|
|
25,337,637 |
|
|
|
|
|
|
|
|
|
|
Internet & Catalog Retail: 1.1% |
|
|
|
|
|
|
|
|
Start Today Co., Ltd. |
|
|
470,700 |
|
|
|
15,580,281 |
|
|
|
|
|
|
|
|
|
|
Household Durables: 0.9% |
|
|
|
|
|
|
|
|
Rinnai Corp. |
|
|
170,100 |
|
|
|
12,977,940 |
|
|
|
|
|
|
|
|
|
|
Auto Components: 0.9% |
|
|
|
|
|
|
|
|
Nifco, Inc. |
|
|
347,800 |
|
|
|
11,886,542 |
|
|
|
|
|
|
|
|
|
|
Total Consumer Discretionary |
|
|
|
|
|
|
242,784,227 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
|
|
CONSUMER STAPLES: 13.9% |
|
|
|
|
|
|
|
|
Food & Staples Retailing: 6.2% |
|
|
|
|
|
|
|
|
Seven & I Holdings Co., Ltd. |
|
|
805,800 |
|
|
$ |
36,771,199 |
|
San-A Co., Ltd. |
|
|
733,300 |
|
|
|
32,217,869 |
|
Cosmos Pharmaceutical Corp. |
|
|
135,100 |
|
|
|
15,893,893 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
84,882,961 |
|
|
|
|
|
|
|
|
|
|
Household Products: 3.4% |
|
|
|
|
|
|
|
|
Pigeon Corp. |
|
|
1,280,100 |
|
|
|
29,910,582 |
|
Unicharm Corp. |
|
|
951,100 |
|
|
|
16,845,776 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
46,756,358 |
|
|
|
|
|
|
|
|
|
|
Personal Products: 3.0% |
|
|
|
|
|
|
|
|
Kao Corp. |
|
|
909,600 |
|
|
|
41,232,935 |
|
|
|
|
|
|
|
|
|
|
Food Products: 1.3% |
|
|
|
|
|
|
|
|
Calbee, Inc. |
|
|
517,000 |
|
|
|
16,730,122 |
|
Ariake Japan Co., Ltd. |
|
|
17,400 |
|
|
|
681,962 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,412,084 |
|
|
|
|
|
|
|
|
|
|
Total Consumer Staples |
|
|
|
|
|
|
190,284,338 |
|
|
|
|
|
|
|
|
|
|
INFORMATION TECHNOLOGY: 13.5% |
|
|
|
|
|
|
|
|
Electronic Equipment, Instruments & Components: 8.6% |
|
Keyence Corp. |
|
|
67,900 |
|
|
|
30,322,661 |
|
Murata Manufacturing Co., Ltd. |
|
|
176,900 |
|
|
|
22,850,975 |
|
Omron Corp. |
|
|
665,400 |
|
|
|
20,030,003 |
|
Yokogawa Electric Corp. |
|
|
1,555,500 |
|
|
|
16,281,504 |
|
Dexerials Corp. |
|
|
1,215,300 |
|
|
|
15,621,161 |
|
Anritsu Corp. |
|
|
2,024,900 |
|
|
|
12,317,179 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
117,423,483 |
|
|
|
|
|
|
|
|
|
|
Internet Software & Services: 3.7% |
|
|
|
|
|
|
|
|
COOKPAD, Inc. |
|
|
1,613,300 |
|
|
|
34,057,973 |
|
Kakaku.com, Inc. |
|
|
1,023,300 |
|
|
|
16,618,827 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50,676,800 |
|
|
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment: 1.1% |
|
Rohm Co., Ltd. |
|
|
338,300 |
|
|
|
15,044,266 |
|
|
|
|
|
|
|
|
|
|
Software: 0.1% |
|
|
|
|
|
|
|
|
NSD Co., Ltd. |
|
|
57,600 |
|
|
|
707,365 |
|
|
|
|
|
|
|
|
|
|
Total Information Technology |
|
|
|
|
|
|
183,851,914 |
|
|
|
|
|
|
|
|
|
|
HEALTH CARE: 12.8% |
|
|
|
|
|
|
|
|
Health Care Equipment & Supplies: 8.1% |
|
|
|
|
|
|
|
|
Hoya Corp. |
|
|
883,200 |
|
|
|
28,926,476 |
|
Asahi Intecc Co., Ltd. |
|
|
762,900 |
|
|
|
27,496,966 |
|
Sysmex Corp. |
|
|
484,600 |
|
|
|
25,592,579 |
|
CYBERDYNE, Inc.b |
|
|
1,217,100 |
|
|
|
14,438,407 |
|
Daiken Medical Co., Ltd. |
|
|
1,613,700 |
|
|
|
13,318,856 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
109,773,284 |
|
|
|
|
|
|
|
|
|
|
Health Care Technology: 2.0% |
|
|
|
|
|
|
|
|
M3, Inc. |
|
|
1,369,400 |
|
|
|
27,213,832 |
|
|
|
|
|
|
|
|
|
|
Health Care Providers & Services: 1.4% |
|
|
|
|
|
|
|
|
N Field Co., Ltd.b, |
|
|
964,700 |
|
|
|
12,195,901 |
|
WIN-Partners Co., Ltd. |
|
|
508,000 |
|
|
|
7,033,267 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,229,168 |
|
|
|
|
|
|
|
|
|
|
Pharmaceuticals: 1.3% |
|
|
|
|
|
|
|
|
Rohto Pharmaceutical Co., Ltd. |
|
|
1,179,300 |
|
|
|
18,100,347 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Matthews Japan Fund |
|
September 30, 2015 |
Schedule of Investmentsa (unaudited) (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
|
|
COMMON EQUITIES: JAPAN (continued) |
|
Total Health Care |
|
|
|
|
|
$ |
174,316,631 |
|
|
|
|
|
|
|
|
|
|
FINANCIALS: 11.1% |
|
|
|
|
|
|
|
|
Diversified Financial Services: 6.7% |
|
|
|
|
|
|
|
|
ORIX Corp. |
|
|
2,492,100 |
|
|
|
32,146,453 |
|
Zenkoku Hosho Co., Ltd. |
|
|
768,800 |
|
|
|
25,517,388 |
|
Financial Products Group Co., Ltd. |
|
|
2,725,500 |
|
|
|
19,713,630 |
|
eGuarantee, Inc. |
|
|
729,200 |
|
|
|
13,672,925 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
91,050,396 |
|
|
|
|
|
|
|
|
|
|
Insurance: 2.4% |
|
|
|
|
|
|
|
|
Tokio Marine Holdings, Inc. |
|
|
869,900 |
|
|
|
32,499,460 |
|
|
|
|
|
|
|
|
|
|
Banks: 2.0% |
|
|
|
|
|
|
|
|
Sumitomo Mitsui Financial Group, Inc. |
|
|
744,100 |
|
|
|
28,216,505 |
|
|
|
|
|
|
|
|
|
|
Total Financials |
|
|
|
|
|
|
151,766,361 |
|
|
|
|
|
|
|
|
|
|
MATERIALS: 2.2% |
|
|
|
|
|
|
|
|
Chemicals: 2.2% |
|
|
|
|
|
|
|
|
Shin-Etsu Chemical Co., Ltd. |
|
|
388,900 |
|
|
|
19,944,377 |
|
MORESCO Corp. |
|
|
774,500 |
|
|
|
10,198,122 |
|
|
|
|
|
|
|
|
|
|
Total Materials |
|
|
|
|
|
|
30,142,499 |
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS: 94.2% |
|
|
|
|
|
|
1,285,934,290 |
|
(Cost $1,272,966,727c) |
|
|
|
|
|
|
|
|
CASH AND OTHER ASSETS, LESS LIABILITIES: 5.8% |
|
|
|
78,576,619 |
|
|
|
|
|
|
|
|
|
|
NET ASSETS: 100.0% |
|
|
|
|
|
$ |
1,364,510,909 |
|
|
|
|
|
|
|
|
|
|
a |
Certain securities were fair valued under the valuation polices approved by the Board of Trustees (Note A). |
b |
Non-income producing security. |
c |
Cost for federal income tax purposes is $1,273,637,782 and net unrealized appreciation consists of: |
|
|
|
|
|
Gross unrealized appreciation |
|
$ |
106,358,683 |
|
Gross unrealized depreciation |
|
|
(94,062,175 |
) |
|
|
|
|
|
Net unrealized appreciation |
|
$ |
12,296,508 |
|
|
|
|
|
|
|
Affiliated Issuer, as defined under the Investment Company Act of 1940 (ownership of 5% or more of the outstanding voting securities of this issuer) |
See accompanying notes to schedules of investments.
|
|
|
Matthews Korea Fund |
|
September 30, 2015 |
Schedule of Investmentsa (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
|
|
COMMON EQUITIES: SOUTH KOREA: 81.2% |
|
CONSUMER DISCRETIONARY: 21.4% |
|
|
|
|
|
|
|
|
Hotels, Restaurants & Leisure: 6.8% |
|
|
|
|
|
|
|
|
Modetour Network, Inc. |
|
|
154,085 |
|
|
$ |
5,004,669 |
|
Kangwon Land, Inc. |
|
|
136,640 |
|
|
|
4,883,704 |
|
Shinsegae Food Co., Ltd. |
|
|
21,316 |
|
|
|
3,606,172 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,494,545 |
|
|
|
|
|
|
|
|
|
|
Auto Components: 4.4% |
|
|
|
|
|
|
|
|
Hyundai Mobis Co., Ltd. |
|
|
23,876 |
|
|
|
4,671,744 |
|
Hankook Tire Co., Ltd. |
|
|
119,816 |
|
|
|
4,011,090 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,682,834 |
|
|
|
|
|
|
|
|
|
|
Specialty Retail: 3.0% |
|
|
|
|
|
|
|
|
Hotel Shilla Co., Ltd. |
|
|
59,828 |
|
|
|
5,831,376 |
|
|
|
|
|
|
|
|
|
|
Automobiles: 2.9% |
|
|
|
|
|
|
|
|
Kia Motors Corp. |
|
|
124,232 |
|
|
|
5,631,588 |
|
|
|
|
|
|
|
|
|
|
Media: 1.9% |
|
|
|
|
|
|
|
|
CJ CGV Co., Ltd. |
|
|
29,234 |
|
|
|
2,601,978 |
|
Cheil Worldwide, Inc.b |
|
|
79,016 |
|
|
|
1,220,855 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,822,833 |
|
|
|
|
|
|
|
|
|
|
Multiline Retail: 1.4% |
|
|
|
|
|
|
|
|
Hyundai Department Store Co., Ltd. |
|
|
24,494 |
|
|
|
2,775,673 |
|
|
|
|
|
|
|
|
|
|
Internet & Catalog Retail: 1.0% |
|
|
|
|
|
|
|
|
NS Shopping Co., Ltd.b |
|
|
10,422 |
|
|
|
2,040,442 |
|
|
|
|
|
|
|
|
|
|
Total Consumer Discretionary |
|
|
|
|
|
|
42,279,291 |
|
|
|
|
|
|
|
|
|
|
CONSUMER STAPLES: 20.7% |
|
|
|
|
|
|
|
|
Food & Staples Retailing: 9.4% |
|
|
|
|
|
|
|
|
BGF Retail Co., Ltd. |
|
|
56,179 |
|
|
|
9,595,544 |
|
E-Mart Co., Ltd. |
|
|
25,018 |
|
|
|
4,881,380 |
|
Hyundai Greenfood Co., Ltd. |
|
|
192,083 |
|
|
|
4,160,679 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,637,603 |
|
|
|
|
|
|
|
|
|
|
Food Products: 7.9% |
|
|
|
|
|
|
|
|
Ottogi Corp. |
|
|
5,434 |
|
|
|
4,776,549 |
|
Orion Corp. |
|
|
5,967 |
|
|
|
4,751,751 |
|
Binggrae Co., Ltd. |
|
|
48,495 |
|
|
|
3,092,190 |
|
Daesang Corp. |
|
|
112,977 |
|
|
|
2,946,025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,566,515 |
|
|
|
|
|
|
|
|
|
|
Household Products: 2.0% |
|
|
|
|
|
|
|
|
LG Household & Health Care, Ltd. |
|
|
5,404 |
|
|
|
3,910,817 |
|
|
|
|
|
|
|
|
|
|
Personal Products: 1.4% |
|
|
|
|
|
|
|
|
Amorepacific Corp. |
|
|
8,430 |
|
|
|
2,747,072 |
|
|
|
|
|
|
|
|
|
|
Total Consumer Staples |
|
|
|
|
|
|
40,862,007 |
|
|
|
|
|
|
|
|
|
|
FINANCIALS: 13.4% |
|
|
|
|
|
|
|
|
Banks: 6.2% |
|
|
|
|
|
|
|
|
Shinhan Financial Group Co., Ltd. |
|
|
216,481 |
|
|
|
7,570,784 |
|
KB Financial Group, Inc. |
|
|
86,035 |
|
|
|
2,557,368 |
|
DGB Financial Group, Inc. |
|
|
235,874 |
|
|
|
2,097,561 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,225,713 |
|
|
|
|
|
|
|
|
|
|
Insurance: 3.9% |
|
|
|
|
|
|
|
|
Dongbu Insurance Co., Ltd. |
|
|
100,190 |
|
|
|
5,196,236 |
|
Samsung Fire & Marine Insurance Co., Ltd. |
|
|
10,355 |
|
|
|
2,445,251 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,641,487 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
|
|
Capital Markets: 3.3% |
|
|
|
|
|
|
|
|
Shinyoung Securities Co., Ltd. |
|
|
80,699 |
|
|
$ |
3,783,342 |
|
Kiwoom Securities Co., Ltd. |
|
|
55,912 |
|
|
|
2,690,408 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,473,750 |
|
|
|
|
|
|
|
|
|
|
Total Financials |
|
|
|
|
|
|
26,340,950 |
|
|
|
|
|
|
|
|
|
|
INFORMATION TECHNOLOGY: 8.0% |
|
|
|
|
|
|
|
|
Technology Hardware, Storage & Peripherals: 3.4% |
|
Samsung Electronics Co., Ltd. |
|
|
7,044 |
|
|
|
6,758,393 |
|
|
|
|
|
|
|
|
|
|
Internet Software & Services: 2.3% |
|
|
|
|
|
|
|
|
Naver Corp. |
|
|
10,510 |
|
|
|
4,555,411 |
|
|
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment: 1.7% |
|
SK Hynix, Inc. |
|
|
67,859 |
|
|
|
1,935,374 |
|
Koh Young Technology, Inc. |
|
|
50,895 |
|
|
|
1,476,137 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,411,511 |
|
|
|
|
|
|
|
|
|
|
Electronic Equipment, Instruments & Components: 0.6% |
|
Bixolon Co., Ltd. |
|
|
84,519 |
|
|
|
1,050,377 |
|
|
|
|
|
|
|
|
|
|
Total Information Technology |
|
|
|
|
|
|
15,775,692 |
|
|
|
|
|
|
|
|
|
|
INDUSTRIALS: 6.0% |
|
|
|
|
|
|
|
|
Commercial Services & Supplies: 2.1% |
|
|
|
|
|
|
|
|
KEPCO Plant Service & Engineering Co., Ltd. |
|
|
41,246 |
|
|
|
4,210,551 |
|
|
|
|
|
|
|
|
|
|
Machinery: 1.5% |
|
|
|
|
|
|
|
|
Hy-Lok Corp. |
|
|
100,845 |
|
|
|
2,906,669 |
|
|
|
|
|
|
|
|
|
|
Trading Companies & Distributors: 1.2% |
|
|
|
|
|
|
|
|
iMarketKorea, Inc. |
|
|
98,161 |
|
|
|
2,438,791 |
|
|
|
|
|
|
|
|
|
|
Professional Services: 1.2% |
|
|
|
|
|
|
|
|
SaraminHR Co., Ltd. |
|
|
120,621 |
|
|
|
2,356,022 |
|
|
|
|
|
|
|
|
|
|
Total Industrials |
|
|
|
|
|
|
11,912,033 |
|
|
|
|
|
|
|
|
|
|
TELECOMMUNICATION SERVICES: 4.7% |
|
Wireless Telecommunication Services: 3.1% |
|
SK Telecom Co., Ltd. ADR |
|
|
246,900 |
|
|
|
6,024,360 |
|
|
|
|
|
|
|
|
|
|
Diversified Telecommunication Services: 1.6% |
|
KT Corp. ADRb |
|
|
241,200 |
|
|
|
3,152,484 |
|
|
|
|
|
|
|
|
|
|
Total Telecommunication Services |
|
|
|
|
|
|
9,176,844 |
|
|
|
|
|
|
|
|
|
|
HEALTH CARE: 3.0% |
|
|
|
|
|
|
|
|
Pharmaceuticals: 3.0% |
|
|
|
|
|
|
|
|
Yuhan Corp. |
|
|
13,026 |
|
|
|
2,680,432 |
|
Dong-A ST Co., Ltd. |
|
|
23,987 |
|
|
|
2,336,330 |
|
DongKook Pharmaceutical Co., Ltd. |
|
|
24,611 |
|
|
|
948,712 |
|
|
|
|
|
|
|
|
|
|
Total Health Care |
|
|
|
|
|
|
5,965,474 |
|
|
|
|
|
|
|
|
|
|
MATERIALS: 2.2% |
|
|
|
|
|
|
|
|
Chemicals: 2.2% |
|
|
|
|
|
|
|
|
LG Chem, Ltd. |
|
|
13,283 |
|
|
|
3,219,778 |
|
KPX Chemical Co., Ltd. |
|
|
24,165 |
|
|
|
1,115,316 |
|
|
|
|
|
|
|
|
|
|
Total Materials |
|
|
|
|
|
|
4,335,094 |
|
|
|
|
|
|
|
|
|
|
ENERGY: 1.8% |
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels: 1.8% |
|
|
|
|
|
|
|
|
SK Innovation Co., Ltd.b |
|
|
23,026 |
|
|
|
1,917,795 |
|
S-Oil Corp. |
|
|
28,652 |
|
|
|
1,524,631 |
|
|
|
|
Matthews Korea Fund |
|
September 30, 2015 |
Schedule of Investmentsa (unaudited) (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
|
|
COMMON EQUITIES: SOUTH KOREA (continued) |
|
Total Energy |
|
|
|
|
|
$ |
3,442,426 |
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON EQUITIES
(Cost $112,668,669) |
|
|
|
|
|
|
160,089,811 |
|
|
|
|
|
|
|
|
|
|
PREFERRED EQUITIES: SOUTH KOREA: 18.4% |
|
CONSUMER STAPLES: 6.0% |
|
|
|
|
|
|
|
|
Household Products: 3.0% |
|
|
|
|
|
|
|
|
LG Household & Health Care, Ltd., Pfd. |
|
|
17,786 |
|
|
|
6,000,777 |
|
|
|
|
|
|
|
|
|
|
Personal Products: 3.0% |
|
|
|
|
|
|
|
|
Amorepacific Corp., Pfd. |
|
|
37,590 |
|
|
|
5,924,479 |
|
|
|
|
|
|
|
|
|
|
Total Consumer Staples |
|
|
|
|
|
|
11,925,256 |
|
|
|
|
|
|
|
|
|
|
INFORMATION TECHNOLOGY: 3.4% |
|
|
|
|
|
|
|
|
Technology Hardware, Storage & Peripherals: 3.4% |
|
Samsung Electronics Co., Ltd., Pfd. |
|
|
8,675 |
|
|
|
6,734,107 |
|
|
|
|
|
|
|
|
|
|
Total Information Technology |
|
|
|
|
|
|
6,734,107 |
|
|
|
|
|
|
|
|
|
|
CONSUMER DISCRETIONARY: 3.1% |
|
|
|
|
|
|
|
|
Automobiles: 2.6% |
|
|
|
|
|
|
|
|
Hyundai Motor Co., Ltd., 2nd Pfd. |
|
|
53,516 |
|
|
|
5,159,118 |
|
|
|
|
|
|
|
|
|
|
Specialty Retail: 0.5% |
|
|
|
|
|
|
|
|
Hotel Shilla Co., Ltd., Pfd. |
|
|
14,236 |
|
|
|
858,008 |
|
|
|
|
|
|
|
|
|
|
Total Consumer Discretionary |
|
|
|
|
|
|
6,017,126 |
|
|
|
|
|
|
|
|
|
|
FINANCIALS: 2.8% |
|
|
|
|
|
|
|
|
Insurance: 2.8% |
|
|
|
|
|
|
|
|
Samsung Fire & Marine Insurance Co., Ltd., Pfd. |
|
|
39,526 |
|
|
|
5,568,588 |
|
|
|
|
|
|
|
|
|
|
Total Financials |
|
|
|
|
|
|
5,568,588 |
|
|
|
|
|
|
|
|
|
|
MATERIALS: 2.3% |
|
|
|
|
|
|
|
|
Chemicals: 2.3% |
|
|
|
|
|
|
|
|
LG Chem, Ltd., Pfd. |
|
|
27,910 |
|
|
|
4,493,893 |
|
|
|
|
|
|
|
|
|
|
Total Materials |
|
|
|
|
|
|
4,493,893 |
|
|
|
|
|
|
|
|
|
|
ENERGY: 0.8% |
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels: 0.8% |
|
|
|
|
|
|
|
|
S-Oil Corp., Pfd. |
|
|
44,934 |
|
|
|
1,546,640 |
|
|
|
|
|
|
|
|
|
|
Total Energy |
|
|
|
|
|
|
1,546,640 |
|
|
|
|
|
|
|
|
|
|
TOTAL PREFERRED EQUITIES
(Cost $23,652,946) |
|
|
|
|
|
|
36,285,610 |
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS: 99.6% |
|
|
|
|
|
|
196,375,421 |
|
(Cost $136,321,615c) |
|
|
|
|
|
|
|
|
CASH AND OTHER ASSETS, LESS LIABILITIES: 0.4% |
|
|
|
784,674 |
|
|
|
|
|
|
|
|
|
|
NET ASSETS: 100.0% |
|
|
|
|
|
$ |
197,160,095 |
|
|
|
|
|
|
|
|
|
|
a |
Certain securities were fair valued under the valuation polices approved by the Board of Trustees (Note A). |
b |
Non-income producing security. |
c |
Cost for federal income tax purposes is $137,185,372 and net unrealized appreciation consists of: |
|
|
|
|
|
Gross unrealized appreciation |
|
$ |
65,350,968 |
|
Gross unrealized depreciation |
|
|
(6,160,919 |
) |
|
|
|
|
|
Net unrealized appreciation |
|
$ |
59,190,049 |
|
|
|
|
|
|
ADR |
American Depositary Receipt |
See accompanying notes to schedules of investments.
|
|
|
Matthews Asia Small Companies Fund |
|
September 30, 2015 |
Schedule of Investmentsa (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
|
|
COMMON EQUITIES: 95.0% |
|
|
|
|
|
|
|
|
CHINA/HONG KONG: 28.3% |
|
|
|
|
|
|
|
|
Vitasoy International Holdings, Ltd. |
|
|
10,604,000 |
|
|
$ |
15,764,840 |
|
Kerry Logistics Network, Ltd. |
|
|
10,379,500 |
|
|
|
14,791,042 |
|
Fairwood Holdings, Ltd. |
|
|
4,792,000 |
|
|
|
13,565,047 |
|
Lees Pharmaceutical Holdings, Ltd. |
|
|
10,094,000 |
|
|
|
13,061,179 |
|
Clear Media, Ltd. |
|
|
10,630,000 |
|
|
|
10,645,992 |
|
Qingdao Port International Co., Ltd. H Shares |
|
|
22,616,000 |
|
|
|
10,181,053 |
|
Towngas China Co., Ltd. |
|
|
16,092,000 |
|
|
|
9,891,444 |
|
China Distance Education Holdings, Ltd. ADR |
|
|
736,600 |
|
|
|
9,413,748 |
|
Bitauto Holdings, Ltd. ADRb |
|
|
305,900 |
|
|
|
9,106,643 |
|
Sunny Optical Technology Group Co., Ltd. |
|
|
4,539,000 |
|
|
|
9,093,048 |
|
Lifetech Scientific Corp.b |
|
|
56,972,000 |
|
|
|
8,267,628 |
|
Minth Group, Ltd. |
|
|
4,586,000 |
|
|
|
8,210,433 |
|
Convenience Retail Asia, Ltd. |
|
|
15,978,000 |
|
|
|
8,205,423 |
|
51job, Inc. ADRb |
|
|
289,900 |
|
|
|
7,943,260 |
|
China Biologic Products, Inc.b |
|
|
80,254 |
|
|
|
7,208,414 |
|
Phoenix New Media, Ltd. ADRb |
|
|
1,473,556 |
|
|
|
6,454,175 |
|
eHi Car Services, Ltd. ADRb |
|
|
507,796 |
|
|
|
5,885,356 |
|
YGM Trading, Ltd. |
|
|
5,708,000 |
|
|
|
5,162,392 |
|
Stelux Holdings International, Ltd. |
|
|
32,428,000 |
|
|
|
3,584,904 |
|
|
|
|
|
|
|
|
|
|
Total China/Hong Kong |
|
|
|
|
|
|
176,436,021 |
|
|
|
|
|
|
|
|
|
|
TAIWAN: 16.9% |
|
|
|
|
|
|
|
|
PChome Online, Inc. |
|
|
1,399,241 |
|
|
|
16,131,608 |
|
Adlink Technology, Inc. |
|
|
4,259,811 |
|
|
|
11,853,653 |
|
Voltronic Power Technology Corp. |
|
|
907,847 |
|
|
|
11,813,936 |
|
Merida Industry Co., Ltd. |
|
|
1,989,000 |
|
|
|
10,740,784 |
|
Sporton International, Inc. |
|
|
1,775,094 |
|
|
|
10,321,285 |
|
TSC Auto ID Technology Co., Ltd. |
|
|
1,499,100 |
|
|
|
10,022,101 |
|
Aerospace Industrial Development Corp. |
|
|
8,026,000 |
|
|
|
9,601,727 |
|
Addcn Technology Co., Ltd. |
|
|
942,500 |
|
|
|
8,474,021 |
|
FineTek Co., Ltd. |
|
|
3,208,920 |
|
|
|
8,083,694 |
|
Sinmag Equipment Corp. |
|
|
2,189,517 |
|
|
|
7,987,310 |
|
|
|
|
|
|
|
|
|
|
Total Taiwan |
|
|
|
|
|
|
105,030,119 |
|
|
|
|
|
|
|
|
|
|
INDIA: 15.4% |
|
|
|
|
|
|
|
|
Mindtree, Ltd. |
|
|
454,057 |
|
|
|
10,503,587 |
|
Bajaj Corp., Ltd. |
|
|
1,497,027 |
|
|
|
10,232,650 |
|
GRUH Finance, Ltd. |
|
|
2,164,292 |
|
|
|
8,791,008 |
|
Ipca Laboratories, Ltd. |
|
|
747,315 |
|
|
|
8,456,348 |
|
AIA Engineering, Ltd. |
|
|
515,228 |
|
|
|
7,805,935 |
|
Supreme Industries, Ltd. |
|
|
781,316 |
|
|
|
7,363,558 |
|
Berger Paints India, Ltd. |
|
|
2,174,029 |
|
|
|
7,285,993 |
|
Page Industries, Ltd. |
|
|
33,163 |
|
|
|
6,710,836 |
|
Gujarat Pipavav Port, Ltd.b |
|
|
2,368,308 |
|
|
|
6,710,733 |
|
Emami, Ltd. |
|
|
355,325 |
|
|
|
6,255,755 |
|
CRISIL, Ltd. |
|
|
217,039 |
|
|
|
6,076,971 |
|
Just Dial, Ltd. |
|
|
353,008 |
|
|
|
5,303,947 |
|
LA Opala RG, Ltd. |
|
|
530,648 |
|
|
|
4,498,809 |
|
|
|
|
|
|
|
|
|
|
Total India |
|
|
|
|
|
|
95,996,130 |
|
|
|
|
|
|
|
|
|
|
SOUTH KOREA: 9.4% |
|
|
|
|
|
|
|
|
i-SENS, Inc.b |
|
|
413,372 |
|
|
|
13,114,277 |
|
Interpark Corp. |
|
|
625,189 |
|
|
|
11,789,885 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
|
|
Hy-Lok Corp. |
|
|
373,581 |
|
|
$ |
10,767,775 |
|
Ezwelfare Co., Ltd. |
|
|
855,970 |
|
|
|
9,623,642 |
|
Medy-Tox, Inc. |
|
|
21,138 |
|
|
|
7,646,395 |
|
Binggrae Co., Ltd. |
|
|
90,232 |
|
|
|
5,753,470 |
|
|
|
|
|
|
|
|
|
|
Total South Korea |
|
|
|
|
|
|
58,695,444 |
|
|
|
|
|
|
|
|
|
|
INDONESIA: 6.6% |
|
|
|
|
|
|
|
|
PT Sumber Alfaria Trijaya |
|
|
172,892,000 |
|
|
|
6,726,856 |
|
PT Selamat Sempurna |
|
|
21,478,000 |
|
|
|
6,553,356 |
|
PT AKR Corporindo |
|
|
15,223,100 |
|
|
|
6,096,286 |
|
PT Bank Tabungan Pensiunan Nasionalb |
|
|
29,834,300 |
|
|
|
5,926,130 |
|
PT Arwana Citramulia |
|
|
159,244,000 |
|
|
|
4,857,359 |
|
PT Ultrajaya Milk Industry & Trading Co.b |
|
|
17,446,900 |
|
|
|
4,762,658 |
|
PT Wismilak Inti Makmur |
|
|
93,009,900 |
|
|
|
2,399,846 |
|
PT Astra Otoparts |
|
|
20,759,825 |
|
|
|
2,200,134 |
|
PT Modern Internasionalb |
|
|
122,534,800 |
|
|
|
1,547,368 |
|
|
|
|
|
|
|
|
|
|
Total Indonesia |
|
|
|
|
|
|
41,069,993 |
|
|
|
|
|
|
|
|
|
|
SINGAPORE: 6.4% |
|
|
|
|
|
|
|
|
Raffles Medical Group, Ltd. |
|
|
3,318,800 |
|
|
|
10,544,357 |
|
ARA Asset Management, Ltd. |
|
|
10,256,800 |
|
|
|
9,514,055 |
|
Super Group, Ltd. |
|
|
11,846,400 |
|
|
|
6,424,444 |
|
Petra Foods, Ltd. |
|
|
3,560,500 |
|
|
|
6,285,453 |
|
iFAST Corp., Ltd. |
|
|
4,584,300 |
|
|
|
4,470,747 |
|
ISEC Healthcare, Ltd. |
|
|
15,339,900 |
|
|
|
2,317,613 |
|
|
|
|
|
|
|
|
|
|
Total Singapore |
|
|
|
|
|
|
39,556,669 |
|
|
|
|
|
|
|
|
|
|
THAILAND: 4.1% |
|
|
|
|
|
|
|
|
Bangkok Chain Hospital Public Co., Ltd. |
|
|
37,431,675 |
|
|
|
7,069,121 |
|
Supalai Public Co., Ltd. |
|
|
13,475,100 |
|
|
|
6,808,470 |
|
Tisco Financial Group Public Co., Ltd. |
|
|
5,402,710 |
|
|
|
5,285,829 |
|
Aeon Thana Sinsap Thailand Public Co., Ltd. |
|
|
1,869,500 |
|
|
|
4,935,401 |
|
Aeon Thana Sinsap Thailand Public Co., Ltd. NVDR |
|
|
453,600 |
|
|
|
1,197,485 |
|
|
|
|
|
|
|
|
|
|
Total Thailand |
|
|
|
|
|
|
25,296,306 |
|
|
|
|
|
|
|
|
|
|
PHILIPPINES: 3.9% |
|
|
|
|
|
|
|
|
Security Bank Corp. |
|
|
3,522,097 |
|
|
|
10,352,655 |
|
RFM Corp. |
|
|
85,175,200 |
|
|
|
7,290,439 |
|
Philippine Seven Corp. |
|
|
1,454,751 |
|
|
|
2,981,710 |
|
Concepcion Industrial Corp. |
|
|
2,858,800 |
|
|
|
2,446,555 |
|
Vista Land & Lifescapes, Inc. |
|
|
11,844,100 |
|
|
|
1,276,587 |
|
|
|
|
|
|
|
|
|
|
Total Philippines |
|
|
|
|
|
|
24,347,946 |
|
|
|
|
|
|
|
|
|
|
MALAYSIA: 3.5% |
|
|
|
|
|
|
|
|
Karex BHD |
|
|
13,488,550 |
|
|
|
9,971,849 |
|
7-Eleven Malaysia Holdings BHD |
|
|
26,279,800 |
|
|
|
8,845,868 |
|
Oldtown BHD |
|
|
10,071,500 |
|
|
|
2,914,218 |
|
Alliance Financial Group BHD |
|
|
416,600 |
|
|
|
317,883 |
|
|
|
|
|
|
|
|
|
|
Total Malaysia |
|
|
|
|
|
|
22,049,818 |
|
|
|
|
|
|
|
|
|
|
VIETNAM: 0.5% |
|
|
|
|
|
|
|
|
DHG Pharmaceutical JSC |
|
|
995,900 |
|
|
|
2,953,815 |
|
|
|
|
|
|
|
|
|
|
Total Vietnam |
|
|
|
|
|
|
2,953,815 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Matthews Asia Small Companies Fund |
|
September 30, 2015 |
Schedule of Investmentsa (unaudited) (continued) |
|
|
|
|
|
|
|
|
|
Value |
|
|
|
TOTAL INVESTMENTS: 95.0% |
|
$ |
591,432,261 |
|
(Cost $598,283,313c) |
|
|
|
|
CASH AND OTHER ASSETS, LESS LIABILITIES: 5.0% |
|
|
30,883,472 |
|
|
|
|
|
|
NET ASSETS: 100.0% |
|
$ |
622,315,733 |
|
|
|
|
|
|
a |
Certain securities were fair valued under the valuation polices approved by the Board of Trustees (Note A). |
b |
Non-income producing security. |
c |
Cost for federal income tax purposes is $598,283,313 and net unrealized depreciation consists of: |
|
|
|
|
|
Gross unrealized appreciation |
|
$ |
97,023,095 |
|
Gross unrealized depreciation |
|
|
(103,874,147 |
) |
|
|
|
|
|
Net unrealized depreciation |
|
($ |
6,851,052 |
) |
|
|
|
|
|
|
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.
|
|
|
Matthews China Small Companies Fund |
|
September 30, 2015 |
Schedule of Investmentsa (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
|
|
COMMON EQUITIES: 95.9% |
|
INDUSTRIALS: 35.3% |
|
Electrical Equipment: 9.6% |
|
Voltronic Power Technology Corp. |
|
|
64,261 |
|
|
$ |
836,240 |
|
Boer Power Holdings, Ltd. |
|
|
487,000 |
|
|
|
824,274 |
|
FineTek Co., Ltd. |
|
|
72,420 |
|
|
|
182,436 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,842,950 |
|
|
|
|
|
|
|
|
|
|
Transportation Infrastructure: 6.7% |
|
Yuexiu Transport Infrastructure, Ltd. |
|
|
1,042,000 |
|
|
|
656,364 |
|
Qingdao Port International Co., Ltd. H Shares |
|
|
730,000 |
|
|
|
328,624 |
|
Shenzhen International Holdings, Ltd. |
|
|
226,000 |
|
|
|
311,244 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,296,232 |
|
|
|
|
|
|
|
|
|
|
Professional Services: 6.1% |
|
Sporton International, Inc. |
|
|
106,113 |
|
|
|
616,994 |
|
51job, Inc. ADRb |
|
|
20,324 |
|
|
|
556,878 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,173,872 |
|
|
|
|
|
|
|
|
|
|
Machinery: 4.3% |
|
TK Group Holdings, Ltd. |
|
|
1,602,000 |
|
|
|
502,488 |
|
CIMC Enric Holdings, Ltd. |
|
|
574,000 |
|
|
|
329,577 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
832,065 |
|
|
|
|
|
|
|
|
|
|
Marine: 4.0% |
|
SITC International Holdings Co., Ltd. |
|
|
1,608,000 |
|
|
|
778,861 |
|
|
|
|
|
|
|
|
|
|
Air Freight & Logistics: 2.4% |
|
Kerry Logistics Network, Ltd. |
|
|
321,500 |
|
|
|
458,145 |
|
|
|
|
|
|
|
|
|
|
Road & Rail: 2.2% |
|
eHi Car Services, Ltd. ADRb |
|
|
36,000 |
|
|
|
417,240 |
|
|
|
|
|
|
|
|
|
|
Total Industrials |
|
|
|
6,799,365 |
|
|
|
|
|
|
|
|
|
|
HEALTH CARE: 17.2% |
|
Pharmaceuticals: 6.9% |
|
Lees Pharmaceutical Holdings, Ltd. |
|
|
739,500 |
|
|
|
956,880 |
|
SSY Group, Ltd. |
|
|
1,521,022 |
|
|
|
361,462 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,318,342 |
|
|
|
|
|
|
|
|
|
|
Biotechnology: 5.2% |
|
China Biologic Products, Inc.b |
|
|
10,400 |
|
|
|
934,128 |
|
Shanghai Haohai Biological Technology Co., Ltd. H Sharesb |
|
|
10,700 |
|
|
|
62,404 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
996,532 |
|
|
|
|
|
|
|
|
|
|
Life Sciences Tools & Services: 3.6% |
|
WuXi PharmaTech Cayman, Inc. ADRb |
|
|
16,200 |
|
|
|
700,002 |
|
|
|
|
|
|
|
|
|
|
Health Care Equipment & Supplies: 1.5% |
|
Lifetech Scientific Corp.b |
|
|
1,972,000 |
|
|
|
286,171 |
|
|
|
|
|
|
|
|
|
|
Total Health Care |
|
|
|
3,301,047 |
|
|
|
|
|
|
|
|
|
|
INFORMATION TECHNOLOGY: 14.1% |
|
Electronic Equipment, Instruments & Components: 8.5% |
|
Sunny Optical Technology Group Co., Ltd. |
|
|
341,000 |
|
|
|
683,130 |
|
PAX Global Technology, Ltd. |
|
|
590,000 |
|
|
|
615,115 |
|
Technovator International, Ltd.b |
|
|
512,000 |
|
|
|
328,962 |
|
China High Precision Automation Group, Ltd.b,c |
|
|
195,000 |
|
|
|
7,548 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,634,755 |
|
|
|
|
|
|
|
|
|
|
Technology Hardware, Storage & Peripherals: 3.4% |
|
Adlink Technology, Inc. |
|
|
234,777 |
|
|
|
653,307 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
|
|
Software: 1.3% |
|
Chanjet Information Technology Co., Ltd. H Shares |
|
|
141,400 |
|
|
$ |
245,545 |
|
|
|
|
|
|
|
|
|
|
Internet Software & Services: 0.9% |
|
Phoenix New Media, Ltd. ADRb |
|
|
39,400 |
|
|
|
172,572 |
|
|
|
|
|
|
|
|
|
|
Total Information Technology |
|
|
|
2,706,179 |
|
|
|
|
|
|
|
|
|
|
CONSUMER DISCRETIONARY: 12.4% |
|
Diversified Consumer Services: 4.5% |
|
China Distance Education Holdings, Ltd. ADR |
|
|
42,660 |
|
|
|
545,195 |
|
TAL Education Group ADRb |
|
|
9,600 |
|
|
|
308,640 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
853,835 |
|
|
|
|
|
|
|
|
|
|
Hotels, Restaurants & Leisure: 3.5% |
|
Fairwood Holdings, Ltd. |
|
|
162,000 |
|
|
|
458,585 |
|
Homeinns Hotel Group ADRb |
|
|
7,550 |
|
|
|
216,987 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
675,572 |
|
|
|
|
|
|
|
|
|
|
Auto Components: 2.7% |
|
Minth Group, Ltd. |
|
|
294,000 |
|
|
|
526,356 |
|
|
|
|
|
|
|
|
|
|
Media: 1.7% |
|
Clear Media, Ltd. |
|
|
330,000 |
|
|
|
330,496 |
|
|
|
|
|
|
|
|
|
|
Total Consumer Discretionary |
|
|
|
2,386,259 |
|
|
|
|
|
|
|
|
|
|
FINANCIALS: 9.4% |
|
Real Estate Management & Development: 6.4% |
|
KWG Property Holding, Ltd. |
|
|
1,031,500 |
|
|
|
681,192 |
|
Beijing Properties Holdings, Ltd.b |
|
|
4,646,000 |
|
|
|
277,783 |
|
China Jinmao Holdings Group, Ltd. |
|
|
1,078,000 |
|
|
|
272,665 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,231,640 |
|
|
|
|
|
|
|
|
|
|
Capital Markets: 1.6% |
|
Value Partners Group, Ltd. |
|
|
323,000 |
|
|
|
303,873 |
|
|
|
|
|
|
|
|
|
|
Diversified Financial Services: 1.4% |
|
China Merchants China Direct Investments, Ltd. |
|
|
178,000 |
|
|
|
276,509 |
|
|
|
|
|
|
|
|
|
|
Total Financials |
|
|
|
1,812,022 |
|
|
|
|
|
|
|
|
|
|
CONSUMER STAPLES: 5.0% |
|
|
|
|
|
Food Products: 5.0% |
|
Vitasoy International Holdings, Ltd. |
|
|
288,000 |
|
|
|
428,166 |
|
Tenwow International Holdings, Ltd. |
|
|
936,000 |
|
|
|
298,310 |
|
China Modern Dairy Holdings, Ltd. |
|
|
784,000 |
|
|
|
240,121 |
|
|
|
|
|
|
|
|
|
|
Total Consumer Staples |
|
|
|
966,597 |
|
|
|
|
|
|
|
|
|
|
UTILITIES: 2.5% |
|
Gas Utilities: 2.5% |
|
Towngas China Co., Ltd. |
|
|
770,000 |
|
|
|
473,304 |
|
|
|
|
|
|
|
|
|
|
Total Utilities |
|
|
|
473,304 |
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS: 95.9% |
|
|
|
18,444,773 |
|
(Cost $19,139,708d) |
|
CASH AND OTHER ASSETS, LESS LIABILITIES: 4.1% |
|
|
|
797,559 |
|
|
|
|
|
|
|
|
|
|
NET ASSETS: 100.0% |
|
|
$ |
19,242,332 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Matthews China Small Companies Fund |
|
September 30, 2015 |
Schedule of Investmentsa (unaudited) (continued) |
|
|
a |
Certain securities were fair valued under the valuation polices approved by the Board of Trustees (Note A). |
b |
Non-income producing security. |
c |
Illiquid security, trading was halted at 9/30/15. |
d |
Cost for federal income tax purposes is $19,185,630 and net unrealized depreciation consists of: |
|
|
|
|
|
Gross unrealized appreciation |
|
$ |
2,319,040 |
|
Gross unrealized depreciation |
|
|
(3,059,897 |
) |
|
|
|
|
|
Net unrealized depreciation |
|
($ |
740,857 |
) |
|
|
|
|
|
ADR American Depositary Receipt
See accompanying notes to schedules of investments.
|
|
|
Matthews Asia Science and Technology Fund |
|
September 30, 2015 |
Schedule of Investmentsa (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
|
|
COMMON EQUITIES: 90.5% |
|
|
|
|
|
|
|
|
CHINA/HONG KONG: 40.6% |
|
|
|
|
|
|
|
|
Baidu, Inc. ADRb |
|
|
79,900 |
|
|
$ |
10,979,059 |
|
JD.com, Inc. ADRb |
|
|
238,700 |
|
|
|
6,220,522 |
|
Ctrip.com International, Ltd. ADRb |
|
|
88,300 |
|
|
|
5,578,794 |
|
WuXi PharmaTech Cayman, Inc. ADRb |
|
|
88,100 |
|
|
|
3,806,801 |
|
NetEase, Inc. ADR |
|
|
31,000 |
|
|
|
3,723,720 |
|
CITIC Telecom International Holdings, Ltd. |
|
|
10,732,000 |
|
|
|
3,683,888 |
|
CAR, Inc.b |
|
|
2,239,000 |
|
|
|
3,240,932 |
|
China Biologic Products, Inc.b |
|
|
34,400 |
|
|
|
3,089,808 |
|
Tencent Holdings, Ltd. |
|
|
181,100 |
|
|
|
3,052,729 |
|
CSPC Pharmaceutical Group, Ltd. |
|
|
3,292,000 |
|
|
|
2,898,502 |
|
Shanghai Jahwa United Co., Ltd. A Sharesc |
|
|
521,641 |
|
|
|
2,788,985 |
|
Zhaopin, Ltd. ADRb |
|
|
215,063 |
|
|
|
2,774,313 |
|
Vipshop Holdings, Ltd. ADRb |
|
|
164,242 |
|
|
|
2,759,266 |
|
Qunar Cayman Islands, Ltd. ADRb |
|
|
86,200 |
|
|
|
2,592,034 |
|
PAX Global Technology, Ltd. |
|
|
773,000 |
|
|
|
805,905 |
|
|
|
|
|
|
|
|
|
|
Total China/Hong Kong |
|
|
|
|
|
|
57,995,258 |
|
|
|
|
|
|
|
|
|
|
INDIA: 11.3% |
|
|
|
|
|
|
|
|
Info Edge India, Ltd. |
|
|
371,814 |
|
|
|
4,531,216 |
|
Lupin, Ltd. |
|
|
113,328 |
|
|
|
3,518,414 |
|
Blue Dart Express, Ltd. |
|
|
22,300 |
|
|
|
2,553,999 |
|
Bharti Infratel, Ltd. |
|
|
394,137 |
|
|
|
2,135,625 |
|
Just Dial, Ltd. |
|
|
125,653 |
|
|
|
1,887,937 |
|
Mindtree, Ltd. |
|
|
65,378 |
|
|
|
1,512,373 |
|
|
|
|
|
|
|
|
|
|
Total India |
|
|
|
|
|
|
16,139,564 |
|
|
|
|
|
|
|
|
|
|
JAPAN: 10.9% |
|
|
|
|
|
|
|
|
Olympus Corp. |
|
|
100,500 |
|
|
|
3,135,431 |
|
Hoya Corp. |
|
|
88,200 |
|
|
|
2,888,717 |
|
Shimano, Inc. |
|
|
18,600 |
|
|
|
2,613,223 |
|
Murata Manufacturing Co., Ltd. |
|
|
14,200 |
|
|
|
1,834,278 |
|
Kao Corp. |
|
|
39,200 |
|
|
|
1,776,969 |
|
Asahi Intecc Co., Ltd. |
|
|
48,300 |
|
|
|
1,740,862 |
|
Keyence Corp. |
|
|
3,700 |
|
|
|
1,652,339 |
|
|
|
|
|
|
|
|
|
|
Total Japan |
|
|
|
|
|
|
15,641,819 |
|
|
|
|
|
|
|
|
|
|
SOUTH KOREA: 9.6% |
|
|
|
|
|
|
|
|
Modetour Network, Inc. |
|
|
123,384 |
|
|
|
4,007,503 |
|
Naver Corp. |
|
|
8,733 |
|
|
|
3,785,196 |
|
iMarketKorea, Inc. |
|
|
87,703 |
|
|
|
2,178,964 |
|
SaraminHR Co., Ltd. |
|
|
111,120 |
|
|
|
2,170,444 |
|
Samsung Electronics Co., Ltd. |
|
|
1,691 |
|
|
|
1,622,436 |
|
|
|
|
|
|
|
|
|
|
Total South Korea |
|
|
|
|
|
|
13,764,543 |
|
|
|
|
|
|
|
|
|
|
TAIWAN: 9.1% |
|
|
|
|
|
|
|
|
PChome Online, Inc. |
|
|
307,526 |
|
|
|
3,545,411 |
|
Delta Electronics, Inc. |
|
|
562,000 |
|
|
|
2,650,819 |
|
Merida Industry Co., Ltd. |
|
|
477,000 |
|
|
|
2,575,844 |
|
Ennoconn Corp. |
|
|
181,000 |
|
|
|
1,755,293 |
|
Largan Precision Co., Ltd. |
|
|
21,000 |
|
|
|
1,638,944 |
|
Hermes Microvision, Inc. |
|
|
21,000 |
|
|
|
800,499 |
|
|
|
|
|
|
|
|
|
|
Total Taiwan |
|
|
|
|
|
|
12,966,810 |
|
|
|
|
|
|
|
|
|
|
SINGAPORE: 2.9% |
|
|
|
|
|
|
|
|
Raffles Medical Group, Ltd. |
|
|
751,600 |
|
|
|
2,387,953 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
|
|
iFAST Corp., Ltd. |
|
|
1,802,100 |
|
|
$ |
1,757,462 |
|
|
|
|
|
|
|
|
|
|
Total Singapore |
|
|
|
|
|
|
4,145,415 |
|
|
|
|
|
|
|
|
|
|
UNITED STATES: 2.3% |
|
|
|
|
|
|
|
|
Cognizant Technology Solutions Corp. Class Ab |
|
|
53,300 |
|
|
|
3,337,113 |
|
|
|
|
|
|
|
|
|
|
Total United States |
|
|
|
|
|
|
3,337,113 |
|
|
|
|
|
|
|
|
|
|
THAILAND: 1.7% |
|
|
|
|
|
|
|
|
Major Cineplex Group Public Co., Ltd. |
|
|
2,714,900 |
|
|
|
2,391,713 |
|
|
|
|
|
|
|
|
|
|
Total Thailand |
|
|
|
|
|
|
2,391,713 |
|
|
|
|
|
|
|
|
|
|
INDONESIA: 1.4% |
|
|
|
|
|
|
|
|
PT Telekomunikasi Indonesia Persero ADR |
|
|
55,100 |
|
|
|
1,964,315 |
|
|
|
|
|
|
|
|
|
|
Total Indonesia |
|
|
|
|
|
|
1,964,315 |
|
|
|
|
|
|
|
|
|
|
VIETNAM: 0.7% |
|
|
|
|
|
|
|
|
Mobile World Investment Corp.b |
|
|
375,365 |
|
|
|
1,022,561 |
|
|
|
|
|
|
|
|
|
|
Total Vietnam |
|
|
|
|
|
|
1,022,561 |
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON EQUITIES
(Cost $110,207,813) |
|
|
|
|
|
|
129,369,111 |
|
|
|
|
|
|
|
|
|
|
PREFERRED EQUITIES: 5.2% |
|
|
|
|
|
|
|
|
SOUTH KOREA: 5.2% |
|
|
|
|
|
|
|
|
LG Household & Health Care, Ltd., Pfd. |
|
|
14,270 |
|
|
|
4,814,522 |
|
Samsung Electronics Co., Ltd., Pfd. |
|
|
3,362 |
|
|
|
2,609,806 |
|
|
|
|
|
|
|
|
|
|
Total South Korea |
|
|
|
|
|
|
7,424,328 |
|
|
|
|
|
|
|
|
|
|
TOTAL PREFERRED EQUITIES
(Cost $7,473,708) |
|
|
|
|
|
|
7,424,328 |
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS: 95.7%
(Cost $117,681,521d) |
|
|
|
|
|
|
136,793,439 |
|
CASH AND OTHER ASSETS, LESS LIABILITIES: 4.3% |
|
|
|
6,086,586 |
|
|
|
|
|
|
|
|
|
|
NET ASSETS: 100.0% |
|
|
|
|
|
$ |
142,880,025 |
|
|
|
|
|
|
|
|
|
|
a |
Certain securities were fair valued under the valuation polices approved by the Board of Trustees (Note A). |
b |
Non-income producing security. |
c |
Illiquid security, trading was halted at 9/30/15. |
d |
Cost for federal income tax purposes is $117,831,532 and net unrealized appreciation consists of: |
|
|
|
|
|
Gross unrealized appreciation |
|
$ |
27,895,431 |
|
Gross unrealized depreciation |
|
|
(8,933,524 |
) |
|
|
|
|
|
Net unrealized appreciation |
|
$ |
18,961,907 |
|
|
|
|
|
|
ADR |
American Depositary Receipt |
See accompanying notes to schedules of investments.
Notes to Schedules of Investments (unaudited)
A. |
SECURITY VALUATION: The value of the Matthews Asia Funds (the Trust each a Fund, collectively the Funds) securities is based on market quotations for those securities, or
on their fair value determined by the valuation policies approved by 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 Boards 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 equity 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 and derivative financial instruments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted
quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). Various inputs are used in
determining the fair value of investments and derivative financial instruments, which are as follows: |
Level 1: Quoted prices in active markets for identical securities.
Level 2: Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk,
etc.).
Level 3: Significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments
and derivative financial instruments).
Level 3 securities consisted of primarily of equities that, as of September 30, 2015, were
suspended from trading. 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. A significant change in the unobservable inputs could result in a significantly
lower or higher value in such Level 3 securities and could impact overall Fund performance. 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 Funds investments as of September 30, 2015 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
China/Hong Kong |
|
$ |
|
|
|
$ |
245,000,473 |
|
|
$ |
179,481,392 |
|
|
$ |
822,063 |
|
|
$ |
53,659,066 |
|
India |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indonesia |
|
|
|
|
|
|
55,385,840 |
|
|
|
38,881,102 |
|
|
|
|
|
|
|
|
|
Japan |
|
|
|
|
|
|
|
|
|
|
39,994,440 |
|
|
|
|
|
|
|
9,731,573 |
|
Luxembourg |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pakistan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,570,401 |
|
Philippines |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,674,328 |
|
Singapore |
|
|
|
|
|
|
28,958,475 |
|
|
|
59,442,521 |
|
|
|
|
|
|
|
|
|
South Korea |
|
|
|
|
|
|
39,434,995 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sri Lanka |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,286,867 |
|
Taiwan |
|
|
|
|
|
|
100,442,691 |
|
|
|
166,722,203 |
|
|
|
|
|
|
|
|
|
United States |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
702,843 |
|
|
|
|
|
Vietnam |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 2: Other Significant Observable Inputs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign Government Obligationsa |
|
|
5,632,480 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Convertible Corporate Bondsa |
|
|
42,825,134 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible Corporate Bondsa |
|
|
11,836,579 |
|
|
|
249,751,589 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Equities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia |
|
|
|
|
|
|
114,419,391 |
|
|
|
174,511,985 |
|
|
|
614,630 |
|
|
|
29,347,434 |
|
China/Hong Kong |
|
|
|
|
|
|
732,108,645 |
|
|
|
1,430,696,890 |
|
|
|
3,675,968 |
|
|
|
59,034,591 |
|
India |
|
|
|
|
|
|
|
|
|
|
117,136,953 |
|
|
|
279,628 |
|
|
|
103,062,013 |
|
Indonesia |
|
|
|
|
|
|
27,572,765 |
|
|
|
118,090,711 |
|
|
|
545,052 |
|
|
|
57,275,841 |
|
Japan |
|
|
|
|
|
|
205,702,741 |
|
|
|
1,335,621,185 |
|
|
|
294,692 |
|
|
|
345,297,551 |
|
Luxembourg |
|
|
|
|
|
|
|
|
|
|
77,385,840 |
|
|
|
|
|
|
|
|
|
Malaysia |
|
|
|
|
|
|
209,208,499 |
|
|
|
|
|
|
|
916,691 |
|
|
|
10,455,264 |
|
New Zealand |
|
|
|
|
|
|
97,057,826 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Philippines |
|
|
256,264 |
|
|
|
54,059,514 |
|
|
|
72,863,993 |
|
|
|
|
|
|
|
32,747,117 |
|
Singapore |
|
|
497,730 |
|
|
|
417,438,705 |
|
|
|
125,015,423 |
|
|
|
1,081,906 |
|
|
|
|
|
South Korea |
|
|
|
|
|
|
232,340,192 |
|
|
|
249,523,227 |
|
|
|
350,201 |
|
|
|
14,571,781 |
|
Sri Lanka |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,765,915 |
|
Switzerland |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
385,398 |
|
|
|
|
|
Taiwan |
|
|
|
|
|
|
55,767,578 |
|
|
|
69,077,653 |
|
|
|
424,814 |
|
|
|
16,310,626 |
|
Thailand |
|
|
|
|
|
|
142,177,606 |
|
|
|
126,652,476 |
|
|
|
586,623 |
|
|
|
10,501,901 |
|
United Kingdom |
|
|
|
|
|
|
34,167,278 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Vietnam |
|
|
|
|
|
|
69,631,617 |
|
|
|
60,255,581 |
|
|
|
|
|
|
|
9,635,349 |
|
Preferred Equities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South Korea |
|
|
|
|
|
|
105,081,540 |
|
|
|
137,055,525 |
|
|
|
|
|
|
|
|
|
Level 3: Significant Unobservable Inputs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Equities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sri Lanka |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Convertible Corporate Bondsa |
|
|
1,715,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Market Value of Investments |
|
$ |
62,763,387 |
|
|
$ |
3,215,707,960 |
|
|
$ |
4,578,409,100 |
|
|
$ |
10,680,509 |
|
|
$ |
793,927,618 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a |
Industry, countries, or security types are disclosed on the Schedule of Investments. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
$ |
4,365,360 |
|
|
$ |
40,022,070 |
|
|
$ |
2,868,678 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
1,070,822 |
|
Consumer Staples |
|
|
|
|
|
|
|
|
|
|
50,407,192 |
|
|
|
|
|
|
|
|
|
|
|
298,310 |
|
Financials |
|
|
|
|
|
|
|
|
|
|
94,659,645 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care |
|
|
|
|
|
|
|
|
|
|
76,889,109 |
|
|
|
|
|
|
|
|
|
|
|
1,634,130 |
|
Industrials |
|
|
|
|
|
|
|
|
|
|
20,738,657 |
|
|
|
|
|
|
|
4,210,551 |
|
|
|
974,118 |
|
Information Technology |
|
|
4,196,313 |
|
|
|
30,865,926 |
|
|
|
65,596,497 |
|
|
|
15,621,161 |
|
|
|
|
|
|
|
172,572 |
|
Telecommunication Services |
|
|
4,702,285 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,176,844 |
|
|
|
|
|
Preferred Equities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Staples |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 2: Other Significant Observable Inputs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Equities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary |
|
|
19,046,293 |
|
|
|
56,297,186 |
|
|
|
111,793,045 |
|
|
|
242,784,227 |
|
|
|
42,279,291 |
|
|
|
1,315,437 |
|
Consumer Staples |
|
|
12,866,004 |
|
|
|
24,164,667 |
|
|
|
226,723,591 |
|
|
|
190,284,338 |
|
|
|
40,862,007 |
|
|
|
668,287 |
|
Energy |
|
|
4,148,674 |
|
|
|
9,298,257 |
|
|
|
|
|
|
|
|
|
|
|
3,442,426 |
|
|
|
|
|
Financials |
|
|
24,580,354 |
|
|
|
278,123,013 |
|
|
|
303,308,195 |
|
|
|
151,766,361 |
|
|
|
26,340,950 |
|
|
|
1,812,022 |
|
Health Care |
|
|
3,154,657 |
|
|
|
45,784,675 |
|
|
|
160,531,994 |
|
|
|
174,316,631 |
|
|
|
5,965,474 |
|
|
|
1,666,917 |
|
Industrials |
|
|
31,848,091 |
|
|
|
111,229,813 |
|
|
|
145,351,242 |
|
|
|
312,788,320 |
|
|
|
7,701,482 |
|
|
|
5,825,247 |
|
Information Technology |
|
|
9,423,478 |
|
|
|
88,829,407 |
|
|
|
185,597,005 |
|
|
|
168,230,753 |
|
|
|
15,775,692 |
|
|
|
2,526,059 |
|
Materials |
|
|
4,056,651 |
|
|
|
7,589,337 |
|
|
|
82,936,694 |
|
|
|
30,142,499 |
|
|
|
4,335,094 |
|
|
|
|
|
Telecommunication Services |
|
|
8,420,931 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utilities |
|
|
8,225,123 |
|
|
|
22,892,216 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
473,304 |
|
Preferred Equities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,017,126 |
|
|
|
|
|
Consumer Staples |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,925,256 |
|
|
|
|
|
Energy |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,546,640 |
|
|
|
|
|
Financials |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,568,588 |
|
|
|
|
|
Information Technology |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,734,107 |
|
|
|
|
|
Materials |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,493,893 |
|
|
|
|
|
Level 3: Significant Unobservable Inputs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Equities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Staples |
|
|
3,730,792 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrials |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Information Technology |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,548 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Market Value of Investments |
|
$ |
142,765,006 |
|
|
$ |
715,096,567 |
|
|
$ |
1,527,401,544 |
|
|
$ |
1,285,934,290 |
|
|
$ |
196,375,421 |
|
|
$ |
18,444,773 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Matthews |
|
|
Matthews |
|
|
Matthews |
|
|
Matthews Asia |
|
|
Matthews Asia |
|
|
|
Pacific Tiger |
|
|
Asia ESG |
|
|
Emerging Asia |
|
|
Small Companies |
|
|
Science and |
|
|
|
Fund |
|
|
Fund |
|
|
Fund |
|
|
Fund |
|
|
Technology Fund |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1: Quoted Prices |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Equities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bangladesh |
|
$ |
|
|
|
$ |
61,055 |
|
|
$ |
18,057,728 |
|
|
$ |
|
|
|
$ |
|
|
China/Hong Kong |
|
|
539,441,671 |
|
|
|
135,512 |
|
|
|
2,408,941 |
|
|
|
54,217,019 |
|
|
|
41,524,317 |
|
India |
|
|
68,907,480 |
|
|
|
|
|
|
|
2,292,161 |
|
|
|
|
|
|
|
|
|
Indonesia |
|
|
12,979,096 |
|
|
|
|
|
|
|
3,641,047 |
|
|
|
23,153,556 |
|
|
|
1,964,315 |
|
Japan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Luxembourg |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Malaysia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pakistan |
|
|
|
|
|
|
118,177 |
|
|
|
11,334,630 |
|
|
|
|
|
|
|
|
|
Philippines |
|
|
|
|
|
|
119,317 |
|
|
|
4,181,811 |
|
|
|
5,428,265 |
|
|
|
|
|
Singapore |
|
|
|
|
|
|
104,086 |
|
|
|
|
|
|
|
11,831,668 |
|
|
|
|
|
South Korea |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sri Lanka |
|
|
|
|
|
|
62,738 |
|
|
|
5,508,339 |
|
|
|
|
|
|
|
|
|
Thailand |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
|
|
86,564,586 |
|
|
|
22,170 |
|
|
|
|
|
|
|
|
|
|
|
3,337,113 |
|
Vietnam |
|
|
|
|
|
|
|
|
|
|
7,817,400 |
|
|
|
|
|
|
|
|
|
Warrants: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Malaysia |
|
|
2,383,453 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thailand |
|
|
|
|
|
|
|
|
|
|
11,372 |
|
|
|
|
|
|
|
|
|
Level 2: Other Significant Observable Inputs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Equities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia |
|
|
|
|
|
|
60,090 |
|
|
|
1,773,146 |
|
|
|
|
|
|
|
|
|
Bangladesh |
|
|
|
|
|
|
|
|
|
|
6,956,278 |
|
|
|
|
|
|
|
|
|
Cambodia |
|
|
|
|
|
|
|
|
|
|
1,700,602 |
|
|
|
|
|
|
|
|
|
China/Hong Kong |
|
|
1,487,853,115 |
|
|
|
1,060,257 |
|
|
|
14,952,345 |
|
|
|
122,219,002 |
|
|
|
13,681,956 |
|
India |
|
|
1,232,426,435 |
|
|
|
817,932 |
|
|
|
16,019,845 |
|
|
|
95,996,130 |
|
|
|
16,139,564 |
|
Indonesia |
|
|
358,551,620 |
|
|
|
113,586 |
|
|
|
9,805,340 |
|
|
|
17,916,437 |
|
|
|
|
|
Japan |
|
|
|
|
|
|
279,107 |
|
|
|
|
|
|
|
|
|
|
|
15,641,819 |
|
Luxembourg |
|
|
|
|
|
|
72,203 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Malaysia |
|
|
220,863,086 |
|
|
|
|
|
|
|
|
|
|
|
22,049,818 |
|
|
|
|
|
Pakistan |
|
|
|
|
|
|
|
|
|
|
19,608,285 |
|
|
|
|
|
|
|
|
|
Philippines |
|
|
186,207,594 |
|
|
|
98,053 |
|
|
|
5,938,775 |
|
|
|
18,919,681 |
|
|
|
|
|
Singapore |
|
|
31,121,336 |
|
|
|
47,664 |
|
|
|
1,412,890 |
|
|
|
27,725,001 |
|
|
|
4,145,415 |
|
South Korea |
|
|
1,037,029,541 |
|
|
|
391,573 |
|
|
|
|
|
|
|
58,695,444 |
|
|
|
13,764,543 |
|
Sri Lanka |
|
|
|
|
|
|
|
|
|
|
9,771,990 |
|
|
|
|
|
|
|
|
|
Switzerland |
|
|
170,537,576 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taiwan |
|
|
383,196,580 |
|
|
|
620,945 |
|
|
|
|
|
|
|
105,030,119 |
|
|
|
12,966,810 |
|
Thailand |
|
|
343,722,801 |
|
|
|
200,835 |
|
|
|
4,127,783 |
|
|
|
25,296,306 |
|
|
|
2,391,713 |
|
Vietnam |
|
|
126,256,493 |
|
|
|
|
|
|
|
11,914,637 |
|
|
|
2,953,815 |
|
|
|
1,022,561 |
|
Preferred Equities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South Korea |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,424,328 |
|
Level 3: Significant Unobservable Inputs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Equities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
China/Hong Kong |
|
|
11,870,427 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,788,985 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Market Value of Investments |
|
|
6,299,912,890 |
|
|
$ |
4,385,300 |
|
|
$ |
159,235,345 |
|
|
$ |
591,432,261 |
|
|
|
136,793,439 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a |
Industry, countries, or security types are disclosed on the Schedule of Investments. |
Foreign securities that are valued based on market quotations are categorized as Level 1 in the fair value
hierarchy (see Note B). 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, 2015, the Funds utilized third party pricing services to fair value certain securities, some of which were different than securities which were valued by those third party pricing services at December 31,
2014. 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 to Level 2 with beginning of period values as follows:
|
|
|
|
|
|
|
|
|
|
|
Transfer to Level 1 from Level 2 |
|
|
Transfer to Level 2 from Level 1 |
|
Matthews Asian Growth and Income Fund |
|
$ |
92,731,522 |
|
|
$ |
|
|
Matthews Asia Dividend Fund |
|
|
72,363,818 |
|
|
|
105,927,798 |
|
Matthews China Dividend Fund |
|
|
|
|
|
|
8,897,745 |
|
Matthews Asia Growth Fund |
|
|
5,324,923 |
|
|
|
35,493,508 |
|
Matthews Pacific Tiger Fund |
|
|
89,462,165 |
|
|
|
152,036,514 |
|
Matthews Emerging Asia Fund |
|
|
16,256,735 |
|
|
|
21,305,038 |
|
Matthews China Fund |
|
|
|
|
|
|
|
|
Matthews India Fund |
|
|
115,181,978 |
|
|
|
131,114,911 |
|
Matthews Japan Fund |
|
|
|
|
|
|
7,076,440 |
|
Matthews Korea Fund |
|
|
3,780,464 |
|
|
|
12,249,730 |
|
Matthews Asia Small Companies Fund |
|
|
36,522,783 |
|
|
|
70,237,913 |
|
Matthews Asia Science and Technology Fund |
|
|
|
|
|
|
1,997,151 |
|
A reconciliation of Level 3 investments for which significant unobservable inputs were used to determine value are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Matthews Asia |
|
|
Matthews |
|
|
Matthews |
|
|
Matthews |
|
|
Matthews |
|
|
Matthews |
|
|
Matthews |
|
|
Matthews |
|
|
Matthews |
|
|
|
Strategic |
|
|
Pacific Tiger |
|
|
China Small |
|
|
China Small |
|
|
China Dividend |
|
|
China Dividend |
|
|
China Dividend |
|
|
China Dividend |
|
|
Asia Science and |
|
|
|
Income Fund |
|
|
Fund |
|
|
Companies Fund |
|
|
Companies Fund |
|
|
Fund |
|
|
Fund |
|
|
Fund |
|
|
Fund |
|
|
Technology Fund |
|
|
|
Non-Convertible Corporate Bond |
|
|
Common Equities - Industials |
|
|
Common Equities - Industrials |
|
|
Common Equities - Information Technology |
|
|
Common Equities - Consumer Discretionary |
|
|
Common Equities - Industrials |
|
|
Common Equities - Information Technology |
|
|
Common Equities - Consumer Staples |
|
|
Common Equities - China/ Hong Kong |
|
Balance as of 12/31/14 (market value) |
|
$ |
|
|
|
$ |
|
|
|
$ |
898,951 |
|
|
$ |
7,544 |
|
|
$ |
5,999,103 |
|
|
$ |
4,694,035 |
|
|
$ |
3,526,660 |
|
|
$ |
|
|
|
$ |
|
|
Accrued discounts/premiums |
|
|
(2,075 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized gain/(loss) |
|
|
|
|
|
|
|
|
|
|
145,383 |
|
|
|
|
|
|
|
3,311,999 |
|
|
|
2,037,781 |
|
|
|
3,827,643 |
|
|
|
(226,107 |
) |
|
|
|
|
Change in unrealized (depreciation) |
|
|
(152,725 |
) |
|
|
(2,183,326 |
) |
|
|
(172,985 |
) |
|
|
4 |
|
|
|
(1,556,432 |
) |
|
|
(2,011,672 |
) |
|
|
(727,248 |
) |
|
|
(1,624,424 |
) |
|
|
(811,714 |
) |
Purchases |
|
|
|
|
|
|
14,053,753 |
|
|
|
71,642 |
|
|
|
|
|
|
|
|
|
|
|
1,302,855 |
|
|
|
|
|
|
|
5,970,283 |
|
|
|
3,600,699 |
|
Sales |
|
|
|
|
|
|
|
|
|
|
(942,991 |
) |
|
|
|
|
|
|
(7,754,670 |
) |
|
|
(6,022,999 |
) |
|
|
(6,627,055 |
) |
|
|
(388,960 |
) |
|
|
|
|
Transfers in to Level 3* |
|
|
1,870,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transfers out of Level 3* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of 9/30/15 (market value) |
|
$ |
1,715,200 |
|
|
$ |
11,870,427 |
|
|
$ |
|
|
|
$ |
7,548 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
3,730,792 |
|
|
$ |
2,788,985 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in unrealized appreciation/depreciation on Level 3 investments held as of 9/30/15 |
|
($ |
152,725 |
) |
|
($ |
2,183,326 |
) |
|
($ |
172,985 |
) |
|
$ |
4 |
|
|
($ |
1,556,432 |
) |
|
($ |
2,011,672 |
) |
|
($ |
727,248 |
) |
|
($ |
1,624,424 |
) |
|
($ |
811,714 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
The Funds policy is to recognize transfers in and transfers 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. These inputs include 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. 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, 2015, the Funds that previously used quoted prices or observable inputs now also utilize significant unobservable inputs for
certain securities that were suspended from trading. As a result, certain securities held by the Funds that were previously classified as Level 1 or Level 2 was transferred to Level 3. Certain
securities held by the Funds that were suspended from trading and classified as Level 3 on December 31, 2014 subsequently resumed trading and were transferred from Level 3 to Level 1, Level 2 or were sold.
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 financial instruments and transactions in which the Fund may engage include financial futures contracts and/or forward foreign currency exchange
contracts. The currency overlay strategy involves long and short positions on one or more currencies. As a result, the Funds exposure to a currency could exceed the value of the Funds assets and the Fund 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 financial instruments and transactions could exceed the value of the Funds 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 financial 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 financial 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 financial 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 the 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 or investment 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 1940 Act 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, 2015, 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, 2015 is as follows:
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|
Shares Held at |
|
|
Shares |
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|
Shares |
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|
Shares Held at |
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|
Value at |
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|
|
Dec. 31, 2014 |
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|
Purchased |
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|
Sold |
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|
Sept. 30, 2015 |
|
|
Sept. 30, 2015 |
|
MATTHEWS ASIAN GROWTH AND INCOME FUND |
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Name of Issuer: |
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|
|
CITIC Telecom International Holdings, Ltd. |
|
|
188,818,250 |
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|
|
|
|
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|
188,818,250 |
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|
|
|
|
$ |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Affiliates |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
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|
|
|
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|
|
MATTHEWS ASIA DIVIDEND FUND |
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Name of Issuer: |
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|
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Anritsu Corp. |
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|
6,853,300 |
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|
|
1,204,800 |
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|
|
493,600 |
|
|
|
7,564,500 |
|
|
$ |
46,013,778 |
|
Ascendas India Trust |
|
|
55,065,000 |
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|
|
|
|
|
|
1,594,300 |
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|
53,470,700 |
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|
32,126,382 |
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Breville Group, Ltd. |
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|
10,847,453 |
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|
|
|
|
|
|
203,434 |
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|
|
10,644,019 |
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|
|
44,346,625 |
|
CapitaLand Retail China Trust, REIT |
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|
52,179,400 |
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|
|
|
|
|
|
8,947,000 |
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|
|
43,232,400 |
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|
|
41,548,158 |
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China Machinery Engineering Corp. H Shares |
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|
|
|
|
|
53,737,000 |
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|
|
1,414,000 |
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|
|
52,323,000 |
|
|
|
45,223,848 |
|
Greatview Aseptic Packaging Co., Ltd. |
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|
110,945,000 |
|
|
|
|
|
|
|
86,000 |
|
|
|
110,859,000 |
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|
|
51,762,923 |
|
Minth Group, Ltd. |
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|
61,267,000 |
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|
|
|
|
|
|
1,732,000 |
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|
|
59,535,000 |
|
|
|
106,587,035 |
|
Pigeon Corp. |
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|
2,377,800 |
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|
|
4,755,600 |
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|
|
3,327,300 |
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|
|
3,806,100 |
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|
|
|
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Springland International Holdings, Ltd. |
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|
138,171,000 |
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|
|
|
|
|
138,171,000 |
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|
|
|
|
|
|
|
|
St. Shine Optical Co., Ltd. |
|
|
2,674,000 |
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|
|
1,057,000 |
|
|
|
1,348,000 |
|
|
|
2,383,000 |
|
|
|
|
|
Xingda International Holdings, Ltd. H Shares |
|
|
87,141,000 |
|
|
|
|
|
|
|
87,141,000 |
|
|
|
|
|
|
|
|
|
Yuexiu Transport Infrastructure, Ltd. |
|
|
109,490,000 |
|
|
|
|
|
|
|
168,000 |
|
|
|
109,322,000 |
|
|
|
68,862,795 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Affiliates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
436,471,544 |
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|
MATTHEWS PACIFIC TIGER FUND |
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Name of Issuer: |
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|
|
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|
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|
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|
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|
|
|
|
|
|
Cheil Worldwide, Inc. |
|
|
6,420,440 |
|
|
|
|
|
|
|
266,143 |
|
|
|
6,154,297 |
|
|
$ |
95,088,408 |
|
Dongbu Insurance Co., Ltd. |
|
|
4,020,500 |
|
|
|
|
|
|
|
621,381 |
|
|
|
3,399,119 |
|
|
|
|
|
Fuyao Glass Industry Group Co., Ltd. H Shares |
|
|
|
|
|
|
30,836,000 |
|
|
|
|
|
|
|
30,836,000 |
|
|
|
58,950,444 |
|
Green Cross Corp. |
|
|
1,008,655 |
|
|
|
|
|
|
|
43,805 |
|
|
|
964,850 |
|
|
|
152,914,024 |
|
Hyflux, Ltd. |
|
|
65,284,280 |
|
|
|
|
|
|
|
1,341,500 |
|
|
|
63,942,780 |
|
|
|
31,121,336 |
|
Synnex Technology International Corp. |
|
|
102,065,354 |
|
|
|
|
|
|
|
3,874,000 |
|
|
|
98,191,354 |
|
|
|
98,227,231 |
|
Tata Power Co., Ltd. |
|
|
162,545,436 |
|
|
|
13,000,000 |
|
|
|
9,925,000 |
|
|
|
165,620,436 |
|
|
|
164,257,211 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Affiliates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
600,558,654 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MATTHEWS INDIA FUND |
|
|
|
|
|
Name of Issuer: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
eClerx Services, Ltd. |
|
|
1,189,293 |
|
|
|
1,216,925 |
|
|
|
40,000 |
|
|
|
2,366,218 |
|
|
$ |
57,343,359 |
|
VST Industries, Ltd. |
|
|
855,933 |
|
|
|
359,771 |
|
|
|
|
|
|
|
1,215,704 |
|
|
|
29,718,444 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Affiliates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
87,061,803 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MATTHEWS JAPAN FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name of Issuer: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AIT Corp. |
|
|
678,700 |
|
|
|
499,000 |
|
|
|
47,400 |
|
|
|
1,130,300 |
|
|
$ |
8,780,673 |
|
Daiken Medical Co., Ltd. |
|
|
711,600 |
|
|
|
902,100 |
|
|
|
|
|
|
|
1,613,700 |
|
|
|
13,318,856 |
|
eGuarantee, Inc. |
|
|
401,000 |
|
|
|
328,200 |
|
|
|
|
|
|
|
729,200 |
|
|
|
13,672,925 |
|
MORESCO Corp. |
|
|
400,300 |
|
|
|
374,200 |
|
|
|
|
|
|
|
774,500 |
|
|
|
10,198,122 |
|
N Field Co., Ltd. |
|
|
276,800 |
|
|
|
687,900 |
|
|
|
|
|
|
|
964,700 |
|
|
|
12,195,901 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Affiliates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
58,166,477 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MATTHEWS ASIA SMALL COMPANIES FUND |
|
|
|
|
|
Name of Issuer: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ezwelfare Co., Ltd. |
|
|
742,858 |
|
|
|
131,365 |
|
|
|
18,253 |
|
|
|
855,970 |
|
|
$ |
9,623,642 |
|
FineTek Co., Ltd. |
|
|
|
|
|
|
3,208,920 |
|
|
|
|
|
|
|
3,208,920 |
|
|
|
8,083,694 |
|
SaraminHR Co., Ltd. |
|
|
682,434 |
|
|
|
|
|
|
|
682,434 |
|
|
|
|
|
|
|
|
|
PT Wismilak Inti Makmur |
|
|
107,640,100 |
|
|
|
6,710,500 |
|
|
|
21,340,700 |
|
|
|
93,009,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Affiliates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
17,707,336 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer was not an affiliated company as of September 30, 2015. |
|
Includes stock split during the period. |
|
Includes stock dividend during the period. |
E. |
INCOME 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, 2015.
|
|
|
|
|
|
|
Late Year Losses* |
|
Matthews Asia Strategic Income Fund |
|
$ |
209,651 |
|
Matthews China Dividend Fund |
|
|
586,052 |
|
Matthews Asia Growth Fund |
|
|
3,220,533 |
|
Matthews Emerging Asia Fund |
|
|
137,282 |
|
Matthews Japan Fund |
|
|
817,239 |
|
Matthews China Small Companies Fund |
|
|
33,976 |
|
Matthews Asia Science and Technology Fund |
|
|
787 |
|
* |
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, 2014, which expire in the
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 |
|
|
2018 |
|
|
Losses |
|
|
Losses |
|
|
Total |
|
Matthews Asia Strategic Income Fund |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
1,178,601 |
|
|
$ |
131,017 |
|
|
$ |
1,309,618 |
|
Matthews Asia Dividend Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
67,300,117 |
|
|
|
115,478,982 |
|
|
|
182,779,099 |
|
Matthews Asia Growth Fund |
|
|
|
|
|
|
26,429,909 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26,429,909 |
|
Matthews Japan Fund |
|
|
44,233,750 |
|
|
|
44,032,426 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
88,266,176 |
|
Matthews Asia Small Companies Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,443,681 |
|
|
|
|
|
|
|
5,443,681 |
|
Matthews China Small Companies Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
734,068 |
|
|
|
|
|
|
|
734,068 |
|
* |
Post-Enactment Losses: Must be utilized prior to losses subject to expiration. |
Under the
Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those
future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years, which generally expire after eight years from when they are incurred. Additionally, post-enactment capital losses that are carried
forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.
For additional information regarding the accounting policies of the Matthews Asia Funds, refer to the most recent financial statements in the
N-CSR filing at www.sec.gov.
Item 2. Controls and Procedures.
|
(a) |
The registrants principal executive and principal financial officers have concluded that the registrants 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))) were effective, as of a date within 90 days of the filing date of this report, 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 Rule 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 registrants 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 registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting. |
Item 3. Exhibits.
Certifications
for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act are attached hereto as exhibits.
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) |
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) |
|
|
|
|
|
By (Signature and Title)* |
|
/s/ Shai Malka |
|
|
Shai Malka, Treasurer |
|
|
(principal financial officer) |
* Print the name and title of each signing officer under his or her
signature.