UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number |
811-08510 | |||||
| ||||||
Matthews International Funds | ||||||
(Exact name of registrant as specified in charter) | ||||||
| ||||||
Four Embarcadero Center, Suite 550 | ||||||
San Francisco, CA 94111 | ||||||
(Address of principal executive offices) (Zip code) | ||||||
| ||||||
William J. Hackett, President Four Embarcadero Center, Suite 550 San Francisco, CA 94111 | ||||||
(Name and address of agent for service) | ||||||
| ||||||
Registrants telephone number, including area code: |
415-788-7553 |
| ||||
| ||||||
Date of fiscal year end: |
December 31 |
| ||||
| ||||||
Date of reporting period: |
March 31, 2012 |
| ||||
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (OMB) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Schedule of Investments.
The Schedule(s) of Investments is attached herewith.
Matthews Asia Strategic Income Fund |
|
March 31, 2012 |
Schedule of Investments(a) (unaudited) |
|
|
FOREIGN GOVERNMENT OBLIGATIONS: 39.6%
|
|
Face Amount* |
|
Value |
| |||
INDONESIA: 11.2% |
|
|
|
|
|
|
| |
Indonesia Government Bond |
|
IDR |
|
9,000,000,000 |
|
$ |
1,137,155 |
|
Indonesia Government Bond |
|
IDR |
|
4,700,000,000 |
|
604,133 |
| |
Republic of Indonesia |
|
|
|
250,000 |
|
286,875 |
| |
Indonesia Government Bond |
|
IDR |
|
2,000,000,000 |
|
216,551 |
| |
Total Indonesia |
|
|
|
|
|
2,244,714 |
| |
|
|
|
|
|
|
|
| |
PHILIPPINES: 8.9% |
|
|
|
|
|
|
| |
Republic of Philippines |
|
PHP |
|
30,000,000 |
|
746,314 |
| |
Republic of Philippines |
|
|
|
500,000 |
|
607,500 |
| |
Republic of Philippines |
|
PHP |
|
18,000,000 |
|
436,354 |
| |
Total Philippines |
|
|
|
|
|
1,790,168 |
| |
|
|
|
|
|
|
|
| |
MALAYSIA: 8.5% |
|
|
|
|
|
|
| |
Malaysian Government Bond |
|
MYR |
|
5,000,000 |
|
1,694,877 |
| |
Total Malaysia |
|
|
|
|
|
1,694,877 |
| |
|
|
|
|
|
|
|
| |
SOUTH KOREA: 6.8% |
|
|
|
|
|
|
| |
Korea Treasury Bond |
|
KRW |
|
1,000,000,000 |
|
875,452 |
| |
Korea Treasury Bond |
|
KRW |
|
500,000,000 |
|
488,501 |
| |
Total South Korea |
|
|
|
|
|
1,363,953 |
| |
|
|
|
|
|
|
|
| |
THAILAND: 2.4% |
|
|
|
|
|
|
| |
Thailand Government Bond |
|
THB |
|
15,000,000 |
|
491,180 |
| |
Total Thailand |
|
|
|
|
|
491,180 |
| |
|
|
|
|
|
|
|
| |
SRI LANKA: 1.8% |
|
|
|
|
|
|
| |
Republic of Sri Lanka |
|
|
|
350,000 |
|
370,125 |
| |
Total Sri Lanka |
|
|
|
|
|
370,125 |
| |
TOTAL FOREIGN GOVERNMENT OBLIGATIONS |
|
|
|
|
|
7,955,017 |
| |
|
|
|
|
|
|
|
| |
CORPORATE BONDS: 50.6% |
|
|
|
|
|
|
| |
CHINA/HONG KONG: 19.3% |
|
|
|
|
|
|
| |
FPT Finance, Ltd. |
|
|
|
550,000 |
|
574,219 |
| |
Galaxy Entertainment Group, Ltd. |
|
CNY |
|
3,500,000 |
|
556,558 |
| |
Melco Crown Entertainment, Ltd. |
|
CNY |
|
3,500,000 |
|
548,369 |
| |
Hutchison Whampoa International 11, Ltd. |
|
|
|
500,000 |
|
501,998 |
| |
Standard Chartered Bank Hong Kong, Ltd. |
|
SGD |
|
500,000 |
|
404,821 |
| |
Wharf Finance No 1, Ltd. |
|
SGD |
|
500,000 |
|
397,099 |
| |
Tencent Holdings, Ltd. |
|
|
|
350,000 |
|
352,145 |
| |
Fita International, Ltd. |
|
|
|
300,000 |
|
306,681 |
| |
Beijing Enterprises Water Group, Ltd. |
|
CNY |
|
1,500,000 |
|
236,047 |
| |
Total China/Hong Kong |
|
|
|
|
|
3,877,937 |
| |
|
|
|
|
|
|
|
| |
SOUTH KOREA: 5.5% |
|
|
|
|
|
|
| |
Kia Motors Corp. |
|
|
|
500,000 |
|
509,800 |
| |
Korea Hydro & Nuclear Power Co., Ltd. |
|
|
|
300,000 |
|
310,961 |
| |
Korea Gas Corp. |
|
|
|
250,000 |
|
282,658 |
| |
Total South Korea |
|
|
|
|
|
1,103,419 |
| |
|
|
|
|
|
|
|
| |
SINGAPORE: 5.5% |
|
|
|
|
|
|
| |
Global Logistic Properties, Ltd. |
|
CNY |
|
4,500,000 |
|
697,361 |
| |
Oversea-Chinese Banking Corp., Ltd. |
|
|
|
400,000 |
|
398,706 |
| |
Total Singapore |
|
|
|
|
|
1,096,067 |
| |
|
|
|
|
|
|
|
| |
PHILIPPINES: 5.4% |
|
|
|
|
|
|
| |
Alliance Global Group, Inc. |
|
|
|
550,000 |
|
582,280 |
| |
SM Investments Corp. |
|
|
|
500,000 |
|
505,884 |
| |
Total Philippines |
|
|
|
|
|
1,088,164 |
| |
|
|
|
|
|
|
|
| |
INDONESIA: 4.5% |
|
|
|
|
|
|
| |
PT Berau Coal Energy |
|
|
|
400,000 |
|
402,000 |
| |
PT Adaro Indonesia |
|
|
|
250,000 |
|
271,250 |
| |
Berau Capital Resources Pte., Ltd. |
|
|
|
200,000 |
|
224,500 |
| |
Total Indonesia |
|
|
|
|
|
897,750 |
| |
|
|
|
|
|
|
|
| |
THAILAND: 4.4% |
|
|
|
|
|
|
| |
Bangkok Bank Public Co., Ltd. |
|
|
|
500,000 |
|
612,500 |
| |
PTTEP Canada International Finance, Ltd. |
|
|
|
250,000 |
|
266,655 |
| |
Total Thailand |
|
|
|
|
|
879,155 |
| |
|
|
|
|
|
|
|
| |
AUSTRALIA: 3.0% |
|
|
|
|
|
|
| |
Macquarie Bank, Ltd. |
|
|
|
600,000 |
|
602,090 |
| |
Total Australia |
|
|
|
|
|
602,090 |
| |
|
|
|
|
|
|
|
| |
MALAYSIA: 1.8% |
|
|
|
|
|
|
| |
Axiata SPV1 Labuan, Ltd. |
|
|
|
350,000 |
|
369,104 |
| |
Total Malaysia |
|
|
|
|
|
369,104 |
| |
|
|
|
|
|
|
|
| |
JAPAN: 1.2% |
|
|
|
|
|
|
| |
ORIX Corp. |
|
CNY |
|
1,500,000 |
|
238,182 |
| |
Total Japan |
|
|
|
|
|
238,182 |
| |
TOTAL CORPORATE BONDS |
|
|
|
|
|
10,151,868 |
| |
COMMON EQUITIES: 7.6%
|
|
|
|
Shares |
|
Value |
| |
SINGAPORE: 2.0% |
|
|
|
|
|
|
| |
StarHub, Ltd. |
|
|
|
90,000 |
|
$ |
221,871 |
|
Ascendas REIT |
|
|
|
110,000 |
|
176,956 |
| |
Total Singapore |
|
|
|
|
|
398,827 |
| |
|
|
|
|
|
|
|
| |
CHINA/HONG KONG: 1.9% |
|
|
|
|
|
|
| |
The Link REIT |
|
|
|
55,000 |
|
204,652 |
| |
Power Assets Holdings, Ltd. |
|
|
|
25,000 |
|
183,798 |
| |
Total China/Hong Kong |
|
|
|
|
|
388,450 |
| |
|
|
|
|
|
|
|
| |
THAILAND: 1.5% |
|
|
|
|
|
|
| |
Kasikornbank Public Co., Ltd. |
|
|
|
60,000 |
|
304,541 |
| |
Total Thailand |
|
|
|
|
|
304,541 |
| |
|
|
|
|
|
|
|
| |
UNITED KINGDOM: 1.1% |
|
|
|
|
|
|
| |
HSBC Holdings PLC |
|
|
|
24,000 |
|
212,880 |
| |
Total United Kingdom |
|
|
|
|
|
212,880 |
| |
|
|
|
|
|
|
|
| |
PHILIPPINES: 1.1% |
|
|
|
|
|
|
| |
Globe Telecom, Inc. |
|
|
|
8,000 |
|
211,378 |
| |
Total Philippines |
|
|
|
|
|
211,378 |
| |
TOTAL COMMON EQUITIES (Cost $1,423,659) |
|
|
|
|
|
1,516,076 |
| |
|
|
|
|
|
|
|
| |
TOTAL INVESTMENTS: 97.8% (Cost $19,338,730(d)) |
|
|
|
|
|
19,622,961 |
| |
|
|
|
|
|
|
|
| |
CASH AND OTHER ASSETS, LESS LIABILITIES: 2.2% |
|
|
|
|
|
437,394 |
| |
|
|
|
|
|
|
|
| |
NET ASSETS: 100.0% |
|
|
|
|
|
$ |
20,060,355 |
|
|
(a) |
Certain securities were fair valued under the discretion of the Board of Trustees (Note A). | |||||
|
(b) |
Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Funds Board of Trustees. | |||||
|
(c) |
Variable rate security. The rate represents the rate in effect at March 31, 2012. | |||||
|
(d) |
Cost for federal income tax purposes is $19,338,730 and net unrealized appreciation consists of: | |||||
|
|
| |||||
|
Gross unrealized appreciation |
|
$ |
344,179 |
|
| |
|
Gross unrealized depreciation |
|
(59,948 |
) |
| ||
|
Net unrealized appreciation |
|
$ |
284,231 |
|
| |
|
|
| |||||
|
* |
All values are in USD unless otherwise noted. |
|
CNY |
Chinese Renminbi (Yuan) |
|
IDR |
Indonesian Rupiah |
|
KRW |
Korean Won |
|
MYR |
Malaysian Ringgit |
|
PHP |
Philippine Peso |
|
REIT |
Real Estate Investment Trust |
|
SGD |
Singapore Dollar |
|
THB |
Thai Baht |
See accompanying notes to schedules of investments.
Forward Foreign Currency Exchange Contracts:
|
|
Currency |
|
Currency |
|
Counterparty |
|
Settlement |
|
Unrealized |
| |||||
LONG |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
SGD |
|
1,000,000 |
|
USD |
|
801,780 |
|
Brown Brothers Harriman |
|
06/04/12 |
|
$ |
(6,169 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
SHORT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
USD |
|
801,603 |
|
JPY |
|
65,355,511 |
|
Brown Brothers Harriman |
|
06/04/12 |
|
$ |
11,525 |
|
Financial futures contracts purchased as of March 31, 2012 were as follows:
Contracts |
|
Issue |
|
Exchange |
|
Expiration |
|
Notional |
|
Unrealized |
| ||
(20) |
|
U.S. Treasury Notes (10 Year) |
|
Chicago Board of Trade |
|
June, 2012 |
|
$ |
2,589,688 |
|
$ |
(32,450 |
) |
Matthews Asian Growth and Income Fund |
|
March 31, 2012 |
Schedule of Investments(a) (unaudited) |
|
|
COMMON EQUITIES: 77.8%
|
|
Shares |
|
Value |
| |
CHINA/HONG KONG: 15.8% |
|
|
|
|
| |
CLP Holdings, Ltd. |
|
11,771,700 |
|
$ |
101,522,169 |
|
Hang Lung Properties, Ltd. |
|
19,139,920 |
|
70,343,989 |
| |
China Pacific Insurance Group Co., Ltd. H Shares |
|
20,355,800 |
|
63,328,687 |
| |
Television Broadcasts, Ltd. |
|
8,897,000 |
|
60,067,424 |
| |
China Mobile, Ltd. ADR |
|
905,500 |
|
49,874,940 |
| |
Shandong Weigao Group Medical Polymer Co., Ltd. H Shares |
|
43,012,000 |
|
49,300,917 |
| |
VTech Holdings, Ltd. |
|
3,405,300 |
|
43,700,599 |
| |
Vitasoy International Holdings, Ltd. |
|
51,771,000 |
|
40,121,517 |
| |
Citic Telecom International Holdings, Ltd. |
|
132,231,000 |
|
26,570,759 |
| |
Cafe de Coral Holdings, Ltd. |
|
6,726,000 |
|
18,710,062 |
| |
I-CABLE Communications, Ltd.(b) |
|
32,521,000 |
|
1,679,095 |
| |
Total China/Hong Kong |
|
|
|
525,220,158 |
| |
|
|
|
|
|
| |
SINGAPORE: 14.8% |
|
|
|
|
| |
Singapore Technologies Engineering, Ltd. |
|
52,104,125 |
|
134,754,353 |
| |
Ascendas REIT |
|
53,925,000 |
|
86,748,704 |
| |
Keppel Corp., Ltd. |
|
8,415,900 |
|
73,553,173 |
| |
United Overseas Bank, Ltd. |
|
3,861,000 |
|
56,386,000 |
| |
SIA Engineering Co., Ltd. |
|
10,768,000 |
|
34,589,509 |
| |
ARA Asset Management, Ltd. |
|
28,381,100 |
|
34,568,408 |
| |
Cerebos Pacific, Ltd. |
|
7,740,000 |
|
34,230,103 |
| |
Singapore Post, Ltd. |
|
38,209,000 |
|
30,987,604 |
| |
Hong Leong Finance, Ltd. |
|
1,807,000 |
|
3,656,131 |
| |
Total Singapore |
|
|
|
489,473,985 |
| |
|
|
|
|
|
| |
THAILAND: 8.5% |
|
|
|
|
| |
PTT Public Co., Ltd. |
|
8,719,200 |
|
100,046,578 |
| |
BEC World Public Co., Ltd. |
|
30,807,800 |
|
50,883,880 |
| |
Banpu Public Co., Ltd. |
|
2,480,250 |
|
48,836,592 |
| |
Glow Energy Public Co., Ltd. |
|
21,887,400 |
|
43,649,205 |
| |
Land & Houses Public Co., Ltd. NVDR |
|
145,090,300 |
|
32,431,129 |
| |
Thai Reinsurance Public Co., Ltd. NVDR |
|
39,014,400 |
|
4,709,232 |
| |
Total Thailand |
|
|
|
280,556,616 |
| |
|
|
|
|
|
| |
AUSTRALIA: 8.0% |
|
|
|
|
| |
Telstra Corp., Ltd. |
|
31,377,088 |
|
106,871,152 |
| |
CSL, Ltd. |
|
1,758,532 |
|
65,484,856 |
| |
Macquarie Group, Ltd. |
|
1,879,326 |
|
56,855,518 |
| |
David Jones, Ltd. |
|
13,955,460 |
|
35,042,611 |
| |
Total Australia |
|
|
|
264,254,137 |
| |
|
|
|
|
|
| |
JAPAN: 7.7% |
|
|
|
|
| |
Hisamitsu Pharmaceutical Co., Inc. |
|
1,983,600 |
|
94,181,403 |
| |
Japan Real Estate Investment Corp., REIT |
|
7,889 |
|
69,559,863 |
| |
Hamamatsu Photonics, K.K. |
|
1,464,700 |
|
55,735,351 |
| |
NTT DoCoMo, Inc. |
|
22,250 |
|
37,003,974 |
| |
Total Japan |
|
|
|
256,480,591 |
| |
|
|
|
|
|
| |
TAIWAN: 6.0% |
|
|
|
|
| |
Taiwan Semiconductor Manufacturing Co., Ltd. ADR |
|
4,420,624 |
|
67,547,135 |
| |
Taiwan Semiconductor Manufacturing Co., Ltd. |
|
20,673,187 |
|
59,434,919 |
| |
Chunghwa Telecom Co., Ltd. ADR |
|
1,277,525 |
|
39,296,669 |
| |
Taiwan Hon Chuan Enterprise Co., Ltd. |
|
9,901,193 |
|
22,498,171 |
| |
CyberLink Corp. |
|
3,442,717 |
|
10,763,419 |
| |
Total Taiwan |
|
|
|
199,540,313 |
| |
|
|
|
|
|
| |
MALAYSIA: 5.1% |
|
|
|
|
| |
AMMB Holdings BHD |
|
40,175,100 |
|
82,911,466 |
| |
Axiata Group BHD |
|
29,634,423 |
|
50,353,039 |
| |
Telekom Malaysia BHD |
|
20,245,551 |
|
35,238,500 |
| |
Total Malaysia |
|
|
|
168,503,005 |
| |
|
|
|
|
|
| |
SOUTH KOREA: 2.8% |
|
|
|
|
| |
S1 Corp. |
|
771,922 |
|
35,979,336 |
| |
GS Home Shopping, Inc. |
|
298,935 |
|
29,727,437 |
| |
KT Corp. ADR |
|
2,089,505 |
|
28,605,323 |
| |
Total South Korea |
|
|
|
94,312,096 |
| |
|
|
|
|
|
| |
INDONESIA: 2.8% |
|
|
|
|
| |
PT Perusahaan Gas Negara Persero |
|
141,686,000 |
|
59,036,912 |
| |
PT Telekomunikasi Indonesia Persero ADR |
|
1,153,600 |
|
35,023,296 |
| |
Total Indonesia |
|
|
|
94,060,208 |
| |
|
|
|
|
|
| |
UNITED KINGDOM: 2.7% |
|
|
|
|
| |
HSBC Holdings PLC ADR |
|
2,050,333 |
|
91,014,282 |
| |
Total United Kingdom |
|
|
|
91,014,282 |
| |
|
|
|
|
|
| |
VIETNAM: 1.9% |
|
|
|
|
| |
Bao Viet Holdings |
|
10,333,281 |
|
37,292,204 |
| |
Vietnam Dairy Products JSC |
|
5,792,535 |
|
25,558,772 |
| |
Total Vietnam |
|
|
|
62,850,976 |
| |
|
|
|
|
|
| |
PHILIPPINES: 1.7% |
|
|
|
|
| |
Globe Telecom, Inc. |
|
2,065,510 |
|
54,575,537 |
| |
Total Philippines |
|
|
|
54,575,537 |
| |
TOTAL COMMON EQUITIES (Cost $2,183,065,140) |
|
|
|
2,580,841,904 |
| |
|
|
|
|
|
| |
PREFERRED EQUITIES: 3.0% |
|
|
|
|
| |
SOUTH KOREA: 3.0% |
|
|
|
|
| |
Samsung Fire & Marine Insurance Co., Ltd., Pfd. |
|
515,311 |
|
33,928,071 |
| |
Hyundai Motor Co., Ltd., Pfd. |
|
541,280 |
|
32,515,485 |
| |
Hyundai Motor Co., Ltd., 2nd Pfd. |
|
305,760 |
|
19,001,566 |
| |
LG Household & Health Care, Ltd., Pfd. |
|
121,855 |
|
14,937,876 |
| |
Total South Korea |
|
|
|
100,382,998 |
| |
TOTAL PREFERRED EQUITIES (Cost $48,826,622) |
|
|
|
100,382,998 |
| |
|
|
|
|
|
| |
WARRANTS: 0.2% |
|
|
|
|
| |
INDIA: 0.2% |
|
|
|
|
| |
Housing Development Finance Corp., expires 08/23/12 |
|
3,875,750 |
|
6,181,268 |
| |
Total India |
|
|
|
6,181,268 |
| |
TOTAL WARRANTS (Cost $6,834,750) |
|
|
|
6,181,268 |
| |
CORPORATE BONDS: 15.1%
|
|
Face Amount* |
|
Value |
| |||
INDIA: 5.0% |
|
|
|
|
|
|
| |
Tata Power Co., Ltd., Cnv. |
|
|
|
56,200,000 |
|
$ |
55,947,100 |
|
Housing Development Finance Corp. |
|
INR |
|
1,800,000,000 |
|
42,547,060 |
| |
Larsen & Toubro, Ltd., Cnv. |
|
|
|
35,700,000 |
|
36,039,150 |
| |
Sintex Industries, Ltd., Cnv. |
|
|
|
26,900,000 |
|
31,204,000 |
| |
Total India |
|
|
|
|
|
165,737,310 |
| |
|
|
|
|
|
|
|
| |
CHINA/HONG KONG: 4.8% |
|
|
|
|
|
|
| |
China Petroleum & Chemical Corp. (Sinopec), Cnv. |
|
HKD |
|
676,210,000 |
|
101,663,781 |
| |
Power Regal Group, Ltd., Cnv. |
|
HKD |
|
234,020,000 |
|
35,921,711 |
| |
PB Issuer No. 2, Ltd., Cnv. |
|
|
|
21,820,000 |
|
20,445,340 |
| |
Total China/Hong Kong |
|
|
|
|
|
158,030,832 |
| |
|
|
|
|
|
|
|
| |
SINGAPORE: 3.9% |
|
|
|
|
|
|
| |
CapitaLand, Ltd., Cnv. |
|
SGD |
|
62,000,000 |
|
51,327,596 |
| |
Wilmar International, Ltd., Cnv. |
|
|
|
26,500,000 |
|
31,601,250 |
| |
Olam International, Ltd., Cnv. |
|
|
|
24,300,000 |
|
28,358,100 |
| |
CapitaLand, Ltd., Cnv. |
|
SGD |
|
24,750,000 |
|
19,136,029 |
| |
Total Singapore |
|
|
|
|
|
130,422,975 |
| |
|
|
|
|
|
|
|
| |
AUSTRALIA: 0.7% |
|
|
|
|
|
|
| |
QBE Funding Trust, Cnv. |
|
|
|
39,571,000 |
|
24,929,730 |
| |
Total Australia |
|
|
|
|
|
24,929,730 |
| |
|
|
|
|
|
|
|
| |
MALAYSIA: 0.7% |
|
|
|
|
|
|
| |
Paka Capital, Ltd., Cnv. |
|
|
|
22,300,000 |
|
22,634,500 |
| |
Total Malaysia |
|
|
|
|
|
22,634,500 |
| |
TOTAL CORPORATE BONDS (Cost $511,213,608) |
|
|
|
|
|
501,755,347 |
| |
|
|
|
|
|
|
|
| |
TOTAL INVESTMENTS: 96.1% (Cost $2,749,940,120(c)) |
|
|
|
|
|
3,189,161,517 |
| |
|
|
|
|
|
|
|
| |
CASH AND OTHER ASSETS, LESS LIABILITIES : 3.9% |
|
|
|
|
|
128,718,046 |
| |
|
|
|
|
|
|
|
| |
NET ASSETS: 100.0% |
|
|
|
|
|
$ |
3,317,879,563 |
|
|
(a) |
Certain securities were fair valued under the discretion of the Board of Trustees (Note A). | |||||
|
(b) |
Non-income producing security. | |||||
|
(c) |
Cost for federal income tax purposes is $2,752,798,144 and net unrealized appreciation consists of: | |||||
|
|
| |||||
|
Gross unrealized appreciation |
|
$ |
585,052,892 |
|
| |
|
Gross unrealized depreciation |
|
(148,689,519 |
) |
| ||
|
Net unrealized appreciation |
|
$ |
436,363,373 |
|
| |
|
|
| |||||
|
|
Affiliated Issuer, as defined under the Investment Company Act of 1940 (ownership of 5% or more of the outstanding voting securities of this issuer) | |||||
|
* |
All values are in USD unless otherwise noted. | |||||
|
ADR |
American Depositary Receipt | |||||
|
BHD |
Berhad | |||||
|
Cnv. |
Convertible | |||||
|
HKD |
Hong Kong Dollar | |||||
|
INR |
Indian Rupee | |||||
|
JSC |
Joint Stock Co. | |||||
|
NVDR |
Non-voting Depositary Receipt | |||||
|
Pfd. |
Preferred | |||||
|
REIT |
Real Estate Investment Trust | |||||
|
SGD |
Singapore Dollar |
See accompanying notes to schedules of investments.
Matthews Asia Dividend Fund |
March 31, 2012 |
Schedule of Investments(a) (unaudited) |
|
COMMON EQUITIES: 97.1%
|
|
Shares |
|
Value |
| |
CHINA/HONG KONG: 28.2% |
|
|
|
|
| |
China Mobile, Ltd. ADR |
|
1,463,300 |
|
$ |
80,598,564 |
|
Cheung Kong Infrastructure Holdings, Ltd. |
|
12,468,000 |
|
75,892,628 |
| |
Shenzhou International Group Holdings, Ltd. |
|
35,791,000 |
|
68,832,188 |
| |
Television Broadcasts, Ltd. |
|
8,815,000 |
|
59,513,808 |
| |
China Shenhua Energy Co., Ltd. H Shares |
|
12,600,000 |
|
53,295,544 |
| |
Guangdong Investment, Ltd. |
|
68,798,000 |
|
48,019,561 |
| |
Cafe de Coral Holdings, Ltd. |
|
16,350,000 |
|
45,481,641 |
| |
Yuexiu Transport Infrastructure, Ltd. |
|
82,530,000 |
|
41,229,344 |
| |
China Fishery Group, Ltd.(b) |
|
44,432,000 |
|
41,008,504 |
| |
The Link REIT |
|
10,220,000 |
|
38,028,074 |
| |
Jiangsu Expressway Co., Ltd. H Shares |
|
38,944,000 |
|
37,643,232 |
| |
Minth Group, Ltd. |
|
31,741,000 |
|
36,782,544 |
| |
Li Ning Co., Ltd. |
|
28,461,000 |
|
30,303,801 |
| |
Esprit Holdings, Ltd. |
|
13,774,700 |
|
27,815,628 |
| |
Sichuan Expressway Co., Ltd. H Shares |
|
69,682,000 |
|
25,236,638 |
| |
Kingboard Laminates Holdings, Ltd. |
|
52,379,500 |
|
24,779,684 |
| |
Haitian International Holdings, Ltd. |
|
12,616,000 |
|
14,101,000 |
| |
Yips Chemical Holdings, Ltd. |
|
14,912,000 |
|
10,745,060 |
| |
Xingda International Holdings, Ltd. |
|
16,531,000 |
|
7,586,806 |
| |
Total China/Hong Kong |
|
|
|
766,894,249 |
| |
|
|
|
|
|
| |
JAPAN: 22.4% |
|
|
|
|
| |
Japan Tobacco, Inc. |
|
17,900 |
|
101,322,191 |
| |
ITOCHU Corp. |
|
8,283,000 |
|
90,755,449 |
| |
ORIX Corp. |
|
879,140 |
|
84,464,076 |
| |
NTT DoCoMo, Inc. |
|
42,450 |
|
70,598,592 |
| |
Pigeon Corp. |
|
1,501,800 |
|
56,062,371 |
| |
Lawson, Inc. |
|
815,100 |
|
51,348,732 |
| |
Hisamitsu Pharmaceutical Co., Inc. |
|
979,200 |
|
46,492,453 |
| |
EPS Corp. |
|
14,592 |
|
32,221,860 |
| |
Miraca Holdings, Inc. |
|
813,200 |
|
31,846,348 |
| |
Shinko Plantech Co., Ltd. |
|
3,050,200 |
|
26,105,341 |
| |
Hokuto Corp. |
|
848,200 |
|
17,898,565 |
| |
Total Japan |
|
|
|
609,115,978 |
| |
|
|
|
|
|
| |
SINGAPORE: 10.7% |
|
|
|
|
| |
Singapore Technologies Engineering, Ltd. |
|
27,156,000 |
|
70,232,236 |
| |
United Overseas Bank, Ltd. |
|
3,475,000 |
|
50,748,861 |
| |
Ascendas REIT |
|
25,400,000 |
|
40,860,771 |
| |
CapitaRetail China Trust, REIT |
|
40,153,000 |
|
39,485,822 |
| |
ARA Asset Management, Ltd. |
|
25,405,600 |
|
30,944,225 |
| |
Ascendas India Trust |
|
46,280,000 |
|
30,584,967 |
| |
Super Group, Ltd. |
|
20,514,000 |
|
29,530,009 |
| |
Total Singapore |
|
|
|
292,386,891 |
| |
|
|
|
|
|
| |
AUSTRALIA: 9.1% |
|
|
|
|
| |
Metcash, Ltd.(c) |
|
23,642,243 |
|
105,306,317 |
| |
QBE Insurance Group, Ltd. |
|
4,484,726 |
|
65,813,254 |
| |
Coca-Cola Amatil, Ltd. |
|
2,994,730 |
|
38,690,431 |
| |
David Jones, Ltd. |
|
14,887,739 |
|
37,383,594 |
| |
Total Australia |
|
|
|
247,193,596 |
| |
|
|
|
|
|
| |
TAIWAN: 8.7% |
|
|
|
|
| |
Taiwan Semiconductor Manufacturing Co., Ltd. ADR |
|
4,005,040 |
|
61,197,011 |
| |
Johnson Health Tech Co., Ltd. |
|
12,602,100 |
|
39,156,596 |
| |
TXC Corp. |
|
21,549,524 |
|
34,185,064 |
| |
Chunghwa Telecom Co., Ltd. ADR |
|
985,701 |
|
30,320,163 |
| |
Taiwan Hon Chuan Enterprise Co., Ltd. |
|
12,151,948 |
|
27,612,491 |
| |
St. Shine Optical Co., Ltd. |
|
1,611,000 |
|
20,951,066 |
| |
Taiwan Semiconductor Manufacturing Co., Ltd. |
|
4,646,469 |
|
13,358,487 |
| |
CyberLink Corp. |
|
3,451,973 |
|
10,792,357 |
| |
Total Taiwan |
|
|
|
237,573,235 |
| |
|
|
|
|
|
| |
THAILAND: 5.8% |
|
|
|
|
| |
Thai Beverage Public Co., Ltd. |
|
240,437,000 |
|
62,281,417 |
| |
PTT Exploration & Production Public Co., Ltd. |
|
10,135,000 |
|
57,377,457 |
| |
Tisco Financial Group Public Co., Ltd. |
|
28,100,000 |
|
37,790,075 |
| |
Total Thailand |
|
|
|
157,448,949 |
| |
|
|
|
|
|
| |
SOUTH KOREA: 4.5% |
|
|
|
|
| |
KT&G Corp. |
|
1,067,000 |
|
75,544,172 |
| |
MegaStudy Co., Ltd. |
|
232,984 |
|
24,016,564 |
| |
Woongjin Thinkbig Co., Ltd. |
|
2,079,870 |
|
23,405,622 |
| |
Total South Korea |
|
|
|
122,966,358 |
| |
|
|
|
|
|
| |
INDONESIA: 3.2% |
|
|
|
|
| |
PT Perusahaan Gas Negara Persero |
|
142,302,000 |
|
59,293,583 |
| |
PT Telekomunikasi Indonesia Persero ADR |
|
717,634 |
|
21,787,368 |
| |
PT Telekomunikasi Indonesia |
|
9,036,500 |
|
6,927,296 |
| |
Total Indonesia |
|
|
|
88,008,247 |
| |
|
|
|
|
|
| |
UNITED KINGDOM: 2.7% |
|
|
|
|
| |
HSBC Holdings PLC ADR |
|
1,673,791 |
|
74,299,583 |
| |
Total United Kingdom |
|
|
|
74,299,583 |
| |
|
|
|
|
|
| |
PHILIPPINES: 1.7% |
|
|
|
|
| |
Globe Telecom, Inc. |
|
1,703,820 |
|
45,018,853 |
| |
Total Philippines |
|
|
|
45,018,853 |
| |
|
|
|
|
|
| |
MALAYSIA: 0.1% |
|
|
|
|
| |
Top Glove Corp. BHD |
|
1,822,400 |
|
2,685,701 |
| |
Total Malaysia |
|
|
|
2,685,701 |
| |
TOTAL COMMON EQUITIES |
|
|
|
2,643,591,640 |
| |
|
|
|
|
|
| |
CLOSED-END INVESTMENT COMPANY: 0.3% |
|
|
|
|
| |
THAILAND: 0.3% |
|
|
|
|
| |
Tesco Lotus Retail Growth Freehold & Leasehold Property Fund(b) |
|
18,274,700 |
|
6,989,999 |
| |
Total Thailand |
|
|
|
6,989,999 |
| |
|
|
|
|
|
| |
TOTAL CLOSED-END INVESTMENT COMPANY |
|
|
|
6,989,999 |
| |
|
|
Shares |
|
Value |
| |
TOTAL INVESTMENTS: 97.4% |
|
|
|
$ |
2,650,581,639 |
|
|
|
|
|
|
| |
CASH AND OTHER ASSETS, LESS LIABILITIES : 2.6% |
|
|
|
71,918,279 |
| |
|
|
|
|
|
| |
NET ASSETS: 100.0% |
|
|
|
$ |
2,722,499,918 |
|
(a) |
Certain securities were fair valued under the discretion of the Board of Trustees (Note A). | |||||
(b) |
Non-income producing security. | |||||
(c) |
Illiquid security. | |||||
(d) |
Cost for federal income tax purposes is $2,479,601,327 and net unrealized appreciation consists of: | |||||
|
| |||||
|
Gross unrealized appreciation |
|
$ |
360,758,183 |
|
|
|
Gross unrealized depreciation |
|
(189,777,871 |
) |
| |
|
Net unrealized appreciation |
|
$ |
170,980,312 |
|
|
|
| |||||
|
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 | |||||
REIT |
Real Estate Investment Trust |
See accompanying notes to schedules of investments.
Matthews China Dividend Fund |
March 31, 2012 |
Schedule of Investments(a) (unaudited) |
|
COMMON EQUITIES: 99.3%
|
|
Shares |
|
Value |
| |
CONSUMER DISCRETIONARY: 20.8% |
|
|
|
|
| |
Auto Components: 5.3% |
|
|
|
|
| |
Minth Group, Ltd. |
|
948,000 |
|
$ |
1,098,574 |
|
Xinyi Glass Holdings, Ltd. |
|
812,000 |
|
496,614 |
| |
|
|
|
|
1,595,188 |
| |
Hotels, Restaurants & Leisure: 4.2% |
|
|
|
|
| |
Cafe de Coral Holdings, Ltd. |
|
458,000 |
|
1,274,042 |
| |
|
|
|
|
|
| |
Leisure Equipment & Products: 4.0% |
|
|
|
|
| |
Johnson Health Tech Co., Ltd. |
|
388,425 |
|
1,206,894 |
| |
|
|
|
|
|
| |
Media: 3.8% |
|
|
|
|
| |
Television Broadcasts, Ltd. |
|
173,000 |
|
1,167,996 |
| |
|
|
|
|
|
| |
Textiles, Apparel & Luxury Goods: 3.5% |
|
|
|
|
| |
Shenzhou International Group Holdings, Ltd. |
|
549,000 |
|
1,055,820 |
| |
Total Consumer Discretionary |
|
|
|
6,299,940 |
| |
|
|
|
|
|
| |
FINANCIALS: 13.5% |
|
|
|
|
| |
Real Estate Investment Trusts: 6.2% |
|
|
|
|
| |
The Link REIT |
|
257,500 |
|
958,144 |
| |
CapitaRetail China Trust, REIT |
|
930,000 |
|
914,547 |
| |
|
|
|
|
1,872,691 |
| |
Commercial Banks: 4.0% |
|
|
|
|
| |
HSBC Holdings PLC ADR |
|
27,000 |
|
1,198,530 |
| |
|
|
|
|
|
| |
Real Estate Management & Development: 3.3% |
|
|
|
|
| |
Swire Pacific, Ltd. A Shares |
|
53,000 |
|
594,053 |
| |
E-House China Holdings, Ltd. ADR |
|
70,000 |
|
406,000 |
| |
|
|
|
|
1,000,053 |
| |
Total Financials |
|
|
|
4,071,274 |
| |
|
|
|
|
|
| |
INFORMATION TECHNOLOGY: 13.1% |
|
|
|
|
| |
Electronic Equipment, Instruments & Components: 6.9% |
|
|
|
|
| |
TXC Corp. |
|
685,199 |
|
1,086,965 |
| |
Kingboard Laminates Holdings, Ltd. |
|
1,154,500 |
|
546,171 |
| |
Digital China Holdings, Ltd. |
|
222,000 |
|
441,664 |
| |
|
|
|
|
2,074,800 |
| |
Semiconductors & Semiconductor Equipment: 3.9% |
|
|
|
|
| |
Taiwan Semiconductor Manufacturing Co., Ltd. |
|
413,000 |
|
1,187,365 |
| |
|
|
|
|
|
| |
Software: 2.3% |
|
|
|
|
| |
CyberLink Corp. |
|
226,963 |
|
709,584 |
| |
Total Information Technology |
|
|
|
3,971,749 |
| |
|
|
|
|
|
| |
INDUSTRIALS: 12.2% |
|
|
|
|
| |
Transportation Infrastructure: 8.9% |
|
|
|
|
| |
Jiangsu Expressway Co., Ltd. H Shares |
|
996,000 |
|
962,733 |
| |
Yuexiu Transport Infrastructure, Ltd. |
|
1,282,000 |
|
640,446 |
| |
China Merchants Holdings International Co., Ltd. |
|
182,000 |
|
609,552 |
| |
Sichuan Expressway Co., Ltd. H Shares |
|
1,356,000 |
|
491,101 |
| |
|
|
|
|
2,703,832 |
| |
Machinery: 3.3% |
|
|
|
|
| |
Haitian International Holdings, Ltd. |
|
880,000 |
|
983,583 |
| |
Total Industrials |
|
|
|
3,687,415 |
| |
|
|
|
|
|
| |
ENERGY: 8.7% |
|
|
|
|
| |
Oil, Gas & Consumable Fuels: 8.7% |
|
|
|
|
| |
CNOOC, Ltd. ADR |
|
5,250 |
|
1,072,523 |
| |
China Petroleum & Chemical Corp. ADR |
|
7,440 |
|
808,877 |
| |
China Shenhua Energy Co., Ltd. H Shares |
|
178,000 |
|
752,905 |
| |
Total Energy |
|
|
|
|
2,634,305 |
|
|
|
|
|
|
| |
UTILITIES: 7.7% |
|
|
|
|
| |
Electric Utilities: 3.9% |
|
|
|
|
| |
Cheung Kong Infrastructure Holdings, Ltd. |
|
195,000 |
|
1,186,964 |
| |
|
|
|
|
|
| |
Water Utilities: 3.8% |
|
|
|
|
| |
Guangdong Investment, Ltd. |
|
1,636,000 |
|
1,141,894 |
| |
Total Utilities |
|
|
|
2,328,858 |
| |
|
|
|
|
|
| |
MATERIALS: 7.4% |
|
|
|
|
| |
Containers & Packaging: 3.6% |
|
|
|
|
| |
Taiwan Hon Chuan Enterprise Co., Ltd. |
|
483,354 |
|
1,098,310 |
| |
|
|
|
|
|
| |
Chemicals: 2.3% |
|
|
|
|
| |
Yips Chemical Holdings, Ltd. |
|
950,000 |
|
684,536 |
| |
|
|
|
|
|
| |
Metals & Mining: 1.5% |
|
|
|
|
| |
Xingda International Holdings, Ltd. |
|
1,004,000 |
|
460,780 |
| |
Total Materials |
|
|
|
2,243,626 |
| |
|
|
|
|
|
| |
CONSUMER STAPLES: 6.7% |
|
|
|
|
| |
Food Products: 6.7% |
|
|
|
|
| |
Vitasoy International Holdings, Ltd. |
|
1,406,000 |
|
1,089,623 |
| |
China Fishery Group, Ltd.(b) |
|
1,001,000 |
|
923,873 |
| |
Total Consumer Staples |
|
|
|
2,013,496 |
| |
|
|
|
|
|
| |
TELECOMMUNICATION SERVICES: 6.1% |
|
|
|
|
| |
Wireless Telecommunication Services: 4.0% |
|
|
|
|
| |
China Mobile, Ltd. ADR |
|
22,230 |
|
1,224,428 |
| |
Diversified Telecommunication Services: 2.1% |
|
|
|
|
| |
Chunghwa Telecom Co., Ltd. ADR |
|
20,604 |
|
633,779 |
| |
Total Telecommunication Services |
|
|
|
1,858,207 |
| |
|
|
|
|
|
| |
HEALTH CARE: 3.1% |
|
|
|
|
| |
Health Care Equipment & Supplies: 3.1% |
|
|
|
|
| |
St. Shine Optical Co., Ltd. |
|
72,000 |
|
936,361 |
| |
Total Health Care |
|
|
|
936,361 |
| |
|
|
|
|
|
| |
TOTAL INVESTMENTS: 99.3% |
|
|
|
30,045,231 |
| |
|
|
|
|
|
| |
CASH AND OTHER ASSETS, LESS LIABILITIES : 0.7% |
|
|
|
212,349 |
| |
|
|
|
|
|
| |
NET ASSETS: 100.0% |
|
|
|
$ |
30,257,580 |
|
(a) |
Certain securities were fair valued under the discretion of the Board of Trustees (Note A). | |||||
(b) |
Non-income producing security. | |||||
(c) |
Cost for federal income tax purposes is $29,068,361 and net unrealized appreciation consists of: | |||||
|
| |||||
|
Gross unrealized appreciation |
|
$ |
3,897,884 |
|
|
|
Gross unrealized depreciation |
|
(2,921,014 |
) |
| |
|
Net unrealized appreciation |
|
$ |
976,870 |
|
|
|
| |||||
ADR |
American Depositary Receipt | |||||
REIT |
Real Estate Investment Trust |
See accompanying notes to schedules of investments.
Matthews Asia Growth Fund |
March 31, 2012 |
Schedule of Investments(a) (unaudited) |
|
COMMON EQUITIES: 98.6%
|
|
Shares |
|
Value |
| |
JAPAN: 32.4% |
|
|
|
|
| |
ORIX Corp. |
|
153,890 |
|
$ |
14,785,104 |
|
Toyota Motor Corp. |
|
275,500 |
|
11,987,585 |
| |
Fuji Heavy Industries, Ltd. |
|
1,377,000 |
|
11,246,141 |
| |
Mitsui & Co., Ltd. |
|
633,000 |
|
10,447,212 |
| |
Nidec Corp. |
|
109,400 |
|
10,001,888 |
| |
Rakuten, Inc. |
|
9,059 |
|
9,495,670 |
| |
Sysmex Corp. |
|
222,100 |
|
9,023,208 |
| |
Rinnai Corp. |
|
117,500 |
|
8,498,107 |
| |
FANUC Corp. |
|
38,500 |
|
6,895,934 |
| |
Kakaku.com, Inc. |
|
244,900 |
|
6,414,843 |
| |
Fast Retailing Co., Ltd. |
|
27,300 |
|
6,263,479 |
| |
Komatsu, Ltd. |
|
188,900 |
|
5,431,720 |
| |
Asahi Group Holdings, Ltd. |
|
201,200 |
|
4,471,178 |
| |
Otsuka Holdings Co., Ltd. |
|
137,900 |
|
4,087,986 |
| |
Pigeon Corp. |
|
107,200 |
|
4,001,789 |
| |
Sharp Corp. |
|
285,000 |
|
2,099,187 |
| |
Nitto Denko Corp. |
|
47,600 |
|
1,941,094 |
| |
Total Japan |
|
|
|
127,092,125 |
| |
|
|
|
|
|
| |
CHINA/HONG KONG: 25.7% |
|
|
|
|
| |
Sinopharm Group Co., Ltd. H Shares |
|
2,836,800 |
|
7,936,180 |
| |
Sands China, Ltd. |
|
1,692,400 |
|
6,608,243 |
| |
Dairy Farm International Holdings, Ltd. |
|
602,454 |
|
6,326,980 |
| |
Sany Heavy Equipment International Holdings Co., Ltd. |
|
7,862,000 |
|
5,944,577 |
| |
China Kanghui Holdings, Inc. ADR(b) |
|
305,800 |
|
5,813,258 |
| |
Dongfeng Motor Group Co., Ltd. H Shares |
|
3,184,000 |
|
5,771,714 |
| |
Tingyi (Cayman Islands) Holding Corp. |
|
1,888,000 |
|
5,453,427 |
| |
China Lodging Group, Ltd. ADS(b) |
|
453,600 |
|
5,302,584 |
| |
Hang Lung Group, Ltd. |
|
782,000 |
|
5,073,559 |
| |
Shangri-La Asia, Ltd. |
|
2,270,666 |
|
4,981,624 |
| |
Kingdee International Software Group Co., Ltd. |
|
20,269,600 |
|
4,893,296 |
| |
Spreadtrum Communications, Inc. ADR |
|
293,000 |
|
4,834,500 |
| |
Lianhua Supermarket Holdings Co., Ltd. H Shares |
|
4,165,000 |
|
4,726,168 |
| |
China Vanke Co., Ltd. B Shares |
|
3,789,587 |
|
4,515,273 |
| |
Haitian International Holdings, Ltd. |
|
3,980,000 |
|
4,448,477 |
| |
Shandong Weigao Group Medical Polymer Co., Ltd. H Shares |
|
3,804,000 |
|
4,360,195 |
| |
Shenzhou International Group Holdings, Ltd. |
|
2,259,000 |
|
4,344,442 |
| |
Ctrip.com International, Ltd. ADR(b) |
|
188,000 |
|
4,068,320 |
| |
EVA Precision Industrial Holdings, Ltd. |
|
19,492,000 |
|
3,622,943 |
| |
Hong Kong Exchanges and Clearing, Ltd. |
|
90,000 |
|
1,514,732 |
| |
Total China/Hong Kong |
|
|
|
100,540,492 |
| |
|
|
|
|
|
| |
THAILAND: 7.0% |
|
|
|
|
| |
Major Cineplex Group Public Co., Ltd. |
|
11,921,000 |
|
6,943,712 |
| |
Siam Commercial Bank Public Co., Ltd. |
|
1,264,400 |
|
5,890,084 |
| |
SVI Public Co., Ltd. |
|
47,651,300 |
|
5,399,988 |
| |
Banpu Public Co., Ltd. |
|
261,150 |
|
5,142,093 |
| |
SNC Former Public Co., Ltd. |
|
4,457,900 |
|
4,223,661 |
| |
Total Thailand |
|
|
|
27,599,538 |
| |
|
|
|
|
|
| |
INDIA: 6.4% |
|
|
|
|
| |
Emami, Ltd. |
|
866,979 |
|
6,883,927 |
| |
HDFC Bank, Ltd. |
|
627,431 |
|
6,395,428 |
| |
Castrol India, Ltd. |
|
419,477 |
|
4,415,276 |
| |
Sun TV Network, Ltd. |
|
646,460 |
|
3,862,125 |
| |
Sun Pharmaceutical Industries, Ltd. |
|
313,520 |
|
3,508,080 |
| |
Multi Commodity Exchange of India, Ltd.(b) |
|
1,857 |
|
46,302 |
| |
Total India |
|
|
|
25,111,138 |
| |
|
|
|
|
|
| |
INDONESIA: 6.0% |
|
|
|
|
| |
PT Bank Rakyat Indonesia Persero |
|
11,610,500 |
|
8,848,506 |
| |
PT Indofood CBP Sukses Makmur |
|
13,349,000 |
|
7,970,972 |
| |
PT Astra International |
|
842,500 |
|
6,816,861 |
| |
Total Indonesia |
|
|
|
23,636,339 |
| |
|
|
|
|
|
| |
AUSTRALIA: 5.0% |
|
|
|
|
| |
Oil Search, Ltd. |
|
1,305,704 |
|
9,448,384 |
| |
CSL, Ltd. |
|
137,045 |
|
5,103,332 |
| |
BHP Billiton, Ltd. |
|
136,800 |
|
4,931,598 |
| |
Total Australia |
|
|
|
19,483,314 |
| |
|
|
|
|
|
| |
TAIWAN: 4.1% |
|
|
|
|
| |
St. Shine Optical Co., Ltd. |
|
624,000 |
|
8,115,124 |
| |
Synnex Technology International Corp. |
|
3,133,000 |
|
7,800,623 |
| |
Total Taiwan |
|
|
|
15,915,747 |
| |
|
|
|
|
|
| |
SINGAPORE: 3.7% |
|
|
|
|
| |
Keppel Land, Ltd. |
|
2,204,000 |
|
6,097,715 |
| |
CapitaCommercial Trust, REIT |
|
5,038,000 |
|
4,891,183 |
| |
Goodpack, Ltd. |
|
2,564,000 |
|
3,621,411 |
| |
Total Singapore |
|
|
|
14,610,309 |
| |
|
|
|
|
|
| |
VIETNAM: 2.2% |
|
|
|
|
| |
Vietnam Dairy Products JSC |
|
1,564,020 |
|
6,901,025 |
| |
Saigon Securities, Inc. |
|
2,168,300 |
|
1,912,713 |
| |
Total Vietnam |
|
|
|
8,813,738 |
| |
|
|
|
|
|
| |
CAMBODIA: 2.1% |
|
|
|
|
| |
NagaCorp, Ltd. |
|
17,812,000 |
|
8,098,588 |
| |
Total Cambodia |
|
|
|
8,098,588 |
| |
|
|
|
|
|
| |
SRI LANKA: 1.8% |
|
|
|
|
| |
John Keells Holdings PLC |
|
4,298,200 |
|
6,929,907 |
| |
Total Sri Lanka |
|
|
|
6,929,907 |
| |
|
|
|
|
|
| |
MALAYSIA: 1.1% |
|
|
|
|
| |
Parkson Holdings BHD |
|
2,515,469 |
|
4,408,856 |
| |
Total Malaysia |
|
|
|
4,408,856 |
| |
|
|
|
|
|
| |
SOUTH KOREA: 1.1% |
|
|
|
|
| |
Kiwoom Securities Co., Ltd. |
|
67,641 |
|
4,242,017 |
| |
Total South Korea |
|
|
|
4,242,017 |
| |
|
|
|
|
|
| |
TOTAL INVESTMENTS: 98.6% |
|
|
|
386,482,108 |
| |
|
|
|
|
|
| |
CASH AND OTHER ASSETS, LESS LIABILITIES : 1.4% |
|
|
|
5,427,586 |
| |
|
|
|
|
|
| |
NET ASSETS: 100.0% |
|
|
|
$ |
391,909,694 |
|
(a) |
Certain securities were fair valued under the discretion of the Board of Trustees (Note A). | |||||
(b) |
Non-income producing security. | |||||
(c) |
Cost for federal income tax purposes is $308,817,042 and net unrealized appreciation consists of: | |||||
|
| |||||
|
Gross unrealized appreciation |
|
$ |
90,156,685 |
|
|
|
Gross unrealized depreciation |
|
(12,491,619 |
) |
| |
|
Net unrealized appreciation |
|
$ |
77,665,066 |
|
|
|
| |||||
ADR |
American Depositary Receipt | |||||
ADS |
American Depositary Share | |||||
BHD |
Berhad | |||||
JSC |
Joint Stock Co. | |||||
REIT |
Real Estate Investment Trust |
See accompanying notes to schedules of investments.
Matthews Pacific Tiger Fund |
March 31, 2012 |
Schedule of Investments(a) (unaudited) |
|
COMMON EQUITIES: 97.6%
|
|
Shares |
|
Value |
| |
CHINA/HONG KONG: 32.1% |
|
|
|
|
| |
Ping An Insurance Group Co. of China, Ltd. H Shares |
|
18,229,500 |
|
$ |
137,779,845 |
|
Dairy Farm International Holdings, Ltd. |
|
12,901,446 |
|
135,491,167 |
| |
Hang Lung Group, Ltd. |
|
18,314,000 |
|
118,819,899 |
| |
China Mobile, Ltd. ADR |
|
2,063,150 |
|
113,638,302 |
| |
Sinopharm Group Co., Ltd. H Shares |
|
34,592,800 |
|
96,776,191 |
| |
Lenovo Group, Ltd. |
|
105,568,000 |
|
95,236,867 |
| |
Digital China Holdings, Ltd. |
|
45,517,000 |
|
90,555,088 |
| |
Tingyi (Cayman Islands) Holding Corp. |
|
30,096,000 |
|
86,931,315 |
| |
Li & Fung, Ltd. |
|
35,302,000 |
|
80,790,754 |
| |
Hengan International Group Co., Ltd. |
|
7,996,000 |
|
80,660,280 |
| |
China Resources Land, Ltd. |
|
44,726,000 |
|
77,322,603 |
| |
Baidu, Inc. ADR(b) |
|
497,700 |
|
72,549,729 |
| |
Shangri-La Asia, Ltd. |
|
31,457,333 |
|
69,014,376 |
| |
New Oriental Education & Technology Group, Inc. ADR(b) |
|
2,427,600 |
|
66,661,896 |
| |
China Resources Enterprise, Ltd. |
|
18,852,000 |
|
65,823,402 |
| |
Hong Kong Exchanges and Clearing, Ltd. |
|
3,664,500 |
|
61,674,842 |
| |
Swire Pacific, Ltd. A Shares |
|
5,433,500 |
|
60,901,687 |
| |
China Vanke Co., Ltd. B Shares |
|
48,875,258 |
|
58,234,607 |
| |
Tencent Holdings, Ltd. |
|
2,011,900 |
|
56,161,136 |
| |
Dongfeng Motor Group Co., Ltd. H Shares |
|
30,440,000 |
|
55,179,327 |
| |
Ctrip.com International, Ltd. ADR(b) |
|
2,190,350 |
|
47,399,174 |
| |
China Merchants Bank Co., Ltd. H Shares |
|
22,182,350 |
|
45,340,637 |
| |
Li Ning Co., Ltd. |
|
34,835,000 |
|
37,090,506 |
| |
Swire Properties, Ltd.(b) |
|
3,803,450 |
|
9,452,851 |
| |
Total China/Hong Kong |
|
|
|
1,819,486,481 |
| |
|
|
|
|
|
| |
INDIA: 15.4% |
|
|
|
|
| |
Tata Power Co., Ltd. |
|
60,435,510 |
|
119,900,873 |
| |
ITC, Ltd. |
|
21,185,000 |
|
94,322,645 |
| |
Kotak Mahindra Bank, Ltd. |
|
8,767,491 |
|
93,919,863 |
| |
Housing Development Finance Corp. |
|
6,860,685 |
|
90,698,156 |
| |
HDFC Bank, Ltd. |
|
8,635,920 |
|
88,026,257 |
| |
Sun Pharmaceutical Industries, Ltd. |
|
7,676,815 |
|
85,898,456 |
| |
Titan Industries, Ltd. |
|
13,593,760 |
|
60,957,137 |
| |
Container Corp. of India, Ltd. |
|
3,188,081 |
|
59,689,620 |
| |
Dabur India, Ltd. |
|
25,308,038 |
|
52,947,816 |
| |
Infosys, Ltd. |
|
848,401 |
|
47,642,221 |
| |
Sun TV Network, Ltd. |
|
4,763,094 |
|
28,455,999 |
| |
Larsen & Toubro, Ltd. |
|
1,094,599 |
|
28,128,304 |
| |
Infosys, Ltd. ADR |
|
219,611 |
|
12,524,415 |
| |
HDFC Bank, Ltd. ADR |
|
319,500 |
|
10,894,950 |
| |
Total India |
|
|
|
874,006,712 |
| |
|
|
|
|
|
| |
SOUTH KOREA: 14.7% |
|
|
|
|
| |
Samsung Electronics Co., Ltd. |
|
119,904 |
|
135,258,283 |
| |
Dongbu Insurance Co., Ltd. |
|
2,876,690 |
|
124,456,538 |
| |
Cheil Worldwide, Inc. |
|
5,916,350 |
|
94,699,002 |
| |
Hyundai Mobis |
|
352,719 |
|
89,526,338 |
| |
Green Cross Corp. |
|
704,049 |
|
78,731,259 |
| |
NHN Corp. |
|
328,268 |
|
75,343,832 |
| |
Amorepacific Corp. |
|
67,652 |
|
71,400,029 |
| |
POSCO |
|
195,584 |
|
65,586,843 |
| |
Yuhan Corp. |
|
584,138 |
|
60,885,359 |
| |
MegaStudy Co., Ltd. |
|
396,412 |
|
40,863,124 |
| |
Total South Korea |
|
|
|
836,750,607 |
| |
|
|
|
|
|
| |
INDONESIA: 8.9% |
|
|
|
|
| |
PT Perusahaan Gas Negara Persero |
|
324,646,500 |
|
135,271,847 |
| |
PT Astra International |
|
14,665,230 |
|
118,659,747 |
| |
PT Bank Central Asia |
|
115,688,500 |
|
101,243,642 |
| |
PT Indofood CBP Sukses Makmur |
|
125,570,500 |
|
74,980,811 |
| |
PT Telekomunikasi Indonesia Persero |
|
80,460,500 |
|
61,680,260 |
| |
PT Telekomunikasi Indonesia Persero ADR |
|
375,700 |
|
11,406,252 |
| |
Total Indonesia |
|
|
|
503,242,559 |
| |
|
|
|
|
|
| |
TAIWAN: 8.3% |
|
|
|
|
| |
Synnex Technology International Corp. |
|
46,897,354 |
|
116,766,216 |
| |
Delta Electronics, Inc. |
|
39,446,000 |
|
116,104,374 |
| |
President Chain Store Corp. |
|
19,439,608 |
|
108,443,408 |
| |
Yuanta Financial Holding Co., Ltd.(b) |
|
133,911,782 |
|
69,904,228 |
| |
Taiwan Semiconductor Manufacturing Co., Ltd. |
|
20,423,513 |
|
58,717,112 |
| |
Total Taiwan |
|
|
|
469,935,338 |
| |
|
|
|
|
|
| |
THAILAND: 7.1% |
|
|
|
|
| |
Bank of Ayudhya Public Co., Ltd. |
|
163,168,600 |
|
145,275,357 |
| |
Central Pattana Public Co., Ltd. |
|
81,096,100 |
|
121,120,022 |
| |
PTT Exploration & Production Public Co., Ltd. |
|
19,525,000 |
|
110,537,232 |
| |
Land & Houses Public Co., Ltd. |
|
99,186,600 |
|
22,478,677 |
| |
Land & Houses Public Co., Ltd. NVDR |
|
26,810,900 |
|
5,992,873 |
| |
Total Thailand |
|
|
|
405,404,161 |
| |
|
|
|
|
|
| |
MALAYSIA: 5.2% |
|
|
|
|
| |
Genting BHD |
|
45,315,500 |
|
160,428,881 |
| |
Public Bank BHD |
|
22,511,386 |
|
100,283,893 |
| |
Top Glove Corp. BHD |
|
25,175,960 |
|
37,102,232 |
| |
Total Malaysia |
|
|
|
297,815,006 |
| |
|
|
|
|
|
| |
PHILIPPINES: 2.6% |
|
|
|
|
| |
SM Prime Holdings, Inc. |
|
373,559,417 |
|
147,014,045 |
| |
Total Philippines |
|
|
|
147,014,045 |
| |
|
|
|
|
|
| |
SINGAPORE: 2.4% |
|
|
|
|
| |
Keppel Land, Ltd. |
|
27,962,000 |
|
77,361,303 |
| |
Hyflux, Ltd. |
|
48,535,280 |
|
57,848,085 |
| |
Total Singapore |
|
|
|
135,209,388 |
| |
|
|
|
|
|
| |
VIETNAM: 0.9% |
|
|
|
|
| |
Vietnam Dairy Products JSC |
|
11,807,545 |
|
52,099,185 |
| |
Total Vietnam |
|
|
|
52,099,185 |
| |
|
|
|
|
|
| |
TOTAL INVESTMENTS: 97.6% |
|
|
|
5,540,963,482 |
| |
|
|
|
|
|
| |
CASH AND OTHER ASSETS, LESS LIABILITIES : 2.4% |
|
|
|
134,229,296 |
| |
|
|
|
|
|
| |
NET ASSETS: 100.0% |
|
|
|
$ |
5,675,192,778 |
|
(a) |
Certain securities were fair valued under the discretion of the Board of Trustees (Note A). | |||||
(b) |
Non-income producing security. | |||||
(c) |
Cost for federal income tax purposes is $4,144,642,876 and net unrealized appreciation consists of: | |||||
|
| |||||
|
Gross unrealized appreciation |
|
$ |
1,580,106,873 |
|
|
|
Gross unrealized depreciation |
|
(183,786,267 |
) |
| |
|
Net unrealized appreciation |
|
$ |
1,396,320,606 |
|
|
|
| |||||
|
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 Fund |
|
March 31, 2012 |
Schedule of Investments(a) (unaudited) |
|
|
COMMON EQUITIES: CHINA/HONG KONG: 99.9%
|
|
Shares |
|
Value |
| |
CONSUMER DISCRETIONARY: 22.7% |
|
|
|
|
| |
Hotels, Restaurants & Leisure: 7.9% |
|
|
|
|
| |
Cafe de Coral Holdings, Ltd. |
|
18,286,100 |
|
$ |
50,867,390 |
|
Sands China, Ltd. |
|
11,729,200 |
|
45,798,515 |
| |
Shangri-La Asia, Ltd. |
|
18,365,400 |
|
40,291,929 |
| |
Home Inns & Hotels Management, Inc. ADR(b) |
|
1,142,546 |
|
29,146,348 |
| |
Ctrip.com International, Ltd. ADR(b) |
|
1,032,000 |
|
22,332,480 |
| |
|
|
|
|
188,436,662 |
| |
Multiline Retail: 3.5% |
|
|
|
|
| |
Golden Eagle Retail Group, Ltd. |
|
21,575,000 |
|
55,267,618 |
| |
Parkson Retail Group, Ltd. |
|
24,247,500 |
|
27,832,451 |
| |
|
|
|
|
83,100,069 |
| |
Distributors: 2.5% |
|
|
|
|
| |
Li & Fung, Ltd. |
|
25,750,400 |
|
58,931,342 |
| |
|
|
|
|
|
| |
Diversified Consumer Services: 2.4% |
|
|
|
|
| |
New Oriental Education & Technology Group, Inc. ADR(b) |
|
2,060,800 |
|
56,589,568 |
| |
|
|
|
|
|
| |
Automobiles: 2.0% |
|
|
|
|
| |
Dongfeng Motor Group Co., Ltd. H Shares |
|
26,502,000 |
|
48,040,819 |
| |
|
|
|
|
|
| |
Specialty Retail: 1.9% |
|
|
|
|
| |
Belle International Holdings, Ltd. |
|
25,710,000 |
|
46,270,395 |
| |
|
|
|
|
|
| |
Textiles, Apparel & Luxury Goods: 1.3% |
|
|
|
|
| |
Ports Design, Ltd.(c) |
|
14,983,500 |
|
17,816,850 |
| |
Li Ning Co., Ltd. |
|
12,019,000 |
|
12,797,210 |
| |
|
|
|
|
30,614,060 |
| |
Media: 1.2% |
|
|
|
|
| |
Television Broadcasts, Ltd. |
|
4,082,000 |
|
27,559,315 |
| |
Total Consumer Discretionary |
|
|
|
539,542,230 |
| |
|
|
|
|
|
| |
FINANCIALS: 20.6% |
|
|
|
|
| |
Real Estate Management & Development: 7.3% |
|
|
|
|
| |
Hang Lung Group, Ltd. |
|
8,308,000 |
|
53,901,699 |
| |
China Vanke Co., Ltd. B Shares |
|
37,690,868 |
|
44,908,466 |
| |
China Resources Land, Ltd. |
|
24,990,000 |
|
43,202,877 |
| |
Swire Pacific, Ltd. A Shares |
|
2,411,500 |
|
27,029,432 |
| |
Swire Properties, Ltd.(b) |
|
1,688,050 |
|
4,195,371 |
| |
|
|
|
|
173,237,845 |
| |
Commercial Banks: 6.7% |
|
|
|
|
| |
China Merchants Bank Co., Ltd. H Shares |
|
24,978,114 |
|
51,055,168 |
| |
China Construction Bank Corp. H Shares |
|
51,366,660 |
|
39,645,777 |
| |
BOC Hong Kong Holdings, Ltd. |
|
13,980,500 |
|
38,579,486 |
| |
Agricultural Bank of China, Ltd. H Shares |
|
71,103,000 |
|
30,492,960 |
| |
|
|
|
|
159,773,391 |
| |
Insurance: 4.9% |
|
|
|
|
| |
Ping An Insurance Group Co. of China, Ltd. H Shares |
|
7,518,000 |
|
56,821,574 |
| |
China Life Insurance Co., Ltd. H Shares |
|
16,808,000 |
|
43,656,191 |
| |
China Life Insurance Co., Ltd. ADR |
|
397,100 |
|
15,435,277 |
| |
|
|
|
|
115,913,042 |
| |
Diversified Financial Services: 1.7% |
|
|
|
|
| |
Hong Kong Exchanges and Clearing, Ltd. |
|
2,395,600 |
|
40,318,803 |
| |
Total Financials |
|
|
|
489,243,081 |
| |
|
|
|
|
|
| |
INFORMATION TECHNOLOGY: 13.0% |
|
|
|
|
| |
Internet Software & Services: 4.3% |
|
|
|
|
| |
Tencent Holdings, Ltd. |
|
1,391,800 |
|
38,851,369 |
| |
NetEase.com, Inc. ADR(b) |
|
600,900 |
|
34,912,290 |
| |
Sina Corp.(b) |
|
433,300 |
|
28,164,500 |
| |
|
|
|
|
101,928,159 |
| |
Electronic Equipment, Instruments & Components: 3.0% |
|
|
|
|
| |
Digital China Holdings, Ltd. |
|
35,645,000 |
|
70,914,958 |
| |
|
|
|
|
|
| |
Computers & Peripherals: 2.3% |
|
|
|
|
| |
Lenovo Group, Ltd. |
|
59,544,000 |
|
53,716,884 |
| |
|
|
|
|
|
| |
Communications Equipment: 2.2% |
|
|
|
|
| |
ZTE Corp. H Shares |
|
19,345,104 |
|
52,149,615 |
| |
|
|
|
|
|
| |
Software: 1.2% |
|
|
|
|
| |
Kingdee International Software Group Co., Ltd. |
|
123,524,800 |
|
29,820,195 |
| |
Total Information Technology |
|
|
|
308,529,811 |
| |
|
|
|
|
|
| |
CONSUMER STAPLES: 12.5% |
|
|
|
|
| |
Food Products: 4.8% |
|
|
|
|
| |
Tingyi (Cayman Islands) Holding Corp. |
|
21,507,000 |
|
62,122,268 |
| |
China Mengniu Dairy Co., Ltd. |
|
9,651,000 |
|
28,360,937 |
| |
China Yurun Food Group, Ltd. |
|
16,111,000 |
|
22,951,972 |
| |
|
|
|
|
113,435,177 |
| |
Food & Staples Retailing: 3.6% |
|
|
|
|
| |
China Resources Enterprise, Ltd. |
|
11,894,000 |
|
41,528,938 |
| |
Lianhua Supermarket Holdings Co., Ltd. H Shares |
|
28,947,800 |
|
32,848,062 |
| |
Sun Art Retail Group, Ltd.(b) |
|
9,443,000 |
|
12,809,910 |
| |
|
|
|
|
87,186,910 |
| |
Household & Personal Products: 2.2% |
|
|
|
|
| |
Hengan International Group Co., Ltd. |
|
5,167,500 |
|
52,127,563 |
| |
|
|
|
|
|
| |
Beverages: 1.9% |
|
|
|
|
| |
Tsingtao Brewery Co., Ltd. H Shares |
|
8,241,000 |
|
44,567,030 |
| |
Total Consumer Staples |
|
|
|
297,316,680 |
| |
|
|
|
|
|
| |
INDUSTRIALS: 8.7% |
|
|
|
|
| |
Machinery: 3.5% |
|
|
|
|
| |
CSR Corp., Ltd. H Shares |
|
51,450,000 |
|
35,133,813 |
| |
Sany Heavy Equipment International Holdings Co., Ltd. |
|
34,230,500 |
|
25,882,200 |
| |
China National Materials Co., Ltd. H Shares |
|
55,910,000 |
|
22,691,718 |
| |
|
|
|
|
83,707,731 |
| |
Transportation Infrastructure: 2.8% |
|
|
|
|
| |
China Merchants Holdings International Co., Ltd. |
|
12,340,581 |
|
41,330,921 |
| |
Yuexiu Transport Infrastructure, Ltd. |
|
50,775,000 |
|
25,365,563 |
| |
|
|
|
|
66,696,484 |
| |
Airlines: 1.3% |
|
|
|
|
| |
Air China, Ltd. H Shares |
|
45,027,900 |
|
31,188,667 |
| |
|
|
|
|
|
| |
Industrial Conglomerates: 1.1% |
|
|
|
|
| |
NWS Holdings, Ltd. |
|
16,914,914 |
|
25,977,875 |
| |
Total Industrials |
|
|
|
207,570,757 |
| |
|
|
|
|
|
| |
ENERGY: 7.0% |
|
|
|
|
| |
Oil, Gas & Consumable Fuels: 5.4% |
|
|
|
|
| |
CNOOC, Ltd. |
|
23,093,000 |
|
47,270,747 |
| |
China Shenhua Energy Co., Ltd. H Shares |
|
10,233,500 |
|
43,285,710 |
| |
|
|
Shares |
|
Value |
| |
China Petroleum & Chemical Corp. (Sinopec) H Shares |
|
36,070,000 |
|
$ |
39,272,325 |
|
|
|
|
|
129,828,782 |
| |
Energy Equipment & Services: 1.6% |
|
|
|
|
| |
China Oilfield Services, Ltd. H Shares |
|
26,168,000 |
|
37,636,472 |
| |
Total Energy |
|
|
|
167,465,254 |
| |
|
|
|
|
|
| |
UTILITIES: 6.0% |
|
|
|
|
| |
Electric Utilities: 3.0% |
|
|
|
|
| |
Cheung Kong Infrastructure Holdings, Ltd. |
|
11,622,500 |
|
70,746,075 |
| |
|
|
|
|
|
| |
Gas Utilities: 2.3% |
|
|
|
|
| |
Hong Kong & China Gas Co., Ltd. |
|
21,527,218 |
|
55,231,112 |
| |
|
|
|
|
|
| |
Independent Power Producers & Energy Traders: 0.7% |
|
|
|
|
| |
China Longyuan Power Group Corp. H Shares |
|
20,724,000 |
|
17,400,666 |
| |
Total Utilities |
|
|
|
143,377,853 |
| |
|
|
|
|
|
| |
TELECOMMUNICATION SERVICES: 5.6% |
|
|
|
|
| |
Wireless Telecommunication Services: 3.8% |
|
|
|
|
| |
China Mobile, Ltd. |
|
5,666,583 |
|
62,398,021 |
| |
China Mobile, Ltd. ADR |
|
522,300 |
|
28,768,284 |
| |
|
|
|
|
91,166,305 |
| |
Diversified Telecommunication Services: 1.8% |
|
|
|
|
| |
China Communications Services Corp., Ltd. H Shares |
|
85,864,800 |
|
41,497,072 |
| |
Total Telecommunication Services |
|
|
|
132,663,377 |
| |
|
|
|
|
|
| |
HEALTH CARE: 3.8% |
|
|
|
|
| |
Health Care Equipment & Supplies: 2.0% |
|
|
|
|
| |
Mindray Medical International, Ltd. ADR |
|
1,407,968 |
|
46,420,705 |
| |
|
|
|
|
|
| |
Health Care Providers & Services: 1.8% |
|
|
|
|
| |
Sinopharm Group Co., Ltd. H Shares |
|
15,334,800 |
|
42,900,359 |
| |
Total Health Care |
|
|
|
89,321,064 |
| |
|
|
|
|
|
| |
TOTAL INVESTMENTS: 99.9% (Cost $1,959,383,189(d)) |
|
|
|
2,375,030,107 |
| |
|
|
|
|
|
| |
CASH AND OTHER ASSETS, LESS LIABILITIES : 0.1% |
|
|
|
2,755,154 |
| |
|
|
|
|
|
| |
NET ASSETS: 100.0% |
|
|
|
$ |
2,377,785,261 |
|
|
(a) |
Certain securities were fair valued under the discretion of the Board of Trustees (Note A). | |||||
|
(b) |
Non-income producing security. | |||||
|
(c) |
Illiquid security. | |||||
|
(d) |
Cost for federal income tax purposes is $1,961,627,737 and net unrealized appreciation consists of: | |||||
|
|
| |||||
|
Gross unrealized appreciation |
|
$ |
557,805,714 |
|
| |
|
Gross unrealized depreciation |
|
(144,403,344 |
) |
| ||
|
Net unrealized appreciation |
|
$ |
413,402,370 |
|
| |
|
|
| |||||
|
|
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 India Fund |
|
March 31, 2012 |
Schedule of Investments(a) (unaudited) |
|
|
COMMON EQUITIES: 96.3%
|
|
Shares |
|
Value |
| |
FINANCIALS: 23.7% |
|
|
|
|
| |
Commercial Banks: 13.2% |
|
|
|
|
| |
Allahabad Bank |
|
6,544,668 |
|
$ |
23,963,626 |
|
ICICI Bank, Ltd. |
|
1,150,000 |
|
19,945,793 |
| |
HDFC Bank, Ltd. |
|
1,890,165 |
|
19,266,523 |
| |
Corporation Bank |
|
1,263,268 |
|
10,572,345 |
| |
HDFC Bank, Ltd. ADR |
|
264,635 |
|
9,024,054 |
| |
Axis Bank, Ltd. |
|
333,532 |
|
7,508,011 |
| |
ICICI Bank, Ltd. ADR |
|
113,283 |
|
3,950,178 |
| |
|
|
|
|
94,230,530 |
| |
Diversified Financial Services: 5.5% |
|
|
|
|
| |
Kotak Mahindra Bank, Ltd. |
|
2,150,000 |
|
23,031,413 |
| |
Infrastructure Development Finance Co., Ltd. |
|
6,211,855 |
|
16,459,520 |
| |
Multi Commodity Exchange of India, Ltd.(b) |
|
7,509 |
|
187,228 |
| |
|
|
|
|
39,678,161 |
| |
Real Estate Management & Development: 2.7% |
|
|
|
|
| |
Ascendas India Trust |
|
29,043,000 |
|
19,193,587 |
| |
|
|
|
|
|
| |
Thrifts & Mortgage Finance: 2.3% |
|
|
|
|
| |
Housing Development Finance Corp. |
|
1,225,000 |
|
16,194,482 |
| |
Total Financials |
|
|
|
169,296,760 |
| |
|
|
|
|
|
| |
INDUSTRIALS: 17.2% |
|
|
|
|
| |
Machinery: 8.1% |
|
|
|
|
| |
Ashok Leyland, Ltd. |
|
40,022,554 |
|
23,873,433 |
| |
AIA Engineering, Ltd. |
|
1,966,467 |
|
14,190,373 |
| |
Thermax, Ltd. |
|
1,378,128 |
|
12,531,010 |
| |
Jain Irrigation Systems, Ltd. |
|
3,675,635 |
|
7,091,190 |
| |
|
|
|
|
57,686,006 |
| |
Road & Rail: 2.9% |
|
|
|
|
| |
Container Corp. of India, Ltd. |
|
1,114,216 |
|
20,861,179 |
| |
|
|
|
|
|
| |
Electrical Equipment: 2.4% |
|
|
|
|
| |
Crompton Greaves, Ltd. |
|
6,187,500 |
|
16,745,731 |
| |
|
|
|
|
|
| |
Industrial Conglomerates: 2.0% |
|
|
|
|
| |
MAX India, Ltd.(b) |
|
4,388,102 |
|
14,549,946 |
| |
|
|
|
|
|
| |
Transportation Infrastructure: 1.8% |
|
|
|
|
| |
Gujarat Pipavav Port, Ltd.(b) |
|
11,300,000 |
|
13,126,673 |
| |
Total Industrials |
|
|
|
122,969,535 |
| |
|
|
|
|
|
| |
INFORMATION TECHNOLOGY: 11.5% |
|
|
|
|
| |
IT Services: 6.2% |
|
|
|
|
| |
CMC, Ltd. |
|
940,418 |
|
18,345,525 |
| |
Infosys, Ltd. ADR |
|
238,179 |
|
13,583,348 |
| |
Infosys, Ltd. |
|
218,281 |
|
12,257,637 |
| |
|
|
|
|
44,186,510 |
| |
Internet Software & Services: 3.3% |
|
|
|
|
| |
Info Edge India, Ltd. |
|
1,662,489 |
|
23,858,118 |
| |
|
|
|
|
|
| |
Software: 2.0% |
|
|
|
|
| |
Polaris Financial Technology, Ltd. |
|
4,400,318 |
|
14,170,457 |
| |
Total Information Technology |
|
|
|
82,215,085 |
| |
|
|
|
|
|
| |
CONSUMER DISCRETIONARY: 11.1% |
|
|
|
|
| |
Media: 5.2% |
|
|
|
|
| |
Sun TV Network, Ltd. |
|
2,745,127 |
|
16,400,124 |
| |
Jagran Prakashan, Ltd. |
|
7,970,207 |
|
15,786,216 |
| |
Dish TV India, Ltd.(b) |
|
3,868,505 |
|
4,855,360 |
| |
|
|
|
|
37,041,700 |
| |
Auto Components: 5.0% |
|
|
|
|
| |
Exide Industries, Ltd. |
|
12,158,951 |
|
35,587,640 |
| |
|
|
|
|
|
| |
Textiles, Apparel & Luxury Goods: 0.9% |
|
|
|
|
| |
Titan Industries, Ltd. |
|
1,538,820 |
|
6,900,376 |
| |
Total Consumer Discretionary |
|
|
|
79,529,716 |
| |
|
|
|
|
|
| |
CONSUMER STAPLES: 11.1% |
|
|
|
|
| |
Personal Products: 7.7% |
|
|
|
|
| |
Emami, Ltd. |
|
3,267,712 |
|
25,946,061 |
| |
Dabur India, Ltd. |
|
10,654,430 |
|
22,290,499 |
| |
Bajaj Corp., Ltd. |
|
3,100,458 |
|
6,998,192 |
| |
|
|
|
|
55,234,752 |
| |
Tobacco: 3.4% |
|
|
|
|
| |
ITC, Ltd. |
|
5,445,000 |
|
24,242,946 |
| |
Total Consumer Staples |
|
|
|
79,477,698 |
| |
|
|
|
|
|
| |
MATERIALS: 10.2% |
|
|
|
|
| |
Chemicals: 7.3% |
|
|
|
|
| |
Asian Paints, Ltd. |
|
469,000 |
|
29,841,596 |
| |
Castrol India, Ltd. |
|
2,126,301 |
|
22,380,741 |
| |
|
|
|
|
52,222,337 |
| |
Construction Materials: 1.6% |
|
|
|
|
| |
Grasim Industries, Ltd. |
|
224,459 |
|
11,567,858 |
| |
|
|
|
|
|
| |
Metals & Mining: 1.3% |
|
|
|
|
| |
NMDC, Ltd. |
|
2,995,923 |
|
9,471,842 |
| |
Total Materials |
|
|
|
73,262,037 |
| |
|
|
|
|
|
| |
HEALTH CARE: 5.5% |
|
|
|
|
| |
Pharmaceuticals: 5.5% |
|
|
|
|
| |
Sun Pharmaceutical Industries, Ltd. |
|
3,007,300 |
|
33,649,688 |
| |
Cipla India, Ltd. |
|
988,275 |
|
5,921,109 |
| |
Total Health Care |
|
|
|
39,570,797 |
| |
|
|
|
|
|
| |
UTILITIES: 4.7% |
|
|
|
|
| |
Gas Utilities: 3.2% |
|
|
|
|
| |
GAIL India, Ltd. |
|
3,094,751 |
|
22,858,724 |
| |
|
|
|
|
|
| |
Electric Utilities: 1.5% |
|
|
|
|
| |
CESC, Ltd. |
|
2,016,149 |
|
10,745,224 |
| |
Total Utilities |
|
|
|
33,603,948 |
| |
|
|
|
|
|
| |
ENERGY: 1.3% |
|
|
|
|
| |
Oil, Gas & Consumable Fuels: 1.3% |
|
|
|
|
| |
Reliance Industries, Ltd. |
|
650,742 |
|
9,594,708 |
| |
Total Energy |
|
|
|
9,594,708 |
| |
TOTAL COMMON EQUITIES (Cost $640,721,324) |
|
|
|
689,520,284 |
| |
CORPORATE BONDS: 2.9%
|
|
Face Amount* |
|
|
| |
MATERIALS: 1.8% |
|
|
|
|
| |
Metals & Mining: 1.8% |
|
|
|
|
| |
Welspun Corp., Ltd., Cnv. |
|
15,200,000 |
|
|
13,110,000 |
|
Total Materials |
|
|
|
13,110,000 |
| |
|
|
Face Amount* |
|
Value |
| |
UTILITIES: 1.1% |
|
|
|
|
| |
Electric Utilities: 1.1% |
|
|
|
|
| |
Tata Power Co., Ltd., Cnv. |
|
7,700,000 |
|
$ |
7,665,350 |
|
Total Utilities |
|
|
|
7,665,350 |
| |
TOTAL CORPORATE BONDS (Cost $25,748,500) |
|
|
|
20,775,350 |
| |
|
|
|
|
|
| |
TOTAL INVESTMENTS: 99.2% (Cost $666,469,824(c)) |
|
|
|
710,295,634 |
| |
|
|
|
|
|
| |
CASH AND OTHER ASSETS, LESS LIABILITIES : 0.8% |
|
|
|
5,802,917 |
| |
|
|
|
|
|
| |
NET ASSETS: 100.0% |
|
|
|
$ |
716,098,551 |
|
|
(a) |
Certain securities were fair valued under the discretion of the Board of Trustees (Note A). | |||||
|
(b) |
Non-income producing security. | |||||
|
(c) |
Cost for federal income tax purposes is $666,792,586 and net unrealized appreciation consists of: | |||||
|
|
| |||||
|
Gross unrealized appreciation |
|
$ |
125,343,351 |
|
| |
|
Gross unrealized depreciation |
|
(81,840,303 |
) |
| ||
|
Net unrealized appreciation |
|
$ |
43,503,048 |
|
| |
|
|
| |||||
|
* |
All values are in USD unless otherwise noted. | |||||
|
ADR |
American Depositary Receipt | |||||
|
Cnv. |
Convertible |
See accompanying notes to schedules of investments.
Matthews Japan Fund |
March 31, 2012 |
Schedule of Investments(a) (unaudited) |
|
COMMON EQUITIES: 99.1%
|
|
Shares |
|
Value |
| |
INDUSTRIALS: 26.1% |
|
|
|
|
| |
Trading Companies & Distributors: 10.8% |
|
|
|
|
| |
ITOCHU Corp. |
|
532,800 |
|
$ |
5,837,801 |
|
Marubeni Corp. |
|
667,000 |
|
4,850,562 |
| |
Mitsui & Co., Ltd. |
|
174,600 |
|
2,881,648 |
| |
|
|
|
|
13,570,011 |
| |
Machinery: 7.6% |
|
|
|
|
| |
Harmonic Drive Systems, Inc. |
|
101,700 |
|
2,562,703 |
| |
FANUC Corp. |
|
13,400 |
|
2,400,143 |
| |
Nabtesco Corp. |
|
80,400 |
|
1,664,825 |
| |
Komatsu, Ltd. |
|
56,300 |
|
1,618,877 |
| |
EVA Precision Industrial Holdings, Ltd. |
|
7,104,000 |
|
1,320,408 |
| |
|
|
|
|
9,566,956 |
| |
Electrical Equipment: 3.4% |
|
|
|
|
| |
Nidec Corp. |
|
46,500 |
|
4,251,259 |
| |
|
|
|
|
|
| |
Commercial Services & Supplies: 2.2% |
|
|
|
|
| |
JP-Holdings, Inc. |
|
267,800 |
|
2,759,407 |
| |
|
|
|
|
|
| |
Construction & Engineering: 2.1% |
|
|
|
|
| |
JGC Corp. |
|
83,000 |
|
2,590,253 |
| |
Total Industrials |
|
|
|
32,737,886 |
| |
|
|
|
|
|
| |
CONSUMER DISCRETIONARY: 25.8% |
|
|
|
|
| |
Automobiles: 9.5% |
|
|
|
|
| |
Toyota Motor Corp. |
|
126,500 |
|
5,504,281 |
| |
Nissan Motor Co., Ltd. |
|
346,100 |
|
3,721,280 |
| |
Fuji Heavy Industries, Ltd. |
|
330,000 |
|
2,695,154 |
| |
|
|
|
|
11,920,715 |
| |
Household Durables: 5.6% |
|
|
|
|
| |
Rinnai Corp. |
|
49,700 |
|
3,594,518 |
| |
HAJIME CONSTRUCTION Co., Ltd. |
|
80,400 |
|
2,138,929 |
| |
Sharp Corp. |
|
180,000 |
|
1,325,802 |
| |
|
|
|
|
7,059,249 |
| |
Internet & Catalog Retail: 5.0% |
|
|
|
|
| |
Rakuten, Inc. |
|
3,987 |
|
4,179,185 |
| |
Start Today Co., Ltd. |
|
109,400 |
|
2,020,420 |
| |
|
|
|
|
6,199,605 |
| |
Specialty Retail: 2.4% |
|
|
|
|
| |
Fast Retailing Co., Ltd. |
|
8,500 |
|
1,950,167 |
| |
Sanrio Co., Ltd. |
|
27,500 |
|
1,074,012 |
| |
|
|
|
|
3,024,179 |
| |
Auto Components: 1.7% |
|
|
|
|
| |
Nifco, Inc. |
|
78,800 |
|
2,162,575 |
| |
|
|
|
|
|
| |
Media: 1.6% |
|
|
|
|
| |
COOKPAD, Inc. |
|
87,000 |
|
1,958,221 |
| |
Total Consumer Discretionary |
|
|
|
32,324,544 |
| |
|
|
|
|
|
| |
INFORMATION TECHNOLOGY: 16.3% |
|
|
|
|
| |
Electronic Equipment, Instruments & Components: 7.8% |
|
|
|
|
| |
Murata Manufacturing Co., Ltd. |
|
55,000 |
|
3,281,524 |
| |
Kyocera Corp. |
|
35,200 |
|
3,255,957 |
| |
Hitachi, Ltd. |
|
491,000 |
|
3,176,736 |
| |
|
|
|
|
9,714,217 |
| |
Internet Software & Services: 3.5% |
|
|
|
|
| |
Kakaku.com, Inc. |
|
96,200 |
|
2,519,836 |
| |
Dena Co., Ltd. |
|
65,500 |
|
1,814,255 |
| |
|
|
|
|
4,334,091 |
| |
IT Services: 2.1% |
|
|
|
|
| |
GMO Payment Gateway, Inc. |
|
654 |
|
2,686,320 |
| |
|
|
|
|
|
| |
Computers & Peripherals: 1.9% |
|
|
|
|
| |
Toshiba Corp. |
|
544,000 |
|
2,416,055 |
| |
|
|
|
|
|
| |
Software: 1.0% |
|
|
|
|
| |
Capcom Co., Ltd. |
|
55,100 |
|
1,262,854 |
| |
Total Information Technology |
|
|
|
20,413,537 |
| |
|
|
|
|
|
| |
FINANCIALS: 11.4% |
|
|
|
|
| |
Insurance: 5.0% |
|
|
|
|
| |
Sony Financial Holdings, Inc. |
|
151,700 |
|
2,706,936 |
| |
Tokio Marine Holdings, Inc. |
|
86,800 |
|
2,402,726 |
| |
Anicom Holdings, Inc.(b) |
|
194,000 |
|
1,193,017 |
| |
|
|
|
|
6,302,679 |
| |
Diversified Financial Services: 3.6% |
|
|
|
|
| |
ORIX Corp. |
|
47,390 |
|
4,553,032 |
| |
|
|
|
|
|
| |
Real Estate Investment Trusts: 2.8% |
|
|
|
|
| |
Kenedix Realty Investment Corp., REIT |
|
558 |
|
2,053,120 |
| |
Industrial & Infrastructure Fund Investment Corp., REIT |
|
259 |
|
1,414,389 |
| |
|
|
|
|
3,467,509 |
| |
Total Financials |
|
|
|
14,323,220 |
| |
|
|
|
|
|
| |
HEALTH CARE: 9.1% |
|
|
|
|
| |
Health Care Equipment & Supplies: 4.6% |
|
|
|
|
| |
Sysmex Corp. |
|
85,200 |
|
3,461,402 |
| |
Asahi Intecc Co., Ltd. |
|
93,200 |
|
2,343,901 |
| |
|
|
|
|
5,805,303 |
| |
Pharmaceuticals: 2.3% |
|
|
|
|
| |
Otsuka Holdings Co., Ltd. |
|
53,900 |
|
1,597,842 |
| |
Eisai Co., Ltd. |
|
30,400 |
|
1,208,787 |
| |
|
|
|
|
2,806,629 |
| |
Health Care Providers & Services: 2.2% |
|
|
|
|
| |
Ship Healthcare Holdings, Inc. |
|
78,800 |
|
1,615,341 |
| |
Message Co., Ltd. |
|
383 |
|
1,147,489 |
| |
|
|
|
|
2,762,830 |
| |
Total Health Care |
|
|
|
11,374,762 |
| |
|
|
|
|
|
| |
CONSUMER STAPLES: 5.4% |
|
|
|
|
| |
Food & Staples Retailing: 2.7% |
|
|
|
|
| |
Daikokutenbussan Co., Ltd. |
|
66,600 |
|
1,792,236 |
| |
Ain Pharmaciez, Inc. |
|
30,200 |
|
1,630,043 |
| |
|
|
|
|
3,422,279 |
| |
Household Products: 1.4% |
|
|
|
|
| |
Pigeon Corp. |
|
45,000 |
|
1,679,855 |
| |
|
|
|
|
|
| |
Tobacco: 1.3% |
|
|
|
|
| |
Japan Tobacco, Inc. |
|
290 |
|
1,641,533 |
| |
Total Consumer Staples |
|
|
|
6,743,667 |
| |
|
|
|
|
|
| |
MATERIALS: 4.1% |
|
|
|
|
| |
Chemicals: 2.4% |
|
|
|
|
| |
JSR Corp. |
|
86,800 |
|
1,761,196 |
| |
|
|
Shares |
|
Value |
| |
Nitto Denko Corp. |
|
30,200 |
|
$ |
1,231,535 |
|
|
|
|
|
2,992,731 |
| |
Metals & Mining: 1.7% |
|
|
|
|
| |
Hitachi Metals, Ltd. |
|
177,000 |
|
2,217,157 |
| |
Total Materials |
|
|
|
5,209,888 |
| |
|
|
|
|
|
| |
TELECOMMUNICATION SERVICES: 0.9% |
|
|
|
|
| |
Wireless Telecommunication Services: 0.9% |
|
|
|
|
| |
KDDI Corp. |
|
182 |
|
1,184,192 |
| |
Total Telecommunication Services |
|
|
|
1,184,192 |
| |
|
|
|
|
|
| |
TOTAL INVESTMENTS: 99.1% |
|
|
|
124,311,696 |
| |
|
|
|
|
|
| |
CASH AND OTHER ASSETS, LESS LIABILITIES : 0.9% |
|
|
|
1,108,739 |
| |
|
|
|
|
|
| |
NET ASSETS: 100.0% |
|
|
|
$ |
125,420,435 |
|
(a) |
Certain securities were fair valued under the discretion of the Board of Trustees (Note A). |
|
|
| ||||
(b) |
Non-income producing security. |
|
|
| ||||
(c) |
Cost for federal income tax purposes is $114,237,148 and net unrealized appreciation consists of: |
|
|
| ||||
|
|
|
|
|
|
| ||
|
Gross unrealized appreciation |
|
$ |
14,430,130 |
|
|
|
|
|
Gross unrealized depreciation |
|
(4,355,582 |
) |
|
|
| |
|
Net unrealized appreciation |
|
$ |
10,074,548 |
|
|
|
|
|
|
|
|
|
|
| ||
REIT |
Real Estate Investment Trust |
|
|
|
|
|
See accompanying notes to schedules of investments.
Matthews Korea Fund |
March 31, 2012 |
Schedule of Investments(a) (unaudited) |
|
COMMON EQUITIES: SOUTH KOREA: 93.0%
|
|
Shares |
|
Value |
| |
INFORMATION TECHNOLOGY: 22.7% |
|
|
|
|
| |
Semiconductors & Semiconductor Equipment: 15.7% |
|
|
|
|
| |
Samsung Electronics Co., Ltd. |
|
28,360 |
|
$ |
31,991,634 |
|
|
|
|
|
|
| |
Internet Software & Services: 5.1% |
|
|
|
|
| |
NHN Corp. |
|
22,226 |
|
5,101,295 |
| |
Daum Communications Corp. |
|
29,824 |
|
3,132,428 |
| |
SBS Contents Hub Co., Ltd. |
|
210,050 |
|
2,005,460 |
| |
|
|
|
|
10,239,183 |
| |
Electronic Equipment, Instruments & Components: 1.9% |
|
|
|
|
| |
Samsung Electro-Mechanics Co., Ltd. |
|
29,309 |
|
2,593,257 |
| |
Uju Electronics Co., Ltd. |
|
58,171 |
|
1,319,920 |
| |
|
|
|
|
3,913,177 |
| |
Total Information Technology |
|
|
|
46,143,994 |
| |
|
|
|
|
|
| |
CONSUMER DISCRETIONARY: 22.2% |
|
|
|
|
| |
Automobiles: 5.7% |
|
|
|
|
| |
Kia Motors Corp. |
|
106,525 |
|
6,990,183 |
| |
Hyundai Motor Co. |
|
22,098 |
|
4,563,198 |
| |
|
|
|
|
11,553,381 |
| |
Auto Components: 4.0% |
|
|
|
|
| |
Hyundai Mobis |
|
18,420 |
|
4,675,323 |
| |
Hankook Tire Co., Ltd. |
|
80,640 |
|
2,992,571 |
| |
Motonic Corp. |
|
64,140 |
|
484,061 |
| |
|
|
|
|
8,151,955 |
| |
Multiline Retail: 3.7% |
|
|
|
|
| |
Hyundai Department Store Co., Ltd. |
|
24,897 |
|
3,826,606 |
| |
Hyundai Greenfood Co., Ltd. |
|
216,970 |
|
2,908,633 |
| |
Shinsegae Co., Ltd. |
|
3,996 |
|
842,665 |
| |
|
|
|
|
7,577,904 |
| |
Hotels, Restaurants & Leisure: 3.6% |
|
|
|
|
| |
Modetour Network, Inc. |
|
148,711 |
|
3,937,819 |
| |
Shinsegae Food Co., Ltd. |
|
48,757 |
|
3,412,297 |
| |
|
|
|
|
7,350,116 |
| |
Media: 3.4% |
|
|
|
|
| |
Cheil Worldwide, Inc. |
|
159,560 |
|
2,553,969 |
| |
CJ CGV Co., Ltd. |
|
103,580 |
|
2,425,188 |
| |
SBS Media Holdings Co., Ltd. |
|
626,560 |
|
2,004,301 |
| |
|
|
|
|
6,983,458 |
| |
Internet & Catalog Retail: 1.8% |
|
|
|
|
| |
Hyundai Home Shopping Network Corp. |
|
30,317 |
|
3,599,434 |
| |
Total Consumer Discretionary |
|
|
|
45,216,248 |
| |
|
|
|
|
|
| |
FINANCIALS: 16.0% |
|
|
|
|
| |
Commercial Banks: 5.9% |
|
|
|
|
| |
Shinhan Financial Group Co., Ltd. |
|
157,294 |
|
6,093,637 |
| |
Hana Financial Group, Inc. |
|
86,490 |
|
3,276,915 |
| |
KB Financial Group, Inc. |
|
74,076 |
|
2,716,288 |
| |
|
|
|
|
12,086,840 |
| |
Insurance: 5.8% |
|
|
|
|
| |
Dongbu Insurance Co., Ltd. |
|
122,511 |
|
5,300,291 |
| |
Samsung Fire & Marine Insurance Co., Ltd. |
|
17,298 |
|
3,265,382 |
| |
Hyundai Marine & Fire Insurance Co., Ltd. |
|
112,070 |
|
3,227,489 |
| |
|
|
|
|
11,793,162 |
| |
Capital Markets: 3.6% |
|
|
|
|
| |
Kiwoom Securities Co., Ltd. |
|
80,594 |
|
5,054,347 |
| |
Samsung Securities Co., Ltd. |
|
44,079 |
|
2,223,221 |
| |
|
|
|
|
7,277,568 |
| |
Diversified Financial Services: 0.7% |
|
|
|
|
| |
NICE Information Service Co., Ltd. |
|
58,009 |
|
1,335,986 |
| |
Total Financials |
|
|
|
32,493,556 |
| |
|
|
|
|
|
| |
INDUSTRIALS: 9.6% |
|
|
|
|
| |
Construction & Engineering: 3.8% |
|
|
|
|
| |
Samsung Engineering Co., Ltd. |
|
20,882 |
|
4,462,943 |
| |
Hyundai Engineering & Construction Co., Ltd. |
|
45,968 |
|
3,285,960 |
| |
|
|
|
|
7,748,903 |
| |
Building Products: 1.6% |
|
|
|
|
| |
KCC Corp. |
|
11,465 |
|
3,313,056 |
| |
|
|
|
|
|
| |
Industrial Conglomerates: 1.3% |
|
|
|
|
| |
Samsung Techwin Co., Ltd. |
|
44,340 |
|
2,669,893 |
| |
|
|
|
|
|
| |
Commercial Services & Supplies: 1.3% |
|
|
|
|
| |
KEPCO Plant Service & Engineering Co., Ltd. |
|
69,478 |
|
2,528,118 |
| |
|
|
|
|
|
| |
Airlines: 0.8% |
|
|
|
|
| |
Asiana Airlines, Inc.(b) |
|
269,450 |
|
1,674,741 |
| |
|
|
|
|
|
| |
Electrical Equipment: 0.8% |
|
|
|
|
| |
LS Corp. |
|
21,254 |
|
1,503,092 |
| |
Total Industrials |
|
|
|
19,437,803 |
| |
|
|
|
|
|
| |
MATERIALS: 9.2% |
|
|
|
|
| |
Chemicals: 5.1% |
|
|
|
|
| |
LG Chem, Ltd. |
|
14,956 |
|
4,896,428 |
| |
OCI Materials Co., Ltd. |
|
45,952 |
|
2,800,645 |
| |
KPX Chemical Co., Ltd. |
|
30,904 |
|
1,611,568 |
| |
Hyosung Corp. |
|
19,311 |
|
1,024,556 |
| |
|
|
|
|
10,333,197 |
| |
Metals & Mining: 4.1% |
|
|
|
|
| |
POSCO ADR |
|
75,900 |
|
6,352,830 |
| |
Poongsan Corp. |
|
77,410 |
|
2,072,427 |
| |
|
|
|
|
8,425,257 |
| |
Total Materials |
|
|
|
18,758,454 |
| |
|
|
|
|
|
| |
CONSUMER STAPLES: 8.9% |
|
|
|
|
| |
Food Products: 3.6% |
|
|
|
|
| |
Orion Corp. |
|
7,319 |
|
5,156,647 |
| |
Binggrae Co., Ltd. |
|
42,696 |
|
2,132,274 |
| |
|
|
|
|
7,288,921 |
| |
Household Products: 2.3% |
|
|
|
|
| |
LG Household & Health Care, Ltd. |
|
8,739 |
|
4,596,470 |
| |
|
|
|
|
|
| |
Personal Products: 2.0% |
|
|
|
|
| |
Amorepacific Corp. |
|
3,819 |
|
4,030,578 |
| |
|
|
|
|
|
| |
Tobacco: 1.0% |
|
|
|
|
| |
KT&G Corp. |
|
30,107 |
|
2,131,592 |
| |
Total Consumer Staples |
|
|
|
18,047,561 |
| |
|
|
|
|
|
| |
ENERGY: 2.1% |
|
|
|
|
| |
Oil, Gas & Consumable Fuels: 2.1% |
|
|
|
|
| |
SK Innovation Co., Ltd. |
|
29,694 |
|
4,357,974 |
| |
Total Energy |
|
|
|
4,357,974 |
| |
|
|
Shares |
|
Value |
| |
HEALTH CARE: 1.8% |
|
|
|
|
| |
Pharmaceuticals: 1.8% |
|
|
|
|
| |
Dong-A Pharmaceutical Co., Ltd. |
|
30,796 |
|
$ |
2,206,493 |
|
Yuhan Corp. |
|
14,730 |
|
1,535,324 |
| |
Total Health Care |
|
|
|
3,741,817 |
| |
|
|
|
|
|
| |
TELECOMMUNICATION SERVICES: 0.5% |
|
|
|
|
| |
Diversified Telecommunication Services: 0.5% |
|
|
|
|
| |
KT Corp. |
|
39,384 |
|
1,092,850 |
| |
Total Telecommunication Services |
|
|
|
1,092,850 |
| |
|
|
|
|
|
| |
TOTAL COMMON EQUITIES |
|
|
|
189,290,257 |
| |
|
|
|
|
|
| |
PREFERRED EQUITIES: SOUTH KOREA: 4.6% |
|
|
|
|
| |
|
|
|
|
|
| |
CONSUMER DISCRETIONARY: 2.4% |
|
|
|
|
| |
Automobiles: 2.4% |
|
|
|
|
| |
Hyundai Motor Co., Ltd., 2nd Pfd. |
|
77,988 |
|
4,846,592 |
| |
Total Consumer Discretionary |
|
|
|
4,846,592 |
| |
|
|
|
|
|
| |
FINANCIALS: 1.3% |
|
|
|
|
| |
Insurance: 1.3% |
|
|
|
|
| |
Samsung Fire & Marine Insurance Co., Ltd., Pfd. |
|
39,684 |
|
2,612,794 |
| |
Total Financials |
|
|
|
2,612,794 |
| |
|
|
|
|
|
| |
MATERIALS: 0.9% |
|
|
|
|
| |
Chemicals: 0.9% |
|
|
|
|
| |
LG Chem, Ltd., Pfd. |
|
17,405 |
|
1,787,581 |
| |
Total Materials |
|
|
|
1,787,581 |
| |
|
|
|
|
|
| |
TOTAL PREFERRED EQUITIES |
|
|
|
9,246,967 |
| |
|
|
|
|
|
| |
TOTAL INVESTMENTS: 97.6% |
|
|
|
198,537,224 |
| |
|
|
|
|
|
| |
CASH AND OTHER ASSETS, LESS LIABILITIES : 2.4% |
|
|
|
4,842,608 |
| |
|
|
|
|
|
| |
NET ASSETS: 100.0% |
|
|
|
$ |
203,379,832 |
|
(a) |
Certain securities were fair valued under the discretion of the Board of Trustees (Note A). |
|
| ||||
(b) |
Non-income producing security. |
|
| ||||
(c) |
Cost for federal income tax purposes is $142,635,823 and net unrealized appreciation consists of: |
|
| ||||
|
|
|
|
|
| ||
|
Gross unrealized appreciation |
|
$ |
62,404,402 |
|
|
|
|
Gross unrealized depreciation |
|
(6,503,001 |
) |
|
| |
|
Net unrealized appreciation |
|
$ |
55,901,401 |
|
|
|
|
|
|
|
|
| ||
ADR |
American Depositary Receipt |
|
|
|
| ||
Pfd. |
Preferred |
|
|
|
|
See accompanying notes to schedules of investments.
Matthews Asia Small Companies Fund |
March 31, 2012 |
Schedule of Investments(a) (unaudited) |
|
COMMON EQUITIES: 97.1%
|
|
Shares |
|
Value |
| |
CHINA/HONG KONG: 30.7% |
|
|
|
|
| |
Towngas China Co., Ltd. |
|
11,118,000 |
|
$ |
8,063,298 |
|
Vinda International Holdings, Ltd. |
|
4,453,000 |
|
6,884,527 |
| |
Trinity, Ltd. |
|
8,228,000 |
|
6,770,233 |
| |
Yips Chemical Holdings, Ltd. |
|
7,510,000 |
|
5,411,441 |
| |
Singamas Container Holdings, Ltd. |
|
16,516,000 |
|
4,904,758 |
| |
Minth Group, Ltd. |
|
4,114,000 |
|
4,767,442 |
| |
Dah Chong Hong Holdings, Ltd. |
|
4,390,000 |
|
4,660,593 |
| |
Comba Telecom Systems Holdings, Ltd. |
|
8,018,511 |
|
4,445,742 |
| |
Xingda International Holdings, Ltd. |
|
9,378,000 |
|
4,303,979 |
| |
KWG Property Holding, Ltd. |
|
7,206,000 |
|
4,170,871 |
| |
Hengdeli Holdings, Ltd. |
|
9,000,000 |
|
3,822,191 |
| |
Lees Pharmaceutical Holdings, Ltd. |
|
9,485,000 |
|
3,803,126 |
| |
Xinyi Glass Holdings, Ltd. |
|
6,146,000 |
|
3,758,852 |
| |
SITC International Holdings Co., Ltd. |
|
11,893,000 |
|
3,724,244 |
| |
Shenguan Holdings Group, Ltd. |
|
6,244,000 |
|
3,705,835 |
| |
AAC Technologies Holdings, Inc. |
|
1,352,000 |
|
3,682,421 |
| |
Airtac International Group |
|
672,000 |
|
3,514,863 |
| |
PCD Stores Group, Ltd. |
|
23,876,900 |
|
3,390,959 |
| |
Dalian Port PDA Co., Ltd. H Shares |
|
12,828,000 |
|
3,291,351 |
| |
Kosmopolito Hotels International, Ltd. |
|
19,052,000 |
|
3,220,747 |
| |
China Kanghui Holdings, Inc. ADR(b) |
|
147,400 |
|
2,802,074 |
| |
Wasion Group Holdings, Ltd. |
|
5,652,000 |
|
2,631,165 |
| |
Silver Base Group Holdings, Ltd. |
|
3,394,000 |
|
2,359,956 |
| |
E-Commerce China Dangdang, Inc. ADR(b) |
|
241,700 |
|
1,957,770 |
| |
TAL Education Group ADR(b) |
|
172,362 |
|
1,918,389 |
| |
Fook Woo Group Holdings, Ltd.(b),(c) |
|
24,622,000 |
|
1,811,157 |
| |
Total China/Hong Kong |
|
|
|
103,777,984 |
| |
|
|
|
|
|
| |
TAIWAN: 16.0% |
|
|
|
|
| |
St. Shine Optical Co., Ltd. |
|
763,492 |
|
9,929,219 |
| |
Pacific Hospital Supply Co., Ltd. |
|
2,079,155 |
|
6,190,881 |
| |
TXC Corp. |
|
3,784,792 |
|
6,004,001 |
| |
Simplo Technology Co., Ltd. |
|
785,310 |
|
5,951,024 |
| |
Wah Lee Industrial Corp. |
|
4,125,000 |
|
5,930,962 |
| |
WT Microelectronics Co., Ltd. |
|
3,908,000 |
|
5,838,876 |
| |
Chroma ATE, Inc. |
|
2,223,081 |
|
5,691,212 |
| |
Formosa International Hotels Corp. |
|
315,717 |
|
4,485,114 |
| |
Synnex Technology International Corp. |
|
1,636,523 |
|
4,074,656 |
| |
Total Taiwan |
|
|
|
54,095,945 |
| |
|
|
|
|
|
| |
INDIA: 15.9% |
|
|
|
|
| |
Ipca Laboratories, Ltd. |
|
808,208 |
|
5,318,340 |
| |
Emami, Ltd. |
|
662,496 |
|
5,260,305 |
| |
GlaxoSmithKline Consumer Healthcare, Ltd. |
|
94,290 |
|
5,133,544 |
| |
Page Industries, Ltd. |
|
95,185 |
|
5,040,915 |
| |
Gujarat Pipavav Port, Ltd.(b) |
|
4,061,512 |
|
4,718,065 |
| |
CRISIL, Ltd. |
|
243,954 |
|
4,699,747 |
| |
CMC, Ltd. |
|
220,478 |
|
4,301,050 |
| |
Federal Bank, Ltd. |
|
479,245 |
|
4,015,944 |
| |
Castrol India, Ltd. |
|
368,744 |
|
3,881,277 |
| |
Polaris Financial Technology, Ltd. |
|
1,138,850 |
|
3,667,468 |
| |
AIA Engineering, Ltd. |
|
500,705 |
|
3,613,176 |
| |
Exide Industries, Ltd. |
|
829,267 |
|
2,427,155 |
| |
India Infoline, Ltd. |
|
1,268,196 |
|
1,665,511 |
| |
Total India |
|
|
|
53,742,497 |
| |
|
|
|
|
|
| |
SOUTH KOREA: 13.0% |
|
|
|
|
| |
Pyeong Hwa Automotive Co., Ltd. |
|
374,657 |
|
5,539,848 |
| |
Dongbu Insurance Co., Ltd. |
|
120,231 |
|
5,201,650 |
| |
Daum Communications Corp. |
|
49,259 |
|
5,173,695 |
| |
Modetour Network, Inc. |
|
182,859 |
|
4,842,046 |
| |
OCI Materials Co., Ltd. |
|
74,585 |
|
4,545,746 |
| |
Kiwoom Securities Co., Ltd. |
|
68,166 |
|
4,274,942 |
| |
Cheil Worldwide, Inc. |
|
265,635 |
|
4,251,839 |
| |
KEPCO Plant Service & Engineering Co., Ltd. |
|
111,147 |
|
4,044,340 |
| |
POSCO Chemtech Co., Ltd. |
|
25,812 |
|
3,266,384 |
| |
Korea Zinc Co., Ltd. |
|
8,661 |
|
2,989,424 |
| |
Total South Korea |
|
|
|
44,129,914 |
| |
|
|
|
|
|
| |
INDONESIA: 7.2% |
|
|
|
|
| |
PT AKR Corporindo |
|
12,888,000 |
|
6,066,774 |
| |
PT Bank Tabungan Pensiunan Nasional(b) |
|
14,154,500 |
|
5,572,584 |
| |
PT Jasa Marga Persero |
|
9,869,000 |
|
5,567,654 |
| |
PT Nippon Indosari Corpindo |
|
13,130,500 |
|
5,051,584 |
| |
PT Sumber Alfaria Trijaya(b) |
|
3,890,500 |
|
2,141,791 |
| |
Total Indonesia |
|
|
|
24,400,387 |
| |
|
|
|
|
|
| |
MALAYSIA: 5.6% |
|
|
|
|
| |
Dialog Group BHD |
|
6,995,205 |
|
4,958,994 |
| |
KPJ Healthcare BHD |
|
2,896,500 |
|
4,874,756 |
| |
LPI Capital BHD |
|
1,015,600 |
|
4,627,435 |
| |
Alliance Financial Group BHD |
|
3,609,900 |
|
4,592,245 |
| |
Total Malaysia |
|
|
|
19,053,430 |
| |
|
|
|
|
|
| |
THAILAND: 4.7% |
|
|
|
|
| |
Tisco Financial Group Public Co., Ltd. |
|
4,435,600 |
|
5,965,183 |
| |
Dynasty Ceramic Public Co., Ltd. |
|
2,602,000 |
|
5,507,513 |
| |
SNC Former Public Co., Ltd. |
|
4,676,600 |
|
4,430,870 |
| |
Total Thailand |
|
|
|
15,903,566 |
| |
|
|
|
|
|
| |
SINGAPORE: 2.9% |
|
|
|
|
| |
Amtek Engineering, Ltd. |
|
7,771,000 |
|
4,430,091 |
| |
Petra Foods, Ltd. |
|
2,274,000 |
|
4,395,863 |
| |
Super Group, Ltd. |
|
582,000 |
|
837,792 |
| |
Total Singapore |
|
|
|
9,663,746 |
| |
|
|
|
|
|
| |
PHILIPPINES: 1.1% |
|
|
|
|
| |
Alliance Global Group, Inc. |
|
10,215,000 |
|
3,003,287 |
| |
Security Bank Corp. |
|
212,500 |
|
709,090 |
| |
Total Philippines |
|
|
|
3,712,377 |
| |
|
|
|
|
|
| |
TOTAL COMMON EQUITIES |
|
|
|
328,479,846 |
| |
|
|
|
|
|
| |
WARRANTS: 0.0% |
|
|
|
|
| |
MALAYSIA: 0.0% |
|
|
|
|
| |
Dialog Group BHD, expires 02/12/17 |
|
582,933 |
|
106,559 |
| |
Total Malaysia |
|
|
|
106,559 |
| |
TOTAL WARRANTS |
|
|
|
106,559 |
| |
|
|
Value |
| |
TOTAL INVESTMENTS: 97.1% |
|
$ |
328,586,405 |
|
|
|
|
| |
CASH AND OTHER ASSETS, LESS LIABILITIES : 2.9% |
|
9,885,867 |
| |
|
|
|
| |
NET ASSETS: 100.0% |
|
$ |
338,472,272 |
|
(a) |
Certain securities were fair valued under the discretion of the Board of Trustees (Note A). |
|
|
| ||||
(b) |
Non-income producing security. |
|
|
| ||||
(c) |
Illiquid security. |
|
|
| ||||
(d) |
Cost for federal income tax purposes is $327,800,293 and net unrealized appreciation consists of: |
|
|
| ||||
|
|
|
|
|
|
| ||
|
Gross unrealized appreciation |
|
$ |
41,664,732 |
|
|
|
|
|
Gross unrealized depreciation |
|
(40,878,620 |
) |
|
|
| |
|
Net unrealized appreciation |
|
$ |
786,112 |
|
|
|
|
|
|
|
|
|
|
| ||
ADR |
American Depositary Receipt |
|
|
|
|
| ||
BHD |
Berhad |
|
|
|
|
|
See accompanying notes to schedules of investments.
Matthews China Small Companies Fund |
March 31, 2012 |
Schedule of Investments(a) (unaudited) |
|
COMMON EQUITIES: 95.7%
|
|
Shares |
|
Value |
| |
CONSUMER DISCRETIONARY: 23.0% |
|
|
|
|
| |
Hotels, Restaurants & Leisure: 6.7% |
|
|
|
|
| |
Ajisen China Holdings, Ltd. |
|
137,000 |
|
$ |
181,057 |
|
Home Inns & Hotels Management, Inc. ADR(b) |
|
4,300 |
|
109,693 |
| |
Gourmet Master Co., Ltd. |
|
12,400 |
|
103,012 |
| |
|
|
|
|
393,762 |
| |
Distributors: 3.6% |
|
|
|
|
| |
Dah Chong Hong Holdings, Ltd. |
|
112,000 |
|
118,904 |
| |
Sparkle Roll Group, Ltd.(c) |
|
1,032,000 |
|
94,441 |
| |
|
|
|
|
213,345 |
| |
Textiles, Apparel & Luxury Goods: 3.5% |
|
|
|
|
| |
Trinity, Ltd. |
|
168,000 |
|
138,235 |
| |
Anta Sports Products, Ltd. |
|
63,000 |
|
65,538 |
| |
|
|
|
|
203,773 |
| |
Media: 3.2% |
|
|
|
|
| |
Television Broadcasts, Ltd. |
|
28,000 |
|
189,040 |
| |
|
|
|
|
|
| |
Specialty Retail: 3.0% |
|
|
|
|
| |
Hengdeli Holdings, Ltd. |
|
412,000 |
|
174,971 |
| |
|
|
|
|
|
| |
Diversified Consumer Services: 1.6% |
|
|
|
|
| |
TAL Education Group ADR(b) |
|
8,600 |
|
95,718 |
| |
|
|
|
|
|
| |
Leisure Equipment & Products: 1.0% |
|
|
|
|
| |
Goodbaby International Holdings, Ltd. |
|
161,000 |
|
56,553 |
| |
|
|
|
|
|
| |
Multiline Retail: 0.4% |
|
|
|
|
| |
PCD Stores Group, Ltd. |
|
168,000 |
|
23,859 |
| |
Total Consumer Discretionary |
|
|
|
1,351,021 |
| |
|
|
|
|
|
| |
INDUSTRIALS: 20.4% |
|
|
|
|
| |
Machinery: 7.6% |
|
|
|
|
| |
Haitian International Holdings, Ltd. |
|
165,000 |
|
184,422 |
| |
Sany Heavy Equipment International Holdings Co., Ltd. |
|
172,000 |
|
130,052 |
| |
China National Materials Co., Ltd. H Shares |
|
217,000 |
|
88,072 |
| |
EVA Precision Industrial Holdings, Ltd. |
|
228,000 |
|
42,378 |
| |
|
|
|
|
444,924 |
| |
Electrical Equipment: 5.6% |
|
|
|
|
| |
Zhuzhou CSR Times Electric Co., Ltd. H Shares |
|
69,000 |
|
176,520 |
| |
Hangzhou Steam Turbine Co., Ltd. B Shares |
|
116,323 |
|
151,072 |
| |
|
|
|
|
327,592 |
| |
Transportation Infrastructure: 4.3% |
|
|
|
|
| |
Yuexiu Transport Infrastructure, Ltd. |
|
372,000 |
|
185,839 |
| |
Dalian Port PDA Co., Ltd. H Shares |
|
270,000 |
|
69,275 |
| |
|
|
|
|
255,114 |
| |
Industrial Conglomerates: 1.5% |
|
|
|
|
| |
Chongqing Machinery & Electric Co., Ltd. H Shares |
|
480,000 |
|
89,770 |
| |
|
|
|
|
|
| |
Marine: 1.4% |
|
|
|
|
| |
SITC International Holdings Co., Ltd. |
|
258,000 |
|
80,792 |
| |
Total Industrials |
|
|
|
1,198,192 |
| |
|
|
|
|
|
| |
CONSUMER STAPLES: 15.1% |
|
|
|
|
| |
Household Products: 5.8% |
|
|
|
|
| |
Vinda International Holdings, Ltd. |
|
124,000 |
|
191,709 |
| |
NVC Lighting Holdings, Ltd. |
|
405,000 |
|
150,442 |
| |
|
|
|
|
342,151 |
| |
Food & Staples Retailing: 4.7% |
|
|
|
|
| |
Wumart Stores, Inc. H Shares |
|
75,000 |
|
165,396 |
| |
Lianhua Supermarket Holdings Co., Ltd. H Shares |
|
96,000 |
|
108,934 |
| |
|
|
|
|
274,330 |
| |
Food Products: 4.6% |
|
|
|
|
| |
Tenfu Cayman Holdings Co., Ltd.(b) |
|
132,000 |
|
101,486 |
| |
Shenguan Holdings Group, Ltd. |
|
166,000 |
|
98,522 |
| |
China Fishery Group, Ltd.(b) |
|
80,000 |
|
73,836 |
| |
|
|
|
|
273,844 |
| |
Total Consumer Staples |
|
|
|
890,325 |
| |
|
|
|
|
|
| |
INFORMATION TECHNOLOGY: 13.2% |
|
|
|
|
| |
Electronic Equipment, Instruments & Components: 5.0% |
|
|
|
|
| |
Digital China Holdings, Ltd. |
|
132,000 |
|
262,611 |
| |
China High Precision Automation Group, Ltd.(c) |
|
195,000 |
|
34,375 |
| |
|
|
|
|
296,986 |
| |
Semiconductors & Semiconductor Equipment: 2.7% |
|
|
|
|
| |
Spreadtrum Communications, Inc. ADR |
|
5,900 |
|
97,350 |
| |
RDA Microelectronics, Inc. ADR(b) |
|
5,600 |
|
61,908 |
| |
|
|
|
|
159,258 |
| |
Communications Equipment: 1.9% |
|
|
|
|
| |
Comba Telecom Systems Holdings, Ltd. |
|
199,500 |
|
110,610 |
| |
|
|
|
|
|
| |
Internet Software & Services: 1.9% |
|
|
|
|
| |
21Vianet Group, Inc. ADR(b) |
|
9,700 |
|
110,095 |
| |
|
|
|
|
|
| |
Software: 1.7% |
|
|
|
|
| |
Kingdee International Software Group Co., Ltd. |
|
414,000 |
|
99,944 |
| |
Total Information Technology |
|
|
|
776,893 |
| |
|
|
|
|
|
| |
HEALTH CARE: 8.4% |
|
|
|
|
| |
Life Sciences Tools & Services: 3.3% |
|
|
|
|
| |
WuXi PharmaTech Cayman, Inc. ADR(b) |
|
13,300 |
|
191,520 |
| |
|
|
|
|
|
| |
Pharmaceuticals: 2.6% |
|
|
|
|
| |
Sino Biopharmaceutical |
|
512,000 |
|
137,211 |
| |
The United Laboratories International Holdings, Ltd. |
|
36,000 |
|
17,914 |
| |
|
|
|
|
155,125 |
| |
Health Care Equipment & Supplies: 2.5% |
|
|
|
|
| |
China Kanghui Holdings, Inc. ADR(b) |
|
7,600 |
|
144,476 |
| |
Total Health Care |
|
|
|
491,121 |
| |
|
|
|
|
|
| |
FINANCIALS: 6.5% |
|
|
|
|
| |
Real Estate Management & Development: 6.5% |
|
|
|
|
| |
China Overseas Grand Oceans Group, Ltd. |
|
204,500 |
|
224,019 |
| |
Franshion Properties China, Ltd. |
|
604,000 |
|
155,565 |
| |
Total Financials |
|
|
|
379,584 |
| |
|
|
|
|
|
| |
MATERIALS: 4.9% |
|
|
|
|
| |
Containers & Packaging: 3.1% |
|
|
|
|
| |
Taiwan Hon Chuan Enterprise Co., Ltd. |
|
47,535 |
|
108,012 |
| |
Greatview Aseptic Packaging Co., Ltd.(b) |
|
148,000 |
|
77,790 |
| |
|
|
|
|
185,802 |
| |
Chemicals: 1.8% |
|
|
|
|
| |
Yips Chemical Holdings, Ltd. |
|
144,000 |
|
103,761 |
| |
Total Materials |
|
|
|
289,563 |
| |
|
|
Shares |
|
Value |
| |
UTILITIES: 4.2% |
|
|
|
|
| |
Gas Utilities: 4.2% |
|
|
|
|
| |
Towngas China Co., Ltd. |
|
344,000 |
|
$ |
249,485 |
|
Total Utilities |
|
|
|
249,485 |
| |
|
|
|
|
|
| |
TOTAL INVESTMENTS: 95.7% |
|
|
|
5,626,184 |
| |
|
|
|
|
|
| |
CASH AND OTHER ASSETS, LESS LIABILITIES : 4.3% |
|
|
|
254,866 |
| |
|
|
|
|
|
| |
NET ASSETS: 100.0% |
|
|
|
$ |
5,881,050 |
|
(a) |
Certain securities were fair valued under the discretion of the Board of Trustees (Note A). |
|
|
| ||||
(b) |
Non-income producing security. |
|
|
| ||||
(c) |
Illiquid security. |
|
|
| ||||
(d) |
Cost for federal income tax purposes is $6,364,996 and net unrealized depreciation consists of: |
|
|
| ||||
|
|
|
|
|
|
| ||
|
Gross unrealized appreciation |
|
$ |
265,846 |
|
|
|
|
|
Gross unrealized depreciation |
|
(1,004,658 |
) |
|
|
| |
|
Net unrealized depreciation |
|
$ |
(738,812 |
) |
|
|
|
|
|
|
|
|
|
| ||
ADR |
American Depositary Receipt |
|
|
|
|
|
See accompanying notes to schedules of investments.
Matthews Asia Science and Technology Fund |
March 31, 2012 |
Schedule of Investments(a) (unaudited) |
|
COMMON EQUITIES: 98.7%
|
|
Shares |
|
Value |
| |
CHINA/HONG KONG: 31.3% |
|
|
|
|
| |
Baidu, Inc. ADR(b) |
|
81,800 |
|
$ |
11,923,986 |
|
Digital China Holdings, Ltd. |
|
2,127,000 |
|
4,231,621 |
| |
Spreadtrum Communications, Inc. ADR |
|
247,400 |
|
4,082,100 |
| |
Sunny Optical Technology Group Co., Ltd. |
|
10,264,000 |
|
3,766,880 |
| |
21Vianet Group, Inc. ADR(b) |
|
282,701 |
|
3,208,656 |
| |
ZTE Corp. H Shares |
|
924,944 |
|
2,493,420 |
| |
China Mobile, Ltd. ADR |
|
44,600 |
|
2,456,568 |
| |
Airtac International Group |
|
467,000 |
|
2,442,620 |
| |
WuXi PharmaTech Cayman, Inc. ADR(b) |
|
160,900 |
|
2,316,960 |
| |
AAC Technologies Holdings, Inc. |
|
822,000 |
|
2,238,868 |
| |
NetEase.com, Inc. ADR(b) |
|
38,300 |
|
2,225,230 |
| |
51job, Inc. ADR(b) |
|
32,800 |
|
1,865,008 |
| |
Sinopharm Group Co., Ltd. H Shares |
|
658,400 |
|
1,841,928 |
| |
Sany Heavy Equipment International Holdings Co., Ltd. |
|
1,989,000 |
|
1,503,913 |
| |
Kingdee International Software Group Co., Ltd. |
|
5,176,000 |
|
1,249,541 |
| |
EVA Precision Industrial Holdings, Ltd. |
|
6,274,000 |
|
1,166,137 |
| |
Ctrip.com International, Ltd. ADR(b) |
|
16,726 |
|
361,950 |
| |
Total China/Hong Kong |
|
|
|
49,375,386 |
| |
|
|
|
|
|
| |
TAIWAN: 19.2% |
|
|
|
|
| |
Taiwan Semiconductor Manufacturing Co., Ltd. |
|
1,483,933 |
|
4,266,272 |
| |
Hon Hai Precision Industry Co., Ltd. |
|
1,043,982 |
|
4,064,395 |
| |
St. Shine Optical Co., Ltd. |
|
217,000 |
|
2,822,086 |
| |
Synnex Technology International Corp. |
|
1,127,447 |
|
2,807,146 |
| |
Simplo Technology Co., Ltd. |
|
367,980 |
|
2,788,527 |
| |
TXC Corp. |
|
1,733,198 |
|
2,749,457 |
| |
Chroma ATE, Inc. |
|
981,360 |
|
2,512,337 |
| |
Delta Electronics, Inc. |
|
738,000 |
|
2,172,211 |
| |
PChome Online, Inc. |
|
311,000 |
|
1,758,310 |
| |
Foxconn Technology Co., Ltd. |
|
412,350 |
|
1,714,264 |
| |
Largan Precision Co., Ltd. |
|
70,000 |
|
1,386,316 |
| |
Asustek Computer, Inc. |
|
135,000 |
|
1,278,273 |
| |
Total Taiwan |
|
|
|
30,319,594 |
| |
|
|
|
|
|
| |
JAPAN: 19.2% |
|
|
|
|
| |
Hitachi, Ltd. |
|
549,000 |
|
3,551,992 |
| |
FANUC Corp. |
|
18,000 |
|
3,224,073 |
| |
Nabtesco Corp. |
|
144,700 |
|
2,996,270 |
| |
Toshiba Corp. |
|
644,000 |
|
2,860,183 |
| |
Asahi Intecc Co., Ltd. |
|
107,500 |
|
2,703,534 |
| |
Tokyo Electron, Ltd. |
|
41,500 |
|
2,393,071 |
| |
Murata Manufacturing Co., Ltd. |
|
39,200 |
|
2,338,832 |
| |
Hamamatsu Photonics, K.K. |
|
59,100 |
|
2,248,897 |
| |
Hoya Corp. |
|
99,400 |
|
2,244,675 |
| |
SMC Corp. |
|
13,500 |
|
2,160,414 |
| |
Rakuten, Inc. |
|
1,926 |
|
2,018,839 |
| |
Kakaku.com, Inc. |
|
58,500 |
|
1,532,333 |
| |
Total Japan |
|
|
|
30,273,113 |
| |
|
|
|
|
|
| |
SOUTH KOREA: 19.0% |
|
|
|
|
| |
Samsung Electronics Co., Ltd. |
|
9,629 |
|
10,862,040 |
| |
NHN Corp. |
|
16,087 |
|
3,692,277 |
| |
Cheil Industries, Inc. |
|
36,419 |
|
3,087,216 |
| |
LG Chem, Ltd. |
|
8,188 |
|
2,680,660 |
| |
Kiwoom Securities Co., Ltd. |
|
35,695 |
|
2,238,565 |
| |
OCI Materials Co., Ltd. |
|
36,176 |
|
2,204,826 |
| |
Samsung Electro-Mechanics Co., Ltd. |
|
24,640 |
|
2,180,144 |
| |
JVM Co., Ltd.(b) |
|
43,232 |
|
1,652,963 |
| |
SBS Contents Hub Co., Ltd. |
|
138,152 |
|
1,319,011 |
| |
Total South Korea |
|
|
|
29,917,702 |
| |
|
|
|
|
|
| |
INDIA: 4.4% |
|
|
|
|
| |
Info Edge India, Ltd. |
|
250,840 |
|
3,599,765 |
| |
Exide Industries, Ltd. |
|
589,037 |
|
1,724,033 |
| |
Polaris Financial Technology, Ltd. |
|
509,408 |
|
1,640,460 |
| |
Multi Commodity Exchange of India, Ltd.(b) |
|
1,540 |
|
38,398 |
| |
Total India |
|
|
|
7,002,656 |
| |
|
|
|
|
|
| |
UNITED STATES: 2.1% |
|
|
|
|
| |
Cognizant Technology Solutions Corp. Class A(b) |
|
44,100 |
|
3,393,495 |
| |
Total United States |
|
|
|
3,393,495 |
| |
|
|
|
|
|
| |
MALAYSIA: 1.5% |
|
|
|
|
| |
KPJ Healthcare BHD |
|
1,384,000 |
|
2,329,246 |
| |
Total Malaysia |
|
|
|
2,329,246 |
| |
|
|
|
|
|
| |
INDONESIA: 1.4% |
|
|
|
|
| |
PT Telekomunikasi Indonesia Persero ADR |
|
75,000 |
|
2,277,000 |
| |
Total Indonesia |
|
|
|
2,277,000 |
| |
|
|
|
|
|
| |
VIETNAM: 0.6% |
|
|
|
|
| |
FPT Corp. |
|
330,960 |
|
920,634 |
| |
Total Vietnam |
|
|
|
920,634 |
| |
|
|
|
|
|
| |
TOTAL INVESTMENTS: 98.7% |
|
|
|
155,808,826 |
| |
|
|
|
|
|
| |
CASH AND OTHER ASSETS, LESS LIABILITIES : 1.3% |
|
|
|
2,002,180 |
| |
|
|
|
|
|
| |
NET ASSETS: 100.0% |
|
|
|
$ |
157,811,006 |
|
(a) |
Certain securities were fair valued under the discretion of the Board of Trustees (Note A). |
|
|
| ||||
(b) |
Non-income producing security. |
|
|
| ||||
(c) |
Cost for federal income tax purposes is $135,820,760 and net unrealized appreciation consists of: |
|
|
| ||||
|
|
|
|
|
|
| ||
|
Gross unrealized appreciation |
|
$ |
31,484,575 |
|
|
|
|
|
Gross unrealized depreciation |
|
(11,496,509 |
) |
|
|
| |
|
Net unrealized appreciation |
|
$ |
19,988,066 |
|
|
|
|
|
|
|
|
|
|
| ||
ADR |
American Depositary Receipt |
|
|
|
|
| ||
BHD |
Berhad |
|
|
|
|
|
See accompanying notes to schedules of investments.
Notes to Schedules of Investments (unaudited)
A. SECURITY VALUATION: Matthews Asia Funds (each a Fund, collectively the Funds) exchange-traded securities are valued based on market quotations for those securities, or on their fair value determined by or under the direction of the Funds Board of Trustees (the Board). Market quotations are provided by pricing services that are independent of the Funds and Matthews. 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 bond dealers or market makers, or other available market information, or on their fair value as determined by or under the direction of the Board. 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 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 rates from that which is due to changes in market prices of equity securities.
Market values for equity securities are determined based on quotations from the principal (or most advantageous) market on which the security is traded. Market quotations used by the Funds include last reported sale prices, or, if such prices are not reported or available, bid and ask prices. Securities are valued through valuations obtained from a commercial pricing service or by securities dealers in accordance with procedures established by the Board.
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. The fair value of a security held by the Funds may be determined using the services of third-party pricing services retained by the Funds or by the Valuation Committee, in either case subject to the Boards oversight.
Foreign securities held by the Funds may be traded on days and at times when the NYSE is closed. Accordingly, the NAV of the Funds may be significantly affected on days when shareholders have no access to the Funds.
B. FAIR VALUE MEASUREMENTS: In accordance with the guidance on fair value measurements and disclosures under generally accepted accounting principles in the United States (U.S. GAAP), the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). Various inputs are used in determining the fair value of investments and derivative financial instruments, which are as follows:
Level 1: Quoted prices in active markets for identical securities.
Level 2: Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3: Significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments).
As of March 31, 2012, Level 3 securities consist primarily of equities that, as of March 31, 2012, 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. 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 and derivative financial instruments as of March 31, 2012 is as follows:
|
|
|
|
Matthews Asian |
|
|
|
|
|
|
| |||||
|
|
Matthews Asia |
|
Growth and |
|
Matthews Asia |
|
Matthews Asia |
|
Matthews Pacific |
| |||||
|
|
Strategic Income Fund |
|
Income Fund |
|
Dividend Fund |
|
Growth Fund |
|
Tiger Fund |
| |||||
Level 1: Quoted Prices |
|
|
|
|
|
|
|
|
|
|
| |||||
Common Equities: |
|
|
|
|
|
|
|
|
|
|
| |||||
Australia |
|
$ |
|
|
$ |
|
|
$ |
105,306,317 |
|
$ |
|
|
$ |
|
|
China/Hong Kong |
|
|
|
49,874,940 |
|
80,598,564 |
|
20,018,662 |
|
309,701,952 |
| |||||
India |
|
|
|
|
|
|
|
46,302 |
|
23,419,365 |
| |||||
Indonesia |
|
|
|
35,023,296 |
|
21,787,368 |
|
|
|
11,406,252 |
| |||||
South Korea |
|
|
|
28,605,323 |
|
|
|
|
|
|
| |||||
Taiwan |
|
|
|
106,843,804 |
|
91,517,174 |
|
|
|
|
| |||||
United Kingdom |
|
|
|
91,014,282 |
|
74,299,583 |
|
|
|
|
| |||||
Vietnam |
|
|
|
25,558,772 |
|
|
|
6,901,025 |
|
52,099,185 |
| |||||
Preferred Equities: |
|
|
|
|
|
|
|
|
|
|
| |||||
South Korea |
|
|
|
33,928,071 |
|
|
|
|
|
|
| |||||
Warrants: |
|
|
|
|
|
|
|
|
|
|
| |||||
India |
|
|
|
6,181,268 |
|
|
|
|
|
|
| |||||
Closed-End Investment Company: |
|
|
|
|
|
|
|
|
|
|
| |||||
Thailand |
|
|
|
|
|
6,989,999 |
|
|
|
|
| |||||
Level 2: Other Significant Observable Inputs |
|
|
|
|
|
|
|
|
|
|
| |||||
Foreign Government Obligations: |
|
|
|
|
|
|
|
|
|
|
| |||||
Indonesia |
|
2,244,714 |
|
|
|
|
|
|
|
|
| |||||
Malaysia |
|
1,694,877 |
|
|
|
|
|
|
|
|
| |||||
Philippines |
|
1,790,168 |
|
|
|
|
|
|
|
|
| |||||
South Korea |
|
1,363,953 |
|
|
|
|
|
|
|
|
| |||||
Sri Lanka |
|
370,125 |
|
|
|
|
|
|
|
|
| |||||
Thailand |
|
491,180 |
|
|
|
|
|
|
|
|
| |||||
Corporate Bonds: |
|
|
|
|
|
|
|
|
|
|
| |||||
Australia |
|
602,090 |
|
24,929,730 |
|
|
|
|
|
|
| |||||
China/Hong Kong |
|
3,877,937 |
|
158,030,832 |
|
|
|
|
|
|
| |||||
India |
|
|
|
123,190,250 |
|
|
|
|
|
|
| |||||
Indonesia |
|
897,750 |
|
|
|
|
|
|
|
|
| |||||
Japan |
|
238,182 |
|
|
|
|
|
|
|
|
| |||||
Malaysia |
|
369,104 |
|
22,634,500 |
|
|
|
|
|
|
| |||||
Philippines |
|
1,088,164 |
|
|
|
|
|
|
|
|
| |||||
Singapore |
|
1,096,067 |
|
130,422,975 |
|
|
|
|
|
|
| |||||
South Korea |
|
1,103,419 |
|
|
|
|
|
|
|
|
| |||||
Thailand |
|
879,155 |
|
|
|
|
|
|
|
|
| |||||
Common Equities: |
|
|
|
|
|
|
|
|
|
|
| |||||
Australia |
|
|
|
264,254,137 |
|
141,887,279 |
|
19,483,314 |
|
|
| |||||
Cambodia |
|
|
|
|
|
|
|
8,098,588 |
|
|
| |||||
China/Hong Kong |
|
388,450 |
|
475,345,218 |
|
686,295,685 |
|
80,521,830 |
|
1,509,784,529 |
| |||||
India |
|
|
|
|
|
|
|
25,064,836 |
|
850,587,347 |
| |||||
Indonesia |
|
|
|
59,036,912 |
|
66,220,879 |
|
23,636,339 |
|
491,836,307 |
| |||||
Japan |
|
|
|
256,480,591 |
|
609,115,978 |
|
127,092,125 |
|
|
| |||||
Malaysia |
|
|
|
168,503,005 |
|
2,685,701 |
|
4,408,856 |
|
297,815,006 |
| |||||
Philippines |
|
211,378 |
|
54,575,537 |
|
45,018,853 |
|
|
|
147,014,045 |
| |||||
Singapore |
|
398,827 |
|
489,473,985 |
|
292,386,891 |
|
14,610,309 |
|
135,209,388 |
| |||||
South Korea |
|
|
|
65,706,773 |
|
122,966,358 |
|
4,242,017 |
|
836,750,607 |
| |||||
Sri Lanka |
|
|
|
|
|
|
|
6,929,907 |
|
|
| |||||
Taiwan |
|
|
|
92,696,509 |
|
146,056,061 |
|
15,915,747 |
|
469,935,338 |
| |||||
Thailand |
|
304,541 |
|
280,556,616 |
|
157,448,949 |
|
27,599,538 |
|
405,404,161 |
| |||||
United Kingdom |
|
212,880 |
|
|
|
|
|
|
|
|
| |||||
Vietnam |
|
|
|
37,292,204 |
|
|
|
1,912,713 |
|
|
| |||||
Preferred Equities: |
|
|
|
|
|
|
|
|
|
|
| |||||
South Korea |
|
|
|
66,454,927 |
|
|
|
|
|
|
| |||||
Level 3: Significant Unobservable Inputs |
|
|
|
|
|
|
|
|
|
|
| |||||
Corporate Bonds |
|
|
|
42,547,060 |
|
|
|
|
|
|
| |||||
Total Market Value of Investments |
|
$ |
19,622,961 |
|
$ |
3,189,161,517 |
|
$ |
2,650,581,639 |
|
$ |
386,482,108 |
|
$ |
5,540,963,482 |
|
|
|
Matthews Asia |
| |
|
|
Strategic Income |
| |
|
|
Fund |
| |
Derivative Financial Instruments(1) |
|
|
| |
Assets |
|
|
| |
Level 2: Other Significant Observable Inputs Foreign Currency Exchange Contracts |
|
$ |
11,525 |
|
Liabilities |
|
|
| |
Level 1: Quoted Prices Interest Rate Contracts |
|
$ |
(32,450 |
) |
Level 2: Other Significant Observable Inputs Foreign Currency Exchange Contracts |
|
(6,169 |
) | |
Total Market Value of Derivative Financial Instruments |
|
$ |
(27,094 |
) |
(1) Derivative financial instruments are financial futures contracts and foreign currency exchange contracts. Financial futures contracts and foreign currency exchange contracts are valued at the unrealized appreciation/depreciation on the instrument.
|
|
|
|
|
|
|
|
|
|
|
|
Matthews China |
| ||||||
|
|
Matthews China |
|
Matthews |
|
Matthews |
|
Matthews |
|
Matthews |
|
Small Companies |
| ||||||
|
|
Dividend Fund |
|
China Fund |
|
India Fund |
|
Japan Fund |
|
Korea Fund |
|
Fund |
| ||||||
Investments |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Level 1: Quoted Prices |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Common Equities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Consumer Discretionary |
|
$ |
|
|
$ |
108,068,396 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
205,411 |
|
Energy |
|
1,881,400 |
|
|
|
|
|
|
|
|
|
|
| ||||||
Financials |
|
1,604,530 |
|
19,630,648 |
|
13,161,460 |
|
1,193,017 |
|
|
|
|
| ||||||
Health Care |
|
|
|
46,420,705 |
|
|
|
|
|
|
|
335,996 |
| ||||||
Information Technology |
|
|
|
63,076,790 |
|
13,583,348 |
|
|
|
|
|
269,353 |
| ||||||
Materials |
|
|
|
|
|
|
|
|
|
6,352,830 |
|
|
| ||||||
Telecommunication Services |
|
1,858,207 |
|
28,768,284 |
|
|
|
|
|
|
|
|
| ||||||
Preferred Equities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Financials |
|
|
|
|
|
|
|
|
|
2,612,794 |
|
|
| ||||||
Level 2: Other Significant Observable Inputs |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Common Equities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Consumer Discretionary |
|
6,299,940 |
|
413,656,984 |
|
79,529,716 |
|
32,324,544 |
|
45,216,248 |
|
1,051,169 |
| ||||||
Consumer Staples |
|
2,013,496 |
|
297,316,680 |
|
79,477,698 |
|
6,743,667 |
|
18,047,561 |
|
890,325 |
| ||||||
Energy |
|
752,905 |
|
167,465,254 |
|
9,594,708 |
|
|
|
4,357,974 |
|
|
| ||||||
Financials |
|
2,466,744 |
|
469,612,433 |
|
156,135,300 |
|
13,130,203 |
|
32,493,556 |
|
379,584 |
| ||||||
Health Care |
|
936,361 |
|
42,900,359 |
|
39,570,797 |
|
11,374,762 |
|
3,741,817 |
|
155,125 |
| ||||||
Industrials |
|
3,687,415 |
|
207,570,757 |
|
122,969,535 |
|
32,737,886 |
|
19,437,803 |
|
1,198,192 |
| ||||||
Information Technology |
|
3,971,749 |
|
245,453,021 |
|
68,631,737 |
|
20,413,537 |
|
46,143,994 |
|
473,165 |
| ||||||
Materials |
|
2,243,626 |
|
|
|
73,262,037 |
|
5,209,888 |
|
12,405,624 |
|
289,563 |
| ||||||
Telecommunication Services |
|
|
|
103,895,093 |
|
|
|
1,184,192 |
|
1,092,850 |
|
|
| ||||||
Utilities |
|
2,328,858 |
|
143,377,853 |
|
33,603,948 |
|
|
|
|
|
249,485 |
| ||||||
Preferred Equities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Consumer Discretionary |
|
|
|
|
|
|
|
|
|
4,846,592 |
|
|
| ||||||
Materials |
|
|
|
|
|
|
|
|
|
1,787,581 |
|
|
| ||||||
Corporate Bonds: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Materials |
|
|
|
|
|
13,110,000 |
|
|
|
|
|
|
| ||||||
Utilities |
|
|
|
|
|
7,665,350 |
|
|
|
|
|
|
| ||||||
Level 3: Significant Unobservable Inputs |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Common Equities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Consumer Discretionary |
|
|
|
17,816,850 |
|
|
|
|
|
|
|
94,441 |
| ||||||
Information Technology |
|
|
|
|
|
|
|
|
|
|
|
34,375 |
| ||||||
Total Market Value of Investments |
|
$ |
30,045,231 |
|
$ |
2,375,030,107 |
|
$ |
710,295,634 |
|
$ |
124,311,696 |
|
$ |
198,537,224 |
|
$ |
5,626,184 |
|
|
|
Matthews Asia |
|
Matthews Asia |
| ||
|
|
Small Companies |
|
Science and Technology |
| ||
|
|
Fund |
|
Fund |
| ||
Level 1: Quoted Prices |
|
|
|
|
| ||
Common Equities: |
|
|
|
|
| ||
China/Hong Kong |
|
$ |
6,678,233 |
|
$ |
28,440,458 |
|
India |
|
|
|
38,398 |
| ||
Indonesia |
|
|
|
2,277,000 |
| ||
Singapore |
|
4,395,863 |
|
|
| ||
United States |
|
|
|
3,393,495 |
| ||
Vietnam |
|
|
|
920,634 |
| ||
Warrants: |
|
|
|
|
| ||
Malaysia |
|
106,559 |
|
|
| ||
Level 2: Other Significant Observable Inputs |
|
|
|
|
| ||
Common Equities: |
|
|
|
|
| ||
China/Hong Kong |
|
95,288,594 |
|
20,934,928 |
| ||
India |
|
53,742,497 |
|
6,964,258 |
| ||
Indonesia |
|
24,400,387 |
|
|
| ||
Japan |
|
|
|
30,273,113 |
| ||
Malaysia |
|
19,053,430 |
|
2,329,246 |
| ||
Philippines |
|
3,712,377 |
|
29,917,702 |
| ||
Singapore |
|
5,267,883 |
|
|
| ||
South Korea |
|
44,129,914 |
|
|
| ||
Taiwan |
|
54,095,945 |
|
30,319,594 |
| ||
Thailand |
|
15,903,566 |
|
|
| ||
Level 3: Significant Unobservable Inputs |
|
|
|
|
| ||
Common Equities: |
|
|
|
|
| ||
China/Hong Kong |
|
1,811,157 |
|
|
| ||
Total Market Value of Investments |
|
$ |
328,586,405 |
|
$ |
155,808,826 |
|
Certain foreign securities may be fair valued by external pricing services when the Funds determine that events affecting the value of foreign securities which occur between the time at which they are determined and the close of trading on the NYSE render market quotations unreliable. Such fair valuations are categorized as Level 2 in the fair value hierarchy. Foreign securities that are valued based on market quotations are categorized as Level 1 in the fair value hierarchy (See Note A Securities Valuation). The Funds policy is to recognize transfers in and transfer out as of the beginning of the reporting period. At March 31, 2012, the Funds utilized third party pricing services to fair value certain markets which were different than markets which utilized third party pricing services at December 31, 2011. As a result, certain securities held by the Funds were transferred from Level 2 into Level 1 with beginning of period values as follows:
|
|
Transfer to Level 2 |
| |
Matthews Asia Strategic Income Fund |
|
$ |
926,898 |
|
Matthews Asian Growth and Income Fund |
|
1,602,840,386 |
| |
Matthews Asia Dividend Fund |
|
1,641,968,272 |
| |
Matthews China Dividend Fund |
|
20,624,620 |
| |
Matthews Asia Growth Fund |
|
241,820,115 |
| |
Matthews Pacific Tiger Fund |
|
3,248,561,809 |
| |
Matthews China Fund |
|
1,841,746,682 |
| |
Matthews India Fund |
|
520,405,386 |
| |
Matthews Japan Fund |
|
101,603,091 |
| |
Matthews Korea Fund |
|
8,509,151 |
| |
Matthews Asia Small Companies Fund |
|
188,830,256 |
| |
Matthews China Small Companies Fund |
|
3,517,045 |
| |
Matthews Asia Science and Technology Fund |
|
76,554,488 |
| |
Following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine value:
|
|
|
|
|
|
Matthews Asian |
|
|
| ||||
|
|
Matthews Asia |
|
Matthews Asia |
|
Growth and |
|
Matthews |
| ||||
|
|
Strategic Income Fund |
|
Strategic Income Fund |
|
Income Fund |
|
India Fund |
| ||||
|
|
Corporate Bonds |
|
Foreign Government Obligations |
|
Corporate Bonds |
|
Corporate Bonds |
| ||||
Balance as of 12/31/11 (market value) |
|
$ |
4,268,354 |
|
$ |
6,569,135 |
|
$ |
468,582,867 |
|
$ |
40,219,200 |
|
Accrued discounts/premiums |
|
|
|
|
|
764,677 |
|
|
| ||||
Realized gain/(loss) |
|
|
|
|
|
|
|
|
| ||||
Change in unrealized appreciation/depreciation |
|
|
|
|
|
1,836,992 |
|
|
| ||||
Purchases |
|
|
|
|
|
|
|
|
| ||||
Sales |
|
|
|
|
|
|
|
|
| ||||
Transfers in to Level 3* |
|
|
|
|
|
|
|
|
| ||||
Transfers out of Level 3* |
|
(4,268,354 |
) |
(6,569,135 |
) |
(428,637,476 |
) |
(40,219,200 |
) | ||||
Balance as of 3/31/12 (market value) |
|
$ |
|
|
$ |
|
|
$ |
42,547,060 |
|
$ |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net change in unrealized appreciation/depreciation on Level 3 investments held as of 3/31/12 |
|
$ |
|
|
$ |
|
|
$ |
1,836,993 |
|
$ |
|
|
|
|
Matthews |
|
Matthews Asia |
|
Matthews China |
| |||
|
|
China Fund |
|
Small Companies Fund |
|
Small Companies Fund |
| |||
|
|
Common Equities - |
|
Common Equities - |
|
Common Equities - |
| |||
|
|
China |
|
China |
|
Information Technology |
| |||
Balance as of 12/31/11 (market value) |
|
$ |
|
|
$ |
3,040,262 |
|
$ |
37,218 |
|
Accrued discounts/premiums |
|
|
|
|
|
|
| |||
Realized gain/(loss) |
|
|
|
|
|
|
| |||
Change in unrealized appreciation/depreciation |
|
(4,832,223 |
) |
(1,229,105 |
) |
(7,498 |
) | |||
Purchases |
|
|
|
|
|
11,027 |
| |||
Sales |
|
|
|
|
|
|
| |||
Transfers in to Level 3* |
|
|
22,649,073 |
|
|
|
88,069 |
| ||
Transfers out of Level 3* |
|
|
|
|
|
|
| |||
Balance as of 3/31/12 (market value) |
|
$ |
17,816,850 |
|
$ |
1,811,157 |
|
$ |
128,816 |
|
|
|
|
|
|
|
|
| |||
Net change in unrealized appreciation/depreciation on Level 3 investments held as of 3/31/12 |
|
$ |
(4,832,223 |
) |
$ |
(1,229,105 |
) |
$ |
(77,062 |
) |
* The Funds policy is to recognize transferring in and out as of the beginning of the reporting period.
Certain foreign securities, for which market quotations are not readily available, may be fair valued and classified as either Level 2 or Level 3. When the underlying inputs include significant observable inputs obtained from sources independent of the Funds, the securities are classified as Level 2. When the underlying inputs include significant unobservable inputs and reflect assumptions of market participants, the securities are classified as Level 3. As of March 31, 2012, the Funds utilized significant observable inputs including evaluated prices from the Funds pricing vendors, day-on-day price changes, primary and ancillary pricing sources, and other available independent market indicators of value. As a result, certain securities held by the Funds that were previously classified as Level 3 were transferred to Level 2. As of March 31, 2012, certain equity securities that were suspended from trading were transferred into Level 3 from Level 1.
C. DERIVATIVE FINANCIAL INSTRUMENTS
Matthews Asia Strategic Income Fund engages in various portfolio investment strategies using derivative contracts to economically hedge its exposure to foreign currency exchange rate and interest rate risk. Losses may arise if the value of the contracts decrease due to an unfavorable change in the market rates or values of the underlying instruments or if the counterparties does not perform under the contracts. The Funds primary risks associated with the use of derivatives include the other party to the derivative contract may fail to fulfill its obligation, reduced liquidity, the Fund may suffer disproportionate heavy losses relative to the amount invested, and changes in the value of the derivatives may not match or fully offset changes in the value of the hedged portfolio securities, thereby failing to achieve the original purpose for using the derivative.
Financial Futures Contracts: Matthews Asia Strategic Income Fund may purchase financial futures contracts to gain exposure to, or economically hedge against, changes in interest rates (interest rate risk). 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 to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as margin variation and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The use of financial futures contracts involves the risk of an imperfect correlation in the movements in the price of financial futures contracts, interest rates and the underlying assets.
Forward Foreign Currency Exchange Contracts: Matthews Asia Strategic Income Fund enters into forward foreign currency exchange contracts as an economic hedge against either specific transactions or portfolio instruments or to obtain exposure to foreign currencies (foreign currency exchange rate risk). 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. Forward foreign currency exchange contracts, when used by the Fund, help to manage the overall exposure to the currencies in which some of the investments held by the Fund are denominated. The contract is marked-to-market daily and the change in market value is recorded by the Fund as an unrealized gain or loss. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The use of forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies and the risk that the
counterparty to the contract does not perform its obligations under the agreement.
D. HOLDINGS OF 5% VOTING SHARES OF PORTFOLIO COMPANIES
The Investment Company Act of 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 March 31, 2012, the Funds below held 5% or more of the outstanding voting shares of the noted portfolio companies. During this period, other Funds in the Trust may also have held voting shares of the issuers at levels below 5%.
Investments in affiliates:
A summary of transactions in securities of issuers affiliated with a Fund for the period ended March 31, 2012 is set forth below:
|
|
Shares Held at |
|
Shares |
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Shares |
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Shares Held at |
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Value at |
| |
|
|
Dec. 31, 2011 |
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Purchased |
|
Sold |
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Mar. 31, 2012 |
|
Mar. 31, 2012 |
| |
MATTHEWS ASIAN GROWTH AND INCOME FUND |
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|
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| |
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Name of Issuer: |
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|
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|
| |
Citic Telecom International Holdings, Ltd. |
|
132,231,000 |
|
|
|
|
|
132,231,000 |
|
$ |
26,570,759 |
|
Vitasoy International Holdings, Ltd. |
|
51,771,000 |
|
|
|
|
|
51,771,000 |
|
40,121,517 |
| |
Total Affiliates |
|
|
|
|
|
|
|
|
|
$ |
66,692,276 |
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|
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| |
MATTHEWS ASIA DIVIDEND FUND |
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| |
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Name of Issuer: |
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|
|
|
|
|
|
|
|
| |
Ascendas India Trust |
|
46,280,000 |
|
|
|
|
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46,280,000 |
|
$ |
30,584,967 |
|
CapitaRetail China Trust, REIT |
|
38,501,000 |
|
1,652,000 |
|
|
|
40,153,000 |
|
39,485,822 |
| |
EPS Corp. |
|
14,592 |
|
|
|
|
|
14,592 |
|
32,221,860 |
| |
Johnson Health Tech Co., Ltd. |
|
11,713,100 |
|
889,000 |
|
|
|
12,602,100 |
|
39,156,596 |
| |
Pigeon Corp. |
|
1,381,300 |
|
120,500 |
|
|
|
1,501,800 |
|
56,062,371 |
| |
Sichuan Expressway Co., Ltd. H Shares |
|
65,612,000 |
|
4,070,000 |
|
|
|
69,682,000 |
|
25,236,638 |
| |
Shinko Plantech Co., Ltd. |
|
2,400,200 |
|
650,000 |
|
|
|
3,050,200 |
|
26,105,341 |
| |
TXC Corp. |
|
21,549,524 |
|
|
|
|
|
21,549,524 |
|
34,185,064 |
| |
Woongjin Thinkbig Co., Ltd. |
|
2,079,870 |
|
|
|
|
|
2,079,870 |
|
23,405,622 |
| |
Total Affiliates |
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|
|
|
|
|
|
|
|
$ |
306,444,281 |
|
|
|
|
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|
|
|
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|
|
|
| |
MATTHEWS PACIFIC TIGER FUND |
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|
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| |
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Name of Issuer: |
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| |
Cheil Worldwide, Inc. |
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5,916,350 |
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|
|
|
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5,916,350 |
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$ |
94,699,002 |
|
Green Cross Corp. |
|
684,049 |
|
20,000 |
|
|
|
704,049 |
|
78,731,259 |
| |
Hyflux, Ltd. |
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28,487,280 |
|
20,048,000 |
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|
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48,535,280 |
|
57,848,085 |
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MegaStudy Co., Ltd. |
|
396,412 |
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|
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396,412 |
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40,863,124 |
| |
Yuhan Corp. |
|
584,138 |
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|
|
|
|
584,138 |
|
60,885,359 |
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Total Affiliates |
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|
|
|
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|
|
|
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$ |
333,026,829 |
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MATTHEWS CHINA FUND |
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| |
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Name of Issuer: |
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Lianhua Supermarket Holdings Co., Ltd. H Shares |
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28,947,800 |
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28,947,800 |
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$ |
32,848,062 |
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Total Affiliates |
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$ |
32,848,062 |
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E. OTHER TRANSACTIONS WITH AFFILIATES
The Funds entered into transactions with J.P. Morgan Chase Bank, N.A., including its subsidiaries and affiliates (J.P. Morgan) acting as a broker-dealer for the purchase and sale of portfolio investments on an agency basis. The aggregate value of such transactions with J.P. Morgan by the Funds in 2012 was $86,882. In addition, pursuant to an Administrative Fee Agreement dated July 1, 2009, the Funds received certain shareholder, administrative and sub-transfer agency services from J.P. Morgan (including transmission of purchase and redemption orders in accordance with the Funds prospectuses; maintenance of separate records for its clients; mailing of shareholder confirmations and periodic statements; processing dividend payments; and shareholder information and support). Pursuant to the agreement with J.P. Morgan, the Funds paid J.P. Morgan $238,467 for such services.
F. TAX INFORMATION: Under current tax law, the Funds have elected to defer certain qualified late-year losses and recognize such losses in the year ending December 31, 2012.
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Post October |
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Post October |
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Capital Losses |
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Currency Losses |
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Matthews Asia Strategic Income Fund |
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$ |
410 |
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$ |
|
|
Matthews Asian Growth and Income Fund |
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13,790,791 |
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7,343,712 |
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Matthews Asia Growth Fund |
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5,622,994 |
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807,738 |
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Matthews Pacific Tiger Fund |
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|
|
66,556 |
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Matthews China Fund |
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33,012,775 |
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|
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Matthews India Fund |
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|
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90,831 |
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Matthews Japan Fund |
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3,352,918 |
|
19,415 |
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Matthews Korea Fund |
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|
|
10,635 |
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Matthews Asia Small Companies Fund |
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|
|
99,789 |
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Matthews China Small Companies Fund |
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29,356 |
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|
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Matthews Asia Science and Technology Fund |
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262,214 |
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401 |
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For federal income tax purposes, the Funds indicated below have capital loss carryforwards as of December 31, 2011, which expire in the year indicated, which are available to offset future capital gains, if any:
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With No |
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LOSSES DEFERRED EXPIRING IN: |
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2016 |
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2017 |
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Expiration |
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Total |
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Matthews Asia Dividend Fund |
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$ |
|
|
$ |
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$ |
54,055,529 |
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$ |
54,055,529 |
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Matthews China Dividend Fund |
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|
|
|
|
701,462 |
|
701,462 |
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Matthews Asia Growth Fund |
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1,000,383 |
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58,248,975 |
|
|
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59,249,358 |
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Matthews Japan Fund |
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30,079,024 |
|
44,032,426 |
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1,382,944 |
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75,494,394 |
| ||||
Matthews China Small Companies Fund |
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|
|
|
|
87,134 |
|
87,134 |
| ||||
Matthews Asia Science and Technology Fund |
|
|
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10,593,274 |
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|
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10,593,274 |
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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, or persons performing similar functions, 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))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the 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 pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) |
Matthews International Funds |
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By (Signature and Title)* |
/s/ William J. Hackett |
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William J. Hackett, President |
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(principal executive officer) |
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Date |
May 25, 2012 |
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* |
/s/ William J. Hackett |
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William J. Hackett, President |
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(principal executive officer) |
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Date |
May 25, 2012 |
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By (Signature and Title)* |
/s/ Shai Malka |
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Shai Malka, Treasurer |
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(principal financial officer) |
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Date |
May 25, 2012 |
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* Print the name and title of each signing officer under his or her signature.
Exhibit 99.CERT
Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act
I, William J. Hackett, certify that:
1. |
I have reviewed this report on Form N-Q of Matthews International Funds; | |
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2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | |
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3. |
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; | |
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4. |
The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: | |
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| |
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(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
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(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
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(c) |
Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and |
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(d) |
Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
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| |
5. |
The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
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(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and |
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(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
Date: |
May 25, 2012 |
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/s/ William J. Hackett |
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|
William J. Hackett, President | |
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(principal executive officer) |
Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act
I, Shai Malka, certify that:
1. |
I have reviewed this report on Form N-Q of Matthews International Funds; | |
|
| |
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | |
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| |
3. |
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; | |
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| |
4. |
The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: | |
|
| |
|
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
(c) |
Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and |
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|
|
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(d) |
Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
|
|
|
5. |
The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and |
|
|
|
|
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
Date: |
May 25, 2012 |
|
/s/ Shai Malka |
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|
Shai Malka, Treasurer | |
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|
(principal financial officer) |