N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number            811-08510                    

Matthews International Funds

(Exact name of registrant as specified in charter)

Four Embarcadero Center, Suite 550

San Francisco, CA 94111

(Address of principal executive offices) (Zip code)

William J. Hackett, President

Four Embarcadero Center, Suite 550

San Francisco, CA 94111

(Name and address of agent for service)

Registrant’s telephone number, including area code:        415-788-7553            

Date of fiscal year end:  December 31        

Date of reporting period:  March 31, 2016

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, 2016
Schedule of Investmentsa (unaudited)

		Face Amount*		Value
NON-CONVERTIBLE CORPORATE BONDS: 61.1%
INDIA: 19.7%
TML Holdings Pte, Ltd. 5.750%, 05/07/21			2,000,000	$	2,069,798
Bank of Baroda 6.625%b, 05/25/22			2,000,000		2,056,002
ICICI Bank, Ltd. 6.375%b, 04/30/22			2,000,000		2,041,848
Housing Development Finance Corp., Ltd. 9.240%, 06/24/24	INR		100,000,000		1,581,955
Housing Development Finance Corp., Ltd. 8.950%, 03/21/23	INR		100,000,000		1,548,099
Axis Bank, Ltd. 7.250%b, 08/12/21			1,000,000		1,014,990
Rural Electrification Corp., Ltd. 9.340%, 08/25/24	INR		52,000,000		831,756
Power Grid Corp. of India, Ltd., Series B 9.300%, 09/04/24	INR		52,000,000		829,856
Rural Electrification Corp., Ltd. 9.020%, 06/18/19	INR		50,000,000		775,313
Total India					12,749,617
CHINA/HONG KONG: 17.7%
Longfor Properties Co., Ltd. 6.875%, 10/18/19			2,700,000		2,835,000
Shimao Property Holdings, Ltd. 6.625%, 01/14/20			2,000,000		2,103,222
MCE Finance, Ltd. 5.000%, 02/15/21			2,000,000		1,904,864
Standard Chartered PLC 6.500%b, 12/29/49			1,900,000		1,661,757
Yum! Brands, Inc. 5.350%, 11/01/43			2,000,000		1,532,500
HSBC Holdings PLC 6.375%b, 12/29/49			1,500,000		1,417,500
Total China/Hong Kong					11,454,843
INDONESIA: 12.8%
PT Perusahaan Listrik Negara 5.250%, 10/24/42			2,500,000		2,250,000
Theta Capital Pte, Ltd. 7.000%, 05/16/19			1,500,000		1,504,136
Jababeka International BV 7.500%, 09/24/19			1,400,000		1,398,972
Alam Synergy Pte, Ltd. 6.950%, 03/27/20c			1,500,000		1,327,500
TBG Global Pte, Ltd. 4.625%, 04/03/18c			1,000,000		1,002,500
Alam Synergy Pte, Ltd. 6.950%, 03/27/20			500,000		442,500
PT Astra Sedaya Finance 8.600%, 02/21/17	IDR		5,000,000,000		380,015
Total Indonesia					8,305,623
SRI LANKA: 7.9%
DFCC Bank PLC 9.625%, 10/31/18			2,650,000		2,712,991
National Savings Bank 5.150%, 09/10/19			2,000,000		1,870,000

		Face Amount*		Value
National Savings Bank 8.875%, 09/18/18			500,000	$	521,250
Total Sri Lanka					5,104,241
SINGAPORE: 3.0%
Global Logistic Properties, Ltd. 3.375%, 05/11/16	CNY		12,500,000		1,930,083
Total Singapore					1,930,083
TOTAL NON-CONVERTIBLE CORPORATE BONDS (Cost $41,239,226)					39,544,407
FOREIGN GOVERNMENT OBLIGATIONS: 16.6%
INDONESIA: 9.8%
Indonesia Treasury Bond 8.375%, 03/15/34	IDR		42,000,000,000		3,200,014
Indonesia Government Bond 5.950%, 01/08/46			1,500,000		1,662,447
Indonesia Treasury Bond 7.875%, 04/15/19	IDR		20,000,000,000		1,521,011
Total Indonesia					6,383,472
SRI LANKA: 2.0%
Sri Lanka Government Bond 6.125%, 06/03/25			1,400,000		1,280,650
Total Sri Lanka					1,280,650
SOUTH KOREA: 2.0%
Korea Treasury Bond 3.500%, 09/10/16	KRW		1,000,000,000		882,129
Korea Treasury Bond 3.500%, 03/10/24	KRW		400,000,000		394,829
Total South Korea					1,276,958
VIETNAM: 1.6%
Socialist Republic of Vietnam 4.800%, 11/19/24			1,055,000		1,057,574
Total Vietnam					1,057,574
SUPRANATIONAL: 1.2%
International Finance Corp. 7.750%, 12/03/16	INR		50,000,000		757,742
Total Supranational					757,742
TOTAL FOREIGN GOVERNMENT OBLIGATIONS (Cost $10,833,470)					10,756,396
CONVERTIBLE CORPORATE BONDS: 15.5%
CHINA/HONG KONG: 15.5%
Ctrip.com International, Ltd., Cnv. 1.000%, 07/01/20c			3,000,000		3,294,375
E-House China Holdings, Ltd., Cnv. 2.750%, 12/15/18c			2,010,000		1,968,544
Biostime International Holdings, Ltd., Cnv. 0.000%, 02/20/19	HKD		14,000,000		1,813,762
China Singyes Solar Technologies Holdings, Ltd., Cnv. 5.000%, 08/08/19	CNY		12,000,000		1,503,527

Matthews Asia Strategic Income Fund	March 31, 2016
Schedule of Investmentsa (unaudited) (continued)

	Face Amount*		Value
CONVERTIBLE CORPORATE BONDS: (continued)
Qihoo 360 Technology Co., Ltd., Cnv. 1.750%, 08/15/21		1,500,000	$	1,479,375
Total China/Hong Kong				10,059,583
TOTAL CONVERTIBLE CORPORATE BONDS (Cost $9,978,812)				10,059,583
COMMON EQUITIES: 0.1%
	Shares
SINGAPORE: 0.1%
Vicom, Ltd.		10,000		44,692
Total Singapore				44,692
TOTAL COMMON EQUITIES (Cost $45,243)				44,692
TOTAL INVESTMENTS: 93.3% (Cost $62,096,751d)				60,405,078
CASH AND OTHER ASSETS, LESS LIABILITIES : 6.7%				4,343,637
NET ASSETS: 100.0%			$	64,748,715

a Certain securities were fair valued under the valuation polices approved by the Board of Trustees (Note A).

b Variable rate security. The rate represents the rate in effect at March 31, 2016.

c Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors.

d Cost for federal income tax purposes is $62,096,751 and net unrealized depreciation consists of:

Gross unrealized appreciation	$	1,176,720
Gross unrealized depreciation		(2,868,393	)
Net unrealized depreciation	$	(1,691,673	)

* All values are in USD unless otherwise noted.

Cnv. Convertible

CNY Chinese Renminbi (Yuan)

IDR Indonesian Rupiah

INR Indian Rupee

HKD Hong Kong Dollar

KRW Korean Won

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS:

	Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
LONG	IDR	54,321,000,000	USD	3,800,000	Deutsche Banc Alex Brown, Inc.	04/08/16	$	315,762
	KRW	7,021,590,000	USD	5,900,000	Deutsche Banc Alex Brown, Inc.	04/08/16		233,866
	MYR	23,947,000	USD	5,500,000	Deutsche Banc Alex Brown, Inc.	04/08/16		661,756
	KRW	3,508,500,000	USD	3,000,000	JP Morgan	06/23/16		56,211
	MYR	12,243,000	USD	3,000,000	JP Morgan	06/23/16		153,604
	SGD	4,084,500	USD	3,000,000	Deutsche Banc Alex Brown, Inc.	06/23/16		28,661
	THB	104,730,000	USD	3,000,000	JP Morgan	06/23/16		(28,818	)
							$	1,421,042
SHORT
	USD	3,840,297	IDR	54,321,000,000	Deutsche Banc Alex Brown, Inc.	04/08/16		(275,465	)
	USD	5,875,807	KRW	7,021,590,000	Deutsche Banc Alex Brown, Inc.	04/08/16		(258,059	)
	USD	5,448,692	MYR	23,947,000	Deutsche Banc Alex Brown, Inc.	04/08/16		(713,063	)
							$	(1,246,587	)

See accompanying notes to schedules of investments.

Matthews Asian Growth and Income Fund	March 31, 2016
Schedule of Investmentsa (unaudited)

	Shares		Value
COMMON EQUITIES: 83.3%
CHINA/HONG KONG: 26.3%
AIA Group, Ltd.		17,329,400	$	98,500,720
Jardine Matheson Holdings, Ltd.		1,288,100		73,472,523
VTech Holdings, Ltd.		5,379,100		63,852,065
China Mobile, Ltd. ADR		1,125,500		62,408,975
Techtronic Industries Co., Ltd.		15,422,000		61,094,106
CLP Holdings, Ltd.		6,725,200		60,872,491
CK Hutchison Holdings, Ltd.		4,400,172		57,167,223
Yum! Brands, Inc.		665,600		54,479,360
Guangdong Investment, Ltd.		40,648,000		51,398,028
Vitasoy International Holdings, Ltd.		24,855,000		46,415,616
HSBC Holdings PLC ADR		1,472,033		45,809,667
Café de Coral Holdings, Ltd.		14,582,000		42,397,663
Hang Lung Properties, Ltd.		17,588,920		33,581,059
Cheung Kong Property Holdings, Ltd.		4,400,172		28,355,925
Total China/Hong Kong				779,805,421
SINGAPORE: 14.2%
Ascendas REIT		35,011,100		62,095,407
Singapore Telecommunications, Ltd.		21,686,400		61,386,695
United Overseas Bank, Ltd.		4,274,500		59,791,697
Singapore Technologies Engineering, Ltd.		24,912,425		59,658,294
Singapore Post, Ltd.		38,209,000		46,330,535
SIA Engineering Co., Ltd.		15,928,900		42,559,856
ARA Asset Management, Ltd.		36,838,667		32,002,753
Keppel Corp., Ltd.		6,632,300		28,674,860
ComfortDelGro Corp., Ltd.		12,585,700		27,277,947
Total Singapore				419,778,044
SOUTH KOREA: 7.7%
Kangwon Land, Inc.		1,557,377		55,673,333
KT&G Corp.		529,674		51,002,327
Samsung Electronics Co., Ltd.		43,412		49,819,918
GS Home Shopping, Inc.		227,544		36,932,090
KEPCO Plant Service & Engineering Co., Ltd.		634,668		35,570,546
Total South Korea				228,998,214
MALAYSIA: 6.7%
Genting Malaysia BHD		64,387,400		74,908,976
British American Tobacco Malaysia BHD		3,498,400		48,456,628
Axiata Group BHD		29,118,523		43,950,274
Telekom Malaysia BHD		18,277,351		30,907,340
Total Malaysia				198,223,218
JAPAN: 5.5%
Japan Tobacco, Inc.		1,794,700		74,700,179
KDDI Corp.		2,114,800		56,424,514
Lawson, Inc.		340,300		28,486,729
Transcosmos, Inc.		154,300		4,006,365
Total Japan				163,617,787
TAIWAN: 5.1%
Taiwan Semiconductor Manufacturing Co., Ltd.		11,282,187		56,273,673
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		1,838,624		48,171,949
Chunghwa Telecom Co., Ltd. ADR		1,422,425		48,021,068
Total Taiwan				152,466,690

		Shares		Value
AUSTRALIA: 3.5%
CSL, Ltd.			715,653	$	55,614,278
Insurance Australia Group, Ltd.			11,324,603		48,366,112
Total Australia					103,980,390
THAILAND: 3.4%
Glow Energy Public Co., Ltd.			17,769,800		46,417,906
Advanced Info Service Public Co., Ltd.			6,869,700		35,518,195
BEC World Public Co., Ltd.			23,509,800		18,844,514
Total Thailand					100,780,615
INDONESIA: 2.5%
PT Telekomunikasi Indonesia Persero ADR			906,600		46,100,610
PT Perusahaan Gas Negara Persero			139,319,300		27,461,491
Total Indonesia					73,562,101
NEW ZEALAND: 2.2%
SKYCITY Entertainment Group, Ltd.			19,139,923		66,220,812
Total New Zealand					66,220,812
VIETNAM: 1.9%
Vietnam Dairy Products JSC			9,530,931		57,348,996
Total Vietnam					57,348,996
UNITED STATES: 1.6%
ResMed, Inc.			809,400		46,799,508
Total United States					46,799,508
NORWAY: 1.5%
Telenor ASA			2,669,498		43,163,300
Total Norway					43,163,300
PHILIPPINES: 1.2%
Globe Telecom, Inc.			742,500		35,791,093
Total Philippines					35,791,093
TOTAL COMMON EQUITIES (Cost $2,236,929,868)					2,470,536,189
CONVERTIBLE CORPORATE BONDS: 8.3%
		Face Amount*
CHINA/HONG KONG: 5.9%
Shine Power International, Ltd., Cnv. 0.000%, 07/28/19	HKD		446,000,000		55,984,647
Johnson Electric Holdings, Ltd., Cnv. 1.000%, 04/02/21			49,750,000		52,113,125
Hengan International Group Co., Ltd., Cnv. 0.000%, 06/27/18	HKD		339,000,000		45,994,766
PB Issuer No. 2, Ltd., Cnv. 1.750%, 04/12/16			21,820,000		21,710,900
Total China/Hong Kong					175,803,438
SINGAPORE: 2.4%
CapitaLand, Ltd., Cnv. 1.950%, 10/17/23	SGD		96,500,000		71,237,526
Total Singapore					71,237,526
TOTAL CONVERTIBLE CORPORATE BONDS (Cost $256,011,789)					247,040,964

Matthews Asian Growth and Income Fund	March 31, 2016
Schedule of Investmentsa (unaudited) (continued)

	Shares		Value
PREFERRED EQUITIES: 3.4%
SOUTH KOREA: 3.4%
Hyundai Motor Co., Ltd., Pfd.		355,983	$	32,347,495
Hyundai Motor Co., Ltd., 2nd Pfd.		318,246		29,497,393
LG Household & Health Care, Ltd., Pfd.		97,336		8,100,352
Total South Korea				99,945,240
TOTAL PREFERRED EQUITIES (Cost $38,144,726)				99,945,240
Total Investments: 95.0% (Cost $2,531,086,383b)				2,817,522,393
CASH AND OTHER ASSETS, LESS LIABILITIES: 5.0%				148,740,977
NET ASSETS: 100.0%			$	2,966,263,370

a Certain securities were fair valued under the valuation polices approved by the Board of Trustees (Note A).

b Cost for federal income tax purposes is $2,531,389,168 and net unrealized appreciation consists of:

Gross unrealized appreciation	$	502,757,548
Gross unrealized depreciation		(216,624,323	)
Net unrealized appreciation	$	286,133,225

* All values are in USD unless otherwise noted.

ADR American Depositary Receipt

BHD Berhad

Cnv. Convertible

HKD Hong Kong Dollar

JSC Joint Stock Co.

Pfd. Preferred

REIT Real Estate Investment Trust

SGD Singapore Dollar

USD U.S. Dollar

See accompanying notes to schedules of investments.

Matthews Asia Dividend Fund	March 31, 2016
Consolidated Schedule of Investmentsa (unaudited)

	Shares		Value
COMMON EQUITIES: 93.9%
JAPAN: 31.4%
Japan Tobacco, Inc.		4,499,400	$	187,276,974
Bridgestone Corp.		4,270,200		159,376,133
Hoya Corp.		3,843,600		146,097,679
Kao Corp.		2,524,100		134,589,943
NTT DoCoMo, Inc.		5,714,400		129,896,428
ITOCHU Corp.		8,498,200		104,433,003
Pigeon Corp.		3,806,100		99,175,400
Suntory Beverage & Food, Ltd.		2,163,400		97,324,940
Sumitomo Mitsui Financial Group, Inc.		3,107,200		94,327,376
Skylark Co., Ltd.		5,978,700		78,902,201
Toyo Suisan Kaisha, Ltd.		2,078,100		74,596,094
Lawson, Inc.		797,500		66,759,231
MISUMI Group, Inc.		3,262,100		46,638,542
Anritsu Corp.†		7,564,500		41,565,244
Mitsubishi Pencil Co., Ltd.		132,400		5,666,474
Itochu Enex Co., Ltd.		595,200		4,777,759
Total Japan				1,471,403,421
CHINA/HONG KONG: 30.5%
Shenzhou International Group Holdings, Ltd.		27,377,000		149,136,669
Minth Group, Ltd.†		59,535,000		138,604,304
AIA Group, Ltd.		18,703,600		106,311,705
China Construction Bank Corp. H Shares		150,798,000		96,534,028
China Mobile, Ltd. ADR		1,574,225		87,290,776
Qualcomm, Inc.		1,569,800		80,279,572
Yuexiu Transport Infrastructure, Ltd.†		109,322,000		73,721,686
China Power International Development, Ltd.		113,710,000		58,902,039
Kweichow Moutai Co., Ltd. A Shares		1,466,605		56,200,982
Far East Horizon, Ltd.		72,624,000		55,949,067
Kweichow Moutai Co., Ltd. A Sharesb		1,444,525		55,331,284
Café de Coral Holdings, Ltd.		18,014,000		52,376,320
Fuyao Glass Industry Group Co., Ltd. H Sharesc		21,248,000		51,462,506
HKBN, Ltd.		41,566,123		51,313,520
Jiangsu Expressway Co., Ltd. H Shares		35,370,000		47,632,067
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. B Sharesd		12,431,915		43,630,987
Henan Shuanghui Investment & Development Co., Ltd. A Sharesb		12,972,979		42,331,742
China Machinery Engineering Corp. H Shares†		56,592,000		39,608,746
Hopewell Holdings, Ltd.		9,324,000		30,107,969
Dali Foods Group Co., Ltd.c		48,377,000		29,132,304
Stella International Holdings, Ltd.		10,075,500		23,728,626
Guangdong Investment, Ltd.		18,626,000		23,551,950
Greatview Aseptic Packaging Co., Ltd.		48,449,000		23,047,087
China Mobile, Ltd.		1,248,500		13,827,099
Red Star Macalline Group Corp., Ltd. H Sharesc		3,416,200		3,822,195
Total China/Hong Kong				1,433,835,230
TAIWAN: 5.9%
Chunghwa Telecom Co., Ltd. ADR		3,324,301		112,228,402
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		3,027,940		79,332,028
St. Shine Optical Co., Ltd.		1,965,000		40,066,282
Sercomm Corp.†		12,680,000		32,246,583

	Shares		Value
Taiwan Semiconductor Manufacturing Co., Ltd.		2,336,469	$	11,653,919
Total Taiwan				275,527,214
SOUTH KOREA: 4.7%
KT&G Corp.		1,235,189		118,936,390
BGF Retail Co., Ltd.		697,460		100,024,858
Total South Korea				218,961,248
SINGAPORE: 4.6%
Singapore Technologies Engineering, Ltd.		28,460,000		68,153,745
CapitaLand Retail China Trust, REIT†		43,232,400		46,440,678
Super Group, Ltd.		48,080,500		35,274,967
Ascendas India Trust†		53,470,700		34,712,218
ARA Asset Management, Ltd.		34,749,418		30,187,766
Total Singapore				214,769,374
INDONESIA: 4.3%
PT Hanjaya Mandala Sampoerna		8,699,600		64,522,520
PT Telekomunikasi Indonesia Persero ADR		1,040,634		52,916,236
PT United Tractors		41,221,900		47,549,381
PT Telekomunikasi Indonesia Persero		145,533,800		36,683,848
Total Indonesia				201,671,985
AUSTRALIA: 2.5%
Breville Group, Ltd.†		10,644,019		63,758,294
Spotless Group Holdings, Ltd.†		58,411,087		56,559,656
Total Australia				120,317,950
INDIA: 2.4%
ITC, Ltd.		13,801,000		68,378,633
Bharti Infratel, Ltd.		7,522,045		43,383,833
Total India				111,762,466
THAILAND: 1.8%
Thai Beverage Public Co., Ltd.		161,322,100		85,524,830
Total Thailand				85,524,830
VIETNAM: 1.7%
Vietnam Dairy Products JSC		13,680,740		82,318,999
Total Vietnam				82,318,999
PHILIPPINES: 1.5%
Globe Telecom, Inc.		1,447,730		69,785,642
Total Philippines				69,785,642
LUXEMBOURG: 1.4%
L’Occitane International SA		36,976,500		66,208,024
Total Luxembourg				66,208,024
NEW ZEALAND: 1.2%
SKY Network Television, Ltd.		16,242,251		55,800,540
Total New Zealand				55,800,540
TOTAL COMMON EQUITIES (Cost $3,838,297,183)				4,407,886,923
PREFERRED EQUITIES: 3.3%
SOUTH KOREA: 3.3%
LG Chem, Ltd., Pfd.		770,991		153,559,801
Total South Korea				153,559,801
TOTAL PREFERRED EQUITIES (Cost $67,688,979)				153,559,801

Matthews Asia Dividend Fund	March 31, 2016
Consolidated Schedule of Investmentsa  (unaudited) (continued)

	Value
TOTAL INVESTMENTS: 97.2% (Cost $3,905,986,162e)	$	4,561,446,724
CASH AND OTHER ASSETS, LESS LIABILITIES : 2.8%		129,190,117
NET ASSETS: 100.0%	$	4,690,636,841

a Certain securities were fair valued under the valuation polices approved by the Board of Trustees (Note A).

b Security held by Matthews ADF-U Series.

c Non-income producing security.

d Illiquid security, trading was halted at March 31, 2016.

e Cost for federal income tax purposes is $3,913,152,826 and net unrealized appreciation consists of:

Gross unrealized appreciation	$	952,404,395
Gross unrealized depreciation		(304,110,497	)
Net unrealized appreciation	$	648,293,898

† 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

JSC Joint Stock Co.

NVDR Non-voting Depositary Receipt

Pfd. Preferred

REIT Real Estate Investment Trust

See accompanying notes to schedules of investments.

Matthews China Dividend Fund	March 31, 2016
Schedule of Investmentsa (unaudited)

	Shares		Value
COMMON EQUITIES: 98.7%
CONSUMER DISCRETIONARY: 26.3%
Diversified Consumer Services: 6.7%
China Maple Leaf Educational Systems, Ltd.		7,136,000	$	4,524,392
New Oriental Education & Technology Group, Inc. ADR		84,400		2,919,396
China Distance Education Holdings, Ltd. ADR		192,000		2,826,240
				10,270,028
Auto Components: 5.2%
Fuyao Glass Industry Group Co., Ltd. H Sharesb		1,787,600		4,329,555
Minth Group, Ltd.		1,550,000		3,608,578
				7,938,133
Textiles, Apparel & Luxury Goods: 4.4%
Shenzhou International Group Holdings, Ltd.		658,000		3,584,466
Heilan Home Co., Ltd. A Shares		1,770,137		3,153,581
				6,738,047
Hotels, Restaurants & Leisure: 3.8%
Café de Coral Holdings, Ltd.		1,024,000		2,977,315
Shanghai Jin Jiang International Hotels Group Co., Ltd. H Shares		4,706,000		1,918,000
Xiao Nan Guo Restaurants Holdings, Ltd.b		11,948,000		849,021
				5,744,336
Specialty Retail: 2.6%
Chow Tai Fook Jewellery Group, Ltd.		3,567,400		2,229,738
China Harmony New Energy Auto Holding, Ltd.		3,224,500		1,717,592
				3,947,330
Automobiles: 2.0%
BAIC Motor Corp., Ltd. H Shares		3,960,000		3,031,551
Multiline Retail: 1.6%
Taiwan FamilyMart Co., Ltd.		359,000		2,479,741
Total Consumer Discretionary				40,149,166
FINANCIALS: 22.0%
Banks: 8.8%
China Construction Bank Corp. H Shares		8,705,000		5,572,546
China Merchants Bank Co., Ltd. H Shares		2,448,000		5,151,859
Huishang Bank Corp., Ltd. H Shares		5,717,000		2,764,106
				13,488,511
Real Estate Management & Development: 4.5%
Red Star Macalline Group Corp., Ltd. H Sharesb		3,999,000		4,474,257
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. B Sharesc		676,624		2,374,676
				6,848,933
Capital Markets: 3.8%
China Everbright, Ltd.		1,392,000		2,918,062
China International Capital Corp., Ltd. H Sharesb		1,852,798		2,815,214
				5,733,276
Insurance: 3.0%
AIA Group, Ltd.		807,400		4,589,281
Real Estate Investment Trusts (REITS): 1.9%
CapitaLand Retail China Trust, REIT		2,766,700		2,972,017
Total Financials				33,632,018

	Shares		Value
INDUSTRIALS: 15.3%
Transportation Infrastructure: 4.6%
Qingdao Port International Co., Ltd. H Shares		8,654,000	$	4,031,016
Yuexiu Transport Infrastructure, Ltd.		4,524,000		3,050,776
				7,081,792
Marine: 2.7%
SITC International Holdings Co., Ltd.		8,403,000		4,155,610
Road & Rail: 2.0%
Guangshen Railway Co., Ltd. H Shares		6,484,000		2,787,535
Guangshen Railway Co., Ltd. ADR		14,400		308,304
				3,095,839
Electrical Equipment: 2.0%
Voltronic Power Technology Corp.		195,049		3,069,760
Construction & Engineering: 2.0%
China Machinery Engineering Corp. H Shares		4,306,000		3,013,770
Machinery: 2.0%
Shanghai Mechanical and Electrical Industry Co., Ltd. B Shares		1,230,660		2,998,561
Total Industrials				23,415,332
TELECOMMUNICATION SERVICES: 9.4%
Diversified Telecommunication Services: 6.3%
HKBN, Ltd.		3,979,457		4,912,653
CITIC Telecom International Holdings, Ltd.		12,437,000		4,681,680
				9,594,333
Wireless Telecommunication Services: 3.1%
China Mobile, Ltd. ADR		87,230		4,836,904
Total Telecommunication Services				14,431,237
INFORMATION TECHNOLOGY: 7.2%
Communications Equipment: 4.6%
Sercomm Corp.		1,773,000		4,508,927
Qualcomm, Inc.		48,600		2,485,404
				6,994,331
Internet Software & Services: 2.0%
NetEase, Inc. ADR		21,200		3,043,896
Electronic Equipment, Instruments & Components: 0.6%
Aurora Corp.		521,000		915,089
Total Information Technology				10,953,316
CONSUMER STAPLES: 6.9%
Food Products: 3.5%
Dali Foods Group Co., Ltd.b		5,929,500		3,570,705
Vitasoy International Holdings, Ltd.		1,004,000		1,874,926
Total Food Products				5,445,631
Beverages: 3.0%
Kweichow Moutai Co., Ltd. A Shares		118,903		4,556,418
Food & Staples Retailing: 0.4%
Shanghai Bailian Group Co., Ltd. B Shares		358,977		608,681
Total Consumer Staples				10,610,730

Matthews China Dividend Fund	March 31, 2016
Schedule of Investmentsa (unaudited)  (continued)

	Shares		Value
COMMON EQUITIES: (continued)
HEALTH CARE: 4.7%
Pharmaceuticals: 4.7%
China Medical System Holdings, Ltd.		3,263,000	$	4,529,041
Tianjin ZhongXin Pharmaceutical Group Corp., Ltd. S Shares		2,865,400		2,663,762
Total Health Care				7,192,803
UTILITIES: 3.0%
Independent Power and Renewable Electricity Producers: 3.0%
China Power International Development, Ltd.		8,832,000		4,574,996
Total Utilities				4,574,996
MATERIALS: 2.7%
Containers & Packaging: 2.7%
Greatview Aseptic Packaging Co., Ltd.		8,688,000		4,132,863
Total Materials				4,132,863
ENERGY: 1.2%
Energy Equipment & Services: 1.2%
Hilong Holding, Ltd.		14,814,000		1,815,904
Total Energy				1,815,904
TOTAL INVESTMENTS: 98.7% (Cost $151,762,767d)				150,908,365
CASH AND OTHER ASSETS, LESS LIABILITIES : 1.3%				1,975,898
NET ASSETS: 100.0%			$	152,884,263

a Certain securities were fair valued under the valuation polices approved by the Board of Trustees (Note A).

b Non-income producing security.

c Illiquid security, trading was halted at March 31, 2016.

d Cost for federal income tax purposes is $151,892,141 and net unrealized depreciation consists of:

Gross unrealized appreciation	$	14,417,935
Gross unrealized depreciation		(15,401,711	)
Net unrealized depreciation	$	(983,776	)

ADR American Depositary Receipt

REIT Real Estate Investment Trust

See accompanying notes to schedules of investments.

Matthews Asia Value Fund	March 31, 2016
Schedule of Investmentsa (unaudited)

	Shares		Value
COMMON EQUITIES: 75.3%
CHINA/HONG KONG: 24.4%
Kweichow Moutai Co., Ltd. A Shares		2,000	$	76,641
Shandong Weigao Group Medical Polymer Co., Ltd. H Shares		104,000		66,326
CK Hutchison Holdings, Ltd.		5,000		64,960
Qualcomm, Inc.		1,100		56,254
Clear Media, Ltd.		45,000		38,900
Greatview Aseptic Packaging Co., Ltd.		78,000		37,104
Goldlion Holdings, Ltd.		91,000		34,755
Fairwood Holdings, Ltd.		9,000		30,713
Pico Far East Holdings, Ltd.		72,000		19,213
Future Bright Holdings, Ltd.		168,000		17,287
Daqin Railway Co., Ltd. A Shares		15,600		16,576
Total China/Hong Kong				458,729
SOUTH KOREA: 19.7%
Shinyoung Securities Co., Ltd.		980		51,246
Kwangju Bank		5,946		43,526
DGB Financial Group, Inc.		5,491		42,741
MegaMD Co., Ltd.b		10,157		36,038
Samyung ENC Co., Ltd.		5,148		35,755
Kangnam Jevisco Co., Ltd.		1,005		35,205
Kukbo Design Co., Ltd.		1,633		30,969
POSCO Chemtech Co., Ltd.		2,992		29,325
Saeron Automotive Corp.		2,512		17,961
Binggrae Co., Ltd.		278		16,870
Hy-Lok Corp.		654		15,686
Hyundai Greenfood Co., Ltd.		867		14,720
Total South Korea				370,042
JAPAN: 7.3%
Broadleaf Co., Ltd.		3,500		42,212
YAMADA Consulting Group Co., Ltd.		1,400		35,426
San-A Co., Ltd.		500		23,614
Trancom Co., Ltd.		400		23,393
Doshisha Co., Ltd.		700		12,880
Total Japan				137,525
SINGAPORE: 6.1%
ARA Asset Management, Ltd.		47,400		41,178
Haw Par Corp., Ltd.		4,700		29,215
Vicom, Ltd.		6,000		26,815
Kulicke & Soffa Industries, Inc.b		1,600		18,112
Total Singapore				115,320
MALAYSIA: 5.1%
Genting BHD		21,600		54,267
MPHB Capital BHDb		107,800		40,962
Total Malaysia				95,229
TAIWAN: 4.4%
Power Mate Technology Co., Ltd.		21,000		45,684
Yung Chi Paint & Varnish Manufacturing Co., Ltd.		8,000		19,289
Lumax International Corp., Ltd.		13,000		18,664
Total Taiwan				83,637
UNITED STATES: 4.1%
News Corp. B Shares		2,400		31,800

	Shares		Value
Knowles Corp.b		1,200	$	15,816
Micron Technology, Inc.b		1,400		14,658
Expeditors International of Washington, Inc.		300		14,643
Total United States				76,917
UNITED KINGDOM: 1.7%
Standard Chartered PLC		4,750		31,525
Total United Kingdom				31,525
ISRAEL: 1.5%
Taro Pharmaceutical Industries, Ltd.b		200		28,650
Total Israel				28,650
THAILAND: 1.0%
Premier Marketing Public Co., Ltd.		65,200		18,453
Total Thailand				18,453
TOTAL COMMON EQUITIES (Cost $1,368,334)				1,416,027
PREFERRED EQUITIES: 10.2%
SOUTH KOREA: 10.2%
Samsung Electronics Co., Ltd., Pfd.		91		88,104
Hyundai Motor Co., Ltd., 2nd Pfd.		576		53,388
Samsung SDI Co., Ltd., Pfd.		914		50,702
Total South Korea				192,194
TOTAL PREFERRED EQUITIES (Cost $194,202)				192,194
TOTAL INVESTMENTS: 85.5% (Cost $1,562,536c)				1,608,221
CASH AND OTHER ASSETS, LESS LIABILITIES : 14.5%				273,433
NET ASSETS: 100.0%			$	1,881,654

a Certain securities were fair valued under the valuation polices approved by the Board of Trustees (Note A).

b Non-income producing security.

c Cost for federal income tax purposes is $1,569,681 and net unrealized appreciation consists of:

Gross unrealized appreciation	$	100,395
Gross unrealized depreciation		(61,855	)
Net unrealized appreciation	$	38,540

BHD Berhad

See accompanying notes to schedule of investments.

Matthews Asia Focus Fund	March 31, 2016
Schedule of Investmentsa (unaudited)

	Shares		Value
COMMON EQUITIES: 95.8%
CHINA/HONG KONG: 36.4%
AIA Group, Ltd.		115,200	$	654,800
Techtronic Industries Co., Ltd.		113,000		447,648
Jardine Matheson Holdings, Ltd.		7,400		422,092
Yum! Brands, Inc.		4,950		405,157
Samsonite International SA		118,800		397,928
VTech Holdings, Ltd.		31,800		377,479
CK Hutchison Holdings, Ltd.		27,228		353,747
HSBC Holdings PLC		46,400		288,601
Tencent Holdings, Ltd.		12,900		263,732
Baidu, Inc. ADRb		1,237		236,119
Hang Lung Group, Ltd.		76,000		218,165
Cheung Kong Property Holdings, Ltd.		19,728		127,133
Total China/Hong Kong				4,192,601
SINGAPORE: 10.2%
Singapore Telecommunications, Ltd.		183,000		518,010
Singapore Technologies Engineering, Ltd.		144,500		346,037
United Overseas Bank, Ltd.		22,500		314,730
Total Singapore				1,178,777
MALAYSIA: 9.1%
Genting Malaysia BHD		333,100		387,532
Guinness Anchor BHD		100,200		360,188
Axiata Group BHD		199,100		300,513
Total Malaysia				1,048,233
UNITED STATES: 6.7%
Mead Johnson Nutrition Co.		4,868		413,634
ResMed, Inc.		6,100		352,702
Total United States				766,336
SOUTH KOREA: 6.2%
Samsung Electronics Co., Ltd.		329		377,563
Kangwon Land, Inc.		9,458		338,106
Total South Korea				715,669
THAILAND: 4.9%
Kasikornbank Public Co., Ltd.		65,500		321,102
Intouch Holdings Public Co., Ltd. NVDR		133,900		242,440
Total Thailand				563,542
INDONESIA: 4.7%
PT Bank Rakyat Indonesia Persero		421,400		362,634
PT Indofood Sukses Makmur		332,700		181,259
Total Indonesia				543,893
AUSTRALIA: 4.3%
Insurance Australia Group, Ltd.		68,701		293,414
Ansell, Ltd.		14,861		196,423
Total Australia				489,837
TAIWAN: 4.1%
Taiwan Semiconductor Manufacturing Co., Ltd.		94,000		468,856
Total Taiwan				468,856
JAPAN: 3.4%
Japan Tobacco, Inc.		9,500		395,415
Total Japan				395,415

	Shares		Value
INDIA: 3.1%
Tata Motors, Ltd.b		61,471	$	358,257
Total India				358,257
SWITZERLAND: 2.7%
Cie Financiere Richemont SA		4,793		316,580
Total Switzerland				316,580
Total Investments: 95.8% (Cost $11,786,944c)				11,037,996
CASH AND OTHER ASSETS, LESS LIABILITIES: 4.2%				481,416
NET ASSETS: 100.0%			$	11,519,412

a Certain securities were fair valued under the valuation polices approved by the Board of Trustees (Note A).

b Non-income producing security.

c Cost for federal income tax purposes is $11,843,745 and net unrealized depreciation consists of:

Gross unrealized appreciation	$	564,063
Gross unrealized depreciation		(1,369,812	)
Net unrealized depreciation	$	(805,749	)

ADR American Depositary Receipt

BHD Berhad

NVDR Non-voting Depositary Receipt

See accompanying notes to schedules of investments.

Matthews Asia Growth Fund	March 31, 2016
Schedule of Investmentsa (unaudited)

	Shares		Value
COMMON EQUITIES: 99.6%
JAPAN: 44.2%
Sysmex Corp.		516,700	$	32,301,966
M3, Inc.		966,900		24,316,357
ORIX Corp.		1,647,100		23,459,997
Kakaku.com, Inc.		1,183,400		21,941,671
Daikin Industries, Ltd.		226,400		16,908,588
Glory, Ltd.		480,100		16,306,399
Start Today Co., Ltd.		358,300		14,435,418
Pigeon Corp.		544,900		14,198,438
Nidec Corp.		206,300		14,115,536
Seven & I Holdings Co., Ltd.		286,800		12,219,883
Ariake Japan Co., Ltd.		201,700		11,817,975
Rinnai Corp.		132,100		11,669,500
Toyota Motor Corp.		211,400		11,211,685
Komatsu, Ltd.		617,100		10,491,283
Calbee, Inc.		263,500		10,454,817
Nitto Denko Corp.		184,200		10,264,265
Benefit One, Inc.		433,800		9,783,687
COOKPAD, Inc.		570,600		9,109,337
CYBERDYNE, Inc.b		449,400		8,582,337
TechnoPro Holdings, Inc.		257,800		7,641,963
Daiken Medical Co., Ltd.		911,500		7,246,469
FANUC Corp.		44,100		6,829,704
Omron Corp.		194,100		5,773,042
Total Japan				311,080,317
INDONESIA: 11.8%
PT Bank Rakyat Indonesia Persero		29,535,100		25,416,299
PT Astra International		43,107,700		23,562,981
PT Indofood CBP Sukses Makmur		12,782,400		14,627,388
PT Ace Hardware Indonesia		191,978,200		12,957,895
PT Arwana Citramulia		145,017,700		6,837,621
Total Indonesia				83,402,184
CHINA/HONG KONG: 11.7%
Baidu, Inc. ADRb		139,000		26,532,320
Shenzhou International Group Holdings, Ltd.		4,792,000		26,104,501
China Lodging Group, Ltd. ADS		245,900		9,395,839
Autohome, Inc. ADRb		202,400		5,655,056
Shanghai Haohai Biological Technology Co., Ltd. H Sharesb		734,500		4,172,367
Luk Fook Holdings International, Ltd.		1,707,000		3,875,466
Alibaba Group Holding, Ltd. ADRb		45,100		3,564,253
JD.com, Inc. ADRb		104,500		2,769,250
Total China/Hong Kong				82,069,052
INDIA: 11.2%
Emami, Ltd.		1,551,001		21,821,063
HDFC Bank, Ltd.		1,102,893		17,876,849
ITC, Ltd.		2,970,516		14,717,761
Lupin, Ltd.		635,783		14,199,546
Sun Pharmaceutical Industries, Ltd.		516,143		6,388,977
Multi Commodity Exchange of India, Ltd.		301,673		3,808,811
Total India				78,813,007
PHILIPPINES: 5.9%
Universal Robina Corp.		2,873,600		13,530,270
Vista Land & Lifescapes, Inc.		117,224,100		11,870,289
Jollibee Foods Corp.		2,007,890		9,896,635
Emperador, Inc.		37,942,500		6,246,611
Total Philippines				41,543,805

	Shares		Value
AUSTRALIA: 3.8%
CSL, Ltd.		181,525	$	14,106,532
Oil Search, Ltd.		2,481,915		12,924,327
Total Australia				27,030,859
SRI LANKA: 2.6%
Sampath Bank PLC		7,897,235		12,227,333
Lanka Orix Leasing Co. PLCb		12,121,473		5,977,713
Total Sri Lanka				18,205,046
VIETNAM: 1.8%
Vietnam Dairy Products JSC		2,164,300		13,022,907
Total Vietnam				13,022,907
TAIWAN: 1.4%
St. Shine Optical Co., Ltd.		259,000		5,281,001
Sinmag Equipment Corp.		1,220,674		4,415,790
Total Taiwan				9,696,791
MALAYSIA: 1.1%
7-Eleven Malaysia Holdings BHD		21,204,100		7,608,802
Total Malaysia				7,608,802
BANGLADESH: 1.1%
Square Pharmaceuticals, Ltd.		2,370,079		7,583,572
Total Bangladesh				7,583,572
SOUTH KOREA: 1.1%
Orion Corp.		9,402		7,520,611
Total South Korea				7,520,611
THAILAND: 1.0%
Major Cineplex Group Public Co., Ltd.		8,569,400		7,357,506
Total Thailand				7,357,506
PAKISTAN: 0.9%
Habib Bank, Ltd.		4,001,000		6,552,174
Total Pakistan				6,552,174
TOTAL INVESTMENTS: 99.6% (Cost $566,366,924c)				701,486,633
CASH AND OTHER ASSETS, LESS LIABILITIES: 0.4%				2,710,139
NET ASSETS: 100.0%			$	704,196,772

a Certain securities were fair valued under the valuation polices approved by the Board of Trustees (Note A).

b Non-income producing security.

c Cost for federal income tax purposes is $566,366,924 and net unrealized appreciation consists of:

Gross unrealized appreciation	$	176,558,976
Gross unrealized depreciation		(41,439,267	)
Net unrealized appreciation	$	135,119,709

ADR American Depositary Receipt

ADS American Depositary Share

BHD Berhad

JSC Joint Stock Co.

See accompanying notes to schedules of investments.

Matthews Pacific Tiger Fund	March 31, 2016
Schedule of Investmentsa (unaudited)

	Shares		Value
COMMON EQUITIES: 99.1%
CHINA/HONG KONG: 30.8%
Baidu, Inc. ADRb		1,081,800	$	206,493,984
Sinopharm Group Co., Ltd. H Shares		36,984,400		167,141,793
Ping An Insurance Group Co. of China, Ltd. H Shares		30,743,000		147,528,826
Hengan International Group Co., Ltd.		16,483,500		143,569,017
China Mobile, Ltd. ADR		2,215,026		122,823,192
China Resources Land, Ltd.		47,814,000		122,671,634
Tencent Holdings, Ltd.		5,886,500		120,345,773
AIA Group, Ltd.		20,140,800		114,480,784
Lenovo Group, Ltd.		140,394,000		109,419,634
Alibaba Group Holding, Ltd. ADRb		1,291,700		102,083,051
Yum! Brands, Inc.		1,174,410		96,125,459
Dairy Farm International Holdings, Ltd.		15,454,946		93,301,849
Fuyao Glass Industry Group Co., Ltd. H Sharesb†		34,836,000		84,372,546
China Resources Beer Holdings Co., Ltd.		44,802,000		83,450,497
Inner Mongolia Yili Industrial Group Co., Ltd. A Shares		30,440,564		68,696,496
Hong Kong Exchanges and Clearing, Ltd.		2,603,000		62,722,319
China Vanke Co., Ltd. H Shares		25,497,704		62,569,699
Tasly Pharmaceutical Group Co., Ltd. A Shares		10,220,127		61,453,370
Hang Lung Group, Ltd.		15,715,000		45,111,457
Swire Pacific, Ltd. A Share Class		2,813,000		30,340,835
Total China/Hong Kong				2,044,702,215
INDIA: 19.0%
Kotak Mahindra Bank, Ltd.		16,873,409		173,393,603
Tata Power Co., Ltd.†		165,620,436		161,578,877
Sun Pharmaceutical Industries, Ltd.		12,078,258		149,508,385
Titan Co., Ltd.		24,797,915		126,831,096
GAIL India, Ltd.		22,282,108		119,889,011
Container Corp. of India, Ltd.		5,471,996		102,736,473
HDFC Bank, Ltd.		6,223,409		100,875,557
ITC, Ltd.		18,735,000		92,824,700
Housing Development Finance Corp., Ltd.		5,235,685		87,368,450
Dabur India, Ltd.		21,117,482		79,671,598
Thermax, Ltd.		5,310,034		60,838,190
Just Dial, Ltd.		675,000		7,807,943
Total India				1,263,323,883
SOUTH KOREA: 16.4%
Naver Corp.		407,316		226,984,943
Dongbu Insurance Co., Ltd.		3,249,119		216,093,222
Orion Corp.		203,080		162,442,640
Amorepacific Corp.		425,972		144,051,351
Green Cross Corp.†		826,872		129,406,025
Samsung Electronics Co., Ltd.		101,105		116,028,812
Cheil Worldwide, Inc.†		6,154,297		91,569,082
Total South Korea				1,086,576,075
INDONESIA: 6.9%
PT Indofood CBP Sukses Makmur		101,261,300		115,877,173
PT Telekomunikasi Indonesia Persero		431,304,300		108,716,336
PT Bank Central Asia		100,580,000		100,839,191
PT Perusahaan Gas Negara Persero		298,485,100		58,834,964

	Shares		Value
PT Astra International		98,745,900	$	53,975,224
PT Telekomunikasi Indonesia Persero ADR		364,070		18,512,959
Total Indonesia				456,755,847
TAIWAN: 6.0%
President Chain Store Corp.		21,886,608		159,394,775
Delta Electronics, Inc.		31,251,182		137,764,215
Synnex Technology International Corp.†		98,191,354		101,182,374
Total Taiwan				398,341,364
THAILAND: 5.6%
Central Pattana Public Co., Ltd.		131,488,800		192,101,089
The Siam Cement Public Co., Ltd.		8,322,950		110,109,208
Kasikornbank Public Co., Ltd.		13,427,700		65,826,907
Kasikornbank Public Co., Ltd. NVDR		150,000		735,348
Total Thailand				368,772,552
MALAYSIA: 4.4%
Genting BHD		53,196,200		133,648,175
IHH Healthcare BHD		47,676,300		80,163,150
Public Bank BHD		12,771,594		61,450,753
IHH Healthcare BHD		11,543,000		18,773,045
Total Malaysia				294,035,123
PHILIPPINES: 2.9%
GT Capital Holdings, Inc.		3,897,540		117,557,628
SM Prime Holdings, Inc.		164,670,771		78,544,525
Total Philippines				196,102,153
SWITZERLAND: 2.8%
DKSH Holding, Ltd.		2,738,062		187,276,516
Total Switzerland				187,276,516
VIETNAM: 2.6%
Vietnam Dairy Products JSC		28,359,837		170,645,257
Total Vietnam				170,645,257
UNITED STATES: 1.4%
Cognizant Technology Solutions Corp. Class Ab		1,457,600		91,391,520
Total United States				91,391,520
SINGAPORE: 0.3%
Hyflux, Ltd.†		41,643,230		18,534,844
Total Singapore				18,534,844
TOTAL COMMON EQUITIES (Cost $5,174,059,405)				6,576,457,349
WARRANTS: 0.1%
MALAYSIA: 0.1%
Genting BHD, expires 12/18/18		12,253,875		7,004,009
Total Malaysia				7,004,009
TOTAL WARRANTS (Cost $5,593,674)				7,004,009

Matthews Pacific Tiger Fund	March 31, 2016
Schedule of Investmentsa (unaudited) (continued)

	Value
TOTAL INVESTMENTS: 99.2% (Cost $5,179,653,079c)	$	6,583,461,358
CASH AND OTHER ASSETS, LESS LIABILITIES: 0.8%		51,424,414
NET ASSETS: 100.0%	$	6,634,885,772

a Certain securities were fair valued under the valuation polices approved by the Board of Trustees (Note A).

b Non-income producing security.

c Cost for federal income tax purposes is $5,181,783,893 and net unrealized appreciation consists of:

Gross unrealized appreciation	$	1,899,883,845
Gross unrealized depreciation		(498,206,380	)
Net unrealized appreciation	$	1,401,677,465

† 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 Asia ESG Fund	March 31, 2016
Schedule of Investmentsa (unaudited)

	Shares		Value
COMMON EQUITIES: 91.1%
CHINA/HONG KONG: 21.3%
MTR Corp., Ltd.		41,500	$	205,678
Inner Mongolia Yili Industrial Group Co., Ltd. A Shares		83,400		188,212
CSPC Pharmaceutical Group, Ltd.		188,000		170,169
JD.com, Inc. ADRb		6,400		169,600
AIA Group, Ltd.		24,800		140,964
Sino Biopharmaceutical, Ltd.		175,000		131,294
Haier Electronics Group Co., Ltd.		50,000		87,171
Beijing Urban Construction Design & Development Group Co., Ltd. H Shares		150,000		81,771
Guangdong Investment, Ltd.		64,000		80,926
China Conch Venture Holdings, Ltd.		40,000		78,937
HKBN, Ltd.		41,500		51,232
CIMC Enric Holdings, Ltd.		54,000		28,774
Total China/Hong Kong				1,414,728
INDIA: 15.5%
Lupin, Ltd.		7,137		159,397
Bharti Infratel, Ltd.		27,393		157,991
Bata India, Ltd.		19,639		150,725
Ipca Laboratories, Ltd.		16,961		149,051
Infosys, Ltd.		6,516		119,721
Power Grid Corp. of India, Ltd.		51,617		108,376
Sanofi India, Ltd.		1,133		68,616
SKS Microfinance, Ltd.b		8,274		68,219
KPIT Technologies, Ltd.		20,027		44,702
Total India				1,026,798
TAIWAN: 13.1%
Taiwan Semiconductor Manufacturing Co., Ltd.		45,000		224,453
CHC Resources Corp.		45,000		90,470
KD Holding Corp.		15,000		77,360
Phison Electronics Corp.		9,000		73,265
Sitronix Technology Corp.		25,000		72,363
Merida Industry Co., Ltd.		16,000		70,778
Greatek Electronics, Inc.		61,000		69,704
Lumax International Corp., Ltd.		47,000		67,477
Sporton International, Inc.		13,077		66,803
St. Shine Optical Co., Ltd.		3,000		61,170
Total Taiwan				873,843
SOUTH KOREA: 9.7%
iMarketKorea, Inc.		9,230		153,021
KT Skylife Co., Ltd.		10,086		146,410
Hanon Systems		17,879		144,041
DGB Financial Group, Inc.		17,097		133,081
Samjin Pharmaceutical Co., Ltd.		2,976		66,574
Total South Korea				643,127
JAPAN: 6.2%
Tsukui Corp.		10,600		138,744
Daikin Industries, Ltd.		1,600		119,495
Nihon Housing Co., Ltd.		2,300		75,716
Koito Manufacturing Co., Ltd.		900		40,753
Ain Holdings, Inc.		700		35,861
Total Japan				410,569

	Shares		Value
SINGAPORE: 5.3%
Parkway Life REIT		91,300	$	161,893
Raffles Medical Group, Ltd.		37,300		124,757
Vicom, Ltd.		15,000		67,038
Total Singapore				353,688
PHILIPPINES: 5.1%
Puregold Price Club, Inc.		227,800		180,083
Energy Development Corp.		1,227,300		156,885
Total Philippines				336,968
THAILAND: 4.4%
Total Access Communication Public Co., Ltd. NVDR		251,200		294,812
Total Thailand				294,812
INDONESIA: 2.7%
PT Bank Rakyat Indonesia Persero		171,200		147,325
PT Perusahaan Gas Negara Persero		166,400		32,799
Total Indonesia				180,124
PAKISTAN: 2.5%
Abbott Laboratories Pakistan, Ltd.		15,400		97,366
Bank Alfalah, Ltd.		302,500		71,950
Total Pakistan				169,316
SRI LANKA: 1.8%
Nestle Lanka PLC		8,390		116,564
Total Sri Lanka				116,564
LUXEMBOURG: 1.7%
L’Occitane International SA		63,750		114,147
Total Luxembourg				114,147
BANGLADESH: 0.9%
Square Pharmaceuticals, Ltd.		19,040		60,923
Total Bangladesh				60,923
AUSTRALIA: 0.9%
Ansell, Ltd.		4,505		59,544
Total Australia				59,544
TOTAL INVESTMENTS: 91.1% (Cost $6,130,440c)				6,055,151
CASH AND OTHER ASSETS, LESS LIABILITIES: 8.9%				588,432
NET ASSETS: 100.0%			$	6,643,583

a Certain securities were fair valued under the valuation polices approved by the Board of Trustees (Note A).

b Non-income producing security.

c Cost for federal income tax purposes is $6,145,053 and net unrealized depreciation consists of:

Gross unrealized appreciation	$	354,186
Gross unrealized depreciation		(444,088	)
Net unrealized depreciation	$	(89,902	)

ADR American Depositary Receipt

NVDR Non-voting Depositary Receipt

REIT Real Estate Investment Trust

See accompanying notes to schedules of investments.

Matthews Emerging Asia Fund	March 31, 2016
Schedule of Investmentsa (unaudited)

	Shares		Value
COMMON EQUITIES: 98.3%
PAKISTAN: 20.0%
The Searle Company, Ltd.		988,562	$	4,148,575
K-Electric, Ltd.b		44,917,000		3,045,563
Pakistan Petroleum, Ltd.		2,127,300		2,602,554
Shifa International Hospitals, Ltd.		970,351		2,455,295
Habib Bank, Ltd.		1,370,900		2,245,033
GlaxoSmithKline Pakistan, Ltd.		910,940		2,108,783
ICI Pakistan, Ltd.		451,900		1,851,816
Abbott Laboratories Pakistan, Ltd.		282,750		1,787,672
PAK Suzuki Motor Co., Ltd.		437,600		1,719,663
National Foods, Ltd.		429,700		1,419,141
Hum Network, Ltd.		13,501,000		1,211,861
Total Pakistan				24,595,956
VIETNAM: 18.3%
National Seed JSC†		979,585		4,126,620
Tien Phong Plastic JSC		1,292,517		3,913,557
Phu Nhuan Jewelry JSC		1,734,543		3,734,719
Vinh Hoan Corp.		2,486,550		3,069,603
Mobile World Investment Corp.b		510,227		1,727,938
Dinh Vu Port Investment & Development JSC		517,550		1,648,322
DHG Pharmaceutical JSC		436,320		1,644,053
Nam Long Investment Corp.		1,386,590		1,411,905
Saigon Securities, Inc.b		820,828		777,175
Lix Detergent JSC		111,200		366,412
Total Vietnam				22,420,304
BANGLADESH: 15.2%
British American Tobacco Bangladesh Co., Ltd.		116,199		3,776,813
Square Pharmaceuticals, Ltd.		1,021,126		3,267,310
BRAC Bank, Ltd.		5,051,337		2,885,813
Marico Bangladesh, Ltd.		158,867		2,554,809
Olympic Industries, Ltd.		626,747		2,345,551
United Commercial Bank, Ltd.		9,499,997		2,099,344
Berger Paints Bangladesh, Ltd.		69,450		1,682,150
Total Bangladesh				18,611,790
INDIA: 10.7%
PC Jeweller, Ltd.		624,806		3,424,988
Supreme Industries, Ltd.		178,934		1,998,491
Info Edge India, Ltd.		124,174		1,437,845
Praj Industries, Ltd.		1,017,703		1,370,051
VST Industries, Ltd.		49,694		1,241,611
Shriram Transport Finance Co., Ltd.		83,544		1,202,113
Cipla India, Ltd.		153,551		1,186,747
Shalimar Paints, Ltd.b		525,830		878,797
Multi Commodity Exchange of India, Ltd.		28,715		362,545
Total India				13,103,188
INDONESIA: 9.8%
PT Gudang Garam		712,800		3,508,811
PT Matahari Department Store		1,933,600		2,675,649
PT Mayora Indah		872,800		2,071,748
PT Bank Mandiri Persero		1,819,200		1,412,451
PT Sumber Alfaria Trijaya		28,307,700		1,270,217
PT Indofood CBP Sukses Makmur		895,800		1,025,098
PT Electronic City Indonesia		1,174,400		59,340
Total Indonesia				12,023,314

	Shares		Value
SRI LANKA: 8.3%
Sampath Bank PLC		2,392,590	$	3,704,460
National Development Bank PLC		2,515,196		2,906,664
Hemas Holdings PLC		3,687,573		2,035,632
Ceylinco Insurance Co. PLC		51,393		527,306
Expolanka Holdings PLC		10,496,963		503,136
Lanka Orix Leasing Co. PLCb		573,466		282,805
Aitken Spence Hotel Holdings PLC		739,214		268,447
Total Sri Lanka				10,228,450
CHINA/HONG KONG: 6.3%
Shenzhou International Group Holdings, Ltd.		536,000		2,919,869
Luk Fook Holdings International, Ltd.		1,113,000		2,526,885
Future Bright Holdings, Ltd.		9,948,000		1,023,665
CIMC Enric Holdings, Ltd.		1,812,000		965,523
Louis XIII Holdings, Ltd.b		840,000		231,056
Red Star Macalline Group Corp., Ltd. H Sharesb		40,800		45,649
Total China/Hong Kong				7,712,647
PHILIPPINES: 5.5%
Puregold Price Club, Inc.		4,072,300		3,219,279
Vista Land & Lifescapes, Inc.		12,519,100		1,267,703
Emperador, Inc.		7,631,300		1,256,369
Universal Robina Corp.		222,730		1,048,718
Total Philippines				6,792,069
SINGAPORE: 1.7%
Yoma Strategic Holdings, Ltd.b		5,491,766		2,100,484
Total Singapore				2,100,484
THAILAND: 1.4%
SNC Former Public Co., Ltd.		4,002,800		1,671,339
Total Thailand				1,671,339
AUSTRALIA: 1.1%
Oil Search, Ltd.		250,662		1,305,298
Total Australia				1,305,298
TOTAL INVESTMENTS: 98.3% (Cost $121,163,192c)				120,564,839
CASH AND OTHER ASSETS, LESS LIABILITIES: 1.7%				2,073,501
NET ASSETS: 100.0%			$	122,638,340

a Certain securities were fair valued under the valuation polices approved by the Board of Trustees (Note A).

b Non-income producing security.

c Cost for federal income tax purposes is $121,163,192 and net unrealized depreciation consists of:

Gross unrealized appreciation	$	15,066,680
Gross unrealized depreciation		(15,665,033	)
Net unrealized depreciation	$	(598,353	)

† 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

JSC Joint Stock Co.

See accompanying notes to schedules of investments.

Matthews China Fund	March 31, 2016
Consolidated Schedule of Investmentsa (unaudited)

	Shares		Value
COMMON EQUITIES: 100.0%
FINANCIALS: 36.5%
Banks: 11.7%
China Construction Bank Corp. H Shares		43,774,660	$	28,022,548
Industrial & Commercial Bank of China, Ltd. H Shares		33,282,000		18,643,708
Chongqing Rural Commercial Bank Co., Ltd. H Shares		24,695,000		13,073,077
China Merchants Bank Co., Ltd. H Shares		5,880,143		12,374,864
				72,114,197
Real Estate Management & Development: 10.3%
China Resources Land, Ltd.		7,020,000		18,010,517
China Overseas Land & Investment, Ltd.		4,864,000		15,405,131
China Vanke Co., Ltd. H Shares		5,343,668		13,113,012
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. B Sharesb		3,735,686		13,110,745
Red Star Macalline Group Corp., Ltd. H Sharesc		3,395,000		3,798,475
				63,437,880
Insurance: 8.9%
Ping An Insurance Group Co. of China, Ltd. H Shares		8,205,000		39,373,972
China Life Insurance Co., Ltd. H Shares		6,113,000		15,021,166
				54,395,138
Capital Markets: 4.2%
CITIC Securities Co., Ltd. H Shares		6,437,500		15,102,655
China Galaxy Securities Co., Ltd. H Shares		10,605,500		10,329,246
				25,431,901
Diversified Financial Services: 1.4%
Hong Kong Exchanges and Clearing, Ltd.		363,300		8,754,137
Total Financials				224,133,253
INFORMATION TECHNOLOGY: 21.3%
Internet Software & Services: 17.9%
Tencent Holdings, Ltd.		2,977,100		60,864,928
Alibaba Group Holding, Ltd. ADRc		241,000		19,046,230
Baidu, Inc. ADRc		88,600		16,911,968
NetEase, Inc. ADR		93,300		13,396,014
				110,219,140
Electronic Equipment, Instruments & Components: 1.8%
Hangzhou Hikvision Digital Technology Co., Ltd. A Sharesd		2,346,459		11,164,361
Communications Equipment: 1.6%
ZTE Corp. H Sharesb		5,927,164		9,737,317
Total Information Technology				131,120,818
CONSUMER DISCRETIONARY: 17.1%
Internet & Catalog Retail: 6.7%
JD.com, Inc. ADRc		596,907		15,818,036
Vipshop Holdings, Ltd. ADRc		1,162,529		14,973,374
Ctrip.com International, Ltd. ADRc		228,000		10,091,280
				40,882,690
Textiles, Apparel & Luxury Goods: 3.2%
Heilan Home Co., Ltd. A Sharesd		6,294,835		11,209,684
ANTA Sports Products, Ltd.		3,698,000		8,140,941
Total Textiles, Apparel & Luxury Goods				19,350,625

	Shares		Value
Auto Components: 2.5%
Fuyao Glass Industry Group Co., Ltd. A Sharesd		6,693,507	$	15,397,119
Household Durables: 1.8%
Gree Electric Appliances, Inc. of Zhuhai A Sharesb,d		3,824,278		11,348,641
Automobiles: 1.8%
Chongqing Changan Automobile Co., Ltd. B Shares		6,017,595		11,251,413
Media: 1.1%
Shanghai Oriental Pearl Media Co., Ltd. A Shares		1,531,408		6,795,218
Total Consumer Discretionary				105,025,706
INDUSTRIALS: 15.0%
Construction & Engineering: 5.3%
China State Construction International Holdings, Ltd.		12,530,000		18,687,100
China State Construction Engineering Corp., Ltd. A Sharesd		15,556,560		13,695,553
				32,382,653
Commercial Services & Supplies: 2.9%
China Everbright International, Ltd.		10,219,000		11,411,866
Dongjiang Environmental Co., Ltd. H Shares		4,482,200		6,364,691
				17,776,557
Air Freight & Logistics: 1.9%
Sinotrans, Ltd. H Shares		26,942,000		11,799,619
Airlines: 1.6%
Air China, Ltd. H Shares		13,687,900		9,713,875
Electrical Equipment: 1.3%
Boer Power Holdings, Ltd.		10,319,000		8,147,467
Transportation Infrastructure: 1.0%
Qingdao Port International Co., Ltd. H Shares		14,043,000		6,541,201
Marine: 1.0%
SITC International Holdings Co., Ltd.		12,417,000		6,140,689
Total Industrials				92,502,061
HEALTH CARE: 6.2%
Pharmaceuticals: 3.9%
Jiangsu Hengrui Medicine Co., Ltd. A Sharesd		1,799,919		13,144,886
Sino Biopharmaceutical, Ltd.		14,526,000		10,898,151
				24,043,037
Health Care Providers & Services: 2.3%
Sinopharm Group Co., Ltd. H Shares		3,055,200		13,807,216
Total Health Care				37,850,253
UTILITIES: 2.2%
Water Utilities: 2.2%
Beijing Enterprises Water Group, Ltd.		21,642,000		13,578,653
Total Utilities				13,578,653
ENERGY: 1.7%
Oil, Gas & Consumable Fuels: 1.7%
China Shenhua Energy Co., Ltd. H Shares		6,655,000		10,470,888
Total Energy				10,470,888

Matthews China Fund	March 31, 2016
Consolidated Schedule of Investmentsa  (unaudited) (continued)

	Value
TOTAL INVESTMENTS: 100.0% (Cost $616,217,915e)	$	614,681,632
CASH AND OTHER ASSETS, LESS LIABILITIES : 0.0%		36,374
NET ASSETS: 100.0%	$	614,718,006

a Certain securities were fair valued under the valuation polices approved by the Board of Trustees (Note A).

b Illiquid security, trading was halted at March 31, 2016.

c Non-income producing security.

d Security held by Matthews CF-U Series.

e Cost for federal income tax purposes is $620,581,599 and net unrealized depreciation consists of:

Gross unrealized appreciation	$	64,173,624
Gross unrealized depreciation		(70,073,591	)
Net unrealized depreciation	($	5,899,967	)

ADR American Depositary Receipt

See accompanying notes to schedules of investments.

Matthews India Fund	March 31, 2016
Schedule of Investmentsa (unaudited)

	Shares		Value
COMMON EQUITIES: 97.3%
FINANCIALS: 26.1%
Banks: 12.9%
IndusInd Bank, Ltd.		4,875,934	$	71,228,716
Kotak Mahindra Bank, Ltd.		5,697,258		58,545,851
HDFC Bank, Ltd.		2,282,565		36,998,214
HDFC Bank, Ltd. ADR		206,922		12,752,603
IDFC Bank, Ltd.b		11,550,467		8,405,181
				187,930,565
Consumer Finance: 5.2%
Shriram City Union Finance, Ltd.		2,850,154		64,648,287
Sundaram Finance, Ltd.		588,318		11,546,694
				76,194,981
Thrifts & Mortgage Finance: 4.5%
Housing Development Finance Corp., Ltd.		2,958,810		49,373,987
GRUH Finance, Ltd.		4,421,238		15,963,881
				65,337,868
Diversified Financial Services: 3.5%
CRISIL, Ltd.		1,527,723		41,504,923
IDFC, Ltd.		11,350,467		6,930,695
Multi Commodity Exchange of India, Ltd.		168,101		2,122,381
				50,557,999
Real Estate Management & Development: 0.0%
Ascendas India Trust		967,700		628,213
Total Financials				380,649,626
CONSUMER STAPLES: 19.2%
Personal Products: 10.0%
Emami, Ltd.		3,520,577		49,531,065
Bajaj Corp., Ltd.		6,209,447		36,166,986
Dabur India, Ltd.		8,332,176		31,435,461
Marico, Ltd.		7,902,328		29,147,746
				146,281,258
Tobacco: 7.1%
ITC, Ltd.		14,857,949		73,615,407
VST Industries, Ltd.†		1,215,704		30,374,510
				103,989,917
Food Products: 2.1%
Zydus Wellness, Ltd.		1,670,471		18,407,468
Nestle India, Ltd.		141,817		12,326,398
				30,733,866
Total Consumer Staples				281,005,041
INFORMATION TECHNOLOGY: 16.2%
IT Services: 12.4%
Cognizant Technology Solutions Corp. Class Ab		1,098,700		68,888,490
eClerx Services, Ltd.†		3,059,957		60,021,657
Mindtree, Ltd.		5,406,584		53,313,518
				182,223,665
Internet Software & Services: 3.8%
Info Edge India, Ltd.		3,247,208		37,600,313
Just Dial, Ltd.		1,523,108		17,618,282
				55,218,595
Total Information Technology				237,442,260

	Shares		Value
HEALTH CARE: 13.5%
Pharmaceuticals: 12.9%
Taro Pharmaceutical Industries, Ltd.b		465,100	$	66,625,575
Ajanta Pharma, Ltd.		2,872,072		61,093,424
Alembic Pharmaceuticals, Ltd.		2,152,940		19,452,027
Sun Pharma Advanced Research Co., Ltd.b		4,196,014		18,179,624
Sun Pharmaceutical Industries, Ltd.		1,365,725		16,905,363
Caplin Point Laboratories, Ltd.		361,752		5,518,152
				187,774,165
Health Care Equipment & Supplies: 0.6%
Poly Medicure, Ltd.		2,076,732		8,899,591
Total Health Care				196,673,756
INDUSTRIALS: 9.7%
Machinery: 5.2%
AIA Engineering, Ltd.		3,190,467		45,264,400
Ashok Leyland, Ltd.		10,356,152		16,979,354
Thermax, Ltd.		1,183,128		13,555,349
				75,799,103
Air Freight & Logistics: 1.6%
Blue Dart Express, Ltd.		261,973		23,926,970
Transportation Infrastructure: 1.6%
Gujarat Pipavav Port, Ltd.b		8,578,564		22,852,758
Road & Rail: 1.3%
Container Corp. of India, Ltd.		1,034,055		19,414,335
Total Industrials				141,993,166
CONSUMER DISCRETIONARY: 7.4%
Textiles, Apparel & Luxury Goods: 4.1%
Titan Co., Ltd.		5,890,467		30,127,307
Page Industries, Ltd.		107,100		19,580,062
Kewal Kiran Clothing, Ltd.		266,781		7,085,103
Vaibhav Global, Ltd.b		500,000		2,418,645
				59,211,117
Household Durables: 3.3%
Symphony, Ltd.		1,166,560		41,829,050
LA Opala RG, Ltd.		746,323		6,719,891
				48,548,941
Total Consumer Discretionary				107,760,058
MATERIALS: 5.2%
Chemicals: 3.5%
Supreme Industries, Ltd.		1,988,965		22,214,498
Asian Paints, Ltd.		1,304,000		17,096,962
Castrol India, Ltd.		2,139,063		12,089,520
				51,400,980
Metals & Mining: 1.7%
NMDC, Ltd.		16,779,277		24,793,109
Total Materials				76,194,089
RIGHTS: 0.0%
HEALTH CARE: 0.0%
Sun Pharma Advanced Research Co., Ltd., expires 4/11/16		180,863		114,476
Total Health Care				114,476
TOTAL RIGHTS (Cost $0)				114,476

Matthews India Fund	March 31, 2016
Schedule of Investmentsa (unaudited) (continued)

	Value
TOTAL INVESTMENTS: 97.3% (Cost $1,238,505,390c)	$	1,421,832,472
CASH AND OTHER ASSETS, LESS LIABILITIES: 2.7%		38,744,587
NET ASSETS: 100.0%	$	1,460,577,059

a Certain securities were fair valued under the valuation polices approved by the Board of Trustees (Note A).

b Non-income producing security.

c Cost for federal income tax purposes is $1,238,608,496 and net unrealized appreciation consists of:

Gross unrealized appreciation	$	296,248,607
Gross unrealized depreciation		(113,024,631	)
Net unrealized appreciation	$	183,223,976

† Affiliated Issuer, as defined under the Investment Company Act of 1940 (ownership of 5% or more of the outstanding voting securities of this issuer)

ADR American Depositary Receipt

See accompanying notes to schedules of investments.

Matthews Japan Fund	March 31, 2016
Schedule of Investmentsa (unaudited)

	Shares		Value
COMMON EQUITIES: 95.1%
INDUSTRIALS: 20.7%
Machinery: 6.9%
Komatsu, Ltd.		3,399,100	$	57,787,909
Harmonic Drive Systems, Inc.		2,037,600		52,133,956
Mitsubishi Heavy Industries, Ltd.		12,183,000		45,261,901
SMC Corp.		172,300		39,926,751
				195,110,517
Professional Services: 4.1%
TechnoPro Holdings, Inc.†		1,933,700		57,320,651
Nomura Co., Ltd.		2,471,600		35,813,400
Benefit One, Inc.		1,016,900		22,934,604
				116,068,655
Electrical Equipment: 3.8%
Nidec Corp.		788,900		53,978,414
Mabuchi Motor Co., Ltd.		1,147,800		53,400,730
				107,379,144
Building Products: 2.3%
Daikin Industries, Ltd.		502,000		37,491,657
Aica Kogyo Co., Ltd.		1,364,500		28,626,345
				66,118,002
Trading Companies & Distributors: 2.2%
MISUMI Group, Inc.		4,299,800		61,474,634
Road & Rail: 1.2%
Trancom Co., Ltd.†		566,700		33,141,846
Air Freight & Logistics: 0.2%
AIT Corp.		817,600		6,796,463
Total Industrials				586,089,261
CONSUMER DISCRETIONARY: 18.2%
Specialty Retail: 4.5%
Nitori Holdings Co., Ltd.		488,600		44,706,957
VT Holdings Co., Ltd.		5,505,300		33,031,647
Sac’s Bar Holdings, Inc.†		1,810,350		25,039,415
United Arrows, Ltd.		379,400		15,685,092
Workman Co., Ltd.		342,000		9,993,244
				128,456,355
Automobiles: 2.7%
Toyota Motor Corp.		1,461,700		77,521,853
Internet & Catalog Retail: 2.5%
Start Today Co., Ltd.		1,738,800		70,053,881
Multiline Retail: 2.4%
Ryohin Keikaku Co., Ltd.		319,500		67,500,936
Hotels, Restaurants & Leisure: 1.7%
Kyoritsu Maintenance Co., Ltd.		546,600		47,057,969
Media: 1.6%
Next Co., Ltd.		3,704,600		45,330,994
Auto Components: 1.3%
Nifco, Inc.		780,800		37,494,151
Distributors: 1.3%
Doshisha Co., Ltd.†		2,012,400		37,028,261

	Shares		Value
Household Durables: 0.2%
Fujitsu General, Ltd.		446,000	$	6,880,491
Total Consumer Discretionary				517,324,891
CONSUMER STAPLES: 17.5%
Food & Staples Retailing: 6.7%
Seven & I Holdings Co., Ltd.		1,456,700		62,066,610
San-A Co., Ltd.		987,400		46,633,264
Sundrug Co., Ltd.		588,600		43,994,009
Cosmos Pharmaceutical Corp.		228,100		37,928,561
				190,622,444
Food Products: 3.2%
Calbee, Inc.		1,411,200		55,991,793
Ariake Japan Co., Ltd.		594,600		34,838,710
				90,830,503
Personal Products: 2.8%
Kao Corp.		1,497,600		79,854,958
Household Products: 2.5%
Pigeon Corp.		2,724,700		70,997,402
Tobacco: 2.3%
Japan Tobacco, Inc.		1,522,200		63,358,006
Total Consumer Staples				495,663,313
HEALTH CARE: 12.3%
Health Care Equipment & Supplies: 8.7%
Asahi Intecc Co., Ltd.		1,382,800		64,702,132
Sysmex Corp.		1,010,300		63,159,814
Hoya Corp.		1,593,900		60,585,152
CYBERDYNE, Inc.b		2,303,900		43,998,321
Daiken Medical Co., Ltd.†		1,755,200		13,953,925
				246,399,344
Health Care Technology: 2.5%
M3, Inc.		2,792,100		70,217,913
Pharmaceuticals: 1.0%
Rohto Pharmaceutical Co., Ltd.		1,604,600		29,227,675
Health Care Providers & Services: 0.1%
WIN-Partners Co., Ltd.		232,000		3,046,280
Total Health Care				348,891,212
INFORMATION TECHNOLOGY: 11.6%
Internet Software & Services: 4.9%
Kakaku.com, Inc.		2,792,700		51,780,045
COOKPAD, Inc.		2,840,000		45,339,148
Infomart Corp.		3,142,500		28,219,561
DeNA Co., Ltd.		833,600		14,348,864
				139,687,618
Electronic Equipment, Instruments & Components: 4.8%
Keyence Corp.		117,400		64,026,695
Murata Manufacturing Co., Ltd.		465,200		56,134,206
Anritsu Corp.		2,813,100		15,457,358
				135,618,259
Software: 1.8%
NSD Co., Ltd.		1,918,000		28,318,624
Broadleaf Co., Ltd.†		1,834,200		22,121,335
				50,439,959

Matthews Japan Fund	March 31, 2016
Schedule of Investmentsa (unaudited) (continued)

	Shares		Value
COMMON EQUITIES: (continued)
Technology Hardware, Storage & Peripherals: 0.1%
Elecom Co., Ltd.		191,500	$	3,370,969
Total Information Technology				329,116,805
FINANCIALS: 11.3%
Diversified Financial Services: 6.5%
ORIX Corp.		4,898,400		69,768,958
Financial Products Group Co., Ltd.		4,325,300		52,040,358
Zenkoku Hosho Co., Ltd.		1,244,100		42,138,754
eGuarantee, Inc.†		904,800		20,012,375
				183,960,445
Capital Markets: 2.4%
Nihon M&A Center, Inc.		1,170,400		67,941,713
Insurance: 2.4%
Tokio Marine Holdings, Inc.		2,002,700		67,667,096
Total Financials				319,569,254
MATERIALS: 3.5%
Chemicals: 3.5%
Shin-Etsu Chemical Co., Ltd.		963,700		49,773,153
W-Scope Corp.†		861,000		39,947,620
MORESCO Corp.†		774,500		9,171,293
Total Materials				98,892,066
TOTAL INVESTMENTS: 95.1% (Cost $2,435,793,212c)				2,695,546,802
CASH AND OTHER ASSETS, LESS LIABILITIES : 4.9%				138,035,368
NET ASSETS: 100.0%			$	2,833,582,170

a Certain securities were fair valued under the valuation polices approved by the Board of Trustees (Note A).

b Non-income producing security.

c Cost for federal income tax purposes is $2,436,282,371 and net unrealized appreciation consists of:

Gross unrealized appreciation	$	327,318,788
Gross unrealized depreciation		(68,054,357	)
Net unrealized appreciation	$	259,264,431

† Affiliated Issuer, as defined under the Investment Company Act of 1940 (ownership of 5% or more of the outstanding voting securities of this issuer)

See accompanying notes to schedules of investments.

Matthews Korea Fund	March 31, 2016
Schedule of Investmentsa (unaudited)

	Shares		Value
COMMON EQUITIES: SOUTH KOREA: 74.7%
CONSUMER DISCRETIONARY: 18.7%
Hotels, Restaurants & Leisure: 5.5%
Modetour Network, Inc.		191,886	$	5,050,460
Kangwon Land, Inc.		136,640		4,884,626
Shinsegae Food Co., Ltd.		11,910		1,355,351
				11,290,437
Auto Components: 5.5%
Hankook Tire Co., Ltd.		119,816		5,699,191
Hyundai Mobis Co., Ltd.		25,077		5,463,721
				11,162,912
Automobiles: 2.3%
Kia Motors Corp.		111,708		4,718,661
Media: 1.7%
CJ CGV Co., Ltd.		24,239		2,090,731
Cheil Worldwide, Inc.		79,016		1,175,670
Hyundai Hy Communications & Network Co., Ltd.		68,816		204,695
				3,471,096
Multiline Retail: 1.6%
Hyundai Department Store Co., Ltd.		26,897		3,235,828
Specialty Retail: 1.3%
Hotel Shilla Co., Ltd.		44,603		2,596,592
Internet & Catalog Retail: 0.8%
NS Shopping Co., Ltd.b		10,422		1,713,896
Total Consumer Discretionary				38,189,422
FINANCIALS: 15.1%
Banks: 6.6%
Shinhan Financial Group Co., Ltd.		221,472		7,795,777
KB Financial Group, Inc.		110,198		3,059,892
DGB Financial Group, Inc.		339,362		2,641,549
				13,497,218
Insurance: 4.6%
Dongbu Insurance Co., Ltd.		100,190		6,663,462
Samsung Fire & Marine Insurance Co., Ltd.		10,355		2,674,350
				9,337,812
Capital Markets: 3.9%
Shinyoung Securities Co., Ltd.		86,944		4,546,431
Kiwoom Securities Co., Ltd.		60,193		3,515,961
				8,062,392
Total Financials				30,897,422
CONSUMER STAPLES: 13.6%
Food Products: 6.9%
Orion Corp.		6,503		5,201,716
Ottogi Corp.		3,902		3,098,693
Binggrae Co., Ltd.		48,495		2,942,885
Daesang Corp.		112,977		2,868,997
				14,112,291
Food & Staples Retailing: 5.3%
BGF Retail Co., Ltd.		35,893		5,147,524
Hyundai Greenfood Co., Ltd.		204,217		3,467,116
E-Mart, Inc.		13,943		2,141,146
				10,755,786

	Shares		Value
Personal Products: 1.4%
LG Household & Health Care, Ltd.		3,576	$	2,956,843
Total Consumer Staples				27,824,920
INFORMATION TECHNOLOGY: 9.4%
Technology Hardware, Storage & Peripherals: 3.9%
Samsung Electronics Co., Ltd.		6,830		7,838,156
Internet Software & Services: 3.0%
Naver Corp.		11,038		6,151,145
Semiconductors & Semiconductor Equipment: 2.0%
Koh Young Technology, Inc.		47,439		1,694,268
SK Hynix, Inc.		64,368		1,584,590
Silicon Works Co., Ltd.		29,618		862,761
				4,141,619
Electronic Equipment, Instruments & Components: 0.5%
Bixolon Co., Ltd.		84,519		1,005,046
Total Information Technology				19,135,966
HEALTH CARE: 4.4%
Pharmaceuticals: 3.8%
Yuhan Corp.		13,026		3,194,676
Dong-A ST Co., Ltd.		23,987		3,188,014
DongKook Pharmaceutical Co., Ltd.		24,611		1,420,913
				7,803,603
Biotechnology: 0.6%
Hugel, Inc.b		4,507		1,097,192
Total Health Care				8,900,795
INDUSTRIALS: 4.2%
Machinery: 1.2%
Hy-Lok Corp.		100,845		2,418,741
Commercial Services & Supplies: 1.1%
KEPCO Plant Service & Engineering Co., Ltd.		41,246		2,311,670
Trading Companies & Distributors: 1.0%
iMarketKorea, Inc.		125,153		2,074,868
Professional Services: 0.9%
SaraminHR Co., Ltd.		120,621		1,733,726
Total Industrials				8,539,005
TELECOMMUNICATION SERVICES: 4.2%
Wireless Telecommunication Services: 2.5%
SK Telecom Co., Ltd. ADR		249,300		5,028,381
Diversified Telecommunication Services: 1.7%
KT Corp. ADRb		258,700		3,471,754
Total Telecommunication Services				8,500,135
ENERGY: 2.8%
Oil, Gas & Consumable Fuels: 2.8%
SK Innovation Co., Ltd.		23,336		3,517,085
S-Oil Corp.		24,496		2,100,470
Total Energy				5,617,555

Matthews Korea Fund	March 31, 2016
Schedule of Investmentsa (unaudited) (continued)

	Shares		Value
MATERIALS: 2.3%
Chemicals: 2.3%
LG Chem, Ltd.		13,283	$	3,812,104
KPX Chemical Co., Ltd.		21,148		985,148
Total Materials				4,797,252
TOTAL COMMON EQUITIES (Cost $110,789,604)				152,402,472
PREFERRED EQUITIES: SOUTH KOREA: 21.1%
CONSUMER STAPLES: 6.9%
Personal Products: 6.9%
LG Household & Health Care, Ltd., Pfd.		18,986		7,431,714
Amorepacific Corp., Pfd.		34,763		6,709,776
Total Consumer Staples				14,141,490
INFORMATION TECHNOLOGY: 4.5%
Technology Hardware, Storage & Peripherals: 4.0%
Samsung Electronics Co., Ltd., Pfd.		8,351		8,085,261
Electronic Equipment, Instruments & Components: 0.5%
Samsung SDI Co., Ltd., Pfd.		20,284		1,125,180
Total Information Technology				9,210,441
FINANCIALS: 3.3%
Insurance: 3.3%
Samsung Fire & Marine Insurance Co., Ltd., Pfd.		39,526		6,672,356
Total Financials				6,672,356
MATERIALS: 2.7%
Chemicals: 2.7%
LG Chem, Ltd., Pfd.		27,910		5,558,890
Total Materials				5,558,890
CONSUMER DISCRETIONARY: 2.4%
Automobiles: 2.4%
Hyundai Motor Co., Ltd., 2nd Pfd.		53,516		4,960,259
Total Consumer Discretionary				4,960,259
ENERGY: 1.3%
Oil, Gas & Consumable Fuels: 1.3%
S-Oil Corp., Pfd.		51,498		2,660,058
Total Energy				2,660,058
TOTAL PREFERRED EQUITIES (Cost $24,348,980)				43,203,494
TOTAL INVESTMENTS: 95.8% (Cost $135,138,584c)				195,605,966
CASH AND OTHER ASSETS, LESS LIABILITIES: 4.2%				8,475,562
NET ASSETS: 100.0%			$	204,081,528

a Certain securities were fair valued under the valuation polices approved by the Board of Trustees (Note A).

b Non-income producing security.

c Cost for federal income tax purposes is $136,002,105 and net unrealized appreciation consists of:

Gross unrealized appreciation	$	65,665,163
Gross unrealized depreciation		(6,061,302	)
Net unrealized appreciation	$	59,603,861

ADR American Depositary Receipt

Pfd. Preferred

See accompanying notes to schedule of investments.

Matthews Asia Small Companies Fund	March 31, 2016
Schedule of Investmentsa (unaudited)

	Shares		Value
COMMON EQUITIES: 96.0%
CHINA/HONG KONG: 27.6%
Vitasoy International Holdings, Ltd.		9,272,000	$	17,315,051
Fairwood Holdings, Ltd.		4,361,500		14,884,028
Sunny Optical Technology Group Co., Ltd.		4,401,000		12,383,151
Kerry Logistics Network, Ltd.		7,710,500		11,093,942
Clear Media, Ltd.		10,890,000		9,413,887
Lifetech Scientific Corp.b		55,040,000		9,170,959
China Distance Education Holdings, Ltd. ADR		606,100		8,921,792
Bitauto Holdings, Ltd. ADRb		347,000		8,602,130
Value Partners Group, Ltd.		8,011,000		8,411,969
51job, Inc. ADRb		268,900		8,341,278
eHi Car Services, Ltd. ADRb		662,035		8,268,817
SITC International Holdings Co., Ltd.		15,951,000		7,888,389
Qingdao Port International Co., Ltd. H Shares		14,879,000		6,930,608
Regina Miracle International Holdings, Ltd.b		4,173,052		6,100,217
China Biologic Products, Inc.b		44,854		5,134,886
Genscript Biotech Corp.b		24,050,000		4,247,391
Phoenix New Media, Ltd. ADRb		827,461		3,682,201
YGM Trading, Ltd.		5,689,000		3,593,508
Total China/Hong Kong				154,384,204
TAIWAN: 15.8%
PChome Online, Inc.		1,246,241		13,707,971
Aerospace Industrial Development Corp.		9,035,000		11,844,613
Merida Industry Co., Ltd.		2,111,000		9,338,213
Adlink Technology, Inc.		4,005,051		9,082,733
Voltronic Power Technology Corp.		545,848		8,590,776
Addcn Technology Co., Ltd.		1,051,500		8,493,325
Sporton International, Inc.		1,454,094		7,428,136
Sunny Friend Environmental Technology Co., Ltd.		1,600,000		6,810,672
FineTek Co., Ltd.†		3,013,920		6,148,396
TSC Auto ID Technology Co., Ltd.		567,200		4,969,518
Poya International Co., Ltd.		183,000		1,946,116
Kerry TJ Logistics Co., Ltd.		274,000		353,293
Total Taiwan				88,713,762
INDIA: 13.6%
GRUH Finance, Ltd.		2,066,957		7,463,216
Bajaj Corp., Ltd.		1,279,474		7,452,309
Supreme Industries, Ltd.		639,285		7,140,093
Mindtree, Ltd.		710,104		7,002,230
Berger Paints India, Ltd.		1,881,036		6,951,013
AIA Engineering, Ltd.		468,340		6,644,522
CRISIL, Ltd.		219,411		5,960,921
Page Industries, Ltd.		32,045		5,858,479
Ipca Laboratories, Ltd.		665,878		5,851,633
Gujarat Pipavav Port, Ltd.b		2,161,777		5,758,839
LA Opala RG, Ltd.		604,056		5,438,920
Emami, Ltd.		341,152		4,799,674
Total India				76,321,849

	Shares		Value
SOUTH KOREA: 10.3%
i-SENS, Inc.b		333,447	$	10,560,144
Interpark Corp.		538,582		9,470,302
Hy-Lok Corp.		354,903		8,512,254
NICE Holdings Co., Ltd.		479,552		8,283,547
Medy-Tox, Inc.		14,897		5,746,971
Cell Biotech Co., Ltd.		93,466		5,172,037
Value Added Technologies Co., Ltd.		114,129		4,426,247
LIG Nex1 Co., Ltd.		41,624		3,845,350
Silicon Works Co., Ltd.		56,200		1,637,084
Total South Korea				57,653,936
SINGAPORE: 6.8%
ARA Asset Management, Ltd.		12,357,618		10,735,399
Raffles Medical Group, Ltd.		3,055,300		10,219,071
Petra Foods, Ltd.		4,725,700		9,817,086
iFAST Corp., Ltd.		7,443,000		7,123,545
Total Singapore				37,895,101
THAILAND: 6.6%
Bangkok Chain Hospital Public Co., Ltd.		27,459,575		8,498,906
KCE Electronics Public Co., Ltd.		3,766,900		8,455,282
Aeon Thana Sinsap Thailand Public Co., Ltd.		2,234,400		6,065,526
Supalai Public Co., Ltd.		11,380,700		6,045,993
Plan B Media Public Co., Ltd. F Shares		22,287,900		4,180,139
Forth Smart Service Public Co., Ltd.		9,300,600		3,406,734
Aeon Thana Sinsap Thailand Public Co., Ltd. NVDR		88,700		240,786
Total Thailand				36,893,366
INDONESIA: 6.2%
PT Selamat Sempurna		22,736,500		8,230,407
PT Sumber Alfaria Trijaya		167,969,200		7,537,080
PT Bank Tabungan Pensiunan Nasionalb		33,715,400		7,113,212
PT Astra Otoparts		42,448,625		6,120,361
PT Ultrajaya Milk Industry & Trading Co.b		17,446,900		5,065,653
PT Wismilak Inti Makmur		18,105,800		546,034
Total Indonesia				34,612,747
MALAYSIA: 4.7%
Karex BHD		10,961,250		10,673,692
7-Eleven Malaysia Holdings BHD		24,351,500		8,738,203
GD Express Carrier BHD		18,008,900		7,200,666
Total Malaysia				26,612,561
PHILIPPINES: 3.7%
Security Bank Corp.		2,558,887		9,722,548
Concepcion Industrial Corp.		8,391,900		7,836,936
Philippine Seven Corp.		1,454,751		3,159,411
Total Philippines				20,718,895
VIETNAM: 0.7%
DHG Pharmaceutical JSC		995,900		3,752,550
Total Vietnam				3,752,550

Matthews Asia Small Companies Fund	March 31, 2016
Schedule of Investmentsa (unaudited) (continued)

	Value
TOTAL INVESTMENTS: 96.0% (Cost $500,738,233c)	$	537,558,971
CASH AND OTHER ASSETS, LESS LIABILITIES: 4.0%		22,629,730
NET ASSETS: 100.0%	$	560,188,701

a Certain securities were fair valued under the valuation polices approved by the Board of Trustees (Note A).

b Non-income producing security.

c Cost for federal income tax purposes is $501,235,162 and net unrealized appreciation consists of:

Gross unrealized appreciation	$	94,184,276
Gross unrealized depreciation		(57,860,467	)
Net unrealized appreciation	$	36,323,809

† Affiliated Issuer, as defined under the Investment Company Act of 1940 (ownership of 5% or more of the outstanding voting securities of this issuer)

ADR American Depositary Receipt

BHD Berhad

JSC Joint Stock Co.

NVDR Non-voting Depositary Receipt

See accompanying notes to schedules of investments.

Matthews China Small Companies Fund	March 31, 2016
Schedule of Investmentsa (unaudited)

	Shares		Value
COMMON EQUITIES: 92.1%
INDUSTRIALS: 29.4%
Transportation Infrastructure: 6.8%
Yuexiu Transport Infrastructure, Ltd.		1,042,000	$	702,676
Qingdao Port International Co., Ltd. H Shares		1,032,000		480,704
Shenzhen International Holdings, Ltd.		118,500		192,350
				1,375,730
Professional Services: 5.0%
51job, Inc. ADRb		20,324		630,450
Sporton International, Inc.		73,113		373,493
				1,003,943
Electrical Equipment: 4.5%
Voltronic Power Technology Corp.		57,261		901,197
Marine: 4.0%
SITC International Holdings Co., Ltd.		1,632,000		807,087
Road & Rail: 2.9%
eHi Car Services, Ltd. ADRb		47,100		588,279
Air Freight & Logistics: 2.5%
Kerry Logistics Network, Ltd.		353,000		507,900
Machinery: 2.4%
TK Group Holdings, Ltd.		1,912,000		493,316
Commercial Services & Supplies: 1.3%
Sunny Friend Environmental Technology Co., Ltd.		61,000		259,657
Total Industrials				5,937,109
CONSUMER DISCRETIONARY: 21.0%
Auto Components: 4.9%
Minth Group, Ltd.		266,000		619,278
Hu Lane Associate, Inc.		77,000		367,150
				986,428
Hotels, Restaurants & Leisure: 4.1%
Fairwood Holdings, Ltd.		162,000		552,840
Homeinns Hotel Group ADRb		7,550		269,158
				821,998
Textiles, Apparel & Luxury Goods: 3.9%
Best Pacific International Holdings, Ltd. H Shares		892,000		492,147
Regina Miracle International Holdings, Ltd.b		208,000		304,057
				796,204
Household Durables: 3.1%
Wuxi Little Swan Co., Ltd. B Shares		238,117		632,215
Diversified Consumer Services: 3.1%
China Distance Education Holdings, Ltd. ADR		42,660		627,955
Media: 1.9%
Clear Media, Ltd.		441,000		381,224
Total Consumer Discretionary				4,246,024
HEALTH CARE: 13.5%
Biotechnology: 7.0%
China Biologic Products, Inc.b		7,600		870,048
Shanghai Haohai Biological Technology Co., Ltd. H Shares		93,900		533,404
				1,403,452

	Shares		Value
Pharmaceuticals: 2.9%
SSY Group, Ltd.		1,267,022	$	402,321
Lee’s Pharmaceutical Holdings, Ltd.		264,500		185,563
				587,884
Life Sciences Tools & Services: 2.0%
Genscript Biotech Corp.b		2,298,000		405,842
Health Care Equipment & Supplies: 1.6%
Lifetech Scientific Corp.b		1,972,000		328,582
Total Health Care				2,725,760
INFORMATION TECHNOLOGY: 12.6%
Electronic Equipment, Instruments & Components: 8.5%
Sunny Optical Technology Group Co., Ltd.		344,000		967,917
PAX Global Technology, Ltd.		402,000		402,126
Technovator International, Ltd.b		644,000		345,182
China High Precision Automation Group, Ltd.b,c		195,000		251
				1,715,476
Technology Hardware, Storage & Peripherals: 2.8%
Adlink Technology, Inc.		247,868		562,120
Software: 1.3%
Chanjet Information Technology Co., Ltd. H Shares		169,400		256,433
Total Information Technology				2,534,029
FINANCIALS: 11.3%
Real Estate Management & Development: 6.8%
KWG Property Holding, Ltd.		1,031,500		678,571
Beijing Properties Holdings, Ltd.b		5,374,000		368,677
China Jinmao Holdings Group, Ltd.		1,162,000		323,273
				1,370,521
Capital Markets: 3.2%
Value Partners Group, Ltd.		623,000		654,183
Diversified Financial Services: 1.3%
China Merchants China Direct Investments, Ltd.		178,000		262,478
Total Financials				2,287,182
CONSUMER STAPLES: 4.3%
Food Products: 4.3%
Vitasoy International Holdings, Ltd.		288,000		537,826
6Tenwow International Holdings, Ltd.		1,201,000		320,355
Total Consumer Staples				858,181
TOTAL INVESTMENTS: 92.1% (Cost $18,445,651d)				18,588,285
CASH AND OTHER ASSETS, LESS LIABILITIES: 7.9%				1,586,370
NET ASSETS: 100.0%			$	20,174,655

a Certain securities were fair valued under the valuation polices approved by the Board of Trustees (Note A).

b Non-income producing security.

c Illiquid security, trading was halted at March 31, 2016.

Matthews China Small Companies Fund	March 31, 2016
Schedule of Investmentsa (unaudited) (continued)

d Cost for federal income tax purposes is $18,477,447 and net unrealized appreciation consists of:

Gross unrealized appreciation	$	2,412,020
Gross unrealized depreciation		(2,301,182	)
Net unrealized appreciation	$	110,838

ADR American Depositary Receipt

See accompanying notes to schedules of investments.

Matthews Asia Science and Technology Fund*	March 31, 2016
Schedule of Investmentsa (unaudited)

	Shares		Value
COMMON EQUITIES: 86.3%
CHINA/HONG KONG: 38.8%
Baidu, Inc. ADRb		72,300	$	13,800,624
JD.com, Inc. ADRb		303,000		8,029,500
Ctrip.com International, Ltd. ADRb		176,600		7,816,316
Tencent Holdings, Ltd.		223,300		4,565,227
NetEase, Inc. ADR		31,000		4,450,980
China Biologic Products, Inc.b		34,400		3,938,112
CITIC Telecom International Holdings, Ltd.		8,453,000		3,181,977
Shandong Weigao Group Medical Polymer Co., Ltd. H Shares		4,700,000		2,997,443
Vipshop Holdings, Ltd. ADRb		207,742		2,675,717
Zhaopin, Ltd. ADRb		141,763		2,251,196
CSPC Pharmaceutical Group, Ltd.		2,290,000		2,072,806
PAX Global Technology, Ltd.		1,859,000		1,859,585
Qunar Cayman Islands, Ltd. ADRb		5,460		216,762
Total China/Hong Kong				57,856,245
SOUTH KOREA: 10.9%
Naver Corp.		8,279		4,613,637
Hana Tour Service, Inc.		38,471		2,850,435
Hugel, Inc.b		9,915		2,413,725
Kiwoom Securities Co., Ltd.		37,987		2,218,876
BGF Retail Co., Ltd.		15,160		2,174,142
iMarketKorea, Inc.		121,013		2,006,233
Total South Korea				16,277,048
INDIA: 7.7%
Info Edge India, Ltd.		371,814		4,305,336
Bharti Infratel, Ltd.		452,045		2,607,196
Lupin, Ltd.		113,328		2,531,062
Blue Dart Express, Ltd.		22,300		2,036,742
Total India				11,480,336
JAPAN: 6.4%
Hoya Corp.		64,800		2,463,089
Pigeon Corp.		94,200		2,454,566
Kao Corp.		44,500		2,372,827
Olympus Corp.		58,200		2,259,568
Total Japan				9,550,050
TAIWAN: 6.3%
PChome Online, Inc.		277,525		3,052,623
Delta Electronics, Inc.		515,511		2,272,521
Ennoconn Corp.		181,000		2,176,299
Merida Industry Co., Ltd.		413,000		1,826,946
Total Taiwan				9,328,389
INDONESIA: 6.1%
PT Media Nusantara Citra		17,798,000		2,923,849
PT Telekomunikasi Indonesia Persero ADR		45,400		2,308,590
PT Matahari Department Store		1,468,800		2,032,475
PT Bank Mandiri Persero		2,382,100		1,849,494
Total Indonesia				9,114,408
SINGAPORE: 3.9%
Raffles Medical Group, Ltd.		751,600		2,513,879
iFAST Corp., Ltd.		1,802,100		1,724,754

	Shares		Value
Singapore Telecommunications, Ltd.		542,800	$	1,536,479
Total Singapore				5,775,112
UNITED STATES: 2.2%
Cognizant Technology Solutions Corp. Class Ab		53,300		3,341,910
Total United States				3,341,910
THAILAND: 1.9%
Major Cineplex Group Public Co., Ltd.		3,261,900		2,800,599
Total Thailand				2,800,599
PHILIPPINES: 1.2%
Puregold Price Club, Inc.		2,282,900		1,804,703
Total Philippines				1,804,703
VIETNAM: 0.9%
Mobile World Investment Corp.b		375,365		1,271,213
Total Vietnam				1,271,213
TOTAL COMMON EQUITIES (Cost $100,444,532)				128,600,013
PREFERRED EQUITIES: 9.0%
SOUTH KOREA: 9.0%
LG Household & Health Care, Ltd., Pfd.		14,651		5,734,859
Samsung Electronics Co., Ltd., Pfd.		4,494		4,350,995
LG Chem, Ltd., Pfd.		16,216		3,229,773
Total South Korea				13,315,627
TOTAL PREFERRED EQUITIES (Cost $11,614,809)				13,315,627
TOTAL INVESTMENTS: 95.3% (Cost $112,059,341c)				141,915,640
CASH AND OTHER ASSETS, LESS LIABILITIES : 4.7%				7,045,335
NET ASSETS: 100.0%			$	148,960,976

a Certain securities were fair valued under the valuation polices approved by the Board of Trustees (Note A).

b Non-income producing security.

c Cost for federal income tax purposes is $112,079,089 and net unrealized appreciation consists of:

Gross unrealized appreciation	$	34,557,634
Gross unrealized depreciation		(4,721,083	)
Net unrealized appreciation	$	29,836,551

ADR American Depositary Receipt

Pfd. Preferred

See accompanying notes to schedule of investments.

* The Fund’s name changed from Matthews Asia Science and Technology Fund to Matthews Asia Innovators Fund on April 29, 2016.

Notes to Schedules of Investments (unaudited)

A. SECURITY VALUATION: The value of the Matthews Asia Funds’ (each a “Fund,” and collectively the “Funds” or the “Trust”) securities is based on market quotations for those securities, or on their fair value determined by the valuation policies approved by the Funds’ Board of Trustees (the “Board”). Market quotations and valuation information are provided by commercial pricing services or securities dealers that are independent of the Funds and Matthews International Capital Management, LLC (“Matthews”), in accordance with procedures established by the Funds’ Board. Foreign exchange-traded securities are valued as of the close of trading on the primary exchange on which they trade. Securities that trade in over-the-counter markets, including most debt securities (bonds), may be valued by other third-party vendors or by using indicative bid quotations from dealers or market makers, or other available market information. Market values for securities are determined based on quotations, market data or other information from the principal (or most advantageous) market on which the security is traded. Market quotations for equity securities used by the Funds include last reported sale prices, or, if such prices are not reported or available, bid and ask prices. Financial futures contracts traded on exchanges are valued at their settlement prices. Foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined at the close of business on the New York Stock Exchange (“NYSE”). Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. The Funds may also utilize independent pricing services to assist them in determining a current market value for each security based on sources believed to be reliable.

The Board has delegated the responsibility of making fair value determinations to the Funds’ Valuation Committee (the “Valuation Committee”) subject to the Funds’ pricing policies. When fair value pricing is employed, the prices of securities used by a Fund to calculate its Net Asset Value (“NAV”) may differ from any quoted or published prices for the same securities for that day. All fair value determinations are made subject to the Board’s oversight. Events affecting the value of foreign investments may occur between the time at which they are determined and when the Funds calculate their NAV, which is normally the close of trading on the NYSE. If such events render market quotations unreliable, and the impact of such events can be reasonably determined, the investments will be valued at their fair value in accordance with pricing policies. The fair value of a security held by the Funds may be determined using the services of third-party pricing services to assist in this process.

The books and records of the Funds are maintained in U.S. dollars. Transactions, portfolio securities, and assets and liabilities denominated in a foreign currency are translated and recorded in U.S. dollars at the prevailing exchange rate as of the close of trading on the NYSE. Translation gains or losses resulting from changes in the exchange rate during the reporting period and realized gains and losses on the settlement of foreign currency transactions are reported in the results of operations for the current period. The Funds do not isolate that portion of gains and losses on investments in equity securities that is due to changes in foreign exchange rate from that which is due to changes in market prices of securities.

Foreign securities held by the Funds may be traded on days and at times when the NYSE is closed. Accordingly, the NAV of the Funds may be significantly affected on days when shareholders have no access to the Funds.

B. FAIR VALUE MEASUREMENTS: In accordance with the guidance on fair value measurements and disclosures under generally accepted accounting principles in the United States (“U.S. GAAP”), the Funds disclose the fair value of their investments and derivative financial instruments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). Various inputs are used in determining the fair value of investments and derivative financial instruments, which are as follows:

Level 1: Quoted prices in active markets for identical securities.

Level 2: Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3: Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments and derivative financial instruments).

Level 3 securities consisted primarily of equities that, as of March 31, 2016, were suspended from trading. As described in Note A, these securities are valued based on their fair value as determined under the direction of the Board. The significant unobservable inputs, the methodology used for valuing such securities, and the characterization of such securities as Level 3 securities are not necessarily an indication of liquidity, or the risk associated with investing in these securities. A significant change in the unobservable inputs could result in a significantly lower or higher value in such Level 3 securities and could impact overall Fund performance. Level 2 equity securities consist primarily of securities that have been fair valued by third- party pricing services (see Note A).

The summary of inputs used to determine the fair valuation of the Fund’s investments as of March 31, 2016 is as follows:

	Matthews Asia Strategic Income Fund		Matthews Asian Growth and Income Fund		Matthews Asia Dividend Fund		Matthews Asia Value Fund		Matthews Asia Focus Fund		Matthews Asia Growth Fund
Assets:
Investments:
Level 1: Quoted Prices
China/Hong Kong	$	—	$	162,698,002	$	306,174,652	$	75,467	$	641,276	$	47,916,718
Indonesia		—		46,100,610		52,916,236		—		—		—
Israel		—		—		—		28,650		—		—
Malaysia		—		48,456,628		—		—		—		7,608,802
Singapore		—		—		34,712,218		18,112		—		—
Sri Lanka		—		—		—		—		—		5,977,713
Taiwan		—		96,193,017		191,560,430		—		—		—
United States		—		46,799,508		—		76,917		766,336		—
Level 2: Other Significant Observable Inputs
Foreign Government Obligationsa		10,756,396		—		—		—		—		—
Non-Convertible Corporate Bondsa		39,544,407		—		—		—		—		—
Convertible Corporate Bondsa		10,059,583		247,040,964		—		—		—		—
Common Equities:
Australia		—		103,980,390		120,317,950		—		489,837		27,030,859
Bangladesh		—		—		—		—		—		7,583,572
China/Hong Kong		—		617,107,419		1,084,029,591		383,262		3,551,325		34,152,334
India		—		—		111,762,466		—		358,257		78,813,007
Indonesia		—		27,461,491		148,755,749		—		543,893		83,402,184
Japan		—		163,617,787		1,471,403,421		137,525		395,415		311,080,317
Luxembourg		—		—		66,208,024		—		—		—
Malaysia		—		149,766,590		—		95,229		1,048,233		—
New Zealand		—		66,220,812		55,800,540		—		—		—
Norway		—		43,163,300		—		—		—		—
Pakistan		—		—		—		—		—		6,552,174
Philippines		—		35,791,093		69,785,642		—		—		41,543,805
Singapore		44,692		419,778,044		180,057,156		97,208		1,178,777		—
South Korea		—		228,998,214		218,961,248		370,042		715,669		7,520,611
Sri Lanka		—		—		—		—		—		12,227,333
Switzerland		—		—		—		—		316,580		—
Taiwan		—		56,273,673		83,966,784		83,637		468,856		9,696,791
Thailand		—		100,780,615		85,524,830		18,453		563,542		7,357,506
United Kingdom		—		—		—		31,525		—		—
Vietnam		—		57,348,996		82,318,999		—		—		13,022,907
Preferred Equities:
South Korea		—		99,945,240		153,559,801		192,194		—		—
Level 3: Significant Unobservable Inputs
Common Equities:
China/Hong Kong		—		—		43,630,987		—		—		—
Total Market Value of Investments	$	60,405,078	$	2,817,522,393	$	4,561,446,724	$	1,608,221	$	11,037,996	$	701,486,633

^a  Industry, countries, or security types are disclosed on the Schedule of Investments.

	Matthews Asia
	Strategic Income
	Fund
Derivative Financial Instruments1
Assets
Level 2: Other Significant Observable Inputs
Foreign Currency Exchange Contracts	$	1,449,860
Liabilities
Level 2: Other Significant Observable Inputs
Foreign Currency Exchange Contracts		(1,275,405	)
Total Market Value of Derivative Financial Instruments	$	174,455

¹ Derivative financial instruments are foreign currency exchange contracts. Foreign currency exchange contracts are valued at the unrealized appreciation/depreciation on the instrument.

	Matthews China Dividend Fund		Matthews China Fund		Matthews India Fund		Matthews Japan Fund		Matthews Korea Fund		Matthews China Small Companies Fund
Assets:
Investments:
Level 1: Quoted Prices
Common Equities:
Consumer Discretionary	$	9,354,214	$	40,882,690	$	—	$	—	$	—	$	2,008,538
Financials		—		—		13,380,816		—		—		—
Health Care		—		—		66,625,575		—		1,097,192		1,275,890
Industrials		308,304		—		—		—		—		1,218,729
Information Technology		5,529,300		49,354,212		68,888,490		—		—		—
Telecommunication Services		4,836,904		—		—		—		8,500,135		—
Level 2: Other Significant Observable Inputs
Common Equities:
Consumer Discretionary		30,794,952		52,794,375		107,760,058		517,324,891		38,189,422		2,237,486
Consumer Staples		10,610,730		—		281,005,041		495,663,313		27,824,920		858,181
Energy		1,815,904		10,470,888		—		—		5,617,555		—
Financials		31,257,342		211,022,508		367,268,810		319,569,254		30,897,422		2,287,182
Health Care		7,192,803		37,850,253		130,048,181		348,891,212		7,803,603		1,449,870
Industrials		23,107,028		92,502,061		141,993,166		586,089,261		8,539,005		4,718,380
Information Technology		5,424,016		72,029,289		168,553,770		329,116,805		19,135,966		2,533,778
Materials		4,132,863		—		76,194,089		98,892,066		4,797,252		—
Telecommunication Services		9,594,333		—		—		—		—		—
Utilities		4,574,996		13,578,653		—		—		—		—
Health Care		—		—		114,476		—		—		—
Preferred Equities:
Consumer Discretionary		—		—		—		—		4,960,259		—
Consumer Staples		—		—		—		—		14,141,490		—
Energy		—		—		—		—		2,660,058		—
Financials		—		—		—		—		6,672,356		—
Information Technology		—		—		—		—		9,210,441		—
Materials		—		—		—		—		5,558,890		—
Level 3: Significant Unobservable Inputs
Common Equities:
Consumer Discretionary		—		11,348,641		—		—		—		—
Financials		2,374,676		13,110,745		—		—		—		—
Information Technology		—		9,737,317		—		—		—		251
Total Market Value of Investments	$	150,908,365	$	614,681,632	$	1,421,832,472	$	2,695,546,802	$	195,605,966	$	18,588,285

	Matthews Pacific Tiger Fund		Matthews Asia ESG Fund		Matthews Emerging Asia Fund		Matthews Asia Small Companies Fund		Matthews Asia Science and Technology Fund*
Assets:
Investments:
Level 1: Quoted Prices
Common Equities:
Bangladesh	$	—	$	—	$	4,900,360	$	—	$	—
China/Hong Kong		527,525,686		169,600		—		50,792,003		43,179,207
Indonesia		18,512,959		—		3,401,305		20,833,140		2,308,590
Japan		—		75,716		—		—		—
Malaysia		80,163,150		—		—		8,738,203		—
Pakistan		—		169,316		4,242,967		—		—
Philippines		—		180,083		3,219,279		10,996,347		1,804,703
Singapore		—		161,893		—		16,940,631		1,724,754
Sri Lanka		—		116,564		809,941		—		—
South Korea		—		—		—		—		2,413,725
Thailand		—		—		—		6,306,312		—
United States		91,391,520		—		—		—		—
Vietnam		—		—		16,352,556		3,752,550		3,341,910
Warrants:
Malaysia		7,004,009		—		—		—		—
Level 2: Other Significant Observable Inputs
Common Equities:
Australia		—		59,544		1,305,298		—		—
Bangladesh		—		60,923		13,711,430		—		—
China/Hong Kong		1,517,176,529		1,245,128		7,712,647		103,592,201		14,677,038
India		1,263,323,883		1,026,798		13,103,188		76,321,849		11,480,336
Indonesia		438,242,888		180,124		8,622,009		13,779,607		6,805,818
Japan		—		334,853		—		—		9,550,050
Luxembourg		—		114,147		—		—		—
Malaysia		213,871,973		—		—		17,874,358		—
Pakistan		—		—		20,352,989		—		—
Philippines		196,102,153		156,885		3,572,790		9,722,548		—
Singapore		18,534,844		191,795		2,100,484		20,954,470		4,050,358
South Korea		1,086,576,075		643,127		—		57,653,936		13,863,323
Sri Lanka		—		—		9,418,509		—		—
Switzerland		187,276,516		—		—		—		—
Taiwan		398,341,364		873,843		—		88,713,762		9,328,389
Thailand		368,772,552		294,812		1,671,339		30,587,054		2,800,599
Vietnam		170,645,257		—		6,067,748		—		1,271,213
Preferred Equities:
South Korea		—		—		—		—		13,315,627
Total Market Value of Investments	$	6,583,461,358	$	6,055,151	$	120,564,839	$	537,558,971	$	141,915,640

* The Fund’s name changed from Matthews Asia Science and Technology Fund to Matthews Asia Innovators Fund on April 29, 2016.

Foreign securities that are valued based on market quotations are categorized as Level 1 in the fair value hierarchy (see Note B). Certain foreign securities may be fair valued by external pricing services when the Funds determine that events affecting the value of foreign securities which occur between the time at which they are determined and the close of trading on the NYSE render market quotations unreliable. Such fair valuations are typically categorized as Level 2 in the fair value hierarchy. The Funds’ policy is to recognize transfers in and transfers out as of the beginning of the reporting period. At March 31, 2016, the Funds utilized third party pricing services to fair value certain securities, some of which were different than securities which were valued by third party pricing services at December 31, 2015. As a result, certain securities held by the Funds were transferred from Level 2 into Level 1 and certain securities held by the Funds were transferred from Level 1 to Level 2 with beginning of period values as follows:

	Transfer to Level 1 from Level 2		Transfer to Level 2 from Level 1
Matthews Asia Strategic Income Fund	$	—	$	500,994
Matthews Asia Growth and Income Fund		47,042,983		—
Matthews Asia Dividend Fund		118,275,877		—
Matthews China Dividend Fund		3,933,589		3,017,053
Matthews Asia Value Fund		—		22,927
Matthews Asia Growth Fund		—		28,438,816
Matthews Asia ESG Fund		198,924		54,345
Matthews Emerging Asia Fund		4,612,386		20,452,699
Matthews India Fund		—		46,474,436
Matthews Asia Small Companies Fund		23,179,922		6,526,330
Matthews China Small Companies Fund		584,078		121,019
Matthews Asia Science and Technology Fund*		1,710,423		—

* The Fund’s name changed from Matthews Asia Science and Technology Fund to Matthews Asia Innovators Fund on April 29, 2016.

A reconciliation of Level 3 investments for which significant unobservable inputs were used to determine value are as follows:

	Matthews Asia Dividend Fund			Matthews China Dividend Fund			Matthews Pacific Tiger Fund			Matthews China Fund			Matthews China Small Companies Fund
	Common Equities - China/ Hong Kong			Common Equities - Industrials			Common Equities - China/ Hong Kong			Common Equities - Financials			Common Equities - Information Technology
Balance as of 12/31/15 (market value)	$	—		$	—		$	82,848,600		$	20,510,781		$	7,548
Accrued discounts/premiums		—			—			—			—			—
Realized gain/(loss)		(772,104	)		(113,554	)		—			—			—
Change in unrealized (depreciation)		(8,054,491	)		(433,091	)		—			(7,517,324	)		(7,297	)
Purchases		—			—			—			—			—
Sales		(14,132,238	)		(1,238,702	)		—			—			—
Transfers in to Level 3*		66,589,820			4,160,023			—			41,714,027			—
Transfers out of Level 3*		—			—			(82,848,600	)		(20,510,781	)		—
Balance as of 3/31/16 (market value)	$	43,630,987		$	2,374,676		$	—		$	34,196,703		$	251
Net change in unrealized appreciation/depreciation on Level 3 investments held as of 3/31/16	$	(8,054,491	)	$	(433,091	)	$	—		($	7,517,324	)	($	7,297	)

* The Fund’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period.

Certain foreign securities, for which market quotations are not readily available, may be fair valued and classified as either Level 2 or Level 3. When the underlying inputs include significant observable inputs obtained from sources independent of the Funds, the securities are classified as Level 2. These inputs include evaluated prices from the Funds’ pricing vendors, day-on-day price changes, primary and ancillary pricing sources, and other available independent market indicators of value. When the underlying inputs include significant unobservable inputs and reflect assumptions of market

participants, the securities are classified as Level 3. As of March 31, 2016, the Funds that previously used quoted prices or observable inputs now also utilize significant unobservable inputs for certain securities that were suspended from trading. As a result, certain securities held by the Funds that were previously classified as Level 1 or Level 2 was transferred to Level 3. Certain securities held by the Funds that were suspended from trading and classified as Level 3 on December 31, 2015 subsequently resumed trading and were transferred from Level 3 to Level 1, Level 2 or were sold.

C. DERIVATIVE FINANCIAL INSTRUMENTS

Matthews Asia Strategic Income Fund engages in derivative transactions for a variety of purposes, including managing interest rate, currency and credit exposure. In particular, the Fund may seek to take on currency exposure by using derivatives such as currency forwards, and the Fund may also employ a currency overlay strategy in an effort to enhance returns and moderate volatility. Derivative financial instruments and transactions in which the Fund may engage include financial futures contracts and/or forward foreign currency exchange contracts. The currency overlay strategy involves long and short positions on one or more currencies. As a result, the Fund’s exposure to a currency could exceed the value of the Fund’s assets and the Fund could be exposed to currency risk whether or not it holds a bond or other instrument denominated in that currency. The gross notional value of derivative financial instruments and transactions could exceed the value of the Fund’s net assets, although the net market value of these instruments and transactions, on a marked-to-market basis, at most times, is expected to be substantially lower. The primary risks associated with the use of derivative financial instruments are: (i) Matthews may not correctly predict the direction of currency exchange rates, interest rates, security prices, or other economic factors; (ii) Matthews may not correctly predict changes in the value of derivative financial instruments and related underlying instruments or assets, which may result in disproportionately increased losses and/or reduced opportunities for gains; (iii) imperfect correlation between the change in market value of the securities held by the Fund and the price of financial futures contracts; (iv) the lack of, or a reduction in the liquidity of, any secondary market for the instrument, and the resulting inability to close the position (or exit the position) when desired; (v) losses, which are potentially unlimited, due to unanticipated market movements; (vi) the value of the instrument may change unfavorably due to movements in the value of the referenced foreign currencies; (vii) the Fund may suffer disproportionately heavy losses relative to the amount invested; (viii) changes in the value of the derivatives may not match or fully offset changes in the value of hedged or related portfolio securities, thereby failing to achieve the hedging or investment purpose for the derivative transaction; and (ix) the other party to the instrument may fail to fulfill its obligation.

Financial Futures Contracts: Financial futures contracts are agreements between the Fund and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and at a specified date. Depending on the terms of the particular contract, futures contracts are settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash settlement amount on settlement date. Pursuant to the contract, the Fund agrees to receive from or pay an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Forward Foreign Currency Exchange Contracts: A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a future date. The contract is marked-to-market daily and the change in market value is recorded by the Fund as an unrealized gain or loss. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The Matthews Asia Strategic Income Fund does not offset financial assets and financial liabilities on forward foreign currency contracts in the statement of assets and liabilities as they are not subject to netting arrangements.

D. HOLDINGS OF 5% VOTING SHARES OF PORTFOLIO COMPANIES

The 1940 Act defines “affiliated companies” to include investments in portfolio companies in which a fund owns 5% or more of the outstanding voting shares. During the period ended March 31, 2016, 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, 2016 is as follows:

	Shares Held at Dec. 31, 2015		Shares Purchased		Shares Sold		Shares Held at Mar. 31, 2016		Value at Mar. 31, 2016
MATTHEWS ASIA DIVIDEND FUND
Name of Issuer:
Anritsu Corp.		7,564,500		—		—		7,564,500	$	41,565,244
Ascendas India Trust		53,470,700		—		—		53,470,700		34,712,218
Breville Group, Ltd.		10,644,019		—		—		10,644,019		63,758,294
CapitaLand Retail China Trust, REIT		43,232,400		—		—		43,232,400		46,440,678
China Machinery Engineering Corp. H Shares		53,811,000		2,781,000		—		56,592,000		39,608,746
Greatview Aseptic Packaging Co., Ltd.†		109,030,000		—		60,581,000		48,449,000		—
Minth Group, Ltd.		59,535,000		—		—		59,535,000		138,604,304
Sercomm Corp.		11,111,000		1,569,000		—		12,680,000		32,246,583
Spotless Group Holdings, Ltd.		48,823,125		9,587,962		—		58,411,087		56,559,656
Yuexiu Transport Infrastructure, Ltd.		109,322,000		—		—		109,322,000		73,721,686
Total Affiliates									$	527,217,409
MATTHEWS PACIFIC TIGER FUND
Name of Issuer:
Cheil Worldwide, Inc.		6,154,297		—		—		6,154,297	$	91,569,082
Fuyao Glass Industry Group Co., Ltd. H Shares		31,836,000		3,000,000		—		34,836,000		84,372,546
Green Cross Corp.		846,872		—		20,000		826,872		129,406,025
Hyflux, Ltd.		43,084,530		—		1,441,300		41,643,230		18,534,844
Synnex Technology International Corp.		98,191,354		—		—		98,191,354		101,182,374
Tata Power Co., Ltd.		165,620,436		—		—		165,620,436		161,578,877
Total Affiliates									$	586,643,748
MATTHEWS EMERGING ASIA FUND
Name of Issuer:
National Seed JSC		554,535		425,050		—		979,585	$	4,126,620
Total Affiliates									$	4,126,620
MATTHEWS INDIA FUND
Name of Issuer:
eClerx Services, Ltd.		3,135,581		—		75,624		3,059,957	$	60,021,657
VST Industries, Ltd.		1,215,704		—		—		1,215,704		30,374,510
Total Affiliates									$	90,396,167
MATTHEWS JAPAN FUND
Name of Issuer:
AIT Corp.†		1,130,300		—		312,700		817,600	$	—
Broadleaf Co., Ltd.		753,800		1,080,400		—		1,834,200		22,121,335
Daiken Medical Co., Ltd.		1,755,200		—		—		1,755,200		13,953,925
Doshisha Co., Ltd.		1,643,200		369,200		—		2,012,400		37,028,261
eGuarantee, Inc.		841,800		63,000		—		904,800		20,012,375
MORESCO Corp.		774,500		—		—		774,500		9,171,293
N Field Co., Ltd.		1,006,400		—		1,006,400		—		—
Sac’s Bar Holdings, Inc.		1,480,350		330,000		—		1,810,350		25,039,415
TechnoPro Holdings, Inc.		1,380,700		553,000		—		1,933,700		57,320,651
Trancom Co., Ltd.		429,400		137,300		—		566,700		33,141,846
W-Scope Corp.		—		861,000		—		861,000		39,947,620
Total Affiliates									$	257,736,721
MATTHEWS ASIA SMALL COMPANIES FUND
Name of Issuer:
FineTek Co., Ltd.		3,192,920		—		179,000		3,013,920	$	6,148,396
Total Affiliates									$	6,148,396

† Issuer was not an affiliated company as of March 31, 2016.

E. INCOME TAX INFORMATION

Under current tax law, the Funds have elected to defer certain qualified late-year losses and recognize such losses in the year ending December 31, 2016.

	Late Year Losses*
Matthews Asia Strategic Income Fund	$	179,842
Matthews Asian Growth and Income Fund		366,546
Matthews Asia Dividend Fund		32,923,665
Matthews China Dividend Fund		87,749
Matthews China Fund		2,902,517

* The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next fiscal year.

For federal income tax purposes, the Funds indicated below have capital loss carryforwards as of December 31, 2015, which expire in the year indicated, which are available to offset future capital gains, if any:

					Amount With No Expiration*
LOSSES DEFERRED EXPIRING IN:	2016		2017		Short-term Losses		Long-term Losses		Total
Matthews Asia Strategic Income Fund	$	—	$	—	$	1,535,532	$	—	$	1,535,532
Matthews Asia Focus Fund		—		—		128,568		508,677		637,245
Matthews Asia Growth Fund		—		19,506,205		—		—		19,506,205
Matthews Asia ESG Fund		—		—		29,988		—		29,988
Matthews Emerging Asia Fund		—		—		—		883,817		883,817
Matthews Japan Fund		20,727,478		44,032,426		—		—		64,759,904
Matthews Asia Small Companies Fund		—		—		12,769,786		—		12,769,786

* Post-Enactment Losses: Must be utilized prior to losses subject to expiration.

Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years, which generally expire after eight years from when they are incurred. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

For additional information regarding the accounting policies of the Matthews Asia Funds, refer to the most recent financial statements in the N-CSR filing at www.sec.gov.

Item 2. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) were effective, as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act are attached hereto as exhibits.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)                                  Matthews International Funds

By (Signature and Title)*	/s/ William J. Hackett
	William J. Hackett, President
	(principal executive officer)

Date     May 25, 2016

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ William J. Hackett
	William J. Hackett, President
	(principal executive officer)

Date     May 25, 2016

By (Signature and Title)*	/s/ Shai Malka
	Shai Malka, Treasurer
	(principal financial officer)

Date     May 25, 2016

* Print the name and title of each signing officer under his or her signature.

EX-99.CERT

CERTIFICATIONS

I, William J. Hackett, 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;

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;

4. The registrant’s 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 registrant’s 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

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s 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 registrant’s 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 registrant’s internal control over financial reporting.

Date: May 25, 2016	/s/ William J. Hackett
	William J. Hackett, President
	(principal executive officer)

CERTIFICATIONS

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;

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;

4. The registrant’s 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 registrant’s 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

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s 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 registrant’s 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 registrant’s internal control over financial reporting.

Date: May 25, 2016	/s/ Shai Malka
	Shai Malka, Treasurer
	(principal financial officer)