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, 2017

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, N.E., 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, 2017
Schedule of Investmentsa (unaudited)

		Face Amount*		Value
NON-CONVERTIBLE CORPORATE BONDS: 52.6%
CHINA/HONG KONG: 14.4%
Standard Chartered PLC 6.500%b, 12/29/49			3,700,000	$	3,635,635
China Hongqiao Group, Ltd. 6.875%, 05/03/18			3,000,000		2,819,976
HSBC Holdings PLC 6.375%b, 12/29/49			2,500,000		2,543,750
Unigroup International Holdings, Ltd. 6.000%, 12/10/20			1,200,000		1,273,527
Total China/Hong Kong					10,272,888
INDIA: 13.1%
TML Holdings Pte, Ltd. 5.750%, 05/07/21			2,000,000		2,089,898
Housing Development Finance Corp., Ltd. 9.240%, 06/24/24	INR		100,000,000		1,654,941
Housing Development Finance Corp., Ltd. 8.950%, 03/21/23	INR		100,000,000		1,623,762
Power Finance Corp., Ltd. 7.470%, 09/16/21	INR		90,000,000		1,390,308
Rural Electrification Corp., Ltd. 9.340%, 08/25/24	INR		52,000,000		881,721
Power Grid Corp. of India, Ltd., Series B 9.300%, 09/04/24	INR		52,000,000		879,987
Rural Electrification Corp., Ltd. 9.020%, 06/18/19	INR		50,000,000		798,119
Total India					9,318,736
SRI LANKA: 7.5%
DFCC Bank PLC 9.625%, 10/31/18			2,650,000		2,755,152
National Savings Bank 5.150%, 09/10/19			2,000,000		2,034,000
National Savings Bank 8.875%, 09/18/18			500,000		532,500
Total Sri Lanka					5,321,652
UNITED STATES: 5.4%
Sprint Communications, Inc. 6.000%, 11/15/22			3,750,000		3,834,375
Total United States					3,834,375
SOUTH KOREA: 5.1%
Harvest Operations Corp. 6.875%, 10/01/17			3,620,000		3,638,100
Total South Korea					3,638,100
VIETNAM: 4.2%
Debt and Asset Trading Corp. 1.000%, 10/10/25			5,100,000		2,960,550
Total Vietnam					2,960,550
INDONESIA: 2.9%
Alam Synergy Pte, Ltd. 6.950%, 03/27/20c			1,500,000		1,541,250
Alam Synergy Pte, Ltd. 6.950%, 03/27/20			500,000		513,750
Total Indonesia					2,055,000
TOTAL NON-CONVERTIBLE CORPORATE BONDS (Cost $36,164,083)					37,401,301

		Face Amount*		Value
FOREIGN GOVERNMENT OBLIGATIONS: 36.1%
INDONESIA: 13.3%
Indonesia Treasury Bond 8.375%, 03/15/34	IDR		42,000,000,000	$	3,331,507
Indonesia Treasury Bond 8.375%, 03/15/24	IDR		40,500,000,000		3,233,538
Indonesia Treasury Bond 7.875%, 04/15/19	IDR		38,000,000,000		2,914,412
Total Indonesia					9,479,457
SRI LANKA: 7.9%
Sri Lanka Government Bond 6.125%, 06/03/25			2,400,000		2,399,669
Sri Lanka Government Bond 8.500%, 07/15/18	LKR		257,000,000		1,631,235
Sri Lanka Government Bond 8.750%, 10/15/18	LKR		257,000,000		1,627,903
Total Sri Lanka					5,658,807
MALAYSIA: 5.5%
Malaysia Government Investment Issue 3.508%, 05/15/18	MYR		17,300,000		3,912,654
Total Malaysia					3,912,654
PAKISTAN: 4.7%
Pakistan Government Bond 8.250%, 04/15/24			3,000,000		3,316,008
Total Pakistan					3,316,008
VIETNAM: 4.2%
Socialist Republic of Vietnam 5.200%, 01/12/22	VND		43,000,000,000		1,886,678
Socialist Republic of Vietnam 4.800%, 11/19/24			1,055,000		1,075,252
Total Vietnam					2,961,930
SOUTH KOREA: 0.5%
Korea Treasury Bond 3.500%, 03/10/24	KRW		400,000,000		390,931
Total South Korea					390,931
TOTAL FOREIGN GOVERNMENT OBLIGATIONS (Cost $25,602,183)					25,719,787
CONVERTIBLE CORPORATE BONDS: 8.7%
INDONESIA: 4.8%
Delta Investment Horizon International, Ltd., Cnv. 3.000%, 05/26/20			3,500,000		3,395,000
Total Indonesia					3,395,000
THAILAND: 3.9%
CP Foods Holdings, Ltd., Cnv. 0.500%, 09/22/21			2,800,000		2,806,300
Total Thailand					2,806,300
TOTAL CONVERTIBLE CORPORATE BONDS (Cost $6,104,443)					6,201,300

Matthews Asia Strategic Income Fund	March 31, 2017
Schedule of Investmentsa (unaudited) (continued)

	Value
TOTAL INVESTMENTS: 97.4% (Cost $67,870,709d)	$	69,322,388
CASH AND OTHER ASSETS, LESS LIABILITIES : 2.6%		1,823,539
NET ASSETS: 100.0%	$	71,145,927

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

b Variable rate security. The rate represents the rate in effect at March 31, 2017.

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. At March 31, 2017, the aggregate value is $1,541,250, which is 2.17% of net assets.

d Cost for federal income tax purposes is $67,870,709 and net unrealized appreciation consists of:

Gross unrealized appreciation	$	2,088,217
Gross unrealized depreciation		(636,538	)
Net unrealized appreciation	$	1,451,679

* All values are in USD unless otherwise specified.

Cnv. Convertible

IDR Indonesian Rupiah

INR Indian Rupee

KRW Korean Won

LKR Sri Lankan Rupee

MYR Malaysian Ringgit

OTC Over-the-counter

PHP Philippine Peso

TWD New Taiwan Dollar

USD U.S. Dollar

VND Vietnamese Dong

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS:

	Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
LONG	TWD	193,980,000	USD	6,251,370	JPMorgan Chase & Co.	04/06/17	$	143,393
	PHP	215,344,000	USD	4,300,000	JPMorgan Chase & Co.	05/02/17		(17,275	)
	KRW	4,754,687,500	USD	4,250,000	JPMorgan Chase & Co.	06/27/17		9,614
							$	135,732
SHORT	USD	6,000,000	TWD	193,980,000	JPMorgan Chase & Co.	04/06/17	($	394,762	)

OTC CREDIT DEFAULT SWAPS - BUY PROTECTION*

Issuer	Pay Fixed Rate			Counterparty	Expiration Date	Notional Amount (000)		Value			Premiums Received			Unrealized Depreciation
Republic of Korea		1.00	%	Bank of America, N.A.	6/20/2022	USD	8,000	($	197,284	)	($	192,814	)	($	4,470	)

* Swap is not centrally cleared.

See accompanying notes to schedules of investments.

Matthews Asia Credit Opportunities Fund	March 31, 2017
Schedule of Investmentsa (unaudited)

	Face Amount*		Value
NON-CONVERTIBLE CORPORATE BONDS: 66.9%
CHINA/HONG KONG: 27.7%
KWG Property Holding, Ltd. 8.975%, 01/14/19		800,000	$	835,996
HSBC Holdings PLC 6.375%b, 12/29/49		800,000		814,000
Standard Chartered PLC 6.500%b, 12/29/49		800,000		786,083
China Hongqiao Group, Ltd. 6.875%, 05/03/18		800,000		751,994
Shimao Property Holdings, Ltd. 8.125%, 01/22/21		400,000		430,518
Unigroup International Holdings, Ltd. 6.000%, 12/10/20		400,000		424,509
Wynn Macau, Ltd. 5.250%, 10/15/21		400,000		408,000
MCE Finance, Ltd. 5.000%, 02/15/21		400,000		404,800
Total China/Hong Kong				4,855,900
INDONESIA: 12.7%
Listrindo Capital BV 4.950%, 09/14/26		800,000		780,000
MPM Global Pte, Ltd. 6.750%, 09/19/19		600,000		625,562
Alam Synergy Pte, Ltd. 6.950%, 03/27/20		400,000		411,000
TBG Global Pte, Ltd. 5.250%, 02/10/22		400,000		409,960
Total Indonesia				2,226,522
SRI LANKA: 7.8%
DFCC Bank PLC 9.625%, 10/31/18		700,000		727,776
National Savings Bank 8.875%, 09/18/18		600,000		639,000
Total Sri Lanka				1,366,776
UNITED STATES: 4.9%
Sprint Communications, Inc. 6.000%, 11/15/22		850,000		869,125
Total United States				869,125
PHILIPPINES: 4.9%
ICTSI Treasury BV 5.875%, 09/17/25		800,000		857,256
Total Philippines				857,256
SOUTH KOREA: 4.9%
Harvest Operations Corp. 6.875%, 10/01/17		850,000		854,250
Total South Korea				854,250
VIETNAM: 4.0%
Debt and Asset Trading Corp. 1.000%, 10/10/25		1,200,000		696,600
Total Vietnam				696,600
TOTAL NON-CONVERTIBLE CORPORATE BONDS (Cost $11,444,766)				11,726,429

	Face Amount*		Value
FOREIGN GOVERNMENT OBLIGATIONS: 11.4%
PAKISTAN: 5.1%
Pakistan Government Bond 8.250%, 04/15/24		800,000	$	884,269
Total Pakistan				884,269
SRI LANKA: 4.0%
Sri Lanka Government Bond 6.125%, 06/03/25		700,000		699,903
Total Sri Lanka				699,903
VIETNAM: 2.3%
Socialist Republic of Vietnam 4.800%, 11/19/24		400,000		407,678
Total Vietnam				407,678
TOTAL FOREIGN GOVERNMENT OBLIGATIONS (Cost $1,942,965)				1,991,850
CONVERTIBLE CORPORATE BONDS: 9.5%
INDONESIA: 5.0%
Delta Investment Horizon International, Ltd., Cnv. 3.000%, 05/26/20		900,000		873,000
Total Indonesia				873,000
THAILAND: 4.5%
CP Foods Holdings, Ltd., Cnv. 0.500%, 09/22/21		800,000		801,800
Total Thailand				801,800
TOTAL CONVERTIBLE CORPORATE BONDS (Cost $1,646,955)				1,674,800
TOTAL INVESTMENTS: 87.8% (Cost $15,034,686c)				15,393,079
CASH AND OTHER ASSETS, LESS LIABILITIES : 12.2%				2,135,803
NET ASSETS: 100.0%			$	17,528,882

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

b Variable rate security. The rate represents the rate in effect at March 31, 2017.

c Cost for federal income tax purposes is $15,034,686 and net unrealized appreciation consists of:

Gross unrealized appreciation	$	453,363
Gross unrealized depreciation		(94,970	)
Net unrealized appreciation	$	358,393

* All values are in USD unless otherwise specified

Cnv. Convertible

OTC Over-the-counter

USD U.S. Dollar

OTC CREDIT DEFAULT SWAPS - BUY PROTECTION*

Issuer	Pay Fixed Rate			Counterparty	Expiration Date		Notional Amount (000)		Value			Premiums Received			Unrealized Depreciation
Republic of Korea		1.00	%	Bank of America, N.A.		6/20/2022		USD    2,000	($	49,321	)	($	48,203	)	($	1,118	)

* Swap is not centrally cleared.

See accompanying notes to schedules of investments.

Matthews Asian Growth and Income Fund	March 31, 2017
Schedule of Investmentsa (unaudited)

	Shares		Value
COMMON EQUITIES: 82.7%
CHINA/HONG KONG: 25.5%
AIA Group, Ltd.		14,184,800	$	89,533,852
Techtronic Industries Co., Ltd.		14,665,000		59,368,045
Jardine Matheson Holdings, Ltd.		909,900		58,451,868
CK Hutchison Holdings, Ltd.		4,438,672		54,648,632
China Mobile, Ltd. ADR		964,000		53,241,720
HSBC Holdings PLC ADR		1,264,833		51,630,483
CLP Holdings, Ltd.		4,667,200		48,858,482
Guangdong Investment, Ltd.		32,744,000		46,690,336
Hang Lung Properties, Ltd.		15,220,920		39,569,400
HKT Trust & HKT, Ltd.		27,873,000		35,937,394
Café de Coral Holdings, Ltd.		10,968,000		35,928,410
Pacific Textiles Holdings, Ltd.		31,906,000		35,321,554
Vitasoy International Holdings, Ltd.		16,747,000		33,290,508
Cheung Kong Property Holdings, Ltd.		4,400,172		29,682,808
VTech Holdings, Ltd.		2,420,300		28,937,384
Total China/Hong Kong				701,090,876
SINGAPORE: 14.6%
Singapore Telecommunications, Ltd.		24,329,100		68,178,300
Ascendas REIT		35,011,100		63,047,111
United Overseas Bank, Ltd.		3,796,000		59,958,874
Singapore Technologies Engineering, Ltd.		21,623,025		57,653,954
ARA Asset Management, Ltd.		36,838,667		46,887,274
SIA Engineering Co., Ltd.		15,928,900		42,017,337
ComfortDelGro Corp., Ltd.		19,003,800		34,785,628
Keppel Corp., Ltd.		5,644,100		27,995,967
Total Singapore				400,524,445
SOUTH KOREA: 9.3%
Samsung Electronics Co., Ltd.		43,412		79,896,113
Kangwon Land, Inc.		1,557,377		53,232,916
GS Home Shopping, Inc.		227,544		46,798,819
KT&G Corp.		451,143		39,333,312
KEPCO Plant Service & Engineering Co., Ltd.		634,668		35,425,121
Total South Korea				254,686,281
JAPAN: 7.3%
Japan Tobacco, Inc.		1,528,200		49,739,173
Kao Corp.		861,700		47,321,598
KDDI Corp.		1,480,800		38,946,221
USS Co., Ltd.		2,203,700		36,908,615
Transcosmos, Inc.		1,140,500		26,826,138
Total Japan				199,741,745
AUSTRALIA: 5.2%
CSL, Ltd.		448,874		42,977,817
Insurance Australia Group, Ltd.		8,068,680		37,282,434
Domino’s Pizza Enterprises, Ltd.		759,157		33,702,559
Brambles, Ltd.		4,238,855		30,271,579
Total Australia				144,234,389
TAIWAN: 4.7%
Taiwan Semiconductor Manufacturing Co., Ltd.		11,282,187		70,746,453
Chunghwa Telecom Co., Ltd. ADR		1,226,825		41,687,514
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		477,024		15,665,468
Total Taiwan				128,099,435

		Shares		Value
MALAYSIA: 3.5%
Genting Malaysia BHD			47,850,100	$	58,918,421
British American Tobacco Malaysia BHD			3,498,400		36,030,852
Total Malaysia					94,949,273
INDONESIA: 2.6%
PT Telekomunikasi Indonesia Persero ADR			1,435,400		44,741,418
PT Perusahaan Gas Negara Persero			139,319,300		26,449,954
Total Indonesia					71,191,372
UNITED STATES: 1.7%
ResMed, Inc.			638,900		45,981,633
Total United States					45,981,633
INDIA: 1.5%
Bharti Infratel, Ltd.			8,473,114		42,543,931
Total India					42,543,931
NORWAY: 1.5%
Telenor ASA			2,542,183		42,290,361
Total Norway					42,290,361
NEW ZEALAND: 1.4%
SKYCITY Entertainment Group, Ltd.			13,775,057		39,882,589
Total New Zealand					39,882,589
VIETNAM: 1.4%
Vietnam Dairy Products JSC			6,294,291		39,638,405
Total Vietnam					39,638,405
THAILAND: 1.4%
Glow Energy Public Co., Ltd.			15,554,000		37,340,554
Total Thailand					37,340,554
PHILIPPINES: 1.1%
Globe Telecom, Inc.			742,500		30,069,955
Total Philippines					30,069,955
TOTAL COMMON EQUITIES: (Cost $2,050,272,745)					2,272,265,244
CONVERTIBLE CORPORATE BONDS: 10.1%
		Face Amount*
CHINA/HONG KONG: 6.5%
Shine Power International, Ltd., Cnv. 0.000%, 07/28/19	HKD		446,000,000		57,532,651
Johnson Electric Holdings, Ltd., Cnv. 1.000%, 04/02/21			49,750,000		53,282,250
Hengan International Group Co., Ltd., Cnv. 0.000%, 06/27/18	HKD		339,000,000		46,129,126
Haitian International Holdings, Ltd., Cnv. 2.000%, 02/13/19			21,500,000		22,360,000
Total China/Hong Kong					179,304,027
SINGAPORE: 2.6%
CapitaLand, Ltd., Cnv. 1.950%, 10/17/23	SGD		96,500,000		70,882,332
Total Singapore					70,882,332

Matthews Asian Growth and Income Fund	March 31, 2017
Schedule of Investmentsa (unaudited) (continued)

	Face Amount*		Value
CONVERTIBLE CORPORATE BONDS: (continued)
THAILAND: 1.0%
CP Foods Holdings, Ltd., Cnv. 0.500%, 09/22/21		27,200,000	$	27,261,200
Total Thailand				27,261,200
TOTAL CONVERTIBLE CORPORATE BONDS (Cost $285,174,685)				277,447,559
PREFERRED EQUITIES: 3.4%
	Shares
SOUTH KOREA: 3.4%
LG Household & Health Care, Ltd., Pfd.		99,637		45,455,326
Hyundai Motor Co., Ltd., Pfd.		355,983		31,617,544
Hyundai Motor Co., Ltd., 2nd Pfd.		166,730		15,437,723
Total South Korea				92,510,593
TOTAL PREFERRED EQUITIES (Cost $33,679,731)				92,510,593
TOTAL INVESTMENTS: 96.2% (Cost $2,369,127,161c)				2,642,223,396
CASH AND OTHER ASSETS, LESS LIABILITIES : 3.8%				104,085,186
NET ASSETS: 100.0%			$	2,746,308,582

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

b Cost for federal income tax purposes is $2,369,364,880 and net unrealized appreciation consists of:

Gross unrealized appreciation	$	463,112,270
Gross unrealized depreciation		(190,253,754	)
Net unrealized appreciation	$	272,858,516

* 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, 2017
Consolidated Schedule of Investmentsa (unaudited)

	Shares		Value
COMMON EQUITIES: 92.8%
CHINA/HONG KONG: 32.3%
Minth Group, Ltd.†		57,963,000	$	233,712,082
Shenzhou International Group Holdings, Ltd.		25,854,000		163,170,377
Sands China, Ltd.		27,533,600		127,634,496
China Petroleum & Chemical Corp. H Shares		152,046,000		123,760,337
HSBC Holdings PLC		14,318,000		116,953,555
China Construction Bank Corp. H Shares		131,449,000		105,909,482
Kweichow Moutai Co., Ltd. A Shares		1,881,492		105,830,419
China Mobile, Ltd. ADR		1,509,825		83,387,635
China Gas Holdings, Ltd.		47,510,000		76,550,137
Fuyao Glass Industry Group Co., Ltd. H Sharesb		21,248,000		73,744,818
Yuexiu Transport Infrastructure, Ltd.†		92,646,000		71,681,849
Far East Horizon, Ltd.		67,294,000		63,220,988
PICC Property & Casualty Co., Ltd. H Shares		37,712,000		58,205,938
Café de Coral Holdings, Ltd.		17,330,000		56,768,723
Dairy Farm International Holdings, Ltd.		5,789,400		52,581,149
HKBN, Ltd.		45,415,623		50,717,712
Henan Shuanghui Investment & Development Co., Ltd. A Shares		13,214,900		43,249,358
HSBC Holdings PLC ADR		855,800		34,933,756
Jiangsu Expressway Co., Ltd. H Shares		23,204,000		33,332,726
China Conch Venture Holdings, Ltd.		13,393,500		26,310,580
China Petroleum & Chemical Corp. ADR		153,000		12,471,030
Total China/Hong Kong				1,714,127,146
JAPAN: 28.7%
ITOCHU Corp.		12,153,800		173,025,776
Mitsubishi UFJ Financial Group, Inc.		24,133,900		152,023,488
Sumitomo Mitsui Financial Group, Inc.		3,899,900		141,951,558
Hoya Corp.		2,136,100		103,196,685
Japan Tobacco, Inc.		3,123,500		101,662,288
Pigeon Corp.		3,077,300		98,740,842
Skylark Co., Ltd.		5,796,900		84,987,107
Seven & I Holdings Co., Ltd.		2,162,900		84,966,585
MISUMI Group, Inc.		4,617,000		83,818,535
Kao Corp.		1,472,800		80,881,107
Seven Bank, Ltd.		23,009,400		75,351,741
NTT DoCoMo, Inc.		3,217,300		75,131,184
Suntory Beverage & Food, Ltd.		1,630,400		68,876,645
Mitsubishi Pencil Co., Ltd.		1,314,200		66,110,621
Kyushu Railway Co.		2,142,300		65,905,046
Anritsu Corp.†		7,080,000		53,690,081
Fuji Seal International, Inc.		564,200		12,226,577
Total Japan				1,522,545,866
SINGAPORE: 8.1%
United Overseas Bank, Ltd.		8,576,000		135,460,300
CapitaLand, Ltd.		50,207,800		130,320,656
Singapore Technologies Engineering, Ltd.		28,460,000		75,883,534
CapitaLand Retail China Trust, REIT		43,232,400		45,740,395
Ascendas India Trust†		53,470,700		43,002,850
Total Singapore				430,407,735
SOUTH KOREA: 5.3%
BGF Retail Co., Ltd.		1,531,424		143,835,308
KT&G Corp.		978,858		85,342,623

	Shares		Value
Samsung Electronics Co., Ltd.		27,949	$	51,437,769
Total South Korea				280,615,700
INDIA: 4.8%
ITC, Ltd.		20,701,500		89,380,884
Bharti Infratel, Ltd.		17,014,689		85,431,608
Gujarat Pipavav Port, Ltd.		21,381,946		54,368,389
Bharat Financial Inclusion, Ltd.c		1,177,441		14,658,259
Shriram City Union Finance, Ltd.		348,532		12,665,449
Total India				256,504,589
INDONESIA: 3.6%
PT United Tractors		51,000,100		101,517,023
PT Cikarang Listrindob		443,866,500		43,302,424
PT Hanjaya Mandala Sampoerna		146,870,500		42,998,699
Total Indonesia				187,818,146
TAIWAN: 2.9%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		3,027,940		99,437,550
St. Shine Optical Co., Ltd.		1,965,000		39,876,863
Taiwan Semiconductor Manufacturing Co., Ltd.		2,336,469		14,651,139
Total Taiwan				153,965,552
THAILAND: 1.6%
Thai Beverage Public Co., Ltd.		129,456,900		87,009,178
Total Thailand				87,009,178
AUSTRALIA: 1.6%
Breville Group, Ltd.†		10,644,019		84,003,989
Total Australia				84,003,989
LUXEMBOURG: 1.4%
L’Occitane International SA		36,976,500		75,324,264
Total Luxembourg				75,324,264
VIETNAM: 1.4%
Vietnam Dairy Products JSC		11,887,938		74,864,492
Total Vietnam				74,864,492
PHILIPPINES: 1.1%
Globe Telecom, Inc.		1,447,730		58,630,540
Total Philippines				58,630,540
TOTAL COMMON EQUITIES: (Cost $3,971,676,433)				4,925,817,197
PREFERRED EQUITIES: 5.4%
SOUTH KOREA: 5.4%
LG Chem, Ltd., Pfd.		909,328		154,842,525
Samsung Electronics Co., Ltd., Pfd.		90,196		129,195,869
Total South Korea				284,038,394
TOTAL PREFERRED EQUITIES (Cost $195,924,172)				284,038,394

Matthews Asia Dividend Fund	March 31, 2017
Consolidated Schedule of Investmentsa (unaudited) (continued)

	Value
TOTAL INVESTMENTS: 98.2% (Cost $4,167,600,605d)	$	5,209,855,591
CASH AND OTHER ASSETS, LESS LIABILITIES : 1.8%		95,957,558
NET ASSETS: 100.0%	$	5,305,813,149

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

b Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors. At March 31, 2017, the aggregate value is $117,047,242, which is 2.21% of net assets.

c Non-income producing security.

d Cost for federal income tax purposes is $4,173,068,344 and net unrealized appreciation consists of:

Gross unrealized appreciation	$	1,121,540,859
Gross unrealized depreciation		(84,753,612	)
Net unrealized appreciation	$	1,036,787,247

† 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.

Pfd. Preferred

REIT Real Estate Investment Trust

See accompanying notes to schedules of investments.

Matthews China Dividend Fund	March 31, 2017
Schedule of Investmentsa (unaudited)

	Shares		Value
COMMON EQUITIES: 96.4%
CONSUMER DISCRETIONARY: 15.6%
Auto Components: 4.6%
Minth Group, Ltd.		1,168,000	$	4,709,482
Weifu High-Technology Group Co., Ltd. B Shares		1,683,845		3,836,389
Xingda International Holdings, Ltd. H Shares		2,362,000		1,033,669
				9,579,540
Hotels, Restaurants & Leisure: 3.6%
China International Travel Service Corp., Ltd. A Shares		563,980		4,653,349
Shanghai Jin Jiang International Hotels Group Co., Ltd. H Shares		11,164,000		2,945,831
				7,599,180
Specialty Retail: 2.9%
Chow Tai Fook Jewellery Group, Ltd.		6,299,800		6,119,332
Diversified Consumer Services: 2.3%
China Maple Leaf Educational Systems, Ltd.		6,344,000		4,786,256
Textiles, Apparel & Luxury Goods: 1.7%
Shenzhou International Group Holdings, Ltd.		563,000		3,553,219
Household Durables: 0.5%
Wuxi Little Swan Co., Ltd. B Shares		263,900		1,052,680
Total Consumer Discretionary				32,690,207
FINANCIALS: 15.6%
Banks: 8.7%
HSBC Holdings PLC		1,032,800		8,436,208
Bank of China, Ltd. H Shares		13,094,000		6,511,405
Dah Sing Financial Holdings, Ltd.		440,400		3,355,272
				18,302,885
Insurance: 3.9%
PICC Property & Casualty Co., Ltd. H Shares		3,984,000		6,149,036
AIA Group, Ltd.		322,800		2,037,500
				8,186,536
Capital Markets: 3.0%
China Everbright, Ltd.		3,060,000		6,180,036
Total Financials				32,669,457
INFORMATION TECHNOLOGY: 14.8%
Internet Software & Services: 7.7%
Tencent Holdings, Ltd.		385,600		11,108,951
NetEase, Inc. ADR		18,000		5,112,000
				16,220,951
Electronic Equipment, Instruments & Components: 3.7%
Hangzhou Hikvision Digital Technology Co., Ltd. A Shares		978,200		4,528,956
Aurora Corp.		1,662,000		3,280,689
				7,809,645
IT Services: 2.1%
TravelSky Technology, Ltd. H Shares		1,813,000		4,283,903
Software: 1.3%
IGG, Inc.		1,979,000		2,747,000
Total Information Technology				31,061,499

	Shares		Value
INDUSTRIALS: 14.3%
Transportation Infrastructure: 4.6%
Guangdong Provincial Expressway Development Co., Ltd. B Shares		8,198,481	$	6,002,527
Qingdao Port International Co., Ltd. H Shares b		6,448,000		3,603,247
Guangzhou Port Co., Ltd. A Sharesc		1,000		579
				9,606,353
Marine: 2.5%
SITC International Holdings Co., Ltd.		7,783,000		5,348,264
Construction & Engineering: 2.4%
China Machinery Engineering Corp. H Shares		6,981,000		5,122,132
Machinery: 1.9%
China Conch Venture Holdings, Ltd.		2,033,500		3,994,666
Road & Rail: 1.9%
Guangshen Railway Co., Ltd. H Shares		5,854,000		3,542,241
Guangshen Railway Co., Ltd. ADR		14,400		434,592
				3,976,833
Professional Services: 1.0%
Sporton International, Inc.		343,000		2,017,813
Total Industrials				30,066,061
CONSUMER STAPLES: 8.6%
Food Products: 4.0%
WH Group, Ltd. b		4,880,500		4,208,557
Henan Shuanghui Investment & Development Co., Ltd. A Shares		1,283,896		4,201,899
				8,410,456
Food & Staples Retailing: 2.7%
Taiwan FamilyMart Co., Ltd.		473,000		3,134,607
Shanghai Bailian Group Co., Ltd. B Sharesc		1,672,922		2,469,233
				5,603,840
Beverages: 1.9%
Kweichow Moutai Co., Ltd. A Shares		72,829		4,096,496
Total Consumer Staples				18,110,792
TELECOMMUNICATION SERVICES: 8.6%
Diversified Telecommunication Services: 5.4%
HKBN, Ltd.		5,630,457		6,287,790
CITIC Telecom International Holdings, Ltd.		16,473,000		5,004,928
				11,292,718
Wireless Telecommunication Services: 3.2%
China Mobile, Ltd. ADR		121,330		6,701,056
Total Telecommunication Services				17,993,774
HEALTH CARE: 6.8%
Pharmaceuticals: 2.8%
Luye Pharma Group, Ltd.c		6,335,000		3,830,663
China Medical System Holdings, Ltd.		1,212,000		2,150,163
				5,980,826
Health Care Equipment & Supplies: 2.2%
Shandong Weigao Group Medical Polymer Co., Ltd. H Shares		6,412,000		4,590,044

Matthews China Dividend Fund	March 31, 2017
Schedule of Investmentsa (unaudited) (continued)

	Shares		Value
COMMON EQUITIES: (continued)
Health Care Providers & Services: 1.8%
China National Accord Medicines Corp., Ltd. B Shares		638,858	$	3,760,890
Total Health Care				14,331,760
REAL ESTATE: 4.2%
Real Estate Management & Development: 2.5%
Red Star Macalline Group Corp., Ltd. H Shares b		4,738,800		5,260,963
Equity REITs: 1.7%
CapitaLand Retail China Trust, REIT		3,443,000		3,642,735
Total Real Estate				8,903,698
ENERGY: 3.6%
Oil, Gas & Consumable Fuels: 3.2%
China Petroleum & Chemical Corp. H Shares		8,156,000		6,638,710
Energy Equipment & Services: 0.4%
Hilong Holding, Ltd.		3,742,000		819,162
Total Energy				7,457,872
UTILITIES: 2.5%
Gas Utilities: 2.5%
China Gas Holdings, Ltd.		3,184,000		5,130,196
Total Utilities				5,130,196
MATERIALS: 1.8%
Containers & Packaging: 1.8%
Greatview Aseptic Packaging Co., Ltd.		7,335,000		3,673,333
Total Materials				3,673,333
TOTAL INVESTMENTS: 96.4% (Cost $187,172,872d)				202,088,649
CASH AND OTHER ASSETS, LESS LIABILITIES : 3.6%				7,622,651
NET ASSETS: 100.0%			$	209,711,300

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

b Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors. At March 31, 2017, the aggregate value is $13,072,767, which is 6.23% of net assets.

c Non-income producing security.

d Cost for federal income tax purposes is $187,218,572 and net unrealized appreciation consists of:

Gross unrealized appreciation	$	22,059,611
Gross unrealized depreciation		(7,189,534	)
Net unrealized appreciation	$	14,870,077

ADR American Depositary Receipt

REIT Real Estate Investment Trust

See accompanying notes to schedules of investments.

Matthews Asia Value Fund	March 31, 2017
Schedule of Investmentsa (unaudited)

	Shares		Value
COMMON EQUITIES: 81.1%
CHINA/HONG KONG: 25.4%
Baidu, Inc. ADRb		1,200	$	207,024
Shandong Weigao Group Medical Polymer Co., Ltd. H Shares		188,000		134,580
CK Hutchison Holdings, Ltd.		9,000		110,808
Clear Media, Ltd.		86,000		99,595
Kweichow Moutai Co., Ltd. A Shares		1,700		95,622
Goldlion Holdings, Ltd.		155,000		65,618
Anhui Gujing Distillery Co., Ltd. B Shares		14,700		57,903
Fairwood Holdings, Ltd.		9,000		36,137
Sohu.com, Inc.b		700		27,531
Future Bright Holdings, Ltd.		168,000		17,923
Qualcomm, Inc.		300		17,202
Total China/Hong Kong				869,943
SOUTH KOREA: 23.8%
Kwangju Bank		10,472		102,969
Shinyoung Securities Co., Ltd.		2,220		99,050
Hyundai Greenfood Co., Ltd.		7,004		98,017
DGB Financial Group, Inc.		9,974		96,692
Kukbo Design Co., Ltd.		4,774		65,956
POSCO Chemtech Co., Ltd.		4,309		59,167
Kangnam Jevisco Co., Ltd.		1,806		58,128
Geumhwa PSC Co., Ltd.		1,677		54,735
CMS Edu Co., Ltd.		2,226		53,047
Grand Korea Leisure Co., Ltd.		2,323		45,492
Saeron Automotive Corp.		5,882		40,237
Hy-Lok Corp.		1,277		24,977
Binggrae Co., Ltd.		278		17,029
Total South Korea				815,496
JAPAN: 9.8%
YAMADA Consulting Group Co., Ltd.		4,600		197,601
Ohashi Technica, Inc.		3,500		43,432
Naigai Trans Line, Ltd.		4,200		41,985
Asante, Inc.		1,900		27,772
San-A Co., Ltd.		500		22,789
Total Japan				333,579
SINGAPORE: 6.6%
Haw Par Corp., Ltd.		10,200		73,063
ARA Asset Management, Ltd.		53,700		68,348
Straits Trading Co., Ltd.		36,300		58,122
Vicom, Ltd.		6,000		24,846
Total Singapore				224,379
TAIWAN: 5.3%
P-Duke Technology Co., Ltd.		26,000		55,012
Tehmag Foods Corp.		7,000		54,675
Lumax International Corp., Ltd.		29,000		51,997
Yung Chi Paint & Varnish Manufacturing Co., Ltd.		8,000		21,224
Total Taiwan				182,908
MALAYSIA: 4.7%
MPHB Capital BHDb		311,500		110,509
Genting BHD		22,600		48,986
Total Malaysia				159,495

	Shares		Value
UNITED STATES: 2.8%
News Corp. Class B		4,100	$	55,350
Cognizant Technology Solutions Corp. Class Ab		700		41,664
Total United States				97,014
SWITZERLAND: 1.5%
Cie Financiere Richemont SA		664		52,497
Total Switzerland				52,497
ISRAEL: 0.7%
Taro Pharmaceutical Industries, Ltd.b		200		23,324
Total Israel				23,324
THAILAND: 0.5%
Premier Marketing Public Co., Ltd.		65,200		17,646
Total Thailand				17,646
TOTAL COMMON EQUITIES: (Cost $2,499,015)				2,776,281
PREFERRED EQUITIES: 9.5%
SOUTH KOREA: 9.5%
Samsung Electronics Co., Ltd., Pfd.		121		173,319
Samsung SDI Co., Ltd., Pfd.		1,820		97,358
Hyundai Motor Co., Ltd., 2nd Pfd.		576		53,333
Total South Korea				324,010
TOTAL PREFERRED EQUITIES (Cost $271,508)				324,010
TOTAL INVESTMENTS: 90.6% (Cost $2,770,523c)				3,100,291
CASH AND OTHER ASSETS, LESS LIABILITIES : 9.4%				321,080
NET ASSETS: 100.0%			$	3,421,371

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

b Non-income producing security.

c Cost for federal income tax purposes is $2,773,652 and net unrealized appreciation consists of:

Gross unrealized appreciation	$	352,533
Gross unrealized depreciation		(25,894	)
Net unrealized appreciation	$	326,639

ADR American Depositary Receipt

BHD Berhad

Pfd. Preferred

See accompanying notes to schedules of investments.

Matthews Asia Focus Fund	March 31, 2017
Schedule of Investmentsa (unaudited)

	Shares		Value
COMMON EQUITIES: 95.1%
CHINA/HONG KONG: 33.1%
AIA Group, Ltd.		112,200	$	708,202
Tencent Holdings, Ltd.		18,800		541,619
Techtronic Industries Co., Ltd.		108,000		437,214
Samsonite International SA		93,000		338,790
CK Hutchison Holdings, Ltd.		26,728		329,073
Jardine Matheson Holdings, Ltd.		5,100		327,623
HSBC Holdings PLC		34,000		277,722
China Mobile, Ltd.		25,000		274,938
Baidu, Inc. ADRb		1,237		213,407
Hang Lung Group, Ltd.		50,000		213,270
Total China/Hong Kong				3,661,858
SOUTH KOREA: 13.7%
Samsung Electronics Co., Ltd.		250		460,104
Kangwon Land, Inc.		11,355		388,127
Coway Co., Ltd.		4,044		348,157
LG Household & Health Care, Ltd.		434		314,850
Total South Korea				1,511,238
SINGAPORE: 13.0%
Singapore Telecommunications, Ltd.		152,300		426,796
Singapore Technologies Engineering, Ltd.		135,300		360,753
United Overseas Bank, Ltd.		22,500		355,394
Sheng Siong Group, Ltd.		436,800		295,075
Total Singapore				1,438,018
TAIWAN: 8.3%
Taiwan Semiconductor Manufacturing Co., Ltd.		63,000		395,050
Aerospace Industrial Development Corp.		217,000		274,599
Ennoconn Corp.		19,000		248,317
Total Taiwan				917,966
MALAYSIA: 5.7%
Genting Malaysia BHD		274,700		338,242
Heineken Malaysia BHD		73,700		298,097
Total Malaysia				636,339
INDIA: 4.6%
Tata Motors, Ltd.		46,144		330,953
Bharti Infratel, Ltd.		36,411		182,821
Total India				513,774
INDONESIA: 3.6%
PT Bank Rakyat Indonesia Persero		410,400		399,614
Total Indonesia				399,614
UNITED STATES: 3.2%
ResMed, Inc.		4,900		352,653
Total United States				352,653
THAILAND: 2.8%
Kasikornbank Public Co., Ltd.		55,500		305,413
Total Thailand				305,413
JAPAN: 2.6%
Japan Tobacco, Inc.		9,000		292,928
Total Japan				292,928

	Shares		Value
SWITZERLAND: 2.5%
Cie Financiere Richemont SA		3,467	$	274,109
Total Switzerland				274,109
AUSTRALIA: 2.0%
Insurance Australia Group, Ltd.		48,086		222,188
Total Australia				222,188
TOTAL INVESTMENTS: 95.1% (Cost $9,985,196c)				10,526,098
CASH AND OTHER ASSETS, LESS LIABILITIES : 4.9%				546,362
NET ASSETS: 100.0%			$	11,072,460

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

b Non-income producing security.

c Cost for federal income tax purposes is $10,028,639 and net unrealized appreciation consists of:

Gross unrealized appreciation	$	996,926
Gross unrealized depreciation		(499,467	)
Net unrealized appreciation	$	497,459

ADR American Depositary Receipt

BHD Berhad

See accompanying notes to schedules of investments.

Matthews Asia Growth Fund	March 31, 2017
Schedule of Investmentsa (unaudited)

	Shares		Value
COMMON EQUITIES: 97.9%
JAPAN: 37.1%
ORIX Corp.		1,647,100	$	24,447,144
Start Today Co., Ltd.		1,009,800		22,441,544
M3, Inc.		891,000		22,205,944
Pigeon Corp.		544,900		17,484,121
Nidec Corp.		178,600		17,057,119
Nitto Denko Corp.		171,400		13,259,507
Ariake Japan Co., Ltd.		201,700		12,722,826
Nitori Holdings Co., Ltd.		89,600		11,379,126
CYBERDYNE, Inc.b		768,500		11,043,415
TechnoPro Holdings, Inc.		257,800		9,984,191
Sysmex Corp.		163,500		9,947,537
Komatsu, Ltd.		370,800		9,712,467
Kakaku.com, Inc.		626,200		8,548,608
Rinnai Corp.		96,500		7,687,391
PeptiDream, Inc.b		156,200		7,376,458
SoftBank Group Corp.		101,100		7,169,521
Daiken Medical Co., Ltd.		911,500		6,562,128
Seven & I Holdings Co., Ltd.		165,200		6,489,657
FANUC Corp.		29,600		6,093,791
Gunosy, Inc.b		167,100		3,808,816
Sosei Group Corp.b		38,400		3,749,935
HEALIOS KKb		203,200		3,282,351
Total Japan				242,453,597
INDONESIA: 14.7%
PT Bank Rakyat Indonesia Persero		29,535,100		28,758,875
PT Astra International		43,107,700		27,901,767
PT Indofood CBP Sukses Makmur		23,574,000		14,418,847
PT Ace Hardware Indonesia		154,466,000		9,559,954
PT Arwana Citramulia		214,668,400		7,700,386
PT Mayora Indah		47,580,700		7,605,485
Total Indonesia				95,945,314
CHINA/HONG KONG: 14.3%
Shenzhou International Group Holdings, Ltd.		4,378,000		27,630,537
China Lodging Group, Ltd. ADSb		245,900		15,258,095
Baozun, Inc. ADRb		918,100		13,716,414
Baidu, Inc. ADRb		76,900		13,266,788
Autohome, Inc. ADRb		409,600		13,012,992
Alibaba Group Holding, Ltd. ADRb		67,800		7,310,874
Shanghai Haohai Biological Technology Co., Ltd. H Sharesc		734,500		3,388,255
Total China/Hong Kong				93,583,955
INDIA: 12.0%
HDFC Bank, Ltd.		1,102,893		24,521,563
ITC, Ltd.		4,455,774		19,238,268
Lupin, Ltd.		710,705		15,818,638
Emami, Ltd.		835,742		13,697,550
Sun Pharmaceutical Industries, Ltd.		510,687		5,412,254
Total India				78,688,273
AUSTRALIA: 4.8%
CSL, Ltd.		181,525		17,380,263
Oil Search, Ltd.		2,481,915		13,683,919
Total Australia				31,064,182

	Shares		Value
SRI LANKA: 3.0%
Sampath Bank PLC		8,533,267	$	14,527,813
Lanka Orix Leasing Co. PLCb		12,121,473		4,860,382
Total Sri Lanka				19,388,195
VIETNAM: 3.0%
Vietnam Dairy Products JSC		2,597,160		16,355,659
Taisun International Holding Corp.b		616,000		3,002,951
Total Vietnam				19,358,610
BANGLADESH: 2.9%
Square Pharmaceuticals, Ltd.		4,382,312		15,185,237
BRAC Bank, Ltd.		3,787,616		4,093,827
Total Bangladesh				19,279,064
PHILIPPINES: 2.8%
Jollibee Foods Corp.		2,007,890		7,900,924
Vista Land & Lifescapes, Inc.		58,472,700		5,918,684
Emperador, Inc.		37,942,500		4,567,468
Total Philippines				18,387,076
PAKISTAN: 1.6%
Habib Bank, Ltd.		4,001,000		10,290,085
Total Pakistan				10,290,085
THAILAND: 1.2%
Major Cineplex Group Public Co., Ltd.		7,714,400		7,633,170
Total Thailand				7,633,170
TAIWAN: 0.5%
St. Shine Optical Co., Ltd.		173,000		3,510,787
Total Taiwan				3,510,787
TOTAL INVESTMENTS: 97.9% (Cost $492,180,636d)				639,582,308
CASH AND OTHER ASSETS, LESS LIABILITIES : 2.1%				13,487,629
NET ASSETS: 100.0%			$	653,069,937

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

b Non-income producing security.

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. At March 31, 2017, the aggregate value is $3,388,255 which is 0.52% of net assets.

d Cost for federal income tax purposes is $492,180,636 and net unrealized appreciation consists of:

Gross unrealized appreciation	$	179,341,044
Gross unrealized depreciation		(31,939,372	)
Net unrealized appreciation	$	147,401,672

ADR American Depositary Receipt

ADS American Depositary Share

JSC Joint Stock Co.

See accompanying notes to schedules of investments.

Matthews Pacific Tiger Fund	March 31, 2017
Schedule of Investmentsa (unaudited)

	Shares		Value
COMMON EQUITIES: 97.4%
CHINA/HONG KONG: 30.6%
Baidu, Inc. ADRb		1,211,800	$	209,059,736
Ping An Insurance Group Co. of China, Ltd. H Shares		34,743,000		194,715,526
China Resources Beer Holdings Co., Ltd.b		75,359,775		171,557,742
Tencent Holdings, Ltd.		5,886,500		169,587,244
Sinopharm Group Co., Ltd. H Shares		35,984,400		167,056,597
Hengan International Group Co., Ltd.		20,645,000		153,638,197
Dairy Farm International Holdings, Ltd.		15,454,946		140,366,672
AIA Group, Ltd.		22,090,800		139,436,186
Alibaba Group Holding, Ltd. ADRb		1,291,700		139,284,011
China Mobile, Ltd. ADR		2,380,026		131,448,836
China Resources Land, Ltd.		47,814,000		129,320,095
Fuyao Glass Industry Group Co., Ltd. H Shares†c		32,836,000		113,962,954
Inner Mongolia Yili Industrial Group Co., Ltd. A Shares		33,503,552		92,240,118
Tasly Pharmaceutical Group Co., Ltd. A Shares		13,669,795		79,483,816
Lenovo Group, Ltd.		120,394,000		79,364,410
Hong Kong Exchanges & Clearing, Ltd.		2,603,000		65,683,992
Guangdong Advertising Group Co., Ltd. A Sharesd		23,249,654		44,097,021
Yum China Holdings, Inc.b		1,174,410		31,943,952
Shandong Weigao Group Medical Polymer Co., Ltd. H Shares		36,796,000		26,340,496
Swire Pacific, Ltd. A Share Class		1,363,000		13,623,560
Fuyao Glass Industry Group Co., Ltd. A Shares		2,589,387		8,496,737
Hang Lung Group, Ltd.		829,000		3,536,013
Total China/Hong Kong				2,304,243,911
INDIA: 21.4%
Tata Power Co., Ltd.†		164,620,436		229,092,182
Kotak Mahindra Bank, Ltd.		16,873,409		226,647,045
Titan Co., Ltd.		24,797,915		176,772,998
GAIL India, Ltd.		29,709,477		172,475,064
HDFC Bank, Ltd.		6,223,409		138,370,375
Sun Pharmaceutical Industries, Ltd.		12,045,017		127,652,932
ITC, Ltd.		28,102,500		121,335,472
Housing Development Finance Corp., Ltd.		4,935,685		114,189,060
Container Corp. of India, Ltd.		5,471,996		107,349,879
Dabur India, Ltd.		21,117,482		90,199,664
Thermax, Ltd.		5,310,034		80,078,233
Just Dial, Ltd.†,b		3,557,718		28,911,394
Total India				1,613,074,298
SOUTH KOREA: 13.2%
Naver Corp.		244,116		186,666,411
Dongbu Insurance Co., Ltd.		3,159,380		180,851,018
Samsung Electronics Co., Ltd.		95,105		175,032,705
Orion Corp.		217,080		130,177,458
Cheil Worldwide, Inc.†		6,754,297		114,784,800
Green Cross Corp.†		776,872		110,108,390
Amorepacific Corp.		375,972		94,377,589
Total South Korea				991,998,371

	Shares		Value
INDONESIA: 6.6%
PT Telekomunikasi Indonesia Persero		421,304,300	$	130,960,266
PT Bank Central Asia		100,580,000		124,885,074
PT Indofood CBP Sukses Makmur		191,522,600		117,143,250
PT Perusahaan Gas Negara Persero		298,485,100		56,667,793
PT Astra International		66,745,900		43,201,760
PT Telekomunikasi Indonesia Persero ADR		728,140		22,696,124
Total Indonesia				495,554,267
TAIWAN: 5.9%
President Chain Store Corp.		21,486,608		177,007,002
Delta Electronics, Inc.		31,251,182		167,376,561
Synnex Technology International Corp.†		95,600,921		102,873,970
Total Taiwan				447,257,533
THAILAND: 5.6%
Central Pattana Public Co., Ltd.		126,625,200		209,144,197
The Siam Cement Public Co., Ltd.		7,522,950		118,228,540
Kasikornbank Public Co., Ltd.		16,727,700		92,051,459
Kasikornbank Public Co., Ltd. NVDR		504,100		2,774,030
Total Thailand				422,198,226
MALAYSIA: 3.4%
Genting BHD		52,881,000		114,621,333
IHH Healthcare BHD		47,676,300		64,638,527
Public Bank BHD		13,521,594		60,786,114
IHH Healthcare BHD		11,543,000		15,513,343
Total Malaysia				255,559,317
UNITED STATES: 2.7%
Cognizant Technology Solutions Corp. Class Ab		2,186,600		130,146,432
Yum! Brands, Inc.		1,174,410		75,044,799
Total United States				205,191,231
SWITZERLAND: 2.7%
DKSH Holding, Ltd.		2,638,062		204,344,117
Total Switzerland				204,344,117
VIETNAM: 2.6%
Vietnam Dairy Products JSC		30,834,534		194,181,003
Total Vietnam				194,181,003
PHILIPPINES: 2.4%
SM Prime Holdings, Inc.		164,670,771		92,858,939
GT Capital Holdings, Inc.		3,897,540		88,912,314
Total Philippines				181,771,253
SINGAPORE: 0.2%
Hyflux, Ltd.		35,190,730		14,339,433
Total Singapore				14,339,433
JAPAN: 0.1%
LINE Corp. ADRb		195,200		7,507,392
Total Japan				7,507,392
TOTAL COMMON EQUITIES: (Cost $5,280,958,341)				7,337,220,352

Matthews Pacific Tiger Fund	March 31, 2017
Schedule of Investmentsa (unaudited) (continued)

	Shares		Value
WARRANTS: 0.1%
MALAYSIA: 0.1%
Genting BHD, expires 12/18/18b		12,253,875	$	4,347,211
Total Malaysia				4,347,211
TOTAL WARRANTS (Cost $5,593,674)				4,347,211
TOTAL INVESTMENTS: 97.5% (Cost $5,286,552,015e)				7,341,567,563
CASH AND OTHER ASSETS, LESS LIABILITIES : 2.5%				186,547,910
NET ASSETS: 100.0%			$	7,528,115,473

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

b Non-income producing security.

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. At March 31, 2017, the aggregate value is $113,962,954, which is 1.51% of net assets.

d Illiquid security, trading was halted at March 31, 2017.

e Cost for federal income tax purposes is $5,288,288,365 and net unrealized appreciation consists of:

Gross unrealized appreciation	$	2,418,437,137
Gross unrealized depreciation		(365,157,939	)
Net unrealized appreciation	$	2,053,279,198

† 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, 2017
Schedule of Investmentsa (unaudited)

	Shares		Value
COMMON EQUITIES: 93.4%
CHINA/HONG KONG: 20.4%
MTR Corp., Ltd.		60,500	$	339,914
Inner Mongolia Yili Industrial Group Co., Ltd. A Shares		112,400		309,453
CSPC Pharmaceutical Group, Ltd.		206,000		269,883
JD.com, Inc. ADRb		8,300		258,213
AIA Group, Ltd.		32,600		205,770
China Conch Venture Holdings, Ltd.		95,000		186,621
HKBN, Ltd.		160,500		179,238
Guangdong Investment, Ltd.		106,000		151,147
Beijing Urban Construction Design & Development Group Co., Ltd. H Sharesc		231,000		144,742
Sino Biopharmaceutical, Ltd.		175,000		144,113
Hong Kong Exchanges & Clearing, Ltd.		5,200		131,217
Haier Electronics Group Co., Ltd.		55,000		126,058
Total China/Hong Kong				2,446,369
JAPAN: 14.1%
Daikin Industries, Ltd.		2,400		242,012
Tsukui Corp.		39,800		235,805
Sohgo Security Services Co., Ltd.		5,600		209,763
Fuji Seal International, Inc.		9,000		195,036
Hoya Corp.		3,800		183,581
Bunka Shutter Co., Ltd.		16,600		128,748
LINE Corp. ADRb		3,200		123,072
Nakanishi, Inc.		3,000		116,864
Nihon Housing Co., Ltd.		3,400		94,622
Koito Manufacturing Co., Ltd.		1,600		83,389
Ain Holdings, Inc.		1,100		74,263
Total Japan				1,687,155
INDIA: 13.9%
Shriram City Union Finance, Ltd.		11,328		411,653
Lupin, Ltd.		15,733		350,180
Ipca Laboratories, Ltd.b		25,000		240,190
Bharat Financial Inclusion, Ltd.b		18,972		236,187
Power Grid Corp. of India, Ltd. b		61,176		185,903
Bata India, Ltd.		20,117		175,984
Sanofi India, Ltd.		964		69,818
Total India				1,669,915
TAIWAN: 11.1%
Taiwan Semiconductor Manufacturing Co., Ltd.		41,000		257,096
Sitronix Technology Corp.		57,000		185,219
Zhen Ding Technology Holding, Ltd.		76,000		178,586
Tehmag Foods Corp.		21,000		164,024
Merida Industry Co., Ltd.		25,000		132,288
CHC Resources Corp.		64,000		116,853
Sporton International, Inc.		18,247		107,344
KD Holding Corp.		17,000		99,998
Lumax International Corp., Ltd.		53,000		95,029
Total Taiwan				1,336,437
SOUTH KOREA: 9.5%
Hanon Systems		36,743		305,121
KT Skylife Co., Ltd.		14,719		217,255
DGB Financial Group, Inc.		20,780		201,451
iMarketKorea, Inc.		15,133		180,693

	Shares		Value
Samjin Pharmaceutical Co., Ltd.		4,978	$	144,455
Samsung Biologics Co., Ltd.b		587		90,801
Total South Korea				1,139,776
BANGLADESH: 5.0%
BRAC Bank, Ltd.		322,969		349,080
GrameenPhone, Ltd.		40,983		169,574
Square Pharmaceuticals, Ltd.		22,938		79,483
Total Bangladesh				598,137
THAILAND: 4.0%
Total Access Communication Public Co., Ltd. NVDR		280,300		358,879
Kasikornbank Public Co., Ltd. NVDR		21,800		119,964
Total Thailand				478,843
PHILIPPINES: 3.9%
Energy Development Corp.		1,980,000		237,448
Puregold Price Club, Inc.		271,200		236,202
Total Philippines				473,650
INDONESIA: 3.1%
PT Bank Rakyat Indonesia Persero		383,000		372,934
Total Indonesia				372,934
PAKISTAN: 2.7%
Abbott Laboratories Pakistan, Ltd.		18,350		164,508
Bank Alfalah, Ltd.		470,500		162,204
Total Pakistan				326,712
SINGAPORE: 2.3%
Parkway Life REIT		86,300		155,468
Raffles Medical Group, Ltd.		117,400		118,755
Total Singapore				274,223
LUXEMBOURG: 1.6%
L’Occitane International SA		91,750		186,902
Total Luxembourg				186,902
SRI LANKA: 1.2%
Nestle Lanka PLC		10,717		147,183
Total Sri Lanka				147,183
VIETNAM: 0.6%
FPT Corp.		37,320		77,576
Total Vietnam				77,576
TOTAL COMMON EQUITIES: (Cost $10,146,641)				11,215,812
PREFERRED EQUITIES: 2.8%
SOUTH KOREA: 2.8%
Samsung SDI Co., Ltd., Pfd.		6,258		334,763
Total South Korea				334,763
TOTAL PREFERRED EQUITIES (Cost $293,788)				334,763

Matthews Asia ESG Fund	March 31, 2017
Schedule of Investmentsa (unaudited) (continued)

	Value
TOTAL INVESTMENTS: 96.2% (Cost $10,440,429d)	$	11,550,575
CASH AND OTHER ASSETS, LESS LIABILITIES : 3.8%		456,247
NET ASSETS: 100.0%	$	12,006,822

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

b Non-income producing security.

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. At March 31, 2017, the aggregate value is $144,742, which is 1.21% of net assets.

d Cost for federal income tax purposes is $10,455,041 and net unrealized appreciation consists of:

Gross unrealized appreciation	$	1,371,557
Gross unrealized depreciation		(276,023	)
Net unrealized appreciation	$	1,095,534

ADR   American Depositary Receipt

NVDR Non-voting Depositary Receipt

Pfd.   Preferred

REIT   Real Estate Investment Trust

See accompanying notes to schedules of investments.

Matthews Emerging Asia Fund	March 31, 2017
Schedule of Investmentsa (unaudited)

	Shares		Value
COMMON EQUITIES: 95.3%
PAKISTAN: 17.7%
The Searle Company, Ltd.		1,226,444	$	7,393,059
PAK Suzuki Motor Co., Ltd.		907,700		5,368,184
Hascol Petroleum, Ltd.		1,867,500		5,342,586
K-Electric, Ltd.b		66,568,500		5,194,413
Habib Bank, Ltd.		1,885,000		4,847,991
ICI Pakistan, Ltd.		451,900		4,810,237
Indus Motor Co., Ltd.		300,300		4,558,083
Shifa International Hospitals, Ltd.		1,506,251		3,800,759
Pakistan Petroleum, Ltd.		2,127,300		3,143,704
National Foods, Ltd.		958,500		3,077,843
Akzo Nobel Pakistan, Ltd.		1,100,400		2,468,998
Hum Network, Ltd.b		17,939,500		2,122,005
GlaxoSmithKline Consumer Healthcare Pakistan, Ltd.b		273,282		388,184
Total Pakistan				52,516,046
VIETNAM: 16.9%
Vinh Hoan Corp.		3,169,280		7,548,889
Masan Group Corp.		2,946,300		6,091,998
Phu Nhuan Jewelry JSC		1,734,543		5,777,999
Tien Phong Plastic JSC		1,551,020		5,322,402
National Seed JSC†		979,585		4,369,496
Thien Long Group Corp.		819,140		3,848,212
Mobile World Investment Corp.		510,227		3,774,045
Nam Long Investment Corp.		2,975,880		3,465,648
DHG Pharmaceutical JSC		436,320		2,654,306
Lix Detergent JSC		1,047,635		2,325,008
Domesco Medical Import Export JSC		433,430		1,746,672
Dinh Vu Port Investment & Development JSC		517,550		1,580,739
Taisun International Holding Corp.b		267,000		1,301,604
Military Commercial Joint Stock Bank		620,000		418,498
Saigon Securities, Inc.		8		8
Total Vietnam				50,225,524
INDIA: 14.0%
PC Jeweller, Ltd.		1,102,185		7,095,635
Balkrishna Industries, Ltd.		324,532		6,928,153
Kwality, Ltd.		2,533,204		6,095,988
Shriram Transport Finance Co., Ltd.		268,352		4,455,149
Praj Industries, Ltd.		3,594,497		4,426,876
Supreme Industries, Ltd.		178,934		3,010,690
Caplin Point Laboratories, Ltd.		489,805		2,929,326
Cipla India, Ltd.		311,919		2,848,495
VST Industries, Ltd.		59,656		2,635,300
Poly Medicure, Ltd.		234,582		980,992
Total India				41,406,604
INDONESIA: 13.1%
PT Bank Mandiri Persero		9,531,400		8,370,820
PT Matahari Department Store		7,077,200		6,998,441
PT Gudang Garam		1,393,100		6,850,926
PT Hexindo Adiperkasa		18,052,400		5,147,958
PT Mayora Indah		24,273,200		3,879,923
PT Adira Dinamika Multi Finance		5,572,600		2,875,061
PT Catur Sentosa Adiprana		70,131,000		2,420,898
PT Sumber Alfaria Trijaya		50,991,700		1,989,845

	Shares		Value
PT BFI Finance Indonesia		796,500	$	286,311
Total Indonesia				38,820,183
BANGLADESH: 12.6%
BRAC Bank, Ltd.		8,721,494		9,426,585
Square Pharmaceuticals, Ltd.		2,236,661		7,750,299
British American Tobacco Bangladesh Co., Ltd.		231,887		7,024,111
The City Bank, Ltd.		9,945,509		4,835,440
Berger Paints Bangladesh, Ltd.		110,998		2,959,855
Olympic Industries, Ltd.		757,426		2,715,648
Marico Bangladesh, Ltd.		191,454		2,401,320
United Commercial Bank, Ltd.		1,397,727		393,465
Total Bangladesh				37,506,723
CHINA/HONG KONG: 8.1%
Shenzhou International Group Holdings, Ltd.		1,084,000		6,841,367
Luk Fook Holdings International, Ltd.		1,822,000		5,791,842
Tongda Group Holdings, Ltd.		14,390,000		5,079,801
Red Star Macalline Group Corp., Ltd. H Sharesc		2,429,000		2,696,648
Future Bright Holdings, Ltd.		18,612,000		1,985,634
The 13 Holdings, Ltd.b		5,608,000		1,551,464
Total China/Hong Kong				23,946,756
PHILIPPINES: 5.8%
Cosco Capital, Inc.		34,548,800		5,837,435
STI Education Systems Holdings, Inc.		220,895,000		4,842,740
San Miguel Pure Foods Co., Inc.		753,370		4,324,276
Vista Land & Lifescapes, Inc.		12,519,100		1,267,200
Emperador, Inc.		7,631,300		918,646
Total Philippines				17,190,297
SRI LANKA: 4.7%
Sampath Bank PLC		3,248,392		5,530,359
National Development Bank PLC		3,502,989		3,208,829
Expolanka Holdings PLC		72,280,137		2,850,083
Teejay Lanka PLC		9,200,551		2,237,694
Lanka Orix Leasing Co. PLCb		573,466		229,944
Total Sri Lanka				14,056,909
AUSTRALIA: 0.9%
Oil Search, Ltd.		467,309		2,576,486
Total Australia				2,576,486
SINGAPORE: 0.8%
Yoma Strategic Holdings, Ltd.		5,491,766		2,512,401
Total Singapore				2,512,401
THAILAND: 0.7%
SNC Former Public Co., Ltd.		4,002,800		1,957,167
Total Thailand				1,957,167

Matthews Emerging Asia Fund	March 31, 2017
Schedule of Investmentsa (unaudited) (continued)

	Value
TOTAL INVESTMENTS: 95.3% (Cost $245,985,608d)	$	282,715,096
CASH AND OTHER ASSETS, LESS LIABILITIES : 4.7%		13,909,266
NET ASSETS: 100.0%	$	296,624,362

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

b Non-income producing security.

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. At March 31, 2017, the aggregate value is $2,696,648, which is 0.91% of net assets.

d Cost for federal income tax purposes is $245,985,608 and net unrealized appreciation consists of:

Gross unrealized appreciation	$	51,830,484
Gross unrealized depreciation		(15,100,996	)
Net unrealized appreciation	$	36,729,488

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

JSC Joint Stock Co.

See accompanying notes to schedules of investments.

Matthews Asia Innovators Fund	March 31, 2017
Schedule of Investmentsa (unaudited)

	Shares		Value
COMMON EQUITIES: 89.4%
CHINA/HONG KONG: 32.7%
Tencent Holdings, Ltd.		168,500	$	4,854,404
NetEase, Inc. ADR		13,700		3,890,800
TAL Education Group ADRb		33,900		3,612,723
Ctrip.com International, Ltd. ADRb		67,900		3,337,285
Baidu, Inc. ADRb		18,500		3,191,620
Ping An Insurance Group Co. of China, Ltd. H Shares		556,500		3,118,878
JD.com, Inc. ADRb		97,300		3,027,003
Sino Biopharmaceutical, Ltd.		3,188,000		2,625,325
Jiangsu Hengrui Medicine Co., Ltd. A Shares		317,345		2,509,165
China Construction Bank Corp. H Shares		2,933,000		2,363,141
Tongda Group Holdings, Ltd.		6,610,000		2,333,390
Alibaba Group Holding, Ltd. ADRb		20,900		2,253,647
China Biologic Products, Inc.b		22,100		2,212,873
Total China/Hong Kong				39,330,254
SOUTH KOREA: 20.0%
Samsung Electronics Co., Ltd.		2,056		3,783,894
Hugel, Inc.b		9,890		3,265,451
Hana Financial Group, Inc.		91,893		3,032,287
Samsung SDI Co., Ltd.		22,285		2,751,157
Naver Corp.		3,231		2,470,625
Hana Tour Service, Inc.		27,778		1,977,223
SK Hynix, Inc.		43,765		1,976,734
LG Household & Health Care, Ltd.		2,477		1,796,967
BGF Retail Co., Ltd.		17,748		1,666,938
LG Chem, Ltd.		4,890		1,285,769
Total South Korea				24,007,045
TAIWAN: 9.0%
Taiwan Semiconductor Manufacturing Co., Ltd.		723,000		4,533,668
Wistron NeWeb Corp.		826,000		2,322,201
Ennoconn Corp.		177,162		2,315,390
Delta Electronics, Inc.		301,511		1,614,847
Total Taiwan				10,786,106
INDIA: 8.4%
IndusInd Bank, Ltd.		129,253		2,836,835
Lupin, Ltd.		83,984		1,869,288
Britannia Industries, Ltd.		35,934		1,867,603
Supreme Industries, Ltd.		106,077		1,784,820
Info Edge India, Ltd.		144,113		1,778,141
Total India				10,136,687
INDONESIA: 6.6%
PT Bank Mandiri Persero		3,069,200		2,695,482
PT Media Nusantara Citra		17,273,000		2,397,032
PT Sumber Alfaria Trijaya		37,891,000		1,478,618
PT Matahari Department Store		1,423,800		1,407,955
Total Indonesia				7,979,087
THAILAND: 3.5%
Kasikornbank Public Co., Ltd.		437,900		2,409,736
Major Cineplex Group Public Co., Ltd.		1,772,100		1,753,440
Total Thailand				4,163,176
VIETNAM: 2.8%
Mobile World Investment Corp.		353,735		2,616,505

	Shares		Value
Domesco Medical Import Export JSC		198,270	$	799,005
Total Vietnam				3,415,510
PHILIPPINES: 2.7%
Puregold Price Club, Inc.		2,101,900		1,830,653
San Miguel Pure Foods Co., Inc.		235,010		1,348,937
Total Philippines				3,179,590
BANGLADESH: 2.4%
BRAC Bank, Ltd.		2,689,117		2,906,519
Total Bangladesh				2,906,519
SINGAPORE: 1.1%
Raffles Medical Group, Ltd.		1,338,800		1,354,257
Total Singapore				1,354,257
AUSTRALIA: 0.2%
carsales.com, Ltd.		33,082		282,152
Total Australia				282,152
TOTAL COMMON EQUITIES: (Cost $80,907,990)				107,540,383
PREFERRED EQUITIES: 2.9%
SOUTH KOREA: 2.9%
Samsung Electronics Co., Ltd., Pfd.		2,443		3,499,329
Total South Korea				3,499,329
TOTAL PREFERRED EQUITIES (Cost $2,217,373)				3,499,329
TOTAL INVESTMENTS: 92.3% (Cost $83,125,363c)				111,039,712
CASH AND OTHER ASSETS, LESS LIABILITIES : 7.7%				9,254,631
NET ASSETS: 100.0%			$	120,294,343

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 $83,481,130 and net unrealized appreciation consists of:

Gross unrealized appreciation	$	28,750,544
Gross unrealized depreciation		(1,191,962	)
Net unrealized appreciation	$	27,558,582

ADR American Depositary Receipt

JSC Joint Stock Co.

Pfd. Preferred

See accompanying notes to schedule of investments.

Matthews China Fund	March 31, 2017
Consolidated Schedule of Investmentsa (unaudited)

	Shares		Value
COMMON EQUITIES: 99.9%
FINANCIALS: 32.2%
Banks: 16.4%
China Construction Bank Corp. H Shares		37,387,660	$	30,123,529
Industrial & Commercial Bank of China, Ltd. H Shares		34,971,000		22,883,215
China Merchants Bank Co., Ltd. H Shares		7,936,143		21,001,963
Bank of China, Ltd. H Shares		19,442,000		9,668,149
Chongqing Rural Commercial Bank Co., Ltd. H Shares		14,271,000		9,641,309
				93,318,165
Insurance: 12.5%
China Life Insurance Co., Ltd. H Shares		14,236,000		43,555,441
Ping An Insurance Group Co. of China, Ltd. H Shares		5,010,500		28,081,114
				71,636,555
Capital Markets: 3.3%
CITIC Securities Co., Ltd. H Shares		9,079,500		18,705,437
Total Financials				183,660,157
INFORMATION TECHNOLOGY: 29.9%
Internet Software & Services: 24.9%
Tencent Holdings, Ltd.		2,156,100		62,116,207
Alibaba Group Holding, Ltd. ADRb		272,800		29,416,024
NetEase, Inc. ADR		69,310		19,684,040
SINA Corp.		211,600		15,260,592
Baozun, Inc. ADRb		643,041		9,607,033
Baidu, Inc. ADRb		33,100		5,710,412
				141,794,308
Electronic Equipment, Instruments & Components: 2.1%
Hangzhou Hikvision Digital Technology Co., Ltd. A Shares		2,631,200		12,182,159
Communications Equipment: 1.3%
ZTE Corp. H Shares		3,960,000		7,275,446
IT Services: 1.0%
Chinasoft International, Ltd.b		10,268,000		5,911,431
Semiconductors & Semiconductor Equipment: 0.6%
Semiconductor Manufacturing International Corp.b		2,588,100		3,208,207
Total Information Technology				170,371,551
CONSUMER DISCRETIONARY: 12.8%
Household Durables: 3.9%
Gree Electric Appliances, Inc. of Zhuhai A Shares		2,583,400		11,878,002
Midea Group Co., Ltd. A Shares		2,146,696		10,404,952
				22,282,954
Internet & Direct Marketing Retail: 3.8%
Ctrip.com International, Ltd. ADRb		269,600		13,250,840
JD.com, Inc. ADRb		275,479		8,570,152
				21,820,992
Auto Components: 2.8%
Nexteer Automotive Group, Ltd.		3,981,000		5,875,090
Fuyao Glass Industry Group Co., Ltd. A Shares		1,772,633		5,833,975
Xinyi Glass Holdings, Ltd.		5,176,000		4,559,129
				16,268,194

	Shares		Value
Automobiles: 2.3%
Brilliance China Automotive Holdings, Ltd.		4,184,000	$	6,999,368
Chongqing Changan Automobile Co., Ltd. B Shares		4,238,024		5,891,124
				12,890,492
Total Consumer Discretionary				73,262,632
INDUSTRIALS: 6.3%
Construction & Engineering: 4.2%
China State Construction International Holdings, Ltd.		8,030,000		14,373,971
China Railway Construction Corp., Ltd. H Shares		6,835,000		9,699,170
				24,073,141
Commercial Services & Supplies: 2.1%
China Everbright International, Ltd.		9,046,000		12,182,344
Total Industrials				36,255,485
ENERGY: 5.7%
Oil, Gas & Consumable Fuels: 5.7%
China Petroleum & Chemical Corp. H Shares		18,874,000		15,362,802
Yanzhou Coal Mining Co., Ltd. H Shares		11,158,000		8,678,894
China Shenhua Energy Co., Ltd. H Shares		3,557,000		8,276,199
Total Energy				32,317,895
MATERIALS: 4.7%
Construction Materials: 3.8%
China National Building Material Co., Ltd. H Shares		9,456,000		6,090,567
China National Materials Co., Ltd. H Shares		35,320,000		11,648,147
Anhui Conch Cement Co., Ltd. H Shares		1,132,500		3,851,684
				21,590,398
Metals & Mining: 0.9%
MMG, Ltd.b		14,056,000		5,245,589
Total Materials				26,835,987
REAL ESTATE: 2.6%
Real Estate Management & Development: 2.6%
China Overseas Grand Oceans Group, Ltd.b		1,706,000		900,766
KWG Property Holding, Ltd.		3,814,500		2,764,230
China Resources Land, Ltd.		2,102,000		5,685,173
China Overseas Land & Investment, Ltd.		1,842,000		5,264,371
Total Real Estate				14,614,540
UTILITIES: 2.5%
Water Utilities: 2.5%
Beijing Enterprises Water Group, Ltd.		19,004,000		14,087,365
Total Utilities				14,087,365
CONSUMER STAPLES: 2.0%
Beverages: 1.5%
Wuliangye Yibin Co., Ltd. A Shares		884,949		5,524,312
Wuliangye Yibin Co., Ltd. A Shares		452,841		2,836,021
				8,360,333
Food Products: 0.5%
WH Group, Ltd.c		3,582,000		3,088,834
Total Consumer Staples				11,449,167

Matthews China Fund	March 31, 2017
Consolidated Schedule of Investmentsa (unaudited) (continued)

	Shares		Value
COMMON EQUITIES: (continued)
TELECOMMUNICATION SERVICES: 1.1%
Diversified Telecommunication Services: 1.1%
China Unicom Hong Kong, Ltd.		4,634,000	$	6,224,033
Total Telecommunication Services				6,224,033
HEALTH CARE: 0.1%
Pharmaceuticals: 0.1%
Sino Biopharmaceutical, Ltd.		781,000		643,155
Total Health Care				643,155
TOTAL INVESTMENTS: 99.9% (Cost $494,617,436d)				569,721,967
CASH AND OTHER ASSETS, LESS LIABILITIES : 0.1%				556,315
NET ASSETS: 100.0%			$	570,278,282

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

b Non-income producing security.

c Security 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. At March 31, 2017, the aggregate value is $3,088,834, which is 0.54% of net assets.

d Cost for federal income tax purposes is $503,664,174 and net unrealized depreciation consists of:

Gross unrealized appreciation	$	83,485,462
Gross unrealized depreciation		(17,427,669	)
Net unrealized appreciation	$	66,057,793

ADR American Depositary Receipt

See accompanying notes to schedules of investments.

Matthews India Fund	March 31, 2017
Schedule of Investmentsa (unaudited)

	Shares		Value
COMMON EQUITIES: 95.7%
FINANCIALS: 32.7%
Banks: 18.3%
IndusInd Bank, Ltd.		4,625,934	$	101,529,640
Kotak Mahindra Bank, Ltd.		6,697,258		89,958,925
HDFC Bank, Ltd.		3,940,165		87,605,058
DCB Bank, Ltd.b		12,139,846		31,859,261
Yes Bank, Ltd.		920,000		21,926,484
HDFC Bank, Ltd. ADR		206,922		15,564,673
IDFC Bank, Ltd.		13,650,467		12,468,664
				360,912,705
Consumer Finance: 7.4%
Shriram City Union Finance, Ltd.		1,873,192		68,070,704
Bharat Financial Inclusion, Ltd.b		3,539,665		44,066,180
Cholamandalam Investment and Finance Co., Ltd.		1,300,000		19,321,391
Sundaram Finance, Ltd.		588,318		14,630,199
				146,088,474
Thrifts & Mortgage Finance: 4.2%
Housing Development Finance Corp., Ltd.		2,458,810		56,885,560
GRUH Finance, Ltd.		4,390,669		26,767,313
				83,652,873
Capital Markets: 2.3%
CRISIL, Ltd.		1,515,723		44,452,303
Diversified Financial Services: 0.5%
IDFC, Ltd.		11,350,467		9,526,571
Total Financials				644,632,926
CONSUMER STAPLES: 17.6%
Tobacco: 7.7%
ITC, Ltd.		22,771,965		98,320,331
VST Industries, Ltd.†		1,185,704		52,378,408
				150,698,739
Personal Products: 7.5%
Emami, Ltd.		2,665,122		43,680,515
Bajaj Corp., Ltd.		6,199,447		37,713,397
Dabur India, Ltd.		8,686,064		37,101,017
Marico, Ltd.		6,422,328		29,166,484
				147,661,413
Food Products: 2.4%
Nestle India, Ltd.		244,636		25,172,545
Zydus Wellness, Ltd.		1,670,471		22,416,025
				47,588,570
Total Consumer Staples				345,948,722
INFORMATION TECHNOLOGY: 12.8%
IT Services: 10.8%
Cognizant Technology Solutions Corp. Class Ab		1,385,300		82,453,056
eClerx Services, Ltd.†		2,701,931		58,690,593
Tata Consultancy Services, Ltd.		950,000		35,576,465
Mindtree, Ltd.		4,936,665		34,428,684
				211,148,798
Internet Software & Services: 2.0%
Info Edge India, Ltd.		3,230,761		39,862,796
Total Information Technology				251,011,594

	Shares		Value
HEALTH CARE: 12.4%
Pharmaceuticals: 11.5%
Taro Pharmaceutical Industries, Ltd.b		759,400	$	88,561,228
Ajanta Pharma, Ltd.		2,226,230		60,357,622
Alembic Pharmaceuticals, Ltd.		2,640,862		25,518,107
Sun Pharma Advanced Research Co., Ltd.b		4,196,014		20,448,442
Caplin Point Laboratories, Ltd.		3,023,695		18,083,498
Sun Pharmaceutical Industries, Ltd.		1,352,917		14,338,197
				227,307,094
Health Care Equipment & Supplies: 0.9%
Poly Medicure, Ltd.		4,153,464		17,369,264
Total Health Care				244,676,358
INDUSTRIALS: 11.3%
Machinery: 7.8%
AIA Engineering, Ltd.		2,978,540		72,833,984
Eicher Motors, Ltd.		127,000		50,031,126
Thermax, Ltd.		1,183,128		17,842,221
Ashok Leyland, Ltd.		9,356,152		12,183,068
				152,890,399
Air Freight & Logistics: 1.6%
Blue Dart Express, Ltd.		380,973		30,531,362
Transportation Infrastructure: 1.1%
Gujarat Pipavav Port, Ltd.		8,578,564		21,812,921
Road & Rail: 0.8%
Container Corp. of India, Ltd.		846,055		16,597,947
Total Industrials				221,832,629
CONSUMER DISCRETIONARY: 5.9%
Household Durables: 3.1%
Symphony, Ltd.		2,063,542		48,604,379
LA Opala RG, Ltd.		1,481,323		12,273,114
				60,877,493
Textiles, Apparel & Luxury Goods: 2.8%
Page Industries, Ltd.		107,100		24,117,123
Titan Co., Ltd.		3,178,691		22,659,435
Kewal Kiran Clothing, Ltd.		330,462		8,833,949
Vaibhav Global, Ltd.b		76,437		453,784
				56,064,291
Total Consumer Discretionary				116,941,784
MATERIALS: 3.0%
Chemicals: 3.0%
Supreme Industries, Ltd.		1,441,965		24,262,075
Asian Paints, Ltd.		1,176,000		19,432,287
Castrol India, Ltd.		2,299,063		15,311,154
Total Materials				59,005,516
TOTAL INVESTMENTS: 95.7% (Cost $1,423,654,161c)				1,884,049,529
CASH AND OTHER ASSETS, LESS LIABILITIES : 4.3%				84,440,472
NET ASSETS: 100.0%			$	1,968,490,001

Matthews India Fund	March 31, 2017
Schedule of Investmentsa (unaudited) (continued)

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

b Non-income producing security.

c Cost for federal income tax purposes is $1,423,757,267 and net unrealized appreciation consists of:

Gross unrealized appreciation	$	519,395,277
Gross unrealized depreciation		(59,103,015	)
Net unrealized appreciation	$	460,292,262

† 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, 2017
Schedule of Investmentsa (unaudited)

	Shares		Value
COMMON EQUITIES: 96.9%
INDUSTRIALS: 23.6%
Machinery: 5.7%
Komatsu, Ltd.		2,444,400	$	64,026,844
SMC Corp.		213,000		63,146,961
Harmonic Drive Systems, Inc.		1,759,100		55,423,637
				182,597,442
Electrical Equipment: 4.4%
Nidec Corp.		745,000		71,150,915
Mabuchi Motor Co., Ltd.		1,239,900		69,990,852
				141,141,767
Trading Companies & Distributors: 4.3%
Mitsui & Co., Ltd.		5,105,600		74,143,671
MISUMI Group, Inc.		3,508,400		63,692,647
				137,836,318
Professional Services: 4.0%
TechnoPro Holdings, Inc.†		1,889,900		73,192,870
Nihon M&A Center, Inc.		1,611,900		52,598,194
				125,791,064
Building Products: 3.0%
Daikin Industries, Ltd.		609,100		61,420,563
Aica Kogyo Co., Ltd.		1,222,800		32,331,235
				93,751,798
Road & Rail: 1.4%
Kyushu Railway Co.		970,400		29,853,081
Trancom Co., Ltd.		294,100		15,245,266
				45,098,347
Construction & Engineering: 0.8%
Totetsu Kogyo Co., Ltd.		859,300		24,738,994
Total Industrials				750,955,730
CONSUMER DISCRETIONARY: 18.7%
Automobiles: 3.8%
Suzuki Motor Corp.		2,055,300		85,364,264
Fuji Heavy Industries, Ltd.		959,900		35,207,491
				120,571,755
Auto Components: 3.8%
NGK Spark Plug Co., Ltd.		2,330,600		53,444,002
Nifco, Inc.		786,000		39,502,351
Nippon Seiki Co., Ltd.		1,258,000		27,105,752
				120,052,105
Specialty Retail: 3.7%
Nitori Holdings Co., Ltd.		610,400		77,520,295
Jin Co., Ltd.		654,300		34,187,126
VT Holdings Co., Ltd.		954,400		4,972,862
				116,680,283
Multiline Retail: 2.1%
Ryohin Keikaku Co., Ltd.		304,600		66,958,879
Internet & Direct Marketing Retail: 1.6%
Start Today Co., Ltd.		2,325,400		51,679,110
Hotels, Restaurants & Leisure: 1.6%
Kyoritsu Maintenance Co., Ltd.		1,674,600		50,025,596

	Shares		Value
Distributors: 1.1%
Doshisha Co., Ltd.†		1,900,100	$	35,261,702
Media: 1.0%
Next Co., Ltd.		3,573,800		24,334,525
Septeni Holdings Co., Ltd.		2,075,600		7,495,919
				31,830,444
Total Consumer Discretionary				593,059,874
FINANCIALS: 14.6%
Banks: 7.1%
Mitsubishi UFJ Financial Group, Inc.		18,382,700		115,795,713
Sumitomo Mitsui Financial Group, Inc.		2,126,200		77,391,062
Seven Bank, Ltd.		10,613,500		34,757,348
				227,944,123
Insurance: 4.4%
Tokio Marine Holdings, Inc.		1,911,600		80,792,548
Dai-ichi Life Holdings, Inc.		3,324,800		59,511,895
				140,304,443
Diversified Financial Services: 3.1%
ORIX Corp.		3,576,400		53,082,853
Financial Products Group Co., Ltd.		3,291,900		29,277,418
Tokyo Century Corp.		447,300		15,249,004
				97,609,275
Total Financials				465,857,841
CONSUMER STAPLES: 11.2%
Food & Staples Retailing: 3.3%
Seven & I Holdings Co., Ltd.		1,538,400		60,433,952
San-A Co., Ltd.		970,600		44,238,718
				104,672,670
Food Products: 2.6%
Ezaki Glico Co., Ltd.		988,400		48,070,557
Ariake Japan Co., Ltd.		561,200		35,399,355
				83,469,912
Personal Products: 2.3%
Kao Corp.		1,358,400		74,598,653
Tobacco: 1.5%
Japan Tobacco, Inc.		1,471,700		47,900,236
Household Products: 1.5%
Pigeon Corp.		1,436,100		46,079,915
Total Consumer Staples				356,721,386
HEALTH CARE: 9.5%
Health Care Equipment & Supplies: 7.5%
Hoya Corp.		1,411,500		68,190,684
Sysmex Corp.		952,900		57,975,586
Asahi Intecc Co., Ltd.		1,378,400		57,362,732
CYBERDYNE, Inc.b		2,943,600		42,299,799
Daiken Medical Co., Ltd.†		1,660,000		11,950,776
				237,779,577
Health Care Technology: 1.5%
M3, Inc.		1,835,600		45,747,733
Biotechnology: 0.5%
PeptiDream, Inc.b		362,300		17,109,415

Matthews Japan Fund	March 31, 2017
Schedule of Investmentsa (unaudited) (continued)

	Shares		Value
COMMON EQUITIES: (continued)
Total Health Care			$	300,636,725
INFORMATION TECHNOLOGY: 9.1%
Electronic Equipment, Instruments & Components: 6.0%
Murata Manufacturing Co., Ltd.		535,800		76,333,054
Keyence Corp.		177,000		71,007,584
Horiba, Ltd.		775,600		41,708,914
				189,049,552
Software: 1.9%
Oracle Corp. Japan		752,600		43,145,942
NSD Co., Ltd.		1,252,000		18,115,463
				61,261,405
Internet Software & Services: 1.2%
Infomart Corp.†		6,539,000		37,501,090
Total Information Technology				287,812,047
MATERIALS: 4.8%
Chemicals: 4.8%
Nitto Denko Corp.		719,800		55,683,742
Shin-Etsu Chemical Co., Ltd.		732,900		63,703,189
W-Scope Corp.†		2,315,300		34,177,292
Total Materials				153,564,223
REAL ESTATE: 3.4%
Real Estate Management & Development: 3.4%
Mitsui Fudosan Co., Ltd.		2,237,000		47,764,025
Relo Group, Inc.		3,698,000		61,482,991
Total Real Estate				109,247,016
TELECOMMUNICATION SERVICES: 2.0%
Wireless Telecommunication Services: 2.0%
SoftBank Group Corp.		891,200		63,199,574
Total Telecommunication Services				63,199,574
TOTAL INVESTMENTS: 96.9% (Cost $2,793,269,394c)				3,081,054,416
CASH AND OTHER ASSETS, LESS LIABILITIES : 3.1%				98,581,329
NET ASSETS: 100.0%			$	3,179,635,745

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

b Non-income producing security.

c Cost for federal income tax purposes is $2,795,598,039 and net unrealized appreciation consists of:

Gross unrealized appreciation	$	375,429,492
Gross unrealized depreciation		(89,973,115	)
Net unrealized appreciation	$	285,456,377

† 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 schedule of investments.

Matthews Korea Fund	March 31, 2017
Schedule of Investmentsa (unaudited)

	Shares		Value
COMMON EQUITIES: 78.5%
INFORMATION TECHNOLOGY: 18.7%
Technology Hardware, Storage & Peripherals: 7.7%
Samsung Electronics Co., Ltd.		7,660	$	14,097,582
Semiconductors & Semiconductor Equipment: 5.0%
SK Hynix, Inc.		153,358		6,926,720
Koh Young Technology, Inc.		35,261		1,617,135
Silicon Works Co., Ltd.		21,129		579,097
				9,122,952
Internet Software & Services: 3.7%
Naver Corp.		8,678		6,635,743
Electronic Equipment, Instruments & Components: 2.3%
Samsung SDI Co., Ltd.		34,435		4,251,115
Total Information Technology				34,107,392
FINANCIALS: 17.9%
Banks: 12.4%
Shinhan Financial Group Co., Ltd.		171,036		7,126,571
KB Financial Group, Inc.		158,024		6,925,634
Hana Financial Group, Inc.		199,396		6,579,673
DGB Financial Group, Inc.		211,419		2,049,590
				22,681,468
Capital Markets: 3.5%
Kiwoom Securities Co., Ltd.		47,898		3,487,702
Shinyoung Securities Co., Ltd.		63,434		2,830,227
				6,317,929
Insurance: 2.0%
Dongbu Insurance Co., Ltd.		65,165		3,730,212
Total Financials				32,729,609
CONSUMER DISCRETIONARY: 16.6%
Hotels, Restaurants & Leisure: 5.3%
Modetour Network, Inc.		153,068		5,290,243
Kangwon Land, Inc.		128,193		4,381,782
				9,672,025
Auto Components: 5.2%
Hyundai Mobis Co., Ltd.		25,620		5,511,301
Hankook Tire Co., Ltd.		81,800		3,989,384
				9,500,685
Media: 1.5%
Innocean Worldwide, Inc.		51,137		2,817,923
Specialty Retail: 1.5%
LOTTE Himart Co., Ltd.		55,183		2,644,915
Automobiles: 1.2%
Kia Motors Corp.		65,541		2,172,205
Household Durables: 1.0%
Cuckoo Electronics Co., Ltd.		15,695		1,859,597
Multiline Retail: 0.9%
Hyundai Department Store Co., Ltd.		18,907		1,707,402
Total Consumer Discretionary				30,374,752
CONSUMER STAPLES: 6.0%
Food & Staples Retailing: 3.4%
BGF Retail Co., Ltd.		48,425		4,548,201

	Shares		Value
Hyundai Greenfood Co., Ltd.		123,055	$	1,722,088
				6,270,289
Food Products: 2.6%
Orion Corp.		6,463		3,875,700
Daesang Corp.		41,661		897,984
				4,773,684
Total Consumer Staples				11,043,973
HEALTH CARE: 5.3%
Pharmaceuticals: 3.2%
Yuhan Corp.		13,841		2,755,001
DongKook Pharmaceutical Co., Ltd.		28,602		1,647,205
Dong-A ST Co., Ltd.		17,947		1,507,242
				5,909,448
Biotechnology: 2.1%
Hugel, Inc.b		11,365		3,752,462
Total Health Care				9,661,910
MATERIALS: 4.5%
Metals & Mining: 4.5%
POSCO		21,822		5,667,741
Korea Zinc Co., Ltd.		6,362		2,459,612
Total Materials				8,127,353
TELECOMMUNICATION SERVICES: 3.9%
Wireless Telecommunication Services: 2.1%
SK Telecom Co., Ltd. ADR		150,500		3,789,590
Diversified Telecommunication Services: 1.8%
KT Corp. ADR		193,100		3,249,873
Total Telecommunication Services				7,039,463
ENERGY: 3.0%
Oil, Gas & Consumable Fuels: 3.0%
SK Innovation Co., Ltd.		25,213		3,756,912
S-Oil Corp.		18,205		1,636,900
Total Energy				5,393,812
INDUSTRIALS: 2.6%
Aerospace & Defense: 1.6%
LIG Nex1 Co., Ltd.		40,791		2,863,594
Commercial Services & Supplies: 1.0%
KEPCO Plant Service & Engineering Co., Ltd.		33,138		1,849,656
Total Industrials				4,713,250
TOTAL COMMON EQUITIES: (Cost $97,670,994)				143,191,514
PREFERRED EQUITIES: 21.4%
INFORMATION TECHNOLOGY: 8.0%
Technology Hardware, Storage & Peripherals: 7.4%
Samsung Electronics Co., Ltd., Pfd.		9,456		13,544,682
Electronic Equipment, Instruments & Components: 0.6%
Samsung SDI Co., Ltd., Pfd.		21,209		1,134,546
Total Information Technology				14,679,228
CONSUMER STAPLES: 4.7%
Personal Products: 4.7%
LG Household & Health Care, Ltd., Pfd.		12,064		5,503,709

Matthews Korea Fund	March 31, 2017
Schedule of Investmentsa (unaudited) (continued)

	Shares		Value
AMOREPACIFIC Group, Pfd.		55,603	$	2,973,316
Total Consumer Staples				8,477,025
CONSUMER DISCRETIONARY: 2.8%
Automobiles: 2.8%
Hyundai Motor Co., Ltd., 2nd Pfd.		54,940		5,086,958
Total Consumer Discretionary				5,086,958
FINANCIALS: 2.5%
Insurance: 2.5%
Samsung Fire & Marine Insurance Co., Ltd., Pfd.		28,572		4,560,585
Total Financials				4,560,585
MATERIALS: 1.9%
Chemicals: 1.9%
LG Chem, Ltd., Pfd.		20,658		3,517,693
Total Materials				3,517,693
ENERGY: 1.5%
Oil, Gas & Consumable Fuels: 1.5%
S-Oil Corp., Pfd.		38,278		2,710,749
Total Energy				2,710,749
TOTAL PREFERRED EQUITIES (Cost $24,258,858)				39,032,238
TOTAL INVESTMENTS: 99.9% (Cost $121,929,852c)				182,223,752
CASH AND OTHER ASSETS, LESS LIABILITIES : 0.1%				240,683
NET ASSETS: 100.0%			$	182,464,435

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

b Non-income producing security.

c Cost for federal income tax purposes is $123,171,861 and net unrealized appreciation consists of:

Gross unrealized appreciation	$	62,593,613
Gross unrealized depreciation		(3,541,722	)
Net unrealized appreciation	$	59,051,891

ADR American Depositary Receipt

Pfd. Preferred

See accompanying notes to schedule of investments.

Matthews Asia Small Companies Fund	March 31, 2017
Schedule of Investmentsa (unaudited)

	Shares		Value
COMMON EQUITIES: 97.2%
CHINA/HONG KONG: 33.0%
Value Partners Group, Ltd.		9,548,000	$	9,100,563
Clear Media, Ltd.		7,069,000		8,186,450
SITC International Holdings Co., Ltd.		10,883,000		7,478,500
Vitasoy International Holdings, Ltd.		3,706,000		7,366,969
Silergy Corp.		372,000		6,864,409
Lifetech Scientific Corp.b		26,564,000		6,701,566
Chow Sang Sang Holdings International, Ltd.		2,679,000		6,316,653
Qingdao Port International Co., Ltd. H Sharesc		11,208,000		6,263,212
IMAX China Holding, Inc.b,c		1,193,500		6,145,874
Tongda Group Holdings, Ltd.		16,920,000		5,972,914
TCC International Holdings, Ltd.		18,258,000		5,785,630
Beijing Urban Construction Design & Development Group Co., Ltd. H Sharesc		9,227,000		5,781,524
Melco International Development, Ltd.		3,100,000		5,475,080
Q Technology Group Co., Ltd.b		7,288,000		5,442,881
Ten Pao Group Holdings, Ltd.		21,300,000		5,261,787
Zhou Hei Ya International Holdings Co., Ltd.b,c		4,614,500		4,683,302
China Yuchai International, Ltd.		246,634		4,565,195
Genscript Biotech Corp.b		8,250,000		4,461,903
Hutchison China MediTech, Ltd. ADRb		223,300		4,454,835
Jacobson Pharma Corp., Ltd.		18,074,000		3,724,902
Gridsum Holding, Inc. ADRb		267,463		3,554,583
eHi Car Services, Ltd. ADRb		340,000		3,437,400
YY, Inc. ADRb		68,400		3,153,924
Total China/Hong Kong				130,180,056
TAIWAN: 13.1%
Sunny Friend Environmental Technology Co., Ltd.		1,384,000		6,660,547
Macauto Industrial Co., Ltd.		1,109,000		6,327,409
PChome Online, Inc.		752,916		6,128,190
Elite Material Co., Ltd.		1,575,000		6,124,732
Amulaire Thermal Technology, Inc.b		1,881,717		5,607,963
Sinbon Electronics Co., Ltd.		2,269,060		5,571,961
Taiwan Paiho, Ltd.		1,553,000		5,324,408
Aerospace Industrial Development Corp.		3,974,000		5,028,839
Kerry TJ Logistics Co., Ltd.		3,556,000		5,017,854
Total Taiwan				51,791,903
INDIA: 12.2%
GRUH Finance, Ltd.		1,276,172		7,780,066
AIA Engineering, Ltd.		250,251		6,119,366
Supreme Industries, Ltd.		297,239		5,001,255
LA Opala RG, Ltd.		583,402		4,833,625
DCB Bank, Ltd.b		1,791,983		4,702,799
Page Industries, Ltd.		20,457		4,606,573
Berger Paints India, Ltd.		1,148,759		4,282,081
Gujarat Pipavav Port, Ltd.		1,572,449		3,998,304
CRISIL, Ltd.		122,758		3,600,180
Emami, Ltd.		191,319		3,135,659
Total India				48,059,908
SOUTH KOREA: 12.0%
Yonwoo Co., Ltd.b		250,140		6,665,628
i-SENS, Inc.		228,566		6,019,633
LIG Nex1 Co., Ltd.		70,902		4,977,435

	Shares		Value
Vitzrocell Co., Ltd.		389,604	$	4,894,873
NICE Holdings Co., Ltd.		292,323		4,522,210
Medy-Tox, Inc.		10,871		4,500,742
Hy-Lok Corp.		224,595		4,392,867
Value Added Technologies Co., Ltd.		165,770		4,157,973
Dexter Studios Co., Ltd.b		579,845		3,260,335
Cell Biotech Co., Ltd.		72,548		2,232,307
CLIO Cosmetics Co., Ltd.		26,115		957,449
LEENO Industrial, Inc.		18,910		707,667
Total South Korea				47,289,119
INDONESIA: 7.5%
PT Bank Tabungan Pensiunan Nasional		33,242,600		6,810,424
PT Astra Otoparts		28,221,825		5,930,067
PT Sumber Alfaria Trijaya		137,099,600		5,350,028
PT Ultrajaya Milk Industry & Trading Co.b		13,318,000		4,277,591
PT Arwana Citramulia		106,113,200		3,806,394
PT Puradelta Lestari		215,410,900		3,685,272
Total Indonesia				29,859,776
MALAYSIA: 5.9%
GD Express Carrier BHD		14,778,700		6,848,735
Unisem M BHD		8,490,900		6,024,500
Karex BHD		10,820,825		5,281,433
Bursa Malaysia BHD		2,269,900		5,016,297
Total Malaysia				23,170,965
THAILAND: 3.4%
Aeon Thana Sinsap Thailand Public Co., Ltd.		1,616,700		4,845,983
Forth Smart Service Public Co., Ltd.		8,674,600		4,619,721
Plan B Media Public Co., Ltd. F Shares		22,306,600		3,893,262
Aeon Thana Sinsap Thailand Public Co., Ltd. NVDR		88,700		265,874
Total Thailand				13,624,840
PHILIPPINES: 2.5%
Concepcion Industrial Corp.		4,521,590		5,632,275
Philippine Seven Corp.		1,301,861		4,410,889
Total Philippines				10,043,164
SINGAPORE: 2.4%
Delfi, Ltd.		3,749,000		5,976,531
iFAST Corp., Ltd.		6,647,700		3,398,574
Total Singapore				9,375,105
JAPAN: 1.9%
Honma Golf, Ltd.b,c		4,727,500		3,820,202
W-Scope Corp.		241,600		3,566,377
Total Japan				7,386,579
ISRAEL: 1.4%
Sarine Technologies, Ltd.		3,974,300		5,469,155
Total Israel				5,469,155
VIETNAM: 1.3%
DHG Pharmaceutical JSC		822,990		5,006,571
Total Vietnam				5,006,571

Matthews Asia Small Companies Fund	March 31, 2017
Schedule of Investmentsa (unaudited) (continued)

	Shares		Value
COMMON EQUITIES: (continued)
UNITED STATES: 0.6%
Oclaro, Inc.b		236,400	$	2,321,448
Total United States				2,321,448
TOTAL INVESTMENTS: 97.2% (Cost $342,299,163d)				383,578,589
CASH AND OTHER ASSETS, LESS LIABILITIES : 2.8%				11,136,560
NET ASSETS: 100.0%			$	394,715,149

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

b Non-income producing security.

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. At March 31, 2017, the aggregate value is $26,694,114, which is 6.76% of net assets.

d Cost for federal income tax purposes is $343,146,140 and net unrealized appreciation consists of:

Gross unrealized appreciation	$	69,990,990
Gross unrealized depreciation		(29,558,541	)
Net unrealized appreciation	$	40,432,449

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, 2017
Schedule of Investmentsa (unaudited)

	Shares		Value
COMMON EQUITIES: 98.0%
INDUSTRIALS: 27.1%
Transportation Infrastructure: 6.4%
Yuexiu Transport Infrastructure, Ltd.		698,000	$	540,055
Qingdao Port International Co., Ltd. H Shares b		964,000		538,699
				1,078,754
Machinery: 5.0%
TK Group Holdings, Ltd.		1,436,000		430,779
China Yuchai International, Ltd.		16,300		301,713
CIMC Enric Holdings, Ltd.		174,000		109,385
				841,877
Commercial Services & Supplies: 4.9%
Sunny Friend Environmental Technology Co., Ltd.		109,000		524,566
Greentown Service Group Co., Ltd.b		786,000		292,487
				817,053
Marine: 4.0%
SITC International Holdings Co., Ltd.		968,000		665,183
Air Freight & Logistics: 2.6%
Kerry Logistics Network, Ltd.		311,000		436,416
Construction & Engineering: 1.5%
Beijing Urban Construction Design & Development Group Co., Ltd. H Shares b		404,000		253,141
Electrical Equipment: 1.4%
Voltronic Power Technology Corp.		16,974		226,562
Professional Services: 1.3%
51job, Inc. ADRc		5,924		217,174
Total Industrials				4,536,160
CONSUMER DISCRETIONARY: 22.7%
Household Durables: 10.1%
Wuxi Little Swan Co., Ltd. B Shares		168,217		671,006
Q Technology Group Co., Ltd.c		583,000		435,401
Guangzhou Holike Creative Home Co., Ltd. A Shares		56,678		303,213
Vatti Corp., Ltd. A Shares		57,184		276,967
				1,686,587
Media: 3.3%
Clear Media, Ltd.		321,000		371,743
IMAX China Holding, Inc.b,c		34,900		179,716
				551,459
Hotels, Restaurants & Leisure: 2.9%
Melco International Development, Ltd.		150,000		264,923
Fairwood Holdings, Ltd.		53,500		214,815
				479,738
Specialty Retail: 2.1%
Chow Sang Sang Holdings International, Ltd.		152,000		358,392
Leisure Products: 1.7%
Honma Golf, Ltd.b,c		354,500		286,465
Auto Components: 1.4%
Hu Lane Associate, Inc.		49,000		243,882
Diversified Consumer Services: 1.2%
China Maple Leaf Educational Systems, Ltd.		264,000		199,176
Total Consumer Discretionary				3,805,699

	Shares		Value
INFORMATION TECHNOLOGY: 14.9%
Semiconductors & Semiconductor Equipment: 6.2%
Silergy Corp.		47,000	$	867,278
Parade Technologies, Ltd.		15,000		174,222
				1,041,500
Electronic Equipment, Instruments & Components: 3.4%
All Ring Tech Co., Ltd.		143,000		344,572
Elite Material Co., Ltd.		56,000		217,768
China High Precision Automation Group, Ltd.c,d		195,000		251
				562,591
Communications Equipment: 2.1%
Advanced Ceramic X Corp.		18,000		176,841
Oclaro, Inc.c		17,900		175,778
				352,619
Software: 2.0%
Gridsum Holding, Inc. ADRc		24,465		325,140
Internet Software & Services: 1.2%
Sohu.com, Inc.c		5,200		204,516
Total Information Technology				2,486,366
HEALTH CARE: 13.1%
Biotechnology: 5.2%
China Biologic Products, Inc.c		5,000		500,650
Shanghai Haohai Biological Technology Co., Ltd. H Shares b		81,600		376,421
				877,071
Health Care Equipment & Supplies: 4.1%
Shandong Weigao Group Medical Polymer Co., Ltd. H Shares		536,000		383,697
Lifetech Scientific Corp.c		1,172,000		295,672
				679,369
Life Sciences Tools & Services: 2.2%
Genscript Biotech Corp.c		664,000		359,116
Pharmaceuticals: 1.1%
Jacobson Pharma Corp., Ltd.		866,000		178,475
Health Care Providers & Services: 0.5%
Zhejiang Dian Diagnostics Co., Ltd. A Shares		20,100		90,494
Total Health Care				2,184,525
REAL ESTATE: 6.0%
Real Estate Management & Development: 6.0%
CIFI Holdings Group Co., Ltd.		1,004,000		390,171
KWG Property Holding, Ltd.		564,500		409,073
K Wah International Holdings, Ltd.		321,000		213,260
Total Real Estate				1,012,504
FINANCIALS: 4.9%
Capital Markets: 3.0%
Value Partners Group, Ltd.		534,000		508,976
Banks: 1.9%
Dah Sing Banking Group, Ltd.		158,400		312,249
Total Financials				821,225

Matthews China Small Companies Fund	March 31, 2017
Schedule of Investmentsa (unaudited) (continued)

	Shares		Value
COMMON EQUITIES: (continued)
MATERIALS: 3.6%
Construction Materials: 3.4%
China Resources Cement Holdings, Ltd.		1,024,000	$	573,548
Metals & Mining: 0.2%
MMG, Ltd.c		88,000		32,841
Total Materials				606,389
ENERGY: 3.0%
Oil, Gas & Consumable Fuels: 3.0%
China Aviation Oil Singapore Corp., Ltd.		455,700		496,740
Total Energy				496,740
CONSUMER STAPLES: 2.7%
Food Products: 2.7%
Vitasoy International Holdings, Ltd.		132,000		262,396
Tehmag Foods Corp.		24,000		187,456
Total Consumer Staples				449,852
TOTAL INVESTMENTS: 98.0% (Cost $14,550,169e)				16,399,460
CASH AND OTHER ASSETS, LESS LIABILITIES : 2.0%				341,143
NET ASSETS: 100.0%			$	16,740,603

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

b Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors. At March 31, 2017, the aggregate value is $1,634,442, which is 9.76% of net assets.

c Non-income producing security.

d Illiquid security, trading was halted at March 31, 2017.

e Cost for federal income tax purposes is $14,570,829 and net unrealized appreciation consists of:

Gross unrealized appreciation	$	2,301,157
Gross unrealized depreciation		(472,526	)
Net unrealized appreciation	$	1,828,631

ADR American Depositary Receipt

See accompanying notes to schedule of investments.

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 price. Swap agreements are valued utilizing quotes received daily by the Funds’ pricing service or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. 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 Trustee 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 isolate that portion of gains and losses on investments in fixed income 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 value 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 measurements) 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, foreign exchange etc.).

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

The summary of inputs used to determine the fair valuation of the Fund’s investments and derivative financial instruments as of March 31, 2017 is as follows:

	Matthews Asia Strategic Income Fund		Matthews Asia Credit Opportunities 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
Bangladesh	$	—	$	—	$	—	$	—	$	—	$	—	$	4,093,827
China/Hong Kong		—		—		140,809,597		130,792,421		416,970		213,407		65,953,418
India		—		—		—		12,665,449		—		—		—
Indonesia		—		—		44,741,418		43,302,424		—		—		15,305,871
Israel		—		—		—		—		23,324		—		—
Malaysia		—		—		—		—		110,509		298,097		—
Pakistan		—		—		—		—		—		—		10,290,085
Philippines		—		—		30,069,955		58,630,540		—		—		4,567,468
Singapore		—		—		—		88,743,245		73,063		—		—
Sri Lanka		—		—		—		—		—		—		19,388,195
South Korea		—		—		86,132,131		85,342,623		374,513		—		—
Taiwan		—		—		57,352,982		99,437,550		76,236		—		—
United States		—		—		45,981,633		—		97,014		352,653		—
Vietnam		—		—		39,638,405		74,864,492						16,355,659
Level 2: Other Significant Observable Inputs
Foreign Government Obligationsa		25,719,787		1,991,850		—		—		—		—		—
Non-Convertible Corporate Bondsa		37,401,301		11,726,429		—		—		—		—		—
Convertible Corporate Bondsa		6,201,300		1,674,800		277,447,559		—		—		—		—
Common Equities:
Australia		—		—		144,234,389		84,003,989		—		222,188		31,064,182
Bangladesh		—		—		—		—		—		—		15,185,237
China/Hong Kong		—		—		560,281,279		1,583,334,725		452,973		3,448,451		27,630,537
India		—		—		42,543,931		243,839,140		—		513,774		78,688,273
Indonesia		—		—		26,449,954		144,515,722		—		399,614		80,639,443
Japan		—		—		199,741,745		1,522,545,866		333,579		292,928		242,453,597
Luxembourg		—		—		—		75,324,264		—		—		—
Malaysia		—		—		94,949,273		—		48,986		338,242		—
New Zealand		—		—		39,882,589		—		—		—		—
Norway		—		—		42,290,361		—		—		—		—
Philippines		—		—		—		—		—		—		13,819,608
Singapore		—		—		400,524,445		341,664,490		151,316		1,438,018		—
South Korea		—		—		168,554,150		195,273,077		440,983		1,511,238		—
Switzerland		—		—		—		—		52,497		274,109		—
Taiwan		—		—		70,746,453		54,528,002		106,672		917,966		3,510,787
Thailand		—		—		37,340,554		87,009,178		17,646		305,413		7,633,170
Vietnam		—		—		—		—		—		—		3,002,951
Preferred Equities:
South Korea		—		—		92,510,593		284,038,394		324,010		—		—
Total Market Value of Investments	$	69,322,388	$	15,393,079	$	2,642,223,396	$	5,209,855,591	$	3,100,291	$	10,526,098	$	639,582,308

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

	Matthews Asia Strategic Income Fund			Matthews Asia Credit Opportunities Fund
Derivative Financial Instruments1
Assets
Level 2:
Other Significant Observable Inputs
Foreign Currency Exchange Contracts	$	153,007		$	—
Liabilities
Level 2:
Other Significant Observable Inputs
Foreign Currency Exchange Contracts		(412,037	)
Credit default swaps		(4,470	)		(1,118	)
	($	416,507	)	($	1,118	)

¹ Derivative financial instruments are foreign currency exchange contracts and swaps. Foreign currency exchange contracts and swaps 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	$	1,052,680	$	21,820,992	$	9,287,733	$	—	$	9,794,755	$	1,909,394
Consumer Staples		2,469,233		—		52,378,408		—		4,695,404		—
Financials		—		—		83,635,377		—		—		—
Health Care		3,760,890		—		124,013,990		—		—		877,071
Industrials		2,452,984		—		72,833,984		—		—		745,449
Information Technology		5,112,000		79,678,101		141,143,649		—		579,097		705,434
Real Estate		3,642,735		—		—		—		—		—
Telecommunication Services		6,701,056		—		—		—		7,039,463		—
Preferred Equities:
Consumer Staples		—		—		—		—		2,973,316		—
Financials		—		—		—		—		4,560,585		—
Level 2: Other Significant Observable Inputs
Common Equities:
Consumer Discretionary		31,637,527		51,441,640		107,654,051		593,059,874		20,579,997		1,896,305
Consumer Staples		15,641,559		11,449,167		293,570,314		356,721,386		6,348,569		449,852
Energy		7,457,872		32,317,895		—		—		5,393,812		496,740
Financials		32,669,457		183,660,157		560,997,549		465,857,841		32,729,609		821,225
Health Care		10,570,870		643,155		120,662,368		300,636,725		9,661,910		1,307,454
Industrials		27,613,077		36,255,485		148,998,645		750,955,730		4,713,250		3,790,711
Information Technology		25,949,499		90,693,450		109,867,945		287,812,047		33,528,295		1,780,681
Materials		3,673,333		26,835,987		59,005,516		153,564,223		8,127,353		606,389
Real Estate		5,260,963		14,614,540		—		109,247,016		—		1,012,504
Telecommunication Services		11,292,718		6,224,033		—		63,199,574		—		—
Utilities		5,130,196		14,087,365		—		—		—		—
Preferred Equities:
Consumer Discretionary		—		—		—		—		5,086,958		—
Consumer Staples		—		—		—		—		5,503,709		—
Energy		—		—		—		—		2,710,749		—
Information Technology		—		—		—		—		14,679,228		—
Materials		—		—		—		—		3,517,693		—
Level 3: Significant Unobservable Inputs
Common Equities:
Information Technology		—		—		—		—		—		251
Total Market Value of Investments	$	202,088,649	$	569,721,967	$	1,884,049,529	$	3,081,054,416	$	182,223,752	$	16,399,460

	Matthews Pacific Tiger Fund		Matthews Asia ESG Fund		Matthews Emerging Asia Fund		Matthews Asia Innovators Fund		Matthews Asia Small Companies Fund
Assets:
Investments:
Level 1: Quoted Prices
Common Equities:
Bangladesh	$	—	$	349,080	$	29,362,959	$	2,906,519	$	—
China/Hong Kong		511,736,535		258,213		1,551,464		24,035,116		27,352,387
India		—		481,471		6,545,618		—		6,119,366
Indonesia		22,696,124		—		14,179,098		1,478,618		26,174,504
Israel		—		—		—		—		5,469,155
Japan		7,507,392		123,072		—		—		3,820,202
Malaysia		80,151,870		—		—		—		16,322,230
Pakistan		—		162,204		44,426,075		—		—
Philippines		—		236,202		10,085,662		3,179,590		10,043,164
Singapore		14,339,433		274,223		—		1,354,257		5,976,531
South Korea		110,108,390		—		—		1,977,223		17,747,827
Sri Lanka		—		147,183		7,997,997		—		—
Taiwan		—		224,197		—		—		—
United States		205,191,231		—		—		—		2,321,448
Vietnam		194,181,003		77,576		36,754,661		799,005		—
Warrants:
Malaysia		4,347,211		—		—		—		—
Level 2: Other Significant Observable Inputs
Common Equities:
Australia		—		—		2,576,486		282,152		—
Bangladesh		—		249,057		8,143,764		—		—
China/Hong Kong		1,748,410,355		2,188,156		22,395,292		15,295,138		102,827,669
India		1,613,074,298		1,188,444		34,860,986		10,136,687		41,940,542
Indonesia		472,858,143		372,934		24,641,085		6,500,469		3,685,272
Japan		—		1,564,083		—		—		3,566,377
Luxembourg		—		186,902		—		—		—
Malaysia		175,407,447		—		—		—		6,848,735
Pakistan		—		164,508		8,089,971		—		—
Philippines		181,771,253		237,448		7,104,635		—		—
Singapore		—		—		2,512,401		—		3,398,574
South Korea		881,889,981		1,139,776		—		22,029,822		29,541,292
Sri Lanka		—		—		6,058,912		—		—
Switzerland		204,344,117		—		—		—		—
Taiwan		447,257,533		1,112,240		—		10,786,106		51,791,903
Thailand		422,198,226		478,843		1,957,167		4,163,176		13,624,840
Vietnam		—		—		13,470,863		2,616,505		5,006,571
Preferred Equities:
South Korea		—		334,763		—		3,499,329		—
Level 3: Significant Unobservable Inputs
Common Equities:
China/Hong Kong		44,097,021		—		—		—		—
Total Market Value of Investments		7,341,567,563	$	11,550,575	$	282,715,096	$	111,039,712	$	383,578,589

Foreign securities that are valued based on market quotations are categorized as Level 1 in the fair value hierarchy. 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, 2017, the Funds utilized third-party pricing services to fair value certain securities, some of which were different than the securities which had been valued by third-party pricing services at December 31, 2016. 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 Growth and Income Fund	$	133,825,191	$	34,781,239
Matthews Asia Dividend Fund		321,079,138		126,089,312
Matthews China Dividend Fund		6,372,754		—
Matthews Asia Value Fund		273,526		23,575
Matthews Asia Focus Fund		243,603		—
Matthews Asia Growth Fund		23,749,565		13,888,472
Matthews Pacific Tiger Fund		276,178,977		56,142,629
Matthews Asia ESG Fund		362,409		661,332
Matthews Emerging Asia Fund		29,476,148		17,262,959
Matthews Asia Innovators Fund		7,070,091		—
Matthews India Fund		130,225,465		49,199,024
Matthews Japan Fund		—		38,220,218
Matthews Korea Fund		14,481,946		—
Matthews Asia Small Companies Fund		42,891,212		9,219,169
Matthews China Small Companies Fund		861,291		—

Level 3 securities consisted of equities that, as of March 31, 2017, 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).

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

	Matthews Pacific Tiger Fund		Matthews Emerging Asia Fund			Matthews China Small Companies Fund
	Common Equities - China/ Hong Kong		Common Equities - Pakistan			Common Equities - Information Technology
Balance as of 12/31/16 (market value)	$	43,840,293	$	332,382		$	251
Accrued discounts/premiums		—		—			—
Realized gain/(loss)		—		—			—
Change in unrealized appreciation		256,728		—			—
Purchases		—		—			—
Sales		—		—			—
Transfers in to Level 3*		—		—			—
Transfers out of Level 3*		—		(332,382	)		—
Balance as of 3/31/17 (market value)	$	44,097,021	$	—		$	251
Net change in unrealized appreciation/depreciation on Level 3 investments held as of 3/31/17	$	256,728	$	—		$	—

* 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, 2017, 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 were transferred to Level 3. Certain securities held by the Funds that were suspended from trading and classified as Level 3 on December 31, 2016 subsequently resumed trading and were transferred from Level 3 to Level 1, Level 2 or were sold.

The following table summarizes the valuation techniques used and unobservable inputs developed by the Valuation Committee to determine the fair value of certain, material Level 3 investments:

	Value		Valuation Technique		Unobservable Input1		Unobservable Input - Proxy Factor Price Movement
Matthews Pacific Tiger Fund Assets:
Common Equity	$	44,097,021		Last Price2 Multiplied by Proxy factor3		Proxy factor3		-7	%

¹  Increase in unobservable input may result in a significant increase to value, while a decrease in unobservable input may result in a significant decrease to value.

²  Last Price could include closing price, last reported sales price, or last fair valued price as described in Note A.

³  Proxy factor considers movement of the Shenzhen Stock Exchange Composite Index.

C. DERIVATIVE FINANCIAL INSTRUMENTS

Each of the Matthews Asia Strategic Income Fund and the Matthews Asia Credit Opportunities Fund engages in derivative transactions for a variety of purposes, including managing interest rate, currency and credit exposure. In particular, each Fund may seek to take on currency exposure by using derivatives such as currency forwards, and the Matthews Asia Strategic Income Fund may also employ a currency overlay strategy in an effort to enhance returns and moderate volatility. Derivative financial instruments and transactions in which each Fund may engage include financial futures contracts, swaps and/or forward foreign currency exchange contracts. The currency overlay strategy involves long and short positions on one or more currencies. As a result, each 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 a Fund and the price of financial futures contracts and credit default swaps 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) a 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.

Swaps: The Matthews Asia Strategic Income Fund and the Matthews Asia Credit Opportunities Fund enter into swap contracts to manage exposure to issuers, markets and securities to reduce their risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which they are not otherwise exposed (credit risk). Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC Swaps”) or centrally cleared (“centrally cleared swaps”).

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds’ basis in the contract, if any. Generally, the basis of the contract is the amortized premium received or paid.

The Funds may buy credit default swaps on single-name issuers (corporate or sovereign), a combination or basket of single-name issuers or traded indexes. Credit default swaps are agreements in which the protection buyer pays fixed periodic payments to the seller in consideration for a promise from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation acceleration, repudiation, moratorium or restructuring). As a buyer, if an underlying credit event occurs, the Funds will either (i) receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index, or (ii) receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.

Counterparty Credit Risk: A derivative contract may suffer a mark to market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

A Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by such Fund.

With exchange traded futures and centrally cleared swaps, there is less counterparty credit risk to the Funds since the exchange or clearinghouse as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency) of the clearing broker or clearinghouse. Additionally, credit risk exists in exchange traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

In order to better define its contractual rights and to secure rights that will help the Funds mitigate their counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between each Fund and a counterparty that governs OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, each Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event a Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Fund to accelerate payment of any net liability owed to the counterparty.

Collateral requirements: For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty. Cash collateral that has been pledged to cover obligations of a Fund, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged as collateral. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

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, 2017, 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, 2017 is as follows:

	Shares Held at Dec. 31, 2016		Shares Purchased		Shares Sold		Shares Held at March 31, 2017		Value at March 31, 2017
MATTHEWS ASIA DIVIDEND FUND
Name of Issuer:
Anritsu Corp.		6,321,500		758,500		—		7,080,000	$	53,690,081
Ascendas India Trust		53,470,700		—		—		53,470,700		43,002,850
Breville Group, Ltd.		10,644,019		—		—		10,644,019		84,003,989
Minth Group, Ltd.		57,963,000		—		—		57,963,000		233,712,082
Yuexiu Transport Infrastructure, Ltd.		100,968,000		—		8,322,000		92,646,000		71,681,849
Total Affiliates									$	486,090,851
MATTHEWS PACIFIC TIGER FUND
Name of Issuer:
Cheil Worldwide, Inc.		6,504,297		250,000		—		6,754,297	$	114,784,800
Fuyao Glass Industry Group Co., Ltd. H Shares		34,836,000		—		2,000,000		32,836,000		113,962,954
Green Cross Corp.		776,872		—		—		776,872		110,108,390
Just Dial, Ltd.		3,557,718		—		—		3,557,718		28,911,394
Synnex Technology International Corp.		103,100,921		—		7,500,000		95,600,921		102,873,970
Tata Power Co., Ltd.		171,620,436		—		7,000,000		164,620,436		229,092,182
Total Affiliates									$	699,733,690
MATTHEWS EMERGING ASIA FUND
Name of Issuer:
National Seed JSC		979,585		—		—		979,585	$	4,369,496
Total Affiliates									$	4,369,496
MATTHEWS INDIA FUND
Name of Issuer:
eClerx Services, Ltd.		2,751,931		—		50,000		2,701,931	$	58,690,593
VST Industries, Ltd.		1,185,704		—		—		1,185,704		52,378,408
Total Affiliates									$	111,069,001
MATTHEWS JAPAN FUND
Name of Issuer:
Daiken Medical Co., Ltd.		1,755,200		—		95,200		1,660,000	$	11,950,776
Doshisha Co., Ltd.		1,989,400		—		89,300		1,900,100		35,261,702
Infomart Corp.		6,539,000		—		—		6,539,000		37,501,090
Septeni Holdings Co., Ltd.†		7,039,100		—		4,963,500		2,075,600		—
TechnoPro Holdings, Inc.		2,045,800		—		155,900		1,889,900		73,192,870
W-Scope Corp.		2,315,300		—		—		2,315,300		34,177,292
Total Affiliates									$	192,083,730

† Issuer was not an affiliated company as of March 31, 2017.

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, 2017.

	Late Year Losses*
Matthews Asia Strategic Income Fund	$	121,441
Matthews Asian Growth and Income Fund		7,187,374
Matthews Asia Dividend Fund		10,884,608
Matthews China Dividend Fund		13,952
Matthews Asia ESG Fund		13,364
Matthews China Fund		1,208,997
Matthews Japan Fund		2,221,694

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

As of December 31, 2016, the Funds have capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

	Amount With No Expiration*
	Short-term		Long-term
LOSSES DEFERRED EXPIRING IN:	Losses		Losses		Total
Matthews Asia Strategic Income Fund	$	1,806,590	$	396,949	$	2,203,539
Matthews Asia Focus Fund		153,688		740,492		894,180
Matthews Asia ESG Fund		42,774		—		42,774
Matthews Asia Small Companies Fund		1,481,217		—		1,481,217

* 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 26, 2017

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 26, 2017

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

Date May 26, 2017

* 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 26, 2017	/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 26, 2017	/s/ Shai Malka
	Shai Malka, Treasurer
	(principal financial officer)