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:          September 30, 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 September 30, 2017

Schedule of Investments^a (unaudited)

NON-CONVERTIBLE CORPORATE BONDS: 47.2%

	Face Amount*		Value
CHINA/HONG KONG: 18.3%
Standard Chartered PLC 6.500%b, 12/29/49		3,700,000		$3,768,354
China Hongqiao Group, Ltd. 6.875%, 05/03/18		3,000,000		2,985,297
State Grid Corp. of China, Series B 3.150%, 11/14/21		CNY 20,000,000		2,857,229
HSBC Holdings PLC 6.375%c, 12/29/49		2,500,000		2,682,025
China Southern Power Grid Co., Ltd. 3.140%, 03/11/21		CNY 12,000,000		1,729,501
China National Petroleum Corp., Series INBK
4.690%, 01/11/22		CNY 10,000,000		1,512,342
Wanda Properties International Co., Ltd. 7.250%, 01/29/24		500,000		498,318
Total China/Hong Kong				16,033,066
INDIA: 12.5%
LIC Housing Finance, Ltd., Series 309 7.830%, 09/25/26		INR 240,000,000		3,737,864
Housing Development Finance Corp., Ltd., Series M009
9.240%, 06/24/24		INR 100,000,000		1,657,243
Housing Development Finance Corp., Ltd., Series K-24
8.950%, 03/21/23		INR 100,000,000		1,619,187
Power Finance Corp., Ltd., Series 151A
7.470%, 09/16/21		INR 90,000,000		1,377,365
Rural Electrification Corp., Ltd., Series 123
9.340%, 08/25/24		INR 52,000,000		880,429
Power Grid Corp. of India, Ltd., Series B 9.300%, 09/04/24		INR 52,000,000		878,907
Rural Electrification Corp., Ltd., Series 122
9.020%, 06/18/19		INR 50,000,000		788,019
Total India				10,939,014
SRI LANKA: 5.5%
DFCC Bank PLC 9.625%, 10/31/18		2,650,000		2,753,959
National Savings Bank 5.150%, 09/10/19		2,000,000		2,037,600
Total Sri Lanka				4,791,559
INDONESIA: 4.5%
Modernland Overseas Pte, Ltd. 6.950%, 04/13/24		1,900,000		1,916,806
Alam Synergy, Pte Ltd. 6.950%, 03/27/20d		1,500,000		1,541,250
Alam Synergy Pte, Ltd. 6.950%, 03/27/20		500,000		513,750
Total Indonesia				3,971,806
SOUTH KOREA: 4.1%
Harvest Operations Corp. 6.875%, 10/01/17		3,620,000		3,620,000
Total South Korea				3,620,000

	Face Amount*		Value
UNITED STATES: 2.3%
Sprint Communications, Inc. 6.000%, 11/15/22		1,863,000		$2,006,824
Total United States				2,006,824
TOTAL NON-CONVERTIBLE CORPORATE BONDS				41,362,269
(Cost $40,126,219)
FOREIGN GOVERNMENT OBLIGATIONS: 39.9%
INDONESIA: 12.2%
Indonesia Treasury Bond 8.375%, 03/15/34		IDR 42,000,000,000		3,433,217
Indonesia Treasury Bond 8.375%, 03/15/24		IDR 40,500,000,000		3,326,160
Indonesia Treasury Bond 7.875%, 04/15/19		IDR 38,000,000,000		2,917,217
Indonesia Treasury Bond 7.000%, 05/15/27		IDR 13,000,000,000		1,002,339
Total Indonesia				10,678,933
MALAYSIA: 9.1%
Malaysia Government Investment Issue
3.508%, 05/15/18		MYR 17,300,000		4,107,050
Malaysia Government Investment Issue
3.226%, 04/15/20		MYR 16,600,000		3,903,644
Total Malaysia				8,010,694
VIETNAM: 7.7%
Debt and Asset Trading Corp. 1.000%, 10/10/25		5,469,000		3,691,575
Socialist Republic of Vietnam 5.200%, 01/12/22		VND 43,000,000,000		1,931,474
Socialist Republic of Vietnam 4.800%, 11/19/24		1,055,000		1,127,116
Total Vietnam				6,750,165
PAKISTAN: 3.9%
Pakistan Government Bond 8.250%, 04/15/24		3,000,000		3,405,600
Total Pakistan				3,405,600
CHINA/HONG KONG: 3.7%
China Government Bond 3.550%, 12/12/21		CNY 22,000,000		3,263,843
Total China/Hong Kong				3,263,843
SRI LANKA: 2.9%
Sri Lanka Government Bond 6.125%, 06/03/25		2,400,000		2,536,834
Total Sri Lanka				2,536,834

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Matthews Asia Strategic Income Fund September 30, 2017

Schedule of Investments^a (unaudited) (continued)

FOREIGN GOVERNMENT OBLIGATIONS (continued)

	Face Amount*		Value
SOUTH KOREA: 0.4%
Korea Treasury Bond 3.500%, 03/10/24		KRW 400,000,000		$376,026
Total South Korea				376,026
TOTAL FOREIGN GOVERNMENT OBLIGATIONS				35,022,095
(Cost $33,485,804)
CONVERTIBLE CORPORATE BONDS: 10.2%
INDONESIA: 4.0%
Delta Investment Horizon International, Ltd., Cnv.
3.000%, 05/26/20		3,500,000		3,473,750
Total Indonesia				3,473,750
THAILAND: 3.3%
CP Foods Holdings, Ltd., Cnv. 0.500%, 09/22/21		2,800,000		2,912,700
Total Thailand				2,912,700
CHINA/HONG KONG: 2.9%
Ctrip.com International, Ltd., Cnv. 1.250%, 09/15/22		2,400,000		2,584,500
Total China/Hong Kong				2,584,500
TOTAL CONVERTIBLE CORPORATE BONDS				8,970,950
(Cost $8,767,099)
TOTAL INVESTMENTS: 97.3%				85,355,314
(Cost $82,379,122e)
CASH AND OTHER ASSETS, LESS LIABILITIES: 2.7%				2,403,320
NET ASSETS: 100.0%				$87,758,634

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

b Variable rate security. The rate (USD Swap Semi 30/360 5 Year + 4.889%) represents the rate in effect at September 30, 2017.

c Variable rate security. The rate (USD Swap Rate 11:00 am NY1 + 4.368%) represents the rate in effect at September 30, 2017.

d 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 September 30, 2017, the aggregate value is $1,541,250, which is 1.76% of net assets.

e Cost for federal income tax purposes is $82,379,122 and net unrealized appreciation consists of:

Gross unrealized appreciation	$3,390,290
Gross unrealized depreciation	(414,098	)
Net unrealized appreciation	$2,976,192

* All Values in USD unless otherwise specified

AUD	Australian Dollar
Cnv.	Convertible
CNY	Chinese Renminbi (Yuan)
IDR	Indonesian Rupiah
INR	Indian Rupee
KRW	Korean Won
MYR	Malaysian Ringgit
SGD	Singapore Dollar
THB	Thai Baht
USD	U.S. Dollar
VND	Vietnamese Dong

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS:

Currency Purchased	Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD 3,567,356		KRW 4,004,000,000	Merrill Lynch & Co., Inc.		10/10/17		$70,865
SGD 9,524,900		USD 7,000,000	Merrill Lynch & Co., Inc.		10/27/17		24,301
THB 116,830,000		USD 3,500,000	Merrill Lynch & Co., Inc.		10/27/17		4,227
USD 3,500,000		KRW 3,961,650,000	Merrill Lynch & Co., Inc.		12/06/17		37,983
						137,376
KRW 4,004,000,000		USD 3,500,000	Merrill Lynch & Co., Inc.		10/10/17		(3,510	)
AUD 4,371,721		USD 3,500,000	Merrill Lynch & Co., Inc.		12/11/17		(73,773	)
							(77,283	)
Net Unrealized Appreciation							$60,093

See accompanying notes to schedules of investments.

2 MATTHEWS ASIA FUNDS

Matthews Asia Credit Opportunities Fund September 30, 2017

Schedule of Investments^a (unaudited)

NON-CONVERTIBLE CORPORATE BONDS: 70.9%

	Face Amount*		Value
CHINA/HONG KONG: 33.0%
China Hongqiao Group, Ltd. 6.875%, 05/03/18		1,100,000		$1,094,609
Wanda Properties International Co., Ltd. 7.250%, 01/29/24		950,000		946,804
HSBC Holdings PLC 6.375%b, 12/29/49		800,000		858,248
Air China, Ltd. 3.080%, 10/20/21		CNY 6,000,000		854,412
KWG Property Holding, Ltd. 8.975%, 01/14/19		800,000		830,959
Standard Chartered PLC 6.500%c, 12/29/49		800,000		814,779
China Southern Power Grid Co., Ltd. 3.140%, 03/11/21		CNY 4,000,000		576,500
State Grid Corp. of China, Series B 3.150%, 11/14/21		CNY 4,000,000		571,446
Unigroup International Holdings, Ltd. 6.000%, 12/10/20		400,000		422,760
Shimao Property Holdings, Ltd. 8.125%, 01/22/21		400,000		421,309
Total China/Hong Kong				7,391,826
INDONESIA: 20.4%
Listrindo Capital BV 4.950%, 09/14/26		1,000,000		1,015,000
TBG Global Pte, Ltd. 5.250%, 02/10/22		900,000		926,633
Alam Synergy Pte, Ltd. 6.950%, 03/27/20		900,000		924,750
Theta Capital Pte, Ltd. 6.750%, 10/31/26		900,000		893,145
Modernland Overseas Pte, Ltd. 6.950%, 04/13/24		800,000		807,076
Total Indonesia				4,566,604
SRI LANKA: 7.0%
DFCC Bank PLC 9.625%, 10/31/18		900,000		935,307
National Savings Bank 8.875%, 09/18/18		600,000		628,380
Total Sri Lanka				1,563,687
SOUTH KOREA: 4.6%
Harvest Operations Corp. 6.875%, 10/01/17		1,030,000		1,030,000
Total South Korea				1,030,000
PHILIPPINES: 3.9%
ICTSI Treasury BV 5.875%, 09/17/25		800,000		879,038
Total Philippines				879,038

	Face Amount*		Value
UNITED STATES: 2.0%
Sprint Communications, Inc. 6.000%, 11/15/22		420,000		$452,424
Total United States				452,424
TOTAL NON-CONVERTIBLE CORPORATE BONDS				15,883,579
(Cost $15,585,389)
FOREIGN GOVERNMENT OBLIGATIONS: 15.3%
VIETNAM: 7.0%
Debt and Asset Trading Corp. 1.000%, 10/10/25		1,700,000		1,147,500
Socialist Republic of Vietnam 4.800%, 11/19/24		400,000		427,342
Total Vietnam				1,574,842
SRI LANKA: 4.2%
Sri Lanka Government Bond 6.125%, 06/03/25		900,000		951,313
Total Sri Lanka				951,313
PAKISTAN: 4.1%
Pakistan Government Bond 8.250%, 04/15/24		800,000		908,160
Total Pakistan				908,160
TOTAL FOREIGN GOVERNMENT OBLIGATIONS				3,434,315
(Cost $3,175,619)
CONVERTIBLE CORPORATE BONDS: 10.6%
INDONESIA: 4.0%
Delta Investment Horizon International, Ltd., Cnv.
3.000%, 05/26/20		900,000		893,250
Total Indonesia				893,250
THAILAND: 3.7%
CP Foods Holdings, Ltd., Cnv. 0.500%, 09/22/21		800,000		832,200
Total Thailand				832,200

matthewsasia.com  |  800.789.ASIA 3

Matthews Asia Credit Opportunities Fund September 30, 2017

Schedule of Investments^a (unaudited) (continued)

CONVERTIBLE CORPORATE BONDS (continued)

	Face Amount*		Value
CHINA/HONG KONG: 2.9%
Ctrip.com International, Ltd., Cnv. 1.250%, 09/15/22		600,000		$646,125
Total China/Hong Kong				646,125
TOTAL CONVERTIBLE CORPORATE BONDS				2,371,575
(Cost $2,314,626)
TOTAL INVESTMENTS: 96.8%				21,689,469
(Cost $21,075,634d)
CASH AND OTHER ASSETS, LESS LIABILITIES: 3.2%				717,819
NET ASSETS: 100.0%				$22,407,288

See accompanying notes to schedules of investments.

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

b Variable rate security. The rate (USD Swap Rate 11:00 am NY1 + 4.368%) represents the rate in effect at September 30, 2017.

c Variable rate security. The rate (USD Swap Semi 30/360 5 Year + 4.889%) represents the rate in effect at September 30, 2017.

d Cost for federal income tax purposes is $21,075,634 and net unrealized appreciation consists of:

Gross unrealized appreciation	$678,889
Gross unrealized depreciation	(65,054	)
Net unrealized appreciation	$613,835

* All Values in USD unless otherwise specified

Cnv.	Convertible
CNY	Chinese Renminbi (Yuan)
USD	U.S. Dollar

4 MATTHEWS ASIA FUNDS

Matthews Asian Growth and Income Fund September 30, 2017

Schedule of Investments^a (unaudited)

COMMON EQUITIES: 83.6%

	Shares		Value
CHINA/HONG KONG: 27.5%
AIA Group, Ltd.		14,184,800		$105,014,346
Techtronic Industries Co., Ltd.		13,532,500		72,440,639
HSBC Holdings PLC ADR		1,264,833		62,495,398
CK Hutchison Holdings, Ltd.		4,438,672		56,851,796
Jardine Matheson Holdings, Ltd.		880,200		55,825,850
China Mobile, Ltd. ADR		964,000		48,749,480
CLP Holdings, Ltd.		4,667,200		47,916,362
Guangdong Investment, Ltd.		32,744,000		46,755,591
NetEase, Inc. ADR		159,200		41,998,552
Vitasoy International Holdings, Ltd.		16,747,000		37,358,652
CK Asset Holdings, Ltd.		4,400,172		36,580,092
Hang Lung Properties, Ltd.		15,220,920		36,238,285
Café de Coral Holdings, Ltd.		10,968,000		34,183,423
HKT Trust & HKT, Ltd.		27,873,000		33,903,983
Pacific Textiles Holdings, Ltd.		31,906,000		32,823,982
VTech Holdings, Ltd.		2,227,500		32,574,020
Total China/Hong Kong				781,710,451
SINGAPORE: 11.5%
Ascendas REIT		35,011,100		68,808,523
Singapore Telecommunications, Ltd.		24,329,100		66,136,859
United Overseas Bank, Ltd.		3,796,000		65,920,422
Singapore Technologies Engineering, Ltd.		21,623,025		54,955,975
SIA Engineering Co., Ltd.		15,928,900		41,016,228
ComfortDelGro Corp., Ltd.		19,003,800		29,202,275
Total Singapore				326,040,282
SOUTH KOREA: 8.8%
Samsung Electronics Co., Ltd.		26,144		58,829,851
ING Life Insurance Korea, Ltd.b		1,179,825		49,004,799
Kangwon Land, Inc.		1,557,377		47,649,776
KT&G Corp.		451,143		41,631,816
GS Home Shopping, Inc.		165,998		31,498,924
KEPCO Plant Service & Engineering Co., Ltd.		634,668		23,017,155
Total South Korea				251,632,321
JAPAN: 6.1%
Kao Corp.		861,700		50,731,168
Japan Tobacco, Inc.		1,528,200		50,080,586
KDDI Corp.		1,480,800		39,033,855
USS Co., Ltd.		1,681,400		33,935,642
Total Japan				173,781,251
AUSTRALIA: 5.5%
CSL, Ltd.		448,874		47,254,402
Macquarie Group, Ltd.		641,394		45,921,269
Brambles, Ltd.		4,565,899		32,317,630
Domino’s Pizza Enterprises, Ltd.		891,064		32,103,368
Total Australia				157,596,669
TAIWAN: 4.7%
Taiwan Semiconductor Manufacturing Co., Ltd.		11,282,187		80,808,216
Chunghwa Telecom Co., Ltd. ADR		1,045,325		35,656,036
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		477,024		17,912,251
Taiwan Secom Co., Ltd.		142,000		416,766
Total Taiwan				134,793,269

	Shares		Value
INDONESIA: 3.8%
PT Telekomunikasi Indonesia Persero ADR		1,435,400		$49,234,220
PT Bank Rakyat Indonesia Persero		38,320,000		43,505,424
PT Perusahaan Gas Negara Persero		139,319,300		16,304,879
Total Indonesia				109,044,523
MALAYSIA: 3.4%
Genting Malaysia BHD		47,850,100		60,987,329
British American Tobacco Malaysia BHD		3,498,400		36,239,199
Total Malaysia				97,226,528
UNITED STATES: 3.3%
Broadcom, Ltd.		196,700		47,707,618
ResMed, Inc.		589,000		45,329,440
Total United States				93,037,058
NORWAY: 1.9%
Telenor ASA		2,542,183		53,855,037
Total Norway				53,855,037
INDIA: 1.8%
Bharti Infratel, Ltd.		8,473,114		51,703,431
Total India				51,703,431
THAILAND: 1.5%
Glow Energy Public Co., Ltd.		15,554,000		41,625,022
Total Thailand				41,625,022
VIETNAM: 1.4%
Vietnam Dairy Products JSC		6,294,291		41,322,167
Total Vietnam				41,322,167
NEW ZEALAND: 1.3%
SKYCITY Entertainment Group, Ltd.		13,775,057		37,311,364
Total New Zealand				37,311,364
PHILIPPINES: 1.1%
Globe Telecom, Inc.		742,500		29,999,632
Total Philippines				29,999,632
TOTAL COMMON EQUITIES				2,380,679,005
(Cost $2,084,212,012)
CONVERTIBLE CORPORATE BONDS: 9.4%
	Face Amount*		Value
CHINA/HONG KONG: 4.4%
Johnson Electric Holdings, Ltd., Cnv. 1.000%, 04/02/21		49,750,000		$55,160,313
Hengan International Group Co., Ltd., Cnv.
0.000%, 06/27/18		HKD 339,000,000		45,675,342
Haitian International Holdings, Ltd., Cnv.
2.000%, 02/13/19		21,500,000		23,811,250
Total China/Hong Kong				124,646,905

matthewsasia.com  |  800.789.ASIA 5

Matthews Asian Growth and Income Fund September 30, 2017

Schedule of Investments^a (unaudited) (continued)

CONVERTIBLE CORPORATE BONDS (continued)

	Face Amount*		Value
SINGAPORE: 2.6%
CapitaLand, Ltd., Cnv. 1.950%, 10/17/23		SGD 96,500,000		$73,275,830
Total Singapore				73,275,830
THAILAND: 2.4%
Bangkok Dusit Medical Services Public Co., Ltd., Cnv.
0.000%, 09/18/19		THB 1,163,000,000		37,313,643
CP Foods Holdings, Ltd., Cnv. 0.500%, 09/22/21		31,600,000		32,871,900
Total Thailand				70,185,543
TOTAL CONVERTIBLE CORPORATE BONDS				268,108,278
(Cost $270,368,965)
PREFERRED EQUITIES: 2.9%
	Shares		Value
SOUTH KOREA: 2.9%
LG Household & Health Care, Ltd., Pfd.		99,637		$52,111,793
Hyundai Motor Co., Ltd., Pfd.		355,983		29,130,904
Total South Korea				81,242,697
TOTAL PREFERRED EQUITIES				81,242,697
(Cost $21,226,632)
TOTAL INVESTMENTS: 95.9%				2,730,029,980
(Cost $2,375,807,609c)
CASH AND OTHER ASSETS, LESS LIABILITIES: 4.1%				116,944,476
NET ASSETS: 100.0%				$2,846,974,456

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 September 30, 2017, the aggregate value is $49,004,799, which is 1.72% of net assets.

c Cost for federal income tax purposes is $2,376,045,328 and net unrealized appreciation consists of:

Gross unrealized appreciation	$562,905,629
Gross unrealized depreciation	(208,920,977	)
Net unrealized appreciation	$353,984,652

* All Values in USD unless otherwise specified

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
THB	Thai Baht
USD	U.S. Dollar

See accompanying notes to schedules of investments.

6 MATTHEWS ASIA FUNDS

Matthews Asia Dividend Fund September 30, 2017

Schedule of Investments^a (unaudited)

COMMON EQUITIES: 92.9%

	Shares		Value
CHINA/HONG KONG: 34.6%
Minth Group, Ltd.†		57,319,000		$301,215,139
Shenzhou International Group Holdings, Ltd.		25,854,000		202,757,099
Ping An Insurance Group Co. of China, Ltd. H Shares		24,866,000		192,075,268
China Construction Bank Corp. H Shares		189,340,000		158,184,461
Midea Group Co., Ltd. A Shares		22,819,730		151,976,029
Sands China, Ltd.		27,533,600		144,003,481
China Gas Holdings, Ltd.		47,510,000		142,594,274
HSBC Holdings PLC		14,318,000		141,417,595
China Petroleum & Chemical Corp. H Shares		168,640,000		127,100,883
Kweichow Moutai Co., Ltd. A Shares		1,539,892		120,023,968
Fuyao Glass Industry Group Co. Ltd. H Sharesb		21,248,000		77,361,831
Yuexiu Transport Infrastructure, Ltd.†		92,646,000		69,726,896
Far East Horizon, Ltd.		67,294,000		63,282,979
Dairy Farm International Holdings, Ltd.		7,861,300		60,475,605
Café de Coral Holdings, Ltd.		17,330,000		54,011,553
HKBN, Ltd.		45,415,623		47,440,966
Henan Shuanghui Investment & Development Co., Ltd. A Shares		11,538,300		43,250,387
HSBC Holdings PLC ADR		855,800		42,285,078
China Mobile, Ltd. ADR		560,825		28,360,920
Hua Hong Semiconductor, Ltd.b		20,679,000		28,092,097
China Petroleum & Chemical Corp. ADR		153,000		11,591,280
Total China/Hong Kong				2,207,227,789
JAPAN: 26.6%
Hoya Corp.		2,966,000		160,397,848
Japan Tobacco, Inc.		4,631,500		151,778,717
Nitori Holdings Co., Ltd.		863,300		123,462,095
MISUMI Group, Inc.		4,617,000		121,690,583
Sumitomo Mitsui Financial Group, Inc.		2,969,200		114,133,618
Mitsubishi UFJ Financial Group, Inc.		17,160,000		111,571,514
Pigeon Corp.		3,077,300		105,199,784
Seven & I Holdings Co., Ltd.		2,162,900		83,562,494
Seven Bank, Ltd.		23,009,400		83,149,190
Kao Corp.		1,402,700		82,581,652
Sohgo Security Services Co., Ltd.		1,758,100		80,702,238
Anritsu Corp.†		9,384,700		77,954,120
Fuji Seal International, Inc.		2,217,500		67,093,088
Nifco, Inc.		1,090,500		66,628,185
Mitsubishi Pencil Co., Ltd.		2,628,400		66,037,550
Kyushu Railway Co.		2,016,800		59,995,634
NTT DoCoMo, Inc.		2,367,700		54,118,000
ITOCHU Corp.		3,297,200		54,023,913
LIXIL VIVA Corp.		1,825,100		30,431,213
Total Japan				1,694,511,436
SOUTH KOREA: 9.7%
Hyundai Mobis Co., Ltd.		871,486		182,975,309
BGF Retail Co., Ltd.		2,296,214		166,813,369
Woori Bank		8,950,550		139,733,987
KT&G Corp.		901,734		83,212,693
Samsung Electronics Co., Ltd.		21,472		48,316,805
Total South Korea				621,052,163

	Shares		Value
SINGAPORE: 6.2%
United Overseas Bank, Ltd.		7,406,100		$128,612,549
CapitaLand, Ltd.		46,995,800		124,345,354
CapitaLand Retail China Trust, REIT†		49,800,000		58,978,521
Ascendas India Trust†		53,470,700		42,030,728
Singapore Technologies Engineering, Ltd.		15,354,700		39,024,721
Total Singapore				392,991,873
INDIA: 4.5%
Bharti Infratel, Ltd.		17,014,689		103,824,615
ITC, Ltd.		20,701,500		81,911,926
Gujarat Pipavav Port, Ltd.		21,381,946		43,791,534
Minda Industries, Ltd.		2,338,596		29,718,573
Shriram City Union Finance, Ltd.		915,055		28,866,539
Total India				288,113,187
INDONESIA: 2.5%
PT United Tractors		51,000,100		121,167,362
PT Cikarang Listrindob		443,866,500		37,120,728
Total Indonesia				158,288,090
TAIWAN: 2.0%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		3,027,940		113,699,147
Taiwan Semiconductor Manufacturing Co., Ltd.		2,336,469		16,734,866
Total Taiwan				130,434,013
THAILAND: 2.0%
Thai Beverage Public Co., Ltd.		189,041,400		125,564,491
Total Thailand				125,564,491
AUSTRALIA: 1.5%
Breville Group, Ltd.†		10,644,019		94,665,694
Total Australia				94,665,694
VIETNAM: 1.2%
Vietnam Dairy Products JSC		11,887,938		78,044,589
Total Vietnam				78,044,589
LUXEMBOURG: 1.2%
L’Occitane International SA		35,557,750		77,527,662
Total Luxembourg				77,527,662

matthewsasia.com  |  800.789.ASIA 7

Matthews Asia Dividend Fund September 30, 2017

Schedule of Investments^a (unaudited) (continued)

COMMON EQUITIES (continued)

	Shares		Value
PHILIPPINES: 0.9%
Globe Telecom, Inc.		1,447,730		$58,493,424
Total Philippines				58,493,424
TOTAL COMMON EQUITIES				5,926,914,411
(Cost $4,639,224,324)
PREFERRED EQUITIES: 6.1%
SOUTH KOREA: 6.1%
LG Chem, Ltd., Pfd.		909,328		201,712,141
Samsung Electronics Co., Ltd., Pfd.		102,164		184,798,386
Total South Korea				386,510,527
TOTAL PREFERRED EQUITIES				386,510,527
(Cost $215,947,824)
TOTAL INVESTMENTS: 99.0%				6,313,424,938
(Cost $4,855,172,148c)
CASH AND OTHER ASSETS, LESS LIABILITIES: 1.0%				62,582,637
NET ASSETS: 100.0%				$6,376,007,575

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 September 30, 2017, the aggregate value is $142,574,656, which is 2.24% of net assets.

c Cost for federal income tax purposes is $4,860,639,887 and net unrealized appreciation consists of:

Gross unrealized appreciation	$1,580,001,119
Gross unrealized depreciation	(127,216,068	)
Net unrealized appreciation	$1,452,785,051

† 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.

8 MATTHEWS ASIA FUNDS

Matthews China Dividend Fund September 30, 2017

Schedule of Investments^a (unaudited)

COMMON EQUITIES: 91.9%

	Shares		Value
FINANCIALS: 21.4%
Banks: 9.1%
Bank of China, Ltd. H Shares		15,793,000		$7,844,748
HSBC Holdings PLC		787,600		7,779,054
Postal Savings Bank of China Co., Ltd. H Sharesb		8,967,000		5,163,849
Dah Sing Financial Holdings, Ltd.		590,800		4,022,315
				24,809,966
Insurance: 7.2%
Ping An Insurance Group Co. of China, Ltd. H Shares		1,165,000		8,998,942
PICC Property & Casualty Co., Ltd. H Shares		3,920,000		6,953,703
Fanhua, Inc. ADR		308,600		3,879,102
				19,831,747
Capital Markets: 5.1%
China Everbright, Ltd.		3,354,000		7,745,585
China International Capital Corp., Ltd. H Sharesb		3,096,800		6,312,475
				14,058,060
Total Financials				58,699,773
CONSUMER DISCRETIONARY: 15.7%
Hotels, Restaurants & Leisure: 4.7%
China International Travel Service Corp., Ltd. A Shares		1,248,960		6,493,193
Shanghai Jin Jiang International Hotels Group Co., Ltd. H Shares		17,282,000		6,477,013
				12,970,206
Diversified Consumer Services: 4.4%
China Maple Leaf Educational Systems, Ltd.		6,088,000		6,823,893
Tarena International, Inc. ADR		244,000		3,550,200
RYB Education, Inc. ADRc		57,200		1,630,200
				12,004,293
Household Durables: 3.4%
Midea Group Co., Ltd. A Shares		1,378,111		9,178,015
Specialty Retail: 2.9%
Chow Tai Fook Jewellery Group, Ltd.		6,693,200		8,037,838
Textiles, Apparel & Luxury Goods: 0.3%
Nan Liu Enterprise Co., Ltd.		154,000		792,749
Total Consumer Discretionary				42,983,101
INFORMATION TECHNOLOGY: 13.1%
Internet Software & Services: 8.7%
Tencent Holdings, Ltd.		425,300		18,594,411
NetEase, Inc. ADR		20,200		5,328,962
				23,923,373
Electronic Equipment, Instruments & Components: 2.5%
FIT Hon Teng, Ltd.b,c		6,309,000		4,062,454
Hangzhou Hikvision Digital Technology Co., Ltd. A Shares		560,900		2,703,817
				6,766,271

	Shares		Value
Semiconductors & Semiconductor Equipment: 1.9%
Hua Hong Semiconductor, Ltd.b		3,884,000	$	5,276,353
Total Information Technology				35,965,997
INDUSTRIALS: 9.1%
Transportation Infrastructure: 5.0%
Guangdong Provincial Expressway Development Co., Ltd. B Shares		9,341,406		8,490,448
Shanghai International Airport Co., Ltd. A Shares		924,806		5,292,241
				13,782,689
Marine: 2.1%
SITC International Holdings Co., Ltd.		6,337,000		5,755,620
Road & Rail: 1.3%
Guangshen Railway Co., Ltd. H Shares		5,380,000		3,162,371
Guangshen Railway Co., Ltd. ADR		14,400		419,904
				3,582,275
Professional Services: 0.7%
Sporton International, Inc.		346,430		1,736,491
Total Industrials				24,857,075
TELECOMMUNICATION SERVICES: 6.6%
Diversified Telecommunication Services: 4.2%
HKBN, Ltd.		6,020,957		6,289,466
CITIC Telecom International Holdings, Ltd.		17,820,000		5,147,716
				11,437,182
Wireless Telecommunication Services: 2.4%
China Mobile, Ltd. ADR		129,530		6,550,332
Total Telecommunication Services				17,987,514
CONSUMER STAPLES: 6.0%
Food Products: 3.1%
WH Group, Ltd.b		7,972,000		8,490,203
Food & Staples Retailing: 2.9%
Shanghai Bailian Group Co., Ltd. B Shares		3,384,177		5,184,559
Taiwan FamilyMart Co., Ltd.		487,000		2,884,766
				8,069,325
Total Consumer Staples				16,559,528
ENERGY: 4.9%
Oil, Gas & Consumable Fuels: 4.9%
China Petroleum & Chemical Corp. H Shares		10,562,000		7,960,386
Sinopec Kantons Holdings, Ltd.		8,230,000		5,561,979
Total Energy				13,522,365
HEALTH CARE: 4.9%
Health Care Providers & Services: 3.1%
Universal Medical Financial & Technical Advisory Services Co., Ltd.b		5,325,000		4,416,395
China National Accord Medicines Corp., Ltd. B Shares		794,713		4,047,018
				8,463,413

matthewsasia.com  |  800.789.ASIA 9

Matthews China Dividend Fund September 30, 2017

Schedule of Investments^a (unaudited) (continued)

COMMON EQUITIES (continued)

	Shares		Value
Health Care Equipment & Supplies: 1.8%
Shandong Weigao Group Medical Polymer Co., Ltd. H Shares		6,872,000	$	4,885,983
Total Health Care				13,349,396
REAL ESTATE: 4.6%
Real Estate Management & Development: 2.8%
Sun Hung Kai Properties, Ltd.		459,000		7,477,225
Equity REITs: 1.8%
CapitaLand Retail China Trust, REIT		4,216,500		4,993,633
Total Real Estate				12,470,858
MATERIALS: 3.5%
Containers & Packaging: 2.0%
Greatview Aseptic Packaging Co., Ltd.		8,848,000		5,438,384
Construction Materials: 1.5%
Huaxin Cement Co., Ltd., B Shares		3,180,288		4,064,408
Total Materials				9,502,792
UTILITIES: 2.1%
Gas Utilities: 2.1%
China Gas Holdings, Ltd.		1,932,000		5,798,614
Total Utilities				5,798,614
TOTAL COMMON EQUITIES				251,697,013
(Cost $217,726,611)
CLOSED-END FUNDS: 4.3%
INFORMATION TECHNOLOGY: 4.3%
Internet Software & Services: 4.3%
Altaba, Inc.c		177,500		11,757,600
Total Information Technology				11,757,600
TOTAL CLOSED-END FUNDS				11,757,600
(Cost $10,331,801)
TOTAL INVESTMENTS: 96.2%				263,454,613
(Cost $228,058,412d)
CASH AND OTHER ASSETS, LESS LIABILITIES: 3.8%				10,468,211
NET ASSETS: 100.0%			$	273,922,824

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 September 30, 2017, the aggregate value is $33,721,729, which is 12.31% of net assets.

c Non-income producing security.

d Cost for federal income tax purposes is $228,102,101 and net unrealized appreciation consists of:

Gross unrealized appreciation	$42,434,887
Gross unrealized depreciation	(7,082,375	)
Net unrealized appreciation	$35,352,512

ADR	American Depositary Receipt
REIT	Real Estate Investment Trust

See accompanying notes to schedules of investments.

10 MATTHEWS ASIA FUNDS

Matthews Asia Value Fund September 30, 2017

Schedule of Investments^a (unaudited)

COMMON EQUITIES: 79.5%

	Shares		Value
CHINA/HONG KONG: 28.2%
Baidu, Inc. ADRb		4,800		$1,188,912
CK Hutchison Holdings, Ltd.		63,000		806,922
Clear Media, Ltd.		549,000		633,927
Texwinca Holdings, Ltd.		1,004,000		603,486
China National Accord Medicines Corp., Ltd. B Shares		110,827		564,379
Anhui Gujing Distillery Co., Ltd. B Shares		90,500		426,920
Shandong Weigao Group Medical Polymer Co., Ltd. H Shares		584,000		415,223
COSCO SHIPPING International Hong Kong Co., Ltd.		968,000		411,820
Goldlion Holdings, Ltd.		873,000		347,564
Kweichow Moutai Co., Ltd. A Shares		4,300		335,155
QUALCOMM, Inc.		5,600		290,304
Sohu.com, Inc.b		4,300		234,135
Jiangling Motors Corp., Ltd. B Shares		96,779		197,607
Total China/Hong Kong				6,456,354
SOUTH KOREA: 20.2%
Shinyoung Securities Co., Ltd.		12,995		647,330
DGB Financial Group, Inc.		70,377		645,939
Kwangju Bank Co., Ltd.		59,035		627,265
Hyundai Greenfood Co., Ltd.		40,374		546,444
CMS Edu Co., Ltd.		63,533		512,665
Geumhwa PSC Co., Ltd.		12,062		422,304
Nice Information & Telecommunication, Inc.		15,657		332,182
Kangnam Jevisco Co., Ltd.		9,744		311,372
Grand Korea Leisure Co., Ltd.		12,298		254,680
Hy-Lok Corp.		9,185		169,514
Orion Holdings Corp.		7,747		153,807
Total South Korea				4,623,502
JAPAN: 13.5%
YAMADA Consulting Group Co., Ltd.		80,400		1,840,139
Honma Golf, Ltd.c		311,500		298,185
Naigai Trans Line, Ltd.		17,100		259,703
San-A Co., Ltd.		5,800		258,251
Ohashi Technica, Inc.		15,600		214,140
Asante, Inc.		12,000		211,540
Total Japan				3,081,958
MALAYSIA: 5.3%
MPHB Capital BHDb		2,896,200		932,820
Genting BHD		128,800		291,511
Total Malaysia				1,224,331
TAIWAN: 4.3%
P-Duke Technology Co., Ltd.		165,000		352,592
Tehmag Foods Corp.		47,300		348,620
Lumax International Corp., Ltd.		153,900		294,995
Total Taiwan				996,207
SINGAPORE: 4.2%
Haw Par Corp., Ltd.		60,200		532,078
Straits Trading Co., Ltd.		244,300		433,153
Total Singapore				965,231

	Shares		Value
UNITED STATES: 1.5%
News Corp. Class B		25,400		$346,710
Total United States				346,710
SWITZERLAND: 1.5%
Cie Financiere Richemont SA		3,640		333,191
Total Switzerland				333,191
ISRAEL: 0.8%
Taro Pharmaceutical Industries, Ltd.b		1,700		191,573
Total Israel				191,573
TOTAL COMMON EQUITIES				18,219,057
(Cost $16,985,388)
PREFERRED EQUITIES: 8.9%
SOUTH KOREA: 8.9%
Samsung SDI Co., Ltd., Pfd.		10,585		908,998
Samsung Electronics Co., Ltd., Pfd.		426		770,566
Hyundai Motor Co., Ltd., 2nd Pfd.		3,939		353,090
Total South Korea				2,032,654
TOTAL PREFERRED EQUITIES				2,032,654
(Cost $1,726,252)
TOTAL INVESTMENTS: 88.4%				20,251,711
(Cost $18,711,640d)
CASH AND OTHER ASSETS, LESS LIABILITIES: 11.6%				2,651,284
NET ASSETS: 100.0%				$22,902,995

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 September 30, 2017, the aggregate value is $298,185, which is 1.30% of net assets.

d Cost for federal income tax purposes is $18,713,549 and net unrealized appreciation consists of:

Gross unrealized appreciation	$2,085,719
Gross unrealized depreciation	(547,557	)
Net unrealized appreciation	$1,538,162

ADR	American Depositary Receipt
BHD	Berhad
Pfd.	Preferred

See accompanying notes to schedules of investments.

matthewsasia.com  |  800.789.ASIA 11

Matthews Asia Focus Fund September 30, 2017

Schedule of Investments^a (unaudited)

COMMON EQUITIES: 97.9%

	Shares		Value
CHINA/HONG KONG: 35.7%
AIA Group, Ltd.		112,200		$830,650
Tencent Holdings, Ltd.		17,000		743,252
Techtronic Industries Co., Ltd.		108,000		578,133
Xiabuxiabu Catering Management China Holdings Co., Ltd.b		327,500		396,190
CK Hutchison Holdings, Ltd.		28,228		361,552
Jardine Matheson Holdings, Ltd.		5,400		342,490
HSBC Holdings PLC		34,000		335,815
China Mobile, Ltd.		31,500		319,787
NetEase, Inc. ADR		1,100		290,191
Hang Lung Group, Ltd.		50,000		180,055
Total China/Hong Kong				4,378,115
SOUTH KOREA: 13.0%
Samsung Electronics Co., Ltd.		250		562,556
LG Household & Health Care, Ltd.		434		354,672
Kangwon Land, Inc.		11,355		347,420
Coway Co., Ltd.		4,044		332,416
Total South Korea				1,597,064
SINGAPORE: 11.9%
Singapore Telecommunications, Ltd.		152,300		414,016
United Overseas Bank, Ltd.		22,500		390,730
Singapore Technologies Engineering, Ltd.		135,300		343,872
Sheng Siong Group, Ltd.		460,600		312,467
Total Singapore				1,461,085
TAIWAN: 7.6%
Taiwan Semiconductor Manufacturing Co., Ltd.		56,000		401,098
Ennoconn Corp.		19,000		273,506
Aerospace Industrial Development Corp.		235,029		262,491
Total Taiwan				937,095
UNITED STATES: 5.5%
Broadcom, Ltd.		1,500		363,810
ResMed, Inc.		4,100		315,536
Total United States				679,346
MALAYSIA: 5.2%
Heineken Malaysia BHD		73,700		324,647
Genting Malaysia BHD		243,400		310,225
Total Malaysia				634,872
INDIA: 4.8%
Bharti Infratel, Ltd.		50,304		306,958
Tata Motors, Ltd.c		46,144		284,381
Total India				591,339

	Shares		Value
INDONESIA: 3.8%
PT Bank Rakyat Indonesia Persero		410,400		$465,935
Total Indonesia				465,935
THAILAND: 2.8%
Kasikornbank Public Co., Ltd.		55,500		345,152
Total Thailand				345,152
AUSTRALIA: 2.6%
Macquarie Group, Ltd.		4,523		323,829
Total Australia				323,829
SWITZERLAND: 2.6%
Cie Financiere Richemont SA		3,467		317,355
Total Switzerland				317,355
JAPAN: 2.4%
Japan Tobacco, Inc.		9,000		294,938
Total Japan				294,938
TOTAL INVESTMENTS: 97.9%				12,026,125
(Cost $10,545,132d)
CASH AND OTHER ASSETS, LESS LIABILITIES: 2.1%				257,483
NET ASSETS: 100.0%				$12,283,608

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 September 30, 2017, the aggregate value is $396,190, which is 3.23% of net assets.

c Non-income producing security.

d Cost for federal income tax purposes is $10,586,666 and net unrealized appreciation consists of:

Gross unrealized appreciation	$1,871,831
Gross unrealized depreciation	(432,372	)
Net unrealized appreciation	$1,439,459

ADR	American Depositary Receipt
BHD	Berhad

See accompanying notes to schedules of investments.

12 MATTHEWS ASIA FUNDS

Matthews Asia Growth Fund September 30, 2017

Schedule of Investments^a (unaudited)

COMMON EQUITIES: 97.4%

	Shares		Value
JAPAN: 35.9%
Start Today Co., Ltd.		1,009,800		$32,000,703
M3, Inc.		891,000		25,403,656
Nidec Corp.		178,600		21,955,457
ORIX Corp.		1,358,300		21,928,697
SoftBank Group Corp.		234,100		18,984,644
Pigeon Corp.		544,900		18,627,811
Nitori Holdings Co., Ltd.		111,800		15,988,720
Nitto Denko Corp.		171,400		14,296,702
Ariake Japan Co., Ltd.		194,800		13,989,563
TechnoPro Holdings, Inc.		257,800		12,232,526
PeptiDream, Inc.b		384,400		11,881,492
Sysmex Corp.		163,500		10,446,180
CYBERDYNE, Inc.b		768,500		10,248,852
Gunosy, Inc.b		350,100		9,985,146
Komatsu, Ltd.		288,200		8,160,966
Kakaku.com, Inc.		626,200		7,988,829
Sosei Group Corp.b		86,600		7,324,611
FANUC Corp.		29,600		6,001,508
Daiken Medical Co., Ltd.		596,000		4,134,538
HEALIOS KKb		203,200		2,557,393
Total Japan				274,137,994
CHINA/HONG KONG: 21.3%
Shenzhou International Group Holdings, Ltd.		4,378,000		34,333,975
Autohome, Inc. ADRb		409,600		24,608,768
Baozun, Inc. ADRb		653,100		21,395,556
Alibaba Group Holding, Ltd. ADRb		116,200		20,068,902
China Lodging Group, Ltd. ADSb		152,400		18,108,168
Jiangsu Hengrui Medicine Co., Ltd. A Shares		1,598,983		14,421,685
Baidu, Inc. ADRb		44,600		11,046,974
BEST, Inc. ADRb		707,000		8,462,790
Genscript Biotech Corp.		5,962,000		5,719,344
Shanghai Haohai Biological Technology Co., Ltd. H Sharesc		959,400		4,305,081
Total China/Hong Kong				162,471,243
INDONESIA: 13.3%
PT Bank Rakyat Indonesia Persero		29,535,100		33,531,760
PT Astra International		43,107,700		25,308,833
PT Indofood CBP Sukses Makmur		23,574,000		15,282,958
PT Ace Hardware Indonesia		154,466,000		13,933,936
PT Mayora Indah		47,580,700		6,943,361
PT Arwana Citramulia		214,668,400		6,693,944
Total Indonesia				101,694,792
INDIA: 7.4%
HDFC Bank, Ltd.		1,102,893		30,531,397
PC Jeweller, Ltd.		2,402,475		12,185,702
Emami, Ltd.		440,546		7,385,266
ITC, Ltd.		1,740,937		6,888,559
Total India				56,990,924
AUSTRALIA: 4.3%
CSL, Ltd.		181,525		19,109,717
Oil Search, Ltd.		2,481,915		13,693,392
Total Australia				32,803,109

	Shares		Value
BANGLADESH: 4.0%
Square Pharmaceuticals, Ltd.		5,305,239		$19,806,330
BRAC Bank, Ltd.		10,614,188		11,112,233
Total Bangladesh				30,918,563
SRI LANKA: 3.6%
Sampath Bank PLC		8,533,267		17,196,974
Lanka Orix Leasing Co. PLCb		12,121,473		10,056,357
Total Sri Lanka				27,253,331
PHILIPPINES: 2.7%
Jollibee Foods Corp.		2,007,890		9,636,586
Vista Land & Lifescapes, Inc.		45,560,400		5,708,935
Emperador, Inc.		37,942,500		5,407,606
Total Philippines				20,753,127
VIETNAM: 2.6%
Vietnam Dairy Products JSC		2,597,160		17,050,416
Taisun International Holding Corp.		648,000		2,756,628
Total Vietnam				19,807,044
THAILAND: 0.9%
Major Cineplex Group Public Co., Ltd.		7,714,400		7,055,148
Total Thailand				7,055,148
PAKISTAN: 0.9%
Habib Bank, Ltd.		4,001,000		6,863,305
Total Pakistan				6,863,305
TAIWAN: 0.5%
St Shine Optical Co., Ltd.		173,000		3,671,148
Total Taiwan				3,671,148
TOTAL INVESTMENTS: 97.4%				744,419,728
(Cost $500,382,537d)
CASH AND OTHER ASSETS,
LESS LIABILITIES: 2.6%				19,512,170
NET ASSETS: 100.0%				$763,931,898

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 September 30, 2017, the aggregate value is $4,305,081, which is 0.56% of net assets.

d Cost for federal income tax purposes is $500,382,537 and net unrealized appreciation consists of:

Gross unrealized appreciation	$268,488,061
Gross unrealized depreciation	(24,450,870	)
Net unrealized appreciation	$244,037,191

matthewsasia.com  |  800.789.ASIA 13

Matthews Asia Growth Fund September 30, 2017

Schedule of Investments^a (unaudited) (continued)

ADR	American Depositary Receipt
ADS	American Depositary Share
JSC	Joint Stock Co.

See accompanying notes to schedules of investments.

14 MATTHEWS ASIA FUNDS

Matthews Pacific Tiger Fund September 30, 2017

Schedule of Investments^a (unaudited)

COMMON EQUITIES: 96.5%

	Shares		Value
CHINA/HONG KONG: 33.5%
Baidu, Inc. ADRb		1,211,800		$300,150,742
Ping An Insurance Group Co. of China, Ltd. H Shares		38,343,000		296,177,189
Tencent Holdings, Ltd.		5,886,500		257,361,861
Alibaba Group Holding, Ltd. ADRb		1,291,700		223,089,507
Sinopharm Group Co., Ltd. H Shares		50,039,600		221,650,157
China Resources Beer Holdings Co., Ltd.		75,359,775		204,460,931
Hengan International Group Co., Ltd.		18,645,000		172,909,437
AIA Group, Ltd.		22,790,800		168,727,155
Inner Mongolia Yili Industrial Group Co., Ltd. A Shares		39,266,682		162,583,784
China Resources Land, Ltd.		47,814,000		147,014,143
China Mobile, Ltd. ADR		2,380,026		120,357,915
Fuyao Glass Industry Group Co., Ltd. H Shares†,c		32,836,000		119,552,574
Dairy Farm International Holdings, Ltd.		15,454,946		118,892,195
Tasly Pharmaceutical Group Co., Ltd. A Shares		14,569,795		77,097,966
Hong Kong Exchanges & Clearing, Ltd.		2,603,000		70,302,058
Guangdong Advertising Group Co., Ltd. A Shares		66,324,441		69,505,844
Guotai Junan Securities Co., Ltd. H Sharesb,c		26,000,000		56,026,868
Yum China Holdings, Inc.b		1,174,410		46,941,168
Shandong Weigao Group Medical Polymer Co., Ltd. H Shares		62,424,000		44,383,379
Swire Pacific, Ltd. A Shares		1,363,000		13,269,509
Fuyao Glass Industry Group Co., Ltd. A Shares		2,589,387		9,935,645
Total China/Hong Kong				2,900,390,027
INDIA: 19.7%
Kotak Mahindra Bank, Ltd.		16,873,409		259,232,078
Tata Power Co., Ltd.†		164,620,436		196,383,082
Titan Co., Ltd.		21,918,799		196,324,467
HDFC Bank, Ltd.		6,223,409		172,282,689
GAIL India, Ltd.		23,009,369		147,809,794
Container Corp. of India, Ltd.		6,839,995		141,126,299
Housing Development Finance Corp., Ltd.		4,935,685		131,748,410
ITC, Ltd.		28,102,500		111,196,286
Sun Pharmaceutical Industries, Ltd.		13,791,543		106,434,615
Dabur India, Ltd.		21,117,482		98,672,205
Thermax, Ltd.		5,310,034		77,288,959
United Spirits, Ltd.b		1,180,000		43,382,155
Just Dial, Ltd.†,b		3,557,718		20,290,911
Total India				1,702,171,950
SOUTH KOREA: 12.2%
Samsung Electronics Co., Ltd.		95,105		214,007,534
Dongbu Insurance Co., Ltd.		3,159,380		201,848,440
NAVER Corp.		248,116		161,878,726
Orion Corp.b		1,729,441		146,466,824
Green Cross Corp.†		724,614		127,150,973
Cheil Worldwide, Inc.†		6,954,297		110,690,175
Amorepacific Corp.		345,972		78,537,345
Orion Holdings Corp.		647,147		12,848,302
Total South Korea				1,053,428,319

	Shares		Value
INDONESIA: 6.0%
PT Bank Central Asia		100,580,000		$151,667,715
PT Telekomunikasi Indonesia Persero		421,304,300		146,520,965
PT Indofood CBP Sukses Makmur		191,522,600		124,163,559
PT Astra International		66,745,900		39,186,986
PT Perusahaan Gas Negara Persero		298,485,100		34,932,443
PT Telekomunikasi Indonesia Persero ADR		728,140		24,975,202
Total Indonesia				521,446,870
THAILAND: 5.9%
Central Pattana Public Co., Ltd.		119,926,500		280,487,766
Kasikornbank Public Co., Ltd.		18,431,800		114,626,472
The Siam Cement Public Co., Ltd.		7,522,950		112,893,786
Total Thailand				508,008,024
TAIWAN: 5.3%
President Chain Store Corp.		21,986,608		185,568,375
Delta Electronics, Inc.		31,251,182		161,239,393
Synnex Technology International Corp.†		95,600,921		114,891,071
Total Taiwan				461,698,839
MALAYSIA: 3.7%
Genting BHD		65,134,875		147,418,802
Public Bank BHD		18,846,594		91,264,724
IHH Healthcare BHD		47,676,300		64,933,292
IHH Healthcare BHD		11,543,000		15,839,430
Total Malaysia				319,456,248
UNITED STATES: 2.8%
Cognizant Technology Solutions Corp. Class A		2,186,600		158,615,964
Yum! Brands, Inc.		1,174,410		86,448,320
Total United States				245,064,284
SWITZERLAND: 2.6%
DKSH Holding AG		2,638,062		224,172,110
Total Switzerland				224,172,110
VIETNAM: 2.3%
Vietnam Dairy Products JSC		30,834,534		202,429,432
Total Vietnam				202,429,432
PHILIPPINES: 2.3%
SM Prime Holdings, Inc.		164,670,771		111,790,959
GT Capital Holdings, Inc.		3,897,540		89,128,984
Total Philippines				200,919,943
SINGAPORE: 0.1%
Hyflux, Ltd.		35,190,730		12,971,628
Total Singapore				12,971,628

matthewsasia.com  |  800.789.ASIA 15

Matthews Pacific Tiger Fund September 30, 2017

Schedule of Investments^a (unaudited) (continued)

COMMON EQUITIES (continued)

	Shares		Value
JAPAN: 0.1%
LINE Corp. ADRb		195,200		$7,066,240
Total Japan				7,066,240
TOTAL INVESTMENTS: 96.5%				8,359,223,914
(Cost $5,485,692,579d)
CASH AND OTHER ASSETS, LESS LIABILITIES: 3.5%				299,214,254
NET ASSETS: 100.0%				$8,658,438,168

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 September 30, 2017, the aggregate value is $175,579,442, which is 2.03% of net assets.

d Cost for federal income tax purposes is $5,487,429,106 and net unrealized appreciation consists of:

Gross unrealized appreciation	$3,319,397,059
Gross unrealized depreciation	(447,602,251	)
Net unrealized appreciation	$2,871,794,808

† 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.

See accompanying notes to schedules of investments.

16 MATTHEWS ASIA FUNDS

Matthews Asia ESG Fund September 30, 2017

Schedule of Investments^a (unaudited)

COMMON EQUITIES: 89.4%

	Shares		Value
CHINA/HONG KONG: 21.6%
Inner Mongolia Yili Industrial Group Co., Ltd. A Shares		142,700	$	590,850
JD.com, Inc. ADRb		10,600		404,920
Wuxi Biologics Cayman, Inc.b,c		73,500		374,119
MTR Corp., Ltd.		58,000		339,603
HKBN, Ltd.		307,500		321,213
AIA Group, Ltd.		37,000		273,922
CSPC Pharmaceutical Group, Ltd.		126,000		211,755
China Conch Venture Holdings, Ltd.		95,000		185,216
Hong Kong Exchanges & Clearing, Ltd.		6,800		183,655
Guangdong Investment, Ltd.		106,000		151,359
Beijing Urban Construction Design & Development Group Co., Ltd. H Sharesc		231,000		137,812
Haier Electronics Group Co., Ltd.		55,000		134,618
Total China/Hong Kong				3,309,042
JAPAN: 13.3%
Daikin Industries, Ltd.		3,500		354,454
Sohgo Security Services Co., Ltd.		7,300		335,093
Tsukui Corp.		46,200		319,757
Fuji Seal International, Inc.		9,900		299,536
Hoya Corp.		3,200		173,052
Bunka Shutter Co., Ltd.		22,500		168,556
Koito Manufacturing Co., Ltd.		2,600		163,268
LINE Corp. ADRb		3,200		115,840
Ain Holdings, Inc.		1,600		110,328
Total Japan				2,039,884
INDIA: 11.3%
Shriram City Union Finance, Ltd.		17,510		552,374
Lupin, Ltd.		27,729		430,691
Bharat Financial Inclusion, Ltd.b		21,869		317,986
Power Grid Corp. of India, Ltd.		68,252		220,648
Ipca Laboratories, Ltd.		27,668		206,557
Total India				1,728,256
TAIWAN: 9.9%
Taiwan Semiconductor Manufacturing Co., Ltd.		83,000		594,484
Sitronix Technology Corp.		78,000		226,779
Zhen Ding Technology Holding, Ltd.		109,000		221,540
Tehmag Foods Corp.		24,100		177,626
Merida Industry Co., Ltd.		25,000		109,119
Sporton International, Inc.		18,429		92,376
ECOVE Environment Corp.		17,000		92,221
Total Taiwan				1,514,145
SOUTH KOREA: 9.1%
Hanon Systems		40,255		443,955
iMarketKorea, Inc.		29,741		250,051
KT Skylife Co., Ltd.		19,241		242,195
DGB Financial Group, Inc.		20,296		186,282
Samjin Pharmaceutical Co., Ltd.		5,932		169,188
Celltrion Healthcare Co., Ltd.b		2,000		96,914
Total South Korea				1,388,585

	Shares		Value
BANGLADESH: 5.7%
BRAC Bank, Ltd.		506,433	$	530,196
GrameenPhone, Ltd.		40,983		207,416
Square Pharmaceuticals, Ltd.		37,223		138,967
Total Bangladesh				876,579
PHILIPPINES: 4.8%
Puregold Price Club, Inc.		271,200		278,410
Energy Development Corp.		1,980,000		273,044
Security Bank Corp.		37,580		180,118
Total Philippines				731,572
THAILAND: 4.1%
Total Access Communication Public Co., Ltd. NVDRb		280,300		479,617
Kasikornbank Public Co., Ltd. NVDR		24,100		149,877
Total Thailand				629,494
INDONESIA: 3.5%
PT Bank Rakyat Indonesia Persero		469,900		533,486
Total Indonesia				533,486
PAKISTAN: 2.7%
Abbott Laboratories Pakistan, Ltd.		27,650		207,030
Bank Alfalah, Ltd.b		495,500		199,470
Total Pakistan				406,500
SINGAPORE: 2.1%
Raffles Medical Group, Ltd.		227,800		188,931
Parkway Life REIT		67,800		135,110
Total Singapore				324,041
LUXEMBOURG: 1.3%
L’Occitane International SA		91,750		200,045
Total Luxembourg				200,045
TOTAL COMMON EQUITIES				13,681,629
(Cost $11,836,354)
PREFERRED EQUITIES: 6.2%
SOUTH KOREA: 6.2%
Samsung SDI Co., Ltd., Pfd.		11,040		948,072
Total South Korea				948,072
TOTAL PREFERRED EQUITIES				948,072
(Cost $613,705)
TOTAL INVESTMENTS: 95.6%				14,629,701
(Cost $12,450,059d)
CASH AND OTHER ASSETS, LESS LIABILITIES: 4.4%				671,147
NET ASSETS: 100.0%			$	15,300,848

matthewsasia.com  |  800.789.ASIA 17

Matthews Asia ESG Fund September 30, 2017

Schedule of Investments^a (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 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 September 30, 2017, the aggregate value is $511,931, which is 3.35% of net assets.

d Cost for federal income tax purposes is $12,464,671 and net unrealized appreciation consists of:

Gross unrealized appreciation	$2,633,673
Gross unrealized depreciation	(468,643	)
Net unrealized appreciation	$2,165,030

ADR	American Depositary Receipt
NVDR	Non-voting Depositary Receipt
Pfd.	Preferred
REIT	Real Estate Investment Trust

See accompanying notes to schedules of investments.

18 MATTHEWS ASIA FUNDS

Matthews Emerging Asia Fund September 30, 2017

Schedule of Investments^a (unaudited)

COMMON EQUITIES: 96.5%

	Shares		Value
VIETNAM: 21.6%
Saigon Beer Alcohol Beverage Corp.		1,462,000		$16,724,353
Phu Nhuan Jewelry JSC		2,063,683		10,333,625
Masan Group Corp.		3,610,260		8,761,685
Vinh Hoan Corp.		3,878,580		8,710,330
Tien Phong Plastic JSC		1,861,224		5,855,610
Nam Long Investment Corp.		4,413,197		5,252,766
Mobile World Investment Corp.		1,020,454		5,222,045
Thien Long Group Corp.		1,178,125		5,132,087
National Seed JSC†		979,585		4,976,992
Military Commercial Joint Stock Bank		4,707,780		4,511,076
Domesco Medical Import Export JSC		837,220		3,963,869
Taisun International Holding Corp.		646,000		2,748,120
Lix Detergent JSC		1,047,635		2,119,605
Dinh Vu Port Investment & Development JSC		517,550		1,588,880
Total Vietnam				85,901,043
PAKISTAN: 15.0%
Indus Motor Co., Ltd.		536,030		8,774,610
Hascol Petroleum, Ltd.		2,365,500		6,310,020
Shifa International Hospitals, Ltd.		2,353,851		5,696,152
PAK Suzuki Motor Co., Ltd.		1,259,550		5,470,541
The Searle Company, Ltd.		1,220,869		4,679,795
K-Electric, Ltd.b		66,568,500		4,447,376
ICI Pakistan, Ltd.		451,900		3,928,219
Akzo Nobel Pakistan, Ltd.		1,975,300		3,723,031
Pakistan Petroleum, Ltd.		2,127,300		3,529,262
Habib Bank, Ltd.		1,885,000		3,233,524
National Foods, Ltd.		958,500		3,092,669
GlaxoSmithKline Consumer Healthcare Pakistan, Ltd.b		973,957		2,573,650
Meezan Bank, Ltd.		3,472,560		2,452,789
Hum Network, Ltd.b		17,939,500		1,693,931
Total Pakistan				59,605,569
BANGLADESH: 12.0%
BRAC Bank, Ltd.		10,912,140		11,424,166
British American Tobacco Bangladesh Co., Ltd.		278,950		10,174,790
Square Pharmaceuticals, Ltd.		2,258,571		8,432,043
Berger Paints Bangladesh, Ltd.		246,716		6,337,174
The City Bank, Ltd.		9,945,509		5,539,424
Marico Bangladesh, Ltd.		256,318		3,493,172
Olympic Industries, Ltd.		757,426		2,510,368
Total Bangladesh				47,911,137
INDIA: 12.0%
PC Jeweller, Ltd.		2,519,017		12,776,819
Balkrishna Industries, Ltd.		324,532		8,482,320
Caplin Point Laboratories, Ltd.		489,805		5,186,927
Shriram Transport Finance Co., Ltd.		268,352		4,340,562
Kwality, Ltd.		2,533,204		3,811,441
Praj Industries, Ltd.		3,594,497		3,760,848
Supreme Industries, Ltd.		178,934		3,013,706
Cipla India, Ltd.		311,919		2,799,241
VST Industries, Ltd.		60,083		2,622,698
Poly Medicure, Ltd.		234,582		828,148
Total India				47,622,710

	Shares		Value
INDONESIA: 11.1%
PT Bank Mandiri Persero		19,062,800		$9,526,247
PT Gudang Garam		1,393,100		6,808,892
PT Adira Dinamika Multi Finance		10,572,600		5,690,946
PT Hexindo Adiperkasa		18,901,100		5,472,885
PT Matahari Department Store		7,077,200		4,876,383
PT Mayora Indah		24,273,200		3,542,142
PT Sumber Alfaria Trijaya		50,991,700		2,631,170
PT Catur Sentosa Adiprana		70,131,000		2,500,129
PT Kino Indonesia		16,928,700		2,112,972
PT BFI Finance Indonesia		23,579,500		980,364
Total Indonesia				44,142,130
CHINA/HONG KONG: 8.6%
Shenzhou International Group Holdings, Ltd.		1,761,000		13,810,445
Tongda Group Holdings, Ltd.		27,650,000		7,454,782
Luk Fook Holdings International, Ltd.		1,822,000		7,358,813
Red Star Macalline Group Corp., Ltd. H Sharesc		2,429,000		3,021,671
Future Bright Holdings, Ltd.		18,612,000		1,786,958
The 13 Holdings, Ltd.b		5,608,000		604,842
Total China/Hong Kong				34,037,511
SRI LANKA: 7.5%
Ceylon Cold Stores PLC		1,350,000		7,614,254
Sampath Bank PLC		3,248,392		6,546,439
Teejay Lanka PLC		18,872,680		4,813,402
Expolanka Holdings PLC		94,231,424		3,754,976
John Keells Holdings PLC		2,622,642		2,784,030
National Development Bank PLC		2,990,000		2,490,365
Ceylon Tobacco Co. PLC		240,828		1,525,415
Lanka Orix Leasing Co. PLCb		573,466		475,765
Total Sri Lanka				30,004,646
PHILIPPINES: 7.0%
Cosco Capital, Inc.		66,303,500		11,073,907
STI Education Systems Holdings, Inc.		235,681,000		7,051,942
San Miguel Pure Foods Co., Inc.		753,370		4,591,450
Emperador, Inc.		24,950,900		3,556,029
Vista Land & Lifescapes, Inc.		12,519,100		1,568,703
Total Philippines				27,842,031
AUSTRALIA: 0.7%
Oil Search, Ltd.		467,309		2,578,269
Total Australia				2,578,269
SINGAPORE: 0.6%
Yoma Strategic Holdings, Ltd.		5,491,766		2,372,737
Total Singapore				2,372,737

matthewsasia.com  |  800.789.ASIA 19

Matthews Emerging Asia Fund September 30, 2017

Schedule of Investments^a (unaudited) (continued)

COMMON EQUITIES (continued)

	Shares		Value
THAILAND: 0.4%
SNC Former Public Co., Ltd.		4,002,800		$1,742,140
Total Thailand				1,742,140
TOTAL INVESTMENTS: 96.5%				383,759,923
(Cost $331,632,392d)
CASH AND OTHER ASSETS, LESS LIABILITIES: 3.5%				14,032,529
NET ASSETS: 100.0%				$397,792,452

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 September 30, 2017, the aggregate value is $3,021,671, which is 0.76% of net assets.

d Cost for federal income tax purposes is $331,632,393 and net unrealized appreciation consists of:

Gross unrealized appreciation	$77,768,292
Gross unrealized depreciation	(25,640,762	)
Net unrealized appreciation	$52,127,530

† 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.

20 MATTHEWS ASIA FUNDS

Matthews Asia Innovators Fund September 30, 2017

Schedule of Investments^a (unaudited)

COMMON EQUITIES: 93.3%

	Shares		Value
CHINA/HONG KONG: 50.6%
Alibaba Group Holding, Ltd. ADRb		49,800		$8,600,958
Tencent Holdings, Ltd.		196,400		8,586,744
Jiangsu Hengrui Medicine Co., Ltd. A Shares		829,388		7,480,488
Ping An Insurance Group Co. of China, Ltd. H Shares		940,000		7,260,949
TAL Education Group ADR		156,600		5,278,986
Midea Group Co., Ltd. A Shares		756,809		5,040,236
JD.com, Inc. ADRb		118,700		4,534,340
China Construction Bank Corp. H Shares		5,390,000		4,503,085
Ctrip.com International, Ltd. ADRb		83,800		4,419,612
Wuliangye Yibin Co., Ltd. A Shares		489,399		4,225,866
NetEase, Inc. ADR		15,600		4,115,436
Industrial & Commercial Bank of China, Ltd. H Shares		5,122,000		3,828,745
Baidu, Inc. ADRb		14,600		3,616,274
China Biologic Products Holdings, Inc.b		35,900		3,312,493
CSPC Pharmaceutical Group, Ltd.		1,686,000		2,833,489
Shenzhen Inovance Technology Co., Ltd. A Shares		566,622		2,468,600
RYB Education, Inc. ADRb		68,600		1,955,100
Momo, Inc. ADRb		52,200		1,635,948
Total China/Hong Kong				83,697,349
SOUTH KOREA: 16.7%
Hugel, Inc.b		11,218		5,181,349
Samsung SDI Co., Ltd.		27,573		4,797,410
Samsung Electronics Co., Ltd.		1,968		4,428,441
Hana Tour Service, Inc.		50,299		3,786,734
BGF Retail Co., Ltd.		47,378		3,441,876
NAVER Corp.		4,516		2,946,381
KB Financial Group, Inc.		59,641		2,934,285
Total South Korea				27,516,476
INDIA: 8.2%
HDFC Bank, Ltd.		174,589		4,833,149
IndusInd Bank, Ltd.		145,267		3,745,993
Info Edge India, Ltd.		153,755		2,603,440
Britannia Industries, Ltd.		34,455		2,293,630
Total India				13,476,212
TAIWAN: 5.2%
Taiwan Semiconductor Manufacturing Co., Ltd.		901,000		6,453,377
Wistron NeWeb Corp.		762,949		2,193,386
Total Taiwan				8,646,763
INDONESIA: 3.5%
PT Bank Mandiri Persero		6,427,800		3,212,162
PT Sumber Alfaria Trijaya		50,808,100		2,621,697
Total Indonesia				5,833,859
VIETNAM: 3.1%
Mobile World Investment Corp.		707,470		3,620,389
Domesco Medical Import Export JSC		325,220		1,539,774
Total Vietnam				5,160,163

	Shares		Value
BANGLADESH: 2.6%
BRAC Bank, Ltd.		4,020,245	$	4,208,885
Total Bangladesh				4,208,885
THAILAND: 1.7%
Kasikornbank Public Co., Ltd.		460,500		2,863,827
Total Thailand				2,863,827
PHILIPPINES: 1.7%
Puregold Price Club, Inc.		2,730,700		2,803,295
Total Philippines				2,803,295
TOTAL COMMON EQUITIES				154,206,829
(Cost $111,090,172)
PREFERRED EQUITIES: 3.9%
SOUTH KOREA: 3.9%
Samsung Electronics Co., Ltd., Pfd.		3,535		6,394,252
Total South Korea				6,394,252
TOTAL PREFERRED EQUITIES				6,394,252
(Cost $3,990,537)
TOTAL INVESTMENTS: 97.2%				160,601,081
(Cost $115,080,709c)
CASH AND OTHER ASSETS, LESS LIABILITIES: 2.8%				4,679,089
NET ASSETS: 100.0%			$	165,280,170

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 $115,461,041 and net unrealized appreciation consists of:

Gross unrealized appreciation	$46,416,221
Gross unrealized depreciation	(1,276,181	)
Net unrealized appreciation	$45,140,040

ADR	American Depositary Receipt
JSC	Joint Stock Co.
Pfd.	Preferred

See accompanying notes to schedules of investments.

matthewsasia.com  |  800.789.ASIA 21

Matthews China Fund September 30, 2017

Schedule of Investments^a (unaudited)

COMMON EQUITIES: 97.8%

	Shares		Value
FINANCIALS: 30.9%
Banks: 17.9%
Industrial & Commercial Bank of China, Ltd. H Shares		46,720,000		$34,923,654
China Construction Bank Corp. H Shares		39,068,660		32,639,986
Bank of China, Ltd. H Shares		65,586,000		32,578,080
China Merchants Bank Co., Ltd. H Shares		6,578,143		23,293,554
Agricultural Bank of China, Ltd. H Shares		35,041,000		15,773,730
				139,209,004
Insurance: 10.8%
China Life Insurance Co., Ltd. H Shares		16,440,000		49,279,868
Ping An Insurance Group Co. of China, Ltd. H Shares		4,558,500		35,211,739
				84,491,607
Capital Markets: 2.2%
CITIC Securities Co., Ltd. H Shares		7,626,000		16,828,896
Total Financials				240,529,507
INFORMATION TECHNOLOGY: 29.8%
Internet Software & Services: 25.4%
Tencent Holdings, Ltd.		1,828,700		79,952,032
Alibaba Group Holding, Ltd. ADRb		339,800		58,686,858
SINA Corp.b		186,900		21,428,085
Baidu, Inc. ADRb		76,000		18,824,440
NetEase, Inc. ADR		25,510		6,729,793
Baozun, Inc. ADRb		197,341		6,464,891
Bitauto Holdings, Ltd. ADRb		120,900		5,401,812
				197,487,911
Communications Equipment: 1.9%
ZTE Corp. H Sharesb		4,500,000		14,806,979
IT Services: 1.5%
Chinasoft International, Ltd.		21,774,000		12,125,252
Electronic Equipment, Instruments & Components: 1.0%
Hangzhou Hikvision Digital Technology Co., Ltd. A Shares		1,565,400		7,546,006
Total Information Technology				231,966,148
CONSUMER DISCRETIONARY: 12.2%
Household Durables: 4.5%
Midea Group Co., Ltd. A Shares		2,355,754		15,688,973
Gree Electric Appliances, Inc. of Zhuhai A Shares		2,008,400		11,462,371
Zhejiang SuporCo.okware Co., Ltd. A Shares		1,333,769		7,599,572
				34,750,916
Internet & Direct Marketing Retail: 3.8%
JD.com, Inc. ADRb		468,479		17,895,898
Ctrip.com International, Ltd. ADRb		219,200		11,560,608
				29,456,506
Auto Components: 2.5%
Nexteer Automotive Group, Ltd.		7,462,000		12,864,092
Huayu Automotive Systems Co., Ltd. A Shares		1,925,450		6,540,576
				19,404,668

	Shares		Value
Media: 0.9%
Naspers, Ltd. N Shares ADR		165,700	$	7,274,230
Diversified Consumer Services: 0.5%
RYB Education, Inc. ADR		148,200		4,223,700
Total Consumer Discretionary				95,110,020
REAL ESTATE: 5.3%
Real Estate Management & Development: 5.3%
China Overseas Grand Oceans Group, Ltd.		33,541,000		21,669,317
KWG Property Holding, Ltd.		18,600,500		19,902,563
Total Real Estate				41,571,880
ENERGY: 5.0%
Oil, Gas & Consumable Fuels: 5.0%
Yanzhou Coal Mining Co., Ltd. H Shares		14,884,000		14,715,580
China Petroleum & Chemical Corp. H Shares		18,738,000		14,122,488
China Shenhua Energy Co., Ltd. H Shares		4,129,000		9,762,394
Total Energy				38,600,462
INDUSTRIALS: 4.3%
Commercial Services & Supplies: 1.9%
China Everbright International, Ltd.		11,356,000		14,310,084
Professional Services: 1.5%
51job, Inc. ADRb		193,500		11,728,035
Transportation Infrastructure: 0.9%
Beijing Capital International Airport Co., Ltd. H Shares		4,890,000		7,298,745
Total Industrials				33,336,864
MATERIALS: 3.6%
Construction Materials: 2.8%
China National Materials Co., Ltd. H Shares		37,937,000		21,451,243
Metals & Mining: 0.8%
MMG, Ltd.b		14,056,000		6,301,961
Total Materials				27,753,204
CONSUMER STAPLES: 2.9%
Beverages: 1.5%
Wuliangye Yibin Co., Ltd. A Shares		884,949		7,642,216
Wuliangye Yibin Co., Ltd. A Shares		452,841		3,910,195
				11,552,411
Food Products: 1.4%
Angel Yeast Co., Ltd. A Shares		2,842,527		10,908,797
Total Consumer Staples				22,461,208
UTILITIES: 1.8%
Water Utilities: 1.8%
Beijing Enterprises Water Group, Ltd.		17,204,000		13,913,384
Total Utilities				13,913,384
HEALTH CARE: 1.0%
Pharmaceuticals: 1.0%
Sino Biopharmaceutical, Ltd.		7,770,000		8,231,816
Total Health Care				8,231,816

22 MATTHEWS ASIA FUNDS

Matthews China Fund September 30, 2017

Schedule of Investments^a (unaudited) (continued)

COMMON EQUITIES (continued)

	Shares		Value
TELECOMMUNICATION SERVICES: 1.0%
Diversified Telecommunication Services: 1.0%
China Unicom Hong Kong, Ltd.b		5,486,000		$7,669,827
Total Telecommunication Services				7,669,827
TOTAL INVESTMENTS: 97.8%				761,144,320
(Cost $594,672,933c)
CASH AND OTHER ASSETS, LESS LIABILITIES: 2.2%				17,131,123
NET ASSETS: 100.0%				$778,275,443

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 $603,579,993 and net unrealized appreciation consists of:

Gross unrealized appreciation	$172,095,165
Gross unrealized depreciation	(14,530,838	)
Net unrealized appreciation	$157,564,327

ADR American Depositary Receipt

See accompanying notes to schedules of investments.

matthewsasia.com  |  800.789.ASIA 23

Matthews India Fund September 30, 2017

Schedule of Investments^a (unaudited)

COMMON EQUITIES: 98.0%

	Shares		Value
FINANCIALS: 34.5%
Banks: 20.1%
HDFC Bank, Ltd.		4,345,349		$120,292,336
IndusInd Bank, Ltd.		4,625,934		119,288,725
Kotak Mahindra Bank, Ltd.		6,697,258		102,892,315
DCB Bank, Ltd.		12,139,846		33,800,561
Yes Bank, Ltd.		5,836,920		31,332,572
HDFC Bank, Ltd. ADR		206,922		19,941,073
IDFC Bank, Ltd.		13,650,467		11,800,521
				439,348,103
Consumer Finance: 8.2%
Bharat Financial Inclusion, Ltd.b		4,499,665		65,427,276
Shriram City Union Finance, Ltd.		1,873,192		59,092,153
Cholamandalam Investment and Finance Co., Ltd.		2,209,532		36,980,780
Sundaram Finance, Ltd.		695,531		17,981,164
				179,481,373
Thrifts & Mortgage Finance: 4.4%
Housing Development Finance Corp., Ltd.		2,458,810		65,633,100
GRUH Finance, Ltd.		4,266,010		32,151,761
				97,784,861
Capital Markets: 1.8%
CRISIL, Ltd.		1,392,592		38,839,363
Total Financials				755,453,700
CONSUMER STAPLES: 16.5%
Personal Products: 7.5%
Dabur India, Ltd.		11,252,176		52,576,203
Emami, Ltd.		2,665,122		44,677,822
Bajaj Corp., Ltd.		6,199,447		37,817,945
Marico, Ltd.		6,222,328		29,647,701
				164,719,671
Tobacco: 6.7%
ITC, Ltd.		23,921,965		94,654,699
VST Industries, Ltd.†		1,185,704		51,757,468
				146,412,167
Food Products: 2.3%
Nestle India, Ltd.		244,636		27,069,066
Zydus Wellness, Ltd.		1,670,471		22,972,812
				50,041,878
Total Consumer Staples				361,173,716
INFORMATION TECHNOLOGY: 12.2%
IT Services: 9.7%
Cognizant Technology Solutions Corp. Class A		1,244,100		90,247,014
eClerx Services, Ltd.†		2,701,931		51,638,882
Tata Consultancy Services, Ltd.		950,000		35,471,724
Mindtree, Ltd.		4,936,665		35,173,277
				212,530,897
Internet Software & Services: 2.5%
Info Edge India, Ltd.		3,230,761		54,704,519
Total Information Technology				267,235,416

	Shares		Value
INDUSTRIALS: 11.5%
Machinery: 9.7%
Eicher Motors, Ltd.		254,500		$121,800,343
AIA Engineering, Ltd.		2,933,837		59,678,341
Ashok Leyland, Ltd.		15,856,152		29,929,137
				211,407,821
Air Freight & Logistics: 1.1%
Blue Dart Express, Ltd.		380,973		24,133,053
Road & Rail: 0.7%
Container Corp. of India, Ltd.		782,568		16,146,346
Total Industrials				251,687,220
CONSUMER DISCRETIONARY: 10.8%
Automobiles: 5.8%
Suzuki Motor Corp.		2,427,000		127,381,300
Textiles, Apparel & Luxury Goods: 2.5%
Page Industries, Ltd.		107,100		30,245,117
Titan Co., Ltd.		1,993,691		17,857,289
Kewal Kiran Clothing, Ltd.		275,575		7,185,538
				55,287,944
Household Durables: 2.5%
Symphony, Ltd.		2,023,202		41,945,043
LA Opala RG, Ltd.		1,481,323		11,307,719
				53,252,762
Total Consumer Discretionary				235,922,006
HEALTH CARE: 9.2%
Pharmaceuticals: 8.5%
Taro Pharmaceutical Industries, Ltd.b		632,700		71,298,963
Ajanta Pharma, Ltd.		2,928,356		50,874,134
Caplin Point Laboratories, Ltd.		3,028,687		32,073,129
Alembic Pharmaceuticals, Ltd.		2,787,793		21,636,942
Sun Pharmaceutical Industries, Ltd.		1,352,917		10,440,978
Sun Pharma Advanced Research Co., Ltd.b		68,456		399,117
				186,723,263
Health Care Equipment & Supplies: 0.7%
Poly Medicure, Ltd.		4,153,464		14,663,025
Total Health Care				201,386,288

24 MATTHEWS ASIA FUNDS

Matthews India Fund September 30, 2017

Schedule of Investments^a (unaudited) (continued)

COMMON EQUITIES (continued)

	Shares		Value
MATERIALS: 3.3%
Chemicals: 3.3%
Pidilite Industries, Ltd.		1,800,000		$21,899,816
Asian Paints, Ltd.		1,176,000		20,406,689
Supreme Industries, Ltd.		986,965		16,623,014
Castrol India, Ltd.		2,299,063		12,562,302
Total Materials				71,491,821
TOTAL INVESTMENTS: 98.0%				2,144,350,167
(Cost $1,584,295,031c)
CASH AND OTHER ASSETS, LESS LIABILITIES: 2.0%				43,569,938
NET ASSETS: 100.0%				$2,187,920,105

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 $1,584,336,038 and net unrealized appreciation consists of:

Gross unrealized appreciation	$616,204,202
Gross unrealized depreciation	(56,190,073	)
Net unrealized appreciation	$560,014,129

† 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.

matthewsasia.com  |  800.789.ASIA 25

Matthews Japan Fund September 30, 2017

Schedule of Investments^a (unaudited)

COMMON EQUITIES: 96.3%

	Shares		Value
INDUSTRIALS: 25.9%
Professional Services: 7.4%
TechnoPro Holdings, Inc.†		1,704,100		$80,858,992
Nihon M&A Center, Inc.		1,559,900		76,337,175
Persol Holdings Co., Ltd.		2,695,600		62,808,177
Recruit Holdings Co., Ltd.		2,833,000		61,344,293
				281,348,637
Machinery: 6.7%
SMC Corp.		219,000		77,386,143
Harmonic Drive Systems, Inc.		1,396,000		72,251,198
Komatsu, Ltd.		2,422,300		68,592,325
MINEBEA MITSUMI, Inc.		2,323,000		36,383,348
				254,613,014
Electrical Equipment: 4.4%
Nidec Corp.		793,500		97,545,663
Mabuchi Motor Co., Ltd.		1,360,700		68,170,145
				165,715,808
Trading Companies & Distributors: 4.0%
MISUMI Group, Inc.		2,953,300		77,840,328
Mitsui & Co., Ltd.		5,011,500		74,124,670
				151,964,998
Building Products: 2.7%
Daikin Industries, Ltd.		620,900		62,880,103
Aica Kogyo Co., Ltd.		1,134,800		38,150,356
				101,030,459
Construction & Engineering: 0.7%
Totetsu Kogyo Co., Ltd.		754,400		24,844,263
Total Industrials				979,517,179
CONSUMER DISCRETIONARY: 16.0%
Automobiles: 4.2%
Suzuki Motor Corp.		2,092,800		109,840,784
Subaru Corp.		1,330,700		47,994,551
				157,835,335
Specialty Retail: 3.8%
Nitori Holdings Co., Ltd.		664,600		95,045,649
JINS, Inc.		764,600		47,854,616
				142,900,265
Multiline Retail: 2.1%
Ryohin Keikaku Co., Ltd.		273,900		80,740,724
Auto Components: 2.1%
Nifco, Inc.		762,800		46,606,126
Nippon Seiki Co., Ltd.		1,610,000		32,883,735
				79,489,861
Internet & Direct Marketing Retail: 1.9%
Start Today Co., Ltd.		2,277,600		72,177,462
Distributors: 1.0%
Doshisha Co., Ltd.		1,706,200		38,297,692

	Shares		Value
Media: 0.9%
LIFULL Co., Ltd.		3,950,700		$34,425,804
Total Consumer Discretionary				605,867,143
INFORMATION TECHNOLOGY: 11.9%
Electronic Equipment, Instruments & Components: 6.5%
Keyence Corp.		191,000		101,586,763
Murata Manufacturing Co., Ltd.		621,500		91,496,166
Horiba, Ltd.		901,000		51,014,107
				244,097,036
Semiconductors & Semiconductor Equipment: 2.2%
Lasertec Corp.		2,027,400		41,739,699
Rohm Co., Ltd.		483,400		41,479,949
				83,219,648
Software: 1.8%
Oracle Corp. Japan		885,700		69,617,809
Internet Software & Services: 1.4%
Infomart Corp.†		7,505,300		53,955,191
Total Information Technology				450,889,684
FINANCIALS: 11.1%
Banks: 5.7%
Mitsubishi UFJ Financial Group, Inc.		19,695,600		128,057,570
Sumitomo Mitsui Financial Group, Inc.		2,265,200		87,072,434
				215,130,004
Insurance: 3.8%
Tokio Marine Holdings, Inc.		1,896,200		74,212,361
Dai-ichi Life Holdings, Inc.		3,963,300		71,092,040
				145,304,401
Diversified Financial Services: 1.6%
ORIX Corp.		3,697,500		59,693,261
Total Financials				420,127,666
CONSUMER STAPLES: 10.1%
Food & Staples Retailing: 3.0%
Seven & I Holdings Co., Ltd.		1,667,600		64,426,841
San-A Co., Ltd.		1,131,900		50,398,984
				114,825,825
Food Products: 2.4%
Ezaki Glico Co., Ltd.		928,200		48,995,656
Ariake Japan Co., Ltd.		582,700		41,846,603
				90,842,259
Personal Products: 1.7%
Kao Corp.		1,096,000		64,525,195
Tobacco: 1.7%
Japan Tobacco, Inc.		1,925,200		63,090,658
Household Products: 1.3%
Pigeon Corp.		1,460,800		49,938,532
Total Consumer Staples				383,222,469

26 MATTHEWS ASIA FUNDS

Matthews Japan Fund September 30, 2017

Schedule of Investments^a (unaudited) (continued)

COMMON EQUITIES (continued)

	Shares		Value
HEALTH CARE: 10.0%
Health Care Equipment & Supplies: 6.8%
Asahi Intecc Co., Ltd.		1,442,200		$75,229,755
Hoya Corp.		1,335,300		72,211,479
Sysmex Corp.		1,085,000		69,321,748
CYBERDYNE, Inc.b		2,465,300		32,877,676
Daiken Medical Co., Ltd.		1,085,400		7,529,577
				257,170,235
Health Care Technology: 1.5%
M3, Inc.		1,992,800		56,817,514
Health Care Providers & Services: 1.0%
Japan Lifeline Co., Ltd.		747,300		37,056,205
Biotechnology: 0.7%
PeptiDream, Inc.b		903,900		27,938,814
Total Health Care				378,982,768
MATERIALS: 5.6%
Chemicals: 5.6%
Nitto Denko Corp.		819,300		68,338,902
Shin-Etsu Chemical Co., Ltd.		627,300		56,143,316
W-Scope Corp.†		2,247,400		45,590,573
Fuso Chemical Co., Ltd.		1,318,500		42,180,485
Total Materials				212,253,276
REAL ESTATE: 3.3%
Real Estate Management & Development: 3.3%
Relo Group, Inc.		3,702,700		84,718,631
Mitsui Fudosan Co., Ltd.		1,811,800		39,285,297
Total Real Estate				124,003,928

	Shares		Value
TELECOMMUNICATION SERVICES: 2.4%
Wireless Telecommunication Services: 2.4%
SoftBank Group Corp.		1,146,400		$92,968,800
Total Telecommunication Services				92,968,800
TOTAL INVESTMENTS: 96.3%				3,647,832,913
(Cost $2,943,601,986c)
CASH AND OTHER ASSETS, LESS LIABILITIES: 3.7%				139,598,979
NET ASSETS: 100.0%				$3,787,431,892

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 $2,947,040,490 and net unrealized appreciation consists of:

Gross unrealized appreciation	$754,050,517
Gross unrealized depreciation	(53,258,094	)
Net unrealized appreciation	$700,792,423

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

See accompanying notes to schedules of investments.

matthewsasia.com  |  800.789.ASIA 27

Matthews Korea Fund September 30, 2017

Schedule of Investments^a (unaudited)

COMMON EQUITIES: 75.9%

	Shares		Value
INFORMATION TECHNOLOGY: 20.0%
Technology Hardware, Storage & Peripherals: 8.7%
Samsung Electronics Co., Ltd.		7,921		$17,824,023
Semiconductors & Semiconductor Equipment: 5.3%
SK Hynix, Inc.		120,499		8,788,032
Koh Young Technology, Inc.		35,261		2,066,156
				10,854,188
Electronic Equipment, Instruments & Components: 3.1%
Samsung SDI Co., Ltd.		36,729		6,390,457
Internet Software & Services: 2.9%
NAVER Corp.		9,099		5,936,475
Total Information Technology				41,005,143
FINANCIALS: 17.1%
Banks: 12.0%
KB Financial Group, Inc.		144,905		7,129,200
Hana Financial Group, Inc.		168,641		6,996,369
Shinhan Financial Group Co., Ltd.		156,686		6,925,253
Woori Bank		236,638		3,694,340
				24,745,162
Capital Markets: 3.3%
KIWOOM Securities Co., Ltd.		56,570		3,585,806
Shinyoung Securities Co., Ltd.		63,434		3,159,885
				6,745,691
Insurance: 1.8%
Dongbu Insurance Co., Ltd.		57,666		3,684,201
Total Financials				35,175,054
CONSUMER DISCRETIONARY: 14.0%
Auto Components: 5.2%
Hyundai Mobis Co., Ltd.		30,918		6,491,476
Hankook Tire Co., Ltd.		81,800		4,307,609
				10,799,085
Hotels, Restaurants & Leisure: 4.6%
Modetour Network, Inc.		257,801		5,468,544
Kangwon Land, Inc.		131,232		4,015,197
				9,483,741
Specialty Retail: 1.5%
LOTTE Himart Co., Ltd.		55,183		3,169,311
Media: 1.3%
Innocean Worldwide, Inc.		44,713		2,618,596
Household Durables: 0.8%
Cuckoo Electronics Co., Ltd.		13,958		1,563,408
Automobiles: 0.6%
Kia Motors Corp.		42,397		1,172,990
Total Consumer Discretionary				28,807,131

	Shares		Value
MATERIALS: 6.6%
Metals & Mining: 5.1%
POSCO		22,432		$6,233,504
Korea Zinc Co., Ltd.		9,535		4,131,316
				10,364,820
Containers & Packaging: 1.5%
Lock&Lock Co., Ltd.		201,646		3,157,208
Total Materials				13,522,028
CONSUMER STAPLES: 5.1%
Food Products: 2.9%
Orion Corp.		49,078		4,156,429
Orion Holdings Corp.		84,480		1,677,246
				5,833,675
Food & Staples Retailing: 2.2%
BGF Retail Co., Ltd.		63,015		4,577,859
Total Consumer Staples				10,411,534
HEALTH CARE: 5.0%
Biotechnology: 2.8%
Hugel, Inc.b		12,638		5,837,216
Pharmaceuticals: 2.1%
Yuhan Corp.		14,793		2,671,400
DongKook Pharmaceutical Co., Ltd.		32,401		1,641,610
				4,313,010
Health Care Equipment & Supplies: 0.1%
Interojo Co., Ltd.		6,212		194,981
Total Health Care				10,345,207
TELECOMMUNICATION SERVICES: 3.4%
Wireless Telecommunication Services: 1.9%
SK Telecom Co., Ltd. ADR		159,000		3,909,810
Diversified Telecommunication Services: 1.5%
KT Corp. ADR		225,800		3,131,846
Total Telecommunication Services				7,041,656
ENERGY: 3.1%
Oil, Gas & Consumable Fuels: 3.1%
SK Innovation Co., Ltd.		24,541		4,277,352
S-Oil Corp.		18,205		2,033,172
Total Energy				6,310,524
INDUSTRIALS: 1.6%
Aerospace & Defense: 1.2%
LIG Nex1 Co., Ltd.		36,863		2,343,062

28 MATTHEWS ASIA FUNDS

Matthews Korea Fund September 30, 2017

Schedule of Investments^a (unaudited) (continued)

COMMON EQUITIES (continued)

	Shares		Value
Commercial Services & Supplies: 0.4%
KEPCO Plant Service & Engineering Co., Ltd.		22,563		$818,280
Total Industrials				3,161,342
TOTAL COMMON EQUITIES				155,779,619
(Cost $102,586,881)
PREFERRED EQUITIES: 22.7%
INFORMATION TECHNOLOGY: 9.4%
Technology Hardware, Storage & Peripherals: 9.4%
Samsung Electronics Co., Ltd., Pfd.		10,685		19,327,461
Total Information Technology				19,327,461
CONSUMER STAPLES: 4.1%
Personal Products: 4.1%
LG Household & Health Care, Ltd., Pfd.		11,638		6,086,866
AMOREPACIFIC Group, Pfd.		51,316		2,352,198
Total Consumer Staples				8,439,064
CONSUMER DISCRETIONARY: 3.0%
Automobiles: 3.0%
Hyundai Motor Co., Ltd., 2nd Pfd.		68,090		6,103,554
Total Consumer Discretionary				6,103,554
FINANCIALS: 2.3%
Insurance: 2.3%
Samsung Fire & Marine Insurance Co., Ltd., Pfd.		30,049		4,774,888
Total Financials				4,774,888
MATERIALS: 2.2%
Chemicals: 2.2%
LG Chem, Ltd., Pfd.		20,241		4,489,970
Total Materials				4,489,970

	Shares		Value
ENERGY: 1.7%
Oil, Gas & Consumable Fuels: 1.7%
S-Oil Corp., Pfd.		38,278		$3,447,518
Total Energy				3,447,518
TOTAL PREFERRED EQUITIES				46,582,455
(Cost $26,358,936)
TOTAL INVESTMENTS: 98.6%				202,362,074
(Cost $128,945,817c)
CASH AND OTHER ASSETS, LESS LIABILITIES: 1.4%				2,902,163
NET ASSETS: 100.0%				$205,264,237

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 $130,067,777 and net unrealized appreciation consists of:

Gross unrealized appreciation	$75,186,543
Gross unrealized depreciation	(2,892,246	)
Net unrealized appreciation	$72,294,297

ADR	American Depositary Receipt
Pfd.	Preferred

See accompanying notes to schedules of investments.

matthewsasia.com  |  800.789.ASIA 29

Matthews Asia Small Companies Fund September 30, 2017

Schedule of Investments^a (unaudited)

COMMON EQUITIES: 95.6%

	Shares		Value
CHINA/HONG KONG: 36.7%
Genscript Biotech Corp.		9,408,000		$9,025,090
Ten Pao Group Holdings, Ltd.		24,760,000		8,987,304
China Meidong Auto Holdings, Ltd.		23,800,000		8,836,668
Silergy Corp.		358,000		8,220,387
Times Property Holdings, Ltd.		7,762,000		7,984,591
Sinopec Kantons Holdings, Ltd.		11,168,000		7,547,531
SITC International Holdings Co., Ltd.		8,300,000		7,538,527
Vitasoy International Holdings, Ltd.		3,368,000		7,513,223
Q Technology Group Co., Ltd.		3,966,000		7,210,152
Value Partners Group, Ltd.		7,848,000		7,120,962
Clear Media, Ltd.		6,111,000		7,056,329
Jacobson Pharma Corp., Ltd.		26,464,000		6,942,355
Melco International Development, Ltd.		2,376,000		6,883,002
Zhou Hei Ya International Holdings Co., Ltd.b		6,459,500		6,286,475
Lifetech Scientific Corp.c		26,176,000		6,165,682
Guotai Junan International Holdings, Ltd.		18,178,000		5,826,692
Hutchison China MediTech, Ltd. ADRc		210,900		5,751,243
Beijing Urban Construction Design & Development Group Co., Ltd. H Sharesb		9,158,000		5,463,560
Shanghai Haohai Biological Technology Co., Ltd. H Sharesb		1,146,200		5,143,302
Chow Sang Sang Holdings International, Ltd.		1,844,000		4,219,139
China Aviation Oil Singapore Corp., Ltd.		3,562,900		4,210,011
Gridsum Holding, Inc. ADRc		359,747		3,705,394
IMAX China Holding, Inc.b,c		1,143,100		3,453,474
RYB Education, Inc. ADRc		52,700		1,501,950
Total China/Hong Kong				152,593,043
TAIWAN: 14.4%
Sunny Friend Environmental Technology Co., Ltd.		1,218,000		7,678,064
Advanced Ceramic X Corp.		544,000		7,595,320
Taiwan Paiho, Ltd.		1,633,000		7,525,757
Sinbon Electronics Co., Ltd.		2,515,060		6,660,907
Macauto Industrial Co., Ltd.		1,074,000		6,089,749
Kinik Co.		2,307,000		5,800,133
Elite Material Co., Ltd.		1,177,000		5,605,177
Taimide Tech, Inc.		4,338,000		5,435,936
Great Tree Pharmacy Co., Ltd.		1,316,600		3,820,763
MPI Corp.		1,192,000		2,800,138
Kerry TJ Logistics Co., Ltd.		677,000		809,301
Total Taiwan				59,821,245
INDIA: 12.3%
GRUH Finance, Ltd.		1,133,699		8,544,382
Bharat Financial Inclusion, Ltd.c		411,458		5,982,796
Page Industries, Ltd.		19,677		5,556,799
DCB Bank, Ltd.		1,756,753		4,891,268
Gabriel India, Ltd.		1,594,390		4,818,452
Cholamandalam Investment and Finance Co., Ltd.		287,338		4,809,156
AIA Engineering, Ltd.		227,923		4,636,272
LA Opala RG, Ltd.		540,917		4,129,104
Supreme Industries, Ltd.		234,579		3,950,910
Merck, Ltd.		246,026		3,926,039
Total India				51,245,178

	Shares		Value
SOUTH KOREA: 10.6%
Wonik Materials Co., Ltd.c		94,033		$6,122,701
CLIO Cosmetics Co., Ltd.		209,552		6,018,248
Yonwoo Co., Ltd.c		266,479		5,990,591
LEENO Industrial, Inc.		126,432		5,408,974
Douzone Bizon Co., Ltd.		198,021		5,401,822
Value Added Technology Co., Ltd.		222,776		5,322,423
Incross Co., Ltd.c		130,375		5,128,034
Vitzrocell Co., Ltd.d		467,524		3,616,208
Cosmecca Korea Co., Ltd.c		24,007		1,192,604
Total South Korea				44,201,605
INDONESIA: 7.1%
PT Sumber Alfaria Trijaya		122,674,800		6,330,016
PT Bank Tabungan Pensiunan Nasional		32,789,300		6,207,789
PT Astra Otoparts		26,538,125		4,728,747
PT Ultrajaya Milk Industry & Trading Co.		48,826,000		4,549,457
PT Puradelta Lestari		272,647,300		4,048,516
PT Arwana Citramulia		116,884,900		3,644,789
Total Indonesia				29,509,314
MALAYSIA: 4.0%
Bursa Malaysia BHD		2,728,300		6,461,338
Unisem M BHD		6,984,400		6,244,138
Karex BHD		10,820,825		3,869,614
Total Malaysia				16,575,090
JAPAN: 3.6%
Tri Chemical Laboratories, Inc.		187,200		6,318,006
Honma Golf, Ltd.b		5,375,000		5,145,246
W-Scope Corp.		181,100		3,673,780
Total Japan				15,137,032
THAILAND: 2.5%
Plan B Media Public Co., Ltd. F Shares		30,953,900		5,624,233
Forth Smart Service Public Co., Ltd.		8,674,600		4,973,070
Total Thailand				10,597,303
PHILIPPINES: 2.2%
Concepcion Industrial Corp.		3,470,502		4,703,669
Philippine Seven Corp.		1,217,291		4,073,652
Pryce Corp.c		3,575,600		465,431
Total Philippines				9,242,752
UNITED STATES: 1.2%
Oclaro, Inc.c		597,100		5,152,973
Total United States				5,152,973

30 MATTHEWS ASIA FUNDS

Matthews Asia Small Companies Fund September 30, 2017

Schedule of Investments^a (unaudited) (continued)

COMMON EQUITIES (continued)

	Shares		Value
SINGAPORE: 1.0%
Delfi, Ltd.		3,563,300		$3,979,800
Total Singapore				3,979,800
TOTAL INVESTMENTS: 95.6%				398,055,335
(Cost $338,350,516e)
CASH AND OTHER ASSETS, LESS LIABILITIES: 4.4%				18,215,738
NET ASSETS: 100.0%				$416,271,073

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 September 30, 2017, the aggregate value is $25,492,057, which is 6.12% of net assets.

c Non-income producing security.

d Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

e Cost for federal income tax purposes is $338,728,849 and net unrealized appreciation consists of:

Gross unrealized appreciation	$86,855,361
Gross unrealized depreciation	(27,528,875	)
Net unrealized appreciation	$59,326,486

ADR	American Depositary Receipt
BHD	Berhad

See accompanying notes to schedules of investments.

matthewsasia.com  |  800.789.ASIA 31

Matthews China Small Companies Fund September 30, 2017

Schedule of Investments^a (unaudited)

COMMON EQUITIES: 97.1%

	Shares		Value
INDUSTRIALS: 22.2%
Commercial Services & Supplies: 5.4%
Sunny Friend Environmental Technology Co., Ltd.		142,000		$895,144
Greentown Service Group Co., Ltd.		786,000		483,417
				1,378,561
Transportation Infrastructure: 4.5%
Qingdao Port International Co., Ltd. Class Hb		964,000		615,161
Yuexiu Transport Infrastructure, Ltd.		724,000		544,894
				1,160,055
Marine: 3.9%
SITC International Holdings Co., Ltd.		1,104,000		1,002,715
Machinery: 3.2%
TK Group Holdings, Ltd.		1,638,000		815,687
Electrical Equipment: 1.7%
Voltronic Power Technology Corp.		24,974		448,636
Air Freight & Logistics: 1.5%
Kerry Logistics Network, Ltd.		272,000		377,124
Construction & Engineering: 1.0%
Beijing Urban Construction Design & Development Group Co., Ltd. H Sharesb		431,000		257,130
Professional Services: 1.0%
51job, Inc. ADRc		4,224		256,017
Total Industrials				5,695,925
INFORMATION TECHNOLOGY: 20.3%
Semiconductors & Semiconductor Equipment: 9.6%
Silergy Corp.		77,000		1,768,072
Advanced Energy Industries, Inc.c		4,500		363,423
Parade Technologies, Ltd.		21,000		334,599
				2,466,094
Electronic Equipment, Instruments & Components: 5.0%
All Ring Tech Co., Ltd.		198,000		405,216
Tong Hsing Electronic Industries, Ltd.		95,000		392,634
China Innovationpay Group, Ltd.c		4,572,000		287,183
Elite Material Co., Ltd.		44,000		209,539
China High Precision Automation Group, Ltd.c,d		195,000		250
				1,294,822
Communications Equipment: 2.8%
Oclaro, Inc.c		42,300		365,049
Advanced Ceramic X Corp.		26,000		363,012
				728,061
Internet Software & Services: 1.7%
Baozun, Inc. ADRc		10,000		327,600
Sohu.com, Inc.c		1,800		98,010
				425,610

	Shares		Value
Software: 1.2%
Gridsum Holding, Inc. ADRc		29,165		$300,399
Total Information Technology				5,214,986
CONSUMER DISCRETIONARY: 18.5%
Household Durables: 6.7%
Wuxi Little Swan Co., Ltd. B Shares		177,417		806,276
Vatti Corp., Ltd. A Shares		113,494		460,448
Q Technology Group Co., Ltd.		251,000		456,315
				1,723,039
Hotels, Restaurants & Leisure: 4.0%
Melco International Development, Ltd.		141,000		408,461
Mandarin Oriental International, Ltd.		181,800		398,063
Fairwood Holdings, Ltd.		53,500		214,692
				1,021,216
Diversified Consumer Services: 2.6%
China Maple Leaf Educational Systems, Ltd.		312,000		349,714
RYB Education, Inc. ADRc		11,300		322,050
				671,764
Specialty Retail: 2.4%
China Meidong Auto Holdings, Ltd.		608,000		225,743
China ZhengTong Auto Services Holdings, Ltd.		196,000		213,580
Chow Sang Sang Holdings International, Ltd.		76,000		173,891
				613,214
Media: 1.5%
Clear Media, Ltd.		328,000		378,739
Leisure Products: 1.3%
Honma Golf, Ltd.b		354,500		339,347
Total Consumer Discretionary				4,747,319
HEALTH CARE: 14.5%
Life Sciences Tools & Services: 4.9%
Genscript Biotech Corp.		1,138,000		1,091,683
Tecan Group AG		805		166,794
				1,258,477
Biotechnology: 3.9%
Shanghai Haohai Biological Technology Co., Ltd. H Sharesb		97,900		439,303
China Biologic Products Holdings, Inc.c		4,400		405,988
Abcam PLC		12,317		168,348
				1,013,639
Pharmaceuticals: 2.6%
Hutchison China MediTech, Ltd. ADRc		15,900		433,593
Jacobson Pharma Corp., Ltd.		866,000		227,179
				660,772
Health Care Equipment & Supplies: 2.1%
Shandong Weigao Group Medical Polymer Co., Ltd. H Shares		576,000		409,535
Lifetech Scientific Corp.c		544,000		128,138
				537,673

32 MATTHEWS ASIA FUNDS

Matthews China Small Companies Fund September 30, 2017

Schedule of Investments^a (unaudited) (continued)

COMMON EQUITIES (continued)

	Shares		Value
Health Care Providers & Services: 1.0%
Zhejiang Dian Diagnostics Co., Ltd. Class A		67,300		$259,628
Total Health Care				3,730,189
REAL ESTATE: 8.4%
Real Estate Management & Development: 8.4%
CIFI Holdings Group Co., Ltd.		1,248,000		697,352
Times Property Holdings, Ltd.		670,000		689,213
KWG Property Holding, Ltd.		526,000		562,821
K Wah International Holdings, Ltd.		361,000		217,898
Total Real Estate				2,167,284
MATERIALS: 4.0%
Construction Materials: 2.5%
China Resources Cement Holdings, Ltd.		1,046,000		644,872
Containers & Packaging: 0.8%
CPMC Holdings, Ltd.		358,000		210,815
Metals & Mining: 0.7%
MMG, Ltd.c		408,000		182,925
Total Materials				1,038,612
ENERGY: 3.9%
Oil, Gas & Consumable Fuels: 3.9%
China Aviation Oil Singapore Corp., Ltd.		636,400		751,986
Sinopec Kantons Holdings, Ltd.		380,000		256,811
Total Energy				1,008,797
FINANCIALS: 3.3%
Capital Markets: 2.0%
Value Partners Group, Ltd.		558,000		506,307
Banks: 1.3%
Dah Sing Banking Group, Ltd.		158,400		348,583
Total Financials				854,890

	Shares		Value
CONSUMER STAPLES: 2.0%
Food Products: 2.0%
Tehmag Foods Corp.		40,000		$294,816
Vitasoy International Holdings, Ltd.		98,000		218,615
Total Consumer Staples				513,431
TOTAL INVESTMENTS: 97.1%				24,971,433
(Cost $19,776,897e)
CASH AND OTHER ASSETS, LESS LIABILITIES: 2.9%				740,340
NET ASSETS: 100.0%				$25,711,773

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 September 30, 2017, the aggregate value is $1,650,941, which is 6.42% of net assets.

c Non-income producing security.

d Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

e Cost for federal income tax purposes is $19,799,019 and net unrealized appreciation consists of:

Gross unrealized appreciation	$5,704,877
Gross unrealized depreciation	(532,463	)
Net unrealized appreciation	$5,172,414

ADR American Depositary Receipt

See accompanying notes to schedules of investments.

matthewsasia.com  |  800.789.ASIA 33

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 to the Board’s Valuation Committee the responsibility for oversight of the fair valuation process under the Trust’s Valuation and Pricing Policy. The Board’s Valuation Committee, in turn, has delegated the determination of fair value prices under Matthews’ Valuation and Pricing Procedures to Matthews’ Valuation Committee (the “Valuation Committee”). The Board’s Valuation Committee will review and approve fair value determinations by Matthews’ Valuation Committee in accordance with the Valuation and Pricing Policy. 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 measurement) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). Various inputs are used in determining the fair value of investments and derivative financial instruments, which are as follows:

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

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

Level 3: Significant unobservable inputs (including the Funds’ 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 Funds’ investments and derivative financial instruments as of September 30, 2017 is as follows:

34 MATTHEWS ASIA FUNDS

Notes to Schedules of Investments(unaudited) (continued)

	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		$—		$—		$—		$—		$—		$—		$11,112,233
China/Hong Kong		—		—		153,243,430		125,487,665		3,883,746		686,381		118,112,843
India		—		—		—		28,866,539		—		—		—
Indonesia		—		—		49,234,220		121,167,362		—		—		20,627,880
Israel		—		—		—		—		191,573		—		—
Malaysia		—		—		36,239,199		—		932,820		324,647		—
New Zealand		—		—		37,311,364		—		—		—		—
Pakistan		—		—		—		—		—		—		6,863,305
Philippines		—		—		—		—		—		—		5,407,606
South Korea		—		—		—		—		1,065,859		354,672		—
Sri Lanka		—		—		—		—		—		—		27,253,331
Taiwan		—		—		53,985,053		113,699,147		701,212		—		—
United States		—		—		93,037,058		—		346,710		679,346		—
Vietnam		—		—		41,322,167		78,044,589		—		—		19,807,044
Level 2: Other Significant Observable
Inputs
Foreign Government Obligationsa		35,022,095		3,434,315		—		—		—		—		—
Non-Convertible Corporate Bondsa		41,362,269		15,883,579		—		—		—		—		—
Convertible Corporate Bondsa		8,970,950		2,371,575		268,108,278		—		—		—		—
Common Equities:
Australia		—		—		157,596,669		94,665,694		—		323,829		32,803,109
Bangladesh		—		—		—		—		—		—		19,806,330
China/Hong Kong		—		—		628,467,021		2,081,740,124		2,572,608		3,691,734		44,358,400
India		—		—		51,703,431		259,246,648		—		591,339		56,990,924
Indonesia		—		—		59,810,303		37,120,728		—		465,935		81,066,912
Japan		—		—		173,781,251		1,694,511,436		3,081,958		294,938		274,137,994
Luxembourg		—		—		—		77,527,662		—		—		—
Malaysia		—		—		60,987,329		—		291,511		310,225		—
Norway		—		—		53,855,037		—		—		—		—
Philippines		—		—		29,999,632		58,493,424		—		—		15,345,521
Singapore		—		—		326,040,282		392,991,873		965,231		1,461,085		—
South Korea		—		—		251,632,321		621,052,163		3,557,643		1,242,392		—
Switzerland		—		—		—		—		333,191		317,355		—
Taiwan		—		—		80,808,216		16,734,866		294,995		937,095		3,671,148
Thailand		—		—		41,625,022		125,564,491		—		345,152		7,055,148
Preferred Equities:
South Korea		—		—		81,242,697		386,510,527		2,032,654		—		—
Total Market Value of Investments		$85,355,314		$21,689,469		$2,730,029,980		$6,313,424,938		$20,251,711		$12,026,125		$744,419,728

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

	Matthews Asia Strategic Income Fund
Derivative Financial Instruments1
Assets
Level 2: Other Significant Observable Inputs
Foreign Currency Exchange Contracts		$137,376
Liabilities
Level 2: Other Significant Observable Inputs
Foreign Currency Exchange Contracts		(77,283	)

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

matthewsasia.com  |  800.789.ASIA 35

	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		$5,180,400		$48,554,008		$7,185,538		$—		$—		$1,967,513
Consumer Staples		5,184,559		—		74,730,280		—		4,156,429		294,815
Financials		3,879,102		—		79,033,226		—		—		—
Health Care		4,047,018		—		136,836,122		—		194,981		1,136,067
Industrials		10,646,843		11,728,035		83,811,394		—		2,343,062		1,071,703
Information Technology		9,391,416		117,535,879		90,247,014		—		—		1,454,481
Materials		4,064,408		—		—		—		—		210,815
Telecommunication Services		6,550,332		—		—		—		7,041,656		—
Preferred Equities:
Consumer Staples		—		—		—		—		2,352,198		—
Financials		—		—		—		—		4,774,888		—
Closed-End Fund:
Information Technology		11,757,600		—		—		—		—		—
Level 2: Other Significant Observable Inputs
Common Equities:
Consumer Discretionary		37,802,701		46,556,012		228,736,468		605,867,143		28,807,131		2,779,806
Consumer Staples		11,374,969		22,461,208		286,443,436		383,222,469		6,255,105		218,616
Energy		13,522,365		38,600,462		—		—		6,310,524		1,008,797
Financials		54,820,671		240,529,507		676,420,474		420,127,666		35,175,054		854,890
Health Care		9,302,378		8,231,816		64,550,166		378,982,768		10,150,226		2,594,122
Industrials		14,210,232		21,608,829		167,875,826		979,517,179		818,280		4,624,222
Information Technology		26,574,581		114,430,269		176,988,402		450,889,684		41,005,143		3,760,255
Materials		5,438,384		27,753,204		71,491,821		212,253,276		13,522,028		827,797
Real Estate		12,470,858		41,571,880		—		124,003,928		—		2,167,284
Telecommunication Services		11,437,182		7,669,827		—		92,968,800		—		—
Utilities		5,798,614		13,913,384		—		—		—		—
Preferred Equities:
Consumer Discretionary		—		—		—		—		6,103,554		—
Consumer Staples		—		—		—		—		6,086,866		—
Energy		—		—		—		—		3,447,518		—
Information Technology		—		—		—		—		19,327,461		—
Materials		—		—		—		—		4,489,970		—
Level 3: Significant Unobservable Inputs
Common Equities:
Information Technology		—		—		—		—		—		250
Total Market Value of Investments		$263,454,613		$761,144,320		$2,144,350,167		$3,647,832,913		$202,362,074		$24,971,433

36 MATTHEWS ASIA FUNDS

Notes to Schedules of Investments(unaudited)(continued)

	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		$—		$530,197		$30,631,553		$4,208,885		$—
China/Hong Kong		690,539,332		404,920		9,145,770		44,949,635		27,634,072
India		77,288,959		758,931		3,450,846		—		4,636,272
Indonesia		24,975,202		—		14,775,365		2,621,697		29,509,314
Japan		7,066,240		115,840		—		—		—
Malaysia		—		—		—		—		10,330,952
Pakistan		—		406,500		43,373,478		—		—
Philippines		—		278,410		15,199,421		2,803,295		8,777,321
Singapore		12,971,628		188,931		—		—		3,979,800
South Korea		146,466,824		96,914		—		—		10,537,008
Sri Lanka		—		—		23,665,829		—		—
Taiwan		—		362,223		—		—		4,630,064
United States		245,064,284		—		—		—		5,152,973
Vietnam		202,429,432		—		38,508,122		5,160,163		—
Level 2: Other Significant Observable Inputs
Common Equities:
Australia		—		—		2,578,269		—		—
Bangladesh		—		346,382		17,279,584		—		—
China/Hong Kong		2,209,850,695		2,904,122		24,891,741		38,747,714		124,958,971
India		1,624,882,991		969,325		44,171,864		13,476,212		46,608,906
Indonesia		496,471,668		533,486		29,366,765		3,212,162		—
Japan		—		1,924,044		—		—		15,137,032
Luxembourg		—		200,045		—		—		—
Malaysia		319,456,248		—		—		—		6,244,138
Pakistan		—		—		16,232,091		—		—
Philippines		200,919,943		453,162		12,642,610		—		465,431
Singapore				135,110		2,372,737		—		—
South Korea		906,961,495		1,291,671		—		27,516,476		30,048,389
Sri Lanka		—		—		6,338,817		—		—
Switzerland		224,172,110		—		—		—		—
Taiwan		461,698,839		1,151,922		—		8,646,763		55,191,181
Thailand		508,008,024		629,494		1,742,140		2,863,827		10,597,303
Vietnam		—		—		47,392,921		—		—
Preferred Equities:
South Korea		—		948,072		—		6,394,252		—
Level 3: Significant Unobservable Inputs
Common Equities:
South Korea		—		—		—		—		3,616,208
Total Market Value of Investments		$8,359,223,914		$14,629,701		$383,759,923		$160,601,081		$398,055,335

matthewsasia.com  |  800.789.ASIA 37

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 September 30, 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 Asian Growth and Income Fund		$75,165,903		$—
Matthews Asia Dividend Fund		194,745,817		126,089,312
Matthews China Dividend Fund		8,468,321		—
Matthews Asia Value Fund		132,072		—
Matthews Asia Focus Fund		444,389		—
Matthews Asia Growth Fund		29,740,218		17,567,521
Matthews Pacific Tiger Fund		233,374,245		140,686,783
Matthews Asia ESG Fund		748,128		495,454
Matthews Emerging Asia Fund		27,022,046		24,716,328
Matthews Asia Innovators Fund		4,182,991		—
Matthews India Fund		219,177,625		105,964,950
Matthews Korea Fund		7,867,583		—
Matthews Asia Small Companies Fund		52,480,981		9,827,861
Matthews China Small Companies Fund		1,018,990		681,017

Level 3 securities consisted of equities that, as of September 30, 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 Asia Small Companies Fund			Matthews China Small Companies Fund
	Common Equities - China/Hong Kong			Common Equities - Pakistan			Common Equities - South Korea			Common Equities - Information Technology
Balance as of 12/31/16 (market value)		$43,840,293			$332,382			$—			$251
Accrued discounts/premiums		—			—			—			—
Realized gain/(loss)		—			—			25,445			—
Change in unrealized appreciation/(depreciation)		—			—			(854,499	)		(1	)
Purchases		—			—			3,476,933			—
Sales		—			—			(250,046	)		—
Transfers in to Level 3*		—			—			1,218,375			—
Transfer out of Level 3*		(43,840,293	)		(332,382	)		—			—
Balance as of 9/30/17 (market value)		$ —			$ —			$3,616,208			$250
Net change in unrealized appreciation/depreciation on Level 3 investments held as of 9/30/17		$—			$—			($854,499	)		($1	)

* 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 September 30, 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 was 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.

38 MATTHEWS ASIA FUNDS

Notes to Schedules of Investments (unaudited) (continued)

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 Asia Small Companies Fund Assets:
Common Equity		$3,616,208	Last Price2 Multiplied by Proxy factor3	Proxy factor3		-8	%

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 Vitzro Tech Co., Ltd.

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

matthewsasia.com  |  800.789.ASIA 39

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 September 30, 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 September 30, 2017 is as follows:

	Shares Held at Dec 31, 2016		Shares Purchsed		Shares Sold		Shares Held at Sep 30, 2017		Value at Sep 30, 2017		Net Change in Unrealized Appreciation (Depreciation)
MATTHEWS ASIA DIVIDEND FUND
Name of Issuer:
Anritsu Corp.		6,321,500		3,063,200		—		9,384,700		$77,954,120		$20,613,679
Ascendas India Trust		53,470,700		—		—		53,470,700		42,030,728		4,642,282
Breville Group, Ltd.		10,644,019		—		—		10,644,019		94,665,694		28,240,924
CapitaLand Retail China Trust		43,232,400		6,567,600		—		49,800,000		58,978,521		10,393,938
Minth Group, Ltd.		57,963,000		2,538,000		3,182,000		57,319,000		301,215,139		115,444,465
Yuexiu Transport Infrastructure, Ltd.		100,968,000		—		8,322,000		92,646,000		69,726,896		11,330,927
Total Affiliates										$644,571,098		$190,666,215

40 MATTHEWS ASIA FUNDS

	Shares Held at Dec 31, 2016		Shares Purchsed		Shares Sold		Shares Held at Sep 30, 2017		Value at Sep 30, 2017		Net Change in Unrealized Appreciation (Depreciation)
MATTHEWS PACIFIC TIGER FUND
Name of Issuer:
Cheil Worldwide, Inc.		6,504,297		450,000		—		6,954,297		$110,690,175		$19,051,110
Fuyao Glass Industry Group Co., Ltd.		34,836,000		1,000,000		3,000,000		32,836,000		119,552,574		15,613,978
Green Cross Corp.		776,872		—		52,258		724,614		127,150,973		32,673,145
Just Dial, Ltd.		3,557,718		—		—		3,557,718		20,290,911		2,571,361
Synnex Technology International Corp.		103,100,921		—		7,500,000		95,600,921		114,891,071		20,186,122
Tata Power Co., Ltd.		171,620,436		—		7,000,000		164,620,436		196,383,082		21,562,194
Total Affiliates										$688,958,786		$111,657,910
MATTHEWS EMERGING ASIA FUND
Name of Issuer:
National Seed JSC		979,585		—		—		979,585		$4,976,992		$991,221
Total Affiliates										$4,976,992		$991,221
MATTHEWS INDIA FUND
Name of Issuer:
eClerx Services, Ltd.		2,751,931		—		50,000		2,701,931		$51,638,882		($4,284,428	)
VST Industries, Ltd.		1,185,704		—		—		1,185,704		51,757,468		9,738,089
Total Affiliates										$103,396,350		$5,453,661
MATTHEWS JAPAN FUND
Name of Issuer:
Daiken Medical Co., Ltd.†		1,755,200		—		669,800		1,085,400		$—		$—
Doshisha Co., Ltd.†		1,989,400		—		283,200		1,706,200		—		—
Infomart Corp.		6,539,000		1,284,100		317,800		7,505,300		53,955,191		8,190,527
Septeni Holdings Co., Ltd.†		7,039,100		—		7,039,100		—		—		—
TechnoPro Holdings, Inc.		2,045,800		—		341,700		1,704,100		80,858,992		25,941,245
W-Scope Corp.		2,315,300		—		67,900		2,247,400		45,590,573		12,024,604
Total Affiliates										$226,232,025		$46,156,376

† Issuer was not an affiliated company as of September 30, 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

* As permitted by the Internal Revenue Service, the Funds have elected to defer certain qualified late-year losses and recognize such losses in the next fiscal year.

matthewsasia.com  |  800.789.ASIA 41

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

	Amount With No Expiration*
LOSSES DEFERRED EXPIRING IN:	Short-term Losses		Long-term 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 Emerging Asia 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.

42 MATTHEWS ASIA FUNDS

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 November 28, 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 November 28, 2017

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

Date November 28, 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:  November 28, 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:  November 28, 2017	/s/ Shai Malka
	Shai Malka, Treasurer
	(principal financial officer)