Edgar Filing: MATTHEWS INTERNATIONAL FUNDS

Matthews China Dividend Fund

September 30, 2018

Schedule of Investments^a (unaudited) (continued)

COMMON EQUITIES (continued)

CLOSED-END FUNDS: 2.0%

Form 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, 2018

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, 450 Fifth Street, NW, Washington, DC 20549-0609. 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, 2018

Schedule of Investments^a(unaudited)

NON-CONVERTIBLE CORPORATE BONDS: 62.6%


	Face Amount^*		Value

CHINA/HONG KONG: 32.3%
Wanda Properties International Co., Ltd.
7.250%, 01/29/24^b		5,000,000		$4,737,880
Standard Chartered PLC
6.500%^c, 04/02/20^b,d		4,350,000		4,337,368
KWG Group Holdings, Ltd.
6.000%, 09/15/22^b		4,500,000		4,059,252
Chinalco Capital Holdings, Ltd.
4.000%, 08/25/21^b		4,100,000		3,956,705
West China Cement, Ltd.
6.500%, 09/11/19^b		3,500,000		3,534,972
CIFI Holdings Group Co., Ltd.
6.875%, 04/23/21^b		3,200,000		3,136,003
State Grid Corp. of China, Series B
3.150%, 11/14/21		CNY 20,000,000		2,822,716
HSBC Holdings PLC
6.375%^c, 03/30/25^d		2,500,000		2,478,125
PetroChina Co., Ltd.
3.150%, 03/03/21		CNY 15,000,000		2,134,846
China National Petroleum Corp., Series INBK
4.690%, 01/11/22		CNY 10,000,000		1,475,049
State Grid Corp. of China
3.750%, 11/11/20		CNY 10,000,000		1,445,383
Huaneng Power International, Inc., Series A
3.480%, 06/13/21		CNY 10,000,000		1,428,234
Franshion Brilliant, Ltd.
5.200%, 03/08/21^b		CNY 7,000,000		1,015,426

Total China/Hong Kong				36,561,959


INDONESIA: 7.2%
Theta Capital Pte, Ltd.
6.750%, 10/31/26^b		3,500,000		2,677,080
Modernland Overseas Pte, Ltd.
6.950%, 04/13/24^b		1,900,000		1,650,243
Alam Synergy Pte, Ltd.
6.950%, 03/27/20^e		1,500,000		1,425,000
Theta Capital Pte, Ltd.
7.000%, 04/11/22^b		1,200,000		1,008,653
Listrindo Capital BV
4.950%, 09/14/26^b		1,000,000		926,000
Alam Synergy Pte, Ltd.
6.950%, 03/27/20^b		500,000		475,000

Total Indonesia				8,161,976


INDIA: 5.7%
LIC Housing Finance, Ltd., Series 309
7.830%, 09/25/26		INR 240,000,000		3,234,084
Housing Development Finance Corp., Ltd., Series K-24
8.950%, 03/21/23		INR 100,000,000		1,360,091
Power Finance Corp., Ltd., Series 151A
7.470%, 09/16/21		INR 90,000,000		1,215,130
Rural Electrification Corp., Ltd., Series 122
9.020%, 06/18/19		INR 50,000,000		693,187

Total India				6,502,492


SRI LANKA: 4.1%
DFCC Bank PLC
9.625%, 10/31/18^b		2,650,000		2,655,512
National Savings Bank
5.150%, 09/10/19^b		2,000,000		1,970,400

Total Sri Lanka				4,625,912


	Face Amount^*		Value

PHILIPPINES: 3.1%
ICTSI Treasury BV
4.625%, 01/16/23^b		3,500,000		$3,465,000

Total Philippines				3,465,000


SINGAPORE: 3.0%
Olam International, Ltd.
4.500%, 04/12/21^b		3,500,000		3,433,619

Total Singapore				3,433,619


THAILAND: 3.0%
Krung Thai Bank Public Co., Ltd.
5.200%^c, 12/26/24^b		3,400,000		3,430,706

Total Thailand				3,430,706


JAPAN: 2.5%
SoftBank Group Corp.
6.000%^c, 07/19/23^b,d		3,150,000		2,890,736

Total Japan				2,890,736


UNITED STATES: 1.7%
Sprint Communications, Inc.
6.000%, 11/15/22		1,863,000		1,900,260

Total United States				1,900,260


TOTAL NON-CONVERTIBLE CORPORATE BONDS				70,972,660

(Cost $73,649,535)

CONVERTIBLE CORPORATE BONDS: 23.6%

CHINA/HONG KONG: 21.0%
Ctrip.com International, Ltd., Cnv.
1.250%, 09/15/22		5,500,000		5,379,550
China Overseas Finance Investment Cayman V, Ltd., Cnv.
0.000%, 01/05/23^b		4,400,000		4,643,100
Zhongsheng Group Holdings, Ltd., Cnv.
0.000%, 05/23/23^b		HKD 38,000,000		4,641,783
China Railway Construction Corp., Ltd., Cnv.
1.500%, 12/21/21^b		CNY 20,000,000		2,837,240
Vipshop Holdings, Ltd., Cnv.
1.500%, 03/15/19		2,700,000		2,647,688
Johnson Electric Holdings, Ltd., Cnv.
1.000%, 04/02/21^b		2,000,000		2,145,000
China Mengniu Dairy Co., Ltd., Cnv.
0.000%, 06/05/22^b		1,600,000		1,540,000

Total China/Hong Kong				23,834,361


THAILAND: 2.6%
CP Foods Holdings, Ltd., Cnv.
0.500%, 09/22/21^b		2,800,000		2,929,304

Total Thailand				2,929,304


TOTAL CONVERTIBLE CORPORATE BONDS				26,763,665

(Cost $27,339,134)


matthewsasia.com \| 800.789.ASIA			2

Matthews Asia Strategic Income Fund

September 30, 2018

Schedule of Investments^a(unaudited) (continued)

FOREIGN GOVERNMENT OBLIGATIONS: 8.5%


	Face Amount^*		Value

VIETNAM: 5.9%
Debt and Asset Trading Corp.
1.000%, 10/10/25^b		6,969,000		$4,756,343
Socialist Republic of Vietnam
5.200%, 01/12/22		VND 43,000,000,000		1,895,124

Total Vietnam				6,651,467


INDONESIA: 2.3%
Indonesia Treasury Bond
7.875%, 04/15/19		IDR 38,000,000,000		2,559,004

Total Indonesia				2,559,004


SOUTH KOREA: 0.3%
Korea Treasury Bond
3.500%, 03/10/24		KRW 400,000,000		383,141

Total South Korea				383,141


TOTAL FOREIGN GOVERNMENT OBLIGATIONS				9,593,612

(Cost $ 10,029,778)


TOTAL INVESTMENTS: 94.7%				107,329,937
(Cost $ 111,018,447)

CASH AND OTHER ASSETS,
LESS LIABILITIES: 5.3%				5,965,208

NET ASSETS: 100.0%			$	113,295,145

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

b	The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

c	Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

d	Perpetual security with no stated maturity date. First call date is disclosed.

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Funds’ Board of Trustees. At September 30, 2018, the aggregate value is $1,425,000, which is 1.26% of net assets.

*	All Values in USD unless otherwise specified

Cnv.	Convertible

CNY	Chinese Renminbi (Yuan)

HKD	Hong Kong Dollar

IDR	Indonesian Rupiah

INR	Indian Rupee

KRW	Korean Won

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)

THB 201,611,100

USD 6,100,000

Merrill Lynch & Co., Inc.

10/11/18

$136,658

KRW 4,403,065,000

USD 3,950,000

Merrill Lynch & Co., Inc.

12/14/18

25,165

161,823

USD 6,041,687

THB 201,611,100

Merrill Lynch & Co., Inc.

10/11/18

(194,971)

SGD 9,237,800

USD 6,800,000

Merrill Lynch & Co., Inc.

10/18/18

(39,397)

USD 6,725,248

SGD 9,237,800

Merrill Lynch & Co., Inc.

10/18/18

(35,355)

(269,723)

Net Unrealized Depreciation

($107,900)

See accompanying notes to schedules of investments.


3		MATTHEWS ASIA FUNDS

Matthews Asia Credit Opportunities Fund

September 30, 2018

Schedule of Investments^a(unaudited)

NON-CONVERTIBLE CORPORATE BONDS: 58.7%


	Face Amount^*		Value

CHINA/HONG KONG: 27.2%
Standard Chartered PLC 6.500%^b, 04/02/20^c,d		1,850,000		$1,844,627
West China Cement, Ltd. 6.500%, 09/11/19^d		1,800,000		1,817,986
Chinalco Capital Holdings, Ltd. 4.000%, 08/25/21^d		1,543,000		1,489,072
Wanda Properties International Co., Ltd.
7.250%, 01/29/24^d		1,550,000		1,468,743
KWG Group Holdings, Ltd. 6.000%, 09/15/22^d		1,500,000		1,353,084
HSBC Holdings PLC 6.375%^b, 03/30/25^c		1,100,000		1,090,375
CIFI Holdings Group Co., Ltd. 6.875%, 04/23/21^d		1,000,000		980,001
KWG Group Holding, Ltd. 8.975%, 01/14/19^d		800,000		805,945
Shimao Property Holdings, Ltd. 4.750%, 07/03/22^d		800,000		767,041

Total China/Hong Kong				11,616,874


INDONESIA: 13.0%
TBG Global Pte, Ltd. 5.250%, 02/10/22^d		1,400,000		1,377,695
Modernland Overseas Pte, Ltd. 6.950%, 04/13/24^d		1,400,000		1,215,969
Listrindo Capital BV 4.950%, 09/14/26^d		1,000,000		926,000
Theta Capital Pte, Ltd. 6.750%, 10/31/26^d		1,200,000		917,856
Alam Synergy Pte, Ltd. 6.950%, 03/27/20^d		900,000		855,000
Theta Capital Pte, Ltd. 7.000%, 04/11/22^d		300,000		252,163

Total Indonesia				5,544,683


PHILIPPINES: 5.0%
ICTSI Treasury BV 4.625%, 01/16/23^d		1,300,000		1,287,000
ICTSI Treasury BV 5.875%, 09/17/25^d		800,000		827,742

Total Philippines				2,114,742


SINGAPORE: 3.4%
Olam International, Ltd. 4.500%, 04/12/21^d		1,500,000		1,471,551

Total Singapore				1,471,551


JAPAN: 3.2%
SoftBank Group Corp. 6.000%^b, 07/19/23^c,d		1,500,000		1,376,541

Total Japan				1,376,541


THAILAND: 3.1%
Krung Thai Bank Public Co., Ltd. 5.200%^b, 12/26/24^d		1,300,000		1,311,740

Total Thailand				1,311,740


	Face Amount^*		Value

SRI LANKA: 2.8%
DFCC Bank PLC
9.625%, 10/31/18^d		1,200,000		$1,202,496

Total Sri Lanka				1,202,496


UNITED STATES: 1.0%
Sprint Communications, Inc.
6.000%, 11/15/22		420,000		428,400

Total United States				428,400


TOTAL NON-CONVERTIBLE CORPORATE BONDS				25,067,027
(Cost $25,925,548)

CONVERTIBLE CORPORATE BONDS: 23.7%

CHINA/HONG KONG: 21.7%
Zhongsheng Group Holdings, Ltd., Cnv.
0.000%, 05/23/23^d		HKD 17,000,000		2,076,587
Ctrip.com International, Ltd., Cnv.
1.250%, 09/15/22		1,850,000		1,809,485
China Overseas Finance Investment Cayman V, Ltd., Cnv.
0.000%, 01/05/23^d		1,600,000		1,688,400
Vipshop Holdings, Ltd., Cnv.
1.500%, 03/15/19		1,100,000		1,078,688
China Mengniu Dairy Co., Ltd., Cnv.
0.000%, 06/05/22^d		1,000,000		962,500
China Railway Construction Corp., Ltd., Cnv.
1.500%, 12/21/21^d		CNY 6,000,000		851,172
Johnson Electric Holdings, Ltd., Cnv.
1.000%, 04/02/21^d		750,000		804,375

Total China/Hong Kong				9,271,207


THAILAND: 2.0%
CP Foods Holdings, Ltd., Cnv.
0.500%, 09/22/21^d		800,000		836,944

Total Thailand				836,944


TOTAL CONVERTIBLE CORPORATE BONDS				10,108,151
(Cost $10,310,854)

FOREIGN GOVERNMENT OBLIGATIONS: 10.6%

VIETNAM: 8.6%
Debt and Asset Trading Corp.
1.000%, 10/10/25^d		2,700,000		1,842,750
Socialist Republic of Vietnam
5.500%, 03/12/28		1,440,000		1,395,173
Socialist Republic of Vietnam
4.800%, 11/19/24^d		400,000		406,891

Total Vietnam				3,644,814


matthewsasia.com \| 800.789.ASIA			4

Matthews Asia Credit Opportunities Fund

September 30, 2018

Schedule of Investments^a(unaudited) (continued)

FOREIGN GOVERNMENT OBLIGATIONS (continued)


	Face Amount^*		Value

SRI LANKA: 2.0%
Sri Lanka Government Bond
6.125%, 06/03/25^d		900,000		$857,367

Total Sri Lanka				857,367


TOTAL FOREIGN GOVERNMENT OBLIGATIONS				4,502,181
(Cost $ 4,586,988)


TOTAL INVESTMENTS: 93.0%				39,677,359
(Cost $ 40,823,390)

CASH AND OTHER ASSETS,
LESS LIABILITIES: 7.0%				3,002,731

NET ASSETS: 100.0%			$	42,680,090

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

b	Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

c	Perpetual security with no stated maturity date. First call date is disclosed.

d	The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

*	All Values in USD unless otherwise specified

Cnv.	Convertible

CNY	Chinese Renminbi (Yuan)

HKD	Hong Kong Dollar

USD	U.S. Dollar

See accompanying notes to schedules of investments.


5		MATTHEWS ASIA FUNDS

Matthews Asian Growth and Income Fund

September 30, 2018

Schedule of Investments^a (unaudited)

COMMON EQUITIES: 81.6%


	Shares		Value

CHINA/HONG KONG: 31.9%
AIA Group, Ltd.		7,684,000		$68,517,618
Techtronic Industries Co., Ltd.		6,682,000		42,622,408
CK Hutchison Holdings, Ltd.		3,424,172		39,414,756
Jardine Matheson Holdings, Ltd.		577,100		36,205,627
HKT Trust & HKT, Ltd.		25,681,000		35,312,870
HSBC Holdings PLC ADR		756,133		33,262,291
NetEase, Inc. ADR		145,500		33,210,375
Jiangsu Expressway Co., Ltd. H Shares		25,502,000		32,713,059
China Mobile, Ltd. ADR		633,300		30,987,369
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd. A Shares		1,610,583		29,962,385
Zhejiang Supor Co., Ltd. A Shares		3,635,570		28,516,231
CLP Holdings, Ltd.		2,427,200		28,424,297
Pacific Textiles Holdings, Ltd.		33,267,000		28,354,353
Inner Mongolia Yili Industrial Group Co., Ltd. A Shares		7,522,575		28,122,208
CK Asset Holdings, Ltd.		3,725,172		27,924,601
Minth Group, Ltd.		6,678,000		27,473,764
Hang Lung Properties, Ltd.		13,056,920		25,471,237
VTech Holdings, Ltd.		2,197,700		25,367,095
Midea Group Co., Ltd. A Shares^b		3,708,801		21,668,580
Café de Coral Holdings, Ltd.		8,296,000		18,953,078

Total China/Hong Kong				642,484,202


SINGAPORE: 9.5%
United Overseas Bank, Ltd.		2,857,700		56,492,288
Singapore Telecommunications, Ltd.		16,366,500		38,783,607
Singapore Technologies Engineering, Ltd.		14,058,125		36,590,439
Ascendas REIT		17,891,700		34,559,689
Venture Corp., Ltd.		2,012,700		25,953,170

Total Singapore				192,379,193


SOUTH KOREA: 7.8%
Samsung Electronics Co., Ltd.		1,029,900		43,102,215
Coway Co., Ltd.		443,448		34,610,476
Macquarie Korea Infrastructure Fund		3,611,141		29,624,867
Orange Life Insurance, Ltd.^c,d		946,537		29,100,843
KT&G Corp.		214,771		20,136,294

Total South Korea				156,574,695


TAIWAN: 7.5%
Taiwan Semiconductor Manufacturing Co., Ltd.		9,049,187		77,221,563
Advantech Co., Ltd.		5,515,000		41,047,032
Taiwan Secom Co., Ltd.		11,131,000		32,157,866

Total Taiwan				150,426,461


JAPAN: 4.1%
Kao Corp.		394,600		31,874,915
Japan Tobacco, Inc.		1,051,000		27,445,083
KDDI Corp.		841,600		23,217,008

Total Japan				82,537,006


UNITED STATES: 3.9%
Broadcom, Inc.		194,700		48,038,331
Cognizant Technology Solutions Corp. Class A		409,000		31,554,350

Total United States				79,592,681


	Shares		Value

INDIA: 2.8%
Housing Development Finance Corp., Ltd.		1,310,256		$31,715,998
Bharti Infratel, Ltd.		6,905,094		25,053,520

Total India				56,769,518


AUSTRALIA: 2.6%
Macquarie Group, Ltd.		335,527		30,522,415
Domino’s Pizza Enterprises, Ltd.		549,344		21,196,474

Total Australia				51,718,889


UNITED KINGDOM: 1.8%
Prudential PLC		1,547,590		35,483,412

Total United Kingdom				35,483,412


INDONESIA: 1.6%
PT Bank Rakyat Indonesia Persero		151,461,000		32,006,535

Total Indonesia				32,006,535


MALAYSIA: 1.6%
Genting Malaysia BHD		26,246,300		31,639,396

Total Malaysia				31,639,396


VIETNAM: 1.5%
Vietnam Dairy Products JSC		5,334,013		31,374,540

Total Vietnam				31,374,540


THAILAND: 1.5%
Kasikornbank Public Co., Ltd.		4,640,000		30,990,311

Total Thailand				30,990,311


FRANCE: 1.2%
Pernod Ricard SA		153,028		25,097,747

Total France				25,097,747


NEW ZEALAND: 1.2%
SKYCITY Entertainment Group, Ltd.		8,812,957		23,417,128

Total New Zealand				23,417,128


PHILIPPINES: 1.1%
Bank of the Philippine Islands		14,953,444		23,056,265

Total Philippines				23,056,265


TOTAL COMMON EQUITIES				1,645,547,979
(Cost $1,539,215,499)

CONVERTIBLE CORPORATE BONDS: 14.6%

	Face Amount^*		Value

CHINA/HONG KONG: 7.9%
Johnson Electric Holdings, Ltd., Cnv.
1.000%, 04/02/21^d		38,500,000		41,291,250
China Overseas Finance Investment Cayman V, Ltd., Cnv.
0.000%, 01/05/23^d		32,600,000		34,401,150
Zhongsheng Group Holdings, Ltd., Cnv.
0.000%, 05/23/23^d		HKD 219,000,000		26,751,327


matthewsasia.com \| 800.789.ASIA			6


Matthews Asian Growth and Income Fund		September 30, 2018

Schedule of Investments^a (unaudited) (continued)

CONVERTIBLE CORPORATE BONDS (continued)


	Face Amount^*		Value
Harvest International Co., Cnv.
0.000%, 11/21/22^d		HKD 177,000,000		$21,790,511
Haitian International Holdings, Ltd., Cnv.
2.000%, 02/13/19^d		21,500,000		21,473,125
China Mengniu Dairy Co., Ltd., Cnv.
0.000%, 06/05/22^d		14,800,000		14,245,000
Total China/Hong Kong				159,952,363


SOUTH KOREA: 2.7%
LG Chem, Ltd., Cnv.
0.000%, 04/16/21^d		27,600,000		28,290,000
Lotte Shopping Co., Ltd., Cnv.
0.000%, 04/04/23^d		KRW 28,800,000,000		25,110,848
Total South Korea				53,400,848


THAILAND: 2.2%
Bangkok Dusit Medical Services Public Co., Ltd., Cnv.
0.000%, 09/18/19^d		THB 633,000,000		23,781,540
CP Foods Holdings, Ltd., Cnv.
0.500%, 09/22/21^d		19,800,000		20,714,364
Total Thailand				44,495,904


SINGAPORE: 1.8%
CapitaLand, Ltd., Cnv.
1.950%, 10/17/23^d		SGD 49,500,000		36,299,879
Total Singapore				36,299,879


TOTAL CONVERTIBLE CORPORATE BONDS				294,148,994

(Cost $300,194,172)

PREFERRED EQUITIES: 2.0%
	Shares		Value

SOUTH KOREA: 2.0%
LG Household & Health Care, Ltd., Pfd.		56,695		41,093,333
Total South Korea				41,093,333


TOTAL PREFERRED EQUITIES				41,093,333

(Cost $10,730,483)


	Value

TOTAL INVESTMENTS: 98.2%		$1,980,790,306
(Cost $1,850,140,154)

CASH AND OTHER ASSETS,
LESS LIABILITIES: 1.8%		35,663,074

NET ASSETS: 100.0%		$2,016,453,380

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

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

d	The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

*	All Values in USD unless otherwise specified

ADR	American Depositary Receipt

BHD

Berhad

Cnv.	Convertible

HKD	Hong Kong Dollar

JSC	Joint Stock Co.

KRW	Korean Won

Pfd.

Preferred

REIT	Real Estate Investment Trust

SGD	Singapore Dollar

THB

Thai Baht

USD	U.S. Dollar

See accompanying notes to schedules of investments.


7		MATTHEWS ASIA FUNDS

Matthews Asia Dividend Fund

September 30, 2018

Schedule of Investments^a (unaudited)

COMMON EQUITIES: 92.6%


	Shares		Value

CHINA/HONG KONG: 33.9%
Shenzhou International Group Holdings, Ltd.		21,266,000		$272,866,809
Minth Group, Ltd.^†		62,199,000		255,891,081
China Petroleum & Chemical Corp. H Shares		201,858,000		202,816,731
Sun Art Retail Group, Ltd.		88,093,500		114,284,052
Beijing Capital International Airport Co., Ltd. H Shares^†		94,084,000		114,109,656
China Resources Power Holdings Co., Ltd.		60,274,000		106,341,203
Huaneng Power International, Inc. H Shares		161,530,000		105,844,940
China Gas Holdings, Ltd.		36,274,200		102,665,543
HKBN, Ltd.^†		56,401,123		96,616,042
China Mobile, Ltd.		9,372,500		92,148,948
Chongqing Brewery Co., Ltd. A Shares		21,070,370		89,506,026
Hua Hong Semiconductor, Ltd.^b,c		40,482,000		86,781,879
Fanhua, Inc. ADR		3,182,300		85,985,746
Fuyao Glass Industry Group Co., Ltd. H Shares^b,c		23,075,200		83,605,225
Yuexiu Transport Infrastructure, Ltd.^†		97,328,000		77,065,895
Crystal International Group, Ltd.^b,c		111,755,000		73,276,339
Dairy Farm International Holdings, Ltd.		7,804,400		70,239,600
Postal Savings Bank of China Co., Ltd. H Shares^b,c		107,790,000		67,735,372
Far East Horizon, Ltd.		61,980,000		58,984,460
China Construction Bank Corp. H Shares		57,105,000		49,915,512
Shanghai Jin Jiang International Hotels Group Co., Ltd. H Shares^†		173,612,000		48,709,073
Café de Coral Holdings, Ltd.		17,330,000		39,592,195
HSBC Holdings PLC ADR		554,800		24,405,652
China Petroleum & Chemical Corp. ADR		235,900		23,693,796
China Mobile, Ltd. ADR		469,900		22,992,207
HSBC Holdings PLC		1,576,800		13,793,495
Haidilao International Holding, Ltd.^b,c,d		2,081,000		4,731,751

Total China/Hong Kong				2,384,599,228


JAPAN: 32.1%
NTT DoCoMo, Inc.		7,845,000		210,854,545
Kao Corp.		2,565,500		207,235,417
Japan Tobacco, Inc.		7,244,400		189,175,220
Pigeon Corp.		3,077,300		173,419,723
Nitori Holdings Co., Ltd.		1,149,100		164,672,800
Seven & i Holdings Co., Ltd.		3,587,800		159,961,774
Anritsu Corp.^†		9,384,700		154,662,957
MISUMI Group, Inc.		5,869,600		151,872,963
Hoya Corp.		2,436,200		144,688,353
Rohm Co., Ltd.		1,663,100		121,672,653
Sumitomo Mitsui Financial Group, Inc.		2,792,100		112,364,897
Mitsubishi UFJ Financial Group, Inc.		16,750,800		104,067,573
Fuji Seal International, Inc.		2,621,000		92,838,243
Eiken Chemical Co., Ltd.^†		3,493,200		81,188,822
Nifco, Inc.		2,817,600		75,761,147
BELLSYSTEM24 Holdings, Inc.^†		4,425,600		69,644,897
Mitsubishi Pencil Co., Ltd.		2,628,400		48,336,215

Total Japan				2,262,418,199


SOUTH KOREA: 7.9%
Hyundai Mobis Co., Ltd.		1,033,075		212,342,664
BGF Retail Co., Ltd.^†		961,660		178,157,431


	Shares		Value

Woori Bank		5,472,430		$83,330,050
Samsung Fire & Marine Insurance Co., Ltd.		310,982		79,620,363
Total South Korea				553,450,508


TAIWAN: 4.0%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		2,642,940		116,712,230
Taiwan Semiconductor Manufacturing Co., Ltd.		10,727,469		91,543,243
China Steel Chemical Corp.^†		15,589,000		74,253,622

Total Taiwan				282,509,095


SINGAPORE: 3.5%
United Overseas Bank, Ltd.		7,406,100		146,407,087
CapitaLand Retail China Trust REIT^†		49,800,000		52,783,884
Ascendas India Trust^†		57,863,800		46,136,968

Total Singapore				245,327,939


INDIA: 2.4%
ITC, Ltd.		23,282,533		95,653,557
Minda Industries, Ltd.		10,899,193		53,116,987
Gujarat Pipavav Port, Ltd.		14,772,019		20,442,381

Total India				169,212,925


AUSTRALIA: 2.0%
Breville Group, Ltd.^†		12,185,538		115,059,415
Greencross, Ltd.^†		9,560,282		29,291,569

Total Australia				144,350,984


INDONESIA: 1.9%
PT United Tractors		46,212,800		102,316,645
PT Cikarang Listrindo^b,c		477,480,200		30,440,304

Total Indonesia				132,756,949



PHILIPPINES: 1.3%
Globe Telecom, Inc.		2,322,530		94,569,054

Total Philippines				94,569,054



THAILAND: 1.3%
Thai Beverage Public Co., Ltd.		189,041,400		93,993,008

Total Thailand				93,993,008


VIETNAM: 1.3%
Vietnam Dairy Products JSC		15,017,385		88,331,909

Total Vietnam				88,331,909


BANGLADESH: 1.0%
GrameenPhone, Ltd.		16,109,639		70,432,305

Total Bangladesh				70,432,305


TOTAL COMMON EQUITIES				6,521,952,103

(Cost $5,432,735,590)

PREFERRED EQUITIES: 2.9%

SOUTH KOREA: 2.9%
LG Chem, Ltd., Pfd.		742,693		136,569,148


matthewsasia.com \| 800.789.ASIA			8

Matthews Asia Dividend Fund

September 30, 2018

Schedule of Investments^a (unaudited) (continued)

PREFERRED EQUITIES (continued)


	Shares		Value

Samsung Electronics Co., Ltd., Pfd.		1,880,455		$64,137,155
Total South Korea				200,706,303


TOTAL PREFERRED EQUITIES				200,706,303
(Cost $127,332,317)


TOTAL INVESTMENTS: 95.5%				6,722,658,406

(Cost $5,560,067,907)

CASH AND OTHER ASSETS, LESS LIABILITIES: 4.5%				316,718,570

NET ASSETS: 100.0%				$7,039,376,976

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

c	The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

d	Non-income producing security.

†	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.


9		MATTHEWS ASIA FUNDS


Matthews China Dividend Fund			September 30, 2018
Schedule of Investments^a (unaudited)
COMMON EQUITIES: 95.2%


	Shares		Value

FINANCIALS: 18.4%
Banks: 10.3%
Postal Savings Bank of China Co., Ltd. H Shares^b,c		16,907,000		$10,624,380
HSBC Holdings PLC		1,146,400		10,028,452
Bank of China, Ltd. H Shares		17,925,000		7,920,034
Dah Sing Financial Holdings, Ltd.		849,600		5,435,027

				34,007,893

Insurance: 5.0%
Ping An Insurance Group Co. of China, Ltd. H Shares		722,000		7,314,010
Fanhua, Inc. ADR		215,400		5,820,108
China Life Insurance Co., Ltd. H Shares		1,436,000		3,263,503

				16,397,621

Capital Markets: 3.1%
China International Capital Corp., Ltd. H Shares^b,c		3,646,000		6,715,474
China Renaissance Holdings, Ltd.^b,c,d		1,150,000		3,305,294

				10,020,768
Total Financials				60,426,282


INDUSTRIALS: 12.7%
Transportation Infrastructure: 4.8%
Guangdong Provincial Expressway Development Co., Ltd. B Shares		11,207,421		8,786,985
Xiamen International Airport Co., Ltd. A Shares		2,408,210		7,151,408

				15,938,393

Commercial Services & Supplies: 3.2%
Sunny Friend Environmental Technology Co., Ltd.		758,000		5,534,239
A-Living Services Co., Ltd. H Shares^b,c,d		3,137,250		4,849,337

				10,383,576

Machinery: 3.2%
Yangzijiang Shipbuilding Holdings, Ltd.		6,640,500		6,020,182
Shanghai Mechanical and Electrical Industry Co., Ltd. B Shares		2,456,659		4,328,098

				10,348,280

Marine: 1.0%
SITC International Holdings Co., Ltd.		4,173,000		3,368,955

Professional Services: 0.5%
Sporton International, Inc.		368,074		1,616,731

Total Industrials				41,655,935


CONSUMER STAPLES: 11.8%
Food Products: 5.9%
Inner Mongolia Yili Industrial Group Co., Ltd. A Shares		2,105,911		7,872,685
WH Group, Ltd.^b,c		9,073,000		6,369,752
Nissin Foods Co., Ltd.		10,934,000		5,102,356

				19,344,793

Food & Staples Retailing: 3.5%
Sun Art Retail Group, Ltd.		6,947,000		9,012,371


	Shares		Value

Shanghai Bailian Group Co., Ltd. B Shares		2,391,840		$2,575,419

				11,587,790

Personal Products: 1.2%
Chlitina Holding, Ltd.		542,000		4,096,990

Beverages: 1.2%
Chongqing Brewery Co., Ltd. A Shares		898,018		3,814,742

Total Consumer Staples				38,844,315


TELECOMMUNICATION SERVICES: 10.1%
Diversified Telecommunication Services: 7.4%
HKBN, Ltd.		7,842,957		13,435,113
CITIC Telecom International Holdings, Ltd.		32,312,000		11,008,336

				24,443,449

Wireless Telecommunication Services: 2.7%
China Mobile, Ltd. ADR		181,430		8,877,370
Total Telecommunication Services				33,320,819


INFORMATION TECHNOLOGY: 8.5%
Internet Software & Services: 4.8%
Tencent Holdings, Ltd.		224,800		9,178,770
SUNeVision Holdings, Ltd.		9,589,000		6,465,078

				15,643,848

Software: 2.1%
Shanghai Baosight Software Co., Ltd. B Shares		3,849,918		7,007,952

Semiconductors & Semiconductor Equipment: 1.6%
Hua Hong Semiconductor, Ltd.^b,c		2,473,000		5,301,408

Total Information Technology				27,953,208


CONSUMER DISCRETIONARY: 8.4%
Textiles, Apparel & Luxury Goods: 4.5%
Nan Liu Enterprise Co., Ltd.		965,000		4,977,811
Heilan Home Co., Ltd. A Shares		2,443,388		3,653,611
Crystal International Group, Ltd.^b,c		5,330,500		3,495,142
Heilan Home Co., Ltd. A Shares		1,841,024		2,754,574

				14,881,138

Hotels, Restaurants & Leisure: 2.9%
Shanghai Jin Jiang International Hotels Group Co., Ltd. H Shares		17,454,000		4,896,944
Café de Coral Holdings, Ltd.		2,044,000		4,669,731

				9,566,675

Diversified Consumer Services: 1.0%
Hope Education Group Co., Ltd.^b,c,d		20,606,000		3,342,929

Total Consumer Discretionary				27,790,742


ENERGY: 6.3%
Oil, Gas & Consumable Fuels: 6.3%
China Petroleum & Chemical Corp. H Shares		13,106,000		13,168,247
Sinopec Kantons Holdings, Ltd.		9,790,000		4,365,014
China Aviation Oil Singapore Corp., Ltd.		2,938,500		3,288,141

Total Energy				20,821,402


matthewsasia.com \| 800.789.ASIA			10



	Shares		Value

HEALTH CARE: 5.9%
Health Care Providers & Services: 2.6%
Genertec Universal Medical Group Co., Ltd.^b,c		7,541,000		$5,783,398
China National Accord Medicines Corp., Ltd. B Shares		744,233		2,755,604

				8,539,002

Biotechnology: 2.0%
Shanghai Haohai Biological Technology Co., Ltd. H Shares^b,c		491,400		3,354,799
BBI Life Sciences Corp.^c		8,710,500		3,136,472

				6,491,271

Pharmaceuticals: 1.3%
Tianjin ZhongXin Pharmaceutical Group Corp., Ltd. S Shares		4,583,800		4,492,193
Total Health Care				19,522,466


MATERIALS: 5.1%
Containers & Packaging: 3.4%
Greatview Aseptic Packaging Co., Ltd.		10,610,000		6,763,098
CPMC Holdings, Ltd.		11,839,000		4,470,026

				11,233,124

Construction Materials: 1.7%
Huaxin Cement Co., Ltd. B Shares		2,966,417		5,723,274
Total Materials				16,956,398


REAL ESTATE: 4.8%
Real Estate Management & Development: 2.8%
China Jinmao Holdings Group, Ltd.		13,434,000		6,113,367
Sun Hung Kai Properties, Ltd.		216,500		3,141,892

				9,255,259

Equity REITs: 2.0%
CapitaLand Retail China Trust, REIT		6,223,100		6,595,972
Total Real Estate				15,851,231


UTILITIES: 3.2%
Independent Power and Renewable Electricity Producers: 2.4%
China Resources Power Holdings Co., Ltd.		4,518,000		7,971,091

Gas Utilities: 0.8%
China Gas Holdings, Ltd.		861,400		2,437,989

Total Utilities				10,409,080


TOTAL COMMON EQUITIES				313,551,878

(Cost $313,075,231)



	Shares		Value

INFORMATION TECHNOLOGY: 2.0%
Internet Software & Services: 2.0%
Altaba, Inc.^d		97,200		$6,621,264
Total Information Technology				6,621,264


TOTAL CLOSED-END FUNDS				6,621,264

(Cost $5,596,033)

NON-CONVERTIBLE CORPORATE BONDS: 0.1%

	Face Amount		Value

CONSUMER DISCRETIONARY: 0.1%
Textiles, Apparel & Luxury Goods: 0.1%
Heilan Home Co., Ltd. 0.300%, 07/13/2024		CNY 1,361,000		196,833

Total Consumer Discretionary				196,833


TOTAL NON-CONVERTIBLE CORPORATE BONDS				196,833
(Cost $203,420)


TOTAL INVESTMENTS: 97.3%				320,369,975

(Cost $318,874,684)

CASH AND OTHER ASSETS,
LESS LIABILITIES: 2.7%				8,871,759

NET ASSETS: 100.0%				$329,241,734

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

c	The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

d	Non-income producing security.

ADR	American Depositary Receipt

CNY	Chinese Renminbi (Yuan)

REIT	Real Estate Investment Trust

See accompanying notes to schedules of investments.


11		MATTHEWS ASIA FUNDS


	Shares		Value

CHINA/HONG KONG: 35.5%
Clear Media, Ltd.^b		2,291,000		$1,460,989
China National Accord Medicines Corp., Ltd. B Shares		385,800		1,428,467
CK Hutchison Holdings, Ltd.		122,500		1,410,066
China Mobile, Ltd.		68,000		668,565
Anhui Gujing Distillery Co., Ltd. B Shares		86,900		561,326
Goldlion Holdings, Ltd.		1,066,000		443,920
COSCO SHIPPING International Hong Kong Co., Ltd.		1,206,000		435,717
PW Medtech Group, Ltd.^c		2,034,000		417,501
Huangshan Tourism Development Co., Ltd. B Shares		319,087		393,212
Nissin Foods Co., Ltd.		783,000		365,387
Huifu Payment, Ltd.^c,d,e		581,600		338,038
Texwinca Holdings, Ltd.		756,000		298,028
Qualcomm, Inc.		3,300		237,699
Shandong Weigao Group Medical Polymer Co., Ltd. H Shares		228,000		224,993

Total China/Hong Kong				8,683,908


SOUTH KOREA: 20.2%
Shinyoung Securities Co., Ltd.		14,667		771,248
Young Poong Corp.		899		626,480
Kwangju Bank Co., Ltd.		59,607		599,113
Hyundai Greenfood Co., Ltd.		46,884		593,740
Geumhwa PSC Co., Ltd.		18,429		536,630
Samho Development Co., Ltd.		101,090		530,398
DGB Financial Group, Inc.		57,475		525,801
CMS Edu Co., Ltd.		57,470		398,785
Nice Information & Telecommunication, Inc.		18,031		364,115

Total South Korea				4,946,310


JAPAN: 11.5%
YAMADA Consulting Group Co., Ltd.		26,600		620,328
Honma Golf, Ltd.^d,e		531,000		501,945
Ohashi Technica, Inc.		34,500		499,576
Medikit Co., Ltd.		8,400		452,455
Asante, Inc.		18,900		405,816
San-A Co., Ltd.		7,100		317,416

Total Japan				2,797,536


MALAYSIA: 6.6%
MPHB Capital BHD^c		4,078,500		1,221,759
Genting BHD		212,500		400,971

Total Malaysia				1,622,730


SINGAPORE: 5.9%
Haw Par Corp., Ltd.		77,100		761,948
Straits Trading Co., Ltd.		446,600		672,737

Total Singapore				1,434,685


UNITED STATES: 1.9%
News Corp. Class B		33,900		461,040

Total United States				461,040


	Shares		Value

TAIWAN: 1.7%
P-Duke Technology Co., Ltd.		162,000		$415,615

Total Taiwan				415,615


SOUTH AFRICA: 1.6%
Naspers, Ltd. N Shares ADR		9,100		389,389

Total South Africa				389,389


INDIA: 0.7%
Wipro, Ltd.		36,722		163,906

Total India				163,906


TOTAL COMMON EQUITIES				20,915,119

(Cost $21,934,883)

PREFERRED EQUITIES: 11.2%

SOUTH KOREA: 11.2%
Samsung SDI Co., Ltd., Pfd.		14,421		1,306,530
Hyundai Motor Co., Ltd., 2nd Pfd.		7,392		564,613
Samsung Fire & Marine Insurance Co., Ltd., Pfd.		3,133		518,274
Samsung Electronics Co., Ltd., Pfd.		10,012		341,482

Total South Korea				2,730,899


TOTAL PREFERRED EQUITIES				2,730,899

(Cost $2,606,935)


TOTAL INVESTMENTS: 96.8%				23,646,018
(Cost $24,541,818)

CASH AND OTHER ASSETS,
LESS LIABILITIES: 3.2%				794,028

NET ASSETS: 100.0%				$24,440,046

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

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

c	Non-income producing security.

e	The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

ADR	American Depositary Receipt

BHD

Berhad

Pfd.

Preferred

See accompanying notes to schedules of investments.


matthewsasia.com \| 800.789.ASIA			12

Matthews Asia Focus Fund

September 30, 2018

Schedule of Investments^a (unaudited)

COMMON EQUITIES: 98.2%


	Shares		Value

CHINA/HONG KONG: 41.2%
AIA Group, Ltd.		55,800		$497,564
Tencent Holdings, Ltd.		9,100		371,561
CK Hutchison Holdings, Ltd.		23,228		267,371
China Mobile, Ltd.		25,000		245,796
Jardine Matheson Holdings, Ltd.		3,600		225,854
JNBY Design, Ltd.^b		125,500		222,293
HSBC Holdings PLC		24,800		216,945
Techtronic Industries Co., Ltd.		29,500		188,171
Johnson Electric Holdings, Ltd.		66,500		187,773
Zhejiang Supor Co., Ltd. A Shares		21,700		170,208
China Overseas Property Holdings, Ltd.		590,000		169,219
Xiabuxiabu Catering Management China Holdings Co., Ltd.^b,c		109,000		161,196
NetEase, Inc. ADR		700		159,775
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd. A Shares		6,500		120,922

Total China/Hong Kong				3,204,648


SINGAPORE: 12.8%
United Overseas Bank, Ltd.		13,200		260,944
Sheng Siong Group, Ltd.		305,500		250,186
Singapore Technologies Engineering, Ltd.		96,000		249,868
Singapore Telecommunications, Ltd.		99,000		234,600

Total Singapore				995,598


SOUTH KOREA: 7.7%
Coway Co., Ltd.		3,144		245,385
Samsung Electronics Co., Ltd.		5,200		217,624
Orange Life Insurance, Ltd.^b,c		4,472		137,490

Total South Korea				600,499


TAIWAN: 6.1%
Taiwan Semiconductor Manufacturing Co., Ltd.		43,000		366,942
Ennoconn Corp.		12,000		110,044

Total Taiwan				476,986


UNITED STATES: 6.0%
Broadcom, Inc.		1,200		296,076
Cognizant Technology Solutions Corp. Class A		2,200		169,730

Total United States				465,806


INDIA: 5.4%
Housing Development Finance Corp., Ltd.		9,446		228,649
Bharti Infratel, Ltd.		52,084		188,975

Total India				417,624


SWITZERLAND: 3.2%
Cie Financiere Richemont SA		3,076		250,787

Total Switzerland				250,787


	Shares		Value

THAILAND: 2.8%
Kasikornbank Public Co., Ltd.		33,000		$220,405

Total Thailand				220,405


INDONESIA: 2.7%
PT Bank Rakyat Indonesia Persero		1,004,100		212,185

Total Indonesia				212,185


MALAYSIA: 2.7%
Genting Malaysia BHD		171,000		206,137

Total Malaysia				206,137


PHILIPPINES: 2.6%
Bank of the Philippine Islands		128,995		198,894

Total Philippines				198,894


UNITED KINGDOM: 2.5%
Prudential PLC		8,589		196,930

Total United Kingdom				196,930


AUSTRALIA: 2.5%
Macquarie Group, Ltd.		2,164		196,856

Total Australia				196,856


TOTAL INVESTMENTS: 98.2%				7,643,355
(Cost $7,434,482)

CASH AND OTHER ASSETS,
LESS LIABILITIES: 1.8%				142,663

NET ASSETS: 100.0%				$7,786,018

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

b	The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

ADR	American Depositary Receipt

BHD

Berhad

See accompanying notes to schedules of investments.


13		MATTHEWS ASIA FUNDS

Matthews Asia Growth Fund

September 30, 2018

Schedule of Investments^a (unaudited)

COMMON EQUITIES: 91.5%


	Shares		Value

JAPAN: 38.0%
M3, Inc.		1,954,500		$44,324,914
Nidec Corp.		218,500		31,419,374
Pigeon Corp.		544,900		30,707,571
SoftBank Group Corp.		306,900		30,659,181
Terumo Corp.		496,600		29,390,810
Sony Corp.		479,700		29,159,851
TechnoPro Holdings, Inc.		359,200		22,294,987
ORIX Corp.		1,329,200		21,521,911
Keyence Corp.		36,300		21,086,194
Start Today Co., Ltd.		690,500		20,887,390
Ariake Japan Co., Ltd.		194,800		19,431,659
Nitori Holdings Co., Ltd.		133,400		19,117,006
Seria Co., Ltd.		482,600		17,050,168
Sysmex Corp.		195,700		16,875,883
PeptiDream, Inc.^b		411,000		16,380,556
Nitto Denko Corp.		184,700		13,847,844
FANUC Corp.		63,400		11,927,617
Eisai Co., Ltd.		116,400		11,339,365
Sosei Group Corp.^b		682,400		8,233,084
CYBERDYNE, Inc.^b		768,500		6,067,417
HEALIOS KK^b		380,100		6,015,173
Mercari, Inc.^b		161,000		5,316,805

Total Japan				433,054,760


CHINA/HONG KONG: 26.0%
Wuxi Biologics Cayman, Inc.^b,c,d		4,160,500		42,102,621
Shenzhou International Group Holdings, Ltd.		3,155,000		40,482,215
Baozun, Inc. ADR^b		818,500		39,762,730
BeiGene, Ltd. ADR^b		149,000		25,660,780
Jiangsu Hengrui Medicine Co., Ltd. A Shares		2,603,187		24,037,769
Huazhu Group, Ltd. ADR		686,700		22,180,410
Alibaba Group Holding, Ltd. ADR^b		127,200		20,957,472
Yunnan Baiyao Group Co., Ltd. A Shares^e		1,424,788		14,612,572
Shanghai Haohai Biological Technology Co., Ltd. H Shares^c,d		1,873,800		12,792,478
Yunnan Hongxiang Yixintang Pharmaceutical Co., Ltd. A Shares		3,201,296		12,000,093
Baidu, Inc. ADR^b		51,600		11,799,888
Autohome, Inc. ADR		145,500		11,263,155
Genscript Biotech Corp.^b		6,426,000		10,779,937
Tongda Group Holdings, Ltd.		54,370,000		7,969,064

Total China/Hong Kong				296,401,184


INDONESIA: 7.8%
PT Bank Rakyat Indonesia Persero		155,115,800		32,778,862
PT Astra International		44,275,300		21,814,323
PT Ace Hardware Indonesia		154,466,000		14,926,755
PT Indofood CBP Sukses Makmur		18,774,200		11,126,089
PT Mayora Indah		47,580,700		8,681,368

Total Indonesia				89,327,397


AUSTRALIA: 4.5%
CSL, Ltd.		240,892		35,001,543
Oil Search, Ltd.		2,481,915		16,211,693

Total Australia				51,213,236


	Shares		Value

INDIA: 4.1%
HDFC Bank, Ltd.		1,148,086		$31,712,523
ITC, Ltd.		2,925,894		12,020,693
PC Jeweller, Ltd.		3,698,554		3,183,778

Total India				46,916,994


BANGLADESH: 3.3%
Square Pharmaceuticals, Ltd.		7,802,679		25,159,441
BRAC Bank, Ltd.^b		15,589,353		13,052,118

Total Bangladesh				38,211,559


SRI LANKA: 2.5%
Sampath Bank PLC^†^,b		16,126,387		22,881,681
Lanka Orix Leasing Co. PLC^b		12,121,473		6,172,757

Total Sri Lanka				29,054,438


VIETNAM: 1.6%
Vietnam Dairy Products JSC		3,116,592		18,331,722

Total Vietnam				18,331,722


PHILIPPINES: 1.3%
Jollibee Foods Corp.		2,007,890		9,546,792
Emperador, Inc.		37,942,500		4,943,831

Total Philippines				14,490,623


THAILAND: 1.3%
Major Cineplex Group Public Co., Ltd.		18,967,100		14,429,939

Total Thailand				14,429,939


TAIWAN: 1.1%
St. Shine Optical Co., Ltd.		570,000		12,539,176

Total Taiwan				12,539,176


TOTAL INVESTMENTS: 91.5%				1,043,971,028
(Cost $792,829,256)

CASH AND OTHER ASSETS,
LESS LIABILITIES: 8.5%				96,914,667

NET ASSETS: 100.0%				$1,140,885,695

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

b	Non-income producing security.

d	The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

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

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

ADR	American Depositary Receipt

JSC	Joint Stock Co.

See accompanying notes to schedules of investments.


matthewsasia.com \| 800.789.ASIA			14

Matthews Pacific Tiger Fund

September 30, 2018

Schedule of Investments^a (unaudited)

COMMON EQUITIES: 98.7%


	Shares		Value

CHINA/HONG KONG: 36.5%
Ping An Insurance Group Co. of China, Ltd. H Shares		31,734,000		$321,471,997
Sinopharm Group Co., Ltd. H Shares^†		61,485,600		300,816,709
China Resources Beer Holdings Co., Ltd.		64,029,775		256,769,732
Baidu, Inc. ADR^b		1,021,000		233,482,280
AIA Group, Ltd.		25,040,800		223,286,824
Tencent Holdings, Ltd.		5,336,500		217,893,714
China Resources Land, Ltd.		59,880,000		209,825,675
Inner Mongolia Yili Industrial Group Co., Ltd. A Shares		54,027,112		201,973,614
Dairy Farm International Holdings, Ltd.		22,254,946		200,294,514
China Mobile, Ltd. ADR		3,853,926		188,572,599
Alibaba Group Holding, Ltd. ADR^b		1,088,500		179,341,260
Hong Kong Exchanges & Clearing, Ltd.		5,403,000		154,388,538
Yum China Holdings, Inc.		3,721,510		130,662,216
Fuyao Glass Industry Group Co., Ltd. H Shares^†^,c,d		33,726,400		122,196,266
Guotai Junan Securities Co., Ltd. H Shares^c,d		40,160,400		82,327,617
Hengan International Group Co., Ltd.		8,528,000		78,372,775
Tasly Pharmaceutical Group Co., Ltd. A Shares		21,587,690		71,829,953
Wise Talent Information Technology Co., Ltd.^b,d		13,926,000		41,181,973
Guangdong Advertising Group Co., Ltd. A Shares^b		32,774,841		14,300,850
Fuyao Glass Industry Group Co., Ltd. A Shares		3,589,387		13,282,105

Total China/Hong Kong				3,242,271,211


INDIA: 19.7%
Kotak Mahindra Bank, Ltd.		15,123,409		238,298,028
Titan Co., Ltd.		16,280,877		180,998,562
Sun Pharmaceutical Industries, Ltd.		20,654,758		177,582,538
HDFC Bank, Ltd.		6,223,409		171,903,500
Tata Power Co., Ltd.^†		180,316,487		163,807,273
ITC, Ltd.		39,202,500		161,058,875
GAIL India, Ltd.		30,362,492		158,759,806
Dabur India, Ltd.		21,117,482		124,378,010
Housing Development Finance Corp., Ltd.		4,935,685		119,472,968
Container Corp. of India, Ltd.		13,679,990		118,423,471
Thermax, Ltd.		5,310,034		69,361,978
United Spirits, Ltd.^b		6,778,030		48,103,031
Just Dial, Ltd.^†^,b		3,557,718		23,463,519

Total India				1,755,611,559


SOUTH KOREA: 12.5%
DB Insurance Co., Ltd.^†		3,570,463		234,329,237
NAVER Corp.		332,714		214,753,453
Samsung Electronics Co., Ltd.		4,755,250		199,011,370
Cheil Worldwide, Inc.^†		7,315,882		142,855,172
Orion Holdings Corp.^†		5,666,538		96,298,655
Green Cross Corp.		540,521		85,253,924
E-Mart, Inc.		343,191		64,209,044
Amorepacific Corp.		175,449		41,267,099
S-1 Corp.		445,642		36,720,017

Total South Korea				1,114,697,971


	Shares		Value

INDONESIA: 5.9%
PT Bank Central Asia		100,580,000		$162,914,575
PT Telekomunikasi Indonesia Persero		533,093,600		130,488,081
PT Indofood CBP Sukses Makmur		181,522,600		107,575,105
PT Surya Citra Media		439,675,300		55,311,501
PT Perusahaan Gas Negara Persero		160,840,800		24,262,002
PT Mitra Keluarga Karyasehat^b,d		206,597,100		24,192,997
PT Telekomunikasi Indonesia Persero ADR		890,340		21,795,523

Total Indonesia				526,539,784


THAILAND: 5.7%
Central Pattana Public Co., Ltd.		108,969,000		279,671,021
Kasikornbank Public Co., Ltd.		18,431,800		123,105,004
The Siam Cement Public Co., Ltd.		7,522,950		103,820,953

Total Thailand				506,596,978


TAIWAN: 5.6%
President Chain Store Corp.		20,375,608		239,224,320
Delta Electronics, Inc.		32,921,182		141,127,535
Synnex Technology International Corp.^†		90,186,921		114,936,873

Total Taiwan				495,288,728


MALAYSIA: 4.4%
Public Bank BHD		32,488,394		196,221,877
Genting BHD		62,634,875		118,187,249
IHH Healthcare BHD		47,676,300		60,010,597
IHH Healthcare BHD		11,543,000		15,382,811

Total Malaysia				389,802,534


VIETNAM: 2.3%
Vietnam Dairy Products JSC		34,361,440		202,113,191

Total Vietnam				202,113,191


SWITZERLAND: 2.1%
DKSH Holding AG		2,714,639		184,831,197

Total Switzerland				184,831,197


PHILIPPINES: 2.0%
SM Prime Holdings, Inc.		164,670,771		110,191,962
GT Capital Holdings, Inc.		4,499,704		68,202,756

Total Philippines				178,394,718


UNITED STATES: 1.9%
Cognizant Technology Solutions Corp.
Class A		2,186,600		168,696,190

Total United States				168,696,190


15		MATTHEWS ASIA FUNDS

Matthews Pacific Tiger Fund

September 30, 2018

Schedule of Investments^a (unaudited) (continued)

COMMON EQUITIES (continued)


	Shares		Value

JAPAN: 0.1%
LINE Corp. ADR^b		195,200		$8,223,776

Total Japan				8,223,776


TOTAL INVESTMENTS: 98.7%				8,773,067,837
(Cost $6,136,654,199)

CASH AND OTHER ASSETS,
LESS LIABILITIES: 1.3%				117,827,567

NET ASSETS: 100.0%				$8,890,895,404

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

b	Non-income producing security.

d	The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

†	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.


matthewsasia.com \| 800.789.ASIA			16

Matthews Asia ESG Fund

September 30, 2018

Schedule of Investments^a (unaudited)

COMMON EQUITIES: 93.6%


	Shares		Value

CHINA/HONG KONG: 23.2%
Inner Mongolia Yili Industrial Group Co., Ltd. A Shares		260,800		$974,968
CSPC Pharmaceutical Group, Ltd.		280,000		592,266
Wuxi Biologics Cayman, Inc.^b,c,d		51,000		516,100
HKBN, Ltd.		301,000		515,618
MTR Corp., Ltd.		91,500		481,192
Contemporary Amperex Technology Co., Ltd. A Shares^c		34,900		370,273
China Conch Venture Holdings, Ltd.		100,000		349,213
Han’s Laser Technology Industry Group Co., Ltd. A Shares		53,800		331,382
Guangdong Investment, Ltd.		150,000		265,794
AIA Group, Ltd.		26,400		235,407
Haier Electronics Group Co., Ltd.		81,000		219,295
Hong Kong Exchanges & Clearing, Ltd.		7,400		211,452
Beijing Urban Construction Design & Development Group Co., Ltd. H Shares^b,d		388,000		160,022

Total China/Hong Kong				5,222,982


JAPAN: 15.9%
Tsukui Corp.		57,600		565,320
Fuji Seal International, Inc.		15,700		556,109
Daikin Industries, Ltd.		3,400		452,552
Sohgo Security Services Co., Ltd.		10,200		448,204
LITALICO, Inc.^c		13,900		326,193
Koa Corp.		14,300		246,697
Sosei Group Corp.^c		18,900		228,027
Koito Manufacturing Co., Ltd.		3,400		223,267
Bunka Shutter Co., Ltd.		28,000		210,740
Career Co., Ltd.		10,100		187,578
Hoya Corp.		2,300		136,599

Total Japan				3,581,286


INDIA: 14.3%
Mahindra & Mahindra, Ltd.		47,667		566,266
Shriram City Union Finance, Ltd.		24,750		564,497
Lupin, Ltd.		37,959		471,839
Syngene International, Ltd.^b,d		34,149		283,186
Bharat Financial Inclusion, Ltd.^c		18,958		271,954
TeamLease Services, Ltd.^c		7,718		262,418
Ipca Laboratories, Ltd.		27,668		259,271
Power Grid Corp. of India, Ltd.		90,859		236,332
Wipro, Ltd.		38,191		170,463
IndusInd Bank, Ltd.		6,034		140,762

Total India				3,226,988


TAIWAN: 9.7%
Taiwan Semiconductor Manufacturing Co., Ltd.		58,000		494,945
Sitronix Technology Corp.		108,000		296,682
Zhen Ding Technology Holding, Ltd.		132,000		294,739
Delta Electronics, Inc.		63,000		270,070
Merry Electronics Co., Ltd.		50,000		226,809
Sporton International, Inc.		47,903		210,410
Tehmag Foods Corp.		29,100		199,745
Merida Industry Co., Ltd.		39,000		182,619

Total Taiwan				2,176,019


	Shares		Value

SOUTH KOREA: 7.5%
Hanon Systems		51,990		$592,924
KT Skylife Co., Ltd.		30,609		386,328
iMarketKorea, Inc.		49,498		293,498
DGB Financial Group, Inc.		25,880		236,759
Samjin Pharmaceutical Co., Ltd.		3,490		183,102

Total South Korea				1,692,611


INDONESIA: 5.7%
PT Bank Rakyat Indonesia Persero		3,371,800		712,524
PT Arwana Citramulia		8,739,500		211,135
PT Jaya Real Property		4,993,900		184,320
PT BFI Finance Indonesia		4,019,700		165,897

Total Indonesia				1,273,876


BANGLADESH: 5.3%
BRAC Bank, Ltd.^c		791,595		662,759
Square Pharmaceuticals, Ltd.		86,843		280,022
GrameenPhone, Ltd.		59,079		258,297

Total Bangladesh				1,201,078


SINGAPORE: 3.8%
SATS, Ltd.		88,900		339,394
Delfi, Ltd.		357,000		292,484
Raffles Medical Group, Ltd.		255,800		211,458

Total Singapore				843,336


THAILAND: 2.7%
Total Access Communication Public Co., Ltd. NVDR		420,500		611,372

Total Thailand				611,372


VIETNAM: 1.9%
Nam Long Investment Corp.		307,423		428,568

Total Vietnam				428,568


PHILIPPINES: 1.6%
Puregold Price Club, Inc.		439,430		366,324

Total Philippines				366,324


PAKISTAN: 1.1%
Abbott Laboratories Pakistan, Ltd.		46,250		229,816
Bank Alfalah, Ltd.		19,350		7,735

Total Pakistan				237,551


LUXEMBOURG: 0.9%
L’Occitane International SA		110,250		197,771

Total Luxembourg				197,771


TOTAL COMMON EQUITIES				21,059,762

(Cost $19,779,053)


17		MATTHEWS ASIA FUNDS

Matthews Asia ESG Fund

September 30, 2018

Schedule of Investments^a (unaudited) (continued)

PREFERRED EQUITIES: 6.4%


	Shares		Value

SOUTH KOREA: 6.4%
Samsung SDI Co., Ltd., Pfd.		15,868		$1,437,626

Total South Korea				1,437,626


TOTAL PREFERRED EQUITIES				1,437,626
(Cost $ 1,013,989)


TOTAL INVESTMENTS: 100.0%				22,497,388
(Cost $ 20,793,042)

LIABILITIES IN EXCESS OF CASH
AND OTHER ASSETS: (0.0%)				(7,685	)


NET ASSETS: 100.0%				$22,489,703

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

c	Non-income producing security.

d	The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

NVDR	Non-voting Depositary Receipt

Pfd.

Preferred

See accompanying notes to schedules of investments.


matthewsasia.com \| 800.789.ASIA			18

Matthews Emerging Asia Fund

September 30, 2018

Schedule of Investments^a (unaudited)

COMMON EQUITIES: 96.9%


	Shares		Value

VIETNAM: 23.5%
Vinh Hoan Corp.		4,421,900		$18,035,757
Phu Nhuan Jewelry JSC		3,095,523		14,011,755
Saigon Beer Alcohol Beverage Corp.		1,462,000		13,944,701
Nam Long Investment Corp.		8,711,871		12,144,929
Taisun International Holding Corp.^†		2,090,000		9,103,920
Masan Group Corp.^b		1,758,170		6,996,900
Mobile World Investment Corp.		1,020,454		5,556,883
Military Commercial Joint Stock Bank		5,602,258		5,547,843
Thien Long Group Corp.		1,717,046		5,505,735
National Seed JSC^†		979,585		4,875,813
Tien Phong Plastic JSC		1,861,224		3,941,463
Domesco Medical Import Export JSC		1,031,590		3,696,964
Lix Detergent JSC		1,254,405		2,661,796
Dinh Vu Port Investment & Development JSC		505,850		1,035,187

Total Vietnam				107,059,646


INDONESIA: 15.4%
PT Gudang Garam		2,425,300		12,049,311
PT Bank Mandiri Persero		24,454,000		11,019,307
PT Ramayana Lestari Sentosa		99,165,900		8,647,678
PT Kino Indonesia		62,128,100		6,795,880
PT Adira Dinamika Multi Finance		11,372,900		6,410,922
PT Bank Tabungan Pensiunan Nasional Syariah^b		47,530,100		5,310,715
PT Matahari Department Store		11,013,200		5,117,874
PT Hexindo Adiperkasa		22,802,000		4,575,243
PT Mayora Indah		24,273,200		4,428,783
PT BFI Finance Indonesia		73,579,500		3,036,700
PT Catur Sentosa Adiprana		70,131,000		2,771,772

Total Indonesia				70,164,185


PAKISTAN: 13.3%
Meezan Bank, Ltd.		14,819,816		10,642,867
Indus Motor Co., Ltd.		904,590		10,122,321
Hascol Petroleum, Ltd.		3,121,700		6,846,553
Shifa International Hospitals, Ltd.^†		2,783,351		6,140,272
PAK Suzuki Motor Co., Ltd.		2,288,000		5,708,392
ICI Pakistan, Ltd.		763,850		4,666,141
The Searle Company, Ltd.		1,452,834		3,689,393
Pakistan Petroleum, Ltd.		2,127,300		3,657,032
GlaxoSmithKline Consumer Healthcare Pakistan, Ltd.		1,258,357		3,521,535
Akzo Nobel Pakistan, Ltd.		1,975,300		2,583,415
National Foods, Ltd.		958,500		2,238,404
Hum Network, Ltd.		17,939,500		939,014

Total Pakistan				60,755,339


BANGLADESH: 12.4%
British American Tobacco Bangladesh Co., Ltd.		313,130		12,642,300
BRAC Bank, Ltd.^b		14,451,350		12,099,330
Square Pharmaceuticals, Ltd.		3,666,874		11,823,695
Berger Paints Bangladesh, Ltd.		557,044		8,333,269
Marico Bangladesh, Ltd.		289,217		4,264,284
The City Bank, Ltd.		10,442,784		3,947,617
Olympic Industries, Ltd.		1,416,833		3,450,752

Total Bangladesh				56,561,247


	Shares		Value

PHILIPPINES: 8.4%
San Miguel Food and Beverage, Inc.		7,533,700		$13,511,300
Cosco Capital, Inc.		112,863,600		12,115,656
Emperador, Inc.		33,504,400		4,365,556
Shakey’s Pizza Asia Ventures, Inc.		18,868,100		4,190,583
STI Education Systems Holdings, Inc.		254,154,000		4,186,508

Total Philippines				38,369,603


SRI LANKA: 8.3%
Sampath Bank PLC^b		8,599,412		12,201,680
Ceylon Cold Stores PLC		1,387,119		6,964,515
John Keells Holdings PLC		7,687,955		5,970,713
Lanka Orix Leasing Co. PLC^b		7,511,241		3,825,035
Teejay Lanka PLC		19,493,884		3,320,561
Ceylon Tobacco Co. PLC		379,231		3,056,639
Expolanka Holdings PLC^b		94,231,424		2,229,340

Total Sri Lanka				37,568,483


CHINA/HONG KONG: 7.4%
Shenzhou International Group Holdings, Ltd.		939,000		12,048,431
Tongda Group Holdings, Ltd.		77,640,000		11,379,772
Luk Fook Holdings International, Ltd.		1,986,000		6,910,349
Future Bright Holdings, Ltd.		18,612,000		2,115,986
Red Star Macalline Group Corp., Ltd. H Shares^c,d		1,310,791		1,262,461

Total China/Hong Kong				33,716,999


INDIA: 7.0%
Balkrishna Industries, Ltd.		531,078		7,463,133
Praj Industries, Ltd.		3,594,497		4,346,855
Shriram Transport Finance Co., Ltd.		268,352		4,261,665
Shriram City Union Finance, Ltd.		153,789		3,507,616
Caplin Point Laboratories, Ltd.		489,805		2,776,378
PC Jeweller, Ltd.		3,094,879		2,664,124
Supreme Industries, Ltd.		178,934		2,484,849
VST Industries, Ltd.		60,083		2,320,931
Vakrangee, Ltd.		2,626,038		1,028,493
Poly Medicure, Ltd.		234,582		691,870
Kwality, Ltd.		2,533,204		464,776

Total India				32,010,690


AUSTRALIA: 0.7%
Oil Search, Ltd.		467,309		3,052,429

Total Australia				3,052,429


SINGAPORE: 0.5%
Yoma Strategic Holdings, Ltd.		10,610,166		2,054,843

Total Singapore				2,054,843


TOTAL INVESTMENTS: 96.9%				441,313,464
(Cost $441,828,461)

CASH AND OTHER ASSETS,
LESS LIABILITIES: 3.1%				13,954,074


NET ASSETS: 100.0%				$455,267,538


19		MATTHEWS ASIA FUNDS

Matthews Emerging Asia Fund

September 30, 2018

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.

d	The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

†	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.


matthewsasia.com \| 800.789.ASIA			20

Matthews Asia Innovators Fund

September 30, 2018

Schedule of Investments^a(unaudited)

COMMON EQUITIES: 97.8%


	Shares		Value

CHINA/HONG KONG: 55.0%
Alibaba Group Holding, Ltd. ADR^b		85,400		$14,070,504
Tencent Holdings, Ltd.		338,700		13,829,401
Ping An Insurance Group Co. of China, Ltd. H Shares		1,092,500		11,067,251
AIA Group, Ltd.		996,200		8,883,036
Jiangsu Hengrui Medicine Co., Ltd. A Shares		931,713		8,603,416
China International Travel Service Corp., Ltd. A Shares		764,325		7,559,591
Wuxi Biologics Cayman, Inc.^b,c,d		736,500		7,453,090
GreenTree Hospitality Group, Ltd. ADR^b		525,177		6,669,748
Kweichow Moutai Co., Ltd. A Shares		54,468		5,783,990
58.com, Inc. ADR^b		69,700		5,129,920
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd. A Shares		248,115		4,615,793
Sun Art Retail Group, Ltd.		3,487,000		4,523,699
Momo, Inc. ADR^b		95,700		4,191,660
Midea Group Co., Ltd. A Shares^e		642,509		3,753,843
BeiGene, Ltd. ADR^b		21,400		3,685,508
New Oriental Education & Technology Group, Inc. ADR^b		48,600		3,596,886
Ctrip.com International, Ltd. ADR^b		94,500		3,512,565
CSPC Pharmaceutical Group, Ltd.		1,616,000		3,418,219
SUNeVision Holdings, Ltd.		4,985,000		3,360,978
Autohome, Inc. ADR		42,600		3,297,666
Silergy Corp.		178,000		3,206,343
Inner Mongolia Yili Industrial Group Co., Ltd. A Shares		740,910		2,769,800
Wise Talent Information Technology Co., Ltd.^b,d		898,400		2,656,749
Haidilao International Holding, Ltd.^b,c,d		1,117,000		2,539,820
BeiGene, Ltd.^b		138,339		1,850,210
Total China/Hong Kong				140,029,686


SOUTH KOREA: 12.4%
LG Household & Health Care, Ltd.		6,343		7,295,198
NAVER Corp.		9,650		6,228,685
Orion Corp.		57,759		5,491,484
BGF Retail Co., Ltd.		25,512		4,726,361
Samsung Fire & Marine Insurance Co., Ltd.		18,014		4,612,104
Cafe24 Corp.^b		23,306		3,142,039
Total South Korea				31,495,871


INDIA: 11.0%
HDFC Bank, Ltd.		438,739		12,118,883
IndusInd Bank, Ltd.		276,285		6,445,217
Housing Development Finance Corp., Ltd.		248,011		6,003,343
Info Edge India, Ltd.		172,029		3,377,336
Total India				27,944,779


TAIWAN: 3.5%
Taiwan Semiconductor Manufacturing Co., Ltd.		1,052,000		8,977,280
Total Taiwan				8,977,280


BANGLADESH: 3.4%
BRAC Bank, Ltd.^b		6,201,632		5,192,290
Square Pharmaceuticals, Ltd.		1,064,337		3,431,914
Total Bangladesh				8,624,204


	Shares		Value

VIETNAM: 3.3%
Mobile World Investment Corp.		737,470		$4,015,893
Phu Nhuan Jewelry JSC		720,190		3,259,910
Domesco Medical Import Export JSC		325,220		1,165,508
Total Vietnam				8,441,311


SINGAPORE: 2.8%
DBS Group Holdings, Ltd.		374,100		7,136,765
Total Singapore				7,136,765


INDONESIA: 2.1%
PT Bank Rakyat Indonesia Persero		25,019,200		5,287,024
Total Indonesia				5,287,024


THAILAND: 1.6%
Kasikornbank Public Co., Ltd.		612,800		4,092,858
Total Thailand				4,092,858


JAPAN: 1.4%
Keyence Corp.		6,000		3,485,321
Total Japan				3,485,321


PHILIPPINES: 1.3%
Puregold Price Club, Inc.		3,869,870		3,226,055
Total Philippines				3,226,055


TOTAL COMMON EQUITIES				248,741,154
(Cost $228,426,232)

PREFERRED EQUITIES: 0.8%

SOUTH KOREA: 0.8%
Samsung Electronics Co., Ltd., Pfd.		57,547		1,962,770
Samsung SDI Co., Ltd., Pfd.		425		38,505
Total South Korea				2,001,275


TOTAL PREFERRED EQUITIES				2,001,275
(Cost $2,114,753)


TOTAL INVESTMENTS: 98.6%				250,742,429
(Cost $230,540,985)

CASH AND OTHER ASSETS,
LESS LIABILITIES: 1.4%				3,650,831

NET ASSETS: 100.0%				$254,393,260


21		MATTHEWS ASIA FUNDS

Matthews Asia Innovators Fund

September 30, 2018

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.

d	The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

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

ADR	American Depositary Receipt

JSC	Joint Stock Co.

Pfd.

Preferred

See accompanying notes to schedules of investments.


matthewsasia.com \| 800.789.ASIA			22

Matthews China Fund

September 30, 2018

Schedule of Investments^a(unaudited)

COMMON EQUITIES: 99.5%


	Shares		Value

FINANCIALS: 32.5%
Banks: 14.4%
Agricultural Bank of China, Ltd. H Shares		81,849,000		$40,140,487
China Construction Bank Corp. H Shares		44,803,660		39,162,904
Industrial & Commercial Bank of China, Ltd. H Shares		52,547,000		38,364,233

				117,667,624

Insurance: 13.2%
Ping An Insurance Group Co. of China, Ltd. H
Shares		4,277,500		43,331,962
AIA Group, Ltd.		4,478,800		39,937,104
New China Life Insurance Co., Ltd. H Shares		5,131,800		24,535,838

				107,804,904

Capital Markets: 4.9%
Hong Kong Exchanges & Clearing, Ltd.		586,900		16,770,430
China International Capital Corp., Ltd. H Shares^b,c		6,580,000		12,119,533
CITIC Securities Co., Ltd. H Shares		6,397,000		11,341,338

				40,231,301
Total Financials				265,703,829


INFORMATION TECHNOLOGY: 30.3%
Internet Software & Services: 24.4%
Alibaba Group Holding, Ltd. ADR^d		499,300		82,264,668
Tencent Holdings, Ltd.		1,796,400		73,348,500
Baidu, Inc. ADR^d		97,600		22,319,168
SINA Corp.^d		117,600		8,170,848
Momo, Inc. ADR^d		179,200		7,848,960
YY, Inc. ADR^d		80,000		5,993,600

				199,945,744

IT Services: 2.2%
Chinasoft International, Ltd.		26,588,000		17,715,110

Electronic Equipment, Instruments & Components: 2.0%
Kingboard Holdings, Ltd.		2,504,000		8,151,057
AVIC Jonhon OptronicTechnology Co., Ltd. A Shares		1,221,652		7,823,057

				15,974,114

Semiconductors & Semiconductor Equipment: 0.9%
ASM Pacific Technology, Ltd.		758,400		7,749,965

Software: 0.8%
Kingdee International Software Group Co., Ltd.		5,810,000		6,306,258
Total Information Technology				247,691,191


CONSUMER DISCRETIONARY: 9.8%
Hotels, Restaurants & Leisure: 3.0%
Shangri-La Asia, Ltd.		6,148,000		9,099,754
Galaxy Entertainment Group, Ltd.		1,382,000		8,730,209
SJM Holdings, Ltd.		7,697,000		7,091,733

				24,921,696

Specialty Retail: 2.1%
Zhongsheng Group Holdings, Ltd.		7,013,000		17,021,648


	Shares		Value

Automobiles: 2.0%
Brilliance China Automotive Holdings, Ltd.		10,210,000		$16,463,339

Household Durables: 1.6%
Midea Group Co., Ltd. A Shares^e		2,242,615		13,102,424

Internet & Direct Marketing Retail: 1.1%
JD.com, Inc. ADR^d		328,679		8,575,235
Total Consumer Discretionary				80,084,342

CONSUMER STAPLES: 5.0%
Food Products: 3.1%
Inner Mongolia Yili Industrial Group Co., Ltd. A Shares		4,173,697		15,602,845
Angel Yeast Co., Ltd. A Shares		2,309,387		9,906,171

				25,509,016

Beverages: 1.9%
Wuliangye Yibin Co., Ltd. A Shares		1,592,379		15,726,037
Total Consumer Staples				41,235,053


MATERIALS: 4.7%
Construction Materials: 3.4%
China National Building Material Co., Ltd. H Shares		20,495,300		18,175,471
China Jushi Co., Ltd. A Shares		6,498,177		10,032,695

				28,208,166

Metals & Mining: 1.3%
MMG, Ltd.^d		20,332,000		10,467,224
Total Materials				38,675,390


REAL ESTATE: 4.4%
Real Estate Management & Development: 4.4%
China Resources Land, Ltd.		5,544,000		19,426,746
CIFI Holdings Group Co., Ltd.		18,128,000		8,301,546
Times China Holdings, Ltd.		7,540,000		8,013,085

Total Real Estate				35,741,377


INDUSTRIALS: 4.1%
Commercial Services & Supplies: 2.5%
China Everbright International, Ltd.		12,602,740		10,881,059
Beijing Originwater Technology Co., Ltd. A Shares		6,574,350		9,551,540

				20,432,599

Professional Services: 1.1%
51job, Inc. ADR^d		121,000		9,315,790

Machinery: 0.5%
Han’s Laser Technology Industry Group Co., Ltd. A Shares		646,096		3,979,642
Total Industrials				33,728,031


ENERGY: 3.8%
Oil, Gas & Consumable Fuels: 3.8%
China Petroleum & Chemical Corp. H Shares		16,586,000		16,664,776
Yanzhou Coal Mining Co., Ltd. H Shares		6,382,000		7,379,127


23		MATTHEWS ASIA FUNDS

Matthews China Fund

September 30, 2018

Schedule of Investments^a(unaudited) (continued)

COMMON EQUITIES (continued)


	Shares		Value

China Shenhua Energy Co., Ltd. H Shares		3,152,000		$ 7,178,561
Total Energy				31,222,464


UTILITIES: 1.9%
Water Utilities: 1.0%
Beijing Enterprises Water Group, Ltd.		15,334,000		8,174,794

Gas Utilities: 0.9%
China Gas Holdings, Ltd.		2,592,200		7,336,609
Total Utilities				15,511,403


HEALTH CARE: 1.8%
Health Care Technology: 1.3%
Ping An Healthcare and Technology Co., Ltd.^b,c,d		1,638,600		10,894,163

Pharmaceuticals: 0.5%
Sino Biopharmaceutical, Ltd.		4,286,000		3,986,557
Total Health Care				14,880,720


TELECOMMUNICATION SERVICES: 1.2%
Wireless Telecommunication Services: 1.2%
China Mobile, Ltd.		959,500		9,433,653
Total Telecommunication Services				9,433,653


TOTAL INVESTMENTS: 99.5%				813,907,453
(Cost $857,166,800)

CASH AND OTHER ASSETS,
LESS LIABILITIES: 0.5%				4,178,085

NET ASSETS: 100.0%				$818,085,538

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

c	The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

d	Non-income producing security.

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

ADR	American Depositary Receipt

See accompanying notes to schedules of investments.


matthewsasia.com \| 800.789.ASIA			24

Matthews India Fund

September 30, 2018

Schedule of Investments^a(unaudited)

COMMON EQUITIES: 99.6%


	Shares		Value

FINANCIALS: 34.6%
Banks: 21.3%
HDFC Bank, Ltd.		4,345,349		$120,027,577
IndusInd Bank, Ltd.		4,431,794		103,385,535
Kotak Mahindra Bank, Ltd.		5,943,654		93,653,556
DCB Bank, Ltd.		12,644,736		25,830,819
Yes Bank, Ltd.		9,063,763		22,982,268
Axis Bank, Ltd.^b		2,272,610		19,235,272
HDFC Bank, Ltd. ADR		8,422		792,510

				385,907,537

Consumer Finance: 7.9%
Bajaj Finance, Ltd.		1,475,943		44,182,908
Shriram City Union Finance, Ltd.		1,873,192		42,723,713
Cholamandalam Investment and Finance Co., Ltd.		2,600,973		41,900,802
Sundaram Finance, Ltd.		695,531		14,534,832

				143,342,255

Thrifts & Mortgage Finance: 3.7%
Housing Development Finance Corp., Ltd.		2,668,810		64,601,094
GRUH Finance, Ltd.		844,353		3,544,257

				68,145,351


Capital Markets: 1.7%
CRISIL, Ltd.		1,271,030		30,786,059
Total Financials				628,181,202


CONSUMER STAPLES: 17.8%
Tobacco: 8.2%
ITC, Ltd.		24,997,195		102,698,045
VST Industries, Ltd.^†		1,167,175		45,086,510

				147,784,555

Personal Products: 7.0%
Dabur India, Ltd.		6,468,159		38,096,244
Bajaj Corp., Ltd.		6,083,908		34,604,044
Emami, Ltd.		4,500,244		30,703,437
Marico, Ltd.		5,216,471		23,974,050

				127,377,775

Food Products: 2.6%
Zydus Wellness, Ltd.		1,512,209		28,586,779
Nestle India, Ltd.		140,786		18,841,473
				47,428,252
Total Consumer Staples				322,590,582


CONSUMER DISCRETIONARY: 13.0%
Automobiles: 10.7%
Suzuki Motor Corp.		1,839,100		105,400,922
Eicher Motors, Ltd.		266,539		88,937,804

				194,338,726

Household Durables: 1.9%
Symphony, Ltd.		1,927,475		26,079,702
LA Opala RG, Ltd.		2,937,800		8,976,823

				35,056,525


	Shares		Value

Textiles, Apparel & Luxury Goods: 0.4%
Page Industries, Ltd.		9,355		$4,245,079
Titan Co., Ltd.		218,364		2,427,607
				6,672,686
Total Consumer Discretionary				236,067,937


INFORMATION TECHNOLOGY: 11.4%
IT Services: 9.2%
Cognizant Technology Solutions Corp. Class A		549,000		42,355,350
Wipro, Ltd.		9,035,571		40,329,615
Mphasis, Ltd.		2,403,975		38,918,714
eClerx Services, Ltd.^†		2,390,594		34,963,000
Tata Consultancy Services, Ltd.		369,678		11,136,571

				167,703,250

Internet Software & Services: 2.2%
Info Edge India, Ltd.		2,005,095		39,364,753
Total Information Technology				207,068,003


HEALTH CARE: 10.2%
Pharmaceuticals: 9.6%
Ajanta Pharma, Ltd.^b		3,013,552		44,220,917
Alembic Pharmaceuticals, Ltd.		4,147,557		35,988,596
Natco Pharma, Ltd.		2,662,760		27,622,541
Sun Pharmaceutical Industries, Ltd.		2,959,885		25,448,078
Caplin Point Laboratories, Ltd.^†		3,830,539		21,712,770
Eris Lifesciences, Ltd.^b,c,d		1,950,176		19,636,273

				174,629,175

Health Care Equipment & Supplies: 0.6%
Poly Medicure, Ltd.		3,594,824		10,602,474
Total Health Care				185,231,649


INDUSTRIALS: 7.8%
Machinery: 4.1%
AIA Engineering, Ltd.		1,756,281		43,097,343
Ashok Leyland, Ltd.		18,445,155		30,314,803

				73,412,146

Airlines: 2.4%
InterGlobe Aviation, Ltd.^c,d		3,822,617		43,567,919

Air Freight & Logistics: 1.1%
Blue Dart Express, Ltd.		475,939		19,690,309

Road & Rail: 0.2%
Container Corp. of India, Ltd.		493,937		4,275,861
Total Industrials				140,946,235


MATERIALS: 4.8%
Chemicals: 4.6%
UPL, Ltd.		4,276,460		39,200,804
Pidilite Industries, Ltd.		1,040,001		15,007,803
Castrol India, Ltd.		6,307,813		12,434,681
Supreme Industries, Ltd.		643,151		8,931,411
Asian Paints, Ltd.		423,653		7,563,487

				83,138,186


25		MATTHEWS ASIA FUNDS

Matthews India Fund

September 30, 2018

Schedule of Investments^a(unaudited) (continued)

COMMON EQUITIES (continued)


	Shares		Value

Metals & Mining: 0.2%
NMDC, Ltd.		2,713,195		$4,240,000
Total Materials				87,378,186


TOTAL INVESTMENTS: 99.6%				1,807,463,794
(Cost $1,556,491,815)

CASH AND OTHER ASSETS,
LESS LIABILITIES: 0.4%				7,964,919

NET ASSETS: 100.0%				$1,815,428,713

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

b	Non-income producing security.

d	The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

†	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			26

Matthews Japan Fund

September 30, 2018

Schedule of Investments^a(unaudited)

COMMON EQUITIES: 97.7%


	Shares		Value

INDUSTRIALS: 25.2%
Professional Services: 9.3%
Recruit Holdings Co., Ltd.		3,388,400		$113,177,527
Nihon M&A Center, Inc.		2,846,500		85,425,555
Persol Holdings Co., Ltd.		3,459,100		81,186,950
TechnoPro Holdings, Inc.		1,228,300		76,238,677
Outsourcing, Inc.		2,854,400		41,857,842
				397,886,551

Building Products: 4.9%
Daikin Industries, Ltd.		774,000		103,022,213
Aica Kogyo Co., Ltd.		1,400,300		56,571,660
Sanwa Holdings Corp.		4,276,800		50,924,821
				210,518,694

Machinery: 3.6%
MINEBEA MITSUMI, Inc.		3,016,900		54,683,542
MISUMI Group, Inc.		1,579,100		40,858,422
SMC Corp.		91,800		29,382,543
CKD Corp.		2,199,400		28,226,582
				153,151,089

Electrical Equipment: 3.3%
Nidec Corp.		747,000		107,415,435
Mabuchi Motor Co., Ltd.		848,800		34,239,710
				141,655,145

Trading Companies & Distributors: 2.1%
Mitsui & Co., Ltd.		5,177,000		91,998,736

Construction & Engineering: 2.0%
Kyowa Exeo Corp.		2,869,500		83,986,854
Total Industrials				1,079,197,069


INFORMATION TECHNOLOGY: 18.8%
Electronic Equipment, Instruments & Components: 8.7%
Keyence Corp.		217,100		126,110,543
Murata Manufacturing Co., Ltd.		696,600		107,036,866
Shimadzu Corp.		2,880,800		90,277,485
Hitachi, Ltd.		1,500,700		51,011,257
				374,436,151

IT Services: 3.7%
ITOCHU Techno-Solutions Corp.		3,781,600		82,155,921
Otsuka Corp.		2,010,600		74,995,527
				157,151,448

Semiconductors & Semiconductor Equipment: 2.9%
Lasertec Corp.		2,078,500		69,458,930
Rohm Co., Ltd.		739,500		54,101,934
				123,560,864

Internet Software & Services: 2.2%
Infomart Corp.		5,549,400		72,202,016
Mercari, Inc.^b		687,700		22,710,354
				94,912,370


	Shares		Value

Software: 1.3%
Square Enix Holdings Co., Ltd.		1,385,700		$57,293,785
Total Information Technology				807,354,618


HEALTH CARE: 12.2%
Health Care Equipment & Supplies: 7.4%
Asahi Intecc Co., Ltd.		2,867,800		125,049,519
Sysmex Corp.		1,125,400		97,047,105
Terumo Corp.		1,600,800		94,741,862
				316,838,486

Health Care Technology: 2.5%
M3, Inc.		4,665,900		105,815,102

Biotechnology: 1.2%
PeptiDream, Inc.^b		1,315,100		52,413,795

Health Care Providers & Services: 1.1%
Japan Lifeline Co., Ltd.		2,318,600		49,013,782
Total Health Care				524,081,165


CONSUMER DISCRETIONARY: 11.9%
Auto Components: 3.0%
Denso Corp.		1,267,800		66,975,319
Nifco, Inc.		2,324,800		62,510,475
				129,485,794

Automobiles: 2.8%
Suzuki Motor Corp.		2,083,600		119,413,496

Specialty Retail: 2.7%
Nitori Holdings Co., Ltd.		809,100		115,948,797

Multiline Retail: 2.4%
Ryohin Keikaku Co., Ltd.		200,800		59,685,625
Seria Co., Ltd.		1,197,700		42,314,518
				102,000,143

Internet & Direct Marketing Retail: 1.0%
Start Today Co., Ltd.		1,433,300		43,356,836
Total Consumer Discretionary				510,205,066


CONSUMER STAPLES: 11.9%
Personal Products: 5.1%
Kao Corp.		1,354,900		109,445,826
Kose Corp.		564,600		107,581,954
				217,027,780

Food & Staples Retailing: 2.9%
Tsuruha Holdings, Inc.		545,200		67,108,518
San-A Co., Ltd.		1,275,700		57,032,053
				124,140,571

Food Products: 2.0%
Ariake Japan Co., Ltd.		870,700		86,853,931

Household Products: 1.9%
Pigeon Corp.		1,433,800		80,801,092
Total Consumer Staples				508,823,374


27		MATTHEWS ASIA FUNDS

Matthews Japan Fund

September 30, 2018

Schedule of Investments^a(unaudited) (continued)

COMMON EQUITIES (continued)


	Shares		Value

FINANCIALS: 7.4%
Banks: 3.0%
Mitsubishi UFJ Financial Group, Inc.		20,806,800		$129,266,255

Insurance: 2.6%
Tokio Marine Holdings, Inc.		2,274,000		112,889,520

Diversified Financial Services: 1.8%
ORIX Corp.		4,721,500		76,448,769
Total Financials				318,604,544


MATERIALS: 3.9%
Chemicals: 3.9%
Shin-Etsu Chemical Co., Ltd.		752,200		66,500,660
Nitto Denko Corp.		754,800		56,590,972
Fuso Chemical Co., Ltd.^†		1,808,800		42,985,828

Total Materials				166,077,460


REAL ESTATE: 3.5%
Real Estate Management & Development: 3.5%
Relo Group, Inc.		3,845,200		113,011,043
KATITAS Co., Ltd.		1,163,500		35,433,972

Total Real Estate				148,445,015


	Shares		Value

TELECOMMUNICATION SERVICES: 2.9%
Wireless Telecommunication Services: 2.9%
SoftBank Group Corp.		1,264,100		$126,283,060
Total Telecommunication Services				126,283,060


TOTAL INVESTMENTS: 97.7%				4,189,071,371
(Cost $3,384,668,534)

CASH AND OTHER ASSETS,
LESS LIABILITIES: 2.3%				96,680,512

NET ASSETS: 100.0%				$4,285,751,883

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

b	Non-income producing security.

†	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			28

Matthews Korea Fund

September 30, 2018

Schedule of Investments^a(unaudited)

COMMON EQUITIES: 70.6%


	Shares		Value

FINANCIALS: 16.5%
Banks: 9.4%
KB Financial Group, Inc.		124,400		$6,058,778
Hana Financial Group, Inc.		147,261		5,912,941
Shinhan Financial Group Co., Ltd.		143,938		5,816,321
				17,788,040

Capital Markets: 4.4%
Kiwoom Securities Co., Ltd.		61,437		5,398,467
Shinyoung Securities Co., Ltd.		58,604		3,081,628
				8,480,095

Insurance: 2.7%
DB Insurance Co., Ltd.		77,312		5,073,981
Total Financials				31,342,116


CONSUMER DISCRETIONARY: 13.8%
Auto Components: 7.2%
Hyundai Mobis Co., Ltd.		39,258		8,069,258
Hankook Tire Co., Ltd.		122,710		5,539,671
				13,608,929

Specialty Retail: 3.8%
LOTTE Himart Co., Ltd.		73,760		4,435,813
Cuckoo Homesys Co., Ltd.^b		14,513		2,793,505
				7,229,318

Hotels, Restaurants & Leisure: 2.8%
Modetour Network, Inc.		233,678		5,298,094
Total Consumer Discretionary				26,136,341


INFORMATION TECHNOLOGY: 12.6%
Internet Software & Services: 4.7%
NAVER Corp.		10,180		6,570,779
Cafe24 Corp.^b		17,015		2,293,907
				8,864,686

Technology Hardware, Storage & Peripherals: 3.6%
Samsung Electronics Co., Ltd.		161,678		6,766,365

Electronic Equipment, Instruments & Components: 2.8%
Samsung SDI Co., Ltd.		22,972		5,349,984

Semiconductors & Semiconductor Equipment: 1.5%
Koh Young Technology, Inc.		29,303		2,882,759
Total Information Technology				23,863,794


CONSUMER STAPLES: 9.4%
Food & Staples Retailing: 6.2%
BGF Retail Co., Ltd.		38,890		7,204,773
E-Mart, Inc.		24,689		4,619,169
				11,823,942

Food Products: 3.2%
Orion Holdings Corp.		217,395		3,694,469
Orion Corp.		23,902		2,272,502
				5,966,971
Total Consumer Staples				17,790,913


	Shares		Value

HEALTH CARE: 6.5%
Pharmaceuticals: 3.3%
Yuhan Corp.		15,531		$3,394,409
DongKook Pharmaceutical Co., Ltd.		49,614		2,935,201
				6,329,610

Health Care Equipment & Supplies: 1.9%
Interojo Co., Ltd.		123,685		3,510,604

Biotechnology: 1.3%
Hugel, Inc.^b		6,511		2,511,055
Total Health Care				12,351,269


MATERIALS: 5.3%
Metals & Mining: 3.2%
POSCO		15,306		4,062,929
Korea Zinc Co., Ltd.		5,242		2,060,057
				6,122,986

Containers & Packaging: 2.1%
Lock&Lock Co., Ltd.		261,943		4,038,333

Total Materials				10,161,319


ENERGY: 2.5%
Oil, Gas & Consumable Fuels: 2.5%
SK Innovation Co., Ltd.		15,056		2,918,455
S-Oil Corp.		14,915		1,842,327

Total Energy				4,760,782


TELECOMMUNICATION SERVICES: 2.2%
Wireless Telecommunication Services: 2.2%
SK Telecom Co., Ltd. ADR		152,100		4,240,548
Total Telecommunication Services				4,240,548


INDUSTRIALS: 1.8%
Commercial Services & Supplies: 1.8%
S-1 Corp.		40,930		3,372,551
Total Industrials				3,372,551


TOTAL COMMON EQUITIES				134,019,633

(Cost $110,925,066)

PREFERRED EQUITIES: 24.5%

INFORMATION TECHNOLOGY: 6.4%
Technology Hardware, Storage & Peripherals: 6.4%
Samsung Electronics Co., Ltd., Pfd.		358,807		12,237,921
Total Information Technology				12,237,921


CONSUMER STAPLES: 6.0%
Personal Products: 6.0%
LG Household & Health Care, Ltd., Pfd.		11,342		8,220,841
AMOREPACIFIC Group, Pfd.		68,932		3,113,587

Total Consumer Staples				11,334,428


29		MATTHEWS ASIA FUNDS

Matthews Korea Fund

September 30, 2018

Schedule of Investments^a(unaudited) (continued)

PREFERRED EQUITIES (continued)


	Shares		Value

FINANCIALS: 4.3%
Insurance: 4.3%
Samsung Fire & Marine Insurance Co., Ltd., Pfd.		48,813		$8,074,854
Total Financials				8,074,854


CONSUMER DISCRETIONARY: 3.7%
Automobiles: 3.7%
Hyundai Motor Co., Ltd., 2nd Pfd.		90,732		6,930,262
Total Consumer Discretionary				6,930,262


MATERIALS: 2.4%
Chemicals: 2.4%
LG Chem, Ltd., Pfd.		24,459		4,497,612
Total Materials				4,497,612


ENERGY: 1.7%
Oil, Gas & Consumable Fuels: 1.7%
S-Oil Corp., Pfd.		37,562		3,291,639
Total Energy				3,291,639


TOTAL PREFERRED EQUITIES				46,366,716

(Cost $33,304,155)


	Value

TOTAL INVESTMENTS: 95.1%		$180,386,349
(Cost $144,229,221)

CASH AND OTHER ASSETS,
LESS LIABILITIES: 4.9%		9,384,695

NET ASSETS: 100.0%		$189,771,044

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

b	Non-income producing security.

ADR	American Depositary Receipt

Pfd.

Preferred

See accompanying notes to schedules of investments.


matthewsasia.com \| 800.789.ASIA			30


Matthews Asia Small Companies Fund			September 30, 2018
Schedule of Investments^a(unaudited)
COMMON EQUITIES: 94.7%


	Shares		Value

CHINA/HONG KONG: 33.6%
Vitasoy International Holdings, Ltd.		2,806,000		$9,569,056
SUNeVision Holdings, Ltd.		12,969,000		8,743,936
Silergy Corp.		485,000		8,736,384
Shanghai Haohai Biological Technology Co., Ltd. H Shares^b,c		1,145,800		7,822,404
China Aviation Oil Singapore Corp., Ltd.		5,913,500		6,617,125
BBI Life Sciences Corp.^c		18,085,500		6,512,217
Precision Tsugami China Corp., Ltd.^c		6,280,000		5,489,151
Yihai International Holding, Ltd.		2,391,000		5,421,446
Sinopec Kantons Holdings, Ltd.		12,062,000		5,378,019
A-Living Services Co., Ltd. H Shares^b,c,d		3,252,250		5,027,096
Times China Holdings, Ltd.		4,667,000		4,959,823
China Youzan, Ltd.^d		49,624,000		4,448,642
Kingdee International Software Group Co., Ltd.		3,834,000		4,161,479
Bilibili, Inc. ADR^d		300,500		4,050,740
TK Group Holdings, Ltd.		6,122,000		3,855,377
China Yuhua Education Corp., Ltd.^b,c		7,868,000		3,791,133
SITC International Holdings Co., Ltd.		4,653,000		3,756,470
Yuzhou Properties Co., Ltd.		9,136,000		3,705,066
Huifu Payment, Ltd.^b,c,d		6,126,400		3,560,791
BeiGene, Ltd.^d		265,079		3,545,290
Wise Talent Information Technology Co., Ltd.^c,d		1,121,800		3,317,387
Genscript Biotech Corp.^d		1,542,000		2,586,782
Microport Scientific Corp.		1,775,000		2,347,538
Xin Point Holdings, Ltd.^c		1,936,000		753,976

Total China/Hong Kong				118,157,328


TAIWAN: 12.1%
Sunny Friend Environmental Technology Co., Ltd.		1,106,000		8,075,024
Chief Telecom, Inc.		958,000		5,724,161
KS Terminals, Inc.		3,598,000		5,557,204
ITEQ Corp.		2,722,000		5,261,013
Great Tree Pharmacy Co., Ltd.^†		2,024,424		4,838,189
Taiwan Paiho, Ltd.		2,018,000		4,005,789
Global PMX Co., Ltd.		1,372,000		3,778,711
Advanced Ceramic X Corp.		556,000		3,770,277
HIM International Music, Inc.		567,050		1,519,512

Total Taiwan				42,529,880


SOUTH KOREA: 11.8%
Value Added Technology Co., Ltd.		188,353		5,364,357
Douzone Bizon Co., Ltd.		95,434		5,255,527
Cosmecca Korea Co., Ltd.		161,544		5,081,706
Enzychem Lifesciences Corp.^d		47,077		5,071,366
Incross Co., Ltd.^d		237,388		4,740,445
Tongyang Pile, Inc.		980,009		4,461,614
CLIO Cosmetics Co., Ltd.		239,934		4,099,514
Hy-Lok Corp.		179,393		3,840,902
Cafe24 Corp.^d		26,004		3,505,775

Total South Korea				41,421,206


INDIA: 11.3%
Merck, Ltd.		177,217		6,336,932
AIA Engineering, Ltd.		250,246		6,140,781
GRUH Finance, Ltd.		1,428,496		5,996,256
Gabriel India, Ltd.		2,703,670		4,474,813


	Shares		Value

Page Industries, Ltd.		9,440		$4,283,650
Natco Pharma, Ltd.		408,518		4,237,823
NIIT Technologies, Ltd.		262,624		3,976,527
Syngene International, Ltd.^b,c		419,978		3,482,734
Shriram City Union Finance, Ltd.		32,089		731,885

Total India				39,661,401


THAILAND: 6.2%
Plan B Media Public Co., Ltd. F Shares		27,441,300		5,901,567
AP Thailand Public Co., Ltd.		17,414,500		4,900,501
TOA Paint Thailand Public Co., Ltd.		4,043,500		4,720,108
Rich Sport Public Co., Ltd.		28,806,200		3,759,020
Humanica Public Co., Ltd.		6,953,900		2,515,464

Total Thailand				21,796,660


VIETNAM: 5.4%
Yeah1 Group Corp.^d		510,000		4,853,499
Ho Chi Minh City Securities Corp.		1,434,300		4,237,013
Saigon Cargo Service Corp.		607,390		3,960,305
FPT Digital Retail JSC^d		1,171,640		3,822,176
Nam Long Investment Corp.		1,423,837		1,984,924

Total Vietnam				18,857,917


INDONESIA: 3.8%
PT Bank Tabungan Pensiunan Nasional		25,182,200		6,319,031
PT BFI Finance Indonesia		94,179,600		3,886,888
PT Arwana Citramulia		134,190,800		3,241,867

Total Indonesia				13,447,786


MALAYSIA: 3.7%
D&O Green Technologies BHD		30,038,000		6,553,880
Bursa Malaysia BHD		2,280,000		4,306,979
Karex BHD		10,820,825		2,026,107

Total Malaysia				12,886,966


JAPAN: 2.2%
CKD Corp.		305,300		3,918,148
Honma Golf, Ltd.^b,c		4,125,000		3,899,289

Total Japan				7,817,437


AUSTRALIA: 1.5%
OZ Minerals, Ltd.		760,816		5,128,781

Total Australia				5,128,781


UNITED STATES: 1.1%
Knowles Corp.^d		238,400		3,962,208

Total United States				3,962,208


PHILIPPINES: 1.1%
Philippine Seven Corp.		1,957,631		3,688,448

Total Philippines				3,688,448


31		MATTHEWS ASIA FUNDS


Matthews Asia Small Companies Fund			September 30, 2018
Schedule of Investments^a(unaudited) (continued)
COMMON EQUITIES (continued)


	Shares		Value

SINGAPORE: 0.9%
Delfi, Ltd.		3,736,300		$3,061,085
Total Singapore				3,061,085


TOTAL INVESTMENTS: 94.7%				332,417,103
(Cost $346,776,462)

CASH AND OTHER ASSETS,
LESS LIABILITIES: 5.3%				18,717,859

NET ASSETS: 100.0%				$351,134,962

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

c	The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

d	Non-income producing security.

†	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.


matthewsasia.com \| 800.789.ASIA			32


Matthews China Small Companies Fund			September 30, 2018
Schedule of Investments^a(unaudited)
COMMON EQUITIES: 98.4%


	Shares		Value

INFORMATION TECHNOLOGY: 25.7%
Semiconductors & Semiconductor Equipment: 12.1%
Silergy Corp.		298,000		$5,367,923
Hua Hong Semiconductor, Ltd.^b,c		662,000		1,419,139
SG Micro Corp. A Shares		74,746		1,029,842
				7,816,904
Internet Software & Services: 6.2%
SUNeVision Holdings, Ltd.		2,826,000		1,905,341
Baozun, Inc. ADR^d		30,300		1,471,974
Wise Talent Information Technology Co., Ltd.^c,d		210,400		622,195
				3,999,510
Electronic Equipment, Instruments & Components: 4.9%
China Youzan, Ltd.^d		25,028,000		2,243,685
Merry Electronics Co., Ltd.		204,000		925,379
China High Precision Automation Group, Ltd.^d,e		195,000		249
				3,169,313
Software: 2.5%
Kingdee International Software Group Co., Ltd.		1,452,000		1,576,022
Total Information Technology				16,561,749


INDUSTRIALS: 17.3%
Commercial Services & Supplies: 9.0%
Sunny Friend Environmental Technology Co., Ltd.		510,000		3,723,564
Greentown Service Group Co., Ltd.^c		1,818,000		1,454,294
A-Living Services Co., Ltd. H Shares^b,c,d		399,250		617,132
				5,794,990
Machinery: 5.6%
TK Group Holdings, Ltd.		3,800,000		2,393,080
Precision Tsugami China Corp., Ltd.^c		1,384,000		1,209,711
				3,602,791
Marine: 2.7%
SITC International Holdings Co., Ltd.		2,158,000		1,742,201
Total Industrials				11,139,982


CONSUMER DISCRETIONARY: 15.7%
Diversified Consumer Services: 4.1%
China Yuhua Education Corp., Ltd.^b,c		3,328,000		1,603,571
China Maple Leaf Educational Systems, Ltd.		1,964,000		1,031,142
				2,634,713
Hotels, Restaurants & Leisure: 3.2%
Future Bright Holdings, Ltd.		6,648,000		755,807
Huangshan Tourism Development Co., Ltd. B Shares		609,008		750,483
Haidilao International Holding, Ltd.^b,c,d		240,000		545,709
				2,051,999
Specialty Retail: 2.8%
China Meidong Auto Holdings, Ltd.		2,306,000		1,082,285
Chow Sang Sang Holdings International, Ltd.		377,000		740,675
				1,822,960


	Shares		Value

Leisure Products: 2.8%
Honma Golf, Ltd.^b,c		1,881,000		$1,778,076

Auto Components: 1.8%
NBTM New Materials Group Co., Ltd. A Shares		642,418		745,610
Xin Point Holdings, Ltd.^c		999,000		389,061
				1,134,671
Household Durables: 1.0%
Vatti Corp., Ltd. A Shares		253,371		383,193
Vatti Corp., Ltd. A Shares		192,950		291,991
				675,184
Total Consumer Discretionary				10,097,603


HEALTH CARE: 11.8%
Biotechnology: 9.1%
Shanghai Haohai Biological Technology Co., Ltd. H Shares^b,c		328,300		2,241,312
BBI Life Sciences Corp.^c		3,286,500		1,183,401
BeiGene, Ltd. ADR^d		6,700		1,153,874
Amoy Diagnostics Co., Ltd. A Shares		96,060		820,485
BeiGene, Ltd.^d		32,727		437,706
				5,836,778

Health Care Equipment & Supplies: 1.5%
Microport Scientific Corp.		750,000		991,917

Health Care Providers & Services: 0.7%
C-MER Eye Care Holdings, Ltd.^c,d		766,000		422,422

Life Sciences Tools & Services: 0.5%
Genscript Biotech Corp.^d		212,000		355,641
Total Health Care				7,606,758


MATERIALS: 9.0%
Chemicals: 3.7%
China BlueChemical, Ltd. H Shares		4,690,000		1,898,040
Shanghai Putailai New Energy Technology Co., Ltd. A Shares		67,200		469,773
				2,367,813

Construction Materials: 2.5%
Asia Cement China Holdings Corp.		1,558,000		1,601,365

Containers & Packaging: 1.4%
CPMC Holdings, Ltd.		2,453,000		926,174

Metals & Mining: 1.4%
MMG, Ltd.^d		1,696,000		873,127
Total Materials				5,768,479


REAL ESTATE: 6.8%
Real Estate Management & Development: 6.8%
Joy City Property, Ltd.		18,618,000		2,259,260
China Overseas Property Holdings, Ltd.		5,025,000		1,441,231
Times China Holdings, Ltd.		608,000		646,148

Total Real Estate				4,346,639


33		MATTHEWS ASIA FUNDS

Matthews China Small Companies Fund

September 30, 2018

Schedule of Investments^a(unaudited) (continued)

COMMON EQUITIES (continued)


	Shares		Value

CONSUMER STAPLES: 5.4%
Food Products: 5.4%
Yihai International Holding, Ltd.		799,000		$1,811,684
Jonjee Hi-Tech Industrial And Commercial Holding Co., Ltd. A Shares		252,924		1,199,761
Jonjee Hi-Tech Industrial And Commercial Holding Co., Ltd. A Shares		94,800		449,415
Total Consumer Staples				3,460,860


ENERGY: 5.3%
Oil, Gas & Consumable Fuels: 5.3%
China Aviation Oil Singapore Corp., Ltd.		1,898,200		2,124,060
Sinopec Kantons Holdings, Ltd.		2,930,000		1,306,383
Total Energy				3,430,443


FINANCIALS: 1.4%
Banks: 1.4%
Dah Sing Banking Group, Ltd.		448,400		900,345
Total Financials				900,345


TOTAL INVESTMENTS: 98.4%				63,312,858
(Cost $68,410,610)

CASH AND OTHER ASSETS,
LESS LIABILITIES: 1.6%				1,054,933

NET ASSETS: 100.0%				$64,367,791

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

c	The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

d	Non-income producing security.

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

ADR	American Depositary Receipt

See accompanying notes to schedules of investments.


matthewsasia.com \| 800.789.ASIA			34

Notes to Schedules of Investments (unaudited)

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. 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.

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

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

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

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


35		MATTHEWS ASIA FUNDS

Notes to Schedules of Investments (unaudited) (continued)

The summary of inputs used to determine the fair valuation of the Funds’ investments and derivative financial instruments as of September 30, 2018 is as follows:


	Matthews Asia Strategic Income Fund	Matthews Asia Credit Opportunities Fund	Matthews Asian Growth and Income Fund	Matthews Asia Dividend Fund	Matthews Asia Value Fund	Matthews Asia Focus Fund	Matthews Asia Growth Fund

Assets:
Investments:
Level 1: Quoted Prices
Common Equities:
Bangladesh	$—	$—	$—	$70,432,305	$—	$—	$—
China/Hong Kong	—	—	97,460,035	291,033,212	1,019,657	159,775	131,624,435
Indonesia	—	—	—	30,440,304	—	—	14,926,755
Japan	—	—	—	—	954,400	—	—
Philippines	—	—	—	94,569,054	—	—	4,943,831
Singapore	—	—	—	46,136,968	761,948	—	—
South Africa	—	—	—	—	389,389	—	—
South Korea	—	—	49,761,161	470,120,458	1,431,143	—	—
Sri Lanka	—	—	—	—	—	—	29,054,438
Taiwan	—	—	—	116,712,230	—	—	—
United States	—	—	79,592,681	—	461,040	465,806	—
Preferred Equities:
South Korea	—	—	41,093,333	—	—	—	—
Level 2: Other Significant Observable
Inputs
Foreign Government Obligations^a	9,593,612	4,502,181	—	—	—	—	—
Non-Convertible Corporate Bonds^a	70,972,660	25,067,027	—	—	—	—	—
Convertible Corporate Bonds^a	26,763,665	10,108,151	294,148,994	—	—	—	—
Common Equities:
Australia	—	—	51,718,889	144,350,984	—	196,856	51,213,236
Bangladesh	—	—	—	—	—	—	38,211,559
China/Hong Kong	—	—	523,355,587	2,093,566,016	6,203,262	3,044,873	150,164,177
France	—	—	25,097,747	—	—	—	—
India	—	—	56,769,518	169,212,925	163,906	417,624	46,916,994
Indonesia	—	—	32,006,535	102,316,645	—	212,185	74,400,642
Japan	—	—	82,537,006	2,262,418,199	1,843,136	—	433,054,760
Malaysia	—	—	31,639,396	—	1,622,730	206,137	—
New Zealand	—	—	23,417,128	—	—	—	—
Philippines	—	—	23,056,265	—	—	198,894	9,546,792
Singapore	—	—	192,379,193	199,190,971	672,737	995,598	—
South Korea	—	—	106,813,534	83,330,050	3,515,167	600,499	—
Switzerland	—	—	—	—	—	250,787	—
Taiwan	—	—	150,426,461	165,796,865	415,615	476,986	12,539,176
Thailand	—	—	30,990,311	93,993,008	—	220,405	14,429,939
United Kingdom	—	—	35,483,412	—	—	196,930	—
Vietnam	—	—	31,374,540	88,331,909	—	—	18,331,722
Preferred Equities:
South Korea	—	—	—	200,706,303	2,730,899	—	—
Level 3: Significant Unobservable
Inputs
Common Equities:
China/Hong Kong	—	—	21,668,580	—	1,460,989	—	14,612,572
Total Market Value of Investments	$107,329,937	$39,677,359	$1,980,790,306	$6,722,658,406	$23,646,018	$7,643,355	$1,043,971,028

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


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Matthews Asia

Strategic

Income Fund



Derivative Financial Instruments¹
Assets
Level 2: Other Significant Observable Inputs
Forward Foreign Currency Exchange Contracts	$161,823


Liabilities
Level 2: Other Significant Observable Inputs
Forward Foreign Currency Exchange Contracts	($269,723	)

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


	Matthews China Dividend Fund	Matthews China Fund	Matthews India Fund	Matthews Japan Fund	Matthews Korea Fund	Matthews China Small Companies Fund

Assets:
Investments:
Level 1: Quoted Prices
Common Equities:
Consumer Discretionary	$8,320,740	$8,575,235	$—	$—	$8,069,258	$3,820,267
Consumer Staples	—	—	28,586,779	—	7,204,773	—
Financials	9,125,402	—	43,516,223	—	5,073,981	—
Health Care	—	—	66,227,343	—	—	1,591,580
Industrials	3,368,955	9,315,790	—	—	3,372,551	1,742,201
Information Technology	—	126,597,244	81,720,103	—	—	2,094,169
Materials	6,763,098	—	—	—	—	469,773
Telecommunication Services	8,877,370	—	—	—	4,240,548	—
Preferred Equities:
Consumer Staples	—	—	—	—	8,220,841	—
Closed-End Fund:
Information Technology	6,621,264	—	—	—	—	—
Level 2: Other Significant Observable Inputs
Non-Convertible Corporate Bonds^a	196,833	—	—	—	—	—
Common Equities:
Consumer Discretionary	19,470,002	58,406,683	236,067,937	510,205,066	18,067,083	6,277,336
Consumer Staples	38,844,315	41,235,053	294,003,803	508,823,374	10,586,140	3,460,860
Energy	20,821,402	31,222,464	—	—	4,760,782	3,430,443
Financials	51,300,880	265,703,829	584,664,979	318,604,544	26,268,135	900,345
Health Care	19,522,466	14,880,720	119,004,306	524,081,165	12,351,269	6,015,178
Industrials	38,286,980	24,412,241	140,946,235	1,079,197,069	—	9,397,781
Information Technology	27,953,208	121,093,947	125,347,900	807,354,618	23,863,794	14,467,331
Materials	10,193,300	38,675,390	87,378,186	166,077,460	10,161,319	5,298,706
Real Estate	15,851,231	35,741,377	—	148,445,015	—	4,346,639
Telecommunication Services	24,443,449	9,433,653	—	126,283,060	—	—
Utilities	10,409,080	15,511,403	—	—	—	—
Preferred Equities:
Consumer Discretionary	—	—	—	—	6,930,262	—
Consumer Staples	—	—	—	—	3,113,587	—
Energy	—	—	—	—	3,291,639	—
Financials	—	—	—	—	8,074,854	—
Information Technology	—	—	—	—	12,237,921	—
Materials	—	—	—	—	4,497,612	—
Level 3: Significant Unobservable Inputs
Common Equities:
Consumer Discretionary	—	13,102,424	—	—	—	—
Information Technology	—	—	—	—	—	249
Total Market Value of Investments	$320,369,975	$813,907,453	$1,807,463,794	$4,189,071,371	$180,386,349	$63,312,858

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


37		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	$—	$258,297	$28,690,605	$—	$—
China/Hong Kong	1,274,351,551	370,273	2,115,986	51,201,236	18,230,678
India	—	564,497	4,664,262	3,377,336	7,068,817
Indonesia	45,988,520	561,352	26,129,460	—	7,128,755
Japan	8,223,776	—	—	—	3,899,289
Pakistan	—	237,551	36,440,040	—	—
Philippines	—	—	38,369,603	—	3,688,448
Singapore	—	292,484	—	—	3,061,085
South Korea	271,049,254	—	—	9,338,465	4,461,614
Sri Lanka	—	—	28,541,131	—	—
United States	168,696,190	—	—	—	3,962,208
Vietnam	—	—	38,854,579	1,165,508	12,635,980
Level 2: Other Significant Observable Inputs
Common Equities:
Australia	—	—	3,052,429	—	5,128,781
Bangladesh	—	942,781	27,870,642	8,624,204	—
China/Hong Kong	1,967,919,660	4,852,709	31,601,013	85,074,607	99,926,650
India	1,755,611,559	2,662,491	27,346,428	24,567,443	32,592,584
Indonesia	480,551,264	712,524	44,034,725	5,287,024	6,319,031
Japan	—	3,581,286	—	3,485,321	3,918,148
Luxembourg	—	197,771	—	—	—
Malaysia	389,802,534	—	—	—	12,886,966
Pakistan	—	—	24,315,299	—	—
Philippines	178,394,718	366,324	—	3,226,055	—
Singapore	—	550,852	2,054,843	7,136,765	—
South Korea	843,648,717	1,692,611	—	22,157,406	36,959,592
Sri Lanka	—	—	9,027,352	—	—
Switzerland	184,831,197	—	—	—	—
Taiwan	495,288,728	2,176,019	—	8,977,280	42,529,880
Thailand	506,596,978	611,372	—	4,092,858	21,796,660
Vietnam	202,113,191	428,568	68,205,067	7,275,803	6,221,937
Preferred Equities:
South Korea	—	1,437,626	—	2,001,275	—
Level 3: Significant Unobservable Inputs
Common Equities:
China/Hong Kong	—	—	—	3,753,843	—
Total Market Value of Investments	$8,773,067,837	$22,497,388	$441,313,464	$250,742,429	$332,417,103

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, 2018, 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, 2017. As a result, certain securities held by the Funds were transferred from Level 2 to 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		$—		$225,986,888
Matthews Asia Dividend Fund		61,680,601		532,735,992
Matthews China Dividend Fund		6,008,919		50,490,256
Matthews Asia Value Fund		482,747		5,786,659
Matthews Asia Focus Fund		—		1,275,305
Matthews Asia Growth Fund		9,108,154		78,120,303
Matthews Pacific Tiger Fund		421,514,498		1,502,181,191


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	Transfer to Level 1 from Level 2		Transfer to Level 2 from Level 1

Matthews Asia ESG Fund		$373,094		$3,250,345
Matthews Emerging Asia Fund		76,860,283		110,730,165
Matthews Asia Innovators Fund		1,639,794		10,839,359
Matthews China Fund		—		23,974,927
Matthews India Fund		56,322,766		374,424,023
Matthews Japan Fund		—		—
Matthews Korea Fund		—		46,404,898
Matthews Asia Small Companies Fund		13,923,535		58,387,295
Matthews China Small Companies Fund		1,432,387		6,017,175

Level 3 securities consisted of equities that, as of September 30, 2018, 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.

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


	Matthews Asian Growth and Income Fund			Matthews Asia Value Fund			Matthews Asia Growth Fund			Matthews Asia Innovators Fund			Matthews China Fund			Matthews Korea Fund			Matthews Asia Small Companies Fund			Matthews China Small Companies Fund

	Common Equities - China/ Hong Kong			Common Equities - China/ Hong Kong			Common Equities - China/ Hong Kong			Common Equities - China/ Hong Kong			Common Equities - Consumer Discretionary			Common Equities - Consumer Discretionary			Common Equities - South Korea			Common Equities - Information Technology

Balance as of 12/31/17 (market value)		$—			$—			$—			$—			$—			$2,158,539			$3,491,660			$250
Accrued discounts/premiums		—			—			—			—			—			—			—			—
Realized gain/(loss)		—			—			—			313,891			1,591,905			(1,060,424	)		1,368,937			—
Change in unrealized appreciation/ (depreciation)		(827,075	)		(613,230	)		(5,298,108	)		(2,259,281	)		(6,084,008	)		(407,564	)		1,012,653			(1	)
Purchases		22,495,655			1,058,819			11,211,073			352,054			8,820,614			—			—			—
Sales		—			—			—			(1,084,432	)		(4,695,546	)		(690,551	)		(5,873,250	)		—
Transfers in to Level 3*		—			1,015,400			8,699,607			6,431,611			13,469,459			—			—			—
Transfer out of Level 3*		—			—			—			—			—			—			—			—
Balance as of 9/30/18 (market value)		$21,668,580			$1,460,989			$14,612,572			$3,753,843			$13,102,424			$—			$—			$249
Net change in unrealized appreciation/depreciation on Level 3 investments held as of 9/30/18		($827,075	)		($613,230	)		($5,298,108	)		($2,259,281	)		($6,084,008	)		$—			$—			($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, 2018, the Funds that previously used quoted prices or observable inputs now also utilize significant unobservable inputs for certain securities that were suspended from trading. As a result, certain securities held by the Funds that were previously classified as Level 1 or Level 2 were transferred to Level 3. Certain securities held by the Funds that were suspended from trading and classified as Level 3 on December 31, 2017 subsequently resumed trading and were transferred from Level 3 to Level 1, Level 2 or were sold.


39		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 Value Fund:

Common Equity

$1,460,989

Last Price² Adjusted by Proxy factor³

Proxy factor³/Assessment of Company Specific Events

-14.37

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

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

3	Proxy factor considers movement of The Hong Kong Seng Index.

C.	DERIVATIVE FINANCIAL INSTRUMENTS

Each of the Matthews Asia Strategic Income Fund and the Matthews Asia Credit Opportunities Fund engages in derivative transactions for a variety of purposes, including managing interest rate, currency and credit exposure. Derivative transactions in which each Fund may engage include financial futures contracts, swaps and/or forward foreign currency exchange contracts.

Certain derivative transactions may result in each Fund’s exposure to a currency to 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.

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

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

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

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

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


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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. No swaps were held by any Funds on September 30, 2018.

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, 2018, 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, 2018 is as follows:


	Shares Held at Dec. 31, 2017	Shares Purchased	Shares Sold	Shares Held at Sep. 30, 2018	Value at Sep. 30, 2018	Net Change in Unrealized Appreciation (Depreciation)

MATTHEWS ASIA DIVIDEND FUND
Name of Issuer:
Anritsu Corp.	9,384,700	—	—	9,384,700	$154,662,957	$49,013,557
Ascendas India Trust	53,470,700	4,393,100	—	57,863,800	46,136,968	(3,275,474)
Beijing Capital International Airport Co., Ltd. H Shares	—	94,084,000	—	94,084,000	114,109,656	7,295,233
BELLSYSTEM24 Holdings, Inc.	—	4,425,600	—	4,425,600	69,644,897	(4,227,414)
BGF Retail Co., Ltd.	816,439	145,221	—	961,660	178,157,431	(2,971,910)
Breville Group, Ltd.	10,644,019	1,541,519	—	12,185,538	115,059,415	(2,388,308)
CapitaLand Retail China Trust REIT	49,800,000	—	—	49,800,000	52,783,884	(7,536,876)
China Steel Chemical Corp.	—	15,589,000	—	15,589,000	74,253,622	(3,814,150)
Eiken Chemical Co., Ltd.	1,033,500	2,459,700†	—	3,493,200	81,188,822	(1,630,189)
Greencross, Ltd.	3,825,449	5,734,833	—	9,560,282	29,291,569	(18,315,579)
HKBN, Ltd.	45,415,623	10,985,500	—	56,401,123	96,616,042	23,004,171
Minth Group, Ltd.	60,675,000	2,178,000	654,000	62,199,000	255,891,081	(118,933,969)
Shanghai Jin Jiang International Hotels Group Co., Ltd. H Shares	44,450,000	129,162,000	—	173,612,000	48,709,073	(21,693,345)
Yuexiu Transport Infrastructure, Ltd.	92,646,000	4,682,000	—	97,328,000	77,065,895	5,435,988
Total Affiliates					$1,393,571,312	($100,038,265)


MATTHEWS ASIA GROWTH FUND
Name of Issuer:
Sampath Bank PLC	9,955,478	6,170,909†	—	16,126,387	$22,881,681	($7,694,381)
Total Affiliates					$22,881,681	($7,694,381)


41		MATTHEWS ASIA FUNDS

Notes to Schedules of Investments (unaudited) (continued)


	Shares Held at Dec. 31, 2017		Shares Purchased			Shares Sold		Shares Held at Sep. 30, 2018		Value at Sep. 30, 2018		Net Change in Unrealized Appreciation (Depreciation)

MATTHEWS PACIFIC TIGER FUND

Name of Issuer:
Cheil Worldwide, Inc.		6,554,297		761,585			—		7,315,882		$142,855,172		($865,033)
DB Insurance Co., Ltd.		3,499,380		71,083			—		3,570,463		234,329,237		(2,263,741)
Fuyao Glass Industry Group Co., Ltd. H Shares		32,976,400		750,000			—		33,726,400		122,196,266		(19,541,878)
Green Cross Corp.††		620,785		—			80,264		540,521		—		—
Just Dial, Ltd.		3,557,718		—			—		3,557,718		23,463,519		(5,643,689)
Orion Holdings Corp.		5,666,538		—			—		5,666,538		96,298,655		(44,762,705)
Sinopharm Group Co., Ltd. H Shares		61,139,600		5,006,800			4,660,800		61,485,600		300,816,709		27,798,464
Synnex Technology International Corp.		95,600,921		—			5,414,000		90,186,921		114,936,873		(8,582,381)
Tata Power Co., Ltd.		164,620,436		15,696,051			—		180,316,487		163,807,273		(96,822,298)
Total Affiliates											$1,198,703,704		($150,683,261)

MATTHEWS EMERGING ASIA FUND

Name of Issuer:
National Seed JSC		979,585		—			—		979,585		$4,875,813		$204,139
Shifa International Hospitals, Ltd.		2,519,051		264,300			—		2,783,351		6,140,272		(1,483,093)
Taisun International Holding Corp.		654,000		1,436,000	†		—		2,090,000		9,103,920		623,388
Total Affiliates											$20,120,005		($655,566)

MATTHEWS INDIA FUND

Name of Issuer:
Caplin Point Laboratories, Ltd.		3,028,687		801,852			—		3,830,539		$21,712,770		($14,133,826)
eClerx Services, Ltd.		2,701,931		—			311,337		2,390,594		34,963,000		(26,041,996)
VST Industries, Ltd.		1,167,175		—			—		1,167,175		45,086,510		(13,515,886)
Total Affiliates											$101,762,280		($53,691,708)

MATTHEWS JAPAN FUND

Name of Issuer:
Fuso Chemical Co., Ltd.		1,496,900		427,500			115,600		1,808,800		$42,985,828		($5,777,720)
Infomart Corp.††		7,697,300		—			2,147,900		5,549,400		—		—
TechnoPro Holdings, Inc.††		1,719,500		—			491,200		1,228,300		—		—
W-Scope Corp.††		2,047,600		—			2,047,600		—		—		—
Total Affiliates											$42,985,828		($5,777,720)

MATTHEWS ASIA SMALL COMPANIES FUND

Name of Issuer:
Great Tree Pharmacy Co., Ltd.		1,507,600		516,824	†		—		2,024,424		$4,838,189		($345,009)
Total Affiliates											$4,838,189		($345,009)

†	Includes stock spin-off and stock dividend during the period.

††	Issuer was not an affiliated company as of September 30, 2018.

E.	INCOME TAX INFORMATION

Management has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years (current and prior three tax years), and has concluded that no provision for federal income tax is required in the Funds’ financial statements. The Funds’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

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, 2018.

* 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			42

As of December 31, 2017, the Funds have capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:


	Amount With No Expiration*
	Short-term Losses		Long-term Losses		Total

Matthews Asia Strategic Income Fund		$1,593,006		$53,342		$1,646,348
Matthews Asia Focus Fund		110,658		530,797		641,455

*	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.


43		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 21, 2018

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 21, 2018

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

Date November 21, 2018

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