nvq
Table of Contents

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)

G. Paul Matthews, President
Four Embarcadero Center, Suite 550
San Francisco, CA 94111

(Name and address of agent for service)

Registrant’s telephone number, including area code: 415-788-6036

Date of fiscal year end: August 31

Date of reporting period: November 30, 2004

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.

TABLE OF CONTENTS

Item 1. Schedule of Investments
Item 2. Controls and Procedures
Item 3. Exhibits
SIGNATURES
CERTIFICATIONS

Table of Contents

Item 1. Schedule of Investments.

The Schedules of Investments are attached herewith.

     
MATTHEWS PACIFIC TIGER FUND
  November 30, 2004

SCHEDULE OF INVESTMENTS (unaudited)

EQUITIES: 97.77%*

                 
    SHARES     VALUE  
 
CHINA/HONG KONG: 36.67%
                
Dah Sing Financial Group
     3,653,600     $ 28,543,935  
Giordano International, Ltd.
     43,711,000       27,544,403  
Swire Pacific, Ltd. A Shares
     3,375,500       27,130,929  
Shangri-La Asia, Ltd.
     16,230,000       20,767,688  
Lenovo Group, Ltd.
     59,464,000       20,647,355  
Television Broadcasts, Ltd.
     4,262,700       20,118,582  
Hang Lung Group, Ltd.
     9,728,000       18,265,138  
PICC Property and Casualty Co., Ltd. H Shares **
     46,852,000       17,623,840  
Travelsky Technology, Ltd. H Shares
     18,217,000       14,290,691  
Cosco Pacific, Ltd.
     7,484,000       13,426,244  
Sa Sa International Holdings, Ltd.
     22,582,000       11,325,922  
China Mobile HK, Ltd.
     2,533,217       8,290,996  
Moulin International Holdings, Ltd.
     12,964,000       7,419,003  
Asia Satellite Telecommunications Holdings, Ltd.
     3,677,600       7,141,476  
Vitasoy International Holdings, Ltd.
     26,670,750       7,031,300  
China Mobile HK, Ltd. ADR
     413,250       6,744,240  
China Pharmaceutical Group, Ltd.
     24,935,000       6,413,364  
BYD Co., Ltd. H Shares
     4,005,500       11,384,017  
Huaneng Power International, Inc. ADR
     229,000       7,234,110  
 
              
 
                
Total China/Hong Kong
             281,343,233  
 
 
                
SOUTH KOREA: 23.11%
                
Hana Bank
     1,027,777       27,348,573  
AmorePacific Corp.
     113,910       22,054,106  
Hite Brewery Co., Ltd.
     256,467       20,742,395  
Samsung Electronics Co., Ltd.
     38,623       16,005,430  
Nong Shim Co., Ltd.
     60,968       13,025,114  
Samsung Securities Co., Ltd.
     680,060       12,874,765  
LG Home Shopping, Inc.
     227,224       12,764,419  
S1 Corp.
     392,000       12,711,493  
Pulmuone Co., Ltd.
     236,540       11,798,800  
Kookmin Bank **
     307,530       11,702,858  
SK Telecom Co., Ltd.
     42,705       8,064,464  
SK Telecom Co., Ltd. ADR
     263,000       5,920,130  
Kookmin Bank ADR **
     62,000       2,322,520  
 
              
 
                
Total South Korea
             177,335,067  
 
 
                
SINGAPORE: 13.45%
                
DBS Group Holdings, Ltd.
     2,692,750       25,994,654  
Venture Corp., Ltd.
     2,662,800       25,705,529  
Hyflux, Ltd.
     12,418,125       20,485,695  
Fraser and Neave, Ltd.
     2,292,550       20,450,437  
Parkway Holdings, Ltd.
     12,339,000       10,554,530  
 
              
 
                
Total Singapore
             103,190,845  
 
 
                
THAILAND: 8.25%
                
Bangkok Bank Public Co., Ltd.
     10,497,700       30,366,349  
Advanced Info Service Public Co., Ltd.
     10,810,000       26,880,995  
Serm Suk Public Co., Ltd.
     11,370,300       6,029,923  
 
              
 
                
Total Thailand
             63,277,267  
 
 
                
INDIA: 6.45%
                
Infosys Technologies, Ltd.
     312,974       15,113,007  
HDFC Bank, Ltd.
     1,085,883       12,088,960  
Hero Honda Motors, Ltd.
     1,019,800       11,292,526  
Cipla, Ltd.
     1,759,625       10,973,431  
 
              
 
                
Total India
             49,467,924  
 
                 
MATTHEWS ASIAN FUNDS
  800.789.ASIA [2742]   www.matthewsfunds.com     1  

 

Table of Contents

     
MATTHEWS PACIFIC TIGER FUND
  November 30, 2004

SCHEDULE OF INVESTMENTS (unaudited) (continued)

EQUITIES: (continued)

                 
    SHARES     VALUE  
 
INDONESIA: 5.05%
                
PT Astra International, Inc.
     14,291,730     $ 14,291,730  
PT Ramayana Lestari Sentosa
     133,568,000       12,614,756  
PT Bank Central Asia
     38,758,500       11,842,875  
 
              
 
                
Total Indonesia
             38,749,361  
 
 
                
TAIWAN: 4.67%
                
Hon Hai Precision Industry Co., Ltd.
     6,496,688       26,208,516  
Taiwan Semiconductor Manufacturing Co., Ltd.
     6,569,045       9,642,074  
 
              
 
                
Total Taiwan
             35,850,590  
 
 
                
PHILIPPINES: 0.12%
                
SM Prime Holdings, Inc.
     7,030,000       938,167  
 
              
 
                
Total Philippines
             938,167  
 
 
 
                
TOTAL INVESTMENTS: 97.77%
             750,152,454  
(Cost $583,513,520***)
                
 
                
CASH AND OTHER ASSETS, LESS LIABILITIES: 2.23%
             17,077,917  
 
              
 
                
NET ASSETS: 100.00%
           $ 767,230,371  
 
                 
 
*
  
As a percentage of net assets as of November 30, 2004		        
**
  
Non - income producing security		        
***
  
Cost of investments is $583,513,520 and net unrealized appreciation consists of:		        
 
  
Gross unrealized appreciation		   $ 176,875,433  
 
  
Gross unrealized depreciation		     (10,236,499 )
 
              
 
  
Net unrealized appreciation		   $ 166,638,934  
 
              
ADR
  
American Depositary Receipt		        

See accompanying notes to Schedules of Investments.

                 
MATTHEWS ASIAN FUNDS
  800.789.ASIA [2742]   www.matthewsfunds.com     2  

 

Table of Contents

     
MATTHEWS ASIAN GROWTH AND INCOME FUND
  November 30, 2004

SCHEDULE OF INVESTMENTS (unaudited)

COMMON EQUITIES: 74.67%*

                 
    SHARES     VALUE  
 
CHINA/HONG KONG: 29.69%
                
Hongkong Land Holdings, Ltd.
     15,727,700     $ 40,105,635  
Hong Kong & China Gas Co., Ltd.
     13,382,000       27,621,204  
Hongkong Electric Holdings, Ltd.
     5,914,500       26,545,445  
CLP Holdings, Ltd.
     4,518,200       25,972,844  
Citic Pacific, Ltd.
     7,409,000       21,009,452  
Shangri-La Asia, Ltd.
     15,641,400       20,014,523  
Television Broadcasts, Ltd.
     3,806,000       17,963,104  
Café de Coral Holdings, Ltd.
     15,091,100       17,369,626  
Wharf Holdings, Ltd.
     4,553,000       16,218,996  
Hang Seng Bank, Ltd.
     1,128,800       15,677,879  
Giordano International, Ltd.
     24,585,000       15,492,191  
MTR Corp., Ltd.
     9,636,800       15,367,424  
Sun Hung Kai Properties, Ltd.
     1,295,000       12,865,148  
Cheung Kong Infrastructure Holdings, Ltd.
     4,475,500       12,863,692  
PCCW, Ltd.
     20,721,000       12,790,823  
PetroChina Co., Ltd. ADR
     202,250       11,396,788  
Hengan International Group Co., Ltd.
     18,148,000       11,202,541  
Hang Lung Group, Ltd.
     5,693,000       10,689,086  
PetroChina Co., Ltd. H Shares
     15,666,000       8,814,196  
Vitasoy International Holdings, Ltd.
     31,031,000       8,180,807  
China Hong Kong Photo Products Holdings, Ltd.
     14,998,003       1,022,247  
Lerado Group Holding Co., Ltd.
     6,396,000       929,466  
I-Cable Communications, Ltd.
     2,301,000       909,931  
 
              
 
                
Total China/Hong Kong
             351,023,048  
 
 
                
SOUTH KOREA: 12.03%
                
Shinhan Financial Group Co., Ltd.
     1,127,590       23,605,723  
Korea Gas Corp.
     517,960       17,018,333  
KT Corp. ADR
     631,800       13,678,470  
Hana Bank
     425,500       11,322,318  
Korea Electric Power Corp.
     381,080       9,522,457  
Korean Reinsurance Co.
     2,186,690       8,759,273  
Sindo Ricoh Co., Ltd.
     141,660       8,403,674  
Korea Electric Power Corp. ADR
     620,950       8,370,406  
SK Telecom Co., Ltd. ADR
     368,300       8,290,433  
Samsung Securities Co., Ltd.
     424,680       8,039,960  
KT Corp.
     176,360       7,114,953  
G2R Inc.
     340,870       5,851,845  
Daehan City Gas Co., Ltd.
     280,300       4,544,683  
Samchully Co., Ltd.
     66,410       3,926,962  
SK Telecom Co., Ltd.
     19,640       3,708,841  
 
              
 
                
Total South Korea
             142,158,331  
 
 
                
SINGAPORE: 11.15%
                
Singapore Post, Ltd.
     56,996,000       29,774,290  
Fraser And Neave, Ltd.
     2,877,820       25,671,272  
Singapore Press Holdings, Ltd.
     7,725,500       22,279,196  
CapitalMall Trust REIT
     17,659,900       18,127,105  
Singapore Exchange, Ltd.
     16,098,000       16,917,309  
Singapore Telecommunications, Ltd.
     9,169,643       13,277,970  
Parkway Holdings, Ltd.
     6,749,000       5,772,958  
 
              
 
                
Total Singapore
             131,820,100  
 
                 
MATTHEWS ASIAN FUNDS
  800.789.ASIA [2742]   www.matthewsfunds.com     3  

 

Table of Contents

     
MATTHEWS ASIAN GROWTH AND INCOME FUND
  November 30, 2004

SCHEDULE OF INVESTMENTS (unaudited)(continued)

EQUITIES: (continued)

                 
    SHARES     VALUE  
 
THAILAND: 6.17%
                
PTT Public Co., Ltd.
     4,554,700     $ 19,531,700  
Advanced Info Service Public Co., Ltd.
     7,370,000       18,326,820  
BEC World Public Co., Ltd.
     37,359,000       14,503,748  
Bangkok Bank Public Co., Ltd.
     4,196,300       12,138,498  
Charoen Pokphand Foods Public Co., Ltd.
     63,787,000       5,729,662  
Thai Reinsurance Public Co., Ltd.
     25,672,800       2,709,943  
Charoen Pokphand Foods Public Co., Ltd. Warrants **
     638,000       13,113  
 
              
 
                
Total Thailand
             72,953,484  
 
 
                
JAPAN: 4.51%
                
Japan Retail Fund Investment Corp. REIT
     2,366       19,264,964  
Nippon Building Fund, Inc. REIT
     1,987       17,377,431  
Japan Real Estate Investment Corp. REIT
     1,998       16,637,852  
 
              
 
                
Total Japan
             53,280,247  
 
 
                
INDONESIA: 2.64%
                
PT Telekomunikasi Indonesia ADR
     745,500       16,535,190  
PT Tempo Scan Pacific
     12,357,000       12,082,400  
PT Ramayana Lestari Sentosa
     27,122,500       2,561,569  
 
              
 
                
Total Indonesia
             31,179,159  
 
 
                
TAIWAN: 2.32%
                
Chunghwa Telecom Co., Ltd. ADR
     1,252,200       26,108,370  
Chunghwa Telecom Co., Ltd.
     648,000       1,286,951  
 
              
 
                
Total Taiwan
             27,395,321  
 
 
                
UNITED KINGDOM: 2.30%
                
HSBC Holdings PLC ADR
     278,700       23,795,406  
HSBC Holdings PLC
     196,800       3,366,071  
 
              
 
                
Total United Kingdom
             27,161,477  
 
 
                
INDIA: 2.13%
                
Hindustan Lever, Ltd.
     4,993,490       16,224,073  
Hero Honda Motors, Ltd.
     812,300       8,994,821  
 
              
 
                
Total India
             25,218,894  
 
 
                
AUSTRALIA: 1.73%
                
AXA Asia Pacific Holdings, Ltd.
     6,585,658       20,490,267  
 
              
 
                
Total Australia
             20,490,267  
 
 
                
TOTAL COMMON EQUITIES
                
(Cost $643,819,160)
             882,680,328  
 
 
                
PREFERRED EQUITIES: 4.02%*
                
 
                
 
SOUTH KOREA: 4.02%
                
Hyundai Motor Co., Ltd., Pfd.
     721,890       18,658,292  
Hyundai Motor Co., Ltd., 2nd Pfd.
     510,230       14,598,856  
LG Chem Ltd., Pfd.
     242,450       6,266,471  
Samsung Fire & Marine Insurance Co., Ltd., Pfd.
     142,820       4,563,157  
LG Household & Health Care, Ltd., Pfd.
     177,830       3,493,846  
 
              
 
                
Total South Korea
             47,580,622  
 
 
                
TOTAL PREFERRED EQUITIES
                
(Cost $26,476,044)
             47,580,622  
 
                 
MATTHEWS ASIAN FUNDS
  800.789.ASIA [2742]   www.matthewsfunds.com     4  

 

Table of Contents

     
MATTHEWS ASIAN GROWTH AND INCOME FUND
  November 30, 2004

SCHEDULE OF INVESTMENTS (unaudited) (continued)

INTERNATIONAL DOLLAR BONDS: 17.15%*

                 
    FACE AMOUNT     VALUE  
 
CHINA/HONG KONG: 9.64%
                
China Mobile Hong Kong, Ltd., Cnv. 2.250%, 11/03/05
   $ 47,650,000     $ 47,233,062  
PCCW Capital II, Ltd., Cnv. 1.000%, 01/29/07
     26,050,000       29,176,000  
Shangri-La Finance, Ltd., Cnv. 0.000%, 03/15/09
     14,722,000       16,764,678  
Hang Lung Properties, Ltd., Cnv. 5.500%, 12/29/49
     11,120,000       13,330,100  
Tingyi (C.I.) Holding Corp., Cnv. 3.500%, 06/04/05
     3,500,000       3,902,500  
PCCW Capital, Ltd., Cnv. 3.500%, 12/05/05
     3,000,000       3,570,000  
 
              
 
                
Total China/Hong Kong
             113,976,340  
 
 
                
SOUTH KOREA: 3.39%
                
Korea Deposit Insurance Corp., Cnv. 2.250%, 10/11/05
     25,486,000       31,793,785  
KT Corp., Cnv. 5.875%, 06/24/14
     7,800,000       8,300,370  
 
              
 
                
Total South Korea
             40,094,155  
 
 
                
TAIWAN: 3.08%
                
Cathay Financial Holding Co., Cnv. 0.000%, 05/20/07
     22,042,000       27,276,975  
Sinopac Holdings Co., Cnv. 0.000%, 07/12/07
     7,177,000       9,105,819  
 
              
 
                
Total Taiwan
             36,382,794  
 
 
                
MALAYSIA: 1.04%
                
Prime Venture Labuan, Ltd., Cnv. 1.000%, 12/12/08
     11,770,000       12,240,800  
 
              
 
                
Total Malaysia
             12,240,800  
 
 
                
TOTAL INTERNATIONAL DOLLAR BONDS
             202,694,089  
(Cost $195,235,336)
                
 
                
 
TOTAL INVESTMENTS: 95.84%*
             1,132,955,039  
(Cost $865,530,540***)
                
 
                
CASH AND OTHER ASSETS, LESS LIABILITIES: 4.16%
             49,174,144  
 
              
 
                
NET ASSETS: 100.00%
           $ 1,182,129,183  
 
                 
 
*
  
As a percentage of net assets as of November 30, 2004		        
**
  
Non - income producing security		        
***
  
Cost of investments is $865,530,540 and net unrealized appreciation consists of:		        
 
  
Gross unrealized appreciation		   $ 274,688,217  
 
  
Gross unrealized depreciation		     (7,263,718 )
 
              
 
  
Net unrealized appreciation		   $ 267,424,499  
 
              
ADR
  
American Depositary Receipt		        
Cnv.
  
Convertible		        
Pfd.
  
Preferred		        
REIT
  
Real Estate Investment Trust		        

See accompanying notes to Schedules of Investments.

                 
MATTHEWS ASIAN FUNDS
  800.789.ASIA [2742]   www.matthewsfunds.com     5  

 

Table of Contents

     
MATTHEWS KOREA FUND
  November 30, 2004

SCHEDULE OF INVESTMENTS (unaudited)

EQUITIES: SOUTH KOREA: 99.42%*

                 
    SHARES     VALUE  
 
FINANCIALS: 21.20%
                
 
                
Commercial Banks: 15.43%
                
Hana Bank
     271,544     $ 7,225,634  
Kookmin Bank **
     161,192       6,134,059  
Shinhan Financial Group Co., Ltd.
     221,632       4,639,792  
Kookmin Bank ADR **
     38,339       1,436,179  
 
              
 
             19,435,664  
 
              
 
                
Insurance: 3.21%
                
Samsung Fire & Marine Insurance Co., Ltd.
     54,013       4,043,892  
 
              
 
                
Capital Markets: 2.56%
                
Samsung Securities Co., Ltd.
     170,195       3,222,099  
 
              
 
                
Total Financials
             26,701,655  
 
 
                
INFORMATION TECHNOLOGY: 21.14%
                
 
                
Semiconductors & Semiconductor Equipment: 11.98%
                
Samsung Electronics Co., Ltd.
     28,141       11,661,673  
Samsung Electronics Co., Ltd., Pfd.
     6,180       1,724,034  
Mtekvision Co., Ltd. **
     57,380       1,707,445  
 
              
 
             15,093,152  
 
              
 
                
Software: 2.73%
                
NCsoft Corp. **
     37,926       3,436,309  
 
              
 
                
Internet Software & Services: 2.54%
                
NHN Corp.
     38,153       3,202,159  
 
              
 
                
Electronic Equipment & Instruments: 2.52%
                
Daeduck GDS Co., Ltd.
     164,500       1,543,805  
Amotech Co., Ltd.
     117,970       1,361,409  
Kumho Electric Inc.
     9,840       264,652  
 
              
 
             3,169,866  
 
              
 
                
Computers & Peripherals: 1.37%
                
LG.Philips LCD Co., Ltd. ADR **
     101,000       1,732,150  
 
              
 
                
Total Information Technology
             26,633,636  
 
 
                
CONSUMER DISCRETIONARY: 18.36%
                
 
                
Media: 6.45%
                
CJ Entertainment, Inc.
     203,508       3,561,633  
Cheil Communications, Inc.
     22,330       3,226,509  
G2R, Inc.
     67,430       1,157,597  
CJ Entertainment, Inc. Rights Expires 12/20/04 **
     30,933       184,390  
 
              
 
             8,130,129  
 
              
 
                
Automobiles: 5.64%
                
Hyundai Motor Co.
     86,641       4,263,877  
Hyundai Motor Co., Pfd.
     109,890       2,840,266  
 
              
 
             7,104,143  
 
              
 
                
Multiline Retail: 3.19%
                
Hyundai Department Store Co., Ltd.
     96,300       3,072,232  
Taegu Department Store Co., Ltd.
     133,110       939,451  
 
              
 
             4,011,683  
 
              
 
                
Internet & Catalog Retail: 2.08%
                
LG Home Shopping, Inc.
     46,639       2,619,969  
 
              
 
                
Textiles, Apparel & Luxury Goods: 0.50%
                
Handsome Co., Ltd.
     75,869       630,975  
 
              
 
                
Auto Components: 0.50%
                
Korea Electric Terminal Co., Ltd.
     38,380       629,600  
 
              
 
                
Total Consumer Discretionary
             23,126,499  
 
                 
MATTHEWS ASIAN FUNDS
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Table of Contents

     
MATTHEWS KOREA FUND
  November 30, 2004

SCHEDULE OF INVESTMENTS (unaudited) (continued)

EQUITIES: SOUTH KOREA: (continued)

                 
    SHARES     VALUE  
 
CONSUMER STAPLES: 11.43%
                
 
                
Food Products: 5.55%
                
Nong Shim Co., Ltd.
     15,420     $ 3,294,306  
Pulmuone Co., Ltd.
     43,510       2,170,313  
ORION Corp.
     15,760       1,533,162  
 
              
 
             6,997,781  
 
              
 
                
Personal Products: 2.98%
                
AmorePacific Corp.
     19,370       3,750,224  
 
              
 
                
Beverages: 2.90%
                
Hite Brewery Co., Ltd.
     45,191       3,654,933  
 
              
 
                
Total Consumer Staples
             14,402,938  
 
 
                
TELECOMMUNICATION SERVICES: 8.45%
                
 
                
Wireless Telecommunication Services: 5.30%
                
SK Telecom Co., Ltd.
     19,845       3,747,554  
SK Telecom Co., Ltd. ADR
     86,900       1,956,119  
KT Freetel Co., Ltd.
     46,671       972,591  
 
              
 
             6,676,264  
 
              
 
                
Diversified Telecommunication Services: 3.15%
                
KT Corp.
     59,720       2,409,305  
KT Corp. ADR
     72,300       1,565,295  
 
              
 
             3,974,600  
 
              
 
                
Total Telecommunication Services
             10,650,864  
 
 
                
HEALTH CARE: 8.19%
                
 
                
Pharmaceuticals: 8.19%
                
Yuhan Corp.
     36,505       3,324,967  
Hanmi Pharm Co., Ltd.
     59,880       3,169,614  
LG Life Sciences, Ltd. **
     66,370       2,304,118  
Daewoong Pharmaceutical Co., Ltd.
     68,210       1,519,030  
 
              
Total Health Care
             10,317,729  
 
 
                
INDUSTRIALS: 7.99%
                
 
                
Commercial Services & Supplies: 6.11%
                
S1 Corp.
     126,665       4,107,401  
Sindo Ricoh Co., Ltd.
     39,766       2,359,032  
Shinsegae Food Systems Co., Ltd.
     43,509       1,219,995  
 
              
 
             7,686,428  
 
              
 
                
Construction & Engineering: 1.88%
                
Tae Young Corp.
     69,020       2,373,077  
 
              
 
                
Total Industrials
             10,059,505  
 
 
                
UTILITIES: 1.86%
                
 
                
Electric Utilities: 1.36%
                
Korea Electric Power Corp.
     68,510       1,711,933  
 
              
 
                
Gas Utilities: 0.50%
                
Samchully Co., Ltd.
     10,570       625,026  
 
              
 
                
Total Utilities
             2,336,959  
 
 
                
MATERIALS: 0.80%
                
 
                
Chemicals: 0.80%
                
LG Chem, Ltd.
     24,420       1,013,133  
 
              
 
                
Total Materials
             1,013,133  
 
                 
MATTHEWS ASIAN FUNDS
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Table of Contents

     
MATTHEWS KOREA FUND
  November 30, 2004

SCHEDULE OF INVESTMENTS (unaudited) (continued)

                 
    VALUE          
 
TOTAL INVESTMENTS: 99.42%
   $ 125,242,918          
(Cost $80,297,078***)
                
 
                
CASH AND OTHER ASSETS, LESS LIABILITIES: 0.58%
     730,397          
 
              
 
                
NET ASSETS: 100.00%
   $ 125,973,315          
 
 

                 
       
*
  
As a percentage of net assets as of November 30, 2004		        
**
  
Non - income producing security		        
***
  
Cost of investments is $80,297,078 and net unrealized appreciation consists of:		        
 
  
Gross unrealized appreciation		   $ 46,737,615  
 
  
Gross unrealized depreciation		     (1,791,775 )
 
              
 
  
Net unrealized appreciation		   $ 44,945,840  
 
              
 
              
ADR
  
American Depositary Receipt		        
GDS
  
Global Depositary Shares		        
Pfd.
  
Preferred		        

See accompanying notes to Schedules of Investments.

                 
MATTHEWS ASIAN FUNDS
  800.789.ASIA [2742]   www.matthewsfunds.com     8  

 

Table of Contents

     
MATTHEWS CHINA FUND
  November 30, 2004

SCHEDULE OF INVESTMENTS (unaudited)

EQUITIES: CHINA/HONG KONG: 98.90%*

                 
    SHARES     VALUE  
 
CONSUMER DISCRETIONARY: 23.00%
                
 
                
Hotels, Restaurants & Leisure: 6.64%
                
Shangri-La Asia, Ltd.
     8,953,600     $ 11,456,905  
China Travel International Investment Hong Kong, Ltd.
     24,034,000       7,263,408  
Café de Coral Holdings, Ltd.
     5,880,100       6,767,906  
China Travel International Investment Hong Kong, Ltd. Warrants Expires 5/31/06 **
     2,942,400       287,582  
 
              
 
             25,775,801  
 
              
 
                
Media: 4.52%
                
Television Broadcasts, Ltd.
     2,542,000       11,997,428  
Clear Media, Ltd. **
     5,534,000       5,551,116  
 
              
 
             17,548,544  
 
              
 
                
Textiles, Apparel & Luxury Goods: 3.00%
                
Weiqiao Textile Co., Ltd. H Shares
     4,445,500       6,717,459  
Texwinca Holdings, Ltd.
     5,284,000       4,926,601  
 
              
 
             11,644,060  
 
              
 
                
Household Durables: 2.68%
                
TCL International Holdings, Ltd.
     24,764,000       6,926,703  
Lerado Group Holding Co., Ltd.
     24,089,000       3,500,610  
 
              
 
             10,427,313  
 
              
 
                
Automobiles: 2.39%
                
Denway Motors, Ltd.
     25,805,200       9,292,056  
 
              
 
                
Distributors: 2.12%
                
Li & Fung, Ltd.
     4,914,000       8,215,331  
 
              
 
                
Specialty Retail: 1.65%
                
Giordano International, Ltd.
     10,188,000       6,419,949  
 
              
 
                
Total Consumer Discretionary
             89,323,054  
 
 
                
INDUSTRIALS: 15.51%
                
 
                
Transportation Infrastructure: 9.07%
                
Cosco Pacific Ltd.
     5,948,000       10,670,670  
China Merchants Holdings International Co., Ltd.
     5,205,000       8,300,208  
Zhejiang Expressway Co., Ltd. H Shares
     9,656,000       6,953,954  
Beijing Capital International Airport Co., Ltd. H Shares
     13,616,000       5,515,776  
GZI Transport, Ltd.
     12,384,000       3,782,432  
 
              
 
             35,223,040  
 
              
 
                
Electrical Equipment: 2.63%
                
BYD Co., Ltd. H Shares
     3,599,000       10,228,705  
 
              
 
                
Machinery: 1.82%
                
Shanghai Zhenhua Port Machinery Co., Ltd. B Shares
     8,729,682       7,062,313  
 
              
 
                
Airlines: 1.06%
                
China Southern Airlines Co., Ltd. H Shares **
     9,958,000       4,097,969  
 
              
 
                
Air Freight & Logistics: 0.93%
                
Sinotrans, Ltd. H Shares
     10,566,000       3,634,803  
 
              
 
                
Total Industrials
             60,246,830  
 
                 
MATTHEWS ASIAN FUNDS
  800.789.ASIA [2742]   www.matthewsfunds.com     9  

 

Table of Contents

     
MATTHEWS CHINA FUND
  November 30, 2004

SCHEDULE OF INVESTMENTS (unaudited) (continued)

EQUITIES: CHINA/HONG KONG: (continued)

                 
    SHARES     VALUE  
 
FINANCIALS: 13.64%
                
 
                
Real Estate: 7.23%
                
Swire Pacific, Ltd. A Shares
     2,103,500     $ 16,907,098  
China Vanke Co., Ltd. B Shares
     20,396,858       11,174,276  
 
              
 
             28,081,374  
 
              
 
                
Commercial Banks: 3.45%
                
BOC Hong Kong Holdings, Ltd.
     7,131,500       13,389,991  
 
              
 
                
Insurance: 2.96%
                
PICC Property and Casualty Co., Ltd. H Shares **
     20,856,000       7,845,189  
 
              
China Insurance International Holdings Co., Ltd.
     8,104,000       3,647,657  
 
             11,492,846  
 
              
 
                
Total Financials
             52,964,211  
 
 
                
UTILITIES: 9.83%
                
 
                
Electric Utilities: 5.92%
                
Datang International Power Generation, Co., Ltd. H Shares
     11,232,000       9,027,836  
Huaneng Power International, Inc. H Shares
     8,604,000       6,860,229  
Guangdong Electric Power Development Co., Ltd. B Shares
     8,471,726       4,575,807  
Huaneng Power International, Inc. ADR
     78,800       2,489,292  
 
              
 
             22,953,164  
 
              
 
                
Gas Utilities: 3.91%
                
Hong Kong and China Gas Co., Ltd.
     7,363,400       15,198,473  
 
              
 
                
Total Utilities
             38,151,637  
 
 
                
INFORMATION TECHNOLOGY: 9.27%
                
 
                
Computers & Peripherals: 4.41%
                
Lenovo Group, Ltd.
     30,500,000       10,590,346  
TPV Technology, Ltd.
     11,122,000       6,543,657  
 
              
 
             17,134,003  
 
              
 
                
Internet Software & Services: 1.83%
                
Sina Corp. **
     192,900       7,121,868  
 
              
 
                
IT Services: 1.31%
                
Travelsky Technology, Ltd. H Shares
     6,487,000       5,088,857  
 
              
 
                
Communications Equipment: 1.29%
                
Comba Telecom Systems Holdings, Ltd.
     11,214,000       5,011,433  
 
              
 
                
Semiconductors & Semiconductor Equipment: 0.43%
                
Semiconductor Manufacturing International, Corp. ADR **
     138,000       1,650,480  
 
              
 
                
Total Information Technology
             36,006,641  
 
 
                
ENERGY: 7.55%
                
 
                
Oil & Gas: 6.10%
                
CNOOC, Ltd.
     17,072,000       9,715,032  
Sinopec Zhenhai Refining and Chemical Co., Ltd.
     7,352,000       7,658,383  
PetroChina Co., Ltd. H Shares
     11,226,000       6,316,109  
 
              
 
             23,689,524  
 
              
 
                
Energy Equipment & Services: 1.45%
                
China Oilfield Services, Ltd. H Shares
     18,018,000       5,619,075  
 
              
 
                
Total Energy
             29,308,599  
 
                 
MATTHEWS ASIAN FUNDS
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Table of Contents

     
MATTHEWS CHINA FUND
  November 30, 2004

SCHEDULE OF INVESTMENTS (unaudited) (continued)

EQUITIES: CHINA/HONG KONG: (continued)

                 
    SHARES     VALUE  
 
TELECOMMUNICATION SERVICES: 7.49%
                
 
                
Wireless Telecommunication Services: 5.49%
                
China Mobile HK, Ltd.
     5,199,583     $ 17,017,778  
China Unicom, Ltd.
     4,366,000       3,368,849  
China Mobile HK, Ltd. ADR
     50,500       824,160  
China Unicom, Ltd. ADR
     16,200       124,740  
 
              
 
             21,335,527  
 
              
 
                
Diversified Telecommunication Services: 2.00%
                
China Telecom Corp., Ltd. H Shares
     20,988,000       7,759,888  
 
              
 
                
Total Telecommunication Services
             29,095,415  
 
 
                
CONSUMER STAPLES: 4.91%
                
 
                
Food & Staples Retailing: 1.82%
                
Lianhua Supermarket Holdings, Ltd. H Shares
     5,512,000       7,053,080  
 
              
 
                
Beverages: 1.62%
                
Tsingtao Brewery Co., Ltd. H Shares
     6,351,000       6,288,968  
 
              
 
                
Food Products: 1.48%
                
China Mengniu Dairy Co., Ltd. **
     7,444,000       5,743,864  
 
              
 
                
Total Consumer Staples
             19,085,912  
 
 
                
HEALTH CARE: 3.94%
                
 
                
Pharmaceuticals: 1.47%
                
China Pharmaceutical Group, Ltd.
     21,974,000       5,651,785  
 
              
 
                
Biotechnology: 1.41%
                
Global Bio-chem Technology Group Co., Ltd.
     7,204,000       5,466,033  
Global Bio-chem Technology Group Co., Ltd. Warrants Expires 5/31/07 **
     1,089,000       63,021  
 
              
 
             5,529,054  
 
              
 
                
Health Care Equipment & Supplies: 1.06%
                
Moulin International Holdings, Ltd.
     7,192,000       4,115,819  
 
              
 
                
Total Health Care
             15,296,658  
 
 
                
MATERIALS: 3.76%
                
 
                
Construction Materials: 3.76%
                
Cheung Kong Infrastructure Holdings, Ltd.
     5,081,500       14,605,486  
 
              
 
                
Total Materials
             14,605,486  
 
 
                
TOTAL INVESTMENTS: 98.90%
             384,084,443  
(Cost $352,865,488***)
                
 
                
CASH AND OTHER ASSETS, LESS LIABILITIES: 1.10%
             4,291,239  
 
              
 
                
NET ASSETS: 100.00%
           $ 388,375,682  
 

                 
*
  
As a percentage of net assets as of November 30, 2004		        
**
  
Non - income producing security		        
***
  
Cost of investments is $352,865,488 and net unrealized appreciation consists of:		        
 
  
Gross unrealized appreciation		   $ 47,210,828  
 
  
Gross unrealized depreciation		     (15,991,873 )
 
              
 
  
Net unrealized appreciation		   $ 31,218,955  
 
              
 
              
ADR
  
American Depositary Receipt		        

See accompanying notes to Schedules of Investments.

                 
MATTHEWS ASIAN FUNDS
  800.789.ASIA [2742]   www.matthewsfunds.com     11  

 

Table of Contents

                         
     MATTHEWS JAPAN FUND
  
November 30, 2004     		                

SCHEDULE OF INVESTMENTS (unaudited)

EQUITIES: JAPAN: 99.21%*

                 
    SHARES     VALUE  
 
CONSUMER DISCRETIONARY: 31.55%
                
 
                
Household Durables: 9.12%
                
Sharp Corp.
     461,000     $ 7,413,133  
Matsushita Electric Industrial Co., Ltd
     377,000       5,614,933  
Makita Corp.
     312,000       4,828,951  
 
              
 
             17,857,017  
 
              
 
                
Leisure, Equipment & Products: 6.42%
                
Shimano, Inc.
     209,000       5,509,898  
Studio Alice Co., Ltd.
     214,500       4,277,689  
Fuji Photo Film Co., Ltd.
     79,000       2,782,042  
 
              
 
             12,569,629  
 
              
 
                
Specialty Retail: 3.78%
                
Gulliver International Co., Ltd.
     32,000       3,763,607  
Nitori Co., Ltd.
     61,250       3,652,537  
 
              
 
             7,416,144  
 
              
 
                
Automobiles: 2.86%
                
Honda Motor Co., Ltd. ADR
     233,800       5,599,510  
 
              
 
                
Multiline Retail: 2.82%
                
Mitsukoshi, Ltd.
     1,149,000       5,521,728  
 
              
 
                
Media: 2.55%
                
Fuji Television Network, Inc.
     2,357       4,998,550  
 
              
 
                
Hotels Restaurants & Leisure: 2.46%
                
Nissin Healthcare Food Service Co., Ltd.
     260,800       4,820,468  
 
              
 
                
Internet & Catalog Retail: 1.54%
                
Rakuten, Inc.
     362       2,989,815  
Belluna Co., Ltd.
     710       24,589  
 
              
 
             3,014,404  
 
              
 
                
Total Consumer Discretionary
             61,797,450  
 
 
                
FINANCIALS: 23.25%
                
 
                
Commercial Banks: 10.79%
                
The Sumitomo Trust and Banking Co., Ltd.
     1,265,000       8,441,947  
Mizuho Financial Group, Inc.
     1,573       6,855,431  
The Joyo Bank, Ltd.
     1,244,000       5,833,046  
 
              
 
             21,130,424  
 
              
 
                
Capital Markets: 6.00%
                
Nomura Holdings, Inc.
     460,000       6,475,218  
Monex Beans Holdings, Inc. **
     5,328       5,286,794  
 
              
 
             11,762,012  
 
              
 
                
Real Estate: 3.26%
                
Japan Retail Fund Investment Corp. REIT
     416       3,387,246  
Japan Real Estate Investment Corp. REIT
     359       2,989,484  
 
              
 
             6,376,730  
 
              
 
                
Insurance: 3.20%
                
T&D Holdings, Inc. **
     134,195       6,266,219  
 
              
 
                
Total Financials
             45,535,385  
 
             
MATTHEWS ASIAN FUNDS
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Table of Contents

                         
     MATTHEWS JAPAN FUND
  
November 30, 2004     		                

SCHEDULE OF INVESTMENTS (unaudited) (continued)

EQUITIES: JAPAN: (continued)

                 
    SHARES     VALUE  
 
INFORMATION TECHNOLOGY: 13.39%
                
 
                
Software: 6.19%
                
Nintendo Co., Ltd.
     55,215     $ 6,649,756  
Square Enix Co., Ltd.
     187,600       5,474,974  
 
              
 
             12,124,730  
 
              
 
                
Office Electronics: 3.31%
                
Canon, Inc. ADR
     129,300       6,486,981  
 
              
 
                
IT Services: 2.79%
                
Niws Co., Ltd.
     2,245       5,459,896  
 
              
 
                
Electronic Equipment & Instruments: 1.10%
                
Murata Manufacturing Co., Ltd.
     41,300       2,161,525  
 
              
 
                
Total Information Technology
             26,233,132  
 
 
                
INDUSTRIALS: 12.07%
                
 
                
Commercial Services & Supplies: 5.70%
                
Secom Co., Ltd.
     168,000       6,651,685  
Toppan Forms Co., Ltd.
     377,600       4,518,196  
 
              
 
             11,169,881  
 
              
 
                
Air Freight & Logistics: 2.42%
                
Yamato Transport Co., Ltd.
     333,000       4,752,284  
 
              
 
                
Building Products: 2.03%
                
Toto, Ltd.
     444,000       3,969,415  
 
              
 
                
Machinery: 1.92%
                
Yushin Precision Equipment Co., Ltd.
     127,145       1,918,400  
Disco Corp.
     44,900       1,834,525  
 
              
 
             3,752,925  
 
              
 
                
Total Industrials
             23,644,505  
 
 
                
CONSUMER STAPLES: 10.61%
                
 
                
Food Staples & Retailing: 3.26%
                
Seven-Eleven Japan Co., Ltd.
     209,000       6,384,163  
 
              
 
                
Food Products: 2.90%
                
Hokuto Corp.
     298,380       5,683,428  
 
              
 
                
Beverages: 2.82%
                
Ito En, Ltd.
     111,600       5,525,989  
 
              
 
                
Personal Products: 1.63%
                
Shiseido Co., Ltd.
     232,000       3,202,568  
 
              
 
                
Total Consumer Staples
             20,796,148  
 
             
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Table of Contents

                         
     MATTHEWS JAPAN FUND
  
November 30, 2004     		                

SCHEDULE OF INVESTMENTS (unaudited) (continued)

EQUITIES: JAPAN: (continued)

                 
    SHARES     VALUE  
 
TELECOMMUNICATION SERVICES: 6.49%
                
 
                
Diversified Telecommunication Services: 3.64%
                
Nippon Telegraph & Telephone Corp. ADR
     222,325     $ 4,977,857  
Usen Corp. **
     104,400       2,158,179  
 
              
 
             7,136,036  
 
              
 
                
Wireless Telecommunication Services: 2.85%
                
NTT DoCoMo, Inc.
     3,204       5,579,221  
 
              
 
                
Total Telecommunication Services
             12,715,257  
 
 
                
HEALTH CARE: 1.85%
                
 
                
Health Care Equipment & Supplies: 1.85%
                
Nakanishi, Inc.
     53,000       3,624,593  
 
              
 
                
Total Health Care
             3,624,593  
 
 
                
TOTAL INVESTMENTS: 99.21%
             194,346,470  
(Cost $182,331,660***)
                
 
                
CASH AND OTHER ASSETS, LESS LIABILITIES: 0.79%
             1,538,910  
 
              
 
                
NET ASSETS: 100.00%
           $ 195,885,380  
 
             
 
*
   As a percentage of net assets as of November 30, 2004        
**
   Non - income producing security        
***
   Cost of investments is $182,331,660 and net unrealized appreciation consists of:        
 
   Gross unrealized appreciation   $ 21,703,813  
 
   Gross unrealized depreciation     (9,689,003 )
 
          
 
   Net unrealized appreciation   $ 12,014,810  
 
          
ADR
   American Depositary Receipt        
REIT
   Real Estate Investment Trust        

See accompanying notes to Schedules of Investments.

             
MATTHEWS ASIAN FUNDS
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Table of Contents

                         
     MATTHEWS ASIAN TECHNOLOGY FUND
  
November 30, 2004     		                

SCHEDULE OF INVESTMENTS (unaudited)

EQUITIES: 99.01%*

                 
    SHARES     VALUE  
 
JAPAN: 29.35%
                
Nintendo Co., Ltd.
     11,385     $ 1,371,140  
Matsushita Electric Industrial Co., Ltd.
     85,000       1,265,966  
Niws Co., Ltd.
     503       1,223,308  
Sharp Corp.
     74,000       1,189,961  
NTT DoCoMo, Inc.
     676       1,177,139  
Rakuten, Inc.
     109       900,248  
Canon, Inc. ADR
     17,500       877,975  
Access Co., Ltd. **
     35       858,018  
Nidec Corp.
     5,300       623,863  
Usen Corp. **
     29,600       611,897  
Yushin Precision Equipment Co., Ltd.
     25,245       380,904  
Strawberry Corp.
     58       344,180  
Kakaku.com, Inc.
     25       194,076  
 
              
Total Japan
             11,018,675  
 
 
                
CHINA/HONG KONG: 21.64%
                
China Mobile HK, Ltd. ADR
     83,000       1,354,560  
ASM Pacific Technology, Ltd.
     298,000       1,065,387  
SINA Corp. **
     26,600       982,072  
Lenovo Group, Ltd.
     2,667,000       926,048  
Asia Satellite Telecommunications Holdings, Ltd.
     416,900       809,572  
TPV Technology, Ltd.
     1,152,000       677,782  
TCL International Holdings, Ltd.
     2,352,000       657,874  
Tencent Holdings, Ltd. **
     803,000       609,276  
BYD Co., Ltd. H Shares
     185,000       525,788  
Comba Telecom Systems Holdings, Ltd.
     1,156,000       516,606  
 
              
Total China/Hong Kong
             8,124,965  
 
 
                
SOUTH KOREA: 18.50%
                
Samsung Electronics Co., Ltd.
     4,048       1,677,497  
NCSoft Corp. **
     13,463       1,219,824  
LG Life Sciences, Ltd. **
     26,212       909,983  
NHN Corp.
     10,638       892,841  
SK Telecom Co., Ltd.
     4,359       823,159  
Amotech Co., Ltd.
     36,853       425,294  
Mtekvision Co., Ltd. **
     13,434       399,753  
LG.Philips LCD Co., Ltd. ADR **
     22,900       392,735  
Kumho Electric, Inc.
     5,947       159,948  
Sanghwa Micro Technology, Inc.
     5,350       44,749  
 
              
Total South Korea
             6,945,783  
 
 
                
TAIWAN: 11.70%
                
Hon Hai Precision Industry Co., Ltd.
     345,492       1,393,761  
Taiwan Semiconductor Manufacturing Co., Ltd.
     743,466       1,091,263  
Quanta Computer, Inc.
     452,386       737,014  
LITE-ON IT Corp.
     309,300       662,271  
Sunplus Technology Co., Ltd.
     364,595       509,132  
 
              
Total Taiwan
             4,393,441  
 
INDIA: 5.64%
                
Infosys Technologies, Ltd.
     29,118       1,406,061  
Wipro, Ltd.
     41,400       712,938  
 
              
Total India
             2,118,999  
 
 
                
THAILAND: 5.03%
                
Advanced Info Service Public Co., Ltd.
     535,100       1,330,622  
Shin Satellite Public Co., Ltd.
     1,241,800       557,723  
 
              
Total Thailand
             1,888,345  
 
 
                
INDONESIA: 3.38%
                
PT Telekomunikasi Indonesia ADR
     57,200       1,268,696  
 
              
Total Indonesia
             1,268,696  
 
             
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Table of Contents

                         
     MATTHEWS ASIAN TECHNOLOGY FUND
  
November 30, 2004     		                

SCHEDULE OF INVESTMENTS (unaudited) (continued)

EQUITIES: (continued)

                 
    SHARES     VALUE  
 
SINGAPORE: 3.08%
                
Venture Corp., Ltd.
     119,600     $ 1,154,567  
 
              
Total Singapore
             1,154,567  
 
 
                
AUSTRALIA: 0.69%
                
Novogen, Ltd. **
     60,532       256,438  
 
              
Total Australia
             256,438  
 
 
                
TOTAL INVESTMENTS: 99.01%
             37,169,909  
(Cost $33,324,947**)
                
 
                
CASH AND OTHER ASSETS, LESS LIABILITIES: 0.99%
             372,376  
 
              
 
                
NET ASSETS: 100.00%
           $ 37,542,285  
 
           
 
*
   As a percentage of net assets as of November 30, 2004        
**
   Non - income producing security        
***
   Cost of investments is $33,324,947 and net unrealized appreciation consists of:        
 
   Gross unrealized appreciation   $ 6,338,149  
 
   Gross unrealized depreciation     (2,493,187 )
 
          
 
   Net unrealized appreciation   $ 3,844,962  
 
          
ADR
   American Depositary Receipt        

See accompanying notes to Schedules of Investments.

             
MATTHEWS ASIAN FUNDS
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Table of Contents

                         
      MATTHEWS ASIA PACIFIC FUND
  
November 30, 2004     		                

SCHEDULE OF INVESTMENTS (unaudited)

EQUITIES: 97.77%*

                 
    SHARES     VALUE  
 
JAPAN: 37.40%
                
Ito En, Ltd.
     45,600     $ 2,257,930  
Sharp Corp.
     136,000       2,186,955  
Matsushita Electric Industrial Co., Ltd.
     146,000       2,174,483  
Mizuho Financial Group, Inc.
     491       2,139,871  
Secom Co., Ltd.
     52,000       2,058,855  
Seven-Eleven Japan Co., Ltd.
     67,000       2,046,598  
The Sumitomo Trust and Banking Co., Ltd.
     294,000       1,962,002  
Nintendo Co., Ltd.
     14,700       1,770,378  
Shimano, Inc.
     66,600       1,755,786  
Nomura Holdings, Inc.
     108,000       1,520,268  
Makita Corp.
     97,000       1,501,308  
Niws Co., Ltd.
     617       1,500,559  
Canon, Inc. ADR
     29,400       1,474,998  
Gulliver International Co., Ltd.
     12,470       1,466,631  
Monex Beans Holdings, Inc.**
     1,472       1,460,616  
T&D Holdings, Inc. **
     31,180       1,455,946  
Nissin Healthcare Food Service Co., Ltd.
     76,150       1,407,510  
Toppan Forms Co., Ltd.
     114,500       1,370,057  
Fuji Television Network, Inc.
     573       1,215,176  
Yamaha Corp.
     76,200       1,077,082  
NTT DoCoMo, Inc.
     454       790,564  
Honda Motor Co., Ltd.
     13,200       633,066  
Honda Motor Co., Ltd. ADR
     24,100       577,195  
Nippon Telegraph and Telephone Corp. ADR
     24,400       546,316  
Nippon Telegraph and Telephone Corp.
     102       458,427  
NTT DoCoMo, Inc. ADR
     21,400       371,504  
 
              
Total Japan
             37,180,081  
 
 
                
CHINA/HONG KONG: 21.98%
                
Swire Pacific, Ltd. A Shares
     264,000       2,121,928  
Dah Sing Financial Group
     256,400       2,003,138  
Giordano International, Ltd.
     3,164,000       1,993,789  
ASM Pacific Technology, Ltd.
     425,000       1,519,428  
Lenovo Group, Ltd.
     4,162,000       1,445,148  
PICC Property and Casualty Co., Ltd. H Shares **
     3,554,000       1,336,872  
Shangri-La Asia, Ltd.
     930,000       1,190,015  
China Travel International Investment HK, Ltd.
     3,922,000       1,185,283  
SINA Corp. **
     31,600       1,166,672  
BYD Co., Ltd. H Shares
     384,000       1,091,365  
China Mobile HK, Ltd. ADR
     66,800       1,090,176  
Sun Hung Kai Properties, Ltd.
     102,000       1,013,317  
Sa Sa International Holdings, Ltd.
     1,936,000       970,994  
Hong Kong and China Gas Co., Ltd.
     470,000       970,107  
Denway Motors, Ltd.
     1,928,000       694,243  
Cosco Pacific, Ltd.
     360,000       645,837  
China Telecom Corp., Ltd. H Shares
     1,742,000       644,069  
China Pharmaceutical Group, Ltd.
     1,962,000       504,633  
China Mobile HK, Ltd.
     80,500       263,469  
 
              
Total China/Hong Kong
             21,850,483  
 
 
                
SOUTH KOREA: 13.88%
                
S1 Corp.
     65,640       2,128,526  
AmorePacific Corp.
     7,540       1,459,819  
Samsung Electronics Co., Ltd.
     3,410       1,413,109  
Kookmin Bank ADR **
     35,540       1,331,328  
LG Home Shopping, Inc.
     23,522       1,321,360  
NCsoft Corp. **
     12,380       1,121,698  
SK Telecom Co., Ltd. ADR
     46,200       1,039,962  
Hyundai Motor Co.
     20,180       993,122  
Shinhan Financial Group Co., Ltd.
     46,400       971,369  
Nong Shim Co., Ltd.
     4,470       954,964  
Samsung Fire & Marine Insurance Co., Ltd.
     9,130       683,553  
Kookmin Bank **
     9,920       377,499  
 
              
Total South Korea
             13,796,309  
 
             
MATTHEWS ASIAN FUNDS
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Table of Contents

                         
     MATTHEWS ASIA PACIFIC FUND
  
November 30, 2004     		                

SCHEDULE OF INVESTMENTS (unaudited) (continued)

EQUITIES: (continued)

                 
    SHARES     VALUE  
 
SINGAPORE: 6.78%
                
Hyflux, Ltd.
     1,111,875     $ 1,834,217  
DBS Group Holdings, Ltd.
     189,700       1,831,282  
Venture Corp., Ltd.
     164,600       1,588,978  
Fraser and Neave, Ltd.
     166,800       1,487,921  
 
              
Total Singapore
             6,742,398  
 
 
                
AUSTRALIA: 4.67%
                
AXA Asia Pacific Holdings, Ltd.
     556,307       1,730,864  
Australia and New Zealand Banking Group, Ltd.
     102,823       1,599,590  
BHP Billiton, Ltd.
     109,548       1,313,219  
 
              
Total Australia
             4,643,673  
 
 
                
THAILAND: 3.94%
                
Advanced Info Service Public Co., Ltd.
     809,000       2,011,723  
Bangkok Bank Public Co., Ltd.
     658,100       1,903,664  
 
              
Total Thailand
             3,915,387  
 
 
                
INDIA: 3.14%
                
HDFC Bank, Ltd.
     114,104       1,270,301  
Dr. Reddy’s Laboratories, Ltd.
     60,293       1,075,964  
Hero Honda Motors, Ltd.
     70,000       775,129  
 
              
Total India
             3,121,394  
 
 
                
INDONESIA: 2.79%
                
PT Ramayana Lestari Sentosa
     14,909,000       1,408,072  
PT Astra International
     1,367,500       1,367,500  
 
              
Total Indonesia
             2,775,572  
 
 
                
TAIWAN: 2.22%
                
Hon Hai Precision Industry Co., Ltd.
     545,549       2,200,818  
 
              
Total Taiwan
             2,200,818  
 
 
                
UNITED KINGDOM: 0.97%
                
HSBC Holdings PLC ADR
     11,300       964,794  
 
              
Total United Kindom
             964,794  
 
 
                
TOTAL INVESTMENTS: 97.77%
             97,190,909  
(Cost $88,273,544***)
                
 
                
CASH AND OTHER ASSETS, LESS LIABILITIES: 2.23%
             2,219,483  
 
              
 
                
NET ASSETS: 100.00%
           $ 99,410,392  
 
             
   
*
   As a percentage of net assets as of November 30, 2004      
**
   Non - income producing security      
***
   Cost of investments is $88,273,544 and net unrealized appreciation consists of:      
 
   Gross unrealized appreciation $ 11,665,110  
 
   Gross unrealized depreciation   (2,747,745 )
 
          
 
   Net unrealized appreciation $ 8,917,365  
 
          
ADR
   American Depositary Receipt      

See accompanying notes to Schedules of Investments.

             
MATTHEWS ASIAN FUNDS
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Table of Contents

         
     NOTES TO SCHEDULES OF INVESTMENTS (unaudited)
  
November 30, 2004     
 
NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES

A. SECURITY VALUATION

The Funds’ equity securities are valued based on market quotations or at fair value as determined in good faith by or under the direction of the Board of Trustees when no market quotations are available or when market quotations have become unreliable. The Board of Trustees has delegated the responsibility of making fair value determinations to the Advisor’s Pricing Committee, subject to the Funds’ Pricing Policies. The Board has retained a third-party pricing service, which may be utilized by the Pricing Committee under circumstances described in the Pricing Policies to provide fair value prices for certain securities held by the Funds. When fair value pricing is employed, the prices of securities used by a Fund to calculate its NAV differ from quoted or published prices for the same securities for that day. All fair value determinations are made subject to the Board’s oversight.

Market values for equity securities are determined based on the last sale price on the principal exchange or over-the-counter market on which the security is traded. If a reliable last sale price is not available, market values for equity securities are determined using the mean between the last available bid and asked price. Securities are valued through valuations obtained from a commercial pricing service or at the most recent mean of the bid and asked prices provided by investment dealers in accordance with procedures established by the Board of Trustees.

Foreign securities are valued as of the close of trading on the primary exchange on which they trade. The value is then converted to U.S. dollars using current exchange rates and in accordance with the Pricing Policies.

Foreign currency exchange rates are generally determined prior to the close of trading on the New York Stock Exchange, Inc. (“NYSE”). Occasionally, events affecting the value of foreign investments and such exchange rates occur between the time at which they are determined and the close of trading on the NYSE. Such events would not normally be reflected in a calculation of a Funds’ NAV on that day. If events that materially affect value of the Funds’ foreign investments or the foreign currency exchange rates occur during such period, the investments will be valued at their fair value as described above.

Foreign securities held by the Funds may be traded on days and at times when the NYSE is closed. Accordingly, the NAV of the Funds may be significantly affected on days when shareholders have no access to the Funds. For valuation purposes, quotations of foreign portfolio securities, other assets and liabilities, and forward contracts stated in foreign currency are translated into U.S.-dollar equivalents at the prevailing market rates.

B. TAX INFORMATION

Under current tax law, capital and currency losses realized after October 31 and prior to the Fund’s fiscal year end may be deferred as occurring on the first day of the following fiscal year. Post October losses at fiscal year end August 31, 2004 were as follows:
                 
    POST     POST  
    OCTOBER     OCTOBER  
    CAPITAL     CURRENCY  
    LOSSES     LOSSES  
Matthews Pacific Tiger Fund
   $ —       ($175,251 )
Matthews Asian Growth and Income Fund
     —       (143,631 )
Matthews Korea Fund
     —       (79,593 )
Matthews China Fund
     —       (804 )
Matthews Japan Fund
     —       (12,059 )
Matthews Asian Technology Fund
     —       (22,563 )
Matthews Asia Pacific Fund
     (186,256 )     (14,257 )

For Federal income tax purposes, the Funds indicated below have capital loss carryforwards as of August 31, 2004, which expire in the year indicated, and are available to offset future capital gains, if any:

                                                 
LOSSES DEFERRED EXPIRING IN:   2008     2009     2010     2011     TOTAL          
     
Matthews Pacific Tiger Fund
   $ —     $ —     $ —     $ 700,600     $ 700,600          
Matthews Japan Fund
     —       —       2,904,723       3,614,216       6,518,939          
Matthews Asian Technology Fund
     246,390       5,375,361       5,967,059       3,461,198       15,050,008          

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

             
MATTHEWS ASIAN FUNDS
  800.789.ASIA [2742]   www.matthewsfunds.com   19

 

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Item 2. Controls and Procedures.

  (a)   The registrant’s principal executive and principal financial officers, or persons performing similar functions, 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))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).
 
  (b)   There were no changes in the 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 pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

 

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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/ G. Paul Matthews
   
       G. Paul Matthews, President
       (principal executive officer)
     
Date
                 January 18, 2005
   

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/ G. Paul Matthews
   
       G. Paul Matthews, President
       (principal executive officer)
     
Date
                 January 18, 2005
   
     
By (Signature and Title)*
       /s/ Rodney D. Yee
   
       Rodney D. Yee, Treasurer
       (principal financial officer)
     
Date
                 January 18, 2005
   

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