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SIGNATURE EILEEN CALIGIURI
TITLE COMP. ADMINISTRATOR
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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</TABLE>
SUB-ITEM 77B: Accountant's report on internal control
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
ON INTERNAL CONTROL STRUCTURE
The Board of Trustees
Matthews International Funds
San Francisco, California
In planning and performing our audits of the financial statements of
Matthews Pacific Tiger Fund, Matthews Asian Growth and Income Fund,
Matthews Korea Fund, Matthews Dragon Century China Fund and Matthews
Japan Fund, each a series of shares of common stock of Matthews
International Funds, for the year ended August 31, 1999, we
considered their internal control structure, including procedures for
safeguarding securities, in order to determine our auditing procedures
for the purpose of expressing our opinion on the financial statements
and to comply with the requirements of Form N-SAR, not to provide assurance
on the internal control structure.
The management of the Funds is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required
to assess the expected benefits and related costs of internal
control structure policies and procedures. Two of the objectives
of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded
against loss from unauthorized use or disposition, and that transactions
are executed in accordance with management's authorization and recorded
properly to permit preparation of financial statements in conformity with
generally accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also,
projection of any evaluation of the structure to future periods is
subject to the risk that it may become inadequate because of changes
in conditions or that the effectiveness of the design and operation may
deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control structure
that might be material weaknesses under standards established by the
American Institute of Certified Public Accountants. A material
weakness is a condition in which the design or operation of the
specific internal control structure elements does not reduce to a
relatively low level the risk that errors or irregularities in
amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the
internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses, as defined
above, as of August 31, 1999.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission, and should
not be used for any other purpose.
TAIT, WELLER & BAKER
Philadelphia, Pennsylvania
October 1, 1999
SUB-ITEM 77K: Changes in Registrant's certifying accountant
[Ernst & Young LLP Letterhead]
July 8, 1999
Mr. G. Paul Matthews, President
Matthews International Funds
456 Montgomery Street, Suite 1200
San Francisco, CA 94104
Dear Paul:
This letter confirms in writing the resignation of Ernst & Young LLP
as independent auditors of Matthews International Funds effective
June 30, 1999. Under the rules issued by the AICPA SEC Practice
Section, an auditor is required to notify a client in writing within
five business days when its business relationship is ended. The
rule applies when the auditor resigns, decides not to stand for re-
election or is dismissed. A copy of the notification should be sent
concurrently to the Chief Accountant of the SEC. (See attached
letter issued July 8, 1998.)
A regulated investment company notifies the SEC of a change in
auditors via their Form N-SAR filings. Completion of Item 77K of
the N-SAR by the Registrant notifies the SEC of the change. (See
attached instructions for this item.) In addition to indicating the
change, and the date when such new accountant was engaged, the
Registrant must furnish the SEC with a letter stating whether during
the funds two most recent fiscal years or any subsequent interim
period, there were any disagreements with the former accountant on
any matters of accounting principles or practices, financial
statement disclosure, or auditing procedure, which if not resolved
to the former accountant's satisfaction would have caused them to
make reference to the matter in their audit report.
The Registrant shall also request the former accountant to furnish
the Registrant with a letter addressed to the SEC indicating whether
they agree with the statement contained in the Registrant's letter,
and if not, stating the reasons why they disagree. (See attached
draft letter we would issue when there are no disagreements.) The
Registrant must include a copy of this letter, together with its
cover letter, as part of its Form N-SAR filing.
If you have any questions, please do not hesitate to call me at
(415) 951-3038.
Sincerely,
/s/David Sung
David Sung
Partner
[Ernst & Young LLP Letterhead]
July 8, 1999
Mr. G. Paul Matthews, President
Matthews International Funds
456 Montgomery Street, Suite 1200
San Francisco, CA 94104
Re: Matthews International Funds
SEC File #33-78960/811-8510
Dear Paul:
This is to confirm that the client-auditor relationship between
Matthews International Funds and Ernst & Young LLP has ceased
effective June 30, 1999, due to the fact that the Audit Committee
and Ernst & Young LLP could not agree upon a mutually acceptable
audit fee for the current year.
Very truly yours,
/s/Ernst & Young LLP
Ernst & Young LLP
Cc: Office of the Chief Accountant
Securities and Exchange Commission
Mail Stop 9-5
450 Fifth Street, NW
Washington, DC 20549
[Ernst & Young LLP Letterhead]
July 8, 1999
Securities and Exchange Commission
450 Fifth Street, NW
Washington, DC 20549
Re: Matthews International Funds
SEC File #33-78960/811-8510
Gentlemen:
We have read the statements made by Matthews International Funds
(copy attached), which we understand will be filed with the
Commission, pursuant to Item 77K of Form N-SAR, as part of the Funds
filing on Form N-SAR for the year ended August 31, 1999. We agree
with the statements concerning our Firm in such Form N-SAR.
Very truly yours,
/s/Ernst & Young LLP
Ernst & Young LLP
Attachment
[Ernst & Young LLP Letterhead]
On July 16, 1999, the Board of Trustees (the "Board") of Matthews
International Funds (the "Trust") accepted the resignation of Ernst
& Young LLP (E&Y) as the Trust's independent accountant, and chose
the firm of Tait, Weller & Baker to serve in that capacity. E&Y
reports on the financial statements of the Trust for the two most
recent fiscal years contained no adverse opinion, or opinions that
were qualified in any way, nor were there any disagreements with E&Y
during those periods on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope or
procedure.
[Matthews International Funds Letterhead]
July 17, 1999
Mr. David Sung
Ernst & Young LLP
555 California Street, Suite 1700
San Francisco, CA 93104
Dear Mr. David Sung:
This letter confirms in writing the acceptance of resignation
of Ernst & Young LLP as independent auditors of the Matthews
International Funds (the "Trust") effective June 30, 1999 and the
selection and engagement of Tait, Weller & Baker as independent
auditors of the Trust for the fiscal year ending August 31, 1999.
Such selection was approved by the independent Trustees of the Trust
at a Trustees' Meeting held on July 16, 1999.
During the Trust's two most recent fiscal years and through
June 30, 1999, there were no disagreements with the former
accountant on any matters of accounting principles or practices,
financial statement disclosure, or auditing procedure, which if not
resolved to the former accountant's satisfaction would have caused
them to make reference to the matter in their audit report.
In addition, the Trust states that it has had no consultations
with its new independent auditors during the two most recent fiscal
years and through June 30, 1999 regarding either (i) the application
of accounting to a specific transaction, either completed or
proposed; or the type of audit opinion that might be rendered on the
registrant's financial statements, and either a written report was
provided to the registrant or oral advice was provided that the new
accountant concluded was an important factor considered by the
registrant in reaching a decision as to the accounting, auditing or
financial reporting issue; or (ii) any matter that was either the
subject of a disagreement or a reportable event.
If you have any questions, please do not hesitate to call me
at (415) 788-7553.
Sincerely,
/s/Joseph O'Donnell
Joseph O'Donnell
Chief Operating Officer
