Matthews Asia Growth Fund	March 31, 2021
Schedule of Investmentsa (unaudited)

COMMON EQUITIES: 97.3%

	Shares		Value
CHINA/HONG KONG: 45.4%
Bilibili, Inc. ADRb		1,147,000		$122,797,820
Wuxi Biologics Cayman, Inc.b,c,d		8,236,000		103,862,189
BeiGene, Ltd. ADRb		224,200		78,039,536
Innovent Biologics, Inc.b,c,d		6,984,500		71,431,987
XPeng, Inc. ADRb		1,716,275		62,661,200
Shenzhou International Group Holdings, Ltd.		2,365,300		49,473,919
Burning Rock Biotech, Ltd. ADRb		1,528,948		41,159,280
Baozun, Inc. ADRb		1,054,700		40,226,258
Shimao Services Holdings, Ltd.b,c,d		16,742,000		36,997,578
Shenzhen Inovance Technology Co., Ltd. A Shares		2,817,075		36,880,450
Alibaba Group Holding, Ltd.b		1,173,600		33,345,058
InnoCare Pharma, Ltd.b,c,d		13,816,000		32,476,191
Silergy Corp.		345,000		28,456,140
Hansoh Pharmaceutical Group Co., Ltd.b,c,d		5,620,000		26,959,144
RemeGen Co., Ltd. H Sharesb,c,d		2,011,000		25,155,856
JD Health International, Inc.b,c,d		1,437,400		20,909,687
Hangzhou Tigermed Consulting Co., Ltd. H Sharesb,c,d		1,023,000		20,372,636
Jiangsu Hengrui Medicine Co., Ltd. A Shares		1,434,048		20,216,790
Chindata Group Holdings, Ltd. ADRb		1,094,700		18,106,338
Jacobio Pharmaceuticals Group Co., Ltd.b,c,d		8,477,400		17,601,726
Peijia Medical, Ltd.b,c,d		5,343,000		17,089,412
Alphamab Oncologyb,c,d		11,510,000		16,766,082
AK Medical Holdings, Ltd.c,d		11,702,000		14,971,704
KE Holdings, Inc. ADRb		253,067		14,419,758
Adagene, Inc. ADRb		753,700		13,528,915
Cloopen Group Holding, Ltd. ADRb		964,000		13,235,720
Yatsen Holding, Ltd. ADRb		1,044,900		12,904,515
Kuaishou Technologyb,c,d		367,000		12,746,170
JW Cayman Therapeutics Co., Ltd.b,c,d		2,715,000		10,929,543
Total China/Hong Kong				1,013,721,602
JAPAN: 26.7%
Sony Corp.		679,300		71,892,679
SoftBank Group Corp.b		552,400		47,030,031
Nintendo Co., Ltd.		74,900		42,216,301
Nidec Corp.		289,200		35,261,529
Terumo Corp.		921,900		33,362,018
Shin-Etsu Chemical Co., Ltd.		193,200		32,728,153
Advantest Corp.		369,300		32,436,434
Daiichi Sankyo Co., Ltd.		951,000		27,746,162
M3, Inc.		400,400		27,486,688
Nitori Holdings Co., Ltd.		140,300		27,176,712
Sansan, Inc.b		299,800		25,879,733
PeptiDream, Inc.b		555,300		25,437,695
Keyence Corp.		55,500		25,294,471
Hikari Tsushin, Inc.		121,500		24,496,444
HEALIOS KKb		1,243,200		18,789,245
Freee KKb		218,700		18,684,705
Sysmex Corp.		168,900		18,231,685
Chugai Pharmaceutical Co., Ltd.		427,900		17,387,220
Japan Elevator Service Holdings Co., Ltd.		805,200		17,351,733
Nihon M&A Center, Inc.		629,400		17,071,582
Sosei Group Corp.b		550,900		9,844,799

	Shares		Value
Appier Group, Inc.b		124,800		$1,814,658
Total Japan				597,620,677
INDIA: 9.4%
HDFC Bank, Ltd.b		2,837,251		58,077,799
Bajaj Finance, Ltd.		655,186		46,384,807
Reliance Industries, Ltd.		1,361,517		37,436,580
Avenue Supermarts, Ltd.b,c,d		789,988		30,950,983
Dabur India, Ltd.		3,753,077		27,790,809
Dr. Lal PathLabs, Ltd.c,d		269,487		9,991,102
Total India				210,632,080
UNITED STATES: 4.0%
Schrodinger, Inc.b		392,000		29,905,680
Terns Pharmaceuticals, Inc.b		1,071,421		23,571,262
Legend Biotech Corp. ADRb		771,938		22,401,641
Turning Point Therapeutics, Inc.b		135,900		12,854,781
Total United States				88,733,364
AUSTRALIA: 3.4%
CSL, Ltd.		194,746		39,358,923
Oil Search, Ltd.		11,936,340		37,319,973
Total Australia				76,678,896
INDONESIA: 3.2%
PT Bank Rakyat Indonesia Persero		205,971,900		62,488,644
PT Mayora Indah		54,105,900		9,765,733
Total Indonesia				72,254,377
TAIWAN: 1.9%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		360,300		42,616,284
Total Taiwan				42,616,284
SINGAPORE: 1.5%
Sea, Ltd. ADRb		151,800		33,886,314
Total Singapore				33,886,314
VIETNAM: 0.7%
Vietnam Dairy Products JSC		3,739,910		15,983,710
Total Vietnam				15,983,710
SWITZERLAND: 0.7%
ADC Therapeutics SAb		607,800		14,836,398
Total Switzerland				14,836,398
BANGLADESH: 0.4%
BRAC Bank, Ltd.		16,492,536		7,912,766
Total Bangladesh				7,912,766

1 MATTHEWS ASIA FUNDS

Matthews Asia Growth Fund	March 31, 2021
Schedule of Investmentsa (unaudited) (continued)

COMMON EQUITIES (continued)

	Shares		Value
SRI LANKA: 0.0%
Sampath Bank PLC		1,828,814		$495,445
Total Sri Lanka				495,445
TOTAL INVESTMENTS: 97.3%				2,175,371,913
(Cost $1,463,395,327)
CASH AND OTHER ASSETS,
LESS LIABILITIES: 2.7%				60,040,182
NET ASSETS: 100.0%				$2,235,412,095

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

b Non-income producing security.

c Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Funds’ Board of Trustees. At March 31, 2021, the aggregate value is $469,211,990, which is 20.99% of net assets.

d 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

JSC Joint Stock Co.

Other information regarding the Fund is available in the Funds’ most recent report to shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

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