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

COMMON EQUITIES: 95.7%

	Shares		Value
CHINA/HONG KONG: 36.3%
Silergy Corp.		109,000		$8,990,491
SITC International Holdings Co., Ltd.		2,089,000		7,109,506
Innovent Biologics, Inc.b,c,d		591,500		6,049,398
Ginlong Technologies Co., Ltd. A Shares		257,110		5,968,201
Airtac International Group		160,000		5,707,214
Peijia Medical, Ltd.b,c,d		1,627,000		5,203,907
Centre Testing International Group Co., Ltd. A Shares		949,174		4,136,373
ASM Pacific Technology, Ltd.		269,200		3,445,140
Yantai China Pet Foods Co., Ltd. A Shares		449,300		3,060,508
Hua Hong Semiconductor, Ltd.b,c,d		460,000		2,530,207
Daqo New Energy Corp. ADRc		32,000		2,416,000
Asymchem Laboratories (Tianjin) Co., Ltd. A Shares		49,114		2,171,813
Flat Glass Group Co., Ltd. H Shares		698,000		2,131,106
Kingdee International Software Group Co., Ltd.		673,000		2,110,521
Hongfa Technology Co., Ltd. A Shares		264,400		1,996,099
OPT Machine Vision Tech Co., Ltd. A Sharesc		52,973		1,921,736
RemeGen Co., Ltd. H Sharesb,c,d		151,500		1,895,133
Jiumaojiu International Holdings, Ltd.b,c,d		456,000		1,828,074
Yihai International Holding, Ltd.		168,000		1,752,798
AK Medical Holdings, Ltd.b,d		1,304,000		1,668,356
Winning Health Technology Group Co., Ltd. A Shares		651,280		1,638,508
Jacobio Pharmaceuticals Group Co., Ltd.b,c,d		759,900		1,577,789
Provident Acquisition Corp.c		150,000		1,524,000
Ever Sunshine Lifestyle Services Group, Ltd.d		592,000		1,496,981
Sichuan Teway Food Group Co., Ltd. A Shares		189,410		1,398,838
Pharmaron Beijing Co., Ltd. H Sharesb,d		68,500		1,302,173
Yidu Tech, Inc.b,c,d		273,000		1,246,639
Chindata Group Holdings, Ltd. ADRc		75,200		1,243,808
InnoCare Pharma, Ltd.b,c,d		449,000		1,055,429
Total China/Hong Kong				84,576,746
INDIA: 23.7%
Shriram City Union Finance, Ltd.		597,909		11,178,067
Phoenix Mills, Ltd.c		707,606		7,588,776
Dr. Lal PathLabs, Ltd.b,d		141,286		5,238,111
Marico, Ltd.		811,880		4,578,371
Ashok Leyland, Ltd.		2,724,103		4,248,692
Lemon Tree Hotels, Ltd.b,c,d		8,322,730		4,230,968
Galaxy Surfactants, Ltd.d		111,515		3,890,065
Finolex Cables, Ltd.		715,944		3,745,559
Indian Railway Catering & Tourism Corp., Ltd.		126,809		3,047,353
Crompton Greaves Consumer Electricals, Ltd.		443,924		2,387,117
GMR Infrastructure, Ltd.c		6,885,633		2,295,324
IFB Industries, Ltd.c		114,523		1,746,018
Shankara Building Products, Ltd.		162,916		917,930
Total India				55,092,351
TAIWAN: 14.4%
Andes Technology Corp.		383,000		7,822,477
Yageo Corp.		228,000		4,462,197
ASMedia Technology, Inc.		77,000		4,064,585
Accton Technology Corp.		394,000		3,830,528
Formosa Sumco Technology Corp.		736,000		3,520,617
M31 Technology Corp.		263,000		2,971,767
Sporton International, Inc.		338,000		2,914,099

	Shares		Value
Realtek Semiconductor Corp.		123,000		$2,147,228
Voltronic Power Technology Corp.		48,001		1,872,128
Total Taiwan				33,605,626
SOUTH KOREA: 9.5%
Hugel, Inc.c		40,153		6,350,786
Eugene Technology Co., Ltd.		117,101		4,636,651
Wonik IPS Co., Ltd.		92,371		4,249,818
Ecopro BM Co., Ltd.		19,244		2,790,214
Koh Young Technology, Inc.		21,921		2,235,801
KINX, Inc.		26,956		1,787,231
Total South Korea				22,050,501
INDONESIA: 4.3%
PT Bank Tabungan Negara Persero		34,396,300		4,081,119
PT Mitra Adiperkasac		62,690,100		3,192,798
PT Summarecon Agungc		40,616,100		2,637,800
Total Indonesia				9,911,717
VIETNAM: 2.4%
Nam Long Investment Corp.		1,949,055		2,962,619
FPT Corp.		406,460		1,373,147
Saigon Cargo Service Corp.		196,750		1,116,977
Total Vietnam				5,452,743
PHILIPPINES: 2.0%
Wilcon Depot, Inc.		8,215,500		3,016,284
Cebu Air, Inc.c		1,665,800		1,549,626
Total Philippines				4,565,910
THAILAND: 1.3%
Kasikornbank Public Co., Ltd.		662,900		3,082,631
Total Thailand				3,082,631
UNITED STATES: 1.1%
Legend Biotech Corp. ADRc		90,059		2,613,512
Total United States				2,613,512
SINGAPORE: 0.4%
Keppel DC, REIT		504,700		1,013,512
Total Singapore				1,013,512
MALAYSIA: 0.3%
MR DIY Group M BHDb,d		788,100		783,063
Total Malaysia				783,063
TOTAL INVESTMENTS: 95.7%				222,748,312
(Cost $169,031,791)
CASH AND OTHER ASSETS,
LESS LIABILITIES: 4.3%				9,998,931
NET ASSETS: 100.0%			$	232,747,243

1 MATTHEWS ASIA FUNDS

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

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

b Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Funds’ Board of Trustees. At March 31, 2021, the aggregate value is $34,609,247, which is 14.87% of net assets.

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.

ADR American Depositary Receipt

BHD Berhad

REIT Real Estate Investment Trust

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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