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

COMMON EQUITIES: 96.5%

	Shares		Value
INFORMATION TECHNOLOGY: 20.0%
Electronic Equipment, Instruments & Components: 8.5%
TDK Corp.		428,400		$59,636,601
Ibiden Co., Ltd.		965,000		44,585,039
Keyence Corp.		76,300		34,774,201
				138,995,841
Semiconductors & Semiconductor Equipment: 4.5%
Advantest Corp.		556,400		48,869,840
Disco Corp.		76,700		24,237,509
				73,107,349
Software: 3.9%
Sansan, Inc.b		244,700		21,123,317
Freee KKb		219,900		18,787,228
Oracle Corp. Japan		159,300		15,594,732
Appier Group, Inc.b		566,100		8,231,393
				63,736,670
IT Services: 3.1%
OBIC Co., Ltd.		206,100		37,817,624
Hennge KKb		177,900		11,962,120
				49,779,744
Total Information Technology				325,619,604
CONSUMER DISCRETIONARY: 18.3%
Household Durables: 5.1%
Sony Corp.		786,200		83,206,277
Multiline Retail: 4.4%
Pan Pacific International Holdings Corp.		1,868,700		44,109,568
Marui Group Co., Ltd.		1,430,800		26,967,271
				71,076,839
Specialty Retail: 3.8%
Nitori Holdings Co., Ltd.		226,800		43,932,133
Hikari Tsushin, Inc.		86,400		17,419,694
				61,351,827
Leisure Products: 2.6%
Bandai Namco Holdings, Inc.		345,200		24,677,465
Roland Corp.		516,300		18,627,951
				43,305,416
Auto Components: 2.4%
Toyota Industries Corp.		437,200		39,067,950
Total Consumer Discretionary				298,008,309
INDUSTRIALS: 18.1%
Professional Services: 6.5%
Recruit Holdings Co., Ltd.		1,218,200		59,821,190
SMS Co., Ltd.		877,800		26,877,720
Nihon M&A Center, Inc.		699,600		18,975,657
				105,674,567
Machinery: 6.3%
SMC Corp.		96,700		56,316,172

	Shares		Value
FANUC Corp.		192,700		$46,326,453
				102,642,625
Building Products: 3.7%
AGC, Inc.		765,500		32,131,911
Daikin Industries, Ltd.		140,000		28,302,233
				60,434,144
Electrical Equipment: 1.6%
Nidec Corp.		209,400		25,531,688
Total Industrials				294,283,024
HEALTH CARE: 13.1%
Health Care Equipment & Supplies: 7.6%
Hoya Corp.		347,300		40,876,109
Olympus Corp.		1,801,100		37,361,832
Terumo Corp.		806,000		29,167,791
Sysmex Corp.		145,600		15,716,598
				123,122,330
Health Care Technology: 2.2%
JMDC, Inc.b		423,600		19,975,892
M3, Inc.		230,200		15,802,786
				35,778,678
Pharmaceuticals: 1.9%
Daiichi Sankyo Co., Ltd.		556,400		16,233,401
Chugai Pharmaceutical Co., Ltd.		353,400		14,359,999
				30,593,400
Biotechnology: 1.4%
PeptiDream, Inc.b		508,200		23,280,095
Total Health Care				212,774,503
FINANCIALS: 10.0%
Diversified Financial Services: 4.7%
ORIX Corp.		3,043,400		51,472,370
eGuarantee, Inc.		1,301,200		24,556,711
				76,029,081
Banks: 2.7%
Sumitomo Mitsui Financial Group, Inc.		1,215,700		44,065,845
Insurance: 2.6%
Dai-ichi Life Holdings, Inc.		2,462,700		42,333,619
Total Financials				162,428,545
COMMUNICATION SERVICES: 8.5%
Entertainment: 3.7%
Capcom Co., Ltd.		1,120,600		36,454,255
Nintendo Co., Ltd.		43,100		24,292,691
				60,746,946
Wireless Telecommunication Services: 3.1%
SoftBank Group Corp.		585,100		49,814,032
Media: 1.7%
Direct Marketing MiX, Inc.		606,800		18,636,270

1 MATTHEWS ASIA FUNDS

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

COMMON EQUITIES (continued)

	Shares		Value
Kadokawa Corp.		219,200		$8,531,798
				27,168,068
Total Communication Services				137,729,046
MATERIALS: 7.5%
Chemicals: 7.5%
Shin-Etsu Chemical Co., Ltd.		525,000		88,935,200
Sumitomo Bakelite Co., Ltd.		809,700		33,207,228
Total Materials				122,142,428
CONSUMER STAPLES: 1.0%
Food Products: 1.0%
Morinaga Milk Industry Co., Ltd.		301,500		15,832,872
Total Consumer Staples				15,832,872
TOTAL INVESTMENTS: 96.5%				1,568,818,331
(Cost $1,246,778,285)
CASH AND OTHER ASSETS,
LESS LIABILITIES: 3.5%				56,639,289
NET ASSETS: 100.0%				$1,625,457,620

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

b Non-income producing security.

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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