| Matthews Emerging Markets Small Companies Fund | September 30, 2023 | |||
| Schedule of Investmentsa (unaudited) | ||||
COMMON EQUITIES: 95.9%
| Shares | Value | |||||||
CHINA/HONG KONG: 28.9% |
| |||||||
Legend Biotech Corp. ADRb | 393,279 | $26,416,550 | ||||||
Full Truck Alliance Co., Ltd. ADRb | 3,186,912 | 22,435,861 | ||||||
Airtac International Group | 497,431 | 15,113,277 | ||||||
Zhihu, Inc. ADRb | 11,017,398 | 11,458,094 | ||||||
Silergy Corp. | 1,061,000 | 10,057,044 | ||||||
Medlive Technology Co., Ltd.c,d | 9,699,500 | 9,751,771 | ||||||
Tongcheng Travel Holdings, Ltd.b,d | 4,216,000 | 9,221,602 | ||||||
Flat Glass Group Co., Ltd. H Shares | 3,642,000 | 8,147,933 | ||||||
Xtep International Holdings, Ltd. | 7,075,500 | 6,517,017 | ||||||
SITC International Holdings Co., Ltd. | 3,232,000 | 5,422,677 | ||||||
Peijia Medical, Ltd.b,c,d | 6,090,000 | 5,417,067 | ||||||
Ginlong Technologies Co., Ltd. A Shares | 501,306 | 5,403,148 | ||||||
Beijing Capital International Airport Co., Ltd. H Sharesb | 9,650,000 | 4,462,833 | ||||||
Hainan Meilan International Airport Co., Ltd. H Sharesb | 4,416,000 | 4,041,722 | ||||||
Innovent Biologics, Inc.b,c,d | 770,500 | 3,742,538 | ||||||
AK Medical Holdings, Ltd.c,d | 4,246,000 | 3,570,926 | ||||||
Morimatsu International Holdings Co., Ltd.b,d | 4,498,000 | 3,271,792 | ||||||
Hongfa Technology Co., Ltd. A Shares | 691,200 | 3,188,464 | ||||||
OPT Machine Vision Tech Co., Ltd. A Shares | 196,467 | 3,061,133 | ||||||
Zhejiang HangKe Technology, Inc. Co. A Shares | 744,920 | 2,684,343 | ||||||
Centre Testing International Group Co., Ltd. A Shares | 865,974 | 2,220,858 | ||||||
Ginlong Technologies Co., Ltd. A Shares | 163,310 | 1,761,831 | ||||||
Centre Testing International Group Co., Ltd. A Shares | 585,338 | 1,499,737 | ||||||
CIFI Ever Sunshine Services Group, Ltd.d | 8,858,000 | 1,326,970 | ||||||
Total China/Hong Kong |
| 170,195,188 | ||||||
INDIA: 22.9% |
| |||||||
Bandhan Bank, Ltd.c,d | 12,303,586 | 37,159,408 | ||||||
Shriram Finance, Ltd. | 1,552,499 | 35,827,483 | ||||||
Finolex Cables, Ltd. | 1,078,159 | 14,521,824 | ||||||
Phoenix Mills, Ltd. | 652,201 | 14,249,796 | ||||||
Barbeque Nation Hospitality, Ltd.b | 751,179 | 6,694,245 | ||||||
Radico Khaitan, Ltd. | 433,480 | 6,271,787 | ||||||
UNO Minda, Ltd. | 792,352 | 5,708,455 | ||||||
Hindware Home Innovation, Ltd. | 728,123 | 4,820,585 | ||||||
Rainbow Children’s Medicare, Ltd. | 339,905 | 4,202,751 | ||||||
HEG, Ltd. | 177,008 | 3,664,466 | ||||||
Marico, Ltd. | 246,585 | 1,664,739 | ||||||
Cartrade Tech, Ltd.b | 26,646 | 176,071 | ||||||
Total India |
| 134,961,610 | ||||||
TAIWAN: 10.1% |
| |||||||
M31 Technology Corp. | 447,702 | 11,149,137 | ||||||
Elite Material Co., Ltd. | 731,000 | 9,721,778 | ||||||
Andes Technology Corp. | 683,000 | 8,398,009 | ||||||
Yageo Corp. | 424,124 | 6,906,357 | ||||||
Poya International Co., Ltd. | 452,506 | 6,760,618 | ||||||
Wiwynn Corp. | 126,000 | 5,875,461 | ||||||
ASPEED Technology, Inc. | 60,000 | 5,168,546 | ||||||
Formosa Sumco Technology Corp. | 731,000 | 3,254,800 | ||||||
AP Memory Technology Corp. | 188,000 | 2,238,175 | ||||||
Total Taiwan |
| 59,472,881 | ||||||
| Shares | Value | |||||||
BRAZIL: 7.5% |
| |||||||
YDUQS Participacoes SA | 4,721,400 | $ | 18,663,739 | |||||
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | 7,756,900 | 15,046,061 | ||||||
Vivara Participacoes SA | 1,061,700 | 5,673,327 | ||||||
Grupo SBF SA | 3,709,900 | 5,033,575 | ||||||
Total Brazil |
| 44,416,702 | ||||||
SOUTH KOREA: 6.6% |
| |||||||
Hugel, Inc.b | 208,295 | 19,244,953 | ||||||
Eugene Technology Co., Ltd. | 328,680 | 9,358,341 | ||||||
Ecopro BM Co., Ltd. | 30,151 | 5,632,301 | ||||||
Solus Advanced Materials Co., Ltd. | 216,643 | 4,676,104 | ||||||
Total South Korea |
| 38,911,699 | ||||||
VIETNAM: 5.0% |
| |||||||
Military Commercial Joint Stock Bank | 12,309,280 | 9,343,168 | ||||||
Mobile World Investment Corp. | 4,206,714 | 9,083,252 | ||||||
FPT Corp. | 1,979,423 | 7,545,905 | ||||||
Nam Long Investment Corp. | 2,386,132 | 3,421,363 | ||||||
Total Vietnam |
| 29,393,688 | ||||||
CHILE: 3.8% |
| |||||||
Parque Arauco SA | 7,244,351 | 10,415,920 | ||||||
Lundin Mining Corp. | 663,000 | 4,944,738 | ||||||
Aguas Andinas SA Class A | 12,721,367 | 3,836,130 | ||||||
Banco de Credito e Inversiones SA | 114,681 | 2,936,680 | ||||||
Total Chile |
| 22,133,468 | ||||||
PHILIPPINES: 2.5% |
| |||||||
GT Capital Holdings, Inc. | 788,780 | 7,933,960 | ||||||
Cebu Air, Inc.b | 11,291,900 | 6,785,997 | ||||||
Total Philippines |
| 14,719,957 | ||||||
SAUDI ARABIA: 2.3% |
| |||||||
Saudi Tadawul Group Holding Co. | 259,327 | 13,355,991 | ||||||
Total Saudi Arabia |
| 13,355,991 | ||||||
INDONESIA: 1.8% |
| |||||||
PT Mitra Adiperkasa Tbk | 47,495,800 | 5,593,165 | ||||||
PT Summarecon Agung Tbk | 131,513,116 | 4,886,581 | ||||||
Total Indonesia |
| 10,479,746 | ||||||
POLAND: 1.3% |
| |||||||
InPost SAb | 647,686 | 7,508,300 | ||||||
Total Poland |
| 7,508,300 | ||||||
THAILAND: 1.0% |
| |||||||
Siam Wellness Group Public Co., Ltd. F Sharesb | 17,244,600 | 6,078,181 | ||||||
Total Thailand |
| 6,078,181 | ||||||
TURKEY: 0.7% |
| |||||||
Ford Otomotiv Sanayi AS | 142,109 | 4,356,867 | ||||||
Total Turkey |
| 4,356,867 | ||||||
| matthewsasia.com | 800.789.ASIA | 1 |
| Matthews Emerging Markets Small Companies Fund | September 30, 2023 | |||
| Schedule of Investmentsa (unaudited) (continued) | ||||
| COMMON EQUITIES (continued) |
| |||||||
| Shares | Value | |||||||
UNITED ARAB EMIRATES: 0.6% |
| |||||||
Network International Holdings PLCb,c,d | 770,137 | $3,666,492 | ||||||
Total United Arab Emirates |
| 3,666,492 | ||||||
BANGLADESH: 0.5% |
| |||||||
BRAC Bank, Ltd. | 9,498,906 | 2,800,131 | ||||||
Total Bangladesh |
| 2,800,131 | ||||||
MEXICO: 0.4% |
| |||||||
Banco del Bajio SAc,d | 796,800 | 2,505,959 | ||||||
Total Mexico |
| 2,505,959 | ||||||
RUSSIA: 0.0% |
| |||||||
Moscow Exchange MICEX-RTS PJSCe | 2,101,250 | 21,540 | ||||||
TCS Group Holding PLC GDRb,d,e | 62,962 | 1,259 | ||||||
HeadHunter Group PLC ADRb,e | 15,800 | 316 | ||||||
Total Russia |
| 23,115 | ||||||
TOTAL COMMON EQUITIES |
| 564,979,975 | ||||||
(Cost $545,830,305) | ||||||||
PREFERRED EQUITIES: 1.6% | ||||||||
BRAZIL: 1.6% | ||||||||
Banco Pan SA, Pfd. | 5,972,500 | 9,600,581 | ||||||
Total Brazil |
| 9,600,581 | ||||||
TOTAL PREFERRED EQUITIES | 9,600,581 | |||||||
(Cost $9,168,254) | ||||||||
RIGHTS: 0.0% | ||||||||
CHILE: 0.0% | ||||||||
Banco de Credito e Inversiones SA, Rights, Expires 10/17/23b | 16,892 | 14,133 | ||||||
Total Chile |
| 14,133 | ||||||
TOTAL RIGHTS |
| 14,133 | ||||||
(Cost $0) | ||||||||
TOTAL INVESTMENTS: 97.5% | 574,594,689 | |||||||
(Cost $554,998,559) | ||||||||
CASH AND OTHER ASSETS, | ||||||||
LESS LIABILITIES: 2.5% | 14,653,101 | |||||||
NET ASSETS: 100.0% | $589,247,790 | |||||||
| 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 September 30, 2023, the aggregate value is $65,814,161, which is 11.17% 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. |
| e | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. The aggregate value of Level 3 security is $23,115 and 0.00% of net assets. |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| Pfd. | Preferred |
| PJSC | Public 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).
| 2 | MATTHEWS ASIA FUNDS |