Matthews China Fund	September 30, 2019
Schedule of Investmentsa (unaudited)
COMMON EQUITIES: 94.8%

	Shares	Value
CONSUMER DISCRETIONARY: 27.8%
Internet & Direct Marketing Retail: 18.1%
Alibaba Group Holding, Ltd. ADRb	609,500		$101,926,685
JD.com, Inc. ADRb	1,081,379		30,505,702
Ctrip.com International, Ltd. ADRb	386,900		11,332,301
			143,764,688
Hotels, Restaurants & Leisure: 2.6%
Galaxy Entertainment Group, Ltd.	1,744,000		10,812,323
China International Travel Service Corp., Ltd. A Shares	784,878		10,232,174
			21,044,497
Household Durables: 2.5%
Midea Group Co., Ltd. A Shares	2,795,652		20,039,139
Automobiles: 2.3%
Brilliance China Automotive Holdings, Ltd.	16,930,000		18,187,367
Specialty Retail: 1.6%
Zhongsheng Group Holdings, Ltd.	4,147,500		13,103,506
Diversified Consumer Services: 0.7%
China East Education Holdings, Ltd.b,c,d	2,963,000		5,408,312
Total Consumer Discretionary			221,547,509
FINANCIALS: 27.5%
Insurance: 11.8%
New China Life Insurance Co., Ltd. H Shares	7,274,600		28,748,242
AIA Group, Ltd.	2,625,200		24,758,392
Ping An Insurance Group Co. of China, Ltd. A Shares	1,933,411		23,600,075
Ping An Insurance Group Co. of China, Ltd. H Shares	1,457,000		16,746,345
			93,853,054
Banks: 11.1%
Industrial & Commercial Bank of China, Ltd. H Shares	45,325,000		30,364,824
China Construction Bank Corp. H Shares	39,061,660		29,763,393
Agricultural Bank of China, Ltd. H Shares	72,620,000		28,437,711
			88,565,928
Capital Markets: 4.6%
China International Capital Corp., Ltd. H Sharesc,d	8,960,800		17,391,884
Hong Kong Exchanges & Clearing, Ltd.	355,600		10,422,652
CITIC Securities Co., Ltd. H Shares	4,450,500		8,338,182
			36,152,718
Total Financials			218,571,700
COMMUNICATION SERVICES: 14.7%
Interactive Media & Services: 14.0%
Tencent Holdings, Ltd.	1,821,300		76,181,196
58.com, Inc. ADRb	285,600		14,082,936
Momo, Inc. ADR	437,400		13,550,652
SINA Corp.b	192,400		7,540,156
			111,354,940

	Shares	Value
Media: 0.7%
Focus Media Information Technology Co., Ltd. A Shares	7,504,767		$5,515,757
Total Communication Services			116,870,697
REAL ESTATE: 7.6%
Real Estate Management & Development: 7.6%
China Resources Land, Ltd.	4,990,000		20,901,249
Times China Holdings, Ltd.	9,295,000		14,477,970
CIFI Holdings Group Co., Ltd.	21,900,000		12,798,958
China Overseas Property Holdings, Ltd.	24,260,000		11,979,891
Total Real Estate			60,158,068
HEALTH CARE: 6.8%
Pharmaceuticals: 2.9%
Sino Biopharmaceutical, Ltd.	18,209,000		23,119,406
Health Care Equipment & Supplies: 1.9%
Lepu Medical Technology Beijing Co., Ltd. A Shares	4,280,295		15,026,279
Health Care Technology: 1.0%
Ping An Healthcare and Technology Co., Ltd.b,c,d	1,396,400		8,170,891
Life Sciences Tools & Services: 1.0%
Wuxi Biologics Cayman, Inc.b,c,d	770,500		7,856,713
Total Health Care			54,173,289
CONSUMER STAPLES: 3.9%
Beverages: 3.9%
Kweichow Moutai Co., Ltd. A Shares	108,123		17,428,062
Wuliangye Yibin Co., Ltd. A Shares	735,947		13,392,209
Total Consumer Staples			30,820,271
INFORMATION TECHNOLOGY: 3.7%
Electronic Equipment, Instruments & Components: 2.6%
Luxshare Precision Industry Co., Ltd. A Shares	3,397,411		12,747,210
AVIC Jonhon Optronic Technology Co., Ltd. A Shares	1,432,584		8,268,501
			21,015,711
IT Services: 1.1%
Chinasoft International, Ltd.	19,134,000		8,439,057
Total Information Technology			29,454,768
MATERIALS: 2.8%
Chemicals: 2.0%
Wanhua Chemical Group Co., Ltd. A Shares	2,581,250		15,991,553

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Matthews China Fund	September 30, 2019
Schedule of Investmentsa (unaudited) (continued)
COMMON EQUITIES (continued)

	Shares	Value
Construction Materials: 0.8%
Anhui Conch Cement Co., Ltd. A Shares	1,168,529		$6,774,287
Total Materials			22,765,840
TOTAL INVESTMENTS: 94.8%			754,362,142
(Cost $787,197,174)
CASH AND OTHER ASSETS, LESS LIABILITIES: 5.2%			41,008,027
NET ASSETS: 100.0%			$795,370,169

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, 2019, the aggregate value is $38,827,800, which is 4.88% 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

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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