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Matthews China Fund		September 30, 2020

Schedule of Investments^a(unaudited)

COMMON EQUITIES: 99.4%


	Shares		Value

CONSUMER DISCRETIONARY: 31.2%
Internet & Direct Marketing Retail: 22.4%
Alibaba Group Holding, Ltd.^b		4,804,000		$176,360,220
JD.com, Inc. ADR^b		499,389		38,757,580
JD.com, Inc. A Shares^b		998,780		38,458,241
Meituan Dianping Class B^b,c		711,500		22,413,178

				275,989,219


Diversified Consumer Services: 2.5%
New Oriental Education & Technology Group, Inc. ADR^b		206,100		30,811,950


Household Durables: 2.4%
Midea Group Co., Ltd. A Shares		2,740,752		29,491,613


Specialty Retail: 1.8%
Zhongsheng Group Holdings, Ltd.		3,595,000		22,614,398


Auto Components: 1.6%
Xinyi Glass Holdings, Ltd.		10,058,000		20,341,570


Hotels, Restaurants & Leisure: 0.5%
Galaxy Entertainment Group, Ltd.		897,000		6,064,347

Total Consumer Discretionary				385,313,097




FINANCIALS: 20.5%
Capital Markets: 8.6%
CITIC Securities Co., Ltd. H Shares		16,021,000		36,033,448
Hong Kong Exchanges & Clearing, Ltd.		747,300		35,178,019
China International Capital Corp., Ltd. H Shares^b,c,d		14,751,200		34,307,628

				105,519,095


Banks: 6.1%
China Merchants Bank Co., Ltd. A Shares		9,730,523		51,852,772
China Construction Bank Corp. H Shares		36,309,660		23,593,022

				75,445,794


Insurance: 5.8%
AIA Group, Ltd.		4,696,400		46,682,674
Ping An Insurance Group Co. of China, Ltd. A Shares		2,233,746		25,217,310

				71,899,984

Total Financials				252,864,873



COMMUNICATION SERVICES: 15.0%
Interactive Media & Services: 13.0%
Tencent Holdings, Ltd.		2,202,400		148,757,562
JOYY, Inc.		145,480		11,735,872

				160,493,434


Entertainment: 2.0%
Tencent Music Entertainment Group ADR^b		901,400		13,313,678
Bilibili, Inc. ADR^b		258,500		10,753,600

				24,067,278

Total Communication Services				184,560,712


	Shares		Value

HEALTH CARE: 9.0%
Life Sciences Tools & Services: 3.3%
Wuxi Biologics Cayman, Inc.^b,c,d		595,000		$14,582,301
Pharmaron Beijing Co., Ltd. A Shares		865,421		13,305,781
Hangzhou Tigermed Consulting Co., Ltd. A Shares		816,086		12,435,718

				40,323,800


Health Care Equipment & Supplies: 2.2%
Lepu Medical Technology Beijing Co., Ltd. A Shares		3,786,679		18,872,759
China Isotope & Radiation Corp.		2,387,800		8,628,350

				27,501,109


Health Care Providers & Services: 1.4%
Sinopharm Group Co., Ltd. H Shares		5,203,600		10,996,260
Dian Diagnostics Group Co., Ltd. A Shares		1,017,757		5,968,132

				16,964,392


Pharmaceuticals: 1.2%
Sino Biopharmaceutical, Ltd.		13,905,500		15,227,122


Biotechnology: 0.9%
Innovent Biologics, Inc.^b,c,d		1,538,000		11,469,167

Total Health Care				111,485,590



INFORMATION TECHNOLOGY: 7.7%
Electronic Equipment, Instruments & Components: 4.4%
AVIC Jonhon Optronic Technology Co., Ltd. A Shares		2,944,801		20,178,438
NAURA Technology Group Co., Ltd. A Shares		688,241		16,305,412
Luxshare Precision Industry Co., Ltd. A Shares		1,080,862		9,163,379
Wingtech Technology Co., Ltd. A Shares		504,906		8,746,614

				54,393,843


Software: 1.8%
Weimob, Inc.^b,c,d		11,773,000		15,930,323
Kingdee International Software Group Co., Ltd.		2,299,000		5,996,490

				21,926,813


IT Services: 1.5%
Chinasoft International, Ltd.		24,988,000		18,245,001

Total Information Technology				94,565,657



REAL ESTATE: 5.6%
Real Estate Management & Development: 5.6%
China Resources Land, Ltd.		5,350,000		24,400,412
CIFI Holdings Group Co., Ltd.		23,328,000		17,329,248
Times China Holdings, Ltd.		10,717,000		14,946,714
China Overseas Property Holdings, Ltd.		14,420,000		11,874,585

Total Real Estate				68,550,959



CONSUMER STAPLES: 3.5%
Beverages: 3.5%
Kweichow Moutai Co., Ltd. A Shares		102,423		25,290,624


Matthews China Fund		September 30, 2020

Schedule of Investments^a(unaudited) (continued)

COMMON EQUITIES (continued)



	Shares		Value
Wuliangye Yibin Co., Ltd. A Shares		558,477		$18,279,948

Total Consumer Staples				43,570,572



MATERIALS: 3.1%
Construction Materials: 1.9%
Anhui Conch Cement Co., Ltd. A Shares		2,850,844		23,356,829


Chemicals: 1.2%
Wanhua Chemical Group Co., Ltd. A Shares		1,501,419		15,435,789

Total Materials				38,792,618



INDUSTRIALS: 3.0%
Machinery: 3.0%
Estun Automation Co., Ltd. A Shares^b		8,842,425		25,679,282
Weichai Power Co., Ltd. A Shares		4,866,894		10,874,664

Total Industrials				36,553,946



UTILITIES: 0.8%
Gas Utilities: 0.8%
ENN Energy Holdings, Ltd.		878,900		9,644,392

Total Utilities				9,644,392



TOTAL INVESTMENTS: 99.4%				1,225,902,416
(Cost $921,214,783)

CASH AND OTHER ASSETS, LESS LIABILITIES: 0.6%				7,080,826


NET ASSETS: 100.0%				$1,232,983,242

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

b	Non-income producing security.

c	The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

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, 2020, the aggregate value is $76,289,419, which is 6.19% of net assets.

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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