Matthews China Dividend Fund March 31, 2022

Schedule of Investments^a (unaudited)

COMMON EQUITIES: 95.9%

	Shares		Value
CONSUMER DISCRETIONARY: 17.9%
Hotels, Restaurants & Leisure: 6.0%
Tam Jai International Co., Ltd.b		16,628,000		$5,594,185
Yum China Holdings, Inc.		127,500		5,296,350
Shanghai Jinjiang International Hotels Co., Ltd. B Shares		1,519,631		3,027,844
Helens International Holdings Co., Ltd.b		1,588,500		2,762,369
				16,680,748
Household Durables: 4.1%
Haier Smart Home Co., Ltd. D Shares		4,520,762		6,586,900
Chervon Holdings, Ltd.b		692,000		4,781,982
				11,368,882
Diversified Consumer Services: 2.7%
China Education Group Holdings, Ltd.c		8,633,000		7,428,253
Automobiles: 2.3%
Yadea Group Holdings, Ltd.c,d		4,146,000		6,351,085
Specialty Retail: 1.8%
China Tourism Group Duty Free Corp., Ltd. A Shares		192,769		4,949,185
Auto Components: 0.9%
Minth Group, Ltd.		1,040,000		2,534,128
Internet & Direct Marketing Retail: 0.1%
JD.com, Inc. A Sharesb		14,300		406,333
Total Consumer Discretionary				49,718,614
COMMUNICATION SERVICES: 14.1%
Interactive Media & Services: 9.4%
Tencent Holdings, Ltd.		572,200		26,375,183
Diversified Telecommunication Services: 4.7%
CITIC Telecom International Holdings, Ltd.		35,473,000		13,024,174
Total Communication Services				39,399,357
FINANCIALS: 13.0%
Banks: 11.2%
Postal Savings Bank of China Co., Ltd. H Sharesc,d		19,207,000		15,466,388
BOC Hong Kong Holdings, Ltd.		2,478,500		9,326,065
Ping An Bank Co., Ltd. A Shares		2,610,000		6,285,337
				31,077,790
Capital Markets: 1.8%
GF Securities Co., Ltd. H Shares		3,669,600		5,165,840
Total Financials				36,243,630
INDUSTRIALS: 11.7%
Machinery: 3.6%
Yangzijiang Shipbuilding Holdings, Ltd.		9,016,100		10,125,313
Industrial Conglomerates: 3.4%
CK Hutchison Holdings, Ltd.		1,292,000		9,447,634
Commercial Services & Supplies: 2.8%
China Everbright International, Ltd.		13,178,000		7,909,515

	Shares		Value
Transportation Infrastructure: 1.9%
Hainan Meilan International Airport Co., Ltd. H Sharesb		2,267,000		$5,166,228
Total Industrials				32,648,690
HEALTH CARE: 11.2%
Pharmaceuticals: 8.0%
CSPC Pharmaceutical Group, Ltd.		8,260,000		9,464,691
Asymchem Laboratories Tianjin Co., Ltd. H Sharesb,c,d		182,200		6,427,419
Livzon Pharmaceutical Group, Inc. H Shares		1,771,100		6,323,295
				22,215,405
Life Sciences Tools & Services: 1.9%
Pharmaron Beijing Co., Ltd. H Sharesc,d		446,500		5,369,780
Health Care Equipment & Supplies: 1.0%
AK Medical Holdings, Ltd.c,d		4,666,000		2,755,763
Health Care Technology: 0.3%
Medlive Technology Co., Ltd.b,c,d		966,500		964,626
Total Health Care				31,305,574
CONSUMER STAPLES: 8.9%
Food Products: 5.0%
Inner Mongolia Yili Industrial Group Co., Ltd. A Shares		1,205,500		6,969,947
Uni-President China Holdings, Ltd.		7,931,000		6,882,433
				13,852,380
Beverages: 3.9%
Yantai Changyu Pioneer Wine Co., Ltd. B Shares		4,053,176		5,763,756
Wuliangye Yibin Co., Ltd. A Shares		208,600		5,054,899
				10,818,655
Total Consumer Staples				24,671,035
INFORMATION TECHNOLOGY: 7.3%
Electronic Equipment, Instruments & Components: 5.3%
E Ink Holdings, Inc.		1,701,000		10,816,329
OPT Machine Vision Tech Co., Ltd. A Shares		130,130		3,768,191
				14,584,520
Software: 2.0%
Shanghai Baosight Software Co., Ltd. B Shares		1,396,804		5,662,991
Total Information Technology				20,247,511
MATERIALS: 6.3%
Construction Materials: 4.7%
Huaxin Cement Co., Ltd. H Sharesb		4,381,692		7,596,208
China Jushi Co., Ltd. A Shares		2,347,207		5,597,738
				13,193,946
Metals & Mining: 1.6%
Tiangong International Co., Ltd.		10,616,000		4,307,669
Total Materials				17,501,615

matthewsasia.com  |   800.789.ASIA    1

Matthews China Dividend Fund March 31, 2022

Schedule of Investments^a (unaudited) (continued)

COMMON EQUITIES (continued)

	Shares		Value
ENERGY: 2.8%
Oil, Gas & Consumable Fuels: 2.8%
China Suntien Green Energy Corp., Ltd. H Shares		13,985,000		$7,825,905
Total Energy				7,825,905
REAL ESTATE: 2.7%
Equity REITs: 2.7%
Fortune REIT		8,460,000		7,601,922
Total Real Estate				7,601,922
TOTAL INVESTMENTS: 95.9%				267,163,853
(Cost $286,911,391)
CASH AND OTHER ASSETS, LESS LIABILITIES: 4.1%				11,405,514
NET ASSETS: 100.0%				$278,569,367

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.
d	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, 2022, the aggregate value is $37,335,061, which is 13.40% of net assets.
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).

2    MATTHEWS ASIA FUNDS