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Matthews China Fund

September 30, 2022

Schedule of Investments^a (unaudited)

COMMON EQUITIES: 101.5%


	Shares		Value

CONSUMER DISCRETIONARY: 36.6%

Internet & Direct Marketing Retail: 28.5%
Pinduoduo, Inc. ADR^b		999,550		$62,551,839
Alibaba Group Holding, Ltd.^b		6,014,600		60,021,731
Meituan B Shares^b,c,d		2,359,200		49,582,030
JD.com, Inc. A Shares		1,625,463		41,007,477


				213,163,077


Specialty Retail: 3.4%
China Tourism Group Duty Free Corp., Ltd. A Shares		601,990		16,520,517
Zhongsheng Group Holdings, Ltd.		2,143,500		8,499,695


				25,020,212


Household Durables: 2.4%
Midea Group Co., Ltd. A Shares		1,742,552		11,998,276
Man Wah Holdings, Ltd.		9,508,400		6,020,855


				18,019,131


Auto Components: 1.3%
Zhejiang Shuanghuan Driveline Co., Ltd. A Shares		2,423,017		9,855,745


Hotels, Restaurants & Leisure: 1.0%
H World Group, Ltd. ADR		229,277		7,689,951


Total Consumer Discretionary				273,748,116



FINANCIALS: 15.0%
Capital Markets: 10.2%
China International Capital Corp., Ltd. H Shares^c,d		19,237,600		27,744,875
CITIC Securities Co., Ltd. H Shares		14,137,425		23,930,730
China Merchants Securities Co., Ltd. H Shares^c,d		14,579,800		12,553,444
East Money Information Co., Ltd. A Shares		2,809,700		6,901,755
Hong Kong Exchanges & Clearing, Ltd.		143,200		4,894,922


				76,025,726


Banks: 4.8%
China Merchants Bank Co., Ltd. A Shares		7,614,723		35,760,094


Total Financials				111,785,820



INFORMATION TECHNOLOGY: 13.6%
Semiconductors & Semiconductor Equipment: 6.7%
Zhejiang Jingsheng Mechanical & Electrical Co., Ltd. A Shares		1,301,458		12,261,234
NAURA Technology Group Co., Ltd. A Shares		246,913		9,583,106
LONGi Green Energy Technology Co., Ltd. A Shares		1,405,612		9,366,415
Will Semiconductor Co., Ltd. Shanghai A Shares		536,110		5,983,890
GigaDevice Semiconductor, Inc. A Shares		328,280		4,275,913
Beijing Huafeng Test & Control Technology Co., Ltd. A Shares		120,082		3,752,522
Hangzhou Silan Microelectronics Co., Ltd. A Shares		736,909		3,282,690
Cambricon Technologies Corp., Ltd. A Shares^b		221,151		1,947,855


				50,453,625


	Shares		Value

Software: 5.2%
Shanghai Baosight Software Co., Ltd. A Shares		3,033,144		$15,574,976
Thunder Software Technology Co., Ltd. A Shares		883,666		13,007,959
Beijing Kingsoft Office Software, Inc. A Shares		259,869		7,283,689
Kingdee International Software Group Co., Ltd.^b		2,048,000		2,669,277


				38,535,901


Electronic Equipment, Instruments & Components: 1.7%
Wingtech Technology Co., Ltd. A Shares		1,136,317		7,531,567
Xiamen Faratronic Co., Ltd. A Shares		223,709		4,996,307


				12,527,874

Total Information Technology				101,517,400



INDUSTRIALS: 11.5%
Machinery: 5.9%
Shenzhen Inovance Technology Co., Ltd. A Shares		2,255,107		18,116,890
Wuxi Lead Intelligent Equipment Co., Ltd. A Shares		1,705,716		11,242,827
Estun Automation Co., Ltd. A Shares		3,068,544		8,057,980
Weichai Power Co., Ltd. A Shares		3,755,261		5,048,083
Jiangsu Hengli Hydraulic Co., Ltd. A Shares		244,200		1,541,220


				44,007,000


Electrical Equipment: 3.8%
Sungrow Power Supply Co., Ltd. A Shares		1,010,974		15,554,681
Contemporary Amperex Technology Co., Ltd. A Shares		135,700		7,588,871
Gotion High-tech Co., Ltd. A Shares		874,883		3,726,102
NARI Technology Co., Ltd. A Shares		420,436		1,456,297


				28,325,951


Transportation Infrastructure: 1.8%
Shanghai International Airport Co., Ltd. A Shares^b		1,696,141		13,665,182


Total Industrials				85,998,133



COMMUNICATION SERVICES: 6.1%
Interactive Media & Services: 3.1%
Tencent Holdings, Ltd.		679,500		22,951,009


Media: 1.8%
Focus Media Information Technology Co., Ltd. A Shares		17,728,457		13,666,829


Entertainment: 1.2%
Bilibili, Inc. ADR^b		567,267		8,690,530

Total Communication Services				45,308,368



HEALTH CARE: 5.5%
Life Sciences Tools & Services: 2.6%
Hangzhou Tigermed Consulting Co., Ltd. A Shares		706,681		8,985,232
Pharmaron Beijing Co., Ltd. H Shares^c,d		1,766,100		8,543,845
Wuxi Biologics Cayman, Inc.^b,c,d		379,500		2,259,105


				19,788,182


Matthews China Fund		September 30, 2022

Schedule of Investments^a (unaudited) (continued)

COMMON EQUITIES (continued)


	Shares		Value

Health Care Equipment & Supplies: 2.3%
Shenzhen New Industries Biomedical Engineering Co., Ltd. A Shares		1,681,900		$8,859,613
Shenzhen Mindray Bio-Medical Electronics Co., Ltd. A Shares		193,873		8,099,805


				16,959,418


Health Care Providers & Services: 0.5%
Topchoice Medical Corp. A Shares^b		200,391		3,573,483


Pharmaceuticals: 0.1%
Jiangsu Hengrui Medicine Co., Ltd. A Shares		204,933		1,003,224

Total Health Care				41,324,307



REAL ESTATE: 5.0%
Real Estate Management & Development: 5.0%
KE Holdings, Inc. ADR^b		1,167,935		20,462,221
CIFI Holdings Group Co., Ltd.		70,235,520		7,096,922
Country Garden Services Holdings Co., Ltd.		4,476,000		6,535,061
Times China Holdings, Ltd.^b		31,604,000		3,356,024


Total Real Estate				37,450,228



CONSUMER STAPLES: 4.3%
Beverages: 2.7%
Wuliangye Yibin Co., Ltd. A Shares		651,319		15,388,631
Shanxi Xinghuacun Fen Wine Factory Co., Ltd. A Shares		119,022		5,031,460


				20,420,091


Food Products: 1.6%
Anjoy Foods Group Co., Ltd. A Shares		542,623		11,757,216


Total Consumer Staples				32,177,307



MATERIALS: 3.9%
Chemicals: 3.8%
Shanghai Putailai New Energy Technology Co., Ltd. A Shares		1,662,486		12,866,934


	Shares		Value


Shandong Sinocera Functional Material Co., Ltd. A Shares		2,119,924		$8,564,763
Skshu Paint Co., Ltd. A Shares^b		335,626		4,102,258
Wanhua Chemical Group Co., Ltd. A Shares		217,718		2,797,175


				28,331,130


Construction Materials: 0.1%
China Jushi Co., Ltd. A Shares		423,389		777,950


Total Materials				29,109,080




TOTAL INVESTMENTS: 101.5%				758,418,759
(Cost $1,106,065,064)

LIABILITIES IN EXCESS OF CASH AND OTHER ASSETS: (1.5%)				(11,469,632)


NET ASSETS: 100.0%				$746,949,127

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

b	Non-income producing security.

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, 2022, the aggregate value is $100,683,299, which is 13.48% 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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