Matthews Korea Fund	March 31, 2023
Schedule of Investmentsa (unaudited)

COMMON EQUITIES: 85.7%

	Shares		Value
INFORMATION TECHNOLOGY: 29.9%
Semiconductors & Semiconductor Equipment: 14.1%
SK Hynix, Inc.		64,641		$4,423,704
KoMiCo., Ltd.		54,964		2,137,624
HPSP Co., Ltd.		109,779		2,129,289
LEENO Industrial, Inc.		13,323		1,477,524
				10,168,141
Technology Hardware, Storage & Peripherals: 8.0%
Samsung Electronics Co., Ltd.		116,320		5,752,136
Electronic Equipment, Instruments & Components: 7.8%
Samsung SDI Co., Ltd.		5,547		3,150,911
Park Systems Corp.		13,817		1,623,415
Samsung Electro-Mechanics Co., Ltd.		7,057		833,229
				5,607,555
Total Information Technology				21,527,832
CONSUMER DISCRETIONARY: 11.8%
Automobile Components: 4.3%
Hyundai Mobis Co., Ltd.		13,867		2,303,167
HL Mando Co., Ltd.		22,970		813,504
				3,116,671
Automobiles: 4.2%
Kia Corp.		25,599		1,597,585
Hyundai Motor Co.		10,046		1,429,270
				3,026,855
Broadline Retail: 3.3%
Coupang, Inc.b		146,090		2,337,440
Total Consumer Discretionary				8,480,966
HEALTH CARE: 9.7%
Pharmaceuticals: 7.0%
Yuhan Corp.		69,672		2,712,518
DongKook Pharmaceutical Co., Ltd.		192,135		2,307,755
				5,020,273
Life Sciences Tools & Services: 2.7%
Samsung Biologics Co., Ltd.b,c,d		3,242		1,965,184
Total Health Care				6,985,457
CONSUMER STAPLES: 8.1%
Consumer Staples Distribution & Retail: 3.6%
BGF Retail Co., Ltd.		18,355		2,556,953
Food Products: 2.3%
Orion Corp.		15,941		1,673,084
Tobacco: 2.2%
KT&G Corp.		24,929		1,602,135
Total Consumer Staples				5,832,172
INDUSTRIALS: 6.8%
Marine Transportation: 2.8%
Pan Ocean Co., Ltd.		451,394		2,023,484

	Shares		Value
Construction & Engineering: 2.4%
Samsung Engineering Co., Ltd.b		69,643		$1,702,017
Machinery: 1.6%
Hyundai Mipo Dockyard Co., Ltd.b		21,857		1,182,191
Total Industrials				4,907,692
COMMUNICATION SERVICES: 6.8%
Interactive Media & Services: 4.2%
NAVER Corp.		11,709		1,834,695
Kakao Corp.		24,198		1,145,989
				2,980,684
Diversified Telecommunication Services: 1.3%
KINX, Inc.		20,069		948,579
Wireless Telecommunication Services: 1.3%
SK Telecom Co., Ltd.		24,951		925,735
Total Communication Services				4,854,998
MATERIALS: 4.6%
Metals & Mining: 2.4%
Korea Zinc Co., Ltd.		2,048		871,351
POSCO Holdings, Inc.		3,019		854,139
				1,725,490
Chemicals: 2.2%
LG Chem, Ltd.		2,820		1,548,727
Total Materials				3,274,217
FINANCIALS: 4.4%
Insurance: 1.6%
Samsung Fire & Marine Insurance Co., Ltd.		7,183		1,135,433
Capital Markets: 1.5%
Macquarie Korea Infrastructure Fund		111,978		1,077,002
Banks: 1.3%
KB Financial Group, Inc.		26,387		963,711
Total Financials				3,176,146
ENERGY: 3.6%
Oil, Gas & Consumable Fuels: 3.6%
S-Oil Corp.		42,002		2,587,254
Total Energy				2,587,254
TOTAL COMMON EQUITIES				61,626,734
(Cost $58,932,424)

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Matthews Korea Fund	March 31, 2023
Schedule of Investmentsa (unaudited) (continued)

PREFERRED EQUITIES: 18.2%

	Shares		Value
INFORMATION TECHNOLOGY: 18.2%
Technology Hardware, Storage & Peripherals: 18.2%
Samsung Electronics Co., Ltd., Pfd.		315,618		$13,134,319
Total Information Technology				13,134,319
TOTAL PREFERRED EQUITIES				13,134,319
(Cost $ 9,442,828)
TOTAL INVESTMENTS: 103.9%				74,761,053
(Cost $ 68,375,252)
LIABILITIES IN EXCESS OF CASH
AND OTHER ASSETS: (3.9%)				(2,820,618	)
NET ASSETS: 100.0%				$71,940,435

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 March 31, 2023, the aggregate value is $1,965,184, which is 2.73% 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.

Pfd. Preferred

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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