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Matthews Emerging Markets Sustainable Future Fund      March 31, 2023  
Schedule of Investmentsa (unaudited)   

COMMON EQUITIES: 94.7%

 

     Shares      Value  
     

CHINA/HONG KONG: 39.4%

      

Full Truck Alliance Co., Ltd. ADRb

     1,630,775          $12,410,198  

JD Health International, Inc.b,c,d

     1,448,350        10,739,465  

Meituan B Sharesb,c,d

     580,700        10,535,185  

Hong Kong Exchanges & Clearing, Ltd.

      177,700        7,876,504  

Airtac International Group

      178,000        6,961,471  

Contemporary Amperex Technology Co., Ltd. A Shares

      105,500        6,243,620  

Ginlong Technologies Co., Ltd. A Sharesb

     216,400        4,212,319  

Medlive Technology Co., Ltd.c,d

     2,691,000        3,717,357  

Flat Glass Group Co., Ltd. H Shares

      1,089,000        3,114,723  

Hangzhou Tigermed Consulting Co., Ltd. A Shares

      185,776        2,588,224  

China Conch Venture Holdings, Ltd.

      1,436,500        2,515,642  

Zhihu, Inc. ADRb

     1,727,604        2,194,057  

Silergy Corp.

      131,000        2,079,833  

Wuxi Biologics Cayman, Inc.b,c,d

     319,000        1,965,666  

Centre Testing International Group Co., Ltd. A Shares

      655,100        1,954,598  

Innovent Biologics, Inc.b,c,d

     378,500        1,697,766  

OPT Machine Vision Tech Co., Ltd. A Shares

      83,485        1,677,965  

Morimatsu International Holdings Co., Ltd.b,d

     1,084,000        1,293,576  

Zhejiang HangKe Technology, Inc., Co. A Shares

      174,096        1,140,228  

CSPC Pharmaceutical Group, Ltd.

      940,960        922,439  

Xinyi Glass Holdings, Ltd.

      368,000        658,315  
     

 

 

 

Total China/Hong Kong

           86,499,151  
     

 

 

 

     
     

INDIA: 15.1%

      

Bandhan Bank, Ltd.b,c,d

     5,297,534        12,665,117  

Shriram Finance, Ltd.

      708,522        10,892,222  

Indus Towers, Ltd.

      1,832,087        3,193,904  

Phoenix Mills, Ltd.

      195,459        3,101,376  

Mahindra & Mahindra, Ltd.

      203,091        2,869,967  

UNO Minda, Ltd.

      35,614        208,804  

Marico, Ltd.

      35,634        208,394  
     

 

 

 

Total India

         33,139,784  
     

 

 

 

     
     

UNITED STATES: 9.0%

      

Legend Biotech Corp. ADRb

     211,641        10,205,329  

Micron Technology, Inc.

      101,844        6,145,267  

Lam Research Corp.

      6,566        3,480,768  
     

 

 

 

Total United States

         19,831,364  
     

 

 

 

     
     

SOUTH KOREA: 8.4%

      

Ecopro BM Co., Ltd.

      59,165        10,252,973  

Solus Advanced Materials Co., Ltd.

      115,014        4,183,306  

Eugene Technology Co., Ltd.

      84,885        2,084,380  

Samsung SDI Co., Ltd.

      3,079        1,748,992  

LG Energy Solution, Ltd.b

     498        224,375  
     

 

 

 

Total South Korea

         18,494,026  
     

 

 

 

     
     

TAIWAN: 8.3%

      

Andes Technology Corp.

      281,000        4,823,460  

Poya International Co., Ltd.

      225,477        4,236,137  

M31 Technology Corp.

      153,000        3,366,634  

Formosa Sumco Technology Corp.

      403,000        2,213,368  

Sporton International, Inc.

      233,448        2,076,695  
      Shares      Value  

Elite Material Co., Ltd.

      243,000        $1,461,064  
     

 

 

 

Total Taiwan

         18,177,358  
     

 

 

 

     
     

BRAZIL: 3.9%

      

B3 SA - Brasil Bolsa Balcao

      2,377,900        4,855,778  

YDUQS Participacoes SA

      1,901,600        2,645,045  

NU Holdings, Ltd. Class Ab

     237,640        1,131,166  
     

 

 

 

Total Brazil

         8,631,989  
     

 

 

 

     
     

POLAND: 3.0%

      

Jeronimo Martins SGPS SA

      150,401        3,530,341  

InPost SAb

     334,507        3,059,193  
     

 

 

 

Total Poland

         6,589,534  
     

 

 

 

     
     

SAUDI ARABIA: 1.5%

      

Saudi Tadawul Group Holding Co.

      84,607        3,263,419  
     

 

 

 

Total Saudi Arabia

         3,263,419  
     

 

 

 

     
     

VIETNAM: 1.4%

      

Nam Long Investment Corp.

      2,565,039        2,938,636  
     

 

 

 

Total Vietnam

         2,938,636  
     

 

 

 

     
     

JORDAN: 1.2%

      

Hikma Pharmaceuticals PLC

      125,267        2,596,453  
     

 

 

 

Total Jordan

         2,596,453  
     

 

 

 

     
     

ROMANIA: 1.1%

      

Banca Transilvania SA

      573,157        2,448,504  
     

 

 

 

Total Romania

         2,448,504  
     

 

 

 

     
     

BANGLADESH: 0.8%

      

BRAC Bank, Ltd.

      3,402,700        1,113,127  

GrameenPhone, Ltd.

      266,417        715,811  
     

 

 

 

Total Bangladesh

         1,828,938  
     

 

 

 

     
     

ESTONIA: 0.8%

      

Enefit Green AS

      381,912        1,825,301  
     

 

 

 

Total Estonia

         1,825,301  
     

 

 

 

     
     

INDONESIA: 0.8%

      

PT Summarecon Agung Tbk

      49,500,191        1,750,900  
     

 

 

 

Total Indonesia

         1,750,900  
     

 

 

 

     
     

TOTAL COMMON EQUITIES

           208,015,357  
     

 

 

 

(Cost $211,621,044)

      
 

 

matthewsasia.com  |  800.789.ASIA   1

Matthews Emerging Markets Sustainable Future Fund      March 31, 2023  
Schedule of Investmentsa (unaudited) (continued)   

 

PREFERRED EQUITIES: 4.9%

 

      Shares      Value  

SOUTH KOREA: 4.9%

      

Samsung SDI Co., Ltd., Pfd.

      41,656          $10,693,031  
     

 

 

 

Total South Korea

         10,693,031  
     

 

 

 

     
     

TOTAL PREFERRED EQUITIES

         10,693,031  
     

 

 

 

(Cost $ 11,238,090)

      
   

TOTAL INVESTMENTS: 99.6%

 

      218,708,388  

(Cost $ 222,859,134)

      

CASH AND OTHER ASSETS,

 

   

LESS LIABILITIES: 0.4%

         822,210  
     

 

 

 

NET ASSETS: 100.0%

         $219,530,598  
     

 

 

 

  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 $41,320,556, which is 18.82% 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

 

  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).

 

 

2   MATTHEWS ASIA FUNDS