Matthews Japan Fund	September 30, 2023
Schedule of Investmentsa (unaudited)
COMMON EQUITIES: 94.9%

	Shares		Value
CONSUMER DISCRETIONARY: 22.2%
Automobiles: 5.6%
Suzuki Motor Corp.		489,600		$19,692,204
Toyota Motor Corp.		946,000		16,971,551
				36,663,755
Specialty Retail: 3.2%
Nitori Holdings Co., Ltd.		101,000		11,261,044
ZOZO, Inc.		524,200		9,598,723
				20,859,767
Broadline Retail: 3.1%
Pan Pacific International Holdings Corp.		513,800		10,783,101
Isetan Mitsukoshi Holdings, Ltd.		810,700		9,392,080
				20,175,181
Leisure Products: 2.6%
Sega Sammy Holdings, Inc.		669,300		12,343,536
Bandai Namco Holdings, Inc.		236,500		4,810,525
				17,154,061
Textiles, Apparel & Luxury Goods: 2.5%
Asics Corp.		470,000		16,366,146
Household Durables: 2.5%
Sony Group Corp.		194,500		15,905,351
Automobile Components: 1.5%
Denso Corp.		623,700		10,007,815
Hotels, Restaurants & Leisure: 1.2%
Kyoritsu Maintenance Co., Ltd.		182,100		7,578,572
Total Consumer Discretionary				144,710,648
INDUSTRIALS: 19.9%
Trading Companies & Distributors: 5.7%
ITOCHU Corp.		569,100		20,552,441
Toyota Tsusho Corp.		281,400		16,550,833
				37,103,274
Industrial Conglomerates: 5.3%
Hitachi, Ltd.		327,300		20,285,262
Hikari Tsushin, Inc.		91,900		13,995,966
				34,281,228
Electrical Equipment: 3.0%
Mitsubishi Electric Corp.		1,282,600		15,845,842
Nidec Corp.		87,800		4,054,029
				19,899,871
Professional Services: 2.2%
BayCurrent Consulting, Inc.		259,000		8,630,613
dip Corp.		186,000		4,578,895
TRYT, Inc.b		237,500		1,204,664
				14,414,172
Commercial Services & Supplies: 1.9%
TOPPAN Holdings, Inc.		510,700		12,216,636

	Shares		Value
Construction & Engineering: 1.5%
Kajima Corp.		601,200		$9,786,344
Machinery: 0.3%
Miura Co., Ltd.		91,300		1,834,861
Total Industrials				129,536,386
FINANCIALS: 15.5%
Banks: 6.3%
Sumitomo Mitsui Financial Group, Inc.		422,300		20,745,930
Mitsubishi UFJ Financial Group, Inc.		2,433,000		20,617,620
				41,363,550
Financial Services: 3.8%
ORIX Corp.		1,113,400		20,789,853
eGuarantee, Inc.		175,400		2,283,704
Integral Corp.b		140,700		2,034,614
				25,108,171
Insurance: 3.1%
Tokio Marine Holdings, Inc.		860,400		19,921,444
Consumer Finance: 2.3%
Credit Saison Co., Ltd.		942,200		14,939,276
Total Financials				101,332,441
INFORMATION TECHNOLOGY: 15.3%
Semiconductors & Semiconductor Equipment: 4.9%
Renesas Electronics Corp.b		1,100,500		16,810,095
Disco Corp.		80,400		14,854,392
				31,664,487
IT Services: 3.8%
OBIC Co., Ltd.		88,400		13,394,412
Nomura Research Institute, Ltd.		451,000		11,722,266
				25,116,678
Electronic Equipment, Instruments & Components: 3.7%
Keyence Corp.		48,900		18,084,487
Taiyo Yuden Co., Ltd.		224,500		6,065,901
				24,150,388
Technology Hardware, Storage & Peripherals: 2.2%
FUJIFILM Holdings Corp.		254,000		14,694,050
Software: 0.7%
Appier Group, Inc.b		424,200		4,512,736
Total Information Technology				100,138,339
CONSUMER STAPLES: 6.7%
Food Products: 5.1%
Ajinomoto Co., Inc.		581,600		22,425,699
Nissin Foods Holdings Co., Ltd.		129,900		10,793,766
				33,219,465
Household Products: 1.6%
Unicharm Corp.		303,600		10,734,610
Total Consumer Staples				43,954,075

1 MATTHEWS ASIA FUNDS

Matthews Japan Fund	September 30, 2023
Schedule of Investmentsa (unaudited) (continued)
COMMON EQUITIES (continued)

	Shares		Value
MATERIALS: 6.5%
Chemicals: 6.5%
Shin-Etsu Chemical Co., Ltd.		632,800	$	18,380,087
Mitsubishi Chemical Group Corp.		1,898,700		11,961,942
Mitsui Chemicals, Inc.		337,800		8,751,751
Tokyo Ohka Kogyo Co., Ltd.		53,400		3,172,224
Total Materials				42,266,004
COMMUNICATION SERVICES: 5.1%
Wireless Telecommunication Services: 2.5%
KDDI Corp.		449,200		13,750,227
SoftBank Group Corp.		58,100		2,447,494
				16,197,721
Entertainment: 1.6%
Capcom Co., Ltd.		215,700		7,763,413
Toho Co., Ltd.		75,400		2,572,318
				10,335,731
Diversified Telecommunication Services: 1.0%
Internet Initiative Japan, Inc.		396,500		6,403,309
Total Communication Services				32,936,761
HEALTH CARE: 3.5%
Pharmaceuticals: 2.0%
Daiichi Sankyo Co., Ltd.		473,200		12,954,950
Health Care Equipment & Supplies: 0.7%
Asahi Intecc Co., Ltd.		259,600		4,654,207

	Shares		Value
Health Care Providers & Services: 0.6%
Amvis Holdings, Inc.		228,700		$3,976,586
Biotechnology: 0.2%
PeptiDream, Inc.b		143,600		1,545,493
Total Health Care				23,131,236
REAL ESTATE: 0.2%
Real Estate Management & Development: 0.2%
TKP Corp.b		75,000		1,306,487
Total Real Estate				1,306,487
TOTAL INVESTMENTS: 94.9%				619,312,377
(Cost $579,451,535)
CASH AND OTHER ASSETS, LESS LIABILITIES: 5.1%				33,189,134
NET ASSETS: 100.0%			$	652,501,511

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

b Non-income producing security.

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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