| Matthews India Fund | March 31, 2024 |
| COMMON EQUITIES: 97.9% | ||
| Shares | Value | |
| Financials: 31.4% | ||
| Banks: 20.1% | ||
| ICICI Bank, Ltd. | 3,187,949 | $42,028,843 |
| HDFC Bank, Ltd. | 2,397,193 | 41,801,346 |
| IndusInd Bank, Ltd. | 1,333,310 | 24,926,939 |
| Axis Bank, Ltd. | 1,598,009 | 20,140,343 |
| Federal Bank, Ltd. | 9,453,798 | 17,070,359 |
| Kotak Mahindra Bank, Ltd. | 628,677 | 13,506,512 |
| State Bank of India | 793,853 | 7,189,550 |
| 166,663,892 | ||
| Consumer Finance: 8.7% | ||
| Shriram Finance, Ltd. | 1,412,919 | 40,082,207 |
| Bajaj Finance, Ltd. | 196,111 | 17,124,181 |
| Cholamandalam Investment and Finance Co., Ltd. | 822,079 | 11,447,612 |
| Mahindra & Mahindra Financial Services, Ltd. | 1,195,646 | 4,011,828 |
| 72,665,828 | ||
| Financial Services: 1.5% | ||
| LIC Housing Finance, Ltd. | 1,127,867 | 8,292,686 |
| Jio Financial Services, Ltd.b | 1,014,986 | 4,315,104 |
| 12,607,790 | ||
| Insurance: 1.1% | ||
| PB Fintech, Ltd.b | 685,888 | 9,276,511 |
| Total Financials | 261,214,021 | |
| Consumer Discretionary: 14.9% | ||
| Automobiles: 7.0% | ||
| Bajaj Auto, Ltd. | 141,507 | 15,568,425 |
| Maruti Suzuki India, Ltd. | 98,987 | 14,984,798 |
| Tata Motors, Ltd. | 1,169,785 | 13,965,370 |
| TVS Motor Co., Ltd. | 529,884 | 13,714,628 |
| 58,233,221 | ||
| Hotels, Restaurants & Leisure: 3.7% | ||
| Zomato, Ltd.b | 8,425,458 | 18,467,958 |
| Restaurant Brands Asia, Ltd.b | 5,209,995 | 6,345,006 |
| SAMHI Hotels, Ltd.b | 1,458,341 | 3,716,371 |
| Lemon Tree Hotels, Ltd.b,c,d | 1,237,644 | 1,943,363 |
| 30,472,698 | ||
| Textiles, Apparel & Luxury Goods: 1.9% | ||
| Titan Co., Ltd. | 353,934 | 16,179,067 |
| Specialty Retail: 1.2% | ||
| Trent, Ltd. | 120,879 | 5,737,615 |
| Shankara Building Products, Ltd. | 526,432 | 4,049,178 |
| 9,786,793 | ||
| Automobile Components: 1.1% | ||
| Sona Blw Precision Forgings, Ltd.c,d | 840,594 | 7,131,308 |
| Divgi Torqtransfer Systems, Ltd. | 261,674 | 2,427,763 |
| 9,559,071 | ||
| Total Consumer Discretionary | 124,230,850 | |
| Shares | Value | |
| Industrials: 11.3% | ||
| Machinery: 4.2% | ||
| Thermax, Ltd. | 346,244 | $17,454,769 |
| Cummins India, Ltd. | 473,290 | 17,086,036 |
| 34,540,805 | ||
| Electrical Equipment: 2.1% | ||
| Bharat Heavy Electricals, Ltd. | 5,172,705 | 15,386,601 |
| Schneider Electric Infrastructure, Ltd.b | 270,931 | 2,410,988 |
| 17,797,589 | ||
| Construction & Engineering: 2.0% | ||
| Voltas, Ltd. | 741,460 | 9,834,169 |
| Sterling and Wilson Renewable Energy, Ltd.b,d | 1,030,825 | 6,495,706 |
| 16,329,875 | ||
| Air Freight & Logistics: 1.5% | ||
| Delhivery, Ltd.b | 2,325,874 | 12,492,058 |
| Transportation Infrastructure: 0.9% | ||
| Gujarat Pipavav Port, Ltd. | 2,864,965 | 7,329,941 |
| Professional Services: 0.6% | ||
| Latent View Analytics, Ltd.b | 877,039 | 5,363,922 |
| Total Industrials | 93,854,190 | |
| Information Technology: 10.6% | ||
| IT Services: 9.6% | ||
| Infosys, Ltd. | 2,131,346 | 38,381,583 |
| Tata Consultancy Services, Ltd. | 519,379 | 24,240,432 |
| HCL Technologies, Ltd. | 438,622 | 8,155,100 |
| Persistent Systems, Ltd. | 102,864 | 4,934,354 |
| Coforge, Ltd. | 67,853 | 4,494,100 |
| 80,205,569 | ||
| Software: 0.5% | ||
| Newgen Software Technologies, Ltd. | 441,514 | 4,223,172 |
| Electronic Equipment, Instruments & Components: 0.5% | ||
| Kaynes Technology India, Ltd.b | 113,431 | 3,930,317 |
| Total Information Technology | 88,359,058 | |
| Health Care: 9.2% | ||
| Pharmaceuticals: 6.4% | ||
| Neuland Laboratories, Ltd. | 268,065 | 20,320,100 |
| Sun Pharmaceutical Industries, Ltd. | 574,905 | 11,192,115 |
| Lupin, Ltd. | 560,910 | 10,888,029 |
| Dr. Reddy’s Laboratories, Ltd. | 144,300 | 10,664,352 |
| 53,064,596 | ||
| Health Care Equipment & Supplies: 1.8% | ||
| Poly Medicure, Ltd. | 773,567 | 14,775,060 |
| Health Care Providers & Services: 0.5% | ||
| Metropolis Healthcare, Ltd.c,d | 210,152 | 4,352,902 |
| Life Sciences Tools & Services: 0.5% | ||
| Divi’s Laboratories, Ltd. | 61,256 | 2,535,362 |
| Matthews India Fund | March 31, 2024 |
| COMMON EQUITIES (continued) | ||
| Shares | Value | |
| Syngene International, Ltd.c,d | 195,805 | $1,652,550 |
| 4,187,912 | ||
| Total Health Care | 76,380,470 | |
| Consumer Staples: 7.5% | ||
| Food Products: 3.1% | ||
| Nestle India, Ltd. | 411,081 | 12,940,151 |
| Tata Consumer Products, Ltd. | 700,120 | 9,219,143 |
| Britannia Industries, Ltd. | 68,273 | 4,020,916 |
| 26,180,210 | ||
| Personal Care Products: 2.9% | ||
| Godrej Consumer Products, Ltd. | 948,234 | 14,277,134 |
| Honasa Consumer, Ltd.b | 2,007,369 | 9,701,794 |
| 23,978,928 | ||
| Beverages: 1.5% | ||
| Varun Beverages, Ltd. | 727,715 | 12,230,367 |
| Total Consumer Staples | 62,389,505 | |
| Energy: 6.8% | ||
| Oil, Gas & Consumable Fuels: 6.8% | ||
| Reliance Industries, Ltd. | 1,587,947 | 56,782,109 |
| Total Energy | 56,782,109 | |
| Materials: 2.7% | ||
| Chemicals: 1.0% | ||
| PI Industries, Ltd. | 170,468 | 7,919,974 |
| Metals & Mining: 0.9% | ||
| APL Apollo Tubes, Ltd. | 425,066 | 7,648,683 |
| Construction Materials: 0.8% | ||
| UltraTech Cement, Ltd. | 55,557 | 6,505,891 |
| Total Materials | 22,074,548 | |
| Communication Services: 1.3% | ||
| Wireless Telecommunication Services: 1.3% | ||
| Bharti Airtel, Ltd. | 713,128 | 10,522,024 |
| Total Communication Services | 10,522,024 | |
| Real Estate: 1.2% | ||
| Real Estate Management & Development: 1.2% | ||
| DLF, Ltd. | 521,629 | 5,628,101 |
| Sunteck Realty, Ltd. | 988,278 | 4,631,977 |
| Total Real Estate | 10,260,078 | |
| Shares | Value | |
| Utilities: 1.0% | ||
| Independent Power and Renewable Electricity Producers: 1.0% | ||
| NTPC, Ltd. | 1,981,076 | $8,006,082 |
| Total Utilities | 8,006,082 | |
| TOTAL COMMON EQUITIES | 814,072,935 | |
| (Cost $631,158,428) | ||
| NON-CONVERTIBLE CORPORATE BONDS: 0.0% | ||
| Face Amount* | ||
| Consumer Staples: 0.0% | ||
| Food Products: 0.0% | ||
| Britannia Industries, Ltd., Series N3 | ||
| 5.500%, 06/03/24 | INR 1,996,476 | 23,784 |
| Total Consumer Staples | 23,784 | |
| TOTAL NON-CONVERTIBLE CORPORATE BONDS | 23,784 | |
| (Cost $27,434) | ||
| Total Investments: 97.9% | 814,096,719 | |
| (Cost $631,185,862) | ||
| CASH AND OTHER ASSETS, LESS LIABILITIES: 2.1% | 17,073,113 | |
| Net Assets: 100.0% | $831,169,832 | |
| 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, 2024, the aggregate value is $15,080,123, which is 1.81% 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. |
| * | All Values in USD unless otherwise specified. |
| INR | Indian Rupee |