Matthews Emerging Asia Fund	March 31, 2020
Schedule of Investmentsa (unaudited)
COMMON EQUITIES: 94.7%

	Shares		Value
VIETNAM: 21.0%
Vinh Hoan Corp.		5,524,830		$4,737,966
Phu Nhuan Jewelry JSC		2,101,314		4,137,607
Taisun International Holding Corp.		1,013,000		4,018,304
Vietnam National Seed Group JSC†		1,126,522		3,515,138
Military Commercial Joint Stock Bank		6,050,438		3,426,868
Mobile World Investment Corp.		1,360,605		3,363,785
Nam Long Investment Corp.		3,698,022		3,103,671
Domesco Medical Import Export JSC		1,424,140		2,538,692
Thien Long Group Corp.		1,591,970		1,820,011
Lix Detergent JSC		463,595		814,633
Total Vietnam				31,476,675
PAKISTAN: 16.7%
Meezan Bank, Ltd.		10,380,197		4,086,639
Indus Motor Co., Ltd.		907,650		3,986,501
PAK Suzuki Motor Co., Ltd.†		4,551,000		3,681,360
United Bank, Ltd.		5,439,000		3,263,797
GlaxoSmithKline Consumer Healthcare Pakistan, Ltd.		2,368,657		2,810,460
Shifa International Hospitals, Ltd.		2,212,751		2,691,004
Hascol Petroleum, Ltd.b		33,465,510		2,347,220
ICI Pakistan, Ltd.		537,350		1,616,921
Honda Atlas Cars Pakistan, Ltd.		669,500		533,307
Total Pakistan				25,017,209
BANGLADESH: 16.7%
British American Tobacco Bangladesh Co., Ltd.c		673,179		6,828,570
Square Pharmaceuticals, Ltd.c		3,400,567		6,520,743
Berger Paints Bangladesh, Ltd.c		388,936		5,679,635
Marico Bangladesh, Ltd.c		131,016		2,287,963
Olympic Industries, Ltd.c		1,177,585		1,948,015
BRAC Bank, Ltd.b,c		4,964,616		1,740,887
Total Bangladesh				25,005,813
SRI LANKA: 15.8%
John Keells Holdings PLCc		9,792,897		5,672,895
Sampath Bank PLCc		8,819,891		5,268,632
LOLC Holdings PLCb,c		6,627,893		3,020,988
Teejay Lanka PLCc		21,277,916		2,488,701
Ceylon Cold Stores PLCc		710,896		2,337,411
Commercial Bank of Ceylon PLCc		5,656,024		1,706,371
Ceylon Tobacco Co. PLCc		338,433		1,698,871
Expolanka Holdings PLCc		91,311,871		916,738
LB Finance PLCc		1,054,684		637,965
Total Sri Lanka				23,748,572
INDONESIA: 13.9%
PT Gudang Garam		1,594,300		4,005,677
PT Adira Dinamika Multi Finance		8,950,300		3,926,253
PT Kino Indonesia		31,614,900		3,888,586

	Shares		Value
PT Hexindo Adiperkasa		14,717,900		$2,016,498
PT Bank Mandiri Persero		6,610,700		1,879,501
PT Ramayana Lestari Sentosa		61,228,600		1,743,806
PT Mayora Indah		14,773,300		1,678,601
PT Catur Sentosa Adiprana		57,882,800		1,347,894
PT BFI Finance Indonesia		25,838,200		379,902
Total Indonesia				20,866,718
PHILIPPINES: 6.3%
Cosco Capital, Inc.		65,192,400		6,080,186
STI Education Systems Holdings, Inc.		241,545,000		1,898,308
Shakey’s Pizza Asia Ventures, Inc.		15,216,100		1,471,853
Total Philippines				9,450,347
INDIA: 2.9%
L&T Finance Holdings, Ltd.		2,007,708		1,354,795
Praj Industries, Ltd.		1,782,308		1,288,777
Caplin Point Laboratories, Ltd.		252,143		934,328
Poly Medicure, Ltd.		263,369		802,283
Total India				4,380,183
SINGAPORE: 0.8%
Yoma Strategic Holdings, Ltd.b		9,555,766		1,243,369
Total Singapore				1,243,369
AUSTRALIA: 0.6%
Oil Search, Ltd.		647,812		939,496
Total Australia				939,496
TOTAL INVESTMENTS: 94.7%				142,128,382
(Cost $238,970,812)
CASH AND OTHER ASSETS,
LESS LIABILITIES: 5.3%				7,944,117
NET ASSETS: 100.0%				$150,072,499

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

b Non-income producing security.

c Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. The aggregate value of Level 3 security is $48,754,385 and 32.49% of net assets.

† Affiliated Issuer, as defined under the Investment Company Act of 1940 (ownership of 5% or more of the outstanding voting securities of this issuer)

JSC Joint Stock Co.

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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