Matthews Pacific Tiger Fund	March 31, 2020
Schedule of Investmentsa (unaudited)
COMMON EQUITIES: 98.7%

	Shares	Value
CHINA/HONG KONG: 51.4%
Alibaba Group Holding, Ltd. ADRb	2,255,700		$438,688,536
Tencent Holdings, Ltd.	7,567,800		374,058,293
China Resources Land, Ltd.	73,938,000		301,777,478
AIA Group, Ltd.	31,026,800		277,833,851
China Resources Beer Holdings Co., Ltd.	52,131,775		236,315,476
Ping An Insurance Group Co. of China, Ltd. H Shares	20,434,000		199,563,780
Hong Kong Exchanges & Clearing, Ltd.	6,114,000		183,171,224
Inner Mongolia Yili Industrial Group Co., Ltd. A Shares	43,074,808		179,967,291
Kweichow Moutai Co., Ltd. A Shares	917,973		142,637,774
Guotai Junan Securities Co., Ltd. H Sharesc,d,†	81,045,000		119,594,519
Yum China Holdings, Inc.	2,394,177		102,063,766
Fuyao Glass Industry Group Co., Ltd. H Sharesc,d,†	44,089,600		93,670,025
China International Travel Service Corp., Ltd. A Shares	8,804,078		82,446,650
China East Education Holdings, Ltd.b,c,d	50,787,000		81,583,781
ENN Energy Holdings, Ltd.	7,155,000		69,312,253
Wuxi Biologics Cayman, Inc.b,c,d	5,392,000		67,323,930
Jiangsu Hengrui Medicine Co., Ltd. A Shares	4,504,417		57,811,277
Tencent Music Entertainment Group ADRb	4,655,200		46,831,312
Midea Group Co., Ltd. A Shares	6,849,647		46,344,734
Topsports International Holdings, Ltd.c,d	41,773,000		43,296,656
Dairy Farm International Holdings, Ltd.	9,405,046		43,258,218
Midea Group Co., Ltd. A Shares	4,206,937		28,468,563
Airtac International Group	321,000		4,733,238
Total China/Hong Kong			3,220,752,625
INDIA: 12.8%
Housing Development Finance Corp., Ltd.	6,719,550		145,037,096
HDFC Bank, Ltd.	12,446,818		141,845,702
Kotak Mahindra Bank, Ltd.	7,671,942		130,950,969
Dabur India, Ltd.	21,117,482		125,428,853
Titan Co., Ltd.	9,015,327		111,039,226
Tata Power Co., Ltd.†	180,316,487		78,037,453
Container Corp. of India, Ltd.	16,080,979		70,340,426
Total India			802,679,725
SOUTH KOREA: 10.9%
Samsung Electronics Co., Ltd.	7,492,883		291,334,670
NAVER Corp.	1,472,642		204,747,921
Orion Holdings Corp.†	5,156,566		50,857,615
Cheil Worldwide, Inc.	3,033,707		39,312,935
DB Insurance Co., Ltd.	1,156,920		32,781,803
Hanon Systems	4,206,299		30,545,686
NCSoft Corp.	53,723		28,672,223
Hugel, Inc.b	27,266		7,509,662
Total South Korea			685,762,515
TAIWAN: 7.3%
Taiwan Semiconductor Manufacturing Co., Ltd.	16,200,000		145,837,525
President Chain Store Corp.	14,521,608		135,759,360
Delta Electronics, Inc.	22,843,182		90,409,117
MediaTek, Inc.	4,981,000		53,462,209

	Shares	Value
Realtek Semiconductor Corp.	4,194,000		$30,108,282
Total Taiwan			455,576,493
INDONESIA: 7.0%
PT Bank Central Asia	80,387,100		135,445,769
PT Indofood CBP Sukses Makmur	181,522,600		113,221,344
PT Telekomunikasi Indonesia Persero	518,840,700		100,767,519
PT Mitra Keluarga Karyasehatd	362,732,700		47,720,116
PT Surya Citra Media	533,163,200		25,326,208
PT Telekomunikasi Indonesia Persero ADR	869,659		16,740,936
Total Indonesia			439,221,892
PHILIPPINES: 2.4%
SM Prime Holdings, Inc.	164,670,771		91,448,919
GT Capital Holdings, Inc.	7,000,953		55,861,924
Total Philippines			147,310,843
SWITZERLAND: 2.3%
DKSH Holding AG	2,889,869		142,642,075
Total Switzerland			142,642,075
THAILAND: 1.9%
Central Pattana Public Co., Ltd.	93,440,800		119,972,230
Total Thailand			119,972,230
VIETNAM: 1.6%
Vietnam Dairy Products JSC	25,995,440		99,281,512
Total Vietnam			99,281,512
MALAYSIA: 1.1%
IHH Healthcare BHD	47,676,300		56,630,130
IHH Healthcare BHD	11,543,000		13,946,601
Total Malaysia			70,576,731
TOTAL INVESTMENTS: 98.7%			6,183,776,641
(Cost $5,045,039,106)
CASH AND OTHER ASSETS, LESS LIABILITIES: 1.3%			81,692,200
NET ASSETS: 100.0%			$6,265,468,841

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Matthews Pacific Tiger Fund	March 31, 2020
Schedule of Investmentsa (unaudited) (continued)

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, 2020, the aggregate value is $405,468,911, which is 6.47% 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.

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

ADR American Depositary Receipt

BHD Berhad

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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