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Matthews Pacific Tiger Fund			September 30, 2020

Schedule of Investments^a(unaudited)


COMMON EQUITIES: 98.3%
	Shares		Value

CHINA/HONG KONG: 53.4%
Alibaba Group Holding, Ltd.^b		13,528,500		$496,646,384
Tencent Holdings, Ltd.		6,959,000		470,034,451
Hong Kong Exchanges & Clearing, Ltd.		5,239,200		246,627,427
AIA Group, Ltd.		24,134,000		239,894,314
China Resources Land, Ltd.		45,468,000		207,371,575
China Resources Beer Holdings Co., Ltd.		32,627,775		200,396,093
Wuxi Biologics Cayman, Inc.^b,c,d		7,670,000		187,976,887
Inner Mongolia Yili Industrial Group Co., Ltd. A Shares		31,574,808		179,968,609
Kweichow Moutai Co., Ltd. A Shares		657,173		162,271,320
Alibaba Group Holding, Ltd. ADR^b		540,075		158,771,249
ENN Energy Holdings, Ltd.		11,747,300		128,906,088
China Tourism Group Duty Free Corp., Ltd. A Shares		3,858,978		127,276,269
Weichai Power Co., Ltd. A Shares		51,402,326		114,854,156
Jiangsu Hengrui Medicine Co., Ltd. A Shares		8,525,841		113,320,005
Ping An Insurance Group Co. of China, Ltd. H Shares		10,834,000		112,466,109
Midea Group Co., Ltd. A Shares		9,549,516		102,756,700
Topsports International Holdings, Ltd.^c,d		73,548,000		102,250,524
Yum China Holdings, Inc.		1,741,201		92,196,593
China East Education Holdings, Ltd.^c,d		40,962,000		89,263,059
Kingdee International Software Group Co., Ltd.		29,295,000		76,410,257
Tencent Music Entertainment Group ADR^b		4,655,200		68,757,304
Fuyao Glass Industry Group Co., Ltd. H Shares^c,d		18,197,200		67,069,807
Guotai Junan Securities Co., Ltd. H Shares^c,d		40,025,400		55,867,573
CITIC Securities Co., Ltd. H Shares		24,145,500		54,306,574
Shenzhen New Industries Biomedical Engineering Co., Ltd. A Shares		1,906,007		46,806,097
Midea Group Co., Ltd. A Shares		4,206,937		45,089,234
TravelSky Technology, Ltd. H Shares		9,201,000		19,776,017
Ming Yuan Cloud Group Holdings, Ltd.^b		4,583,175		17,149,835
Total China/Hong Kong				3,984,480,510


SOUTH KOREA: 11.4%
Samsung Electronics Co., Ltd.		7,740,710		384,281,062
NAVER Corp.		996,259		253,170,495
LG Chem Ltd.		266,688		148,857,200
NCSoft Corp.		75,867		52,282,487
Orion Holdings Corp.		887,856		9,217,277
Total South Korea				847,808,521


TAIWAN: 11.4%
Taiwan Semiconductor Manufacturing Co., Ltd.		22,949,000		345,246,553
MediaTek, Inc.		7,374,000		156,247,477
President Chain Store Corp.		13,620,608		123,976,373
Realtek Semiconductor Corp.		8,944,000		114,647,259
Delta Electronics, Inc.		9,973,182		65,488,337
ASMedia Technology, Inc.		825,000		41,829,446
Total Taiwan				847,435,445


INDIA: 10.4%
Housing Development Finance Corp., Ltd.		5,575,438		132,152,923
Tata Power Co., Ltd.^†		165,179,377		119,767,266



	Shares		Value
Dabur India, Ltd.		16,112,505	$111,686,553
Titan Co., Ltd.		6,423,426	104,855,505
Kotak Mahindra Bank, Ltd.^b		5,354,922	92,457,687
Tata Consultancy Services, Ltd.		2,303,129	77,920,455
Container Corp. of India, Ltd.		13,201,804	65,853,672
Info Edge India, Ltd.		933,956	46,111,561
PVR, Ltd.		1,654,065	27,157,206
Total India			777,962,828


INDONESIA: 3.9%
PT Bank Central Asia		59,006,900	107,711,523
PT Indofood CBP Sukses Makmur		147,199,100	99,773,198
PT Mitra Keluarga Karyasehat^d		358,729,800	59,106,548
PT Telekomunikasi Indonesia Persero		159,369,000	27,517,264
Total Indonesia			294,108,533


PHILIPPINES: 2.0%
SM Prime Holdings, Inc.		183,509,671	111,833,557
GT Capital Holdings, Inc.		4,172,793	33,397,200
Total Philippines			145,230,757


THAILAND: 1.4%
Central Pattana Public Co., Ltd.		79,206,500	106,849,960
Total Thailand			106,849,960


VIETNAM: 1.2%
Vietnam Dairy Products JSC		19,619,028	92,837,370
Total Vietnam			92,837,370


SINGAPORE: 1.2%
Venture Corp., Ltd.		4,577,200	64,991,724
SATS, Ltd.		11,997,200	25,055,098
Total Singapore			90,046,822


SWITZERLAND: 1.1%
DKSH Holding AG		1,205,040	83,948,881
Total Switzerland			83,948,881


MALAYSIA: 0.9%
IHH Healthcare BHD		50,774,600	63,706,159
Total Malaysia			63,706,159


TOTAL INVESTMENTS: 98.3%			7,334,415,786
(Cost $4,681,864,537)

CASH AND OTHER ASSETS,
LESS LIABILITIES: 1.7%			124,610,028

NET ASSETS: 100.0%			$7,459,025,814


Matthews Pacific Tiger Fund			September 30, 2020

Schedule of Investments^a(unaudited) (continued)

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

b	Non-income producing security.

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 September 30, 2020, the aggregate value is $502,427,850, which is 6.74% 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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