Matthews Emerging Markets Equity Fund	September 30, 2020
Schedule of Investmentsa (unaudited)

COMMON EQUITIES: 90.6%

	Shares		Value
CHINA/HONG KONG: 33.3%
Alibaba Group Holding, Ltd.b		43,900		$1,611,618
Alibaba Group Holding, Ltd. ADRb		3,200		940,736
Tencent Holdings, Ltd.		13,600		918,590
AIA Group, Ltd.		88,000		874,729
Midea Group Co., Ltd. A Shares		52,500		562,686
Wuxi Biologics Cayman, Inc.b,c,d		22,500		551,431
Lepu Medical Technology Beijing Co., Ltd. A Shares		96,101		478,966
Techtronic Industries Co., Ltd.		34,000		452,054
Yum China Holdings, Inc.		8,300		439,485
Ping An Insurance Group Co. of China, Ltd. A Shares		37,000		417,702
Bilibili, Inc. ADRb		9,800		407,680
Anhui Conch Cement Co., Ltd. A Shares		49,000		401,455
China International Capital Corp., Ltd. H Sharesb,c,d		119,600		278,160
China Overseas Property Holdings, Ltd.		330,000		271,748
Galaxy Entertainment Group, Ltd.		34,000		229,864
Estun Automation Co., Ltd. A Sharesb		69,500		201,835
Total China/Hong Kong				9,038,739
INDIA: 8.6%
Reliance Industries, Ltd.		16,982		515,028
Kotak Mahindra Bank, Ltd.b		29,131		502,974
Colgate-Palmolive India, Ltd.		17,627		343,027
Dr. Reddy’s Laboratories, Ltd. ADR		4,900		340,844
PI Industries, Ltd.		12,420		332,250
HDFC Bank, Ltd. ADRb		6,000		299,760
Total India				2,333,883
SOUTH KOREA: 6.3%
NAVER Corp.		2,015		512,054
LG Household & Health Care, Ltd.		392		483,750
Macquarie Korea Infrastructure Fund		37,926		356,436
Hugel, Inc.b		2,250		350,652
Total South Korea				1,702,892
BRAZIL: 6.1%
Pagseguro Digital, Ltd. Class Ab		10,800		407,268
Banco BTG Pactual SA		30,400		394,352
Hapvida Participacoes e Investimentos SAc,d		29,600		327,524
Vale SA ADR		28,800		304,704
Magazine Luiza SA		14,300		227,134
Total Brazil				1,660,982
RUSSIA: 5.6%
Yandex N.V. Class Ab		8,400		548,100
LUKOIL PJSC ADR		8,500		491,138
Novatek PJSC GDRd		3,400		465,408
Total Russia				1,504,646
TAIWAN: 5.4%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		18,200		1,475,474
Total Taiwan				1,475,474
MEXICO: 3.4%
Prologis Property Mexico SA de CV, REIT		197,498		383,179

	Shares		Value
America Movil SAB de CV ADR		26,500		$330,985
Fresnillo PLC		12,975		200,413
Total Mexico				914,577
POLAND: 3.3%
LiveChat Software SA		21,493		505,024
Dino Polska SAb,c,d		4,761		280,069
Allegro.eu SAb,c,d		10,000		111,243
Total Poland				896,336
FRANCE: 3.3%
LVMH Moet Hennessy Louis Vuitton SE		1,344		628,862
Pernod Ricard SA		1,669		266,100
Total France				894,962
SINGAPORE: 3.0%
CapitaLand, Ltd.		234,800		469,450
Sea, Ltd. ADRb		2,300		354,292
Total Singapore				823,742
PHILIPPINES: 2.8%
Ayala Corp.		28,250		403,940
Wilcon Depot, Inc.		1,067,700		352,871
Total Philippines				756,811
UNITED KINGDOM: 1.6%
Avast PLCc,d		64,523		438,055
Total United Kingdom				438,055
ARGENTINA: 1.6%
Globant SAb		2,400		430,128
Total Argentina				430,128
INDONESIA: 1.4%
PT Bank Rakyat Indonesia Persero		1,850,000		379,536
Total Indonesia				379,536
PERU: 1.2%
Credicorp, Ltd.		2,700		334,773
Total Peru				334,773
UNITED STATES: 1.2%
STAAR Surgical Co.b		5,500		311,080
Total United States				311,080
ZAMBIA: 1.1%
First Quantum Minerals, Ltd.		32,900		293,285
Total Zambia				293,285
SOUTH AFRICA: 0.8%
Discovery, Ltd.		28,800		218,671
Total South Africa				218,671

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Matthews Emerging Markets Equity Fund	September 30, 2020
Schedule of Investmentsa (unaudited) (continued)

COMMON EQUITIES (continued)
	Shares		Value
VIETNAM: 0.6%
FPT Corp.		70,214		$152,654
Total Vietnam				152,654
TOTAL COMMON EQUITIES				24,561,226
(Cost $23,178,987)
PREFERRED EQUITIES: 5.1%
SOUTH KOREA: 5.1%
Samsung Electronics Co., Ltd., Pfd.		32,319		1,391,042
Total South Korea				1,391,042
TOTAL PREFERRED EQUITIES				1,391,042
(Cost $1,273,618)
TOTAL INVESTMENTS: 95.7%				25,952,268
(Cost $24,452,605)
CASH AND OTHER ASSETS,
LESS LIABILITIES: 4.3%				1,166,651
NET ASSETS: 100.0%				$27,118,919

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 September 30, 2020, the aggregate value is $1,986,482, which is 7.33% 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.

ADR American Depositary Receipt

GDR Global Depositary Receipt

Pfd. Preferred

REIT Real Estate Investment Trust

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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