Matthews Emerging Markets Equity Fund March 31, 2024
Schedule of Investmentsa (unaudited)
COMMON EQUITIES: 86.2%  
  Shares Value 
China/Hong Kong: 22.7%
Tencent Holdings, Ltd.  24,400 $950,379
Meituan Class Bb,c,d  42,500 524,624
Trip.com Group, Ltd. ADRc  9,909 434,906
Midea Group Co., Ltd. A Shares  42,200 377,261
BYD Co., Ltd. A Shares  12,100 347,512
JD.com, Inc. Class A  23,502 322,374
China Merchants Bank Co., Ltd. A Shares  68,800 305,406
Alibaba Group Holding, Ltd.  32,700 295,701
Yum China Holdings, Inc.  6,619 263,370
ANTA Sports Products, Ltd.  21,800 232,449
Wuliangye Yibin Co., Ltd. A Shares  10,700 225,816
Shenzhen Mindray Bio-Medical Electronics Co., Ltd. A Shares  3,700 142,692
Innovent Biologics, Inc.b,c,d  29,500 142,338
PDD Holdings, Inc. ADRc  685 79,631
Midea Group Co., Ltd. A Shares  1,300 11,566
Total China/Hong Kong   4,656,025
India: 11.6%
HDFC Bank, Ltd. ADR  10,785 603,637
UltraTech Cement, Ltd.  2,996 350,841
Indian Hotels Co., Ltd.  45,936 326,059
Varun Beverages, Ltd.  15,275 256,720
Reliance Industries, Ltd.  5,751 205,645
Kotak Mahindra Bank, Ltd.  9,558 205,344
Shriram Finance, Ltd.  6,888 195,401
Infosys, Ltd. ADR  7,666 137,451
ICICI Bank, Ltd. ADR  3,925 103,659
Total India   2,384,757
Taiwan: 10.2%
Taiwan Semiconductor Manufacturing Co., Ltd.  79,000 1,892,541
ASPEED Technology, Inc.  2,000 208,440
Total Taiwan   2,100,981
Brazil: 7.9%
Banco BTG Pactual SA  70,500 512,086
WEG SA  41,200 313,801
PRIO SA  31,200 303,204
MercadoLibre, Inc.c  146 220,746
NU Holdings, Ltd. Class Ac  13,412 160,005
Vale SA ADR  8,858 107,979
Total Brazil   1,617,821
Mexico: 5.9%
GCC SAB de CV  33,900 403,388
Grupo Financiero Banorte SAB de CV Class O  34,500 366,438
BBB Foods, Inc. Class Ac  9,464 225,054
Prologis Property Mexico SA de CV REIT  46,999 206,377
Total Mexico   1,201,257
Vietnam: 5.8%
FPT Corp.  136,554 644,981
Military Commercial Joint Stock Bank  299,157 307,659
HDBank  235,906 230,728
Total Vietnam   1,183,368
   
  Shares Value 
United States: 4.0%
Freeport-McMoRan, Inc.  8,983 $422,381
Globant SAc  1,962 396,128
Total United States   818,509
South Korea: 3.7%
LG Chem, Ltd.  767 251,043
SK Hynix, Inc.  1,547 204,939
Hyundai Motor Co.  1,107 194,797
KB Financial Group, Inc.  2,111 110,316
Total South Korea   761,095
France: 2.6%
TotalEnergies SE ADR  4,637 319,165
LVMH Moet Hennessy Louis Vuitton SE  228 205,153
Total France   524,318
Indonesia: 2.3%
PT Bank Rakyat Indonesia Persero Tbk  1,212,000 463,439
Total Indonesia   463,439
Kazakhstan: 2.1%
Kaspi.KZ JSC ADR  3,326 427,857
Total Kazakhstan   427,857
United Arab Emirates: 2.0%
Emaar Properties PJSC  100,752 223,604
Fertiglobe PLC  248,453 189,439
Total United Arab Emirates   413,043
Poland: 1.6%
Dino Polska SAb,c,d  3,494 338,961
Total Poland   338,961
Philippines: 1.4%
Ayala Corp.  24,660 283,729
Total Philippines   283,729
Saudi Arabia: 1.2%
Bupa Arabia for Cooperative Insurance Co.  3,452 242,804
Total Saudi Arabia   242,804
Peru: 1.2%
Credicorp, Ltd.  1,417 240,082
Total Peru   240,082
Russia: 0.0%
Sberbank of Russia PJSCe  128,308 1,386
LUKOIL PJSC ADRc,e  18,010 360
TCS Group Holding PLC GDRc,d,e  3,865 78
Total Russia   1,824
TOTAL COMMON EQUITIES 17,659,870
(Cost $18,265,695)    
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Matthews Emerging Markets Equity Fund March 31, 2024
Schedule of Investmentsa (unaudited) (continued)
PREFERRED EQUITIES: 5.7%  
  Shares Value 
South Korea: 5.7%
Samsung Electronics Co., Ltd., Pfd.  23,413 $1,168,594
Total South Korea   1,168,594
TOTAL PREFERRED EQUITIES 1,168,594
(Cost $1,429,674)    
Total Investments: 91.9%   18,828,464
(Cost $19,695,369)    
CASH AND OTHER ASSETS,
LESS LIABILITIES: 8.1% 		  1,665,033
Net Assets: 100.0%   $20,493,497
    
a Certain securities were fair valued under the valuation policies approved by the Board of Trustees.
b 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 $1,005,923, which is 4.91% of net assets.
c Non-income producing security.
d The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.
e 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 $1,824 and 0.01% of net assets.
ADR American Depositary Receipt
GDR Global Depositary Receipt
JSC Joint Stock Co.
Pfd. Preferred
PJSC Public Joint Stock Co.
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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