Matthews Asia Value Fund	September 30, 2019
Schedule of Investmentsa (unaudited)
COMMON EQUITIES: 85.1%

	Shares	Value
CHINA/HONG KONG: 38.4%
China National Accord Medicines Corp., Ltd. B Shares	462,107		$1,694,077
Naspers, Ltd. N Shares	8,200		1,241,556
CK Hutchison Holdings, Ltd.	129,500		1,143,243
China Mobile, Ltd.	90,000		745,538
China Isotope & Radiation Corp.	303,000		743,409
Anhui Gujing Distillery Co., Ltd. B Shares	84,000		706,100
Clear Media, Ltd.	1,393,000		693,271
Huifu Payment, Ltd.b,c,d	1,770,400		669,027
Prosus N.V.c	8,200		601,949
Shandong Weigao Group Medical Polymer Co., Ltd. H Shares	296,000		304,821
Total China/Hong Kong			8,542,991
SOUTH KOREA: 18.5%
NAVER Corp.	7,387		968,918
Shinyoung Securities Co., Ltd.	17,510		814,045
Geumhwa PSC Co., Ltd.	29,568		729,061
DGB Financial Group, Inc.	91,987		572,620
Hyundai Greenfood Co., Ltd.	55,158		538,859
Young Poong Corp.	955		485,008
Total South Korea			4,108,511
JAPAN: 14.5%
Gakujo Co., Ltd.	47,300		627,966
Asante, Inc.	29,700		541,785
YAMADA Consulting Group Co., Ltd.	31,300		489,780
Medikit Co., Ltd.	7,400		473,582
Honma Golf, Ltd.b,d	491,500		430,189
Ohashi Technica, Inc.	27,300		343,606
San-A Co., Ltd.	7,100		313,754
Total Japan			3,220,662
SINGAPORE: 7.7%
Straits Trading Co., Ltd.	608,100		910,840
Haw Par Corp., Ltd.	84,200		815,104
Total Singapore			1,725,944
TAIWAN: 1.8%
P-Duke Technology Co., Ltd.	159,500		406,038
Total Taiwan			406,038
MALAYSIA: 1.5%
Genting BHD	243,700		334,239
Total Malaysia			334,239
UNITED STATES: 1.4%
Cognizant Technology Solutions Corp. Class A	5,100		307,352
Total United States			307,352

	Shares	Value
INDIA: 0.7%
Wipro, Ltd.	46,474		$157,486
Total India			157,486
INDONESIA: 0.6%
PT Mitra Pinasthika Mustika	2,618,100		126,373
Total Indonesia			126,373
TOTAL COMMON EQUITIES			18,929,596
(Cost $21,155,708)
PREFERRED EQUITIES: 11.7%
SOUTH KOREA: 11.7%
Samsung SDI Co., Ltd., Pfd.	13,796		1,006,983
Hyundai Motor Co., Ltd., 2nd Pfd.	8,095		574,167
Samsung Fire & Marine Insurance Co., Ltd., Pfd.	4,018		545,350
Samsung Electronics Co., Ltd., Pfd.	14,134		466,550
Total South Korea			2,593,050
TOTAL PREFERRED EQUITIES			2,593,050
(Cost $2,867,604)
TOTAL INVESTMENTS: 96.8%			21,522,646
(Cost $24,023,312)
CASH AND OTHER ASSETS, LESS LIABILITIES: 3.2%			706,733
NET ASSETS: 100.0%			$22,229,379

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 September 30, 2019, the aggregate value is $1,099,216, which is 4.94% 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.

BHD Berhad

Pfd. Preferred

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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