Matthews Asia Value Fund	March 31, 2020
Schedule of Investmentsa (unaudited)
COMMON EQUITIES: 73.7%

	Shares	Value
CHINA/HONG KONG: 26.2%
CK Hutchison Holdings, Ltd.	126,500		$843,143
China Mobile, Ltd.	73,500		550,830
China Isotope & Radiation Corp.	185,200		463,439
Prosus N.V.b	5,563		385,453
China National Accord Medicines Corp., Ltd. B Shares	101,807		260,500
Shandong Weigao Group Medical Polymer Co., Ltd. H Shares	196,000		246,050
Alibaba Group Holding, Ltd. ADRb	1,200		233,376
Anhui Gujing Distillery Co., Ltd. B Shares	14,500		113,706
Total China/Hong Kong			3,096,497
SOUTH KOREA: 15.5%
NAVER Corp.	3,859		536,534
Geumhwa PSC Co., Ltd.	20,736		407,183
Shinyoung Securities Co., Ltd.	10,318		388,595
Hyundai Greenfood Co., Ltd.	46,750		251,529
Young Poong Corp.	627		246,474
Total South Korea			1,830,315
SWITZERLAND: 8.5%
Cie Financiere Richemont SA	18,910		1,010,813
Total Switzerland			1,010,813
JAPAN: 8.5%
Asante, Inc.	17,700		249,370
Medikit Co., Ltd.	8,400		237,670
YAMADA Consulting Group Co., Ltd.	22,100		194,493
San-A Co., Ltd.	4,200		174,725
Gakujo Co., Ltd.	12,500		150,028
Total Japan			1,006,286
SINGAPORE: 7.4%
Straits Trading Co., Ltd.	464,900		505,681
Haw Par Corp., Ltd.	51,900		374,721
Total Singapore			880,402
INDIA: 6.0%
Bharti Infratel, Ltd.	278,257		582,861
Wipro, Ltd.	46,474		120,899
Total India			703,760

	Shares	Value
TAIWAN: 1.6%
P-Duke Technology Co., Ltd.	95,500		$186,523
Total Taiwan			186,523
TOTAL COMMON EQUITIES			8,714,596
(Cost $10,640,387)
PREFERRED EQUITIES: 10.1%
SOUTH KOREA: 10.1%
Hyundai Motor Co., Ltd., 2nd Pfd.	8,095		374,668
Samsung Electronics Co., Ltd., Pfd.	10,917		355,759
Samsung SDI Co., Ltd., Pfd.	2,965		320,789
Samsung Fire & Marine Insurance Co., Ltd., Pfd.	1,497		136,883
Total South Korea			1,188,099
TOTAL PREFERRED EQUITIES			1,188,099
(Cost $1,520,540)
TOTAL INVESTMENTS: 83.8%			9,902,695
(Cost $12,160,927)
CASH AND OTHER ASSETS, LESS LIABILITIES: 16.2%			1,920,278
NET ASSETS: 100.0%			$11,822,973

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

b Non-income producing security.

ADR American Depositary Receipt

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).

1 MATTHEWS ASIA FUNDS