Matthews Korea Fund	September 30, 2020
Schedule of Investmentsa (unaudited)

COMMON EQUITIES: 61.6%

	Shares		Value
INFORMATION TECHNOLOGY: 18.3%
Semiconductors & Semiconductor Equipment: 8.3%
SK Hynix, Inc.		63,100		$4,523,182
Koh Young Technology, Inc.		31,363		2,399,770
LEENO Industrial, Inc.		19,613		2,065,632
				8,988,584
Technology Hardware, Storage & Peripherals: 6.5%
Samsung Electronics Co., Ltd.		140,211		6,960,658
Electronic Equipment, Instruments & Components: 3.5%
Samsung SDI Co., Ltd.		10,175		3,758,832
Total Information Technology				19,708,074
COMMUNICATION SERVICES: 14.3%
Interactive Media & Services: 9.9%
NAVER Corp.		21,139		5,371,867
Kakao Corp.		16,876		5,247,653
				10,619,520
Entertainment: 3.2%
Nexon Co., Ltd.		84,700		2,112,738
NCSoft Corp.		1,909		1,315,556
Big Hit Entertainment Co., Ltd.b		174		20,085
				3,448,379
Diversified Telecommunication Services: 1.2%
KINX, Inc.		17,665		1,329,878
Total Communication Services				15,397,777
CONSUMER DISCRETIONARY: 8.1%
Auto Components: 6.0%
Hyundai Mobis Co., Ltd.		26,002		5,101,174
Hanon Systems		127,902		1,350,601
				6,451,775
Automobiles: 2.1%
Kia Motors Corp.		56,925		2,282,803
Total Consumer Discretionary				8,734,578
CONSUMER STAPLES: 8.1%
Food Products: 6.0%
Orion Corp.		39,955		4,477,020
Nongshim Co., Ltd.		7,170		1,923,252
				6,400,272
Tobacco: 2.1%
KT&G Corp.		32,318		2,282,362
Total Consumer Staples				8,682,634
HEALTH CARE: 7.6%
Pharmaceuticals: 4.2%
Yuhan Corp.		43,633		2,396,342
DongKook Pharmaceutical Co., Ltd.		90,838		2,125,452
				4,521,794
Biotechnology: 3.4%
Hugel, Inc.b		23,547		3,669,695
Total Health Care				8,191,489

	Shares		Value
FINANCIALS: 5.2%
Banks: 3.4%
Shinhan Financial Group Co., Ltd.		156,102		$3,662,243
Capital Markets: 1.8%
Shinyoung Securities Co., Ltd.		25,992		1,038,737
Kiwoom Securities Co., Ltd.		11,013		935,262
				1,973,999
Total Financials				5,636,242
TOTAL COMMON EQUITIES				66,350,794
(Cost $52,539,654)
PREFERRED EQUITIES: 34.7%
INFORMATION TECHNOLOGY: 17.6%
Technology Hardware, Storage & Peripherals: 17.6%
Samsung Electronics Co., Ltd., Pfd.		440,443		18,957,111
Total Information Technology				18,957,111
CONSUMER DISCRETIONARY: 6.3%
Automobiles: 6.3%
Hyundai Motor Co., Ltd., Pfd.		93,531		6,752,509
Total Consumer Discretionary				6,752,509
MATERIALS: 5.6%
Chemicals: 5.6%
LG Chem, Ltd., Pfd.		22,042		6,019,260
Total Materials				6,019,260
CONSUMER STAPLES: 5.2%
Personal Products: 5.2%
LG Household & Health Care, Ltd., Pfd.		9,287		5,611,422
Total Consumer Staples				5,611,422
TOTAL PREFERRED EQUITIES				37,340,302
(Cost $23,679,109)
TOTAL INVESTMENTS: 96.3%				103,691,096
(Cost $76,218,763)
CASH AND OTHER ASSETS,
LESS LIABILITIES: 3.7%				3,955,569
NET ASSETS: 100.0%				$107,646,665

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

b Non-income producing security.

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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