Matthews Asia Dividend Fund September 30, 2019

Schedule of Investments^a (unaudited)

COMMON EQUITIES: 94.8%

	Shares	Value
CHINA/HONG KONG: 39.9%
Minth Group, Ltd.†	68,717,000		$232,910,668
Shenzhou International Group Holdings, Ltd.	12,140,900		158,381,719
AIA Group, Ltd.	12,244,000		115,473,774
HKBN, Ltd.	55,917,123		103,049,157
Chongqing Brewery Co., Ltd. A Shares	17,782,570		102,287,772
China Merchants Bank Co., Ltd. H Shares	21,424,500		101,898,349
WH Group, Ltd.b,c	112,341,000		100,607,882
Ping An Insurance Group Co. of China, Ltd. H Shares	8,696,500		99,955,103
China Gas Holdings, Ltd.	25,008,600		96,608,244
Sun Art Retail Group, Ltd.	83,509,000		84,702,091
Yuexiu Transport Infrastructure, Ltd.†	96,492,000		83,379,949
China Construction Bank Corp. H Shares	101,120,000		77,049,319
Beijing Capital International Airport Co., Ltd. H Shares	85,294,000		72,781,910
China Education Group Holdings, Ltd.c	49,377,000		72,537,249
China East Education Holdings, Ltd.b,c,d	39,696,500		72,457,318
China Petroleum & Chemical Corp. H Shares	120,200,000		71,127,354
China Mobile, Ltd.	7,877,000		65,251,114
Huaneng Lancang River Hydropower, Inc. A Shares	109,074,293		64,890,878
Fuyao Glass Industry Group Co., Ltd. H Sharesb,c	22,238,000		61,710,270
Zhongsheng Group Holdings, Ltd.	19,333,000		61,080,186
Huaneng Power International, Inc. H Shares	125,092,000		60,190,101
Melco Resorts & Entertainment, Ltd. ADR	2,642,500		51,290,925
Yixintang Pharmaceutical Group Co., Ltd. A Shares	15,421,158		48,437,646
Crystal International Group, Ltd.b,c	117,237,500		47,952,063
Café de Coral Holdings, Ltd.	15,684,000		41,999,518
Shanghai Jin Jiang Capital Co., Ltd. H Shares	60,028,000		9,022,941
China Mobile, Ltd. ADR	157,800		6,532,920
Total China/Hong Kong			2,163,566,420
JAPAN: 24.2%
Anritsu Corp.†	8,730,900		172,741,563
Hoya Corp.	1,774,700		145,353,126
MISUMI Group, Inc.	5,689,500		134,774,982
Pigeon Corp.	3,020,200		125,057,064
NTT DoCoMo, Inc.	4,261,000		108,803,083
KATITAS Co., Ltd.†	2,134,900		88,091,925
BELLSYSTEM24 Holdings, Inc.†	5,713,000		87,739,843
Kao Corp.	1,163,400		86,297,450
Nifco, Inc.	2,888,700		69,417,596
MANI, INC.	2,210,400		58,378,311
Eiken Chemical Co., Ltd.†	3,719,300		56,354,919
Outsourcing, Inc.	5,684,200		54,449,371
Fuji Seal International, Inc.	1,671,700		42,385,622
Mitsubishi Pencil Co., Ltd.	2,605,800		41,490,236
LIXIL Group Corp.	1,913,000		33,797,294
Bandai Namco Holdings, Inc.	134,400		8,380,860
Total Japan			1,313,513,245
SINGAPORE: 7.9%
United Overseas Bank, Ltd.	6,194,200		115,119,302

	Shares	Value
Ascendas India Trust†	57,863,800		$65,309,502
NetLink NBN Trustc	99,404,400		64,008,911
CapitaLand Commercial Trust, REIT	42,298,000		63,378,296
Keppel DC, REIT	44,676,800		61,779,660
CapitaLand Retail China Trust, REIT	54,132,600		59,945,779
Total Singapore			429,541,450
SOUTH KOREA: 7.5%
Hyundai Mobis Co., Ltd.	909,525		191,403,204
BGF Retail Co., Ltd.	824,331		135,674,281
Samsung Fire & Marine Insurance Co., Ltd.	277,603		51,723,990
Woori Financial Group, Inc.	2,589,903		26,921,672
Total South Korea			405,723,147
TAIWAN: 5.3%
Taiwan Semiconductor Manufacturing Co., Ltd.	13,485,469		119,771,658
Taiwan Semiconductor Manufacturing Co., Ltd. ADR	2,318,440		107,761,091
China Steel Chemical Corp.†	15,300,000		61,901,961
Total Taiwan			289,434,710
THAILAND: 2.2%
Thai Beverage Public Co., Ltd.	183,879,500		117,746,872
Total Thailand			117,746,872
AUSTRALIA: 1.6%
Breville Group, Ltd.†	8,021,020		87,217,016
Total Australia			87,217,016
PHILIPPINES: 1.5%
Globe Telecom, Inc.	2,272,865		80,249,719
Total Philippines			80,249,719
INDIA: 1.3%
Minda Industries, Ltd.†	14,660,782		70,537,604
Total India			70,537,604
BANGLADESH: 1.2%
GrameenPhone, Ltd.	15,971,363		66,611,141
Total Bangladesh			66,611,141
INDONESIA: 1.1%
PT United Tractors	42,850,800		62,111,774
Total Indonesia			62,111,774
VIETNAM: 1.1%
Vietnam Dairy Products JSC	10,324,345		57,742,254
Total Vietnam			57,742,254
TOTAL COMMON EQUITIES			5,143,995,352
(Cost $4,464,098,117)
PREFERRED EQUITIES: 3.1%
SOUTH KOREA: 3.1%
Samsung Electronics Co., Ltd., Pfd.	2,553,876		84,301,109

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Matthews Asia Dividend Fund September 30, 2019

Schedule of Investments^a (unaudited) (continued)

PREFERRED EQUITIES (continued)

	Shares	Value
LG Chem, Ltd., Pfd.	601,806		$84,222,505
Total South Korea			168,523,614
TOTAL PREFERRED EQUITIES			168,523,614
(Cost $143,451,873)
RIGHTS: 0.0%
SINGAPORE: 0.0%
Keppel DC, REIT, Rights, expires 10/07/19d	1,207,080		175,763
Total Singapore			175,763
TOTAL RIGHTS			175,763
(Cost $0)
TOTAL INVESTMENTS: 97.9%			5,312,694,729
(Cost $4,607,549,990)
CASH AND OTHER ASSETS, LESS LIABILITIES: 2.1%			112,106,886
NET ASSETS: 100.0%			$5,424,801,615

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 $282,727,533, which is 5.21% of net assets.

c The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

d Non-income producing security.

† Affiliated Issuer, as defined under the Investment Company Act of 1940 (ownership of 5% or more of the outstanding voting securities of this issuer)

ADR American Depositary Receipt

JSC Joint Stock Co.

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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