Matthews Asia Dividend Fund	March 31, 2020
Schedule of Investmentsa (unaudited)
COMMON EQUITIES: 94.8%

	Shares	Value
CHINA/HONG KONG: 36.3%
Minth Group, Ltd.†	66,597,000		$141,595,045
Sun Art Retail Group, Ltd.	65,417,000		96,237,113
Shenzhou International Group Holdings, Ltd.	9,026,600		94,689,625
Chongqing Brewery Co., Ltd. A Shares	12,971,770		82,779,104
HKBN, Ltd.	50,368,123		79,274,004
WH Group, Ltd.b,c	83,741,500		77,294,158
China Merchants Bank Co., Ltd. H Shares	17,160,000		76,769,923
Gree Electric Appliances, Inc. of Zhuhai A Shares	10,169,803		74,055,100
China Resources Land, Ltd.	16,316,000		66,593,651
China Education Group Holdings, Ltd.c	47,018,000		65,068,254
Zhongsheng Group Holdings, Ltd.	18,447,000		64,014,384
AIA Group, Ltd.	7,059,400		63,214,392
China International Travel Service Corp., Ltd. A Shares	6,576,311		61,584,508
China East Education Holdings, Ltd.b,c,d	37,406,000		60,088,663
Yuexiu Transport Infrastructure, Ltd.†	93,902,000		56,828,360
Beijing Capital International Airport Co., Ltd. H Shares	61,258,000		38,877,834
Fuyao Glass Industry Group Co., Ltd. H Sharesb,c	17,519,600		37,221,054
Melco Resorts & Entertainment, Ltd. ADR	1,654,293		20,513,233
Crystal International Group, Ltd.b,c	63,343,000		19,457,582
Café de Coral Holdings, Ltd.	8,236,000		13,453,307
Huaneng Lancang River Hydropower, Inc. A Shares	26,128,893		13,337,197
Total China/Hong Kong			1,302,946,491
JAPAN: 31.7%
Anritsu Corp.	6,149,100		113,141,457
MISUMI Group, Inc.	5,062,100		109,498,023
Hoya Corp.	1,275,900		108,491,728
Pigeon Corp.	2,647,200		101,348,687
NTT DoCoMo, Inc.	2,868,300		89,700,648
Kao Corp.	948,600		77,280,769
KATITAS Co., Ltd.†	4,210,800		67,223,403
Bandai Namco Holdings, Inc.	1,376,500		66,764,714
LIXIL Group Corp.	4,632,900		57,082,827
Eiken Chemical Co., Ltd.†	2,952,500		53,903,964
BELLSYSTEM24 Holdings, Inc.†	5,180,500		53,756,642
Oriental Land Co., Ltd.	413,900		52,837,257
MANI, INC.	2,038,000		49,983,948
TDK Corp.	598,500		46,018,167
Mitsubishi Pencil Co., Ltd.	2,403,000		31,543,826
Nintendo Co., Ltd.	51,200		19,899,065
Disco Corp.	101,300		19,708,205
Nifco, Inc.	1,054,200		18,883,327
Total Japan			1,137,066,657
SINGAPORE: 6.3%
Keppel DC, REIT	42,646,280		68,443,506
NetLink NBN Trustc	101,140,600		64,227,964
Ascendas India Trust†	57,288,600		48,204,285
CapitaLand Retail China Trust, REIT	52,442,200		44,541,981
Total Singapore			225,417,736

	Shares	Value
TAIWAN: 4.8%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR	1,520,340		$72,657,049
Taiwan Semiconductor Manufacturing Co., Ltd.	7,016,469		63,164,474
China Steel Chemical Corp.	11,301,000		34,719,876
Total Taiwan			170,541,399
SOUTH KOREA: 4.7%
BGF Retail Co., Ltd.	599,464		64,932,732
Hyundai Mobis Co., Ltd.	457,734		63,317,383
Samsung Electronics Co., Ltd.	1,053,639		40,967,085
Total South Korea			169,217,200
PHILIPPINES: 2.2%
Globe Telecom, Inc.	2,086,905		79,088,935
Total Philippines			79,088,935
AUSTRALIA: 2.2%
Breville Group, Ltd.†	7,564,257		78,960,639
Total Australia			78,960,639
INDIA: 1.8%
Minda Industries, Ltd.†	13,929,676		44,096,982
Maruti Suzuki India, Ltd.	375,805		21,197,374
Total India			65,294,356
THAILAND: 1.7%
Thai Beverage Public Co., Ltd.	145,719,900		61,646,689
Total Thailand			61,646,689
INDONESIA: 1.3%
PT United Tractors	46,102,200		47,475,864
Total Indonesia			47,475,864
BANGLADESH: 1.2%
GrameenPhone, Ltd.e	16,665,233		44,478,527
Total Bangladesh			44,478,527
VIETNAM: 0.6%
Vietnam Dairy Products JSC	5,193,905		19,836,507
Total Vietnam			19,836,507
TOTAL COMMON EQUITIES			3,401,971,000
(Cost $3,338,886,114)
PREFERRED EQUITIES: 3.6%
SOUTH KOREA: 3.6%
LG Chem, Ltd., Pfd.	545,384		65,585,418
Samsung Electronics Co., Ltd., Pfd.	1,962,323		63,947,472
Total South Korea			129,532,890
TOTAL PREFERRED EQUITIES			129,532,890
(Cost $119,734,191)

1 MATTHEWS ASIA FUNDS

Matthews Asia Dividend Fund	March 31, 2020
Schedule of Investmentsa (unaudited) (continued)

PREFERRED EQUITIES (continued)
	Value
TOTAL INVESTMENTS: 98.4%		$3,531,503,890
(Cost $3,458,620,305)
CASH AND OTHER ASSETS, LESS LIABILITIES: 1.6%		57,739,128
NET ASSETS: 100.0%		$3,589,243,018

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, 2020, the aggregate value is $194,061,457, which is 5.41% 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.

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 $44,478,527 and 1.24% of net assets.

† 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).

matthewsasia.com  |  800.789.ASIA 2