Matthews Japan Fund	March 31, 2020
Schedule of Investmentsa (unaudited)
COMMON EQUITIES: 98.6%

	Shares	Value
INFORMATION TECHNOLOGY: 23.2%
Electronic Equipment, Instruments & Components: 10.6%
Keyence Corp.	194,600		$62,566,345
Murata Manufacturing Co., Ltd.	839,700		41,745,482
TDK Corp.	428,400		32,939,319
Shimadzu Corp.	1,258,200		32,836,789
			170,087,935
Semiconductors & Semiconductor Equipment: 5.8%
Lasertec Corp.	1,118,300		51,855,197
Disco Corp.	132,700		25,817,165
Rohm Co., Ltd.	278,400		15,112,165
			92,784,527
IT Services: 3.1%
ITOCHU Techno-Solutions Corp.	1,770,600		50,427,338
Software: 2.6%
Infomart Corp.	3,188,900		20,985,124
Sansan, Inc.b	360,000		14,977,389
Freee KKb	152,600		4,905,276
			40,867,789
Technology Hardware, Storage & Peripherals: 1.1%
FUJIFILM Holdings Corp.	357,400		17,612,515
Total Information Technology			371,780,104
HEALTH CARE: 18.2%
Pharmaceuticals: 7.3%
Shionogi & Co., Ltd.	877,600		43,230,121
Eisai Co., Ltd.	452,800		33,121,157
Santen Pharmaceutical Co., Ltd.	1,356,800		23,285,085
Takeda Pharmaceutical Co., Ltd.	584,300		17,790,832
			117,427,195
Health Care Equipment & Supplies: 6.8%
Terumo Corp.	1,826,100		62,564,709
Asahi Intecc Co., Ltd.	1,909,700		47,230,833
			109,795,542
Biotechnology: 2.2%
PeptiDream, Inc.b	1,012,000		35,226,805
Health Care Technology: 1.9%
M3, Inc.	1,010,600		29,809,807
Total Health Care			292,259,349
INDUSTRIALS: 17.6%
Building Products: 5.9%
Daikin Industries, Ltd.	480,400		57,991,039
Aica Kogyo Co., Ltd.	977,400		27,887,635
Sanwa Holdings Corp.	1,194,800		9,278,836
			95,157,510
Professional Services: 5.9%
Nihon M&A Center, Inc.	1,510,100		41,128,877
Recruit Holdings Co., Ltd.	1,202,500		31,062,114
TechnoPro Holdings, Inc.	311,600		14,542,587

	Shares	Value
SMS Co., Ltd.	411,800		$7,941,885
			94,675,463
Construction & Engineering: 2.6%
Kyowa Exeo Corp.	1,889,900		41,909,257
Machinery: 2.4%
SMC Corp.	92,300		38,696,196
Electrical Equipment: 0.8%
Nidec Corp.	240,400		12,388,894
Total Industrials			282,827,320
CONSUMER DISCRETIONARY: 14.3%
Household Durables: 4.8%
Sony Corp.	1,307,500		77,447,906
Specialty Retail: 4.6%
Nitori Holdings Co., Ltd.	207,100		27,987,676
Fast Retailing Co., Ltd.	59,700		24,360,120
Hikari Tsushin, Inc.	132,400		22,154,891
			74,502,687
Distributors: 2.1%
PALTAC Corp.	682,700		33,811,631
Leisure Products: 1.4%
Bandai Namco Holdings, Inc.	468,800		22,738,320
Hotels, Restaurants & Leisure: 0.8%
Kyoritsu Maintenance Co., Ltd.	561,600		12,357,617
Multiline Retail: 0.6%
Pan Pacific International Holdings Corp.	481,700		9,122,106
Total Consumer Discretionary			229,980,267
COMMUNICATION SERVICES: 9.6%
Diversified Telecommunication Services: 4.3%
Nippon Telegraph & Telephone Corp.	2,876,900		68,805,721
Entertainment: 3.2%
Nintendo Co., Ltd.	130,500		50,719,297
Wireless Telecommunication Services: 2.1%
SoftBank Group Corp.	960,800		34,014,615
Total Communication Services			153,539,633
FINANCIALS: 5.7%
Insurance: 5.0%
Tokio Marine Holdings, Inc.	1,423,900		65,149,930
Dai-ichi Life Holdings, Inc.	1,339,000		15,900,801
			81,050,731
Banks: 0.7%
Mitsubishi UFJ Financial Group, Inc.	2,903,800		10,864,726
Total Financials			91,915,457
CONSUMER STAPLES: 5.6%
Personal Products: 2.7%
Kao Corp.	528,400		43,047,816

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

COMMON EQUITIES (continued)

	Shares	Value
Food Products: 1.6%
Ariake Japan Co., Ltd.	405,600		$25,597,591
Food & Staples Retailing: 1.3%
San-A Co., Ltd.	496,400		20,650,815
Total Consumer Staples			89,296,222
REAL ESTATE: 3.1%
Real Estate Management & Development: 3.1%
Mitsui Fudosan Co., Ltd.	1,551,700		26,867,244
Relo Group, Inc.	1,076,800		22,499,420
Total Real Estate			49,366,664
MATERIALS: 1.3%
Chemicals: 1.3%
Shin-Etsu Chemical Co., Ltd.	210,200		20,659,973
Total Materials			20,659,973
TOTAL INVESTMENTS: 98.6%			1,581,624,989
(Cost $1,540,243,291)
CASH AND OTHER ASSETS, LESS LIABILITIES: 1.4%			23,152,560
NET ASSETS: 100.0%			$1,604,777,549

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

b Non-income producing security.

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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