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

COMMON EQUITIES: 94.0%

	Shares		Value
CHINA/HONG KONG: 32.8%
Minth Group, Ltd.†		61,253,000		$267,476,041
Chongqing Brewery Co., Ltd. A Shares		10,229,070		155,415,432
China Tourism Group Duty Free Corp., Ltd. A Shares		3,370,011		111,149,228
Tencent Holdings, Ltd.		1,618,900		109,345,994
Zhongsheng Group Holdings, Ltd.		16,359,000		102,906,519
HKBN, Ltd.		46,034,623		87,851,023
Shenzhou International Group Holdings, Ltd.		5,008,700		85,292,605
China Education Group Holdings, Ltd.b		44,063,000		81,068,108
Gree Electric Appliances, Inc. of Zhuhai A Shares		10,169,803		80,391,156
Wuliangye Yibin Co., Ltd. A Shares		2,427,344		79,451,295
China Resources Land, Ltd.		15,600,000		71,148,864
Pharmaron Beijing Co., Ltd. A Shares		4,327,964		66,542,112
China East Education Holdings, Ltd.b,c		29,177,000		63,581,570
Yuexiu Transport Infrastructure, Ltd.†		93,902,000		54,752,231
Pharmaron Beijing Co., Ltd. H Sharesb,c		1,609,500		20,153,431
Total China/Hong Kong				1,436,525,609
JAPAN: 32.1%
Anritsu Corp.		5,461,500		124,457,438
KATITAS Co., Ltd.†		4,186,900		118,978,301
Hoya Corp.		976,200		110,228,923
MISUMI Group, Inc.		3,777,800		105,917,923
Bandai Namco Holdings, Inc.		1,376,500		100,856,253
Nintendo Co., Ltd.		173,000		98,037,587
LIXIL Group Corp.		4,632,900		93,641,562
Pigeon Corp.		2,048,200		91,516,188
BELLSYSTEM24 Holdings, Inc.†		5,045,500		85,128,163
Daifuku Co., Ltd.		686,500		69,293,527
Disco Corp.		277,700		67,898,988
TDK Corp.		598,500		65,351,889
Oriental Land Co., Ltd.		461,800		64,765,242
Dai-ichi Life Holdings, Inc.		4,473,100		63,117,015
Shiseido Co., Ltd.		997,300		57,733,673
MANI, INC.		2,038,000		55,690,602
Mitsubishi Pencil Co., Ltd.		2,403,000		31,369,146
Total Japan				1,403,982,420
AUSTRALIA: 7.7%
Breville Group, Ltd.†		7,564,257		137,279,177
Sydney Airport		16,641,089		70,665,938
Macquarie Group, Ltd.		765,538		66,360,153
QBE Insurance Group, Ltd.		10,178,711		63,311,975
Total Australia				337,617,243
SINGAPORE: 5.9%
Keppel DC, REIT		38,579,180		82,460,358
NetLink NBN Trustb		96,864,300		69,344,706
Ascendas India Trust		57,288,600		57,967,560
BOC Aviation, Ltd.b,c		7,379,900		50,567,865
Total Singapore				260,340,489
TAIWAN: 5.4%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		1,210,140		98,106,050

	Shares		Value
Taiwan Semiconductor Manufacturing Co., Ltd.		4,934,469		$74,234,538
Cathay Financial Holding Co., Ltd.		48,022,000		64,288,652
Total Taiwan				236,629,240
SOUTH KOREA: 3.1%
Hyundai Mobis Co., Ltd.		449,593		88,202,919
Samsung Electronics Co., Ltd.		914,230		45,386,182
Total South Korea				133,589,101
INDIA: 2.8%
Minda Industries, Ltd.†		13,619,268		61,080,294
Reliance Industries, Ltd.		1,594,165		48,347,696
HDFC Bank, Ltd.d		965,013		14,166,211
Total India				123,594,201
PHILIPPINES: 1.8%
Globe Telecom, Inc.		1,829,305		78,464,682
Total Philippines				78,464,682
BANGLADESH: 1.3%
GrameenPhone, Ltd.		14,140,431		55,011,402
Total Bangladesh				55,011,402
THAILAND: 1.1%
Thai Beverage Public Co., Ltd.		108,527,600		48,286,971
Total Thailand				48,286,971
TOTAL COMMON EQUITIES				4,114,041,358
(Cost $2,873,532,404)
PREFERRED EQUITIES: 4.9%
SOUTH KOREA: 4.9%
LG Chem, Ltd., Pfd.		522,173		142,595,721
Samsung Electronics Co., Ltd., Pfd.		1,733,915		74,629,452
Total South Korea				217,225,173
TOTAL PREFERRED EQUITIES				217,225,173
(Cost $110,508,007)
TOTAL INVESTMENTS: 98.9%				4,331,266,531
(Cost $2,984,040,411)
CASH AND OTHER ASSETS,
LESS LIABILITIES: 1.1%				46,444,756
NET ASSETS: 100.0%				$4,377,711,287

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Matthews Asia Dividend Fund	September 30, 2020
Schedule of Investmentsa (unaudited) (continued)

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

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

c 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, 2020, the aggregate value is $134,302,866, which is 3.07% of net assets.

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

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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