Matthews Asia Dividend Fund	March 31, 2021
Schedule of Investmentsa (unaudited)

COMMON EQUITIES: 93.7%

	Shares		Value
JAPAN: 30.6%
Lixil Corp.		4,632,900		$128,930,241
KATITAS Co., Ltd.†		4,186,900		117,006,975
Anritsu Corp.		4,887,900		106,985,096
MISUMI Group, Inc.		3,545,400		103,275,873
Dai-ichi Life Holdings, Inc.		5,932,600		101,980,927
ORIX Corp.		5,448,100		92,142,545
BELLSYSTEM24 Holdings, Inc.†		5,045,500		86,444,489
Daifuku Co., Ltd.		841,200		82,664,091
Nintendo Co., Ltd.		145,100		81,783,514
Oriental Land Co., Ltd.		531,100		79,920,564
Olympus Corp.		3,801,900		78,866,220
Disco Corp.		248,100		78,400,599
Bandai Namco Holdings, Inc.		1,087,500		77,742,592
Hoya Corp.		614,400		72,312,932
Shiseido Co., Ltd.		1,033,300		69,493,750
TDK Corp.		498,600		69,408,986
AGC, Inc.		1,276,900		53,597,959
MANI, INC.		2,038,000		51,295,039
Japan Steel Works, Ltd.		2,074,900		49,429,644
Mitsubishi Pencil Co., Ltd.		2,403,000		34,782,074
Pigeon Corp.		791,200		30,001,654
Total Japan				1,646,465,764
CHINA/HONG KONG: 25.9%
Minth Group, Ltd.†		61,819,000		258,984,101
Tencent Holdings, Ltd.		1,849,600		147,612,054
Link REIT		12,912,300		117,808,508
Postal Savings Bank of China Co., Ltd. H Sharesb,c		145,712,000		109,202,992
Shenzhou International Group Holdings, Ltd.		5,008,700		104,764,732
Pharmaron Beijing Co., Ltd. A Shares		3,819,564		87,611,088
AIA Group, Ltd.		6,731,800		82,375,492
China Education Group Holdings, Ltd.c		44,063,000		78,616,087
HKBN, Ltd.		46,397,623		67,581,596
OPT Machine Vision Tech Co., Ltd. A Sharesd		1,765,748		64,057,189
MINISO Group Holding, Ltd. ADRd		2,581,900		62,017,238
Yuexiu Transport Infrastructure, Ltd.†		93,902,000		59,350,192
Jinxin Fertility Group, Ltd.b,c		26,764,000		57,890,390
Baidu, Inc. ADRd		245,300		53,365,015
Pharmaron Beijing Co., Ltd. H Sharesb,c		1,609,500		30,596,325
Chongqing Brewery Co., Ltd. A Shares		633,258		10,783,835
Total China/Hong Kong				1,392,616,834
AUSTRALIA: 9.4%
Breville Group, Ltd.†		7,461,473		153,598,098
QBE Insurance Group, Ltd.		12,339,933		90,371,778
Sydney Airportd		18,253,479		86,252,075
Macquarie Group, Ltd.		668,330		77,913,125
IDP Education, Ltd.		3,940,856		71,707,472
Treasury Wine Estates, Ltd.		3,202,034		25,238,536
Total Australia				505,081,084
SOUTH KOREA: 9.0%
POSCO		503,142		142,568,422
Hyundai Mobis Co., Ltd.		449,593		116,620,783
KB Financial Group, Inc.		1,880,798		92,699,956
Hugel, Inc.d		445,972		70,537,009

	Shares		Value
Samsung Electronics Co., Ltd.		870,241		$62,957,257
Total South Korea				485,383,427
SINGAPORE: 5.4%
BOC Aviation, Ltd.b,c		8,865,900		86,282,885
Keppel DC, REIT		38,579,180		77,472,654
NetLink NBN Trustc		93,023,700		65,397,556
Ascendas India Trust		57,288,600		63,119,670
Total Singapore				292,272,765
TAIWAN: 4.0%
Taiwan Semiconductor Manufacturing Co., Ltd.		5,242,469		110,402,265
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		885,740		104,765,327
Total Taiwan				215,167,592
INDIA: 2.9%
Minda Industries, Ltd.†		13,619,268		101,340,045
Reliance Industries, Ltd.		2,034,882		55,951,576
Total India				157,291,621
VIETNAM: 2.6%
Hoa Phat Group JSC		25,694,500		52,199,150
Asia Commercial Bank JSCd		21,080,300		30,503,549
Vinhomes JSCb,d		6,929,900		29,313,601
Vietnam Dairy Products JSC		6,241,900		26,676,771
Total Vietnam				138,693,071
INDONESIA: 1.6%
PT Bank Rakyat Indonesia Perserod		282,382,100		85,670,301
Total Indonesia				85,670,301
PHILIPPINES: 1.3%
Globe Telecom, Inc.		1,829,305		70,932,617
Total Philippines				70,932,617
BANGLADESH: 1.0%
GrameenPhone, Ltd.		14,140,431		54,809,812
Total Bangladesh				54,809,812
TOTAL COMMON EQUITIES				5,044,384,888
(Cost $3,902,190,690)
PREFERRED EQUITIES: 5.1%
SOUTH KOREA: 5.1%
LG Chem, Ltd., Pfd.		488,391		167,085,940
Samsung Electronics Co., Ltd., Pfd.		1,671,655		108,270,117
Total South Korea				275,356,057
TOTAL PREFERRED EQUITIES				275,356,057
(Cost $105,374,275)

1 MATTHEWS ASIA FUNDS

Matthews Asia Dividend Fund	March 31, 2021
Schedule of Investmentsa (unaudited) (continued)

PREFERRED EQUITIES (continued)

	Value
TOTAL INVESTMENTS: 98.8%		$5,319,740,945
(Cost $4,007,564,965)
CASH AND OTHER ASSETS, LESS LIABILITIES: 1.2%		64,237,883
NET ASSETS: 100.0%		$5,383,978,828

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, 2021, the aggregate value is $313,286,193, which is 5.82% 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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