Matthews Asia Growth Fund	September 30, 2019
Schedule of Investmentsa (unaudited)
COMMON EQUITIES: 88.3%

	Shares	Value
JAPAN: 36.7%
Sony Corp.	577,800		$34,152,698
Terumo Corp.	921,900		29,831,046
Keyence Corp.	43,800		27,263,577
M3, Inc.	1,049,000		25,385,657
TechnoPro Holdings, Inc.	399,800		23,857,285
Nidec Corp.	166,900		22,601,849
Pigeon Corp.	544,900		22,562,610
PeptiDream, Inc.b	411,000		19,645,484
Nitori Holdings Co., Ltd.	133,400		19,576,400
SoftBank Group Corp.	403,000		15,902,552
Seria Co., Ltd.	633,000		15,403,350
SanBio Co., Ltd.b	364,200		15,196,951
Ariake Japan Co., Ltd.	176,100		13,774,924
Mercari, Inc.b	531,300		13,256,086
Sosei Group Corp.b	550,900		12,422,940
Eisai Co., Ltd.	238,500		12,184,259
FANUC Corp.	63,400		11,984,087
HEALIOS KKb	980,300		11,701,270
SBI Holdings, Inc.	498,500		10,725,506
Japan Elevator Service Holdings Co., Ltd.	402,600		10,490,153
Sysmex Corp.	153,200		10,292,323
Kyoritsu Maintenance Co., Ltd.	238,100		10,230,067
Kudan, Inc.b	92,600		9,027,474
CYBERDYNE, Inc.b	768,500		4,732,465
Total Japan			402,201,013
CHINA/HONG KONG: 27.8%
Shenzhou International Group Holdings, Ltd.	3,155,000		41,157,931
Wuxi Biologics Cayman, Inc.b,c,d	3,693,000		37,657,161
Baozun, Inc. ADRb	818,500		34,949,950
Jiangsu Hengrui Medicine Co., Ltd. A Shares	2,492,224		28,174,092
Genscript Biotech Corp.b	11,934,000		22,874,881
Huazhu Group, Ltd. ADR	686,700		22,674,834
Alibaba Group Holding, Ltd. ADRb	127,200		21,271,656
BeiGene, Ltd. ADRb	157,200		19,250,712
Shenzhen Inovance Technology Co., Ltd. A Shares	4,069,575		13,890,159
Autohome, Inc. ADRb	145,500		12,095,415
Bilibili, Inc. ADRb	856,300		12,090,956
Tencent Music Entertainment Group ADRb	920,200		11,750,954
Innovent Biologics, Inc.b,c,d	3,500,500		11,162,368
Shanghai Haohai Biological Technology Co., Ltd. H Sharesc,d	1,873,800		9,031,917
Hansoh Pharmaceutical Group Co., Ltd.b,c,d	1,998,000		6,137,135
Total China/Hong Kong			304,170,121
INDONESIA: 5.4%
PT Bank Rakyat Indonesia Persero	129,492,600		37,600,108
PT Ace Hardware Indonesia	82,006,700		10,228,538
PT Mayora Indah	54,105,900		8,496,851
PT Indofood CBP Sukses Makmur	3,873,200		3,282,167
Total Indonesia			59,607,664
AUSTRALIA: 4.6%
CSL, Ltd.	240,892		38,087,921

	Shares	Value
Oil Search, Ltd.	2,481,915		$12,252,585
Total Australia			50,340,506
INDIA: 4.5%
HDFC Bank, Ltd.	2,837,251		49,168,207
Total India			49,168,207
BANGLADESH: 3.4%
Square Pharmaceuticals, Ltd.	8,767,712		24,499,163
BRAC Bank, Ltd.b	17,927,755		13,048,783
Total Bangladesh			37,547,946
SRI LANKA: 2.4%
Sampath Bank PLC†	21,899,216		18,314,388
LOLC Holdings PLCb	12,121,473		8,258,440
Total Sri Lanka			26,572,828
VIETNAM: 1.6%
Vietnam Dairy Products JSC	3,116,592		17,430,553
Total Vietnam			17,430,553
UNITED STATES: 1.6%
NextCure, Inc.b	417,695		12,885,891
Turning Point Therapeutics, Inc.b	118,000		4,436,800
Total United States			17,322,691
PHILIPPINES: 0.3%
Emperador, Inc.b	25,347,100		3,472,206
Total Philippines			3,472,206
TOTAL INVESTMENTS: 88.3%			967,833,735
(Cost $759,487,342)
CASH AND OTHER ASSETS,
LESS LIABILITIES: 11.7%			128,318,503
NET ASSETS: 100.0%			$1,096,152,238

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

b Non-income producing security.

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, 2019, the aggregate value is $63,988,581, which is 5.84% of net assets.

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

† 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.

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).

1 MATTHEWS ASIA FUNDS