Matthews Asian Growth and Income Fund	March 31, 2020
Schedule of Investmentsa (unaudited)
COMMON EQUITIES: 85.0%

	Shares	Value
CHINA/HONG KONG: 39.3%
Tencent Holdings, Ltd.	1,095,500		$54,147,950
AIA Group, Ltd.	5,461,200		48,903,085
Yum China Holdings, Inc.	526,300		22,436,169
NetEase, Inc. ADR	69,500		22,306,720
Techtronic Industries Co., Ltd.	3,390,500		21,529,356
Midea Group Co., Ltd. A Shares	2,986,979		20,209,910
Inner Mongolia Yili Industrial Group Co., Ltd. A Shares	4,816,875		20,124,987
HKT Trust & HKT, Ltd.	14,209,000		19,324,920
Jiangsu Expressway Co., Ltd. H Shares	17,194,000		19,110,549
Zhejiang Supor Co., Ltd. A Shares	1,930,928		18,683,796
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd. A Shares	1,576,144		18,490,428
CLP Holdings, Ltd.	2,008,200		18,395,124
Jardine Matheson Holdings, Ltd.	353,100		17,772,206
CK Hutchison Holdings, Ltd.	2,593,172		17,283,905
Guangdong Investment, Ltd.	8,526,000		16,361,817
Shanghai International Airport Co., Ltd. A Shares	1,834,462		15,589,822
HSBC Holdings PLC ADR	552,233		15,468,046
CK Asset Holdings, Ltd.	2,810,172		15,247,120
Fortune, REIT	16,122,000		14,821,248
Pacific Textiles Holdings, Ltd.	29,777,000		14,253,649
China Mobile, Ltd. ADR	360,700		13,587,569
BOC Hong Kong Holdings, Ltd.	4,545,000		12,476,119
Minth Group, Ltd.	5,196,000		11,047,462
Total China/Hong Kong			467,571,957
SINGAPORE: 8.5%
Ascendas, REIT	10,493,184		20,776,645
Singapore Telecommunications, Ltd.	10,927,100		19,480,005
Singapore Technologies Engineering, Ltd.	8,765,425		19,177,234
Venture Corp., Ltd.	1,820,800		17,345,097
United Overseas Bank, Ltd.	1,193,000		16,368,021
Ascendas India Trust	8,946,700		7,528,012
Total Singapore			100,675,014
TAIWAN: 8.0%
Taiwan Semiconductor Manufacturing Co., Ltd.	6,147,187		55,338,922
Taiwan Secom Co., Ltd.	7,519,000		20,296,697
Advantech Co., Ltd.	2,384,000		19,643,380
Total Taiwan			95,278,999
SOUTH KOREA: 7.9%
Samsung Electronics Co., Ltd.	929,626		36,145,271
Macquarie Korea Infrastructure Fund	2,862,946		25,425,047
Coway Co., Ltd.	407,513		19,276,901
Hanon Systems	1,793,826		13,026,569
Total South Korea			93,873,788
INDIA: 5.0%
Housing Development Finance Corp., Ltd.	979,513		21,142,148
Sanofi India, Ltd.	210,591		17,280,990
ITC, Ltd.	6,217,860		14,021,043
Embassy Office Parks, REIT	1,644,000		7,597,567
Total India			60,041,748

	Shares	Value
FRANCE: 3.2%
Pernod Ricard SA	135,522		$19,235,506
LVMH Moet Hennessy Louis Vuitton SE	52,319		19,188,082
Total France			38,423,588
UNITED STATES: 3.0%
Broadcom, Inc.	82,100		19,465,910
Cognizant Technology Solutions Corp. Class A	349,400		16,236,618
Total United States			35,702,528
INDONESIA: 2.5%
PT Ace Hardware Indonesia	192,136,100		15,286,284
PT Bank Rakyat Indonesia Persero	78,744,300		14,442,115
Total Indonesia			29,728,399
JAPAN: 1.5%
KDDI Corp.	624,900		18,458,667
Total Japan			18,458,667
PHILIPPINES: 1.5%
Bank of the Philippine Islands	14,261,854		17,350,260
Total Philippines			17,350,260
UNITED KINGDOM: 1.4%
Prudential PLC	1,348,944		16,902,024
Total United Kingdom			16,902,024
VIETNAM: 1.3%
Vietnam Dairy Products JSC	3,955,233		15,105,784
Total Vietnam			15,105,784
AUSTRALIA: 1.0%
Macquarie Group, Ltd.	235,557		12,545,296
Total Australia			12,545,296
THAILAND: 0.9%
Kasikornbank Public Co., Ltd.	3,711,400		10,322,311
Total Thailand			10,322,311
TOTAL COMMON EQUITIES			1,011,980,363
(Cost $1,095,190,989)
CONVERTIBLE CORPORATE BONDS: 10.9%
	Face Amount*	Value
CHINA/HONG KONG: 7.8%
Bosideng International Holdings, Ltd., Cnv. 1.000%, 12/17/24b	24,700,000		17,907,500
China Mengniu Dairy Co., Ltd., Series 2319, Cnv. 0.000%, 06/05/22b	17,000,000		17,127,946
Zhongsheng Group Holdings, Ltd., Cnv. 0.000%, 05/23/23b	HKD 127,000,000		16,996,898
Harvest International Co., Cnv. 0.000%, 11/21/22b	HKD 111,000,000		14,140,050
China Education Group Holdings, Ltd., Cnv. 2.000%, 03/28/24b	HKD 111,000,000		13,837,864

1 MATTHEWS ASIA FUNDS

Matthews Asian Growth and Income Fund	March 31, 2020
Schedule of Investmentsa (unaudited) (continued)

CONVERTIBLE CORPORATE BONDS (continued)

	Face Amount*	Value
Luye Pharma Group, Ltd., Cnv. 1.500%, 07/09/24b	14,101,000		$12,849,536
Total China/Hong Kong			92,859,794
SINGAPORE: 1.9%
CapitaLand, Ltd., Cnv. 1.950%, 10/17/23b,c	SGD 34,000,000		22,533,507
Total Singapore			22,533,507
MALAYSIA: 1.2%
Top Glove Labuan, Ltd., Cnv. 2.000%, 03/01/24b	13,159,000		14,265,481
Total Malaysia			14,265,481
TOTAL CONVERTIBLE CORPORATE BONDS			129,658,782
(Cost $141,209,644)
PREFERRED EQUITIES: 1.8%
	Shares	Value
SOUTH KOREA: 1.8%
LG Household & Health Care, Ltd., Pfd.	41,042		21,396,864
Total South Korea			21,396,864
TOTAL PREFERRED EQUITIES			21,396,864
(Cost $11,577,044)
TOTAL INVESTMENTS: 97.7%			1,163,036,009
(Cost $1,247,977,677)
CASH AND OTHER ASSETS, LESS LIABILITIES: 2.3%			26,873,198
NET ASSETS: 100.0%			$1,189,909,207

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 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 $22,533,507 and 1.89% of net assets.

* All Values in USD unless otherwise specified

ADR	American Depositary Receipt
Cnv.	Convertible
HKD	Hong Kong Dollar
JSC	Joint Stock Co.
Pfd.	Preferred
REIT	Real Estate Investment Trust
SGD	Singapore Dollar
USD	U.S. Dollar

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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