Matthews Asian Growth and Income Fund	September 30, 2020
Schedule of Investmentsa (unaudited)

COMMON EQUITIES: 85.6%

	Shares		Value
CHINA/HONG KONG: 39.4%
Tencent Holdings, Ltd.		1,014,400		$68,516,015
AIA Group, Ltd.		4,998,400		49,684,583
Techtronic Industries Co., Ltd.		2,632,000		34,994,301
NetEase, Inc. ADR		57,200		26,007,124
Midea Group Co., Ltd. A Shares		2,372,079		25,524,541
Inner Mongolia Yili Industrial Group Co., Ltd. A Shares		4,376,775		24,946,537
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd. A Shares		1,251,344		23,132,276
Yum China Holdings, Inc.		429,500		22,742,025
Minth Group, Ltd.		5,196,000		22,689,591
China Yangtze Power Co., Ltd. A Shares		7,295,600		20,632,346
China Resources Land, Ltd.		4,276,000		19,502,086
HKT Trust & HKT, Ltd.		14,402,000		19,115,882
Zhejiang Supor Co., Ltd. A Shares		1,621,928		18,933,920
Zhongsheng Group Holdings, Ltd.		2,992,500		18,824,363
Lepu Medical Technology Beijing Co., Ltd. A Shares		3,444,473		17,167,208
Jiangsu Expressway Co., Ltd. H Shares		16,770,000		16,929,320
Guangdong Investment, Ltd.		10,530,000		16,742,521
Ping An Insurance Group Co. of China, Ltd. H Shares		1,581,500		16,417,311
CLP Holdings, Ltd.		1,726,200		16,117,971
CK Hutchison Holdings, Ltd.		2,540,172		15,392,819
Link REIT		1,827,400		14,974,422
BOC Hong Kong Holdings, Ltd.		5,107,500		13,539,910
Total China/Hong Kong				522,527,072
TAIWAN: 9.9%
Taiwan Semiconductor Manufacturing Co., Ltd.		5,754,187		86,566,440
Advantech Co., Ltd.		2,419,884		24,487,613
Taiwan Secom Co., Ltd.		7,112,000		20,723,864
Total Taiwan				131,777,917
SOUTH KOREA: 8.2%
Samsung Electronics Co., Ltd.		866,075		42,995,567
Macquarie Korea Infrastructure Fund		2,864,823		26,924,130
Coway Co., Ltd.		330,466		22,475,481
Hanon Systems		1,478,342		15,610,781
Total South Korea				108,005,959
SINGAPORE: 7.9%
Ascendas, REIT		8,875,484		21,238,431
Venture Corp., Ltd.		1,454,400		20,651,045
Singapore Technologies Engineering, Ltd.		7,823,325		19,936,346
United Overseas Bank, Ltd.		1,193,000		16,806,022
Singapore Telecommunications, Ltd.		10,515,700		16,457,831
Ascendas India Trust		8,946,700		9,052,733
Total Singapore				104,142,408
INDIA: 6.6%
Housing Development Finance Corp., Ltd.		979,513		23,217,101
Tata Consultancy Services, Ltd.		628,279		21,256,207
Sanofi India, Ltd.		165,908		19,470,912
ITC, Ltd.		6,725,791		15,712,591
Embassy Office Parks, REIT		1,644,000		8,066,537
Total India				87,723,348

	Shares		Value
FRANCE: 3.1%
LVMH Moet Hennessy Louis Vuitton SE		46,973		$21,978,826
Pernod Ricard SA		121,618		19,390,393
Total France				41,369,219
INDONESIA: 2.4%
PT Bank Rakyat Indonesia Persero		78,744,300		16,154,735
PT Ace Hardware Indonesia		147,454,400		15,822,480
Total Indonesia				31,977,215
UNITED STATES: 1.9%
Broadcom, Inc.		70,600		25,720,992
Total United States				25,720,992
VIETNAM: 1.5%
Vietnam Dairy Products JSC		4,315,311		20,420,080
Total Vietnam				20,420,080
AUSTRALIA: 1.3%
Macquarie Group, Ltd.		197,166		17,091,204
Total Australia				17,091,204
PHILIPPINES: 1.2%
Bank of the Philippine Islands		12,247,404		16,216,468
Total Philippines				16,216,468
JAPAN: 1.2%
KDDI Corp.		624,900		15,717,207
Total Japan				15,717,207
THAILAND: 1.0%
Digital Telecommunications Infrastructure Fund F Shares		30,160,700		13,073,907
Total Thailand				13,073,907
TOTAL COMMON EQUITIES				1,135,762,996
(Cost $932,325,757)
CONVERTIBLE CORPORATE BONDS: 9.2%
	Face Amount*		Value
CHINA/HONG KONG: 7.7%
Bosideng International Holdings, Ltd., Cnv.
1.000%, 12/17/24b		24,700,000		21,581,625
Baozun, Inc., Cnv.
1.625%, 05/01/24		19,572,000		18,013,456
China Education Group Holdings, Ltd., Cnv.
2.000%, 03/28/24b		HKD 111,000,000		16,616,365
ANLLIAN Capital, Ltd., Cnv.
0.000%, 02/05/25b		EUR 14,800,000		16,525,260
Harvest International Co., Cnv.
0.000%, 11/21/22b		HKD 111,000,000		15,435,393
Luye Pharma Group, Ltd., Cnv.
1.500%, 07/09/24b		14,101,000		13,789,086
Total China/Hong Kong				101,961,185

matthewsasia.com  |  800.789.ASIA 1

Matthews Asian Growth and Income Fund	September 30, 2020
Schedule of Investmentsa (unaudited) (continued)

CONVERTIBLE CORPORATE BONDS (continued)

	Face Amount*		Value
SINGAPORE: 1.3%
CapitaLand, Ltd., Cnv.
1.950%, 10/17/23b		SGD 24,250,000		$17,495,924
Total Singapore				17,495,924
UNITED STATES: 0.2%
JPMorgan Chase Bank NA, Cnv.
0.125%, 01/01/23c		1,539,000		1,947,797
Total United States				1,947,797
TOTAL CONVERTIBLE CORPORATE BONDS				121,404,906
(Cost $123,850,123)
PREFERRED EQUITIES: 1.9%
	Shares		Value
SOUTH KOREA: 1.9%
LG Household & Health Care, Ltd., Pfd.		41,042		24,798,535
Total South Korea				24,798,535
TOTAL PREFERRED EQUITIES				24,798,535
(Cost $11,577,044)
TOTAL INVESTMENTS: 96.7%				1,281,966,437
(Cost $1,067,752,924)
CASH AND OTHER ASSETS,
LESS LIABILITIES: 3.3%				44,028,885
NET ASSETS: 100.0%		$1,325,995,322

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 $1,947,797, which is 0.15% of net assets.

* All Values in USD unless otherwise specified

ADR	American Depositary Receipt
Cnv.	Convertible
EUR	Euro
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).

2 MATTHEWS ASIA FUNDS