Matthews Asian Growth and Income Fund	March 31, 2021
Schedule of Investmentsa (unaudited)

COMMON EQUITIES: 86.6%

	Shares		Value
CHINA/HONG KONG: 38.7%
Tencent Holdings, Ltd.		1,151,300		$91,882,438
AIA Group, Ltd.		4,773,000		58,406,106
Techtronic Industries Co., Ltd.		1,939,000		33,241,843
NetEase, Inc. ADR		259,000		26,744,340
BOC Hong Kong Holdings, Ltd.		7,530,500		26,344,675
HKT Trust & HKT, Ltd.		17,817,000		25,431,288
Yum China Holdings, Inc.		429,500		25,430,695
ENN Natural Gas Co., Ltd. A Shares		9,199,614		24,667,887
CK Hutchison Holdings, Ltd.		3,041,672		24,300,868
Zhongsheng Group Holdings, Ltd.		3,394,000		24,043,910
Inner Mongolia Yili Industrial Group Co., Ltd. A Shares		3,913,975		23,987,797
Link REIT		2,595,200		23,677,938
Minth Group, Ltd.		5,622,000		23,552,769
Midea Group Co., Ltd. A Shares		1,858,079		23,376,617
JD.com, Inc. A Sharesb		551,600		23,262,259
Jiangsu Expressway Co., Ltd. H Shares		18,278,000		22,762,071
Ping An Insurance Group Co. of China, Ltd. H Shares		1,884,500		22,541,176
Topsports International Holdings, Ltd.c,d		14,869,000		22,171,479
Ever Sunshine Lifestyle Services Group, Ltd.d		8,766,000		22,166,446
Guangdong Investment, Ltd.		12,456,000		20,351,570
Total China/Hong Kong				588,344,172
SOUTH KOREA: 10.1%
Samsung Electronics Co., Ltd.		866,075		62,655,869
Macquarie Korea Infrastructure Fund		3,289,981		33,872,756
LEENO Industrial, Inc.		169,847		23,589,700
Coway Co., Ltd.		392,332		22,793,961
LG Household & Health Care, Ltd.		8,055		11,177,349
Total South Korea				154,089,635
TAIWAN: 9.6%
Taiwan Semiconductor Manufacturing Co., Ltd.		5,432,187		114,397,577
Advantech Co., Ltd.		1,415,884		17,662,084
Taiwan Secom Co., Ltd.		4,350,000		14,259,044
Total Taiwan				146,318,705
INDIA: 7.6%
Housing Development Finance Corp., Ltd.		1,018,483		34,994,419
ITC, Ltd.		8,338,840		24,952,900
Sanofi India, Ltd.		224,736		24,249,493
Tata Consultancy Services, Ltd.		525,101		22,879,635
Embassy Office Parks, REIT		1,986,600		8,855,578
Total India				115,932,025
SINGAPORE: 6.9%
United Overseas Bank, Ltd.		1,479,800		28,533,540
Ascendas, REIT		10,972,984		24,926,358
Singapore Technologies Engineering, Ltd.		7,823,325		22,660,535
Venture Corp., Ltd.		1,291,000		19,277,792
Ascendas India Trust		8,946,700		9,857,332
Total Singapore				105,255,557
AUSTRALIA: 3.7%
Aristocrat Leisure, Ltd.		883,976		23,191,674

	Shares		Value
Macquarie Group, Ltd.		149,740		$17,456,513
Northern Star Resources, Ltd.		2,123,668		15,383,275
Total Australia				56,031,462
FRANCE: 3.0%
Pernod Ricard SA		121,618		22,764,364
LVMH Moet Hennessy Louis Vuitton SE		33,912		22,651,575
Total France				45,415,939
INDONESIA: 2.7%
PT Bank Rakyat Indonesia Perserob		70,165,300		21,287,052
PT Ace Hardware Indonesia		187,925,900		19,764,353
Total Indonesia				41,051,405
UNITED STATES: 2.0%
Broadcom, Inc.		65,500		30,369,730
Total United States				30,369,730
PHILIPPINES: 1.3%
Bank of the Philippine Islands		11,310,504		19,025,833
Total Philippines				19,025,833
THAILAND: 1.0%
Digital Telecommunications Infrastructure Fund F Shares		40,991,400		15,740,585
Total Thailand				15,740,585
TOTAL COMMON EQUITIES				1,317,575,048
(Cost $971,105,808)
CONVERTIBLE CORPORATE BONDS: 10.5%
	Face Amount*		Value
CHINA/HONG KONG: 7.9%
ESR Cayman, Ltd., Cnv. 1.500%, 09/30/25d		20,647,000		22,267,790
China Conch Venture Holdings International, Ltd., Cnv. 0.000%, 09/05/23d		HKD 142,000,000		20,905,185
Luye Pharma Group, Ltd., Cnv. 1.500%, 07/09/24d		20,084,000		20,769,065
China Education Group Holdings, Ltd., Cnv. 2.000%, 03/28/24d		HKD 135,000,000		20,638,723
Hansoh Pharmaceutical Group Co., Ltd., Cnv. 0.000%, 01/22/26d		19,739,000		19,127,091
Pinduoduo, Inc., Cnv. 0.000%, 12/01/25		15,952,000		16,884,716
Total China/Hong Kong				120,592,570
SOUTH KOREA: 1.4%
Kakao Corp., Cnv. 0.000%, 04/28/23d		17,300,000		20,688,378
Total South Korea				20,688,378

1 MATTHEWS ASIA FUNDS

Matthews Asian Growth and Income Fund	March 31, 2021
Schedule of Investmentsa (unaudited) (continued)

CONVERTIBLE CORPORATE BONDS (continued)

	Face Amount*		Value
MALAYSIA: 1.2%
Cerah Capital, Ltd., Cnv. 0.000%, 08/08/24d		18,228,000		$18,373,824
Total Malaysia				18,373,824
TOTAL CONVERTIBLE CORPORATE BONDS				159,654,772
(Cost $156,855,599)
PREFERRED EQUITIES: 1.0%
	Shares		Value
SOUTH KOREA: 1.0%
LG Household & Health Care, Ltd., Pfd.		24,282		14,716,606
Total South Korea				14,716,606
TOTAL PREFERRED EQUITIES				14,716,606
(Cost $10,852,168)
TOTAL INVESTMENTS: 98.1%		1,491,946,426
(Cost $1,138,813,575)
CASH AND OTHER ASSETS, LESS LIABILITIES: 1.9%				28,599,722
NET ASSETS: 100.0%				$1,520,546,148

^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 March 31, 2021, the aggregate value is $22,171,479, which is 1.46% 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.

* All Values in USD unless otherwise specified

ADR	American Depositary Receipt
Cnv.	Convertible
HKD	Hong Kong Dollar
Pfd.	Preferred
REIT	Real Estate Investment Trust
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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