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Matthews Asian Growth and Income Fund    March 31, 2022

Schedule of Investmentsa (unaudited)

COMMON EQUITIES: 88.7%

      Shares      Value  
     

CHINA/HONG KONG: 39.5%

      

Tencent Holdings, Ltd.

      996,500        $45,933,013  

AIA Group, Ltd.

      3,867,800        40,387,126  

Techtronic Industries Co., Ltd.

      1,576,000        25,249,841  

JD.com, Inc. A Sharesb

     857,702        24,371,512  

HKT Trust & HKT, Ltd.

      14,648,000        20,084,692  

Inner Mongolia Yili Industrial Group Co., Ltd. A Shares

      3,311,375        19,145,673  

Guangdong Investment, Ltd.

      12,798,000        17,436,526  

NetEase, Inc. ADR

      189,700        17,014,193  

Jiangsu Expressway Co., Ltd. H Shares

      15,970,000        16,678,260  

Link REIT

      1,878,800        16,000,301  

CK Hutchison Holdings, Ltd.

      2,171,172        15,876,500  

Midea Group Co., Ltd. A Shares

      1,742,930        15,516,427  

BOC Hong Kong Holdings, Ltd.

      4,008,500        15,083,127  

NARI Technology Co., Ltd. A Shares

      3,034,258        14,924,188  

Zhongsheng Group Holdings, Ltd.

      2,122,500        14,923,793  

Yum China Holdings, Inc.

      355,300        14,759,162  

ENN Natural Gas Co., Ltd. A Shares

      5,146,377        14,289,084  

Wuliangye Yibin Co., Ltd. A Shares

      522,874        12,670,542  

Topsports International Holdings, Ltd.c,d

     14,911,000        12,393,127  

CIFI Ever Sunshine Services Group, Ltd.d

     8,454,000        11,269,559  

Minth Group, Ltd.

      4,438,000        10,813,905  

Total China/Hong Kong

         394,820,551  
          
     

TAIWAN: 11.5%

      

Taiwan Semiconductor Manufacturing Co., Ltd.

      3,950,187        81,032,245  

Advantech Co., Ltd.

      1,369,884        17,553,170  

Chailease Holding Co., Ltd.

      1,812,200        15,895,401  

Total Taiwan

         114,480,816  
          
     

SOUTH KOREA: 9.8%

      

Samsung Electronics Co., Ltd.

      641,948        36,734,180  

Macquarie Korea Infrastructure Fund

      2,348,550        26,529,877  

LEENO Industrial, Inc.

      99,406        15,013,495  

Coway Co., Ltd.

      195,942        11,044,506  

LG Household & Health Care, Ltd.

      12,339        8,704,078  

Total South Korea

         98,026,136  
          
     

INDIA: 8.3%

      

Housing Development Finance Corp., Ltd.

      804,587        25,157,895  

Tata Consultancy Services, Ltd.

      386,051        18,972,629  

Sanofi India, Ltd.

      162,854        16,086,607  

Crompton Greaves Consumer Electricals, Ltd.

      2,690,439        13,233,170  

Embassy Office Parks, REIT

      1,990,600        9,741,110  

Total India

         83,191,411  
          
     

SINGAPORE: 6.5%

      

United Overseas Bank, Ltd.

      902,200        21,109,676  

Ascendas, REIT

      8,439,884        18,186,497  

Singapore Technologies Engineering, Ltd.

      4,889,725        14,811,222  

Venture Corp., Ltd.

      825,500        10,638,258  

Total Singapore

         64,745,653  
          
     

FRANCE: 3.4%

      

LVMH Moet Hennessy Louis Vuitton SE

      24,172        17,253,956  

Pernod Ricard SA

      75,754        16,643,998  

Total France

         33,897,954  
      Shares      Value  
     

AUSTRALIA: 2.8%

      

Aristocrat Leisure, Ltd.

      557,441        $15,130,071  

Northern Star Resources, Ltd.

      1,520,160        12,264,187  

Total Australia

         27,394,258  
          
     

UNITED STATES: 1.9%

      

Broadcom, Inc.

      30,800        19,394,144  

Total United States

         19,394,144  
          
     

INDONESIA: 1.8%

      

PT Bank Rakyat Indonesia Persero

      55,682,872        17,984,718  

Total Indonesia

         17,984,718  
          
     

PHILIPPINES: 1.7%

      

Bank of the Philippine Islands

      8,611,264        16,544,103  

Total Philippines

         16,544,103  
          
     

THAILAND: 1.5%

      

Digital Telecommunications Infrastructure Fund F Shares

      35,055,000        14,865,429  

Total Thailand

         14,865,429  
          
     

TOTAL COMMON EQUITIES

         885,345,173  

(Cost $762,710,880)

      

CONVERTIBLE CORPORATE BONDS: 6.1%

 

      Face Amount*      Value  
     

CHINA/HONG KONG: 6.1%

      

ESR Cayman, Ltd., Cnv.
1.500%, 09/30/25d

     17,657,000        17,056,662  

Pharmaron Beijing Co., Ltd., Cnv.
0.000%, 06/18/26d

     18,800,000        16,111,600  

Luye Pharma Group, Ltd., Cnv.
1.500%, 07/09/24d

     15,770,000        15,734,202  

China Conch Venture Holdings International, Ltd., Cnv.
0.000%, 09/05/23d

     HKD 88,000,000        12,301,329  

Total China/Hong Kong

         61,203,793  
          
   

TOTAL CONVERTIBLE CORPORATE BONDS

 

      61,203,793  

(Cost $67,938,916)

      

PREFERRED EQUITIES: 0.5%

 

      Shares      Value  
     

SOUTH KOREA: 0.5%

      

LG Household & Health Care, Ltd., Pfd.

      11,920        4,970,077  

Total South Korea

         4,970,077  
          
     

TOTAL PREFERRED EQUITIES

         4,970,077  

(Cost $6,911,730)

      
 

 

matthewsasia.com  |   800.789.ASIA    1

Matthews Asian Growth and Income Fund    March 31, 2022

Schedule of Investmentsa (unaudited) (continued)

 

PREFERRED EQUITIES (continued)

 

              Value  
   

TOTAL INVESTMENTS: 95.3%

 

      $951,519,043  

(Cost $837,561,526)

      

CASH AND OTHER ASSETS,

LESS LIABILITIES: 4.7%

 

 

      47,100,292  

NET ASSETS: 100.0%

         $998,619,335  
           

 

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, 2022, the aggregate value is $12,393,127, which is 1.24% 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).

 

 

2    MATTHEWS ASIA FUNDS