Matthews Asia Innovators Fund	September 30, 2019
Schedule of Investmentsa (unaudited)
COMMON EQUITIES: 91.9%

	Shares	Value
CHINA/HONG KONG: 59.2%
Alibaba Group Holding, Ltd. ADRb	124,300		$20,786,689
Tencent Holdings, Ltd.	363,600		15,208,633
Ping An Insurance Group Co. of China, Ltd. H Shares	1,090,000		12,528,151
Jiangsu Hengrui Medicine Co., Ltd. A Shares	993,055		11,226,287
AIA Group, Ltd.	1,156,400		10,906,066
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd. A Shares	643,650		9,387,612
Wuxi Biologics Cayman, Inc.b,c,d	910,000		9,279,181
TAL Education Group ADRb	259,800		8,895,552
China Resources Land, Ltd.	2,064,000		8,645,326
China International Travel Service Corp., Ltd. A Shares	638,772		8,327,442
Silergy Corp.	286,000		7,092,761
Bilibili, Inc. ADRb	487,600		6,884,912
Meituan Dianping Class Bb,d	567,100		5,792,010
Huazhu Group, Ltd. ADR	155,630		5,138,903
Kingdee International Software Group Co., Ltd.	4,385,000		4,617,753
Midea Group Co., Ltd. A Shares	592,189		4,244,791
Haidilao International Holding, Ltd.c,d	890,000		3,801,409
Innovent Biologics, Inc.b,c,d	1,084,000		3,456,651
Momo, Inc. ADR	94,953		2,941,644
Total China/Hong Kong			159,161,773
INDIA: 12.7%
HDFC Bank, Ltd.	869,846		15,074,016
Housing Development Finance Corp., Ltd.	262,324		7,322,059
Kotak Mahindra Bank, Ltd.	262,569		6,098,429
Info Edge India, Ltd.	192,322		5,489,060
Total India			33,983,564
SOUTH KOREA: 5.7%
Orion Corp.	85,801		7,049,670
LG Household & Health Care, Ltd.	4,269		4,659,281
Hugel, Inc.b	11,500		3,701,459
Total South Korea			15,410,410
INDONESIA: 4.2%
PT Bank Rakyat Indonesia Persero	28,877,400		8,384,984
PT Mayora Indah	9,496,200		1,491,294
PT Bank Tabungan Pensiunan Nasional Syariahb	6,374,300		1,481,874
Total Indonesia			11,358,152
VIETNAM: 3.2%
Mobile World Investment Corp.	983,293		5,346,715
Phu Nhuan Jewelry JSC	955,983		3,315,352
Total Vietnam			8,662,067
THAILAND: 3.2%
Sea, Ltd. ADRb	278,900		8,631,955
Total Thailand			8,631,955

	Shares	Value
SWITZERLAND: 1.4%
Cie Financiere Richemont SA	51,385		$3,765,784
Total Switzerland			3,765,784
BANGLADESH: 1.3%
Square Pharmaceuticals, Ltd.	1,197,920		3,347,286
Total Bangladesh			3,347,286
PHILIPPINES: 1.0%
Puregold Price Club, Inc.	3,473,170		2,616,125
Total Philippines			2,616,125
TOTAL COMMON EQUITIES			246,937,116
(Cost $210,534,497)
PREFERRED EQUITIES: 2.2%
SOUTH KOREA: 2.2%
Samsung Electronics Co., Ltd., Pfd.	182,563		6,026,238
Total South Korea			6,026,238
TOTAL PREFERRED EQUITIES			6,026,238
(Cost $5,282,410)
TOTAL INVESTMENTS: 94.1%			252,963,354
(Cost $215,816,907)
CASH AND OTHER ASSETS,
LESS LIABILITIES: 5.9%			15,891,533
NET ASSETS: 100.0%			$268,854,887

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 $16,537,241, which is 6.15% 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.

ADR American Depositary Receipt

JSC Joint Stock Co.

Pfd. Preferred

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