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Matthews Asia Innovators Fund			September 30, 2020

Schedule of Investments^a(unaudited)


COMMON EQUITIES: 96.6%
	Shares		Value

CHINA/HONG KONG: 64.8%
Alibaba Group Holding, Ltd.^b		2,328,700		$85,489,185
Tencent Holdings, Ltd.		851,100		57,486,179
Bilibili, Inc. ADR^b		1,267,644		52,733,990
Meituan Dianping Class B^b,c		1,643,400		51,769,243
TAL Education Group ADR^b		658,500		50,072,340
Wuxi Biologics Cayman, Inc.^b,c,d		2,019,000		49,481,791
AIA Group, Ltd.		3,787,200		37,645,138
Innovent Biologics, Inc.^b,c,d		4,884,500		36,424,672
XPeng, Inc. ADR^b		1,447,800		29,057,346
Kingdee International Software Group Co., Ltd.		9,256,000		24,142,459
Haidilao International Holding, Ltd.^c,d		3,041,000		22,034,242
China Tourism Group Duty Free Corp., Ltd. A Shares		658,294		21,711,760
Li Ning Co., Ltd.		4,584,500		21,571,444
Wuliangye Yibin Co., Ltd. A Shares		588,595		19,265,763
Ming Yuan Cloud Group Holdings, Ltd.^b		5,097,000		19,072,522
Silergy Corp.		301,000		17,845,360
Tongcheng-Elong Holdings, Ltd.^b,c		9,491,200		17,409,653
Yihai International Holding, Ltd.		1,105,000		17,356,258
Galaxy Entertainment Group, Ltd.		2,428,000		16,414,978
Joyoung Co., Ltd. A Shares		2,583,309		15,469,530
Jiangsu Hengrui Medicine Co., Ltd. A Shares		1,107,472		14,719,807
Chindata Group Holdings, Ltd. ADR^b		745,600		12,101,088
Peijia Medical, Ltd.^b,c,d		3,207,000		11,271,352
InnoCare Pharma, Ltd.^b,c,d		2,742,000		3,591,786
Total China/Hong Kong				704,137,886


SOUTH KOREA: 12.2%
Samsung Electronics Co., Ltd.		830,301		41,219,598
LG Chem Ltd.		41,988		23,436,436
NAVER Corp.		79,546		20,214,322
LG Household & Health Care, Ltd.		16,128		19,902,842
Orion Corp.		137,836		15,444,739
Hugel, Inc.^b		77,254		12,039,690
Big Hit Entertainment Co., Ltd.^b		1,676		193,467
Total South Korea				132,451,094


INDIA: 8.5%
HDFC Bank, Ltd.^b		3,254,956		47,782,146
Reliance Industries, Ltd.		924,951		28,051,833
Info Edge India, Ltd.		327,569		16,172,837
Total India				92,006,816



	Shares		Value

SINGAPORE: 5.8%
Sea, Ltd. ADR^b		408,000		$62,848,320
Total Singapore				62,848,320


TAIWAN: 3.0%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		402,700		32,646,889
Total Taiwan				32,646,889


FRANCE: 1.9%
LVMH Moet Hennessy Louis Vuitton SE		44,929		21,022,431
Total France				21,022,431


VIETNAM: 0.4%
Mobile World Investment Corp.^b		1,047,293		4,757,327
Total Vietnam				4,757,327


TOTAL INVESTMENTS: 96.6%				1,049,870,763
(Cost $734,403,520)

CASH AND OTHER ASSETS,
LESS LIABILITIES: 3.4%				37,399,675

NET ASSETS: 100.0%				$1,087,270,438

a	Certain securities were fair valued under the valuation policies approved by the Board of Trustees.

b	Non-income producing security.

c	The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

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 $122,803,843, which is 11.29% of net assets.

ADR	American Depositary Receipt

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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