Matthews Asia Innovators Fund	March 31, 2021
Schedule of Investmentsa (unaudited)

COMMON EQUITIES: 97.1%
	Shares		Value
CHINA/HONG KONG: 58.7%
Bilibili, Inc. ADRb		1,401,244		$150,017,183
Meituan B Sharesb,c,d		2,883,800		112,537,977
Wuxi Biologics Cayman, Inc.b,c,d		7,992,000		100,785,165
Tencent Holdings, Ltd.		1,198,000		95,609,451
JD.com, Inc. A Sharesb		2,175,050		91,726,932
Trip.com Group, Ltd. ADRb		2,091,656		82,892,327
TAL Education Group ADRb		1,516,500		81,663,525
Innovent Biologics, Inc.b,c,d		7,195,500		73,589,929
Alibaba Group Holding, Ltd.b		2,525,800		71,764,611
XPeng, Inc. ADRb		1,463,300		53,425,083
Ping An Insurance Group Co. of China, Ltd. H Shares		3,527,500		42,193,684
China Resources Mixc Lifestyle Services, Ltd.b,c,d		5,910,600		35,440,234
Silergy Corp.		419,000		34,559,776
Haidilao International Holding, Ltd.c,d		4,537,000		31,117,335
Zai Lab, Ltd. ADRb		230,600		30,768,958
Sany Heavy Industry Co., Ltd. A Shares		5,578,374		29,189,779
Kuaishou Technologyb,c,d		817,200		28,381,935
Yatsen Holding, Ltd. ADRb		2,129,400		26,298,090
Yidu Tech, Inc.b,c,d		5,587,700		25,515,925
Li Ning Co., Ltd.		3,894,500		25,477,758
Total China/Hong Kong				1,222,955,657
INDIA: 14.3%
HDFC Bank, Ltd.b		5,321,582		108,931,416
ICICI Bank, Ltd.b		8,222,409		65,774,575
Bajaj Finance, Ltd.		730,309		51,703,244
Reliance Industries, Ltd.		1,404,731		38,624,802
Dabur India, Ltd.		4,535,902		33,587,477
Total India				298,621,514
SOUTH KOREA: 6.2%
Samsung Electronics Co., Ltd.		706,570		51,116,540
LG Household & Health Care, Ltd.		33,493		46,475,846
LG Chem Ltd.		43,735		31,297,759
Total South Korea				128,890,145
SINGAPORE: 5.4%
Sea, Ltd. ADRb		503,700		112,440,951
Total Singapore				112,440,951
TAIWAN: 3.8%
Taiwan Semiconductor Manufacturing Co., Ltd.		3,789,000		79,793,354
Total Taiwan				79,793,354

	Shares		Value
FRANCE: 2.3%
LVMH Moet Hennessy Louis Vuitton SE		71,949		$48,058,451
Total France				48,058,451
THAILAND: 2.2%
CP ALL Public Co., Ltd.b		20,509,000		45,503,572
Total Thailand				45,503,572
INDONESIA: 2.0%
PT Bank Rakyat Indonesia Perserob		135,935,900		41,240,820
Total Indonesia				41,240,820
AUSTRALIA: 1.5%
CSL, Ltd.		153,402		31,003,140
Total Australia				31,003,140
VIETNAM: 0.7%
Mobile World Investment Corp.		2,575,516		14,526,487
Total Vietnam				14,526,487
TOTAL INVESTMENTS: 97.1%				2,023,034,091
(Cost $1,650,517,073)
CASH AND OTHER ASSETS,
LESS LIABILITIES: 2.9%				61,273,804
NET ASSETS: 100.0%			$	2,084,307,895

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 $407,368,500, which is 19.54% 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

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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