| Matthews Asia Innovators Fund | March 31, 2022 |
Schedule of Investmentsa (unaudited)
COMMON EQUITIES: 98.5%
| Shares | Value | |||||||
| CHINA/HONG KONG: 57.9% |
||||||||
| Tencent Holdings, Ltd. |
1,035,300 | $47,721,474 | ||||||
| Alibaba Group Holding, Ltd.b |
3,022,700 | 41,249,919 | ||||||
| JD.com, Inc. A Sharesb |
1,244,473 | 35,361,569 | ||||||
| Meituan B Sharesb,c,d |
1,737,500 | 32,915,097 | ||||||
| XPeng, Inc. A Sharesb |
2,162,400 | 29,760,639 | ||||||
| Bilibili, Inc. Class Zb |
1,113,891 | 28,355,191 | ||||||
| Huazhu Group, Ltd. |
7,993,200 | 26,695,653 | ||||||
| Trip.com Group, Ltd.b |
1,113,850 | 26,003,842 | ||||||
| Inner Mongolia Yili Industrial Group Co., Ltd. A Shares |
3,523,630 | 20,372,887 | ||||||
| Alchip Technologies, Ltd. |
486,000 | 18,361,209 | ||||||
| Silergy Corp. |
139,000 | 16,297,863 | ||||||
| China Resources Beer Holdings Co., Ltd. |
2,672,000 | 16,256,420 | ||||||
| AIA Group, Ltd. |
1,552,800 | 16,214,160 | ||||||
| Wuxi Biologics Cayman, Inc.b,c,d |
1,852,000 | 14,705,996 | ||||||
| Flat Glass Group Co., Ltd. H Shares |
3,712,000 | 14,171,992 | ||||||
| East Money Information Co., Ltd. A Shares |
3,322,317 | 13,135,075 | ||||||
| Contemporary Amperex Technology Co., Ltd. A Shares |
157,300 | 12,563,493 | ||||||
| Shenzhen Inovance Technology Co., Ltd. A Shares |
1,385,697 | 12,349,234 | ||||||
| Sungrow Power Supply Co., Ltd. A Shares |
692,400 | 11,591,270 | ||||||
| China Resources Mixc Lifestyle Services, Ltd.c,d |
2,207,200 | 10,803,159 | ||||||
| Kanzhun, Ltd. ADRb |
224,200 | 5,584,822 | ||||||
| KE Holdings, Inc. ADRb |
363,600 | 4,497,732 | ||||||
| MicroTech Medical Hangzhou Co., Ltd. H Sharesb,c,d |
2,480,000 | 3,558,551 | ||||||
| Total China/Hong Kong |
458,527,247 | |||||||
| INDIA: 21.0% |
||||||||
| ICICI Bank, Ltd. |
5,296,851 | 50,521,244 | ||||||
| HDFC Bank, Ltd. |
2,529,667 | 48,720,949 | ||||||
| Reliance Industries, Ltd. |
839,379 | 29,032,085 | ||||||
| Bajaj Finance, Ltd. |
274,165 | 26,036,984 | ||||||
| Dabur India, Ltd. |
1,674,981 | 11,811,933 | ||||||
| Total India |
166,123,195 | |||||||
| TAIWAN: 3.9% |
||||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. |
1,515,000 | 31,077,985 | ||||||
| Total Taiwan |
31,077,985 | |||||||
| SOUTH KOREA: 3.3% |
||||||||
| NAVER Corp. |
94,066 | 26,143,674 | ||||||
| SK Innovation Co., Ltd.b |
837 | 146,832 | ||||||
| Total South Korea |
26,290,506 | |||||||
| INDONESIA: 2.7% |
||||||||
| PT Bank Mandiri Persero |
22,682,400 | 12,440,460 | ||||||
| Shares | Value | |||||||
| PT Astra International |
18,858,800 | $8,615,712 | ||||||
| Total Indonesia |
21,056,172 | |||||||
| AUSTRALIA: 2.3% |
||||||||
| CSL, Ltd. |
91,266 | 18,220,575 | ||||||
| Total Australia |
18,220,575 | |||||||
| VIETNAM: 2.3% |
||||||||
| Mobile World Investment Corp. |
2,820,774 | 17,967,246 | ||||||
| Total Vietnam |
17,967,246 | |||||||
| SINGAPORE: 2.2% |
||||||||
| Sea, Ltd. ADRb |
143,006 | 17,130,689 | ||||||
| Total Singapore |
17,130,689 | |||||||
| THAILAND: 1.7% |
||||||||
| Central Pattana Public Co., Ltd. |
7,755,100 | 13,696,662 | ||||||
| Total Thailand |
13,696,662 | |||||||
| PHILIPPINES: 1.2% |
||||||||
| Bank of the Philippine Islands |
5,168,880 | 9,930,538 | ||||||
| Total Philippines |
9,930,538 | |||||||
| TOTAL INVESTMENTS: 98.5% |
780,020,815 | |||||||
| (Cost $893,137,037) |
||||||||
| CASH AND OTHER ASSETS, LESS LIABILITIES: 1.5% |
12,099,958 | |||||||
| NET ASSETS: 100.0% |
$792,120,773 | |||||||
| 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 $61,982,803, which is 7.82% 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).
1 MATTHEWS ASIA FUNDS