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Matthews Asia Innovators Fund		March 31, 2022

Schedule of Investments^a (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 Shares^b		1,244,473		35,361,569
Meituan B Shares^b,c,d		1,737,500		32,915,097
XPeng, Inc. A Shares^b		2,162,400		29,760,639
Bilibili, Inc. Class Z^b		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. ADR^b		224,200		5,584,822
KE Holdings, Inc. ADR^b		363,600		4,497,732
MicroTech Medical Hangzhou Co., Ltd. H Shares^b,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. ADR^b		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).