Matthews Asia Innovators Fund	September 30, 2022
Schedule of Investmentsa (unaudited)

COMMON EQUITIES: 100.3%

	Shares		Value
CHINA/HONG KONG: 57.3%
Meituan B Sharesb,c,d		1,491,200		$31,339,743
Alibaba Group Holding, Ltd.c		2,938,200		29,321,293
Trip.com Group, Ltd.c		1,015,250		27,432,270
JD.com, Inc. A Shares		1,074,473		27,107,001
Tencent Holdings, Ltd.		692,900		23,403,611
H World Group, Ltd.		6,604,900		22,506,178
Pinduoduo, Inc. ADRc		284,909		17,829,605
AIA Group, Ltd.		2,084,000		17,351,191
China Resources Beer Holdings Co., Ltd.		2,430,000		16,856,261
KE Holdings, Inc. A Sharesc		2,462,500		14,186,420
Inner Mongolia Yili Industrial Group Co., Ltd. A Shares		2,597,330		11,969,752
Shenzhen Inovance Technology Co., Ltd. A Shares		1,359,270		10,919,990
Kuaishou Technologyb,c,d		1,698,500		10,894,433
Sungrow Power Supply Co., Ltd. A Shares		667,800		10,274,662
Alchip Technologies, Ltd.		354,000		9,567,320
Kanzhun, Ltd. ADRc		536,534		9,056,694
Silergy Corp.		603,000		7,864,296
XPeng, Inc. A Sharesc		1,267,300		7,521,678
Bilibili, Inc. Class Zc		391,651		6,015,145
OPT Machine Vision Tech Co., Ltd. A Shares		254,090		5,586,970
Innovent Biologics, Inc.b,c,d		1,800,500		5,533,507
Wuxi Biologics Cayman, Inc.b,c,d		907,000		5,399,231
KE Holdings, Inc. ADRc		74,281		1,301,403
MicroTech Medical Hangzhou Co., Ltd. H Sharesb,c,d		976,400		902,088
Total China/Hong Kong				330,140,742
INDIA: 24.5%
ICICI Bank, Ltd.		4,322,714		45,385,291
Bajaj Finance, Ltd.		250,307		22,364,443
HDFC Bank, Ltd.		1,136,668		19,693,339
IndusInd Bank, Ltd.		1,249,610		18,058,971
Reliance Industries, Ltd.		407,482		11,825,974
Zomato, Ltd.c		12,707,732		9,616,165
Dabur India, Ltd.		1,118,218		7,836,225
Asian Paints, Ltd.		164,040		6,706,222
Total India				141,486,630
SOUTH KOREA: 6.3%
Coupang, Inc.c		704,260		11,740,014
Samsung SDI Co., Ltd.		24,736		9,304,287
LG Chem Ltd.		22,463		8,294,133
SK Hynix, Inc.		121,719		6,962,354
Total South Korea				36,300,788

	Shares		Value
INDONESIA: 4.5%
PT Bank Mandiri Persero Tbk		18,128,800		$11,131,820
PT Bank Rakyat Indonesia Persero Tbk		32,132,700		9,404,363
PT Astra International Tbk		12,953,600		5,605,663
Total Indonesia				26,141,846
SINGAPORE: 4.0%
Sea, Ltd. ADRc		221,733		12,428,135
Grab Holdings, Ltd. Class Ac		4,040,657		10,626,928
Total Singapore				23,055,063
VIETNAM: 2.4%
Mobile World Investment Corp.		5,200,248		13,866,088
Total Vietnam				13,866,088
UNITED STATES: 1.3%
Legend Biotech Corp. ADRc		183,860		7,501,488
Total United States				7,501,488
TOTAL INVESTMENTS: 100.3%				578,492,645
(Cost $695,156,691)
LIABILITIES IN EXCESS OF CASH
AND OTHER ASSETS: (0.3%)				(1,886,436)
NET ASSETS: 100.0%				$576,606,209

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

b 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, 2022, the aggregate value is $54,069,002, which is 9.38% of net assets.

c Non-income producing security.

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).

matthewsasia.com  |  800.789.ASIA 1