| Matthews Asia Innovators Fund | September 30, 2023 | |
| Schedule of Investmentsa (unaudited) | ||
| COMMON EQUITIES: 99.5% | ||
| Shares | Value | |||||||
CHINA/HONG KONG: 38.4% | ||||||||
PDD Holdings, Inc. ADRb | 209,434 | $20,539,192 | ||||||
Tencent Holdings, Ltd. | 391,700 | 15,183,843 | ||||||
Trip.com Group, Ltd. ADRb | 380,048 | 13,290,279 | ||||||
Alibaba Group Holding, Ltd. ADRb | 137,272 | 11,906,973 | ||||||
Kuaishou Technologyb,c,d | 1,139,300 | 9,063,942 | ||||||
KE Holdings, Inc. ADR | 507,509 | 7,876,540 | ||||||
Meituan Class Bb,c,d | 521,930 | 7,555,559 | ||||||
Legend Biotech Corp. ADRb | 96,062 | 6,452,485 | ||||||
Full Truck Alliance Co., Ltd. ADRb | 848,120 | 5,970,765 | ||||||
NetEase, Inc. | 297,500 | 5,965,247 | ||||||
Baidu, Inc. ADRb | 44,185 | 5,936,255 | ||||||
NARI Technology Co., Ltd. A Shares | 1,607,168 | 4,894,581 | ||||||
Proya Cosmetics Co., Ltd. A Shares | 333,529 | 4,653,739 | ||||||
Bilibili, Inc. Class Zb | 337,160 | 4,646,369 | ||||||
Airtac International Group | 149,000 | 4,527,016 | ||||||
Contemporary Amperex Technology Co., Ltd. A Shares | 160,638 | 4,491,264 | ||||||
MINISO Group Holding, Ltd. ADR | 165,755 | 4,293,054 | ||||||
BYD Co., Ltd. A Shares | 131,020 | 4,288,675 | ||||||
Wuxi Biologics Cayman, Inc.b,c,d | 711,500 | 4,135,137 | ||||||
WuXi AppTec Co., Ltd. A Shares | 217,100 | 2,582,481 | ||||||
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Total China/Hong Kong | 148,253,396 | |||||||
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INDIA: 24.1% | ||||||||
Axis Bank, Ltd. | 1,024,735 | 12,755,638 | ||||||
ICICI Bank, Ltd. | 1,091,024 | 12,499,644 | ||||||
Zomato, Ltd.b | 10,258,541 | 12,494,903 | ||||||
Bajaj Finance, Ltd. | 112,757 | 10,576,443 | ||||||
Reliance Industries, Ltd. | 343,145 | 9,661,135 | ||||||
HDFC Bank, Ltd. | 418,495 | 7,675,163 | ||||||
Mahindra & Mahindra, Ltd. | 339,302 | 6,336,071 | ||||||
Indian Hotels Co., Ltd. | 1,180,920 | 5,830,346 | ||||||
Titan Co., Ltd. | 150,275 | 5,684,459 | ||||||
PB Fintech, Ltd.b | 587,709 | 5,398,939 | ||||||
Sona Blw Precision Forgings, Ltd.c,d | 610,014 | 4,277,142 | ||||||
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| |||||||
Total India | 93,189,883 | |||||||
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TAIWAN: 13.7% | ||||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 1,739,000 | 28,356,559 | ||||||
Alchip Technologies, Ltd. | 101,000 | 8,465,913 | ||||||
Unimicron Technology Corp. | 887,000 | 4,785,599 | ||||||
M31 Technology Corp. | 166,000 | 4,133,903 | ||||||
WinWay Technology Co., Ltd. | 184,000 | 3,878,338 | ||||||
Chroma ATE, Inc. | 411,000 | 3,524,637 | ||||||
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Total Taiwan | 53,144,949 | |||||||
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SOUTH KOREA: 10.1% | ||||||||
Samsung Electronics Co., Ltd. | 470,252 | 23,773,183 | ||||||
SK Hynix, Inc. | 100,761 | 8,530,899 | ||||||
Samsung SDI Co., Ltd. | 9,417 | 3,558,803 | ||||||
Daejoo Electronic Materials Co., Ltd. | 48,439 | 2,990,611 | ||||||
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| |||||||
Total South Korea | 38,853,496 | |||||||
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UNITED STATES: 3.1% | ||||||||
NVIDIA Corp. | 15,187 | 6,606,193 | ||||||
| Shares | Value | |||||||
Broadcom, Inc. | 6,278 | $5,214,381 | ||||||
|
| |||||||
Total United States | 11,820,574 | |||||||
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INDONESIA: 3.0% | ||||||||
PT Bank Rakyat Indonesia Persero Tbk | 18,530,000 | 6,258,191 | ||||||
PT Mitra Adiperkasa Tbk | 45,620,700 | 5,372,350 | ||||||
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| |||||||
Total Indonesia | 11,630,541 | |||||||
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VIETNAM: 2.2% | ||||||||
Mobile World Investment Corp. | 2,218,548 | 4,790,349 | ||||||
Military Commercial Joint Stock Bank | 5,131,000 | 3,894,606 | ||||||
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Total Vietnam | 8,684,955 | |||||||
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SINGAPORE: 1.5% | ||||||||
Sea, Ltd. ADRb | 132,900 | 5,840,955 | ||||||
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| |||||||
Total Singapore | 5,840,955 | |||||||
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FRANCE: 1.2% | ||||||||
LVMH Moet Hennessy Louis Vuitton SE | 6,235 | 4,706,369 | ||||||
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| |||||||
Total France | 4,706,369 | |||||||
|
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JAPAN: 1.2% | ||||||||
Keyence Corp. | 12,300 | 4,548,859 | ||||||
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| |||||||
Total Japan | 4,548,859 | |||||||
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NETHERLANDS: 1.0% | ||||||||
ASML Holding NV | 6,553 | 3,857,489 | ||||||
|
| |||||||
Total Netherlands | 3,857,489 | |||||||
|
| |||||||
TOTAL INVESTMENTS: 99.5% | 384,531,466 | |||||||
(Cost $388,510,658) | ||||||||
CASH AND OTHER ASSETS, LESS LIABILITIES: 0.5% | 2,025,800 | |||||||
|
| |||||||
NET ASSETS: 100.0% | $ | 386,557,266 | ||||||
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| 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 September 30, 2023, the aggregate value is $25,031,780, which is 6.48% 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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