Matthews Asia Credit Opportunities Fund	September 30, 2020
Schedule of Investmentsa (unaudited)

NON-CONVERTIBLE CORPORATE BONDS: 69.9%

	Face Amount*		Value
CHINA/HONG KONG: 33.3%
Honghua Group, Ltd.
6.375%, 08/01/22b		4,800,000		$4,751,736
Sino-Ocean Land Treasure III, Ltd.
4.900%c, 09/21/22b,d		5,600,000		4,690,000
King Talent Management, Ltd.
5.600%c, 12/04/22b,d		5,300,000		4,615,241
Franshion Brilliant, Ltd.
5.750%c, 01/17/22b,d		4,700,000		4,443,818
KWG Group Holdings, Ltd.
5.875%, 11/10/24b		3,200,000		3,121,600
Wanda Group Overseas, Ltd.
7.500%, 07/24/22b		2,500,000		2,424,873
Wanda Properties International Co., Ltd.
7.250%, 01/29/24b		2,400,000		2,388,000
CIFI Holdings Group Co., Ltd.
5.950%, 10/20/25b		2,000,000		2,011,126
Logan Group Co., Ltd.
5.250%, 02/23/23b		1,500,000		1,493,246
KWG Group Holdings, Ltd.
7.400%, 03/05/24b		300,000		307,650
Total China/Hong Kong				30,247,290
INDONESIA: 15.6%
PB International BV
7.625%, 01/26/22b		5,300,000		4,481,150
Indika Energy Capital III Pte, Ltd.
5.875%, 11/09/24b		5,000,000		4,465,000
PT Adaro Indonesia
4.250%, 10/31/24b		2,600,000		2,528,500
PT Sri Rejeki Isman
7.250%, 01/16/25b		1,600,000		1,564,000
Theta Capital Pte, Ltd.
6.750%, 10/31/26b		1,500,000		1,178,114
Total Indonesia				14,216,764
INDIA: 12.1%
Tata Motors, Ltd.
5.875%, 05/20/25b		3,000,000		3,029,100
Network i2i, Ltd.
5.650%c, 01/15/25d,e		3,000,000		3,000,000
ABJA Investment Co. Pte, Ltd.
5.450%, 01/24/28b		2,900,000		2,800,011
Network i2i, Ltd.
5.650%c, 01/15/25b,d		2,200,000		2,200,000
Total India				11,029,111
SWITZERLAND: 4.0%
Syngenta Finance N.V.
5.676%, 04/24/48b		1,700,000		1,822,351
Syngenta Finance N.V.
5.182%, 04/24/28b		1,400,000		1,541,684
Syngenta Finance N.V.
4.892%, 04/24/25e		200,000		216,800
Total Switzerland				3,580,835

	Face Amount*		Value
AUSTRALIA: 2.5%
Australia & New Zealand Banking Group, Ltd.
6.750%c, 06/15/26b,d		2,000,000		$2,288,080
Total Australia				2,288,080
PHILIPPINES: 2.4%
Jollibee Worldwide Pte, Ltd.
3.900%c, 01/23/25b,d		1,556,000		1,377,060
Royal Capital BV
4.875%c, 05/05/24b,d		782,000		781,023
Total Philippines				2,158,083
TOTAL NON-CONVERTIBLE CORPORATE BONDS				63,520,163
(Cost $64,317,365)
CONVERTIBLE CORPORATE BONDS: 16.0%
CHINA/HONG KONG: 16.0%
Bosideng International Holdings, Ltd., Cnv.
1.000%, 12/17/24b		4,900,000		4,281,375
Luye Pharma Group, Ltd., Cnv.
1.500%, 07/09/24b		4,100,000		4,009,308
Poseidon Finance 1, Ltd., Cnv.
0.000%, 02/01/25b		3,800,000		3,637,745
Baozun, Inc., Cnv.
1.625%, 05/01/24		2,800,000		2,577,032
Total China/Hong Kong				14,505,460
TOTAL CONVERTIBLE CORPORATE BONDS				14,505,460
(Cost $15,234,156)
FOREIGN GOVERNMENT OBLIGATIONS: 6.4%
VIETNAM: 6.4%
Viet Nam Debt & Asset Trading Corp.
1.000%, 10/10/25b		5,689,000		4,551,200
Socialist Republic of Vietnam
5.500%, 03/12/28		1,320,000		1,304,503
Total Vietnam				5,855,703
TOTAL FOREIGN GOVERNMENT OBLIGATIONS				5,855,703
(Cost $5,833,969)
TOTAL INVESTMENTS: 92.3%				83,881,326
(Cost $85,385,490)
CASH AND OTHER ASSETS,
LESS LIABILITIES: 7.7%				7,035,660
NET ASSETS: 100.0%				$90,916,986

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Matthews Asia Credit Opportunities Fund	September 30, 2020
Schedule of Investmentsa (unaudited) (continued)

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

b The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

c Security is a fix-to-float security, which carries a fixed coupon until a certain date, upon which it switches to a floating rate. Reference rate and spread are provided if the rate is currently floating.

d Perpetual security with no stated maturity date. First call date is disclosed.

e 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, 2020, the aggregate value is $3,216,800, which is 3.54% of net assets.

* All Values in USD unless otherwise specified

Cnv. Convertible

USD U.S. Dollar

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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