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Matthews Asia Total Return Bond Fund      September 30, 2020  
Schedule of Investmentsa (unaudited)   

NON-CONVERTIBLE CORPORATE BONDS: 60.0%

 

      Face Amount*      Value 

CHINA/HONG KONG: 34.1%

      

Wanda Properties International Co., Ltd.

 

7.250%, 01/29/24b

      5,300,000        $5,273,500  

Logan Group Co., Ltd.

 

5.250%, 02/23/23b

      3,900,000        3,882,439  

KWG Group Holdings, Ltd.

      

5.875%, 11/10/24b

      3,400,000        3,316,700  

CIFI Holdings Group Co., Ltd.

      

6.550%, 03/28/24b

      3,200,000        3,305,827  

Franshion Brilliant, Ltd.

      

5.750%c, 01/17/22b,d

      3,400,000        3,214,677  

King Talent Management, Ltd.

      

5.600%c, 12/04/22b,d

      3,500,000        3,047,800  

Times China Holdings, Ltd.

      

6.200%, 03/22/26b

      2,800,000        2,754,500  

KWG Group Holdings, Ltd.

      

7.875%, 09/01/23b

      2,050,000        2,112,525  

CITIC Telecom International Finance, Ltd.

 

6.100%, 03/05/25b

      1,631,000        1,704,320  

China Cinda Asset Management Co., Ltd.

 

5.500%, 03/14/28

      CNY 10,000,000        1,606,594  

Agricultural Bank of China, Ltd.

 

4.300%, 04/11/29b

      CNY 10,000,000        1,468,094  

China Cinda Asset Management Co., Ltd.

 

3.900%, 03/05/30

      CNY 10,000,000        1,420,296  

Sino-Ocean Land Treasure III, Ltd.

 

4.900%c, 09/21/22b,d

      1,400,000        1,172,500  

Times China Holdings, Ltd.

      

6.750%, 07/08/25b

      1,100,000        1,124,827  

Honghua Group, Ltd.

      

6.375%, 08/01/22b

      1,100,000        1,088,940  

Deutsche Bank AG

      

3.671%c, 04/10/25b

      CNY 2,000,000        263,870  
     

 

 

 

Total China/Hong Kong

             36,757,409  
     

 

 

 

     
     

INDIA: 12.8%

      

Network i2i, Ltd.

      

5.650%c, 01/15/25d,e

      5,000,000        5,000,000  

ABJA Investment Co. Pte, Ltd.

      

5.450%, 01/24/28b

      4,440,000        4,286,913  

Tata Motors, Ltd.

      

5.875%, 05/20/25b

      2,000,000        2,019,400  

ICICI Bank UK PLC

      

5.375%c, 09/26/28b

      SGD 1,750,000        1,299,260  

Network i2i, Ltd.

      

5.650%c, 01/15/25b,d

      1,200,000        1,200,000  
     

 

 

 

Total India

         13,805,573  
     

 

 

 

     
     

INDONESIA: 6.7%

      

PB International BV

      

7.625%, 01/26/22b

      5,100,000        4,312,050  

Indika Energy Capital III Pte, Ltd.

      

5.875%, 11/09/24b

      3,300,000        2,946,900  
     

 

 

 

Total Indonesia

         7,258,950  
     

 

 

 

     
     

SWITZERLAND: 4.0%

      

Syngenta Finance N.V.

      

5.182%, 04/24/28b

      2,400,000        2,642,887  

Syngenta Finance N.V.

      

5.676%, 04/24/48b

      1,300,000        1,393,563  
      Face Amount*      Value 

Syngenta Finance N.V.

      

4.892%, 04/24/25e

      300,000        $325,200  
     

 

 

 

Total Switzerland

         4,361,650  
     

 

 

 

     
     

PHILIPPINES: 2.4%

      

Jollibee Worldwide Pte, Ltd.

      

3.900%c, 01/23/25b,d

      1,729,000        1,530,165  

Royal Capital BV

      

4.875%c, 05/05/24b,d

      1,041,000        1,039,699  
     

 

 

 

Total Philippines

         2,569,864  
     

 

 

 

     
   

TOTAL NON-CONVERTIBLE CORPORATE BONDS

 

      64,753,446  
     

 

 

 

(Cost $64,510,765)

      

FOREIGN GOVERNMENT OBLIGATIONS: 25.0%

 

     

MALAYSIA: 6.5%

      

Malaysia Government Bond

 

4.642%, 11/07/33

      MYR 13,000,000        3,604,200  

Malaysia Government Bond

 

3.478%, 06/14/24

      MYR 4,800,000        1,208,081  

Malaysia Government Investment Issue

 

4.119%, 11/30/34

      MYR 4,500,000        1,192,876  

Malaysia Government Investment Issue

 

3.422%, 09/30/27

      MYR 4,000,000        1,026,855  
     

 

 

 

Total Malaysia

         7,032,012  
     

 

 

 

     
     

INDONESIA: 6.0%

      

Indonesia Government Bond

 

9.000%, 03/15/29

      IDR 38,000,000,000        2,876,304  

Indonesia Government Bond

 

8.250%, 05/15/29

      IDR 34,550,000,000        2,528,094  

Indonesia Government Bond

 

8.375%, 04/15/39

      IDR 15,000,000,000        1,072,782  
     

 

 

 

Total Indonesia

         6,477,180  
     

 

 

 

     
     

PHILIPPINES: 5.7%

      

Republic of Philippines

      

3.900%, 11/26/22

      PHP 123,000,000        2,584,831  

Republic of Philippines

      

6.250%, 01/14/36

      PHP 70,000,000        1,877,459  

Philippine Government Bond

      

4.950%, 01/15/21

      PHP 80,000,000        1,651,814  
     

 

 

 

Total Philippines

         6,114,104  
     

 

 

 

     
     

VIETNAM: 4.6%

      

Viet Nam Debt & Asset Trading Corp.

 

1.000%, 10/10/25b

      6,219,000        4,975,200  
     

 

 

 

Total Vietnam

         4,975,200  
     

 

 

 

     
     

THAILAND: 2.2%

      

Thailand Government Bond

      

1.600%, 12/17/29

      THB 72,000,000        2,320,920  
     

 

 

 

Total Thailand

         2,320,920  
     

 

 

 

     
   

TOTAL FOREIGN GOVERNMENT OBLIGATIONS

 

          26,919,416  
     

 

 

 

(Cost $25,633,859)

      
 

 



 

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Matthews Asia Total Return Bond Fund      September 30, 2020  
Schedule of Investmentsa (unaudited) (continued)   

 

CONVERTIBLE CORPORATE BONDS: 11.4%

 

 

      Face Amount*      Value 

CHINA/HONG KONG: 11.4%

 

Luye Pharma Group, Ltd., Cnv.

 

1.500%, 07/09/24b

      4,700,000        $4,596,036  

Bosideng International Holdings, Ltd., Cnv.

 

1.000%, 12/17/24b

      5,000,000        4,368,750  

Poseidon Finance 1, Ltd., Cnv.

      

0.000%, 02/01/25b

      3,500,000        3,350,555  
     

 

 

 

Total China/Hong Kong

         12,315,341  
     

 

 

 

     
   

TOTAL CONVERTIBLE CORPORATE BONDS

 

      12,315,341  
     

 

 

 

(Cost $ 13,012,393)

      
     
   

TOTAL INVESTMENTS: 96.4%

 

      103,988,203  

(Cost $ 103,157,017)

      

CASH AND OTHER ASSETS,

 

   

LESS LIABILITIES: 3.6%

         3,867,917  
     

 

 

 

NET ASSETS: 100.0%

           $107,856,120  
     

 

 

 

3M MYR-KLIBOR    Three Month Kuala Lumpur Interbank Offered Rate
6M THB-THBFIX    Six Month Thai Baht Interest Rate Fixing
Cnv.    Convertible
CNY    Chinese Renminbi (Yuan)
IDR    Indonesian Rupiah
KRW    Korean Won
MYR    Malaysian Ringgit
OTC    Over-the-counter
PHP    Philippine Peso
SGD    Singapore Dollar
THB    Thai Baht
USD    U.S. Dollar
 

 

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 $5,325,200, which is 4.94% of net assets.

 

 

*

All Values in USD unless otherwise specified

 

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS

 

Currency

Purchased

    Currency Sold      Counterparty    Settlement
Date		    

Unrealized

Appreciation

(Depreciation)

  

 

  

USD 2,190,000

      IDR 32,532,450,000      Bank of America, N.A.      10/06/20         $4,234  

KRW 9,339,330,000

      USD 7,800,000      Bank of America, N.A.      01/15/21         211,526  

KRW 1,705,824,000

      USD 1,440,000      Bank of America, N.A.      01/15/21         23,301  

SGD 9,011,600

      USD 6,500,000      Bank of America, N.A.      01/15/21         102,848  

CNY 19,404,000

      USD 2,750,000      Bank of America, N.A.      02/04/21              85,836  

CNY 12,588,912

      USD 1,840,000      Bank of America, N.A.      02/04/21         8  
            

 

 

 

               427,753  
            

 

 

 

IDR 32,532,450,000

      USD 2,186,321      Bank of America, N.A.      10/06/20         (554 ) 

THB 84,191,400

      USD 2,700,000      Bank of America, N.A.      01/15/21         (43,380 ) 

USD 1,085,995

      CNY 7,634,000      Bank of America, N.A.      02/04/21         (29,691 ) 

CNY 17,348,200

      USD 2,540,000      Bank of America, N.A.      02/04/21         (4,369 ) 

USD 2,125,609

      IDR 32,532,450,000      Bank of America, N.A.      04/05/21         (9,867 ) 
            

 

 

 

               (87,861 ) 
            

 

 

 

Net Unrealized Appreciation

                $339,892  
            

 

 

 

 

 



 

2   MATTHEWS ASIA FUNDS

Matthews Asia Total Return Bond Fund      September 30, 2020  
Schedule of Investmentsa (unaudited) (continued)   

OTC INTEREST RATE SWAPS*

 

Floating Rate

Paid by Fund

 

      

Fixed Rate

Received by Fund

 

   

Counterparty

  

Termination
Date

    

Notional

Amount

(000)

    

Value

    

Upfront
Premium

Paid
(Received)

    

Unrealized
Appreciation

 

Rate

 

  

 

Frequency

 

       

 

Rate

 

    

 

Frequency

 

3M MYR-KLIBOR, 1.970%

   Quarterly       3.300%     Quarterly    Bank of America, N.A.     06/19/2024       MYR 13,000       $150,590       —     $150,590

6M THB-THBFIX, 0.526%

   Semi-annual       1.610%     Semi-annual    Bank of America, N.A.     06/21/2024       THB 281,000       344,238       —     344,238

6M THB-THBFIX, 0.410%

   Semi-annual       1.265%     Semi-annual    Bank of America, N.A.     09/04/2024       THB 210,000       162,148       —     162,148

Total

                        $656,976       —     $656,976
                                  

*Swaps are not centrally cleared.

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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