Matthews Asia Total Return Bond Fund	March 31, 2021
Schedule of Investmentsa (unaudited)

NON-CONVERTIBLE CORPORATE BONDS: 61.7%

	Face Amount*		Value
CHINA/HONG KONG: 35.5%
Wanda Properties International Co., Ltd. 7.250%, 01/29/24b		5,300,000		$5,174,920
Franshion Brilliant Ltd. 6.000%c, 02/08/26b,d		4,700,000		4,700,000
Sino-Ocean Land Treasure III, Ltd. 4.900%c, 09/21/22b,d		5,000,000		4,352,446
Powerlong Real Estate Holdings, Ltd. 5.950%, 04/30/25b		3,900,000		4,085,493
China SCE Group Holdings, Ltd. 7.000%, 05/02/25b		4,000,000		4,030,707
Times China Holdings, Ltd. 6.200%, 03/22/26b		3,900,000		3,977,407
Logan Group Co., Ltd. 5.250%, 02/23/23b		3,900,000		3,960,450
KWG Group Holdings, Ltd. 5.875%, 11/10/24b		3,400,000		3,441,629
King Talent Management, Ltd. 5.600%c, 12/04/22b,d		3,500,000		3,082,465
CITIC Telecom International Finance, Ltd. 6.100%, 03/05/25b		1,631,000		1,720,660
China Cinda Asset Management Co., Ltd. 5.500%, 03/14/28		CNY 10,000,000		1,665,445
FWD Group, Ltd. 6.375%c, 09/13/24b,d		1,600,000		1,636,660
Agricultural Bank of China, Ltd. 4.300%, 04/11/29b		CNY 10,000,000		1,551,022
China Cinda Asset Management Co., Ltd. 3.900%, 03/05/30		CNY 10,000,000		1,501,098
Times China Holdings, Ltd. 6.750%, 07/08/25b		1,100,000		1,149,969
FWD Group, Ltd. 0.000%c, 06/15/22b,d		1,200,000		1,096,144
Honghua Group, Ltd. 6.375%, 08/01/22b		1,100,000		1,072,479
Deutsche Bank AG 3.662%c, 04/10/25b		CNY 2,000,000		300,076
Total China/Hong Kong				48,499,070
INDIA: 14.8%
Network i2i, Ltd. 5.650%c, 01/15/25d,e		5,000,000		5,287,500
ABJA Investment Co. Pte, Ltd. 5.450%, 01/24/28b		4,440,000		4,563,172
Periama Holdings LLC 5.950%, 04/19/26b		3,900,000		4,106,700
Tata Motors, Ltd. 5.875%, 05/20/25b		3,500,000		3,706,150
ICICI Bank UK PLC 5.375%c, 09/26/28b		SGD 1,750,000		1,340,340
Network i2i, Ltd. 5.650%c, 01/15/25b,d		1,200,000		1,269,000
Total India				20,272,862
THAILAND: 5.5%
Kasikornbank Public Co., Ltd. 5.275%c, 10/14/25b,d		3,900,000		4,095,000
Krung Thai Bank Public Co., Ltd. 4.400%c, 03/25/26b,d		3,400,000		3,408,500
Total Thailand				7,503,500

	Face Amount*		Value
INDONESIA: 3.6%
Indika Energy Capital III Pte, Ltd.
5.875%, 11/09/24b		3,300,000		$3,304,950
PB International BV
7.625%, 01/26/22b,f		5,100,000		1,581,000
Total Indonesia				4,885,950
PHILIPPINES: 2.3%
Royal Capital BV
5.000%c, 02/05/26b,d		1,890,000		1,987,335
Royal Capital BV
4.875%c, 05/05/24b,d		1,041,000		1,077,435
Total Philippines				3,064,770
TOTAL NON-CONVERTIBLE CORPORATE BONDS				84,226,152
(Cost $85,588,179)
FOREIGN GOVERNMENT OBLIGATIONS: 22.3%
INDONESIA: 5.8%
Indonesia Government Bond
9.000%, 03/15/29		IDR 38,000,000,000		2,974,099
Indonesia Government Bond
8.250%, 05/15/29		IDR 34,550,000,000		2,592,903
Indonesia Government Bond
7.000%, 09/15/30		IDR 18,000,000,000		1,253,358
Indonesia Government Bond
8.375%, 04/15/39		IDR 15,000,000,000		1,101,831
Total Indonesia				7,922,191
MALAYSIA: 4.8%
Malaysia Government Bond
4.642%, 11/07/33		MYR 13,000,000		3,319,049
Malaysia Government Bond
3.478%, 06/14/24		MYR 4,800,000		1,197,245
Malaysia Government Investment Issue
4.119%, 11/30/34		MYR 4,500,000		1,083,966
Malaysia Government Investment Issue
3.422%, 09/30/27		MYR 4,000,000		986,141
Total Malaysia				6,586,401
VIETNAM: 3.9%
Viet Nam Debt & Asset Trading Corp.
1.000%, 10/10/25b		6,219,000		5,379,435
Total Vietnam				5,379,435
CHINA/HONG KONG: 3.3%
China Development Bank
3.800%, 01/25/36		CNY 30,000,000		4,572,361
Total China/Hong Kong				4,572,361
PHILIPPINES: 2.8%
Republic of Philippines
3.900%, 11/26/22		PHP 123,000,000		2,572,236
Republic of Philippines
6.250%, 01/14/36		PHP 50,000,000		1,205,254
Total Philippines				3,777,490

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Matthews Asia Total Return Bond Fund	March 31, 2021
Schedule of Investmentsa (unaudited) (continued)

FOREIGN GOVERNMENT OBLIGATIONS (continued)

	Face Amount*		Value
THAILAND: 1.7%
Thailand Government Bond 1.600%, 12/17/29		THB 72,000,000		$2,276,201
Total Thailand				2,276,201
TOTAL FOREIGN GOVERNMENT OBLIGATIONS				30,514,079
(Cost $29,713,996)
CONVERTIBLE CORPORATE BONDS: 12.8%
CHINA/HONG KONG: 8.5%
Luye Pharma Group, Ltd., Cnv. 1.500%, 07/09/24b		4,700,000		4,860,317
Hansoh Pharmaceutical Group Co., Ltd., Cnv. 0.000%, 01/22/26b		2,400,000		2,325,600
Baozun, Inc., Cnv. 1.625%, 05/01/24		1,400,000		1,442,875
NIO, Inc., Cnv. 0.500%, 02/01/27e		1,700,000		1,435,650
iQIYI, Inc., Cnv. 2.000%, 04/01/25		1,000,000		923,000
Pinduoduo, Inc., Cnv. 0.000%, 12/01/25		650,000		688,006
Total China/Hong Kong				11,675,448
MALAYSIA: 2.1%
Cerah Capital, Ltd., Cnv. 0.000%, 08/08/24b		2,800,000		2,822,400
Total Malaysia				2,822,400
SOUTH KOREA: 1.4%
Kakao Corp., Cnv. 0.000%, 04/28/23b		1,600,000		1,913,376
Total South Korea				1,913,376
NEW ZEALAND: 0.8%
Xero Investments, Ltd., Cnv. 0.000%, 12/02/25b		1,100,000		1,073,050
Total New Zealand				1,073,050
TOTAL CONVERTIBLE CORPORATE BONDS				17,484,274
(Cost $17,408,401)

	Value
TOTAL INVESTMENTS: 96.8%		$132,224,505
(Cost $132,710,576)
CASH AND OTHER ASSETS,
LESS LIABILITIES: 3.2%		4,429,979
NET ASSETS: 100.0%		$136,654,484

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 March 31, 2021, the aggregate value is $6,723,150, which is 4.92% of net assets.

f Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. The aggregate value of Level 3 security is $1,581,000 and 1.16% of net assets.

* All Values in USD unless otherwise specified

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
INR	Indian Rupee
KRW	Korean Won
MYR	Malaysian Ringgit
OTC	Over-the-counter
PHP	Philippine Peso
SGD	Singapore Dollar
THB	Thai Baht
USD	U.S. Dollar

2 MATTHEWS ASIA FUNDS

Matthews Asia Total Return Bond Fund	March 31, 2021
Schedule of Investmentsa (unaudited) (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS

Currency Purchased	Currency Sold	Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD 1,670,000	KRW 1,864,555,000	Bank of America, N.A.	07/12/21		$	16,382
USD 2,500,000	SGD 3,331,500	Bank of America, N.A.	07/12/21			24,467
INR 45,518,200	USD 610,000	Bank of America, N.A.	07/27/21			1,202
						42,051
USD 2,125,609	IDR 32,532,450,000	Bank of America, N.A.	04/05/21			(111,451	)
IDR 32,532,450,000	USD 2,271,819	Bank of America, N.A.	04/05/21			(34,759	)
PHP 79,794,000	USD 1,650,000	Bank of America, N.A.	07/12/21			(20,438	)
PHP 36,262,500	USD 750,000	Bank of America, N.A.	07/12/21			(9,443	)
SGD 12,893,812	USD 9,740,000	Bank of America, N.A.	07/12/21			(159,014	)
KRW 13,486,088,000	USD 12,320,000	Bank of America, N.A.	07/12/21			(359,592	)
SGD 1,958,040	USD 1,480,000	Bank of America, N.A.	07/12/21			(25,042	)
KRW 1,849,680,000	USD 1,680,000	Bank of America, N.A.	07/12/21			(39,574	)
THB 89,924,250	USD 2,990,000	Bank of America, N.A.	07/12/21			(113,500	)
THB 23,361,000	USD 780,000	Bank of America, N.A.	07/12/21			(32,728	)
INR 292,456,350	USD 3,940,000	Bank of America, N.A.	07/27/21			(13,002	)
CNY 29,495,250	USD 4,500,000	Bank of America, N.A.	07/28/21			(48,334	)
						(966,877	)
Net Unrealized Depreciation					($	924,826	)

OTC INTEREST RATE SWAPS*

Floating Rate Paid by Fund

Fixed Rate Received by Fund

Termination Date

Notional Amount (000)

Upfront Premium Paid (Received)

Unrealized Appreciation

Rate

Frequency

Rate

Frequency

Counterparty

Value

3M MYR-KLIBOR, 1.940%

Quarterly

3.300%

Quarterly

Bank of America, N.A.

06/19/2024

MYR 13,000

$80,448

—

$80,448

6M THB-THBFIX, 0.231%

Semi-annual

1.610%

Semi-annual

Bank of America, N.A.

06/21/2024

THB 281,000

267,287

—

267,287

6M THB-THBFIX, 0.334%

Semi-annual

1.265%

Semi-annual

Bank of America, N.A.

09/04/2024

THB 210,000

101,266

—

101,266

Total

$449,001

—

$449,001

*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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