Matthews Asia Total Return Bond Fund September 30, 2021

Schedule of Investments^a (unaudited) (continued)

NON-CONVERTIBLE CORPORATE BONDS: 64.0%

	Face Amount*		Value
CHINA/HONG KONG: 41.6%
Wanda Properties International Co., Ltd.
7.250%, 01/29/24b		5,300,000		$5,119,535
Franshion Brilliant Ltd. 6.000%c, 02/08/26b,d		4,700,000		4,700,000
KWG Group Holdings, Ltd. 7.400%, 01/13/27b		5,000,000		4,637,343
Sino-Ocean Land Treasure III, Ltd. 4.900%c, 09/21/22b,d		5,000,000		4,199,989
ESR Cayman, Ltd. 5.650%c, 03/02/26b,d		SGD 5,250,000		3,936,147
China SCE Group Holdings, Ltd. 7.000%, 05/02/25b		4,000,000		3,764,599
Times China Holdings, Ltd. 6.200%, 03/22/26b		3,900,000		3,522,773
King Talent Management, Ltd. 5.600%c, 12/04/22b,d		3,500,000		3,291,554
Huarong Finance 2019 Co., Ltd. 4.250%c, 09/30/25b,d		2,800,000		2,324,000
Huarong Finance 2017 Co., Ltd. 4.000%c, 11/07/22b,d		2,500,000		2,300,000
CIFI Holdings Group Co., Ltd. 4.800%, 05/17/28b		2,200,000		2,046,000
Sunac China Holdings, Ltd. 6.500%, 01/26/26b		2,200,000		1,765,580
China Cinda Asset Management Co., Ltd.
5.500%, 03/14/28		CNY 10,000,000		1,688,274
FWD Group, Ltd. 6.375%c, 09/13/24b,d		1,600,000		1,636,121
Agricultural Bank of China, Ltd. 4.300%, 04/11/29b		CNY 10,000,000		1,581,510
China Cinda Asset Management Co., Ltd.
3.900%, 03/05/30		CNY 10,000,000		1,548,278
FWD Group, Ltd. 0.000%c, 06/15/22b,d		1,200,000		1,150,924
Honghua Group, Ltd. 6.375%, 08/01/22b		1,100,000		1,060,124
Huarong Finance 2017 Co., Ltd. 4.500%c, 01/24/22b,d		1,100,000		1,056,000
Times China Holdings, Ltd. 6.750%, 07/08/25b		1,100,000		1,006,500
Logan Group Co., Ltd. 4.500%, 01/13/28b		776,000		708,932
Times China Holdings, Ltd. 5.750%, 01/14/27b		800,000		708,157
Total China/Hong Kong				53,752,340
INDIA: 13.1%
ABJA Investment Co. Pte, Ltd. 5.450%, 01/24/28b		3,700,000		4,026,293
Network i2i, Ltd. 5.650%c, 01/15/25d,e		3,700,000		3,940,500
Periama Holdings LLC 5.950%, 04/19/26b		3,600,000		3,861,000
Tata Motors, Ltd. 5. 875%, 05/20/25b		3,500,000		3,754,800
ICICI Bank UK PLC 5.375%c, 09/26/28b		SGD 1,750,000		1,342,994
Total India				16,925,587
INDONESIA: 4.5%
Indika Energy Capital III Pte, Ltd. 5.875%, 11/09/24b		3,300,000		3,324,750

	Face Amount*		Value
PB International BV
7.625%, 01/26/22b		5,100,000		$2,504,100
Total Indonesia				5,828,850
THAILAND: 3.2%
Kasikornbank Public Co., Ltd.
5.275%c, 10/14/25b,d		3,900,000		4,085,250
Total Thailand				4,085,250
PHILIPPINES: 1.6%
Royal Capital BV
5.000%c, 02/05/26b,d		1,890,000		2,012,850
Total Philippines				2,012,850
TOTAL NON-CONVERTIBLE CORPORATE BONDS				82,604,877
(Cost $85,034,336)
FOREIGN GOVERNMENT OBLIGATIONS: 18.6%
INDONESIA: 4.9%
Indonesia Government Bond
8.250%, 05/15/29		IDR 34,550,000,000		2,718,135
Indonesia Government Bond
9.000%, 03/15/29		IDR 28,000,000,000		2,284,017
Indonesia Government Bond
7.000%, 09/15/30		IDR 18,000,000,000		1,318,638
Total Indonesia				6,320,790
MALAYSIA: 4.2%
Malaysia Government Bond
4.642%, 11/07/33		MYR 13,000,000		3,336,303
Malaysia Government Investment Issue
4.119%, 11/30/34		MYR 4,500,000		1,097,771
Malaysia Government Investment Issue
3.422%, 09/30/27		MYR 4,000,000		964,847
Total Malaysia				5,398,921
CHINA/HONG KONG: 3.7%
China Development Bank
3.800%, 01/25/36		CNY 30,000,000		4,800,518
Total China/Hong Kong				4,800,518
VIETNAM: 2.3%
Viet Nam Debt & Asset Trading Corp.
1.000%, 10/10/25b		3,300,000		2,994,750
Total Vietnam				2,994,750
PHILIPPINES: 1.9%
Republic of Philippines
3.900%, 11/26/22		PHP 123,000,000		2,423,345
Total Philippines				2,423,345
THAILAND: 1.6%
Thailand Government Bond
1.600%, 12/17/29		THB 72,000,000		2,107,515
Total Thailand				2,107,515
TOTAL FOREIGN GOVERNMENT OBLIGATIONS				24,045,839
(Cost $23,501,290)

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Matthews Asia Total Return Bond Fund September 30, 2021

Schedule of Investments^a (unaudited) (continued)

CONVERTIBLE CORPORATE BONDS: 15.7%
	Face Amount*		Value
CHINA/HONG KONG: 14.9%
Luye Pharma Group, Ltd., Cnv. 1.500%, 07/09/24b		4,700,000		$4,801,285
Baozun, Inc., Cnv. 1.625%, 05/01/24		4,400,000		4,048,000
Pharmaron Beijing Co., Ltd., Cnv. 0.000%, 06/18/26b		2,100,000		2,249,100
Hansoh Pharmaceutical Group Co., Ltd., Cnv. 0.000%, 01/22/26b		2,400,000		2,133,600
Weimob Investment, Ltd., Cnv. 0.000%, 06/07/26b		2,000,000		1,835,000
iQIYI, Inc., Cnv. 2.000%, 04/01/25		1,800,000		1,582,238
NIO, Inc., Cnv. 0.500%, 02/01/27e		1,700,000		1,383,886
Meituan, Cnv. 0.000%, 04/27/28b		700,000		668,150
Pinduoduo, Inc., Cnv. 0.000%, 12/01/25		650,000		598,650
Total China/Hong Kong				19,299,909
SOUTH KOREA: 0.8%
Kakao Corp., Cnv. 0.000%, 04/28/23b		800,000		987,976
Total South Korea				987,976
TOTAL CONVERTIBLE CORPORATE BONDS				20,287,885
(Cost $21,113,828)
TOTAL INVESTMENTS: 98.3%				126,938,601
(Cost $129,649,454)
CASH AND OTHER ASSETS, LESS LIABILITIES: 1.7%				2,185,024
NET ASSETS: 100.0%				$129,123,625

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, 2021, the aggregate value is $5,324,386, which is 4.12% 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

KRW Korean Won

MYR Malaysian Ringgit

OTC Over-the-counter

PHP Philippine Peso

SGD Singapore Dollar

THB Thai Baht

USD U.S. Dollar

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS

Currency Purchased	Currency Sold	Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
CNY 32,830,000	USD 5,000,000	Bank of America, N.A.		01/10/22		$48,422
USD 620,000	KRW 732,220,000	Bank of America, N.A.		01/10/22		2,537
USD 920,000	THB 30,820,000	Bank of America, N.A.		01/10/22		9,553
						60,512
KRW 14,782,300,000	USD 13,000,000	Bank of America, N.A.		01/10/22		(534,450	)
SGD 9,836,750	USD 7,300,000	Bank of America, N.A.		01/10/22		(56,962	)
THB 100,340,800	USD 3,100,000	Bank of America, N.A.		01/10/22		(135,854	)
PHP 146,769,000	USD 2,900,000	Bank of America, N.A.		01/10/22		(58,329	)
USD 1,350,161	SGD 1,840,000	Bank of America, N.A.		01/10/22		(4,675	)
USD 578,967	SGD 790,000	Bank of America, N.A.		01/10/22		(2,729	)
USD 2,273,561	SGD 3,100,000	Bank of America, N.A.		01/10/22		(9,045	)
						(802,044	)
Net Unrealized Depreciation						($741,532	)

2 MATTHEWS ASIA FUNDS

Matthews Asia Total Return Bond Fund September 30, 2021

Schedule of Investments^a (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, 1.940%

Quarterly

3.300

%

Quarterly

Bank of America, N.A.

06/19/2024

MYR 13,000

$76,059

—

$76,059

6M THB-THBFIX, 0.288%

Semi-annual

1.610%

Semi-annual

Bank of America, N.A.

06/21/2024

THB 281,000

252,750

—

252,750

6M THB-THBFIX, 0.295%

Semi-annual

1.265%

Semi-annual

Bank of America, N.A.

09/04/2024

THB 210,000

113,733

—

113,733

Total

$442,542

—

$442,542

^*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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