Matthews Asia Total Return Bond Fund March 31, 2022

Schedule of Investments^a (unaudited)

NON-CONVERTIBLE CORPORATE BONDS: 54.3%

	Face Amount*		Value
CHINA/HONG KONG: 37.8%
Wanda Properties International Co., Ltd.
7.250%, 01/29/24b		5,300,000		$4,613,650
Franshion Brilliant, Ltd.
6.000%c, 02/08/26b,d		4,700,000		4,418,000
ESR Cayman, Ltd.
5.650%c, 03/02/26b,d	SGD	5,250,000		3,830,929
Sino-Ocean Land Treasure III, Ltd.
4.900%c, 09/21/22b,d		5,000,000		3,200,000
Standard Chartered PLC
4.300%c, 08/19/28b,d		3,000,000		2,632,605
China SCE Group Holdings, Ltd.
7.000%, 05/02/25b		4,000,000		2,120,000
KWG Group Holdings, Ltd.
7.400%, 01/13/27b		5,000,000		1,901,250
China Cinda Asset Management Co., Ltd.
5.500%, 03/14/28	CNY	10,000,000		1,717,361
CIFI Holdings Group Co., Ltd.
4.800%, 05/17/28b		2,200,000		1,713,250
Agricultural Bank of China, Ltd.
4.300%, 04/11/29b	CNY	10,000,000		1,616,048
China Cinda Asset Management Co., Ltd.
3.900%, 03/05/30	CNY	10,000,000		1,572,388
Times China Holdings, Ltd.
6.200%, 03/22/26b,e		3,900,000		1,443,000
King Talent Management, Ltd.
5.600%c, 12/04/22b,d		850,000		782,000
Powerlong Real Estate Holdings, Ltd.
4.900%, 05/13/26b		1,500,000		525,000
Sunac China Holdings, Ltd.
6.500%, 01/26/26b,e		2,200,000		517,000
Logan Group Co., Ltd.
4.500%, 01/13/28b,e		2,376,000		463,320
Times China Holdings, Ltd.
6.750%, 07/08/25b		1,100,000		433,125
Times China Holdings, Ltd. 5.750%, 01/14/27b		800,000		304,000
Total China/Hong Kong				33,802,926
INDIA: 9.3%
Periama Holdings LLC
5.950%, 04/19/26b		3,600,000		3,658,680
Network i2i, Ltd.
5.650%c, 01/15/25d,f		1,800,000		1,782,900
ABJA Investment Co. Pte, Ltd.
5.450%, 01/24/28b		1,500,000		1,546,897
ICICI Bank UK PLC 5.375%c, 09/26/28b	SGD	1,750,000		1,308,584
Total India				8,297,061
INDONESIA: 6.2%
Indika Energy Capital III Pte, Ltd.
5.875%, 11/09/24b		3,300,000		3,252,150
PB International BV 7.625%, 12/31/25b		5,100,000		2,297,550
Total Indonesia				5,549,700

	Face Amount*		Value
THAILAND: 1.0%
Bangkok Bank Public Co., Ltd. 5.000%c, 09/23/25b,d		900,000		$887,625
Total Thailand				887,625
TOTAL NON-CONVERTIBLE CORPORATE BONDS				48,537,312
(Cost $66,163,097)
CONVERTIBLE CORPORATE BONDS: 26.1%
CHINA/HONG KONG: 19.2%
Baozun, Inc., Cnv. 1.625%, 05/01/24		4,400,000		4,356,440
Luye Pharma Group, Ltd., Cnv. 1.500%, 07/09/24b		3,500,000		3,492,055
ESR Cayman, Ltd., Cnv. 1.500%, 09/30/25b		2,400,000		2,318,400
NIO, Inc., Cnv. 0.500%, 02/01/27		2,200,000		1,777,726
iQIYI, Inc., Cnv. 2.000%, 04/01/25		1,800,000		1,422,000
Weimob Investment, Ltd., Cnv. 0.000%, 06/07/26b		2,000,000		1,346,880
Meituan, Cnv. 0.000%, 04/27/28b		1,600,000		1,273,600
Pinduoduo, Inc., Cnv. 0.000%, 12/01/25		1,300,000		1,140,100
Total China/Hong Kong				17,127,201
MALAYSIA: 2.9%
Cerah Capital, Ltd., Cnv. 0.000%, 08/08/24b		2,488,000		2,551,419
Total Malaysia				2,551,419
SOUTH KOREA: 1.8%
Kakao Corp., Cnv. 0.000%, 04/28/23b		1,400,000		1,601,460
Total South Korea				1,601,460
NEW ZEALAND: 1.1%
Xero Investments, Ltd., Cnv. 0.000%, 12/02/25b		1,100,000		961,950
Total New Zealand				961,950
TAIWAN: 0.6%
United Microelectronics Corp., Cnv. 0.000%, 07/07/26b		600,000		578,700
Total Taiwan				578,700
SINGAPORE: 0.5%
Sea, Ltd., Cnv. 0.250%, 09/15/26		600,000		478,860
Total Singapore				478,860
TOTAL CONVERTIBLE CORPORATE BONDS				23,299,590
(Cost $25,227,567)

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Matthews Asia Total Return Bond Fund March 31, 2022

Schedule of Investments^a (unaudited) (continued)

FOREIGN GOVERNMENT OBLIGATIONS: 17.9%

	Face Amount*		Value
CHINA/HONG KONG: 5.5%
China Development Bank 3.800%, 01/25/36		CNY 30,000,000		$4,950,891
Total China/Hong Kong				4,950,891
INDONESIA: 5.4%
Indonesia Government Bond 8.250%, 05/15/29		IDR 34,550,000,000		2,618,415
Indonesia Government Bond 9.000%, 03/15/29		IDR 28,000,000,000		2,195,960
Total Indonesia				4,814,375
MALAYSIA: 4.7%
Malaysia Government Bond
4.642%, 11/07/33		MYR 13,000,000		3,213,145
Malaysia Government Investment Issue 3.422%, 09/30/27		MYR 4,000,000		948,096
Total Malaysia				4,161,241
THAILAND: 2.3%
Thailand Government Bond 1.600%, 12/17/29		THB 72,000,000		2,060,205
Total Thailand				2,060,205
TOTAL FOREIGN GOVERNMENT OBLIGATIONS				15,986,712
(Cost $15,934,500)
TOTAL INVESTMENTS: 98.3%				87,823,614
(Cost $107,325,164)
CASH AND OTHER ASSETS, LESS LIABILITIES: 1.7%				1,521,585
NET ASSETS: 100.0%				$89,345,199

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 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 $2,423,320 and 2.71% of net assets.
f	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, 2022, the aggregate value is $1,782,900, which is 2.00% of net assets.
*	All Values in USD unless otherwise specified.

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 15,517,440	USD 2,400,000	Bank of America, N.A.		06/23/22		$30,420
SGD 2,920,137	USD 2,140,000	Bank of America, N.A.		06/23/22		14,617
THB 65,286,820	USD 1,940,000	Bank of America, N.A.		06/23/22		26,204
USD 1,100,000	KRW 1,316,590,000	Bank of America, N.A.		06/23/22		16,840
						88,081
KRW 10,196,730,000	USD 8,550,000	Bank of America, N.A.		06/23/22		(161,137)
PHP 36,821,200	USD 730,000	Bank of America, N.A.		06/23/22		(23,593)
USD 510,000	CNY 3,277,107	Bank of America, N.A.		06/23/22		(3,277)
USD 1,310,000	CNY 8,442,950	Bank of America, N.A.		06/23/22		(12,378)
USD 591,585	CNY 3,797,383	Bank of America, N.A.		06/23/22		(3,181)
USD 610,000	THB 20,291,650	Bank of America, N.A.		06/23/22		(1,112)
USD 890,000	SGD 1,206,395	Bank of America, N.A.		06/23/22		(136)
USD 694,085	PHP 36,821,200	Bank of America, N.A.		06/23/22		(12,322)
USD 1,261,496	SGD 1,713,742	Bank of America, N.A.		06/23/22		(2,985)
USD 1,300,000	KRW 1,593,800,000	Bank of America, N.A.		06/23/22		(11,221)
USD 1,570,000	CNY 10,060,560	Bank of America, N.A.		06/23/22		(5,736)
						(237,078)
Net Unrealized Depreciation						($148,997)

2    MATTHEWS ASIA FUNDS

Matthews Asia Total Return Bond Fund March 31, 2022

Schedule of Investments^a (unaudited) (continued)

OTC INTEREST RATE SWAPS^*

Floating Rate Paid by Fund

Fixed Rate Received by Fund

Termination Date

Notional Amount (000)

Value

Upfront Premium Paid     (Received)

Unrealized Depreciation

Rate

Frequency

Rate

Frequency

Counterparty

6M THB-THBFIX, 0.580%

Semi-annual

1.265

%

Semi-annual

Bank of America, N.A.

09/04/2024

THB 210,000

$(203

)

—

$(203)

^*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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