HTML


Matthews Asia Credit Opportunities Fund		March 31, 2022

Schedule of Investments^a (unaudited)

NON-CONVERTIBLE CORPORATE BONDS: 69.9%


	Face Amount^*		Value

CHINA/HONG KONG: 29.4%
Sino-Ocean Land Treasure III, Ltd. 4.900%^b, 09/21/22^c,d		2,500,000		$1,600,000
Bank of East Asia, Ltd. 5.825%^b, 10/21/25^c,d		1,100,000		1,088,450
Wanda Group Overseas, Ltd. 7.500%, 07/24/22^d		1,100,000		1,045,000
Wanda Properties International Co., Ltd. 7.250%, 01/29/24^d		1,100,000		957,550
Standard Chartered PLC 4.300%^b, 08/19/28^c,d		1,000,000		877,535
Franshion Brilliant, Ltd. 6.000%^b, 02/08/26^c,d		800,000		752,000
Huarong Finance 2019 Co., Ltd. 4.250%^b, 09/30/25^c,d		800,000		732,000
KWG Group Holdings, Ltd. 7.400%, 01/13/27^d		1,800,000		684,450
China SCE Group Holdings, Ltd. 7.000%, 05/02/25^d		1,200,000		636,000
Times China Holdings, Ltd. 6.200%, 03/22/26^d,e		1,500,000		555,000
King Talent Management, Ltd. 5.600%^b, 12/04/22^c,d		600,000		552,000
Logan Group Co., Ltd. 4.500%, 01/13/28^d,e		1,020,000		198,900
Powerlong Real Estate Holdings, Ltd. 4.900%, 05/13/26^d		500,000		175,000
Sunac China Holdings, Ltd. 6.500%, 01/26/26^d,e		700,000		164,500
CIFI Holdings Group Co., Ltd. 4.800%, 05/17/28^d		200,000		155,750
Times China Holdings, Ltd. 5.750%, 01/14/27^d		250,000		95,000

Total China/Hong Kong				10,269,135


INDIA: 22.8%
Network i2i, Ltd. 5.650%^b, 01/15/25^c,f		1,300,000		1,287,650
Shriram Transport Finance Co., Ltd. 4.400%, 03/13/24^d		1,300,000		1,271,400
Periama Holdings LLC 5.950%, 04/19/26^d		1,200,000		1,219,560
Axis Bank Gift City, 4.100%^b, 09/08/26^c,d		1,300,000		1,214,184
ABJA Investment Co. Pte, Ltd. 5.450%, 01/24/28^d		1,100,000		1,134,391
HDFC Bank, Ltd. 3.700%^b, 08/25/26^c,f		1,000,000		927,500
Tata Motors, Ltd. 5.875%, 05/20/25^d		900,000		910,818

Total India				7,965,503


INDONESIA: 14.3%
PB International BV 7.625%, 12/31/25^d		5,300,000		2,387,650
Theta Capital Pte, Ltd. 6.750%, 10/31/26^d		1,400,000		1,325,940
Indika Energy Capital III Pte, Ltd. 5.875%, 11/09/24^d		1,300,000		1,281,150

Total Indonesia				4,994,740


	Face Amount^*		Value

THAILAND: 3.4%
Kasikornbank Public Co., Ltd. 5.275%^b, 10/14/25^c,d		1,200,000		$1,191,000

Total Thailand				1,191,000


TOTAL NON-CONVERTIBLE CORPORATE BONDS				24,420,378
(Cost $32,533,295)

CONVERTIBLE CORPORATE BONDS: 25.0%

CHINA/HONG KONG: 19.0%
Luye Pharma Group, Ltd., Cnv. 1.500%, 07/09/24^d		1,800,000		1,795,914
Baozun, Inc., Cnv. 1.625%, 05/01/24		1,550,000		1,534,655
ESR Cayman, Ltd., Cnv. 1.500%, 09/30/25^d		900,000		869,400
NIO, Inc., Cnv. 0.500%, 02/01/27		800,000		646,446
Meituan, Cnv. 0.000%, 04/27/28^d		600,000		477,600
iQIYI, Inc., Cnv. 2.000%, 04/01/25		600,000		474,000
Pinduoduo, Inc., Cnv. 0.000%, 12/01/25		500,000		438,500
Weimob Investment, Ltd., Cnv. 0.000%, 06/07/26^d		600,000		404,064

Total China/Hong Kong				6,640,579


MALAYSIA: 1.8%
Cerah Capital, Ltd., Cnv. 0.000%, 08/08/24^d		600,000		615,294

Total Malaysia				615,294


SOUTH KOREA: 1.6%
Kakao Corp., Cnv. 0.000%, 04/28/23^d		500,000		571,950

Total South Korea				571,950


TAIWAN: 1.1%
United Microelectronics Corp., Cnv. 0.000%, 07/07/26^d		400,000		385,800

Total Taiwan				385,800


NEW ZEALAND: 1.0%
Xero Investments, Ltd., Cnv. 0.000%, 12/02/25^d		400,000		349,800

Total New Zealand				349,800


SINGAPORE: 0.5%
Sea, Ltd., Cnv. 0.250%, 09/15/26		200,000		159,620

Total Singapore				159,620


TOTAL CONVERTIBLE CORPORATE BONDS				8,723,043
(Cost $9,373,820)


Matthews Asia Credit Opportunities Fund		March 31, 2022

Schedule of Investments^a (unaudited) (continued)

FOREIGN GOVERNMENT OBLIGATIONS: 3.5%


	Face Amount^*		Value

VIETNAM: 3.5%
Socialist Republic of Vietnam 5.500%, 03/12/28		1,230,000		$1,226,494

Total Vietnam				1,226,494


TOTAL FOREIGN GOVERNMENT OBLIGATIONS				1,226,494
(Cost $ 1,230,000)


TOTAL INVESTMENTS: 98.4%				34,369,915
(Cost $ 43,137,115)

CASH AND OTHER ASSETS, LESS LIABILITIES: 1.6%				550,462

NET ASSETS: 100.0%				$34,920,377


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

b		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.

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

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

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 $918,400 and 2.63% 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 $2,215,150, which is 6.34% 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).