Matthews Asia Strategic Income Fund


Top 10 Positions as of 1/31/2019

Security Sector Currency % Net Assets
Ctrip.com International, Ltd., Cnv., 1.250%, 09/15/2022 Consumer Discretionary U.S. Dollar 5.1
Wanda Properties International Co., Ltd., 7.250%, 01/29/2024 Real Estate U.S. Dollar 4.6
Debt and Asset Trading Corp., 1.000%, 10/10/2025 Financials U.S. Dollar 4.5
Zhongsheng Group Holdings, Ltd., Cnv., 0.000%, 05/23/2023 Consumer Discretionary Hong Kong Dollar 4.2
Standard Chartered PLC, 6.500%, 12/29/2049 Financials U.S. Dollar 4.1
SoftBank Group Corp., 6.000%, 07/19/2049 Communication Services U.S. Dollar 4.1
KWG Group Holdings, Ltd., 6.000%, 09/15/2022 Real Estate U.S. Dollar 4.0
Chinalco Capital Holdings, Ltd., 4.000%, 08/25/2021 Materials U.S. Dollar 3.8
Indonesia Government Bond, 8.250%, 05/15/2029 Foreign Government Bonds Indonesian Rupiah 3.7
ICTSI Treasury BV, 4.625%, 01/16/2023 Industrials U.S. Dollar 3.3
Total 41.4
Source: BNY Mellon Investment Servicing (US) Inc.

Portfolio Breakdown (%) as of 12/31/2018

  Fund
Financials 22.4
Real Estate 16.3
Consumer Discretionary 12.6
Foreign Government Bonds 9.4
Materials 8.5
Consumer Staples 7.8
Communication Services 7.7
Industrials 5.6
Utilities 3.8
Cash and Other Assets, Less Liabilities 5.9
Percentage values in data are rounded to the nearest tenth of one percent, so the values may not sum to 100% due to rounding.  Percentage values may be derived from different data sources and may not be consistent with other Fund literature.  "Foreign Government Bonds" category includes supranationals.
Cash and Other Assets may include the mark-to-market value of forward currency exchange contracts and certain derivative instruments.
By issuer's country of risk Fund
China/Hong Kong 44.3
Indonesia 13.6
India 7.6
Vietnam 6.6
Thailand 6.3
Philippines 4.2
Japan 4.0
Singapore 3.4
Sri Lanka 1.9
United States 1.8
South Korea 0.4
Cash and Other Assets, Less Liabilities 5.9
Percentage values in data are rounded to the nearest tenth of one percent, so the values may not sum to 100% due to rounding.  Percentage values may be derived from different data sources and may not be consistent with other Fund literature. Not all countries are included in the benchmark index. Cash and Other Assets may include the mark-to-market value of forward currency exchange contracts and certain derivative instruments.

Supranational is an international organization in which member states transcend national boundaries, (ex. IMF).
  Weight Modified Duration*
U.S. Dollar 73.6 2.7
Indonesian Rupiah 6.4 4.2
Indian Rupee 5.7 6.7
Hong Kong Dollar 4.4 2.1
Vietnam Dong 1.9 2.7
China Renminbi 1.0 2.0
Philippines Peso 0.7 10.0
Korean Won 0.4 4.7
Cash and Other Assets, Less Liabilities 5.9 0.0
Percentage values in data are rounded to the nearest tenth of one percent, so the values may not sum to 100% due to rounding.  Percentage values may be derived from different data sources and may not be consistent with other Fund literature.
Cash and other assets may include forward currency exchange contracts and certain derivative instruments that have been marked-to-market.
*Fixed income portion of the portfolio
  Fund
Corporate Bonds 63.8
Convertible Bonds 16.2
Government Bonds 14.1
Cash and Other Assets, Less Liabilities 5.9
Percentage values in data are rounded to the nearest tenth of one percent, so the values may not sum to 100% due to rounding.  Percentage values may be derived from different data sources and may not be consistent with other Fund literature.
Cash and Other Assets may include the mark-to-market value of forward currency exchange contracts and certain derivative instruments.
  Fund
AA- 0.4
BBB+ 1.8
BBB 7.1
BBB- 5.3
BB+ 4.2
BB 0.9
BB- 9.4
B+ 10.5
B 14.1
Not Rated 40.4
Credit quality is provided for the underlying bond holdings of the Fund and does not include common equities, cash and other assets and percentage values will not total 100%. Credit quality rating symbols reflect that of S&P and generally credit ratings range from AAA (highest) to D (lowest). When ratings from Moody's, S&P and Fitch are available for a bond in the Fund, the middle rating of the three is used. When two ratings are available, the lowest rating is used. When only one rating is provided, that one is used. Foreign government bonds without a specific rating are assigned the country rating provided by one of the three agencies. Securities Securities that are not rated by any one of the three agencies are reflected as such.
Sources: FactSet Research Systems, Moody's, S&P and Fitch

Portfolio Characteristics as of 12/31/2018

Number of Positions1

35

Modified Duration

3.1

Modified duration measures the percent change in value of the fixed income portion of the portfolio in response to a 1% change in interest rates. In a multi-currency denominated portfolio with sensitivities to different interest rate regimes, modified duration will not accurately reflect the change in value of the overall portfolio from a change in any one interest rate regime.

Additional performance, attribution, liquidity, value at risk (VaR), security classification and holdings information is available on request for certain time periods.

Source: FactSet Research Systems, Bloomberg, BNY Mellon Investment Servicing (US) Inc. Sector data (excluding Government Bonds) based on MSCI’s revised Global Industry Classification Standards. For more details, visit www.msci.com.

Index Definitions

The information contained in this document does not, in any way, constitute investment advice. It should not be assumed that any investment will be profitable or will equal the performance of the portfolios or any securities or any sectors mentioned herein. The information does not constitute a recommendation to buy or sell any securities mentioned. Information on this document is from sources considered reliable, but no representation or warranty is made as to its completeness or accuracy.