Matthews Asia Total Return Bond Fund

The Fund's name changed from Matthews Asia Strategic Income Fund to the Matthews Asia Total Return Bond Fund on January 31, 2020. For more information, please read our Q&A: Fixed Income Retooling.

Top 10 Positions as of 7/31/2020

Security Sector Currency % Net Assets
Wanda Properties International Co., Ltd., 7.250%, 01/29/2024 Real Estate U.S. Dollar 4.9
Network i2i, Ltd., 5.650%, 04/15/2068 Communication Services U.S. Dollar 4.6
Viet Nam Debt & Asset Trading Corp., 1.000%, 10/10/2025 Financials U.S. Dollar 4.5
CIFI Holdings Group Co., Ltd., 6.550%, 03/28/2024 Real Estate U.S. Dollar 4.4
Luye Pharma Group, Ltd., Cnv., 1.500%, 07/09/2024 Health Care U.S. Dollar 4.3
ABJA Investment Co. Pte, Ltd., 5.450%, 01/24/2028 Materials U.S. Dollar 4.0
Bosideng International Holdings, Ltd., Cnv., 1.000%, 12/17/2024 Consumer Discretionary U.S. Dollar 3.9
Logan Group Co., Ltd., 5.250%, 02/23/2023 Real Estate U.S. Dollar 3.7
PB International BV, 7.625%, 01/26/2022 Consumer Discretionary U.S. Dollar 3.6
Malaysia Government Bond, 4.642%, 11/07/2033 Foreign Government Bonds Malaysian Ringgit 3.4
Total 41.3
Source: BNY Mellon Investment Servicing (US) Inc.

Portfolio Breakdown (%) as of 6/30/2020

  Fund
Real Estate 24.1
Foreign Government Bonds 18.7
Consumer Discretionary 14.2
Financials 14.0
Communication Services 8.7
Materials 7.1
Health Care 4.4
Energy 3.9
Industrials 1.0
Cash and Other Assets, Less Liabilities 4.0
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.  "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 48.8
Indonesia 13.8
India 11.1
Philippines 6.7
Malaysia 5.6
Vietnam 4.6
Switzerland 3.1
Thailand 2.4
Cash and Other Assets, Less Liabilities 4.0
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. 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 Contribution to Duration*
U.S. Dollar 53.5 2.6
Korean Won 9.7 0.0
China Renminbi 7.0 0.2
Thai Baht 5.9 0.8
Malaysian Ringgit 5.8 0.6
Singapore Dollar 5.7 0.1
Indonesian Rupiah 5.5 0.5
Philippines Peso 4.2 0.2
China Renminbi Offshore 2.7 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 Contribution to Duration is defined as the market value of the security in the portfolio multiplied by the security's duration.
  Fund
Corporate Bonds 61.3
Government Bonds 23.3
Convertible Bonds 11.5
Cash and Other Assets, Less Liabilities 4.0
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 the mark-to-market value of forward currency exchange contracts and certain derivative instruments.
  Fund
A- 5.6
BBB+ 2.4
BBB 12.9
BBB- 5.1
BB+ 1.5
BB 11.6
BB- 20.5
B+ 7.8
B 5.4
Not Rated 23.3
Cash and Other Assets, Less Liabilities 4.0
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 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 6/30/2020

Number of Positions1

41

Modified Duration

5.0

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.

1Source: BNY Mellon Investment Servicing (US) Inc.
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.