Matthews Asia Credit Opportunities Fund


Top 10 Positions as of 8/31/2019

Security Sector Currency % Net Assets
Franshion Brilliant, Ltd., 5.750%, 07/17/2067 Real Estate U.S. Dollar 5.2
Indika Energy Capital III Pte, Ltd., 5.875%, 11/09/2024 Energy U.S. Dollar 4.9
PB International BV, 7.625%, 01/26/2022 Consumer Discretionary U.S. Dollar 4.8
Debt and Asset Trading Corp., 1.000%, 10/10/2025 Financials U.S. Dollar 4.7
ABJA Investment Co. Pte, Ltd., 5.450%, 01/24/2028 Materials U.S. Dollar 4.6
Shriram Transport Finance Co., Ltd., 5.700%, 02/27/2022 Financials U.S. Dollar 4.2
PT Indonesia Asahan Aluminium Perser, 6.757%, 11/15/2048 Materials U.S. Dollar 4.2
Pakistan Government Bond, 6.875%, 12/05/2027 Foreign Government Bonds U.S. Dollar 4.2
HSBC Holdings PLC, 6.375%, 12/29/2049 Financials U.S. Dollar 4.2
PT Perusahaan Listrik Negara, 5.250%, 05/15/2047 Utilities U.S. Dollar 4.1
Total 45.1
Source: BNY Mellon Investment Servicing (US) Inc.

Portfolio Breakdown (%) as of 6/30/2019

  Fund
Real Estate 24.3
Financials 21.7
Foreign Government Bonds 11.6
Materials 8.4
Communication Services 7.6
Utilities 7.6
Energy 4.9
Consumer Discretionary 4.3
Industrials 3.6
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 31.6
Indonesia 25.7
India 8.7
Vietnam 7.4
Sri Lanka 4.8
Pakistan 4.4
Australia 3.8
Philippines 3.6
Japan 3.3
United States 0.8
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. 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 100.0 5.0
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 74.9
Government Bonds 16.6
Convertible Bonds 2.6
Cash and Other Assets, Less Liabilities 5.9
  Fund
BBB 7.7
BBB- 8.5
BB+ 8.6
BB 11.2
BB- 21.4
B+ 5.8
B 12.3
B- 4.4
CCC+ 2.4
Not Rated 12.0
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 6/30/2019

Number of Positions1

29

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.