Matthews Asia Credit Opportunities Fund

Portfolio Holdings: 31 December 2018

Security Currency Country Sector Quantity Value
Ctrip.com International, Ltd., Cnv., 1.250%, 09/15/2022 U.S. Dollar China/Hong Kong Consumer Discretionary 1,100,000 1,063,885
Debt and Asset Trading Corp., 1.000%, 10/10/2025 U.S. Dollar Vietnam Financials 1,520,000 1,045,000
SoftBank Group Corp., 6.000%, 07/19/2049 U.S. Dollar Japan Communication Services 1,100,000 911,625
Wanda Properties International Co., Ltd., 7.250%, 01/29/2024 U.S. Dollar China/Hong Kong Real Estate 950,000 891,813
CP Foods Holdings, Ltd., Cnv., 0.500%, 09/22/2021 U.S. Dollar Thailand Consumer Staples 800,000 827,400
Modernland Overseas Pte, Ltd., 6.950%, 04/13/2024 U.S. Dollar Indonesia Real Estate 950,000 777,813
KWG Group Holdings, Ltd., 6.000%, 09/15/2022 U.S. Dollar China/Hong Kong Real Estate 800,000 713,000
Zhongsheng Group Holdings, Ltd., Cnv., 0.000%, 05/23/2023 Hong Kong Dollar China/Hong Kong Consumer Discretionary 6,000,000 707,113
TBG Global Pte, Ltd., 5.250%, 02/10/2022 U.S. Dollar Indonesia Communication Services 700,000 684,250
PB International BV, 7.625%, 01/26/2022 U.S. Dollar Indonesia Consumer Discretionary 700,000 679,343
Standard Chartered PLC, 6.500%, 12/29/2049 U.S. Dollar China/Hong Kong Financials 700,000 676,375
China Overseas Finance Investment Cayman V, Ltd., Cnv., 0.000%, 01/05/2023 U.S. Dollar China/Hong Kong Real Estate 600,000 634,950
HSBC Holdings PLC, 6.375%, 12/29/2049 U.S. Dollar China/Hong Kong Financials 650,000 616,688
Krung Thai Bank Public Co., Ltd., 5.200%, 12/26/2024 U.S. Dollar Thailand Financials 600,000 605,898
Socialist Republic of Vietnam, 5.500%, 03/12/2028 U.S. Dollar Vietnam Foreign Government Bonds 600,000 592,956
CIFI Holdings Group Co., Ltd., 6.875%, 04/23/2021 U.S. Dollar China/Hong Kong Real Estate 600,000 586,500
Huaneng Hong Kong Capital, Ltd., 3.600%, 04/30/2067 U.S. Dollar China/Hong Kong Utilities 650,000 586,300
China Mengniu Dairy Co., Ltd., Cnv., 0.000%, 06/05/2022 U.S. Dollar China/Hong Kong Consumer Staples 600,000 562,500
West China Cement, Ltd., 6.500%, 09/11/2019 U.S. Dollar China/Hong Kong Materials 525,000 526,313
Sri Lanka Government Bond, 6.125%, 06/03/2025 U.S. Dollar Sri Lanka Foreign Government Bonds 550,000 492,938
Vipshop Holdings, Ltd., Cnv., 1.500%, 03/15/2019 U.S. Dollar China/Hong Kong Consumer Discretionary 450,000 442,771
Olam International Ltd., 7.50%, 08/12/2020 U.S. Dollar Singapore Consumer Staples 400,000 417,124
Chinalco Capital Holdings, Ltd., 4.000%, 08/25/2021 U.S. Dollar China/Hong Kong Materials 400,000 385,000
Alam Synergy Pte, Ltd., 6.950%, 03/27/2020 U.S. Dollar Indonesia Real Estate 400,000 380,000
Shimao Property Holdings, Ltd., 4.750%, 07/03/2022 U.S. Dollar China/Hong Kong Real Estate 400,000 377,324
Royal Capital BV, 4.875%, 11/05/2067 U.S. Dollar Philippines Consumer Discretionary 400,000 366,772
Bharti Airtel, Ltd., 4.375%, 06/10/2025 U.S. Dollar India Communication Services 400,000 361,500
China Minmetals Corp., 3.750%, 05/13/2067 U.S. Dollar China/Hong Kong Materials 400,000 361,356
Sprint Communications, Inc., 6.000%, 11/15/2022 U.S. Dollar United States Communication Services 321,000 312,975
Johnson Electric Holdings, Ltd., Cnv., 1.000%, 04/02/2021 U.S. Dollar China/Hong Kong Industrials 250,000 269,063
KWG Group Holdings, Ltd., 8.975%, 01/14/2019 U.S. Dollar China/Hong Kong Real Estate 200,000 200,000
Olam International, Ltd., 4.500%, 04/12/2021 U.S. Dollar Singapore Consumer Staples 200,000 196,000
Currency Contracts, Chinese Renminbi on 01/17/2019 @ 6.9715 Chinese Renminbi China/Hong Kong 4,967,655 7,537
Currency Contracts, Chinese Renminbi on 01/17/2019 @ 6.9575 Chinese Renminbi China/Hong Kong -4,967,655 -7,052
Net Cash U.S. Dollar United States 1,027,018 1,027,018


The portfolio data is for information only. It does not constitute a recommendation or an offer for a particular security or fund, nor should it be taken as a solicitation or a recommendation to buy or sell securities or other investments.

Portfolio holdings are subject to change without notice and may not represent current or future portfolio composition.

Investors should ascertain from their professional advisers the consequences of investing in the Fund under the relevant laws of the jurisdictions to which they are subject, including the tax consequences and any exchange control requirement. Investors should carefully consider the investment objectives, risks, charges and expenses of the Fund before making an investment decision. The current prospectus contains this and other information. Applications for shares may only be made on the Fund’s most recent prospectus which is available at global.matthewsasia.com. Please read the prospectus carefully before investing.