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Matthews China Small Companies Fund		March 31, 2020

Schedule of Investments^a (unaudited)

COMMON EQUITIES: 92.1%


	Shares	Value
HEALTH CARE: 22.3%
Biotechnology: 10.2%
Alphamab Oncology^b,c,d	2,057,000		$4,073,205
InnoCare Pharma, Ltd.^b,c,d	1,866,000		2,739,038
Innovent Biologics, Inc.^b,c,d	596,500		2,488,990
Amoy Diagnostics Co., Ltd. A Shares	256,686		2,415,457
Zai Lab, Ltd. ADR^c	45,200		2,326,896
Amoy Diagnostics Co., Ltd. A Shares	210,434		1,979,911
CStone Pharmaceuticals^b,c,d	1,002,500		1,124,988

			17,148,485


Health Care Equipment & Supplies: 5.8%
AK Medical Holdings, Ltd.^b,d	1,924,000		4,162,195
Venus MedTech Hangzhou, Inc. H Shares^b,c,d	682,500		3,976,513
China Isotope & Radiation Corp.	655,000		1,639,055

			9,777,763


Pharmaceuticals: 3.3%
CanSino Biologics, Inc. H Shares^b,c,d	275,600		4,394,941
Asymchem Laboratories Tianjin Co., Ltd. A Shares	49,609		1,188,644

			5,583,585


Life Sciences Tools & Services: 1.6%
Pharmaron Beijing Co., Ltd. H Shares^b,c,d	265,800		1,703,732
Genscript Biotech Corp.^c	556,000		889,943

			2,593,675

Health Care Technology: 1.4%
Winning Health Technology Group Co., Ltd. A Shares	814,498		2,377,319

Total Health Care			37,480,827


INFORMATION TECHNOLOGY: 18.7%
Software: 8.7%
Kingdee International Software Group Co., Ltd.	6,913,000		9,092,968
China Youzan, Ltd.^c	53,532,000		5,268,801
Sangfor Technologies, Inc. A Shares	14,093		312,394

			14,674,163


Semiconductors & Semiconductor Equipment: 8.1%
Silergy Corp.	343,000		11,125,447
WIN Semiconductors Corp.	194,000		1,664,955
Alchip Technologies, Ltd.	131,000		845,845

			13,636,247


Communications Equipment: 1.0%
Accton Technology Corp.	312,000		1,669,384


IT Services: 0.9%
SUNeVision Holdings, Ltd.	2,505,000		1,445,568


Electronic Equipment, Instruments & Components: 0.0%
China High Precision Automation Group, Ltd.^c,e	195,000		252

Total Information Technology			31,425,614


	Shares	Value
CONSUMER STAPLES: 12.4%
Food Products: 7.5%
Jonjee Hi-Tech Industrial And Commercial Holding Co., Ltd. A Shares	702,946		$4,708,377
Sichuan Teway Food Group Co., Ltd. A Shares	537,408		3,774,683
Yihai International Holding, Ltd.	327,000		2,463,127
Sichuan Teway Food Group Co., Ltd. A Shares	231,256		1,619,591

			12,565,778


Food & Staples Retailing: 3.8%
Jiajiayue Group Co., Ltd. A Shares	1,384,235		6,292,703


Personal Products: 1.1%
Proya Cosmetics Co., Ltd. A Shares	116,100		1,865,129

Total Consumer Staples			20,723,610


INDUSTRIALS: 11.7%
Commercial Services & Supplies: 5.6%
Ever Sunshine Lifestyle Services Group, Ltd.^d	3,484,000		4,346,534
Greentown Service Group Co., Ltd.^d	3,416,000		4,109,257
Sunny Friend Environmental Technology Co., Ltd.	124,000		947,905

			9,403,696


Machinery: 2.6%
Airtac International Group	181,000		2,668,897
TK Group Holdings, Ltd.	4,934,000		1,689,191

			4,358,088


Marine: 1.6%
SITC International Holdings Co., Ltd.	2,962,000		2,757,076


Professional Services: 1.2%
Centre Testing International Group Co., Ltd. A Shares	943,161		2,020,252


Transportation Infrastructure: 0.7%
Yuexiu Transport Infrastructure, Ltd.	1,786,000		1,080,866

Total Industrials			19,619,978


REAL ESTATE: 10.4%
Real Estate Management & Development: 10.4%
KWG Group Holdings, Ltd.	3,777,000		5,292,267
China Overseas Property Holdings, Ltd.	5,095,000		4,747,965
Times China Holdings, Ltd.	2,434,000		4,010,886
Aoyuan Healthy Life Group Co., Ltd.^d	4,103,000		3,396,771

Total Real Estate			17,447,889


CONSUMER DISCRETIONARY: 10.1%
Diversified Consumer Services: 3.1%
China Yuhua Education Corp., Ltd.^b,d	3,834,000		2,812,589
Koolearn Technology Holding, Ltd.^b,c,d	652,500		2,431,668

			5,244,257


Specialty Retail: 2.6%
China Meidong Auto Holdings, Ltd.	2,832,000		4,390,107


Household Durables: 2.4%
Joyoung Co., Ltd. A Shares	1,003,036		3,951,486


Matthews China Small Companies Fund		March 31, 2020

Schedule of Investments^a (unaudited) (continued)



COMMON EQUITIES (continued)


	Shares	Value
Internet & Direct Marketing Retail: 2.0%
Hangzhou Onechance Tech Corp. A Shares^c	104,700		$3,333,474

Total Consumer Discretionary			16,919,324


COMMUNICATION SERVICES: 4.3%
Interactive Media & Services: 2.3%
JOYY, Inc.^c	71,900		3,829,394


Entertainment: 1.1%
Bilibili, Inc. ADR^c	78,700		1,843,154


Media: 0.9%
Mobvista, Inc.^b,d	3,298,000		1,590,380

Total Communication Services			7,262,928


MATERIALS: 2.2%
Construction Materials: 2.2%
Asia Cement China Holdings Corp.	3,757,500		3,765,251

Total Materials			3,765,251


TOTAL INVESTMENTS: 92.1%			154,645,421
(Cost $132,692,049)

CASH AND OTHER ASSETS, LESS LIABILITIES: 7.9%			13,179,870


NET ASSETS: 100.0%			$167,825,291

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

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, 2020, the aggregate value is $31,498,239, which is 18.77% of net assets.

c	Non-income producing security.

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 $252 and 0.00% of net assets.

ADR	American Depositary Receipt

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).


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