N-CSRS
TSR - Matthews Asia Funds Logo
Matthews Emerging Markets Equity Fund
Institutional Class/MIEFX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the Matthews Emerging Markets Equity Fund (the "Fund") for the period of January 01, 2026 to June 30, 2026. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Institutional Class $53 0.91%*
*
Annualized.
Key Fund Statistics
Fund net assets $333,179,583
Total number of portfolio holdings 74
Portfolio turnover rate for the reporting period 32.1%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings
Taiwan Semiconductor Manufacturing Co., Ltd. 14.8%
Samsung Electronics Co., Ltd. 10.0%
SK Hynix, Inc. 5.5%
SK Square Co., Ltd. 4.9%
Samsung Electro-Mechanics Co., Ltd. 3.2%
MediaTek, Inc. 3.2%
Tencent Holdings, Ltd. 2.5%
Itau Unibanco Holding SA 2.3%
Elite Material Co., Ltd. 2.1%
Samsung Fire & Marine Insurance Co., Ltd. 2.1%
TOTAL 50.6%
Country Allocation
Graphical Representation - Allocation 1 Chart
Sector Allocation
Graphical Representation - Allocation 2 Chart
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews Emerging Markets Equity Fund
MIEFX 0626
TSR - Matthews Asia Funds Logo
Matthews Emerging Markets Equity Fund
Investor Class/MEGMX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the Matthews Emerging Markets Equity Fund (the "Fund") for the period of January 01, 2026 to June 30, 2026. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Investor Class $63 1.09%*
*
Annualized.
Key Fund Statistics
Fund net assets $333,179,583
Total number of portfolio holdings 74
Portfolio turnover rate for the reporting period 32.1%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings
Taiwan Semiconductor Manufacturing Co., Ltd. 14.8%
Samsung Electronics Co., Ltd. 10.0%
SK Hynix, Inc. 5.5%
SK Square Co., Ltd. 4.9%
Samsung Electro-Mechanics Co., Ltd. 3.2%
MediaTek, Inc. 3.2%
Tencent Holdings, Ltd. 2.5%
Itau Unibanco Holding SA 2.3%
Elite Material Co., Ltd. 2.1%
Samsung Fire & Marine Insurance Co., Ltd. 2.1%
TOTAL 50.6%
Country Allocation
Graphical Representation - Allocation 1 Chart
Sector Allocation
Graphical Representation - Allocation 2 Chart
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews Emerging Markets Equity Fund
MEGMX 0626
TSR - Matthews Asia Funds Logo
Matthews Emerging Markets Sustainable Future Fund
Institutional Class/MISFX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the Matthews Emerging Markets Sustainable Future Fund (the "Fund") for the period of January 01, 2026 to June 30, 2026. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Institutional Class $72 1.16%*
*
Annualized.
Key Fund Statistics
Fund net assets $350,850,393
Total number of portfolio holdings 58
Portfolio turnover rate for the reporting period 19.4%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings
SK Square Co., Ltd. 9.5%
Samsung Electronics Co., Ltd. 7.6%
Taiwan Semiconductor Manufacturing Co., Ltd. 7.6%
Micron Technology, Inc. 4.8%
Elite Material Co., Ltd. 4.7%
Eugene Technology Co., Ltd. 4.4%
Bandhan Bank, Ltd. 4.1%
Marico, Ltd. 3.0%
HD Hyundai Electric Co., Ltd. 2.6%
Contemporary Amperex Technology Co., Ltd. 2.3%
TOTAL 50.6%
Country Allocation
Graphical Representation - Allocation 1 Chart
Sector Allocation
Graphical Representation - Allocation 2 Chart
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews Emerging Markets Sustainable Future Fund
MISFX 0626
TSR - Matthews Asia Funds Logo
Matthews Emerging Markets Sustainable Future Fund
Investor Class/MASGX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the Matthews Emerging Markets Sustainable Future Fund (the "Fund") for the period of January 01, 2026 to June 30, 2026. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Investor Class $86 1.33%*
*
Annualized.
Key Fund Statistics
Fund net assets $350,850,393
Total number of portfolio holdings 58
Portfolio turnover rate for the reporting period 19.4%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings
SK Square Co., Ltd. 9.5%
Samsung Electronics Co., Ltd. 7.6%
Taiwan Semiconductor Manufacturing Co., Ltd. 7.6%
Micron Technology, Inc. 4.8%
Elite Material Co., Ltd. 4.7%
Eugene Technology Co., Ltd. 4.4%
Bandhan Bank, Ltd. 4.1%
Marico, Ltd. 3.0%
HD Hyundai Electric Co., Ltd. 2.6%
Contemporary Amperex Technology Co., Ltd. 2.3%
TOTAL 50.6%
Country Allocation
Graphical Representation - Allocation 1 Chart
Sector Allocation
Graphical Representation - Allocation 2 Chart
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews Emerging Markets Sustainable Future Fund
MASGX 0626
TSR - Matthews Asia Funds Logo
Matthews Emerging Markets Small Companies Fund
Institutional Class/MISMX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the Matthews Emerging Markets Small Companies Fund (the "Fund") for the period of January 01, 2026 to June 30, 2026. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Institutional Class $65 1.16%*
*
Annualized.
Key Fund Statistics
Fund net assets $438,443,792
Total number of portfolio holdings 78
Portfolio turnover rate for the reporting period 23.2%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings
Bandhan Bank, Ltd. 4.4%
Eugene Technology Co., Ltd. 4.2%
Elite Material Co., Ltd. 3.6%
Hugel, Inc. 3.4%
Legend Biotech Corp. 3.1%
Gold Circuit Electronics, Ltd. 2.9%
Cartrade Tech, Ltd. 2.9%
Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS 2.5%
Radico Khaitan, Ltd. 2.4%
HD Hyundai Co., Ltd. 2.2%
TOTAL 31.6%
Country Allocation
Graphical Representation - Allocation 1 Chart
Sector Allocation
Graphical Representation - Allocation 2 Chart
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews Emerging Markets Small Companies Fund
MISMX 0626
TSR - Matthews Asia Funds Logo
Matthews Emerging Markets Small Companies Fund
Investor Class/MSMLX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the Matthews Emerging Markets Small Companies Fund (the "Fund") for the period of January 01, 2026 to June 30, 2026. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Investor Class $75 1.35%*
*
Annualized.
Key Fund Statistics
Fund net assets $438,443,792
Total number of portfolio holdings 78
Portfolio turnover rate for the reporting period 23.2%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings
Bandhan Bank, Ltd. 4.4%
Eugene Technology Co., Ltd. 4.2%
Elite Material Co., Ltd. 3.6%
Hugel, Inc. 3.4%
Legend Biotech Corp. 3.1%
Gold Circuit Electronics, Ltd. 2.9%
Cartrade Tech, Ltd. 2.9%
Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS 2.5%
Radico Khaitan, Ltd. 2.4%
HD Hyundai Co., Ltd. 2.2%
TOTAL 31.6%
Country Allocation
Graphical Representation - Allocation 1 Chart
Sector Allocation
Graphical Representation - Allocation 2 Chart
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews Emerging Markets Small Companies Fund
MSMLX 0626
TSR - Matthews Asia Funds Logo
Matthews Asia Growth Fund
Institutional Class/MIAPX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the Matthews Asia Growth Fund (the "Fund") for the period of January 01, 2026 to June 30, 2026. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Institutional Class $78 1.21%*
*
Annualized.
Key Fund Statistics
Fund net assets $315,469,728
Total number of portfolio holdings 61
Portfolio turnover rate for the reporting period 86.7%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings
Samsung Electronics Co., Ltd. 6.5%
Samsung Electro-Mechanics Co., Ltd. 5.5%
SK Hynix, Inc. 4.9%
Taiwan Semiconductor Manufacturing Co., Ltd. 4.0%
MTAR Technologies, Ltd. 2.5%
Unimicron Technology Corp. 2.5%
NAURA Technology Group Co., Ltd. 2.2%
Delta Electronics, Inc. 2.2%
Advanced Micro-Fabrication Equipment, Inc. China 2.1%
Kaori Heat Treatment Co., Ltd. 2.1%
TOTAL 34.5%
Country Allocation
Graphical Representation - Allocation 1 Chart
Sector Allocation
Graphical Representation - Allocation 2 Chart
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews Asia Growth Fund
MIAPX 0626
TSR - Matthews Asia Funds Logo
Matthews Asia Growth Fund
Investor Class/MPACX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the Matthews Asia Growth Fund (the "Fund") for the period of January 01, 2026 to June 30, 2026. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Investor Class $84 1.31%*
*
Annualized.
Key Fund Statistics
Fund net assets $315,469,728
Total number of portfolio holdings 61
Portfolio turnover rate for the reporting period 86.7%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings
Samsung Electronics Co., Ltd. 6.5%
Samsung Electro-Mechanics Co., Ltd. 5.5%
SK Hynix, Inc. 4.9%
Taiwan Semiconductor Manufacturing Co., Ltd. 4.0%
MTAR Technologies, Ltd. 2.5%
Unimicron Technology Corp. 2.5%
NAURA Technology Group Co., Ltd. 2.2%
Delta Electronics, Inc. 2.2%
Advanced Micro-Fabrication Equipment, Inc. China 2.1%
Kaori Heat Treatment Co., Ltd. 2.1%
TOTAL 34.5%
Country Allocation
Graphical Representation - Allocation 1 Chart
Sector Allocation
Graphical Representation - Allocation 2 Chart
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews Asia Growth Fund
MPACX 0626
TSR - Matthews Asia Funds Logo
Matthews Pacific Tiger Fund
Institutional Class/MIPTX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the Matthews Pacific Tiger Fund (the "Fund") for the period of January 01, 2026 to June 30, 2026. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Institutional Class $64 1.11%*
*
Annualized.
Key Fund Statistics
Fund net assets $889,112,912
Total number of portfolio holdings 66
Portfolio turnover rate for the reporting period 70.1%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings
Taiwan Semiconductor Manufacturing Co., Ltd. 12.8%
Samsung Electronics Co., Ltd. 11.1%
SK Hynix, Inc. 4.6%
SK Square Co., Ltd. 3.7%
DBS Group Holdings, Ltd. 2.9%
MediaTek, Inc. 2.7%
NAURA Technology Group Co., Ltd. 2.6%
Elite Material Co., Ltd. 2.4%
Tencent Holdings, Ltd. 2.4%
Delta Electronics, Inc. 2.3%
TOTAL 47.5%
Country Allocation
Graphical Representation - Allocation 1 Chart
Sector Allocation
Graphical Representation - Allocation 2 Chart
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews Pacific Tiger Fund
MIPTX 0626
TSR - Matthews Asia Funds Logo
Matthews Pacific Tiger Fund
Investor Class/MAPTX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the Matthews Pacific Tiger Fund (the "Fund") for the period of January 01, 2026 to June 30, 2026. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Investor Class $71 1.22%*
*
Annualized.
Key Fund Statistics
Fund net assets $889,112,912
Total number of portfolio holdings 66
Portfolio turnover rate for the reporting period 70.1%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings
Taiwan Semiconductor Manufacturing Co., Ltd. 12.8%
Samsung Electronics Co., Ltd. 11.1%
SK Hynix, Inc. 4.6%
SK Square Co., Ltd. 3.7%
DBS Group Holdings, Ltd. 2.9%
MediaTek, Inc. 2.7%
NAURA Technology Group Co., Ltd. 2.6%
Elite Material Co., Ltd. 2.4%
Tencent Holdings, Ltd. 2.4%
Delta Electronics, Inc. 2.3%
TOTAL 47.5%
Country Allocation
Graphical Representation - Allocation 1 Chart
Sector Allocation
Graphical Representation - Allocation 2 Chart
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews Pacific Tiger Fund
MAPTX 0626
TSR - Matthews Asia Funds Logo
Matthews Asia Innovators Fund
Institutional Class/MITEX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the Matthews Asia Innovators Fund (the "Fund") for the period of January 01, 2026 to June 30, 2026. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Institutional Class $82 1.24%*
*
Annualized.
Key Fund Statistics
Fund net assets $514,458,362
Total number of portfolio holdings 66
Portfolio turnover rate for the reporting period 93.2%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings
Samsung Electronics Co., Ltd. 5.5%
Samsung Electro-Mechanics Co., Ltd. 5.4%
SK Hynix, Inc. 4.9%
United Microelectronics Corp. 4.2%
Taiwan Semiconductor Manufacturing Co., Ltd. 3.8%
NAURA Technology Group Co., Ltd. 2.8%
MTAR Technologies, Ltd. 2.8%
Unimicron Technology Corp. 2.5%
MediaTek, Inc. 2.5%
WNC Corp. 2.3%
TOTAL 36.7%
Country Allocation
Graphical Representation - Allocation 1 Chart
Sector Allocation
Graphical Representation - Allocation 2 Chart
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews Asia Innovators Fund
MITEX 0626
TSR - Matthews Asia Funds Logo
Matthews Asia Innovators Fund
Investor Class/MATFX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the Matthews Asia Innovators Fund (the "Fund") for the period of January 01, 2026 to June 30, 2026. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Investor Class $89 1.34%*
*
Annualized.
Key Fund Statistics
Fund net assets $514,458,362
Total number of portfolio holdings 66
Portfolio turnover rate for the reporting period 93.2%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings
Samsung Electronics Co., Ltd. 5.5%
Samsung Electro-Mechanics Co., Ltd. 5.4%
SK Hynix, Inc. 4.9%
United Microelectronics Corp. 4.2%
Taiwan Semiconductor Manufacturing Co., Ltd. 3.8%
NAURA Technology Group Co., Ltd. 2.8%
MTAR Technologies, Ltd. 2.8%
Unimicron Technology Corp. 2.5%
MediaTek, Inc. 2.5%
WNC Corp. 2.3%
TOTAL 36.7%
Country Allocation
Graphical Representation - Allocation 1 Chart
Sector Allocation
Graphical Representation - Allocation 2 Chart
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews Asia Innovators Fund
MATFX 0626
TSR - Matthews Asia Funds Logo
Matthews China Fund
Institutional Class/MICFX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the Matthews China Fund (the "Fund") for the period of January 01, 2026 to June 30, 2026. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Institutional Class $56 1.12%*
*
Annualized.
Key Fund Statistics
Fund net assets $397,835,476
Total number of portfolio holdings 55
Portfolio turnover rate for the reporting period 45.7%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings
Tencent Holdings, Ltd. 11.7%
Alibaba Group Holding, Ltd. 5.3%
Jiangsu Zhongtian Technology Co., Ltd. 4.7%
Kingboard Holdings, Ltd. 4.7%
China International Capital Corp., Ltd. 3.2%
Ping An Insurance Group Co. of China, Ltd. 2.9%
Meituan 2.7%
China Merchants Securities Co., Ltd. 2.7%
China Life Insurance Co., Ltd. 2.6%
Montage Technology Co., Ltd. 2.3%
TOTAL 42.8%
Country Allocation
Graphical Representation - Allocation 1 Chart
Sector Allocation
Graphical Representation - Allocation 2 Chart
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews China Fund
MICFX 0626
TSR - Matthews Asia Funds Logo
Matthews China Fund
Investor Class/MCHFX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the Matthews China Fund (the "Fund") for the period of January 01, 2026 to June 30, 2026. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Investor Class $62 1.24%*
*
Annualized.
Key Fund Statistics
Fund net assets $397,835,476
Total number of portfolio holdings 55
Portfolio turnover rate for the reporting period 45.7%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings
Tencent Holdings, Ltd. 11.7%
Alibaba Group Holding, Ltd. 5.3%
Jiangsu Zhongtian Technology Co., Ltd. 4.7%
Kingboard Holdings, Ltd. 4.7%
China International Capital Corp., Ltd. 3.2%
Ping An Insurance Group Co. of China, Ltd. 2.9%
Meituan 2.7%
China Merchants Securities Co., Ltd. 2.7%
China Life Insurance Co., Ltd. 2.6%
Montage Technology Co., Ltd. 2.3%
TOTAL 42.8%
Country Allocation
Graphical Representation - Allocation 1 Chart
Sector Allocation
Graphical Representation - Allocation 2 Chart
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews China Fund
MCHFX 0626
TSR - Matthews Asia Funds Logo
Matthews China Innovators Fund
Institutional Class/MICHX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the Matthews China Innovators Fund (the "Fund") for the period of January 01, 2026 to June 30, 2026. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Institutional Class $85 1.32%*
*
Annualized.
Key Fund Statistics
Fund net assets $109,501,385
Total number of portfolio holdings 46
Portfolio turnover rate for the reporting period 93.4%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings
Jiangsu Boqian New Materials Stock Co., Ltd. 7.0%
ACM Research, Inc. 5.7%
Acter Technology Integration Group Co., Ltd. 5.6%
Kingboard Laminates Holdings, Ltd. 4.9%
Yantai Jereh Oilfield Services Group Co., Ltd. 3.9%
Beijing Huafeng Test & Control Technology Co., Ltd. 3.8%
ASMPT, Ltd. 3.8%
Wuxi NCE Power Co., Ltd. 3.5%
Hongfa Technology Co., Ltd. 3.3%
Time Interconnect Technology, Ltd. 3.2%
TOTAL 44.7%
Country Allocation
Graphical Representation - Allocation 1 Chart
Sector Allocation
Graphical Representation - Allocation 2 Chart
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews China Innovators Fund
MICHX 0626
TSR - Matthews Asia Funds Logo
Matthews China Innovators Fund
Investor Class/MCSMX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the Matthews China Innovators Fund (the "Fund") for the period of January 01, 2026 to June 30, 2026. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Investor Class $97 1.50%*
*
Annualized.
Key Fund Statistics
Fund net assets $109,501,385
Total number of portfolio holdings 46
Portfolio turnover rate for the reporting period 93.4%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings
Jiangsu Boqian New Materials Stock Co., Ltd. 7.0%
ACM Research, Inc. 5.7%
Acter Technology Integration Group Co., Ltd. 5.6%
Kingboard Laminates Holdings, Ltd. 4.9%
Yantai Jereh Oilfield Services Group Co., Ltd. 3.9%
Beijing Huafeng Test & Control Technology Co., Ltd. 3.8%
ASMPT, Ltd. 3.8%
Wuxi NCE Power Co., Ltd. 3.5%
Hongfa Technology Co., Ltd. 3.3%
Time Interconnect Technology, Ltd. 3.2%
TOTAL 44.7%
Country Allocation
Graphical Representation - Allocation 1 Chart
Sector Allocation
Graphical Representation - Allocation 2 Chart
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews China Innovators Fund
MCSMX 0626
TSR - Matthews Asia Funds Logo
Matthews India Fund
Institutional Class/MIDNX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the Matthews India Fund (the "Fund") for the period of January 01, 2026 to June 30, 2026. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Institutional Class $58 1.21%*
*
Annualized.
Key Fund Statistics
Fund net assets $481,734,883
Total number of portfolio holdings 76
Portfolio turnover rate for the reporting period 25.1%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings
HDFC Bank, Ltd. 8.0%
Eternal, Ltd. 7.4%
ICICI Bank, Ltd. 6.1%
Reliance Industries, Ltd. 4.7%
Neuland Laboratories, Ltd. 4.5%
Bajaj Finance, Ltd. 4.2%
Bharti Airtel, Ltd. 4.0%
Shriram Finance, Ltd. 3.2%
Axis Bank, Ltd. 3.2%
Kotak Mahindra Bank, Ltd. 2.3%
TOTAL 47.6%
Country Allocation
Graphical Representation - Allocation 1 Chart
Sector Allocation
Graphical Representation - Allocation 2 Chart
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews India Fund
MIDNX 0626
TSR - Matthews Asia Funds Logo
Matthews India Fund
Investor Class/MINDX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the Matthews India Fund (the "Fund") for the period of January 01, 2026 to June 30, 2026. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Investor Class $64 1.34%*
*
Annualized.
Key Fund Statistics
Fund net assets $481,734,883
Total number of portfolio holdings 76
Portfolio turnover rate for the reporting period 25.1%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings
HDFC Bank, Ltd. 8.0%
Eternal, Ltd. 7.4%
ICICI Bank, Ltd. 6.1%
Reliance Industries, Ltd. 4.7%
Neuland Laboratories, Ltd. 4.5%
Bajaj Finance, Ltd. 4.2%
Bharti Airtel, Ltd. 4.0%
Shriram Finance, Ltd. 3.2%
Axis Bank, Ltd. 3.2%
Kotak Mahindra Bank, Ltd. 2.3%
TOTAL 47.6%
Country Allocation
Graphical Representation - Allocation 1 Chart
Sector Allocation
Graphical Representation - Allocation 2 Chart
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews India Fund
MINDX 0626
TSR - Matthews Asia Funds Logo
Matthews Japan Fund
Institutional Class/MIJFX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the Matthews Japan Fund (the "Fund") for the period of January 01, 2026 to June 30, 2026. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Institutional Class $59 1.09%*
*
Annualized.
Key Fund Statistics
Fund net assets $751,942,530
Total number of portfolio holdings 51
Portfolio turnover rate for the reporting period 61.3%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings
Tokyo Electron, Ltd. 6.3%
Mitsubishi UFJ Financial Group, Inc. 4.7%
Advantest Corp. 3.8%
Recruit Holdings Co., Ltd. 3.4%
Sumitomo Mitsui Financial Group, Inc. 3.3%
Kioxia Holdings Corp. 3.2%
Sony Group Corp. 3.0%
Hitachi, Ltd. 3.0%
Shin-Etsu Chemical Co., Ltd. 2.9%
Panasonic Holdings Corp. 2.9%
TOTAL 36.5%
Country Allocation
Graphical Representation - Allocation 1 Chart
Sector Allocation
Graphical Representation - Allocation 2 Chart
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews Japan Fund
MIJFX 0626
TSR - Matthews Asia Funds Logo
Matthews Japan Fund
Investor Class/MJFOX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the Matthews Japan Fund (the "Fund") for the period of January 01, 2026 to June 30, 2026. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Investor Class $63 1.16%*
*
Annualized.
Key Fund Statistics
Fund net assets $751,942,530
Total number of portfolio holdings 51
Portfolio turnover rate for the reporting period 61.3%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings
Tokyo Electron, Ltd. 6.3%
Mitsubishi UFJ Financial Group, Inc. 4.7%
Advantest Corp. 3.8%
Recruit Holdings Co., Ltd. 3.4%
Sumitomo Mitsui Financial Group, Inc. 3.3%
Kioxia Holdings Corp. 3.2%
Sony Group Corp. 3.0%
Hitachi, Ltd. 3.0%
Shin-Etsu Chemical Co., Ltd. 2.9%
Panasonic Holdings Corp. 2.9%
TOTAL 36.5%
Country Allocation
Graphical Representation - Allocation 1 Chart
Sector Allocation
Graphical Representation - Allocation 2 Chart
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews Japan Fund
MJFOX 0626
TSR - Matthews Asia Funds Logo
Matthews Asia Dividend Fund
Institutional Class/MIPIX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the Matthews Asia Dividend Fund (the "Fund") for the period of January 01, 2026 to June 30, 2026. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Institutional Class $59 1.09%*
*
Annualized.
Key Fund Statistics
Fund net assets $700,909,821
Total number of portfolio holdings 64
Portfolio turnover rate for the reporting period 11.6%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings
Taiwan Semiconductor Manufacturing Co., Ltd. 13.9%
Samsung Electronics Co., Ltd. 8.4%
Tokyo Electron, Ltd. 3.4%
Mitsubishi UFJ Financial Group, Inc. 2.9%
Hana Financial Group, Inc. 2.6%
ORIX Corp. 2.5%
SK, Inc. 2.4%
DBS Group Holdings, Ltd. 2.3%
Sumitomo Corp. 2.2%
Tencent Holdings, Ltd. 2.1%
TOTAL 42.7%
Country Allocation
Graphical Representation - Allocation 1 Chart
Sector Allocation
Graphical Representation - Allocation 2 Chart
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews Asia Dividend Fund
MIPIX 0626
TSR - Matthews Asia Funds Logo
Matthews Asia Dividend Fund
Investor Class/MAPIX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the Matthews Asia Dividend Fund (the "Fund") for the period of January 01, 2026 to June 30, 2026. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Investor Class $63 1.17%*
*
Annualized.
Key Fund Statistics
Fund net assets $700,909,821
Total number of portfolio holdings 64
Portfolio turnover rate for the reporting period 11.6%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings
Taiwan Semiconductor Manufacturing Co., Ltd. 13.9%
Samsung Electronics Co., Ltd. 8.4%
Tokyo Electron, Ltd. 3.4%
Mitsubishi UFJ Financial Group, Inc. 2.9%
Hana Financial Group, Inc. 2.6%
ORIX Corp. 2.5%
SK, Inc. 2.4%
DBS Group Holdings, Ltd. 2.3%
Sumitomo Corp. 2.2%
Tencent Holdings, Ltd. 2.1%
TOTAL 42.7%
Country Allocation
Graphical Representation - Allocation 1 Chart
Sector Allocation
Graphical Representation - Allocation 2 Chart
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews Asia Dividend Fund
MAPIX 0626
TSR - Matthews Asia Funds Logo
Matthews Emerging Markets Equity Active ETF
MEM
Listed on the NYSE Arca
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the Matthews Emerging Markets Equity Active ETF (the "Fund") for the period of January 01, 2026 to June 30, 2026. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Matthews Emerging Markets Equity Active ETF $45 0.80%*
*
Annualized.
Key Fund Statistics
Fund net assets $55,606,582
Total number of portfolio holdings 72
Portfolio turnover rate for the reporting period 37.4%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings *
Taiwan Semiconductor Manufacturing Co., Ltd. 14.8%
Samsung Electronics Co., Ltd. 6.7%
SK Square Co., Ltd. 4.8%
SK Hynix, Inc. 4.5%
Samsung Electro-Mechanics Co., Ltd. 3.2%
Tencent Holdings, Ltd. 2.4%
Itau Unibanco Holding SA 2.3%
Alibaba Group Holding, Ltd. 2.3%
Korea Investment Holdings Co., Ltd. 2.1%
Elite Material Co., Ltd. 2.1%
TOTAL 45.2%
Country Allocation
Graphical Representation - Allocation 1 Chart
Sector Allocation
Graphical Representation - Allocation 2 Chart
* Excludes short-term securities, if any.
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews Emerging Markets Equity Active ETF
MEM 0626
TSR - Matthews Asia Funds Logo
Matthews Emerging Markets ex China Active ETF
MEMX
Listed on the NYSE Arca
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the Matthews Emerging Markets ex China Active ETF (the "Fund") for the period of January 01, 2026 to June 30, 2026. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Matthews Emerging Markets ex China Active ETF $46 0.80%*
*
Annualized.
Key Fund Statistics
Fund net assets $50,300,631
Total number of portfolio holdings 71
Portfolio turnover rate for the reporting period 24.4%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings *
Taiwan Semiconductor Manufacturing Co., Ltd. 13.1%
Samsung Electronics Co., Ltd. 10.8%
SK Hynix, Inc. 5.3%
SK Square Co., Ltd. 3.4%
MediaTek, Inc. 3.2%
Accton Technology Corp. 2.0%
Elite Material Co., Ltd. 2.0%
ASE Technology Holding Co., Ltd. 2.0%
Hon Hai Precision Industry Co., Ltd. 1.4%
Freeport-McMoRan, Inc. 1.4%
TOTAL 44.6%
Country Allocation
Graphical Representation - Allocation 1 Chart
Sector Allocation
Graphical Representation - Allocation 2 Chart
* Excludes short-term securities, if any.
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews Emerging Markets ex China Active ETF
MEMX 0626
TSR - Matthews Asia Funds Logo
Matthews Emerging Markets Sustainable Future Active ETF
EMSF
Listed on the NYSE Arca
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the Matthews Emerging Markets Sustainable Future Active ETF (the "Fund") for the period of January 01, 2026 to June 30, 2026. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Matthews Emerging Markets Sustainable Future Active ETF $49 0.80%*
*
Annualized.
Key Fund Statistics
Fund net assets $48,033,606
Total number of portfolio holdings 58
Portfolio turnover rate for the reporting period 23.3%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings *
Taiwan Semiconductor Manufacturing Co., Ltd. 9.6%
SK Square Co., Ltd. 9.0%
Samsung Electronics Co., Ltd. 7.7%
Micron Technology, Inc. 5.9%
Elite Material Co., Ltd. 4.9%
Eugene Technology Co., Ltd. 4.5%
Bandhan Bank, Ltd. 3.9%
Marico, Ltd. 2.9%
HD Hyundai Electric Co., Ltd. 2.5%
Lam Research Corp. 2.3%
TOTAL 53.2%
Country Allocation
Graphical Representation - Allocation 1 Chart
Sector Allocation
Graphical Representation - Allocation 2 Chart
* Excludes short-term securities, if any.
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews Emerging Markets Sustainable Future Active ETF
EMSF 0626
TSR - Matthews Asia Funds Logo
Matthews Asia Innovators Active ETF
MINV
Listed on the NYSE Arca
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the Matthews Asia Innovators Active ETF (the "Fund") for the period of January 01, 2026 to June 30, 2026. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Matthews Asia Innovators Active ETF $56 0.87%*
*
Annualized.
Key Fund Statistics
Fund net assets $185,946,422
Total number of portfolio holdings 66
Portfolio turnover rate for the reporting period 96.8%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings *
Samsung Electronics Co., Ltd. 6.4%
Samsung Electro-Mechanics Co., Ltd. 5.3%
SK Hynix, Inc. 4.8%
United Microelectronics Corp. 3.2%
MTAR Technologies, Ltd. 2.9%
Taiwan Semiconductor Manufacturing Co., Ltd. 2.9%
NAURA Technology Group Co., Ltd. 2.5%
Unimicron Technology Corp. 2.5%
WNC Corp. 2.3%
Advanced Micro-Fabrication Equipment, Inc. China 2.2%
TOTAL 35.0%
Country Allocation
Graphical Representation - Allocation 1 Chart
Sector Allocation
Graphical Representation - Allocation 2 Chart
* Excludes short-term securities, if any.
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews Asia Innovators Active ETF
MINV 0626
TSR - Matthews Asia Funds Logo
Matthews Pacific Tiger Active ETF
ASIA
Listed on the NYSE Arca
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the Matthews Pacific Tiger Active ETF (the "Fund") for the period of January 01, 2026 to June 30, 2026. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Matthews Pacific Tiger Active ETF $46 0.80%*
*
Annualized.
Key Fund Statistics
Fund net assets $55,972,552
Total number of portfolio holdings 68
Portfolio turnover rate for the reporting period 75.1%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings *
Taiwan Semiconductor Manufacturing Co., Ltd. 13.0%
Samsung Electronics Co., Ltd. 11.2%
SK Hynix, Inc. 4.6%
SK Square Co., Ltd. 3.9%
DBS Group Holdings, Ltd. 2.9%
NAURA Technology Group Co., Ltd. 2.6%
Elite Material Co., Ltd. 2.4%
Delta Electronics, Inc. 2.4%
Tencent Holdings, Ltd. 2.2%
China Construction Bank Corp. 2.2%
TOTAL 47.4%
Country Allocation
Graphical Representation - Allocation 1 Chart
Sector Allocation
Graphical Representation - Allocation 2 Chart
* Excludes short-term securities, if any.
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews Pacific Tiger Active ETF
ASIA 0626
TSR - Matthews Asia Funds Logo
Matthews China Active ETF
MCH
Listed on the NYSE Arca
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the Matthews China Active ETF (the "Fund") for the period of January 01, 2026 to June 30, 2026. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Matthews China Active ETF $40 0.80%*
*
Annualized.
Key Fund Statistics
Fund net assets $23,288,716
Total number of portfolio holdings 56
Portfolio turnover rate for the reporting period 50.2%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings *
Tencent Holdings, Ltd. 12.1%
Alibaba Group Holding, Ltd. 5.4%
Kingboard Holdings, Ltd. 4.7%
Jiangsu Zhongtian Technology Co., Ltd. 4.6%
China International Capital Corp., Ltd. 3.1%
Ping An Insurance Group Co. of China, Ltd. 2.7%
Meituan 2.7%
China Merchants Securities Co., Ltd. 2.6%
China Life Insurance Co., Ltd. 2.5%
Montage Technology Co., Ltd. 2.3%
TOTAL 42.7%
Country Allocation
Graphical Representation - Allocation 1 Chart
Sector Allocation
Graphical Representation - Allocation 2 Chart
* Excludes short-term securities, if any.
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews China Active ETF
MCH 0626
TSR - Matthews Asia Funds Logo
Matthews India Active ETF
INDE
Listed on the NYSE Arca
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the Matthews India Active ETF (the "Fund") for the period of January 01, 2026 to June 30, 2026. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Matthews India Active ETF $39 0.80%*
*
Annualized.
Key Fund Statistics
Fund net assets $14,056,047
Total number of portfolio holdings 69
Portfolio turnover rate for the reporting period 28.4%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings *
Thanga Mayil Jewellery, Ltd. 7.5%
HDFC Bank, Ltd. 7.2%
Eternal, Ltd. 6.6%
ICICI Bank, Ltd. 5.7%
Neuland Laboratories, Ltd. 3.9%
Bajaj Finance, Ltd. 3.7%
Shriram Finance, Ltd. 3.6%
Bharti Airtel, Ltd. 3.2%
Axis Bank, Ltd. 3.1%
Reliance Industries, Ltd. 3.0%
TOTAL 47.5%
Country Allocation
Graphical Representation - Allocation 1 Chart
Sector Allocation
Graphical Representation - Allocation 2 Chart
* Excludes short-term securities, if any.
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews India Active ETF
INDE 0626
TSR - Matthews Asia Funds Logo
Matthews Japan Active ETF
JPAN
Listed on the NYSE Arca
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the Matthews Japan Active ETF (the "Fund") for the period of January 01, 2026 to June 30, 2026. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Matthews Japan Active ETF $43 0.80%*
*
Annualized.
Key Fund Statistics
Fund net assets $9,993,860
Total number of portfolio holdings 52
Portfolio turnover rate for the reporting period 60.4%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings *
Tokyo Electron, Ltd. 6.2%
Mitsubishi UFJ Financial Group, Inc. 4.7%
Advantest Corp. 3.8%
Recruit Holdings Co., Ltd. 3.3%
Sumitomo Mitsui Financial Group, Inc. 3.3%
Sony Group Corp. 3.0%
Hitachi, Ltd. 3.0%
Shin-Etsu Chemical Co., Ltd. 2.9%
Panasonic Holdings Corp. 2.9%
Kioxia Holdings Corp. 2.8%
TOTAL 35.9%
Country Allocation
Graphical Representation - Allocation 1 Chart
Sector Allocation
Graphical Representation - Allocation 2 Chart
* Excludes short-term securities, if any.
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews Japan Active ETF
JPAN 0626
TSR - Matthews Asia Funds Logo
Matthews Korea Active ETF
MKOR
Listed on the NYSE Arca
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the Matthews Korea Active ETF (the "Fund") for the period of January 01, 2026 to June 30, 2026. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Matthews Korea Active ETF $57 0.80%*
*
Annualized.
Key Fund Statistics
Fund net assets $149,536,794
Total number of portfolio holdings 52
Portfolio turnover rate for the reporting period 30.0%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings *
Samsung Electronics Co., Ltd. 20.2%
SK Hynix, Inc. 4.7%
Samsung Electro-Mechanics Co., Ltd. 4.7%
SK Square Co., Ltd. 4.5%
PSK, Inc. 4.1%
SK, Inc. 3.6%
KB Financial Group, Inc. 2.9%
Samsung C&T Corp. 2.9%
Samsung Electronics Co., Ltd., Pfd. 2.7%
Hana Financial Group, Inc. 2.6%
TOTAL 52.9%
Country Allocation
Graphical Representation - Allocation 1 Chart
Sector Allocation
Graphical Representation - Allocation 2 Chart
* Excludes short-term securities, if any.
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews Korea Active ETF
MKOR 0626
TSR - Matthews Asia Funds Logo
Matthews Asia Dividend Active ETF
ADVE
Listed on the NYSE Arca
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the Matthews Asia Dividend Active ETF (the "Fund") for the period of January 01, 2026 to June 30, 2026. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Matthews Asia Dividend Active ETF $43 0.80%*
*
Annualized.
Key Fund Statistics
Fund net assets $9,129,769
Total number of portfolio holdings 64
Portfolio turnover rate for the reporting period 24.1%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings *
Taiwan Semiconductor Manufacturing Co., Ltd. 13.7%
Samsung Electronics Co., Ltd. 8.1%
Singapore Telecommunications, Ltd. 4.2%
Tokyo Electron, Ltd. 3.6%
Hana Financial Group, Inc. 2.9%
Mitsubishi UFJ Financial Group, Inc. 2.7%
SK, Inc. 2.2%
DBS Group Holdings, Ltd. 2.2%
Sumitomo Corp. 2.1%
Rio Tinto, Ltd. 2.1%
TOTAL 43.8%
Country Allocation
Graphical Representation - Allocation 1 Chart
Sector Allocation
Graphical Representation - Allocation 2 Chart
* Excludes short-term securities, if any.
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews Asia Dividend Active ETF
ADVE 0626
TSR - Matthews Asia Funds Logo
Matthews China Innovators Active ETF
MCHS
Listed on the NASDAQ
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the Matthews China Innovators Active ETF (the "Fund") for the period of January 01, 2026 to June 30, 2026. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Matthews China Innovators Active ETF $58 0.90%*
*
Annualized.
Key Fund Statistics
Fund net assets $24,917,493
Total number of portfolio holdings 51
Portfolio turnover rate for the reporting period 94.5%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings *
Jiangsu Boqian New Materials Stock Co., Ltd. 7.0%
Kingboard Laminates Holdings, Ltd. 5.8%
Beijing Huafeng Test & Control Technology Co., Ltd. 5.2%
Advanced Micro-Fabrication Equipment, Inc. China 5.1%
Yantai Jereh Oilfield Services Group Co., Ltd. 5.0%
Acter Technology Integration Group Co., Ltd. 4.3%
ASMPT, Ltd. 4.0%
Shenzhen Megmeet Electrical Co., Ltd. 3.7%
Neway Valve Suzhou Co., Ltd. 3.1%
Wasion Holdings, Ltd. 3.0%
TOTAL 46.2%
Country Allocation
Graphical Representation - Allocation 1 Chart
Sector Allocation
Graphical Representation - Allocation 2 Chart
* Excludes short-term securities, if any.
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews China Innovators Active ETF
MCHS 0626
TSR - Matthews Asia Funds Logo
Matthews Emerging Markets Discovery Active ETF
MEMS
Listed on the NASDAQ
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the Matthews Emerging Markets Discovery Active ETF (the "Fund") for the period of January 01, 2026 to June 30, 2026. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Matthews Emerging Markets Discovery Active ETF $50 0.90%*
*
Annualized.
Key Fund Statistics
Fund net assets $22,622,895
Total number of portfolio holdings 78
Portfolio turnover rate for the reporting period 27.2%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings *
Bandhan Bank, Ltd. 4.1%
Eugene Technology Co., Ltd. 4.0%
Elite Material Co., Ltd. 3.7%
Legend Biotech Corp. 3.2%
Hugel, Inc. 3.1%
Gold Circuit Electronics, Ltd. 2.8%
Cartrade Tech, Ltd. 2.7%
Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS 2.4%
Radico Khaitan, Ltd. 2.3%
ASPEED Technology, Inc. 2.3%
TOTAL 30.6%
Country Allocation
Graphical Representation - Allocation 1 Chart
Sector Allocation
Graphical Representation - Allocation 2 Chart
* Excludes short-term securities, if any.
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews Emerging Markets Discovery Active ETF
MEMS 0626

 N-CSRS
(b)

Not applicable.

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

 

(a)

Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included in the financial statements filed under Item 7 of this form.

 

(b)

Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

 

Matthews Asia Funds | Financial Statements and Other Information
June 30, 2026 |  matthewsasia.com   

Matthews Emerging Markets Equity FundJune 30, 2026
Schedule of Investmentsa (unaudited)
 
COMMON EQUITIES: 99.4%
 
Shares
Value 
South Korea: 34.9%
Samsung Electronics Co., Ltd.
150,266
$33,343,611
SK Hynix, Inc.
10,344
18,252,842
SK Square Co., Ltd.
14,357
16,235,764
Samsung Electro-Mechanics Co., Ltd.
7,464
10,809,661
Samsung Fire & Marine Insurance Co., Ltd.
17,220
6,948,803
Korea Investment Holdings Co., Ltd.
24,989
3,619,797
KB Financial Group, Inc.
33,463
3,462,326
Macquarie Korea Infrastructure Fund
524,286
3,449,395
HD Hyundai Heavy Industries Co., Ltd.
8,575
3,306,294
Hana Financial Group, Inc.
43,788
3,270,701
Hanwha Aerospace Co., Ltd.
4,020
2,601,668
Hyundai Motor Co.
7,746
2,524,919
HD Hyundai Electric Co., Ltd.
3,929
2,520,380
Hyundai Rotem Co., Ltd.
18,303
2,062,669
NAVER Corp.
15,852
2,056,855
Samsung Biologics Co., Ltd.b,c,d
1,032
932,979
Coupang, Inc.c
50,008
868,639
Total South Korea
116,267,303
 
Taiwan: 25.6%
Taiwan Semiconductor Manufacturing Co., Ltd.
625,187
49,321,178
MediaTek, Inc.
78,000
10,628,648
Elite Material Co., Ltd.
41,000
7,088,101
Delta Electronics, Inc.
86,000
5,401,126
United Microelectronics Corp. ADR
181,027
4,925,745
CTBC Financial Holding Co., Ltd.
1,563,000
3,503,480
Hon Hai Precision Industry Co., Ltd.
367,000
2,928,547
WNC Corp.
191,000
1,586,219
Total Taiwan
85,383,044
 
China/Hong Kong: 15.0%
Tencent Holdings, Ltd.
151,000
8,332,566
Alibaba Group Holding, Ltd.
413,700
4,959,623
Contemporary Amperex Technology Co., Ltd. A
Shares
78,340
4,550,283
PetroChina Co., Ltd. H Shares
2,918,000
3,149,285
Yum China Holdings, Inc.
73,761
3,014,612
Zijin Mining Group Co., Ltd. H Shares
824,000
2,913,662
China Construction Bank Corp. H Shares
2,748,000
2,834,431
Hongfa Technology Co., Ltd. A Shares
503,898
2,569,003
Ping An Insurance Group Co. of China, Ltd. H
Shares
387,000
2,530,509
JD.com, Inc. Class A
195,900
2,495,844
Cambricon Technologies Corp., Ltd. A Shares
10,125
2,395,408
China Merchants Bank Co., Ltd. H Shares
411,000
2,359,866
Luckin Coffee, Inc. ADRc
76,253
2,109,920
CMOC Group, Ltd. H Shares
795,000
1,552,967
China International Capital Corp., Ltd. H
Sharesb,d
514,400
1,384,206
Meituan Class Bb,c,d
144,500
1,275,550
Zijin Gold International Co., Ltd.
74,300
849,094
Montage Technology Co., Ltd. H Sharesc
10,700
639,956
Total China/Hong Kong
49,916,785
 
India: 6.3%
Thermax, Ltd.
64,537
3,521,738
Bajaj Finance, Ltd.
255,580
2,718,242
HDFC Bank, Ltd. ADR
104,385
2,696,265
Bandhan Bank, Ltd.b,d
1,177,428
2,542,392
 
 
Shares
Value 
ICICI Bank, Ltd. ADR
83,935
$2,436,633
Max Financial Services, Ltd.c
136,297
2,283,661
Shriram Finance, Ltd.
184,658
2,037,389
State Bank of India
139,091
1,511,107
Reliance Industries, Ltd.
82,741
1,133,437
Total India
20,880,864
 
Brazil: 5.8%
Itau Unibanco Holding SA ADR
937,534
7,659,653
Petroleo Brasileiro SA - Petrobras ADR
179,142
2,894,935
NU Holdings, Ltd. Class Ac
186,897
2,496,944
XP, Inc. A Shares
144,838
2,355,066
B3 SA - Brasil Bolsa Balcao
834,000
2,347,407
Vale SA ADR
99,882
1,502,225
Total Brazil
19,256,230
 
South Africa: 2.8%
Capitec Bank Holdings, Ltd.
10,972
3,185,335
Valterra Platinum, Ltd.
45,092
3,030,498
Shoprite Holdings, Ltd.
167,789
3,023,988
Total South Africa
9,239,821
 
Peru: 2.0%
Credicorp, Ltd.
8,488
3,306,755
Cia de Minas Buenaventura SAA ADR
112,129
3,284,259
Total Peru
6,591,014
 
Mexico: 1.9%
Grupo Financiero Banorte SAB de CV Class O
314,400
3,318,302
Fomento Economico Mexicano SAB de CV ADR
23,454
2,999,767
Total Mexico
6,318,069
 
Chile: 1.6%
Antofagasta PLC
108,421
5,502,706
Total Chile
5,502,706
 
United States: 1.3%
Freeport-McMoRan, Inc.
71,599
4,502,861
Total United States
4,502,861
 
Singapore: 0.9%
Singapore Telecommunications, Ltd.
887,335
3,029,377
Total Singapore
3,029,377
 
Philippines: 0.7%
Bank of the Philippine Islands
1,497,886
2,349,594
Total Philippines
2,349,594
 
Thailand: 0.6%
Bangkok Dusit Medical Services Public Co., Ltd.
F Shares
3,155,200
1,837,866
CP ALL Public Co., Ltd.
111,600
157,834
Total Thailand
1,995,700
 
Vietnam: 0.0%
Military Commercial Joint Stock Bank
39,470
37,926
Total Vietnam
37,926
1  MATTHEWS ASIA FUNDS

 
Matthews Emerging Markets Equity FundJune 30, 2026
Schedule of Investmentsa (unaudited) (continued)
COMMON EQUITIES (continued)
 
Shares
Value 
 
Russia: 0.0%
Sberbank of Russia PJSCc,e
128,308
$1,630
Total Russia
1,630
 
TOTAL COMMON EQUITIES
331,272,924
(Cost $218,647,860)
PREFERRED EQUITIES: 0.0%
India: 0.0%
TVS Motor Co., Ltd., Pfd.c
278,940
30,499
Total India
30,499
 
TOTAL PREFERRED EQUITIES
30,499
(Cost $0)
 
Total Investments: 99.4%
331,303,423
(Cost $218,647,860)
CASH AND OTHER ASSETS,
LESS LIABILITIES: 0.6%
1,876,160
Net Assets: 100.0%
$333,179,583
 
a
Certain securities were fair valued under the valuation policies approved by the
Board of Trustees (Note 2-A).
b
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
June 30, 2026, the aggregate value is $6,135,127, which is 1.84% 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 $1,630 and 0.00%
of net assets.
ADR
American Depositary Receipt
Pfd.
Preferred
PJSC
Public Joint Stock Co.
See accompanying notes to financial statements.
matthewsasia.com | 800.789.ASIA  2

Matthews Emerging Markets Sustainable Future FundJune 30, 2026
Schedule of Investmentsa (unaudited)
 
COMMON EQUITIES: 92.7%
 
Shares
Value 
South Korea: 24.6%
SK Square Co., Ltd.
29,305
$33,139,868
Samsung Electronics Co., Ltd.
120,786
26,802,080
Eugene Technology Co., Ltd.
125,279
15,362,187
HD Hyundai Electric Co., Ltd.
14,404
9,239,896
Samsung SDI Co., Ltd.b
5,847
1,863,618
Total South Korea
86,407,649
 
Taiwan: 18.6%
Taiwan Semiconductor Manufacturing Co., Ltd.
327,000
25,797,122
Elite Material Co., Ltd.
95,000
16,423,650
Delta Electronics, Inc.
113,000
7,096,828
Poya International Co., Ltd.
246,797
5,190,686
AURAS Technology Co., Ltd.
141,000
4,566,209
M31 Technology Corp.
206,006
3,129,955
Andes Technology Corp.b
353,000
2,204,045
Taiwan Semiconductor Manufacturing Co., Ltd.
ADR
2,016
962,781
Total Taiwan
65,371,276
 
India: 16.2%
Bandhan Bank, Ltd.c,d
6,604,779
14,261,544
Marico, Ltd.
1,192,284
10,543,974
Indus Towers, Ltd.b
1,354,464
5,606,293
Phoenix Mills, Ltd.
211,407
4,359,870
Swiggy, Ltd.b
1,511,012
3,826,372
NTPC Green Energy, Ltd.b
3,608,192
3,645,310
Mahindra & Mahindra, Ltd.
99,377
3,232,217
Shriram Finance, Ltd.
280,532
3,095,197
HDFC Asset Management Co., Ltd.c,d
95,982
2,694,649
Inox Wind, Ltd.b
2,379,467
2,271,917
Lenskart Solutions, Ltd.b
312,395
1,701,412
UNO Minda, Ltd.
129,707
1,493,831
Total India
56,732,586
 
China/Hong Kong: 14.5%
Contemporary Amperex Technology Co., Ltd. A
Shares
141,740
8,232,794
Lam Research Corp.
17,759
7,695,507
Legend Biotech Corp. ADRb
259,551
7,495,833
Advanced Micro-Fabrication Equipment, Inc.
China A Shares
70,741
4,919,259
Alibaba Group Holding, Ltd.
345,900
4,146,806
JD Health International, Inc.b,c,d
774,300
3,260,770
Wuxi Biologics Cayman, Inc.b,c,d
673,000
2,993,206
NARI Technology Co., Ltd. A Shares
712,920
2,404,840
Silergy Corp.
125,000
2,389,274
Meituan Class Bb,c,d
232,800
2,055,003
Full Truck Alliance Co., Ltd. ADR
161,539
1,311,697
Flat Glass Group Co., Ltd. H Shares
1,495,000
1,221,974
BYD Co., Ltd. H Shares
109,600
1,015,545
Hong Kong Exchanges & Clearing, Ltd.
18,800
874,707
Medlive Technology Co., Ltd.c,d
958,000
835,090
Total China/Hong Kong
50,852,305
 
United States: 4.8%
Micron Technology, Inc.
14,478
16,711,811
Total United States
16,711,811
 
 
Shares
Value 
 
Brazil: 3.3%
B3 SA - Brasil Bolsa Balcao
1,332,900
$3,751,629
Cia de Saneamento Basico do Estado de Sao
Paulo SABESP
614,067
3,525,744
NU Holdings, Ltd. Class Ab
185,271
2,475,221
YDUQS Participacoes SA
1,144,000
1,967,867
Total Brazil
11,720,461
 
Turkey: 2.7%
Astor Transformator Enerji Turizm Insaat Ve
Petrol Sanayi Ticaret AS
1,123,865
6,677,032
Akbank TAS
1,763,447
2,919,058
Total Turkey
9,596,090
 
Greece: 1.8%
Piraeus Bank SA
606,664
6,314,683
Total Greece
6,314,683
 
Romania: 1.5%
Banca Transilvania SA
601,223
5,087,554
Total Romania
5,087,554
 
Hungary: 1.1%
OTP Bank Nyrt
26,778
3,955,272
Total Hungary
3,955,272
 
Argentina: 0.9%
Grupo Financiero Galicia SA ADR
63,407
3,172,252
Total Argentina
3,172,252
 
Poland: 0.8%
InPost SAb
159,383
2,808,827
Total Poland
2,808,827
 
Saudi Arabia: 0.8%
Saudi Tadawul Group Holding Co.
74,939
2,638,781
Total Saudi Arabia
2,638,781
 
Bangladesh: 0.3%
BRAC Bank PLC
2,057,946
1,095,008
Total Bangladesh
1,095,008
 
Indonesia: 0.3%
PT Bank Rakyat Indonesia Persero Tbk
7,062,100
1,081,305
Total Indonesia
1,081,305
 
Vietnam: 0.3%
Nam Long Investment Corp.
940,001
937,222
Total Vietnam
937,222
 
Jordan: 0.2%
Hikma Pharmaceuticals PLC
40,199
809,909
Total Jordan
809,909
 
TOTAL COMMON EQUITIES
325,292,991
(Cost $200,426,159)
3  MATTHEWS ASIA FUNDS

 
Matthews Emerging Markets Sustainable Future FundJune 30, 2026
Schedule of Investmentsa (unaudited) (continued)
PREFERRED EQUITIES: 1.0%
 
Shares
Value 
South Korea: 1.0%
Samsung SDI Co., Ltd., Pfd.b
24,346
$3,508,930
Total South Korea
3,508,930
 
TOTAL PREFERRED EQUITIES
3,508,930
(Cost $3,938,184)
 
Total Investments: 93.7%
328,801,921
(Cost $204,364,343)
CASH AND OTHER ASSETS,
LESS LIABILITIES: 6.3%
22,048,472
Net Assets: 100.0%
$350,850,393
 
a
Certain securities were fair valued under the valuation policies approved by the
Board of Trustees (Note 2-A).
b
Non-income producing security.
c
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
June 30, 2026, the aggregate value is $26,100,262, which is 7.44% of net assets.
d
The securities may be resold to qualified foreign investors and foreign institutional
buyers under Regulation S of the Securities Act of 1933.
ADR
American Depositary Receipt
Pfd.
Preferred
See accompanying notes to financial statements.
matthewsasia.com | 800.789.ASIA  4

Matthews Emerging Markets Small Companies FundJune 30, 2026
Schedule of Investmentsa (unaudited)
 
COMMON EQUITIES: 99.3%
 
Shares
Value 
Taiwan: 25.6%
Elite Material Co., Ltd.
91,000
$15,732,127
Gold Circuit Electronics, Ltd.
336,000
12,903,615
Yageo Corp.b
263,000
9,505,696
ASPEED Technology, Inc.
17,000
8,970,193
Poya International Co., Ltd.
424,579
8,929,834
AURAS Technology Co., Ltd.
240,000
7,772,271
Formosa Sumco Technology Corp.b
657,000
7,582,110
M31 Technology Corp.
488,057
7,415,301
Acter Group Corp., Ltd.
164,000
6,763,352
AP Memory Technology Corp.
208,000
6,637,848
Fortune Electric Co., Ltd.
254,500
6,283,079
WNC Corp.
619,000
5,140,677
Airtac International Group
108,000
4,577,958
Phison Electronics Corp.
52,000
4,026,515
Total Taiwan
112,240,576
 
India: 23.7%
Bandhan Bank, Ltd.c,d
8,860,621
19,132,530
Cartrade Tech, Ltd.e
442,664
12,624,327
Radico Khaitan, Ltd.
249,204
10,407,665
Bharti Hexacom, Ltd.
510,388
8,006,221
Phoenix Mills, Ltd.
363,888
7,504,503
Netweb Technologies India, Ltd.
137,844
6,631,910
Avalon Technologies, Ltd.c,d,e
278,280
5,312,381
BlackBuck, Ltd.e
836,194
4,696,095
Shriram Finance, Ltd.
415,517
4,584,528
GE Vernova T&D India, Ltd.
83,929
4,402,507
Rainbow Children’s Medicare, Ltd.
272,502
4,073,827
PB Fintech, Ltd.e
235,994
4,065,986
Action Construction Equipment, Ltd.
305,926
3,316,806
UNO Minda, Ltd.
280,483
3,230,314
Senco Gold, Ltd.
660,429
2,306,437
Amber Enterprises India, Ltd.e
25,821
2,058,539
Niva Bupa Health Insurance Co., Ltd.e
1,546,308
1,383,680
Total India
103,738,256
 
South Korea: 14.1%
Eugene Technology Co., Ltd.
149,786
18,367,328
Hugel, Inc.e
86,081
14,750,655
HD Hyundai Co., Ltd.
75,030
9,771,342
PSK, Inc.
49,038
6,368,732
KIWOOM Securities Co., Ltd.
20,556
4,629,428
Hanwha Enginee
103,502
3,460,761
BGF Retail Co., Ltd.
30,787
2,315,500
SNT Dynamics Co., Ltd.
100,828
2,297,012
Total South Korea
61,960,758
 
China/Hong Kong: 13.9%
Legend Biotech Corp. ADRe
472,485
13,645,367
ASMPT, Ltd.
296,700
9,146,367
Silergy Corp.
263,000
5,027,033
Full Truck Alliance Co., Ltd. ADR
523,118
4,247,718
Hongfa Technology Co., Ltd. A Shares
748,640
3,816,762
Neway Valve Suzhou Co., Ltd. A Shares
510,639
3,798,447
Atour Lifestyle Holdings, Ltd. ADR
102,989
3,275,050
Kingsoft Cloud Holdings, Ltd. ADRe
360,905
3,266,190
Minth Group, Ltd.
870,500
2,949,695
China Conch Venture Holdings, Ltd.
1,984,500
2,760,440
 
 
Shares
Value 
Centre Testing International Group Co., Ltd. A
Shares
1,219,838
$2,502,101
Centre Testing International Group Co., Ltd. A
Shares
1,097,500
2,249,391
Shanghai MicroPort MedBot Group Co., Ltd.
H Sharese
532,000
1,566,183
Ever Sunshine Services Group, Ltd.d
6,750,000
1,421,442
Yuexiu Property Co., Ltd.
2,902,000
1,240,483
Total China/Hong Kong
60,912,669
 
Brazil: 3.8%
Vivara Participacoes SA
1,047,100
4,640,887
Vamos Locacao de Caminhoes Maquinas e
Equipamentos SA
7,084,800
3,856,476
YDUQS Participacoes SA
1,996,400
3,434,134
Grupo SBF SA
1,658,900
3,316,322
Empreendimentos Pague Menos S/A
2,261,900
1,581,748
Total Brazil
16,829,567
 
Vietnam: 3.1%
Mobile World Investment Corp.
2,073,014
6,175,819
Military Commercial Joint Stock Bank
5,730,974
5,506,834
FPT Corp.
660,944
1,768,060
Total Vietnam
13,450,713
 
Turkey: 2.5%
Astor Transformator Enerji Turizm Insaat Ve
Petrol Sanayi Ticaret AS
1,828,358
10,862,518
Total Turkey
10,862,518
 
Greece: 1.6%
Piraeus Bank SA
685,475
7,135,016
Total Greece
7,135,016
 
Cyprus: 1.4%
Theon International PLC
182,161
6,218,053
Total Cyprus
6,218,053
 
South Africa: 1.2%
We Buy Cars Holdings, Ltd.
2,421,609
5,048,715
Total South Africa
5,048,715
 
Philippines: 1.1%
GT Capital Holdings, Inc.
591,080
4,679,822
Total Philippines
4,679,822
 
Georgia: 1.0%
TBC Bank Group PLC
75,411
4,430,593
Total Georgia
4,430,593
 
Peru: 1.0%
Intercorp Financial Services, Inc.
77,694
4,425,450
Total Peru
4,425,450
 
United Kingdom: 1.0%
Baltic Classifieds Group PLC
1,677,353
4,184,281
Total United Kingdom
4,184,281
5  MATTHEWS ASIA FUNDS

 
Matthews Emerging Markets Small Companies FundJune 30, 2026
Schedule of Investmentsa (unaudited) (continued)
COMMON EQUITIES (continued)
 
Shares
Value 
 
Argentina: 0.8%
Grupo Financiero Galicia SA ADR
73,634
$3,683,909
Total Argentina
3,683,909
 
Chile: 0.7%
Lundin Mining Corp.
128,600
3,133,732
Total Chile
3,133,732
 
Saudi Arabia: 0.7%
Saudi Tadawul Group Holding Co.
84,840
2,987,419
Total Saudi Arabia
2,987,419
 
Mexico: 0.6%
Gentera SAB de CV
1,280,000
2,774,096
Total Mexico
2,774,096
 
Panama: 0.6%
Bladex, Inc.
43,885
2,697,611
Total Panama
2,697,611
 
Indonesia: 0.6%
PT Mitra Adiperkasa Tbk
29,507,400
2,524,846
Total Indonesia
2,524,846
 
Bangladesh: 0.3%
BRAC Bank PLC
2,627,548
1,398,086
Total Bangladesh
1,398,086
 
Russia: 0.0%
Moscow Exchange MICEX-RTS PJSCb,e
2,101,250
26,700
Total Russia
26,700
 
Total Investments: 99.3%
435,343,386
(Cost $324,752,652)
CASH AND OTHER ASSETS,
LESS LIABILITIES: 0.7%
3,100,406
Net Assets: 100.0%
$438,443,792
 
a
Certain securities were fair valued under the valuation policies approved by the
Board of Trustees (Note 2-A).
b
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 $17,114,506 and
3.90% of net assets.
c
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
June 30, 2026, the aggregate value is $24,444,911, which is 5.58% of net assets.
d
The securities may be resold to qualified foreign investors and foreign institutional
buyers under Regulation S of the Securities Act of 1933.
e
Non-income producing security.
ADR
American Depositary Receipt
PJSC
Public Joint Stock Co.
See accompanying notes to financial statements.
matthewsasia.com | 800.789.ASIA  6

Matthews Asia Growth FundJune 30, 2026
Schedule of Investmentsa (unaudited)
 
COMMON EQUITIES: 86.8%
 
Shares
Value 
Taiwan: 29.2%
Taiwan Semiconductor Manufacturing Co., Ltd.
103,000
$8,125,699
Unimicron Technology Corp.
232,000
7,991,923
Delta Electronics, Inc.
108,000
6,782,809
Kaori Heat Treatment Co., Ltd.
135,000
6,684,853
Elite Material Co., Ltd.
37,000
6,396,579
Quanta Computer, Inc.
523,000
6,097,398
WNC Corp.
676,000
5,614,051
Innolux Corp.
2,246,000
4,970,831
United Microelectronics Corp. ADR
177,978
4,842,781
Taiwan Semiconductor Manufacturing Co., Ltd.
ADR
9,294
4,438,536
Accton Technology Corp.
53,000
4,227,395
Compeq Manufacturing Co., Ltd.
561,000
4,169,738
Universal Microwave Technology, Inc.
89,000
3,834,435
MediaTek, Inc.
24,000
3,270,353
Hon Precision, Inc.
15,000
3,081,799
Grand Process Technology Corp.
25,000
2,911,844
ASPEED Technology, Inc.
4,000
2,110,634
Realtek Semiconductor Corp.
78,000
1,990,912
Yageo Corp.b
50,000
1,807,167
Acter Group Corp., Ltd.
40,000
1,649,598
LandMark Optoelectronics Corp.
16,000
1,053,335
Total Taiwan
92,052,670
 
China/Hong Kong: 22.5%
NAURA Technology Group Co., Ltd. A Shares
53,505
7,011,738
Advanced Micro-Fabrication Equipment, Inc.
China A Shares
96,380
6,702,204
Contemporary Amperex Technology Co., Ltd. A
Shares
113,500
6,592,508
Tencent Holdings, Ltd.
116,400
6,423,250
Montage Technology Co., Ltd. H Sharesc
89,000
5,322,999
Midea Group Co., Ltd. A Shares
394,600
4,395,842
Grace Fabric Technology Co., Ltd. A Shares
108,000
4,271,466
Alibaba Group Holding, Ltd.
300,500
3,602,530
WUS Printed Circuit Kunshan Co., Ltd. A Shares
155,800
3,538,160
Eoptolink Technology, Inc., Ltd. A Shares
38,500
3,489,937
Zhongji Innolight Co., Ltd. A Shares
16,700
3,177,371
Yantai Jereh Oilfield Services Group Co., Ltd. A
Shares
137,843
3,117,322
Sieyuan Electric Co., Ltd. A Shares
113,600
2,905,454
Sichuan Kelun-Biotech Biopharmaceutical Co.,
Ltd. H Sharesc
45,400
2,533,130
Innovent Biologics, Inc.c,d,e
231,000
2,353,059
Jiangsu Hengli Hydraulic Co., Ltd. A Shares
131,800
2,094,610
Hygon Information Technology Co., Ltd. A
Shares
35,086
1,926,425
Universal Scientific Industrial Shanghai Co., Ltd.
A Shares
294,900
1,423,782
Total China/Hong Kong
70,881,787
 
South Korea: 21.5%
Samsung Electronics Co., Ltd.
92,499
20,525,273
Samsung Electro-Mechanics Co., Ltd.
11,906
17,242,741
SK Hynix, Inc.
8,769
15,473,624
HD Hyundai Heavy Industries Co., Ltd.
9,415
3,630,177
HD Hyundai Electric Co., Ltd.
5,584
3,582,031
Hanwha Aerospace Co., Ltd.
4,644
3,005,509
Samsung C&T Corp.
9,494
2,939,577
 
 
Shares
Value 
Doosan Enerbility Co., Ltd.c
23,184
$1,320,874
Total South Korea
67,719,806
 
Japan: 7.6%
Tokyo Electron, Ltd.
11,500
5,575,823
Mitsubishi Electric Corp.
145,000
5,317,804
Sumitomo Electric Industries, Ltd.
276,400
5,129,189
Panasonic Holdings Corp.
165,500
4,656,076
Advantest Corp.
9,000
1,851,556
Ibiden Co., Ltd.
10,500
1,585,304
Total Japan
24,115,752
 
India: 6.0%
MTAR Technologies, Ltd.c,e
99,051
8,004,941
Thermax, Ltd.
44,936
2,452,125
Delhivery, Ltd.c
400,860
2,001,600
Reliance Industries, Ltd.
141,566
1,939,258
Bharti Airtel, Ltd.
90,150
1,765,971
Lenskart Solutions, Ltd.c
289,026
1,574,136
Bajaj Finance, Ltd.
114,361
1,216,296
Total India
18,954,327
 
TOTAL COMMON EQUITIES
273,724,342
(Cost $183,371,784)
 
RIGHTS: 0.0%
 
Taiwan: 0.0%
Compeq Manufacturing Co., Ltd. Rights, Expires
07/20/26c
15,816
0
Total Taiwan
0
 
TOTAL RIGHTS
0
(Cost $0)
 
Total Investments: 86.8%
273,724,342
(Cost $183,371,784)
CASH AND OTHER ASSETS,
LESS LIABILITIES: 13.2%
41,745,386
Net Assets: 100.0%
$315,469,728
 
7  MATTHEWS ASIA FUNDS

 
Matthews Asia Growth FundJune 30, 2026
Schedule of Investmentsa (unaudited) (continued)
a
Certain securities were fair valued under the valuation policies approved by the
Board of Trustees (Note 2-A).
b
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 $1,807,167 and
0.57% of net assets.
c
Non-income producing security.
d
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
June 30, 2026, the aggregate value is $2,353,059, which is 0.75% of net assets.
e
The securities may be resold to qualified foreign investors and foreign institutional
buyers under Regulation S of the Securities Act of 1933.
ADR
American Depositary Receipt
See accompanying notes to financial statements.
matthewsasia.com | 800.789.ASIA  8

Matthews Pacific Tiger FundJune 30, 2026
Schedule of Investmentsa (unaudited)
 
COMMON EQUITIES: 93.7%
 
Shares
Value 
Taiwan: 28.5%
Taiwan Semiconductor Manufacturing Co.,
Ltd.
1,448,000
$114,233,127
MediaTek, Inc.
178,000
24,255,120
Elite Material Co., Ltd.
125,000
21,610,065
Delta Electronics, Inc.
319,000
20,034,409
Unimicron Technology Corp.
484,000
16,672,805
Accton Technology Corp.
200,000
15,952,433
United Microelectronics Corp.
2,025,000
10,861,698
Cathay Financial Holding Co., Ltd.
2,501,000
7,756,085
Compeq Manufacturing Co., Ltd.
922,000
6,852,939
ASE Technology Holding Co., Ltd.
235,000
5,244,391
Universal Microwave Technology, Inc.
107,000
4,609,939
Hon Hai Precision Industry Co., Ltd.
461,000
3,678,638
All Ring Tech Co., Ltd.
63,000
2,026,850
Total Taiwan
253,788,499
 
South Korea: 26.2%
Samsung Electronics Co., Ltd.
444,182
98,562,761
SK Hynix, Inc.
23,422
41,330,052
SK Square Co., Ltd.
29,176
32,993,986
KB Financial Group, Inc.
123,523
12,780,590
HD Hyundai Heavy Industries Co., Ltd.
22,917
8,836,193
Doosan Enerbility Co., Ltd.b
149,288
8,505,460
Samsung Electro-Mechanics Co., Ltd.
5,027
7,280,301
Samsung Fire & Marine Insurance Co., Ltd.
14,978
6,044,087
Samsung C&T Corp.
18,943
5,865,220
Hyundai Motor Co.
16,873
5,499,995
NAVER Corp.
39,605
5,138,894
Total South Korea
232,837,539
 
China/Hong Kong: 25.1%
NAURA Technology Group Co., Ltd. A Shares
177,812
23,301,954
Tencent Holdings, Ltd.
388,900
21,460,497
China Construction Bank Corp. H Shares
18,659,000
19,245,867
Zhongji Innolight Co., Ltd. A Shares
94,500
17,979,736
Contemporary Amperex Technology Co., Ltd.
A Shares
270,180
15,693,074
Shengyi Technology Co., Ltd. A Shares
585,400
15,092,762
Industrial & Commercial Bank of China, Ltd. H
Shares
14,595,000
11,989,586
Alibaba Group Holding, Ltd.
983,800
11,794,239
WUS Printed Circuit Kunshan Co., Ltd. A
Shares
402,800
9,147,439
Yantai Jereh Oilfield Services Group Co., Ltd. A
Shares
389,993
8,819,699
WuXi AppTec Co., Ltd. H Sharesc,d
426,500
8,395,881
Zijin Mining Group Co., Ltd. H Shares
2,370,000
8,380,316
Kingboard Laminates Holdings, Ltd.
638,500
8,175,377
Eoptolink Technology, Inc., Ltd. A Shares
82,980
7,521,948
China Shenhua Energy Co., Ltd. H Shares
1,183,000
6,059,702
PetroChina Co., Ltd. H Shares
5,076,000
5,478,331
BOE Technology Group Co., Ltd. A Shares
4,221,800
5,425,379
Cambricon Technologies Corp., Ltd. A Shares
21,674
5,127,938
China Resources Land, Ltd.
1,112,500
4,274,009
AIA Group, Ltd.
437,600
4,006,331
Contemporary Amperex Technology Co., Ltd.
H Shares
34,100
3,071,700
Jiangsu Hengli Hydraulic Co., Ltd. A Shares
183,940
2,923,236
Total China/Hong Kong
223,365,001
 
 
Shares
Value 
 
India: 6.6%
HDFC Bank, Ltd.
897,497
$7,574,387
Bajaj Auto, Ltd.
59,030
6,071,708
ICICI Bank, Ltd.
406,842
5,938,767
Mahindra & Mahindra, Ltd.
173,132
5,631,084
Bajaj Finance, Ltd.
460,659
4,899,376
Bharti Airtel, Ltd.
243,862
4,777,073
Cummins India, Ltd.
77,405
4,637,114
Metropolis Healthcare, Ltd.c,d
781,019
4,461,966
Inventurus Knowledge Solutions, Ltd.b
241,096
4,282,103
Axis Bank, Ltd.
268,548
3,822,020
Max Financial Services, Ltd.b
202,613
3,394,788
Sun Pharmaceutical Industries, Ltd.
163,268
3,214,295
Total India
58,704,681
 
Singapore: 3.9%
DBS Group Holdings, Ltd.
505,700
25,606,019
Singapore Technologies Engineering, Ltd.
1,087,800
8,761,519
Total Singapore
34,367,538
 
Malaysia: 1.1%
CIMB Group Holdings BHD
3,190,500
5,808,458
Telekom Malaysia BHD
1,911,700
3,494,355
Total Malaysia
9,302,813
 
Thailand: 1.0%
Central Pattana Public Co., Ltd.
4,583,200
9,287,069
Total Thailand
9,287,069
 
United Kingdom: 0.8%
Standard Chartered PLC
249,700
6,780,390
Total United Kingdom
6,780,390
 
Vietnam: 0.5%
Asia Commercial Bank JSC
5,242,053
4,527,252
Total Vietnam
4,527,252
 
TOTAL COMMON EQUITIES
832,960,782
(Cost $552,003,178)
 
9  MATTHEWS ASIA FUNDS

 
Matthews Pacific Tiger FundJune 30, 2026
Schedule of Investmentsa (unaudited) (continued)
RIGHTS: 0.0%
 
Shares
Value 
Taiwan: 0.0%
Compeq Manufacturing Co., Ltd. Rights, Expires
07/20/26b
25,993
$0
Total Taiwan
0
 
TOTAL RIGHTS
0
(Cost $0)
 
Total Investments: 93.7%
832,960,782
(Cost $552,003,178)
CASH AND OTHER ASSETS,
LESS LIABILITIES: 6.3%
56,152,130
Net Assets: 100.0%
$889,112,912
 
a
Certain securities were fair valued under the valuation policies approved by the
Board of Trustees (Note 2-A).
b
Non-income producing security.
c
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
June 30, 2026, the aggregate value is $12,857,847, which is 1.45% of net assets.
d
The securities may be resold to qualified foreign investors and foreign institutional
buyers under Regulation S of the Securities Act of 1933.
BHD
Berhad
JSC
Joint Stock Co.
See accompanying notes to financial statements.
matthewsasia.com | 800.789.ASIA  10

Matthews Asia Innovators FundJune 30, 2026
Schedule of Investmentsa (unaudited)
 
COMMON EQUITIES: 91.4%
 
Shares
Value 
Taiwan: 37.5%
United Microelectronics Corp. ADR
487,118
$13,254,481
Unimicron Technology Corp.
376,000
12,952,427
MediaTek, Inc.
93,000
12,672,619
Taiwan Semiconductor Manufacturing Co., Ltd.
149,000
11,754,652
WNC Corp.
1,410,000
11,709,782
Delta Electronics, Inc.
173,000
10,865,056
Kaori Heat Treatment Co., Ltd.
218,000
10,794,799
Elite Material Co., Ltd.
62,000
10,718,592
Quanta Computer, Inc.
849,000
9,898,071
United Microelectronics Corp.
1,545,000
8,287,073
Innolux Corp.
3,614,000
7,998,479
Chroma ATE, Inc.
115,000
7,991,748
Taiwan Semiconductor Manufacturing Co., Ltd.
ADR
16,559
7,908,082
Acter Group Corp., Ltd.
191,000
7,876,831
Compeq Manufacturing Co., Ltd.
961,000
7,142,814
Accton Technology Corp.
86,000
6,859,546
Universal Microwave Technology, Inc.
151,000
6,505,615
ASPEED Technology, Inc.
12,000
6,331,901
Grand Process Technology Corp.
45,000
5,241,319
Hon Precision, Inc.
25,339
5,205,981
Realtek Semiconductor Corp.
126,000
3,216,088
Yageo Corp.b
80,000
2,891,466
All Ring Tech Co., Ltd.
60,000
1,930,333
LandMark Optoelectronics Corp.
27,000
1,777,502
WinWay Technology Co., Ltd.
4,000
1,037,462
Total Taiwan
192,822,719
 
China/Hong Kong: 24.7%
NAURA Technology Group Co., Ltd. A Shares
111,682
14,635,732
Advanced Micro-Fabrication Equipment, Inc.
China A Shares
164,389
11,431,473
Contemporary Amperex Technology Co., Ltd. A
Shares
191,340
11,113,749
Montage Technology Co., Ltd. H Sharesc
143,700
8,594,549
Acter Technology Integration Group Co., Ltd. A
Shares
321,800
7,005,891
Tencent Holdings, Ltd.
115,600
6,379,104
Hygon Information Technology Co., Ltd. A
Shares
107,547
5,904,955
Alibaba Group Holding, Ltd.
483,000
5,790,422
Eoptolink Technology, Inc., Ltd. A Shares
61,865
5,607,922
WUS Printed Circuit Kunshan Co., Ltd. A Shares
244,530
5,553,186
Yantai Jereh Oilfield Services Group Co., Ltd. A
Shares
231,763
5,241,325
Zhongji Innolight Co., Ltd. A Shares
26,828
5,104,342
Midea Group Co., Ltd. A Shares
423,941
4,722,701
Sichuan Kelun-Biotech Biopharmaceutical Co.,
Ltd. H Sharesc
74,900
4,179,106
Jiangsu Hengrui Pharmaceuticals Co., Ltd. A
Shares
527,312
4,053,445
Innovent Biologics, Inc.c,d,e
391,000
3,982,884
Neway Valve Suzhou Co., Ltd. A Shares
490,000
3,644,921
Grace Fabric Technology Co., Ltd. A Shares
85,200
3,369,712
Jiangsu Hengli Hydraulic Co., Ltd. A Shares
207,200
3,292,892
Sieyuan Electric Co., Ltd. A Shares
103,400
2,644,577
Luckin Coffee, Inc. ADRc
85,192
2,357,263
 
 
Shares
Value 
Universal Scientific Industrial Shanghai Co., Ltd.
A Shares
474,957
$2,293,100
Total China/Hong Kong
126,903,251
 
South Korea: 20.0%
Samsung Electronics Co., Ltd.
127,853
28,370,228
Samsung Electro-Mechanics Co., Ltd.
19,215
27,827,925
SK Hynix, Inc.
14,134
24,940,610
HD Hyundai Electric Co., Ltd.
8,624
5,532,134
Hanwha Aerospace Co., Ltd.
7,472
4,835,737
HD Hyundai Heavy Industries Co., Ltd.
12,414
4,786,512
Samsung C&T Corp.
15,276
4,729,827
Doosan Enerbility Co., Ltd.c
38,293
2,181,686
Total South Korea
103,204,659
 
India: 7.2%
MTAR Technologies, Ltd.c,e
180,318
14,572,644
Thermax, Ltd.
72,365
3,948,906
Delhivery, Ltd.c
781,447
3,901,971
Netweb Technologies India, Ltd.
72,144
3,470,971
Bajaj Finance, Ltd.
300,437
3,195,322
Reliance Industries, Ltd.
205,958
2,821,339
Lenskart Solutions, Ltd.c
488,535
2,660,731
Bharti Airtel, Ltd.
121,801
2,385,990
Total India
36,957,874
 
Japan: 2.0%
Panasonic Holdings Corp.
275,700
7,756,376
Ibiden Co., Ltd.
16,800
2,536,486
Total Japan
10,292,862
 
TOTAL COMMON EQUITIES
470,181,365
(Cost $308,055,540)
 
RIGHTS: 0.0%
 
Taiwan: 0.0%
Compeq Manufacturing Co., Ltd. Rights, Expires
07/20/26c
27,092
0
Total Taiwan
0
 
TOTAL RIGHTS
0
(Cost $0)
 
Total Investments: 91.4%
470,181,365
(Cost $308,055,540)
CASH AND OTHER ASSETS,
LESS LIABILITIES: 8.6%
44,276,997
Net Assets: 100.0%
$514,458,362
 
11  MATTHEWS ASIA FUNDS

 
Matthews Asia Innovators FundJune 30, 2026
Schedule of Investmentsa (unaudited) (continued)
a
Certain securities were fair valued under the valuation policies approved by the
Board of Trustees (Note 2-A).
b
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 $2,891,466 and
0.56% of net assets.
c
Non-income producing security.
d
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
June 30, 2026, the aggregate value is $3,982,884, which is 0.77% of net assets.
e
The securities may be resold to qualified foreign investors and foreign institutional
buyers under Regulation S of the Securities Act of 1933.
ADR
American Depositary Receipt
See accompanying notes to financial statements.
matthewsasia.com | 800.789.ASIA  12

Matthews China FundJune 30, 2026
Schedule of Investmentsa (unaudited)
 
COMMON EQUITIES: 98.8%
 
Shares
Value
Information Technology: 23.8%
Electronic Equipment, Instruments & Components: 11.7%
Kingboard Holdings, Ltd.
1,228,500
$18,612,755
Suzhou Dongshan Precision Manufacturing
Co., Ltd. A Sharesb
220,700
8,632,040
WUS Printed Circuit Kunshan Co., Ltd. A
Shares
371,258
8,431,132
Foxconn Industrial Internet Co., Ltd. A
Shares
577,575
6,215,776
Chaozhou Three-Circle Group Co., Ltd. A
Shares
183,400
4,580,367
 
46,472,070
Semiconductors & Semiconductor Equipment: 9.1%
Montage Technology Co., Ltd. A Shares
203,480
9,391,622
Cambricon Technologies Corp., Ltd. A Shares
34,687
8,206,784
NAURA Technology Group Co., Ltd. A Shares
60,740
7,959,872
GigaDevice Semiconductor, Inc. A Shares
64,900
7,894,493
Xinyi Solar Holdings, Ltd.
10,778,000
2,841,054
 
36,293,825
Communications Equipment: 2.2%
Suzhou TFC Optical Communication Co.,
Ltd. A Shares
194,202
8,834,621
Technology Hardware, Storage & Peripherals: 0.8%
Lenovo Group, Ltd.
1,124,000
3,335,249
Total Information Technology
94,935,765
 
Financials: 21.6%
Capital Markets: 8.5%
China International Capital Corp., Ltd. H
Sharesc,d
4,782,000
12,867,947
China Merchants Securities Co., Ltd. H
Sharesc,d
4,813,200
10,644,605
CITIC Securities Co., Ltd. H Shares
1,740,000
6,074,256
Hithink RoyalFlush Information Network Co.,
Ltd. A Shares
117,640
4,196,089
 
33,782,897
Insurance: 6.9%
Ping An Insurance Group Co. of China, Ltd.
H Shares
1,748,000
11,429,792
China Life Insurance Co., Ltd. H Shares
3,035,000
10,387,939
New China Life Insurance Co., Ltd. H Shares
934,100
5,505,189
 
27,322,920
Banks: 5.5%
China Merchants Bank Co., Ltd. A Shares
1,712,443
8,958,912
China Construction Bank Corp. H Shares
6,917,000
7,134,555
Bank of Ningbo Co., Ltd. A Shares
1,324,489
5,792,660
 
21,886,127
Consumer Finance: 0.7%
Qfin Holdings, Inc. ADR
189,551
2,996,801
Total Financials
85,988,745
 
 
Shares
Value
 
Industrials: 13.4%
Electrical Equipment: 6.9%
Jiangsu Zhongtian Technology Co., Ltd. A
Shares
2,082,900
$18,821,419
Contemporary Amperex Technology Co.,
Ltd. A Shares
148,160
8,605,692
 
27,427,111
Machinery: 3.4%
Neway Valve Suzhou Co., Ltd. A Shares
641,197
4,769,617
China Yuchai International, Ltd.
97,946
4,643,620
Yutong Bus Co., Ltd. A Shares
1,036,100
4,097,512
 
13,510,749
Professional Services: 1.3%
Kanzhun, Ltd. ADR
406,639
5,233,444
Air Freight & Logistics: 1.2%
JD Logistics, Inc.b,c,d
3,138,000
4,722,882
Building Products: 0.6%
MayAir Technology China Co., Ltd. A Shares
147,007
2,537,484
Total Industrials
53,431,670
 
Consumer Discretionary: 12.3%
Broadline Retail: 8.5%
Alibaba Group Holding, Ltd.
1,743,000
20,895,873
JD.com, Inc. Class A
527,063
6,714,992
PDD Holdings, Inc. ADRb
78,314
5,973,792
 
33,584,657
Hotels, Restaurants & Leisure: 2.7%
Meituan Class Bb,c,d
1,229,880
10,856,560
Automobile Components: 1.1%
Minth Group, Ltd.
1,320,000
4,472,829
Total Consumer Discretionary
48,914,046
 
Communication Services: 11.7%
Interactive Media & Services: 11.7%
Tencent Holdings, Ltd.
841,600
46,441,641
Total Communication Services
46,441,641
 
Materials: 8.2%
Metals & Mining: 6.2%
Zijin Mining Group Co., Ltd. A Shares
2,352,401
8,827,365
JCHX Mining Management Co., Ltd. A
Shares
642,454
5,641,418
CMOC Group, Ltd. A Shares
1,655,700
4,318,573
CMOC Group, Ltd. H Shares
2,031,000
3,967,393
Zijin Gold International Co., Ltd.
170,800
1,951,888
 
24,706,637
Chemicals: 2.0%
Dongyue Group, Ltd.
1,368,000
3,345,385
Ganfeng Lithium Group Co., Ltd. A Shares
309,100
2,992,218
Wanhua Chemical Group Co., Ltd. A Shares
148,818
1,503,601
 
7,841,204
Total Materials
32,547,841
13  MATTHEWS ASIA FUNDS

 
Matthews China FundJune 30, 2026
Schedule of Investmentsa (unaudited) (continued)
COMMON EQUITIES (continued)
 
Shares
Value
 
Health Care: 5.4%
Life Sciences Tools & Services: 2.8%
WuXi AppTec Co., Ltd. A Shares
482,800
$8,877,119
Genscript Biotech Corp.b
1,354,000
2,115,571
 
10,992,690
Biotechnology: 1.7%
Innovent Biologics, Inc.b,c,d
681,000
6,936,940
Pharmaceuticals: 0.9%
Jiangsu Hengrui Pharmaceuticals Co., Ltd. A
Shares
466,569
3,586,514
Total Health Care
21,516,144
 
Real Estate: 2.4%
Real Estate Management & Development: 2.4%
Longfor Group Holdings, Ltd.c,d
3,794,000
2,904,373
China Resources Land, Ltd.
708,000
2,719,998
Yuexiu Property Co., Ltd.
5,059,000
2,162,510
China Overseas Grand Oceans Group, Ltd.
3,122,000
891,193
CIFI Holdings Group Co., Ltd.b
104,961,520
591,546
Times China Holdings, Ltd.b
42,755,000
168,995
Total Real Estate
9,438,615
 
Total Investments: 98.8%
393,214,467
(Cost $379,193,734)
CASH AND OTHER ASSETS,
LESS LIABILITIES: 1.2%
4,621,009
Net Assets: 100.0%
$397,835,476
 
a
Certain securities were fair valued under the valuation policies approved by the
Board of Trustees (Note 2-A).
b
Non-income producing security.
c
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
June 30, 2026, the aggregate value is $48,933,307, which is 12.30% of net assets.
d
The securities may be resold to qualified foreign investors and foreign institutional
buyers under Regulation S of the Securities Act of 1933.
ADR
American Depositary Receipt
See accompanying notes to financial statements.
matthewsasia.com | 800.789.ASIA  14

Matthews China Innovators FundJune 30, 2026
Schedule of Investmentsa (unaudited)
 
COMMON EQUITIES: 92.2%
 
Shares
Value
Information Technology: 47.5%
Semiconductors & Semiconductor Equipment: 24.3%
ACM Research, Inc. Class Ab
49,560
$6,288,668
Beijing Huafeng Test & Control Technology Co.,
Ltd. A Shares
54,042
4,214,725
ASMPT, Ltd.
133,500
4,115,403
Wuxi NCE Power Co., Ltd. A Shares
262,800
3,868,010
Advanced Micro-Fabrication Equipment, Inc.
China A Shares
49,107
3,414,905
Montage Technology Co., Ltd. H Sharesb
48,800
2,918,678
Realtek Semiconductor Corp.
25,000
638,113
Hygon Information Technology Co., Ltd. A
Shares
11,393
625,542
LandMark Optoelectronics Corp.
8,000
526,667
 
26,610,711
Electronic Equipment, Instruments & Components: 16.7%
Kingboard Laminates Holdings, Ltd.
421,000
5,390,499
Wasion Holdings, Ltd.
1,024,000
2,607,492
Innolux Corp.
760,000
1,682,027
Universal Scientific Industrial Shanghai Co., Ltd.
A Shares
343,600
1,658,906
Elite Material Co., Ltd.
9,000
1,555,925
Eoptolink Technology, Inc., Ltd. A Shares
12,600
1,142,161
Compeq Manufacturing Co., Ltd.
137,000
1,018,278
WUS Printed Circuit Kunshan Co., Ltd. A Shares
43,400
985,598
FIT Hon Teng, Ltd.b,c,d
1,015,000
935,944
Universal Microwave Technology, Inc.
21,000
904,755
All Ring Tech Co., Ltd.
12,000
386,067
 
18,267,652
Communications Equipment: 4.0%
Zhongji Innolight Co., Ltd. A Shares
13,600
2,587,560
WNC Corp.
215,000
1,785,534
 
4,373,094
Technology Hardware, Storage & Peripherals: 2.5%
Lenovo Group, Ltd.
500,000
1,483,652
Quanta Computer, Inc.
114,000
1,329,069
 
2,812,721
Total Information Technology
52,064,178
 
Industrials: 24.5%
Electrical Equipment: 11.7%
Hongfa Technology Co., Ltd. A Shares
721,619
3,679,001
Time Interconnect Technology, Ltd.
1,586,000
3,461,573
Shenzhen Megmeet Electrical Co., Ltd. A Shares
92,400
2,296,889
Sieyuan Electric Co., Ltd. A Shares
45,500
1,163,716
Contemporary Amperex Technology Co., Ltd. H
Shares
12,900
1,162,022
Contemporary Amperex Technology Co., Ltd. A
Shares
17,300
1,004,849
 
12,768,050
Construction & Engineering: 5.6%
Acter Technology Integration Group Co., Ltd. A
Shares
283,800
6,178,595
Machinery: 5.5%
Kaori Heat Treatment Co., Ltd.
39,000
1,931,180
 
 
Shares
Value
Neway Valve Suzhou Co., Ltd. A Shares
224,000
$1,666,249
Precision Tsugami China Corp., Ltd.d
179,000
1,613,574
Sany Heavy Equipment International Holdings
Co., Ltd.
985,000
836,826
 
6,047,829
Marine Transportation: 1.7%
SITC International Holdings Co., Ltd.
450,500
1,807,205
Total Industrials
26,801,679
 
Materials: 8.2%
Metals & Mining: 7.0%
Jiangsu Boqian New Materials Stock Co., Ltd. A
Shares
188,900
7,606,432
Chemicals: 1.2%
Grace Fabric Technology Co., Ltd. A Shares
33,700
1,332,856
Total Materials
8,939,288
 
Consumer Discretionary: 5.5%
Hotels, Restaurants & Leisure: 2.3%
Atour Lifestyle Holdings, Ltd. ADR
79,642
2,532,616
Automobile Components: 1.8%
Minth Group, Ltd.
580,000
1,965,334
Household Durables: 1.4%
Midea Group Co., Ltd. A Shares
134,200
1,494,987
Total Consumer Discretionary
5,992,937
 
Energy: 3.9%
Energy Equipment & Services: 3.9%
Yantai Jereh Oilfield Services Group Co., Ltd. A
Shares
186,900
4,226,747
Total Energy
4,226,747
 
Health Care: 1.7%
Biotechnology: 1.7%
Sichuan Kelun-Biotech Biopharmaceutical Co.,
Ltd. H Sharesb
24,100
1,344,679
Innovent Biologics, Inc.b,c,d
52,500
534,786
Total Health Care
1,879,465
 
Real Estate: 0.9%
Real Estate Management & Development: 0.9%
China Resources Land, Ltd.
268,000
1,029,604
Total Real Estate
1,029,604
 
TOTAL COMMON EQUITIES
100,933,898
(Cost $62,936,779)
15  MATTHEWS ASIA FUNDS

 
Matthews China Innovators FundJune 30, 2026
Schedule of Investmentsa (unaudited) (continued)
RIGHTS: 0.0%
 
Shares
Value
Information Technology: 0.0%
Electronic Equipment, Instruments & Components: 0.0%
Compeq Manufacturing Co., Ltd. Rights, Expires
07/20/2026b
3,496
$0
Total Information Technology
0
 
TOTAL RIGHTS
0
(Cost $0)
 
Total Investments: 92.2%
100,933,898
(Cost $62,936,779)
CASH AND OTHER ASSETS,
LESS LIABILITIES: 7.8%
8,567,487
Net Assets: 100.0%
$109,501,385
 
a
Certain securities were fair valued under the valuation policies approved by the
Board of Trustees (Note 2-A).
b
Non-income producing security.
c
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
June 30, 2026, the aggregate value is $1,470,730, which is 1.34% of net assets.
d
The securities may be resold to qualified foreign investors and foreign institutional
buyers under Regulation S of the Securities Act of 1933.
ADR
American Depositary Receipt
See accompanying notes to financial statements.
matthewsasia.com | 800.789.ASIA  16

Matthews India FundJune 30, 2026
Schedule of Investmentsa (unaudited)
 
COMMON EQUITIES: 104.4%
 
Shares
Value
Financials: 39.5%
Banks: 22.2%
HDFC Bank, Ltd.
4,560,937
$38,491,831
ICICI Bank, Ltd.
2,001,313
29,213,630
Axis Bank, Ltd.
1,072,994
15,271,028
Kotak Mahindra Bank, Ltd.
2,683,071
11,130,576
State Bank of India
621,594
6,753,098
Federal Bank, Ltd.
1,095,936
3,826,372
AU Small Finance Bank, Ltd.b,c
192,509
2,112,511
 
106,799,046
Consumer Finance: 9.4%
Bajaj Finance, Ltd.
1,921,775
20,439,193
Shriram Finance, Ltd.
1,411,302
15,571,333
Cholamandalam Investment and Finance Co.,
Ltd.
316,343
5,993,312
L&T Finance, Ltd.
692,786
2,279,044
SBI Cards & Payment Services, Ltd.
189,399
1,188,473
 
45,471,355
Insurance: 5.4%
Star Health & Allied Insurance Co., Ltd.d
1,751,267
10,900,400
Max Financial Services, Ltd.d
415,285
6,958,115
Canara HSBC Life Insurance Co., Ltd.d
2,847,913
4,214,763
ICICI Lombard General Insurance Co., Ltd.b,c
192,259
3,542,301
PB Fintech, Ltd.d
37,242
641,650
 
26,257,229
Capital Markets: 2.5%
Billionbrains Garage Ventures, Ltd.b,c,d
1,808,167
3,867,757
Nippon Life India Asset Management, Ltd.b,c
239,881
2,951,211
ICICI Prudential Asset Management Co., Ltd.
82,421
2,896,133
BSE, Ltd.
55,714
2,281,101
 
11,996,202
Total Financials
190,523,832
 
Consumer Discretionary: 21.4%
Hotels, Restaurants & Leisure: 10.2%
Eternal, Ltd.d
12,755,135
35,749,494
Swiggy, Ltd.d
3,417,437
8,654,058
Le Travenues Technology, Ltd.c,d
2,190,084
4,560,945
 
48,964,497
Automobiles: 6.6%
Mahindra & Mahindra, Ltd.
298,209
9,699,189
Ather Energy, Ltd.d
783,129
9,461,681
TVS Motor Co., Ltd.
171,210
6,268,979
Eicher Motors, Ltd.
39,770
2,978,117
Bajaj Auto, Ltd.
21,232
2,183,881
Maruti Suzuki India, Ltd.
6,779
1,013,495
 
31,605,342
Textiles, Apparel & Luxury Goods: 1.7%
Titan Co., Ltd.
175,763
8,186,391
Specialty Retail: 1.5%
Lenskart Solutions, Ltd.d
1,183,953
6,448,219
Cartrade Tech, Ltd.d
33,939
967,906
 
7,416,125
 
 
Shares
Value
Automobile Components: 1.2%
Sona Blw Precision Forgings, Ltd.b,c
531,929
$3,491,467
Exide Industries, Ltd.
588,154
2,413,399
 
5,904,866
Household Durables: 0.2%
Crompton Greaves Consumer Electricals, Ltd.
423,852
1,232,011
Total Consumer Discretionary
103,309,232
 
Industrials: 8.9%
Machinery: 3.4%
Thermax, Ltd.
193,737
10,572,089
Cummins India, Ltd.
97,227
5,824,594
 
16,396,683
Electrical Equipment: 2.4%
Bharat Heavy Electricals, Ltd.
1,327,766
5,822,741
CG Power & Industrial Solutions, Ltd.
364,389
3,675,300
Finolex Cables, Ltd.
144,415
1,787,287
 
11,285,328
Air Freight & Logistics: 1.0%
Delhivery, Ltd.d
981,974
4,903,255
Passenger Airlines: 0.9%
InterGlobe Aviation, Ltd.b,c
79,689
4,527,192
Transportation Infrastructure: 0.8%
Gujarat Pipavav Port, Ltd.
2,337,361
3,736,268
Construction & Engineering: 0.3%
Praj Industries, Ltd.
352,647
1,309,410
Industrial Conglomerates: 0.1%
Apar Industries, Ltd.
2,856
474,771
Total Industrials
42,632,907
 
Consumer Staples: 8.7%
Food Products: 3.8%
Marico, Ltd.
1,216,942
10,762,038
Tata Consumer Products, Ltd.
674,570
7,677,215
 
18,439,253
Personal Care Products: 2.3%
Hindustan Unilever, Ltd.
347,053
7,772,215
Godrej Consumer Products, Ltd.
297,823
3,182,066
 
10,954,281
Beverages: 2.1%
Varun Beverages, Ltd.
1,268,309
6,818,715
United Spirits, Ltd.
237,465
3,396,496
 
10,215,211
Tobacco: 0.5%
ITC, Ltd.
786,735
2,386,094
Total Consumer Staples
41,994,839
17  MATTHEWS ASIA FUNDS

 
Matthews India FundJune 30, 2026
Schedule of Investmentsa (unaudited) (continued)
COMMON EQUITIES (continued)
 
Shares
Value
 
Health Care: 7.9%
Pharmaceuticals: 5.7%
Neuland Laboratories, Ltd.
110,763
$21,753,561
Aether Industries, Ltd.d
162,883
2,341,090
Sun Pharmaceutical Industries, Ltd.
101,439
1,997,054
Zydus Lifesciences, Ltd.
101,525
1,193,934
 
27,285,639
Health Care Providers & Services: 1.1%
Metropolis Healthcare, Ltd.b,c
914,605
5,225,143
Life Sciences Tools & Services: 0.7%
Divi’s Laboratories, Ltd.
47,979
3,338,059
Health Care Technology: 0.4%
Inventurus Knowledge Solutions, Ltd.d
119,607
2,124,339
Total Health Care
37,973,180
 
Information Technology: 5.5%
Electronic Equipment, Instruments & Components: 2.4%
Avalon Technologies, Ltd.b,c,d
405,535
7,741,686
Syrma SGS Technology, Ltd.
247,192
3,660,842
 
11,402,528
Communications Equipment: 1.4%
Sterlite Technologies, Ltd.d
1,032,842
6,755,133
IT Services: 1.0%
Infosys, Ltd.
301,996
3,201,757
Persistent Systems, Ltd.
41,475
1,901,400
 
5,103,157
Software: 0.7%
AurionPro Solutions, Ltd.
185,696
1,685,727
Capillary Technologies India, Ltd.d
308,429
1,675,999
 
3,361,726
Total Information Technology
26,622,544
 
Communication Services: 5.0%
Wireless Telecommunication Services: 4.0%
Bharti Airtel, Ltd.
973,462
19,069,386
Diversified Telecommunication Services: 1.0%
HFCL, Ltd.
2,168,138
4,905,313
Total Communication Services
23,974,699
 
 
Shares
Value
 
Energy: 4.9%
Oil, Gas & Consumable Fuels: 4.9%
Reliance Industries, Ltd.
1,643,553
$22,514,402
Oil & Natural Gas Corp., Ltd.
475,660
1,179,447
Total Energy
23,693,849
 
Materials: 2.6%
Chemicals: 1.1%
Gujarat Fluorochemicals, Ltd.
56,153
2,354,850
Carborundum Universal, Ltd.
159,487
1,986,841
Asian Paints, Ltd.
41,589
1,158,800
 
5,500,491
Construction Materials: 1.1%
UltraTech Cement, Ltd.
44,153
5,256,665
Metals & Mining: 0.4%
Hindalco Industries, Ltd.
163,572
1,661,392
Total Materials
12,418,548
 
Total Investments: 104.4%
503,143,630
(Cost $450,881,877)
LIABILITIES IN EXCESS OF CASH
AND OTHER ASSETS: (4.4%)
(21,408,747
)
Net Assets: 100.0%
$481,734,883
 
a
Certain securities were fair valued under the valuation policies approved by the Board of
Trustees (Note 2-A).
b
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 June 30,
2026, the aggregate value is $33,459,268, which is 6.95% of net assets.
c
The securities may be resold to qualified foreign investors and foreign institutional
buyers under Regulation S of the Securities Act of 1933.
d
Non-income producing security.
See accompanying notes to financial statements.
matthewsasia.com | 800.789.ASIA  18

Matthews Japan FundJune 30, 2026
Schedule of Investmentsa (unaudited)
 
COMMON EQUITIES: 98.7%
 
Shares
Value
Industrials: 25.3%
Machinery: 5.7%
MISUMI Group, Inc.
636,300
$15,854,721
Kawasaki Heavy Industries, Ltd.
769,300
13,922,076
THK Co., Ltd.
287,300
13,141,508
 
42,918,305
Trading Companies & Distributors: 5.4%
Sumitomo Corp.
1,652,800
15,886,181
Toyota Tsusho Corp.
398,300
14,825,584
Marubeni Corp.
348,500
10,160,022
 
40,871,787
Industrial Conglomerates: 3.5%
Hitachi, Ltd.
807,700
22,353,985
Hikari Tsushin, Inc.
17,800
3,911,285
 
26,265,270
Professional Services: 3.4%
Recruit Holdings Co., Ltd.
364,400
25,354,578
Electrical Equipment: 3.3%
Mitsubishi Electric Corp.
405,900
14,886,183
Fuji Electric Co., Ltd.
120,700
10,223,854
 
25,110,037
Ground Transportation: 2.2%
East Japan Railway Co.
481,300
10,058,219
GO, Inc.b
446,200
6,048,309
 
16,106,528
Construction & Engineering: 1.1%
Kinden Corp.
173,500
8,564,423
Commercial Services & Supplies: 0.7%
Itoki Corp.
296,300
4,860,537
Total Industrials
190,051,465
 
Information Technology: 21.0%
Semiconductors & Semiconductor Equipment: 15.3%
Tokyo Electron, Ltd.
97,600
47,321,767
Advantest Corp.
138,800
28,555,108
Kioxia Holdings Corp.b
41,700
24,237,288
Renesas Electronics Corp.
486,500
15,017,696
 
115,131,859
Electronic Equipment, Instruments & Components: 4.1%
Keyence Corp.
34,000
17,186,570
Anritsu Corp.
492,700
13,555,388
 
30,741,958
IT Services: 1.6%
NEC Corp.
505,500
12,203,937
Total Information Technology
158,077,754
 
Consumer Discretionary: 18.3%
Household Durables: 5.9%
Sony Group Corp.
1,127,300
22,685,858
 
 
Shares
Value
Panasonic Holdings Corp.
773,700
$21,766,803
 
44,452,661
Automobile Components: 4.8%
Sumitomo Electric Industries, Ltd.
1,032,400
19,158,377
Yokohama Rubber Co., Ltd.
219,800
9,914,345
GS Yuasa Corp.
167,100
6,737,237
 
35,809,959
Textiles, Apparel & Luxury Goods: 2.1%
Asics Corp.
579,800
15,769,812
Automobiles: 2.0%
Isuzu Motors, Ltd.
701,000
9,334,656
Toyota Motor Corp.
360,300
6,035,928
 
15,370,584
Specialty Retail: 2.0%
Fast Retailing Co., Ltd.
28,900
14,806,752
Broadline Retail: 1.5%
Ryohin Keikaku Co., Ltd.
504,900
11,036,126
Total Consumer Discretionary
137,245,894
 
Financials: 17.9%
Banks: 10.0%
Mitsubishi UFJ Financial Group, Inc.
1,771,600
35,295,471
Sumitomo Mitsui Financial Group, Inc.
632,600
24,797,324
Japan Post Bank Co., Ltd.
805,000
15,321,042
 
75,413,837
Insurance: 3.6%
Tokio Marine Holdings, Inc.
344,600
15,151,653
MS&AD Insurance Group Holdings, Inc.
451,200
11,695,089
 
26,846,742
Financial Services: 2.5%
ORIX Corp.
496,500
18,912,447
Capital Markets: 1.8%
Nomura Holdings, Inc.
1,530,600
13,438,563
Total Financials
134,611,589
 
Materials: 4.8%
Chemicals: 4.8%
Shin-Etsu Chemical Co., Ltd.
504,900
22,008,335
Resonac Holdings Corp.
130,000
14,460,983
Total Materials
36,469,318
 
Consumer Staples: 3.2%
Food Products: 2.0%
Ajinomoto Co., Inc.
405,900
14,798,777
Personal Care Products: 1.2%
Kao Corp.
468,600
9,287,035
Total Consumer Staples
24,085,812
19  MATTHEWS ASIA FUNDS

 
Matthews Japan FundJune 30, 2026
Schedule of Investmentsa (unaudited) (continued)
COMMON EQUITIES (continued)
 
Shares
Value
 
Real Estate: 3.1%
Real Estate Management & Development: 3.1%
Mitsubishi Estate Co., Ltd.
379,400
$9,675,154
Sumitomo Realty & Development Co., Ltd.
332,100
7,710,439
NS Group, Inc.
628,800
5,676,288
Total Real Estate
23,061,881
 
Communication Services: 2.5%
Wireless Telecommunication Services: 1.3%
SoftBank Group Corp.
274,500
10,182,110
Entertainment: 1.2%
Konami Group Corp.
81,600
8,939,032
Total Communication Services
19,121,142
 
Health Care: 2.0%
Pharmaceuticals: 2.0%
Shionogi & Co., Ltd.
492,300
8,411,695
Santen Pharmaceutical Co., Ltd.
506,400
6,643,239
Total Health Care
15,054,934
 
 
Shares
Value
 
Energy: 0.6%
Oil, Gas & Consumable Fuels: 0.6%
Inpex Corp.
227,300
$4,586,512
Total Energy
4,586,512
 
Total Investments: 98.7%
742,366,301
(Cost $578,921,706)
CASH AND OTHER ASSETS,
LESS LIABILITIES: 1.3%
9,576,229
Net Assets: 100.0%
$751,942,530
 
a
Certain securities were fair valued under the valuation policies approved by the Board of
Trustees (Note 2-A).
b
Non-income producing security.
See accompanying notes to financial statements.
matthewsasia.com | 800.789.ASIA  20

Matthews Asia Dividend FundJune 30, 2026
Schedule of Investmentsa (unaudited)
 
COMMON EQUITIES: 96.0%
 
Shares
Value 
China/Hong Kong: 23.5%
Tencent Holdings, Ltd.
264,000
$14,568,196
Industrial & Commercial Bank of China, Ltd. H
Shares
16,533,000
13,581,625
Ping An Insurance Group Co. of China, Ltd. H
Shares
1,780,500
11,642,302
China Construction Bank Corp. H Shares
8,983,000
9,265,535
Hongkong Land Holdings, Ltd.
1,190,500
8,481,227
Yuexiu Transport Infrastructure, Ltd.
18,020,000
8,306,331
AIA Group, Ltd.
894,000
8,184,780
PetroChina Co., Ltd. H Shares
7,566,000
8,165,693
Yum China Holdings, Inc.
197,351
8,065,735
Swire Pacific, Ltd. Class A
760,500
7,943,779
Link REIT
1,663,200
7,761,064
Midea Group Co., Ltd. A Shares
668,741
7,455,645
HKT Trust & HKT, Ltd.
5,010,000
7,453,615
BOC Hong Kong Holdings, Ltd.
1,250,000
6,783,173
NARI Technology Co., Ltd. A Shares
1,806,568
6,093,961
Dongfang Electric Corp., Ltd. H Shares
2,131,600
5,845,908
JD.com, Inc. Class A
436,733
5,564,152
Alibaba Group Holding, Ltd.
443,600
5,318,078
China Tower Corp., Ltd. H Sharesb,c
4,439,000
4,995,355
China Merchants Bank Co., Ltd. H Shares
559,500
3,212,518
Techtronic Industries Co., Ltd.
89,500
1,489,419
Baidu, Inc. Class Ad
100,350
1,432,602
GF Securities Co., Ltd. H Shares
636,600
1,385,434
Midea Group Co., Ltd. A Shares
113,700
1,266,618
China International Capital Corp., Ltd. H
Sharesb,c
187,200
503,739
Total China/Hong Kong
164,766,484
 
Japan: 21.8%
Tokyo Electron, Ltd.
49,800
24,145,738
Mitsubishi UFJ Financial Group, Inc.
1,003,300
19,988,680
ORIX Corp.
465,200
17,720,181
Sumitomo Corp.
1,576,000
15,148,004
Marubeni Corp.
473,800
13,812,966
Shin-Etsu Chemical Co., Ltd.
293,100
12,776,080
Tokio Marine Holdings, Inc.
274,300
12,060,645
Kajima Corp.
203,200
7,407,246
NEC Corp.
262,000
6,325,284
Mitsui Fudosan Co., Ltd.
663,200
6,146,818
Asahi Group Holdings, Ltd.
625,600
5,947,367
Sawai Group Holdings Co., Ltd.
388,800
4,041,921
Hikari Tsushin, Inc.
17,900
3,933,258
Sony Group Corp.
146,800
2,954,213
Sony Financial Group, Inc.
379,600
330,759
Total Japan
152,739,160
 
South Korea: 19.6%
Samsung Electronics Co., Ltd.
264,442
58,678,951
Hana Financial Group, Inc.
247,228
18,466,448
SK, Inc.
30,276
16,602,244
Samsung Fire & Marine Insurance Co., Ltd.
27,481
11,089,434
Korea Investment Holdings Co., Ltd.
62,940
9,117,212
KT&G Corp.
65,174
7,172,742
Lotte Shopping Co., Ltd.
55,007
6,069,427
Kia Corp.
61,243
5,531,327
Macquarie Korea Infrastructure Fund
714,182
4,698,763
Total South Korea
137,426,548
 
 
Shares
Value 
 
Taiwan: 17.8%
Taiwan Semiconductor Manufacturing Co.,
Ltd.
1,238,469
$97,703,168
CTBC Financial Holding Co., Ltd.
5,395,000
12,092,947
WNC Corp.
965,000
8,014,141
Quanta Computer, Inc.
611,000
7,123,347
Total Taiwan
124,933,603
 
Australia: 5.0%
Rio Tinto, Ltd.
118,390
14,244,663
Telstra Group, Ltd.
3,830,874
13,434,379
ANZ Group Holdings, Ltd.
302,459
7,381,331
Total Australia
35,060,373
 
Singapore: 3.5%
DBS Group Holdings, Ltd.
313,500
15,874,010
Singapore Telecommunications, Ltd.
2,587,300
8,833,085
Total Singapore
24,707,095
 
India: 3.5%
HDFC Bank, Ltd.
870,682
7,348,083
Power Grid Corp. of India, Ltd.
2,408,629
7,285,303
Bharti Airtel, Ltd.
297,394
5,825,724
Hindustan Unilever, Ltd.
177,692
3,979,394
Total India
24,438,504
 
Thailand: 0.7%
Bangkok Dusit Medical Services Public Co.,
Ltd. F Shares
8,030,800
4,677,845
Total Thailand
4,677,845
 
Indonesia: 0.6%
PT Bank Rakyat Indonesia Persero Tbk
28,538,284
4,369,606
Total Indonesia
4,369,606
 
Total Investments: 96.0%
673,119,218
(Cost $479,942,915)
CASH AND OTHER ASSETS,
LESS LIABILITIES: 4.0%
27,790,603
Net Assets: 100.0%
$700,909,821
 
a
Certain securities were fair valued under the valuation policies approved by the
Board of Trustees (Note 2-A).
b
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
June 30, 2026, the aggregate value is $5,499,094, which is 0.78% of net assets.
c
The securities may be resold to qualified foreign investors and foreign institutional
buyers under Regulation S of the Securities Act of 1933.
d
Non-income producing security.
REIT
Real Estate Investment Trust
See accompanying notes to financial statements.
21  MATTHEWS ASIA FUNDS

 
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
Statements of Assets and Liabilities (unaudited)June 30, 2026
 
 
Matthews Emerging
Markets Equity Fund
Matthews Emerging
Markets Sustainable
Future Fund
Matthews
Emerging Markets
Small Companies
Fund
ASSETS:
Investments at value (A) (Note 2-A):
Unaffiliated issuers
$331,303,423
$328,801,921
$435,343,386
Cash
2,474,562
17,634,955
9,822,970
Segregated foreign currency at value (B)
472
8,923
3,872
Foreign currency at value (B)
13,298
274,165
1,052,952
Dividends and interest receivable
754,505
294,205
424,820
Receivable for securities sold
—
5,406,234
782,201
Receivable for capital shares sold
50,030
48,161
101,144
Other receivable
27,038
26,336
114,944
Prepaid expenses
41,740
24,690
95,576
TOTAL ASSETS
334,665,068
352,519,590
447,741,865
LIABILITIES:
Payable for capital shares redeemed
756,431
193,655
3,127,114
Deferred foreign capital gains tax liability (Note 2-E)
382,988
1,109,974
5,443,650
Due to Advisor (Note 4)
147,843
200,964
266,763
Administration and accounting fees payable (Note 4)
4,378
4,545
5,843
Administration and shareholder servicing fees payable (Note 4)
56,697
58,768
75,054
Custodian fees payable
6,326
708
44,862
Intermediary service fees payable (Note 4)
57,370
20,852
157,164
Professional fees payable
45,667
41,396
63,143
Printing fees payables
2,632
1,076
17,048
Transfer agent fees payable
2,570
506
3,849
Accrued other expenses payable
22,583
36,753
93,583
TOTAL LIABILITIES
1,485,485
1,669,197
9,298,073
NET ASSETS
$333,179,583
$350,850,393
$438,443,792
NET ASSETS:
Investor Class
$247,226,715
$32,641,928
$152,003,019
Institutional Class
85,952,868
318,208,465
286,440,773
TOTAL
$333,179,583
$350,850,393
$438,443,792
 
See accompanying notes to financial statements.
matthewsasia.com | 800.789.ASIA  22

 
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..................................................................................................................................................
Statements of Assets and Liabilities (unaudited) (continued)June 30, 2026
 
Matthews Emerging
Markets Equity Fund
Matthews Emerging
Markets Sustainable
Future Fund
Matthews
Emerging Markets
Small Companies
Fund
SHARES OUTSTANDING:
(shares of beneficial interest issued and outstanding, respectively, unlimited
number of shares authorized with a $0.001 par value)
Investor Class
11,321,834
1,584,449
4,699,439
Institutional Class
3,939,184
15,428,443
8,864,433
TOTAL
15,261,018
17,012,892
13,563,872
NET ASSET VALUE:
Investor Class, offering price and redemption price
$21.84
$20.60
$32.34
Institutional Class, offering price and redemption price
$21.82
$20.62
$32.31
NET ASSETS CONSISTS OF:
Capital paid-in
$217,971,850
$226,743,967
$389,978,084
Total distributable earnings/(accumulated loss)
115,207,733
124,106,426
48,465,708
NET ASSETS
$333,179,583
$350,850,393
$438,443,792
(A) Investments at cost:
Unaffiliated Issuers
$218,647,860
$204,364,343
$324,752,652
(B) Foreign Currency at Cost
$13,328
$274,018
$1,053,368
 
See accompanying notes to financial statements.
23  MATTHEWS ASIA FUNDS

 
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
Statements of Assets and Liabilities (unaudited) (continued)June 30, 2026
 
Matthews Asia
Growth Fund
Matthews Pacific
Tiger Fund
Matthews Asia
Innovators Fund
ASSETS:
Investments at value (A) (Note 2-A):
Unaffiliated issuers
$273,724,342
$832,960,782
$470,181,365
Cash
32,361,632
44,527,472
28,484,564
Segregated foreign currency at value (B)
—
—
1,637
Foreign currency at value (B)
1,540,054
5,706,946
98,542
Dividends and interest receivable
267,025
1,872,201
475,009
Receivable for securities sold
10,136,685
12,496,826
17,652,491
Receivable for capital shares sold
74,119
141,732
692,565
Other receivable
6,686
1,128,118
—
Prepaid expenses
—
74,125
84,149
TOTAL ASSETS
318,110,543
898,908,202
517,670,322
LIABILITIES:
Payable for securities purchased
1,491,949
7,628,773
—
Payable for capital shares redeemed
304,822
307,293
296,009
Deferred foreign capital gains tax liability (Note 2-E)
276,090
68,567
2,099,478
Due to Advisor (Note 4)
194,463
515,951
288,951
Administration and accounting fees payable (Note 4)
3,901
11,595
6,422
Administration and shareholder servicing fees payable (Note 4)
52,107
150,254
84,139
Custodian fees payable
8,682
28,389
10,836
Intermediary service fees payable (Note 4)
61,369
161,030
54,912
Professional fees payable
122,869
222,934
314,821
Printing fees payables
78,864
565,166
20,131
Transfer agent fees payable
3,732
9,209
3,181
Accrued other expenses payable
41,967
126,129
33,080
TOTAL LIABILITIES
2,640,815
9,795,290
3,211,960
NET ASSETS
$315,469,728
$889,112,912
$514,458,362
NET ASSETS:
Investor Class
$178,228,796
$550,497,241
$287,771,720
Institutional Class
137,240,932
338,615,671
226,686,642
TOTAL
$315,469,728
$889,112,912
$514,458,362
 
See accompanying notes to financial statements.
matthewsasia.com | 800.789.ASIA  24

 
..................................................................................................................................................
..................................................................................................................................................
Statements of Assets and Liabilities (unaudited) (continued)June 30, 2026
 
Matthews Asia
Growth Fund
Matthews Pacific
Tiger Fund
Matthews Asia
Innovators Fund
SHARES OUTSTANDING:
(shares of beneficial interest issued and outstanding, respectively, unlimited
number of shares authorized with a $0.001 par value)
Investor Class
4,163,112
18,341,642
10,209,470
Institutional Class
3,159,632
11,266,283
7,897,777
TOTAL
7,322,744
29,607,925
18,107,247
NET ASSET VALUE:
Investor Class, offering price and redemption price
$42.81
$30.01
$28.19
Institutional Class, offering price and redemption price
$43.44
$30.06
$28.70
NET ASSETS CONSISTS OF:
Capital paid-in
$302,911,874
$502,325,178
$563,137,116
Total distributable earnings/(accumulated loss)
12,557,854
386,787,734
(48,678,754
)
NET ASSETS
$315,469,728
$889,112,912
$514,458,362
(A) Investments at cost:
Unaffiliated Issuers
$183,371,784
$552,003,178
$308,055,540
(B) Foreign Currency at Cost
$1,540,312
$5,707,012
$98,479
 
See accompanying notes to financial statements.
25  MATTHEWS ASIA FUNDS

 
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
Statements of Assets and Liabilities (unaudited) (continued)June 30, 2026
 
Matthews
China Fund
Matthews China
Innovators Fund
Matthews
India Fund
ASSETS:
Investments at value (A) (Note 2-A):
Unaffiliated issuers
$393,214,467
$100,933,898
$503,143,630
Cash
3,650,973
9,203,938
391,002
Segregated foreign currency at value (B)
27,841
—
—
Foreign currency at value (B)
87,779
85,076
1,612,607
Dividends and interest receivable
1,539,109
101,110
774,790
Receivable for securities sold
—
1,505,923
3,169,831
Receivable for capital shares sold
101,528
306,085
27,018
Other receivable
—
—
11,725
Prepaid expenses
14,885
65,865
—
TOTAL ASSETS
398,636,582
112,201,895
509,130,603
LIABILITIES:
Payable for securities purchased
—
2,487,653
829,822
Payable for capital shares redeemed
105,946
4,306
1,625,063
Deferred foreign capital gains tax liability (Note 2-E)
—
—
23,867,995
Due to Advisor (Note 4)
233,377
43,560
278,646
Administration and accounting fees payable (Note 4)
41,349
1,288
6,429
Administration and shareholder servicing fees payable (Note 4)
67,977
16,912
81,170
Custodian fees payable
33,702
—
104,475
Intermediary service fees payable (Note 4)
114,773
15,153
298,206
Professional fees payable
72,757
97,488
94,855
Printing fees payables
39,822
14,457
1,130
Transfer agent fees payable
14,304
832
9,632
Accrued other expenses payable
77,099
18,861
198,297
TOTAL LIABILITIES
801,106
2,700,510
27,395,720
NET ASSETS
$397,835,476
$109,501,385
$481,734,883
NET ASSETS:
Investor Class
$294,200,907
$81,696,991
$385,377,012
Institutional Class
103,634,569
27,804,394
96,357,871
TOTAL
$397,835,476
$109,501,385
$481,734,883
 
See accompanying notes to financial statements.
matthewsasia.com | 800.789.ASIA  26

 
..................................................................................................................................................
..................................................................................................................................................
Statements of Assets and Liabilities (unaudited) (continued)June 30, 2026
Statements of Assets and Liabilities (unaudited) (continued)June 30, 2026
 
Matthews
China Fund
Matthews China
Innovators Fund
Matthews
India Fund
SHARES OUTSTANDING:
(shares of beneficial interest issued and outstanding, respectively, unlimited
number of shares authorized with a $0.001 par value)
Investor Class
16,806,723
4,456,287
17,435,320
Institutional Class
5,924,398
1,518,145
4,245,031
TOTAL
22,731,121
5,974,432
21,680,351
NET ASSET VALUE:
Investor Class, offering price and redemption price
$17.50
$18.33
$22.10
Institutional Class, offering price and redemption price
$17.49
$18.31
$22.70
NET ASSETS CONSISTS OF:
Capital paid-in
$748,702,027
$213,487,942
$472,980,433
Total distributable earnings/(accumulated loss)
(350,866,551
)
(103,986,557
)
8,754,450
NET ASSETS
$397,835,476
$109,501,385
$481,734,883
(A) Investments at cost:
Unaffiliated Issuers
$379,193,734
$62,936,779
$450,881,877
(B) Foreign Currency at Cost
$87,584
$85,085
$1,612,957
 
See accompanying notes to financial statements.
27  MATTHEWS ASIA FUNDS

 
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
Statements of Assets and Liabilities (unaudited) (continued)June 30, 2026
 
Matthews
Japan Fund
Matthews Asia
Dividend Fund
ASSETS:
Investments at value (A) (Note 2-A):
Unaffiliated issuers
$742,366,301
$673,119,218
Cash
7,130,999
25,985,408
Segregated foreign currency at value (B)
—
841
Foreign currency at value (B)
1,508,100
1,729,664
Dividends and interest receivable
600,077
2,159,493
Receivable for securities sold
6,308,108
2,636
Receivable for capital shares sold
103,648
376,982
Other receivable
—
670,751
Prepaid expenses
53,392
18,137
TOTAL ASSETS
758,070,625
704,063,130
LIABILITIES:
Payable for securities purchased
5,079,099
—
Payable for capital shares redeemed
109,350
644,802
Deferred foreign capital gains tax liability (Note 2-E)
—
1,196,459
Due to Advisor (Note 4)
438,280
416,769
Administration and accounting fees payable (Note 4)
9,968
9,605
Administration and shareholder servicing fees payable (Note 4)
127,657
121,394
Custodian fees payable
5,454
5,835
Intermediary service fees payable (Note 4)
115,141
77,003
Professional fees payable
69,821
183,570
Printing fees payables
73,378
357,545
Transfer agent fees payable
16,527
3,938
Accrued other expenses payable
83,420
136,389
TOTAL LIABILITIES
6,128,095
3,153,309
NET ASSETS
$751,942,530
$700,909,821
NET ASSETS:
Investor Class
$296,859,801
$358,389,989
Institutional Class
455,082,729
342,519,832
TOTAL
$751,942,530
$700,909,821
 
See accompanying notes to financial statements.
matthewsasia.com | 800.789.ASIA  28

 
..................................................................................................................................................
..................................................................................................................................................
Statements of Assets and Liabilities (unaudited) (continued)June 30, 2026
 
Matthews
Japan Fund
Matthews Asia
Dividend Fund
SHARES OUTSTANDING:
(shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized
with a $0.001 par value)
Investor Class
10,458,615
17,430,184
Institutional Class
15,977,507
16,672,686
TOTAL
26,436,122
34,102,870
NET ASSET VALUE:
Investor Class, offering price and redemption price
$28.38
$20.56
Institutional Class, offering price and redemption price
$28.48
$20.54
NET ASSETS CONSISTS OF:
Capital paid-in
$509,260,480
$799,932,881
Total distributable earnings/(accumulated loss)
242,682,050
(99,023,060
)
NET ASSETS
$751,942,530
$700,909,821
(A) Investments at cost:
Unaffiliated Issuers
$578,921,706
$479,942,915
(B) Foreign Currency at Cost
$1,514,246
$1,732,337
See accompanying notes to financial statements.
29  MATTHEWS ASIA FUNDS

 
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
Statements of Operations (unaudited)Six-Month Period Ended June 30, 2026
 
 
Matthews Emerging
Markets Equity Fund
Matthews Emerging
Markets Sustainable
Future Fund
Matthews
Emerging Markets
Small Companies
Fund
INVESTMENT INCOME:
Dividends—Unaffiliated Issuers
$3,111,634
$1,755,849
$2,270,918
Foreign withholding tax
(368,497
)
(192,156
)
(175,106
)
TOTAL INVESTMENT INCOME
2,743,137
1,563,693
2,095,812
EXPENSES:
Investment advisory fees (Note 4)
1,052,794
1,031,518
1,817,592
Administration and accounting fees (Note 4)
11,807
11,568
17,107
Administration and shareholder servicing fees (Note 4)
309,497
303,175
448,608
Accounting out-of-pocket fees
8,395
15,496
19,926
Custodian fees
25,733
59,232
90,050
Printing fees
6,076
19,657
34,421
Intermediary service fees (Note 4)
223,502
129,105
273,905
Professional fees
33,763
51,568
76,995
Registration fees
10,758
30,240
—
Transfer agent fees
8,110
2,648
27,453
Trustees fees
28,456
23,940
48,363
Other expenses
7,362
20,597
38,816
TOTAL EXPENSES
1,726,253
1,698,744
2,893,236
Advisory fees waived and expenses waived or reimbursed (Note 4)
(186,288
)
(1,029
)
(271,145
)
NET EXPENSES
1,539,965
1,697,715
2,622,091
NET INVESTMENT INCOME (LOSS)
1,203,172
(134,022
)
(526,279
)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN
CURRENCY RELATED TRANSACTIONS, AND FOREIGN CAPITAL GAINS
TAXES:
Net realized gain (loss) on investments—Unaffiliated Issuers
30,024,969
25,209,805
38,344,807
Net realized foreign capital gains tax
(363,320
)
(13,650
)
(437,458
)
Net realized gain (loss) on foreign currency related transactions
55,253
(60,484
)
(73,942
)
Net change in unrealized appreciation/depreciation on investments—Unaffiliated
Issuers
53,580,534
89,935,980
61,690,097
Net change in deferred foreign capital gains taxes on unrealized
appreciation/depreciation
859,937
(138,008
)
(1,334,913
)
Net change in unrealized appreciation/depreciation on foreign currency related
translations
2,951
(8,724
)
(15,645
)
Net realized and unrealized gain (loss) on investments, foreign currency
related transactions, and foreign capital gains taxes
84,160,324
114,924,919
98,172,946
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
$85,363,496
$114,790,897
$97,646,667
See accompanying notes to financial statements.
matthewsasia.com | 800.789.ASIA  30

 
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
Statements of Operations (unaudited) (continued)Six-Month Period Ended June 30, 2026
 
 
Matthews Asia
Growth Fund
Matthews Pacific
Tiger Fund
Matthews Asia
Innovators Fund
INVESTMENT INCOME:
Dividends—Unaffiliated Issuers
$1,518,561
$9,265,038
$1,913,857
Foreign withholding tax
(152,363
)
(725,775
)
(237,269
)
TOTAL INVESTMENT INCOME
1,366,198
8,539,263
1,676,588
EXPENSES:
Investment advisory fees (Note 4)
874,414
2,875,043
1,428,305
Administration and accounting fees (Note 4)
9,807
31,555
16,019
Administration and shareholder servicing fees (Note 4)
256,970
829,500
419,740
Accounting out-of-pocket fees
17,731
19,915
15,073
Custodian fees
24,359
82,347
34,846
Printing fees
—
—
12,753
Intermediary service fees (Note 4)
170,295
548,942
259,650
Professional fees
39,449
91,651
231,628
Registration fees
16,328
4,079
233
Reorganization fees (Note 8)
92,667
—
92,667
Transfer agent fees
11,276
28,885
13,961
Trustees fees
21,205
79,002
35,691
Other expenses
14,838
54,448
28,955
TOTAL EXPENSES
1,549,339
4,645,367
2,589,521
Advisory fees waived and expenses waived or reimbursed (Note 4)
(2,130
)
—
—
NET EXPENSES
1,547,209
4,645,367
2,589,521
NET INVESTMENT INCOME (LOSS)
(181,011
)
3,893,896
(912,933
)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN
CURRENCY RELATED TRANSACTIONS, AND FOREIGN CAPITAL GAINS
TAXES:
Net realized gain (loss) on investments—Unaffiliated Issuers
62,108,188
120,894,900
118,035,133
Net realized foreign capital gains tax
(60,971
)
(152,181
)
(116,706
)
Net realized gain (loss) on foreign currency related transactions
(117,140
)
(209,685
)
(126,333
)
Net change in unrealized appreciation/depreciation on investments—Unaffiliated
Issuers
54,824,372
108,296,126
95,466,789
Net change in deferred foreign capital gains taxes on unrealized
appreciation/depreciation
142,322
116,194
(1,025,161
)
Net change in unrealized appreciation/depreciation on foreign currency related
translations
(19,402
)
(49,280
)
(33,408
)
Net realized and unrealized gain (loss) on investments, foreign currency
related transactions, and foreign capital gains taxes
116,877,369
228,896,074
212,200,314
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
$116,696,358
$232,789,970
$211,287,381
See accompanying notes to financial statements.
31  MATTHEWS ASIA FUNDS

 
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
Statements of Operations (unaudited) (continued)Six-Month Period Ended June 30, 2026
 
 
Matthews
China Fund
Matthews China
Innovators Fund
Matthews
India Fund
INVESTMENT INCOME:
Dividends—Unaffiliated Issuers
$4,466,171
$594,671
$2,024,402
Foreign withholding tax
(263,190
)
(24,380
)
(480,062
)
TOTAL INVESTMENT INCOME
4,202,981
570,291
1,544,340
EXPENSES:
Investment advisory fees (Note 4)
1,447,463
352,396
1,984,674
Administration and accounting fees (Note 4)
16,231
3,317
22,253
Administration and shareholder servicing fees (Note 4)
425,737
86,924
583,973
Accounting out-of-pocket fees
8,375
16,536
19,545
Custodian fees
21,901
34,090
79,662
Printing fees
—
4,369
8,000
Intermediary service fees (Note 4)
366,675
63,808
589,165
Professional fees
52,529
103,249
112,127
Registration fees
21,864
13,959
79,434
Transfer agent fees
24,093
3,957
30,890
Trustees fees
49,211
7,502
76,692
Other expenses
22,518
5,417
58,592
TOTAL EXPENSES
2,456,597
695,524
3,645,007
Advisory fees waived and expenses waived or reimbursed (Note 4)
—
(93,596
)
—
NET EXPENSES
2,456,597
601,928
3,645,007
NET INVESTMENT INCOME (LOSS)
1,746,384
(31,637
)
(2,100,667
)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN
CURRENCY RELATED TRANSACTIONS, AND FOREIGN CAPITAL GAINS
TAXES:
Net realized gain (loss) on investments—Unaffiliated Issuers
34,267,168
15,462,521
578,545
Net realized foreign capital gains tax
—
—
(1,942,942
)
Net realized gain (loss) on foreign currency related transactions
(17,290
)
(13,117
)
(349,288
)
Net change in unrealized appreciation/depreciation on investments—Unaffiliated
Issuers
(29,503,323
)
24,921,985
(70,249,329
)
Net change in deferred foreign capital gains taxes on unrealized
appreciation/depreciation
—
—
10,352,369
Net change in unrealized appreciation/depreciation on foreign currency related
translations
(5,761
)
(453
)
2,085
Net realized and unrealized gain (loss) on investments, foreign currency
related transactions, and foreign capital gains taxes
4,740,794
40,370,936
(61,608,560
)
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
$6,487,178
$40,339,299
($63,709,227
)
See accompanying notes to financial statements.
matthewsasia.com | 800.789.ASIA  32

 
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
Statements of Operations (unaudited) (continued)Six-Month Period Ended June 30, 2026
 
 
Matthews
Japan Fund
Matthews Asia
Dividend Fund
INVESTMENT INCOME:
Dividends—Unaffiliated Issuers
$7,569,086
$10,864,254
Foreign withholding tax
(749,348
)
(930,220
)
TOTAL INVESTMENT INCOME
6,819,738
9,934,034
EXPENSES:
Investment advisory fees (Note 4)
2,622,706
2,422,054
Administration and accounting fees (Note 4)
29,410
26,965
Administration and shareholder servicing fees (Note 4)
771,310
708,526
Accounting out-of-pocket fees
16,224
18,432
Custodian fees
25,578
34,425
Intermediary service fees (Note 4)
348,053
367,527
Professional fees
82,162
96,101
Registration fees
16,976
20,801
Transfer agent fees
58,465
18,263
Trustees fees
77,413
58,986
Other expenses
57,924
32,180
TOTAL EXPENSES
4,106,221
3,804,260
NET INVESTMENT INCOME (LOSS)
2,713,517
6,129,774
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN CURRENCY RELATED
TRANSACTIONS, AND FOREIGN CAPITAL GAINS TAXES:
Net realized gain (loss) on investments—Unaffiliated Issuers
82,055,996
40,503,438
Net realized gain (loss) on foreign currency related transactions
(157,033
)
(198,983
)
Net change in unrealized appreciation/depreciation on investments—Unaffiliated Issuers
33,314,309
60,269,388
Net change in deferred foreign capital gains taxes on unrealized appreciation/depreciation
—
748,253
Net change in unrealized appreciation/depreciation on foreign currency related translations
(2,211
)
(47,783
)
Net realized and unrealized gain (loss) on investments, foreign currency related transactions, and
foreign capital gains taxes
115,211,061
101,274,313
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
$117,924,578
$107,404,087
See accompanying notes to financial statements.
33  MATTHEWS ASIA FUNDS

 
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
Statements of Changes in Net Assets
 
Matthews Emerging Markets Equity Fund 
Six-Month Period
Ended June 30, 2026
(Unaudited)
Year Ended
December 31, 2025
OPERATIONS:
Net investment income (loss)
$1,203,172
$3,085,024
Net realized gain (loss) on investments and foreign currency related transactions
29,716,902
12,698,984
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations
53,583,485
39,559,231
Net change on foreign capital gains taxes on unrealized appreciation/depreciation
859,937
(1,163,032
)
Net increase (decrease) in net assets resulting from operations
85,363,496
54,180,207
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Class
—
(4,735,682
)
Institutional Class
—
(1,692,237
)
Return of capital:
Investor Class
—
(1,039,925
)
Institutional Class
—
(373,675
)
Net decrease in net assets resulting from distributions
—
(7,841,519
)
CAPITAL SHARE TRANSACTIONS (net) (Note 3)
(15,241,729
)
194,379,298
Total increase (decrease) in net assets
70,121,767
240,717,986
NET ASSETS:
Beginning of period
263,057,816
22,339,830
End of period
$333,179,583
$263,057,816
 
Matthews Emerging Markets Sustainable Future Fund 
Six-Month Period
Ended June 30, 2026
(Unaudited)
Year Ended
December 31, 2025
OPERATIONS:
Net investment income (loss)
($134,022
)
$545,008
Net realized gain (loss) on investments and foreign currency related transactions
25,135,671
6,812,718
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations
89,927,256
32,584,200
Net change on foreign capital gains taxes on unrealized appreciation/depreciation
(138,008
)
2,145,270
Net increase (decrease) in net assets resulting from operations
114,790,897
42,087,196
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Class
—
(1,204,507
)
Institutional Class
—
(11,339,985
)
Net decrease in net assets resulting from distributions
—
(12,544,492
)
CAPITAL SHARE TRANSACTIONS (net) (Note 3)
11,111,647
(17,606,055
)
Total increase (decrease) in net assets
125,902,544
11,936,649
NET ASSETS:
Beginning of period
224,947,849
213,011,200
End of period
$350,850,393
$224,947,849
See accompanying notes to financial statements.
matthewsasia.com | 800.789.ASIA  34

 
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..................................................................................................................................................
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..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
Statements of Changes in Net Assets (continued)
 
Matthews Emerging Markets Small Companies Fund 
Six-Month Period
Ended June 30, 2026
(Unaudited)
Year Ended
December 31, 2025
OPERATIONS:
Net investment income (loss)
($526,279
)
$1,439,404
Net realized gain (loss) on investments and foreign currency related transactions
37,833,407
34,346,660
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations
61,674,452
18,219,587
Net change on foreign capital gains taxes on unrealized appreciation/depreciation
(1,334,913
)
5,930,122
Net increase (decrease) in net assets resulting from operations
97,646,667
59,935,773
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Class
—
(2,180,873
)
Institutional Class
—
(4,987,868
)
Net decrease in net assets resulting from distributions
—
(7,168,741
)
CAPITAL SHARE TRANSACTIONS (net) (Note 3)
(95,926,125
)
(188,020,600
)
Total increase (decrease) in net assets
1,720,542
(135,253,568
)
NET ASSETS:
Beginning of period
436,723,250
571,976,818
End of period
$438,443,792
$436,723,250
 
Matthews Asia Growth Fund 
Six-Month Period
Ended June 30, 2026
(Unaudited)
Year Ended
December 31, 2025
OPERATIONS:
Net investment income (loss)
($181,011
)
$145,202
Net realized gain (loss) on investments and foreign currency related transactions
61,930,077
29,324,298
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations
54,804,970
9,045,503
Net change on foreign capital gains taxes on unrealized appreciation/depreciation
142,322
552,189
Net increase (decrease) in net assets resulting from operations
116,696,358
39,067,192
CAPITAL SHARE TRANSACTIONS (net) (Note 3)
(8,876,453
)
(68,123,225
)
Total increase (decrease) in net assets
107,819,905
(29,056,033
)
NET ASSETS:
Beginning of period
207,649,823
236,705,856
End of period
$315,469,728
$207,649,823
See accompanying notes to financial statements.
35  MATTHEWS ASIA FUNDS

 
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Statements of Changes in Net Assets (continued)
 
Matthews Pacific Tiger Fund 
Six-Month Period
Ended June 30, 2026
(Unaudited)
Year Ended
December 31, 2025
OPERATIONS:
Net investment income (loss)
$3,893,896
$4,834,174
Net realized gain (loss) on investments and foreign currency related transactions
120,533,034
30,711,982
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations
108,246,846
150,894,170
Net change on foreign capital gains taxes on unrealized appreciation/depreciation
116,194
1,563,716
Net increase (decrease) in net assets resulting from operations
232,789,970
188,004,042
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Class
—
(10,408,825
)
Institutional Class
—
(6,596,145
)
Net decrease in net assets resulting from distributions
—
(17,004,970
)
CAPITAL SHARE TRANSACTIONS (net) (Note 3)
(75,395,321
)
(256,952,700
)
Total increase (decrease) in net assets
157,394,649
(85,953,628
)
NET ASSETS:
Beginning of period
731,718,263
817,671,891
End of period
$889,112,912
$731,718,263
 
Matthews Asia Innovators Fund 
Six-Month Period
Ended June 30, 2026
(Unaudited)
Year Ended
December 31, 2025
OPERATIONS:
Net investment income (loss)
($912,933
)
($759,937
)
Net realized gain (loss) on investments and foreign currency related transactions
117,792,094
36,915,669
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations
95,433,381
37,290,027
Net change on foreign capital gains taxes on unrealized appreciation/depreciation
(1,025,161
)
1,196,173
Net increase (decrease) in net assets resulting from operations
211,287,381
74,641,932
CAPITAL SHARE TRANSACTIONS (net) (Note 3)
(15,244,425
)
(3,099,849
)
Total increase (decrease) in net assets
196,042,956
71,542,083
NET ASSETS:
Beginning of period
318,415,406
246,873,323
End of period
$514,458,362
$318,415,406
See accompanying notes to financial statements.
matthewsasia.com | 800.789.ASIA  36

 
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Statements of Changes in Net Assets (continued)
 
Matthews China Fund 
Six-Month Period
Ended June 30, 2026
(Unaudited)
Year Ended
December 31, 2025
OPERATIONS:
Net investment income (loss)
$1,746,384
$4,723,854
Net realized gain (loss) on investments and foreign currency related transactions
34,249,878
7,497,348
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations
(29,509,084
)
88,792,537
Net increase (decrease) in net assets resulting from operations
6,487,178
101,013,739
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Class
—
(4,342,762
)
Institutional Class
—
(1,570,901
)
Net decrease in net assets resulting from distributions
—
(5,913,663
)
CAPITAL SHARE TRANSACTIONS (net) (Note 3)
(36,724,132
)
(16,980,287
)
Total increase (decrease) in net assets
(30,236,954
)
78,119,789
NET ASSETS:
Beginning of period
428,072,430
349,952,641
End of period
$397,835,476
$428,072,430
 
Matthews China Innovators Fund 
Six-Month Period
Ended June 30, 2026
(Unaudited)
Year Ended
December 31, 2025
OPERATIONS:
Net investment income (loss)
($31,637
)
$563,882
Net realized gain (loss) on investments and foreign currency related transactions
15,449,404
2,679,851
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations
24,921,532
13,215,625
Net increase (decrease) in net assets resulting from operations
40,339,299
16,459,358
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Class
—
(1,079,327
)
Institutional Class
—
(391,663
)
Net decrease in net assets resulting from distributions
—
(1,470,990
)
CAPITAL SHARE TRANSACTIONS (net) (Note 3)
4,127,521
(14,345,984
)
Total increase (decrease) in net assets
44,466,820
642,384
NET ASSETS:
Beginning of period
65,034,565
64,392,181
End of period
$109,501,385
$65,034,565
See accompanying notes to financial statements.
37  MATTHEWS ASIA FUNDS

 
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Statements of Changes in Net Assets (continued)
 
Matthews India Fund 
Six-Month Period
Ended June 30, 2026
(Unaudited)
Year Ended
December 31, 2025
OPERATIONS:
Net investment income (loss)
($2,100,667
)
($3,036,838
)
Net realized gain (loss) on investments and foreign currency related transactions
(1,713,685
)
52,794,938
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations
(70,247,244
)
(54,593,341
)
Net change on foreign capital gains taxes on unrealized appreciation/depreciation
10,352,369
10,170,988
Net increase (decrease) in net assets resulting from operations
(63,709,227
)
5,335,747
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Class
—
(36,194,100
)
Institutional Class
—
(9,503,928
)
Net decrease in net assets resulting from distributions
—
(45,698,028
)
CAPITAL SHARE TRANSACTIONS (net) (Note 3)
(161,593,554
)
(113,033,941
)
Total increase (decrease) in net assets
(225,302,781
)
(153,396,222
)
NET ASSETS:
Beginning of period
707,037,664
860,433,886
End of period
$481,734,883
$707,037,664
 
Matthews Japan Fund 
Six-Month Period
Ended June 30, 2026
(Unaudited)
Year Ended
December 31, 2025
OPERATIONS:
Net investment income (loss)
$2,713,517
$4,540,369
Net realized gain (loss) on investments and foreign currency related transactions
81,898,963
100,749,163
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations
33,312,098
32,012,357
Net increase (decrease) in net assets resulting from operations
117,924,578
137,301,889
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Class
—
(5,301,734
)
Institutional Class
—
(8,858,565
)
Net decrease in net assets resulting from distributions
—
(14,160,299
)
CAPITAL SHARE TRANSACTIONS (net) (Note 3)
(83,869,119
)
(43,423,210
)
Total increase (decrease) in net assets
34,055,459
79,718,380
NET ASSETS:
Beginning of period
717,887,071
638,168,691
End of period
$751,942,530
$717,887,071
See accompanying notes to financial statements.
matthewsasia.com | 800.789.ASIA  38

 
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Statements of Changes in Net Assets (continued)
 
Matthews Asia Dividend Fund 
Six-Month Period
Ended June 30, 2026
(Unaudited)
Year Ended
December 31, 2025
OPERATIONS:
Net investment income (loss)
$6,129,774
$9,400,571
Net realized gain (loss) on investments and foreign currency related transactions
40,304,455
9,109,886
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations
60,221,605
113,185,591
Net change on foreign capital gains taxes on unrealized appreciation/depreciation
748,253
204,773
Net increase (decrease) in net assets resulting from operations
107,404,087
131,900,821
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Class
(1,079,510
)
(7,032,015
)
Institutional Class
(1,030,792
)
(7,893,467
)
Net decrease in net assets resulting from distributions
(2,110,302
)
(14,925,482
)
CAPITAL SHARE TRANSACTIONS (net) (Note 3)
53,001,547
(183,607,727
)
Total increase (decrease) in net assets
158,295,332
(66,632,388
)
NET ASSETS:
Beginning of period
542,614,489
609,246,877
End of period
$700,909,821
$542,614,489
See accompanying notes to financial statements.
39  MATTHEWS ASIA FUNDS

 
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Financial Highlights
Matthews Emerging Markets Equity Fund
The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented. 
 
Six-Month
Period Ended
June 30, 2026
(Unaudited)
Year Ended Dec. 31,
INVESTOR CLASS
2025
2024
2023
2022
2021
Net Asset Value, beginning of period
$16.39
$13.06
$11.86
$11.14
$14.34
$15.76
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)1
0.07
0.22
0.14
0.13
0.20
0.19
Net realized gain (loss) and unrealized appreciation/depreciation on
investments, foreign currency related transactions and foreign capital
gains taxes
5.38
3.60
1.18
0.81
(3.20
)
(0.31
)
Total from investment operations
5.45
3.82
1.32
0.94
(3.00
)
(0.12
)
LESS DISTRIBUTIONS FROM:
Net investment income
—
(0.32
)
(0.12
)
(0.22
)
(0.20
)
(0.18
)
Net realized gains on investments
—
(0.08
)
—
—
—
(1.12
)
Return of capital
—
(0.09
)
—
—
—
—
Total distributions
—
(0.49
)
(0.12
)
(0.22
)
(0.20
)
(1.30
)
Net Asset Value, end of period
$21.84
$16.39
$13.06
$11.86
$11.14
$14.34
TOTAL RETURN2
33.25%
3
29.39%
11.13%
8.43%
(20.94%
)
(0.60%
)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)
$247,227
$197,777
$9,791
$9,618
$10,111
$13,317
Ratio of expenses to average net assets before any reimbursement, waiver
or recapture of expenses by Advisor and Administrator (Note 4)
1.20%
4
1.28%
2.45%
1.70%
1.58%
1.52%
Ratio of expenses to average net assets after any reimbursement, waiver
or recapture of expenses by Advisor and Administrator
1.09%
4,5
1.09%
1.11%
1.12%
1.08%
1.13%
Ratio of net investment income (loss) to average net assets
0.77%
4
1.45%
1.13%
1.16%
1.46%
1.15%
Portfolio turnover6
32.06%
3
90.15%
215.17%
26.39%
63.08%
88.45%
 
 
Six-Month
Period Ended
June 30, 2026
(Unaudited)
Year Ended Dec. 31,
INSTITUTIONAL CLASS
2025
2024
2023
2022
2021
Net Asset Value, beginning of period
$16.37
$13.04
$11.84
$11.13
$14.34
$15.77
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)1
0.09
0.24
0.17
0.17
0.23
0.22
Net realized gain (loss) and unrealized appreciation/depreciation on
investments, foreign currency related transactions and foreign capital
gains taxes
5.36
3.61
1.18
0.79
(3.21
)
(0.31
)
Total from investment operations
5.45
3.85
1.35
0.96
(2.98
)
(0.09
)
LESS DISTRIBUTIONS FROM:
Net investment income
—
(0.35
)
(0.15
)
(0.25
)
(0.23
)
(0.22
)
Net realized gains on investments
—
(0.08
)
—
—
—
(1.12
)
Return of capital
—
(0.09
)
—
—
—
—
Total distributions
—
(0.52
)
(0.15
)
(0.25
)
(0.23
)
(1.34
)
Net Asset Value, end of period
$21.82
$16.37
$13.04
$11.84
$11.13
$14.34
TOTAL RETURN2
33.29%
3
29.65%
11.38%
8.63%
(20.81%
)
(0.43%
)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)
$85,953
$65,281
$12,549
$11,284
$23,353
$36,240
Ratio of expenses to average net assets before any reimbursement, waiver
or recapture of expenses by Advisor and Administrator (Note 4)
1.09%
4
1.16%
2.28%
1.51%
1.47%
1.38%
Ratio of expenses to average net assets after any reimbursement, waiver or
recapture of expenses by Advisor and Administrator
0.91%
4,5
0.90%
0.90%
0.90%
0.90%
0.90%
Ratio of net investment income (loss) to average net assets
0.96%
4
1.60%
1.36%
1.45%
1.70%
1.33%
Portfolio turnover6
32.06%
3
90.15%
215.17%
26.39%
63.08%
88.45%
 
1
Calculated using the average daily shares method.
2
The total return represents the rate that an investor would have earned (or lost) on an investment in the Fund assuming reinvestment of all dividends and distributions.
3
Not annualized.
4
Annualized.
5
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 1.08% for investor class and 0.90% for institutional class.
6
The portfolio turnover rate is calculated on the Fund as a whole without distinguishing between classes of shares issued.
See accompanying notes to financial statements.
matthewsasia.com | 800.789.ASIA  40

 
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Financial Highlights (continued)
Matthews Emerging Markets Sustainable Future Fund
The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented. 
 
Six-Month
Period Ended
June 30, 2026
(Unaudited)
Year Ended Dec. 31,
INVESTOR CLASS
2025
2024
2023
2022
2021
Net Asset Value, beginning of period
$13.85
$11.93
$12.54
$12.51
$15.37
$14.94
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)1
(0.02
)
0.01
(0.02
)
(0.02
)
(0.05
)
(0.07
)
Net realized gain (loss) and unrealized appreciation/depreciation on
investments, foreign currency related transactions and foreign capital
gains taxes
6.77
2.68
(0.28
)
0.99
(2.14
)
1.85
Total from investment operations
6.75
2.69
(0.30
)
0.97
(2.19
)
1.78
LESS DISTRIBUTIONS FROM:
Net investment income
—
(0.77
)
(0.31
)
(0.25
)
(0.04
)
—
Net realized gains on investments
—
—
—
(0.69
)
(0.63
)
(1.35
)
Total distributions
—
(0.77
)
(0.31
)
(0.94
)
(0.67
)
(1.35
)
Net Asset Value, end of period
$20.60
$13.85
$11.93
$12.54
$12.51
$15.37
TOTAL RETURN2
48.74%
3
22.89%
(2.46%
)
7.83%
(14.38%
)
11.76%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)
$32,642
$22,268
$30,435
$38,176
$32,249
$39,612
Ratio of expenses to average net assets before any reimbursement, waiver
or recapture of expenses by Advisor and Administrator (Note 4)
1.33%
4
1.35%
1.37%
1.23%
1.24%
1.20%
Ratio of expenses to average net assets after any reimbursement, waiver or
recapture of expenses by Advisor and Administrator
1.33%
4,5
1.35%
1.34%
1.23%
1.30%
1.40%
Ratio of net investment income (loss) to average net assets
(0.26%
)4
0.06%
(0.17%
)
(0.17%
)
(0.41%
)
(0.41%
)
Portfolio turnover6
19.38%
3
60.27%
58.51%
49.16%
31.53%
65.56%
 
 
Six-Month
Period Ended
June 30, 2026
(Unaudited)
Year Ended Dec. 31,
INSTITUTIONAL CLASS
2025
2024
2023
2022
2021
Net Asset Value, beginning of period
$13.85
$11.93
$12.55
$12.51
$15.38
$14.92
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)1
(0.01
)
0.04
—
7
—
7
(0.04
)
(0.04
)
Net realized gain (loss) and unrealized appreciation/depreciation on
investments, foreign currency related transactions and foreign
capital gains taxes
6.78
2.68
(0.29
)
1.00
(2.14
)
1.85
Total from investment operations
6.77
2.72
(0.29
)
1.00
(2.18
)
1.81
LESS DISTRIBUTIONS FROM:
Net investment income
—
(0.80
)
(0.33
)
(0.27
)
(0.06
)
—
Net realized gains on investments
—
—
—
(0.69
)
(0.63
)
(1.35
)
Total distributions
—
(0.80
)
(0.33
)
(0.96
)
(0.69
)
(1.35
)
Net Asset Value, end of period
$20.62
$13.85
$11.93
$12.55
$12.51
$15.38
TOTAL RETURN2
48.88%
3
23.15%
(2.33%
)
8.04%
(14.32%
)
11.98%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)
$318,208
$202,680
$182,576
$171,349
$140,059
$87,241
Ratio of expenses to average net assets before any reimbursement,
waiver or recapture of expenses by Advisor and Administrator
(Note 4)
1.17%
4
1.24%
1.28%
1.10%
1.11%
1.07%
Ratio of expenses to average net assets after any reimbursement,
waiver or recapture of expenses by Advisor and Administrator
1.16%
4,5
1.15%
1.15%
1.10%
1.17%
1.20%
Ratio of net investment income (loss) to average net assets
(0.08%
)4
0.29%
0.03%
(0.02%
)
(0.29%
)
(0.25%
)
Portfolio turnover6
19.38%
3
60.27%
58.51%
49.16%
31.53%
65.56%
 
1
Calculated using the average daily shares method.
2
The total return represents the rate that an investor would have earned (or lost) on an investment in the Fund assuming reinvestment of all dividends and distributions.
3
Not annualized.
4
Annualized.
5
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 1.32% for investor class and 1.15% for institutional class.
6
The portfolio turnover rate is calculated on the Fund as a whole without distinguishing between classes of shares issued.
7
Less than $0.01 per share.
See accompanying notes to financial statements.
41  MATTHEWS ASIA FUNDS

 
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Financial Highlights (continued)
Matthews Emerging Markets Small Companies Fund
The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented. 
 
Six-Month
Period Ended
June 30, 2026
(Unaudited)
Year Ended Dec. 31,
INVESTOR CLASS
2025
2024
2023
2022
2021
Net Asset Value, beginning of period
$25.80
$23.07
$25.52
$23.08
$29.92
$25.93
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)1
(0.05
)
0.04
(0.02
)
—
2
(0.06
)
(0.17
)
Net realized gain (loss) and unrealized appreciation/depreciation on
investments, foreign currency related transactions and foreign
capital gains taxes
6.59
3.08
(1.52
)
4.58
(4.92
)
5.90
Total from investment operations
6.54
3.12
(1.54
)
4.58
(4.98
)
5.73
LESS DISTRIBUTIONS FROM:
Net investment income
—
(0.39
)
(0.76
)
(0.41
)
(0.09
)
—
Net realized gains on investments
—
—
(0.15
)
(1.73
)
(1.77
)
(1.74
)
Total distributions
—
(0.39
)
(0.91
)
(2.14
)
(1.86
)
(1.74
)
Net Asset Value, end of period
$32.34
$25.80
$23.07
$25.52
$23.08
$29.92
TOTAL RETURN3
25.35%
4
13.57%
(6.07%
)
19.88%
(16.84%
)
22.14%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)
$152,003
$145,866
$226,939
$287,674
$141,254
$176,723
Ratio of expenses to average net assets before any reimbursement,
waiver or recapture of expenses by Advisor and Administrator
(Note 4)
1.42%
5
1.45%
1.45%
1.49%
1.49%
1.51%
Ratio of expenses to average net assets after any reimbursement,
waiver or recapture of expenses by Advisor and Administrator
1.35%
5,6
1.36%
1.35%
1.34%
1.37%
1.36%
Ratio of net investment income (loss) to average net assets
(0.37%
)5
0.15%
(0.06%
)
(0.01%
)
(0.24%
)
(0.55%
)
Portfolio turnover7
23.20%
4
35.65%
43.13%
26.92%
27.85%
50.82%
 
 
Six-Month
Period Ended
June 30, 2026
(Unaudited)
Year Ended Dec. 31,
INSTITUTIONAL CLASS
2025
2024
2023
2022
2021
Net Asset Value, beginning of period
$25.75
$23.04
$25.49
$23.04
$29.87
$25.87
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)1
(0.03
)
0.09
0.04
0.04
—
2
(0.10
)
Net realized gain (loss) and unrealized appreciation/depreciation on
investments, foreign currency related transactions and foreign
capital gains taxes
6.59
3.06
(1.52
)
4.58
(4.92
)
5.88
Total from investment operations
6.56
3.15
(1.48
)
4.62
(4.92
)
5.78
LESS DISTRIBUTIONS FROM:
Net investment income
—
(0.44
)
(0.82
)
(0.44
)
(0.14
)
(0.04
)
Net realized gains on investments
—
—
(0.15
)
(1.73
)
(1.77
)
(1.74
)
Total distributions
—
(0.44
)
(0.97
)
(2.17
)
(1.91
)
(1.78
)
Net Asset Value, end of period
$32.31
$25.75
$23.04
$25.49
$23.04
$29.87
TOTAL RETURN3
25.48%
4
13.76%
(5.84%
)
20.12%
(16.66%
)
22.39%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)
$286,441
$290,857
$345,038
$327,724
$228,194
$221,286
Ratio of expenses to average net assets before any reimbursement,
waiver or recapture of expenses by Advisor and Administrator
(Note 4)
1.32%
5
1.31%
1.34%
1.38%
1.37%
1.38%
Ratio of expenses to average net assets after any reimbursement,
waiver or recapture of expenses by Advisor and Administrator
1.16%
5,6
1.15%
1.15%
1.15%
1.15%
1.16%
Ratio of net investment income (loss) to average net assets
(0.18%
)5
0.38%
0.14%
0.16%
(0.01%
)
(0.34%
)
Portfolio turnover7
23.20%
4
35.65%
43.13%
26.92%
27.85%
50.82%
 
1
Calculated using the average daily shares method.
2
Less than $0.01 per share.
3
The total return represents the rate that an investor would have earned (or lost) on an investment in the Fund assuming reinvestment of all dividends and distributions.
4
Not annualized.
5
Annualized.
6
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 1.34% for investor class and 1.15% for institutional class.
7
The portfolio turnover rate is calculated on the Fund as a whole without distinguishing between classes of shares issued.
See accompanying notes to financial statements.
matthewsasia.com | 800.789.ASIA  42

 
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Financial Highlights (continued)
Matthews Asia Growth Fund
The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented. 
 
Six-Month
Period Ended
June 30, 2026
(Unaudited)
Year Ended Dec. 31,
INVESTOR CLASS
2025
2024
2023
2022
2021
Net Asset Value, beginning of period
$27.00
$22.39
$21.19
$20.84
$31.99
$39.44
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)1
(0.03
)
—
2
0.13
0.03
(0.08
)
(0.24
)
Net realized gain (loss) and unrealized appreciation/depreciation on
investments, foreign currency related transactions and foreign
capital gains taxes
15.84
4.61
1.60
0.70
(10.49
)
(5.56
)
Total from investment operations
15.81
4.61
1.73
0.73
(10.57
)
(5.80
)
LESS DISTRIBUTIONS FROM:
Net investment income
—
—
(0.53
)
(0.38
)
—
—
Net realized gains on investments
—
—
—
—
(0.58
)
(1.65
)
Total distributions
—
—
(0.53
)
(0.38
)
(0.58
)
(1.65
)
Net Asset Value, end of period
$42.81
$27.00
$22.39
$21.19
$20.84
$31.99
TOTAL RETURN3
58.56%
4
20.59%
8.14%
3.53%
(33.12%
)
(14.65%
)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)
$178,229
$113,326
$126,698
$162,263
$225,923
$568,001
Ratio of expenses to average net assets
1.31%
5,6
1.30%
1.25%
1.13%
1.13%
1.07%
Ratio of net investment income (loss) to average net assets
(0.19%
)5
0.02%
0.56%
0.13%
(0.32%
)
(0.62%
)
Portfolio turnover7
86.65%
4
95.47%
184.44%
77.32%
47.48%
42.37%
 
 
Six-Month
Period Ended
June 30, 2026
(Unaudited)
Year Ended Dec. 31,
INSTITUTIONAL CLASS
2025
2024
2023
2022
2021
Net Asset Value, beginning of period
$27.38
$22.68
$21.46
$21.11
$32.33
$39.82
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)1
(0.02
)
0.03
0.18
0.07
(0.04
)
(0.19
)
Net realized gain (loss) and unrealized appreciation/depreciation on
investments, foreign currency related transactions and foreign
capital gains taxes
16.08
4.67
1.59
0.70
(10.60
)
(5.63
)
Total from investment operations
16.06
4.70
1.77
0.77
(10.64
)
(5.82
)
LESS DISTRIBUTIONS FROM:
Net investment income
—
—
(0.55
)
(0.42
)
—
(0.02
)
Net realized gains on investments
—
—
—
—
(0.58
)
(1.65
)
Total distributions
—
—
(0.55
)
(0.42
)
(0.58
)
(1.67
)
Net Asset Value, end of period
$43.44
$27.38
$22.68
$21.46
$21.11
$32.33
TOTAL RETURN3
58.66%
4
20.72%
8.25%
3.69%
(32.99%
)
(14.55%
)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)
$137,241
$94,324
$110,008
$209,009
$406,155
$1,186,769
Ratio of expenses to average net assets
1.21%
5,6
1.19%
1.12%
0.98%
0.98%
0.92%
Ratio of net investment income (loss) to average net assets
(0.10%
)5
0.13%
0.77%
0.31%
(0.15%
)
(0.47%
)
Portfolio turnover7
86.65%
4
95.47%
184.44%
77.32%
47.48%
42.37%
 
1
Calculated using the average daily shares method.
2
Less than $0.01 per share.
3
The total return represents the rate that an investor would have earned (or lost) on an investment in the Fund assuming reinvestment of all dividends and distributions.
4
Not annualized.
5
Annualized.
6
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 1.30% for investor class and 1.20% for institutional class.
7
The portfolio turnover rate is calculated on the Fund as a whole without distinguishing between classes of shares issued.
See accompanying notes to financial statements.
43  MATTHEWS ASIA FUNDS

 
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Financial Highlights (continued)
Matthews Pacific Tiger Fund
The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented. 
 
Six-Month
Period Ended
June 30, 2026
(Unaudited)
Year Ended Dec. 31,
INVESTOR CLASS
2025
2024
2023
2022
2021
Net Asset Value, beginning of period
$22.45
$17.68
$18.62
$20.16
$27.54
$34.94
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)1
0.12
0.12
0.16
0.10
0.09
0.06
Net realized gain (loss) and unrealized appreciation/depreciation
on investments, foreign currency related transactions and
foreign capital gains taxes
7.44
5.17
0.48
(1.10
)
(5.75
)
(1.60
)
Total from investment operations
7.56
5.29
0.64
(1.00
)
(5.66
)
(1.54
)
LESS DISTRIBUTIONS FROM:
Net investment income
—
—
(0.59
)
(0.54
)
—
—
Net realized gains on investments
—
(0.52
)
(0.99
)
—
(1.72
)
(5.86
)
Total distributions
—
(0.52
)
(1.58
)
(0.54
)
(1.72
)
(5.86
)
Net Asset Value, end of period
$30.01
$22.45
$17.68
$18.62
$20.16
$27.54
TOTAL RETURN2
33.67%
3
30.07%
3.41%
(4.87%
)
(20.73%
)
(4.41%
)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)
$550,497
$446,936
$456,099
$707,717
$1,081,347
$1,835,266
Ratio of expenses to average net assets before any
reimbursement, waiver or recapture of expenses by Advisor and
Administrator (Note 4)
1.22%
4
1.22%
1.22%
1.12%
1.10%
1.06%
Ratio of expenses to average net assets after any reimbursement,
waiver or recapture of expenses by Advisor and Administrator
1.22%
4,5
1.22%
1.22%
1.12%
1.09%
1.03%
Ratio of net investment income (loss) to average net assets
0.95%
4
0.62%
0.86%
0.49%
0.37%
0.17%
Portfolio turnover6
70.14%
3
86.96%
386.73%
14.78%
5.61%
46.64%
 
 
Six-Month
Period Ended
June 30, 2026
(Unaudited)
Year Ended Dec. 31,
INSTITUTIONAL CLASS
2025
2024
2023
2022
2021
Net Asset Value, beginning of period
$22.47
$17.67
$18.61
$20.16
$27.50
$34.90
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)1
0.13
0.14
0.18
0.13
0.11
0.11
Net realized gain (loss) and unrealized
appreciation/depreciation on investments, foreign currency
related transactions and foreign capital gains taxes
7.46
5.18
0.48
(1.10
)
(5.73
)
(1.60
)
Total from investment operations
7.59
5.32
0.66
(0.97
)
(5.62
)
(1.49
)
LESS DISTRIBUTIONS FROM:
Net investment income
—
—
(0.61
)
(0.58
)
—
(0.05
)
Net realized gains on investments
—
(0.52
)
(0.99
)
—
(1.72
)
(5.86
)
Total distributions
—
(0.52
)
(1.60
)
(0.58
)
(1.72
)
(5.91
)
Net Asset Value, end of period
$30.06
$22.47
$17.67
$18.61
$20.16
$27.50
TOTAL RETURN2
33.78%
3
30.26%
3.56%
(4.75%
)
(20.62%
)
(4.29%
)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)
$338,616
$284,782
$361,573
$1,221,317
$2,607,437
$5,357,198
Ratio of expenses to average net assets before any
reimbursement, waiver or recapture of expenses by Advisor
and Administrator (Note 4)
1.11%
4
1.10%
1.09%
0.99%
0.97%
0.92%
Ratio of expenses to average net assets after any
reimbursement, waiver or recapture of expenses by Advisor
and Administrator
1.11%
4,5
1.10%
1.09%
0.98%
0.96%
0.90%
Ratio of net investment income (loss) to average net assets
1.05%
4
0.73%
0.92%
0.66%
0.48%
0.30%
Portfolio turnover6
70.14%
3
86.96%
386.73%
14.78%
5.61%
46.64%
 
1
Calculated using the average daily shares method.
2
The total return represents the rate that an investor would have earned (or lost) on an investment in the Fund assuming reinvestment of all dividends and distributions.
3
Not annualized.
4
Annualized.
5
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 1.21% for investor class and 1.10% for institutional class.
6
The portfolio turnover rate is calculated on the Fund as a whole without distinguishing between classes of shares issued.
See accompanying notes to financial statements.
matthewsasia.com | 800.789.ASIA  44

 
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Financial Highlights (continued)
Matthews Asia Innovators Fund
The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented. 
 
Six-Month
Period Ended
June 30, 2026
(Unaudited)
Year Ended Dec. 31,
INVESTOR CLASS
2025
2024
2023
2022
2021
Net Asset Value, beginning of period
$16.85
$12.94
$11.11
$11.31
$18.86
$26.70
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)1
(0.05
)
(0.05
)
(0.02
)
(0.02
)
(0.06
)
(0.16
)
Net realized gain (loss) and unrealized appreciation/depreciation on
investments, foreign currency related transactions and foreign
capital gains taxes
11.39
3.96
1.85
(0.18
)
(4.49
)
(3.34
)
Total from investment operations
11.34
3.91
1.83
(0.20
)
(4.55
)
(3.50
)
LESS DISTRIBUTIONS FROM:
Net investment income
—
—
—
—
2
—
—
Net realized gains on investments
—
—
—
—
(3.00
)
(4.34
)
Total distributions
—
—
—
—
2
(3.00
)
(4.34
)
Net Asset Value, end of period
$28.19
$16.85
$12.94
$11.11
$11.31
$18.86
TOTAL RETURN3
67.30%
4
30.22%
16.47%
(1.77%
)
(24.80%
)
(13.10%
)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)
$287,772
$172,599
$161,552
$177,070
$272,950
$465,207
Ratio of expenses to average net assets
1.34%
5,6
1.27%
1.29%
1.15%
1.18%
1.09%
Ratio of net investment income (loss) to average net assets
(0.49%
)5
(0.32%
)
(0.18%
)
(0.21%
)
(0.40%
)
(0.59%
)
Portfolio turnover7
93.17%
4
97.67%
257.92%
248.19%
118.08%
220.45%
 
 
Six-Month
Period Ended
June 30, 2026
(Unaudited)
Year Ended Dec. 31,
INSTITUTIONAL CLASS
2025
2024
2023
2022
2021
Net Asset Value, beginning of period
$17.15
$13.15
$11.28
$11.49
$19.08
$26.91
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)1
(0.04
)
(0.03
)
(0.01
)
(0.01
)
(0.04
)
(0.11
)
Net realized gain (loss) and unrealized appreciation/depreciation on
investments, foreign currency related transactions and foreign
capital gains taxes
11.59
4.03
1.88
(0.18
)
(4.55
)
(3.38
)
Total from investment operations
11.55
4.00
1.87
(0.19
)
(4.59
)
(3.49
)
LESS DISTRIBUTIONS FROM:
Net investment income
—
—
—
(0.02
)
—
—
Net realized gains on investments
—
—
—
—
(3.00
)
(4.34
)
Total distributions
—
—
—
(0.02
)
(3.00
)
(4.34
)
Net Asset Value, end of period
$28.70
$17.15
$13.15
$11.28
$11.49
$19.08
TOTAL RETURN3
67.35%
4
30.42%
16.58%
(1.62%
)
(24.73%
)
(12.97%
)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)
$226,687
$145,817
$85,321
$135,882
$199,368
$930,562
Ratio of expenses to average net assets
1.24%
5,6
1.13%
1.17%
1.02%
1.04%
0.93%
Ratio of net investment income (loss) to average net assets
(0.42%
)5
(0.18%
)
(0.05%
)
(0.11%
)
(0.27%
)
(0.43%
)
Portfolio turnover7
93.17%
4
97.67%
257.92%
248.19%
118.08%
220.45%
 
1
Calculated using the average daily shares method.
2
Less than $0.01 per share.
3
The total return represents the rate that an investor would have earned (or lost) on an investment in the Fund assuming reinvestment of all dividends and distributions.
4
Not annualized.
5
Annualized.
6
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 1.23% for investor class and 1.13% for institutional class.
7
The portfolio turnover rate is calculated on the Fund as a whole without distinguishing between classes of shares issued.
See accompanying notes to financial statements.
45  MATTHEWS ASIA FUNDS

 
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Financial Highlights (continued)
Matthews China Fund
The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented. 
 
Six-Month
Period Ended
June 30, 2026
(Unaudited)
Year Ended Dec. 31,
INVESTOR CLASS
2025
2024
2023
2022
2021
Net Asset Value, beginning of period
$17.21
$13.44
$11.62
$14.50
$20.58
$27.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)1
0.07
0.18
0.16
0.09
—
2
0.03
Net realized gain (loss) and unrealized appreciation/depreciation on
investments and foreign currency related transactions
0.22
3.82
1.92
(2.88
)
(4.99
)
(3.25
)
Total from investment operations
0.29
4.00
2.08
(2.79
)
(4.99
)
(3.22
)
LESS DISTRIBUTIONS FROM:
Net investment income
—
(0.23
)
(0.26
)
(0.09
)
—
(0.05
)
Net realized gains on investments
—
—
—
—
(1.09
)
(3.15
)
Total distributions
—
(0.23
)
(0.26
)
(0.09
)
(1.09
)
(3.20
)
Net Asset Value, end of period
$17.50
$17.21
$13.44
$11.62
$14.50
$20.58
TOTAL RETURN3
1.69%
4
29.81%
17.87%
(19.22%
)
(24.40%
)
(12.26%
)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)
$294,201
$321,672
$280,761
$300,132
$448,623
$710,844
Ratio of expenses to average net assets
1.24%
5,6
1.25%
1.25%
1.15%
1.12%
1.06%
Ratio of net investment income (loss) to average net assets
0.82%
5
1.16%
1.32%
0.65%
(0.01%
)
0.13%
Portfolio turnover7
45.72%
4
36.73%
49.99%
49.60%
49.38%
92.28%
 
 
Six-Month
Period Ended
June 30, 2026
(Unaudited)
Year Ended Dec. 31,
INSTITUTIONAL CLASS
2025
2024
2023
2022
2021
Net Asset Value, beginning of period
$17.18
$13.42
$11.60
$14.48
$20.53
$26.94
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)1
0.08
0.19
0.21
0.11
0.01
0.10
Net realized gain (loss) and unrealized appreciation/depreciation on
investments and foreign currency related transactions
0.23
3.82
1.87
(2.88
)
(4.97
)
(3.26
)
Total from investment operations
0.31
4.01
2.08
(2.77
)
(4.96
)
(3.16
)
LESS DISTRIBUTIONS FROM:
Net investment income
—
(0.25
)
(0.26
)
(0.11
)
—
(0.10
)
Net realized gains on investments
—
—
—
—
(1.09
)
(3.15
)
Total distributions
—
(0.25
)
(0.26
)
(0.11
)
(1.09
)
(3.25
)
Net Asset Value, end of period
$17.49
$17.18
$13.42
$11.60
$14.48
$20.53
TOTAL RETURN3
1.80%
4
29.93%
17.95%
(19.11%
)
(24.31%
)
(12.07%
)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)
$103,635
$106,401
$69,192
$148,327
$297,165
$630,966
Ratio of expenses to average net assets
1.12%
5,6
1.13%
1.12%
1.01%
0.98%
0.91%
Ratio of net investment income (loss) to average net assets
0.97%
5
1.21%
1.76%
0.82%
0.07%
0.38%
Portfolio turnover7
45.72%
4
36.73%
49.99%
49.60%
49.38%
92.28%
 
1
Calculated using the average daily shares method.
2
Less than $0.01 per share.
3
The total return represents the rate that an investor would have earned (or lost) on an investment in the Fund assuming reinvestment of all dividends and distributions.
4
Not annualized.
5
Annualized.
6
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 1.23% for investor class and 1.11% for institutional class.
7
The portfolio turnover rate is calculated on the Fund as a whole without distinguishing between classes of shares issued.
See accompanying notes to financial statements.
matthewsasia.com | 800.789.ASIA  46

 
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Financial Highlights (continued)
Matthews China Innovators Fund
The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented. 
 
Six-Month
Period Ended
June 30, 2026
(Unaudited)
Year Ended Dec. 31,
INVESTOR CLASS
2025
2024
2023
2022
2021
Net Asset Value, beginning of period
$11.44
$9.08
$8.95
$11.11
$16.44
$19.86
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)1
(0.01
)
0.08
0.26
0.01
0.02
0.09
Net realized gain (loss) and unrealized appreciation/depreciation on
investments and foreign currency related transactions
6.90
2.53
(0.01
)
(1.96
)
(5.15
)
(0.80
)
Total from investment operations
6.89
2.61
0.25
(1.95
)
(5.13
)
(0.71
)
LESS DISTRIBUTIONS FROM:
Net investment income
—
(0.25
)
(0.12
)
(0.21
)
(0.20
)
(0.12
)
Net realized gains on investments
—
—
—
—
—
(2.59
)
Total distributions
—
(0.25
)
(0.12
)
(0.21
)
(0.20
)
(2.71
)
Net Asset Value, end of period
$18.33
$11.44
$9.08
$8.95
$11.11
$16.44
TOTAL RETURN2
60.23%
3
28.83%
2.82%
(17.51%
)
(31.26%
)
(3.59%
)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)
$81,697
$48,645
$48,596
$66,174
$114,440
$218,398
Ratio of expenses to average net assets before any reimbursement,
waiver or recapture of expenses by Advisor and Administrator (Note 4)
1.70%
4
1.57%
1.61%
1.55%
1.55%
1.48%
Ratio of expenses to average net assets after any reimbursement, waiver
or recapture of expenses by Advisor and Administrator
1.50%
4,5
1.40%
1.40%
1.41%
1.41%
1.43%
Ratio of net investment income (loss) to average net assets
(0.12%
)4
0.81%
2.91%
0.09%
0.17%
0.44%
Portfolio turnover6
93.41%
3
36.83%
54.39%
59.05%
59.00%
119.65%
 
 
Six-Month
Period Ended
June 30, 2026
(Unaudited)
Year Ended Dec. 31,
INSTITUTIONAL CLASS
2025
2024
2023
2022
2021
Net Asset Value, beginning of period
$11.42
$9.06
$8.94
$11.12
$16.47
$19.90
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)1
—
0.10
0.27
0.04
0.06
0.13
Net realized gain (loss) and unrealized appreciation/depreciation on
investments and foreign currency related transactions
6.89
2.54
(0.01
)
(1.98
)
(5.17
)
(0.80
)
Total from investment operations
6.89
2.64
0.26
(1.94
)
(5.11
)
(0.67
)
LESS DISTRIBUTIONS FROM:
Net investment income
—
(0.28
)
(0.14
)
(0.24
)
(0.24
)
(0.17
)
Net realized gains on investments
—
—
—
—
—
(2.59
)
Total distributions
—
(0.28
)
(0.14
)
(0.24
)
(0.24
)
(2.76
)
Net Asset Value, end of period
$18.31
$11.42
$9.06
$8.94
$11.12
$16.47
TOTAL RETURN2
60.33%
3
29.15%
2.97%
(17.37%
)
(31.08%
)
(3.35%
)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)
$27,804
$16,390
$15,796
$22,983
$40,322
$162,770
Ratio of expenses to average net assets before any reimbursement, waiver
or recapture of expenses by Advisor and Administrator (Note 4)
1.61%
4
1.46%
1.50%
1.41%
1.38%
1.31%
Ratio of expenses to average net assets after any reimbursement, waiver
or recapture of expenses by Advisor and Administrator
1.32%
4,5
1.20%
1.20%
1.20%
1.20%
1.20%
Ratio of net investment income (loss) to average net assets
0.06%
4
0.99%
3.03%
0.36%
0.47%
0.63%
Portfolio turnover6
93.41%
3
36.83%
54.39%
59.05%
59.00%
119.65%
 
1
Calculated using the average daily shares method.
2
The total return represents the rate that an investor would have earned (or lost) on an investment in the Fund assuming reinvestment of all dividends and distributions.
3
Not annualized.
4
Annualized.
5
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 1.38% for investor class and 1.20% for institutional class.
6
The portfolio turnover rate is calculated on the Fund as a whole without distinguishing between classes of shares issued.
See accompanying notes to financial statements.
47  MATTHEWS ASIA FUNDS

 
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Financial Highlights (continued)
Matthews India Fund
The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented. 
 
Six-Month
Period Ended
June 30, 2026
(Unaudited)
Year Ended Dec. 31,
INVESTOR CLASS
2025
2024
2023
2022
2021
Net Asset Value, beginning of period
$24.07
$25.33
$26.37
$22.09
$28.17
$26.29
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)1
(0.08
)
(0.11
)
(0.13
)
(0.01
)
(0.12
)
(0.11
)
Net realized gain (loss) and unrealized appreciation/depreciation on
investments, foreign currency related transactions and foreign
capital gains taxes
(1.89
)
0.48
2.90
5.10
(2.58
)
4.81
Total from investment operations
(1.97
)
0.37
2.77
5.09
(2.70
)
4.70
LESS DISTRIBUTIONS FROM:
Net investment income
—
(0.01
)
—
2
(0.51
)
—
—
Net realized gains on investments
—
(1.62
)
(3.81
)
(0.30
)
(3.38
)
(2.82
)
Total distributions
—
(1.63
)
(3.81
)
(0.81
)
(3.38
)
(2.82
)
Net Asset Value, end of period
$22.10
$24.07
$25.33
$26.37
$22.09
$28.17
TOTAL RETURN3
(8.19%
)4
1.55%
10.29%
23.10%
(9.92%
)
18.11%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)
$385,377
$561,690
$680,284
$614,103
$505,764
$635,067
Ratio of expenses to average net assets
1.34%
5,6
1.26%
1.22%
1.14%
1.15%
1.10%
Ratio of net investment income (loss) to average net assets
(0.78%
)5
(0.43%
)
(0.45%
)
(0.04%
)
(0.45%
)
(0.38%
)
Portfolio turnover7
25.09%
4
53.98%
82.99%
50.98%
41.35%
42.50%
 
 
Six-Month
Period Ended
June 30, 2026
(Unaudited)
Year Ended Dec. 31,
INSTITUTIONAL CLASS
2025
2024
2023
2022
2021
Net Asset Value, beginning of period
$24.70
$25.95
$26.93
$22.54
$28.64
$26.65
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)1
(0.07
)
(0.08
)
(0.10
)
0.02
(0.08
)
(0.06
)
Net realized gain (loss) and unrealized appreciation/depreciation on
investments, foreign currency related transactions and foreign
capital gains taxes
(1.93
)
0.49
2.97
5.21
(2.64
)
4.87
Total from investment operations
(2.00
)
0.41
2.87
5.23
(2.72
)
4.81
LESS DISTRIBUTIONS FROM:
Net investment income
—
(0.04
)
(0.04
)
(0.54
)
—
—
Net realized gains on investments
—
(1.62
)
(3.81
)
(0.30
)
(3.38
)
(2.82
)
Total distributions
—
(1.66
)
(3.85
)
(0.84
)
(3.38
)
(2.82
)
Net Asset Value, end of period
$22.70
$24.70
$25.95
$26.93
$22.54
$28.64
TOTAL RETURN3
(8.10%
)4
1.67%
10.43%
23.32%
(9.83%
)
18.28%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)
$96,358
$145,348
$180,150
$149,023
$97,018
$128,708
Ratio of expenses to average net assets
1.21%
5,6
1.14%
1.10%
1.01%
1.01%
0.96%
Ratio of net investment income (loss) to average net assets
(0.66%
)5
(0.31%
)
(0.33%
)
0.07%
(0.31%
)
(0.19%
)
Portfolio turnover7
25.09%
4
53.98%
82.99%
50.98%
41.35%
42.50%
 
1
Calculated using the average daily shares method.
2
Less than $0.01 per share.
3
The total return represents the rate that an investor would have earned (or lost) on an investment in the Fund assuming reinvestment of all dividends and distributions.
4
Not annualized.
5
Annualized.
6
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 1.33% for investor class and 1.20% for institutional class.
7
The portfolio turnover rate is calculated on the Fund as a whole without distinguishing between classes of shares issued.
See accompanying notes to financial statements.
matthewsasia.com | 800.789.ASIA  48

 
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Financial Highlights (continued)
Matthews Japan Fund
The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented. 
 
Six-Month
Period Ended
June 30, 2026
(Unaudited)
Year Ended Dec. 31,
INVESTOR CLASS
2025
2024
2023
2022
2021
Net Asset Value, beginning of period
$24.11
$20.03
$17.58
$14.90
$22.09
$25.27
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)1
0.08
0.14
0.11
0.09
0.07
0.09
Net realized gain (loss) and unrealized appreciation/depreciation on
investments and foreign currency related transactions
4.19
4.41
2.77
2.59
(6.19
)
(0.52
)
Total from investment operations
4.27
4.55
2.88
2.68
(6.12
)
(0.43
)
LESS DISTRIBUTIONS FROM:
Net investment income
—
(0.47
)
(0.43
)
—
—
(0.24
)
Net realized gains on investments
—
—
—
—
(1.07
)
(2.51
)
Total distributions
—
(0.47
)
(0.43
)
—
(1.07
)
(2.75
)
Net Asset Value, end of period
$28.38
$24.11
$20.03
$17.58
$14.90
$22.09
TOTAL RETURN2
17.71%
3
22.76%
16.38%
17.99%
(27.85%
)
(1.92%
)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)
$296,860
$273,657
$246,422
$239,578
$208,329
$373,739
Ratio of expenses to average net assets
1.16%
4,5
1.16%
1.15%
1.09%
1.05%
0.95%
Ratio of net investment income (loss) to average net assets
0.63%
4
0.62%
0.54%
0.58%
0.41%
0.38%
Portfolio turnover6
61.31%
3
106.87%
88.02%
100.59%
83.38%
70.30%
 
 
Six-Month
Period Ended
June 30, 2026
(Unaudited)
Year Ended Dec. 31,
INSTITUTIONAL CLASS
2025
2024
2023
2022
2021
Net Asset Value, beginning of period
$24.19
$20.09
$17.63
$14.93
$22.13
$25.32
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)1
0.11
0.16
0.13
0.12
0.09
0.05
Net realized gain (loss) and unrealized appreciation/depreciation on
investments and foreign currency related transactions
4.18
4.43
2.77
2.58
(6.22
)
(0.46
)
Total from investment operations
4.29
4.59
2.90
2.70
(6.13
)
(0.41
)
LESS DISTRIBUTIONS FROM:
Net investment income
—
(0.49
)
(0.44
)
—
—
(0.27
)
Net realized gains on investments
—
—
—
—
(1.07
)
(2.51
)
Total distributions
—
(0.49
)
(0.44
)
—
(1.07
)
(2.78
)
Net Asset Value, end of period
$28.48
$24.19
$20.09
$17.63
$14.93
$22.13
TOTAL RETURN2
17.73%
3
22.86%
16.48%
18.08%
(27.84%
)
(1.83%
)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)
$455,083
$444,230
$391,746
$415,920
$413,807
$1,170,380
Ratio of expenses to average net assets
1.09%
4,5
1.10%
1.08%
1.02%
0.97%
0.89%
Ratio of net investment income (loss) to average net assets
0.81%
4
0.71%
0.65%
0.71%
0.55%
0.22%
Portfolio turnover6
61.31%
3
106.87%
88.02%
100.59%
83.38%
70.30%
 
1
Calculated using the average daily shares method.
2
The total return represents the rate that an investor would have earned (or lost) on an investment in the Fund assuming reinvestment of all dividends and distributions.
3
Not annualized.
4
Annualized.
5
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 1.15% for investor class and 1.08% for institutional class.
6
The portfolio turnover rate is calculated on the Fund as a whole without distinguishing between classes of shares issued.
See accompanying notes to financial statements.
49  MATTHEWS ASIA FUNDS

 
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Financial Highlights (continued)
Matthews Asia Dividend Fund
The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented. 
 
Six-Month
Period Ended
June 30, 2026
(Unaudited)
Year Ended Dec. 31,
INVESTOR CLASS
2025
2024
2023
2022
2021
Net Asset Value, beginning of period
$17.39
$14.08
$13.70
$13.24
$18.94
$22.63
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)1
0.17
0.25
0.22
0.19
0.13
0.18
Net realized gain (loss) and unrealized appreciation/depreciation on
investments, foreign currency related transactions and foreign
capital gains taxes
3.06
3.51
0.59
0.42
(5.72
)
(0.81
)
Total from investment operations
3.23
3.76
0.81
0.61
(5.59
)
(0.63
)
LESS DISTRIBUTIONS FROM:
Net investment income
(0.06
)
(0.45
)
(0.43
)
(0.15
)
(0.11
)
(0.19
)
Net realized gains on investments
—
—
—
—
—
(2.87
)
Total distributions
(0.06
)
(0.45
)
(0.43
)
(0.15
)
(0.11
)
(3.06
)
Net Asset Value, end of period
$20.56
$17.39
$14.08
$13.70
$13.24
$18.94
TOTAL RETURN2
18.59%
3
26.88%
5.92%
4.69%
(29.57%
)
(2.83%
)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)
$358,390
$266,467
$271,633
$401,341
$602,694
$1,586,460
Ratio of expenses to average net assets before any reimbursement,
waiver or recapture of expenses by Advisor and Administrator
(Note 4)
1.17%
4
1.21%
1.20%
1.10%
1.10%
1.03%
Ratio of expenses to average net assets after any reimbursement,
waiver or recapture of expenses by Advisor and Administrator
1.17%
4,5
1.21%
1.20%
1.10%
1.10%
1.02%
Ratio of net investment income (loss) to average net assets
1.79%
4
1.62%
1.57%
1.43%
0.84%
0.80%
Portfolio turnover6
11.55%
3
56.67%
16.81%
75.88%
50.75%
47.41%
 
 
Six-Month
Period Ended
June 30, 2026
(Unaudited)
Year Ended Dec. 31,
INSTITUTIONAL CLASS
2025
2024
2023
2022
2021
Net Asset Value, beginning of period
$17.37
$14.06
$13.68
$13.23
$18.94
$22.62
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)1
0.18
0.27
0.23
0.21
0.14
0.21
Net realized gain (loss) and unrealized appreciation/depreciation
on investments, foreign currency related transactions and
foreign capital gains taxes
3.05
3.51
0.60
0.41
(5.72
)
(0.80
)
Total from investment operations
3.23
3.78
0.83
0.62
(5.58
)
(0.59
)
LESS DISTRIBUTIONS FROM:
Net investment income
(0.06
)
(0.47
)
(0.45
)
(0.17
)
(0.13
)
(0.22
)
Net realized gains on investments
—
—
—
—
—
(2.87
)
Total distributions
(0.06
)
(0.47
)
(0.45
)
(0.17
)
(0.13
)
(3.09
)
Net Asset Value, end of period
$20.54
$17.37
$14.06
$13.68
$13.23
$18.94
TOTAL RETURN2
18.63%
3
27.06%
6.05%
4.77%
(29.55%
)
(2.67%
)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)
$342,520
$276,148
$337,614
$650,333
$1,248,676
$3,154,407
Ratio of expenses to average net assets before any
reimbursement, waiver or recapture of expenses by Advisor and
Administrator (Note 4)
1.09%
4
1.10%
1.09%
0.99%
0.99%
0.92%
Ratio of expenses to average net assets after any reimbursement,
waiver or recapture of expenses by Advisor and Administrator
1.09%
4,5
1.10%
1.09%
0.99%
0.99%
0.91%
Ratio of net investment income (loss) to average net assets
1.85%
4
1.72%
1.63%
1.55%
0.95%
0.93%
Portfolio turnover6
11.55%
3
56.67%
16.81%
75.88%
50.75%
47.41%
 
1
Calculated using the average daily shares method.
2
The total return represents the rate that an investor would have earned (or lost) on an investment in the Fund assuming reinvestment of all dividends and distributions.
3
Not annualized.
4
Annualized.
5
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 1.16% for investor class and 1.08% for institutional class.
6
The portfolio turnover rate is calculated on the Fund as a whole without distinguishing between classes of shares issued.
See accompanying notes to financial statements.
matthewsasia.com | 800.789.ASIA  50

 
Notes to Financial Statements (unaudited) 
1.
ORGANIZATION
Matthews International Funds (d/b/a Matthews Asia Funds) (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As of June 30, 2026, the Trust issued twenty-three separate series of shares. This shareholder report pertains to eleven of those series (each a “Fund”, and collectively, the “Funds”): Matthews Emerging Markets Equity Fund, Matthews Emerging Markets Sustainable Future Fund, Matthews Emerging Markets Small Companies Fund, Matthews Asia Growth Fund, Matthews Pacific Tiger Fund, Matthews Asia Innovators Fund, Matthews China Fund, Matthews China Innovators Fund (formerly known as Matthews China Small Companies Fund until April 30, 2026), Matthews India Fund, Matthews Japan Fund and Matthews Asia Dividend Fund. Each Fund offers two classes of shares: Investor Class and Institutional Class. Each class of shares has identical voting, dividend, liquidation and other rights and the same terms and conditions, except each class may be subject to different class expenses as outlined in the relevant prospectus and each class has exclusive voting rights with respect to matters solely affecting such class. The other twelve separate series of the Trust are Exchange Traded Funds and are covered in a separate shareholder report.
A.
Reorganization of Matthews China Dividend Fund into Matthews Asia Dividend Fund
On January 27, 2026, the Matthews China Dividend Fund was reorganized into the Matthews Asia Dividend Fund.
For U.S. GAAP purposes, the transaction was treated as a merger. The merger took place after the close of business on January 27, 2026. For accounting and performance reporting purposes, the Matthews Asia Dividend Fund is the survivor. The reorganization was accomplished by a tax-free exchange of shares of Matthews Asia Dividend Fund in the following amounts and at the following conversion ratios: 
Fund
Fund Share Class
Shares Prior
to Reorganization
Conversion Ratio
Matthews
Asia Dividend
Fund’s Share Class
Shares of
Matthews Asia Dividend
Fund
Matthews China
Dividend Fund
Investor
4,713,179
0.815860709
Investor
3,845,298
Matthews China
Dividend Fund
Institutional
1,325,648
0.818544794
Institutional
1,085,102
The exchange was based on values at the close of the New York Stock Exchange on January 27, 2026. The net assets of the acquired Fund at that date included unrealized appreciation of $19,457,710, securities of $88,132,670, cash of $5,257,908, foreign currency of $135,406, receivables and other assets of $315,177, payables of $356,207, capital paid-in of $147,017,427, total distributable earnings of $(53,532,473), and net assets of $93,484,954 that were combined with those of the acquiring Fund, resulting in aggregate net assets of $681,067,178 immediately after the acquisition. The assets and liabilities of Matthews China Dividend Fund were recorded at fair value; however, the cost basis of the investments received from the Matthews China Dividend Fund was carried forward to align ongoing reporting of the Matthews Asia Dividend Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
Pro forma results of operations of the combined entity for the six-months ended June 30, 2026, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows
* Net investment income: $6,111,937
* Net realized gain on investments: $48,754,737
* Net change in unrealized gain/loss on investments: $57,704,672
* Net increase in the net assets resulting from operations: $112,571,346
Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings that have been included in Matthews Asia Dividend Fund’s statement of operations since January 27, 2026.
B.
Reorganization of Matthews Asian Growth and Income Fund into Matthews Emerging Markets Equity Fund
On February 19, 2025, at a special meeting of shareholders of the Matthews Asian Growth and Income Fund, shareholders approved the reorganization of the Fund with the Matthews Emerging Markets Equity Fund. The reorganization was completed on March 14, 2025. Information related to the reorganization is provided in the Proxy Statement/Prospectus that was filed with the SEC on December 4, 2024.
51  MATTHEWS ASIA FUNDS

 
Notes to Financial Statements (unaudited)  (continued)
For U.S. GAAP purposes, the transaction was treated as a merger. The merger took place after the close of business on March 14, 2025. For accounting and performance reporting purposes, the Matthews Emerging Markets Equity Fund is the survivor. The reorganization was accomplished by a tax-free exchange of shares of Matthews Emerging Markets Equity Fund in the following amounts and at the following conversion ratios: 
Fund
Fund Share Class
Shares Prior
to Reorganization
Conversion Ratio
Matthews
Emerging Markets
Equity
Fund’s Share Class
Shares of
Matthews Emerging Markets
Equity Fund
Matthews Asian
Growth and
Income Fund
Investor
13,071,403
0.995734659
Investor
13,015,649
Matthews Asian
Growth and
Income Fund
Institutional
3,593,025
0.994747642
Institutional
3,574,153
The exchange was based on values at the close of the New York Stock Exchange on March 14, 2025. The net assets of the acquired Fund at that date included unrealized appreciation of $19,413,471, securities of $197,672,534, cash of $28,730,164, foreign currency of $106,112, receivables and other assets of $346,125, payables of $426,554, capital paid-in of $238,946,866, total distributable earnings of $(12,518,485), and net assets of $226,428,381 that were combined with those of the acquiring Fund, resulting in aggregate net assets of $249,325,510 immediately after the acquisition. The assets and liabilities of Matthews Asian Growth and Income Fund were recorded at fair value; however, the cost basis of the investments received from the Matthews Asian Growth and Income Fund was carried forward to align ongoing reporting of the Matthews Emerging Markets Equity Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
Pro forma results of operations of the combined entity for the year ended December 31, 2025, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows
* Net investment income: $3,398,305
* Net realized gain on investments: $20,919,526
* Net change in unrealized gain/loss on investments: $35,899,585
* Net increase in the net assets resulting from operations: $60,217,416
Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings that have been included in Matthews Emerging Markets Equity Fund’s statement of operations since March 14, 2025.
2.
SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently followed by the Funds in preparation of their financial statements. Each Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 Financial Services—Investment Companies. The accounting policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
A.
SECURITY VALUATION: Pursuant to Rule 2a-5 under the 1940 Act, the Funds’ Board of Trustees (the “Board”) has designated authority to a Valuation Designee, Matthews International Capital Management, LLC (“Matthews”), the Funds’ investment adviser (the “investment adviser”), to make fair valuation determinations under adopted procedures, subject to Board oversight. Matthews has formed a Valuation Committee (the “Valuation Committee”) to administer the pricing and valuation of portfolio securities and other assets and liabilities and to ensure that prices determined by Matthews or provided by third parties reasonably reflect fair value. The Valuation Designee may utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value. The value of the Trust’s securities is based on market quotations for those securities, or on their fair value determined by the valuation policies approved by the Board. Market quotations and valuation information are provided by commercial pricing services or securities dealers that are independent of the Funds and Matthews in accordance with procedures established by the Valuation Designee. Foreign exchange-traded securities are valued as of the close of trading on the primary exchange on which they trade. Securities that trade in over-the-counter markets, including most debt securities (bonds), may be valued by other third-party vendors or by using indicative bid quotations from dealers or market makers, or other available market information. Market values for securities are determined based on quotations, market data or other information from the principal (or most advantageous) market on which the security is traded. Market quotations for equity securities used by the Funds include last reported sale prices, or, if such prices are not reported or available, bid and ask prices. Swap agreements are valued utilizing quotes received daily by the Funds’ pricing service or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. Foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined at the close of business on the New York Stock Exchange (“NYSE”). Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. The Funds may also utilize independent pricing services to assist them in determining a current market value for each security based on sources believed to be reliable.
When fair value pricing is employed, the prices of securities used by a Fund to calculate its Net Asset Value (“NAV”) may differ from any quoted or published prices for the same securities for that day. Events affecting the value of foreign investments may occur between the time at which they are determined and when the Funds calculate their NAV, which is normally the close of trading on the NYSE. If such events render market quotations unreliable, and the impact of such events can be reasonably determined, the investments will be valued at their fair value in accordance with pricing policies. The fair value of a security held by the Funds may be determined using the services of third-party pricing services to assist in this process.
matthewsasia.com | 800.789.ASIA  52

 
Notes to Financial Statements (unaudited)  (continued)
The books and records of the Funds are maintained in U.S. dollars. Transactions, portfolio securities, and assets and liabilities denominated in a foreign currency are translated and recorded in U.S. dollars at the prevailing exchange rate as of the close of trading on the NYSE. The Fund does not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the Statement of Operations. Translation gains or losses resulting from changes in the exchange rate during the reporting period and realized gains and losses on the settlement of foreign currency transactions are reported in the results of operations for the current period. The Funds isolate that portion of gains and losses on investments in fixed income securities that is due to changes in foreign exchange rate from that which is due to changes in market prices of securities.
Foreign securities held by the Funds may be traded on days and at times when the NYSE is closed. Accordingly, the value of the Funds may be significantly affected on days when shareholders have no access to the Funds.
B.
FAIR VALUE MEASUREMENTS: The Funds follow a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Funds’ own market assumptions (unobservable inputs). These inputs are used in determining the value of the Funds’ financial instruments and are summarized in the following fair value hierarchy:
Level 1: Unadjusted quoted prices in active markets for identical securities (foreign securities that are valued based on market quotations).
Level 2: Other significant observable inputs. Certain foreign securities may be fair valued by Matthews using information such as quoted prices for similar securities, interest rates, prepayment speeds, credit risk, and foreign exchange. Additionally, external pricing services are used when the Funds determine that events affecting the value of foreign securities which occur between the time at which they are determined and the close of trading on the NYSE render market quotations unreliable.
Level 3: Significant unobservable inputs. Level 3 securities are valued based on significant unobservable inputs as determined under procedures approved by the Board. Characterization of such securities as Level 3 securities are not necessarily an indication of their liquidity or the risk associated with investing in these securities. A significant change in the unobservable inputs could result in a significantly lower or higher value in such Level 3 securities and could impact overall Fund performance.
The input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level.
Levels for Multi-Country Funds (1 of 2):
Summary of inputs used to determine the fair valuation of multi-country Funds’ investments as of June 30, 2026. 
 
Matthews
Emerging Markets 
Equity Fund
Matthews
Emerging Markets
Sustainable Future
Fund
Matthews
Emerging Markets
Small Companies
Fund
Matthews Asia
Growth Fund
Matthews Pacific
Tiger Fund
Assets:
Investments:
Level 1: Quoted Prices
Common Equities:
Argentina
$—
$3,172,252
$3,683,909
$—
$—
Bangladesh
—
1,095,008
1,398,086
—
—
Brazil
19,256,230
11,720,461
16,829,567
—
—
Chile
—
—
3,133,732
—
—
China/Hong Kong
5,124,532
16,503,037
24,434,325
—
—
India
5,132,898
—
—
—
—
Mexico
6,318,069
—
2,774,096
—
—
Panama
—
—
2,697,611
—
—
Peru
6,591,014
—
4,425,450
—
—
Romania
—
5,087,554
—
—
—
Saudi Arabia
—
2,638,781
2,987,419
—
—
South Africa
—
—
5,048,715
—
—
South Korea
868,639
—
—
—
—
Taiwan
4,925,745
962,781
—
9,281,317
—
United States
4,502,861
16,711,811
—
—
—
Sub-total
52,719,988
57,891,685
67,412,910
9,281,317
—
Preferred Equities:
India
30,499
—
—
—
—
Level 2: Other Significant Observable Inputs
Common Equities:
Chile
5,502,706
—
—
—
—
China/Hong Kong
44,792,253
34,349,268
36,478,344
70,881,787
223,365,001
Cyprus
—
—
6,218,053
—
—
Georgia
—
—
4,430,593
—
—
Greece
—
6,314,683
7,135,016
—
—
Hungary
—
3,955,272
—
—
—
...................................................................................................................................................
53  MATTHEWS ASIA FUNDS

 
Notes to Financial Statements (unaudited)  (continued)
 
Matthews
Emerging Markets 
Equity Fund
Matthews
Emerging Markets
Sustainable Future
Fund
Matthews
Emerging Markets
Small Companies
Fund
Matthews Asia
Growth Fund
Matthews Pacific
Tiger Fund
India
15,747,966
56,732,586
103,738,256
18,954,327
58,704,681
Indonesia
—
1,081,305
2,524,846
—
—
Japan
—
—
—
24,115,752
—
Jordan
—
809,909
—
—
—
Malaysia
—
—
—
—
9,302,813
Philippines
2,349,594
—
4,679,822
—
—
Poland
—
2,808,827
—
—
—
Singapore
3,029,377
—
—
—
34,367,538
South Africa
9,239,821
—
—
—
—
South Korea
115,398,664
86,407,649
61,960,758
67,719,806
232,837,539
Taiwan
80,457,299
64,408,495
95,152,770
80,964,186
253,788,499
Thailand
1,995,700
—
—
—
9,287,069
Turkey
—
9,596,090
10,862,518
—
—
United Kingdom
—
—
4,184,281
—
6,780,390
Vietnam
37,926
937,222
13,450,713
—
4,527,252
Sub-total
278,551,306
267,401,306
350,815,970
262,635,858
832,960,782
Preferred Equities:
South Korea
—
3,508,930
—
—
—
Level 3: Other Significant Observable Inputs
Common Equities:
Russia
1,630
—
26,700
—
—
Taiwan
—
—
17,087,806
1,807,167
—
Sub-total
1,630
—
17,114,506
1,807,167
—
Total Market Value of Investments
$331,303,423
$328,801,921
$435,343,386
$273,724,342
$832,960,782
Levels for Multi-Country Funds (2 of 2):
Summary of inputs used to determine the fair valuation of multi-country Funds’ investments as of June 30, 2026. 
 
Matthews Asia
Innovators Fund
Matthews China
Innovators Fund
Matthews Asia
Dividend Fund
Assets:
Investments:
Level 1: Quoted Prices
Common Equities:
China/Hong Kong
$2,357,263
$2,532,616
$8,065,735
Taiwan
21,162,563
—
—
United States
—
6,288,668
—
Sub-total
23,519,826
8,821,284
8,065,735
Level 2:  Other Significant Observable Inputs
Common Equities:
Australia
—
—
35,060,373
China/Hong Kong
124,545,988
79,419,055
156,700,749
India
36,957,874
—
24,438,504
Indonesia
—
—
4,369,606
Japan
10,292,862
—
152,739,160
Singapore
—
—
24,707,095
South Korea
103,204,659
—
137,426,548
Taiwan
168,768,690
12,693,559
124,933,603
Thailand
—
—
4,677,845
Sub-total
443,770,073
92,112,614
665,053,483
Level 3:  Other Significant Observable Inputs
Common Equities:
Taiwan
2,891,466
—
—
Total Market Value of Investments
$470,181,365
$100,933,898
$673,119,218
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
..................................................................................................................................................
matthewsasia.com | 800.789.ASIA  54

 
Notes to Financial Statements (unaudited)  (continued)
Levels for Single Country Funds:
Summary of inputs used to determine the fair valuation of the single country Funds’ investments as of June 30, 2026. 
 
Matthews
China Fund
Matthews
India Fund
Matthews
Japan Fund
Assets:
Investments:
Level 1: Quoted Prices
Common Equities:
Consumer Discretionary
$5,973,792
$—
$—
Financials
2,996,801
—
—
Industrials
9,877,064
—
6,048,309
Real Estate
168,995
—
—
Sub-total
19,016,652
—
6,048,309
Level 2:  Other Significant Observable Inputs
Common Equities:
Communication Services
46,441,641
23,974,699
19,121,142
Consumer Discretionary
42,940,254
103,309,232
137,245,894
Consumer Staples
—
41,994,839
24,085,812
Energy
—
23,693,849
4,586,512
Financials
82,991,944
190,523,832
134,611,589
Health Care
21,516,144
37,973,180
15,054,934
Industrials
43,554,606
42,632,907
184,003,156
Information Technology
94,935,765
26,622,544
158,077,754
Materials
32,547,841
12,418,548
36,469,318
Real Estate
9,269,620
—
23,061,881
Sub-total
374,197,815
503,143,630
736,317,992
Total Market Value of Investments
$393,214,467
$503,143,630
$742,366,301
Changes in the Balances of Level 3 Securities:
The Funds’ policy is to recognize transfers in and transfers out of Level 3 as of the beginning of the reporting period.  
 
Matthews
Emerging Markets
Equity Fund
Matthews
Emerging Markets
Small Companies
Fund
Matthews Asia
Growth Fund
Matthews Pacific
Tiger Fund
Matthews Asia
Innovators Fund
Matthews
India Fund
Matthews Asia
Dividend Fund
 
Common
Equities —
Russia
Preferred
Equities —
India
Common
Equities —
Taiwan and Russia
Common
Equities —
Taiwan
Common
Equities —
India
Preferred
Equities —
India
Common
Equities —
Taiwan
Common
Equities —
Consumer
Staples
Preferred
Equities —
Consumer
Discretionary
Common
Equities —
India
Balance as of
12/31/25(market
value)
1,622
34,130
26,564
—
220,731
93,628
—
265,688
195,075
75,521
Accrued
discounts/premiums
—
—
—
—
—
—
—
—
—
—
Realized gain/(loss)
—
—
3,037,964
—
(94,797
)
—
—
(100,761
)
—
(29,773
)
Change in
unrealized
appreciation/
depreciation
8
(3,631
)
12,889,564
182,343
(244
)
(93,628
)
293,785
(293
)
(195,075
)
(83
)
Purchases
—
—
—
1,624,824
—
—
2,597,681
—
—
—
Sales
—
—
(4,271,185
)
—
(125,690
)
—
—
(164,634
)
—
(45,665
)
Transfers in to
Level 3
—
—
5,431,599
—
—
—
—
—
—
—
Transfer out of
Level 3**
—
(30,499
)
—
—
—
—
—
—
—
—
Balance as of
Current
6/30/26(market
value)
$1,630
$—
$17,114,506
$1,807,167
$—
$—
$2,891,466
$—
$—
$—
...................................................................................................................................................
...................................................................................................................................................
..................................................................................................................................................
55  MATTHEWS ASIA FUNDS

 
Notes to Financial Statements (unaudited)  (continued)
 
Matthews
Emerging Markets
Equity Fund
Matthews
Emerging Markets
Small Companies
Fund
Matthews Asia
Growth Fund
Matthews Pacific
Tiger Fund
Matthews Asia
Innovators Fund
Matthews
India Fund
Matthews Asia
Dividend Fund
 
Common
Equities —
Russia
Preferred
Equities —
India
Common
Equities —
Taiwan and Russia
Common
Equities —
Taiwan
Common
Equities —
India
Preferred
Equities —
India
Common
Equities —
Taiwan
Common
Equities —
Consumer
Staples
Preferred
Equities —
Consumer
Discretionary
Common
Equities —
India
Net change in
unrealized
appreciation/
depreciation
on Level 3
investments held
as of 6/30/26*
$8
(3,631
)
$12,889,564
$182,343
($244
)
(93,628
)
$293,785
($293
)
(195,075
)
$(83
)
 
**Transfers out of Level 3 were because observable market data became available for the security.
*Included in the related amounts on the Statements of Operations.
C.
RISKS ASSOCIATED WITH NON-U.S. COMPANIES: Investments by the Funds in the securities of non-U.S. companies may involve investment risks not typically associated with investments in U.S. issuers. These risks include possible political, economic, social and religious instability; inadequate investor protection; changes in laws or regulations of Emerging Market or Asia Pacific countries where the Funds may invest; international relations with other nations; natural disasters; corruption; and military activity. Foreign securities may trade in securities markets that are substantially smaller, less developed, less liquid and more volatile than the major securities markets in the United States. Foreign securities may be subject to greater fluctuations in price than securities of domestic corporations or the U.S. government. Foreign investing may also include the risk of expropriation or confiscatory taxation, limitation on the removal of funds or other assets, currency crises and exchange controls, the imposition of foreign withholding tax on the interest income payable on such instruments, the possible seizure or nationalization of foreign deposits or assets, or the adoption of other foreign government restrictions that might adversely affect the foreign securities held by the Funds. Additionally, Emerging Market and Asia Pacific countries may utilize formal or informal currency exchange controls or “capital controls” that may limit the ability to repatriate investments or income or adversely affect the value of portfolio investments. The economies of many Emerging Market and Asia Pacific countries differ from the economies of more developed countries in many respects, such as their rate of growth, inflation, capital reinvestment, resource self-sufficiency and dependence on other economies, financial system stability, the national balance of payments position and sensitivity to changes in global trade.
Certain Emerging Market and Asia Pacific countries are highly dependent upon and may be affected by developments in the economies of other countries. Non-U.S. companies are subject to different accounting, auditing, and financial reporting standards, practices, and requirements than U.S. companies. There is generally less government regulation of stock exchanges, brokers, and listed companies abroad than in the United States, which may result in less transparency with respect to a company’s operations, and make obtaining information about them more difficult (or such information may be unavailable).
Among other risks of investing in foreign markets, particularly those of emerging and frontier markets in which the Funds invest, are the variable quality and reliability of financial information and related audits of companies. In some cases, financial information and related audits can be unreliable and not subject to verification. Auditing firms in some of these markets are not subject to independent inspection or oversight of audit quality. For example, China does not allow the Public Company Accounting Oversight Board to inspect the work that auditors perform in China for Chinese companies that sell stock into U.S. markets. This can result in investment decisions being made based on flawed or misleading information.
Foreign stock markets, particularly those of emerging and frontier markets in which the Funds invest, may not be as developed or efficient as those in more developed markets such as the United States, and the absence of negotiated brokerage commissions in certain countries may result in higher brokerage fees. The time between the trade and settlement dates of securities transactions on foreign exchanges ranges from one day to four weeks or longer and may result in higher custody charges. Custodial arrangements may be less well developed than in the United States. Foreign securities are generally denominated and pay distributions in foreign currencies, exposing the Funds to changes in foreign currency exchange rates. Investing in any Emerging Market or Asia Pacific country will also entail risks specific and unique to that country, and these risks can be significant and change rapidly.
Changes in interest rates in each of the countries in which the Funds may invest, as well as interest rates in more-developed countries, may cause a decline in the market value of an investment. Generally, fixed income securities will decrease in value when interest rates rise and can be expected to rise in value when interest rates decline. As interest rates decline, debt issuers may repay or refinance their loans or obligations earlier than anticipated.
The Funds may invest in certain operating companies in China through legal structures known as variable interest entities (“VIEs”). In China, ownership of companies in certain sectors, such as technology, media, and telecommunications, by non-Chinese individuals and entities (including U.S. persons and entities such as the Fund) is prohibited. In order to facilitate foreign investment in these businesses, many Chinese companies have created VIEs, through which foreign investors hold stock in an offshore holding company or a special purpose vehicle (“SPV”)  that has entered into contractual arrangements with a China-based operating company, allowing U.S. investors to obtain economic exposure to the China-based company through contractual means rather than through formal equity ownership. Shares of the offshore holding company or SPV, in turn, may be listed and traded on exchanges outside of mainland China and made available to non-Chinese investors. 
VIEs are a longstanding industry practice and well known to officials and regulators in China; however, VIEs are not formally recognized under Chinese law. Recently, the government of China placed restrictions on China-based companies raising capital offshore, including through VIE structures. Investors face uncertainty about future actions by the government of China that could significantly affect an operating company’s
matthewsasia.com | 800.789.ASIA  56

 
Notes to Financial Statements (unaudited)  (continued)
financial performance and the enforceability of an offshore holding company’s or a special purpose vehicle’s contractual arrangements. In addition, the interests of the Chinese equity holders of an operating company may not align with those of foreign investors in the offshore holding company or SPV. Investments in Chinese VIEs present significant risks. Under extreme circumstances, China might prohibit the existence of VIEs or sever their ability to transmit economic and governance rights to foreign investors. In addition, listed holding companies or SPVs acting as VIEs may also face delisting or other regulatory consequences for failure to meet the requirements of U.S. exchanges and regulators. If any of these events take place, the market value of a Fund’s associated portfolio holdings would likely decline significantly, which could result in substantial investment losses.
Due to the Russian invasion of Ukraine, sanctions have since been imposed on Russia and certain of its citizens and financial infrastructure entities. As a result of these sanctions and countermeasures by Russia, the sale and/or purchase of Russian securities to/by US persons is prohibited and sales of certain Russian securities to non-US persons may also be prohibited. Due to these measures, Russian and Russian-related securities have since suffered significant declines in value. The ongoing conflict has the potential to adversely impact global economies and increase volatility across markets. The duration of the Russian-Ukraine conflict and its effect on financial markets cannot be determined with certainty. The Funds’ performance could be negatively impacted if the value of a portfolio holding were harmed by these and such other events. Management is actively monitoring these events. As of June 30, 2026, the Russian positions held across the Matthews Asia Funds have been valued near zero.
Recently, the war between Israel, Iran and the U.S., as well as conflicts among other militant groups in the Middle East, has caused and could continue to cause significant market disruptions and volatility within the markets of the Middle East, the U.S. and globally. These conflicts and the continued involvement of the U.S. or the involvement of other countries could present material uncertainty and risk with respect to a Fund’s performance and ability to achieve its investment objective. The extent and duration of the military action and any market disruptions are impossible to predict but could be substantial.
In recent years, the U.S. government has indicated its intent to, and has taken actions to, renegotiate, or potentially terminate, certain existing bilateral or multi-lateral trade agreements and treaties with foreign countries. For example, the U.S. government has imposed, and may in the future further increase, tariffs on certain foreign goods, including from China, such as steel and aluminum. Most recently, the current U.S. presidential administration has imposed significant increases to tariffs on goods imported into the U.S., including from China, Canada and Mexico. Some foreign governments, including China, have instituted retaliatory tariffs on certain U.S. goods. Existing, new, or increased tariffs on imported goods could further increase costs, decrease margins, reduce the competitiveness of products and services offered by the Funds’ current and future portfolio companies and adversely affect the revenues and profitability of portfolio companies whose businesses rely on goods imported from impacted jurisdictions, with a potentially negative impact to the Funds.
D.
DISTRIBUTIONS TO SHAREHOLDERS: It is the policy of Matthews Asia Dividend Fund to distribute net investment income on a quarterly basis and capital gains, if any, annually. All other Funds generally distribute their net investment income and capital gains, if any, once annually in December. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP.
The tax character of distributions paid for the fiscal year ended December 31, 2025 was as follows: 
YEAR ENDED December 31, 2025
Ordinary
Income
Net Long-Term
Capital Gains
Return of
Capital
Total Taxable
Distributions
Matthews Emerging Markets Equity Fund
$6,427,919
$—
$1,413,600
$7,841,519
Matthews Emerging Markets Sustainable Future Fund
12,544,492
—
—
12,544,492
Matthews Emerging Markets Small Companies Fund
7,168,741
—
—
7,168,741
Matthews Asia Growth Fund
—
—
—
—
Matthews Pacific Tiger Fund
23
17,004,947
—
17,004,970
Matthews Asia Innovators Fund
—
—
—
—
Matthews China Fund
5,913,663
—
—
5,913,663
Matthews China Innovators Fund
1,470,990
—
—
1,470,990
Matthews India Fund
361,718
45,336,310
—
45,698,028
Matthews Japan Fund
14,160,299
—
—
14,160,299
Matthews Asia Dividend Fund
14,925,482
—
—
14,925,482
E.
INVESTMENT TRANSACTIONS AND INCOME: Securities transactions are accounted for on the date the securities are purchased or sold or on the following business day. Financial statements reflect security transactions on trade date. Gains or losses on the sale of securities are determined on the identified cost basis. Interest income is recorded on the accrual basis. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis. Dividend income is generally recorded on the ex-dividend date net of any foreign taxes withheld at the source. Dividend income for certain issuers headquartered in countries which the Funds invest may not be recorded until approved by the shareholders (which may occur after the ex-dividend date) if, in the judgment of management, such dividends are not reasonably determined as of the ex-dividend date. Income and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.
The Funds may be subject to foreign taxation related to income received, capital gains on the sale of securities and certain foreign currency transactions in the foreign jurisdictions in which they invest. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Funds invest. When a capital gain tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that may be payable if the securities were disposed of on the valuation date.
57  MATTHEWS ASIA FUNDS

 
Notes to Financial Statements (unaudited)  (continued)
F.
FUND EXPENSE ALLOCATIONS: The Funds account separately for the assets, liabilities and operations of each Fund. Estimated expenses are accrued daily. Direct expenses of each Fund or class are charged to that Fund or class while general expenses are allocated pro-rata among the Funds based on net assets or other appropriate methods.
G.
CASH, CASH OVERDRAFTS, AND FOREIGN CURRENCY: When any of the Funds’ cash balances are overdrawn, a Fund is charged an overdraft fee by the custodian based on the BBH Overdraft Base Rate which are set daily reflecting BBH’s effective trading rate in the relevant local money markets on each day. In markets where a true money market rate is not available, or is not reflective of the market, the BBH Treasury Group sets overdraft rates on a market-by-market basis, taking into consideration market standards and conditions.
QFI accounts (i.e., the accounts through which the QFI quota is accessed) are required by the local market to maintain a cash reserve. The cash reserve is based upon a fixed ratio of the QFI’s approved investment quota, which is defined as the amount remitted into its special Renminbi (RMB) cash account. These amounts, if any, are included in “Segregated foreign currency at value” on the Statements of Assets and Liabilities. The fixed ratio is set at 0.08 percent for the Shanghai and 0.06 percent for the Shenzhen market.
H.
USE OF ESTIMATES: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates.
3.
CAPITAL SHARE TRANSACTIONS  
 
Six-Month Period Ended
June 30, 2026 (Unaudited)
Year Ended December 31, 2025
 
Shares
Amount
Shares
Amount
Matthews Emerging Markets Equity Fund
Investor Class
Shares sold
211,826
$3,940,031
305,216
$4,567,499
Shares issued in reorganization1
—
—
13,015,649
177,703,579
Shares issued through reinvestment of distributions
—
—
359,037
5,640,467
Shares redeemed
(954,438
)
(18,190,885
)
(2,364,890
)
(34,411,624
)
Net increase (decrease)
(742,612
)
($14,250,854
)
11,315,012
$153,499,921
Institutional Class
Shares sold
202,958
$3,809,852
775,628
$11,012,386
Shares issued in reorganization1
—
—
3,574,153
48,724,802
Shares issued through reinvestment of distributions
—
—
126,296
1,980,329
Shares redeemed
(252,528
)
(4,800,727
)
(1,449,695
)
(20,838,140
)
Net increase (decrease)
(49,570
)
($990,875
)
3,026,382
$40,879,377
Matthews Emerging Markets Sustainable Future Fund
Investor Class
Shares sold
182,137
$3,315,914
150,121
$1,922,324
Shares issued through reinvestment of distributions
—
—
91,196
1,203,781
Shares redeemed
(205,900
)
(3,592,400
)
(1,185,281
)
(15,153,830
)
Net (decrease)
(23,763
)
($276,486
)
(943,964
)
($12,027,725
)
Institutional Class
Shares sold
2,726,216
$45,237,090
3,794,282
$49,608,028
Shares issued through reinvestment of distributions
—
—
833,344
11,008,472
Shares redeemed
(1,931,349
)
(33,848,957
)
(5,297,436
)
(66,194,830
)
Net increase (decrease)
794,867
$11,388,133
(669,810
)
($5,578,330
)
Matthews Emerging Markets Small Companies Fund
Investor Class
Shares sold
181,199
$5,307,683
794,536
$19,054,261
Shares issued through reinvestment of distributions
—
—
83,324
2,078,105
Shares redeemed
(1,134,452
)
(32,903,555
)
(5,060,432
)
(119,760,650
)
Net (decrease)
(953,253
)
($27,595,872
)
(4,182,572
)
($98,628,284
)
Institutional Class
Shares sold
772,473
$22,614,862
4,025,562
$96,295,019
Shares issued through reinvestment of distributions
—
—
180,326
4,488,313
Shares redeemed
(3,201,750
)
(90,945,115
)
(7,890,374
)
(190,175,648
)
Net (decrease)
(2,429,277
)
($68,330,253
)
(3,684,486
)
($89,392,316
)
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matthewsasia.com | 800.789.ASIA  58

 
Notes to Financial Statements (unaudited)  (continued)
 
Six-Month Period Ended
June 30, 2026 (Unaudited)
Year Ended December 31, 2025
 
Shares
Amount
Shares
Amount
Matthews Asia Growth Fund
Investor Class
Shares sold
463,796
$17,660,755
169,228
$4,261,884
Shares redeemed
(497,482
)
(16,586,098
)
(1,631,281
)
(39,020,536
)
Net increase (decrease)
(33,686
)
$1,074,657
(1,462,053
)
($34,758,652
)
Institutional Class
Shares sold
197,890
$6,670,942
369,675
$9,065,614
Shares redeemed
(483,002
)
(16,622,052
)
(1,776,006
)
(42,430,187
)
Net (decrease)
(285,112
)
($9,951,110
)
(1,406,331
)
($33,364,573
)
Matthews Pacific Tiger Fund
Investor Class
Shares sold
259,536
$6,871,259
409,096
$8,209,967
Shares issued through reinvestment of distributions
1
19
469,897
10,069,901
Shares redeemed
(1,824,494
)
(47,567,443
)
(6,776,173
)
(131,929,415
)
Net (decrease)
(1,564,957
)
($40,696,165
)
(5,897,180
)
($113,649,547
)
Institutional Class
Shares sold
456,700
$12,118,332
2,280,456
$44,600,611
Shares issued through reinvestment of distributions
—
—
230,298
4,939,898
Shares redeemed
(1,863,964
)
(46,817,488
)
(10,301,877
)
(192,843,662
)
Net (decrease)
(1,407,264
)
($34,699,156
)
(7,791,123
)
($143,303,153
)
Matthews Asia Innovators Fund
Investor Class
Shares sold
1,009,182
$23,813,959
1,241,413
$18,030,431
Shares redeemed
(1,041,452
)
(22,806,507
)
(3,487,434
)
(52,271,338
)
Net increase (decrease)
(32,270
)
$1,007,452
(2,246,021
)
($34,240,907
)
Institutional Class
Shares sold
1,755,716
$36,657,703
4,909,124
$73,448,519
Shares redeemed
(2,358,781
)
(52,909,580
)
(2,896,065
)
(42,307,461
)
Net increase (decrease)
(603,065
)
($16,251,877
)
2,013,059
$31,141,058
Matthews China Fund
Investor Class
Shares sold
851,369
$14,714,822
3,071,525
$48,187,693
Shares issued through reinvestment of distributions
—
—
243,967
4,149,877
Shares redeemed
(2,740,941
)
(47,068,716
)
(5,512,124
)
(85,813,045
)
Net (decrease)
(1,889,572
)
($32,353,894
)
(2,196,632
)
($33,475,475
)
Institutional Class
Shares sold
585,468
$10,041,527
3,262,024
$51,011,285
Shares issued through reinvestment of distributions
—
—
74,481
1,265,436
Shares redeemed
(853,244
)
(14,411,765
)
(2,299,499
)
(35,781,533
)
Net increase (decrease)
(267,776
)
($4,370,238
)
1,037,006
$16,495,188
Matthews China Innovators Fund
Investor Class
Shares sold
865,446
$12,383,659
524,443
$5,466,286
Shares issued through reinvestment of distributions
—
—
92,701
1,049,367
Shares redeemed
(661,700
)
(9,549,770
)
(1,715,885
)
(17,779,351
)
Net increase (decrease)
203,746
$2,833,889
(1,098,741
)
($11,263,698
)
Institutional Class
Shares sold
213,732
$3,099,668
131,017
$1,387,731
Shares issued through reinvestment of distributions
—
—
33,675
380,533
Shares redeemed
(131,087
)
(1,806,036
)
(471,767
)
(4,850,550
)
Net increase (decrease)
82,645
$1,293,632
(307,075
)
($3,082,286
)
...................................................................................................................................................
...................................................................................................................................................
...................................................................................................................................................
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...................................................................................................................................................
...................................................................................................................................................
...................................................................................................................................................
...................................................................................................................................................
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59  MATTHEWS ASIA FUNDS

 
Notes to Financial Statements (unaudited)  (continued)
 
Six-Month Period Ended
June 30, 2026 (Unaudited)
Year Ended December 31, 2025
 
Shares
Amount
Shares
Amount
Matthews India Fund
Investor Class
Shares sold
796,042
$17,589,595
2,311,395
$56,770,272
Shares issued through reinvestment of distributions
—
—
1,475,467
34,953,804
Shares redeemed
(6,701,260
)
(142,882,037
)
(7,307,289
)
(178,229,391
)
Net (decrease)
(5,905,218
)
($125,292,442
)
(3,520,427
)
($86,505,315
)
Institutional Class
Shares sold
656,234
$15,018,194
1,742,251
$43,497,291
Shares issued through reinvestment of distributions
—
—
297,938
7,242,869
Shares redeemed
(2,296,332
)
(51,319,306
)
(3,097,539
)
(77,268,786
)
Net (decrease)
(1,640,098
)
($36,301,112
)
(1,057,350
)
($26,528,626
)
Matthews Japan Fund
Investor Class
Shares sold
350,203
$9,285,125
1,022,396
$22,578,186
Shares issued through reinvestment of distributions
—
—
210,194
5,002,630
Shares redeemed
(1,242,378
)
(32,075,511
)
(2,186,260
)
(47,949,085
)
Net (decrease)
(892,175
)
($22,790,386
)
(953,670
)
($20,368,269
)
Institutional Class
Shares sold
1,566,661
$40,313,121
2,823,111
$60,849,689
Shares issued through reinvestment of distributions
—
—
325,464
7,768,825
Shares redeemed
(3,957,116
)
(101,391,854
)
(4,282,000
)
(91,673,455
)
Net (decrease)
(2,390,455
)
($61,078,733
)
(1,133,425
)
($23,054,941
)
Matthews Asia Dividend Fund
Investor Class
Shares sold
370,612
$7,473,698
315,350
$4,973,136
Shares issued in reorganization2
3,845,298
72,927,249
—
—
Shares issued through reinvestment of distributions
55,280
1,039,275
406,410
6,812,471
Shares redeemed
(2,160,333
)
(42,699,628
)
(4,700,882
)
(71,818,699
)
Net increase (decrease)
2,110,857
$38,740,594
(3,979,122
)
($60,033,092
)
Institutional Class
Shares sold
1,149,543
$22,515,045
1,634,242
$24,994,055
Shares issued in reorganization2
1,085,102
20,557,705
—
—
Shares issued through reinvestment of distributions
41,906
787,002
357,630
5,969,516
Shares redeemed
(1,497,538
)
(29,598,799
)
(10,110,746
)
(154,538,206
)
Net increase (decrease)
779,013
$14,260,953
(8,118,874
)
($123,574,635
)
 
1
See Note 1-B regarding the reorganization.
2
See Note 1-A regarding the reorganization.
4.
INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Matthews, a registered investment advisor under the Investment Advisors Act of 1940, as amended, provides the Funds with investment management services. Pursuant to the prior Investment Advisory Agreement dated August 13, 2004, as amended (the “Prior Advisory Agreement”) and the current Investment Advisory Agreement dated February 1, 2016, as amended (the “Current Advisory Agreement,” and together with the Prior Advisory Agreement, the “Advisory Agreement”), the Funds pay Matthews (i) for management and advisory services; and (ii) for certain administrative services, an annual fee as a percentage of average daily net assets. Under the Advisory Agreement each of the Funds, other than Matthews Emerging Markets Small Companies Fund and Matthews China innovators Fund (the “Family-Priced Funds”), pays Matthews 0.75% of their aggregate average daily net assets up to $2 billion, 0.6834% of their aggregate average daily net assets over $2 billion up to $5 billion, 0.65% of their aggregate average daily net assets over $5 billion up to $25 billion, 0.64% of their aggregate average daily net assets over $25 billion up to $30 billion, 0.63% of their aggregate average daily net assets over $30 billion up to $35 billion, 0.62% of their aggregate average daily net assets over $35 billion up to $40 billion, 0.61% of their aggregate average daily net assets over $40 billion up to $45 billion, and 0.60% of their aggregate average daily net assets over $45 billion. Effective January 1, 2024, each of the Matthews Emerging Markets Small Companies Fund and the Matthews China innovators Fund pays Matthews a fee equal to 0.85% of its average daily net assets. Each Fund pays Matthews a monthly fee at the annual rate using the applicable management fee calculated based on the actual number of days of that month and based on the Fund’s average daily net asset value for the month.
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matthewsasia.com | 800.789.ASIA  60

 
Notes to Financial Statements (unaudited)  (continued)
Pursuant to a fee waiver letter agreement, effective as of September 1, 2014, between the Trust, on behalf of the Family-Priced Funds, and Matthews (as amended from time to time, the “Fee Waiver Agreement”), for each Family-Priced Fund, Matthews has agreed to waive a portion of the fee payable under the Advisory Agreement and a portion of the fee payable under the Administration and Shareholder Services Agreement, if any Family-Priced Fund’s average daily net assets are over $3 billion, as follows: for every $2.5 billion average daily net assets of a Family-Priced Fund that are over $3 billion, the fee rates that otherwise would be applied for calculating fees payable under the Advisory Agreement and the Administration and Shareholder Services Agreement for such Family-Priced Fund with respect to such excess average daily net assets will be each reduced by 0.01%, in each case without reducing such fee rate below 0.00%.
Investment advisory fees charged, waived fees and reimbursed additional expenses for the six-month period ended June 30, 2026, were as follows: 
 
Gross Advisory Fees
Advisory Fees
Waived and
Expenses Waived or
Reimbursed in
Excess of the
Expense Limitation
Net Advisory Fee/
(Net Reimbursement)
Matthews Emerging Markets Equity Fund
$1,052,794
($186,288
)
$866,506
Matthews Emerging Markets Sustainable Future Fund
1,031,518
(1,029
)
1,030,489
Matthews Emerging Markets Small Companies Fund
1,817,592
(271,145
)
1,546,447
Matthews Asia Growth Fund
874,414
(2,130
)
872,284
Matthews Pacific Tiger Fund
2,875,043
—
2,875,043
Matthews Asia Innovators Fund
1,428,305
—
1,428,305
Matthews China Fund
1,447,463
—
1,447,463
Matthews China Innovators Fund
352,396
(93,596
)
258,800
Matthews India Fund
1,984,674
—
1,984,674
Matthews Japan Fund
2,622,706
—
2,622,706
Matthews Asia Dividend Fund
2,422,054
—
2,422,054
Under a written agreement between the Funds and Matthews (the “Operating Expense Agreement”), Matthews agrees to waive fees and reimburse expenses to a Fund if its expense ratio exceeds a certain percentage level. For all Funds, except the Matthews Emerging Markets Equity Fund, the Matthews Emerging Markets Sustainable Future Fund and the Matthews Emerging Markets Small Companies Fund, this level is 1.20% for the Institutional Class. For the Matthews Emerging Markets Equity Fund, this level is 0.90% for the Institutional Class. For the Matthews Emerging Markets Sustainable Future Fund and the Matthews Emerging Markets Small Companies Fund, this level is 1.15% for the Institutional Class. Matthews agrees to reduce the expense ratio for the Investor Class by waiving an equal amount of non-class specific expenses (e.g., custody fees) as the Institutional Class. Because certain expenses of the Investor Class may be higher than those of the Institutional Class and because class specific expenses may be waived solely for the Institutional Class, total annual Fund expenses for the Investor Class may exceed 1.20% (or 0.90% for the Matthews Emerging Markets Equity Fund, or 1.15% for the Matthews Emerging Markets Sustainable Future Fund and Matthews Emerging Markets Small Companies Fund). In turn, if the expenses of a Fund, fall below the level noted within three years after Matthews has made such a reimbursement, the Fund may reimburse Matthews up to an amount of the recoupment available not to exceed the lesser of (i) the expense limitation applicable at the time of that fee waiver and/or expense reimbursement or (ii) the expense limitation in effect at the time of recoupment. This agreement will continue through April 30, 2027, may be extended for additional periods not exceeding one year, and may be terminated at any time by the Board of Trustees on behalf of the Fund on 60 days’ written notice to Matthews. Matthews may decline to renew this agreement by written notice to the Trust at least 30 days before its annual expiration date.
Waived Fees Subject to Possible Future Recoupment:
On June 30, 2026, the amounts subject to possible future recoupment under the expense limitation agreement are as follows: 
 
Expiring December 31,
 
2026
2027
2028
2029
Matthews Emerging Markets Equity Fund
$53,084
$293,266
$434,637
$186,288
Matthews Emerging Markets Sustainable Future Fund
—
266,556
161,217
1,029
Matthews Emerging Markets Small Companies Fund
597,510
1,016,563
651,469
271,145
Matthews China Innovators Fund
70,718
173,139
127,548
93,596
The Funds have an Administration and Shareholder Services Agreement dated August 13, 2004, as amended (the “Shareholder Services Agreement” or “Services Agreement”), in which the Funds pay an annual administration and shareholder servicing fee to Matthews, as a percentage of the average daily net assets of each Fund in aggregate, computed and prorated on a daily basis. Under the Shareholder Services Agreement, the Funds in the aggregate pay Matthews 0.25% of their aggregate average daily net assets up to $2 billion, 0.1834% of their aggregate average daily net assets over $2 billion up to $5 billion, 0.15% of their aggregate average daily net assets over $5 billion up to $7.5 billion, 0.125% of their aggregate average daily net assets over $7.5 billion up to $15 billion, 0.11% of their aggregate average daily net assets over $15 billion up to $22.5 billion, 0.10% of their aggregate average daily net assets over $22.5 billion up to $25 billion, 0.09% of their aggregate average daily net assets over $25 billion up to
61  MATTHEWS ASIA FUNDS

 
Notes to Financial Statements (unaudited)  (continued)
$30 billion, 0.08% of their aggregate average daily net assets over $30 billion up to $35 billion, 0.07% of their aggregate average daily net assets over $35 billion up to $40 billion, 0.06% of their aggregate average daily net assets over $40 billion up to $45 billion, and 0.05% of their aggregate average daily net assets over $45 billion.
Administration and shareholder servicing fees charged, for the six-month period ended June 30, 2026, were as follows: 
 
Gross
Administration and
Shareholder
Servicing Fees
Administration and
Shareholder
Servicing Fees
Waived in Excess of
Expense Limitation
Net
Administration and
Shareholder
Servicing Fees
Matthews Emerging Markets Equity Fund
$309,497
$—
$309,497
Matthews Emerging Markets Sustainable Future Fund
303,175
—
303,175
Matthews Emerging Markets Small Companies Fund
448,608
—
448,608
Matthews Asia Growth Fund
256,970
—
256,970
Matthews Pacific Tiger Fund
829,500
—
829,500
Matthews Asia Innovators Fund
419,740
—
419,740
Matthews China Fund
425,737
—
425,737
Matthews China Innovators Fund
86,924
—
86,924
Matthews India Fund
583,973
—
583,973
Matthews Japan Fund
771,310
—
771,310
Matthews Asia Dividend Fund
708,526
—
708,526
In addition to the fees paid to the Funds’ transfer agent, the Funds bear the cost of fees paid to certain service providers or intermediaries, including supermarkets, which provide transfer agency, record-keeping and shareholder servicing to certain shareholders. These fees are referred to as intermediary service fees on the Statements of Assets and Liabilities as well as the Statements of Operations. Additional information concerning these services and fees is contained in the Funds’ prospectus.
BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”), an indirect wholly owned subsidiary of The Bank of New York Mellon Corporation, serves as the Funds’ administrator, and in that capacity, performs various administrative and accounting services for each Fund. BNY Mellon also serves as the Funds’ transfer agent, dividend disbursing agent and registrar. Total fees accrued by the Funds for administration and accounting services for the six-month period ended June 30, 2026 were as follows: 
 
Administration and
Accounting fees
Matthews Emerging Markets Equity Fund
$11,807
Matthews Emerging Markets Sustainable Future Fund
11,568
Matthews Emerging Markets Small Companies Fund
17,107
Matthews Asia Growth Fund
9,807
Matthews Pacific Tiger Fund
31,555
Matthews Asia Innovators Fund
16,019
Matthews China Fund
16,231
Matthews China Innovators Fund
3,317
Matthews India Fund
22,253
Matthews Japan Fund
29,410
Matthews Asia Dividend Fund
26,965
As of June 30, 2026, Matthews and its affiliates held no significant shares in the Funds.
Certain officers and Trustees of the Funds are also officers and directors of Matthews. All officers serve without compensation from the Funds. The Funds paid the Independent Trustees $493,817 in aggregate for regular compensation during the six-month period ended June 30, 2026.
5.
INVESTMENTS
The value of investment transactions made for affiliated and unaffiliated holdings for the six-month period ended June 30, 2026 were as follows: 
 
Unaffiliated Purchases
Proceeds from
Unaffiliated Sales
Matthews Emerging Markets Equity Fund
$93,266,351
$102,690,691
Matthews Emerging Markets Sustainable Future Fund
54,584,732
64,706,384
Matthews Emerging Markets Small Companies Fund
99,450,365
201,865,467
Matthews Asia Growth Fund
201,060,178
249,520,675
Matthews Pacific Tiger Fund
542,852,846
661,719,269
matthewsasia.com | 800.789.ASIA  62

 
Notes to Financial Statements (unaudited)  (continued)
 
Unaffiliated Purchases
Proceeds from
Unaffiliated Sales
Matthews Asia Innovators Fund
$364,370,306
$417,987,095
Matthews China Fund
184,979,805
222,393,705
Matthews China Innovators Fund
74,352,028
78,026,396
Matthews India Fund
145,324,413
312,618,497
Matthews Japan Fund
450,157,819
538,889,230
Matthews Asia Dividend Fund
75,182,797
129,699,970
6.
SEGMENT REPORTING
In this reporting period, the Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds’ financial position or its results of operations. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity’s overall performance and to assess its potential future cash flows. The Funds’ President, Treasurer and Vice President, who serve as the Chief Executive Officer, Vice President of Accounting and Operations, and Chief Investment Officer of the investment advisor, Matthews International Capital Management, LLC, respectively, act as the Funds’ chief operating decision maker (CODM) assessing performance and making decisions about resource allocation. The CODM has determined that each fund has a single operating segment based on the fact that the CODM monitors the operating results of each fund as a whole and the Funds’ long-term strategic asset allocation is pre-determined in accordance with the terms of their respective prospectus, based on a defined investment strategy which is executed by the Funds’ portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds’ Portfolio of Investments, Statement of Changes in Net Assets and Financial Highlights.
7.
INCOME TAX INFORMATION
It is the policy of the Funds to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”), applicable to regulated investment companies and to distribute substantially all of their taxable income to their shareholders. The Funds have met the requirements of the Code applicable to regulated investment companies for the six-month period ended June 30, 2026. Therefore, no federal income tax provision is required.
Management has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years (current and prior three tax years), and has concluded that no provision for federal income tax is required in the Funds’ financial statements. The Funds’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.
Under current tax law, the Funds have elected to defer certain qualified late-year losses and recognize such losses in the year ending December 31, 2025: 
 
Late Year Losses*
Matthews Emerging Markets Equity Fund
($518,589
)
 
*
As permitted by the Internal Revenue Service, the Funds have elected to defer certain qualified late-year losses and recognize such losses in the next fiscal year.
As of December 31, 2025, the Funds have capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows: 
 
Amount With No Expiration
 
 
 
Long-term
Losses
Short-term
Losses
 
Total
Matthews Emerging Markets Equity Fund*
(12,839,459
)
(9,673,798
)
(22,513,257
)
Matthews Emerging Markets Sustainable Future Fund
—
(7,104,090
)
(7,104,090
)
Matthews Emerging Markets Small Companies Fund**
(1,166,569
)
(78,337,163
)
(79,503,732
)
Matthews Asia Growth Fund
(113,516,302
)
(23,981,275
)
(137,497,577
)
Matthews Pacific Tiger Fund
(4,598,667
)
—
(4,598,667
)
Matthews Asia Innovators Fund
(127,529,287
)
(191,860,180
)
(319,389,467
)
Matthews China Fund
(110,972,459
)
(262,999,687
)
(373,972,146
)
Matthews China Innovators Fund
(59,035,461
)
(98,517,491
)
(157,552,952
)
Matthews Japan Fund
(7,820,730
)
—
(7,820,730
)
Matthews Asia Dividend Fund
(312,179,906
)
(7,040,125
)
(319,220,031
)
 
*
Includes $(5,418,092), which may be carried over to offset future capital gains, subject to certain limitations and includes $(17,095,165) from the acquired Matthews Asian Growth and Income Fund.
**
Includes $(78,337,163) from the acquired Matthews Emerging Asia Fund, which may be carried over to offset future capital gains, subject to certain limitations.
63  MATTHEWS ASIA FUNDS

 
Notes to Financial Statements (unaudited)  (continued)
Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years, which generally expire after eight years from when they are incurred. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.
As of June 30, 2026, the tax cost of investments, including derivatives, and the related net unrealized appreciation and depreciation were as follows: 
 
Tax Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net Unrealized
Appreciation
(Depreciation)
Matthews Emerging Markets Equity Fund
$220,027,795
$130,146,914
($18,871,286
)
$111,275,628
Matthews Emerging Markets Sustainable Future Fund
211,334,008
142,956,602
(25,488,689
)
117,467,913
Matthews Emerging Markets Small Companies Fund
331,782,298
151,974,888
(48,413,800
)
103,561,088
Matthews Asia Growth Fund
183,813,308
98,155,790
(8,244,756
)
89,911,034
Matthews Pacific Tiger Fund
557,188,465
303,861,735
(28,089,418
)
275,772,317
Matthews Asia Innovators Fund
308,562,360
176,682,777
(15,063,772
)
161,619,005
Matthews China Fund
408,176,894
96,189,244
(111,151,671
)
(14,962,427
)
Matthews China Innovators Fund
62,936,817
40,400,103
(2,403,022
)
37,997,081
Matthews India Fund
454,573,415
80,364,571
(31,794,356
)
48,570,215
Matthews Japan Fund
586,530,550
181,851,978
(26,016,227
)
155,835,751
Matthews Asia Dividend Fund
486,415,198
226,681,995
(39,977,975
)
186,704,020
8.
REORGANIZATION FEES
On February 26, 2026, the Board of Trustees approved calling a special meeting of the shareholders of the Matthews Asia Growth Fund (the “Target Fund”) to vote on the proposed reorganization (the “Reorganization”) of the Target Fund into the Matthews Asia Innovators Fund (the “Acquiring Fund”). As of June 30, 2026, the Target Fund, the Acquiring Fund and Matthews International Capital Management, LLC each incurred $92,667 in expenses related to the Reorganization.
9.
SUBSEQUENT  EVENTS
Subsequent to period end, shareholders approved a new investment advisory agreement (the “New Advisory Agreement”) between the Trust, on behalf of each Fund, and Matthews. The New Advisory Agreement became effective on July 7, 2026, upon the completion of Matthews’ ownership transaction, and has the same terms (other than commencement and termination dates) as the prior investment advisory agreement.
In connection with the New Advisory Agreement, a new operating expenses agreement also became effective on July 7, 2026. This agreement is unchanged from the prior agreement, except for commencement and terminations dates and lowered expense limitations for Institutional Class shares of the Matthews Asia Dividend Fund from 1.20% to 1.01% and Institutional Class shares of the Matthews Emerging Markets Small Companies Fund from 1.15% to 1.11%. 
On July 7, 2026, Matthews China Innovators Fund shareholders approved a change in the Fund’s sub-classification under the 1940 Act from “diversified” to “non-diversified.” This change became effective on July 24, 2026.
On August 17,2026, Matthews Asia Innovators Fund shareholders approved a change in the Fund’s sub-classification under the 1940 Act from “diversified” to “non-diversified.” This change became effective on August 24, 2026.
On August 19, 2026, Matthews Asia Growth Fund shareholders approved the reorganization of the Fund into the Matthews Asia Innovators Fund. The reorganization is expected to be completed on or around September 29, 2026.
matthewsasia.com | 800.789.ASIA  64

Matthews Asia Funds
..........................................................................................................................................................................................................
 
INVESTMENT ADVISOR
Matthews International Capital Management, LLC
Four Embarcadero Center, Suite 550
San Francisco, CA 94111
800.789.ASIA
 
ACCOUNT SERVICES
Matthews Asia Funds
P.O. Box 534475
Pittsburgh, PA 15253-4475
800.789.ASIA
 
ADMINISTRATOR &
TRANSFER AGENT
BNY Mellon
301 Bellevue Parkway
Wilmington, DE 19809
 
CUSTODIAN
Brown Brothers Harriman & Co.
50 Post Office Square
Boston, MA 02110
 
LEGAL COUNSEL
Paul Hastings LLP
101 California Street, 48th Floor
San Francisco, CA 94111
P.O. Box 534475 | Pittsburgh, PA 15253-4475 | matthewsasia.com | 800.789.ASIA (2742) 
Matthews Asia Funds are distributed in the United States by Foreside Funds Distributors LLC, Portland, Maine
Matthews Asia Funds are distributed in Latin America by Picton S. A.
N-CSR-MF-0626

Matthews Asia Active ETFs | Financial Statements and Other Information
June 30, 2026 |  matthewsasia.com  
Listed on the NYSE Arca
*Listed on NASDAQ 

Matthews Emerging Markets Equity Active ETFJune 30, 2026
Schedule of Investmentsa (unaudited)
 
COMMON EQUITIES: 94.8%
 
Shares
Value 
South Korea: 30.9%
Samsung Electronics Co., Ltd.
17,294
$3,728,262
SK Square Co., Ltd.
2,440
2,672,613
SK Hynix, Inc.
1,450
2,480,152
Samsung Electro-Mechanics Co., Ltd.
1,250
1,762,086
Korea Investment Holdings Co., Ltd.
8,414
1,200,216
Samsung Fire & Marine Insurance Co., Ltd.
2,890
1,152,792
HD Hyundai Electric Co., Ltd.
1,221
766,031
HD Hyundai Heavy Industries Co., Ltd.
1,470
561,699
KB Financial Group, Inc.
5,412
555,417
Hana Financial Group, Inc.
6,644
491,449
Hyundai Motor Co.
1,315
420,141
Hanwha Aerospace Co., Ltd.
630
404,602
Hyundai Rotem Co., Ltd.
2,939
328,179
NAVER Corp.
2,517
323,296
Classys, Inc.
5,987
180,078
Samsung Biologics Co., Ltd.b,c,d
162
145,448
Total South Korea
17,172,461
 
Taiwan: 24.2%
Taiwan Semiconductor Manufacturing Co., Ltd.
109,000
8,246,041
Elite Material Co., Ltd.
7,000
1,184,374
MediaTek, Inc.
8,000
1,066,030
Delta Electronics, Inc.
14,000
856,968
United Microelectronics Corp. ADR
30,553
831,347
CTBC Financial Holding Co., Ltd.
243,000
541,585
Hon Hai Precision Industry Co., Ltd.
62,000
488,503
WNC Corp.
32,000
260,669
Total Taiwan
13,475,517
 
China/Hong Kong: 17.8%
Tencent Holdings, Ltd.
24,500
1,342,774
Alibaba Group Holding, Ltd.
108,200
1,281,090
Contemporary Amperex Technology Co., Ltd. A
Shares
17,400
1,007,421
China Construction Bank Corp. H Shares
934,000
961,149
Yum China Holdings, Inc.
12,445
508,627
Zijin Mining Group Co., Ltd. H Shares
138,000
482,170
Hongfa Technology Co., Ltd. A Shares
85,600
434,936
JD.com, Inc. Class A
33,450
423,348
Ping An Insurance Group Co. of China, Ltd. H
Shares
64,000
416,626
China Merchants Bank Co., Ltd. A Shares
77,300
404,265
PetroChina Co., Ltd. H Shares
360,000
389,286
Cambricon Technologies Corp., Ltd. A Shares
1,623
381,493
China International Capital Corp., Ltd. H Sharesb,d
134,400
359,906
Luckin Coffee, Inc. ADRc
12,960
358,603
China Merchants Bank Co., Ltd. H Shares
50,500
289,269
CMOC Group, Ltd. H Shares
135,000
261,322
Baidu, Inc. ADRc
2,025
231,437
Zijin Gold International Co., Ltd.
12,600
142,195
Meituan Class Bb,c,d
16,000
139,759
Montage Technology Co., Ltd. H Sharesc
1,700
100,716
Total China/Hong Kong
9,916,392
 
Brazil: 6.3%
Itau Unibanco Holding SA ADR
158,742
1,296,922
Vale SA ADR
33,646
506,036
Petroleo Brasileiro SA - Petrobras ADR
30,313
489,858
NU Holdings, Ltd. Class Ac
31,882
425,943
XP, Inc. Class A
24,843
403,947
 
 
Shares
Value 
B3 SA - Brasil Bolsa Balcao
130,100
$365,219
Total Brazil
3,487,925
 
India: 4.3%
Thermax, Ltd.
10,962
597,498
HDFC Bank, Ltd. ADR
18,034
465,818
Bajaj Finance, Ltd.
37,579
398,880
Max Financial Services, Ltd.c
20,673
345,938
Shriram Finance, Ltd.
25,520
280,964
Reliance Industries, Ltd.
13,203
180,473
ICICI Bank, Ltd. ADR
3,770
109,443
Total India
2,379,014
 
South Africa: 2.6%
Valterra Platinum, Ltd.
7,636
515,465
Capitec Bank Holdings, Ltd.
1,594
461,971
Shoprite Holdings, Ltd.
25,285
455,099
Total South Africa
1,432,535
 
Chile: 2.0%
Antofagasta PLC
22,217
1,126,424
Total Chile
1,126,424
 
Peru: 2.0%
Credicorp, Ltd.
1,447
563,722
Cia de Minas Buenaventura SAA ADR
19,127
560,230
Total Peru
1,123,952
 
Mexico: 1.7%
Grupo Financiero Banorte SAB de CV Class O
47,660
503,418
Fomento Economico Mexicano SAB de CV ADR
3,563
455,708
Total Mexico
959,126
 
United States: 0.9%
Freeport-McMoRan, Inc.
7,493
471,235
Total United States
471,235
 
Singapore: 0.6%
Singapore Telecommunications, Ltd.
100,000
340,949
Total Singapore
340,949
 
Thailand: 0.5%
CP ALL Public Co., Ltd.
196,200
276,105
Total Thailand
276,105
 
Philippines: 0.5%
Bank of the Philippine Islands
172,990
270,605
Total Philippines
270,605
 
Vietnam: 0.5%
Military Commercial Joint Stock Bank
282,297
270,372
Total Vietnam
270,372
 
TOTAL COMMON EQUITIES
52,702,612
(Cost $35,762,617)
1  

 
Matthews Emerging Markets Equity Active ETFJune 30, 2026
Schedule of Investmentsa (unaudited) (continued)
PREFERRED EQUITIES: 0.0%
 
Shares
Value 
India: 0.0%
TVS Motor Co., Ltd., Pfd.c
38,894
$4,252
Total India
4,252
 
TOTAL PREFERRED EQUITIES
4,252
(Cost $0)
 
SHORT-TERM INVESTMENTS: 5.1%
 
Money Market Funds: 5.1%
JPMorgan U.S. Government Money Market Fund,
Capital Shares, 3.55%e
2,866,270
2,866,270
(Cost $2,866,270)
 
Total Investments: 99.9%
55,573,134
(Cost $38,628,887)
CASH AND OTHER ASSETS,
LESS LIABILITIES: 0.1%
33,448
Net Assets: 100.0%
$55,606,582
 
a
Certain securities were fair valued under the valuation policies approved by the
Board of Trustees (Note 2-A).
b
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
June 30, 2026, the aggregate value is $645,113, which is 1.16% 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
Rate shown is the current yield as of June 30, 2026.
ADR
American Depositary Receipt
Pfd.
Preferred
See accompanying notes to financial statements.
  2

Matthews Emerging Markets ex China Active ETFJune 30, 2026
Schedule of Investmentsa (unaudited)
 
COMMON EQUITIES: 93.8%
 
Shares
Value 
South Korea: 30.7%
Samsung Electronics Co., Ltd.
25,203
$5,433,294
SK Hynix, Inc.
1,562
2,671,723
SK Square Co., Ltd.
1,568
1,717,483
PSK, Inc.
5,445
689,191
Hyundai Motor Co.
1,943
620,787
SK, Inc.
1,096
589,985
KB Financial Group, Inc.
5,025
515,701
Hyundai Mobis Co., Ltd.
1,595
514,748
HD Hyundai Electric Co., Ltd.
775
486,219
NAVER Corp.
3,055
392,400
Hana Financial Group, Inc.
5,193
384,120
Hanwha Aerospace Co., Ltd.
588
377,629
Hanwha Engineb
10,990
361,770
Hugel, Inc.b
1,994
339,777
HD Hyundai Heavy Industries Co., Ltd.
511
195,257
HD Korea Shipbuilding & Offshore Engineering
Co., Ltd.
600
135,545
Total South Korea
15,425,629
 
Taiwan: 28.3%
Taiwan Semiconductor Manufacturing Co., Ltd.
ADR
10,905
5,207,901
MediaTek, Inc.
12,000
1,599,046
Taiwan Semiconductor Manufacturing Co., Ltd.
18,000
1,361,731
Accton Technology Corp.
13,000
1,018,159
Elite Material Co., Ltd.
6,000
1,015,177
ASE Technology Holding Co., Ltd.
47,000
1,003,249
Hon Hai Precision Industry Co., Ltd.
92,000
724,876
Delta Electronics, Inc.
11,000
673,332
Quanta Computer, Inc.
42,000
485,176
Poya International Co., Ltd.
21,270
445,344
AURAS Technology Co., Ltd.
13,000
412,161
E Ink Holdings, Inc.
44,000
296,266
Total Taiwan
14,242,418
 
India: 10.0%
ICICI Bank, Ltd. ADR
18,423
534,820
Apollo Hospitals Enterprise, Ltd.
5,446
499,501
Mahindra & Mahindra, Ltd.
14,642
474,688
PB Fintech, Ltd.b
26,279
452,129
Shriram Finance, Ltd.
40,320
443,905
HDFC Bank, Ltd. ADR
16,218
418,911
Eternal, Ltd.b
149,170
416,976
Phoenix Mills, Ltd.
20,116
414,098
Bharti Airtel, Ltd.
19,980
390,909
360 ONE WAM, Ltd.
30,967
351,549
SBI Life Insurance Co., Ltd.c,d
17,672
329,642
Reliance Industries, Ltd.
21,323
291,466
Total India
5,018,594
 
Brazil: 6.0%
Petroleo Brasileiro SA - Petrobras ADR
40,357
652,169
NU Holdings, Ltd. Class Ab
36,713
490,486
Itau Unibanco Holding SA ADR
52,525
429,129
B3 SA - Brasil Bolsa Balcao
147,000
412,661
Cia de Saneamento Basico do Estado de Sao
Paulo SABESP
71,494
409,409
Localiza Rent a Car SA
41,100
329,851
Vivara Participacoes SA
68,000
300,590
Total Brazil
3,024,295
 
 
Shares
Value 
 
South Africa: 2.6%
Discovery, Ltd.
32,380
$522,012
Capitec Bank Holdings, Ltd.
1,786
517,616
Shoprite Holdings, Ltd.
15,784
284,093
Total South Africa
1,323,721
 
Vietnam: 2.5%
Asia Commercial Bank JSC
619,398
533,203
Mobile World Investment Corp.
119,600
355,007
Vietnam Technological & Commercial Joint Stock
Bank
275,300
350,514
Total Vietnam
1,238,724
 
Peru: 2.3%
Cia de Minas Buenaventura SAA ADR
22,017
644,878
Credicorp, Ltd.
1,268
493,987
Total Peru
1,138,865
 
Philippines: 2.0%
International Container Terminal Services, Inc.
40,590
588,644
BDO Unibank, Inc.
215,420
415,957
Total Philippines
1,004,601
 
Thailand: 1.8%
Krungthai Card Public Co., Ltd.
490,500
490,935
CP ALL Public Co., Ltd.
287,300
404,307
Total Thailand
895,242
 
Malaysia: 1.5%
IHH Healthcare BHD
191,400
394,300
CIMB Group Holdings BHD
191,300
347,648
Total Malaysia
741,948
 
United States: 1.4%
Freeport-McMoRan, Inc.
11,346
713,550
Total United States
713,550
 
Indonesia: 1.2%
PT Bank Central Asia Tbk
988,100
306,709
PT Astra International Tbk
1,166,300
294,836
Total Indonesia
601,545
 
Greece: 1.0%
Piraeus Bank SA
50,172
521,303
Total Greece
521,303
 
Poland: 0.9%
Powszechna Kasa Oszczednosci Bank Polski SA
16,900
463,723
Total Poland
463,723
 
Singapore: 0.9%
iFAST Corp., Ltd.
34,700
236,887
DFI Retail Group Holdings, Ltd.
56,110
212,657
Total Singapore
449,544
 
Mexico: 0.7%
Grupo Financiero Banorte SAB de CV Class O
18,039
190,541
3  

 
Matthews Emerging Markets ex China Active ETFJune 30, 2026
Schedule of Investmentsa (unaudited) (continued)
COMMON EQUITIES (continued)
 
Shares
Value 
Gentera SAB de CV
76,045
$164,939
Total Mexico
355,480
 
TOTAL COMMON EQUITIES
47,159,182
(Cost $29,538,304)
 
SHORT-TERM INVESTMENTS: 6.2%
 
Money Market Funds: 6.2%
JPMorgan U.S. Government Money Market Fund,
Capital Shares, 3.55%e
3,142,883
3,142,883
(Cost $3,142,883)
 
Total Investments: 100.0%
50,302,065
(Cost $32,681,187)
LIABILITIES IN EXCESS OF CASH
AND OTHER ASSETS: (0.0%)
(1,434
)
Net Assets: 100.0%
$50,300,631
 
a
Certain securities were fair valued under the valuation policies approved by the
Board of Trustees (Note 2-A).
b
Non-income producing security.
c
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
June 30, 2026, the aggregate value is $329,642, which is 0.66% of net assets.
d
The securities may be resold to qualified foreign investors and foreign institutional
buyers under Regulation S of the Securities Act of 1933.
e
Rate shown is the current yield as of June 30, 2026.
ADR
American Depositary Receipt
BHD
Berhad
JSC
Joint Stock Co.
See accompanying notes to financial statements.
  4

Matthews Emerging Markets Sustainable Future Active ETFJune 30, 2026
Schedule of Investments (unaudited)
 
COMMON EQUITIES: 96.2%
 
Shares
Value 
South Korea: 24.8%
SK Square Co., Ltd.
3,937
$4,312,327
Samsung Electronics Co., Ltd.
17,227
3,713,818
Eugene Technology Co., Ltd.
18,181
2,179,185
HD Hyundai Electric Co., Ltd.
1,914
1,200,806
Samsung SDI Co., Ltd.a
1,600
502,937
Total South Korea
11,909,073
 
Taiwan: 20.5%
Taiwan Semiconductor Manufacturing Co., Ltd.
54,000
4,085,195
Elite Material Co., Ltd.
14,000
2,368,747
Delta Electronics, Inc.
15,000
918,180
Poya International Co., Ltd.
41,421
867,258
AURAS Technology Co., Ltd.
19,000
602,389
Taiwan Semiconductor Manufacturing Co., Ltd.
ADR
1,051
501,926
M31 Technology Corp.
16,800
251,026
Andes Technology Corp.a
40,000
247,359
Total Taiwan
9,842,080
 
India: 16.9%
Bandhan Bank, Ltd.b,c
873,151
1,883,397
Marico, Ltd.
157,507
1,391,475
Indus Towers, Ltd.a
186,059
769,916
Lenskart Solutions, Ltd.a
120,508
655,572
Phoenix Mills, Ltd.
31,473
647,888
Swiggy, Ltd.a
210,994
533,510
NTPC Green Energy, Ltd.a
488,707
493,050
Mahindra & Mahindra, Ltd.
14,252
462,044
Shriram Finance, Ltd.
38,830
427,501
HDFC Asset Management Co., Ltd.b,c
13,303
372,871
Inox Wind, Ltd.a
313,332
298,308
UNO Minda, Ltd.
17,292
198,716
Total India
8,134,248
 
China/Hong Kong: 14.2%
Lam Research Corp.
2,536
1,098,925
Legend Biotech Corp. ADRa
35,976
1,038,987
Contemporary Amperex Technology Co., Ltd. A
Shares
17,600
1,019,001
Advanced Micro-Fabrication Equipment, Inc.
China A Shares
9,774
674,590
Alibaba Group Holding, Ltd.
45,700
541,089
JD Health International, Inc.a,b,c
113,650
475,930
Wuxi Biologics Cayman, Inc.a,b,c
94,500
416,945
Silergy Corp.
18,000
337,890
NARI Technology Co., Ltd. A Shares
94,500
318,109
Meituan Class Ba,b,c
21,200
185,181
Full Truck Alliance Co., Ltd. ADR
21,880
177,666
Flat Glass Group Co., Ltd. H Shares
199,000
162,406
BYD Co., Ltd. H Shares
14,800
136,732
Hong Kong Exchanges & Clearing, Ltd.
2,700
124,980
Medlive Technology Co., Ltd.b,c
124,000
107,681
Total China/Hong Kong
6,816,112
 
United States: 5.9%
Micron Technology, Inc.
2,472
2,853,405
Total United States
2,853,405
 
 
Shares
Value 
 
Brazil: 3.3%
Cia de Saneamento Basico do Estado de Sao
Paulo SABESP
85,307
$488,509
B3 SA - Brasil Bolsa Balcao
168,600
473,296
NU Holdings, Ltd. Class Aa
25,273
337,647
YDUQS Participacoes SA
157,200
269,697
Total Brazil
1,569,149
 
Turkey: 2.7%
Astor Transformator Enerji Turizm Insaat Ve Petrol
Sanayi Ticaret AS
145,045
859,597
Akbank TAS
247,769
408,917
Total Turkey
1,268,514
 
Greece: 1.7%
Piraeus Bank SA
79,623
827,308
Total Greece
827,308
 
Poland: 1.5%
InPost SAa
39,850
702,088
Total Poland
702,088
 
Romania: 1.4%
Banca Transilvania SA
80,162
678,790
Total Romania
678,790
 
Hungary: 1.1%
OTP Bank Nyrt
3,644
537,856
Total Hungary
537,856
 
Argentina: 0.8%
Grupo Financiero Galicia SA ADR
8,003
400,390
Total Argentina
400,390
 
Saudi Arabia: 0.7%
Saudi Tadawul Group Holding Co.
8,847
311,524
Total Saudi Arabia
311,524
 
Indonesia: 0.3%
PT Bank Rakyat Indonesia Persero Tbk
1,060,500
161,922
Total Indonesia
161,922
 
Jordan: 0.2%
Hikma Pharmaceuticals PLC
5,347
107,872
Total Jordan
107,872
 
Vietnam: 0.2%
Nam Long Investment Corp.
74,734
74,275
Total Vietnam
74,275
 
TOTAL COMMON EQUITIES
46,194,606
(Cost $25,983,186)
5  

 
Matthews Emerging Markets Sustainable Future Active ETFJune 30, 2026
Schedule of Investments (unaudited) (continued)
PREFERRED EQUITIES: 0.5%
 
Shares
Value 
South Korea: 0.5%
Samsung SDI Co., Ltd., Pfd.a
1,575
$224,666
Total South Korea
224,666
 
TOTAL PREFERRED EQUITIES
224,666
(Cost $185,985)
 
SHORT-TERM INVESTMENTS: 3.5%
 
Money Market Funds: 3.5%
JPMorgan U.S. Government Money Market Fund,
Capital Shares, 3.55%d
1,695,699
1,695,699
(Cost $1,695,699)
 
Total Investments: 100.2%
48,114,971
(Cost $27,864,870)
LIABILITIES IN EXCESS OF CASH
AND OTHER ASSETS: (0.2%)
(81,365
)
Net Assets: 100.0%
$48,033,606
 
a
Non-income producing security.
b
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
June 30, 2026, the aggregate value is $3,442,005, which is 7.17% of net assets.
c
The securities may be resold to qualified foreign investors and foreign institutional
buyers under Regulation S of the Securities Act of 1933.
d
Rate shown is the current yield as of June 30, 2026.
ADR
American Depositary Receipt
Pfd.
Preferred
See accompanying notes to financial statements.
  6

Matthews Emerging Markets Discovery Active ETFJune 30, 2026
Schedule of Investmentsa (unaudited)
 
COMMON EQUITIES: 92.8%
 
Shares
Value 
Taiwan: 23.4%
Elite Material Co., Ltd.
5,000
$845,981
Gold Circuit Electronics, Ltd.
17,000
640,372
ASPEED Technology, Inc.
1,000
517,791
Yageo Corp.b
13,000
469,863
Poya International Co., Ltd.
19,250
403,050
AURAS Technology Co., Ltd.
11,000
348,751
Formosa Sumco Technology Corp.b
29,000
334,675
Acter Group Corp., Ltd.
8,000
323,953
Fortune Electric Co., Ltd.
11,800
287,439
M31 Technology Corp.
18,600
277,921
AP Memory Technology Corp.
8,000
250,624
WNC Corp.
30,000
244,377
Airtac International Group
5,000
209,533
Phison Electronics Corp.
2,000
149,734
Total Taiwan
5,304,064
 
India: 21.6%
Bandhan Bank, Ltd.c,d
430,193
927,931
Cartrade Tech, Ltd.e
21,582
613,998
Radico Khaitan, Ltd.
12,551
523,142
Bharti Hexacom, Ltd.
24,780
388,223
Phoenix Mills, Ltd.
18,263
375,953
Netweb Technologies India, Ltd.
6,028
288,999
Avalon Technologies, Ltd.c,d,e
12,537
238,651
Shriram Finance, Ltd.
20,173
222,096
PB Fintech, Ltd.e
12,002
206,494
UNO Minda, Ltd.
17,711
203,531
GE Vernova T&D India, Ltd.
3,890
203,174
Action Construction Equipment, Ltd.
16,162
174,837
BlackBuck, Ltd.e
29,859
167,435
Rainbow Children’s Medicare, Ltd.
11,167
166,835
Amber Enterprises India, Ltd.e
1,167
92,834
Niva Bupa Health Insurance Co., Ltd.e
78,273
69,931
Senco Gold, Ltd.
5,213
18,185
Total India
4,882,249
 
China/Hong Kong: 13.3%
Legend Biotech Corp. ADRe
25,297
730,577
ASMPT, Ltd.
14,900
453,723
Silergy Corp.
12,000
225,260
Full Truck Alliance Co., Ltd. ADR
26,479
215,009
Neway Valve Suzhou Co., Ltd. A Shares
25,800
191,182
Hongfa Technology Co., Ltd. A Shares
33,640
170,926
Kingsoft Cloud Holdings, Ltd. ADRe
18,365
166,203
Atour Lifestyle Holdings, Ltd. ADR
5,183
164,819
Minth Group, Ltd.
43,500
146,552
Centre Testing International Group Co., Ltd. A
Shares
60,300
123,123
Centre Testing International Group Co., Ltd. A
Shares
58,200
118,881
China Conch Venture Holdings, Ltd.
79,000
109,604
Ever Sunshine Services Group, Ltd.d
358,000
75,325
Shanghai MicroPort MedBot Group Co., Ltd. H
Sharese
23,500
68,744
Hongfa Technology Co., Ltd. A Shares
11,400
57,946
Total China/Hong Kong
3,017,874
 
South Korea: 13.1%
Eugene Technology Co., Ltd.
7,581
908,663
Hugel, Inc.e
4,164
709,544
 
 
Shares
Value 
HD Hyundai Co., Ltd.
3,236
$416,693
PSK, Inc.
2,516
318,458
KIWOOM Securities Co., Ltd.
1,002
221,833
Hanwha Enginee
5,675
186,810
SNT Dynamics Co., Ltd.
5,044
114,111
BGF Retail Co., Ltd.
1,283
95,896
Total South Korea
2,972,008
 
Brazil: 3.7%
Vivara Participacoes SA
50,400
222,790
Vamos Locacao de Caminhoes Maquinas e
Equipamentos SA
380,200
206,409
Grupo SBF SA
87,000
173,464
YDUQS Participacoes SA
87,700
150,461
Empreendimentos Pague Menos S/A
109,500
76,371
Total Brazil
829,495
 
Turkey: 2.4%
Astor Transformator Enerji Turizm Insaat Ve Petrol
Sanayi Ticaret AS
92,305
547,038
Total Turkey
547,038
 
Vietnam: 2.4%
Mobile World Investment Corp.
74,500
221,137
Military Commercial Joint Stock Bank
219,957
210,665
FPT Corp.
37,185
99,211
Total Vietnam
531,013
 
Greece: 1.5%
Piraeus Bank SA
33,278
345,769
Total Greece
345,769
 
Chile: 1.3%
Lundin Mining Corp.
12,000
292,314
Total Chile
292,314
 
Cyprus: 1.2%
Theon International PLC
7,960
271,564
Total Cyprus
271,564
 
Panama: 1.1%
Bladex, Inc.
4,080
250,798
Total Panama
250,798
 
South Africa: 1.1%
We Buy Cars Holdings, Ltd.
117,476
244,771
Total South Africa
244,771
 
Philippines: 1.0%
GT Capital Holdings, Inc.
28,810
227,682
Total Philippines
227,682
 
Peru: 1.0%
Intercorp Financial Services, Inc.d
3,787
215,707
Total Peru
215,707
7  

 
Matthews Emerging Markets Discovery Active ETFJune 30, 2026
Schedule of Investmentsa (unaudited) (continued)
COMMON EQUITIES (continued)
 
Shares
Value 
 
Georgia: 1.0%
TBC Bank Group PLC
3,661
$215,354
Total Georgia
215,354
 
Mexico: 0.9%
Gentera SAB de CV
97,700
211,908
Total Mexico
211,908
 
Argentina: 0.9%
Grupo Financiero Galicia SA ADR
3,928
196,518
Total Argentina
196,518
 
United Kingdom: 0.8%
Baltic Classifieds Group PLC
74,084
184,955
Total United Kingdom
184,955
 
Saudi Arabia: 0.6%
Saudi Tadawul Group Holding Co.
4,118
145,005
Total Saudi Arabia
145,005
 
Indonesia: 0.4%
PT Mitra Adiperkasa Tbk
1,059,800
90,391
Total Indonesia
90,391
 
Bangladesh: 0.1%
BRAC Bank PLC
33,464
17,791
Total Bangladesh
17,791
 
TOTAL COMMON EQUITIES
20,994,268
(Cost $16,260,112)
 
SHORT-TERM INVESTMENTS: 7.2%
 
Shares
Value 
Money Market Funds: 7.2%
JPMorgan U.S. Government Money Market Fund,
Capital Shares, 3.55%f
1,623,980
$1,623,980
(Cost $1,623,980)
 
Total Investments: 100.0%
22,618,248
(Cost $17,884,092)
CASH AND OTHER ASSETS,
LESS LIABILITIES: 0.0%
4,647
Net Assets: 100.0%
$22,622,895
 
a
Certain securities were fair valued under the valuation policies approved by the
Board of Trustees (Note 2-A).
b
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 $804,538 and
3.56% of net assets.
c
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
June 30, 2026, the aggregate value is $1,166,582, which is 5.16% of net assets.
d
The securities may be resold to qualified foreign investors and foreign institutional
buyers under Regulation S of the Securities Act of 1933.
e
Non-income producing security.
f
Rate shown is the current yield as of June 30, 2026.
ADR
American Depositary Receipt
See accompanying notes to financial statements.
  8

Matthews Pacific Tiger Active ETFJune 30, 2026
Schedule of Investmentsa (unaudited)
 
COMMON EQUITIES: 93.0%
 
Shares
Value 
Taiwan: 27.7%
Taiwan Semiconductor Manufacturing Co., Ltd.
ADR
10,234
$4,887,451
Taiwan Semiconductor Manufacturing Co., Ltd.
32,000
2,420,856
Elite Material Co., Ltd.
8,000
1,353,570
Delta Electronics, Inc.
22,000
1,346,664
Accton Technology Corp.
14,000
1,096,480
MediaTek, Inc.
8,000
1,066,031
Unimicron Technology Corp.
30,000
1,007,644
United Microelectronics Corp.
128,000
660,964
Compeq Manufacturing Co., Ltd.
57,000
416,006
ASE Technology Holding Co., Ltd.
17,000
362,877
Cathay Financial Holding Co., Ltd.
107,000
330,171
Hon Hai Precision Industry Co., Ltd.
29,000
228,493
Universal Microwave Technology, Inc.
5,000
209,533
All Ring Tech Co., Ltd.
4,000
125,312
Total Taiwan
15,512,052
 
South Korea: 26.1%
Samsung Electronics Co., Ltd.
29,089
6,271,042
SK Hynix, Inc.
1,492
2,551,991
SK Square Co., Ltd.
1,987
2,176,427
KB Financial Group, Inc.
7,949
815,782
HD Hyundai Heavy Industries Co., Ltd.
1,431
546,797
Doosan Enerbility Co., Ltd.b
8,476
474,870
Samsung Electro-Mechanics Co., Ltd.
317
446,865
Samsung Fire & Marine Insurance Co., Ltd.
950
378,945
Hyundai Motor Co.
1,083
346,018
NAVER Corp.
2,502
321,370
Samsung C&T Corp.
990
299,371
Total South Korea
14,629,478
 
China/Hong Kong: 25.4%
NAURA Technology Group Co., Ltd. A Shares
11,200
1,459,498
Tencent Holdings, Ltd.
22,600
1,238,640
China Construction Bank Corp. H Shares
1,171,000
1,205,038
Zhongji Innolight Co., Ltd. A Shares
5,600
1,047,731
Contemporary Amperex Technology Co., Ltd. A
Shares
16,700
966,893
Shengyi Technology Co., Ltd. A Shares
37,000
945,168
Industrial & Commercial Bank of China, Ltd. H
Shares
923,000
756,803
Alibaba Group Holding, Ltd.
61,340
726,267
WUS Printed Circuit Kunshan Co., Ltd. A Shares
25,100
565,009
Yantai Jereh Oilfield Services Group Co., Ltd. A
Shares
24,600
552,666
Zijin Mining Group Co., Ltd. H Shares
148,000
517,110
Kingboard Laminates Holdings, Ltd.
40,000
505,735
Cambricon Technologies Corp., Ltd. A Shares
2,133
501,371
AIA Group, Ltd.
53,400
486,535
WuXi AppTec Co., Ltd. H Sharesc,d
24,300
476,267
Eoptolink Technology, Inc., Ltd. A Shares
5,160
461,420
China Shenhua Energy Co., Ltd. H Shares
72,000
368,353
PetroChina Co., Ltd. H Shares
320,000
346,032
BOE Technology Group Co., Ltd. A Shares
268,300
343,082
Jiangsu Hengli Hydraulic Co., Ltd. A Shares
18,900
299,482
China Resources Land, Ltd.
70,500
269,700
Contemporary Amperex Technology Co., Ltd. H
Shares
2,100
187,987
Total China/Hong Kong
14,226,787
 
 
Shares
Value 
 
India: 6.8%
Bharti Airtel, Ltd.
32,144
$628,898
HDFC Bank, Ltd.
51,316
432,581
Bajaj Auto, Ltd.
3,690
378,750
Mahindra & Mahindra, Ltd.
10,152
329,124
Bajaj Finance, Ltd.
28,974
307,543
ICICI Bank, Ltd.
20,236
293,988
Metropolis Healthcare, Ltd.c,d
49,420
282,005
Inventurus Knowledge Solutions, Ltd.b
15,254
270,631
Cummins India, Ltd.
4,357
260,498
Axis Bank, Ltd.
15,747
223,865
Max Financial Services, Ltd.b
12,427
207,951
Sun Pharmaceutical Industries, Ltd.
8,684
170,866
Total India
3,786,700
 
Singapore: 3.9%
DBS Group Holdings, Ltd.
32,300
1,633,167
Singapore Technologies Engineering, Ltd.
68,100
547,033
Total Singapore
2,180,200
 
Thailand: 1.0%
Central Pattana Public Co., Ltd.
289,000
582,863
Total Thailand
582,863
 
Malaysia: 1.0%
CIMB Group Holdings BHD
180,600
328,203
Telekom Malaysia BHD
113,900
207,827
Total Malaysia
536,030
 
United Kingdom: 0.8%
Standard Chartered PLC
16,200
437,120
Total United Kingdom
437,120
 
Vietnam: 0.3%
Asia Commercial Bank JSC
204,671
176,189
Total Vietnam
176,189
 
TOTAL COMMON EQUITIES
52,067,419
(Cost $30,966,053)
 
RIGHTS: 0.0%
 
Taiwan: 0.0%
Compeq Manufacturing Co., Ltd. Rights, Expires
07/20/26b
1,606
0
Total Taiwan
0
 
TOTAL RIGHTS
0
(Cost $0)
9  

 
Matthews Pacific Tiger Active ETFJune 30, 2026
Schedule of Investmentsa (unaudited) (continued)
SHORT-TERM INVESTMENTS: 5.1%
 
Shares
Value 
Money Market Funds: 5.1%
JPMorgan U.S. Government Money Market Fund,
Capital Shares, 3.55%e
2,823,702
$2,823,702
(Cost $2,823,702)
 
Total Investments: 98.1%
54,891,121
(Cost $33,789,755)
CASH AND OTHER ASSETS,
LESS LIABILITIES: 1.9%
1,081,431
Net Assets: 100.0%
$55,972,552
 
a
Certain securities were fair valued under the valuation policies approved by the
Board of Trustees (Note 2-A).
b
Non-income producing security.
c
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
June 30, 2026, the aggregate value is $758,272, which is 1.35% of net assets.
d
The securities may be resold to qualified foreign investors and foreign institutional
buyers under Regulation S of the Securities Act of 1933.
e
Rate shown is the current yield as of June 30, 2026.
ADR
American Depositary Receipt
BHD
Berhad
JSC
Joint Stock Co.
See accompanying notes to financial statements.
  10

Matthews Asia Innovators Active ETFJune 30, 2026
Schedule of Investmentsa (unaudited)
 
COMMON EQUITIES: 88.1%
 
Shares
Value 
Taiwan: 32.9%
Unimicron Technology Corp.
137,000
$4,601,573
WNC Corp.
524,000
4,268,454
Delta Electronics, Inc.
64,000
3,917,568
Kaori Heat Treatment Co., Ltd.
79,000
3,843,799
Elite Material Co., Ltd.
22,000
3,722,317
Quanta Computer, Inc.
314,000
3,627,266
United Microelectronics Corp. ADR
122,666
3,337,742
MediaTek, Inc.
23,000
3,064,838
Innolux Corp.
1,335,000
2,878,989
Chroma ATE, Inc.
42,000
2,847,770
Accton Technology Corp.
35,000
2,741,199
Taiwan Semiconductor Manufacturing Co., Ltd.
36,000
2,723,463
United Microelectronics Corp.
506,000
2,612,873
Taiwan Semiconductor Manufacturing Co., Ltd.
ADR
5,271
2,517,271
Compeq Manufacturing Co., Ltd.
339,000
2,474,142
Acter Group Corp., Ltd.
59,000
2,389,151
Universal Microwave Technology, Inc.
53,000
2,221,054
Grand Process Technology Corp.
15,000
1,709,227
Hon Precision, Inc.
8,136
1,652,407
Realtek Semiconductor Corp.
47,000
1,189,145
Yageo Corp.b
29,000
1,048,157
All Ring Tech Co., Ltd.
21,000
657,888
LandMark Optoelectronics Corp.
9,000
570,684
ASPEED Technology, Inc.
1,000
517,791
Total Taiwan
61,134,768
 
China/Hong Kong: 24.9%
NAURA Technology Group Co., Ltd. A Shares
35,830
4,669,090
Advanced Micro-Fabrication Equipment, Inc.
China A Shares
57,759
3,986,460
Contemporary Amperex Technology Co., Ltd. A
Shares
68,800
3,983,366
Tencent Holdings, Ltd.
58,200
3,189,773
Montage Technology Co., Ltd. H Sharesc
52,900
3,134,045
Grace Fabric Technology Co., Ltd. A Shares
64,400
2,517,273
Acter Technology Integration Group Co., Ltd. A
Shares
105,100
2,269,159
Alibaba Group Holding, Ltd.
177,900
2,106,339
Eoptolink Technology, Inc., Ltd. A Shares
22,800
2,038,833
Yantai Jereh Oilfield Services Group Co., Ltd. A
Shares
83,700
1,880,414
Zhongji Innolight Co., Ltd. A Shares
10,000
1,870,949
Midea Group Co., Ltd. A Shares
156,900
1,745,824
Sichuan Kelun-Biotech Biopharmaceutical Co.,
Ltd. H Sharesc
27,800
1,546,325
Jiangsu Hengrui Pharmaceuticals Co., Ltd. A
Shares
195,100
1,495,728
Innovent Biologics, Inc.c,d,e
144,000
1,461,659
Sieyuan Electric Co., Ltd. A Shares
53,100
1,353,315
Neway Valve Suzhou Co., Ltd. A Shares
181,300
1,343,458
WUS Printed Circuit Kunshan Co., Ltd. A Shares
59,400
1,337,113
Jiangsu Hengli Hydraulic Co., Ltd. A Shares
83,700
1,326,278
Hygon Information Technology Co., Ltd. A
Shares
21,238
1,158,579
Luckin Coffee, Inc. ADRc
37,319
1,032,617
Universal Scientific Industrial Shanghai Co., Ltd.
A Shares
175,300
836,729
Total China/Hong Kong
46,283,326
 
 
Shares
Value 
 
South Korea: 20.8%
Samsung Electronics Co., Ltd.
55,193
$11,898,575
Samsung Electro-Mechanics Co., Ltd.
6,941
9,784,512
SK Hynix, Inc.
5,233
8,950,784
HD Hyundai Electric Co., Ltd.
3,208
2,012,635
Hanwha Aerospace Co., Ltd.
2,760
1,772,542
HD Hyundai Heavy Industries Co., Ltd.
4,558
1,741,649
Samsung C&T Corp.
5,643
1,706,413
Doosan Enerbility Co., Ltd.c
14,243
797,968
Total South Korea
38,665,078
 
India: 7.6%
MTAR Technologies, Ltd.c,e
66,516
5,354,869
Delhivery, Ltd.c
315,664
1,574,172
Thermax, Ltd.
26,716
1,456,191
Bajaj Finance, Ltd.
126,017
1,337,600
Netweb Technologies India, Ltd.
27,062
1,297,426
Reliance Industries, Ltd.
87,847
1,200,790
Bharti Airtel, Ltd.
51,205
1,001,827
Lenskart Solutions, Ltd.c
178,181
969,317
Total India
14,192,192
 
Japan: 1.9%
Panasonic Holdings Corp.
98,800
2,736,795
Ibiden Co., Ltd.
6,200
908,494
Total Japan
3,645,289
 
TOTAL COMMON EQUITIES
163,920,653
(Cost $102,964,648)
 
RIGHTS: 0.0%
 
Taiwan: 0.0%
Compeq Manufacturing Co., Ltd. Rights,
Expires 07/20/26c
9,387
0
Total Taiwan
0
 
TOTAL RIGHTS
0
(Cost $0)
SHORT-TERM INVESTMENTS: 8.6%
Money Market Funds: 8.6%
JPMorgan U.S. Government Money Market
Fund, Capital Shares, 3.55%f
15,947,874
15,947,874
(Cost $15,947,874)
 
Total Investments: 96.7%
179,868,527
(Cost $118,912,522)
CASH AND OTHER ASSETS,
LESS LIABILITIES: 3.3%
6,077,895
Net Assets: 100.0%
$185,946,422
 
11  

 
Matthews Asia Innovators Active ETFJune 30, 2026
Schedule of Investmentsa (unaudited) (continued)
a
Certain securities were fair valued under the valuation policies approved by the
Board of Trustees (Note 2-A).
b
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 $1,048,157 and
0.56% of net assets.
c
Non-income producing security.
d
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
June 30, 2026, the aggregate value is $1,461,659, which is 0.79% of net assets.
e
The securities may be resold to qualified foreign investors and foreign institutional
buyers under Regulation S of the Securities Act of 1933.
f
Rate shown is the current yield as of June 30, 2026.
ADR
American Depositary Receipt
See accompanying notes to financial statements.
  12

Matthews China Active ETFJune 30, 2026
Schedule of Investments (unaudited)
 
COMMON EQUITIES: 98.1%
 
Shares
Value
Information Technology: 23.4%
Electronic Equipment, Instruments & Components: 11.6%
Kingboard Holdings, Ltd.
72,000
$1,082,472
Suzhou Dongshan Precision Manufacturing Co.,
Ltd. A Sharesa
12,800
494,708
WUS Printed Circuit Kunshan Co., Ltd. A Shares
21,800
490,725
Foxconn Industrial Internet Co., Ltd. A Shares
35,500
377,331
Chaozhou Three-Circle Group Co., Ltd. A Shares
10,200
250,793
 
2,696,029
Semiconductors & Semiconductor Equipment: 8.9%
Montage Technology Co., Ltd. A Shares
11,954
545,749
Cambricon Technologies Corp., Ltd. A Shares
2,020
474,810
GigaDevice Semiconductor, Inc. A Shares
3,700
444,240
NAURA Technology Group Co., Ltd. A Shares
3,372
439,413
Xinyi Solar Holdings, Ltd.
612,000
160,764
 
2,064,976
Communications Equipment: 2.1%
Suzhou TFC Optical Communication Co., Ltd. A
Shares
11,205
499,636
Technology Hardware, Storage & Peripherals: 0.8%
Lenovo Group, Ltd.
64,000
187,870
Total Information Technology
5,448,511
 
Financials: 21.2%
Capital Markets: 8.4%
China International Capital Corp., Ltd. H
Sharesb,c
270,800
725,167
China Merchants Securities Co., Ltd. H Sharesb,c
276,000
607,816
CITIC Securities Co., Ltd. H Shares
99,500
345,875
Hithink RoyalFlush Information Network Co., Ltd.
A Shares
7,980
283,321
 
1,962,179
Insurance: 6.6%
Ping An Insurance Group Co. of China, Ltd. H
Shares
97,000
631,449
China Life Insurance Co., Ltd. H Shares
174,000
591,534
New China Life Insurance Co., Ltd. H Shares
53,000
311,023
 
1,534,006
Banks: 5.4%
China Merchants Bank Co., Ltd. A Shares
97,900
511,999
China Construction Bank Corp. H Shares
390,000
401,336
Bank of Ningbo Co., Ltd. A Shares
75,200
328,917
 
1,242,252
Consumer Finance: 0.8%
Qfin Holdings, Inc. ADR
12,022
190,068
Total Financials
4,928,505
 
Industrials: 13.3%
Electrical Equipment: 6.8%
Jiangsu Zhongtian Technology Co., Ltd. A Shares
120,100
1,073,611
Contemporary Amperex Technology Co., Ltd. A
Shares
8,800
509,500
 
1,583,111
 
 
Shares
Value
Machinery: 3.4%
China Yuchai International, Ltd.
6,099
$289,154
Neway Valve Suzhou Co., Ltd. A Shares
36,400
269,729
Yutong Bus Co., Ltd. A Shares
59,700
235,792
 
794,675
Professional Services: 1.3%
Kanzhun, Ltd. ADR
23,039
296,512
Air Freight & Logistics: 1.2%
JD Logistics, Inc.a,b,c
182,500
273,446
Building Products: 0.6%
MayAir Technology China Co., Ltd. A Shares
8,504
145,700
Total Industrials
3,093,444
 
Consumer Discretionary: 12.2%
Broadline Retail: 8.4%
Alibaba Group Holding, Ltd.
105,300
1,246,753
JD.com, Inc. Class A
30,450
385,379
PDD Holdings, Inc. ADRa
4,299
327,928
 
1,960,060
Hotels, Restaurants & Leisure: 2.7%
Meituan Class Ba,b,c
71,410
623,764
Automobile Components: 1.1%
Minth Group, Ltd.
75,000
252,676
Total Consumer Discretionary
2,836,500
 
Communication Services: 12.0%
Interactive Media & Services: 12.0%
Tencent Holdings, Ltd.
51,200
2,806,123
Total Communication Services
2,806,123
 
Materials: 8.3%
Metals & Mining: 6.3%
Zijin Mining Group Co., Ltd. A Shares
133,700
495,171
JCHX Mining Management Co., Ltd. A Shares
36,500
317,412
CMOC Group, Ltd. A Shares
112,400
290,604
CMOC Group, Ltd. H Shares
129,000
249,708
Zijin Gold International Co., Ltd.
9,600
108,339
 
1,461,234
Chemicals: 2.0%
Dongyue Group, Ltd.
88,000
214,107
Ganfeng Lithium Group Co., Ltd. A Shares
17,700
170,533
Wanhua Chemical Group Co., Ltd. A Shares
8,500
85,664
 
470,304
Total Materials
1,931,538
 
Health Care: 5.2%
Life Sciences Tools & Services: 2.7%
WuXi AppTec Co., Ltd. A Shares
27,700
508,092
Genscript Biotech Corp.a
76,000
118,525
 
626,617
Biotechnology: 1.7%
Innovent Biologics, Inc.a,b,c
38,000
385,715
13  

 
Matthews China Active ETFJune 30, 2026
Schedule of Investments (unaudited) (continued)
COMMON EQUITIES (continued)
 
Shares
Value
Pharmaceuticals: 0.8%
Jiangsu Hengrui Pharmaceuticals Co., Ltd. A
Shares
25,800
$197,795
Total Health Care
1,210,127
 
Real Estate: 2.5%
Real Estate Management & Development: 2.5%
China Resources Land, Ltd.
57,000
218,055
Longfor Group Holdings, Ltd.b,c
218,000
166,237
Yuexiu Property Co., Ltd.
289,000
123,088
China Overseas Grand Oceans Group, Ltd.
155,000
44,076
CIFI Holdings Group Co., Ltd.a
3,720,000
20,872
Times China Holdings, Ltd.a
1,260,000
4,981
Total Real Estate
577,309
 
TOTAL COMMON EQUITIES
22,832,057
(Cost $20,617,909)
SHORT-TERM INVESTMENTS: 1.6%
Money Market Funds: 1.6%
JPMorgan U.S. Government Money Market
Fund, Capital Shares, 3.55%d
376,808
376,808
(Cost $376,808)
 
Total Investments: 99.7%
23,208,865
(Cost $20,994,717)
CASH AND OTHER ASSETS,
LESS LIABILITIES: 0.3%
79,851
Net Assets: 100.0%
$23,288,716
 
a
Non-income producing security.
b
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
June 30, 2026, the aggregate value is $2,782,145, which is 11.95% of net assets.
c
The securities may be resold to qualified foreign investors and foreign institutional
buyers under Regulation S of the Securities Act of 1933.
d
Rate shown is the current yield as of June 30, 2026.
ADR
American Depositary Receipt
See accompanying notes to financial statements.
  14

Matthews China Innovators Active ETFJune 30, 2026
Schedule of Investmentsa (unaudited)
 
COMMON EQUITIES: 94.6%
 
Shares
Value
Information Technology: 49.9%
Semiconductors & Semiconductor Equipment: 22.7%
Beijing Huafeng Test & Control Technology Co.,
Ltd. A Shares
16,823
$1,301,379
Advanced Micro-Fabrication Equipment, Inc.
China A Shares
18,420
1,271,327
ASMPT, Ltd.
33,000
1,004,890
Wuxi NCE Power Co., Ltd. A Shares
36,700
536,010
Montage Technology Co., Ltd. H Sharesb
9,000
533,202
ACM Research, Inc. Class Ab
2,847
361,256
Realtek Semiconductor Corp.
6,000
151,806
Hygon Information Technology Co., Ltd. A Shares
2,639
143,963
MediaTek, Inc.
1,000
133,254
Grand Process Technology Corp.
1,000
113,949
Kinsus Interconnect Technology Corp.c
4,000
112,995
 
5,664,031
Electronic Equipment, Instruments & Components: 20.7%
Kingboard Laminates Holdings, Ltd.
115,000
1,453,989
Wasion Holdings, Ltd.
298,000
753,925
Universal Scientific Industrial Shanghai Co., Ltd. A
Shares
142,900
682,080
WUS Printed Circuit Kunshan Co., Ltd. A Shares
27,100
610,030
Innolux Corp.
176,000
379,552
Universal Microwave Technology, Inc.
7,000
293,347
Eoptolink Technology, Inc., Ltd. A Shares
2,900
259,325
Compeq Manufacturing Co., Ltd.
32,000
233,547
Elite Material Co., Ltd.
1,000
169,196
FIT Hon Teng, Ltd.b,d,e
160,000
145,064
Yageo Corp.c
4,000
144,573
All Ring Tech Co., Ltd.
1,000
31,328
 
5,155,956
Communications Equipment: 3.9%
Zhongji Innolight Co., Ltd. A Shares
3,100
579,994
WNC Corp.
49,000
399,150
 
979,144
Technology Hardware, Storage & Peripherals: 2.6%
Lenovo Group, Ltd.
116,000
340,513
Quanta Computer, Inc.
26,000
300,347
 
640,860
Total Information Technology
12,439,991
 
Industrials: 24.4%
Electrical Equipment: 9.6%
Shenzhen Megmeet Electrical Co., Ltd. A Shares
37,300
918,653
Sieyuan Electric Co., Ltd. A Shares
18,900
481,688
Contemporary Amperex Technology Co., Ltd. A
Shares
6,200
358,966
Time Interconnect Technology, Ltd.
154,000
332,270
Contemporary Amperex Technology Co., Ltd. H
Shares
1,700
152,180
Hongfa Technology Co., Ltd. A Shares
13,860
70,423
Hongfa Technology Co., Ltd. A Shares
13,160
66,892
 
2,381,072
Machinery: 7.7%
Neway Valve Suzhou Co., Ltd. A Shares
104,700
775,841
 
 
Shares
Value
Kaori Heat Treatment Co., Ltd.
12,000
$583,868
Precision Tsugami China Corp., Ltd.e
41,000
367,283
Sany Heavy Equipment International Holdings
Co., Ltd.
226,000
191,358
 
1,918,350
Construction & Engineering: 4.3%
Acter Technology Integration Group Co., Ltd. A
Shares
49,900
1,077,365
Marine Transportation: 2.8%
SITC International Holdings Co., Ltd.
176,000
704,265
Total Industrials
6,081,052
 
Materials: 8.2%
Metals & Mining: 7.0%
Jiangsu Boqian New Materials Stock Co., Ltd. A
Shares
43,400
1,734,594
Chemicals: 1.2%
Grace Fabric Technology Co., Ltd. A Shares
7,800
304,887
Total Materials
2,039,481
 
Energy: 5.0%
Energy Equipment & Services: 5.0%
Yantai Jereh Oilfield Services Group Co., Ltd. A
Shares
55,000
1,235,637
Total Energy
1,235,637
 
Consumer Discretionary: 4.0%
Automobile Components: 2.0%
Minth Group, Ltd.
145,200
489,181
Hotels, Restaurants & Leisure: 1.1%
Atour Lifestyle Holdings, Ltd. ADR
8,943
284,387
Household Durables: 0.9%
Midea Group Co., Ltd. A Shares
20,700
230,329
Total Consumer Discretionary
1,003,897
 
Health Care: 2.0%
Biotechnology: 2.0%
Sichuan Kelun-Biotech Biopharmaceutical Co.,
Ltd. H Sharesb
6,700
372,675
Innovent Biologics, Inc.b,d,e
12,000
121,805
Total Health Care
494,480
 
Real Estate: 1.1%
Real Estate Management & Development: 1.1%
China Resources Land, Ltd.
72,000
275,438
Total Real Estate
275,438
 
TOTAL COMMON EQUITIES
23,569,976
(Cost $19,173,626)
15  

 
Matthews China Innovators Active ETFJune 30, 2026
Schedule of Investmentsa (unaudited) (continued)
RIGHTS: 0.0%
 
Shares
Value
Information Technology: 0.0%
Electronic Equipment, Instruments & Components: 0.0%
Compeq Manufacturing Co., Ltd. Rights, Expires
07/20/2026b
817
$0
Total Information Technology
0
 
TOTAL RIGHTS
0
(Cost $0)
SHORT-TERM INVESTMENTS: 5.3%
Money Market Funds: 5.3%
JPMorgan U.S. Government Money Market Fund,
Capital Shares, 3.55%f
1,317,396
1,317,396
(Cost $1,317,396)
 
Total Investments: 99.9%
24,887,372
(Cost $20,491,022)
CASH AND OTHER ASSETS,
LESS LIABILITIES: 0.1%
30,121
Net Assets: 100.0%
$24,917,493
 
a
Certain securities were fair valued under the valuation policies approved by the
Board of Trustees (Note 2-A).
b
Non-income producing security.
c
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 $257,569 and
1.03% of net assets.
d
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
June 30, 2026, the aggregate value is $266,869, which is 1.07% of net assets.
e
The securities may be resold to qualified foreign investors and foreign institutional
buyers under Regulation S of the Securities Act of 1933.
f
Rate shown is the current yield as of June 30, 2026.
ADR
American Depositary Receipt
See accompanying notes to financial statements.
  16

Matthews India Active ETFJune 30, 2026
Schedule of Investments (unaudited)
 
COMMON EQUITIES: 101.6%
 
Shares
Value
Financials: 35.4%
Banks: 20.8%
HDFC Bank, Ltd.
117,441
$989,999
ICICI Bank, Ltd.
55,592
807,639
Axis Bank, Ltd.
30,705
436,513
Kotak Mahindra Bank, Ltd.
70,188
290,847
State Bank of India
18,363
199,210
Federal Bank, Ltd.
32,922
114,790
AU Small Finance Bank, Ltd.a,b
4,419
48,413
HDFC Bank, Ltd. ADR
1,292
33,372
 
2,920,783
Consumer Finance: 9.0%
Bajaj Finance, Ltd.
49,553
525,977
Shriram Finance, Ltd.
45,654
502,630
Cholamandalam Investment and Finance Co., Ltd.
9,803
185,354
L&T Finance, Ltd.
15,428
50,648
 
1,264,609
Insurance: 4.5%
Star Health & Allied Insurance Co., Ltd.c
41,472
258,031
Max Financial Services, Ltd.c
11,749
196,605
Canara HSBC Life Insurance Co., Ltd.c
63,086
93,211
ICICI Lombard General Insurance Co., Ltd.a,b
3,436
63,222
PB Fintech, Ltd.c
1,198
20,612
 
631,681
Capital Markets: 1.1%
Nippon Life India Asset Management, Ltd.a,b
5,964
73,212
ICICI Prudential Asset Management Co., Ltd.
1,319
46,256
Billionbrains Garage Ventures, Ltd.a,b,c
19,845
42,364
 
161,832
Total Financials
4,978,905
 
Consumer Discretionary: 26.2%
Hotels, Restaurants & Leisure: 9.2%
Eternal, Ltd.c
329,500
921,053
Swiggy, Ltd.c
88,947
224,907
Le Travenues Technology, Ltd.b,c
69,113
143,580
 
1,289,540
Specialty Retail: 8.9%
Thanga Mayil Jewellery, Ltd.
15,512
1,048,491
Lenskart Solutions, Ltd.c
24,621
133,940
Cartrade Tech, Ltd.c
2,202
62,646
 
1,245,077
Automobiles: 5.6%
Mahindra & Mahindra, Ltd.
8,122
263,312
Ather Energy, Ltd.c
19,111
230,270
TVS Motor Co., Ltd.
4,585
167,622
Eicher Motors, Ltd.
1,304
97,443
Maruti Suzuki India, Ltd.
244
36,384
 
795,031
Textiles, Apparel & Luxury Goods: 1.5%
Campus Activewear, Ltd.
55,654
138,314
 
 
Shares
Value
Titan Co., Ltd.
1,542
$71,741
 
210,055
Automobile Components: 1.0%
Sona Blw Precision Forgings, Ltd.a,b
21,069
137,976
Total Consumer Discretionary
3,677,679
 
Consumer Staples: 8.1%
Food Products: 3.7%
Marico, Ltd.
35,842
316,642
Tata Consumer Products, Ltd.
18,172
206,487
 
523,129
Personal Care Products: 2.3%
Hindustan Unilever, Ltd.
10,485
234,625
Godrej Consumer Products, Ltd.
8,507
90,769
 
325,394
Beverages: 1.6%
Varun Beverages, Ltd.
35,073
188,058
United Spirits, Ltd.
2,374
33,867
 
221,925
Tobacco: 0.5%
ITC, Ltd.
20,568
62,350
Total Consumer Staples
1,132,798
 
Industrials: 7.7%
Machinery: 2.8%
Thermax, Ltd.
4,490
244,733
Cummins India, Ltd.
2,408
143,971
 
388,704
Electrical Equipment: 2.0%
Bharat Heavy Electricals, Ltd.
48,308
211,331
CG Power & Industrial Solutions, Ltd.
7,275
73,178
 
284,509
Construction & Engineering: 0.9%
Praj Industries, Ltd.
35,498
131,591
Passenger Airlines: 0.8%
InterGlobe Aviation, Ltd.a,b
2,081
118,020
Air Freight & Logistics: 0.8%
Delhivery, Ltd.c
22,116
110,289
Transportation Infrastructure: 0.4%
Gujarat Pipavav Port, Ltd.
29,993
47,877
Total Industrials
1,080,990
 
Health Care: 7.5%
Pharmaceuticals: 5.7%
Neuland Laboratories, Ltd.
2,759
541,519
Amrutanjan Health Care, Ltd.
19,188
111,073
Aether Industries, Ltd.c
5,255
75,451
Sun Pharmaceutical Industries, Ltd.
3,410
67,095
 
795,138
17  

 
Matthews India Active ETFJune 30, 2026
Schedule of Investments (unaudited) (continued)
COMMON EQUITIES (continued)
 
Shares
Value
Health Care Providers & Services: 0.9%
Metropolis Healthcare, Ltd.a,b
23,563
$134,457
Life Sciences Tools & Services: 0.5%
Divi’s Laboratories, Ltd.
933
64,846
Health Care Technology: 0.4%
Inventurus Knowledge Solutions, Ltd.c
3,579
63,497
Total Health Care
1,057,938
 
Information Technology: 6.1%
Electronic Equipment, Instruments & Components: 2.6%
Avalon Technologies, Ltd.a,b,c
13,456
256,145
Syrma SGS Technology, Ltd.
7,111
104,894
 
361,039
Communications Equipment: 1.6%
Sterlite Technologies, Ltd.c
35,496
229,981
IT Services: 1.1%
Infosys, Ltd.
9,494
100,337
Persistent Systems, Ltd.
1,278
58,413
 
158,750
Software: 0.8%
AurionPro Solutions, Ltd.
7,307
66,170
Capillary Technologies India, Ltd.c
7,745
42,006
 
108,176
Total Information Technology
857,946
 
Communication Services: 5.7%
Wireless Telecommunication Services: 3.2%
Bharti Airtel, Ltd.
22,739
444,889
Diversified Telecommunication Services: 2.5%
HFCL, Ltd.
159,153
357,872
Total Communication Services
802,761
 
 
Shares
Value
 
Energy: 3.1%
Oil, Gas & Consumable Fuels: 3.1%
Reliance Industries, Ltd.
31,257
$427,255
Total Energy
427,255
 
Materials: 1.8%
Construction Materials: 1.0%
UltraTech Cement, Ltd.
1,254
149,075
Metals & Mining: 0.8%
Mishra Dhatu Nigam, Ltd.a,b
16,566
73,232
Shivalik Bimetal Controls, Ltd.
4,413
35,452
 
108,684
Total Materials
257,759
 
Total Investments: 101.6%
14,274,031
(Cost $12,228,755)
LIABILITIES IN EXCESS OF CASH
AND OTHER ASSETS: (1.6%)
(217,984
)
Net Assets: 100.0%
$14,056,047
 
a
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
June 30, 2026, the aggregate value is $947,041, which is 6.74% of net assets.
b
The securities may be resold to qualified foreign investors and foreign institutional
buyers under Regulation S of the Securities Act of 1933.
c
Non-income producing security.
ADR
American Depositary Receipt
See accompanying notes to financial statements.
  18

Matthews Japan Active ETFJune 30, 2026
Schedule of Investments (unaudited)
 
COMMON EQUITIES: 98.1%
 
Shares
Value
Industrials: 25.0%
Machinery: 5.6%
MISUMI Group, Inc.
8,400
$206,427
Kawasaki Heavy Industries, Ltd.
10,200
183,415
THK Co., Ltd.
3,800
171,196
 
561,038
Trading Companies & Distributors: 5.4%
Sumitomo Corp.
22,100
210,631
Toyota Tsusho Corp.
5,300
194,945
Marubeni Corp.
4,600
132,743
 
538,319
Industrial Conglomerates: 3.4%
Hitachi, Ltd.
10,800
297,104
Hikari Tsushin, Inc.
200
43,686
 
340,790
Professional Services: 3.4%
Recruit Holdings Co., Ltd.
4,800
334,619
Electrical Equipment: 3.3%
Mitsubishi Electric Corp.
5,400
195,234
Fuji Electric Co., Ltd.
1,600
133,050
 
328,284
Ground Transportation: 2.1%
East Japan Railway Co.
6,400
134,202
GO, Inc.a
5,900
80,010
 
214,212
Construction & Engineering: 1.1%
Kinden Corp.
2,300
112,449
Commercial Services & Supplies: 0.7%
Itoki Corp.
4,000
65,049
Total Industrials
2,494,760
 
Information Technology: 20.5%
Semiconductors & Semiconductor Equipment: 14.6%
Tokyo Electron, Ltd.
1,300
617,105
Advantest Corp.
1,900
378,071
Kioxia Holdings Corp.a
500
275,896
Renesas Electronics Corp.
6,500
192,250
 
1,463,322
Electronic Equipment, Instruments & Components: 4.3%
Keyence Corp.
500
249,377
Anritsu Corp.
6,500
175,813
 
425,190
IT Services: 1.6%
NEC Corp.
6,700
161,806
Total Information Technology
2,050,318
 
Consumer Discretionary: 18.8%
Household Durables: 5.9%
Sony Group Corp.
15,000
302,723
 
 
Shares
Value
Panasonic Holdings Corp.
10,300
$285,313
 
588,036
Automobile Components: 4.7%
Sumitomo Electric Industries, Ltd.
13,900
250,333
Yokohama Rubber Co., Ltd.
3,000
133,696
GS Yuasa Corp.
2,200
87,526
 
471,555
Specialty Retail: 2.5%
Fast Retailing Co., Ltd.
500
254,761
Textiles, Apparel & Luxury Goods: 2.1%
Asics Corp.
7,800
209,968
Automobiles: 2.1%
Isuzu Motors, Ltd.
9,400
124,379
Toyota Motor Corp.
4,800
80,480
 
204,859
Broadline Retail: 1.5%
Ryohin Keikaku Co., Ltd.
6,700
145,893
Total Consumer Discretionary
1,875,072
 
Financials: 17.9%
Banks: 10.0%
Mitsubishi UFJ Financial Group, Inc.
23,600
465,683
Sumitomo Mitsui Financial Group, Inc.
8,400
327,989
Japan Post Bank Co., Ltd.
10,700
201,656
 
995,328
Insurance: 3.6%
Tokio Marine Holdings, Inc.
4,600
203,841
MS&AD Insurance Group Holdings, Inc.
6,100
159,138
 
362,979
Financial Services: 2.5%
ORIX Corp.
6,600
249,705
Capital Markets: 1.8%
Nomura Holdings, Inc.
20,300
176,552
Total Financials
1,784,564
 
Materials: 4.7%
Chemicals: 4.7%
Shin-Etsu Chemical Co., Ltd.
6,700
288,901
Resonac Holdings Corp.
1,700
185,141
Total Materials
474,042
 
Consumer Staples: 3.2%
Food Products: 2.0%
Ajinomoto Co., Inc.
5,400
195,134
Personal Care Products: 1.2%
Kao Corp.
6,200
122,951
Total Consumer Staples
318,085
19  

 
Matthews Japan Active ETFJune 30, 2026
Schedule of Investments (unaudited) (continued)
COMMON EQUITIES (continued)
 
Shares
Value
 
Real Estate: 3.0%
Real Estate Management & Development: 3.0%
Mitsubishi Estate Co., Ltd.
5,000
$127,519
Sumitomo Realty & Development Co., Ltd.
4,300
98,977
NS Group, Inc.
8,400
75,666
Total Real Estate
302,162
 
Communication Services: 2.5%
Wireless Telecommunication Services: 1.3%
SoftBank Group Corp.
3,600
132,083
Entertainment: 1.2%
Konami Group Corp.
1,100
119,560
Total Communication Services
251,643
 
Health Care: 1.9%
Pharmaceuticals: 1.9%
Shionogi & Co., Ltd.
6,500
111,543
Santen Pharmaceutical Co., Ltd.
6,000
78,745
Total Health Care
190,288
 
Energy: 0.6%
Oil, Gas & Consumable Fuels: 0.6%
Inpex Corp.
3,000
60,268
Total Energy
60,268
 
TOTAL COMMON EQUITIES
9,801,202
(Cost $7,958,773)
SHORT-TERM INVESTMENTS: 1.6%
 
Shares
Value
Money Market Funds: 1.6%
JPMorgan U.S. Government Money Market Fund,
Capital Shares, 3.55%b
160,577
$160,577
(Cost $160,577)
 
Total Investments: 99.7%
9,961,779
(Cost $8,119,350)
CASH AND OTHER ASSETS,
LESS LIABILITIES: 0.3%
32,081
Net Assets: 100.0%
$9,993,860
 
a
Non-income producing security.
b
Rate shown is the current yield as of June 30, 2026.
See accompanying notes to financial statements.
  20

Matthews Korea Active ETFJune 30, 2026
Schedule of Investments (unaudited)
 
COMMON EQUITIES: 92.2%
 
Shares
Value
Information Technology: 43.3%
Technology Hardware, Storage & Peripherals: 20.2%
Samsung Electronics Co., Ltd.
139,996
$30,180,510
Semiconductors & Semiconductor Equipment: 14.0%
SK Hynix, Inc.
4,110
7,029,949
PSK, Inc.
48,200
6,100,833
Wonik IPS Co., Ltd.
35,823
3,886,817
DB HiTek Co., Ltd.
16,052
1,494,028
LEENO Industrial, Inc.
25,423
1,378,385
ISC Co., Ltd.
9,338
1,093,944
 
20,983,956
Electronic Equipment, Instruments & Components: 9.1%
Samsung Electro-Mechanics Co., Ltd.
4,978
7,017,332
Samsung SDI Co., Ltd.a
7,975
2,506,826
Daeduck Electronics Co., Ltd.
14,797
1,466,997
Park Systems Corp.
8,831
1,416,448
IsuPetasys Co., Ltd.
15,150
1,128,452
 
13,536,055
Total Information Technology
64,700,521
 
Industrials: 26.1%
Industrial Conglomerates: 12.3%
SK Square Co., Ltd.
6,149
6,735,205
SK, Inc.
10,019
5,393,304
Samsung C&T Corp.
14,162
4,282,513
Doosan Co., Ltd.
1,517
1,455,999
Hanwha Corp.
7,919
509,600
 
18,376,621
Electrical Equipment: 5.0%
HD Hyundai Electric Co., Ltd.
5,201
3,263,004
Doosan Enerbility Co., Ltd.a
36,108
2,022,962
LS Corp.
7,757
1,829,977
LG Energy Solution, Ltd.a
1,985
463,803
 
7,579,746
Machinery: 4.7%
HD Hyundai Heavy Industries Co., Ltd.
6,083
2,324,363
HD Korea Shipbuilding & Offshore Engineering
Co., Ltd.
6,340
1,432,260
Hyundai Construction Equipment Co., Ltd.
15,098
1,216,182
Hyundai Rotem Co., Ltd.
9,965
1,112,725
Hanwha Enginea
29,149
959,529
 
7,045,059
Construction & Engineering: 1.7%
Samsung E&A Co., Ltd.
82,236
2,526,582
Aerospace & Defense: 1.5%
Hanwha Aerospace Co., Ltd.
3,436
2,206,687
Passenger Airlines: 0.5%
Korean Air Lines Co., Ltd.
43,803
778,915
Building Products: 0.4%
Sung Kwang Bend Co., Ltd.
30,855
555,641
Total Industrials
39,069,251
 
 
Shares
Value
 
Financials: 9.3%
Banks: 5.5%
KB Financial Group, Inc.
42,292
$4,340,301
Hana Financial Group, Inc.
52,954
3,916,948
 
8,257,249
Capital Markets: 2.1%
Korea Investment Holdings Co., Ltd.
20,195
2,880,717
Macquarie Korea Infrastructure Fund
43,286
284,420
 
3,165,137
Insurance: 1.7%
Samsung Fire & Marine Insurance Co., Ltd.
6,190
2,469,128
Total Financials
13,891,514
 
Consumer Discretionary: 6.5%
Automobiles: 3.1%
Hyundai Motor Co.
8,657
2,765,904
Kia Corp.
20,296
1,807,815
 
4,573,719
Broadline Retail: 1.9%
Lotte Shopping Co., Ltd.
15,719
1,721,754
Coupang, Inc.a
63,007
1,094,432
 
2,816,186
Automobile Components: 1.5%
Hyundai Mobis Co., Ltd.
7,148
2,306,848
Total Consumer Discretionary
9,696,753
 
Communication Services: 2.3%
Interactive Media & Services: 1.6%
NAVER Corp.
14,531
1,866,436
Kakao Corp.
21,894
488,245
 
2,354,681
Wireless Telecommunication Services: 0.7%
SK Telecom Co., Ltd.
18,874
1,076,913
Total Communication Services
3,431,594
 
Consumer Staples: 1.6%
Tobacco: 1.4%
KT&G Corp.
19,123
2,094,606
Consumer Staples Distribution & Retail: 0.2%
BGF Retail Co., Ltd.
3,493
261,079
Total Consumer Staples
2,355,685
 
Health Care: 1.5%
Life Sciences Tools & Services: 1.1%
Samsung Biologics Co., Ltd.a,b,c
1,877
1,685,217
Health Care Equipment & Supplies: 0.4%
Classys, Inc.
18,269
549,497
Total Health Care
2,234,714
21  

 
Matthews Korea Active ETFJune 30, 2026
Schedule of Investments (unaudited) (continued)
COMMON EQUITIES (continued)
 
Shares
Value
 
Energy: 0.6%
Oil, Gas & Consumable Fuels: 0.6%
S-Oil Corp.
13,298
$913,256
Total Energy
913,256
 
Utilities: 0.5%
Electric Utilities: 0.5%
Korea Electric Power Corp.
33,345
796,337
Total Utilities
796,337
 
Materials: 0.5%
Chemicals: 0.5%
OCI Holdings Co., Ltd.
5,301
733,921
Total Materials
733,921
 
TOTAL COMMON EQUITIES
137,823,546
(Cost $78,136,895)
PREFERRED EQUITIES: 2.7%
Information Technology: 2.7%
Technology Hardware, Storage & Peripherals: 2.7%
Samsung Electronics Co., Ltd., Pfd.
29,408
4,024,073
Total Information Technology
4,024,073
 
TOTAL PREFERRED EQUITIES
4,024,073
(Cost $978,911)
SHORT-TERM INVESTMENTS: 3.8%
 
Shares
Value
Money Market Funds: 3.8%
JPMorgan U.S. Government Money Market
Fund, Capital Shares, 3.55%d
5,719,167
$5,719,167
(Cost $5,719,167)
 
Total Investments: 98.7%
147,566,786
(Cost $84,834,973)
CASH AND OTHER ASSETS,
LESS LIABILITIES: 1.3%
1,970,008
Net Assets: 100.0%
$149,536,794
 
a
Non-income producing security.
b
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
June 30, 2026, the aggregate value is $1,685,217, which is 1.13% of net assets.
c
The securities may be resold to qualified foreign investors and foreign institutional
buyers under Regulation S of the Securities Act of 1933.
d
Rate shown is the current yield as of June 30, 2026.
Pfd.
Preferred
See accompanying notes to financial statements.
  22

Matthews Asia Dividend Active ETFJune 30, 2026
Schedule of Investmentsa (unaudited)
 
COMMON EQUITIES: 96.1%
 
Shares
Value 
China/Hong Kong: 22.1%
Tencent Holdings, Ltd.
3,300
$180,864
Industrial & Commercial Bank of China, Ltd. H
Shares
210,000
172,187
China Construction Bank Corp. H Shares
123,000
126,575
Ping An Insurance Group Co. of China, Ltd. H Shares
18,000
117,176
AIA Group, Ltd.
12,600
114,800
Alibaba Group Holding, Ltd.
9,200
108,928
Hongkong Land Holdings, Ltd.
14,300
101,816
Yum China Holdings, Inc.
2,484
101,521
Yuexiu Transport Infrastructure, Ltd.
206,000
94,830
BOC Hong Kong Holdings, Ltd.
15,500
83,765
Swire Pacific, Ltd. Class A
8,000
83,346
HKT Trust & HKT, Ltd.
51,000
75,830
Dongfang Electric Corp., Ltd. H Shares
26,600
72,317
NARI Technology Co., Ltd. A Shares
21,100
71,028
Hong Kong Exchanges & Clearing, Ltd.
1,500
69,433
PetroChina Co., Ltd. H Shares
64,000
69,206
China Merchants Bank Co., Ltd. H Shares
11,500
65,873
Midea Group Co., Ltd. A Shares
5,900
65,649
JD.com, Inc. Class A
4,950
62,648
Link REIT
13,200
61,438
China Tower Corp., Ltd. H Sharesb,c
49,500
55,610
China Overseas Property Holdings, Ltd.
100,000
41,188
Midea Group Co., Ltd. A Shares
2,300
25,602
Total China/Hong Kong
2,021,630
 
Japan: 20.3%
Tokyo Electron, Ltd.
700
332,287
Mitsubishi UFJ Financial Group, Inc.
12,700
250,601
Sumitomo Corp.
20,400
194,429
ORIX Corp.
4,700
177,821
Marubeni Corp.
5,900
170,257
Shin-Etsu Chemical Co., Ltd.
3,200
137,982
Tokio Marine Holdings, Inc.
2,800
124,077
NEC Corp.
4,400
106,261
Kajima Corp.
2,500
90,325
Mitsui Fudosan Co., Ltd.
8,400
77,475
Sony Group Corp.
3,600
72,653
Asahi Group Holdings, Ltd.
7,200
68,578
Sawai Group Holdings Co., Ltd.
2,400
24,882
Hikari Tsushin, Inc.
100
21,843
Sony Financial Group, Inc.
4,700
4,132
Total Japan
1,853,603
 
South Korea: 19.5%
Samsung Electronics Co., Ltd.
3,431
739,659
Hana Financial Group, Inc.
3,573
264,291
SK, Inc.
375
201,866
Korea Investment Holdings Co., Ltd.
1,045
149,064
Samsung Fire & Marine Insurance Co., Ltd.
289
115,279
KT&G Corp.
910
99,675
Lotte Shopping Co., Ltd.
713
78,097
Kia Corp.
841
74,910
Macquarie Korea Infrastructure Fund
8,323
54,688
Total South Korea
1,777,529
 
Taiwan: 17.0%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR
2,627
1,254,576
CTBC Financial Holding Co., Ltd.
55,000
122,581
WNC Corp.
12,000
97,751
 
 
Shares
Value 
Quanta Computer, Inc.
7,000
$80,863
Total Taiwan
1,555,771
 
Singapore: 6.4%
Singapore Telecommunications, Ltd.
113,300
386,295
DBS Group Holdings, Ltd.
3,900
197,193
Total Singapore
583,488
 
Australia: 6.3%
Rio Tinto, Ltd.
1,595
190,626
Telstra Group, Ltd.
47,211
166,156
Commonwealth Bank of Australia
1,049
119,637
ANZ Group Holdings, Ltd.
4,039
98,917
Total Australia
575,336
 
India: 3.2%
HDFC Bank, Ltd. ADR
3,294
85,084
Power Grid Corp. of India, Ltd.
27,299
82,567
Bharti Airtel, Ltd.
3,465
67,793
Hindustan Unilever, Ltd.
2,512
56,212
Total India
291,656
 
Indonesia: 0.7%
PT Bank Rakyat Indonesia Persero Tbk
387,200
59,119
Total Indonesia
59,119
 
Thailand: 0.6%
Bangkok Dusit Medical Services Public Co., Ltd. F
Shares
100,000
58,097
Total Thailand
58,097
 
TOTAL COMMON EQUITIES
8,776,229
(Cost $7,749,096)
 
SHORT-TERM INVESTMENTS: 3.5%
 
Money Market Funds: 3.5%
JPMorgan U.S. Government Money Market Fund,
Capital Shares, 3.55%d
321,267
321,267
(Cost $321,267)
 
Total Investments: 99.6%
9,097,496
(Cost $8,070,363)
CASH AND OTHER ASSETS,
LESS LIABILITIES: 0.4%
32,273
Net Assets: 100.0%
$9,129,769
 
23  

 
Matthews Asia Dividend Active ETFJune 30, 2026
Schedule of Investmentsa (unaudited) (continued)
a
Certain securities were fair valued under the valuation policies approved by the
Board of Trustees (Note 2-A).
b
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
June 30, 2026, the aggregate value is $55,610, which is 0.61% of net assets.
c
The securities may be resold to qualified foreign investors and foreign institutional
buyers under Regulation S of the Securities Act of 1933.
d
Rate shown is the current yield as of June 30, 2026.
ADR
American Depositary Receipt
REIT
Real Estate Investment Trust
See accompanying notes to financial statements.
  24

 
Statements of Assets and Liabilities (unaudited)June 30, 2026
 
 
Matthews Emerging
Markets Equity
Active ETF
Matthews Emerging
Markets ex China
Active ETF
Matthews Emerging
Markets Sustainable
Future Active ETF
Matthews Emerging
Markets Discovery
Active ETF
ASSETS:
Investments at value (A) (Note 2-A):
Unaffiliated issuers
$55,573,134
$50,302,065
$48,114,971
$22,618,248
Cash
2,260
43,758
8,231
625
Segregated foreign currency at value (B)
—
—
298
—
Segregated cash
—
—
27
—
Foreign currency at value (B)
2,142
2,995
32,111
103,147
Dividends and interest receivable
119,102
75,517
43,279
28,973
Receivable for securities sold
—
—
—
39,846
Other receivable
6,530
1,615
4,138
118
TOTAL ASSETS
55,703,168
50,425,950
48,203,055
22,790,957
LIABILITIES:
Deferred foreign capital gains tax liability (Note 2-C)
57,633
90,969
137,044
150,408
Due to Advisor (Note 4)
36,495
32,339
30,618
16,537
Professional fees payable
2,458
2,011
1,787
1,117
TOTAL LIABILITIES
96,586
125,319
169,449
168,062
NET ASSETS
$55,606,582
$50,300,631
$48,033,606
$22,622,895
 
SHARES OUTSTANDING:
(shares of beneficial interest issued and outstanding,
respectively, unlimited number of shares authorized
with a $0.001 par value)
1,240,000
1,020,000
1,150,000
720,000
Net asset value, offering price and redemption price
$44.84
$49.31
$41.77
$31.42
NET ASSETS CONSISTS OF:
Capital paid-in
$35,299,114
$30,671,653
$29,087,664
$18,357,123
Total distributable earnings/(accumulated loss)
20,307,468
19,628,978
18,945,942
4,265,772
NET ASSETS
$55,606,582
$50,300,631
$48,033,606
$22,622,895
(A) Investments at cost:
Unaffiliated Issuers
$38,628,887
$32,681,187
$27,864,870
$17,884,092
(B) Foreign Currency at Cost
$2,140
$2,994
$32,417
$103,201
 
See accompanying notes to financial statements.
25  

 
Statements of Assets and Liabilities (unaudited) (continued)June 30, 2026
 
Matthews Pacific Tiger
Active ETF
Matthews Asia
Innovators Active ETF
Matthews China
Active ETF
ASSETS:
Investments at value (A) (Note 2-A):
Unaffiliated issuers
$54,891,121
$179,868,527
$23,208,865
Cash
19,062
21,758
—
Segregated foreign currency at value (B)
—
9,066
—
Segregated cash
—
1,146
25
Foreign currency at value (B)
450,642
25,609
4,961
Dividends and interest receivable
122,985
201,827
91,393
Receivable for securities sold
1,100,714
6,082,274
—
Receivable for capital shares sold
—
2,817,373
—
Other receivable
—
1,242
—
TOTAL ASSETS
56,584,524
189,028,822
23,305,244
LIABILITIES:
Payable for securities purchased
573,252
2,263,419
—
Deferred foreign capital gains tax liability (Note 2-C)
—
652,884
—
Due to Advisor (Note 4)
36,262
115,899
15,187
Professional fees payable
2,458
44,386
1,341
Printing fees payables
—
5,812
—
TOTAL LIABILITIES
611,972
3,082,400
16,528
NET ASSETS
$55,972,552
$185,946,422
$23,288,716
 
SHARES OUTSTANDING:
(shares of beneficial interest issued and outstanding, respectively, unlimited
number of shares authorized with a $0.001 par value)
1,250,000
3,300,000
800,000
Net asset value, offering price and redemption price
$44.78
$56.35
$29.11
NET ASSETS CONSISTS OF:
Capital paid-in
$34,394,255
$112,909,318
$25,488,076
Total distributable earnings/(accumulated loss)
21,578,297
73,037,104
(2,199,360
)
NET ASSETS
$55,972,552
$185,946,422
$23,288,716
(A) Investments at cost:
Unaffiliated Issuers
$33,789,755
$118,912,522
$20,994,717
(B) Foreign Currency at Cost
$450,676
$34,645
$4,959
 
See accompanying notes to financial statements.
  26

 
Statements of Assets and Liabilities (unaudited) (continued)June 30, 2026
 
Matthews China
Innovators Active ETF
Matthews India
Active ETF
Matthews Japan
Active ETF
ASSETS:
Investments at value (A) (Note 2-A):
Unaffiliated issuers
$24,887,372
$14,274,031
$9,961,779
Cash
487,000
—
—
Foreign currency at value (B)
—
100,430
1,524
Dividends and interest receivable
29,995
18,392
6,702
Receivable for securities sold
580,348
100,606
61,088
Receivable for capital shares sold
—
—
1,661,016
Other receivable
—
—
395
TOTAL ASSETS
25,984,715
14,493,459
11,692,504
LIABILITIES:
Cash overdraft
—
14,510
—
Foreign currency overdraft
81,124
—
—
Payable for securities purchased
969,081
35,332
1,693,002
Deferred foreign capital gains tax liability (Note 2-C)
—
378,123
—
Due to Advisor (Note 4)
16,794
8,777
5,419
Professional fees payable
223
670
223
TOTAL LIABILITIES
1,067,222
437,412
1,698,644
NET ASSETS
$24,917,493
$14,056,047
$9,993,860
 
SHARES OUTSTANDING:
(shares of beneficial interest issued and outstanding, respectively, unlimited
number of shares authorized with a $0.001 par value)
480,000
480,000
240,000
Net asset value, offering price and redemption price
$51.91
$29.28
$41.64
NET ASSETS CONSISTS OF:
Capital paid-in
$20,411,681
$13,604,762
$8,104,807
Total distributable earnings/(accumulated loss)
4,505,812
451,285
1,889,053
NET ASSETS
$24,917,493
$14,056,047
$9,993,860
(A) Investments at cost:
Unaffiliated Issuers
$20,491,022
$12,228,755
$8,119,350
(B) Foreign Currency at Cost
$81,124
$100,430
$1,524
See accompanying notes to financial statements.
27  

 
Statements of Assets and Liabilities (unaudited) (continued)June 30, 2026
 
Matthews Korea
Active ETF
Matthews Asia Dividend
Active ETF
ASSETS:
Investments at value (A) (Note 2-A):
Unaffiliated issuers
$147,566,786
$9,097,496
Cash
—
2,165
Segregated foreign currency at value (B)
—
1,164
Segregated cash
—
2
Foreign currency at value (B)
12,032
11,056
Dividends and interest receivable
82,436
22,927
Receivable for securities sold
1,978,541
—
Other receivable
—
1,046
TOTAL ASSETS
149,639,795
9,135,856
LIABILITIES:
Due to Advisor (Note 4)
98,308
5,640
Professional fees payable
4,693
447
TOTAL LIABILITIES
103,001
6,087
NET ASSETS
$149,536,794
$9,129,769
 
SHARES OUTSTANDING:
(shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized
with a $0.001 par value)
2,293,223
200,000
Net asset value, offering price and redemption price
$65.21
$45.65
NET ASSETS CONSISTS OF:
Capital paid-in
$58,673,517
$7,299,420
Total distributable earnings/(accumulated loss)
90,863,277
1,830,349
NET ASSETS
$149,536,794
$9,129,769
(A) Investments at cost:
Unaffiliated Issuers
$84,834,973
$8,070,363
(B) Foreign Currency at Cost
$12,032
$12,222
See accompanying notes to financial statements.
  28

 
Statements of Operations (unaudited)Six-Month Period Ended June 30, 2026
 
 
Matthews Emerging
Markets Equity
Active ETF
Matthews Emerging
Markets ex China
Active ETF
Matthews Emerging
Markets Sustainable
Future Active ETF
Matthews Emerging
Markets Discovery
Active ETF
INVESTMENT INCOME:
Dividends—Unaffiliated Issuers
$501,010
$470,416
$213,126
$113,456
Interest
57,337
25,817
14,337
10,836
Foreign withholding tax
(51,403
)
(53,436
)
(22,604
)
(9,161
)
TOTAL INVESTMENT INCOME
506,944
442,797
204,859
115,131
EXPENSES:
Investment advisory fees (Note 4)
198,416
170,306
153,509
101,697
Professional fees
2,458
2,011
1,788
1,117
TOTAL EXPENSES
200,874
172,317
155,297
102,814
Advisory fees waived and expenses waived or reimbursed
(Note 4)
—
—
—
(10,231
)
NET EXPENSES
200,874
172,317
155,297
92,583
NET INVESTMENT INCOME (LOSS)
306,070
270,480
49,562
22,548
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS, FOREIGN CURRENCY RELATED
TRANSACTIONS, AND FOREIGN CAPITAL GAINS
TAXES:
Net realized gain (loss) on investments—Unaffiliated
Issuers
4,030,112
1,769,650
812,043
1,188,684
Net realized gain (loss) on in-kind redemptions —
Unaffiliated Issuers
58,388
—
219,111
—
Net realized foreign capital gains tax
25,705
19,948
(324
)
15,001
Net realized gain (loss) on foreign currency related
transactions
(16,427
)
(10,513
)
(14,483
)
(9,079
)
Net change in unrealized appreciation/depreciation on
investments—Unaffiliated Issuers
6,673,162
9,667,002
14,285,346
3,156,821
Net change in deferred foreign capital gains taxes on
unrealized appreciation/depreciation
60,495
11,102
(25,776
)
(98,643
)
Net change in unrealized appreciation/depreciation on
foreign currency related translations
400
422
(257
)
(735
)
Net realized and unrealized gain (loss) on
investments, foreign currency related transactions,
and foreign capital gains taxes
10,831,835
11,457,611
15,275,660
4,252,049
NET INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS
$11,137,905
$11,728,091
$15,325,222
$4,274,597
See accompanying notes to financial statements.
29  

 
Statements of Operations (unaudited) (continued)Six-Month Period Ended June 30, 2026
 
 
Matthews Pacific Tiger
Active ETF
Matthews Asia
Innovators Active ETF
Matthews China
Active ETF
INVESTMENT INCOME:
Dividends—Unaffiliated Issuers
$423,629
$591,735
$255,474
Interest
31,297
98,835
5,170
Foreign withholding tax
(37,164
)
(74,109
)
(14,751
)
TOTAL INVESTMENT INCOME
417,762
616,461
245,893
EXPENSES:
Investment advisory fees (Note 4)
190,986
501,798
89,668
Printing fees
—
5,811
—
Professional fees
2,458
44,386
1,341
TOTAL EXPENSES
193,444
551,995
91,009
NET INVESTMENT INCOME (LOSS)
224,318
64,466
154,884
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN
CURRENCY RELATED TRANSACTIONS, AND FOREIGN CAPITAL GAINS
TAXES:
Net realized gain (loss) on investments—Unaffiliated Issuers
3,982,071
22,837,969
897,465
Net realized foreign capital gains tax
155,949
(28,807
)
—
Net realized gain (loss) on foreign currency related transactions
(27,376
)
(142,735
)
(4,390
)
Net change in unrealized appreciation/depreciation on investments—Unaffiliated
Issuers
8,980,198
38,558,577
(463,639
)
Net change in deferred foreign capital gains taxes on unrealized
appreciation/depreciation
71,387
(423,677
)
—
Net change in unrealized appreciation/depreciation on foreign currency related
translations
(1,971
)
(13,962
)
(321
)
Net realized and unrealized gain (loss) on investments, foreign currency
related transactions, and foreign capital gains taxes
13,160,258
60,787,365
429,115
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
$13,384,576
$60,851,831
$583,999
See accompanying notes to financial statements.
  30

 
Statements of Operations (unaudited) (continued)Six-Month Period Ended June 30, 2026
 
 
Matthews China
Innovators Active ETF
Matthews India
Active ETF
Matthews Japan
Active ETF
INVESTMENT INCOME:
Dividends—Unaffiliated Issuers
$101,014
$41,764
$76,884
Interest
6,393
874
2,224
Foreign withholding tax
(5,632
)
(10,015
)
(11,789
)
TOTAL INVESTMENT INCOME
101,775
32,623
67,319
EXPENSES:
Investment advisory fees (Note 4)
39,542
47,973
28,758
Professional fees
223
670
223
TOTAL EXPENSES
39,765
48,643
28,981
Advisory fees waived and expenses waived or reimbursed (Note 4)
(3,994
)
—
—
NET EXPENSES
35,771
48,643
28,981
NET INVESTMENT INCOME (LOSS)
66,004
(16,020
)
38,338
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN
CURRENCY RELATED TRANSACTIONS, AND FOREIGN CAPITAL GAINS
TAXES:
Net realized gain (loss) on investments—Unaffiliated Issuers
50,134
(393,770
)
109,012
Net realized foreign capital gains tax
—
41,087
—
Net realized gain (loss) on foreign currency related transactions
(5,964
)
(18,399
)
(1,076
)
Net change in unrealized appreciation/depreciation on investments—Unaffiliated
Issuers
3,833,282
232,755
863,090
Net change in deferred foreign capital gains taxes on unrealized
appreciation/depreciation
—
(28,988
)
—
Net change in unrealized appreciation/depreciation on foreign currency related
translations
(310
)
81
15
Net realized and unrealized gain (loss) on investments, foreign currency
related transactions, and foreign capital gains taxes
3,877,142
(167,234
)
971,041
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
$3,943,146
($183,254
)
$1,009,379
See accompanying notes to financial statements.
31  

 
Statements of Operations (unaudited) (continued)Six-Month Period Ended June 30, 2026
 
 
Matthews Korea
Active ETF
Matthews Asia
Dividend Active ETF
INVESTMENT INCOME:
Dividends—Unaffiliated Issuers
$802,248
$114,814
Interest
43,156
7,706
Foreign withholding tax
(128,885
)
(11,196
)
TOTAL INVESTMENT INCOME
716,519
111,324
EXPENSES:
Investment advisory fees (Note 4)
446,884
30,263
Professional fees
4,693
447
TOTAL EXPENSES
451,577
30,710
NET INVESTMENT INCOME (LOSS)
264,942
80,614
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN CURRENCY RELATED
TRANSACTIONS, AND FOREIGN CAPITAL GAINS TAXES:
Net realized gain (loss) on investments—Unaffiliated Issuers
25,075,410
238,942
Net realized gain (loss) on in-kind redemptions — Unaffiliated Issuers
—
550,252
Net realized gain (loss) on foreign currency related transactions
(35,139
)
(3,161
)
Net change in unrealized appreciation/depreciation on investments—Unaffiliated Issuers
40,492,750
137,384
Net change in deferred foreign capital gains taxes on unrealized appreciation/depreciation
—
1,740
Net change in unrealized appreciation/depreciation on foreign currency related translations
3,335
(123
)
Net realized and unrealized gain (loss) on investments, foreign currency related transactions, and
foreign capital gains taxes
65,536,356
925,034
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
$65,801,298
$1,005,648
See accompanying notes to financial statements.
  32

 
Statements of Changes in Net Assets
 
Matthews Emerging Markets Equity Active ETF 
Six-Month Period
Ended June 30, 2026
(Unaudited)
Year Ended
December 31, 2025
OPERATIONS:
Net investment income (loss)
$306,070
$622,219
Net realized gain (loss) on investments, in-kind redemptions and foreign currency related transactions
4,097,778
1,455,415
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations
6,673,562
6,335,384
Net change on foreign capital gains taxes on unrealized appreciation/depreciation
60,495
8,820
Net increase (decrease) in net assets resulting from operations
11,137,905
8,421,838
DISTRIBUTIONS TO SHAREHOLDERS:
Net decrease in net assets resulting from distributions
—
(1,478,826
)
CAPITAL SHARE TRANSACTIONS (net) (Note 3)
1,584,962
(12,293,503
)
Total increase (decrease) in net assets
12,722,867
(5,350,491
)
NET ASSETS:
Beginning of period
42,883,715
48,234,206
End of period
$55,606,582
$42,883,715
 
Matthews Emerging Markets ex China Active ETF 
Six-Month Period
Ended June 30, 2026
(Unaudited)
Year Ended
December 31, 2025
OPERATIONS:
Net investment income (loss)
$270,480
$585,252
Net realized gain (loss) on investments and foreign currency related transactions
1,779,085
2,676,595
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations
9,667,424
6,077,457
Net change on foreign capital gains taxes on unrealized appreciation/depreciation
11,102
(69,274
)
Net increase (decrease) in net assets resulting from operations
11,728,091
9,270,030
DISTRIBUTIONS TO SHAREHOLDERS:
Net decrease in net assets resulting from distributions
—
(708,177
)
CAPITAL SHARE TRANSACTIONS (net) (Note 3)
3,414,400
(11,366,260
)
Total increase (decrease) in net assets
15,142,491
(2,804,407
)
NET ASSETS:
Beginning of period
35,158,140
37,962,547
End of period
$50,300,631
$35,158,140
 
Matthews Emerging Markets Sustainable Future Active ETF 
Six-Month Period
Ended June 30, 2026
(Unaudited)
Year Ended
December 31, 2025
OPERATIONS:
Net investment income (loss)
$49,562
$176,688
Net realized gain (loss) on investments, in-kind redemptions and foreign currency related transactions
1,016,347
318,821
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations
14,285,089
5,745,539
Net change on foreign capital gains taxes on unrealized appreciation/depreciation
(25,776
)
192,842
Net increase (decrease) in net assets resulting from operations
15,325,222
6,433,890
DISTRIBUTIONS TO SHAREHOLDERS:
Net decrease in net assets resulting from distributions
—
(2,126,901
)
CAPITAL SHARE TRANSACTIONS (net) (Note 3)
2,914,148
1,225,882
Total increase (decrease) in net assets
18,239,370
5,532,871
NET ASSETS:
Beginning of period
29,794,236
24,261,365
End of period
$48,033,606
$29,794,236
 
See accompanying notes to financial statements.
33  

 
Statements of Changes in Net Assets (continued)
Matthews Emerging Markets Discovery Active ETF 
Six-Month Period
Ended June 30, 2026
(Unaudited)
Year Ended
December 31, 2025
OPERATIONS:
Net investment income (loss)
$22,548
$53,877
Net realized gain (loss) on investments and foreign currency related transactions
1,194,606
(433,542
)
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations
3,156,086
2,202,601
Net change on foreign capital gains taxes on unrealized appreciation/depreciation
(98,643
)
55,375
Net increase (decrease) in net assets resulting from operations
4,274,597
1,878,311
DISTRIBUTIONS TO SHAREHOLDERS:
Net decrease in net assets resulting from distributions
—
(515,866
)
Total increase (decrease) in net assets
4,274,597
1,362,445
NET ASSETS:
Beginning of period
18,348,298
16,985,853
End of period
$22,622,895
$18,348,298
 
Matthews Pacific Tiger Active ETF 
Six-Month Period
Ended June 30, 2026
(Unaudited)
Year Ended
December 31, 2025
OPERATIONS:
Net investment income (loss)
$224,318
$422,135
Net realized gain (loss) on investments, in-kind redemptions and foreign currency related transactions
4,110,644
3,597,172
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations
8,978,227
4,377,088
Net change on foreign capital gains taxes on unrealized appreciation/depreciation
71,387
61,469
Net increase (decrease) in net assets resulting from operations
13,384,576
8,457,864
DISTRIBUTIONS TO SHAREHOLDERS:
Net decrease in net assets resulting from distributions
—
(446,813
)
CAPITAL SHARE TRANSACTIONS (net) (Note 3)
—
(36,675,873
)
Total increase (decrease) in net assets
13,384,576
(28,664,822
)
NET ASSETS:
Beginning of period
42,587,976
71,252,798
End of period
$55,972,552
$42,587,976
 
Matthews Asia Innovators Active ETF 
Six-Month Period
Ended June 30, 2026
(Unaudited)
Year Ended
December 31, 2025
OPERATIONS:
Net investment income (loss)
$64,466
$74,042
Net realized gain (loss) on investments, in-kind redemptions and foreign currency related transactions
22,666,427
6,723,416
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations
38,544,615
8,729,560
Net change on foreign capital gains taxes on unrealized appreciation/depreciation
(423,677
)
330,482
Net increase (decrease) in net assets resulting from operations
60,851,831
15,857,500
DISTRIBUTIONS TO SHAREHOLDERS:
Net decrease in net assets resulting from distributions
—
(1,201,163
)
CAPITAL SHARE TRANSACTIONS (net) (Note 3)
45,511,291
(17,021
)
Total increase (decrease) in net assets
106,363,122
14,639,316
NET ASSETS:
Beginning of period
79,583,300
64,943,984
End of period
$185,946,422
$79,583,300
 
See accompanying notes to financial statements.
  34

 
Statements of Changes in Net Assets (continued)
Matthews China Active ETF 
Six-Month Period
Ended June 30, 2026
(Unaudited)
Year Ended
December 31, 2025
OPERATIONS:
Net investment income (loss)
$154,884
$385,512
Net realized gain (loss) on investments, in-kind redemptions and foreign currency related transactions
893,075
(62,202
)
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations
(463,960
)
4,582,003
Net increase (decrease) in net assets resulting from operations
583,999
4,905,313
DISTRIBUTIONS TO SHAREHOLDERS:
Net decrease in net assets resulting from distributions
—
(397,216
)
CAPITAL SHARE TRANSACTIONS (net) (Note 3)
—
(17,835,026
)
Total increase (decrease) in net assets
583,999
(13,326,929
)
NET ASSETS:
Beginning of period
22,704,717
36,031,646
End of period
$23,288,716
$22,704,717
 
Matthews China Innovators Active ETF 
Six-Month Period
Ended June 30, 2026
(Unaudited)
Year Ended
December 31, 2025
OPERATIONS:
Net investment income (loss)
$66,004
$36,349
Net realized gain (loss) on investments, in-kind redemptions and foreign currency related transactions
44,170
140,889
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations
3,832,972
448,395
Net increase (decrease) in net assets resulting from operations
3,943,146
625,633
DISTRIBUTIONS TO SHAREHOLDERS:
Net decrease in net assets resulting from distributions
—
(92,570
)
CAPITAL SHARE TRANSACTIONS (net) (Note 3)
18,372,062
—
Total increase (decrease) in net assets
22,315,208
533,063
NET ASSETS:
Beginning of period
2,602,285
2,069,222
End of period
$24,917,493
$2,602,285
 
Matthews India Active ETF 
Six-Month Period
Ended June 30, 2026
(Unaudited)
Year Ended
December 31, 2025
OPERATIONS:
Net investment income (loss)
($16,020
)
($5,973
)
Net realized gain (loss) on investments, in-kind redemptions and foreign currency related transactions
(371,082
)
5,689
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations
232,836
83,749
Net change on foreign capital gains taxes on unrealized appreciation/depreciation
(28,988
)
13,112
Net increase (decrease) in net assets resulting from operations
(183,254
)
96,577
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions
—
(164,063
)
Return of capital
—
(4,433
)
Net decrease in net assets resulting from distributions
—
(168,496
)
CAPITAL SHARE TRANSACTIONS (net) (Note 3)
4,609,988
(4,684,405
)
Total increase (decrease) in net assets
4,426,734
(4,756,324
)
NET ASSETS:
Beginning of period
9,629,313
14,385,637
End of period
$14,056,047
$9,629,313
 
See accompanying notes to financial statements.
35  

 
Statements of Changes in Net Assets (continued)
Matthews Japan Active ETF 
Six-Month Period
Ended June 30, 2026
(Unaudited)
Year Ended
December 31, 2025
OPERATIONS:
Net investment income (loss)
$38,338
$56,290
Net realized gain (loss) on investments, in-kind redemptions and foreign currency related transactions
107,936
192,593
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations
863,105
777,908
Net increase (decrease) in net assets resulting from operations
1,009,379
1,026,791
DISTRIBUTIONS TO SHAREHOLDERS:
Net decrease in net assets resulting from distributions
—
(292,344
)
CAPITAL SHARE TRANSACTIONS (net) (Note 3)
3,270,532
2,513,637
Total increase (decrease) in net assets
4,279,911
3,248,084
NET ASSETS:
Beginning of period
5,713,949
2,465,865
End of period
$9,993,860
$5,713,949
 
Matthews Korea Active ETF 
Six-Month Period
Ended June 30, 2026
(Unaudited)
Year Ended
December 31, 2025
OPERATIONS:
Net investment income (loss)
$264,942
$505,231
Net realized gain (loss) on investments, in-kind redemptions and foreign currency related transactions
25,040,271
4,392,988
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations
40,496,085
25,386,047
Net increase (decrease) in net assets resulting from operations
65,801,298
30,284,266
DISTRIBUTIONS TO SHAREHOLDERS:
Net decrease in net assets resulting from distributions
—
(1,889,511
)
CAPITAL SHARE TRANSACTIONS (net) (Note 3)
10,862,661
(381,999
)
Total increase (decrease) in net assets
76,663,959
28,012,756
NET ASSETS:
Beginning of period
72,872,835
44,860,079
End of period
$149,536,794
$72,872,835
 
Matthews Asia Dividend Active ETF 
Six-Month Period
Ended June 30, 2026
(Unaudited)
Year Ended
December 31, 2025
OPERATIONS:
Net investment income (loss)
$80,614
$78,807
Net realized gain (loss) on investments, in-kind redemptions and foreign currency related transactions
786,033
18,181
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations
137,261
797,954
Net change on foreign capital gains taxes on unrealized appreciation/depreciation
1,740
205
Net increase (decrease) in net assets resulting from operations
1,005,648
895,147
DISTRIBUTIONS TO SHAREHOLDERS:
Net decrease in net assets resulting from distributions
(18,560
)
(151,212
)
CAPITAL SHARE TRANSACTIONS (net) (Note 3)
2,279,298
1,917,081
Total increase (decrease) in net assets
3,266,386
2,661,016
NET ASSETS:
Beginning of period
5,863,383
3,202,367
End of period
$9,129,769
$5,863,383
See accompanying notes to financial statements.
  36

 
Financial Highlights
Matthews Emerging Markets Equity Active ETF
The table below sets forth financial data for a share of beneficial interest outstanding throughout each period presented. 
 
Six-Month
Period Ended
June 30, 2026
(Unaudited)
Year Ended
Dec. 31, 2025
Year Ended
Dec. 31, 2024
Year Ended
Dec. 31, 2023
Period Ended
Dec. 31, 20221
 
Net Asset Value, beginning of Period
$35.74
$29.06
$28.24
$26.27
$25.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)2
0.25
0.47
0.44
0.44
0.23
Net realized gain (loss) and unrealized appreciation/depreciation on
investments, foreign currency related transactions and foreign capital
gains taxes
8.85
7.48
2.65
1.53
1.18
Total from investment operations
9.10
7.95
3.09
1.97
1.41
LESS DISTRIBUTIONS FROM:
Net investment income
—
(0.69
)
(0.36
)
—
3
(0.14
)
Net realized gains on investments
—
(0.58
)
(1.89
)
—
—
Return of capital
—
—
(0.02
)
—
—
Total distributions
—
(1.27
)
(2.27
)
—
(0.14
)
Net Asset Value, end of Period
$44.84
$35.74
$29.06
$28.24
$26.27
TOTAL RETURN4
25.46%
5
27.53%
10.79%
7.51%
5.63%
5
RATIOS/SUPPLEMENTAL DATA
Net assets, end of Period (in 000’s)
$55,607
$42,884
$48,234
$55,907
$6,304
Ratio of expenses to average net assets (Note 4)
0.80%
6, 7
0.79%
0.79%
0.79%
0.79%
6
Ratio of net investment income (loss) to average net assets
1.22%
6
1.47%
1.46%
1.64%
1.93%
6
Portfolio turnover
37.44%
5
118.38%
209.01%
54.86%
15.47%
5
 
1
The Fund commenced operations on July 13, 2022.
2
Calculated using the average daily shares method.
3
Less than $0.01 per share.
4
The total return represents the rate that an investor would have earned (or lost) on an investment in the Fund assuming reinvestment of all dividends and distributions.
5
Not annualized.
6
Annualized.
7
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.79%.
See accompanying notes to financial statements.
37  

 
Financial Highlights (continued)
Matthews Emerging Markets ex China Active ETF
The table below sets forth financial data for a share of beneficial interest outstanding throughout each period presented. 
 
Six-Month
Period Ended
June 30, 2026
(Unaudited)
Year Ended
Dec. 31, 2025
Year Ended
Dec. 31, 2024
Period Ended
Dec. 31, 20231
 
Net Asset Value, beginning of Period
$37.40
$29.20
$27.60
$25.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)2
0.27
0.53
0.39
0.45
Net realized gain (loss) and unrealized appreciation/depreciation on investments and
foreign currency related transactions
11.64
8.42
1.50
2.46
Total from investment operations
11.91
8.95
1.89
2.91
LESS DISTRIBUTIONS FROM:
Net investment income
—
(0.75
)
(0.28
)
(0.31
)
Return of capital
—
—
(0.01
)
—
Total distributions
—
(0.75
)
(0.29
)
(0.31
)
Net Asset Value, end of Period
$49.31
$37.40
$29.20
$27.60
TOTAL RETURN3
31.85%
4
30.78%
6.83%
11.68%
4
RATIOS/SUPPLEMENTAL DATA
Net assets, end of Period (in 000’s)
$50,301
$35,158
$37,963
$8,831
Ratio of expenses to average net assets (Note 4)
0.80%
5, 6
0.79%
0.79%
0.79%
5
Ratio of net investment income (loss) to average net assets
1.25%
5
1.67%
1.32%
1.81%
5
Portfolio turnover
24.35%
4
102.24%
115.95%
28.64%
4
 
1
The Fund commenced operations on January 10, 2023.
2
Calculated using the average daily shares method.
3
The total return represents the rate that an investor would have earned (or lost) on an investment in the Fund assuming reinvestment of all dividends and distributions.
4
Not annualized.
5
Annualized.
6
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.79%.
See accompanying notes to financial statements.
  38

 
Financial Highlights (continued)
Matthews Emerging Markets Sustainable Future Active ETF
The table below sets forth financial data for a share of beneficial interest outstanding throughout each period presented. 
 
Six-Month
Period Ended
June 30, 2026
(Unaudited)
Year Ended
Dec. 31, 2025
Year Ended
Dec. 31, 2024
Period Ended
Dec. 31, 20231
 
Net Asset Value, beginning of Period
$28.38
$24.26
$25.74
$25.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)2
0.04
0.17
0.12
—
3
Net realized gain (loss) and unrealized appreciation/depreciation on investments and
foreign currency related transactions
13.35
5.97
(0.80
)
0.75
Total from investment operations
13.39
6.14
(0.68
)
0.75
LESS DISTRIBUTIONS FROM:
Net investment income
—
(1.92
)
(0.67
)
(0.01
)
Net realized gains on investments
—
(0.10
)
(0.13
)
—
Total distributions
—
(2.02
)
(0.80
)
(0.01
)
Net Asset Value, end of Period
$41.77
$28.38
$24.26
$25.74
TOTAL RETURN4
47.18%
5
25.68%
(2.74%
)
2.98%
5
RATIOS/SUPPLEMENTAL DATA
Net assets, end of Period (in 000’s)
$48,034
$29,794
$24,261
$14,155
Ratio of expenses to average net assets (Note 4)
0.80%
6, 7
0.79%
0.79%
0.79%
6
Ratio of net investment income (loss) to average net assets
0.26%
6
0.63%
0.45%
0.07%
6
Portfolio turnover
23.26%
5
65.47%
45.12%
0.37%
5
 
1
The Fund commenced operations on September 21, 2023.
2
Calculated using the average daily shares method.
3
Less than $0.01 per share.
4
The total return represents the rate that an investor would have earned (or lost) on an investment in the Fund assuming reinvestment of all dividends and distributions.
5
Not annualized.
6
Annualized.
7
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.79%.
See accompanying notes to financial statements.
39  

 
Financial Highlights (continued)
Matthews Emerging Markets Discovery Active ETF
The table below sets forth financial data for a share of beneficial interest outstanding throughout each period presented. 
 
Six-Month
Period Ended
June 30, 2026
(Unaudited)
Year Ended
Dec. 31, 2025
Period Ended
Dec. 31, 20241
 
Net Asset Value, beginning of Period
$25.48
$23.59
$25.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)2
0.03
0.07
0.13
Net realized gain (loss) and unrealized appreciation/depreciation on investments and foreign currency
related transactions
5.91
2.54
(1.21
)
Total from investment operations
5.94
2.61
(1.08
)
LESS DISTRIBUTIONS FROM:
Net investment income
—
(0.72
)
(0.33
)
Net Asset Value, end of Period
$31.42
$25.48
$23.59
TOTAL RETURN3
23.31%
4
11.14%
(4.33%
)4
RATIOS/SUPPLEMENTAL DATA
Net assets, end of Period (in 000’s)
$22,623
$18,348
$16,986
Ratio of expenses to average net assets before any wavier of expenses by Advisor (Note 4)
1.00%
5
0.99%
0.99%
5
Ratio of expenses to average net assets after any waiver of expenses by Advisor (Note 4)
0.90%
5, 6
0.89%
0.89%
5
Ratio of net investment income (loss) to average net assets
0.22%
5
0.30%
0.54%
5
Portfolio turnover
27.19%
4
42.43%
39.15%
4
 
1
The Fund commenced operations on January 10, 2024.
2
Calculated using the average daily shares method.
3
The total return represents the rate that an investor would have earned (or lost) on an investment in the Fund assuming reinvestment of all dividends and distributions.
4
Not annualized.
5
Annualized.
6
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.89%.
See accompanying notes to financial statements.
  40

 
Financial Highlights (continued)
Matthews Pacific Tiger Active ETF
The table below sets forth financial data for a share of beneficial interest outstanding throughout each period presented. 
 
Six-Month
Period Ended
June 30, 2026
(Unaudited)
Year Ended
Dec. 31, 2025
Year Ended
Dec. 31, 2024
Period Ended
Dec. 31, 20231
 
Net Asset Value, beginning of Period
$34.07
$26.39
$25.33
$25.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)2
0.18
0.28
0.34
0.05
Net realized gain (loss) and unrealized appreciation/depreciation on investments and
foreign currency related transactions
10.53
7.76
0.87
0.31
Total from investment operations
10.71
8.04
1.21
0.36
LESS DISTRIBUTIONS FROM:
Net investment income
—
(0.36
)
(0.08
)
(0.03
)
Net realized gains on investments
—
—
(0.07
)
—
Total distributions
—
(0.36
)
(0.15
)
(0.03
)
Net Asset Value, end of Period
$44.78
$34.07
$26.39
$25.33
TOTAL RETURN3
31.43%
4
30.51%
4.78%
1.44%
4
RATIOS/SUPPLEMENTAL DATA
Net assets, end of Period (in 000’s)
$55,973
$42,588
$71,253
$79,789
Ratio of expenses to average net assets (Note 4)
0.80%
5, 6
0.79%
0.79%
0.79%
5
Ratio of net investment income (loss) to average net assets
0.93%
5
0.96%
1.30%
0.80%
5
Portfolio turnover
75.11%
4
113.04%
451.30%
12.07%
4
 
1
The Fund commenced operations on September 21, 2023.
2
Calculated using the average daily shares method.
3
The total return represents the rate that an investor would have earned (or lost) on an investment in the Fund assuming reinvestment of all dividends and distributions.
4
Not annualized.
5
Annualized.
6
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.79%.
See accompanying notes to financial statements.
41  

 
Financial Highlights (continued)
Matthews Asia Innovators Active ETF
The table below sets forth financial data for a share of beneficial interest outstanding throughout each period presented. 
 
Six-Month
Period Ended
June 30, 2026
(Unaudited)
Year Ended
Dec. 31, 2025
Year Ended
Dec. 31, 2024
Year Ended
Dec. 31, 2023
Period Ended
Dec. 31, 20221
 
Net Asset Value, beginning of Period
$35.37
$27.64
$23.56
$24.24
$25.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)2
0.02
0.03
0.09
0.09
(0.04
)
Net realized gain (loss) and unrealized appreciation/depreciation on
investments and foreign currency related transactions
20.96
8.23
4.06
(0.54
)
(0.72
)
Total from investment operations
20.98
8.26
4.15
(0.45
)
(0.76
)
LESS DISTRIBUTIONS FROM:
Net investment income
—
(0.53
)
(0.07
)
(0.23
)
—
Net Asset Value, end of Period
$56.35
$35.37
$27.64
$23.56
$24.24
TOTAL RETURN3
59.32%
4
29.97%
17.60%
(1.83%
)
(3.04%
)4
RATIOS/SUPPLEMENTAL DATA
Net assets, end of Period (in 000’s)
$185,946
$79,583
$64,944
$84,809
$105,439
Ratio of expenses to average net assets (Note 4)
0.87%
5, 6
0.80%
0.79%
0.79%
0.79%
5
Ratio of net investment income (loss) to average net assets
0.10%
5
0.11%
0.33%
0.39%
(0.33%
)5
Portfolio turnover
96.80%
4
101.95%
268.33%
277.86%
72.56%
4
 
1
The Fund commenced operations on July 13, 2022.
2
Calculated using the average daily shares method.
3
The total return represents the rate that an investor would have earned (or lost) on an investment in the Fund assuming reinvestment of all dividends and distributions.
4
Not annualized.
5
Annualized.
6
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.79%.
See accompanying notes to financial statements.
  42

 
Financial Highlights (continued)
Matthews China Active ETF
The table below sets forth financial data for a share of beneficial interest outstanding throughout each period presented. 
 
Six-Month
Period Ended
June 30, 2026
(Unaudited)
Year Ended
Dec. 31, 2025
Year Ended
Dec. 31, 2024
Year Ended
Dec. 31, 2023
Period Ended
Dec. 31, 20221
 
Net Asset Value, beginning of Period
$28.38
$22.24
$19.07
$24.04
$25.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)2
0.19
0.38
0.36
0.25
(0.03
)
Net realized gain (loss) and unrealized appreciation/depreciation on
investments and foreign currency related transactions
0.54
6.26
3.10
(4.91
)
(0.93
)
Total from investment operations
0.73
6.64
3.46
(4.66
)
(0.96
)
LESS DISTRIBUTIONS FROM:
Net investment income
—
(0.50
)
(0.29
)
(0.31
)
—
Net Asset Value, end of Period
$29.11
$28.38
$22.24
$19.07
$24.04
TOTAL RETURN3
2.57%
4
29.85%
18.13%
(19.35%
)
(3.84%
)4
RATIOS/SUPPLEMENTAL DATA
Net assets, end of Period (in 000’s)
$23,289
$22,705
$36,032
$21,737
$10,099
Ratio of expenses to average net assets (Note 4)
0.80%
5, 6
0.79%
0.79%
0.79%
0.79%
5
Ratio of net investment income (loss) to average net assets
1.36%
5
1.49%
1.74%
1.15%
(0.24%
)5
Portfolio turnover
50.23%
4
39.13%
55.22%
58.98%
12.48%
4
 
1
The Fund commenced operations on July 13, 2022.
2
Calculated using the average daily shares method.
3
The total return represents the rate that an investor would have earned (or lost) on an investment in the Fund assuming reinvestment of all dividends and distributions.
4
Not annualized.
5
Annualized.
6
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.79%.
See accompanying notes to financial statements.
43  

 
Financial Highlights (continued)
Matthews China Innovators Active ETF
The table below sets forth financial data for a share of beneficial interest outstanding throughout each period presented. 
 
Six-Month
Period Ended
June 30, 2026
(Unaudited)
Year Ended
Dec. 31, 2025
Period Ended
Dec. 31, 20241
 
Net Asset Value, beginning of Period
$32.53
$25.87
$25.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)2
0.36
0.45
1.20
Net realized gain (loss) and unrealized appreciation/depreciation on investments and foreign currency
related transactions
19.02
7.37
1.08
Total from investment operations
19.38
7.82
2.28
LESS DISTRIBUTIONS FROM:
Net investment income
—
(0.79
)
(1.41
)
Net realized gains on investments
—
(0.37
)
—
Total distributions
—
(1.16
)
(1.41
)
Net Asset Value, end of Period
$51.91
$32.53
$25.87
TOTAL RETURN3
59.58%
4
30.24%
9.10%
4
RATIOS/SUPPLEMENTAL DATA
Net assets, end of Period (in 000’s)
$24,917
$2,602
$2,069
Ratio of expenses to average net assets before any wavier of expenses by Advisor (Note 4)
1.00%
5
0.99%
0.99%
5
Ratio of expenses to average net assets after any waiver of expenses by Advisor (Note 4)
0.90%
5, 6
0.89%
0.89%
5
Ratio of net investment income (loss) to average net assets
1.65%
5
1.51%
4.82%
5
Portfolio turnover
94.52%
4
43.98%
115.31%
4
 
1
The Fund commenced operations on January 10, 2024.
2
Calculated using the average daily shares method.
3
The total return represents the rate that an investor would have earned (or lost) on an investment in the Fund assuming reinvestment of all dividends and distributions.
4
Not annualized.
5
Annualized.
6
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.89%.
See accompanying notes to financial statements.
  44

 
Financial Highlights (continued)
Matthews India Active ETF
The table below sets forth financial data for a share of beneficial interest outstanding throughout each period presented. 
 
Six-Month
Period Ended
June 30, 2026
(Unaudited)
Year Ended
Dec. 31, 2025
Year Ended
Dec. 31, 2024
Period Ended
Dec. 31, 20231
 
Net Asset Value, beginning of Period
$30.09
$29.97
$27.00
$25.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)2
(0.04
)
(0.01
)
(0.04
)
(0.03
)
Net realized gain (loss) and unrealized appreciation/depreciation on investments and
foreign currency related transactions
(0.77
)
0.66
3.18
2.03
Total from investment operations
(0.81
)
0.65
3.14
2.00
LESS DISTRIBUTIONS FROM:
Net investment income
—
(0.52
)
(0.02
)
—
Net realized gains on investments
—
—
(0.15
)
—
Return of capital
—
(0.01
)
—
—
Total distributions
—
(0.53
)
(0.17
)
—
Net Asset Value, end of Period
$29.28
$30.09
$29.97
$27.00
TOTAL RETURN3
(2.69%
)4
2.18%
11.61%
8.00%
4
RATIOS/SUPPLEMENTAL DATA
Net assets, end of Period (in 000’s)
$14,056
$9,629
$14,386
$5,940
Ratio of expenses to average net assets (Note 4)
0.80%
5, 6
0.79%
0.79%
0.79%
5
Ratio of net investment income (loss) to average net assets
(0.26%
)5
(0.05%
)
(0.14%
)
(0.37%
)5
Portfolio turnover
28.36%
4
67.54%
127.51%
14.97%
4
 
1
The Fund commenced operations on September 21, 2023.
2
Calculated using the average daily shares method.
3
The total return represents the rate that an investor would have earned (or lost) on an investment in the Fund assuming reinvestment of all dividends and distributions.
4
Not annualized.
5
Annualized.
6
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.79%.
See accompanying notes to financial statements.
45  

 
Financial Highlights (continued)
Matthews Japan Active ETF
The table below sets forth financial data for a share of beneficial interest outstanding throughout each period presented. 
 
Six-Month
Period Ended
June 30, 2026
(Unaudited)
Year Ended
Dec. 31, 2025
Year Ended
Dec. 31, 2024
Period Ended
Dec. 31, 20231
 
Net Asset Value, beginning of Period
$35.71
$30.82
$26.31
$25.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)2
0.20
0.38
0.34
0.14
Net realized gain (loss) and unrealized appreciation/depreciation on investments and
foreign currency related transactions
5.73
6.33
4.64
1.30
Total from investment operations
5.93
6.71
4.98
1.44
LESS DISTRIBUTIONS FROM:
Net investment income
—
(1.38
)
(0.47
)
(0.13
)
Net realized gains on investments
—
(0.44
)
—
—
Total distributions
—
(1.82
)
(0.47
)
(0.13
)
Net Asset Value, end of Period
$41.64
$35.71
$30.82
$26.31
TOTAL RETURN3
16.60%
4
21.79%
18.92%
5.79%
4
RATIOS/SUPPLEMENTAL DATA
Net assets, end of Period (in 000’s)
$9,994
$5,714
$2,466
$1,053
Ratio of expenses to average net assets (Note 4)
0.80%
5, 6
0.79%
0.79%
0.79%
5
Ratio of net investment income (loss) to average net assets
1.05%
5
1.13%
1.12%
2.07%
5
Portfolio turnover
60.35%
4
121.81%
103.46%
45.53%
4
 
1
The Fund commenced operations on September 21, 2023.
2
Calculated using the average daily shares method.
3
The total return represents the rate that an investor would have earned (or lost) on an investment in the Fund assuming reinvestment of all dividends and distributions.
4
Not annualized.
5
Annualized.
6
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.79%.
See accompanying notes to financial statements.
  46

 
Financial Highlights (continued)
Matthews Korea Active ETF
The table below sets forth financial data for a share of beneficial interest outstanding throughout each period presented. 
 
Six-Month
Period Ended
June 30, 2026
(Unaudited)
Year Ended
Dec. 31, 2025
Year Ended
Dec. 31, 2024
Year Ended
Dec. 31, 20231, 2
Year Ended
Dec. 31, 20222
Year Ended
Dec. 31, 20212
 
Net Asset Value, beginning of Period
$34.81
$21.03
$26.31
$23.18
$34.53
$37.05
INCOME (LOSS) FROM INVESTMENT
OPERATIONS:
Net investment income (loss)3
0.12
0.24
0.07
0.55
0.36
0.36
Net realized gain (loss) and unrealized
appreciation/depreciation on investments and
foreign currency related transactions
30.28
14.44
(4.25
)
3.00
(9.07
)
(0.42
)
Total from investment operations
30.40
14.68
(4.18
)
3.55
(8.71
)
(0.06
)
LESS DISTRIBUTIONS FROM:
Net investment income
—
—
(0.80
)
(0.42
)
—
(0.66
)
Net realized gains on investments
—
(0.90
)
(0.30
)
—
(2.64
)
(1.80
)
Total distributions
—
(0.90
)
(1.10
)
(0.42
)
(2.64
)
(2.46
)
Net Asset Value, end of Period
$65.21
$34.81
$21.03
$26.31
$23.18
$34.53
TOTAL RETURN4
87.33%
5
70.14%
(16.10%
)
15.41%
(25.39%
)
(0.16%
)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of Period (in 000’s)
$149,537
$72,873
$44,860
$67,171
$9,166
$14,998
Ratio of expenses to average net assets (Note 4)
0.80%
6, 7
0.79%
0.79%
0.88%
1.08%
0.98%
Ratio of net investment income (loss) to average
net assets
0.47%
6
0.89%
0.29%
2.26%
1.20%
0.93%
Portfolio turnover
30.03%
5
69.93%
41.08%
31.75%
56.94%
40.18%
 
1
The Matthews Korea Active ETF acquired all assets and liabilities of the Matthews Korea Fund (the “Predecessor Fund”) in a reorganization that occurred on July 14, 2023. The performance and
financial history of the Predecessor Fund’s Institutional Class have been adopted by the Matthews Korea Active ETF. As a result, the information prior to July 14, 2023 reflects that of the Predecessor
Fund’s Institutional Class. The Predecessor Fund ceased operations as of the date of the reorganization.
2
On June 23, 2023, the Predecessor Fund effected a reverse share split with a ratio of 1 : 0.166538 (old to new). All per share data has been adjusted to reflect the reverse share split.
3
Calculated using the average daily shares method.
4
The total return represents the rate that an investor would have earned (or lost) on an investment in the Fund assuming reinvestment of all dividends and distributions.
5
Not annualized.
6
Annualized.
7
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.79%.
See accompanying notes to financial statements.
47  

 
Financial Highlights (continued)
Matthews Asia Dividend Active ETF
The table below sets forth financial data for a share of beneficial interest outstanding throughout each period presented. 
 
Six-Month
Period Ended
June 30, 2026
(Unaudited)
Year Ended
Dec. 31, 2025
Year Ended
Dec. 31, 2024
Period Ended
Dec. 31, 20231
 
Net Asset Value, beginning of Period
$39.09
$32.02
$31.63
$30.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)2
0.45
0.71
0.68
0.12
Net realized gain (loss) and unrealized appreciation/depreciation on investments and
foreign currency related transactions
6.20
7.52
1.63
1.63
Total from investment operations
6.65
8.23
2.31
1.75
LESS DISTRIBUTIONS FROM:
Net investment income
(0.09
)
(0.94
)
(0.81
)
(0.12
)
Net realized gains on investments
—
(0.22
)
(1.11
)
—
Total distributions
(0.09
)
(1.16
)
(1.92
)
(0.12
)
Net Asset Value, end of Period
$45.65
$39.09
$32.02
$31.63
TOTAL RETURN3
17.03%
4
25.91%
7.30%
5.83%
4
RATIOS/SUPPLEMENTAL DATA
Net assets, end of Period (in 000’s)
$9,130
$5,863
$3,202
$1,582
Ratio of expenses to average net assets (Note 4)
0.80%
5, 6
0.79%
0.79%
0.79%
5
Ratio of net investment income (loss) to average net assets
2.10%
5
1.99%
2.07%
1.45%
5
Portfolio turnover
24.10%
4
57.82%
37.62%
5.82%
4
 
1
The Fund commenced operations on September 21, 2023.
2
Calculated using the average daily shares method.
3
The total return represents the rate that an investor would have earned (or lost) on an investment in the Fund assuming reinvestment of all dividends and distributions.
4
Not annualized.
5
Annualized.
6
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.79%.
See accompanying notes to financial statements.
  48

 
Notes to Financial Statements (unaudited) 
1.
ORGANIZATION
Matthews International Funds (d/b/a Matthews Asia Funds) (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As of June 30, 2026, the Trust issued twenty-three separate series of shares. This shareholder report pertains to twelve of those series (each a “Fund”, and collectively, the “Funds”): Matthews Emerging Markets Equity Active ETF, Mathews Emerging Markets ex China Active ETF, Matthews Emerging Markets Sustainable Future Active ETF, Matthews Emerging Markets Discovery Active ETF, Matthews Pacific Tiger Active ETF, Matthews Asia Innovators Active ETF, Matthews China Active ETF, Matthews China Innovators Active ETF (formerly known as Matthews China Discovery Active ETF until April 30, 2026), Matthews India Active ETF, Matthews Japan Active ETF, Matthews Korea Active ETF and Matthews Asia Dividend Active ETF. All of the Funds are considered diversified with the exception of Matthews Emerging Markets Sustainable Future Active ETF, Matthews Emerging Markets Discovery Active ETF, Matthews China Innovators Active ETF and Matthews India Active ETF which are considered non-diversified. The other eleven separate series of the Trust are mutual funds and are covered in a separate shareholder report.
The Funds issue and redeem shares at their net asset value per share (NAV) only in large blocks of shares (Creation Units). These transactions are usually in exchange for a basket of securities and/or an amount of cash. As a practical matter, only institutional investors who have entered into an authorized participant agreement may purchase or redeem Creation Units. Except when aggregated in Creation Units, shares of the Funds are not redeemable securities.
Individual shares of the Funds trade on national securities exchanges and elsewhere during the trading day and can only be bought and sold at market prices throughout the trading day through a broker-dealer. Because fund shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount). A chart showing the frequency at which each fund’s daily closing market price was at a discount or premium to each fund’s NAV can be found at www.matthewsasia.com.
2.
SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently followed by the Funds in preparation of their financial statements. Each Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 Financial Services—Investment Companies. The accounting policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
A.
SECURITY VALUATION: Pursuant to Rule 2a-5 under the 1940 Act, the Funds’ Board of Trustees (the “Board”) has designated authority to a Valuation Designee, Matthews International Capital Management, LLC (“Matthews”), the Funds’ investment advisor (the “investment advisor”), to make fair valuation determinations under adopted procedures subject to Board oversight. Matthews has formed a Valuation Committee (the “Valuation Committee”) to administer the pricing and valuation of portfolio securities and other assets and liabilities and to ensure that prices determined by Matthews or provided by third parties reasonably reflect fair value. The Valuation Designee may utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value. The value of the Trust’s securities is based on market quotations for those securities, or on their fair value determined by the valuation policies approved by the Board. Market quotations and valuation information are provided by commercial pricing services or securities dealers that are independent of the Funds and Matthews in accordance with procedures established by the Valuation Designee. Foreign exchange-traded securities are valued as of the close of trading on the primary exchange on which they trade. Securities that trade in over-the-counter markets, including most debt securities (bonds), may be valued by other third-party vendors or by using indicative bid quotations from dealers or market makers, or other available market information. Market values for securities are determined based on quotations, market data or other information from the principal (or most advantageous) market on which the security is traded. Market quotations for equity securities used by the Funds include last reported sale prices, or, if such prices are not reported or available, bid and ask prices. The Funds may also utilize independent pricing services to assist them in determining a current market value for each security based on sources believed to be reliable.
When fair value pricing is employed, the prices of securities used by a Fund to calculate its Net Asset Value (“NAV”) may differ from any quoted or published prices for the same securities for that day. Events affecting the value of foreign investments may occur between the time at which they are determined and when the Funds calculate their NAV, which is normally the close of trading on the NYSE. If such events render market quotations unreliable, and the impact of such events can be reasonably determined, the investments will be valued at their fair value in accordance with pricing policies. The fair value of a security held by the Funds may be determined using the services of third-party pricing services to assist in this process.
The books and records of the Funds are maintained in U.S. dollars. Transactions, portfolio securities, and assets and liabilities denominated in a foreign currency are translated and recorded in U.S. dollars at the prevailing exchange rates. The Fund does not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the Statement of Operations. Translation gains or losses resulting from changes in the exchange rate during the reporting period and realized gains and losses on the settlement of foreign currency transactions are reported in the results of operations for the current period. The Funds isolate that portion of gains and losses on investments in fixed income securities that is due to changes in foreign exchange rate from that which is due to changes in market prices of securities.
Foreign securities held by the Funds may be traded on days and at times when the NYSE and the Nasdaq are closed. Accordingly, the value of the Funds may be significantly affected on days when shareholders have no access to the Funds.
B.
FAIR VALUE MEASUREMENTS: The Funds follow a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Funds’ own market assumptions (unobservable inputs). These inputs are used in determining the value of the Funds’ financial instruments and are summarized in the following fair value hierarchy:
Level 1: Unadjusted quoted prices in active markets for identical securities (foreign securities that are valued based on market quotations).
49  

 
Notes to Financial Statements (unaudited)  (continued)
Level 2: Other significant observable inputs. Certain foreign securities may be fair valued by Matthews using information such as quoted prices for similar securities, interest rates, prepayment speeds, credit risk, and foreign exchange. Additionally, external pricing services may be used when the Funds determine that events affecting the value of foreign securities which occur between the time at which they are determined and the close of trading on the NYSE render market quotations unreliable.
Level 3: Significant unobservable inputs. Level 3 securities are valued based on significant unobservable inputs as determined under procedures approved by the Board. Characterization of such securities as Level 3 securities are not necessarily an indication of their liquidity or the risk associated with investing in these securities. A significant change in the unobservable inputs could result in a significantly lower or higher value in such Level 3 securities and could impact overall Fund performance.
The input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level.
On June 30, 2026, securities held by the Matthews Emerging Markets Sustainable Future Active ETF, Matthews China Active ETF, Matthews India Active ETF, Matthews Japan Active ETF and Matthews Korea Active ETF were classified as Level 1, based on the inputs used to determine their fair values.
On June 30, 2026, the following Funds had level 1, level 2 and level 3 fair valued securities:
Levels for Multi-Country Funds (1 of 2):
Summary of inputs used to determine the fair valuation of multi-country Funds’ investments as of June 30, 2026. 
 
Matthews
Emerging Markets 
Equity ETF
Matthews Emerging
Markets ex China
Active ETF
Matthews Emerging
Markets Discovery
Active ETF
Matthews
Pacific Tiger
Active ETF
Matthews Asia
Innovators Active ETF
Assets:
Investments:
Level 1: Quoted Prices
Common Equities:
Argentina
$—
$—
$196,518
$—
$—
Bangladesh
—
—
17,791
—
—
Brazil
3,487,925
3,024,295
829,495
—
—
Chile
1,126,424
—
292,314
—
—
China/Hong Kong
9,916,392
—
3,017,874
14,226,787
46,283,326
Cyprus
—
—
271,564
—
—
Georgia
—
—
215,354
—
—
Greece
—
521,303
345,769
—
—
India
2,379,014
5,018,594
4,882,249
3,786,700
14,192,192
Indonesia
—
601,545
90,391
—
—
Japan
—
—
—
—
3,645,289
Malaysia
—
741,948
—
536,030
—
Mexico
959,126
355,480
211,908
—
—
Panama
—
—
250,798
—
—
Peru
1,123,952
1,138,865
215,707
—
—
Philippines
270,605
1,004,601
227,682
—
—
Poland
—
463,723
—
—
—
Saudi Arabia
—
—
145,005
—
—
Singapore
340,949
449,544
—
2,180,200
—
South Africa
1,432,535
1,323,721
244,771
—
—
South Korea
17,172,461
15,425,629
2,972,008
14,629,478
38,665,078
Taiwan
13,475,517
14,242,418
4,499,526
15,512,052
60,086,611
Turkey
—
—
547,038
—
—
United Kingdom
—
—
184,955
437,120
—
United States
471,235
713,550
—
—
—
Vietnam
270,372
1,238,724
531,013
176,189
—
Preferred Equities:
India
4,252
—
—
—
—
Short-Term Investments
2,866,270
3,142,883
1,623,980
2,823,702
15,947,874
Total
55,297,029
49,406,823
21,813,710
54,308,258
178,820,370
Level 2: Other Significant Observable Inputs
Common Equities:
Thailand
276,105
895,242
—
582,863
—
Level 3: Other Significant Observable Inputs
Common Equities:
Taiwan
—
—
804,538
—
1,048,157
Total Market Value of Investments
$55,573,134
$50,302,065
$22,618,248
$54,891,121
$179,868,527
  50

 
Notes to Financial Statements (unaudited)  (continued)
Levels for Multi-Country Funds (2 of 2):
Summary of inputs used to determine the fair valuation of multi-country Funds’ investments as of June 30, 2026. 
 
Matthews
China Innovators
Active ETF
Matthews
Asia Dividend
Active ETF
Assets:
Investments:
Level 1: Quoted Prices
Common Equities:
Australia
$—
$575,336
China/Hong Kong
20,016,744
2,021,630
India
—
291,656
Indonesia
—
59,119
Japan
—
1,853,603
Singapore
—
583,488
South Korea
—
1,777,529
Taiwan
2,934,407
1,555,771
United States
361,256
—
Vietnam
—
—
Short-Term Investments
1,317,396
321,267
Total
24,629,803
9,039,399
Level 2: Other Significant Observable Inputs
Common Equities:
Thailand
—
58,097
Level 3: Other Significant Observable Inputs
Common Equities:
Taiwan
257,569
—
Total Market Value of Investments
$24,887,372
$9,097,496
 
Changes in the Balances of Level 3 Securities:
The Funds’ policy is to recognize transfers in and transfers out of Level 3 as of the beginning of the reporting period.  
 
Matthews Emerging
Markets Equity
Active ETF
Matthews Emerging
Markets Discovery
Active ETF
Matthews Pacific
Tiger Active
ETF
Matthews Asia
Innovators
Active ETF
Matthews China
Innovators Active
ETF
Matthews India
Active
ETF
Matthews Asia
Dividend Active
ETF
 
Preferred
Equities —
India
Common
Equities —
Taiwan
Common
Equities —
India
Preferred
Equities —
India
Common
Equities —
Taiwan
Common 
Equities —
Information
Technology
Common
Equities —
Consumer
Staples
Preferred
Equities —
Consumer
Discretionary
Common
Equities —
India
Balance as of
12/31/25(market
value)
4,836
—
12,127
5,080
—
—
2,971
2,102
798
Accrued
discounts/premiums
—
—
—
—
—
—
—
—
—
Realized gain/(loss)
—
—
—
—
—
—
—
—
—
Change in
unrealized
appreciation/depreciation
—
—
—
—
—
—
—
—
—
Purchases
—
—
—
—
—
—
—
—
—
Sales
—
—
—
—
—
—
—
—
—
Transfers in to
Level 3
—
804,538
—
—
1,048,157
257,569
—
—
—
Transfer out of
Level 3**
(4,836
)
—
(12,127
)
(5,080
)
—
—
(2,971
)
(2,102
)
(798
)
Balance as of
Current
6/30/26(market
value)
$—
$804,538
$—
$—
$1,048,157
$257,569
$—
$—
$—
51  

 
Notes to Financial Statements (unaudited)  (continued)
 
Matthews Emerging
Markets Equity
Active ETF
Matthews Emerging
Markets Discovery
Active ETF
Matthews Pacific
Tiger Active
ETF
Matthews Asia
Innovators
Active ETF
Matthews China
Innovators Active
ETF
Matthews India
Active
ETF
Matthews Asia
Dividend Active
ETF
 
Preferred
Equities —
India
Common
Equities —
Taiwan
Common
Equities —
India
Preferred
Equities —
India
Common
Equities —
Taiwan
Common 
Equities —
Information
Technology
Common
Equities —
Consumer
Staples
Preferred
Equities —
Consumer
Discretionary
Common
Equities —
India
Net change in
unrealized
appreciation/depreciation
on Level 3
investments held
as of 6/30/26*
—
$631,521
—
—
$106,624
$74,521
—
—
—
 
**Transfers out of Level 3 were because observable market data became available for the security.
*Included in the related amounts on the Statements of Operations.
C.
RISKS ASSOCIATED WITH NON-U.S. COMPANIES: Investments by the Funds in the securities of non-U.S. companies may involve investment risks not typically associated with investments in U.S. issuers. These risks include possible political, economic, social and religious instability; inadequate investor protection; changes in laws or regulations of Emerging Market or Asia Pacific countries where the Funds may invest; international relations  with other nations; natural disasters; corruption; and military activity. Foreign securities may trade in securities markets that are substantially smaller, less developed, less liquid and more volatile than the major securities markets in the United States. Foreign securities may be subject to greater fluctuations in price than securities of domestic corporations or the U.S. government. Foreign investing may also include the risk of expropriation or confiscatory taxation, limitation on the removal of funds or other assets, currency crises and exchange controls, the imposition of foreign withholding tax on the interest income payable on such instruments, the possible seizure or nationalization of foreign deposits or assets, or the adoption of other foreign government restrictions that might adversely affect the foreign securities held by the Funds. Additionally, Emerging Market and Asia Pacific countries may utilize formal or informal currency exchange controls or “capital controls” that may limit the ability to repatriate investments or income or adversely affect the value of portfolio investments. The economies of many Emerging Market and Asia Pacific countries differ from the economies of more developed countries in many respects, such as their rate of growth, inflation, capital reinvestment, resource self-sufficiency and dependence on other economies, financial system stability, the national balance of payments position and sensitivity to changes in global trade.
Certain Emerging Market and Asia Pacific countries are highly dependent upon and may be affected by developments in the economies of other countries. Non-U.S. companies are subject to different accounting, auditing, and financial reporting standards, practices, and requirements than U.S. companies. There is generally less government regulation of stock exchanges, brokers, and listed companies abroad than in the United States, which may result in less transparency with respect to a company’s operations, and make obtaining information about them more difficult (or such information may be unavailable).
Among other risks of investing in foreign markets, particularly those of emerging and frontier markets in which the Funds invest, are the variable quality and reliability of financial information and related audits of companies. In some cases, financial information and related audits can be unreliable and not subject to verification. Auditing firms in some of these markets are not subject to independent inspection or oversight of audit quality. For example, China does not allow the Public Company Accounting Oversight Board to inspect the work that auditors perform in China for Chinese companies that sell stock into U.S. markets. This can result in investment decisions being made based on flawed or misleading information.
Foreign stock markets, particularly those of emerging and frontier markets in which the Funds invest, may not be as developed or efficient as those in more developed markets such as the United States, and the absence of negotiated brokerage commissions in certain countries may result in higher brokerage fees. The time between the trade and settlement dates of securities transactions on foreign exchanges ranges from one day to four weeks or longer and may result in higher custody charges. Custodial arrangements may be less well developed than in the United States. Foreign securities are generally denominated and pay distributions in foreign currencies, exposing the Funds to changes in foreign currency exchange rates. Investing in any Emerging Market or Asia Pacific country will also entail risks specific and unique to that country, and these risks can be significant and change rapidly.
Changes in interest rates in each of the countries in which the Funds may invest, as well as interest rates in more-developed countries, may cause a decline in the market value of an investment. Generally, fixed income securities will decrease in value when interest rates rise and can be expected to rise in value when interest rates decline. As interest rates decline, debt issuers may repay or refinance their loans or obligations earlier than anticipated.
The Funds may invest in certain operating companies in China through legal structures known as variable interest entities (“VIEs”). In China, ownership of companies in certain sectors, such as technology, media, and telecommunications, by non-Chinese individuals and entities (including U.S. persons and entities such as the Fund) is prohibited. In order to facilitate foreign investment in these businesses, many Chinese companies have created VIEs, through which foreign investors hold stock in an offshore holding company or a special purpose vehicle (“SPV”)  that has entered into contractual arrangements with a China-based operating company, allowing U.S. investors to obtain economic exposure to the China-based company through contractual means rather than through formal equity ownership. Shares of the offshore holding company or SPV, in turn, may be listed and traded on exchanges outside of mainland China and made available to non-Chinese investors.
VIEs are a longstanding industry practice and well known to officials and regulators in China; however, VIEs are not formally recognized under Chinese law. Recently, the government of China placed restrictions on China-based companies raising capital offshore, including through VIE structures. Investors face uncertainty about future actions by the government of China that could significantly affect an operating company’s financial performance and the enforceability of an offshore holding company’s or SPV’s contractual arrangements. In addition, the interests of the
  52

 
Notes to Financial Statements (unaudited)  (continued)
Chinese equity holders of an operating company may not align with those of foreign investors in the offshore holding company or SPV. Investments in Chinese VIEs present significant risks. Under extreme circumstances, China might prohibit the existence of VIEs or sever their ability to transmit economic and governance rights to foreign investors. In addition, listed holding companies or SPVs acting as VIEs may also face delisting or other regulatory consequences for failure to meet the requirements of U.S. exchanges and regulators. If any of these events take place, the market value of a Fund’s associated portfolio holdings would likely decline significantly, which could result in substantial investment losses.
The ongoing conflict from Russia’s invasion of Ukraine has the potential to adversely impact global economies and increase volatility across markets. The duration of the Russian-Ukraine conflict and its effect on financial markets cannot be determined with certainty. The Funds’ performance could be negatively impacted if the value of a portfolio holding were harmed by these and such other events. Management is actively monitoring these events. As of June 30, 2026, the Funds did not hold any Russian securities.
Recently, the war between Israel, Iran and the U.S., as well as conflicts among other militant groups in the Middle East, has caused and could continue to cause significant market disruptions and volatility within the markets of the Middle East, the U.S. and globally. These conflicts and the continued involvement of the U.S. or the involvement of other countries could present material uncertainty and risk with respect to a Fund’s performance and ability to achieve its investment objective. The extent and duration of the military action and any market disruptions are impossible to predict but could be substantial.
In recent years, the U.S. government has indicated its intent to, and has taken actions to, renegotiate, or potentially terminate, certain existing bilateral or multi-lateral trade agreements and treaties with foreign countries. For example, the U.S. government has imposed, and may in the future further increase, tariffs on certain foreign goods, including from China, such as steel and aluminum. Most recently, the current U.S. presidential administration has imposed significant increases to tariffs on goods imported into the U.S., including from China, Canada and Mexico. Some foreign governments, including China, have instituted retaliatory tariffs on certain U.S. goods. Existing, new, or increased tariffs on imported goods could further increase costs, decrease margins, reduce the competitiveness of products and services offered by the Funds’ current and future portfolio companies and adversely affect the revenues and profitability of portfolio companies whose businesses rely on goods imported from impacted jurisdictions, with a potentially negative impact to the Funds.
D.
DISTRIBUTIONS TO SHAREHOLDERS:
It is the policy of Matthews Asia Dividend Active ETF to distribute net investment income on a quarterly basis and capital gains, if any, annually. All other Funds generally distribute their net investment income once annually in December. Any net realized gain from the sale of portfolio securities and net realized gains from foreign currency transactions are distributed at least once each year unless they are used to offset losses carried forward from prior years. The Funds will declare and pay income and capital gain distributions in cash. Distributions in cash may be reinvested automatically in additional whole shares of the Funds only if the broker through whom you purchased your shares makes such option available. Your broker is responsible for distributing the income and capital gain distributions to you. Distributions are treated the same for tax purposes whether received in cash or reinvested. If you buy shares when a Fund has realized but not yet distributed ordinary income or capital gains, you will be “buying a dividend” by paying the full price of the shares and then receiving a portion of the price back in the form of a taxable dividend.
The tax character of distributions paid for the fiscal year ended December 31, 2025 was as follows: 
 
YEAR ENDED December 31, 2025
Ordinary
Income
Net Long-Term
Capital Gains
Return of
Capital
Total Taxable
Distributions
Matthews Emerging Markets Equity Active ETF
$804,663
$674,163
$—
$1,478,826
Matthews Emerging Markets ex China Active ETF
708,177
—
—
708,177
Matthews Emerging Markets Sustainable Future Active ETF
2,018,246
108,655
—
2,126,901
Matthews Emerging Markets Discovery Active ETF
515,866
—
—
515,866
Matthews Pacific Tiger Active ETF
446,813
—
—
446,813
Matthews Asia Innovators Active ETF
1,201,163
—
—
1,201,163
Matthews China Active ETF
397,216
—
—
397,216
Matthews China Innovators Active ETF
63,240
29,330
—
92,570
Matthews India Active ETF
164,063
—
4,433
168,496
Matthews Japan Active ETF
284,614
7,730
—
292,344
Matthews Korea Active ETF
—
1,889,511
—
1,889,511
Matthews Asia Dividend Active ETF
137,039
14,173
—
151,212
E.
INVESTMENT TRANSACTIONS AND INCOME: Securities transactions are accounted for on the date the securities are purchased or sold or on the following business day. Financial statements reflect security transactions on trade date. Gains or losses on the sale of securities are determined on the identified cost basis. Interest income is recorded on the accrual basis. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis. Dividend income is generally recorded on the ex-dividend date net of any foreign taxes withheld at the source. Dividend income for certain issuers headquartered in countries which the Funds invest may not be recorded until approved by the shareholders (which may occur after the ex-dividend date) if, in the judgment of management, such dividends are not reasonably determined as of the ex-dividend date.
The Funds may be subject to foreign taxation related to income received, capital gains on the sale of securities and certain foreign currency transactions in the foreign jurisdictions in which they invest. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Funds invest. When a capital gain tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that may be payable if the securities were disposed of on the valuation date.
53  

 
Notes to Financial Statements (unaudited)  (continued)
F.
CASH, CASH OVERDRAFTS, AND FOREIGN CURRENCY: When any of the Funds’ cash balances are overdrawn, a Fund is charged an overdraft fee by the custodian of 3% above the effective federal funds rate on outstanding balances. QFI accounts (i.e., the accounts through which the QFI quota is accessed) are required by the local market to maintain a cash reserve. The cash reserve is based upon a fixed ratio of the QFI’s approved investment quota, which is defined as the amount remitted into its special Renminbi (RMB) cash account. These amounts, if any, are included in “Segregated foreign currency at value” on the Statements of Assets and Liabilities. The fixed ratio is set at 0.08 percent for the Shanghai and 0.06 percent for the Shenzhen market.
G.
USE OF ESTIMATES: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates.
3.
CAPITAL SHARE TRANSACTIONS
Capital shares are issued and redeemed by the Fund only in aggregations of a specified number of shares or multiples thereof (Creation Units) at NAV, in return for securities, other instruments, and/or cash (the Basket). Except when aggregated in Creation Units, shares of the Fund are not redeemable. Transactions in capital shares for the Fund are disclosed in detail in the Statement of Changes in Net Assets. Purchasers and redeemers of Creation Units are charged for the costs to the Fund of processing the purchase or redemption, including costs charged to it by the NSCC (National Securities Clearing Corporation) or DTC (Depository Trust Company), and the transaction costs, e.g., brokerage commissions, bid-ask spread, and market impact trading costs, incurred in converting the Basket to or from the desired portfolio composition.  
 
Six-Month Period Ended
June 30, 2026 (Unaudited)
Year Ended December 31, 2025
 
Shares
Amount
Shares
Amount
Matthews Emerging Markets Equity Active ETF
 
Shares sold
60,000
$2,450,095
80,000
$2,879,846
Shares redeemed
(20,000
)
(865,133
)
(540,000
)
(15,173,349
)
Net increase (decrease)
40,000
$1,584,962
(460,000
)
($12,293,503
)
 
 
Six-Month Period Ended
June 30, 2026 (Unaudited)
Year Ended December 31, 2025
 
Shares
Amount
Shares
Amount
Matthews Emerging Markets ex China Active ETF
 
Shares sold
80,000
$3,414,400
—
$—
Shares redeemed
—
—
(360,000
)
(11,366,260
)
Net increase (decrease)
80,000
$3,414,400
(360,000
)
($11,366,260
)
 
 
Six-Month Period Ended
June 30, 2026 (Unaudited)
Year Ended December 31, 2025
 
Shares
Amount
Shares
Amount
Matthews Emerging Markets Sustainable Future Active
ETF
 
Shares sold
150,000
$4,880,113
50,000
$1,225,882
Shares redeemed
(50,000
)
(1,965,965
)
—
—
Net increase
100,000
$2,914,148
50,000
$1,225,882
 
 
Six-Month Period Ended
June 30, 2026 (Unaudited)
Year Ended December 31, 2025
 
Shares
Amount
Shares
Amount
Matthews Emerging Markets Discovery Active ETF
 
Shares sold
—
$—
—
$—
Shares redeemed
—
—
—
—
Net increase
—
$—
—
$—
 
  54

 
Notes to Financial Statements (unaudited)  (continued)
 
Six-Month Period Ended
June 30, 2026 (Unaudited)
Year Ended December 31, 2025
 
Shares
Amount
Shares
Amount
Matthews Pacific Tiger Active ETF
 
Shares sold
—
$—
—
$—
Shares redeemed
—
—
(1,450,000
)
(36,675,873
)
Net (decrease)
—
$—
(1,450,000
)
($36,675,873
)
 
 
Six-Month Period Ended
June 30, 2026 (Unaudited)
Year Ended December 31, 2025
 
Shares
Amount
Shares
Amount
Matthews Asia Innovators Active ETF
 
Shares sold
1,050,000
$45,511,291
400,000
$13,029,623
Shares redeemed
—
—
(500,000
)
(13,046,644
)
Net increase (decrease)
1,050,000
$45,511,291
(100,000
)
($17,021
)
 
 
Six-Month Period Ended
June 30, 2026 (Unaudited)
Year Ended December 31, 2025
 
Shares
Amount
Shares
Amount
Matthews China Active ETF
 
Shares sold
—
$—
—
$—
Shares redeemed
—
—
(820,000
)
(17,835,026
)
Net (decrease)
—
$—
(820,000
)
($17,835,026
)
 
 
Six-Month Period Ended
June 30, 2026 (Unaudited)
Year Ended December 31, 2025
 
Shares
Amount
Shares
Amount
Matthews China Innovators Active ETF
 
Shares sold
400,000
$18,372,062
—
$—
Shares redeemed
—
—
—
—
Net increase
400,000
$18,372,062
—
$—
 
 
Six-Month Period Ended
June 30, 2026 (Unaudited)
Year Ended December 31, 2025
 
Shares
Amount
Shares
Amount
Matthews India Active ETF
 
Shares sold
160,000
$4,609,988
—
$—
Shares redeemed
—
—
(160,000
)
(4,684,405
)
Net increase (decrease)
160,000
$4,609,988
(160,000
)
($4,684,405
)
 
 
Six-Month Period Ended
June 30, 2026 (Unaudited)
Year Ended December 31, 2025
 
Shares
Amount
Shares
Amount
Matthews Japan Active ETF
 
Shares sold
80,000
$3,270,532
80,000
$2,513,637
Shares redeemed
—
—
—
—
Net increase
80,000
$3,270,532
80,000
$2,513,637
 
55  

 
Notes to Financial Statements (unaudited)  (continued)
 
Six-Month Period Ended
June 30, 2026 (Unaudited)
Year Ended December 31, 2025
 
Shares
Amount
Shares
Amount
Matthews Korea Active ETF
 
Shares sold
200,000
$10,862,661
460,000
$13,317,659
Shares redeemed
—
—
(500,000
)
(13,699,658
)
Net increase (decrease)
200,000
$10,862,661
(40,000
)
($381,999
)
 
 
Six-Month Period Ended
June 30, 2026 (Unaudited)
Year Ended December 31, 2025
 
Shares
Amount
Shares
Amount
Matthews Asia Dividend Active ETF
 
Shares sold
100,000
$4,629,959
50,000
$1,917,081
Shares redeemed
(50,000
)
(2,350,661
)
—
—
Net increase
50,000
$2,279,298
50,000
$1,917,081
4.
INVESTMENT MANAGEMENT FEES
Pursuant to the Investment Management Agreement dated June 30, 2023, as amended, between Matthews and the Trust (the “Management Agreement”), Matthews will pay substantially all the expenses of each Fund excluding management fees, interest expenses, taxes, brokerage fees, securities lending fees, payments under a Fund’s 12b-1 plan (if any), acquired fund fees, litigation expenses and any extraordinary expenses. Under the Management Agreement, each Fund, other than the Matthews Emerging Markets Discovery Active ETF and Matthews China Innovators Active ETF, pays Matthews 0.79% of the aggregate average daily net assets of the Fund. Each of the Matthews Emerging Markets Discovery Active ETF and Matthews China Innovators Active ETF pays Matthews 0.99% of the aggregate average daily net assets of the Fund. The Funds pay Matthews a monthly fee at the annual rate using the applicable management fee calculated based on the actual number of days of that month and based on the Funds’ average daily net assets for the month.
Pursuant to a fee waiver agreement dated April 28, 2023 (the “Korea ETF Fee Waiver Agreement”), Matthews has agreed to waive a portion of the management fee with respect to the Matthews Korea Active ETF if and to the extent that the total annual operating expense ratio of the lowest cost share class of any “Family-Priced Fund” is less than the applicable management fee rate of the Matthews Korea Active ETF. The Family-Priced Funds are the series of the Trust that are operated as mutual funds, other than the Matthews Emerging Markets Small Companies Fund and the Matthews China Small Companies Fund. The Korea ETF Fee Waiver Agreement will remain in effect until terminated by the Board and a majority of the Independent Trustees. Based on the currently applicable expense ratios for the Family-Priced Funds, it is not expected that a waiver under the Korea ETF Fee Waiver Agreement will occur in the foreseeable future.
Pursuant to a fee waiver agreement dated December 29, 2023 (the “Discovery ETF Fee Waiver Agreement”), Matthews has contractually agreed to waive 0.10% of the fee payable under the Management Agreement for the Matthews Emerging Markets Discovery Active ETF and Matthews China Innovators Active ETF. Matthews may not recoup fees waived pursuant to the Discovery ETF Fee Waiver Agreement. The Board may terminate the agreement at any time upon 60 days’ written notice to Matthews. Matthews may decline to renew the Fee Waiver Agreement by providing written notice to the Trust at least 60 days before its annual expiration date. For the period ended June 30, 2026, the Matthews Emerging Markets Discovery Active ETF and Matthews China Innovators Active ETF waived management fees of $10,231 and $3,994 respectively.
  56

 
Notes to Financial Statements (unaudited)  (continued)
5.
INVESTMENTS
For the period ended June 30, 2026, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows: 
 
Purchases
Proceeds from
Sales
Matthews Emerging Markets Equity Active ETF
$17,819,725
$17,746,434
Matthews Emerging Markets ex China Active ETF
10,224,777
10,646,476
Matthews Emerging Markets Sustainable Future Active ETF
10,824,677
8,868,113
Matthews Emerging Markets Discovery Active ETF
5,390,689
6,916,217
Matthews Pacific Tiger Active ETF
34,714,976
36,300,874
Matthews Asia Innovators Active ETF
140,393,244
118,563,849
Matthews China Active ETF
11,243,330
11,406,201
Matthews China Innovators Active ETF
23,939,438
7,921,587
Matthews India Active ETF
7,945,944
3,435,604
Matthews Japan Active ETF
4,499,120
4,561,713
Matthews Korea Active ETF
38,536,774
33,283,068
Matthews Asia Dividend Active ETF
3,255,694
1,771,409
For the period ended June 30, 2026, the cost of in-kind purchases and proceeds from in-kind sales were as follows: 
 
Purchases
Proceeds from
Sales
Matthews Emerging Markets Equity Active ETF
$588,327
$316,279
Matthews Emerging Markets ex China Active ETF
1,306,629
—
Matthews Emerging Markets Sustainable Future Active ETF
1,024,605
501,247
Matthews Asia Innovators Active ETF
2,856,986
—
Matthews China Innovators Active ETF
1,153,275
—
Matthews Japan Active ETF
3,212,434
—
Matthews Korea Active ETF
127,213
—
Matthews Asia Dividend Active ETF
2,298,299
1,573,703
6.
SEGMENT REPORTING
In this reporting period, the Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds’ financial position or its results of operations. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity’s overall performance and to assess its potential future cash flows. The Funds’ President, Treasurer and Vice President, who serve as the Chief Executive Officer, Vice President of Accounting and Operations, and Chief Investment Officer of the investment advisor, Matthews International Capital Management, LLC, respectively, act as the Funds’ chief operating decision maker (CODM) assessing performance and making decisions about resource allocation. The CODM has determined that each fund has a single operating segment based on the fact that the CODM monitors the operating results of each fund as a whole and the Funds’ long-term strategic asset allocation is pre-determined in accordance with the terms of their respective prospectus, based on a defined investment strategy which is executed by the Funds’ portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds’ Portfolio of Investments, Statement of Changes in Net Assets and Financial Highlights.
7.
INCOME TAX INFORMATION
It is the policy of the Funds to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”), applicable to regulated investment companies and to distribute substantially all of their taxable income to their shareholders. The Funds have met the requirements of the Code applicable to regulated investment companies for the six-month period ended June 30, 2026. Therefore, no federal income tax provision is required.
Management has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years (current and prior three tax years), and has concluded that no provision for federal income tax is required in the Funds’ financial statements. The Funds’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.
57  

 
Notes to Financial Statements (unaudited)  (continued)
Under current tax law, the Funds have elected to defer certain qualified late-year losses and recognize such losses in the year ending December 31, 2025: 
 
Late Year Losses*
Matthews Emerging Markets Equity Active ETF
($371,469
)
Matthews Emerging Markets Discovery Active ETF
(20,915
)
Matthews Asia Innovators Active ETF
(188,908
)
Matthews China Innovators Active ETF
(7,208
)
 
*
As permitted by the Internal Revenue Service, the Funds have elected to defer certain qualified late-year losses and recognize such losses in the next fiscal year.
As of December 31, 2025, the Funds have capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows: 
 
Amount With No Expiration
 
 
 
Long-term
Losses
Short-term
Losses
 
Total
Matthews Emerging Markets Sustainable Future Active ETF
—
(703,626
)
(703,626
)
Matthews Emerging Markets Discovery Active ETF
(703,024
)
(373,177
)
(1,076,201
)
Matthews Pacific Tiger Active ETF
(2,478,194
)
—
(2,478,194
)
Matthews Asia Innovators Active ETF
(8,028,811
)
—
(8,028,811
)
Matthews China Active ETF
(1,894,853
)
(3,333,031
)
(5,227,884
)
Matthews India Active ETF
(414,904
)
—
(414,904
)
Matthews Asia Dividend Active ETF
(1,402
)
—
(1,402
)
Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years, which generally expire after eight years from when they are incurred. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.
As of June 30, 2026, the tax cost of investments and the related net unrealized appreciation and depreciation were as follows: 
 
Tax Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net Unrealized
Appreciation
(Depreciation)
Matthews Emerging Markets Equity Active ETF
$38,916,820
$19,115,146
($2,458,832
)
$16,656,314
Matthews Emerging Markets ex China Active ETF
32,764,297
18,945,252
(1,407,484
)
17,537,768
Matthews Emerging Markets Sustainable Future Active ETF
28,478,377
22,167,464
(2,530,870
)
19,636,594
Matthews Emerging Markets Discovery Active ETF
17,951,661
6,647,276
(1,980,689
)
4,666,587
Matthews Pacific Tiger Active ETF
34,629,578
22,193,871
(1,932,328
)
20,261,543
Matthews Asia Innovators Active ETF
119,683,157
64,746,872
(4,561,502
)
60,185,370
Matthews China Active ETF
21,177,208
5,571,458
(3,539,801
)
2,031,657
Matthews China Innovators Active ETF
20,565,054
5,651,474
(1,329,156
)
4,322,318
Matthews India Active ETF
12,338,838
2,681,184
(745,991
)
1,935,193
Matthews Japan Active ETF
8,222,015
2,016,158
(276,394
)
1,739,764
Matthews Korea Active ETF
85,822,445
67,951,718
(6,207,377
)
61,744,341
Matthews Asia Dividend Active ETF
8,096,513
1,458,635
(457,652
)
1,000,983
8.
SUBSEQUENT  EVENTS
Subsequent to period end, shareholders approved a new investment management agreement (the “New Management Agreement”) between the Trust, on behalf of each Fund, other than the Matthews Emerging Markets ex China Active ETF, and Matthews. The New Management Agreement became effective on July 7, 2026, upon the completion of Matthews’ ownership transaction, and has the same terms (other than commencement and termination dates) as the prior investment management agreement. On July 1, 2026, the Board approved an interim investment management agreement (the “Interim Agreement”) between the Trust, with respect to the Matthews Emerging Markets ex China Active ETF, and Matthews, which took effect on July 7, 2026. There are no material differences between the prior Investment Management Agreement and the Interim Agreement, except for the term and termination provisions. 
  58

 
Notes to Financial Statements (unaudited)  (continued)
In connection with the New Management Agreement, a new fee waiver agreement (the “New Fee Waiver Agreement”), as applicable to various Funds, also became effective on July 7, 2026. Under the New Fee Waiver Agreement, Matthews has agreed to waive contractual management fees as follows:  0.10% for each of the Matthews Pacific Tiger Active ETF, Matthews Japan Active ETF, and Mathews Asia Dividend Active ETF, down to an annual rate of 0.69%; 0.10% for the Matthews China Discovery Active ETF, down to an annual rate of 0.89%; 0.20% for the Matthews Emerging Markets Discovery Active ETF, down to an annual rate of 0.79%; and 0.04% for the Matthews Asia Innovators Active ETF, down to an annual rate of 0.75%.
On July 7, 2026, Matthews Asia Innovators Active ETF shareholders approved a change in the Fund’s sub-classification under the 1940 Act from “diversified” to “non-diversified.” This change became effective on July 24, 2026.
59  

Matthews Asia Funds
 
............................................................................................................................................................................................................................
 
INVESTMENT ADVISOR
Matthews International Capital Management, LLC
Four Embarcadero Center, Suite 550
San Francisco, CA 94111
833.228.5605
 
ADMINISTRATOR, CUSTODIAN &
TRANSFER AGENT
BNY Mellon
240 Greenwich St.
New York, NY 10007
 
LEGAL COUNSEL
Paul Hastings LLP
101 California Street, 48th Floor
San Francisco, CA 94111
P.O. Box 9791 | Providence, RI 02940 | matthewsasia.com | 833.228.5605 
Matthews Asia Funds are distributed in the United States by Foreside Funds Distributors LLC, Portland, Maine
Matthews Asia Funds are distributed in Latin America by Picton S. A.
N-CSR-ETF-0626