N-CSRS

TSR - Matthews Asia Funds Logo
Matthews Emerging Markets Equity Fund
Institutional Class/MIEFX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about the Matthews Emerging Markets Equity Fund (the "Fund") for the period of January 01, 2025 to June 30, 2025. 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 $48 0.90%*
*
Annualized.
Key Fund Statistics
Fund net assets $251,588,765
Total number of portfolio holdings 77
Portfolio turnover rate for the reporting period 63.2%
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
Taiwan Semiconductor Manufacturing Co., Ltd. 10.4%
Tencent Holdings, Ltd. 5.4%
Samsung Electronics Co., Ltd. 3.0%
NetEase, Inc. 2.3%
Hana Financial Group, Inc. 2.2%
Alibaba Group Holding, Ltd. 2.1%
HDFC Bank, Ltd. 2.0%
Shriram Finance, Ltd. 2.0%
Itau Unibanco Holding SA 2.0%
China Construction Bank Corp. 1.9%
TOTAL 33.3%
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 0625

TSR - Matthews Asia Funds Logo
Matthews Emerging Markets Equity Fund
Investor Class/MEGMX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about the Matthews Emerging Markets Equity Fund (the "Fund") for the period of January 01, 2025 to June 30, 2025. 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 $58 1.10%*
*
Annualized.
Key Fund Statistics
Fund net assets $251,588,765
Total number of portfolio holdings 77
Portfolio turnover rate for the reporting period 63.2%
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
Taiwan Semiconductor Manufacturing Co., Ltd. 10.4%
Tencent Holdings, Ltd. 5.4%
Samsung Electronics Co., Ltd. 3.0%
NetEase, Inc. 2.3%
Hana Financial Group, Inc. 2.2%
Alibaba Group Holding, Ltd. 2.1%
HDFC Bank, Ltd. 2.0%
Shriram Finance, Ltd. 2.0%
Itau Unibanco Holding SA 2.0%
China Construction Bank Corp. 1.9%
TOTAL 33.3%
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 0625

TSR - Matthews Asia Funds Logo
Matthews Emerging Markets Sustainable Future Fund
Institutional Class/MISFX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about the Matthews Emerging Markets Sustainable Future Fund (the "Fund") for the period of January 01, 2025 to June 30, 2025. 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 $61 1.16%*
*
Annualized.
Key Fund Statistics
Fund net assets $209,956,166
Total number of portfolio holdings 60
Portfolio turnover rate for the reporting period 29.9%
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. 7.8%
Taiwan Semiconductor Manufacturing Co., Ltd. 6.2%
Meituan 5.6%
Legend Biotech Corp. 4.9%
JD Health International, Inc. 4.8%
Indus Towers, Ltd. 3.2%
Alibaba Group Holding, Ltd. 2.9%
YDUQS Participacoes SA 2.8%
Full Truck Alliance Co., Ltd. 2.7%
Swiggy, Ltd. 2.7%
TOTAL 43.6%
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 0625

TSR - Matthews Asia Funds Logo
Matthews Emerging Markets Sustainable Future Fund
Investor Class/MASGX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about the Matthews Emerging Markets Sustainable Future Fund (the "Fund") for the period of January 01, 2025 to June 30, 2025. 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 $73 1.40%*
*
Annualized.
Key Fund Statistics
Fund net assets $209,956,166
Total number of portfolio holdings 60
Portfolio turnover rate for the reporting period 29.9%
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. 7.8%
Taiwan Semiconductor Manufacturing Co., Ltd. 6.2%
Meituan 5.6%
Legend Biotech Corp. 4.9%
JD Health International, Inc. 4.8%
Indus Towers, Ltd. 3.2%
Alibaba Group Holding, Ltd. 2.9%
YDUQS Participacoes SA 2.8%
Full Truck Alliance Co., Ltd. 2.7%
Swiggy, Ltd. 2.7%
TOTAL 43.6%
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 0625

TSR - Matthews Asia Funds Logo
Matthews Emerging Markets Small Companies Fund
Institutional Class/MISMX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about the Matthews Emerging Markets Small Companies Fund (the "Fund") for the period of January 01, 2025 to June 30, 2025. 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 $62 1.17%*
*
Annualized.
Key Fund Statistics
Fund net assets $512,689,484
Total number of portfolio holdings 74
Portfolio turnover rate for the reporting period 15.6%
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
Bandhan Bank, Ltd. 7.9%
Hugel, Inc. 5.1%
Legend Biotech Corp. 5.0%
YDUQS Participacoes SA 2.7%
We Buy Cars Holdings, Ltd. 2.5%
Grupo SBF SA 2.5%
Cartrade Tech, Ltd. 2.4%
Elite Material Co., Ltd. 2.2%
Radico Khaitan, Ltd. 2.2%
Full Truck Alliance Co., Ltd. 2.2%
TOTAL 34.7%
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 Emerging Markets Small Companies Fund
MISMX 0625

TSR - Matthews Asia Funds Logo
Matthews Emerging Markets Small Companies Fund
Investor Class/MSMLX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about the Matthews Emerging Markets Small Companies Fund (the "Fund") for the period of January 01, 2025 to June 30, 2025. 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 $74 1.41%*
*
Annualized.
Key Fund Statistics
Fund net assets $512,689,484
Total number of portfolio holdings 74
Portfolio turnover rate for the reporting period 15.6%
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
Bandhan Bank, Ltd. 7.9%
Hugel, Inc. 5.1%
Legend Biotech Corp. 5.0%
YDUQS Participacoes SA 2.7%
We Buy Cars Holdings, Ltd. 2.5%
Grupo SBF SA 2.5%
Cartrade Tech, Ltd. 2.4%
Elite Material Co., Ltd. 2.2%
Radico Khaitan, Ltd. 2.2%
Full Truck Alliance Co., Ltd. 2.2%
TOTAL 34.7%
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 Emerging Markets Small Companies Fund
MSMLX 0625

TSR - Matthews Asia Funds Logo
Matthews Asia Growth Fund
Institutional Class/MIAPX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about the Matthews Asia Growth Fund (the "Fund") for the period of January 01, 2025 to June 30, 2025. 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 $62 1.20%*
*
Annualized.
Key Fund Statistics
Fund net assets $209,146,328
Total number of portfolio holdings 79
Portfolio turnover rate for the reporting period 43.7%
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
Taiwan Semiconductor Manufacturing Co., Ltd. 7.1%
Tencent Holdings, Ltd. 4.2%
Sea, Ltd. 3.8%
Eternal, Ltd. 2.9%
Sony Group Corp. 2.9%
Hitachi, Ltd. 2.8%
Mitsubishi UFJ Financial Group, Inc. 2.2%
Samsung Electronics Co., Ltd. 2.2%
MakeMyTrip, Ltd. 1.9%
Tokyo Electron, Ltd. 1.9%
TOTAL 31.9%
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 0625
TSR - Matthews Asia Funds Logo
Matthews Asia Growth Fund
Investor Class/MPACX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about the Matthews Asia Growth Fund (the "Fund") for the period of January 01, 2025 to June 30, 2025. 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 1.38%*
*
Annualized.
Key Fund Statistics
Fund net assets $209,146,328
Total number of portfolio holdings 79
Portfolio turnover rate for the reporting period 43.7%
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
Taiwan Semiconductor Manufacturing Co., Ltd. 7.1%
Tencent Holdings, Ltd. 4.2%
Sea, Ltd. 3.8%
Eternal, Ltd. 2.9%
Sony Group Corp. 2.9%
Hitachi, Ltd. 2.8%
Mitsubishi UFJ Financial Group, Inc. 2.2%
Samsung Electronics Co., Ltd. 2.2%
MakeMyTrip, Ltd. 1.9%
Tokyo Electron, Ltd. 1.9%
TOTAL 31.9%
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 0625
TSR - Matthews Asia Funds Logo
Matthews Pacific Tiger Fund
Institutional Class/MIPTX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about the Matthews Pacific Tiger Fund (the "Fund") for the period of January 01, 2025 to June 30, 2025. 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 $62 1.18%*
*
Annualized.
Key Fund Statistics
Fund net assets $707,096,808
Total number of portfolio holdings 72
Portfolio turnover rate for the reporting period 64.6%
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. 12.3%
Tencent Holdings, Ltd. 6.0%
Alibaba Group Holding, Ltd. 3.9%
China Merchants Bank Co., Ltd. 3.8%
KB Financial Group, Inc. 3.1%
Samsung Electronics Co., Ltd. 2.9%
SK Hynix, Inc. 2.7%
Bharti Airtel, Ltd. 2.6%
Eternal, Ltd. 2.5%
Sea, Ltd. 2.5%
TOTAL 42.3%
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 0625
TSR - Matthews Asia Funds Logo
Matthews Pacific Tiger Fund
Investor Class/MAPTX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about the Matthews Pacific Tiger Fund (the "Fund") for the period of January 01, 2025 to June 30, 2025. 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 $68 1.31%*
*
Annualized.
Key Fund Statistics
Fund net assets $707,096,808
Total number of portfolio holdings 72
Portfolio turnover rate for the reporting period 64.6%
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. 12.3%
Tencent Holdings, Ltd. 6.0%
Alibaba Group Holding, Ltd. 3.9%
China Merchants Bank Co., Ltd. 3.8%
KB Financial Group, Inc. 3.1%
Samsung Electronics Co., Ltd. 2.9%
SK Hynix, Inc. 2.7%
Bharti Airtel, Ltd. 2.6%
Eternal, Ltd. 2.5%
Sea, Ltd. 2.5%
TOTAL 42.3%
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 0625
TSR - Matthews Asia Funds Logo
Matthews Asia Innovators Fund
Institutional Class/MITEX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about the Matthews Asia Innovators Fund (the "Fund") for the period of January 01, 2025 to June 30, 2025. 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 $63 1.19%*
*
Annualized.
Key Fund Statistics
Fund net assets $286,211,376
Total number of portfolio holdings 58
Portfolio turnover rate for the reporting period 50.4%
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. 10.8%
Tencent Holdings, Ltd. 6.0%
Sea, Ltd. 5.6%
Eternal, Ltd. 4.6%
Samsung Electronics Co., Ltd. 3.5%
MakeMyTrip, Ltd. 3.3%
Alibaba Group Holding, Ltd. 3.0%
PDD Holdings, Inc. 2.9%
SK Hynix, Inc. 2.3%
Xiaomi Corp. 2.0%
TOTAL 44.0%
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 0625
TSR - Matthews Asia Funds Logo
Matthews Asia Innovators Fund
Investor Class/MATFX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about the Matthews Asia Innovators Fund (the "Fund") for the period of January 01, 2025 to June 30, 2025. 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 $69 1.31%*
*
Annualized.
Key Fund Statistics
Fund net assets $286,211,376
Total number of portfolio holdings 58
Portfolio turnover rate for the reporting period 50.4%
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. 10.8%
Tencent Holdings, Ltd. 6.0%
Sea, Ltd. 5.6%
Eternal, Ltd. 4.6%
Samsung Electronics Co., Ltd. 3.5%
MakeMyTrip, Ltd. 3.3%
Alibaba Group Holding, Ltd. 3.0%
PDD Holdings, Inc. 2.9%
SK Hynix, Inc. 2.3%
Xiaomi Corp. 2.0%
TOTAL 44.0%
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 0625
TSR - Matthews Asia Funds Logo
Matthews China Fund
Institutional Class/MICFX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about the Matthews China Fund (the "Fund") for the period of January 01, 2025 to June 30, 2025. 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 $61 1.16%*
*
Annualized.
Key Fund Statistics
Fund net assets $378,194,465
Total number of portfolio holdings 63
Portfolio turnover rate for the reporting period 15.5%
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
Tencent Holdings, Ltd. 10.3%
Alibaba Group Holding, Ltd. 7.6%
China Merchants Bank Co., Ltd. 4.7%
China Construction Bank Corp. 4.5%
JD.com, Inc. 4.2%
PDD Holdings, Inc. 3.8%
Ping An Insurance Group Co. of China, Ltd. 3.6%
Meituan 3.3%
New China Life Insurance Co., Ltd. 3.1%
DiDi Global, Inc. ADR 2.8%
TOTAL 47.9%
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 0625
TSR - Matthews Asia Funds Logo
Matthews China Fund
Investor Class/MCHFX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about the Matthews China Fund (the "Fund") for the period of January 01, 2025 to June 30, 2025. 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 $68 1.29%*
*
Annualized.
Key Fund Statistics
Fund net assets $378,194,465
Total number of portfolio holdings 63
Portfolio turnover rate for the reporting period 15.5%
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
Tencent Holdings, Ltd. 10.3%
Alibaba Group Holding, Ltd. 7.6%
China Merchants Bank Co., Ltd. 4.7%
China Construction Bank Corp. 4.5%
JD.com, Inc. 4.2%
PDD Holdings, Inc. 3.8%
Ping An Insurance Group Co. of China, Ltd. 3.6%
Meituan 3.3%
New China Life Insurance Co., Ltd. 3.1%
DiDi Global, Inc. ADR 2.8%
TOTAL 47.9%
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 0625
TSR - Matthews Asia Funds Logo
Matthews China Small Companies Fund
Institutional Class/MICHX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about the Matthews China Small Companies Fund (the "Fund") for the period of January 01, 2025 to June 30, 2025. 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 $63 1.20%*
*
Annualized.
Key Fund Statistics
Fund net assets $62,281,859
Total number of portfolio holdings 57
Portfolio turnover rate for the reporting period 11.8%
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
NetEase Cloud Music, Inc. 5.2%
Hongfa Technology Co., Ltd. 4.0%
Atour Lifestyle Holdings, Ltd. 3.8%
DPC Dash, Ltd. 3.5%
ACM Research, Inc. 3.3%
Full Truck Alliance Co., Ltd. 3.2%
Yantai Jereh Oilfield Services Group Co., Ltd. 3.2%
Tongcheng Travel Holdings, Ltd. 3.1%
Zhejiang Shuanghuan Driveline Co., Ltd. 2.8%
Kanzhun, Ltd. 2.4%
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 China Small Companies Fund
MICHX 0625
TSR - Matthews Asia Funds Logo
Matthews China Small Companies Fund
Investor Class/MCSMX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about the Matthews China Small Companies Fund (the "Fund") for the period of January 01, 2025 to June 30, 2025. 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 1.43%*
*
Annualized.
Key Fund Statistics
Fund net assets $62,281,859
Total number of portfolio holdings 57
Portfolio turnover rate for the reporting period 11.8%
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
NetEase Cloud Music, Inc. 5.2%
Hongfa Technology Co., Ltd. 4.0%
Atour Lifestyle Holdings, Ltd. 3.8%
DPC Dash, Ltd. 3.5%
ACM Research, Inc. 3.3%
Full Truck Alliance Co., Ltd. 3.2%
Yantai Jereh Oilfield Services Group Co., Ltd. 3.2%
Tongcheng Travel Holdings, Ltd. 3.1%
Zhejiang Shuanghuan Driveline Co., Ltd. 2.8%
Kanzhun, Ltd. 2.4%
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 China Small Companies Fund
MCSMX 0625
TSR - Matthews Asia Funds Logo
Matthews India Fund
Institutional Class/MIDNX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about the Matthews India Fund (the "Fund") for the period of January 01, 2025 to June 30, 2025. 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 1.16%*
*
Annualized.
Key Fund Statistics
Fund net assets $788,147,516
Total number of portfolio holdings 71
Portfolio turnover rate for the reporting period 31.5%
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
HDFC Bank, Ltd. 8.5%
ICICI Bank, Ltd. 6.3%
Eternal, Ltd. 5.3%
Shriram Finance, Ltd. 4.8%
Reliance Industries, Ltd. 4.7%
Swiggy, Ltd. 4.2%
Bharti Airtel, Ltd. 4.2%
Bajaj Finance, Ltd. 4.1%
Infosys, Ltd. 3.6%
Mahindra & Mahindra, Ltd. 3.2%
TOTAL 48.9%
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 0625
TSR - Matthews Asia Funds Logo
Matthews India Fund
Investor Class/MINDX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about the Matthews India Fund (the "Fund") for the period of January 01, 2025 to June 30, 2025. 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 $65 1.30%*
*
Annualized.
Key Fund Statistics
Fund net assets $788,147,516
Total number of portfolio holdings 71
Portfolio turnover rate for the reporting period 31.5%
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
HDFC Bank, Ltd. 8.5%
ICICI Bank, Ltd. 6.3%
Eternal, Ltd. 5.3%
Shriram Finance, Ltd. 4.8%
Reliance Industries, Ltd. 4.7%
Swiggy, Ltd. 4.2%
Bharti Airtel, Ltd. 4.2%
Bajaj Finance, Ltd. 4.1%
Infosys, Ltd. 3.6%
Mahindra & Mahindra, Ltd. 3.2%
TOTAL 48.9%
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 0625
TSR - Matthews Asia Funds Logo
Matthews Japan Fund
Institutional Class/MIJFX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about the Matthews Japan Fund (the "Fund") for the period of January 01, 2025 to June 30, 2025. 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 1.10%*
*
Annualized.
Key Fund Statistics
Fund net assets $682,321,541
Total number of portfolio holdings 49
Portfolio turnover rate for the reporting period 51.7%
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
Sony Group Corp. 5.8%
Tokio Marine Holdings, Inc. 4.6%
Mitsubishi UFJ Financial Group, Inc. 4.5%
Hitachi, Ltd. 4.4%
Tokyo Electron, Ltd. 4.1%
NEC Corp. 3.3%
Ajinomoto Co., Inc. 3.1%
Shin-Etsu Chemical Co., Ltd. 3.1%
Mitsui Fudosan Co., Ltd. 2.9%
ITOCHU Corp. 2.9%
TOTAL 38.7%
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 Japan Fund
MIJFX 0625

TSR - Matthews Asia Funds Logo
Matthews Japan Fund
Investor Class/MJFOX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about the Matthews Japan Fund (the "Fund") for the period of January 01, 2025 to June 30, 2025. 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 1.17%*
*
Annualized.
Key Fund Statistics
Fund net assets $682,321,541
Total number of portfolio holdings 49
Portfolio turnover rate for the reporting period 51.7%
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
Sony Group Corp. 5.8%
Tokio Marine Holdings, Inc. 4.6%
Mitsubishi UFJ Financial Group, Inc. 4.5%
Hitachi, Ltd. 4.4%
Tokyo Electron, Ltd. 4.1%
NEC Corp. 3.3%
Ajinomoto Co., Inc. 3.1%
Shin-Etsu Chemical Co., Ltd. 3.1%
Mitsui Fudosan Co., Ltd. 2.9%
ITOCHU Corp. 2.9%
TOTAL 38.7%
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 Japan Fund
MJFOX 0625

TSR - Matthews Asia Funds Logo
Matthews Asia Dividend Fund
Institutional Class/MIPIX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about the Matthews Asia Dividend Fund (the "Fund") for the period of January 01, 2025 to June 30, 2025. 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 $60 1.13%*
*
Annualized.
Key Fund Statistics
Fund net assets $560,144,914
Total number of portfolio holdings 64
Portfolio turnover rate for the reporting period 49.1%
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. 9.3%
Tencent Holdings, Ltd. 5.2%
Hana Financial Group, Inc. 3.2%
Samsung Electronics Co., Ltd. 2.4%
NEC Corp. 2.3%
AIA Group, Ltd. 2.0%
ITOCHU Corp. 2.0%
Commonwealth Bank of Australia 2.0%
Hikari Tsushin, Inc. 1.9%
Telstra Group, Ltd. 1.8%
TOTAL 32.1%
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 0625
TSR - Matthews Asia Funds Logo
Matthews Asia Dividend Fund
Investor Class/MAPIX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about the Matthews Asia Dividend Fund (the "Fund") for the period of January 01, 2025 to June 30, 2025. 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 $66 1.26%*
*
Annualized.
Key Fund Statistics
Fund net assets $560,144,914
Total number of portfolio holdings 64
Portfolio turnover rate for the reporting period 49.1%
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. 9.3%
Tencent Holdings, Ltd. 5.2%
Hana Financial Group, Inc. 3.2%
Samsung Electronics Co., Ltd. 2.4%
NEC Corp. 2.3%
AIA Group, Ltd. 2.0%
ITOCHU Corp. 2.0%
Commonwealth Bank of Australia 2.0%
Hikari Tsushin, Inc. 1.9%
Telstra Group, Ltd. 1.8%
TOTAL 32.1%
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 0625
TSR - Matthews Asia Funds Logo
Matthews China Dividend Fund
Institutional Class/MICDX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about the Matthews China Dividend Fund (the "Fund") for the period of January 01, 2025 to June 30, 2025. 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 1.20%*
*
Annualized.
Key Fund Statistics
Fund net assets $90,371,597
Total number of portfolio holdings 40
Portfolio turnover rate for the reporting period 28.6%
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
Tencent Holdings, Ltd. 11.4%
Alibaba Group Holding, Ltd. 8.5%
Ping An Insurance Group Co. of China, Ltd. 5.0%
China Merchants Bank Co., Ltd. 4.3%
China Construction Bank Corp. 4.2%
Anhui Expressway Co., Ltd. 3.5%
China Suntien Green Energy Corp., Ltd. 3.1%
Industrial & Commercial Bank of China, Ltd. 3.1%
China Everbright Environment Group, Ltd. 2.9%
PetroChina Co., Ltd. 2.8%
TOTAL 48.8%
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 Dividend Fund
MICDX 0625
TSR - Matthews Asia Funds Logo
Matthews China Dividend Fund
Investor Class/MCDFX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about the Matthews China Dividend Fund (the "Fund") for the period of January 01, 2025 to June 30, 2025. 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 1.34%*
*
Annualized.
Key Fund Statistics
Fund net assets $90,371,597
Total number of portfolio holdings 40
Portfolio turnover rate for the reporting period 28.6%
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
Tencent Holdings, Ltd. 11.4%
Alibaba Group Holding, Ltd. 8.5%
Ping An Insurance Group Co. of China, Ltd. 5.0%
China Merchants Bank Co., Ltd. 4.3%
China Construction Bank Corp. 4.2%
Anhui Expressway Co., Ltd. 3.5%
China Suntien Green Energy Corp., Ltd. 3.1%
Industrial & Commercial Bank of China, Ltd. 3.1%
China Everbright Environment Group, Ltd. 2.9%
PetroChina Co., Ltd. 2.8%
TOTAL 48.8%
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 Dividend Fund
MCDFX 0625
TSR - Matthews Asia Funds Logo
Matthews Emerging Markets Equity Active ETF
MEM
Listed on the NYSE Arca
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about the Matthews Emerging Markets Equity Active ETF (the "Fund") for the period of January 01, 2025 to June 30, 2025. 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 $41 0.79%*
*
Annualized.
Key Fund Statistics
Fund net assets $39,528,730
Total number of portfolio holdings 70
Portfolio turnover rate for the reporting period 70.5%
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 *
Taiwan Semiconductor Manufacturing Co., Ltd. 10.2%
Tencent Holdings, Ltd. 5.5%
HDFC Bank, Ltd. 3.0%
NetEase, Inc. 2.5%
JD.com, Inc. 2.3%
Itau Unibanco Holding SA 2.3%
Samsung Electronics Co., Ltd. 2.3%
Alibaba Group Holding, Ltd. 2.1%
Hana Financial Group, Inc. 2.1%
China Merchants Bank Co., Ltd. 2.1%
TOTAL 34.4%
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 Emerging Markets Equity Active ETF
MEM 0625
TSR - Matthews Asia Funds Logo
Matthews Emerging Markets ex China Active ETF
MEMX
Listed on the NYSE Arca
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
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, 2025 to June 30, 2025. 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 $42 0.79%*
*
Annualized.
Key Fund Statistics
Fund net assets $35,371,803
Total number of portfolio holdings 77
Portfolio turnover rate for the reporting period 63.7%
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 *
Taiwan Semiconductor Manufacturing Co., Ltd. 12.7%
Samsung Electronics Co., Ltd. 4.0%
HDFC Bank, Ltd. 2.4%
ICICI Bank, Ltd. 2.3%
Bandhan Bank, Ltd. 2.0%
PT Indosat Tbk 1.8%
NAVER Corp. 1.7%
SK Hynix, Inc. 1.7%
Grab Holdings, Ltd. 1.6%
Bharti Airtel, Ltd. 1.6%
TOTAL 31.8%
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 Emerging Markets ex China Active ETF
MEMX 0625

TSR - Matthews Asia Funds Logo
Matthews Emerging Markets Sustainable Future Active ETF
EMSF
Listed on the NYSE Arca
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
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, 2025 to June 30, 2025. 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 $42 0.79%*
*
Annualized.
Key Fund Statistics
Fund net assets $28,827,281
Total number of portfolio holdings 58
Portfolio turnover rate for the reporting period 27.8%
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 *
Bandhan Bank, Ltd. 7.6%
Taiwan Semiconductor Manufacturing Co., Ltd. 6.9%
Meituan 5.3%
Legend Biotech Corp. 4.9%
JD Health International, Inc. 4.9%
Indus Towers, Ltd. 3.4%
Full Truck Alliance Co., Ltd. 3.2%
YDUQS Participacoes SA 2.6%
Elite Material Co., Ltd. 2.6%
Swiggy, Ltd. 2.5%
TOTAL 43.9%
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 Emerging Markets Sustainable Future Active ETF
EMSF 0625

TSR - Matthews Asia Funds Logo
Matthews Asia Innovators Active ETF
MINV
Listed on the NYSE Arca
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about the Matthews Asia Innovators Active ETF (the "Fund") for the period of January 01, 2025 to June 30, 2025. 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 $42 0.79%*
*
Annualized.
Key Fund Statistics
Fund net assets $63,740,787
Total number of portfolio holdings 59
Portfolio turnover rate for the reporting period 54.8%
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 *
Taiwan Semiconductor Manufacturing Co., Ltd. 10.7%
Tencent Holdings, Ltd. 6.0%
Sea, Ltd. 5.6%
Eternal, Ltd. 4.6%
Samsung Electronics Co., Ltd. 3.5%
MakeMyTrip, Ltd. 3.3%
Alibaba Group Holding, Ltd. 3.0%
PDD Holdings, Inc. 2.9%
SK Hynix, Inc. 2.3%
Xiaomi Corp. 2.0%
TOTAL 43.9%
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 Asia Innovators Active ETF
MINV 0625
TSR - Matthews Asia Funds Logo
Matthews Pacific Tiger Active ETF
ASIA
Listed on the NYSE Arca
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about the Matthews Pacific Tiger Active ETF (the "Fund") for the period of January 01, 2025 to June 30, 2025. 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 $41 0.79%*
*
Annualized.
Key Fund Statistics
Fund net assets $36,432,690
Total number of portfolio holdings 76
Portfolio turnover rate for the reporting period 83.5%
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 *
Taiwan Semiconductor Manufacturing Co., Ltd. 12.1%
Tencent Holdings, Ltd. 5.8%
China Merchants Bank Co., Ltd. 3.8%
Alibaba Group Holding, Ltd. 3.8%
KB Financial Group, Inc. 3.2%
Samsung Electronics Co., Ltd. 3.1%
Bharti Airtel, Ltd. 2.8%
SK Hynix, Inc. 2.7%
Sea, Ltd. 2.5%
Eternal, Ltd. 2.5%
TOTAL 42.3%
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 0625

TSR - Matthews Asia Funds Logo
Matthews China Active ETF
MCH
Listed on the NYSE Arca
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about the Matthews China Active ETF (the "Fund") for the period of January 01, 2025 to June 30, 2025. 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 $41 0.79%*
*
Annualized.
Key Fund Statistics
Fund net assets $20,579,534
Total number of portfolio holdings 64
Portfolio turnover rate for the reporting period 17.2%
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. 9.4%
Alibaba Group Holding, Ltd. 8.0%
China Merchants Bank Co., Ltd. 4.8%
China Construction Bank Corp. 4.6%
JD.com, Inc. 3.7%
PDD Holdings, Inc. 3.5%
Meituan 3.0%
Ping An Insurance Group Co. of China, Ltd. 2.9%
DiDi Global, Inc. ADR 2.9%
New China Life Insurance Co., Ltd. 2.8%
TOTAL 45.6%
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 China Active ETF
MCH 0625

TSR - Matthews Asia Funds Logo
Matthews India Active ETF
INDE
Listed on the NYSE Arca
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about the Matthews India Active ETF (the "Fund") for the period of January 01, 2025 to June 30, 2025. 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 0.79%*
*
Annualized.
Key Fund Statistics
Fund net assets $14,470,496
Total number of portfolio holdings 63
Portfolio turnover rate for the reporting period 38.1%
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. 8.4%
ICICI Bank, Ltd. 6.3%
Eternal, Ltd. 5.6%
Shriram Finance, Ltd. 4.7%
Bajaj Finance, Ltd. 4.4%
Swiggy, Ltd. 4.4%
Reliance Industries, Ltd. 3.8%
Infosys, Ltd. 3.7%
Bharti Airtel, Ltd. 3.4%
Cholamandalam Investment and Finance Co., Ltd. 2.8%
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 0625

TSR - Matthews Asia Funds Logo
Matthews Japan Active ETF
JPAN
Listed on the NYSE Arca
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about the Matthews Japan Active ETF (the "Fund") for the period of January 01, 2025 to June 30, 2025. 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 $42 0.79%*
*
Annualized.
Key Fund Statistics
Fund net assets $5,555,717
Total number of portfolio holdings 50
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 *
Sony Group Corp. 5.8%
Tokio Marine Holdings, Inc. 4.5%
Mitsubishi UFJ Financial Group, Inc. 4.4%
Hitachi, Ltd. 4.3%
Tokyo Electron, Ltd. 4.1%
NEC Corp. 3.2%
Shin-Etsu Chemical Co., Ltd. 3.1%
Ajinomoto Co., Inc. 3.1%
ITOCHU Corp. 2.9%
Mitsui Fudosan Co., Ltd. 2.9%
TOTAL 38.3%
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 0625

TSR - Matthews Asia Funds Logo
Matthews Korea Active ETF
MKOR
Listed on the NYSE Arca
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about the Matthews Korea Active ETF (the "Fund") for the period of January 01, 2025 to June 30, 2025. 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 $46 0.79%*
*
Annualized.
Key Fund Statistics
Fund net assets $57,503,881
Total number of portfolio holdings 44
Portfolio turnover rate for the reporting period 26.7%
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 *
SK Hynix, Inc. 9.7%
Samsung Electronics Co., Ltd. 7.8%
Samsung Electronics Co., Ltd., Pfd. 7.3%
NAVER Corp. 4.5%
KB Financial Group, Inc. 4.5%
Hana Financial Group, Inc. 4.4%
HD HYUNDAI MIPO 3.2%
SK Square Co., Ltd. 3.1%
KT&G Corp. 3.0%
Samsung Biologics Co., Ltd. 2.9%
TOTAL 50.4%
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 Korea Active ETF
MKOR 0625

TSR - Matthews Asia Funds Logo
Matthews Asia Dividend Active ETF
ADVE
Listed on the NYSE Arca
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about the Matthews Asia Dividend Active ETF (the "Fund") for the period of January 01, 2025 to June 30, 2025. 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 $42 0.79%*
*
Annualized.
Key Fund Statistics
Fund net assets $3,566,986
Total number of portfolio holdings 67
Portfolio turnover rate for the reporting period 48.2%
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 *
Taiwan Semiconductor Manufacturing Co., Ltd. 8.3%
Tencent Holdings, Ltd. 4.7%
Hana Financial Group, Inc. 3.2%
ITOCHU Corp. 2.2%
NEC Corp. 2.0%
AIA Group, Ltd. 2.0%
Ajinomoto Co., Inc. 1.8%
Commonwealth Bank of Australia 1.8%
HDFC Bank, Ltd. 1.8%
NetEase, Inc. 1.7%
TOTAL 29.5%
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 Asia Dividend Active ETF
ADVE 0625

TSR - Matthews Asia Funds Logo
Matthews China Discovery Active ETF
MCHS
Listed on the NASDAQ
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about the Matthews China Discovery Active ETF (the "Fund") for the period of January 01, 2025 to June 30, 2025. 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 Discovery Active ETF $47 0.89%*
*
Annualized.
Key Fund Statistics
Fund net assets $2,313,414
Total number of portfolio holdings 57
Portfolio turnover rate for the reporting period 15.0%
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 *
NetEase Cloud Music, Inc. 4.5%
Hongfa Technology Co., Ltd. 3.6%
Atour Lifestyle Holdings, Ltd. 3.3%
DPC Dash, Ltd. 3.2%
ACM Research, Inc. 2.9%
Yantai Jereh Oilfield Services Group Co., Ltd. 2.7%
Tongcheng Travel Holdings, Ltd. 2.7%
Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd. 2.7%
Zhejiang Shuanghuan Driveline Co., Ltd. 2.5%
Full Truck Alliance Co., Ltd. 2.5%
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 China Discovery Active ETF
MCHS 0625

TSR - Matthews Asia Funds Logo
Matthews Emerging Markets Discovery Active ETF
MEMS
Listed on the NASDAQ
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about the Matthews Emerging Markets Discovery Active ETF (the "Fund") for the period of January 01, 2025 to June 30, 2025. 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 $46 0.89%*
*
Annualized.
Key Fund Statistics
Fund net assets $18,797,035
Total number of portfolio holdings 77
Portfolio turnover rate for the reporting period 19.3%
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 *
Bandhan Bank, Ltd. 7.9%
Hugel, Inc. 5.1%
Legend Biotech Corp. 4.8%
YDUQS Participacoes SA 2.7%
We Buy Cars Holdings, Ltd. 2.4%
Radico Khaitan, Ltd. 2.3%
Full Truck Alliance Co., Ltd. 2.3%
Grupo SBF SA 2.3%
Cartrade Tech, Ltd. 2.2%
Elite Material Co., Ltd. 1.9%
TOTAL 33.9%
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 Emerging Markets Discovery Active ETF
MEMS 0625


 N-CSRS
Matthews Asia Funds | Financial Statements and Other Information
June 30, 2025 |  matthewsasia.com   

Matthews Emerging Markets Equity FundJune 30, 2025
Schedule of Investmentsa (unaudited)
 
COMMON EQUITIES: 93.0%
 
Shares
Value 
China/Hong Kong: 30.7%
Tencent Holdings, Ltd.
210,500
$13,563,697
NetEase, Inc. ADR
42,850
5,766,753
Alibaba Group Holding, Ltd.
369,400
5,229,208
China Construction Bank Corp. H Shares
4,752,000
4,808,771
JD.com, Inc. Class A
223,102
3,643,772
BYD Co., Ltd. H Shares
229,086
3,566,877
Ping An Insurance Group Co. of China, Ltd. H
Shares
549,000
3,504,442
Wuliangye Yibin Co., Ltd. A Shares
208,774
3,469,465
New China Life Insurance Co., Ltd. H Shares
616,500
3,375,805
PetroChina Co., Ltd. H Shares
3,702,000
3,190,299
China Merchants Bank Co., Ltd. H Shares
411,000
2,883,149
DiDi Global, Inc. ADRb
553,125
2,710,312
Hong Kong Exchanges & Clearing, Ltd.
49,600
2,667,814
China Life Insurance Co., Ltd. H Shares
1,099,000
2,651,849
China Overseas Property Holdings, Ltd.
3,640,000
2,548,932
KE Holdings, Inc. ADR
132,301
2,347,020
Meituan Class Bb,c,d
144,500
2,324,433
Trip.com Group, Ltd. ADR
38,264
2,243,801
Horizon Roboticsb
2,650,800
2,202,869
Yum China Holdings, Inc.
45,215
2,021,563
Full Truck Alliance Co., Ltd. ADR
111,405
1,315,693
China International Capital Corp., Ltd. H
Sharesc,d
546,400
1,238,844
Midea Group Co., Ltd. A Shares
1,300
13,117
Total China/Hong Kong
77,288,485
 
India: 22.0%
HDFC Bank, Ltd. ADR
66,035
5,062,903
Shriram Finance, Ltd.
612,932
5,054,304
ICICI Bank, Ltd. ADR
142,616
4,797,602
Bharti Airtel, Ltd.
174,516
4,091,365
Mahindra & Mahindra, Ltd.
103,237
3,831,872
Max Financial Services, Ltd.b
185,059
3,552,919
TVS Motor Co., Ltd.
91,576
3,116,157
Axis Bank, Ltd.
202,648
2,834,247
Bajaj Finance, Ltd.
255,580
2,791,280
Eicher Motors, Ltd.
40,092
2,645,033
Bandhan Bank, Ltd.c,d
1,177,428
2,604,267
Reliance Industries, Ltd.
148,779
2,604,111
Marico, Ltd.
271,116
2,283,912
Infosys, Ltd. ADR
121,287
2,247,448
State Bank of India
230,604
2,205,895
Eternal, Ltd.b
637,354
1,962,922
Kotak Mahindra Bank, Ltd.
47,571
1,200,171
Tata Consumer Products, Ltd.
93,230
1,194,985
Dixon Technologies India, Ltd.d
5,670
991,124
Lupin, Ltd.
9,450
213,713
Total India
55,286,230
 
Taiwan: 14.7%
Taiwan Semiconductor Manufacturing Co.,
Ltd.
714,187
26,117,357
Alchip Technologies, Ltd.
23,000
2,438,736
Elite Material Co., Ltd.
78,000
2,358,616
CTBC Financial Holding Co., Ltd.
1,563,000
2,339,235
Delta Electronics, Inc.
98,000
1,386,793
Hon Hai Precision Industry Co., Ltd.
214,000
1,180,710
MediaTek, Inc.
27,000
1,156,914
 
 
Shares
Value 
Realtek Semiconductor Corp.
6,000
$116,526
Total Taiwan
37,094,887
 
South Korea: 12.6%
Samsung Electronics Co., Ltd.
170,322
7,531,915
Hana Financial Group, Inc.
88,333
5,626,637
Macquarie Korea Infrastructure Fund
524,286
4,457,184
SK Hynix, Inc.
19,913
4,290,885
KB Financial Group, Inc.
44,543
3,660,378
SK Telecom Co., Ltd.
54,035
2,273,444
LG Chem, Ltd.
14,124
2,205,889
Coupang, Inc.b
50,008
1,498,240
NAVER Corp.
1,545
300,016
Total South Korea
31,844,588
 
Brazil: 4.2%
Itau Unibanco Holding SA ADR
740,998
5,031,376
MercadoLibre, Inc.b
1,104
2,885,448
Rumo SA
385,700
1,315,459
B3 SA - Brasil Bolsa Balcao
475,400
1,275,760
Total Brazil
10,508,043
 
South Africa: 2.3%
Naspers, Ltd. N Shares
9,527
2,972,554
Shoprite Holdings, Ltd.
167,789
2,624,820
Capitec Bank Holdings, Ltd.
955
190,948
Total South Africa
5,788,322
 
Mexico: 2.1%
Grupo Financiero Banorte SAB de CV Class O
314,400
2,873,825
Fomento Economico Mexicano SAB de CV
ADR
23,454
2,415,293
Total Mexico
5,289,118
 
Philippines: 1.4%
Bank of the Philippine Islands
1,497,886
3,456,865
Total Philippines
3,456,865
 
Singapore: 1.1%
Singapore Telecommunications, Ltd.
887,335
2,675,128
Total Singapore
2,675,128
 
Indonesia: 1.0%
PT Bank Rakyat Indonesia Persero Tbk
10,402,972
2,398,513
PT Bank Central Asia Tbk
276,000
147,535
Total Indonesia
2,546,048
 
Thailand: 0.9%
Bangkok Dusit Medical Services Public Co.,
Ltd. F Shares
3,155,200
2,019,155
CP ALL Public Co., Ltd.
111,600
151,158
Total Thailand
2,170,313
 
Vietnam: 0.0%
Military Commercial Joint Stock Bank
123,345
121,862
Total Vietnam
121,862
1  MATTHEWS ASIA FUNDS

 
Matthews Emerging Markets Equity FundJune 30, 2025
Schedule of Investmentsa (unaudited) (continued)
COMMON EQUITIES (continued)
 
Shares
Value 
 
Russia: 0.0%
Sberbank of Russia PJSCe
128,308
$1,641
Total Russia
1,641
 
Total Investments: 93.0%
234,071,530
(Cost $191,193,417)
CASH AND OTHER ASSETS,
LESS LIABILITIES: 7.0%
17,517,235
Net Assets: 100.0%
$251,588,765
 
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, 2025, the aggregate value is $6,167,544, which is 2.45% 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.
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 $1,641 and 0.00%
of net assets.
ADR
American Depositary Receipt
PJSC
Public Joint Stock Co.
See accompanying notes to financial statements.
matthewsasia.com | 800.789.ASIA  2

Matthews Emerging Markets Sustainable Future FundJune 30, 2025
Schedule of Investmentsa (unaudited)
 
COMMON EQUITIES: 99.7%
 
Shares
Value 
China/Hong Kong: 31.2%
Meituan Class Bb,c,d
727,400
$11,700,987
Legend Biotech Corp. ADRc
289,575
10,277,017
JD Health International, Inc.b,c,d
1,821,550
10,032,784
Alibaba Group Holding, Ltd.
428,600
6,067,240
Full Truck Alliance Co., Ltd. ADR
485,480
5,733,519
Contemporary Amperex Technology Co., Ltd.
A Shares
114,300
4,033,424
Zhihu, Inc. ADRc
736,962
2,933,109
Medlive Technology Co., Ltd.b,d
1,465,000
2,745,234
Silergy Corp.
176,000
2,143,897
Kanzhun, Ltd. ADRc
119,236
2,127,170
Hong Kong Exchanges & Clearing, Ltd.
33,200
1,785,714
BYD Co., Ltd. H Shares
114,000
1,774,984
Lam Research Corp.
17,970
1,749,200
Centre Testing International Group Co., Ltd. A
Shares
830,200
1,355,528
Flat Glass Group Co., Ltd. H Shares
914,000
1,029,291
Total China/Hong Kong
65,489,098
 
India: 23.7%
Bandhan Bank, Ltd.b,d
7,374,621
16,311,385
Indus Towers, Ltd.c
1,378,937
6,763,327
Swiggy, Ltd.c
1,213,344
5,665,162
Shriram Finance, Ltd.
514,499
4,242,615
Phoenix Mills, Ltd.
206,428
3,760,807
Inox Wind, Ltd.c
1,769,754
3,620,119
Mahindra & Mahindra, Ltd.
94,944
3,524,059
NTPC Green Energy, Ltd.c
2,118,521
2,580,802
HDFC Asset Management Co., Ltd.b,d
25,990
1,574,099
UNO Minda, Ltd.
64,612
831,772
Marico, Ltd.
95,015
800,417
Total India
49,674,564
 
Taiwan: 15.6%
Taiwan Semiconductor Manufacturing Co.,
Ltd.
283,000
10,349,127
Elite Material Co., Ltd.
161,000
4,868,425
Poya International Co., Ltd.
221,948
3,815,096
M31 Technology Corp.
204,006
3,662,567
Taiwan Semiconductor Manufacturing Co.,
Ltd. ADR
12,181
2,758,875
Airtac International Group
85,000
2,530,712
Andes Technology Corp.c
250,000
2,525,601
AURAS Technology Co., Ltd.
106,000
2,338,697
Total Taiwan
32,849,100
 
Brazil: 6.0%
YDUQS Participacoes SA
1,901,700
5,771,849
B3 SA - Brasil Bolsa Balcao
1,417,500
3,803,933
Cia de Saneamento Basico do Estado de Sao
Paulo SABESP
84,300
1,848,422
NU Holdings, Ltd. Class Ac
83,750
1,149,050
Total Brazil
12,573,254
 
South Korea: 4.9%
Eugene Technology Co., Ltd.
135,653
3,920,099
HD Hyundai Electric Co., Ltd.
9,952
3,730,876
SK Square Co., Ltd.c
18,245
2,452,292
 
 
Shares
Value 
Samsung SDI Co., Ltd.
1,565
$199,820
Total South Korea
10,303,087
 
Poland: 2.6%
InPost SAc
261,146
4,345,916
Jeronimo Martins SGPS SA
40,933
1,036,337
Total Poland
5,382,253
 
Turkey: 2.1%
Akbank TAS
1,325,575
2,271,680
Astor Transformator Enerji Turizm Insaat Ve
Petrol Sanayi Ticaret AS
950,840
2,221,010
Total Turkey
4,492,690
 
Romania: 2.0%
Banca Transilvania SA
572,207
4,121,260
Total Romania
4,121,260
 
South Africa: 1.8%
Nedbank Group, Ltd.
283,205
3,888,045
Total South Africa
3,888,045
 
Greece: 1.8%
Piraeus Financial Holdings SA
539,766
3,739,381
Total Greece
3,739,381
 
United States: 1.6%
Micron Technology, Inc.
27,313
3,366,327
Total United States
3,366,327
 
Vietnam: 1.3%
Nam Long Investment Corp.
1,810,239
2,711,659
Total Vietnam
2,711,659
 
Jordan: 1.3%
Hikma Pharmaceuticals PLC
96,719
2,639,368
Total Jordan
2,639,368
 
Indonesia: 1.2%
PT Bank Rakyat Indonesia Persero Tbk
10,671,800
2,460,494
Total Indonesia
2,460,494
 
Philippines: 0.9%
Security Bank Corp.
1,637,900
1,997,581
Total Philippines
1,997,581
 
Kazakhstan: 0.9%
Kaspi.KZ JSC ADR
21,766
1,847,716
Total Kazakhstan
1,847,716
 
Bangladesh: 0.5%
BRAC Bank PLC
1,767,798
729,419
GrameenPhone, Ltd.
150,471
371,814
Total Bangladesh
1,101,233
3  MATTHEWS ASIA FUNDS

 
Matthews Emerging Markets Sustainable Future FundJune 30, 2025
Schedule of Investmentsa (unaudited) (continued)
COMMON EQUITIES (continued)
 
Shares
Value 
 
Chile: 0.2%
Aguas Andinas SA Class A
1,180,939
$430,988
Total Chile
430,988
 
Saudi Arabia: 0.1%
Saudi Tadawul Group Holding Co.
4,012
188,771
Total Saudi Arabia
188,771
 
TOTAL COMMON EQUITIES
209,256,869
(Cost $180,255,628)
PREFERRED EQUITIES: 0.8%
South Korea: 0.8%
Samsung SDI Co., Ltd., Pfd.
24,048
1,812,146
Total South Korea
1,812,146
 
TOTAL PREFERRED EQUITIES
1,812,146
(Cost $3,916,793)
 
Total Investments: 100.5%
211,069,015
(Cost $184,172,421)
LIABILITIES IN EXCESS OF CASH
AND OTHER ASSETS: (0.5%)
(1,112,849
)
Net Assets: 100.0%
$209,956,166
 
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, 2025, the aggregate value is $42,364,489, which is 20.18% 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.
ADR
American Depositary Receipt
JSC
Joint Stock Co.
Pfd.
Preferred
See accompanying notes to financial statements.
matthewsasia.com | 800.789.ASIA  4

Matthews Emerging Markets Small Companies FundJune 30, 2025
Schedule of Investmentsa (unaudited)
 
COMMON EQUITIES: 100.9%
 
Shares
Value 
India: 26.0%
Bandhan Bank, Ltd.b,c
18,408,907
$40,717,315
Cartrade Tech, Ltd.d
607,578
12,051,827
Radico Khaitan, Ltd.
366,851
11,196,653
Phoenix Mills, Ltd.
525,852
9,580,230
Shriram Finance, Ltd.
1,145,955
9,449,669
Inox Wind, Ltd.d
4,138,010
8,464,503
Finolex Cables, Ltd.
567,440
6,481,312
Rainbow Children’s Medicare, Ltd.
349,968
6,374,144
Action Construction Equipment, Ltd.
445,422
6,333,691
Senco Gold, Ltd.
1,247,034
4,990,217
Zinka Logistics Solutions, Ltd.d
921,829
4,692,244
GE Vernova T&D India, Ltd.
158,092
4,357,544
Bharti Hexacom, Ltd.
187,197
4,257,110
UNO Minda, Ltd.
326,305
4,200,635
Total India
133,147,094
 
China/Hong Kong: 18.9%
Legend Biotech Corp. ADRd
717,147
25,451,547
Full Truck Alliance Co., Ltd. ADR
940,665
11,109,254
Zhihu, Inc. ADRd
2,119,066
8,433,883
Medlive Technology Co., Ltd.b,c
3,936,500
7,376,529
Proya Cosmetics Co., Ltd. A Shares
570,356
6,600,336
Silergy Corp.
447,000
5,445,012
Tongcheng Travel Holdings, Ltd.c
1,787,600
4,470,680
Centre Testing International Group Co., Ltd.
A Shares
2,579,938
4,212,454
Xtep International Holdings, Ltd.
5,592,000
4,020,226
Kingsoft Corp., Ltd.
628,800
3,286,451
Kanzhun, Ltd. ADRd
173,092
3,087,961
Yuexiu Property Co., Ltd.
5,006,000
2,750,057
Ever Sunshine Services Group, Ltd.c
9,768,000
2,536,712
Flat Glass Group Co., Ltd. H Shares
2,247,000
2,530,435
Beijing Capital International Airport Co., Ltd.
H Sharesd
6,534,000
2,467,878
Hongfa Technology Co., Ltd. A Shares
617,540
1,926,513
Central China Securities Co., Ltd. H Sharesc
5,935,000
1,387,872
Total China/Hong Kong
97,093,800
 
Taiwan: 15.2%
Elite Material Co., Ltd.
372,000
11,248,784
Poya International Co., Ltd.
586,891
10,088,153
Gold Circuit Electronics, Ltd.
976,000
9,865,341
M31 Technology Corp.
526,057
9,444,424
Andes Technology Corp.d
814,000
8,223,357
AURAS Technology Co., Ltd.
347,000
7,655,925
Wiwynn Corp.
78,000
6,773,125
Airtac International Group
191,431
5,699,490
ASPEED Technology, Inc.
33,000
5,366,596
Fortune Electric Co., Ltd.
165,000
3,179,527
Yageo Corp.
15,533
257,753
Total Taiwan
77,802,475
 
South Korea: 11.5%
Hugel, Inc.d
91,188
26,124,300
Eugene Technology Co., Ltd.
303,579
8,772,822
HD Hyundai Co., Ltd.
82,304
7,886,268
BGF Retail Co., Ltd.
71,854
6,435,519
C&C International Co., Ltd.
222,588
5,505,769
SNT Holdings Co., Ltd.
49,987
2,146,105
 
 
Shares
Value 
SNT Dynamics Co., Ltd.
55,536
$2,120,763
Total South Korea
58,991,546
 
Brazil: 8.8%
YDUQS Participacoes SA
4,583,600
13,911,683
Grupo SBF SA
5,739,500
12,888,020
Vivara Participacoes SA
2,003,300
9,966,538
Vamos Locacao de Caminhoes Maquinas e
Equipamentos SA
10,854,600
8,351,075
Total Brazil
45,117,316
 
South Africa: 3.6%
We Buy Cars Holdings, Ltd.
3,819,062
12,921,659
Old Mutual, Ltd.
8,338,726
5,685,147
Total South Africa
18,606,806
 
Vietnam: 3.6%
Mobile World Investment Corp.
2,353,714
5,907,655
Military Commercial Joint Stock Bank
5,271,647
5,208,270
FPT Corp.
1,121,256
5,072,870
Nam Long Investment Corp.
1,427,132
2,137,781
Total Vietnam
18,326,576
 
Philippines: 2.1%
GT Capital Holdings, Inc.
729,750
7,438,116
Security Bank Corp.
2,814,450
3,432,500
Total Philippines
10,870,616
 
Poland: 1.9%
InPost SAd
577,337
9,607,875
Total Poland
9,607,875
 
Georgia: 1.5%
TBC Bank Group PLC
123,329
7,857,664
Total Georgia
7,857,664
 
Greece: 1.5%
Piraeus Financial Holdings SA
1,082,401
7,498,638
Total Greece
7,498,638
 
Mexico: 1.4%
Gentera SAB de CV
3,449,400
7,369,578
Total Mexico
7,369,578
 
Indonesia: 1.4%
PT Mitra Adiperkasa Tbk
64,098,000
4,655,307
PT GoTo Gojek Tokopedia Tbkd
624,075,300
2,229,537
Total Indonesia
6,884,844
 
Turkey: 1.1%
Astor Transformator Enerji Turizm Insaat Ve
Petrol Sanayi Ticaret AS
2,397,293
5,599,693
Total Turkey
5,599,693
 
Chile: 0.9%
Parque Arauco SA
1,979,463
4,175,119
5  MATTHEWS ASIA FUNDS

 
Matthews Emerging Markets Small Companies FundJune 30, 2025
Schedule of Investmentsa (unaudited) (continued)
COMMON EQUITIES (continued)
 
Shares
Value 
Lundin Mining Corp.
49,400
$519,484
Total Chile
4,694,603
 
Panama: 0.8%
Banco Latinoamericano de Comercio Exterior
SA E Shares
106,621
4,296,826
Total Panama
4,296,826
 
Bangladesh: 0.6%
BRAC Bank PLC
7,808,479
3,221,891
Total Bangladesh
3,221,891
 
Saudi Arabia: 0.1%
Saudi Tadawul Group Holding Co.
10,185
479,221
Total Saudi Arabia
479,221
 
Russia: 0.0%
Moscow Exchange MICEX-RTS PJSCe
2,101,250
26,870
Total Russia
26,870
 
Total Investments: 100.9%
517,493,932
(Cost $441,044,658)
LIABILITIES IN EXCESS OF CASH
AND OTHER ASSETS: (0.9%)
(4,804,448
)
Net Assets: 100.0%
$512,689,484
 
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, 2025, the aggregate value is $48,093,844, which is 9.38% 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.
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 $26,870 and
0.01% of net assets.
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, 2025
Schedule of Investmentsa (unaudited)
 
COMMON EQUITIES: 99.9%
 
Shares
Value 
Japan: 29.3%
Sony Group Corp.
234,400
$6,094,476
Hitachi, Ltd.
203,900
5,926,222
Mitsubishi UFJ Financial Group, Inc.
344,600
4,698,136
Tokyo Electron, Ltd.
20,700
3,964,246
ITOCHU Corp.
72,100
3,775,518
Shin-Etsu Chemical Co., Ltd.
100,300
3,312,105
ORIX Corp.
145,200
3,276,682
Recruit Holdings Co., Ltd.
52,900
3,110,871
T&D Holdings, Inc.
119,000
2,612,063
Keyence Corp.
6,500
2,598,884
Fast Retailing Co., Ltd.
7,100
2,434,335
Terumo Corp.
131,500
2,413,272
Daiichi Sankyo Co., Ltd.
101,800
2,358,513
Fujitsu, Ltd.
89,100
2,161,511
Mitsubishi Electric Corp.
98,100
2,110,030
Asics Corp.
76,400
1,948,229
Toyota Motor Corp.
97,800
1,684,409
Sumitomo Mitsui Financial Group, Inc.
62,600
1,576,328
Mitsubishi Heavy Industries, Ltd.
60,200
1,506,468
Renesas Electronics Corp.
91,500
1,131,986
Asahi Group Holdings, Ltd.
77,300
1,033,280
Nidec Corp.
51,500
1,000,805
Sanrio Co., Ltd.
11,000
531,912
Total Japan
61,260,281
 
China/Hong Kong: 28.2%
Tencent Holdings, Ltd.
137,900
8,885,671
Alibaba Group Holding, Ltd.
278,400
3,941,016
PDD Holdings, Inc. ADRb
35,365
3,701,301
BYD Co., Ltd. H Shares
229,500
3,573,323
Trip.com Group, Ltd. ADR
60,806
3,565,664
Tencent Music Entertainment Group ADR
164,572
3,207,508
NAURA Technology Group Co., Ltd. A Shares
48,693
3,010,428
DiDi Global, Inc. ADRb
581,504
2,849,370
Xiaomi Corp. Class Bb,c,d
324,600
2,498,685
Innovent Biologics, Inc.b,c,d
245,500
2,461,058
Hong Kong Exchanges & Clearing, Ltd.
44,100
2,371,988
Contemporary Amperex Technology Co., Ltd. A
Shares
66,600
2,350,184
WuXi AppTec Co., Ltd. H Sharesc,d
202,800
2,040,245
Zhejiang Shuanghuan Driveline Co., Ltd. A
Shares
371,900
1,740,299
Ping An Insurance Group Co. of China, Ltd. H
Shares
258,500
1,650,088
KE Holdings, Inc. A Shares
270,100
1,611,935
Full Truck Alliance Co., Ltd. ADR
133,644
1,578,336
Kanzhun, Ltd. ADRb
87,588
1,562,570
Shenzhen Mindray Bio-Medical Electronics Co.,
Ltd. A Shares
47,900
1,504,889
Kingdee International Software Group Co.,
Ltd.b
730,000
1,442,832
Meituan Class Bb,c,d
87,000
1,399,486
Giant Biogene Holding Co., Ltd.c,d
149,600
1,103,956
Futu Holdings, Ltd. ADR
4,994
617,208
Zhejiang Sanhua Intelligent Controls Co., Ltd.b
118,100
378,374
Total China/Hong Kong
59,046,414
 
India: 15.9%
Eternal, Ltd.b
2,013,709
6,201,819
 
 
Shares
Value 
MakeMyTrip, Ltd.b
41,123
$4,030,876
HDFC Bank, Ltd.
136,627
3,189,621
ICICI Bank, Ltd.
170,976
2,889,450
Bharti Airtel, Ltd.
113,139
2,652,439
HDFC Asset Management Co., Ltd.c,d
37,142
2,249,527
Bajaj Finance, Ltd.
197,870
2,161,008
Delhivery, Ltd.b
468,664
2,092,972
Shriram Finance, Ltd.
250,034
2,061,807
Reliance Industries, Ltd.
117,399
2,054,861
Mahindra & Mahindra, Ltd.
44,222
1,641,398
ABB India, Ltd.
15,556
1,103,437
Hindustan Unilever, Ltd.
36,704
982,369
Total India
33,311,584
 
Taiwan: 9.6%
Taiwan Semiconductor Manufacturing Co., Ltd.
407,000
14,883,727
MediaTek, Inc.
49,000
2,099,585
Delta Electronics, Inc.
142,000
2,009,435
Lotes Co., Ltd.
24,000
1,111,286
Total Taiwan
20,104,033
 
South Korea: 8.1%
Samsung Electronics Co., Ltd.
101,197
4,475,095
SK Hynix, Inc.
13,635
2,938,092
Coupang, Inc.b
88,904
2,663,564
Hanwha Aerospace Co., Ltd.
2,456
1,541,207
Samsung C&T Corp.
12,030
1,433,772
Hyundai Motor Co.
9,533
1,431,451
NAVER Corp.
6,505
1,263,173
Samsung Biologics Co., Ltd.b,c,d
1,468
1,077,244
Total South Korea
16,823,598
 
Singapore: 4.8%
Sea, Ltd. ADRb
49,879
7,977,647
DBS Group Holdings, Ltd.
59,300
2,093,414
Total Singapore
10,071,061
 
Australia: 2.7%
Macquarie Group, Ltd.
22,928
3,448,501
ANZ Group Holdings, Ltd.
111,857
2,145,058
Total Australia
5,593,559
 
Indonesia: 0.8%
PT Bank Central Asia Tbk
2,944,800
1,574,136
Total Indonesia
1,574,136
 
Vietnam: 0.5%
FPT Corp.
228,700
1,034,702
Total Vietnam
1,034,702
 
TOTAL COMMON EQUITIES
208,819,368
(Cost $180,297,455)
7  MATTHEWS ASIA FUNDS

 
Matthews Asia Growth FundJune 30, 2025
Schedule of Investmentsa (unaudited) (continued)
RIGHTS: 0.0%
 
Shares
Value 
South Korea: 0.0%
Hanwha Aerospace Co., Ltd. Rights, Expires
07/07/25b
178
$21,450
Total South Korea
21,450
 
TOTAL RIGHTS
21,450
(Cost $0)
 
Total Investments: 99.9%
208,840,818
(Cost $180,297,455)
CASH AND OTHER ASSETS,
LESS LIABILITIES: 0.1%
305,510
Net Assets: 100.0%
$209,146,328
 
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, 2025, the aggregate value is $12,830,201, which is 6.13% 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  8

Matthews Pacific Tiger FundJune 30, 2025
Schedule of Investmentsa (unaudited)
 
COMMON EQUITIES: 98.6%
 
Shares
Value 
China/Hong Kong: 33.8%
Tencent Holdings, Ltd.
663,000
$42,720,812
Alibaba Group Holding, Ltd.
1,935,600
27,400,256
China Merchants Bank Co., Ltd. H Shares
2,818,500
19,771,671
Hong Kong Exchanges & Clearing, Ltd.
288,400
15,512,047
AIA Group, Ltd.
1,570,000
14,221,757
Ping An Insurance Group Co. of China, Ltd. H
Shares
1,741,000
11,113,359
New China Life Insurance Co., Ltd. H Shares
1,948,400
10,668,968
BYD Co., Ltd. H Shares
613,500
9,552,215
Midea Group Co., Ltd. A Shares
770,400
7,773,474
China Merchants Bank Co., Ltd. A Shares
1,147,247
7,368,104
DiDi Global, Inc. ADRb
1,484,586
7,274,471
Zhejiang Sanhua Intelligent Controls Co., Ltd.
A Shares
1,968,300
7,262,211
Kweichow Moutai Co., Ltd. A Shares
34,400
6,778,428
Hongfa Technology Co., Ltd. A Shares
2,064,020
6,432,520
Trip.com Group, Ltd.
108,200
6,336,683
PDD Holdings, Inc. ADRb
60,331
6,314,243
GF Securities Co., Ltd. H Shares
3,611,000
6,082,794
Meituan Class Bb,c,d
373,300
6,004,919
WuXi AppTec Co., Ltd. H Sharesc,d
536,500
5,397,393
China Resources Land, Ltd.
1,513,000
5,151,443
KE Holdings, Inc. A Shares
519,300
3,099,140
Aier Eye Hospital Group Co., Ltd. A Shares
1,026,781
1,791,158
JD.com, Inc. Class A
105,600
1,724,692
Longfor Group Holdings, Ltd.c,d
1,453,000
1,721,769
Techtronic Industries Co., Ltd.
112,500
1,241,323
Total China/Hong Kong
238,715,850
 
Taiwan: 21.8%
Taiwan Semiconductor Manufacturing Co.,
Ltd.
2,381,000
87,071,632
Delta Electronics, Inc.
803,000
11,363,214
Quanta Computer, Inc.
804,000
7,562,725
ASMedia Technology, Inc.
113,000
7,394,785
MediaTek, Inc.
163,000
6,984,332
Cathay Financial Holding Co., Ltd.
3,153,000
6,786,970
Elite Material Co., Ltd.
192,000
5,805,824
Accton Technology Corp.
216,000
5,398,652
Alchip Technologies, Ltd.
46,000
4,877,471
Wiwynn Corp.
48,000
4,168,077
Hon Hai Precision Industry Co., Ltd.
668,000
3,685,581
E Ink Holdings, Inc.
379,000
2,868,590
Total Taiwan
153,967,853
 
India: 17.6%
Bharti Airtel, Ltd.
763,387
17,896,898
Eternal, Ltd.b
5,768,519
17,765,879
ICICI Bank, Ltd.
844,392
14,270,008
HDFC Bank, Ltd.
589,811
13,769,411
Cummins India, Ltd.
272,786
10,818,854
Mahindra & Mahindra, Ltd.
252,822
9,384,054
Infosys, Ltd.
465,183
8,690,864
Sun Pharmaceutical Industries, Ltd.
392,187
7,666,510
Godrej Consumer Products, Ltd.
516,658
7,100,176
Cholamandalam Investment and Finance Co.,
Ltd.
296,094
5,625,424
HDFC Asset Management Co., Ltd.c,d
58,073
3,517,225
Dixon Technologies India, Ltd.d
19,160
3,349,195
 
 
Shares
Value 
Max Healthcare Institute, Ltd.
153,408
$2,282,516
MakeMyTrip, Ltd.b
22,134
2,169,575
Total India
124,306,589
 
South Korea: 13.7%
KB Financial Group, Inc.
263,688
21,668,898
Samsung Electronics Co., Ltd.
472,084
20,876,320
SK Hynix, Inc.
87,209
18,791,936
NAVER Corp.
39,181
7,608,362
Samsung Biologics Co., Ltd.b,c,d
9,152
6,715,899
Classys, Inc.
105,799
4,904,079
Samsung C&T Corp.
40,690
4,849,557
HD Hyundai Heavy Industries Co., Ltd.
13,750
4,339,982
Hyundai Motor Co.
17,903
2,688,269
HD Hyundai Electric Co., Ltd.
5,913
2,216,707
Krafton, Inc.b
7,699
2,067,100
Total South Korea
96,727,109
 
Singapore: 5.8%
Sea, Ltd. ADRb
109,848
17,569,089
DBS Group Holdings, Ltd.
446,200
15,751,789
Grab Holdings, Ltd. Class Ab
1,510,412
7,597,372
Total Singapore
40,918,250
 
Indonesia: 1.7%
PT Bank Central Asia Tbk
22,148,200
11,839,269
Total Indonesia
11,839,269
 
Malaysia: 1.5%
CIMB Group Holdings BHD
3,946,400
6,364,975
Telekom Malaysia BHD
2,756,200
4,290,446
Total Malaysia
10,655,421
 
Philippines: 1.0%
Bank of the Philippine Islands
3,239,820
7,476,950
Total Philippines
7,476,950
 
Vietnam: 1.0%
Asia Commercial Bank JSC
4,638,985
3,782,612
FPT Corp.
735,148
3,326,011
Total Vietnam
7,108,623
 
Thailand: 0.7%
Central Pattana Public Co., Ltd.
3,740,600
5,320,156
Total Thailand
5,320,156
 
Total Investments: 98.6%
697,036,070
(Cost $606,438,014)
CASH AND OTHER ASSETS,
LESS LIABILITIES: 1.4%
10,060,738
Net Assets: 100.0%
$707,096,808
 
9  MATTHEWS ASIA FUNDS

 
Matthews Pacific Tiger FundJune 30, 2025
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
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, 2025, the aggregate value is $23,357,205, which is 3.30% 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
BHD
Berhad
JSC
Joint Stock Co.
See accompanying notes to financial statements.
matthewsasia.com | 800.789.ASIA  10

Matthews Asia Innovators FundJune 30, 2025
Schedule of Investmentsa (unaudited)
 
COMMON EQUITIES: 98.8%
 
Shares
Value 
China/Hong Kong: 39.7%
Tencent Holdings, Ltd.
267,500
$17,236,527
Alibaba Group Holding, Ltd.
609,000
8,620,973
PDD Holdings, Inc. ADRb
79,079
8,276,408
Xiaomi Corp. Class Bb,c,d
760,000
5,850,280
BYD Co., Ltd. H Shares
360,500
5,612,997
NAURA Technology Group Co., Ltd. A Shares
88,799
5,489,968
Trip.com Group, Ltd. ADR
91,621
5,372,655
DiDi Global, Inc. ADRb
1,061,430
5,201,007
Tencent Music Entertainment Group ADR
245,051
4,776,044
WuXi AppTec Co., Ltd. H Sharesc,d
413,400
4,158,960
Shenzhen Mindray Bio-Medical Electronics Co.,
Ltd. A Shares
127,700
4,011,991
Innovent Biologics, Inc.b,c,d
389,000
3,899,599
Contemporary Amperex Technology Co., Ltd. A
Shares
110,100
3,885,215
Kuaishou Technologyb,c,d
447,400
3,631,810
Kingdee International Software Group Co.,
Ltd.b
1,725,000
3,409,431
Zhejiang Shuanghuan Driveline Co., Ltd. A
Shares
661,903
3,097,364
Kanzhun, Ltd. ADRb
167,119
2,981,403
Meituan Class Bb,c,d
183,600
2,953,397
Full Truck Alliance Co., Ltd. ADR
226,539
2,675,426
KE Holdings, Inc. A Shares
441,900
2,637,223
Giant Biogene Holding Co., Ltd.c,d
354,800
2,618,206
Advanced Micro-Fabrication Equipment, Inc.
China A Shares
87,948
2,241,997
Futu Holdings, Ltd. ADR
14,504
1,792,549
Ping An Insurance Group Co. of China, Ltd. H
Shares
260,500
1,662,855
Zhejiang Sanhua Intelligent Controls Co., Ltd.b
462,600
1,482,097
Total China/Hong Kong
113,576,382
 
India: 19.6%
Eternal, Ltd.b
4,308,636
13,269,733
MakeMyTrip, Ltd.b
95,030
9,314,840
Reliance Industries, Ltd.
294,066
5,147,102
Bharti Airtel, Ltd.
212,285
4,976,824
Delhivery, Ltd.b
1,028,717
4,594,071
ICICI Bank, Ltd.
231,839
3,918,019
Mahindra & Mahindra, Ltd.
83,662
3,105,302
Bajaj Finance, Ltd.
277,680
3,032,642
HDFC Asset Management Co., Ltd.c,d
47,609
2,883,467
Sun Pharmaceutical Industries, Ltd.
114,095
2,230,340
HDFC Bank, Ltd.
92,429
2,157,798
Cholamandalam Investment and Finance Co.,
Ltd.
82,747
1,572,092
Total India
56,202,230
 
Taiwan: 17.4%
Taiwan Semiconductor Manufacturing Co., Ltd.
845,000
30,901,104
MediaTek, Inc.
87,000
3,727,834
Alchip Technologies, Ltd.
31,000
3,286,991
Delta Electronics, Inc.
224,000
3,169,813
Chroma ATE, Inc.
199,000
3,013,032
ASPEED Technology, Inc.
18,000
2,927,234
Accton Technology Corp.
61,000
1,524,620
Lotes Co., Ltd.
28,000
1,296,500
Total Taiwan
49,847,128
 
 
Shares
Value 
 
South Korea: 13.9%
Samsung Electronics Co., Ltd.
224,085
$9,909,402
SK Hynix, Inc.
30,210
6,509,700
Kakao Corp.
109,779
4,869,606
Coupang, Inc.b
138,629
4,153,325
Hanwha Aerospace Co., Ltd.
6,096
3,825,406
Samsung C&T Corp.
27,929
3,328,663
Hyundai Motor Co.
19,196
2,882,422
Samsung Biologics Co., Ltd.b,c,d
3,795
2,784,838
NAVER Corp.
7,726
1,500,273
Total South Korea
39,763,635
 
Singapore: 7.5%
Sea, Ltd. ADRb
99,193
15,864,928
Grab Holdings, Ltd. Class Ab
1,095,297
5,509,344
Total Singapore
21,374,272
 
Vietnam: 0.7%
FPT Corp.
429,855
1,944,782
Total Vietnam
1,944,782
 
TOTAL COMMON EQUITIES
282,708,429
(Cost $234,339,165)
RIGHTS: 0.0%
South Korea: 0.0%
Hanwha Aerospace Co., Ltd. Rights, Expires
07/07/25b
372
44,905
Total South Korea
44,905
 
TOTAL RIGHTS
44,905
(Cost $0)
 
Total Investments: 98.8%
282,753,334
(Cost $234,339,165)
CASH AND OTHER ASSETS,
LESS LIABILITIES: 1.2%
3,458,042
Net Assets: 100.0%
$286,211,376
 
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, 2025, the aggregate value is $28,780,557, which is 10.06% 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.
11  MATTHEWS ASIA FUNDS

Matthews China FundJune 30, 2025
Schedule of Investmentsa (unaudited)
 
COMMON EQUITIES: 99.4%
 
Shares
Value
Consumer Discretionary: 28.3%
Broadline Retail: 15.6%
Alibaba Group Holding, Ltd.
2,040,500
$28,885,215
JD.com, Inc. Class A
966,763
15,789,476
PDD Holdings, Inc. ADRb
136,057
14,239,726
 
58,914,417
Hotels, Restaurants & Leisure: 6.8%
Meituan Class Bb,c,d
779,880
12,545,182
Galaxy Entertainment Group, Ltd.
1,407,000
6,271,842
Luckin Coffee, Inc. ADRb
91,562
3,412,516
Trip.com Group, Ltd. ADR
56,889
3,335,971
 
25,565,511
Household Durables: 3.7%
Midea Group Co., Ltd. A Shares
559,852
5,649,007
Man Wah Holdings, Ltd.
9,535,600
5,247,818
Hisense Home Appliances Group Co., Ltd. H
Shares
1,186,000
3,239,872
 
14,136,697
Automobiles: 2.2%
BYD Co., Ltd. H Shares
543,000
8,454,528
Total Consumer Discretionary
107,071,153
 
Financials: 26.2%
Banks: 9.2%
China Construction Bank Corp. H Shares
16,761,000
16,961,239
China Merchants Bank Co., Ltd. A Shares
1,392,723
8,944,654
China Merchants Bank Co., Ltd. H Shares
1,269,000
8,901,987
 
34,807,880
Insurance: 9.1%
Ping An Insurance Group Co. of China, Ltd.
H Shares
2,116,000
13,507,103
New China Life Insurance Co., Ltd. H Shares
2,157,200
11,812,307
China Life Insurance Co., Ltd. H Shares
3,725,000
8,988,298
 
34,307,708
Capital Markets: 6.8%
China International Capital Corp., Ltd. H
Sharesc,d
3,850,800
8,730,859
China Merchants Securities Co., Ltd. H
Sharesc,d
3,633,800
6,595,878
East Money Information Co., Ltd. A Shares
1,568,720
5,074,060
Hong Kong Exchanges & Clearing, Ltd.
75,000
4,033,993
Hithink RoyalFlush Information Network Co.,
Ltd. A Shares
32,600
1,244,348
 
25,679,138
Consumer Finance: 1.1%
Qifu Technology, Inc. ADR
94,307
4,089,151
Total Financials
98,883,877
 
Communication Services: 15.3%
Interactive Media & Services: 12.6%
Tencent Holdings, Ltd.
601,300
38,745,134
Kuaishou Technologyb,c,d
719,400
5,839,794
 
 
Shares
Value
Baidu, Inc. Class Ab
269,400
$2,887,142
 
47,472,070
Entertainment: 2.4%
NetEase, Inc.
142,800
3,848,370
Kingsoft Corp., Ltd.
552,400
2,887,143
Tencent Music Entertainment Group ADR
124,519
2,426,875
 
9,162,388
Media: 0.3%
Focus Media Information Technology Co.,
Ltd. A Shares
1,256,887
1,282,437
Total Communication Services
57,916,895
 
Industrials: 8.8%
Electrical Equipment: 3.5%
Contemporary Amperex Technology Co.,
Ltd. A Shares
188,560
6,653,915
Hongfa Technology Co., Ltd. A Shares
1,241,716
3,873,729
Sungrow Power Supply Co., Ltd. A Shares
297,603
2,819,151
 
13,346,795
Ground Transportation: 2.8%
DiDi Global, Inc. ADRb
2,184,620
10,704,638
Machinery: 1.3%
Neway Valve Suzhou Co., Ltd. A Shares
691,697
3,013,208
Yutong Bus Co., Ltd. A Shares
511,300
1,776,310
 
4,789,518
Air Freight & Logistics: 1.2%
JD Logistics, Inc.b,c,d
2,727,700
4,585,736
Total Industrials
33,426,687
 
Information Technology: 6.7%
Semiconductors & Semiconductor Equipment: 2.9%
OmniVision Integrated Circuits Group, Inc. A
Shares
445,200
7,948,819
Cambricon Technologies Corp., Ltd. A
Sharesb
28,038
2,357,865
NAURA Technology Group Co., Ltd. A Shares
11,113
687,058
 
10,993,742
Communications Equipment: 1.8%
Suzhou TFC Optical Communication Co.,
Ltd. A Shares
377,916
4,241,671
BYD Electronic International Co., Ltd.
649,000
2,641,582
 
6,883,253
Electronic Equipment, Instruments & Components: 1.0%
Foxconn Industrial Internet Co., Ltd. A
Shares
1,006,175
3,020,200
Luxshare Precision Industry Co., Ltd. A
Shares
147,106
713,492
 
3,733,692
Technology Hardware, Storage & Peripherals: 1.0%
Lenovo Group, Ltd.
2,982,000
3,602,832
Total Information Technology
25,213,519
matthewsasia.com | 800.789.ASIA  12

 
Matthews China FundJune 30, 2025
Schedule of Investmentsa (unaudited) (continued)
COMMON EQUITIES (continued)
 
Shares
Value
 
Real Estate: 4.0%
Real Estate Management & Development: 4.0%
CIFI Holdings Group Co., Ltd.b
104,961,520
$3,355,394
KE Holdings, Inc. ADR
176,686
3,134,410
China Overseas Property Holdings, Ltd.
3,870,000
2,709,991
Longfor Group Holdings, Ltd.c,d
1,948,000
2,308,331
Yuexiu Property Co., Ltd.
3,079,000
1,691,455
Times China Holdings, Ltd.b
42,755,000
1,052,286
China Overseas Grand Oceans Group, Ltd.
3,122,000
709,821
Total Real Estate
14,961,688
 
Consumer Staples: 3.4%
Beverages: 3.1%
Wuliangye Yibin Co., Ltd. A Shares
495,379
8,232,346
Shanxi Xinghuacun Fen Wine Factory Co.,
Ltd. A Shares
141,822
3,497,349
 
11,729,695
Food Products: 0.3%
Guangdong Haid Group Co., Ltd. A Shares
150,800
1,234,346
Total Consumer Staples
12,964,041
 
Health Care: 2.4%
Biotechnology: 1.4%
Innovent Biologics, Inc.b,c,d
527,000
5,283,005
Pharmaceuticals: 0.5%
China Resources Sanjiu Medical &
Pharmaceutical Co., Ltd. A Shares
457,210
1,998,706
Health Care Providers & Services: 0.5%
Aier Eye Hospital Group Co., Ltd. A Shares
972,806
1,697,002
Total Health Care
8,978,713
 
Materials: 2.2%
Metals & Mining: 1.5%
CMOC Group, Ltd. H Shares
4,581,000
4,675,250
 
 
Shares
Value
MMG, Ltd.b
2,353,600
$1,153,042
 
5,828,292
Chemicals: 0.7%
Wanhua Chemical Group Co., Ltd. A Shares
334,211
2,534,633
Total Materials
8,362,925
 
Energy: 2.1%
Oil, Gas & Consumable Fuels: 1.7%
PetroChina Co., Ltd. H Shares
7,284,000
6,277,184
Energy Equipment & Services: 0.4%
China Oilfield Services, Ltd. H Shares
2,108,000
1,731,786
Total Energy
8,008,970
 
Total Investments: 99.4%
375,788,468
(Cost $377,576,224)
CASH AND OTHER ASSETS,
LESS LIABILITIES: 0.6%
2,405,997
Net Assets: 100.0%
$378,194,465
 
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, 2025, the aggregate value is $45,888,785, which is 12.13% 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.
13  MATTHEWS ASIA FUNDS

Matthews China Small Companies FundJune 30, 2025
Schedule of Investmentsa (unaudited)
 
COMMON EQUITIES: 94.6%
 
Shares
Value
Consumer Discretionary: 22.7%
Hotels, Restaurants & Leisure: 11.2%
Atour Lifestyle Holdings, Ltd. ADR
73,006
$2,373,425
DPC Dash, Ltd.b
165,600
2,169,992
Tongcheng Travel Holdings, Ltd.c
771,200
1,928,724
Chagee Holdings, Ltd. ADRb
18,961
495,072
 
6,967,213
Automobile Components: 5.9%
Zhejiang Shuanghuan Driveline Co., Ltd. A
Shares
369,803
1,728,736
Minth Group, Ltd.
470,000
1,345,215
CALB Group Co., Ltd.b,c,d
290,900
633,685
 
3,707,636
Textiles, Apparel & Luxury Goods: 2.9%
Crystal International Group, Ltd.c,d
1,328,500
791,902
Xtep International Holdings, Ltd.
954,000
685,854
Samsonite Group SAc,d
186,300
347,055
 
1,824,811
Household Durables: 2.7%
Hisense Home Appliances Group Co., Ltd. H
Shares
383,000
1,046,265
Jason Furniture Hangzhou Co., Ltd. A Shares
171,200
610,688
 
1,656,953
Total Consumer Discretionary
14,156,613
 
Industrials: 17.7%
Electrical Equipment: 7.9%
Hongfa Technology Co., Ltd. A Shares
797,520
2,487,989
Shenzhen Megmeet Electrical Co., Ltd. A Shares
209,900
1,472,426
Xuji Electric Co., Ltd. A Shares
325,400
989,603
 
4,950,018
Ground Transportation: 3.2%
Full Truck Alliance Co., Ltd. ADR
168,458
1,989,489
Marine Transportation: 2.3%
SITC International Holdings Co., Ltd.
450,500
1,443,331
Commercial Services & Supplies: 1.7%
China Everbright Environment Group, Ltd.
2,107,000
1,026,306
Machinery: 1.5%
Yangzijiang Shipbuilding Holdings, Ltd.
519,600
906,754
Construction & Engineering: 0.6%
Sinopec Engineering Group Co., Ltd. H Shares
524,000
399,669
Professional Services: 0.5%
Centre Testing International Group Co., Ltd. A
Shares
191,300
312,349
Total Industrials
11,027,916
 
Information Technology: 15.5%
Electronic Equipment, Instruments & Components: 7.9%
Xiamen Faratronic Co., Ltd. A Shares
85,200
1,299,106
Kingboard Laminates Holdings, Ltd.
845,500
1,032,919
 
 
Shares
Value
Wasion Holdings, Ltd.
944,000
$1,005,585
Elite Material Co., Ltd.
31,000
937,399
FIT Hon Teng, Ltd.b,c,d
2,037,000
613,170
 
4,888,179
Software: 3.3%
Kingdee International Software Group Co., Ltd.b
469,000
926,970
ZWSOFT Co., Ltd. Guangzhou A Shares
67,824
610,441
Tuya, Inc. ADR
236,209
545,643
 
2,083,054
Semiconductors & Semiconductor Equipment: 3.3%
ACM Research, Inc. Class Ab
79,245
2,052,445
IT Services: 1.0%
SUNeVision Holdings, Ltd.
645,000
622,519
Total Information Technology
9,646,197
 
Communication Services: 11.5%
Entertainment: 6.3%
NetEase Cloud Music, Inc.b,c,d
105,400
3,249,102
Maoyan Entertainmentc,d
681,600
635,019
 
3,884,121
Interactive Media & Services: 5.2%
Kanzhun, Ltd. ADRb
86,287
1,539,360
Meitu, Inc.c,d
1,176,000
1,357,373
Kuaishou Technologyb,c,d
44,100
357,986
 
3,254,719
Total Communication Services
7,138,840
 
Health Care: 7.9%
Biotechnology: 2.9%
Sichuan Kelun-Biotech Biopharmaceutical Co.,
Ltd.b
27,700
1,154,586
Legend Biotech Corp. ADRb
18,449
654,755
 
1,809,341
Health Care Equipment & Supplies: 2.2%
AK Medical Holdings, Ltd.c,d
780,000
596,729
Microport Scientific Corp.b
353,800
396,247
Shanghai Conant Optical Co., Ltd. H Shares
75,000
357,454
 
1,350,430
Pharmaceuticals: 2.0%
HUTCHMED China, Ltd.b
416,500
1,252,445
Health Care Technology: 0.8%
Medlive Technology Co., Ltd.c,d
267,500
501,263
Total Health Care
4,913,479
 
Real Estate: 6.6%
Real Estate Management & Development: 6.6%
China Overseas Property Holdings, Ltd.
1,795,000
1,256,960
Yuexiu Property Co., Ltd.
2,026,000
1,112,987
Greentown China Holdings, Ltd.
792,500
959,296
Midea Real Estate Holding, Ltd.c,d
1,535,800
775,006
Total Real Estate
4,104,249
matthewsasia.com | 800.789.ASIA  14

 
Matthews China Small Companies FundJune 30, 2025
Schedule of Investmentsa (unaudited) (continued)
COMMON EQUITIES (continued)
 
Shares
Value
 
Materials: 4.2%
Chemicals: 3.4%
Sunresin New Materials Co., Ltd. A Shares
189,800
$1,333,800
Dongyue Group, Ltd.
379,000
506,521
Anhui Jinhe Industrial Co., Ltd. A Shares
89,100
293,460
 
2,133,781
Metals & Mining: 0.8%
MMG, Ltd.b
983,200
481,675
Total Materials
2,615,456
 
Consumer Staples: 3.8%
Personal Care Products: 1.6%
Giant Biogene Holding Co., Ltd.c,d
79,000
582,971
Eternal Beauty Holdings, Ltd.b
1,688,000
438,668
 
1,021,639
Beverages: 1.3%
Beijing Yanjing Brewery Co., Ltd. A Shares
428,100
773,588
Consumer Staples Distribution & Retail: 0.9%
Yifeng Pharmacy Chain Co., Ltd. A Shares
159,600
546,024
Total Consumer Staples
2,341,251
 
Energy: 3.2%
Energy Equipment & Services: 3.2%
Yantai Jereh Oilfield Services Group Co., Ltd. A
Shares
406,600
1,988,760
Total Energy
1,988,760
 
 
Shares
Value
 
Utilities: 1.5%
Gas Utilities: 1.5%
ENN Natural Gas Co., Ltd. A Shares
364,842
$963,313
Total Utilities
963,313
 
Total Investments: 94.6%
58,896,074
(Cost $52,829,777)
CASH AND OTHER ASSETS,
LESS LIABILITIES: 5.4%
3,385,785
Net Assets: 100.0%
$62,281,859
 
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
The securities may be resold to qualified foreign investors and foreign institutional
buyers under Regulation S of the Securities Act of 1933.
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, 2025, the aggregate value is $10,441,261, which is 16.76% of net assets.
ADR
American Depositary Receipt
See accompanying notes to financial statements.
15  MATTHEWS ASIA FUNDS

Matthews India FundJune 30, 2025
Schedule of Investmentsa (unaudited)
 
COMMON EQUITIES: 102.0%
 
Shares
Value
Financials: 37.8%
Banks: 20.8%
HDFC Bank, Ltd.
2,846,532
$66,453,606
ICICI Bank, Ltd.
2,937,304
49,639,683
Kotak Mahindra Bank, Ltd.
628,695
15,861,382
Axis Bank, Ltd.
1,082,348
15,137,784
State Bank of India
820,965
7,853,127
Federal Bank, Ltd.
2,628,597
6,534,113
IndusInd Bank, Ltd.
211,246
2,148,376
 
163,628,071
Consumer Finance: 11.9%
Shriram Finance, Ltd.
4,544,311
37,472,881
Bajaj Finance, Ltd.
2,979,630
32,541,596
Cholamandalam Investment and Finance Co.,
Ltd.
1,260,666
23,951,112
 
93,965,589
Insurance: 3.5%
Max Financial Services, Ltd.b
702,566
13,488,455
ICICI Lombard General Insurance Co., Ltd.c,d
372,328
8,858,216
PB Fintech, Ltd.b
234,868
4,992,502
 
27,339,173
Capital Markets: 1.5%
360 ONE WAM, Ltd.
568,265
7,917,596
Nippon Life India Asset Management, Ltd.c,d
432,810
4,039,446
 
11,957,042
Financial Services: 0.1%
HDB Financial Services, Ltd.b
135,140
1,166,087
Total Financials
298,055,962
 
Consumer Discretionary: 19.8%
Hotels, Restaurants & Leisure: 10.3%
Eternal, Ltd.b
13,566,171
41,781,079
Swiggy, Ltd.b
7,134,830
33,312,869
Le Travenues Technology, Ltd.b,d
3,134,620
6,431,104
 
81,525,052
Automobiles: 7.0%
Mahindra & Mahindra, Ltd.
672,974
24,978,935
TVS Motor Co., Ltd.
361,438
12,299,046
Maruti Suzuki India, Ltd.
57,620
8,334,825
Eicher Motors, Ltd.
89,862
5,928,562
Hyundai Motor India, Ltd.b
125,208
3,240,721
 
54,782,089
Household Durables: 1.0%
Crompton Greaves Consumer Electricals, Ltd.
1,957,648
8,109,392
Textiles, Apparel & Luxury Goods: 1.0%
Titan Co., Ltd.
178,418
7,678,751
Specialty Retail: 0.5%
Cartrade Tech, Ltd.b
200,944
3,985,895
Total Consumer Discretionary
156,081,179
 
 
Shares
Value
 
Consumer Staples: 9.8%
Personal Care Products: 4.2%
Hindustan Unilever, Ltd.
610,232
$16,332,639
Colgate-Palmolive India, Ltd.
234,056
6,571,151
Honasa Consumer, Ltd.b
1,746,005
6,321,699
Godrej Consumer Products, Ltd.
303,932
4,176,788
 
33,402,277
Food Products: 4.0%
Marico, Ltd.
2,201,689
18,547,275
Tata Consumer Products, Ltd.
572,831
7,342,319
Britannia Industries, Ltd.
77,519
5,288,891
 
31,178,485
Tobacco: 1.1%
ITC, Ltd.
1,827,212
8,873,778
Beverages: 0.5%
Varun Beverages, Ltd.
702,680
3,749,537
Total Consumer Staples
77,204,077
 
Information Technology: 8.7%
IT Services: 7.5%
Infosys, Ltd.
1,533,831
28,656,069
Tata Consultancy Services, Ltd.
315,141
12,725,546
HCL Technologies, Ltd.
296,777
5,983,611
Coforge, Ltd.
260,229
5,840,568
Persistent Systems, Ltd.
81,121
5,717,790
 
58,923,584
Electronic Equipment, Instruments & Components: 1.0%
Avalon Technologies, Ltd.b,c,d
640,606
6,308,307
PG Electroplast, Ltd.
170,030
1,498,492
 
7,806,799
Software: 0.2%
Zaggle Prepaid Ocean Services, Ltd.b
377,071
1,817,609
Total Information Technology
68,547,992
 
Industrials: 8.4%
Electrical Equipment: 2.1%
Bharat Heavy Electricals, Ltd.
1,828,138
5,679,276
ABB India, Ltd.
55,361
3,926,933
TD Power Systems, Ltd.
645,538
3,761,487
Elecon Engineering Co., Ltd.
409,634
3,128,536
 
16,496,232
Machinery: 1.6%
Cummins India, Ltd.
143,491
5,690,938
Ashok Leyland, Ltd.
1,241,489
3,634,093
Thermax, Ltd.
83,458
3,328,328
 
12,653,359
Passenger Airlines: 1.5%
InterGlobe Aviation, Ltd.b,c,d
174,749
12,187,706
Professional Services: 0.9%
Latent View Analytics, Ltd.b
1,465,120
7,031,036
matthewsasia.com | 800.789.ASIA  16

 
Matthews India FundJune 30, 2025
Schedule of Investmentsa (unaudited) (continued)
COMMON EQUITIES (continued)
 
Shares
Value
Air Freight & Logistics: 0.6%
Delhivery, Ltd.b
1,138,788
$5,085,629
Transportation Infrastructure: 0.6%
Gujarat Pipavav Port, Ltd.
2,486,984
4,686,242
Construction & Engineering: 0.6%
Techno Electric & Engineering Co., Ltd.
179,157
3,344,408
Praj Industries, Ltd.
173,055
1,027,299
 
4,371,707
Ground Transportation: 0.5%
Container Corp. of India, Ltd.
418,219
3,705,426
Total Industrials
66,217,337
 
Health Care: 6.3%
Pharmaceuticals: 4.2%
Neuland Laboratories, Ltd.
133,382
18,658,942
Sun Pharmaceutical Industries, Ltd.
295,653
5,779,454
Zydus Lifesciences, Ltd.
411,978
4,758,536
Lupin, Ltd.
119,499
2,702,485
Dr. Reddy’s Laboratories, Ltd.
52,194
781,937
 
32,681,354
Health Care Providers & Services: 1.1%
Metropolis Healthcare, Ltd.b,c,d
344,104
6,850,614
Yatharth Hospital & Trauma Care Services,
Ltd.b,d
226,789
1,416,036
 
8,266,650
Life Sciences Tools & Services: 0.5%
Divi’s Laboratories, Ltd.
52,759
4,191,637
Health Care Equipment & Supplies: 0.5%
Poly Medicure, Ltd.
157,973
4,096,815
Total Health Care
49,236,456
 
Energy: 4.7%
Oil, Gas & Consumable Fuels: 4.7%
Reliance Industries, Ltd.
2,130,431
37,289,402
Total Energy
37,289,402
 
 
Shares
Value
 
Communication Services: 4.2%
Wireless Telecommunication Services: 4.2%
Bharti Airtel, Ltd.
1,411,904
$33,100,776
Total Communication Services
33,100,776
 
Materials: 1.6%
Construction Materials: 1.6%
UltraTech Cement, Ltd.
90,144
12,714,828
Total Materials
12,714,828
 
Real Estate: 0.7%
Real Estate Management & Development: 0.7%
Godrej Properties, Ltd.b
198,390
5,424,719
Total Real Estate
5,424,719
 
Total Investments: 102.0%
803,872,728
(Cost $655,172,600)
LIABILITIES IN EXCESS OF CASH
AND OTHER ASSETS: (2.0%)
(15,725,212
)
Net Assets: 100.0%
$788,147,516
 
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,
2025, the aggregate value is $38,244,289, which is 4.85% 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.
See accompanying notes to financial statements.
17  MATTHEWS ASIA FUNDS

Matthews Japan FundJune 30, 2025
Schedule of Investmentsa (unaudited)
 
COMMON EQUITIES: 98.2%
 
Shares
Value
Industrials: 24.1%
Industrial Conglomerates: 7.4%
Hitachi, Ltd.
1,019,700
$29,636,922
Hikari Tsushin, Inc.
45,700
13,493,675
Sekisui Chemical Co., Ltd.
391,100
7,083,088
 
50,213,685
Trading Companies & Distributors: 5.6%
ITOCHU Corp.
378,700
19,830,633
Marubeni Corp.
896,700
18,075,900
 
37,906,533
Construction & Engineering: 2.9%
Kajima Corp.
438,500
11,436,832
Kinden Corp.
296,100
8,698,969
 
20,135,801
Professional Services: 2.6%
Recruit Holdings Co., Ltd.
301,200
17,712,560
Electrical Equipment: 2.4%
Mitsubishi Electric Corp.
398,100
8,562,723
Nidec Corp.
419,100
8,144,412
 
16,707,135
Machinery: 1.8%
Mitsubishi Heavy Industries, Ltd.
284,100
7,109,429
Toyota Industries Corp.
47,500
5,360,979
 
12,470,408
Commercial Services & Supplies: 1.4%
TOPPAN Holdings, Inc.
343,000
9,318,290
Total Industrials
164,464,412
 
Consumer Discretionary: 17.8%
Household Durables: 5.8%
Sony Group Corp.
1,509,500
39,247,492
Specialty Retail: 3.4%
Fast Retailing Co., Ltd.
46,300
15,874,609
Sanrio Co., Ltd.
155,600
7,524,136
 
23,398,745
Broadline Retail: 3.1%
Ryohin Keikaku Co., Ltd.
284,300
13,634,673
Isetan Mitsukoshi Holdings, Ltd.
515,900
7,855,296
 
21,489,969
Textiles, Apparel & Luxury Goods: 2.5%
Asics Corp.
667,500
17,021,505
Automobile Components: 1.6%
Sumitomo Electric Industries, Ltd.
499,300
10,706,695
Automobiles: 1.4%
Toyota Motor Corp.
548,600
9,448,533
Total Consumer Discretionary
121,312,939
 
 
Shares
Value
 
Information Technology: 16.3%
IT Services: 6.1%
NEC Corp.
760,900
$22,199,298
Fujitsu, Ltd.
516,400
12,527,545
SCSK Corp.
225,300
6,787,768
 
41,514,611
Semiconductors & Semiconductor Equipment: 5.8%
Tokyo Electron, Ltd.
145,800
27,922,080
Renesas Electronics Corp.
938,000
11,604,403
 
39,526,483
Electronic Equipment, Instruments & Components: 3.8%
Keyence Corp.
33,900
13,554,179
Japan Aviation Electronics Industry, Ltd.
376,300
6,688,734
Anritsu Corp.
417,300
5,394,917
 
25,637,830
Software: 0.6%
Digital Arts, Inc.
84,000
4,414,661
Total Information Technology
111,093,585
 
Financials: 14.7%
Insurance: 6.3%
Tokio Marine Holdings, Inc.
736,000
31,192,457
T&D Holdings, Inc.
519,800
11,409,667
 
42,602,124
Banks: 5.6%
Mitsubishi UFJ Financial Group, Inc.
2,237,800
30,509,253
Rakuten Bank, Ltd.b
169,600
7,774,959
 
38,284,212
Financial Services: 2.3%
ORIX Corp.
693,600
15,652,247
Consumer Finance: 0.5%
Credit Saison Co., Ltd.
133,200
3,593,758
Total Financials
100,132,341
 
Consumer Staples: 7.9%
Food Products: 3.1%
Ajinomoto Co., Inc.
782,200
21,215,743
Beverages: 1.9%
Asahi Group Holdings, Ltd.
986,100
13,181,336
Personal Care Products: 1.8%
Kao Corp.
273,800
12,267,775
Consumer Staples Distribution & Retail: 1.1%
Seven & i Holdings Co., Ltd.
450,500
7,250,946
Total Consumer Staples
53,915,800
 
Health Care: 5.3%
Pharmaceuticals: 3.2%
Daiichi Sankyo Co., Ltd.
517,200
11,982,545
Sawai Group Holdings Co., Ltd.
773,400
9,837,660
 
21,820,205
matthewsasia.com | 800.789.ASIA  18

 
Matthews Japan FundJune 30, 2025
Schedule of Investmentsa (unaudited) (continued)
COMMON EQUITIES (continued)
 
Shares
Value
Health Care Equipment & Supplies: 2.1%
Terumo Corp.
775,500
$14,231,883
Total Health Care
36,052,088
 
Materials: 5.0%
Chemicals: 5.0%
Shin-Etsu Chemical Co., Ltd.
640,000
21,134,068
Nippon Paint Holdings Co., Ltd.
1,619,300
13,022,840
Total Materials
34,156,908
 
Communication Services: 4.2%
Entertainment: 3.7%
Capcom Co., Ltd.
385,900
13,179,062
Nintendo Co., Ltd.
123,300
11,840,479
 
25,019,541
Diversified Telecommunication Services: 0.5%
Internet Initiative Japan, Inc.
190,700
3,765,136
Total Communication Services
28,784,677
 
 
Shares
Value
 
Real Estate: 2.9%
Real Estate Management & Development: 2.9%
Mitsui Fudosan Co., Ltd.
2,052,400
$19,869,451
Total Real Estate
19,869,451
 
Total Investments: 98.2%
669,782,201
(Cost $526,925,841)
CASH AND OTHER ASSETS,
LESS LIABILITIES: 1.8%
12,539,340
Net Assets: 100.0%
$682,321,541
 
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.
19  MATTHEWS ASIA FUNDS

Matthews Asia Dividend FundJune 30, 2025
Schedule of Investmentsa (unaudited)
 
COMMON EQUITIES: 97.9%
 
Shares
Value 
China/Hong Kong: 29.4%
Tencent Holdings, Ltd.
454,300
$29,273,099
AIA Group, Ltd.
1,264,600
11,455,308
Midea Group Co., Ltd. A Shares
913,641
9,209,474
Alibaba Group Holding, Ltd.
640,300
9,064,055
Yuexiu Transport Infrastructure, Ltd.
18,020,000
8,499,207
Wuliangye Yibin Co., Ltd. A Shares
489,700
8,137,971
Yum China Holdings, Inc.
168,320
7,525,587
Hong Kong Exchanges & Clearing, Ltd.
124,300
6,685,671
China Construction Bank Corp. H Shares
6,498,000
6,575,630
HKT Trust & HKT, Ltd.
4,283,000
6,403,393
Industrial & Commercial Bank of China, Ltd. H
Shares
7,743,000
6,148,374
BYD Co., Ltd. H Shares
381,000
5,932,183
Hongkong Land Holdings, Ltd.
1,017,700
5,872,129
Ping An Insurance Group Co. of China, Ltd. H
Shares
911,000
5,815,204
PetroChina Co., Ltd. H Shares
6,570,000
5,661,875
NARI Technology Co., Ltd. A Shares
1,806,568
5,658,848
Swire Pacific, Ltd. Class A
650,000
5,571,870
China Merchants Bank Co., Ltd. H Shares
791,000
5,548,835
Link REIT
1,018,600
5,456,124
JD.com, Inc. Class A
330,033
5,390,202
China Overseas Property Holdings, Ltd.
7,150,000
5,006,831
Total China/Hong Kong
164,891,870
 
Japan: 27.4%
NEC Corp.
434,600
12,679,478
ITOCHU Corp.
215,100
11,263,716
Hikari Tsushin, Inc.
36,800
10,865,804
Ajinomoto Co., Inc.
375,500
10,184,750
Marubeni Corp.
497,000
10,018,649
Tokio Marine Holdings, Inc.
234,500
9,938,357
Sony Group Corp.
379,600
9,869,724
Shin-Etsu Chemical Co., Ltd.
293,100
9,678,743
Mitsubishi UFJ Financial Group, Inc.
660,700
9,007,714
ORIX Corp.
397,700
8,974,768
Asahi Group Holdings, Ltd.
625,600
8,362,482
Mitsui Fudosan Co., Ltd.
820,600
7,944,295
Kajima Corp.
265,900
6,935,128
Tokyo Electron, Ltd.
35,000
6,702,831
Nidec Corp.
305,400
5,934,869
Terumo Corp.
304,200
5,582,642
Toyota Motor Corp.
300,700
5,178,954
Sawai Group Holdings Co., Ltd.
332,400
4,228,133
Total Japan
153,351,037
 
Taiwan: 11.6%
Taiwan Semiconductor Manufacturing Co.,
Ltd.
1,426,469
52,165,050
CTBC Financial Holding Co., Ltd.
4,612,000
6,902,464
Delta Electronics, Inc.
248,000
3,509,436
E Ink Holdings, Inc.
318,000
2,406,891
Total Taiwan
64,983,841
 
South Korea: 11.6%
Hana Financial Group, Inc.
281,426
17,926,279
 
 
Shares
Value 
Samsung Electronics Co., Ltd.
304,147
$13,449,873
Korea Investment Holdings Co., Ltd.
79,034
8,155,791
LEENO Industrial, Inc.
183,948
6,916,638
KT&G Corp.
65,174
6,151,547
SK Telecom Co., Ltd.
144,792
6,091,913
Macquarie Korea Infrastructure Fund
714,182
6,071,573
Total South Korea
64,763,614
 
India: 6.4%
HDFC Bank, Ltd.
435,341
10,163,237
Power Grid Corp. of India, Ltd.
2,408,629
8,418,518
Bharti Airtel, Ltd.
297,394
6,972,126
Tata Consultancy Services, Ltd.
136,569
5,514,722
Hindustan Unilever, Ltd.
177,692
4,755,862
Total India
35,824,465
 
Australia: 6.4%
Commonwealth Bank of Australia
90,067
10,961,899
Telstra Group, Ltd.
3,246,022
10,350,338
ANZ Group Holdings, Ltd.
455,973
8,744,097
CSL, Ltd.
34,678
5,477,759
Total Australia
35,534,093
 
Singapore: 3.2%
Singapore Telecommunications, Ltd.
2,211,700
6,667,808
DBS Group Holdings, Ltd.
162,800
5,747,179
United Overseas Bank, Ltd.
200,400
5,672,065
Total Singapore
18,087,052
 
Indonesia: 1.0%
PT Bank Rakyat Indonesia Persero Tbk
24,395,584
5,624,655
Total Indonesia
5,624,655
 
Thailand: 0.9%
Bangkok Dusit Medical Services Public Co.,
Ltd. F Shares
8,030,800
5,139,272
Total Thailand
5,139,272
 
Total Investments: 97.9%
548,199,899
(Cost $471,253,574)
CASH AND OTHER ASSETS,
LESS LIABILITIES: 2.1%
11,945,015
Net Assets: 100.0%
$560,144,914
 
a
Certain securities were fair valued under the valuation policies approved by the
Board of Trustees (Note 2-A).
REIT
Real Estate Investment Trust
See accompanying notes to financial statements.
matthewsasia.com | 800.789.ASIA  20

Matthews China Dividend FundJune 30, 2025
Schedule of Investmentsa (unaudited)
 
COMMON EQUITIES: 94.8%
 
Shares
Value
Consumer Discretionary: 19.9%
Broadline Retail: 10.3%
Alibaba Group Holding, Ltd.
544,500
$7,707,914
PDD Holdings, Inc. ADRb
15,403
1,612,078
 
9,319,992
Household Durables: 4.8%
Haier Smart Home Co., Ltd. D Shares
923,761
1,986,664
Oppein Home Group, Inc. A Shares
196,400
1,549,540
Beijing Roborock Technology Co., Ltd. A Shares
35,872
785,216
 
4,321,420
Hotels, Restaurants & Leisure: 2.5%
Yum China Holdings, Inc.
29,031
1,297,976
Trip.com Group, Ltd.
15,800
925,320
 
2,223,296
Automobile Components: 1.3%
Minth Group, Ltd.
422,000
1,207,831
Textiles, Apparel & Luxury Goods: 1.0%
Bosideng International Holdings, Ltd.
1,600,000
948,270
Total Consumer Discretionary
18,020,809
 
Financials: 17.8%
Banks: 11.6%
China Merchants Bank Co., Ltd. H Shares
559,500
3,924,872
China Construction Bank Corp. H Shares
3,767,000
3,812,003
Industrial & Commercial Bank of China, Ltd. H
Shares
3,500,000
2,779,195
 
10,516,070
Insurance: 5.0%
Ping An Insurance Group Co. of China, Ltd. H
Shares
699,500
4,465,132
Capital Markets: 1.2%
GF Securities Co., Ltd. H Shares
636,600
1,072,364
Total Financials
16,053,566
 
Communication Services: 16.0%
Interactive Media & Services: 16.0%
Tencent Holdings, Ltd.
160,500
10,341,916
Kuaishou Technologyb,c,d
220,400
1,789,117
Meitu, Inc.c,d
1,104,000
1,274,268
Kanzhun, Ltd. ADRb
59,127
1,054,826
Total Communication Services
14,460,127
 
Industrials: 14.0%
Transportation Infrastructure: 3.5%
Anhui Expressway Co., Ltd. H Shares
1,990,000
3,194,160
Commercial Services & Supplies: 2.9%
China Everbright Environment Group, Ltd.
5,302,000
2,582,569
Machinery: 2.2%
Techtronic Industries Co., Ltd.
89,500
987,541
Jiangsu Hengli Hydraulic Co., Ltd. A Shares
95,700
963,502
 
1,951,043
 
 
Shares
Value
Electrical Equipment: 2.1%
Contemporary Amperex Technology Co., Ltd. A
Shares
53,640
$1,892,851
Trading Companies & Distributors: 2.0%
BOC Aviation, Ltd.c,d
223,300
1,851,485
Ground Transportation: 1.3%
Full Truck Alliance Co., Ltd. ADR
97,727
1,154,156
Total Industrials
12,626,264
 
Consumer Staples: 7.5%
Food Products: 4.1%
WH Group, Ltd.c,d
2,013,500
1,940,595
Inner Mongolia Yili Industrial Group Co., Ltd. A
Shares
441,100
1,719,084
 
3,659,679
Beverages: 2.5%
Beijing Yanjing Brewery Co., Ltd. A Shares
1,240,400
2,241,436
Personal Care Products: 0.9%
Mao Geping Cosmetics Co., Ltd.
60,500
837,347
Total Consumer Staples
6,738,462
 
Energy: 5.9%
Oil, Gas & Consumable Fuels: 5.9%
China Suntien Green Energy Corp., Ltd. H Shares
4,995,000
2,809,704
PetroChina Co., Ltd. H Shares
2,894,000
2,493,983
Total Energy
5,303,687
 
Health Care: 5.6%
Health Care Equipment & Supplies: 3.2%
AK Medical Holdings, Ltd.c,d
2,526,000
1,932,486
Shanghai Conant Optical Co., Ltd. H Shares
204,500
974,657
 
2,907,143
Pharmaceuticals: 2.4%
CSPC Pharmaceutical Group, Ltd.
2,194,000
2,158,153
Total Health Care
5,065,296
 
Information Technology: 4.6%
Electronic Equipment, Instruments & Components: 1.4%
Wasion Holdings, Ltd.
1,192,000
1,269,764
IT Services: 1.2%
SUNeVision Holdings, Ltd.
1,094,000
1,055,869
Software: 1.0%
Shanghai Baosight Software Co., Ltd. B Shares
695,629
942,867
Semiconductors & Semiconductor Equipment: 1.0%
MediaTek, Inc.
21,000
899,822
Total Information Technology
4,168,322
 
Materials: 2.2%
Construction Materials: 2.2%
China Jushi Co., Ltd. A Shares
1,273,907
2,028,425
Total Materials
2,028,425
21  MATTHEWS ASIA FUNDS

 
Matthews China Dividend FundJune 30, 2025
Schedule of Investmentsa (unaudited) (continued)
COMMON EQUITIES (continued)
 
Shares
Value
 
Real Estate: 1.3%
Real Estate Management & Development: 1.3%
Greentown China Holdings, Ltd.
967,500
$1,171,128
Total Real Estate
1,171,128
 
Total Investments: 94.8%
85,636,086
(Cost $73,142,495)
CASH AND OTHER ASSETS,
LESS LIABILITIES: 5.2%
4,735,511
Net Assets: 100.0%
$90,371,597
 
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, 2025, the aggregate value is $8,787,951, which is 9.72% 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  22

 
Statements of Assets and Liabilities (unaudited)June 30, 2025
 
 
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
$234,071,530
$211,069,015
$517,493,932
Cash
10,605,539
976,511
—
Segregated foreign currency at value (B)
448
13,433
3,666
Foreign currency at value (B)
8,621,438
242,402
134,012
Dividends and interest receivable
656,137
223,150
851,747
Receivable for securities sold
—
481,936
4,658,039
Receivable for capital shares sold
558
54,835
483,547
Other receivable
29,937
37,281
132,296
Prepaid expenses
26,124
24,066
46,140
TOTAL ASSETS
254,011,711
213,122,629
523,803,379
LIABILITIES:
Cash overdraft
—
—
1,487,119
Payable for securities purchased
51
632,181
1,436,611
Payable for capital shares redeemed
563,892
54,266
329,561
Deferred foreign capital gains tax liability (Note 2-E)
1,488,119
2,219,418
7,084,547
Due to Advisor (Note 4)
115,360
98,522
284,655
Administration and accounting fees payable (Note 4)
4,741
3,817
9,470
Administration and shareholder servicing fees payable (Note 4)
43,170
35,100
87,314
Custodian fees payable
149
13,107
65,352
Foreign capital gains tax payable (Note 2-E)
—
5,056
14,925
Intermediary service fees payable (Note 4)
31,182
36,018
183,694
Professional fees payable
28,107
19,010
27,895
Printing fees payables
—
14,277
23,464
Transfer agent fees payable
—
714
6,532
Accrued other expenses payable
148,175
34,977
72,756
TOTAL LIABILITIES
2,422,946
3,166,463
11,113,895
NET ASSETS
$251,588,765
$209,956,166
$512,689,484
NET ASSETS:
Investor Class
$186,878,065
$23,230,889
$172,560,104
Institutional Class
64,710,700
186,725,277
340,129,380
TOTAL
$251,588,765
$209,956,166
$512,689,484
 
See accompanying notes to financial statements.
23  MATTHEWS ASIA FUNDS

 
Statements of Assets and Liabilities (unaudited) (continued)June 30, 2025
 
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
12,592,564
1,744,265
6,665,304
Institutional Class
4,364,510
13,997,056
13,143,008
TOTAL
16,957,074
15,741,321
19,808,312
NET ASSET VALUE:
Investor Class, offering price and redemption price
$14.84
$13.32
$25.89
Institutional Class, offering price and redemption price
$14.83
$13.34
$25.88
NET ASSETS CONSISTS OF:
Capital paid-in
$237,183,874
$208,330,992
$561,000,353
Total distributable earnings/(accumulated loss)
14,404,891
1,625,174
(48,310,869
)
NET ASSETS
$251,588,765
$209,956,166
$512,689,484
(A) Investments at cost:
Unaffiliated Issuers
$191,193,417
$184,172,421
$441,044,658
(B) Foreign Currency at Cost
$8,626,777
$241,108
$134,007
 
See accompanying notes to financial statements.
matthewsasia.com | 800.789.ASIA  24

 
Statements of Assets and Liabilities (unaudited) (continued)June 30, 2025
 
Matthews Asia
Growth Fund
Matthews Pacific
Tiger Fund
Matthews Asia
Innovators Fund
ASSETS:
Investments at value (A) (Note 2-A):
Unaffiliated issuers
$208,840,818
$697,036,070
$282,753,334
Cash
1,529,021
4,539,440
9,498,441
Segregated foreign currency at value (B)
—
21,612
1,550
Foreign currency at value (B)
731,969
7,224,809
3,021,665
Dividends and interest receivable
462,350
1,882,021
508,323
Receivable for securities sold
197,320
—
1,021,645
Receivable for capital shares sold
2,871
136,689
1,392,089
Other receivable
8,289
1,149,534
—
Prepaid expenses
—
26,613
42,863
TOTAL ASSETS
211,772,638
712,016,788
298,239,910
LIABILITIES:
Payable for securities purchased
796,334
—
9,662,224
Payable for capital shares redeemed
298,667
2,306,054
126,041
Deferred foreign capital gains tax liability (Note 2-E)
1,071,399
767,948
1,800,695
Due to Advisor (Note 4)
121,615
350,778
155,024
Administration and accounting fees payable (Note 4)
4,071
13,631
5,022
Administration and shareholder servicing fees payable (Note 4)
35,316
116,162
45,168
Custodian fees payable
9,661
59,374
21,994
Intermediary service fees payable (Note 4)
62,019
230,286
55,129
Professional fees payable
41,347
222,293
38,620
Printing fees payables
128,532
678,235
68,990
Transfer agent fees payable
3,503
9,434
3,773
Accrued other expenses payable
53,846
165,785
45,854
TOTAL LIABILITIES
2,626,310
4,919,980
12,028,534
NET ASSETS
$209,146,328
$707,096,808
$286,211,376
NET ASSETS:
Investor Class
$113,791,113
$428,936,661
$171,780,654
Institutional Class
95,355,215
278,160,147
114,430,722
TOTAL
$209,146,328
$707,096,808
$286,211,376
 
See accompanying notes to financial statements.
25  MATTHEWS ASIA FUNDS

 
Statements of Assets and Liabilities (unaudited) (continued)June 30, 2025
 
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
4,691,364
21,968,922
11,754,445
Institutional Class
3,877,960
14,243,692
7,698,307
TOTAL
8,569,324
36,212,614
19,452,752
NET ASSET VALUE:
Investor Class, offering price and redemption price
$24.26
$19.52
$14.61
Institutional Class, offering price and redemption price
$24.59
$19.53
$14.86
NET ASSETS CONSISTS OF:
Capital paid-in
$336,179,656
$654,571,864
$590,180,091
Total distributable earnings/(accumulated loss)
(127,033,328
)
52,524,944
(303,968,715
)
NET ASSETS
$209,146,328
$707,096,808
$286,211,376
(A) Investments at cost:
Unaffiliated Issuers
$180,297,455
$606,438,014
$234,339,165
(B) Foreign Currency at Cost
$728,207
$7,224,171
$3,021,517
 
See accompanying notes to financial statements.
matthewsasia.com | 800.789.ASIA  26

 
Statements of Assets and Liabilities (unaudited) (continued)June 30, 2025
 
Matthews
China Fund
Matthews China
Small Companies
Fund
Matthews
India Fund
ASSETS:
Investments at value (A) (Note 2-A):
Unaffiliated issuers
$375,788,468
$58,896,074
$803,872,728
Cash
1,449,250
2,700,506
5,803,753
Segregated foreign currency at value (B)
28,309
3,103
—
Foreign currency at value (B)
509,071
29,962
21,681,455
Dividends and interest receivable
1,284,509
346,344
959,570
Receivable for securities sold
—
125,654
2,383,858
Receivable for capital shares sold
62,357
314,385
233,536
Other receivable
—
—
12,942
Prepaid expenses
15,208
8,574
—
TOTAL ASSETS
379,137,172
62,424,602
834,947,842
LIABILITIES:
Payable for securities purchased
—
—
4,308,687
Payable for capital shares redeemed
236,560
27,568
585,159
Deferred foreign capital gains tax liability (Note 2-E)
—
—
40,748,246
Due to Advisor (Note 4)
220,113
30,369
468,273
Administration and accounting fees payable (Note 4)
7,329
1,218
15,109
Administration and shareholder servicing fees payable (Note 4)
64,517
10,588
134,152
Custodian fees payable
9,353
(23,848
)
81,805
Intermediary service fees payable (Note 4)
66,910
15,479
253,101
Professional fees payable
28,991
16,698
44,781
Printing fees payables
107,434
42,985
71,188
Transfer agent fees payable
7,454
1,226
8,420
Accrued other expenses payable
194,046
20,460
81,405
TOTAL LIABILITIES
942,707
142,743
46,800,326
NET ASSETS
$378,194,465
$62,281,859
$788,147,516
NET ASSETS:
Investor Class
$295,524,629
$47,009,916
$618,801,457
Institutional Class
82,669,836
15,271,943
169,346,059
TOTAL
$378,194,465
$62,281,859
$788,147,516
 
See accompanying notes to financial statements.
27  MATTHEWS ASIA FUNDS

 
Statements of Assets and Liabilities (unaudited) (continued)June 30, 2025
 
Matthews
China Fund
Matthews China
Small Companies
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
19,744,588
4,699,340
24,095,471
Institutional Class
5,526,628
1,527,734
6,431,398
TOTAL
25,271,216
6,227,074
30,526,869
NET ASSET VALUE:
Investor Class, offering price and redemption price
$14.97
$10.00
$25.68
Institutional Class, offering price and redemption price
$14.96
$10.00
$26.33
NET ASSETS CONSISTS OF:
Capital paid-in
$792,230,760
$215,555,262
$670,251,840
Total distributable earnings/(accumulated loss)
(414,036,295
)
(153,273,403
)
117,895,676
NET ASSETS
$378,194,465
$62,281,859
$788,147,516
(A) Investments at cost:
Unaffiliated Issuers
$377,576,224
$52,829,777
$655,172,600
(B) Foreign Currency at Cost
$509,059
$29,928
$21,698,810
 
See accompanying notes to financial statements.
matthewsasia.com | 800.789.ASIA  28

 
Statements of Assets and Liabilities (unaudited) (continued)June 30, 2025
 
Matthews
Japan Fund
Matthews Asia
Dividend Fund
Matthews China
Dividend Fund
ASSETS:
Investments at value (A) (Note 2-A):
Unaffiliated issuers
$669,782,201
$548,199,899
$85,636,086
Cash
6,800,123
14,792,698
4,350,886
Segregated foreign currency at value (B)
—
5,781
1,300
Foreign currency at value (B)
1,740,469
1,591,624
211,851
Dividends and interest receivable
885,511
1,535,543
534,489
Receivable for securities sold
7,193,796
—
90,208
Receivable for capital shares sold
86,433
26,225
28,890
Other receivable
—
757,340
—
Prepaid expenses
28,168
9,758
25,696
TOTAL ASSETS
686,516,701
566,918,868
90,879,406
LIABILITIES:
Payable for securities purchased
2,600,022
2,786,661
—
Payable for capital shares redeemed
712,451
799,666
352,682
Deferred foreign capital gains tax liability (Note 2-E)
—
1,855,252
—
Due to Advisor (Note 4)
393,659
307,579
53,085
Administration and accounting fees payable (Note 4)
12,716
10,929
1,773
Administration and shareholder servicing fees payable (Note 4)
116,263
93,248
15,664
Custodian fees payable
10,021
22,434
1,830
Intermediary service fees payable (Note 4)
84,029
120,452
16,304
Professional fees payable
24,819
115,962
16,064
Printing fees payables
203,430
495,358
28,505
Transfer agent fees payable
15,028
6,082
1,369
Accrued other expenses payable
22,722
160,331
20,533
TOTAL LIABILITIES
4,195,160
6,773,954
507,809
NET ASSETS
$682,321,541
$560,144,914
$90,371,597
NET ASSETS:
Investor Class
$264,779,706
$259,961,309
$67,980,416
Institutional Class
417,541,835
300,183,605
22,391,181
TOTAL
$682,321,541
$560,144,914
$90,371,597
 
See accompanying notes to financial statements.
29  MATTHEWS ASIA FUNDS

 
Statements of Assets and Liabilities (unaudited) (continued)June 30, 2025
 
Matthews
Japan Fund
Matthews Asia
Dividend Fund
Matthews China
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
11,626,732
16,419,421
5,170,715
Institutional Class
18,272,048
18,979,722
1,700,052
TOTAL
29,898,780
35,399,143
6,870,767
NET ASSET VALUE:
Investor Class, offering price and redemption price
$22.77
$15.83
$13.15
Institutional Class, offering price and redemption price
$22.85
$15.82
$13.17
NET ASSETS CONSISTS OF:
Capital paid-in
$597,533,750
$836,409,120
$159,558,727
Total distributable earnings/(accumulated loss)
84,787,791
(276,264,206
)
(69,187,130
)
NET ASSETS
$682,321,541
$560,144,914
$90,371,597
(A) Investments at cost:
Unaffiliated Issuers
$526,925,841
$471,253,574
$73,142,495
(B) Foreign Currency at Cost
$1,729,898
$1,584,805
$211,846
See accompanying notes to financial statements.
matthewsasia.com | 800.789.ASIA  30

 
Statements of Operations (unaudited)Six-Month Period Ended June 30, 2025
 
 
Matthews Emerging
Markets Equity Fund
Matthews Emerging
Markets Sustainable
Future Fund
Matthews
Emerging Markets
Small Companies
Fund
INVESTMENT INCOME:
Dividends—Unaffiliated Issuers
$2,730,736
$1,999,327
$4,468,983
Foreign withholding tax
(258,339
)
(184,237
)
(327,267
)
TOTAL INVESTMENT INCOME
2,472,397
1,815,090
4,141,716
EXPENSES:
Investment advisory fees (Note 4)
539,578
711,747
2,071,469
Administration and accounting fees (Note 4)
6,023
7,951
19,496
Administration and shareholder servicing fees (Note 4)
160,140
210,902
517,138
Accounting out-of-pocket fees
23,668
21,018
24,710
Custodian fees
34,509
81,160
212,063
Printing fees
8,171
13,644
30,393
Intermediary service fees (Note 4)
119,409
119,165
354,428
Professional fees
40,666
42,422
62,046
Registration fees
10,759
30,240
—
Transfer agent fees
2,200
2,639
22,360
Trustees fees
2,515
25,288
65,366
Other expenses
8,262
40,498
95,780
TOTAL EXPENSES
955,900
1,306,674
3,475,249
Advisory fees waived and expenses waived or reimbursed (Note 4)
(168,750
)
(121,283
)
(424,106
)
NET EXPENSES
787,150
1,185,391
3,051,143
NET INVESTMENT INCOME (LOSS)
1,685,247
629,699
1,090,573
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN
CURRENCY RELATED TRANSACTIONS, AND FOREIGN CAPITAL GAINS
TAXES:
Net realized gain (loss) on investments—Unaffiliated Issuers
(3,165,455
)
(4,238,313
)
5,369,416
Net realized foreign capital gains tax
(8,960
)
(334,793
)
(1,279,842
)
Net realized gain (loss) on foreign currency related transactions
37,412
(82,066
)
(259,400
)
Net change in unrealized appreciation/depreciation on investments—Unaffiliated
Issuers
23,361,047
24,973,847
45,743,746
Net change in deferred foreign capital gains taxes on unrealized
appreciation/depreciation
(1,408,226
)
897,818
2,954,312
Net change in unrealized appreciation/depreciation on foreign currency related
translations
4,207
6,157
31,306
Net realized and unrealized gain (loss) on investments, foreign currency
related transactions, and foreign capital gains taxes
18,820,025
21,222,650
52,559,538
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
$20,505,272
$21,852,349
$53,650,111
See accompanying notes to financial statements.
31  MATTHEWS ASIA FUNDS

 
Statements of Operations (unaudited) (continued)Six-Month Period Ended June 30, 2025
 
 
Matthews Asia
Growth Fund
Matthews Pacific
Tiger Fund
Matthews Asia
Innovators Fund
INVESTMENT INCOME:
Dividends—Unaffiliated Issuers
$2,045,830
$8,617,777
$1,953,590
Interest
—
224
—
Foreign withholding tax
(186,124
)
(913,782
)
(190,780
)
TOTAL INVESTMENT INCOME
1,859,706
7,704,219
1,762,810
EXPENSES:
Investment advisory fees (Note 4)
771,802
2,556,852
893,182
Administration and accounting fees (Note 4)
8,622
28,565
9,978
Administration and shareholder servicing fees (Note 4)
228,692
757,484
264,692
Accounting out-of-pocket fees
24,486
25,394
20,369
Custodian fees
45,844
122,790
64,315
Intermediary service fees (Note 4)
177,747
621,941
212,809
Professional fees
51,347
96,604
47,128
Registration fees
29,300
4,062
234
Transfer agent fees
12,021
32,796
13,682
Trustees fees
30,756
115,075
30,090
Other expenses
33,770
117,597
29,141
TOTAL EXPENSES
1,414,387
4,479,160
1,585,620
Advisory fees waived and expenses waived or reimbursed (Note 5)
(15,906
)
—
—
NET EXPENSES
1,398,481
4,479,160
1,585,620
NET INVESTMENT INCOME (LOSS)
461,225
3,225,059
177,190
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN
CURRENCY RELATED TRANSACTIONS, AND FOREIGN CAPITAL GAINS
TAXES:
Net realized gain (loss) on investments—Unaffiliated Issuers
14,051,356
(2,806,031
)
11,734,351
Net realized foreign capital gains tax
(243,055
)
(127,038
)
(687,487
)
Net realized gain (loss) on foreign currency related transactions
(69,542
)
(589,700
)
(136,017
)
Net change in unrealized appreciation/depreciation on investments—Unaffiliated
Issuers
2,062,229
68,688,339
19,045,327
Net change in deferred foreign capital gains taxes on unrealized
appreciation/depreciation
(100,798
)
980,529
469,795
Net change in unrealized appreciation/depreciation on foreign currency related
translations
10,953
155,094
36,193
Net realized and unrealized gain (loss) on investments, foreign currency
related transactions, and foreign capital gains taxes
15,711,143
66,301,193
30,462,162
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
$16,172,368
$69,526,252
$30,639,352
See accompanying notes to financial statements.
matthewsasia.com | 800.789.ASIA  32

 
Statements of Operations (unaudited) (continued)Six-Month Period Ended June 30, 2025
 
 
Matthews
China Fund
Matthews China
Small Companies
Fund
Matthews
India Fund
INVESTMENT INCOME:
Dividends—Unaffiliated Issuers
$5,401,974
$881,708
$4,283,886
Foreign withholding tax
(346,590
)
(28,692
)
(843,134
)
TOTAL INVESTMENT INCOME
5,055,384
853,016
3,440,752
EXPENSES:
Investment advisory fees (Note 4)
1,315,404
267,135
2,724,300
Administration and accounting fees (Note 4)
14,694
2,514
30,432
Administration and shareholder servicing fees (Note 4)
389,835
66,697
807,308
Accounting out-of-pocket fees
22,400
21,989
25,664
Custodian fees
86,398
10,634
97,594
Intermediary service fees (Note 4)
319,691
61,569
752,987
Professional fees
38,418
32,017
100,133
Registration fees
21,859
13,959
79,434
Transfer agent fees
27,960
4,294
32,929
Trustees fees
40,843
7,656
97,060
Other expenses
39,164
7,310
79,777
TOTAL EXPENSES
2,316,666
495,774
4,827,618
Advisory fees waived and expenses waived or reimbursed (Note 4)
—
(64,645
)
—
NET EXPENSES
2,316,666
431,129
4,827,618
NET INVESTMENT INCOME (LOSS)
2,738,718
421,887
(1,386,866
)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN
CURRENCY RELATED TRANSACTIONS, AND FOREIGN CAPITAL GAINS
TAXES:
Net realized gain (loss) on investments—Unaffiliated Issuers
(7,786,088
)
(586,431
)
37,568,337
Net realized foreign capital gains tax
—
—
(5,825,979
)
Net realized gain (loss) on foreign currency related transactions
(12,463
)
(1,396
)
(511,487
)
Net change in unrealized appreciation/depreciation on investments—Unaffiliated
Issuers
43,476,753
6,206,817
(28,408,772
)
Net change in deferred foreign capital gains taxes on unrealized
appreciation/depreciation
—
—
3,643,106
Net change in unrealized appreciation/depreciation on foreign currency related
translations
590
(56
)
(8,621
)
Net realized and unrealized gain (loss) on investments, foreign currency
related transactions, and foreign capital gains taxes
35,678,792
5,618,934
6,456,584
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
$38,417,510
$6,040,821
$5,069,718
See accompanying notes to financial statements.
33  MATTHEWS ASIA FUNDS

 
Statements of Operations (unaudited) (continued)Six-Month Period Ended June 30, 2025
 
 
Matthews
Japan Fund
Matthews Asia
Dividend Fund
Matthews China
Dividend Fund
INVESTMENT INCOME:
Dividends—Unaffiliated Issuers
$6,646,396
$9,275,911
$1,898,798
Foreign withholding tax
(649,255
)
(757,201
)
(92,911
)
TOTAL INVESTMENT INCOME
5,997,141
8,518,710
1,805,887
EXPENSES:
Investment advisory fees (Note 4)
2,268,869
2,018,220
316,978
Administration and accounting fees (Note 4)
25,345
22,545
3,541
Administration and shareholder servicing fees (Note 4)
672,362
598,064
93,940
Accounting out-of-pocket fees
20,673
21,596
18,361
Custodian fees
24,505
39,041
9,444
Intermediary service fees (Note 4)
301,821
387,961
80,955
Professional fees
45,711
65,775
31,712
Registration fees
16,976
20,795
—
Transfer agent fees
59,323
19,838
4,925
Trustees fees
73,227
76,827
10,287
Other expenses
65,369
74,628
9,704
TOTAL EXPENSES
3,574,181
3,345,290
579,847
Advisory fees waived and expenses waived or reimbursed (Note 4)
—
—
(1,485
)
NET EXPENSES
3,574,181
3,345,290
578,362
NET INVESTMENT INCOME (LOSS)
2,422,960
5,173,420
1,227,525
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN
CURRENCY RELATED TRANSACTIONS, AND FOREIGN CAPITAL GAINS
TAXES:
Net realized gain (loss) on investments—Unaffiliated Issuers
35,778,706
(17,208,546
)
3,138,903
Net realized foreign capital gains tax
—
(182,506
)
—
Net realized gain (loss) on foreign currency related transactions
203,943
(2,014
)
(5,983
)
Net change in unrealized appreciation/depreciation on investments—Unaffiliated
Issuers
44,740,115
76,868,933
6,716,647
Net change in deferred foreign capital gains taxes on unrealized
appreciation/depreciation
—
294,233
—
Net change in unrealized appreciation/depreciation on foreign currency related
translations
26,185
233,050
183
Net realized and unrealized gain (loss) on investments, foreign currency
related transactions, and foreign capital gains taxes
80,748,949
60,003,150
9,849,750
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
$83,171,909
$65,176,570
$11,077,275
See accompanying notes to financial statements.
matthewsasia.com | 800.789.ASIA  34

 
Statements of Changes in Net Assets
 
Matthews Emerging Markets Equity Fund 
Six-Month Period
Ended June 30, 2025
(Unaudited)
Year Ended
December 31, 2024
OPERATIONS:
Net investment income (loss)
$1,685,247
$270,340
Net realized gain (loss) on investments and foreign currency related transactions
(3,137,003
)
364,281
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations
23,365,254
1,599,844
Net change on foreign capital gains taxes on unrealized appreciation/depreciation
(1,408,226
)
(66,358
)
Net increase (decrease) in net assets resulting from operations
20,505,272
2,168,107
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Class
—
(89,246
)
Institutional Class
—
(146,387
)
Net decrease in net assets resulting from distributions
—
(235,633
)
CAPITAL SHARE TRANSACTIONS (net) (Note 3)
208,743,663
(494,747
)
Total increase (decrease) in net assets
229,248,935
1,437,727
NET ASSETS:
Beginning of period
22,339,830
20,902,103
End of period
$251,588,765
$22,339,830
 
Matthews Emerging Markets Sustainable Future Fund 
Six-Month Period
Ended June 30, 2025
(Unaudited)
Year Ended
December 31, 2024
OPERATIONS:
Net investment income (loss)
$629,699
($8,666
)
Net realized gain (loss) on investments and foreign currency related transactions
(4,655,172
)
4,738,965
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations
24,980,004
(8,165,682
)
Net change on foreign capital gains taxes on unrealized appreciation/depreciation
897,818
(1,485,519
)
Net increase (decrease) in net assets resulting from operations
21,852,349
(4,920,902
)
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Class
—
(796,055
)
Institutional Class
—
(5,287,644
)
Net decrease in net assets resulting from distributions
—
(6,083,699
)
CAPITAL SHARE TRANSACTIONS (net) (Note 3)
(24,907,383
)
14,490,714
Total increase (decrease) in net assets
(3,055,034
)
3,486,113
NET ASSETS:
Beginning of period
213,011,200
209,525,087
End of period
$209,956,166
$213,011,200
 
See accompanying notes to financial statements.
35  MATTHEWS ASIA FUNDS

 
Statements of Changes in Net Assets (continued)
Matthews Emerging Markets Small Companies Fund 
Six-Month Period
Ended June 30, 2025
(Unaudited)
Year Ended
December 31, 2024
OPERATIONS:
Net investment income (loss)
$1,090,573
$371,398
Net realized gain (loss) on investments and foreign currency related transactions
3,830,174
(8,331,432
)
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations
45,775,052
(25,303,748
)
Net change on foreign capital gains taxes on unrealized appreciation/depreciation
2,954,312
(4,191,604
)
Net increase (decrease) in net assets resulting from operations
53,650,111
(37,455,386
)
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Class
—
(8,767,399
)
Institutional Class
—
(14,552,333
)
Net decrease in net assets resulting from distributions
—
(23,319,732
)
CAPITAL SHARE TRANSACTIONS (net) (Note 3)
(112,937,445
)
17,354,289
Total increase (decrease) in net assets
(59,287,334
)
(43,420,829
)
NET ASSETS:
Beginning of period
571,976,818
615,397,647
End of period
$512,689,484
$571,976,818
 
Matthews Asia Growth Fund 
Six-Month Period
Ended June 30, 2025
(Unaudited)
Year Ended
December 31, 2024
OPERATIONS:
Net investment income (loss)
$461,225
$2,185,741
Net realized gain (loss) on investments and foreign currency related transactions
13,738,759
54,942,365
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations
2,073,182
(24,882,805
)
Net change on foreign capital gains taxes on unrealized appreciation/depreciation
(100,798
)
(395,068
)
Net increase (decrease) in net assets resulting from operations
16,172,368
31,850,233
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Class
—
(2,975,102
)
Institutional Class
—
(2,678,771
)
Net decrease in net assets resulting from distributions
—
(5,653,873
)
CAPITAL SHARE TRANSACTIONS (net) (Note 3)
(43,731,896
)
(160,763,219
)
Total increase (decrease) in net assets
(27,559,528
)
(134,566,859
)
NET ASSETS:
Beginning of period
236,705,856
371,272,715
End of period
$209,146,328
$236,705,856
 
See accompanying notes to financial statements.
matthewsasia.com | 800.789.ASIA  36

 
Statements of Changes in Net Assets (continued)
Matthews Pacific Tiger Fund 
Six-Month Period
Ended June 30, 2025
(Unaudited)
Year Ended
December 31, 2024
OPERATIONS:
Net investment income (loss)
$3,225,059
$10,634,317
Net realized gain (loss) on investments and foreign currency related transactions
(3,522,769
)
230,347,666
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations
68,843,433
(232,294,906
)
Net change on foreign capital gains taxes on unrealized appreciation/depreciation
980,529
18,710,062
Net increase (decrease) in net assets resulting from operations
69,526,252
27,397,139
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Class
—
(39,042,929
)
Institutional Class
—
(32,437,594
)
Net decrease in net assets resulting from distributions
—
(71,480,523
)
CAPITAL SHARE TRANSACTIONS (net) (Note 3)
(180,101,335
)
(1,067,278,407
)
Total increase (decrease) in net assets
(110,575,083
)
(1,111,361,791
)
NET ASSETS:
Beginning of period
817,671,891
1,929,033,682
End of period
$707,096,808
$817,671,891
 
Matthews Asia Innovators Fund 
Six-Month Period
Ended June 30, 2025
(Unaudited)
Year Ended
December 31, 2024
OPERATIONS:
Net investment income (loss)
$177,190
($380,853
)
Net realized gain (loss) on investments and foreign currency related transactions
10,910,847
52,362,128
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations
19,081,520
(2,782,516
)
Net change on foreign capital gains taxes on unrealized appreciation/depreciation
469,795
(865,649
)
Net increase (decrease) in net assets resulting from operations
30,639,352
48,333,110
CAPITAL SHARE TRANSACTIONS (net) (Note 3)
8,698,701
(114,412,593
)
Total increase (decrease) in net assets
39,338,053
(66,079,483
)
NET ASSETS:
Beginning of period
246,873,323
312,952,806
End of period
$286,211,376
$246,873,323
See accompanying notes to financial statements.
37  MATTHEWS ASIA FUNDS

 
Statements of Changes in Net Assets (continued)
 
Matthews China Fund 
Six-Month Period
Ended June 30, 2025
(Unaudited)
Year Ended
December 31, 2024
OPERATIONS:
Net investment income (loss)
$2,738,718
$5,939,328
Net realized gain (loss) on investments and foreign currency related transactions
(7,798,551
)
(105,597,603
)
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations
43,477,343
161,780,708
Net increase (decrease) in net assets resulting from operations
38,417,510
62,122,433
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Class
—
(5,352,696
)
Institutional Class
—
(1,316,703
)
Net decrease in net assets resulting from distributions
—
(6,669,399
)
CAPITAL SHARE TRANSACTIONS (net) (Note 3)
(10,175,686
)
(153,959,409
)
Total increase (decrease) in net assets
28,241,824
(98,506,375
)
NET ASSETS:
Beginning of period
349,952,641
448,459,016
End of period
$378,194,465
$349,952,641
 
Matthews China Small Companies Fund 
Six-Month Period
Ended June 30, 2025
(Unaudited)
Year Ended
December 31, 2024
OPERATIONS:
Net investment income (loss)
$421,887
$2,203,339
Net realized gain (loss) on investments and foreign currency related transactions
(587,827
)
(17,537,737
)
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations
6,206,761
16,586,665
Net increase (decrease) in net assets resulting from operations
6,040,821
1,252,267
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Class
—
(664,368
)
Institutional Class
—
(250,376
)
Net decrease in net assets resulting from distributions
—
(914,744
)
CAPITAL SHARE TRANSACTIONS (net) (Note 3)
(8,151,143
)
(25,101,476
)
Total increase (decrease) in net assets
(2,110,322
)
(24,763,953
)
NET ASSETS:
Beginning of period
64,392,181
89,156,134
End of period
$62,281,859
$64,392,181
 
See accompanying notes to financial statements.
matthewsasia.com | 800.789.ASIA  38

 
Statements of Changes in Net Assets (continued)
Matthews India Fund 
Six-Month Period
Ended June 30, 2025
(Unaudited)
Year Ended
December 31, 2024
OPERATIONS:
Net investment income (loss)
($1,386,866
)
($3,760,607
)
Net realized gain (loss) on investments and foreign currency related transactions
31,230,871
110,455,312
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations
(28,417,393
)
(8,586,325
)
Net change on foreign capital gains taxes on unrealized appreciation/depreciation
3,643,106
(16,467,615
)
Net increase (decrease) in net assets resulting from operations
5,069,718
81,640,765
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Class
—
(91,458,366
)
Institutional Class
—
(24,853,675
)
Net decrease in net assets resulting from distributions
—
(116,312,041
)
CAPITAL SHARE TRANSACTIONS (net) (Note 3)
(77,356,088
)
131,979,786
Total increase (decrease) in net assets
(72,286,370
)
97,308,510
NET ASSETS:
Beginning of period
860,433,886
763,125,376
End of period
$788,147,516
$860,433,886
 
Matthews Japan Fund 
Six-Month Period
Ended June 30, 2025
(Unaudited)
Year Ended
December 31, 2024
OPERATIONS:
Net investment income (loss)
$2,422,960
$4,106,754
Net realized gain (loss) on investments and foreign currency related transactions
35,982,649
94,404,145
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations
44,766,300
5,826,512
Net increase (decrease) in net assets resulting from operations
83,171,909
104,337,411
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Class
—
(5,179,986
)
Institutional Class
—
(8,526,533
)
Net decrease in net assets resulting from distributions
—
(13,706,519
)
CAPITAL SHARE TRANSACTIONS (net) (Note 3)
(39,019,059
)
(107,960,210
)
Total increase (decrease) in net assets
44,152,850
(17,329,318
)
NET ASSETS:
Beginning of period
638,168,691
655,498,009
End of period
$682,321,541
$638,168,691
 
See accompanying notes to financial statements.
39  MATTHEWS ASIA FUNDS

 
Statements of Changes in Net Assets (continued)
Matthews Asia Dividend Fund 
Six-Month Period
Ended June 30, 2025
(Unaudited)
Year Ended
December 31, 2024
OPERATIONS:
Net investment income (loss)
$5,173,420
$12,068,323
Net realized gain (loss) on investments and foreign currency related transactions
(17,393,066
)
23,116,858
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations
77,101,983
6,738,763
Net change on foreign capital gains taxes on unrealized appreciation/depreciation
294,233
269,386
Net increase (decrease) in net assets resulting from operations
65,176,570
42,193,330
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Class
(235,251
)
(9,139,456
)
Institutional Class
(455,631
)
(11,642,680
)
Net decrease in net assets resulting from distributions
(690,882
)
(20,782,136
)
CAPITAL SHARE TRANSACTIONS (net) (Note 3)
(113,587,651
)
(463,837,924
)
Total increase (decrease) in net assets
(49,101,963
)
(442,426,730
)
NET ASSETS:
Beginning of period
609,246,877
1,051,673,607
End of period
$560,144,914
$609,246,877
 
Matthews China Dividend Fund 
Six-Month Period
Ended June 30, 2025
(Unaudited)
Year Ended
December 31, 2024
OPERATIONS:
Net investment income (loss)
$1,227,525
$2,538,656
Net realized gain (loss) on investments and foreign currency related transactions
3,132,920
(28,253,558
)
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations
6,716,830
37,946,302
Net increase (decrease) in net assets resulting from operations
11,077,275
12,231,400
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Class
(1,413,159
)
(2,856,550
)
Institutional Class
(474,288
)
(1,100,711
)
Net decrease in net assets resulting from distributions
(1,887,447
)
(3,957,261
)
CAPITAL SHARE TRANSACTIONS (net) (Note 3)
(7,183,244
)
(38,591,044
)
Total increase (decrease) in net assets
2,006,584
(30,316,905
)
NET ASSETS:
Beginning of period
88,365,013
118,681,918
End of period
$90,371,597
$88,365,013
See accompanying notes to financial statements.
matthewsasia.com | 800.789.ASIA  40

 
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, 2025
(Unaudited)
Year Ended Dec. 31,
Period Ended
Dec. 31, 20201
INVESTOR CLASS
2024
2023
2022
2021
Net Asset Value, beginning of period
$13.06
$11.86
$11.14
$14.34
$15.76
$10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)2
0.15
0.14
0.13
0.20
0.19
0.04
Net realized gain (loss) and unrealized appreciation/depreciation on
investments, foreign currency related transactions and foreign
capital gains taxes
1.63
1.18
0.81
(3.20
)
(0.31
)
6.08
Total from investment operations
1.78
1.32
0.94
(3.00
)
(0.12
)
6.12
LESS DISTRIBUTIONS FROM:
Net investment income
—
(0.12
)
(0.22
)
(0.20
)
(0.18
)
—
Net realized gains on investments
—
—
—
—
(1.12
)
(0.36
)
Total distributions
—
(0.12
)
(0.22
)
(0.20
)
(1.30
)
(0.36
)
Net Asset Value, end of period
$14.84
$13.06
$11.86
$11.14
$14.34
$15.76
TOTAL RETURN3
13.63%
4
11.13%
8.43%
(20.94%
)
(0.60%
)
61.23%
4
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)
$186,878
$9,791
$9,618
$10,111
$13,317
$9,851
Ratio of expenses to average net assets before any reimbursement,
waiver or recapture of expenses by Advisor and Administrator
(Note 4)
1.31%
5
2.45%
1.70%
1.58%
1.52%
2.76%
5
Ratio of expenses to average net assets after any reimbursement,
waiver or recapture of expenses by Advisor and Administrator
1.10%
5
1.11%
1.12%
1.08%
1.13%
1.08%
5
Ratio of net investment income (loss) to average net assets
2.23%
5
1.13%
1.16%
1.46%
1.15%
0.45%
5
Portfolio turnover6
63.21%
4
215.17%
26.39%
63.08%
88.45%
62.30%
4
 
 
Six-Month
Period Ended
June 30, 2025
(Unaudited)
Year Ended Dec. 31,
Period Ended
Dec. 31, 20201
INSTITUTIONAL CLASS
2024
2023
2022
2021
Net Asset Value, beginning of period
$13.04
$11.84
$11.13
$14.34
$15.77
$10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)2
0.15
0.17
0.17
0.23
0.22
0.04
Net realized gain (loss) and unrealized appreciation/depreciation on
investments, foreign currency related transactions and foreign
capital gains taxes
1.64
1.18
0.79
(3.21
)
(0.31
)
6.11
Total from investment operations
1.79
1.35
0.96
(2.98
)
(0.09
)
6.15
LESS DISTRIBUTIONS FROM:
Net investment income
—
(0.15
)
(0.25
)
(0.23
)
(0.22
)
(0.02
)
Net realized gains on investments
—
—
—
—
(1.12
)
(0.36
)
Total distributions
—
(0.15
)
(0.25
)
(0.23
)
(1.34
)
(0.38
)
Net Asset Value, end of period
$14.83
$13.04
$11.84
$11.13
$14.34
$15.77
TOTAL RETURN3
13.73%
4
11.38%
8.63%
(20.81%
)
(0.43%
)
61.55%
4
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)
$64,711
$12,549
$11,284
$23,353
$36,240
$34,941
Ratio of expenses to average net assets before any reimbursement,
waiver or recapture of expenses by Advisor and Administrator
(Note 4)
1.16%
5
2.28%
1.51%
1.47%
1.38%
2.65%
5
Ratio of expenses to average net assets after any reimbursement,
waiver or recapture of expenses by Advisor and Administrator
0.90%
5
0.90%
0.90%
0.90%
0.90%
0.90%
5
Ratio of net investment income (loss) to average net assets
2.25%
5
1.36%
1.45%
1.70%
1.33%
0.44%
5
Portfolio turnover6
63.21%
4
215.17%
26.39%
63.08%
88.45%
62.30%
4
 
1
The Fund commenced operations on April 30, 2020.
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
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.
41  MATTHEWS ASIA FUNDS

 
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, 2025
(Unaudited)
Year Ended Dec. 31,
INVESTOR CLASS
2024
2023
2022
2021
2020
Net Asset Value, beginning of period
$11.93
$12.54
$12.51
$15.37
$14.94
$11.08
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)1
0.02
(0.02
)
(0.02
)
(0.05
)
(0.07
)
(0.01
)
Net realized gain (loss) and unrealized appreciation/depreciation on
investments, foreign currency related transactions and foreign capital
gains taxes
1.37
(0.28
)
0.99
(2.14
)
1.85
4.72
Total from investment operations
1.39
(0.30
)
0.97
(2.19
)
1.78
4.71
LESS DISTRIBUTIONS FROM:
Net investment income
—
(0.31
)
(0.25
)
(0.04
)
—
(0.01
)
Net realized gains on investments
—
—
(0.69
)
(0.63
)
(1.35
)
(0.84
)
Total distributions
—
(0.31
)
(0.94
)
(0.67
)
(1.35
)
(0.85
)
Net Asset Value, end of period
$13.32
$11.93
$12.54
$12.51
$15.37
$14.94
TOTAL RETURN2
11.65%
3
(2.46%
)
7.83%
(14.38%
)
11.76%
42.87%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)
$23,231
$30,435
$38,176
$32,249
$39,612
$37,385
Ratio of expenses to average net assets before any reimbursement, waiver
or recapture of expenses by Advisor and Administrator (Note 4)
1.43%
4
1.37%
1.23%
1.24%
1.20%
1.42%
Ratio of expenses to average net assets after any reimbursement, waiver or
recapture of expenses by Advisor and Administrator
1.40%
4
1.34%
1.23%
1.30%
1.40%
1.38%
Ratio of net investment income (loss) to average net assets
0.32%
4
(0.17%
)
(0.17%
)
(0.41%
)
(0.41%
)
(0.08%
)
Portfolio turnover5
29.87%
3
58.51%
49.16%
31.53%
65.56%
84.60%
 
 
Six-Month
Period Ended
June 30, 2025
(Unaudited)
Year Ended Dec. 31,
INSTITUTIONAL CLASS
2024
2023
2022
2021
2020
Net Asset Value, beginning of period
$11.93
$12.55
$12.51
$15.38
$14.92
$11.06
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)1
0.04
—
6
—
6
(0.04
)
(0.04
)
0.01
Net realized gain (loss) and unrealized appreciation/depreciation on
investments, foreign currency related transactions and foreign capital
gains taxes
1.37
(0.29
)
1.00
(2.14
)
1.85
4.72
Total from investment operations
1.41
(0.29
)
1.00
(2.18
)
1.81
4.73
LESS DISTRIBUTIONS FROM:
Net investment income
—
(0.33
)
(0.27
)
(0.06
)
—
(0.03
)
Net realized gains on investments
—
—
(0.69
)
(0.63
)
(1.35
)
(0.84
)
Total distributions
—
(0.33
)
(0.96
)
(0.69
)
(1.35
)
(0.87
)
Net Asset Value, end of period
$13.34
$11.93
$12.55
$12.51
$15.38
$14.92
TOTAL RETURN2
11.82%
3
(2.33%
)
8.04%
(14.32%
)
11.98%
43.13%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)
$186,725
$182,576
$171,349
$140,059
$87,241
$50,642
Ratio of expenses to average net assets before any reimbursement,
waiver or recapture of expenses by Advisor and Administrator
(Note 4)
1.30%
4
1.28%
1.10%
1.11%
1.07%
1.29%
Ratio of expenses to average net assets after any reimbursement, waiver
or recapture of expenses by Advisor and Administrator
1.16%
4
1.15%
1.10%
1.17%
1.20%
1.20%
Ratio of net investment income (loss) to average net assets
0.68%
4
0.03%
(0.02%
)
(0.29%
)
(0.25%
)
0.09%
Portfolio turnover5
29.87%
3
58.51%
49.16%
31.53%
65.56%
84.60%
 
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
The portfolio turnover rate is calculated on the Fund as a whole without distinguishing between classes of shares issued.
6
Less than $0.01 per share.
See accompanying notes to financial statements.
matthewsasia.com | 800.789.ASIA  42

 
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, 2025
(Unaudited)
Year Ended Dec. 31,
INVESTOR CLASS
2024
2023
2022
2021
2020
Net Asset Value, beginning of period
$23.07
$25.52
$23.08
$29.92
$25.93
$18.10
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)1
0.03
(0.02
)
—
2
(0.06
)
(0.17
)
(0.02
)
Net realized gain (loss) and unrealized appreciation/depreciation on
investments, foreign currency related transactions and foreign
capital gains taxes
2.79
(1.52
)
4.58
(4.92
)
5.90
7.92
Total from investment operations
2.82
(1.54
)
4.58
(4.98
)
5.73
7.90
LESS DISTRIBUTIONS FROM:
Net investment income
—
(0.76
)
(0.41
)
(0.09
)
—
(0.05
)
Net realized gains on investments
—
(0.15
)
(1.73
)
(1.77
)
(1.74
)
(0.02
)
Total distributions
—
(0.91
)
(2.14
)
(1.86
)
(1.74
)
(0.07
)
Net Asset Value, end of period
$25.89
$23.07
$25.52
$23.08
$29.92
$25.93
TOTAL RETURN3
12.22%
4
(6.07%
)
19.88%
(16.84%
)
22.14%
43.68%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)
$172,560
$226,939
$287,674
$141,254
$176,723
$99,573
Ratio of expenses to average net assets before any reimbursement,
waiver or recapture of expenses by Advisor and Administrator
(Note 4)
1.53%
5
1.45%
1.49%
1.49%
1.51%
1.57%
Ratio of expenses to average net assets after any reimbursement,
waiver or recapture of expenses by Advisor and Administrator
1.41%
5
1.35%
1.34%
1.37%
1.36%
1.39%
Ratio of net investment income (loss) to average net assets
0.24%
5
(0.06%
)
(0.01%
)
(0.24%
)
(0.55%
)
(0.11%
)
Portfolio turnover6
15.64%
4
43.13%
26.92%
27.85%
50.82%
111.87%
 
 
Six-Month
Period Ended
June 30, 2025
(Unaudited)
Year Ended Dec. 31,
INSTITUTIONAL CLASS
2024
2023
2022
2021
2020
Net Asset Value, beginning of period
$23.04
$25.49
$23.04
$29.87
$25.87
$18.06
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)1
0.06
0.04
0.04
—
2
(0.10
)
0.01
Net realized gain (loss) and unrealized appreciation/depreciation on
investments, foreign currency related transactions and foreign
capital gains taxes
2.78
(1.52
)
4.58
(4.92
)
5.88
7.91
Total from investment operations
2.84
(1.48
)
4.62
(4.92
)
5.78
7.92
LESS DISTRIBUTIONS FROM:
Net investment income
—
(0.82
)
(0.44
)
(0.14
)
(0.04
)
(0.09
)
Net realized gains on investments
—
(0.15
)
(1.73
)
(1.77
)
(1.74
)
(0.02
)
Total distributions
—
(0.97
)
(2.17
)
(1.91
)
(1.78
)
(0.11
)
Net Asset Value, end of period
$25.88
$23.04
$25.49
$23.04
$29.87
$25.87
TOTAL RETURN3
12.33%
4
(5.84%
)
20.12%
(16.66%
)
22.39%
43.90%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)
$340,129
$345,038
$327,724
$228,194
$221,286
$107,569
Ratio of expenses to average net assets before any reimbursement,
waiver or recapture of expenses by Advisor and Administrator
(Note 4)
1.37%
5
1.34%
1.38%
1.37%
1.38%
1.47%
Ratio of expenses to average net assets after any reimbursement,
waiver or recapture of expenses by Advisor and Administrator
1.17%
5
1.15%
1.15%
1.15%
1.16%
1.20%
Ratio of net investment income (loss) to average net assets
0.56%
5
0.14%
0.16%
(0.01%
)
(0.34%
)
0.08%
Portfolio turnover6
15.64%
4
43.13%
26.92%
27.85%
50.82%
111.87%
 
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
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

 
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, 2025
(Unaudited)
Year Ended Dec. 31,
INVESTOR CLASS
2024
2023
2022
2021
2020
Net Asset Value, beginning of period
$22.39
$21.19
$20.84
$31.99
$39.44
$28.10
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)1
0.04
0.13
0.03
(0.08
)
(0.24
)
(0.11
)
Net realized gain (loss) and unrealized appreciation/depreciation on
investments, foreign currency related transactions and foreign
capital gains taxes
1.83
1.60
0.70
(10.49
)
(5.56
)
13.16
Total from investment operations
1.87
1.73
0.73
(10.57
)
(5.80
)
13.05
LESS DISTRIBUTIONS FROM:
Net investment income
—
(0.53
)
(0.38
)
—
—
(0.15
)
Net realized gains on investments
—
—
—
(0.58
)
(1.65
)
(1.56
)
Total distributions
—
(0.53
)
(0.38
)
(0.58
)
(1.65
)
(1.71
)
Net Asset Value, end of period
$24.26
$22.39
$21.19
$20.84
$31.99
$39.44
TOTAL RETURN2
8.35%
3
8.14%
3.53%
(33.12%
)
(14.65%
)
46.76%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)
$113,791
$126,698
$162,263
$225,923
$568,001
$784,085
Ratio of expenses to average net assets before any reimbursement,
waiver or recapture of expenses by Advisor and Administrator
(Note 4)
1.38%
4
1.25%
1.13%
1.13%
1.07%
1.08%
Ratio of expenses to average net assets after any reimbursement,
waiver or recapture of expenses by Advisor and Administrator
1.38%
4
1.25%
1.13%
1.13%
1.07%
1.08%
Ratio of net investment income (loss) to average net assets
0.35%
4
0.56%
0.13%
(0.32%
)
(0.62%
)
(0.35%
)
Portfolio turnover5
43.71%
3
184.44%
77.32%
47.48%
42.37%
42.78%
 
 
Six-Month
Period Ended
June 30, 2025
(Unaudited)
Year Ended Dec. 31,
INSTITUTIONAL CLASS
2024
2023
2022
2021
2020
Net Asset Value, beginning of period
$22.68
$21.46
$21.11
$32.33
$39.82
$28.34
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)1
0.06
0.18
0.07
(0.04
)
(0.19
)
(0.07
)
Net realized gain (loss) and unrealized appreciation/depreciation
on investments, foreign currency related transactions and
foreign capital gains taxes
1.85
1.59
0.70
(10.60
)
(5.63
)
13.30
Total from investment operations
1.91
1.77
0.77
(10.64
)
(5.82
)
13.23
LESS DISTRIBUTIONS FROM:
Net investment income
—
(0.55
)
(0.42
)
—
(0.02
)
(0.19
)
Net realized gains on investments
—
—
—
(0.58
)
(1.65
)
(1.56
)
Total distributions
—
(0.55
)
(0.42
)
(0.58
)
(1.67
)
(1.75
)
Net Asset Value, end of period
$24.59
$22.68
$21.46
$21.11
$32.33
$39.82
TOTAL RETURN2
8.42%
3
8.25%
3.69%
(32.99%
)
(14.55%
)
47.01%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)
$95,355
$110,008
$209,009
$406,155
$1,186,769
$1,269,702
Ratio of expenses to average net assets before any
reimbursement, waiver or recapture of expenses by Advisor and
Administrator (Note 4)
1.24%
4
1.12%
0.98%
0.98%
0.92%
0.95%
Ratio of expenses to average net assets after any reimbursement,
waiver or recapture of expenses by Advisor and Administrator
1.20%
4
1.12%
0.98%
0.98%
0.92%
0.95%
Ratio of net investment income (loss) to average net assets
0.52%
4
0.77%
0.31%
(0.15%
)
(0.47%
)
(0.23%
)
Portfolio turnover5
43.71%
3
184.44%
77.32%
47.48%
42.37%
42.78%
 
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
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

 
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, 2025
(Unaudited)
Year Ended Dec. 31,
INVESTOR CLASS
2024
2023
2022
2021
2020
Net Asset Value, beginning of period
$17.68
$18.62
$20.16
$27.54
$34.94
$28.74
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)1
0.08
0.16
0.10
0.09
0.06
0.10
Net realized gain (loss) and unrealized
appreciation/depreciation on investments, foreign currency
related transactions and foreign capital gains taxes
1.76
0.48
(1.10
)
(5.75
)
(1.60
)
8.10
Total from investment operations
1.84
0.64
(1.00
)
(5.66
)
(1.54
)
8.20
LESS DISTRIBUTIONS FROM:
Net investment income
—
(0.59
)
(0.54
)
—
—
(0.08
)
Net realized gains on investments
—
(0.99
)
—
(1.72
)
(5.86
)
(1.92
)
Total distributions
—
(1.58
)
(0.54
)
(1.72
)
(5.86
)
(2.00
)
Net Asset Value, end of period
$19.52
$17.68
$18.62
$20.16
$27.54
$34.94
TOTAL RETURN2
10.41%
3
3.41%
(4.87%
)
(20.73%
)
(4.41%
)
28.83%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)
$428,937
$456,099
$707,717
$1,081,347
$1,835,266
$2,585,654
Ratio of expenses to average net assets before any
reimbursement, waiver or recapture of expenses by Advisor
and Administrator (Note 4)
1.31%
4
1.22%
1.12%
1.10%
1.06%
1.08%
Ratio of expenses to average net assets after any
reimbursement, waiver or recapture of expenses by Advisor
and Administrator
1.31%
4
1.22%
1.12%
1.09%
1.03%
1.06%
Ratio of net investment income (loss) to average net assets
0.88%
4
0.86%
0.49%
0.37%
0.17%
0.35%
Portfolio turnover5
64.60%
3
386.73%
14.78%
5.61%
46.64%
38.11%
 
 
Six-Month
Period Ended
June 30, 2025
(Unaudited)
Year Ended Dec. 31,
INSTITUTIONAL CLASS
2024
2023
2022
2021
2020
Net Asset Value, beginning of period
$17.67
$18.61
$20.16
$27.50
$34.90
$28.71
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)1
0.08
0.18
0.13
0.11
0.11
0.13
Net realized gain (loss) and unrealized
appreciation/depreciation on investments, foreign currency
related transactions and foreign capital gains taxes
1.78
0.48
(1.10
)
(5.73
)
(1.60
)
8.11
Total from investment operations
1.86
0.66
(0.97
)
(5.62
)
(1.49
)
8.24
LESS DISTRIBUTIONS FROM:
Net investment income
—
(0.61
)
(0.58
)
—
(0.05
)
(0.13
)
Net realized gains on investments
—
(0.99
)
—
(1.72
)
(5.86
)
(1.92
)
Total distributions
—
(1.60
)
(0.58
)
(1.72
)
(5.91
)
(2.05
)
Net Asset Value, end of period
$19.53
$17.67
$18.61
$20.16
$27.50
$34.90
TOTAL RETURN2
10.53%
3
3.56%
(4.75%
)
(20.62%
)
(4.29%
)
28.98%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)
$278,160
$361,573
$1,221,317
$2,607,437
$5,357,198
$6,172,995
Ratio of expenses to average net assets before any
reimbursement, waiver or recapture of expenses by Advisor
and Administrator (Note 4)
1.18%
4
1.09%
0.99%
0.97%
0.92%
0.94%
Ratio of expenses to average net assets after any
reimbursement, waiver or recapture of expenses by Advisor
and Administrator
1.18%
4
1.09%
0.98%
0.96%
0.90%
0.92%
Ratio of net investment income (loss) to average net assets
0.94%
4
0.92%
0.66%
0.48%
0.30%
0.46%
Portfolio turnover5
64.60%
3
386.73%
14.78%
5.61%
46.64%
38.11%
 
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
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

 
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, 2025
(Unaudited)
Year Ended Dec. 31,
INVESTOR CLASS
2024
2023
2022
2021
2020
Net Asset Value, beginning of period
$12.94
$11.11
$11.31
$18.86
$26.70
$14.55
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)1
0.01
(0.02
)
(0.02
)
(0.06
)
(0.16
)
(0.11
)
Net realized gain (loss) and unrealized appreciation/depreciation on
investments, foreign currency related transactions and foreign
capital gains taxes
1.66
1.85
(0.18
)
(4.49
)
(3.34
)
12.71
Total from investment operations
1.67
1.83
(0.20
)
(4.55
)
(3.50
)
12.60
LESS DISTRIBUTIONS FROM:
Net investment income
—
—
—
2
—
—
—
Net realized gains on investments
—
—
—
(3.00
)
(4.34
)
(0.45
)
Total distributions
—
—
—
2
(3.00
)
(4.34
)
(0.45
)
Net Asset Value, end of period
$14.61
$12.94
$11.11
$11.31
$18.86
$26.70
TOTAL RETURN3
12.91%
4
16.47%
(1.77%
)
(24.80%
)
(13.10%
)
86.72%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)
$171,781
$161,552
$177,070
$272,950
$465,207
$631,101
Ratio of expenses to average net assets
1.31%
5
1.29%
1.15%
1.18%
1.09%
1.10%
Ratio of net investment income (loss) to average net assets
0.09%
5
(0.18%
)
(0.21%
)
(0.40%
)
(0.59%
)
(0.60%
)
Portfolio turnover6
50.43%
4
257.92%
248.19%
118.08%
220.45%
119.81%
 
 
Six-Month
Period Ended
June 30, 2025
(Unaudited)
Year Ended Dec. 31,
INSTITUTIONAL CLASS
2024
2023
2022
2021
2020
Net Asset Value, beginning of period
$13.15
$11.28
$11.49
$19.08
$26.91
$14.64
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)1
0.02
(0.01
)
(0.01
)
(0.04
)
(0.11
)
(0.09
)
Net realized gain (loss) and unrealized appreciation/depreciation on
investments, foreign currency related transactions and foreign
capital gains taxes
1.69
1.88
(0.18
)
(4.55
)
(3.38
)
12.81
Total from investment operations
1.71
1.87
(0.19
)
(4.59
)
(3.49
)
12.72
LESS DISTRIBUTIONS FROM:
Net investment income
—
—
(0.02
)
—
—
—
Net realized gains on investments
—
—
—
(3.00
)
(4.34
)
(0.45
)
Total distributions
—
—
(0.02
)
(3.00
)
(4.34
)
(0.45
)
Net Asset Value, end of period
$14.86
$13.15
$11.28
$11.49
$19.08
$26.91
TOTAL RETURN3
13.00%
4
16.58%
(1.62%
)
(24.73%
)
(12.97%
)
87.01%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)
$114,431
$85,321
$135,882
$199,368
$930,562
$1,094,356
Ratio of expenses to average net assets
1.19%
5
1.17%
1.02%
1.04%
0.93%
0.95%
Ratio of net investment income (loss) to average net assets
0.24%
5
(0.05%
)
(0.11%
)
(0.27%
)
(0.43%
)
(0.44%
)
Portfolio turnover6
50.43%
4
257.92%
248.19%
118.08%
220.45%
119.81%
 
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
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

 
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, 2025
(Unaudited)
Year Ended Dec. 31,
INVESTOR CLASS
2024
2023
2022
2021
2020
Net Asset Value, beginning of period
$13.44
$11.62
$14.50
$20.58
$27.00
$19.12
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)1
0.10
0.16
0.09
—
2
0.03
0.05
Net realized gain (loss) and unrealized appreciation/depreciation on
investments and foreign currency related transactions
1.43
1.92
(2.88
)
(4.99
)
(3.25
)
8.17
Total from investment operations
1.53
2.08
(2.79
)
(4.99
)
(3.22
)
8.22
LESS DISTRIBUTIONS FROM:
Net investment income
—
(0.26
)
(0.09
)
—
(0.05
)
(0.06
)
Net realized gains on investments
—
—
—
(1.09
)
(3.15
)
(0.28
)
Total distributions
—
(0.26
)
(0.09
)
(1.09
)
(3.20
)
(0.34
)
Net Asset Value, end of period
$14.97
$13.44
$11.62
$14.50
$20.58
$27.00
TOTAL RETURN3
11.38%
4
17.87%
(19.22%
)
(24.40%
)
(12.26%
)
43.05%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)
$295,525
$280,761
$300,132
$448,623
$710,844
$962,714
Ratio of expenses to average net assets
1.29%
5
1.25%
1.15%
1.12%
1.06%
1.09%
Ratio of net investment income (loss) to average net assets
1.45%
5
1.32%
0.65%
(0.01%
)
0.13%
0.22%
Portfolio turnover6
15.51%
4
49.99%
49.60%
49.38%
92.28%
52.64%
 
 
Six-Month
Period Ended
June 30, 2025
(Unaudited)
Year Ended Dec. 31,
INSTITUTIONAL CLASS
2024
2023
2022
2021
2020
Net Asset Value, beginning of period
$13.42
$11.60
$14.48
$20.53
$26.94
$19.08
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)1
0.11
0.21
0.11
0.01
0.10
0.09
Net realized gain (loss) and unrealized appreciation/depreciation on
investments and foreign currency related transactions
1.43
1.87
(2.88
)
(4.97
)
(3.26
)
8.15
Total from investment operations
1.54
2.08
(2.77
)
(4.96
)
(3.16
)
8.24
LESS DISTRIBUTIONS FROM:
Net investment income
—
(0.26
)
(0.11
)
—
(0.10
)
(0.10
)
Net realized gains on investments
—
—
—
(1.09
)
(3.15
)
(0.28
)
Total distributions
—
(0.26
)
(0.11
)
(1.09
)
(3.25
)
(0.38
)
Net Asset Value, end of period
$14.96
$13.42
$11.60
$14.48
$20.53
$26.94
TOTAL RETURN3
11.48%
4
17.95%
(19.11%
)
(24.31%
)
(12.07%
)
43.23%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)
$82,670
$69,192
$148,327
$297,165
$630,966
$546,157
Ratio of expenses to average net assets
1.16%
5
1.12%
1.01%
0.98%
0.91%
0.93%
Ratio of net investment income (loss) to average net assets
1.63%
5
1.76%
0.82%
0.07%
0.38%
0.40%
Portfolio turnover6
15.51%
4
49.99%
49.60%
49.38%
92.28%
52.64%
 
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
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

 
Financial Highlights (continued)
Matthews China 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, 2025
(Unaudited)
Year Ended Dec. 31,
INVESTOR CLASS
2024
2023
2022
2021
2020
Net Asset Value, beginning of period
$9.08
$8.95
$11.11
$16.44
$19.86
$12.84
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)1
0.06
0.26
0.01
0.02
0.09
(0.03
)
Net realized gain (loss) and unrealized appreciation/depreciation on
investments and foreign currency related transactions
0.86
(0.01
)
(1.96
)
(5.15
)
(0.80
)
10.42
Total from investment operations
0.92
0.25
(1.95
)
(5.13
)
(0.71
)
10.39
LESS DISTRIBUTIONS FROM:
Net investment income
—
(0.12
)
(0.21
)
(0.20
)
(0.12
)
(0.13
)
Net realized gains on investments
—
—
—
—
(2.59
)
(3.24
)
Total distributions
—
(0.12
)
(0.21
)
(0.20
)
(2.71
)
(3.37
)
Net Asset Value, end of period
$10.00
$9.08
$8.95
$11.11
$16.44
$19.86
TOTAL RETURN2
10.13%
3
2.82%
(17.51%
)
(31.26%
)
(3.59%
)
82.52%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)
$47,010
$48,596
$66,174
$114,440
$218,398
$285,717
Ratio of expenses to average net assets before any reimbursement,
waiver or recapture of expenses by Advisor and Administrator
(Note 4)
1.61%
4
1.61%
1.55%
1.55%
1.48%
1.52%
Ratio of expenses to average net assets after any reimbursement, waiver
or recapture of expenses by Advisor and Administrator
1.43%
4
1.40%
1.41%
1.41%
1.43%
1.43%
Ratio of net investment income (loss) to average net assets
1.30%
4
2.91%
0.09%
0.17%
0.44%
(0.14%
)
Portfolio turnover5
11.77%
3
54.39%
59.05%
59.00%
119.65%
152.86%
 
 
Six-Month
Period Ended
June 30, 2025
(Unaudited)
Year Ended Dec. 31,
INSTITUTIONAL CLASS
2024
2023
2022
2021
2020
Net Asset Value, beginning of period
$9.06
$8.94
$11.12
$16.47
$19.90
$12.86
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)1
0.07
0.27
0.04
0.06
0.13
0.04
Net realized gain (loss) and unrealized appreciation/depreciation on
investments and foreign currency related transactions
0.87
(0.01
)
(1.98
)
(5.17
)
(0.80
)
10.42
Total from investment operations
0.94
0.26
(1.94
)
(5.11
)
(0.67
)
10.46
LESS DISTRIBUTIONS FROM:
Net investment income
—
(0.14
)
(0.24
)
(0.24
)
(0.17
)
(0.18
)
Net realized gains on investments
—
—
—
—
(2.59
)
(3.24
)
Total distributions
—
(0.14
)
(0.24
)
(0.24
)
(2.76
)
(3.42
)
Net Asset Value, end of period
$10.00
$9.06
$8.94
$11.12
$16.47
$19.90
TOTAL RETURN2
10.38%
3
2.97%
(17.37%
)
(31.08%
)
(3.35%
)
82.89%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)
$15,272
$15,796
$22,983
$40,322
$162,770
$98,052
Ratio of expenses to average net assets before any reimbursement,
waiver or recapture of expenses by Advisor and Administrator (Note 4)
1.48%
4
1.50%
1.41%
1.38%
1.31%
1.37%
Ratio of expenses to average net assets after any reimbursement, waiver
or recapture of expenses by Advisor and Administrator
1.20%
4
1.20%
1.20%
1.20%
1.20%
1.20%
Ratio of net investment income (loss) to average net assets
1.48%
4
3.03%
0.36%
0.47%
0.63%
0.20%
Portfolio turnover5
11.77%
3
54.39%
59.05%
59.00%
119.65%
152.86%
 
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
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

 
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, 2025
(Unaudited)
Year Ended Dec. 31,
INVESTOR CLASS
2024
2023
2022
2021
2020
Net Asset Value, beginning of period
$25.33
$26.37
$22.09
$28.17
$26.29
$23.27
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)1
(0.05
)
(0.13
)
(0.01
)
(0.12
)
(0.11
)
0.01
Net realized gain (loss) and unrealized appreciation/depreciation on
investments, foreign currency related transactions and foreign
capital gains taxes
0.40
2.90
5.10
(2.58
)
4.81
3.81
Total from investment operations
0.35
2.77
5.09
(2.70
)
4.70
3.82
LESS DISTRIBUTIONS FROM:
Net investment income
—
—
2
(0.51
)
—
—
—
Net realized gains on investments
—
(3.81
)
(0.30
)
(3.38
)
(2.82
)
(0.80
)
Total distributions
—
(3.81
)
(0.81
)
(3.38
)
(2.82
)
(0.80
)
Net Asset Value, end of period
$25.68
$25.33
$26.37
$22.09
$28.17
$26.29
TOTAL RETURN3
1.38%
4
10.29%
23.10%
(9.92%
)
18.11%
16.51%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)
$618,801
$680,284
$614,103
$505,764
$635,067
$617,908
Ratio of expenses to average net assets
1.30%
5
1.22%
1.14%
1.15%
1.10%
1.15%
Ratio of net investment income (loss) to average net assets
(0.39%
)5
(0.45%
)
(0.04%
)
(0.45%
)
(0.38%
)
0.05%
Portfolio turnover6
31.49%
4
82.99%
50.98%
41.35%
42.50%
57.38%
 
 
Six-Month
Period Ended
June 30, 2025
(Unaudited)
Year Ended Dec. 31,
INSTITUTIONAL CLASS
2024
2023
2022
2021
2020
Net Asset Value, beginning of period
$25.95
$26.93
$22.54
$28.64
$26.65
$23.55
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)1
(0.03
)
(0.10
)
0.02
(0.08
)
(0.06
)
0.05
Net realized gain (loss) and unrealized appreciation/depreciation on
investments, foreign currency related transactions and foreign capital
gains taxes
0.41
2.97
5.21
(2.64
)
4.87
3.85
Total from investment operations
0.38
2.87
5.23
(2.72
)
4.81
3.90
LESS DISTRIBUTIONS FROM:
Net investment income
—
(0.04
)
(0.54
)
—
—
—
Net realized gains on investments
—
(3.81
)
(0.30
)
(3.38
)
(2.82
)
(0.80
)
Total distributions
—
(3.85
)
(0.84
)
(3.38
)
(2.82
)
(0.80
)
Net Asset Value, end of period
$26.33
$25.95
$26.93
$22.54
$28.64
$26.65
TOTAL RETURN3
1.47%
4
10.43%
23.32%
(9.83%
)
18.28%
16.65%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)
$169,346
$180,150
$149,023
$97,018
$128,708
$90,053
Ratio of expenses to average net assets
1.16%
5
1.10%
1.01%
1.01%
0.96%
1.03%
Ratio of net investment income (loss) to average net assets
(0.26%
)5
(0.33%
)
0.07%
(0.31%
)
(0.19%
)
0.24%
Portfolio turnover6
31.49%
4
82.99%
50.98%
41.35%
42.50%
57.38%
 
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
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

 
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, 2025
(Unaudited)
Year Ended Dec. 31,
INVESTOR CLASS
2024
2023
2022
2021
2020
Net Asset Value, beginning of period
$20.03
$17.58
$14.90
$22.09
$25.27
$21.51
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)1
0.07
0.11
0.09
0.07
0.09
0.07
Net realized gain (loss) and unrealized appreciation/depreciation on
investments and foreign currency related transactions
2.67
2.77
2.59
(6.19
)
(0.52
)
6.25
Total from investment operations
2.74
2.88
2.68
(6.12
)
(0.43
)
6.32
LESS DISTRIBUTIONS FROM:
Net investment income
—
(0.43
)
—
—
(0.24
)
(0.13
)
Net realized gains on investments
—
—
—
(1.07
)
(2.51
)
(2.43
)
Total distributions
—
(0.43
)
—
(1.07
)
(2.75
)
(2.56
)
Net Asset Value, end of period
$22.77
$20.03
$17.58
$14.90
$22.09
$25.27
TOTAL RETURN2
13.68%
3
16.38%
17.99%
(27.85%
)
(1.92%
)
29.82%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)
$264,780
$246,422
$239,578
$208,329
$373,739
$1,101,820
Ratio of expenses to average net assets
1.17%
4
1.15%
1.09%
1.05%
0.95%
0.95%
Ratio of net investment income (loss) to average net assets
0.69%
4
0.54%
0.58%
0.41%
0.38%
0.31%
Portfolio turnover5
51.72%
3
88.02%
100.59%
83.38%
70.30%
62.03%
 
 
Six-Month
Period Ended
June 30, 2025
(Unaudited)
Year Ended Dec. 31,
INSTITUTIONAL CLASS
2024
2023
2022
2021
2020
Net Asset Value, beginning of period
$20.09
$17.63
$14.93
$22.13
$25.32
$21.55
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)1
0.08
0.13
0.12
0.09
0.05
0.05
Net realized gain (loss) and unrealized appreciation/depreciation on
investments and foreign currency related transactions
2.68
2.77
2.58
(6.22
)
(0.46
)
6.29
Total from investment operations
2.76
2.90
2.70
(6.13
)
(0.41
)
6.34
LESS DISTRIBUTIONS FROM:
Net investment income
—
(0.44
)
—
—
(0.27
)
(0.14
)
Net realized gains on investments
—
—
—
(1.07
)
(2.51
)
(2.43
)
Total distributions
—
(0.44
)
—
(1.07
)
(2.78
)
(2.57
)
Net Asset Value, end of period
$22.85
$20.09
$17.63
$14.93
$22.13
$25.32
TOTAL RETURN2
13.74%
3
16.48%
18.08%
(27.84%
)
(1.83%
)
29.85%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)
$417,542
$391,746
$415,920
$413,807
$1,170,380
$548,968
Ratio of expenses to average net assets
1.10%
4
1.08%
1.02%
0.97%
0.89%
0.91%
Ratio of net investment income (loss) to average net assets
0.81%
4
0.65%
0.71%
0.55%
0.22%
0.25%
Portfolio turnover5
51.72%
3
88.02%
100.59%
83.38%
70.30%
62.03%
 
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
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

 
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, 2025
(Unaudited)
Year Ended Dec. 31,
INVESTOR CLASS
2024
2023
2022
2021
2020
Net Asset Value, beginning of period
$14.08
$13.70
$13.24
$18.94
$22.63
$17.47
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)1
0.13
0.22
0.19
0.13
0.18
0.15
Net realized gain (loss) and unrealized appreciation/depreciation
on investments, foreign currency related transactions and
foreign capital gains taxes
1.63
0.59
0.42
(5.72
)
(0.81
)
5.23
Total from investment operations
1.76
0.81
0.61
(5.59
)
(0.63
)
5.38
LESS DISTRIBUTIONS FROM:
Net investment income
(0.01
)
(0.43
)
(0.15
)
(0.11
)
(0.19
)
(0.22
)
Net realized gains on investments
—
—
—
—
(2.87
)
—
Total distributions
(0.01
)
(0.43
)
(0.15
)
(0.11
)
(3.06
)
(0.22
)
Net Asset Value, end of period
$15.83
$14.08
$13.70
$13.24
$18.94
$22.63
TOTAL RETURN2
12.53%
3
5.92%
4.69%
(29.57%
)
(2.83%
)
31.25%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)
$259,961
$271,633
$401,341
$602,694
$1,586,460
$2,292,262
Ratio of expenses to average net assets before any
reimbursement, waiver or recapture of expenses by Advisor and
Administrator (Note 4)
1.26%
4
1.20%
1.10%
1.10%
1.03%
1.03%
Ratio of expenses to average net assets after any reimbursement,
waiver or recapture of expenses by Advisor and Administrator
1.26%
4
1.20%
1.10%
1.10%
1.02%
1.02%
Ratio of net investment income (loss) to average net assets
1.78%
4
1.57%
1.43%
0.84%
0.80%
0.85%
Portfolio turnover5
49.05%
3
16.81%
75.88%
50.75%
47.41%
37.73%
 
 
Six-Month
Period Ended
June 30, 2025
(Unaudited)
Year Ended Dec. 31,
INSTITUTIONAL CLASS
2024
2023
2022
2021
2020
Net Asset Value, beginning of period
$14.06
$13.68
$13.23
$18.94
$22.62
$17.47
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)1
0.13
0.23
0.21
0.14
0.21
0.16
Net realized gain (loss) and unrealized
appreciation/depreciation on investments, foreign currency
related transactions and foreign capital gains taxes
1.65
0.60
0.41
(5.72
)
(0.80
)
5.22
Total from investment operations
1.78
0.83
0.62
(5.58
)
(0.59
)
5.38
LESS DISTRIBUTIONS FROM:
Net investment income
(0.02
)
(0.45
)
(0.17
)
(0.13
)
(0.22
)
(0.23
)
Net realized gains on investments
—
—
—
—
(2.87
)
—
Total distributions
(0.02
)
(0.45
)
(0.17
)
(0.13
)
(3.09
)
(0.23
)
Net Asset Value, end of period
$15.82
$14.06
$13.68
$13.23
$18.94
$22.62
TOTAL RETURN2
12.69%
3
6.05%
4.77%
(29.55%
)
(2.67%
)
31.29%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)
$300,184
$337,614
$650,333
$1,248,676
$3,154,407
$2,908,674
Ratio of expenses to average net assets before any
reimbursement, waiver or recapture of expenses by Advisor
and Administrator (Note 4)
1.13%
4
1.09%
0.99%
0.99%
0.92%
0.93%
Ratio of expenses to average net assets after any
reimbursement, waiver or recapture of expenses by Advisor
and Administrator
1.13%
4
1.09%
0.99%
0.99%
0.91%
0.93%
Ratio of net investment income (loss) to average net assets
1.88%
4
1.63%
1.55%
0.95%
0.93%
0.91%
Portfolio turnover5
49.05%
3
16.81%
75.88%
50.75%
47.41%
37.73%
 
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
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.
51  MATTHEWS ASIA FUNDS

 
Financial Highlights (continued)
Matthews China 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, 2025
(Unaudited)
Year Ended Dec. 31,
INVESTOR CLASS
2024
2023
2022
2021
2020
Net Asset Value, beginning of period
$11.81
$10.71
$14.00
$17.73
$19.64
$16.20
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)1
0.17
0.28
0.27
0.31
0.41
0.30
Net realized gain (loss) and unrealized appreciation/depreciation on
investments and foreign currency related transactions
1.45
1.29
(3.12
)
(3.27
)
(0.48
)
3.54
Total from investment operations
1.62
1.57
(2.85
)
(2.96
)
(0.07
)
3.84
LESS DISTRIBUTIONS FROM:
Net investment income
(0.28
)
(0.47
)
(0.44
)
(0.52
)
(0.49
)
(0.40
)
Net realized gains on investments
—
—
—
(0.25
)
(1.35
)
—
Total distributions
(0.28
)
(0.47
)
(0.44
)
(0.77
)
(1.84
)
(0.40
)
Net Asset Value, end of period
$13.15
$11.81
$10.71
$14.00
$17.73
$19.64
TOTAL RETURN2
13.67%
3
14.94%
(20.67%
)
(16.75%
)
(0.49%
)
24.22%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)
$67,980
$65,699
$76,517
$137,066
$218,766
$269,192
Ratio of expenses to average net assets before any reimbursement,
waiver or recapture of expenses by Advisor and Administrator
(Note 4)
1.34%
4
1.32%
1.17%
1.20%
1.12%
1.15%
Ratio of expenses to average net assets after any reimbursement, waiver
or recapture of expenses by Advisor and Administrator
1.34%
4
1.32%
1.17%
1.20%
1.12%
1.15%
Ratio of net investment income (loss) to average net assets
2.75%
4
2.53%
2.03%
2.12%
2.05%
1.79%
Portfolio turnover5
28.64%
3
75.80%
27.30%
67.08%
68.25%
81.79%
 
 
Six-Month
Period Ended
June 30, 2025
(Unaudited)
Year Ended Dec. 31,
INSTITUTIONAL CLASS
2024
2023
2022
2021
2020
Net Asset Value, beginning of period
$11.83
$10.70
$14.00
$17.72
$19.64
$16.20
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)1
0.18
0.28
0.27
0.31
0.53
0.31
Net realized gain (loss) and unrealized appreciation/depreciation on
investments and foreign currency related transactions
1.44
1.30
(3.11
)
(3.24
)
(0.58
)
3.55
Total from investment operations
1.62
1.58
(2.84
)
(2.93
)
(0.05
)
3.86
LESS DISTRIBUTIONS FROM:
Net investment income
(0.28
)
(0.45
)
(0.46
)
(0.54
)
(0.52
)
(0.42
)
Net realized gains on investments
—
—
—
(0.25
)
(1.35
)
—
Total distributions
(0.28
)
(0.45
)
(0.46
)
(0.79
)
(1.87
)
(0.42
)
Net Asset Value, end of period
$13.17
$11.83
$10.70
$14.00
$17.72
$19.64
TOTAL RETURN2
13.71%
3
15.07%
(20.58%
)
(16.59%
)
(0.38%
)
24.37%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)
$22,391
$22,666
$42,165
$84,220
$131,395
$115,451
Ratio of expenses to average net assets before any reimbursement,
waiver or recapture of expenses by Advisor and Administrator
(Note 4)
1.21%
4
1.19%
1.04%
1.06%
0.97%
1.02%
Ratio of expenses to average net assets after any reimbursement, waiver
or recapture of expenses by Advisor and Administrator
1.20%
4
1.19%
1.04%
1.06%
0.97%
1.02%
Ratio of net investment income (loss) to average net assets
2.83%
4
2.57%
2.09%
2.12%
2.65%
1.85%
Portfolio turnover5
28.64%
3
75.80%
27.30%
67.08%
68.25%
81.79%
 
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
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  52

 
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, 2025, the Trust issued twenty-four separate series of shares. This shareholder report pertains to twelve 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 Small Companies Fund, Matthews India Fund, Matthews Japan Fund, Matthews Asia Dividend Fund and Matthews China 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 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.
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 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 six-months ended June 30, 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: $(1,998,528)
* Net realized gain on investments: $3,432,294
* Net change in unrealized gain/loss on investments: $21,111,659
* Net increase in the net assets resulting from operations: $26,542,481
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”).
53  MATTHEWS ASIA FUNDS

 
Notes to Financial Statements (unaudited)  (continued)
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.
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.
matthewsasia.com | 800.789.ASIA  54

 
Notes to Financial Statements (unaudited)  (continued)
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, 2025. 
 
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:
Bangladesh
$—
$729,419
$3,221,891
$—
$—
Brazil
10,508,043
12,573,254
45,117,316
—
—
Chile
—
430,988
4,694,603
—
—
China/Hong Kong
16,405,142
22,820,015
48,082,645
17,460,331
13,588,714
Greece
—
—
—
—
—
India
12,107,953
—
—
4,030,876
4,452,091
Kazakhstan
—
1,847,716
—
—
—
Mexico
5,289,118
—
7,369,578
—
—
Panama
—
—
4,296,826
—
—
Philippines
3,456,865
1,997,581
3,432,500
—
7,476,950
Singapore
—
—
—
7,977,647
25,166,461
South Africa
2,624,820
3,888,045
18,606,806
—
—
South Korea
1,498,240
—
—
2,663,564
—
Taiwan
—
2,758,875
—
—
—
United States
—
3,366,327
—
—
—
Sub-total
51,890,181
50,412,220
134,822,165
32,132,418
50,684,216
Level 2:  Other Significant Observable Inputs
Common Equities:
Australia
5,593,559
Bangladesh
—
371,814
—
—
—
China/Hong Kong
60,883,343
42,669,083
49,011,155
41,586,083
225,127,136
Georgia
—
—
7,857,664
—
—
Greece
—
3,739,381
7,498,638
—
—
India
43,178,277
49,674,564
133,147,094
29,280,708
119,854,498
Indonesia
2,546,048
2,460,494
6,884,844
1,574,136
11,839,269
Malaysia
—
—
—
—
10,655,421
Japan
—
—
—
61,260,281
—
Jordan
—
2,639,368
—
—
—
Philippines
—
—
7,438,116
—
—
Poland
—
5,382,253
9,607,875
—
—
Romania
—
4,121,260
—
—
—
Saudi Arabia
—
188,771
479,221
Singapore
2,675,128
—
—
2,093,414
15,751,789
South Africa
3,163,502
—
—
—
—
South Korea
30,346,348
10,303,087
58,991,546
14,160,034
96,727,109
Taiwan
37,094,887
30,090,225
77,802,475
20,104,033
153,967,853
Turkey
—
—
5,599,693
—
—
Thailand
2,170,313
4,492,690
—
—
5,320,156
Vietnam
121,862
2,711,659
18,326,576
1,034,702
7,108,623
Sub-total
182,179,708
158,844,649
382,644,897
176,708,400
646,351,854
Preferred Equities:
South Korea
—
1,812,146
—
21,450
—
Rights:
South Korea
—
—
—
21,450
—
Level 3: Significant Observable Inputs
Common Equities:
Russia
1,641
—
26,870
—
—
Total Market Value of Investments
$234,071,530
$211,069,015
$517,493,932
$208,840,818
$697,036,070
55  MATTHEWS ASIA FUNDS

 
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, 2025. 
 
Matthews Asia
Innovators Fund
Matthews
China Fund
Matthews
China Small
Companies
Fund
Matthews Asia
Dividend Fund
Matthews China
Dividend Fund
 
Assets:
Investments:
Level 1: Quoted Prices
Common Equities:
China/Hong Kong
$32,557,589
$41,343,287
$11,268,014
$13,397,716
$8,313,196
India
9,314,840
—
—
—
—
Singapore
21,374,272
—
—
—
—
South Korea
4,153,325
—
—
—
—
United States
—
—
2,052,445
—
—
Sub-total
67,400,026
41,343,287
13,320,459
13,397,716
8,313,196
Level 2:  Other Significant Observable Inputs
Common Equities:
Australia
—
—
—
35,534,093
—
China/Hong Kong
81,018,793
328,173,339
43,677,991
151,494,154
74,571,583
India
46,887,390
—
—
35,824,465
—
Indonesia
—
—
—
5,624,655
—
Japan
—
—
—
153,351,037
—
Macau
—
6,271,842
—
—
—
Singapore
—
—
—
18,087,052
1,851,485
South Korea
35,610,310
—
—
64,763,614
—
Taiwan
49,847,128
—
1,550,569
64,983,841
899,822
Thailand
—
—
—
5,139,272
—
Vietnam
1,944,782
—
—
—
—
United States
—
—
347,055
—
—
Sub-total
215,308,403
334,445,181
45,575,615
534,802,183
77,322,890
Rights:
South Korea
44,905
—
—
—
—
Total Market Value of Investments
$282,753,334
$375,788,468
$58,896,074
$548,199,899
$85,636,086
  
a
Industry, countries, or security types are disclosed on the Schedule of Investments.
  
matthewsasia.com | 800.789.ASIA  56

 
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, 2025. 
 
Matthews
India Fund
Matthews
Japan Fund
Assets:
Investments:
Level 1: Quoted Prices
Common Equities:
Consumer Discretionary
$3,240,721
$—
Sub-total
3,240,721
—
Level 2:  Other Significant Observable Inputs
Common Equities:
Communication Services
33,100,776
28,784,677
Consumer Discretionary
152,840,458
121,312,939
Consumer Staples
77,204,077
53,915,800
Energy
37,289,402
—
Financials
298,055,962
100,132,341
Health Care
49,236,456
36,052,088
Industrials
66,217,337
164,464,412
Information Technology
68,547,992
111,093,585
Materials
12,714,828
34,156,908
Real Estate
5,424,719
19,869,451
Sub-total
800,632,007
669,782,201
Total Market Value of Investments
$803,872,728
$669,782,201
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
 
Common Equities —Russia
Common Equities — Russia and India
Balance as of 12/31/24 (market value)
$1,130
$3,727,486
Accrued discounts/premiums
—
—
Realized gain/(loss)
—
—
Change in unrealized appreciation/(depreciation)
511
8,357
Purchases
—
—
Sales
—
—
Transfers in to Level 3
—
—
Transfer out of Level 3
—
(3,708,973
)
Balance as of 6/30/25 (market value)
$1,641
$26,870
Net change in unrealized appreciation/depreciation on Level 3 investments held as of
6/30/25*
$511
$8,357
 
*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
57  MATTHEWS ASIA FUNDS

 
Notes to Financial Statements (unaudited)  (continued)
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 by foreign 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. In such an arrangement, a China-based operating company typically establishes an offshore shell company in another jurisdiction, such as the Cayman Islands. That shell company enters into service and other contracts with the China-based operating company, then issues shares on a foreign exchange, such as the New York Stock Exchange. Foreign investors hold stock in the shell company rather than directly in the China-based operating company. This arrangement allows U.S. investors to obtain economic exposure to the China-based company through contractual means rather than through formal equity ownership.
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 provided new guidance to and 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 the shell company’s contractual arrangements. It is uncertain whether Chinese officials or regulators will withdraw their implicit acceptance of the VIE structure, or whether any new laws, rules or regulations relating to VIE structures will be adopted or, if adopted, what impact they would have on the interests of foreign shareholders. Under extreme circumstances, China might prohibit the existence of VIEs, or sever their ability to transmit economic and governance rights to foreign individuals and entities; if so, the market value of the Funds’ associated portfolio holdings would likely suffer significant, detrimental, and possibly permanent effects, 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, including the exclusion of Russia from the SWIFT global payments network. 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, 2025, the Russian positions held across the Matthews Asia Funds have been valued near zero.
Recently, the war among Israel, Hamas and other militant groups in the Middle East has increased tensions in the region and has caused and could continue to cause market disruptions in the Middle East and globally. The conflict between Israel, Hamas and other militant groups and the involvement of the U.S. and 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.
The current political climate has intensified concerns about trade tariffs and a potential trade war between the United States and certain foreign countries, including China, Mexico and Canada, among others. These consequences may trigger a significant reduction in international trade, shortages or oversupply of certain manufactured goods, substantial price increases or decreases of goods, inflationary pressures, and possible failure of individual companies and/or large segments of the foreign export industry with a potentially negative impact to the Funds.
D.
DISTRIBUTIONS TO SHAREHOLDERS: It is the policy of Matthews China Dividend Fund to distribute net investment income on a semi-annual basis and capital gains, if any, annually. 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. 
matthewsasia.com | 800.789.ASIA  58

 
Notes to Financial Statements (unaudited)  (continued)
The tax character of distributions paid for the fiscal year ended December 31, 2024 was as follows: 
YEAR ENDED December 31, 2024
Ordinary
Income
Net Long-Term
Capital Gains
Total Taxable
Distributions
Matthews Emerging Markets Equity Fund
$235,633
$—
$235,633
Matthews Emerging Markets Sustainable Future Fund
6,083,699
—
6,083,699
Matthews Emerging Markets Small Companies Fund
19,674,680
3,645,052
23,319,732
Matthews Asia Growth Fund
5,653,873
—
5,653,873
Matthews Pacific Tiger Fund
26,865,309
44,615,214
71,480,523
Matthews Asia Innovators Fund
—
—
—
Matthews China Fund
6,669,399
—
6,669,399
Matthews China Small Companies Fund
914,744
—
914,744
Matthews India Fund
41,604,228
74,707,813
116,312,041
Matthews Japan Fund
13,706,519
—
13,706,519
Matthews Asia Dividend Fund
20,782,136
—
20,782,136
Matthews China Dividend Fund
3,957,261
—
3,957,261
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.
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.
I.
RECENT ACCOUNTING GUIDANCE:  In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Taxes Disclosures, which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024. Management is still evaluating the impact, if any, the update will have on the financial statements.
3.
CAPITAL SHARE TRANSACTIONS  
 
Six-Month Period Ended
June 30, 2025 (Unaudited)
Year Ended December 31, 2024
 
Shares
Amount
Shares
Amount
Matthews Emerging Markets Equity Fund
Investor Class
Shares sold
128,221
$1,753,960
143,359
$1,892,747
Shares issued in reorganization1
13,015,649
177,703,579
—
—
59  MATTHEWS ASIA FUNDS

 
Notes to Financial Statements (unaudited)  (continued)
 
Six-Month Period Ended
June 30, 2025 (Unaudited)
Year Ended December 31, 2024
 
Shares
Amount
Shares
Amount
Shares issued through reinvestment of distributions
—
—
6,628
87,020
Shares redeemed
(1,300,740
)
(17,437,145
)
(211,480
)
(2,606,505
)
Net increase (decrease)
11,843,130
$162,020,394
(61,493
)
($626,738
)
Institutional Class
Shares sold
598,039
$8,141,104
137,621
$1,769,524
Shares issued in reorganization1
3,574,153
48,724,802
—
—
Shares issued through reinvestment of distributions
—
—
6,100
79,915
Shares redeemed
(770,054
)
(10,142,637
)
(134,669
)
(1,717,448
)
Net increase
3,402,138
$46,723,269
9,052
$131,991
Matthews Emerging Markets Sustainable Future Fund
Investor Class
Shares sold
100,764
$1,226,182
928,223
$11,648,615
Shares issued through reinvestment of distributions
—
—
65,502
795,850
Shares redeemed
(908,675
)
(11,301,974
)
(1,486,308
)
(18,617,584
)
Net (decrease)
(807,911
)
($10,075,792
)
(492,583
)
($6,173,119
)
Institutional Class
Shares sold
2,430,123
$30,030,172
9,979,586
$125,858,709
Shares issued through reinvestment of distributions
—
—
410,482
4,991,456
Shares redeemed
(3,736,453
)
(44,861,763
)
(8,741,529
)
(110,186,332
)
Net increase (decrease)
(1,306,330
)
($14,831,591
)
1,648,539
$20,663,833
Matthews Emerging Markets Small Companies Fund
Investor Class
Shares sold
591,843
$13,716,923
3,698,179
$94,253,921
Shares issued through reinvestment of distributions
—
—
333,450
7,769,393
Shares redeemed
(3,761,803
)
(85,672,068
)
(5,466,917
)
(139,234,040
)
Net (decrease)
(3,169,960
)
($71,955,145
)
(1,435,288
)
($37,210,726
)
Institutional Class
Shares sold
2,982,426
$68,956,336
7,501,357
$191,699,784
Shares issued through reinvestment of distributions
—
—
533,807
12,416,358
Shares redeemed
(4,817,614
)
(109,938,636
)
(5,911,848
)
(149,551,127
)
Net increase (decrease)
(1,835,188
)
($40,982,300
)
2,123,316
$54,565,015
Matthews Asia Growth Fund
Investor Class
Shares sold
72,680
$1,632,920
264,283
$5,956,539
Shares issued through reinvestment of distributions
—
—
126,778
2,861,381
Shares redeemed
(1,040,167
)
(23,461,922
)
(2,388,317
)
(54,099,225
)
Net (decrease)
(967,487
)
($21,829,002
)
(1,997,256
)
($45,281,305
)
Institutional Class
Shares sold
210,801
$4,829,182
1,527,974
$36,614,751
Shares issued through reinvestment of distributions
—
—
109,830
2,510,712
Shares redeemed
(1,183,916
)
(26,732,076
)
(6,527,082
)
(154,607,377
)
Net (decrease)
(973,115
)
($21,902,894
)
(4,889,278
)
($115,481,914
)
matthewsasia.com | 800.789.ASIA  60

 
Notes to Financial Statements (unaudited)  (continued)
 
Six-Month Period Ended
June 30, 2025 (Unaudited)
Year Ended December 31, 2024
 
Shares
Amount
Shares
Amount
Matthews Pacific Tiger Fund
Investor Class
Shares sold
186,546
$3,343,753
1,027,680
$19,372,843
Shares issued through reinvestment of distributions
—
—
2,132,857
37,815,556
Shares redeemed
(4,021,403
)
(72,183,306
)
(15,368,461
)
(288,531,112
)
Net (decrease)
(3,834,857
)
($68,839,553
)
(12,207,924
)
($231,342,713
)
Institutional Class
Shares sold
1,433,683
$25,617,926
4,749,881
$86,916,077
Shares issued through reinvestment of distributions
—
—
1,514,828
26,842,743
Shares redeemed
(7,654,661
)
(136,879,708
)
(51,438,276
)
(949,694,514
)
Net (decrease)
(6,220,978
)
($111,261,782
)
(45,173,567
)
($835,935,694
)
Matthews Asia Innovators Fund
Investor Class
Shares sold
700,690
$9,325,049
1,077,439
$13,591,330
Shares redeemed
(1,434,006
)
(19,064,227
)
(4,527,072
)
(55,282,951
)
Net (decrease)
(733,316
)
($9,739,178
)
(3,449,633
)
($41,691,621
)
Institutional Class
Shares sold
3,147,404
$44,510,171
2,128,947
$27,106,961
Shares redeemed
(1,936,880
)
(26,072,292
)
(7,686,101
)
(99,827,933
)
Net increase (decrease)
1,210,524
$18,437,879
(5,557,154
)
($72,720,972
)
Matthews China Fund
Investor Class
Shares sold
1,856,423
$27,042,781
5,921,496
$75,138,585
Shares issued through reinvestment of distributions
—
—
379,988
5,129,835
Shares redeemed
(3,004,762
)
(42,804,569
)
(11,234,607
)
(145,778,194
)
Net (decrease)
(1,148,339
)
($15,761,788
)
(4,933,123
)
($65,509,774
)
Institutional Class
Shares sold
1,610,382
$23,030,036
4,565,009
$58,922,209
Shares issued through reinvestment of distributions
—
—
74,507
1,004,354
Shares redeemed
(1,238,922
)
(17,443,934
)
(12,271,306
)
(148,376,198
)
Net increase (decrease)
371,460
$5,586,102
(7,631,790
)
($88,449,635
)
Matthews China Small Companies Fund
Investor Class
Shares sold
288,176
$2,782,638
1,019,072
$9,022,730
Shares issued through reinvestment of distributions
—
—
71,741
649,260
Shares redeemed
(940,118
)
(8,895,514
)
(3,133,436
)
(27,578,547
)
Net (decrease)
(651,942
)
($6,112,876
)
(2,042,623
)
($17,906,557
)
Institutional Class
Shares sold
80,586
$795,321
308,056
$2,735,197
Shares issued through reinvestment of distributions
—
—
26,069
235,401
Shares redeemed
(295,427
)
(2,833,588
)
(1,163,142
)
(10,165,517
)
Net (decrease)
(214,841
)
($2,038,267
)
(829,017
)
($7,194,919
)
61  MATTHEWS ASIA FUNDS

 
Notes to Financial Statements (unaudited)  (continued)
 
Six-Month Period Ended
June 30, 2025 (Unaudited)
Year Ended December 31, 2024
 
Shares
Amount
Shares
Amount
Matthews India Fund
Investor Class
Shares sold
1,498,044
$36,257,395
5,375,139
$153,175,576
Shares issued through reinvestment of distributions
—
—
3,442,382
88,469,225
Shares redeemed
(4,263,538
)
(101,607,918
)
(5,246,861
)
(149,171,404
)
Net increase (decrease)
(2,765,494
)
($65,350,523
)
3,570,660
$92,473,397
Institutional Class
Shares sold
1,201,256
$29,660,568
2,911,836
$84,634,955
Shares issued through reinvestment of distributions
—
—
731,248
19,253,756
Shares redeemed
(1,712,337
)
(41,666,133
)
(2,233,545
)
(64,382,322
)
Net increase (decrease)
(511,081
)
($12,005,565
)
1,409,539
$39,506,389
Matthews Japan Fund
Investor Class
Shares sold
520,825
$10,760,146
1,425,500
$28,152,106
Shares issued through reinvestment of distributions
—
—
243,615
4,830,876
Shares redeemed
(1,198,553
)
(24,607,419
)
(2,992,018
)
(59,492,843
)
Net (decrease)
(677,728
)
($13,847,273
)
(1,322,903
)
($26,509,861
)
Institutional Class
Shares sold
1,814,575
$37,252,781
5,776,600
$111,153,410
Shares issued through reinvestment of distributions
—
—
393,020
7,817,165
Shares redeemed
(3,043,914
)
(62,424,567
)
(10,253,471
)
(200,420,924
)
Net (decrease)
(1,229,339
)
($25,171,786
)
(4,083,851
)
($81,450,349
)
Matthews Asia Dividend Fund
Investor Class
Shares sold
118,232
$1,695,244
591,004
$8,372,594
Shares issued through reinvestment of distributions
14,909
227,745
625,799
8,872,118
Shares redeemed
(3,012,169
)
(43,681,060
)
(11,223,224
)
(157,833,314
)
Net (decrease)
(2,879,028
)
($41,758,071
)
(10,006,421
)
($140,588,602
)
Institutional Class
Shares sold
950,485
$13,537,957
4,950,779
$68,541,744
Shares issued through reinvestment of distributions
23,791
360,292
683,231
9,674,343
Shares redeemed
(6,007,101
)
(85,727,829
)
(29,156,275
)
(401,465,409
)
Net (decrease)
(5,032,825
)
($71,829,580
)
(23,522,265
)
($323,249,322
)
Matthews China Dividend Fund
Investor Class
Shares sold
378,076
$4,862,451
750,302
$8,551,057
Shares issued through reinvestment of distributions
101,113
1,334,695
244,048
2,716,128
Shares redeemed
(869,240
)
(10,858,314
)
(2,576,274
)
(28,427,413
)
Net (decrease)
(390,051
)
($4,661,168
)
(1,581,924
)
($17,160,228
)
Institutional Class
Shares sold
113,794
$1,474,230
680,494
$7,500,460
Shares issued through reinvestment of distributions
35,087
463,855
96,489
1,073,303
Shares redeemed
(364,153
)
(4,460,161
)
(2,802,328
)
(30,004,579
)
Net (decrease)
(215,272
)
($2,522,076
)
(2,025,345
)
($21,430,816
)
 
1
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
matthewsasia.com | 800.789.ASIA  62

 
Notes to Financial Statements (unaudited)  (continued)
Matthews Emerging Markets Small Companies Fund and Matthews China Small Companies 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 Small Companies 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.
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, 2025, 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
$539,578
($168,750
)
$370,828
Matthews Emerging Markets Sustainable Future Fund
711,747
(121,283
)
590,464
Matthews Emerging Markets Small Companies Fund
2,071,469
(424,106
)
1,647,363
Matthews Asia Growth Fund
771,802
(15,906
)
755,896
Matthews Pacific Tiger Fund
2,556,852
—
2,556,852
Matthews Asia Innovators Fund
893,182
—
893,182
Matthews China Fund
1,315,404
—
1,315,404
Matthews China Small Companies Fund
267,135
(64,645
)
202,490
Matthews India Fund
2,724,300
—
2,724,300
Matthews Japan Fund
2,268,869
—
2,268,869
Matthews Asia Dividend Fund
2,018,220
—
2,018,220
Matthews China Dividend Fund
316,978
(1,485
)
315,493
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, 2026, 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, 2025, the amounts subject to possible future recoupment under the expense limitation agreement are as follows: 
 
Expiring December 31,
 
2025
2026
2027
2028
Matthews Emerging Markets Equity Fund
$263,291
$143,956
$293,266
$168,750
Matthews Emerging Markets Sustainable Future Fund
—
—
266,556
121,283
Matthews Emerging Markets Small Companies Fund
647,978
960,093
1,016,563
424,106
Matthews Asia Growth Fund
—
—
—
15,906
63  MATTHEWS ASIA FUNDS

 
Notes to Financial Statements (unaudited)  (continued)
 
Expiring December 31,
 
2025
2026
2027
2028
Matthews China Small Companies Fund
$388,736
$200,612
$173,139
$64,645
Matthews China Dividend Fund
—
—
—
1,485
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 $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, 2025, 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
$160,140
$—
$160,140
Matthews Emerging Markets Sustainable Future Fund
210,902
—
210,902
Matthews Emerging Markets Small Companies Fund
517,138
—
517,138
Matthews Asia Growth Fund
228,692
—
228,692
Matthews Pacific Tiger Fund
757,484
—
757,484
Matthews Asia Innovators Fund
264,692
—
264,692
Matthews China Fund
389,835
—
389,835
Matthews China Small Companies Fund
66,697
—
66,697
Matthews India Fund
807,308
—
807,308
Matthews Japan Fund
672,362
—
672,362
Matthews Asia Dividend Fund
598,064
—
598,064
Matthews China Dividend Fund
93,940
—
93,940
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, 2025 were as follows: 
 
Administration and
Accounting fees
Matthews Emerging Markets Equity Fund
$6,023
Matthews Emerging Markets Sustainable Future Fund
7,951
Matthews Emerging Markets Small Companies Fund
19,496
Matthews Asia Growth Fund
8,622
Matthews Pacific Tiger Fund
28,565
Matthews Asia Innovators Fund
9,978
Matthews China Fund
14,694
Matthews China Small Companies Fund
2,514
Matthews India Fund
30,432
Matthews Japan Fund
25,345
Matthews Asia Dividend Fund
22,545
Matthews China Dividend Fund
3,541
matthewsasia.com | 800.789.ASIA  64

 
Notes to Financial Statements (unaudited)  (continued)
As of June 30, 2025, Matthews and its affiliates held no significant shares in the Funds
5.
INVESTMENTS
The value of investment transactions made for affiliated and unaffiliated holdings for the six-month period ended June 30, 2025 were as follows: 
 
Unaffiliated Purchases
Proceeds from
Unaffiliated Sales
Matthews Emerging Markets Equity Fund
$86,913,842
$89,393,487
Matthews Emerging Markets Sustainable Future Fund
60,086,310
83,526,916
Matthews Emerging Markets Small Companies Fund
78,624,733
188,726,752
Matthews Asia Growth Fund
94,361,978
138,770,899
Matthews Pacific Tiger Fund
455,645,541
639,735,504
Matthews Asia Innovators Fund
133,818,105
124,190,351
Matthews China Fund
56,656,128
60,967,028
Matthews China Small Companies Fund
7,288,886
17,987,653
Matthews India Fund
243,332,847
336,731,304
Matthews Japan Fund
328,616,156
374,692,083
Matthews Asia Dividend Fund
273,420,361
388,573,153
Matthews China Dividend Fund
24,650,206
36,259,190
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’ investment advisor, Matthews International Capital Management, LLC, acts 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, 2025. 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, 2024: 
 
Late Year Losses*
Matthews Emerging Markets Equity Fund
($4,087
)
Matthews Emerging Markets Sustainable Future Fund
(792,390
)
Matthews Emerging Markets Small Companies Fund
(6,841,539
)
Matthews Asia Growth Fund
(3,089,930
)
Matthews Pacific Tiger Fund
(619,783
)
Matthews Asia Innovators Fund
(240,739
)
Matthews China Fund
(4,257
)
Matthews China Small Companies Fund
(2,027,765
)
Matthews India Fund
(5,912,022
)
Matthews China Dividend Fund
(166,894
)
 
*
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.
65  MATTHEWS ASIA FUNDS

 
Notes to Financial Statements (unaudited)  (continued)
As of December 31, 2024, the Funds have capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows: 
 
Amount With No Expiration
 
 
Short-term
Losses
Long-term
Losses
Total
Matthews Emerging Markets Equity Fund
$2,276,220
$3,171,707
$5,447,927
Matthews Emerging Markets Sustainable Future Fund
—
5,877,158
5,877,158
Matthews Emerging Markets Small Companies Fund
2,571,530
91,979,525
94,551,055
Matthews Asia Growth Fund
118,768,347
40,978,250
159,746,597
Matthews Asia Innovators Fund
138,975,415
216,039,184
355,014,599
Matthews China Fund
113,699,784
263,573,710
377,273,494
Matthews China Small Companies Fund
57,612,282
100,087,018
157,699,300
Matthews Japan Fund
99,291,762
—
99,291,762
Matthews Asia Dividend Fund
308,935,875
—
308,935,875
Matthews China Dividend Fund
29,622,473
55,146,920
84,769,393
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, 2025, 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
$192,866,230
$53,879,534
($12,674,234
)
$41,205,300
Matthews Emerging Markets Sustainable Future Fund
193,700,399
37,632,486
(20,263,870
)
17,368,616
Matthews Emerging Markets Small Companies Fund
452,682,328
124,215,689
(59,404,085
)
64,811,604
Matthews Asia Growth Fund
182,654,341
32,581,741
(6,395,264
)
26,186,477
Matthews Pacific Tiger Fund
640,486,218
104,825,056
(48,275,204
)
56,549,852
Matthews Asia Innovators Fund
238,806,832
53,961,974
(10,015,472
)
43,946,502
Matthews China Fund
380,309,752
71,134,796
(75,656,080
)
(4,521,284
)
Matthews China Small Companies Fund
53,082,362
11,565,278
(5,751,566
)
5,813,712
Matthews India Fund
662,222,176
162,557,688
(20,907,136
)
141,650,552
Matthews Japan Fund
531,860,468
146,158,416
(8,236,683
)
137,921,733
Matthews Asia Dividend Fund
485,011,374
98,604,013
(35,415,488
)
63,188,525
Matthews China Dividend Fund
73,606,277
16,716,516
(4,686,707
)
12,029,809
8.
SUBSEQUENT  EVENTS
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued, and has determined that there were no subsequent events that require recognition or disclosure in the financial statements.
matthewsasia.com | 800.789.ASIA  66

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-0625

Matthews Asia Active ETFs | Financial Statements and Other Information
June 30, 2025 |  matthewsasia.com  
Listed on the NYSE Arca
*Listed on NASDAQ 

Matthews Emerging Markets Equity Active ETFJune 30, 2025
Schedule of Investmentsa (unaudited)
 
COMMON EQUITIES: 89.4%
 
Shares
Value 
China/Hong Kong: 28.4%
Tencent Holdings, Ltd.
34,000
$2,178,599
NetEase, Inc. ADR
7,340
987,817
Alibaba Group Holding, Ltd.
60,800
850,426
DiDi Global, Inc. ADRb
121,621
595,943
China Construction Bank Corp. H Shares
529,000
533,717
JD.com, Inc. Class A
32,550
530,337
PetroChina Co., Ltd. H Shares
600,000
515,924
BYD Co., Ltd. H Shares
33,000
514,968
China Merchants Bank Co., Ltd. A Shares
75,400
483,674
New China Life Insurance Co., Ltd. H Shares
84,100
457,997
JD.com, Inc. ADR
12,343
402,876
Yum China Holdings, Inc.
8,756
391,481
Ping An Insurance Group Co. of China, Ltd. H
Shares
61,000
387,369
KE Holdings, Inc. ADR
21,286
377,614
China Overseas Property Holdings, Ltd.
540,000
376,968
Full Truck Alliance Co., Ltd. ADR
31,291
369,547
China Merchants Bank Co., Ltd. H Shares
49,500
345,869
Horizon Roboticsb
412,200
340,787
Trip.com Group, Ltd. ADR
5,699
334,189
Meituan Class Bb,c,d
15,200
242,619
Midea Group Co., Ltd. A Shares
2,600
26,206
Total China/Hong Kong
11,244,927
 
India: 20.0%
HDFC Bank, Ltd. ADR
15,429
1,182,941
Shriram Finance, Ltd.
91,207
751,745
ICICI Bank, Ltd. ADR
21,163
711,923
Bharti Airtel, Ltd.
28,881
676,764
Max Financial Services, Ltd.b
27,530
528,739
TVS Motor Co., Ltd.
12,975
441,477
Mahindra & Mahindra, Ltd.
11,486
426,332
Axis Bank, Ltd.
30,073
420,517
Eicher Motors, Ltd.
6,247
412,035
Reliance Industries, Ltd.
23,287
407,468
Bajaj Finance, Ltd.
36,860
402,512
Lupin, Ltd.
16,333
369,092
Marico, Ltd.
40,334
339,730
Eternal, Ltd.b
100,088
308,282
Kotak Mahindra Bank, Ltd.
7,076
178,509
Tata Consumer Products, Ltd.
13,875
177,790
Dixon Technologies India, Ltd.d
890
155,491
Total India
7,891,347
 
Taiwan: 15.1%
Taiwan Semiconductor Manufacturing Co., Ltd.
111,000
4,027,797
Elite Material Co., Ltd.
20,000
603,861
Delta Electronics, Inc.
27,000
381,727
CTBC Financial Holding Co., Ltd.
239,000
357,535
Realtek Semiconductor Corp.
14,000
271,737
Alchip Technologies, Ltd.
2,000
211,899
Hon Hai Precision Industry Co., Ltd.
22,000
121,251
Total Taiwan
5,975,807
 
South Korea: 12.3%
Samsung Electronics Co., Ltd.
20,270
898,152
Hana Financial Group, Inc.
13,148
840,747
SK Hynix, Inc.
2,938
635,667
KB Financial Group, Inc.
6,613
543,407
 
 
Shares
Value 
NAVER Corp.
2,467
$479,837
Samsung Fire & Marine Insurance Co., Ltd.
1,434
461,141
SK Telecom Co., Ltd.
9,150
384,414
LG Chem, Ltd.
2,104
329,724
Classys, Inc.
5,873
272,849
Total South Korea
4,845,938
 
Brazil: 5.1%
Itau Unibanco Holding SA ADR
134,524
913,418
MercadoLibre, Inc.b
181
473,067
B3 SA - Brasil Bolsa Balcao
163,600
437,038
Rumo SA
58,000
196,916
Total Brazil
2,020,439
 
Mexico: 2.0%
Grupo Financiero Banorte SAB de CV Class O
46,748
424,424
Fomento Economico Mexicano SAB de CV ADR
3,493
359,709
Total Mexico
784,133
 
South Africa: 1.8%
Shoprite Holdings, Ltd.
24,805
386,565
Capitec Bank Holdings, Ltd.
1,566
312,910
Total South Africa
699,475
 
Indonesia: 1.2%
PT Bank Rakyat Indonesia Persero Tbk
1,121,300
258,310
PT Bank Central Asia Tbk
446,500
238,583
Total Indonesia
496,893
 
Philippines: 1.0%
Bank of the Philippine Islands
169,670
391,569
Total Philippines
391,569
 
Singapore: 0.7%
Singapore Telecommunications, Ltd.
98,200
294,527
Total Singapore
294,527
 
Thailand: 0.7%
CP ALL Public Co., Ltd.
192,100
260,004
Total Thailand
260,004
 
Vietnam: 0.6%
Military Commercial Joint Stock Bank
236,665
233,761
Total Vietnam
233,761
 
Macau: 0.5%
Galaxy Entertainment Group, Ltd.
49,000
217,535
Total Macau
217,535
 
TOTAL COMMON EQUITIES
35,356,355
(Cost $29,053,967)
1  

 
Matthews Emerging Markets Equity Active ETFJune 30, 2025
Schedule of Investmentsa (unaudited) (continued)
SHORT-TERM INVESTMENTS: 7.1%
 
Shares
Value 
Money Market Funds: 7.1%
JPMorgan U.S. Government Money Market
Fund, Capital Shares, 4.22%e
2,795,375
$2,795,375
(Cost $2,795,375)
 
Total Investments: 96.5%
38,151,730
(Cost $31,849,342)
CASH AND OTHER ASSETS,
LESS LIABILITIES: 3.5%
1,377,000
Net Assets: 100.0%
$39,528,730
 
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, 2025, the aggregate value is $242,619, which is 0.61% 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, 2025.
ADR
American Depositary Receipt
See accompanying notes to financial statements.
  2

Matthews Emerging Markets ex China Active ETFJune 30, 2025
Schedule of Investmentsa (unaudited)
 
COMMON EQUITIES: 98.3%
 
Shares
Value 
Taiwan: 20.5%
Taiwan Semiconductor Manufacturing Co., Ltd.
ADR
16,990
$3,848,065
Taiwan Semiconductor Manufacturing Co., Ltd.
18,000
653,156
Elite Material Co., Ltd.
17,000
513,282
Delta Electronics, Inc.
34,000
480,693
Poya International Co., Ltd.
27,000
463,988
E Ink Holdings, Inc.
47,000
355,573
MediaTek, Inc.
8,000
342,325
Alchip Technologies, Ltd.
3,000
317,849
Hon Hai Precision Industry Co., Ltd.
47,000
259,037
Total Taiwan
7,233,968
 
India: 20.3%
HDFC Bank, Ltd. ADR
11,205
859,087
ICICI Bank, Ltd. ADR
24,208
814,357
Bandhan Bank, Ltd.b,c
326,884
722,834
Bharti Airtel, Ltd.
23,738
556,249
Shriram Finance, Ltd.
61,124
503,796
Apollo Hospitals Enterprise, Ltd.
5,749
485,474
SBI Life Insurance Co., Ltd.b,c
22,178
475,394
Reliance Industries, Ltd.
27,156
475,167
Hindustan Unilever, Ltd.
16,065
429,836
Mahindra & Mahindra, Ltd.
11,101
412,042
Eicher Motors, Ltd.
5,468
360,655
Bajaj Finance, Ltd.
30,972
338,215
Marico, Ltd.
37,726
317,763
Eternal, Ltd.d
81,681
251,586
Infosys, Ltd. ADR
9,563
177,202
Total India
7,179,657
 
South Korea: 14.4%
Samsung Electronics Co., Ltd.
32,116
1,423,041
NAVER Corp.
3,106
604,123
SK Hynix, Inc.
2,727
590,015
KB Financial Group, Inc.
5,793
476,025
HD Hyundai Electric Co., Ltd.
1,174
441,033
Samsung Biologics Co., Ltd.b,c,d
558
410,148
Hugel, Inc.d
1,346
386,965
Hana Financial Group, Inc.
5,487
350,866
HD Korea Shipbuilding & Offshore Engineering
Co., Ltd.
939
254,649
Hyundai Motor Co.
1,151
173,554
Total South Korea
5,110,419
 
Brazil: 8.6%
Vivara Participacoes SA
90,400
447,706
Rumo SA
129,700
440,346
Cia de Saneamento Basico do Estado de Sao
Paulo SABESP
20,000
436,545
Raia Drogasil SA
155,400
430,508
MercadoLibre, Inc.d
157
410,340
Localiza Rent a Car SA
43,500
322,951
Petroleo Brasileiro SA ADR
22,258
278,448
Itau Unibanco Holding SA ADR
39,598
268,870
Total Brazil
3,035,714
 
Indonesia: 3.6%
PT Indosat Tbk
4,863,000
626,035
 
 
Shares
Value 
PT Bank Mandiri Persero Tbk
1,342,300
$403,475
PT Sumber Alfaria Trijaya Tbk
1,725,400
254,001
Total Indonesia
1,283,511
 
South Africa: 3.6%
Absa Group, Ltd.
38,001
376,348
Discovery, Ltd.
28,829
348,454
Shoprite Holdings, Ltd.
21,482
334,779
Naspers, Ltd. N Shares
637
197,696
Total South Africa
1,257,277
 
Singapore: 3.5%
Grab Holdings, Ltd. Class Ad
116,323
585,105
DFI Retail Group Holdings, Ltd.
126,310
348,616
Sea, Ltd. ADRd
1,892
302,606
Total Singapore
1,236,327
 
Thailand: 3.4%
Bangkok Dusit Medical Services Public Co., Ltd. F
Shares
660,900
422,862
CP ALL Public Co., Ltd.
303,300
410,511
Krungthai Card Public Co., Ltd.
518,100
382,494
Total Thailand
1,215,867
 
Malaysia: 3.1%
IHH Healthcare BHD
305,100
494,189
CIMB Group Holdings BHD
201,600
325,107
Gamuda BHD
245,600
279,403
Total Malaysia
1,098,699
 
Philippines: 2.7%
International Container Terminal Services, Inc.
50,340
367,295
Bank of the Philippine Islands
136,170
314,257
Jollibee Foods Corp.
71,420
273,864
Total Philippines
955,416
 
Mexico: 2.7%
Grupo Financiero Banorte SAB de CV Class O
40,250
365,429
Gentera SAB de CV
166,606
353,548
Fomento Economico Mexicano SAB de CV ADR
2,183
224,805
Total Mexico
943,782
 
Poland: 2.1%
Powszechna Kasa Oszczednosci Bank Polski SA
21,114
439,604
InPost SAd
18,773
310,717
Total Poland
750,321
 
Saudi Arabia: 2.0%
Saudi National Bank
37,648
362,577
Dr Sulaiman Al Habib Medical Services Group
Co.
4,994
361,118
Total Saudi Arabia
723,695
 
Vietnam: 1.9%
Mobile World Investment Corp.
137,700
345,298
Asia Commercial Bank JSC
414,240
337,792
Total Vietnam
683,090
3  

 
Matthews Emerging Markets ex China Active ETFJune 30, 2025
Schedule of Investmentsa (unaudited) (continued)
COMMON EQUITIES (continued)
 
Shares
Value 
 
United Arab Emirates: 1.2%
ADNOC Drilling Co. PJSC
269,901
$418,867
Total United Arab Emirates
418,867
 
Peru: 1.2%
Cia de Minas Buenaventura SAA ADR
25,235
414,359
Total Peru
414,359
 
Greece: 1.0%
Piraeus Financial Holdings SA
52,983
365,826
Total Greece
365,826
 
United States: 1.0%
Freeport-McMoRan, Inc.
7,813
338,694
Total United States
338,694
 
Argentina: 0.9%
Grupo Financiero Galicia SA ADR
5,996
302,138
Total Argentina
302,138
 
Turkey: 0.6%
BIM Birlesik Magazalar AS
18,111
225,173
Total Turkey
225,173
 
TOTAL COMMON EQUITIES
34,772,800
(Cost $29,370,103)
SHORT-TERM INVESTMENTS: 1.9%
Money Market Funds: 1.9%
JPMorgan U.S. Government Money Market
Fund, Capital Shares, 4.22%e
657,279
657,279
(Cost $657,279)
 
Total Investments: 100.2%
35,430,079
(Cost $30,027,382)
LIABILITIES IN EXCESS OF CASH
AND OTHER ASSETS: (0.2%)
(58,276
)
Net Assets: 100.0%
$35,371,803
 
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, 2025, the aggregate value is $1,608,376, which is 4.55% 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.
e
Rate shown is the current yield as of June 30, 2025.
ADR
American Depositary Receipt
BHD
Berhad
JSC
Joint Stock Co.
PJSC
Public Joint Stock Co.
See accompanying notes to financial statements.
  4

Matthews Emerging Markets Sustainable Future Active ETFJune 30, 2025
Schedule of Investments (unaudited)
 
COMMON EQUITIES: 99.9%
 
Shares
Value 
China/Hong Kong: 30.2%
Meituan Class Ba,b,c
95,600
$1,525,947
Legend Biotech Corp. ADRb
39,941
1,417,506
JD Health International, Inc.a,b,c
257,250
1,409,140
Full Truck Alliance Co., Ltd. ADR
77,826
919,125
Alibaba Group Holding, Ltd.
46,500
650,408
Contemporary Amperex Technology Co., Ltd. A
Shares
14,800
521,119
Medlive Technology Co., Ltd.a,c
197,000
368,403
Zhihu, Inc. ADRb
81,982
326,288
Lam Research Corp.
3,199
311,391
Hong Kong Exchanges & Clearing, Ltd.
5,500
293,427
Kanzhun, Ltd. ADRb
15,117
269,687
Silergy Corp.
21,000
255,563
BYD Co., Ltd. H Shares
12,000
187,261
Flat Glass Group Co., Ltd. H Shares
117,000
131,308
Centre Testing International Group Co., Ltd. A
Shares
78,000
127,251
Total China/Hong Kong
8,713,824
 
India: 24.7%
Bandhan Bank, Ltd.a,c
987,376
2,183,372
Indus Towers, Ltd.b
201,534
989,575
Swiggy, Ltd.b
157,568
735,660
Mahindra & Mahindra, Ltd.
19,577
726,650
Shriram Finance, Ltd.
87,373
720,145
Phoenix Mills, Ltd.
28,461
518,278
Inox Wind, Ltd.b
235,519
481,529
NTPC Green Energy, Ltd.b
252,229
307,904
HDFC Asset Management Co., Ltd.a,c
3,571
216,184
UNO Minda, Ltd.
10,586
136,312
Marico, Ltd.
13,136
110,643
Total India
7,126,252
 
Taiwan: 16.4%
Taiwan Semiconductor Manufacturing Co., Ltd.
42,000
1,524,031
Elite Material Co., Ltd.
25,000
754,827
Airtac International Group
16,000
477,064
Taiwan Semiconductor Manufacturing Co., Ltd.
ADR
2,103
476,308
Poya International Co., Ltd.
24,180
415,527
Andes Technology Corp.b
41,000
414,042
M31 Technology Corp.
21,800
391,791
AURAS Technology Co., Ltd.
13,000
285,260
Total Taiwan
4,738,850
 
Brazil: 6.2%
YDUQS Participacoes SA
252,100
761,679
B3 SA - Brasil Bolsa Balcao
188,900
504,624
NU Holdings, Ltd. Class Ab
20,489
281,109
Cia de Saneamento Basico do Estado de Sao
Paulo SABESP
10,800
235,734
Total Brazil
1,783,146
 
South Korea: 5.9%
Eugene Technology Co., Ltd.
18,173
526,500
HD Hyundai Electric Co., Ltd.
1,398
525,182
SK Square Co., Ltd.b
3,010
408,143
 
 
Shares
Value 
Samsung SDI Co., Ltd.
1,828
$234,054
Total South Korea
1,693,879
 
Poland: 2.6%
InPost SAb
35,514
587,803
Jeronimo Martins SGPS SA
6,411
161,649
Total Poland
749,452
 
United States: 1.9%
Micron Technology, Inc.
4,498
554,378
Total United States
554,378
 
South Africa: 1.9%
Nedbank Group, Ltd.
39,249
536,792
Total South Africa
536,792
 
Romania: 1.8%
Banca Transilvania SA
74,549
533,440
Total Romania
533,440
 
Greece: 1.6%
Piraeus Financial Holdings SA
67,665
467,199
Total Greece
467,199
 
Jordan: 1.4%
Hikma Pharmaceuticals PLC
14,411
392,593
Total Jordan
392,593
 
Indonesia: 1.3%
PT Bank Rakyat Indonesia Persero Tbk
1,592,400
366,836
Total Indonesia
366,836
 
Turkey: 1.2%
Akbank TAS
199,971
342,720
Total Turkey
342,720
 
Kazakhstan: 0.9%
Kaspi.KZ JSC ADR
3,175
269,526
Total Kazakhstan
269,526
 
Philippines: 0.8%
Security Bank Corp.
194,430
237,127
Total Philippines
237,127
 
Chile: 0.5%
Aguas Andinas SA Class A
372,080
135,530
Total Chile
135,530
 
Vietnam: 0.4%
Nam Long Investment Corp.
70,900
106,131
Total Vietnam
106,131
5  

 
Matthews Emerging Markets Sustainable Future Active ETFJune 30, 2025
Schedule of Investments (unaudited) (continued)
COMMON EQUITIES (continued)
 
Shares
Value 
 
Saudi Arabia: 0.2%
Saudi Tadawul Group Holding Co.
1,190
$55,970
Total Saudi Arabia
55,970
 
TOTAL COMMON EQUITIES
28,803,645
(Cost $24,754,472)
PREFERRED EQUITIES: 0.4%
South Korea: 0.4%
Samsung SDI Co., Ltd., Pfd.
1,649
124,384
Total South Korea
124,384
 
TOTAL PREFERRED EQUITIES
124,384
(Cost $207,512)
SHORT-TERM INVESTMENTS: 0.5%
Money Market Funds: 0.5%
JPMorgan U.S. Government Money Market
Fund, Capital Shares, 4.22%d
137,771
137,771
(Cost $137,771)
 
Total Investments: 100.8%
29,065,800
(Cost $25,099,755)
LIABILITIES IN EXCESS OF CASH
AND OTHER ASSETS: (0.8%)
(238,519
)
Net Assets: 100.0%
$28,827,281
 
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, 2025, the aggregate value is $5,703,046, which is 19.78% of net assets.
b
Non-income producing security.
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, 2025.
ADR
American Depositary Receipt
JSC
Joint Stock Co.
Pfd.
Preferred
See accompanying notes to financial statements.
  6

Matthews Emerging Markets Discovery Active ETFJune 30, 2025
Schedule of Investments (unaudited)
 
COMMON EQUITIES: 100.1%
 
Shares
Value 
India: 26.4%
Bandhan Bank, Ltd.a,b
669,962
$1,481,478
Radico Khaitan, Ltd.
14,337
437,533
Cartrade Tech, Ltd.c
20,555
407,625
Shriram Finance, Ltd.
43,823
361,197
Phoenix Mills, Ltd.
17,822
324,541
Inox Wind, Ltd.c
146,119
298,746
Finolex Cables, Ltd.
23,822
272,109
UNO Minda, Ltd.
20,293
261,305
Action Construction Equipment, Ltd.
16,225
230,548
Rainbow Children’s Medicare, Ltd.
11,178
203,592
Bharti Hexacom, Ltd.
7,999
182,132
GE Vernova T&D India, Ltd.
6,282
172,953
Senco Gold, Ltd.
41,520
166,182
Zinka Logistics Solutions, Ltd.c
30,063
152,839
Total India
4,952,780
 
China/Hong Kong: 18.8%
Legend Biotech Corp. ADRc
25,454
903,362
Full Truck Alliance Co., Ltd. ADR
36,869
435,423
Zhihu, Inc. ADRc
78,138
310,989
Medlive Technology Co., Ltd.a,b
151,000
282,380
Proya Cosmetics Co., Ltd. A Shares
19,800
228,844
Silergy Corp.
17,000
206,884
Tongcheng Travel Holdings, Ltd.b
71,600
178,590
Xtep International Holdings, Ltd.
234,500
168,183
Flat Glass Group Co., Ltd. H Shares
109,000
122,330
Kanzhun, Ltd. ADRc
6,730
120,063
Ever Sunshine Services Group, Ltd.b
450,000
116,943
Kingsoft Corp., Ltd.
22,400
116,708
Hongfa Technology Co., Ltd. A Shares
33,740
105,085
Centre Testing International Group Co., Ltd. A
Shares
58,200
94,949
Beijing Capital International Airport Co., Ltd. H
Sharesc
230,000
86,726
Central China Securities Co., Ltd. H Sharesb
235,000
54,783
Total China/Hong Kong
3,532,242
 
Taiwan: 13.3%
Elite Material Co., Ltd.
12,000
362,317
Poya International Co., Ltd.
21,040
361,566
M31 Technology Corp.
19,600
352,252
AURAS Technology Co., Ltd.
12,000
263,316
Wiwynn Corp.
3,000
259,825
Gold Circuit Electronics, Ltd.
23,000
232,268
Airtac International Group
7,000
208,716
Andes Technology Corp.c
17,000
171,676
Fortune Electric Co., Ltd.
8,000
154,183
Yageo Corp.
6,000
99,617
AP Memory Technology Corp.
4,000
40,942
Total Taiwan
2,506,678
 
South Korea: 11.5%
Hugel, Inc.c
3,346
961,950
Eugene Technology Co., Ltd.
11,082
321,063
HD Hyundai Co., Ltd.
2,740
262,915
BGF Retail Co., Ltd.
2,329
208,809
C&C International Co., Ltd.
7,746
192,272
SNT Holdings Co., Ltd.
2,012
86,467
SNT Dynamics Co., Ltd.
2,159
82,546
 
 
Shares
Value 
Solus Advanced Materials Co., Ltd.
5,937
$35,677
Advanced Nano Products Co., Ltd.
489
18,153
Total South Korea
2,169,852
 
Brazil: 7.8%
YDUQS Participacoes SA
171,300
517,555
Grupo SBF SA
189,800
424,262
Vivara Participacoes SA
54,900
271,892
Vamos Locacao de Caminhoes Maquinas e
Equipamentos SA
340,900
261,085
Total Brazil
1,474,794
 
South Africa: 3.9%
We Buy Cars Holdings, Ltd.
134,433
453,122
Old Mutual, Ltd.
424,246
288,142
Total South Africa
741,264
 
Vietnam: 3.2%
FPT Corp.
47,900
216,756
Mobile World Investment Corp.
74,700
187,318
Military Commercial Joint Stock Bank
166,710
164,665
Nam Long Investment Corp.
27,200
40,716
Total Vietnam
609,455
 
Philippines: 2.3%
GT Capital Holdings, Inc.
29,250
298,056
Security Bank Corp.
103,280
125,960
Total Philippines
424,016
 
Chile: 2.2%
Parque Arauco SA
86,210
181,485
Banco de Credito e Inversiones SA
2,287
96,388
Aguas Andinas SA Class A
262,858
95,746
Lundin Mining Corp.
3,500
36,731
Total Chile
410,350
 
Poland: 1.9%
InPost SAc
21,798
360,785
Total Poland
360,785
 
Georgia: 1.5%
TBC Bank Group PLC
4,497
285,939
Total Georgia
285,939
 
Mexico: 1.5%
Gentera SAB de CV
128,900
273,534
Total Mexico
273,534
 
Greece: 1.4%
Piraeus Financial Holdings SA
38,609
266,580
Total Greece
266,580
 
Turkey: 1.1%
Astor Transformator Enerji Turizm Insaat Ve
Petrol Sanayi Ticaret AS
88,575
206,894
Total Turkey
206,894
7  

 
Matthews Emerging Markets Discovery Active ETFJune 30, 2025
Schedule of Investments (unaudited) (continued)
COMMON EQUITIES (continued)
 
Shares
Value 
 
Indonesia: 1.0%
PT Mitra Adiperkasa Tbk
1,394,900
$101,385
PT GoTo Gojek Tokopedia Tbkc
22,695,000
81,078
Total Indonesia
182,463
 
Panama: 0.9%
Banco Latinoamericano de Comercio Exterior
SA E Shares
4,043
162,933
Total Panama
162,933
 
Saudi Arabia: 0.8%
Saudi Tadawul Group Holding Co.
1,593
74,925
Seera Group Holdingc
9,674
65,465
Total Saudi Arabia
140,390
 
Bangladesh: 0.6%
BRAC Bank PLC
258,725
106,884
Total Bangladesh
106,884
 
Total Investments: 100.1%
18,807,833
(Cost $17,126,999)
LIABILITIES IN EXCESS OF CASH
AND OTHER ASSETS: (0.1%)
(10,798
)
Net Assets: 100.0%
$18,797,035
 
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, 2025, the aggregate value is $1,763,858, which is 9.38% 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.
  8

Matthews Pacific Tiger Active ETFJune 30, 2025
Schedule of Investmentsa (unaudited)
 
COMMON EQUITIES: 96.4%
 
Shares
Value 
China/Hong Kong: 32.6%
Tencent Holdings, Ltd.
33,200
$2,127,338
Alibaba Group Holding, Ltd.
97,640
1,365,716
China Merchants Bank Co., Ltd. H Shares
146,000
1,020,140
Hong Kong Exchanges & Clearing, Ltd.
14,300
762,910
AIA Group, Ltd.
72,800
652,882
Ping An Insurance Group Co. of China, Ltd. H
Shares
87,500
555,653
New China Life Insurance Co., Ltd. H Shares
101,100
550,576
BYD Co., Ltd. H Shares
28,500
444,745
DiDi Global, Inc. ADRb
89,837
440,201
Zhejiang Sanhua Intelligent Controls Co., Ltd. A
Shares
100,400
369,747
China Merchants Bank Co., Ltd. A Shares
57,000
365,642
Midea Group Co., Ltd. A Shares
33,900
341,690
Kweichow Moutai Co., Ltd. A Shares
1,700
334,515
GF Securities Co., Ltd. H Shares
181,600
304,903
PDD Holdings, Inc. ADRb
2,842
297,444
Meituan Class Bb,c,d
17,900
285,716
Trip.com Group, Ltd.
4,900
284,637
WuXi AppTec Co., Ltd. H Sharesc,d
27,300
273,522
China Resources Land, Ltd.
77,000
260,917
Hongfa Technology Co., Ltd. A Shares
81,900
254,998
Techtronic Industries Co., Ltd.
14,500
159,408
KE Holdings, Inc. A Shares
23,800
143,710
Aier Eye Hospital Group Co., Ltd. A Shares
52,069
90,717
Longfor Group Holdings, Ltd.c,d
74,000
87,292
JD.com, Inc. Class A
5,350
87,167
Total China/Hong Kong
11,862,186
 
Taiwan: 21.3%
Taiwan Semiconductor Manufacturing Co., Ltd.
ADR
12,967
2,936,896
Taiwan Semiconductor Manufacturing Co., Ltd.
40,000
1,451,458
Delta Electronics, Inc.
43,000
607,935
ASMedia Technology, Inc.
6,000
392,304
Quanta Computer, Inc.
39,000
366,476
Cathay Financial Holding Co., Ltd.
160,000
343,968
MediaTek, Inc.
8,000
342,325
Accton Technology Corp.
12,000
299,877
Elite Material Co., Ltd.
9,000
271,738
Wiwynn Corp.
3,000
259,825
Alchip Technologies, Ltd.
2,000
211,899
Hon Hai Precision Industry Co., Ltd.
34,000
187,389
E Ink Holdings, Inc.
13,000
98,350
Total Taiwan
7,770,440
 
India: 17.2%
Bharti Airtel, Ltd.
42,806
1,003,066
Eternal, Ltd.b
295,598
910,474
HDFC Bank, Ltd.
28,347
661,573
ICICI Bank, Ltd.
33,337
562,018
Cummins India, Ltd.
13,978
554,067
Mahindra & Mahindra, Ltd.
12,841
476,626
Sun Pharmaceutical Industries, Ltd.
18,849
368,298
Godrej Consumer Products, Ltd.
26,475
363,784
Infosys, Ltd.
17,296
323,050
Cholamandalam Investment and Finance Co.,
Ltd.
14,897
282,793
HDFC Asset Management Co., Ltd.c,d
2,933
177,560
 
 
Shares
Value 
Dixon Technologies India, Ltd.d
944
$164,925
ICICI Bank, Ltd. ADR
4,160
139,942
Max Healthcare Institute, Ltd.
7,465
111,070
MakeMyTrip, Ltd.b
1,037
101,647
Infosys, Ltd. ADR
3,738
69,265
Total India
6,270,158
 
South Korea: 14.1%
KB Financial Group, Inc.
14,252
1,171,122
Samsung Electronics Co., Ltd.
25,155
1,114,603
SK Hynix, Inc.
4,590
993,094
NAVER Corp.
1,997
388,421
Samsung Biologics Co., Ltd.b,c,d
414
304,303
Samsung C&T Corp.
2,057
245,999
HD Hyundai Electric Co., Ltd.
613
230,284
Classys, Inc.
4,799
222,953
HD Hyundai Heavy Industries Co., Ltd.
696
220,981
Hyundai Motor Co.
873
131,636
Krafton, Inc.b
387
104,091
Total South Korea
5,127,487
 
Singapore: 5.8%
Sea, Ltd. ADRb
5,762
921,574
DBS Group Holdings, Ltd.
20,600
726,374
Grab Holdings, Ltd. Class Ab
89,164
448,495
Total Singapore
2,096,443
 
Indonesia: 1.5%
PT Bank Central Asia Tbk
1,036,500
553,843
Total Indonesia
553,843
 
Malaysia: 1.3%
CIMB Group Holdings BHD
180,600
291,242
Telekom Malaysia BHD
113,900
177,187
Total Malaysia
468,429
 
Philippines: 1.0%
Bank of the Philippine Islands
161,830
373,476
Total Philippines
373,476
 
Thailand: 0.8%
Central Pattana Public Co., Ltd.
216,000
307,302
Total Thailand
307,302
 
Vietnam: 0.8%
FPT Corp.
34,850
157,702
Asia Commercial Bank JSC
181,125
147,699
Total Vietnam
305,401
 
TOTAL COMMON EQUITIES
35,135,165
(Cost $28,419,786)
9  

 
Matthews Pacific Tiger Active ETFJune 30, 2025
Schedule of Investmentsa (unaudited) (continued)
SHORT-TERM INVESTMENTS: 2.6%
 
Shares
Value 
Money Market Funds: 2.6%
JPMorgan U.S. Government Money Market
Fund, Capital Shares, 4.22%e
925,022
$925,022
(Cost $925,022)
 
Total Investments: 99.0%
36,060,187
(Cost $29,344,808)
CASH AND OTHER ASSETS,
LESS LIABILITIES: 1.0%
372,503
Net Assets: 100.0%
$36,432,690
 
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, 2025, the aggregate value is $1,128,393, which is 3.10% 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, 2025.
ADR
American Depositary Receipt
BHD
Berhad
JSC
Joint Stock Co.
See accompanying notes to financial statements.
  10

Matthews Asia Innovators Active ETFJune 30, 2025
Schedule of Investmentsa (unaudited)
 
COMMON EQUITIES: 99.2%
 
Shares
Value 
China/Hong Kong: 39.8%
Tencent Holdings, Ltd.
59,900
$3,838,178
Alibaba Group Holding, Ltd.
136,400
1,907,862
PDD Holdings, Inc. ADRb
17,683
1,850,703
Xiaomi Corp. Class Bb,c,d
170,000
1,298,280
BYD Co., Ltd. H Shares
81,000
1,264,013
NAURA Technology Group Co., Ltd. A Shares
19,800
1,222,334
Trip.com Group, Ltd. ADR
20,496
1,201,885
DiDi Global, Inc. ADRb
237,523
1,163,863
Tencent Music Entertainment Group ADR
54,929
1,070,566
WuXi AppTec Co., Ltd. H Sharesc,d
92,100
922,760
Shenzhen Mindray Bio-Medical Electronics Co.,
Ltd. A Shares
28,500
894,212
Innovent Biologics, Inc.b,c,d
87,500
873,885
Contemporary Amperex Technology Co., Ltd. A
Shares
24,700
869,706
Kuaishou Technologyb,c,d
100,200
807,982
Kingdee International Software Group Co., Ltd.b
386,000
759,215
Zhejiang Shuanghuan Driveline Co., Ltd. A Shares
147,800
691,012
Kanzhun, Ltd. ADRb
37,231
664,201
Meituan Class Bb,c,d
41,200
657,626
Full Truck Alliance Co., Ltd. ADR
53,916
636,748
KE Holdings, Inc. A Shares
99,100
598,387
Giant Biogene Holding Co., Ltd.c,d
79,400
583,615
Advanced Micro-Fabrication Equipment, Inc. China
A Shares
19,694
501,206
Futu Holdings, Ltd. ADR
3,233
399,567
Ping An Insurance Group Co. of China, Ltd. H
Shares
58,000
368,319
Zhejiang Sanhua Intelligent Controls Co., Ltd.b
103,700
332,236
Total China/Hong Kong
25,378,361
 
India: 19.8%
Eternal, Ltd.b
961,968
2,962,965
MakeMyTrip, Ltd.b
21,241
2,082,043
Reliance Industries, Ltd.
65,823
1,151,749
Bharti Airtel, Ltd.
47,499
1,113,036
Delhivery, Ltd.b
229,203
1,023,075
ICICI Bank, Ltd.
51,725
872,015
Mahindra & Mahindra, Ltd.
18,705
694,284
Bajaj Finance, Ltd.
62,290
680,207
HDFC Asset Management Co., Ltd.c,d
10,650
644,737
HDFC Bank, Ltd.
21,991
513,235
Sun Pharmaceutical Industries, Ltd.
25,567
499,564
Cholamandalam Investment and Finance Co., Ltd.
19,765
375,203
Total India
12,612,113
 
Taiwan: 17.4%
Taiwan Semiconductor Manufacturing Co., Ltd.
189,000
6,858,141
MediaTek, Inc.
19,000
813,022
Alchip Technologies, Ltd.
7,000
741,647
Delta Electronics, Inc.
50,000
706,901
Chroma ATE, Inc.
45,000
681,655
ASPEED Technology, Inc.
4,000
649,733
Accton Technology Corp.
13,000
324,867
Lotes Co., Ltd.
7,000
323,497
Total Taiwan
11,099,463
 
South Korea: 14.0%
Samsung Electronics Co., Ltd.
50,110
2,220,345
 
 
Shares
Value 
SK Hynix, Inc.
6,755
$1,461,514
Kakao Corp.
24,532
1,090,634
Coupang, Inc.b
31,059
930,528
Hanwha Aerospace Co., Ltd.
1,366
858,305
Samsung C&T Corp.
6,229
744,932
Hyundai Motor Co.
4,299
648,226
Samsung Biologics Co., Ltd.b,c,d
846
621,838
NAVER Corp.
1,722
334,933
Total South Korea
8,911,255
 
Singapore: 7.5%
Sea, Ltd. ADRb
22,168
3,545,550
Grab Holdings, Ltd. Class Ab
245,060
1,232,652
Total Singapore
4,778,202
 
Vietnam: 0.7%
FPT Corp.
95,270
431,114
Total Vietnam
431,114
 
TOTAL COMMON EQUITIES
63,210,508
(Cost $46,913,030)
RIGHTS: 0.0%
South Korea: 0.0%
Hanwha Aerospace Co., Ltd. Rights, Expires
07/07/25b
86
10,450
Total South Korea
10,450
 
TOTAL RIGHTS
10,450
(Cost $0)
SHORT-TERM INVESTMENTS: 0.9%
Money Market Funds: 0.9%
JPMorgan U.S. Government Money Market Fund,
Capital Shares, 4.22%e
601,660
601,660
(Cost $601,660)
 
Total Investments: 100.1%
63,822,618
(Cost $47,514,690)
LIABILITIES IN EXCESS OF CASH
AND OTHER ASSETS: (0.1%)
(81,831
)
Net Assets: 100.0%
$63,740,787
 
11  

 
Matthews Asia Innovators Active ETFJune 30, 2025
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
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, 2025, the aggregate value is $6,410,723, which is 10.06% 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, 2025.
ADR
American Depositary Receipt
See accompanying notes to financial statements.
  12

Matthews China Active ETFJune 30, 2025
Schedule of Investments (unaudited)
 
COMMON EQUITIES: 97.2%
 
Shares
Value
Consumer Discretionary: 27.5%
Broadline Retail: 15.1%
Alibaba Group Holding, Ltd.
117,700
$1,646,301
JD.com, Inc. Class A
46,450
756,810
PDD Holdings, Inc. ADRa
6,787
710,327
 
3,113,438
Hotels, Restaurants & Leisure: 6.6%
Meituan Class Ba,b,c
38,810
619,477
Galaxy Entertainment Group, Ltd.
70,000
310,764
Luckin Coffee, Inc. ADRa
6,061
225,893
Trip.com Group, Ltd. ADR
3,305
193,805
 
1,349,939
Household Durables: 3.6%
Man Wah Holdings, Ltd.
529,600
290,774
Midea Group Co., Ltd. A Shares
27,300
275,167
Hisense Home Appliances Group Co., Ltd. H
Shares
64,000
174,471
 
740,412
Automobiles: 2.2%
BYD Co., Ltd. H Shares
28,500
444,745
Total Consumer Discretionary
5,648,534
 
Financials: 25.3%
Banks: 9.5%
China Construction Bank Corp. H Shares
946,000
954,435
China Merchants Bank Co., Ltd. A Shares
78,300
502,277
China Merchants Bank Co., Ltd. H Shares
70,500
492,602
 
1,949,314
Insurance: 8.2%
Ping An Insurance Group Co. of China, Ltd. H
Shares
95,500
606,455
New China Life Insurance Co., Ltd. H Shares
104,000
566,370
China Life Insurance Co., Ltd. H Shares
216,000
518,400
 
1,691,225
Capital Markets: 6.5%
China International Capital Corp., Ltd. H
Sharesb,c
186,400
420,291
China Merchants Securities Co., Ltd. H Sharesb,c
191,200
345,378
East Money Information Co., Ltd. A Shares
81,140
262,003
Hong Kong Exchanges & Clearing, Ltd.
3,700
197,396
Hithink RoyalFlush Information Network Co., Ltd.
A Shares
2,900
110,528
 
1,335,596
Consumer Finance: 1.1%
Qifu Technology, Inc. ADR
5,373
232,973
Total Financials
5,209,108
 
Communication Services: 14.7%
Interactive Media & Services: 11.7%
Tencent Holdings, Ltd.
30,300
1,941,516
Kuaishou Technologya,b,c
41,500
334,643
Baidu, Inc. Class Aa
12,250
130,225
 
2,406,384
 
 
Shares
Value
Entertainment: 2.5%
NetEase, Inc.
9,200
$247,286
Kingsoft Corp., Ltd.
29,600
154,222
Tencent Music Entertainment Group ADR
5,907
115,127
 
516,635
Media: 0.5%
Focus Media Information Technology Co., Ltd. A
Shares
93,111
94,890
Total Communication Services
3,017,909
 
Industrials: 8.5%
Electrical Equipment: 3.6%
Contemporary Amperex Technology Co., Ltd. A
Shares
11,400
401,403
Hongfa Technology Co., Ltd. A Shares
61,600
191,856
Sungrow Power Supply Co., Ltd. A Shares
16,000
151,375
 
744,634
Ground Transportation: 2.9%
DiDi Global, Inc. ADRa
120,644
591,155
Machinery: 1.0%
Neway Valve Suzhou Co., Ltd. A Shares
31,600
137,506
Yutong Bus Co., Ltd. A Shares
22,800
79,128
 
216,634
Air Freight & Logistics: 1.0%
JD Logistics, Inc.a,b,c
121,700
203,712
Total Industrials
1,756,135
 
Information Technology: 6.5%
Semiconductors & Semiconductor Equipment: 3.2%
OmniVision Integrated Circuits Group, Inc. A
Shares
25,100
447,292
Cambricon Technologies Corp., Ltd. A Sharesa
1,503
126,209
NAURA Technology Group Co., Ltd. A Shares
1,387
85,625
 
659,126
Communications Equipment: 1.5%
Suzhou TFC Optical Communication Co., Ltd. A
Shares
20,104
224,078
BYD Electronic International Co., Ltd.
20,500
83,044
 
307,122
Electronic Equipment, Instruments & Components: 0.9%
Foxconn Industrial Internet Co., Ltd. A Shares
51,600
154,012
Luxshare Precision Industry Co., Ltd. A Shares
6,400
30,994
 
185,006
Technology Hardware, Storage & Peripherals: 0.9%
Lenovo Group, Ltd.
148,000
177,600
Total Information Technology
1,328,854
 
Real Estate: 4.1%
Real Estate Management & Development: 4.1%
China Overseas Property Holdings, Ltd.
320,000
223,388
KE Holdings, Inc. ADR
12,326
218,663
CIFI Holdings Group Co., Ltd.a
3,908,000
124,459
13  

 
Matthews China Active ETFJune 30, 2025
Schedule of Investments (unaudited) (continued)
COMMON EQUITIES (continued)
 
Shares
Value
Longfor Group Holdings, Ltd.b,c
102,500
$120,911
Yuexiu Property Co., Ltd.
159,000
87,096
China Overseas Grand Oceans Group, Ltd.
163,000
36,960
Times China Holdings, Ltd.a
1,324,000
32,383
Total Real Estate
843,860
 
Consumer Staples: 3.6%
Beverages: 3.1%
Wuliangye Yibin Co., Ltd. A Shares
27,400
454,809
Shanxi Xinghuacun Fen Wine Factory Co., Ltd. A
Shares
7,600
187,147
 
641,956
Food Products: 0.5%
Guangdong Haid Group Co., Ltd. A Shares
12,700
103,878
Total Consumer Staples
745,834
 
Health Care: 2.7%
Biotechnology: 1.4%
Innovent Biologics, Inc.a,b,c
28,500
284,637
Pharmaceuticals: 1.0%
China Resources Sanjiu Medical &
Pharmaceutical Co., Ltd. A Shares
48,880
213,449
Health Care Providers & Services: 0.3%
Aier Eye Hospital Group Co., Ltd. A Shares
37,800
65,857
Total Health Care
563,943
 
Materials: 2.2%
Metals & Mining: 1.5%
CMOC Group, Ltd. H Shares
246,000
250,074
MMG, Ltd.a
128,000
62,451
 
312,525
Chemicals: 0.7%
Wanhua Chemical Group Co., Ltd. A Shares
19,400
146,953
Total Materials
459,478
 
Energy: 2.1%
Oil, Gas & Consumable Fuels: 1.6%
PetroChina Co., Ltd. H Shares
386,000
331,911
 
 
Shares
Value
Energy Equipment & Services: 0.5%
China Oilfield Services, Ltd. H Shares
122,000
$100,086
Total Energy
431,997
 
TOTAL COMMON EQUITIES
20,005,652
(Cost $20,040,447)
SHORT-TERM INVESTMENTS: 2.4%
Money Market Funds: 2.4%
JPMorgan U.S. Government Money Market
Fund, Capital Shares, 4.22%d
489,913
489,913
(Cost $489,913)
 
Total Investments: 99.6%
20,495,565
(Cost $20,530,360)
CASH AND OTHER ASSETS,
LESS LIABILITIES: 0.4%
83,969
Net Assets: 100.0%
$20,579,534
 
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, 2025, the aggregate value is $2,329,049, which is 11.32% 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, 2025.
ADR
American Depositary Receipt
See accompanying notes to financial statements.
  14

Matthews China Discovery Active ETFJune 30, 2025
Schedule of Investments (unaudited)
 
COMMON EQUITIES: 86.5%
 
Shares
Value
Consumer Discretionary: 20.3%
Hotels, Restaurants & Leisure: 10.0%
Atour Lifestyle Holdings, Ltd. ADR
2,332
$75,813
DPC Dash, Ltd.a
5,600
73,264
Tongcheng Travel Holdings, Ltd.b
25,200
62,855
Chagee Holdings, Ltd. ADRa
698
18,225
 
230,157
Automobile Components: 5.5%
Zhejiang Shuanghuan Driveline Co., Ltd. A Shares
12,500
58,442
Minth Group, Ltd.
16,000
45,656
CALB Group Co., Ltd.a,b,c
10,600
23,090
 
127,188
Textiles, Apparel & Luxury Goods: 2.6%
Crystal International Group, Ltd.b,c
43,500
25,879
Xtep International Holdings, Ltd.
31,000
22,233
Samsonite Group SAb,c
6,900
12,833
 
60,945
Household Durables: 2.2%
Hisense Home Appliances Group Co., Ltd. H Shares
11,000
29,987
Jason Furniture Hangzhou Co., Ltd. A Shares
5,700
20,307
 
50,294
Total Consumer Discretionary
468,584
 
Industrials: 16.7%
Electrical Equipment: 7.0%
Shenzhen Megmeet Electrical Co., Ltd. A Shares
6,800
47,598
Hongfa Technology Co., Ltd. A Shares
13,860
43,168
Hongfa Technology Co., Ltd. A Shares
12,460
38,795
Xuji Electric Co., Ltd. A Shares
10,600
32,215
 
161,776
Ground Transportation: 2.5%
Full Truck Alliance Co., Ltd. ADR
4,947
58,424
Commercial Services & Supplies: 2.0%
China Everbright Environment Group, Ltd.
95,000
46,229
Marine Transportation: 1.8%
SITC International Holdings Co., Ltd.
13,000
41,650
Construction & Engineering: 1.5%
Sinopec Engineering Group Co., Ltd. H Shares
44,500
33,899
Machinery: 1.5%
Yangzijiang Shipbuilding Holdings, Ltd.
19,200
33,466
Professional Services: 0.4%
Centre Testing International Group Co., Ltd. A
Shares
6,300
10,278
Total Industrials
385,722
 
Information Technology: 15.8%
Electronic Equipment, Instruments & Components: 7.6%
Wasion Holdings, Ltd.
46,000
48,872
Xiamen Faratronic Co., Ltd. A Shares
2,800
42,642
Kingboard Laminates Holdings, Ltd.
28,500
34,708
 
 
Shares
Value
Elite Material Co., Ltd.
1,000
$30,193
FIT Hon Teng, Ltd.a,b,c
69,000
20,656
 
177,071
Software: 3.2%
Kingdee International Software Group Co., Ltd.a
16,000
31,470
ZWSOFT Co., Ltd. Guangzhou A Shares
2,489
22,383
Tuya, Inc. ADR
8,553
19,757
 
73,610
Semiconductors & Semiconductor Equipment: 2.9%
ACM Research, Inc. Class Aa
2,572
66,615
IT Services: 2.1%
SUNeVision Holdings, Ltd.
50,000
48,153
Total Information Technology
365,449
 
Communication Services: 9.3%
Entertainment: 5.4%
NetEase Cloud Music, Inc.a,b,c
3,400
104,382
Maoyan Entertainmentb,c
23,000
21,360
 
125,742
Interactive Media & Services: 3.9%
Meitu, Inc.b,c
43,500
50,039
Kanzhun, Ltd. ADRa
1,507
26,885
Kuaishou Technologya,b,c
1,500
12,095
 
89,019
Total Communication Services
214,761
 
Health Care: 7.2%
Biotechnology: 2.7%
Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd.a
1,500
62,522
Health Care Equipment & Supplies: 1.9%
AK Medical Holdings, Ltd.b,c
24,000
18,313
Shanghai Conant Optical Co., Ltd. H Shares
3,000
14,293
Microport Scientific Corp.a
11,600
12,945
 
45,551
Pharmaceuticals: 1.9%
HUTCHMED China, Ltd.a
14,500
43,500
Health Care Technology: 0.7%
Medlive Technology Co., Ltd.b,c
8,500
15,896
Total Health Care
167,469
 
Real Estate: 4.8%
Real Estate Management & Development: 4.8%
China Overseas Property Holdings, Ltd.
65,000
45,376
Yuexiu Property Co., Ltd.
68,000
37,248
Greentown China Holdings, Ltd.
24,000
28,892
Total Real Estate
111,516
 
Consumer Staples: 4.0%
Personal Care Products: 1.6%
Giant Biogene Holding Co., Ltd.b,c
3,000
22,051
Eternal Beauty Holdings, Ltd.a
63,000
16,372
 
38,423
15  

 
Matthews China Discovery Active ETFJune 30, 2025
Schedule of Investments (unaudited) (continued)
COMMON EQUITIES (continued)
 
Shares
Value
Consumer Staples Distribution & Retail: 1.2%
Yifeng Pharmacy Chain Co., Ltd. A Shares
8,200
$28,012
Beverages: 1.2%
Beijing Yanjing Brewery Co., Ltd. A Shares
15,000
27,076
Total Consumer Staples
93,511
 
Materials: 3.7%
Chemicals: 3.0%
Sunresin New Materials Co., Ltd. A Shares
6,400
44,941
Dongyue Group, Ltd.
11,000
14,685
Anhui Jinhe Industrial Co., Ltd. A Shares
3,200
10,521
 
70,147
Metals & Mining: 0.7%
MMG, Ltd.a
32,800
16,003
Total Materials
86,150
 
Energy: 2.7%
Energy Equipment & Services: 2.7%
Yantai Jereh Oilfield Services Group Co., Ltd. A
Shares
12,900
63,031
Total Energy
63,031
 
Utilities: 2.0%
Gas Utilities: 2.0%
ENN Natural Gas Co., Ltd. A Shares
17,200
45,382
Total Utilities
45,382
 
TOTAL COMMON EQUITIES
2,001,575
(Cost $1,678,924)
SHORT-TERM INVESTMENTS: 13.0%
 
Shares
Value
Money Market Funds: 13.0%
JPMorgan U.S. Government Money Market Fund,
Capital Shares, 4.22%d
299,152
$299,152
(Cost $299,152)
 
Total Investments: 99.5%
2,300,727
(Cost $1,978,076)
CASH AND OTHER ASSETS,
LESS LIABILITIES: 0.5%
12,687
Net Assets: 100.0%
$2,313,414
 
a
Non-income producing security.
b
The securities may be resold to qualified foreign investors and foreign institutional
buyers under Regulation S of the Securities Act of 1933.
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, 2025, the aggregate value is $326,594, which is 14.12% of net assets.
d
Rate shown is the current yield as of June 30, 2025.
ADR
American Depositary Receipt
See accompanying notes to financial statements.
  16

Matthews India Active ETFJune 30, 2025
Schedule of Investments (unaudited)
 
COMMON EQUITIES: 103.2%
 
Shares
Value
Financials: 36.4%
Banks: 20.4%
HDFC Bank, Ltd.
49,454
$1,154,176
ICICI Bank, Ltd.
54,323
915,814
Kotak Mahindra Bank, Ltd.
11,643
293,722
Axis Bank, Ltd.
20,017
279,902
State Bank of India
15,183
145,235
Federal Bank, Ltd.
45,245
112,437
HDFC Bank, Ltd. ADR
674
51,676
 
2,952,962
Consumer Finance: 11.9%
Shriram Finance, Ltd.
82,762
682,140
Bajaj Finance, Ltd.
58,440
638,165
Cholamandalam Investment and Finance Co., Ltd.
21,296
404,267
 
1,724,572
Insurance: 3.1%
Max Financial Services, Ltd.a
13,350
256,399
ICICI Lombard General Insurance Co., Ltd.b,c
4,233
100,701
PB Fintech, Ltd.a
4,152
88,303
 
445,403
Capital Markets: 1.0%
Nippon Life India Asset Management, Ltd.b,c
8,091
75,481
360 ONE WAM, Ltd.
5,233
72,887
 
148,368
Total Financials
5,271,305
 
Consumer Discretionary: 22.5%
Hotels, Restaurants & Leisure: 11.4%
Eternal, Ltd.a
263,164
810,573
Swiggy, Ltd.a
135,536
632,796
Le Travenues Technology, Ltd.a,c
100,526
206,175
 
1,649,544
Automobiles: 5.0%
Mahindra & Mahindra, Ltd.
10,753
399,125
TVS Motor Co., Ltd.
5,338
181,626
Maruti Suzuki India, Ltd.
953
137,794
 
718,545
Specialty Retail: 2.7%
Thanga Mayil Jewellery, Ltd.
18,073
392,439
Textiles, Apparel & Luxury Goods: 2.4%
Campus Activewear, Ltd.
67,978
221,547
Titan Co., Ltd.
2,836
122,031
 
343,578
Household Durables: 1.0%
Crompton Greaves Consumer Electricals, Ltd.
35,017
145,013
Total Consumer Discretionary
3,249,119
 
Industrials: 9.2%
Construction & Engineering: 2.2%
Techno Electric & Engineering Co., Ltd.
16,736
312,258
 
 
Shares
Value
Electrical Equipment: 1.6%
Elecon Engineering Co., Ltd.
11,735
$89,586
ABB India, Ltd.
999
70,830
TD Power Systems, Ltd.
10,957
63,818
 
224,234
Building Products: 1.4%
Prince Pipes & Fittings, Ltd.
47,452
203,342
Machinery: 1.0%
Cummins India, Ltd.
1,971
78,128
Thermax, Ltd.
1,804
71,926
 
150,054
Passenger Airlines: 1.0%
InterGlobe Aviation, Ltd.a,b,c
2,139
149,064
Professional Services: 1.0%
Latent View Analytics, Ltd.a
29,690
142,461
Transportation Infrastructure: 0.6%
Gujarat Pipavav Port, Ltd.
48,541
91,422
Air Freight & Logistics: 0.4%
Delhivery, Ltd.a
11,699
52,220
Total Industrials
1,325,055
 
Consumer Staples: 8.9%
Food Products: 3.9%
Marico, Ltd.
38,044
320,442
Tata Consumer Products, Ltd.
10,340
132,493
Britannia Industries, Ltd.
1,600
109,161
 
562,096
Personal Care Products: 3.6%
Hindustan Unilever, Ltd.
8,905
238,263
Colgate-Palmolive India, Ltd.
4,470
125,463
Honasa Consumer, Ltd.a
26,045
94,359
Godrej Consumer Products, Ltd.
5,054
69,445
 
527,530
Tobacco: 0.9%
ITC, Ltd.
26,790
130,092
Beverages: 0.5%
Varun Beverages, Ltd.
12,989
69,299
Total Consumer Staples
1,289,017
 
Information Technology: 8.7%
IT Services: 7.1%
Infosys, Ltd.
28,347
529,457
Tata Consultancy Services, Ltd.
5,424
218,959
Persistent Systems, Ltd.
2,131
150,122
HCL Technologies, Ltd.
3,611
72,784
Coforge, Ltd.
2,845
63,843
 
1,035,165
17  

 
Matthews India Active ETFJune 30, 2025
Schedule of Investments (unaudited) (continued)
COMMON EQUITIES (continued)
 
Shares
Value
Electronic Equipment, Instruments & Components: 1.6%
Avalon Technologies, Ltd.a,b,c
23,431
$230,430
Total Information Technology
1,265,595
 
Health Care: 6.2%
Pharmaceuticals: 4.9%
Neuland Laboratories, Ltd.
1,530
214,086
Amrutanjan Health Care, Ltd.
23,460
196,904
Sun Pharmaceutical Industries, Ltd.
6,659
130,113
Zydus Lifesciences, Ltd.
7,678
88,629
Lupin, Ltd.
3,330
75,251
 
704,983
Health Care Providers & Services: 0.8%
Metropolis Healthcare, Ltd.a,b,c
6,065
120,664
Life Sciences Tools & Services: 0.5%
Divi’s Laboratories, Ltd.
933
74,082
Total Health Care
899,729
 
Materials: 4.1%
Metals & Mining: 2.5%
Shivalik Bimetal Controls, Ltd.
30,140
196,634
Mishra Dhatu Nigam, Ltd.b,c
32,438
164,535
 
361,169
Construction Materials: 1.6%
UltraTech Cement, Ltd.
1,613
227,449
Total Materials
588,618
 
Energy: 3.8%
Oil, Gas & Consumable Fuels: 3.8%
Reliance Industries, Ltd.
31,249
546,785
Total Energy
546,785
 
 
Shares
Value
 
Communication Services: 3.4%
Wireless Telecommunication Services: 3.4%
Bharti Airtel, Ltd.
21,178
$496,260
Total Communication Services
496,260
 
Total Investments: 103.2%
14,931,483
(Cost $12,704,911)
LIABILITIES IN EXCESS OF CASH
AND OTHER ASSETS: (3.2%)
(460,987
)
Net Assets: 100.0%
$14,470,496
 
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, 2025, the aggregate value is $840,875, which is 5.81% 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.
ADR
American Depositary Receipt
See accompanying notes to financial statements.
  18

Matthews Japan Active ETFJune 30, 2025
Schedule of Investments (unaudited)
 
COMMON EQUITIES: 97.2%
 
Shares
Value
Industrials: 24.2%
Industrial Conglomerates: 7.4%
Hitachi, Ltd.
8,200
$238,714
Hikari Tsushin, Inc.
400
117,858
Sekisui Chemical Co., Ltd.
3,100
56,057
 
412,629
Trading Companies & Distributors: 5.6%
ITOCHU Corp.
3,100
162,163
Marubeni Corp.
7,300
147,218
 
309,381
Construction & Engineering: 2.9%
Kajima Corp.
3,500
91,180
Kinden Corp.
2,400
70,466
 
161,646
Professional Services: 2.7%
Recruit Holdings Co., Ltd.
2,500
147,721
Electrical Equipment: 2.4%
Mitsubishi Electric Corp.
3,200
68,920
Nidec Corp.
3,400
66,025
 
134,945
Machinery: 1.9%
Mitsubishi Heavy Industries, Ltd.
2,300
57,482
Toyota Industries Corp.
400
45,138
 
102,620
Commercial Services & Supplies: 1.3%
TOPPAN Holdings, Inc.
2,700
73,367
Total Industrials
1,342,309
 
Consumer Discretionary: 17.1%
Household Durables: 5.8%
Sony Group Corp.
12,400
320,205
Broadline Retail: 3.0%
Ryohin Keikaku Co., Ltd.
2,200
105,473
Isetan Mitsukoshi Holdings, Ltd.
4,100
62,417
 
167,890
Specialty Retail: 3.0%
Fast Retailing Co., Ltd.
300
102,849
Sanrio Co., Ltd.
1,300
62,712
 
165,561
Textiles, Apparel & Luxury Goods: 2.4%
Asics Corp.
5,300
135,027
Automobile Components: 1.5%
Sumitomo Electric Industries, Ltd.
4,000
85,708
Automobiles: 1.4%
Toyota Motor Corp.
4,400
75,940
Total Consumer Discretionary
950,331
 
 
Shares
Value
 
Information Technology: 16.5%
IT Services: 6.1%
NEC Corp.
6,100
$178,171
Fujitsu, Ltd.
4,300
104,638
SCSK Corp.
1,800
54,183
 
336,992
Semiconductors & Semiconductor Equipment: 5.8%
Tokyo Electron, Ltd.
1,200
229,956
Renesas Electronics Corp.
7,600
94,129
 
324,085
Electronic Equipment, Instruments & Components: 3.9%
Keyence Corp.
300
120,129
Japan Aviation Electronics Industry, Ltd.
3,000
53,356
Anritsu Corp.
3,400
43,969
 
217,454
Software: 0.7%
Digital Arts, Inc.
700
36,782
Total Information Technology
915,313
 
Financials: 14.3%
Insurance: 6.1%
Tokio Marine Holdings, Inc.
5,900
249,610
T&D Holdings, Inc.
4,100
89,979
 
339,589
Banks: 5.5%
Mitsubishi UFJ Financial Group, Inc.
18,000
247,111
Rakuten Bank, Ltd.a
1,300
59,535
 
306,646
Financial Services: 2.3%
ORIX Corp.
5,600
126,387
Consumer Finance: 0.4%
Credit Saison Co., Ltd.
900
24,300
Total Financials
796,922
 
Consumer Staples: 7.8%
Food Products: 3.0%
Ajinomoto Co., Inc.
6,300
170,492
Beverages: 1.9%
Asahi Group Holdings, Ltd.
8,000
106,753
Personal Care Products: 1.8%
Kao Corp.
2,200
98,345
Consumer Staples Distribution & Retail: 1.1%
Seven & i Holdings Co., Ltd.
3,800
61,112
Total Consumer Staples
436,702
 
Health Care: 5.2%
Pharmaceuticals: 3.2%
Daiichi Sankyo Co., Ltd.
4,200
97,843
Sawai Group Holdings Co., Ltd.
6,200
78,678
 
176,521
19  

 
Matthews Japan Active ETFJune 30, 2025
Schedule of Investments (unaudited) (continued)
COMMON EQUITIES (continued)
 
Shares
Value
Health Care Equipment & Supplies: 2.0%
Terumo Corp.
6,200
$113,746
Total Health Care
290,267
 
Materials: 5.0%
Chemicals: 5.0%
Shin-Etsu Chemical Co., Ltd.
5,200
171,791
Nippon Paint Holdings Co., Ltd.
13,100
105,203
Total Materials
276,994
 
Communication Services: 4.2%
Entertainment: 3.6%
Capcom Co., Ltd.
3,100
105,869
Nintendo Co., Ltd.
1,000
96,092
 
201,961
Diversified Telecommunication Services: 0.6%
Internet Initiative Japan, Inc.
1,600
31,492
Total Communication Services
233,453
 
Real Estate: 2.9%
Real Estate Management & Development: 2.9%
Mitsui Fudosan Co., Ltd.
16,600
160,317
Total Real Estate
160,317
 
TOTAL COMMON EQUITIES
5,402,608
(Cost $4,559,881)
SHORT-TERM INVESTMENTS: 2.8%
 
Shares
Value
Money Market Funds: 2.8%
JPMorgan U.S. Government Money Market Fund,
Capital Shares, 4.22%b
154,969
$154,969
(Cost $154,969)
 
Total Investments: 100.0%
5,557,577
(Cost $4,714,850)
LIABILITIES IN EXCESS OF CASH
AND OTHER ASSETS: (0.0%)
(1,860
)
Net Assets: 100.0%
$5,555,717
 
a
Non-income producing security.
b
Rate shown is the current yield as of June 30, 2025.
See accompanying notes to financial statements.
  20

Matthews Korea Active ETFJune 30, 2025
Schedule of Investmentsa (unaudited)
 
COMMON EQUITIES: 92.0%
 
Shares
Value
Information Technology: 25.1%
Semiconductors & Semiconductor Equipment: 12.3%
SK Hynix, Inc.
25,769
$5,575,391
LEENO Industrial, Inc.
39,553
1,491,737
 
7,067,128
Technology Hardware, Storage & Peripherals: 7.7%
Samsung Electronics Co., Ltd.
100,569
4,456,155
Electronic Equipment, Instruments & Components: 5.1%
Park Systems Corp.
6,309
1,334,632
Samsung SDI Co., Ltd.
7,967
1,020,078
Samsung Electro-Mechanics Co., Ltd.
5,606
559,520
 
2,914,230
Total Information Technology
14,437,513
 
Industrials: 19.2%
Industrial Conglomerates: 5.6%
SK Square Co., Ltd.b
13,274
1,799,898
Samsung C&T Corp.
7,116
851,009
Hanwha Corp.
8,321
581,410
 
3,232,317
Machinery: 4.3%
HD HYUNDAI MIPO
11,945
1,867,512
Hyundai Rotem Co., Ltd.
4,189
609,913
 
2,477,425
Electrical Equipment: 2.7%
HD Hyundai Electric Co., Ltd.
2,955
1,110,095
LG Energy Solution, Ltd.b
1,880
413,723
 
1,523,818
Construction & Engineering: 2.4%
Samsung E&A Co., Ltd.
84,781
1,388,308
Aerospace & Defense: 2.3%
Hanwha Aerospace Co., Ltd.
2,079
1,306,307
Commercial Services & Supplies: 1.1%
KEPCO Plant Service & Engineering Co., Ltd.
14,817
659,826
Building Products: 0.8%
Sung Kwang Bend Co., Ltd.
21,212
469,160
Total Industrials
11,057,161
 
Financials: 15.0%
Banks: 9.0%
KB Financial Group, Inc.
31,432
2,582,846
Hana Financial Group, Inc.
39,912
2,552,168
 
5,135,014
Capital Markets: 3.3%
Korea Investment Holdings Co., Ltd.
13,348
1,380,691
Macquarie Korea Infrastructure Fund
62,091
528,160
 
1,908,851
 
 
Shares
Value
Insurance: 2.7%
Samsung Fire & Marine Insurance Co., Ltd.
4,817
$1,549,035
Total Financials
8,592,900
 
Communication Services: 9.1%
Interactive Media & Services: 5.8%
NAVER Corp.
13,352
2,596,992
Kakao Corp.
17,413
774,140
 
3,371,132
Wireless Telecommunication Services: 2.3%
SK Telecom Co., Ltd.
31,293
1,314,696
Diversified Telecommunication Services: 1.0%
KINX, Inc.
7,803
566,608
Total Communication Services
5,252,436
 
Consumer Discretionary: 8.0%
Automobiles: 3.3%
Kia Corp.
14,367
1,031,537
Hyundai Motor Co.
5,905
890,388
 
1,921,925
Broadline Retail: 2.5%
Coupang, Inc.b
47,734
1,430,110
Automobile Components: 2.2%
Hyundai Mobis Co., Ltd.
5,956
1,266,577
Total Consumer Discretionary
4,618,612
 
Health Care: 5.7%
Life Sciences Tools & Services: 2.9%
Samsung Biologics Co., Ltd.b,c,d
2,293
1,685,430
Health Care Equipment & Supplies: 2.4%
InBody Co., Ltd.
38,964
688,568
Classys, Inc.
14,537
675,363
 
1,363,931
Pharmaceuticals: 0.4%
Yuhan Corp.
3,056
235,948
Total Health Care
3,285,309
 
Consumer Staples: 4.5%
Tobacco: 3.0%
KT&G Corp.
18,107
1,713,296
Consumer Staples Distribution & Retail: 0.8%
BGF Retail Co., Ltd.
5,493
492,481
Food Products: 0.7%
Nongshim Co., Ltd.
1,382
402,435
Total Consumer Staples
2,608,212
 
Energy: 2.3%
Oil, Gas & Consumable Fuels: 2.3%
S-Oil Corp.
29,790
1,322,185
Total Energy
1,322,185
21  

 
Matthews Korea Active ETFJune 30, 2025
Schedule of Investmentsa (unaudited) (continued)
COMMON EQUITIES (continued)
 
Shares
Value
 
Utilities: 1.8%
Electric Utilities: 1.8%
Korea Electric Power Corp.
34,706
$1,010,630
Total Utilities
1,010,630
 
Real Estate: 1.3%
Industrial REITs: 1.3%
ESR Kendall Square REIT Co., Ltd.
233,941
728,032
Total Real Estate
728,032
 
TOTAL COMMON EQUITIES
52,912,990
(Cost $39,190,976)
PREFERRED EQUITIES: 7.3%
Information Technology: 7.3%
Technology Hardware, Storage & Peripherals: 7.3%
Samsung Electronics Co., Ltd., Pfd.
115,236
4,226,572
Total Information Technology
4,226,572
 
TOTAL PREFERRED EQUITIES
4,226,572
(Cost $3,500,449)
RIGHTS: 0.0%
Industrials: 0.0%
Aerospace & Defense: 0.0%
Hanwha Aerospace Co., Ltd. Rights, Expires
07/07/2025b
114
13,853
Total Industrials
13,853
 
Real Estate: 0.0%
Industrial REITs: 0.0%
ESR Kendall Square REIT Co., Ltd. Rights, Expires
07/09/2025b
56,606
0
Total Real Estate
0
 
TOTAL RIGHTS
13,853
(Cost $0)
SHORT-TERM INVESTMENTS: 0.8%
 
Shares
Value
Money Market Funds: 0.8%
JPMorgan U.S. Government Money Market Fund,
Capital Shares, 4.22%e
434,806
$434,806
(Cost $434,806)
 
Total Investments: 100.1%
57,588,221
(Cost $43,126,231)
LIABILITIES IN EXCESS OF CASH
AND OTHER ASSETS: (0.1%)
(84,340
)
Net Assets: 100.0%
$57,503,881
 
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, 2025, the aggregate value is $1,685,430, which is 2.93% 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, 2025.
Pfd.
Preferred
REIT
Real Estate Investment Trust
See accompanying notes to financial statements.
  22

Matthews Asia Dividend Active ETFJune 30, 2025
Schedule of Investmentsa (unaudited)
 
COMMON EQUITIES: 93.0%
 
Shares
Value 
China/Hong Kong: 26.9%
Tencent Holdings, Ltd.
2,600
$166,599
AIA Group, Ltd.
8,000
71,745
NetEase, Inc.
2,300
61,822
Alibaba Group Holding, Ltd.
3,700
51,753
Yuexiu Transport Infrastructure, Ltd.
102,000
48,076
BYD Co., Ltd. H Shares
3,000
46,815
Wuliangye Yibin Co., Ltd. A Shares
2,800
46,477
Yum China Holdings, Inc.
976
43,637
JD.com, Inc. Class A
2,450
39,918
China Merchants Bank Co., Ltd. H Shares
5,500
38,430
China Construction Bank Corp. H Shares
38,000
38,339
Hong Kong Exchanges & Clearing, Ltd.
700
37,345
HKT Trust & HKT, Ltd.
25,000
37,325
Industrial & Commercial Bank of China, Ltd. H
Shares
45,000
35,656
Ping An Insurance Group Co. of China, Ltd. H
Shares
5,500
34,927
China Overseas Property Holdings, Ltd.
50,000
34,904
PetroChina Co., Ltd. H Shares
40,000
34,395
NARI Technology Co., Ltd. A Shares
10,500
32,849
Midea Group Co., Ltd. A Shares
3,000
30,228
Midea Group Co., Ltd. A Shares
2,900
29,230
Total China/Hong Kong
960,470
 
Japan: 26.4%
ITOCHU Corp.
1,500
78,466
NEC Corp.
2,500
73,021
Ajinomoto Co., Inc.
2,400
64,949
Sony Group Corp.
2,300
59,393
Tokio Marine Holdings, Inc.
1,400
59,229
Hikari Tsushin, Inc.
200
58,929
Marubeni Corp.
2,900
58,484
Mitsubishi UFJ Financial Group, Inc.
3,900
53,541
Shin-Etsu Chemical Co., Ltd.
1,600
52,859
ORIX Corp.
2,300
51,909
Asahi Group Holdings, Ltd.
3,600
48,039
Mitsui Fudosan Co., Ltd.
4,800
46,357
Kajima Corp.
1,600
41,682
Tokyo Electron, Ltd.
200
38,326
Nidec Corp.
1,800
34,954
Terumo Corp.
1,800
33,023
Toyota Motor Corp.
1,800
31,067
Toyota Industries Corp.
200
22,569
Suzuki Motor Corp.
1,500
18,100
Sawai Group Holdings Co., Ltd.
1,200
15,228
Total Japan
940,125
 
South Korea: 10.7%
Hana Financial Group, Inc.
1,777
113,630
Samsung Electronics Co., Ltd.
1,256
55,653
Korea Investment Holdings Co., Ltd.
520
53,788
LEENO Industrial, Inc.
1,255
47,332
SK Telecom Co., Ltd. ADR
1,656
38,667
KT&G Corp.
399
37,754
Macquarie Korea Infrastructure Fund
4,140
35,216
Total South Korea
382,040
 
Taiwan: 10.6%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR
1,306
295,796
 
 
Shares
Value 
CTBC Financial Holding Co., Ltd.
27,000
$40,391
Delta Electronics, Inc.
2,000
28,276
E Ink Holdings, Inc.
2,000
15,131
Total Taiwan
379,594
 
Australia: 7.1%
Commonwealth Bank of Australia
522
63,202
Telstra Group, Ltd.
18,814
59,676
ANZ Group Holdings, Ltd.
2,641
50,469
BHP Group, Ltd.
1,933
46,555
CSL, Ltd.
202
31,702
Total Australia
251,604
 
India: 6.2%
HDFC Bank, Ltd. ADR
819
62,793
Power Grid Corp. of India, Ltd.
13,578
47,482
Bharti Airtel, Ltd.
1,723
40,375
Tata Consultancy Services, Ltd.
950
38,350
Hindustan Unilever, Ltd.
1,249
33,418
Total India
222,418
 
Singapore: 2.9%
Singapore Telecommunications, Ltd.
12,800
38,391
United Overseas Bank, Ltd.
1,200
33,918
DBS Group Holdings, Ltd.
900
31,735
Total Singapore
104,044
 
Indonesia: 1.3%
PT Bank Rakyat Indonesia Persero Tbk
192,600
44,369
Total Indonesia
44,369
 
Thailand: 0.9%
Bangkok Dusit Medical Services Public Co., Ltd. F
Shares
49,700
31,799
Total Thailand
31,799
 
TOTAL COMMON EQUITIES
3,316,463
(Cost $2,839,377)
SHORT-TERM INVESTMENTS: 6.6%
Money Market Funds: 6.6%
JPMorgan U.S. Government Money Market Fund,
Capital Shares, 4.22%b
235,743
235,743
(Cost $235,743)
 
Total Investments: 99.6%
3,552,206
(Cost $3,075,120)
CASH AND OTHER ASSETS,
LESS LIABILITIES: 0.4%
14,780
Net Assets: 100.0%
$3,566,986
 
23  

 
Matthews Asia Dividend Active ETFJune 30, 2025
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
Rate shown is the current yield as of June 30, 2025.
ADR
American Depositary Receipt
See accompanying notes to financial statements.
  24

 
Statements of Assets and Liabilities (unaudited)June 30, 2025
 
 
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
$38,151,730
$35,430,079
$29,065,800
$18,807,833
Cash
—
16,376
7,754
72,527
Foreign currency at value (B)
1,346,346
4,479
30,432
4,090
Dividends and interest receivable
94,470
71,814
26,946
31,658
Receivable for securities sold
—
182,796
—
32,852
Other receivable
11,427
1,681
5,718
666
TOTAL ASSETS
39,603,973
35,707,225
29,136,650
18,949,626
LIABILITIES:
Cash overdraft
563
—
—
—
Payable for securities purchased
—
174,121
20,639
33,692
Deferred foreign capital gains tax liability (Note 2-C)
49,559
138,488
270,557
105,559
Due to Advisor (Note 4)
25,121
22,813
18,173
13,340
TOTAL LIABILITIES
75,243
335,422
309,369
152,591
NET ASSETS
$39,528,730
$35,371,803
$28,827,281
$18,797,035
 
SHARES OUTSTANDING:
(shares of beneficial interest issued and outstanding,
respectively, unlimited number of shares authorized
with a $0.001 par value)
1,220,000
1,080,000
1,050,000
720,000
Net asset value, offering price and redemption price
$32.40
$32.75
$27.45
$26.11
NET ASSETS CONSISTS OF:
Capital paid-in
$33,749,826
$30,547,139
$26,173,517
$18,357,624
Total distributable earnings/(accumulated loss)
5,778,904
4,824,664
2,653,764
439,411
NET ASSETS
$39,528,730
$35,371,803
$28,827,281
$18,797,035
(A) Investments at cost:
Unaffiliated Issuers
$31,849,342
$30,027,382
$25,099,755
$17,126,999
(B) Foreign Currency at Cost
$1,347,217
$4,473
$30,408
$4,088
 
See accompanying notes to financial statements.
25  

 
Statements of Assets and Liabilities (unaudited) (continued)June 30, 2025
 
Matthews Pacific Tiger
Active ETF
Matthews Asia
Innovators Active ETF
Matthews China
Active ETF
ASSETS:
Investments at value (A) (Note 2-A):
Unaffiliated issuers
$36,060,187
$63,822,618
$20,495,565
Cash
19,062
17,351
—
Segregated foreign currency at value (B)
—
5
—
Segregated cash
—
1,146
25
Foreign currency at value (B)
350,556
92,034
24,559
Dividends and interest receivable
101,273
133,714
72,580
Receivable for securities sold
—
624,249
—
Other receivable
790
8,313
—
TOTAL ASSETS
36,531,868
64,699,430
20,592,729
LIABILITIES:
Payable for securities purchased
—
694,797
—
Deferred foreign capital gains tax liability (Note 2-C)
76,036
223,558
—
Due to Advisor (Note 4)
23,142
40,288
13,195
TOTAL LIABILITIES
99,178
958,643
13,195
NET ASSETS
$36,432,690
$63,740,787
$20,579,534
 
SHARES OUTSTANDING:
(shares of beneficial interest issued and outstanding, respectively, unlimited
number of shares authorized with a $0.001 par value)
1,250,000
2,050,000
840,000
Net asset value, offering price and redemption price
$29.15
$31.09
$24.50
NET ASSETS CONSISTS OF:
Capital paid-in
$31,772,846
$59,417,065
$26,245,664
Total distributable earnings/(accumulated loss)
4,659,844
4,323,722
(5,666,130
)
NET ASSETS
$36,432,690
$63,740,787
$20,579,534
(A) Investments at cost:
Unaffiliated Issuers
$29,344,808
$47,514,690
$20,530,360
(B) Foreign Currency at Cost
$350,541
$92,031
$24,558
See accompanying notes to financial statements.
  26

 
Statements of Assets and Liabilities (unaudited) (continued)June 30, 2025
 
Matthews China
Discovery Active ETF
Matthews India
Active ETF
Matthews Japan
Active ETF
ASSETS:
Investments at value (A) (Note 2-A):
Unaffiliated issuers
$2,300,727
$14,931,483
$5,557,577
Foreign currency at value (B)
1,041
59,346
11,950
Dividends and interest receivable
13,317
22,141
7,043
Receivable for securities sold
—
85,825
39,331
Other receivable
—
—
1,120
TOTAL ASSETS
2,315,085
15,098,795
5,617,021
LIABILITIES:
Cash overdraft
—
24,901
—
Payable for securities purchased
—
66,295
57,785
Deferred foreign capital gains tax liability (Note 2-C)
—
527,870
—
Due to Advisor (Note 4)
1,671
9,233
3,519
TOTAL LIABILITIES
1,671
628,299
61,304
NET ASSETS
$2,313,414
$14,470,496
$5,555,717
 
SHARES OUTSTANDING:
(shares of beneficial interest issued and outstanding, respectively, unlimited
number of shares authorized with a $0.001 par value)
80,000
480,000
160,000
Net asset value, offering price and redemption price
$28.92
$30.15
$34.72
NET ASSETS CONSISTS OF:
Capital paid-in
$2,039,619
$13,684,737
$4,834,275
Total distributable earnings/(accumulated loss)
273,795
785,759
721,442
NET ASSETS
$2,313,414
$14,470,496
$5,555,717
(A) Investments at cost:
Unaffiliated Issuers
$1,978,076
$12,704,911
$4,714,850
(B) Foreign Currency at Cost
$1,038
$59,346
$11,950
See accompanying notes to financial statements.
27  

 
Statements of Assets and Liabilities (unaudited) (continued)June 30, 2025
 
 
Matthews Korea
Active ETF
Matthews Asia Dividend
Active ETF
ASSETS:
Investments at value (A) (Note 2-A):
Unaffiliated issuers
$57,588,221
$3,552,206
Cash
—
2,167
Foreign currency at value (B)
—
8,100
Dividends and interest receivable
121,734
8,696
Other receivable
—
470
TOTAL ASSETS
57,709,955
3,571,639
LIABILITIES:
Payable for securities purchased
170,808
—
Deferred foreign capital gains tax liability (Note 2-C)
—
2,379
Due to Advisor (Note 4)
35,266
2,274
TOTAL LIABILITIES
206,074
4,653
NET ASSETS
$57,503,881
$3,566,986
 
SHARES OUTSTANDING:
(shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized
with a $0.001 par value)
2,033,223
100,000
Net asset value, offering price and redemption price
$28.28
$35.67
NET ASSETS CONSISTS OF:
Capital paid-in
$45,556,829
$3,103,057
Total distributable earnings/(accumulated loss)
11,947,052
463,929
NET ASSETS
$57,503,881
$3,566,986
(A) Investments at cost:
Unaffiliated Issuers
$43,126,231
$3,075,120
(B) Foreign Currency at Cost
$—
$8,096
See accompanying notes to financial statements.
  28

 
Statements of Operations (unaudited)Period Ended June 30, 2025
 
 
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
$541,027
$491,680
$256,810
$167,224
Interest
60,434
39,739
2,560
4,684
Foreign withholding tax
(48,856
)
(44,033
)
(22,129
)
(14,095
)
TOTAL INVESTMENT INCOME
552,605
487,386
237,241
157,813
EXPENSES:
Investment advisory fees (Note 4)
170,926
142,886
102,187
84,188
TOTAL EXPENSES
170,926
142,886
102,187
84,188
Advisory fees waived and expenses waived or reimbursed
(Note 4)
—
—
—
(8,453
)
NET EXPENSES
170,926
142,886
102,187
75,735
NET INVESTMENT INCOME (LOSS)
381,679
344,500
135,054
82,078
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS, FOREIGN CURRENCY RELATED
TRANSACTIONS, AND FOREIGN CAPITAL GAINS
TAXES:
Net realized gain (loss) on investments—Unaffiliated
Issuers
42,018
(399,965
)
(546,781
)
(577,551
)
Net realized gain (loss) on in-kind redemptions —
Unaffiliated Issuers
206,054
825,644
—
—
Net realized foreign capital gains tax
(44,312
)
—
(14,304
)
—
Net realized gain (loss) on foreign currency related
transactions
11,707
(37,718
)
(14,415
)
(1,099
)
Net change in unrealized appreciation/depreciation on
investments—Unaffiliated Issuers
2,365,354
3,525,366
3,746,548
2,305,706
Net change in deferred foreign capital gains taxes on
unrealized appreciation/depreciation
77,388
(105,690
)
33,553
1,581
Net change in unrealized appreciation/depreciation on
foreign currency related translations
1,270
(224
)
378
467
Net realized and unrealized gain (loss) on
investments, foreign currency related transactions,
and foreign capital gains taxes
2,659,479
3,807,413
3,204,979
1,729,104
NET INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS
$3,041,158
$4,151,913
$3,340,033
$1,811,182
See accompanying notes to financial statements.
29  

 
Statements of Operations (unaudited) (continued)Period Ended June 30, 2025
 
 
Matthews Pacific Tiger
Active ETF
Matthews Asia
Innovators Active ETF
Matthews China
Active ETF
INVESTMENT INCOME:
Dividends—Unaffiliated Issuers
$481,173
$390,138
$357,255
Interest
33,366
54,401
7,200
Foreign withholding tax
(51,833
)
(47,000
)
(22,710
)
TOTAL INVESTMENT INCOME
462,706
397,539
341,745
EXPENSES:
Investment advisory fees (Note 4)
187,329
241,405
113,222
TOTAL EXPENSES
187,329
241,405
113,222
NET INVESTMENT INCOME (LOSS)
275,377
156,134
228,523
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN
CURRENCY RELATED TRANSACTIONS, AND FOREIGN CAPITAL GAINS
TAXES:
Net realized gain (loss) on investments—Unaffiliated Issuers
(1,079,638
)
1,476,467
(1,377,245
)
Net realized gain (loss) on in-kind redemptions — Unaffiliated Issuers
3,691,347
1,528,008
529,289
Net realized foreign capital gains tax
(21,081
)
(157,242
)
—
Net realized gain (loss) on foreign currency related transactions
(38,692
)
(52,524
)
(3,245
)
Net change in unrealized appreciation/depreciation on investments—Unaffiliated
Issuers
(1,030,926
)
2,640,198
1,869,200
Net change in deferred foreign capital gains taxes on unrealized
appreciation/depreciation
56,820
336,131
—
Net change in unrealized appreciation/depreciation on foreign currency related
translations
2,558
1,423
(10
)
Net realized and unrealized gain (loss) on investments, foreign currency
related transactions, and foreign capital gains taxes
1,580,388
5,772,461
1,017,989
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
$1,855,765
$5,928,595
$1,246,512
See accompanying notes to financial statements.
  30

 
Statements of Operations (unaudited) (continued)Period Ended June 30, 2025
 
 
Matthews China
Discovery Active ETF
Matthews India
Active ETF
Matthews Japan
Active ETF
INVESTMENT INCOME:
Dividends—Unaffiliated Issuers
$29,995
$58,823
$49,525
Interest
2,672
6,603
2,141
Foreign withholding tax
(1,026
)
(13,430
)
(5,599
)
TOTAL INVESTMENT INCOME
31,641
51,996
46,067
EXPENSES:
Investment advisory fees (Note 4)
10,742
53,216
16,465
TOTAL EXPENSES
10,742
53,216
16,465
Advisory fees waived and expenses waived or reimbursed (Note 4)
(1,085
)
—
—
NET EXPENSES
9,657
53,216
16,465
NET INVESTMENT INCOME (LOSS)
21,984
(1,220
)
29,602
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN
CURRENCY RELATED TRANSACTIONS, AND FOREIGN CAPITAL GAINS
TAXES:
Net realized gain (loss) on investments—Unaffiliated Issuers
14,526
(218,228
)
(96,155
)
Net realized foreign capital gains tax
—
(17,036
)
—
Net realized gain (loss) on foreign currency related transactions
(210
)
(10,874
)
1,396
Net change in unrealized appreciation/depreciation on investments—Unaffiliated
Issuers
207,885
497,864
641,248
Net change in deferred foreign capital gains taxes on unrealized
appreciation/depreciation
—
(165,624
)
—
Net change in unrealized appreciation/depreciation on foreign currency related
translations
7
(23
)
124
Net realized and unrealized gain (loss) on investments, foreign currency
related transactions, and foreign capital gains taxes
222,208
86,079
546,613
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
$244,192
$84,859
$576,215
See accompanying notes to financial statements.
31  

 
Statements of Operations (unaudited) (continued)Period Ended June 30, 2025
 
 
Matthews Korea
Active ETF
Matthews Asia
Dividend Active ETF
INVESTMENT INCOME:
Dividends—Unaffiliated Issuers
$524,383
$53,404
Interest
68,724
2,972
Foreign withholding tax
(86,737
)
(4,653
)
TOTAL INVESTMENT INCOME
506,370
51,723
EXPENSES:
Investment advisory fees (Note 4)
188,146
12,861
TOTAL EXPENSES
188,146
12,861
NET INVESTMENT INCOME (LOSS)
318,224
38,862
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN CURRENCY RELATED
TRANSACTIONS, AND FOREIGN CAPITAL GAINS TAXES:
Net realized gain (loss) on investments—Unaffiliated Issuers
(2,884,186
)
(34,901
)
Net realized gain (loss) on in-kind redemptions — Unaffiliated Issuers
30,008
—
Net realized gain (loss) on foreign currency related transactions
7,314
639
Net change in unrealized appreciation/depreciation on investments—Unaffiliated Issuers
17,610,825
385,282
Net change in deferred foreign capital gains taxes on unrealized appreciation/depreciation
—
(434
)
Net change in unrealized appreciation/depreciation on foreign currency related translations
4,172
21
Net realized and unrealized gain (loss) on investments, foreign currency related transactions, and
foreign capital gains taxes
14,768,133
350,607
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
$15,086,357
$389,469
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, 2025
(Unaudited)
Year Ended
December 31, 2024
OPERATIONS:
Net investment income (loss)
$381,679
$810,610
Net realized gain (loss) on investments, in-kind redemptions and foreign currency related transactions
215,467
4,088,001
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations
2,366,624
913,695
Net change on foreign capital gains taxes on unrealized appreciation/depreciation
77,388
(56,452
)
Net increase (decrease) in net assets resulting from operations
3,041,158
5,755,854
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions
—
(3,717,396
)
Return of capital
—
(35,482
)
Net decrease in net assets resulting from distributions
—
(3,752,878
)
CAPITAL SHARE TRANSACTIONS (net) (Note 3)
(11,746,634
)
(9,675,783
)
Total increase (decrease) in net assets
(8,705,476
)
(7,672,807
)
NET ASSETS:
Beginning of period
48,234,206
55,907,013
End of period
$39,528,730
$48,234,206
 
Matthews Emerging Markets ex China Active ETF 
Six-Month Period
Ended June 30, 2025
(Unaudited)
Year Ended
December 31, 2024
OPERATIONS:
Net investment income (loss)
$344,500
$318,126
Net realized gain (loss) on investments and foreign currency related transactions
387,961
(959,110
)
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations
3,525,142
1,055,445
Net change on foreign capital gains taxes on unrealized appreciation/depreciation
(105,690
)
(18,464
)
Net increase (decrease) in net assets resulting from operations
4,151,913
395,997
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions
—
(362,864
)
Return of capital
—
(11,705
)
Net decrease in net assets resulting from distributions
—
(374,569
)
CAPITAL SHARE TRANSACTIONS (net) (Note 3)
(6,742,657
)
29,109,830
Total increase (decrease) in net assets
(2,590,744
)
29,131,258
NET ASSETS:
Beginning of period
37,962,547
8,831,289
End of period
$35,371,803
$37,962,547
 
See accompanying notes to financial statements.
33  

 
Statements of Changes in Net Assets (continued)
Matthews Emerging Markets Sustainable Future Active ETF 
Six-Month Period
Ended June 30, 2025
(Unaudited)
Year Ended
December 31, 2024
OPERATIONS:
Net investment income (loss)
$135,054
$101,560
Net realized gain (loss) on investments and foreign currency related transactions
(575,500
)
120,343
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations
3,746,926
(404,946
)
Net change on foreign capital gains taxes on unrealized appreciation/depreciation
33,553
(281,653
)
Net increase (decrease) in net assets resulting from operations
3,340,033
(464,696
)
DISTRIBUTIONS TO SHAREHOLDERS:
Net decrease in net assets resulting from distributions
—
(797,850
)
CAPITAL SHARE TRANSACTIONS (net) (Note 3)
1,225,883
11,369,312
Total increase (decrease) in net assets
4,565,916
10,106,766
NET ASSETS:
Beginning of period
24,261,365
14,154,599
End of period
$28,827,281
$24,261,365
 
Matthews Emerging Markets Discovery Active ETF 
Six-Month Period
Ended June 30, 2025
(Unaudited)
For the Period Ended
December 31, 20241
OPERATIONS:
Net investment income (loss)
$82,078
$49,729
Net realized gain (loss) on investments and foreign currency related transactions
(578,650
)
(448,144
)
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations
2,306,173
(625,052
)
Net change on foreign capital gains taxes on unrealized appreciation/depreciation
1,581
(107,140
)
Net increase (decrease) in net assets resulting from operations
1,811,182
(1,130,607
)
DISTRIBUTIONS TO SHAREHOLDERS:
Net decrease in net assets resulting from distributions
—
(241,164
)
CAPITAL SHARE TRANSACTIONS (net) (Note 3)
—
18,357,624
Total increase (decrease) in net assets
1,811,182
16,985,853
NET ASSETS:
Beginning of period
16,985,853
—
End of period
$18,797,035
$16,985,853
 
1
The Fund commenced operations on January 10, 2024.
 
Matthews Pacific Tiger Active ETF 
Six-Month Period
Ended June 30, 2025
(Unaudited)
Year Ended
December 31, 2024
OPERATIONS:
Net investment income (loss)
$275,377
$1,089,966
Net realized gain (loss) on investments, in-kind redemptions and foreign currency related transactions
2,551,936
(1,961,498
)
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations
(1,028,368
)
4,747,126
Net change on foreign capital gains taxes on unrealized appreciation/depreciation
56,820
(14,312
)
Net increase (decrease) in net assets resulting from operations
1,855,765
3,861,282
DISTRIBUTIONS TO SHAREHOLDERS:
Net decrease in net assets resulting from distributions
—
(541,304
)
CAPITAL SHARE TRANSACTIONS (net) (Note 3)
(36,675,873
)
(11,856,331
)
Total increase (decrease) in net assets
(34,820,108
)
(8,536,353
)
NET ASSETS:
Beginning of period
71,252,798
79,789,151
End of period
$36,432,690
$71,252,798
 
See accompanying notes to financial statements.
  34

 
Statements of Changes in Net Assets (continued)
Matthews Asia Innovators Active ETF 
Six-Month Period
Ended June 30, 2025
(Unaudited)
Year Ended
December 31, 2024
OPERATIONS:
Net investment income (loss)
$156,134
$228,254
Net realized gain (loss) on investments, in-kind redemptions and foreign currency related transactions
2,794,709
8,618,461
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations
2,641,621
1,470,362
Net change on foreign capital gains taxes on unrealized appreciation/depreciation
336,131
(236,734
)
Net increase (decrease) in net assets resulting from operations
5,928,595
10,080,343
DISTRIBUTIONS TO SHAREHOLDERS:
Net decrease in net assets resulting from distributions
—
(173,298
)
CAPITAL SHARE TRANSACTIONS (net) (Note 3)
(7,131,792
)
(29,772,464
)
Total increase (decrease) in net assets
(1,203,197
)
(19,865,419
)
NET ASSETS:
Beginning of period
64,943,984
84,809,403
End of period
$63,740,787
$64,943,984
 
Matthews China Active ETF 
Six-Month Period
Ended June 30, 2025
(Unaudited)
Year Ended
December 31, 2024
OPERATIONS:
Net investment income (loss)
$228,523
$468,252
Net realized gain (loss) on investments, in-kind redemptions and foreign currency related transactions
(851,201
)
(2,108,024
)
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations
1,869,190
4,659,615
Net increase (decrease) in net assets resulting from operations
1,246,512
3,019,843
DISTRIBUTIONS TO SHAREHOLDERS:
Net decrease in net assets resulting from distributions
—
(469,395
)
CAPITAL SHARE TRANSACTIONS (net) (Note 3)
(16,698,624
)
11,743,998
Total increase (decrease) in net assets
(15,452,112
)
14,294,446
NET ASSETS:
Beginning of period
36,031,646
21,737,200
End of period
$20,579,534
$36,031,646
 
Matthews China Discovery Active ETF 
Six-Month Period
Ended June 30, 2025
(Unaudited)
For the Period Ended
December 31, 20241
OPERATIONS:
Net investment income (loss)
$21,984
$123,019
Net realized gain (loss) on investments, in-kind redemptions and foreign currency related transactions
14,316
140,864
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations
207,892
114,766
Net increase (decrease) in net assets resulting from operations
244,192
378,649
DISTRIBUTIONS TO SHAREHOLDERS:
Net decrease in net assets resulting from distributions
—
(112,438
)
CAPITAL SHARE TRANSACTIONS (net) (Note 3)
—
1,803,011
Total increase (decrease) in net assets
244,192
2,069,222
NET ASSETS:
Beginning of period
2,069,222
—
End of period
$2,313,414
$2,069,222
 
1
The Fund commenced operations on January 10, 2024.
 
See accompanying notes to financial statements.
35  

 
Statements of Changes in Net Assets (continued)
Matthews India Active ETF 
Six-Month Period
Ended June 30, 2025
(Unaudited)
Year Ended
December 31, 2024
OPERATIONS:
Net investment income (loss)
($1,220
)
($17,689
)
Net realized gain (loss) on investments, in-kind redemptions and foreign currency related transactions
(246,138
)
(527,667
)
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations
497,841
1,244,848
Net change on foreign capital gains taxes on unrealized appreciation/depreciation
(165,624
)
(273,215
)
Net increase (decrease) in net assets resulting from operations
84,859
426,277
DISTRIBUTIONS TO SHAREHOLDERS:
Net decrease in net assets resulting from distributions
—
(107,386
)
CAPITAL SHARE TRANSACTIONS (net) (Note 3)
—
8,126,833
Total increase (decrease) in net assets
84,859
8,445,724
NET ASSETS:
Beginning of period
14,385,637
5,939,913
End of period
$14,470,496
$14,385,637
 
Matthews Japan Active ETF 
Six-Month Period
Ended June 30, 2025
(Unaudited)
Year Ended
December 31, 2024
OPERATIONS:
Net investment income (loss)
$29,602
$29,393
Net realized gain (loss) on investments, in-kind redemptions and foreign currency related transactions
(94,759
)
161,160
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations
641,372
124,506
Net increase (decrease) in net assets resulting from operations
576,215
315,059
DISTRIBUTIONS TO SHAREHOLDERS:
Net decrease in net assets resulting from distributions
—
(37,412
)
CAPITAL SHARE TRANSACTIONS (net) (Note 3)
2,513,637
1,135,697
Total increase (decrease) in net assets
3,089,852
1,413,344
NET ASSETS:
Beginning of period
2,465,865
1,052,521
End of period
$5,555,717
$2,465,865
 
Matthews Korea Active ETF 
Six-Month Period
Ended June 30, 2025
(Unaudited)
Year Ended
December 31, 2024
OPERATIONS:
Net investment income (loss)
$318,224
$173,986
Net realized gain (loss) on investments, in-kind redemptions and foreign currency related transactions
(2,846,864
)
1,628,115
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations
17,614,997
(11,591,256
)
Net increase (decrease) in net assets resulting from operations
15,086,357
(9,789,155
)
DISTRIBUTIONS TO SHAREHOLDERS:
Net decrease in net assets resulting from distributions
—
(2,471,651
)
CAPITAL SHARE TRANSACTIONS (net) (Note 3)
(2,442,555
)
(10,049,732
)
Total increase (decrease) in net assets
12,643,802
(22,310,538
)
NET ASSETS:
Beginning of period
44,860,079
67,170,617
End of period
$57,503,881
$44,860,079
 
See accompanying notes to financial statements.
  36

 
Statements of Changes in Net Assets (continued)
Matthews Asia Dividend Active ETF 
Six-Month Period
Ended June 30, 2025
(Unaudited)
Year Ended
December 31, 2024
OPERATIONS:
Net investment income (loss)
$38,862
$34,707
Net realized gain (loss) on investments and foreign currency related transactions
(34,262
)
71,325
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations
385,303
8,220
Net change on foreign capital gains taxes on unrealized appreciation/depreciation
(434
)
(512
)
Net increase (decrease) in net assets resulting from operations
389,469
113,740
DISTRIBUTIONS TO SHAREHOLDERS:
Net decrease in net assets resulting from distributions
(24,850
)
(96,121
)
CAPITAL SHARE TRANSACTIONS (net) (Note 3)
—
1,603,057
Total increase (decrease) in net assets
364,619
1,620,676
NET ASSETS:
Beginning of period
3,202,367
1,581,691
End of period
$3,566,986
$3,202,367
See accompanying notes to financial statements.
37  

 
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, 2025
(Unaudited)
Year Ended
Dec. 31, 2024
Year Ended
Dec. 31, 2023
Period Ended
Dec. 31, 20221
 
Net Asset Value, beginning of Period
$29.06
$28.24
$26.27
$25.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)2
0.26
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
3.08
2.65
1.53
1.18
Total from investment operations
3.34
3.09
1.97
1.41
LESS DISTRIBUTIONS FROM:
Net investment income
—
(0.36
)
—
3
(0.14
)
Net realized gains on investments
—
(1.89
)
—
—
Return of capital
—
(0.02
)
—
—
Total distributions
—
(2.27
)
—
(0.14
)
Net Asset Value, end of Period
$32.40
$29.06
$28.24
$26.27
TOTAL RETURN4
11.50%
5
10.79%
7.51%
5.63%
5
RATIOS/SUPPLEMENTAL DATA
Net assets, end of Period (in 000’s)
$39,529
$48,234
$55,907
$6,304
Ratio of expenses to average net assets (Note 4)
0.79%
6
0.79%
0.79%
0.79%
6
Ratio of net investment income (loss) to average net assets
1.76%
6
1.46%
1.64%
1.93%
6
Portfolio turnover
70.53%
5
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.
See accompanying notes to financial statements.
  38

 
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, 2025
(Unaudited)
Year Ended
Dec. 31, 2024
Period Ended
Dec. 31, 20231
 
Net Asset Value, beginning of Period
$29.20
$27.60
$25.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)2
0.28
0.39
0.45
Net realized gain (loss) and unrealized appreciation/depreciation on investments and foreign currency
related transactions
3.27
1.50
2.46
Total from investment operations
3.55
1.89
2.91
LESS DISTRIBUTIONS FROM:
Net investment income
—
(0.28
)
(0.31
)
Return of capital
—
(0.01
)
—
Total distributions
—
(0.29
)
(0.31
)
Net Asset Value, end of Period
$32.75
$29.20
$27.60
TOTAL RETURN3
12.16%
4
6.83%
11.68%
4
RATIOS/SUPPLEMENTAL DATA
Net assets, end of Period (in 000’s)
$35,372
$37,963
$8,831
Ratio of expenses to average net assets (Note 4)
0.79%
5
0.79%
0.79%
5
Ratio of net investment income (loss) to average net assets
1.90%
5
1.32%
1.81%
5
Portfolio turnover
63.69%
4
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.
See accompanying notes to financial statements.
39  

 
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, 2025
(Unaudited)
Year Ended
Dec. 31, 2024
Period Ended
Dec. 31, 20231
 
Net Asset Value, beginning of Period
$24.26
$25.74
$25.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)2
0.13
0.12
—
3
Net realized gain (loss) and unrealized appreciation/depreciation on investments and foreign currency
related transactions
3.06
(0.80
)
0.75
Total from investment operations
3.19
(0.68
)
0.75
LESS DISTRIBUTIONS FROM:
Net investment income
—
(0.67
)
(0.01
)
Net realized gains on investments
—
(0.13
)
—
Total distributions
—
(0.80
)
(0.01
)
Net Asset Value, end of Period
$27.45
$24.26
$25.74
TOTAL RETURN4
13.15%
5
(2.74%
)
2.98%
5
RATIOS/SUPPLEMENTAL DATA
Net assets, end of Period (in 000’s)
$28,827
$24,261
$14,155
Ratio of expenses to average net assets (Note 4)
0.79%
6
0.79%
0.79%
6
Ratio of net investment income (loss) to average net assets
1.04%
6
0.45%
0.07%
6
Portfolio turnover
27.76%
5
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.
See accompanying notes to financial statements.
  40

 
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, 2025
(Unaudited)
Period Ended
Dec. 31, 20241
 
Net Asset Value, beginning of Period
$23.59
$25.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)2
0.11
0.13
Net realized gain (loss) and unrealized appreciation/depreciation on investments and foreign currency related transactions
2.41
(1.21
)
Total from investment operations
2.52
(1.08
)
LESS DISTRIBUTIONS FROM:
Net investment income
—
(0.33
)
Net Asset Value, end of Period
$26.11
$23.59
TOTAL RETURN3
10.68%
4
(4.33%
)4
RATIOS/SUPPLEMENTAL DATA
Net assets, end of Period (in 000’s)
$18,797
$16,986
Ratio of expenses to average net assets before any wavier of expenses by Advisor (Note 4)
0.99%
5
0.99%
5
Ratio of expenses to average net assets after any waiver of expenses by Advisor (Note 4)
0.89%
5
0.89%
5
Ratio of net investment income (loss) to average net assets
0.97%
5
0.54%
5
Portfolio turnover
19.27%
4
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.
See accompanying notes to financial statements.
41  

 
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, 2025
(Unaudited)
Year Ended
Dec. 31, 2024
Period Ended
Dec. 31, 20231
 
Net Asset Value, beginning of Period
$26.39
$25.33
$25.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)2
0.15
0.34
0.05
Net realized gain (loss) and unrealized appreciation/depreciation on investments and foreign currency
related transactions
2.61
0.87
0.31
Total from investment operations
2.76
1.21
0.36
LESS DISTRIBUTIONS FROM:
Net investment income
—
(0.08
)
(0.03
)
Net realized gains on investments
—
(0.07
)
—
Total distributions
—
(0.15
)
(0.03
)
Net Asset Value, end of Period
$29.15
$26.39
$25.33
TOTAL RETURN3
10.46%
4
4.78%
1.44%
4
RATIOS/SUPPLEMENTAL DATA
Net assets, end of Period (in 000’s)
$36,433
$71,253
$79,789
Ratio of expenses to average net assets (Note 4)
0.79%
5
0.79%
0.79%
5
Ratio of net investment income (loss) to average net assets
1.16%
5
1.30%
0.80%
5
Portfolio turnover
83.45%
4
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.
See accompanying notes to financial statements.
  42

 
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, 2025
(Unaudited)
Year Ended
Dec. 31, 2024
Year Ended
Dec. 31, 2023
Period Ended
Dec. 31, 20221
 
Net Asset Value, beginning of Period
$27.64
$23.56
$24.24
$25.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)2
0.07
0.09
0.09
(0.04
)
Net realized gain (loss) and unrealized appreciation/depreciation on investments and
foreign currency related transactions
3.38
4.06
(0.54
)
(0.72
)
Total from investment operations
3.45
4.15
(0.45
)
(0.76
)
LESS DISTRIBUTIONS FROM:
Net investment income
—
(0.07
)
(0.23
)
—
Net Asset Value, end of Period
$31.09
$27.64
$23.56
$24.24
TOTAL RETURN3
12.48%
4
17.60%
(1.83%
)
(3.04%
)4
RATIOS/SUPPLEMENTAL DATA
Net assets, end of Period (in 000’s)
$63,741
$64,944
$84,809
$105,439
Ratio of expenses to average net assets (Note 4)
0.79%
5
0.79%
0.79%
0.79%
5
Ratio of net investment income (loss) to average net assets
0.51%
5
0.33%
0.39%
(0.33%
)5
Portfolio turnover
54.80%
4
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.
See accompanying notes to financial statements.
43  

 
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, 2025
(Unaudited)
Year Ended
Dec. 31, 2024
Year Ended
Dec. 31, 2023
Period Ended
Dec. 31, 20221
 
Net Asset Value, beginning of Period
$22.24
$19.07
$24.04
$25.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)2
0.19
0.36
0.25
(0.03
)
Net realized gain (loss) and unrealized appreciation/depreciation on investments and
foreign currency related transactions
2.07
3.10
(4.91
)
(0.93
)
Total from investment operations
2.26
3.46
(4.66
)
(0.96
)
LESS DISTRIBUTIONS FROM:
Net investment income
—
(0.29
)
(0.31
)
—
Net Asset Value, end of Period
$24.50
$22.24
$19.07
$24.04
TOTAL RETURN3
10.16%
4
18.13%
(19.35%
)
(3.84%
)4
RATIOS/SUPPLEMENTAL DATA
Net assets, end of Period (in 000’s)
$20,580
$36,032
$21,737
$10,099
Ratio of expenses to average net assets (Note 4)
0.79%
5
0.79%
0.79%
0.79%
5
Ratio of net investment income (loss) to average net assets
1.59%
5
1.74%
1.15%
(0.24%
)5
Portfolio turnover
17.22%
4
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.
See accompanying notes to financial statements.
  44

 
Financial Highlights (continued)
Matthews China 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, 2025
(Unaudited)
Period Ended
Dec. 31, 20241
 
Net Asset Value, beginning of Period
$25.87
$25.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)2
0.27
1.20
Net realized gain (loss) and unrealized appreciation/depreciation on investments and foreign currency related transactions
2.78
1.08
Total from investment operations
3.05
2.28
LESS DISTRIBUTIONS FROM:
Net investment income
—
(1.41
)
Net Asset Value, end of Period
$28.92
$25.87
TOTAL RETURN3
11.79%
4
9.10%
4
RATIOS/SUPPLEMENTAL DATA
Net assets, end of Period (in 000’s)
$2,313
$2,069
Ratio of expenses to average net assets before any wavier of expenses by Advisor (Note 4)
0.99%
5
0.99%
5
Ratio of expenses to average net assets after any waiver of expenses by Advisor (Note 4)
0.89%
5
0.89%
5
Ratio of net investment income (loss) to average net assets
2.03%
5
4.82%
5
Portfolio turnover
15.03%
4
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.
See accompanying notes to financial statements.
45  

 
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, 2025
(Unaudited)
Year Ended
Dec. 31, 2024
Period Ended
Dec. 31, 20231
 
Net Asset Value, beginning of Period
$29.97
$27.00
$25.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)2
—
3
(0.04
)
(0.03
)
Net realized gain (loss) and unrealized appreciation/depreciation on investments and foreign currency
related transactions
0.18
3.18
2.03
Total from investment operations
0.18
3.14
2.00
LESS DISTRIBUTIONS FROM:
Net investment income
—
(0.02
)
—
Net realized gains on investments
—
(0.15
)
—
Total distributions
—
(0.17
)
—
Net Asset Value, end of Period
$30.15
$29.97
$27.00
TOTAL RETURN4
0.60%
5
11.61%
8.00%
5
RATIOS/SUPPLEMENTAL DATA
Net assets, end of Period (in 000’s)
$14,470
$14,386
$5,940
Ratio of expenses to average net assets (Note 4)
0.79%
6
0.79%
0.79%
6
Ratio of net investment income (loss) to average net assets
(0.02%
)6
(0.14%
)
(0.37%
)6
Portfolio turnover
38.10%
5
127.51%
14.97%
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.
See accompanying notes to financial statements.
  46

 
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, 2025
(Unaudited)
Year Ended
Dec. 31, 2024
Period Ended
Dec. 31, 20231
 
Net Asset Value, beginning of Period
$30.82
$26.31
$25.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)2
0.22
0.34
0.14
Net realized gain (loss) and unrealized appreciation/depreciation on investments and foreign currency
related transactions
3.68
4.64
1.30
Total from investment operations
3.90
4.98
1.44
LESS DISTRIBUTIONS FROM:
Net investment income
—
(0.47
)
(0.13
)
Net Asset Value, end of Period
$34.72
$30.82
$26.31
TOTAL RETURN3
12.65%
4
18.92%
5.79%
4
RATIOS/SUPPLEMENTAL DATA
Net assets, end of Period (in 000’s)
$5,556
$2,466
$1,053
Ratio of expenses to average net assets (Note 4)
0.79%
5
0.79%
0.79%
5
Ratio of net investment income (loss) to average net assets
1.42%
5
1.12%
2.07%
5
Portfolio turnover
60.43%
4
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.
See accompanying notes to financial statements.
47  

 
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, 2025
(Unaudited)
Year Ended
Dec. 31, 2024
Year Ended
Dec. 31, 20231, 2
Year Ended
Dec. 31, 20222
Year Ended
Dec. 31, 20212
Year Ended
Dec. 31, 20202
 
Net Asset Value, beginning of Period
$21.03
$26.31
$23.18
$34.53
$37.05
$26.54
INCOME (LOSS) FROM INVESTMENT
OPERATIONS:
Net investment income (loss)3
0.15
0.07
0.55
0.36
0.36
0.06
Net realized gain (loss) and unrealized
appreciation/depreciation on investments and
foreign currency related transactions
7.10
(4.25
)
3.00
(9.07
)
(0.42
)
10.75
Total from investment operations
7.25
(4.18
)
3.55
(8.71
)
(0.06
)
10.81
LESS DISTRIBUTIONS FROM:
Net investment income
—
(0.80
)
(0.42
)
—
(0.66
)
(0.30
)
Net realized gains on investments
—
(0.30
)
—
(2.64
)
(1.80
)
—
Total distributions
—
(1.10
)
(0.42
)
(2.64
)
(2.46
)
(0.30
)
Net Asset Value, end of Period
$28.28
$21.03
$26.31
$23.18
$34.53
$37.05
TOTAL RETURN4
34.47%
5
(16.10%
)
15.41%
(25.39%
)
(0.16%
)
40.76%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of Period (in 000’s)
$57,504
$44,860
$67,171
$9,166
$14,998
$12,192
Ratio of expenses to average net assets (Note 4)
0.79%
6
0.79%
0.88%
1.08%
0.98%
1.05%
Ratio of net investment income (loss) to average
net assets
1.34%
6
0.29%
2.26%
1.20%
0.93%
0.28%
Portfolio turnover
26.74%
5
41.08%
31.75%
56.94%
40.18%
39.62%
 
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.
See accompanying notes to financial statements.
  48

 
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, 2025
(Unaudited)
Year Ended
Dec. 31, 2024
Period Ended
Dec. 31, 20231
 
Net Asset Value, beginning of Period
$32.02
$31.63
$30.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)2
0.39
0.68
0.12
Net realized gain (loss) and unrealized appreciation/depreciation on investments and foreign currency
related transactions
3.51
1.63
1.63
Total from investment operations
3.90
2.31
1.75
LESS DISTRIBUTIONS FROM:
Net investment income
(0.25
)
(0.81
)
(0.12
)
Net realized gains on investments
—
(1.11
)
—
Total distributions
(0.25
)
(1.92
)
(0.12
)
Net Asset Value, end of Period
$35.67
$32.02
$31.63
TOTAL RETURN3
12.19%
4
7.30%
5.83%
4
RATIOS/SUPPLEMENTAL DATA
Net assets, end of Period (in 000’s)
$3,567
$3,202
$1,582
Ratio of expenses to average net assets (Note 4)
0.79%
5
0.79%
0.79%
5
Ratio of net investment income (loss) to average net assets
2.39%
5
2.07%
1.45%
5
Portfolio turnover
48.21%
4
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.
See accompanying notes to financial statements.
49  

 
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, 2025, the Trust issued twenty-four 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 Discovery Active ETF, 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 Discovery Active ETF and Matthews India Active ETF which are considered non-diversified. The other twelve 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).
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.
  50

 
Notes to Financial Statements (unaudited)  (continued)
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, 2025, securities held by the Matthews Emerging Markets Sustainable Future Active ETF, Matthews Emerging Markets Discovery Active ETF, Matthews China Active ETF, Matthews China Discovery Active ETF, Matthews India Active ETF and Matthews Japan Active ETF were classified as Level 1, based on the inputs used to determine their fair values.
On June 30, 2025, the following Funds had level 1 and level 2 fair valued securities:
Levels for Multi-Country Funds:
Summary of inputs used to determine the fair valuation of multi-country Funds’ investments as of June 30, 2025. 
 
Matthews Emerging
Markets Equity
Active ETF
Matthews Emerging
Markets ex China
Active ETF
Matthews
Pacific Tiger
Active ETF
Matthews Asia
Innovators
Active ETF
Matthews Asia
Dividend
Active ETF
Assets:
Investments:
Level 1: Quoted Prices
Common Equities:
Argentina
$—
$302,138
$—
$—
$—
Australia
—
—
—
—
251,604
Brazil
2,020,439
3,035,714
—
—
—
China/Hong Kong
11,244,927
—
11,862,186
25,378,361
960,470
Greece
—
365,826
—
—
—
India
7,891,347
7,179,657
6,270,158
12,612,113
222,418
Indonesia
496,893
1,283,511
553,843
—
44,369
Japan
—
—
—
—
940,125
Macau
217,535
—
—
—
—
Malaysia
—
1,098,699
468,429
—
—
Mexico
784,133
943,782
—
—
—
Peru
—
414,359
—
—
—
Philippines
391,569
955,416
373,476
—
—
Poland
—
750,321
—
—
—
Saudi Arabia
—
723,695
—
—
—
Singapore
294,527
1,236,327
2,096,443
4,778,202
104,044
South Africa
699,475
1,257,277
—
—
—
South Korea
4,845,938
5,110,419
5,127,487
8,911,255
382,040
Taiwan
5,975,807
7,233,968
7,770,440
11,099,463
379,594
Turkey
—
225,173
—
—
—
United Arab Emirates
—
418,867
—
—
—
United States
—
338,694
—
—
—
Vietnam
233,761
683,090
305,401
431,114
—
Short-Term Investments
2,795,375
657,279
925,022
601,660
235,743
Total
37,891,726
34,214,212
35,752,885
63,812,168
3,520,407
Level 2: Other Significant Observable Inputs
Common Equities:
Thailand
260,004
1,215,867
307,302
—
31,799
Rights:
South Korea
—
—
—
10,450
—
Total Market Value of Investments
$38,151,730
$35,430,079
$36,060,187
$63,822,618
$3,552,206
51  

 
Notes to Financial Statements (unaudited)  (continued)
Levels for Single Country Funds:
Summary of inputs used to determine the fair valuation of the single country Fund’s investments as of June 30, 2025.  
 
Matthews Korea
Active ETF
 
Assets:
Investments:
Level 1: Quoted Prices
Common Equities:
Communication Services
$5,252,436
Consumer Discretionary
4,618,612
Consumer Staples
2,608,212
Energy
1,322,185
Financials
8,592,900
Health Care
3,285,309
Industrials
11,057,161
Information Technology
14,437,513
Real Estate
728,032
Utilities
1,010,630
Preferred Equities:
Information Technology
4,226,572
Short-Term Investments
434,806
Total
57,574,368
Level 2: Other Significant Observable Inputs
Rights:
Industrials
13,853
Total Market Value of Investments
$57,588,221
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.
  52

 
Notes to Financial Statements (unaudited)  (continued)
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 by foreign 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. In such an arrangement, a China-based operating company typically establishes an offshore shell company in another jurisdiction, such as the Cayman Islands. That shell company enters into service and other contracts with the China-based operating company, then issues shares on a foreign exchange, such as the New York Stock Exchange. Foreign investors hold stock in the shell company rather than directly in the China-based operating company. This arrangement allows U.S. investors to obtain economic exposure to the China-based company through contractual means rather than through formal equity ownership.
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 provided new guidance to and 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 the shell company’s contractual arrangements. It is uncertain whether Chinese officials or regulators will withdraw their implicit acceptance of the VIE structure, or whether any new laws, rules or regulations relating to VIE structures will be adopted or, if adopted, what impact they would have on the interests of foreign shareholders. Under extreme circumstances, China might prohibit the existence of VIEs, or sever their ability to transmit economic and governance rights to foreign individuals and entities; if so, the market value of the Funds’ associated portfolio holdings would likely suffer significant, detrimental, and possibly permanent effects, 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, 2025, the Funds did not hold any Russian securities.
Recently, the war among Israel, Hamas and other militant groups in the Middle East has increased tensions in the region and has caused and could continue to cause market disruptions in the Middle East and globally. The conflict between Israel, Hamas and other militant groups and the involvement of the U.S. and 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.
The current political climate has intensified concerns about trade tariffs and a potential trade war between the United States and certain foreign countries, including China, Mexico and Canada, among others. These consequences may trigger a significant reduction in international trade, shortages or oversupply of certain manufactured goods, substantial price increases or decreases of goods, inflationary pressures, and possible failure of individual companies and/or large segments of the foreign export industry 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 period ended December 31, 2024 were as follows:
 
PERIOD ENDED December 31, 2024
Ordinary
Income
Net Long-Term
Capital Gains
Return of
Capital
Total Taxable
Distributions
Matthews Emerging Markets Equity Active ETF
$2,755,630
$961,766
$35,482
$3,752,878
Matthews Emerging Markets ex China Active ETF
362,864
—
11,705
374,569
Matthews Emerging Markets Sustainable Future Active ETF
782,460
15,390
—
797,850
Matthews Emerging Markets Discovery Active ETF
241,164
—
—
241,164
Matthews Pacific Tiger Active ETF
541,304
—
—
541,304
Matthews Asia Innovators Active ETF
173,298
—
—
173,298
Matthews China Active ETF
469,395
—
—
469,395
Matthews China Discovery Active ETF
112,438
—
—
112,438
Matthews India Active ETF
101,716
5,670
—
107,386
Matthews Japan Active ETF
37,412
—
—
37,412
Matthews Korea Active ETF
2,471,623
28
—
2,471,651
Matthews Asia Dividend Active ETF
84,957
11,164
—
96,121
53  

 
Notes to Financial Statements (unaudited)  (continued)
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.
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.
H.
RECENT ACCOUNTING GUIDANCE: In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Taxes Disclosures, which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024. Management is still evaluating the impact, if any, the update will have on the financial statements.
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, 2025 (Unaudited)
Year Ended December 31, 2024
 
Shares
Amount
Shares
Amount
Matthews Emerging Markets Equity Active ETF
 
Shares sold
—
$—
—
$—
Shares redeemed
(440,000
)
(11,746,634
)
(320,000
)
(9,675,783
)
Net (decrease)
(440,000
)
($11,746,634
)
(320,000
)
($9,675,783
)
 
 
Six-Month Period Ended
June 30, 2025 (Unaudited)
Year Ended December 31, 2024
 
Shares
Amount
Shares
Amount
Matthews Emerging Markets ex China Active ETF
 
Shares sold
—
$—
980,000
$29,109,830
Shares redeemed
(220,000
)
(6,742,657
)
—
—
Net increase (decrease)
(220,000
)
($6,742,657
)
980,000
$29,109,830
 
  54

 
Notes to Financial Statements (unaudited)  (continued)
 
Six-Month Period Ended
June 30, 2025 (Unaudited)
Year Ended December 31, 2024
 
Shares
Amount
Shares
Amount
Matthews Emerging Markets Sustainable Future Active
ETF
 
Shares sold
50,000
$1,225,883
450,000
$11,369,312
Shares redeemed
—
—
—
—
Net increase
50,000
$1,225,883
450,000
$11,369,312
 
 
Six-Month Period Ended
June 30, 2025 (Unaudited)
For the Period Ended
December 31, 20241
 
Shares
Amount
Shares
Amount
Matthews Emerging Markets Discovery Active ETF
 
Shares sold
—
$—
720,000
$18,357,624
Shares redeemed
—
—
—
—
Net increase
—
$—
720,000
$18,357,624
 
  
 
Six-Month Period Ended
June 30, 2025 (Unaudited)
Year Ended December 31, 2024
 
Shares
Amount
Shares
Amount
Matthews Pacific Tiger Active ETF
 
Shares sold
—
$—
600,000
$16,097,160
Shares redeemed
(1,450,000
)
(36,675,873
)
(1,050,000
)
(27,953,491
)
Net (decrease)
(1,450,000
)
($36,675,873
)
(450,000
)
($11,856,331
)
 
  
 
Six-Month Period Ended
June 30, 2025 (Unaudited)
Year Ended December 31, 2024
 
Shares
Amount
Shares
Amount
Matthews Asia Innovators Active ETF
 
Shares sold
200,000
$5,914,852
50,000
$1,321,210
Shares redeemed
(500,000
)
(13,046,644
)
(1,300,000
)
(31,093,674
)
Net (decrease)
(300,000
)
($7,131,792
)
(1,250,000
)
($29,772,464
)
 
  
 
Six-Month Period Ended
June 30, 2025 (Unaudited)
Year Ended December 31, 2024
 
Shares
Amount
Shares
Amount
Matthews China Active ETF
 
Shares sold
—
$—
660,000
$15,644,799
Shares redeemed
(780,000
)
(16,698,624
)
(180,000
)
(3,900,801
)
Net increase (decrease)
(780,000
)
($16,698,624
)
480,000
$11,743,998
 
  
 
Six-Month Period Ended
June 30, 2025 (Unaudited)
For the Period Ended
December 31, 20241
 
Shares
Amount
Shares
Amount
Matthews China Discovery Active ETF
 
Shares sold
—
$—
160,000
$4,025,241
Shares redeemed
—
—
(80,000
)
(2,222,230
)
Net increase
—
$—
80,000
$1,803,011
 
  
55  

 
Notes to Financial Statements (unaudited)  (continued)
 
Six-Month Period Ended
June 30, 2025 (Unaudited)
Year Ended December 31, 2024
 
Shares
Amount
Shares
Amount
Matthews India Active ETF
 
Shares sold
—
$—
420,000
$12,909,337
Shares redeemed
—
—
(160,000
)
(4,782,504
)
Net increase
—
$—
260,000
$8,126,833
 
  
 
Six-Month Period Ended
June 30, 2025 (Unaudited)
Year Ended December 31, 2024
 
Shares
Amount
Shares
Amount
Matthews Japan Active ETF
 
Shares sold
80,000
$2,513,637
80,000
$2,359,853
Shares redeemed
—
—
(40,000
)
(1,224,156
)
Net increase
80,000
$2,513,637
40,000
$1,135,697
 
  
 
Six-Month Period Ended
June 30, 2025 (Unaudited)
Year Ended December 31, 2024
 
Shares
Amount
Shares
Amount
Matthews Korea Active ETF
 
Shares sold
—
$—
100,000
$2,577,068
Shares redeemed
(100,000
)
(2,442,555
)
(520,000
)
(12,626,800
)
Net (decrease)
(100,000
)
($2,442,555
)
(420,000
)
($10,049,732
)
 
  
 
Six-Month Period Ended
June 30, 2025 (Unaudited)
Year Ended December 31, 2024
 
Shares
Amount
Shares
Amount
Matthews Asia Dividend Active ETF
 
Shares sold
—
$—
50,000
$1,603,057
Shares redeemed
—
—
—
—
Net increase
—
$—
50,000
$1,603,057
 
 
1
The Fund commenced operations on January 10, 2024.
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 Discovery 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 Discovery 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 Discovery Acitve ETF. Matthews may not recoup fees waived pursuant to the Discovery ETF Fee Waiver Agreement. The Board may terminate the
  56

 
Notes to Financial Statements (unaudited)  (continued)
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, 2025, the Matthews Emerging Markets Discovery Active ETF and Matthews China Discovery Active ETF waived management fees of $8,453 and $1,085, respectively.
5.
INVESTMENTS
For the period ended June 30, 2025, 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
$28,513,673
$36,429,911
Matthews Emerging Markets ex China Active ETF
21,896,801
23,634,011
Matthews Emerging Markets Sustainable Future Active ETF
8,594,433
7,252,697
Matthews Emerging Markets Discovery Active ETF
3,923,862
3,265,637
Matthews Pacific Tiger Active ETF
39,918,683
57,422,356
Matthews Asia Innovators Active ETF
33,013,032
33,798,567
Matthews China Active ETF
4,970,942
9,175,568
Matthews China Discovery Active ETF
307,960
561,225
Matthews India Active ETF
5,420,127
5,229,609
Matthews Japan Active ETF
2,574,463
2,485,847
Matthews Korea Active ETF
12,378,919
12,749,485
Matthews Asia Dividend Active ETF
1,511,085
1,646,527
For the period ended June 30, 2025, 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
$—
$5,444,313
Matthews Emerging Markets ex China Active ETF
—
2,868,940
Matthews Emerging Markets Sustainable Future Active ETF
343,145
—
Matthews Pacific Tiger Active ETF
—
18,057,161
Matthews Asia Innovators Active ETF
1,550,769
5,790,245
Matthews China Active ETF
—
12,303,503
Matthews Japan Active ETF
2,337,558
—
Matthews Korea Active ETF
—
59,779
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’ investment advisor, Matthews International Capital Management, LLC, acts 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, 2025. 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, 2024: 
57  

 
Notes to Financial Statements (unaudited)  (continued)
 
Late Year Losses*
Matthews Emerging Markets Equity Active ETF
($284,830
)
Matthews Emerging Markets ex China Active ETF
(628,690
)
Matthews Emerging Markets Sustainable Future Active ETF
(103,379
)
Matthews Emerging Markets Discovery Active ETF
(236,448
)
Matthews Pacific Tiger Active ETF
(1,165,276
)
Matthews Asia Innovators Active ETF
(78,602
)
Matthews China Discovery Active ETF
(14,945
)
Matthews India Active ETF
(448,598
)
Matthews Japan Active ETF
(34,738
)
Matthews Korea Active ETF
(158,902
)
 
*
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, 2024, the Funds have capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows: 
 
Amount With No Expiration
 
 
Short-term
Losses
Long-term
Losses
Total
Matthews Emerging Markets ex China Active ETF
$383,576
$21,109
$404,685
Matthews Emerging Markets Discovery Active ETF
108,012
—
108,012
Matthews Asia Innovators Active ETF
12,875,281
—
12,875,281
Matthews China Active ETF
1,802,281
2,626,622
4,428,903
Matthews China Discovery Active ETF
58,355
—
58,355
Matthews Japan Active ETF
9,842
—
9,842
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, 2025, 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
$32,417,374
$7,018,826
($1,284,470
)
$5,734,356
Matthews Emerging Markets ex China Active ETF
30,235,079
5,909,092
(714,092
)
5,195,000
Matthews Emerging Markets Sustainable Future Active ETF
25,269,111
5,538,854
(1,742,165
)
3,796,689
Matthews Emerging Markets Discovery Active ETF
17,210,146
2,862,096
(1,264,409
)
1,597,687
Matthews Pacific Tiger Active ETF
30,869,730
7,030,328
(1,839,871
)
5,190,457
Matthews Asia Innovators Active ETF
48,908,588
16,571,592
(1,657,562
)
14,914,030
Matthews China Active ETF
20,830,687
2,529,840
(2,864,962
)
(335,122
)
Matthews China Discovery Active ETF
1,986,363
411,878
(97,514
)
314,364
Matthews India Active ETF
12,795,031
2,407,448
(270,996
)
2,136,452
Matthews Japan Active ETF
4,773,938
885,937
(102,298
)
783,639
Matthews Korea Active ETF
44,208,711
15,757,419
(2,377,909
)
13,379,510
Matthews Asia Dividend Active ETF
3,078,518
536,281
(62,593
)
473,688
8.
SUBSEQUENT  EVENTS
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued, and has determined that there were no subsequent events that require recognition or disclosure in the financial statements.
  58

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-0625