# EDGAR Filing Document

**Accession Number:** 0000923184
**File Stem:** 0001193125-26-096023
**Filing Date:** 2026-3
**Character Count:** 908004
**Document Hash:** 0d1cfda274b772cca525e918dff3093b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-096023.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001193125-26-096023

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 128

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260306

**EFFECTIVENESS DATE**: 20260306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MATTHEWS INTERNATIONAL FUNDS
- **CENTRAL INDEX KEY:** 0000923184

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08510
- **FILM NUMBER:** 26730005

**BUSINESS ADDRESS:**
- **STREET 1:** FOUR EMBARCADERO CENTER
- **STREET 2:** SUITE 550
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94111
- **BUSINESS PHONE:** 8007898742

**MAIL ADDRESS:**
- **STREET 1:** FOUR EMBARCADERO CENTER
- **STREET 2:** SUITE 550
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94111

## Series and Classes Contracts Data

### MATTHEWS PACIFIC TIGER FUND (Series ID: S000001029)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000002785 | Investor Class Shares      | MAPTX           |
| C000093221 | Institutional Class Shares | MIPTX           |

### MATTHEWS CHINA FUND (Series ID: S000001032)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000002790 | Investor Class Shares      | MCHFX           |
| C000093224 | Institutional Class Shares | MICFX           |

### MATTHEWS JAPAN FUND (Series ID: S000001033)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000002791 | Investor Class Shares      | MJFOX           |
| C000093225 | Institutional Class Shares | MIJFX           |

### MATTHEWS ASIA INNOVATORS FUND (Series ID: S000001034)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000002792 | Investor Class Shares      | MATFX           |
| C000093226 | Institutional Class Shares | MITEX           |

### MATTHEWS ASIA GROWTH FUND (Series ID: S000001035)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000002793 | Investor Class Shares      | MPACX           |
| C000093227 | Institutional Class Shares | MIAPX           |

### MATTHEWS INDIA FUND (Series ID: S000001036)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000002794 | Investor Class Shares      | MINDX           |
| C000093228 | Institutional Class Shares | MIDNX           |

### MATTHEWS ASIA DIVIDEND FUND (Series ID: S000013856)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000038018 | Investor Class Shares      | MAPIX           |
| C000093229 | Institutional Class Shares | MIPIX           |

### MATTHEWS EMERGING MARKETS SMALL COMPANIES FUND (Series ID: S000023269)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000068052 | Investor Class Shares      | MSMLX           |
| C000093230 | Institutional Class Shares | MISMX           |

### MATTHEWS CHINA DIVIDEND FUND (Series ID: S000027009)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000081250 | Investor Class Shares      | MCDFX           |
| C000093231 | Institutional Class Shares | MICDX           |

### MATTHEWS CHINA SMALL COMPANIES FUND (Series ID: S000032816)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000101279 | Investor Class Shares      | MCSMX           |
| C000195803 | Institutional Class Shares | MICHX           |

### MATTHEWS EMERGING MARKETS SUSTAINABLE FUTURE FUND (Series ID: S000049136)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000154925 | Investor Class Shares      | MASGX           |
| C000154926 | Institutional Class Shares | MISFX           |

### Matthews Emerging Markets Equity Fund (Series ID: S000068521)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000219129 | Investor Class Shares      | MEGMX           |
| C000219130 | Institutional Class Shares | MIEFX           |

### Matthews Emerging Markets Equity Active ETF (Series ID: S000076755)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000236790 | Matthews Emerging Markets Equity Active ETF | MEM             |

### Matthews Asia Innovators Active ETF (Series ID: S000076756)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000236791 | Matthews Asia Innovators Active ETF | MINV            |

### Matthews China Active ETF (Series ID: S000076757)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000236792 | Matthews China Active ETF | MCH             |

### Matthews Emerging Markets ex China Active ETF (Series ID: S000079342)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000240350 | Matthews Emerging Markets ex China Active ETF | MEMX            |

### Matthews Korea Active ETF (Series ID: S000080170)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000241856 | Matthews Korea Active ETF | MKOR            |

### Matthews Emerging Markets Sustainable Future Active ETF (Series ID: S000081862)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000245019 | Matthews Emerging Markets Sustainable Future Active ETF | EMSF            |

### Matthews Pacific Tiger Active ETF (Series ID: S000081863)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000245020 | Matthews Pacific Tiger Active ETF | ASIA            |

### Matthews India Active ETF (Series ID: S000081864)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000245021 | Matthews India Active ETF | INDE            |

### Matthews Japan Active ETF (Series ID: S000081865)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000245022 | Matthews Japan Active ETF | JPAN            |

### Matthews Asia Dividend Active ETF (Series ID: S000081866)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000245023 | Matthews Asia Dividend Active ETF | ADVE            |

### Matthews Emerging Markets Discovery Active ETF (Series ID: S000083828)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000247849 | Matthews Emerging Markets Discovery Active ETF | MEMS            |

### Matthews China Discovery Active ETF (Series ID: S000083829)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000247850 | Matthews China Discovery Active ETF | MCHS            |

?xml version='1.0' encoding='ASCII'? N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number

#### 811-08510

## Matthews International Funds

------

(Exact name of registrant as specified in charter)

Four Embarcadero Center, Suite 550

San Francisco, CA 94111

------

(Address of principal executive offices) (Zip code)

Mark W. Headley, President

Four Embarcadero Center, Suite 550

San Francisco, CA 94111

------

(Name and address of agent for service)

Registrant's telephone number, including area code:

415-788-7553

Date of fiscal year end:

December 31

Date of reporting period:

December 31, 2025

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

#### Item 1. Report to Stockholders.
(a) The registrant's annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

![TSR - Matthews Asia Funds Logo](g215007images_30351.jpg)

### Matthews Emerging Markets Equity Fund

### Institutional Class/MIEFX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Matthews Emerging Markets Equity Fund (the "Fund") for the period of January 01, 2025 to December 31, 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.

This report describes changes to the Fund that occurred since the beginning of the reporting period.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | $103 | 0.90% |

---

#### Management's Discussion of Fund Performance
* For the year ended December 31, 2025, the Fund returned 29.65% (Institutional Class) while its benchmark returned 34.36%. 

* 2025 marked the first time in five years that emerging markets equities outperformed U.S. stocks supported by a favorable macro environment, positive investor sentiment toward artificial intelligence (AI) and easing geopolitical tensions. North Asia markets helped drive gains, as Taiwan and South Korea benefited from their global dominance in AI-related semiconductors. Korean equities also gained from market-friendly governance reforms and a cyclical revival in heavy industrial sectors. 

* On a country basis, Taiwan was among the Fund's top contributors to relative performance due to stock selection including Taiwan Semiconductor Manufacturing Co. which benefited from its dominant position in the AI chip market. Conversely, China was the largest detractor due to stock selection in areas including e-commerce where intense competition eroded margins and as the broader economy was hindered by weak consumption. South Africa and Brazil were detractors due to stock selection when both countries were impacted by macroeconomic headwinds and tariff concerns in the period. 

* On a sector basis, stock selection in information technology, including Tencent Holdings, was the biggest contributor, helped by positive investor sentiment toward AI. Conversely, consumer discretionary detracted the most due to stock selection while materials detracted due to an underweight allocation and industrials detracted due to stock selection. 

#### Fund Performance
The following graph compares the initial and subsequent account values for the life of the Fund. It assumes a hypothetical $10,000 initial investment in the Fund and in an appropriate, broad-based securities market index for the same periods.

#### Growth of a Hypothetical $10,000 Investment
![Fund Performance - Growth of 10K](g215007chartimages_11233446.jpg)

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.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **Since Inception<br>4/30/20** |
| &nbsp;&nbsp;&nbsp;&nbsp;Matthews Emerging Markets Equity Fund (Institutional Class/MIEFX) | 29.65% | 4.34% | 12.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI Emerging Markets Index | 34.36% | 4.67% | 10.78% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Visit matthewsasia.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$263057816 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;90.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$1045867 |

---

#### 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. | 11.7% |
| Tencent Holdings, Ltd. | 6.1% |
| Samsung Electronics Co., Ltd. | 5.4% |
| Alibaba Group Holding, Ltd. | 4.3% |
| HDFC Bank, Ltd. | 3.1% |
| SK Hynix, Inc. | 3.0% |
| Itau Unibanco Holding SA | 2.2% |
| Antofagasta PLC | 1.8% |
| ICICI Bank, Ltd. | 1.6% |
| Contemporary Amperex Technology Co., Ltd. | 1.6% |
| TOTAL | 40.8% |

---

**Country Allocation**

![Graphical Representation - Allocation 1 Chart](g215007chartimages_11233451.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g215007chartimages_11233456.jpg)

Top ten holdings may combine more than one security from the same issuer and related depository receipts.

#### How has the Fund Changed?
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at matthewsasia.com/documents or upon request at 1-800-789-2742**.**

On March 14, 2025, the Matthews Asian Growth and Income Fund was reorganized into the Matthews Emerging Markets Equity Fund.

On February 13, 2026, Matthews International Capital Management, LLC ("Matthews"), the investment adviser to the Funds, announced that Matthews intends to repurchase the ownership interests held by three existing investors, with the repurchases to be funded, in part, by the purchase of additional equity interests in Matthews by existing and certain other investors (the "Transaction"). Shareholders of the Funds are expected to be asked to approve a new investment advisory agreement with Matthews due to the change of control resulting from the Transaction. The Transaction is expected to close in the second quarter of 2026, pending the satisfaction of all closing conditions, including approval by shareholders of each series of the Trust.

#### 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.

Matthews Emerging Markets Equity Fund MIEFX 1225

![TSR - Matthews Asia Funds Logo](g215007images_30351.jpg)

### Matthews Emerging Markets Equity Fund

### Investor Class/MEGMX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Matthews Emerging Markets Equity Fund (the "Fund") for the period of January 01, 2025 to December 31, 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.

This report describes changes to the Fund that occurred since the beginning of the reporting period.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | $125 | 1.09% |

---

#### Management's Discussion of Fund Performance
* For the year ended December 31, 2025, the Fund returned 29.39% (Investor Class) while its benchmark returned 34.36%. 

* 2025 marked the first time in five years that emerging markets equities outperformed U.S. stocks supported by a favorable macro environment, positive investor sentiment toward artificial intelligence (AI) and easing geopolitical tensions. North Asia markets helped drive gains, as Taiwan and South Korea benefited from their global dominance in AI-related semiconductors. Korean equities also gained from market-friendly governance reforms and a cyclical revival in heavy industrial sectors. 

* On a country basis, Taiwan was among the Fund's top contributors to relative performance due to stock selection including Taiwan Semiconductor Manufacturing Co. which benefited from its dominant position in the AI chip market. Conversely, China was the largest detractor due to stock selection in areas including e-commerce where intense competition eroded margins and as the broader economy was hindered by weak consumption. South Africa and Brazil were detractors due to stock selection when both countries were impacted by macroeconomic headwinds and tariff concerns in the period. 

* On a sector basis, stock selection in information technology, including Tencent Holdings, was the biggest contributor, helped by positive investor sentiment toward AI. Conversely, consumer discretionary detracted the most due to stock selection while materials detracted due to an underweight allocation and industrials detracted due to stock selection. 

#### Fund Performance
The following graph compares the initial and subsequent account values for the life of the Fund. It assumes a hypothetical $10,000 initial investment in the Fund and in an appropriate, broad-based securities market index for the same periods.

#### Growth of a Hypothetical $10,000 Investment
![Fund Performance - Growth of 10K](g215007chartimages_11233408.jpg)

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.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **Since Inception<br>4/30/20** |
| &nbsp;&nbsp;&nbsp;&nbsp;Matthews Emerging Markets Equity Fund (Investor Class/MEGMX) | 29.39% | 4.15% | 12.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI Emerging Markets Index | 34.36% | 4.67% | 10.78% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Visit matthewsasia.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$263057816 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;90.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$1045867 |

---

#### 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. | 11.7% |
| Tencent Holdings, Ltd. | 6.1% |
| Samsung Electronics Co., Ltd. | 5.4% |
| Alibaba Group Holding, Ltd. | 4.3% |
| HDFC Bank, Ltd. | 3.1% |
| SK Hynix, Inc. | 3.0% |
| Itau Unibanco Holding SA | 2.2% |
| Antofagasta PLC | 1.8% |
| ICICI Bank, Ltd. | 1.6% |
| Contemporary Amperex Technology Co., Ltd. | 1.6% |
| TOTAL | 40.8% |

---

**Country Allocation**

![Graphical Representation - Allocation 1 Chart](g215007chartimages_11233413.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g215007chartimages_11233418.jpg)

Top ten holdings may combine more than one security from the same issuer and related depository receipts.

#### How has the Fund Changed?
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at matthewsasia.com/documents or upon request at 1-800-789-2742.

On March 14, 2025, the Matthews Asian Growth and Income Fund was reorganized into the Matthews Emerging Markets Equity Fund.

On February 13, 2026, Matthews International Capital Management, LLC ("Matthews"), the investment adviser to the Funds, announced that Matthews intends to repurchase the ownership interests held by three existing investors, with the repurchases to be funded, in part, by the purchase of additional equity interests in Matthews by existing and certain other investors (the "Transaction"). Shareholders of the Funds are expected to be asked to approve a new investment advisory agreement with Matthews due to the change of control resulting from the Transaction. The Transaction is expected to close in the second quarter of 2026, pending the satisfaction of all closing conditions, including approval by shareholders of each series of the Trust.

#### 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.

Matthews Emerging Markets Equity Fund MEGMX 1225

![TSR - Matthews Asia Funds Logo](g215007images_30351.jpg)

### Matthews Emerging Markets Sustainable Future Fund

### Institutional Class/MISFX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Matthews Emerging Markets Sustainable Future Fund (the "Fund") for the period of January 01, 2025 to December 31, 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.

This report describes changes to the Fund that occurred since the beginning of the reporting period.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | $128 | 1.15% |

---

#### Management's Discussion of Fund Performance
* For the year ended December 31, 2025, the Fund returned 23.15% (Institutional Class) while its benchmark returned 34.36%. 

* 2025 marked the first time in five years that emerging markets equities outperformed U.S. stocks supported by a favorable macro environment, positive investor sentiment toward artificial intelligence (AI) and easing geopolitical tensions. North Asia markets helped drive gains, as Taiwan and South Korea benefited from their global dominance in AI-related semiconductors. Korean equities also gained from market-friendly governance reforms and a cyclical revival in heavy industrial sectors. 

* On a country basis, stock selection in Brazil and South Korea and an underweight allocation in Saudi Arabia were among the top contributors to the Fund's relative performance. An off-benchmark allocation to the U.S., including Micron Technology, also supported gains as an increase in demand for AI-related high-bandwidth (HBM) chips drove up volumes and margins. In contrast, stock selection in China/Hong Kong, India and South Africa detracted. In China, Meituan was hurt by margin erosion due to intensive competition in food delivery and Legend Biotech, a commercial-stage biopharma company, was impacted by concerns over competition from new entrants and alternative therapies. In addition, stocks in India were impacted by weakening confidence and concerns over nominal GDP growth. 

* On a sector basis, stock selection in consumer staples, including JD Health International, a Chinese online health care platform, contributed the most. A zero allocation in energy and an overweight allocation to information technology also contributed. Conversely, stock selection in consumer discretionary, financials and health care detracted. 

#### Fund Performance
The following graph compares the initial and subsequent account values for the past 10 years. It assumes a hypothetical $10,000 initial investment in the Fund and in an appropriate, broad-based securities market index for the same periods.

#### Growth of a Hypothetical $10,000 Investment
![Fund Performance - Growth of 10K](g215007chartimages_11233066.jpg)

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.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;Matthews Emerging Markets Sustainable Future Fund (Institutional Class/MISFX) | 23.15% | 4.51% | 9.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI Emerging Markets Index | 34.36% | 4.67% | 8.86% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Visit matthewsasia.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$224947849 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;60.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$1334341 |

---

#### 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. | 9.9% |
| Samsung Electronics Co., Ltd. | 5.5% |
| Bandhan Bank, Ltd. | 5.2% |
| Meituan | 4.2% |
| SK Square Co., Ltd. | 3.5% |
| HD Hyundai Electric Co., Ltd. | 3.1% |
| Micron Technology, Inc. | 3.1% |
| Elite Material Co., Ltd. | 3.0% |
| InPost SA | 2.9% |
| Alibaba Group Holding, Ltd. | 2.8% |
| TOTAL | 43.2% |

---

#### Country Allocation
![Graphical Representation - Allocation 1 Chart](g215007chartimages_11233071.jpg)

#### Sector Allocation
![Graphical Representation - Allocation 2 Chart](g215007chartimages_11233076.jpg)

Top ten holdings may combine more than one security from the same issuer and related depository receipts.

#### How has the Fund Changed?
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at matthewsasia.com/documents or upon request at 1-800-789-2742.

On February 13, 2026, Matthews International Capital Management, LLC ("Matthews"), the investment adviser to the Funds, announced that Matthews intends to repurchase the ownership interests held by three existing investors, with the repurchases to be funded, in part, by the purchase of additional equity interests in Matthews by existing and certain other investors (the "Transaction"). Shareholders of the Funds are expected to be asked to approve a new investment advisory agreement with Matthews due to the change of control resulting from the Transaction. The Transaction is expected to close in the second quarter of 2026, pending the satisfaction of all closing conditions, including approval by shareholders of each series of the Trust.

#### 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.

Matthews Emerging Markets Sustainable Future Fund MISFX 1225

![TSR - Matthews Asia Funds Logo](g215007images_30351.jpg)

### Matthews Emerging Markets Sustainable Future Fund

### Investor Class/MASGX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Matthews Emerging Markets Sustainable Future Fund (the "Fund") for the period of January 01, 2025 to December 31, 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.

This report describes changes to the Fund that occurred since the beginning of the reporting period.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | $150 | 1.35% |

---

#### Management's Discussion of Fund Performance
* For the year ended December 31, 2025, the Fund returned 22.89%, (Investor Class) while its benchmark returned 34.36%. 

* 2025 marked the first time in five years that emerging markets equities outperformed U.S. stocks supported by a favorable macro environment, positive investor sentiment toward artificial intelligence (AI) and easing geopolitical tensions. North Asia markets helped drive gains, as Taiwan and South Korea benefited from their global dominance in AI-related semiconductors. Korean equities also gained from market-friendly governance reforms and a cyclical revival in heavy industrial sectors. 

* On a country basis, stock selection in Brazil and South Korea and an underweight allocation in Saudi Arabia were among the top contributors to the Fund's relative performance. An off-benchmark allocation to the U.S., including Micron Technology, also supported gains as an increase in demand for AI-related high-bandwidth (HBM) chips drove up volumes and margins. In contrast, stock selection in China/Hong Kong, India and South Africa detracted. In China, Meituan was hurt by margin erosion due to intensive competition in food delivery and Legend Biotech, a commercial-stage biopharma company, was impacted by concerns over competition from new entrants and alternative therapies. In addition, stocks in India were impacted by weakening confidence and concerns over nominal GDP growth. 

* On a sector basis, stock selection in consumer staples, including JD Health International, a Chinese online health care platform, contributed the most. A zero allocation in energy and an overweight allocation to information technology also contributed. Conversely, stock selection in consumer discretionary, financials and health care detracted. 

#### Fund Performance
The following graph compares the initial and subsequent account values for the past 10 years. It assumes a hypothetical $10,000 initial investment in the Fund and in an appropriate, broad-based securities market index for the same periods.

#### Growth of a Hypothetical $10,000 Investment
![Fund Performance - Growth of 10K](g215007chartimages_11233028.jpg)

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.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;Matthews Emerging Markets Sustainable Future Fund (Investor Class/MASGX) | 22.89% | 4.34% | 9.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI Emerging Markets Index | 34.36% | 4.67% | 8.86% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Visit matthewsasia.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$224947849 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;60.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$1334341 |

---

#### 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. | 9.9% |
| Samsung Electronics Co., Ltd. | 5.5% |
| Bandhan Bank, Ltd. | 5.2% |
| Meituan | 4.2% |
| SK Square Co., Ltd. | 3.5% |
| HD Hyundai Electric Co., Ltd. | 3.1% |
| Micron Technology, Inc. | 3.1% |
| Elite Material Co., Ltd. | 3.0% |
| InPost SA | 2.9% |
| Alibaba Group Holding, Ltd. | 2.8% |
| TOTAL | 43.2% |

---

#### Country Allocation
![Graphical Representation - Allocation 1 Chart](g215007chartimages_11233033.jpg)

#### Sector Allocation
![Graphical Representation - Allocation 2 Chart](g215007chartimages_11233038.jpg)

Top ten holdings may combine more than one security from the same issuer and related depository receipts.

#### How has the Fund Changed?
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at matthewsasia.com/documents or upon request at 1-800-789-2742.

On February 13, 2026, Matthews International Capital Management, LLC ("Matthews"), the investment adviser to the Funds, announced that Matthews intends to repurchase the ownership interests held by three existing investors, with the repurchases to be funded, in part, by the purchase of additional equity interests in Matthews by existing and certain other investors (the "Transaction"). Shareholders of the Funds are expected to be asked to approve a new investment advisory agreement with Matthews due to the change of control resulting from the Transaction. The Transaction is expected to close in the second quarter of 2026, pending the satisfaction of all closing conditions, including approval by shareholders of each series of the Trust.

#### 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.

Matthews Emerging Markets Sustainable Future Fund MASGX 1225

![TSR - Matthews Asia Funds Logo](g215007images_30351.jpg)

### Matthews Emerging Markets Small Companies Fund

### Institutional Class/MISMX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Matthews Emerging Markets Small Companies Fund (the "Fund") for the period of January 01, 2025 to December 31, 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.

This report describes changes to the Fund that occurred since the beginning of the reporting period.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | $123 | 1.15% |

---

#### Management's Discussion of Fund Performance
* For the year ended December 31, 2025, the Fund returned 13.76% (Institutional Class) while its benchmark returned 19.09%. 

* 2025 marked the first time in five years that emerging markets equities outperformed U.S. stocks supported by a favorable macro environment, positive investor sentiment toward artificial intelligence (AI) and easing geopolitical tensions. North Asia markets helped drive gains, as Taiwan and South Korea benefited from their global dominance in AI-related semiconductors. Korean equities also gained from market-friendly governance reforms and a cyclical revival in heavy industrial sectors. 

* On a country basis, stock selection in India, including CarTrade Tech, was the biggest contributor to the Fund's relative performance. Stock selection in Taiwan, including Gold Circuit Electronics and Elite Material, was also a large contributor, helped by demand for high-speed printed circuit boards and raw materials for the global AI buildout. In contrast, the biggest detractor was stock selection in China/Hong Kong, including Legend Biotech Corp., a commercial-stage biopharma company, which was impacted by concerns over competition from new entrants and alternative therapies. Stock selection in Korea also detracted, including Hugel, a leading botulinum toxin company. 

* On a sector basis, stock selection in consumer discretionary, including YDUQS Participacoes SA, a Brazilian on-campus and distance-learning education company, was the biggest contributor, helped by a weaker U.S. dollar, improving consumer spending and expectations of a rate cut cycle commencing in 2026. Stock selection and an overweight allocation to information technology was also a big contributor. Conversely, stock selection in industrials, communication services and health care, was the biggest detractor. 

#### Fund Performance
The following graph compares the initial and subsequent account values for the past 10 years. It assumes a hypothetical $10,000 initial investment in the Fund and in an appropriate, broad-based securities market index for the same periods.

#### Growth of a Hypothetical $10,000 Investment
![Fund Performance - Growth of 10K](g215007chartimages_11232762.jpg)

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.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;Matthews Emerging Markets Small Companies Fund (Institutional Class/MISMX) | 13.76% | 5.59% | 8.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI Emerging Markets Index | 34.36% | 4.67% | 8.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI Emerging Markets Small Cap Index | 19.09% | 8.94% | 8.74% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Visit matthewsasia.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$436723250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;35.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$3463067 |

---

#### 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. | 5.5% |
| Cartrade Tech, Ltd. | 3.7% |
| Hugel, Inc. | 3.6% |
| Gold Circuit Electronics, Ltd. | 3.3% |
| Elite Material Co., Ltd. | 3.2% |
| Radico Khaitan, Ltd. | 3.0% |
| InPost SA | 2.8% |
| Eugene Technology Co., Ltd. | 2.7% |
| Legend Biotech Corp. | 2.5% |
| HD Hyundai Co., Ltd. | 2.5% |
| TOTAL | 32.8% |

---

#### Country Allocation
![Graphical Representation - Allocation 1 Chart](g215007chartimages_11232767.jpg)

#### Sector Allocation
![Graphical Representation - Allocation 2 Chart](g215007chartimages_11232772.jpg)

Top ten holdings may combine more than one security from the same issuer and related depository receipts.

#### How has the Fund Changed?
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at matthewsasia.com/documents or upon request at 1-800-789-2742.

On February 13, 2026, Matthews International Capital Management, LLC ("Matthews"), the investment adviser to the Funds, announced that Matthews intends to repurchase the ownership interests held by three existing investors, with the repurchases to be funded, in part, by the purchase of additional equity interests in Matthews by existing and certain other investors (the "Transaction"). Shareholders of the Funds are expected to be asked to approve a new investment advisory agreement with Matthews due to the change of control resulting from the Transaction. The Transaction is expected to close in the second quarter of 2026, pending the satisfaction of all closing conditions, including approval by shareholders of each series of the Trust.

#### 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.

Matthews Emerging Markets Small Companies Fund MISMX 1225

![TSR - Matthews Asia Funds Logo](g215007images_30351.jpg)

### Matthews Emerging Markets Small Companies Fund

### Investor Class/MSMLX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Matthews Emerging Markets Small Companies Fund (the "Fund") for the period of January 01, 2025 to December 31, 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.

This report describes changes to the Fund that occurred since the beginning of the reporting period.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | $145 | 1.36% |

---

#### Management's Discussion of Fund Performance
* For the year ended December 31, 2025, the Fund returned 13.57% (Investor Class) while its benchmark returned 19.09%. 

* 2025 marked the first time in five years that emerging markets equities outperformed U.S. stocks supported by a favorable macro environment, positive investor sentiment toward artificial intelligence (AI) and easing geopolitical tensions. North Asia markets helped drive gains, as Taiwan and South Korea benefited from their global dominance in AI-related semiconductors. Korean equities also gained from market-friendly governance reforms and a cyclical revival in heavy industrial sectors. 

* On a country basis, stock selection in India, including CarTrade Tech, was the biggest contributor to the Fund's relative performance. Stock selection in Taiwan, including Gold Circuit Electronics and Elite Material, was also a large contributor, helped by demand for high-speed printed circuit boards and raw materials for the global AI buildout. In contrast, the biggest detractor was stock selection in China/Hong Kong, including Legend Biotech Corp., a commercial-stage biopharma company, which was impacted by concerns over competition from new entrants and alternative therapies. Stock selection in Korea also detracted, including Hugel, a leading botulinum toxin company. 

* On a sector basis, stock selection in consumer discretionary, including YDUQS Participacoes SA, a Brazilian on-campus and distance-learning education company, was the biggest contributor, helped by a weaker U.S. dollar, improving consumer spending and expectations of a rate cut cycle commencing in 2026. Stock selection and an overweight allocation to information technology was also a big contributor. Conversely, stock selection in industrials, communication services and health care, was the biggest detractor. 

#### Fund Performance
The following graph compares the initial and subsequent account values for the past 10 years. It assumes a hypothetical $10,000 initial investment in the Fund and in an appropriate, broad-based securities market index for the same periods.

#### Growth of a Hypothetical $10,000 Investment
![Fund Performance - Growth of 10K](g215007chartimages_11232724.jpg)

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.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;Matthews Emerging Markets Small Companies Fund (Investor Class/MSMLX) | 13.57% | 5.37% | 8.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI Emerging Markets Index | 34.36% | 4.67% | 8.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI Emerging Markets Small Cap Index | 19.09% | 8.94% | 8.74% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Visit matthewsasia.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$436723250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;35.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$3463067 |

---

#### 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. | 5.5% |
| Cartrade Tech, Ltd. | 3.7% |
| Hugel, Inc. | 3.6% |
| Gold Circuit Electronics, Ltd. | 3.3% |
| Elite Material Co., Ltd. | 3.2% |
| Radico Khaitan, Ltd. | 3.0% |
| InPost SA | 2.8% |
| Eugene Technology Co., Ltd. | 2.7% |
| Legend Biotech Corp. | 2.5% |
| HD Hyundai Co., Ltd. | 2.5% |
| TOTAL | 32.8% |

---

#### Country Allocation
![Graphical Representation - Allocation 1 Chart](g215007chartimages_11232729.jpg)

#### Sector Allocation
![Graphical Representation - Allocation 2 Chart](g215007chartimages_11232734.jpg)

Top ten holdings may combine more than one security from the same issuer and related depository receipts.

#### How has the Fund Changed?
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at matthewsasia.com/documents or upon request at 1-800-789-2742.

On February 13, 2026, Matthews International Capital Management, LLC ("Matthews"), the investment adviser to the Funds, announced that Matthews intends to repurchase the ownership interests held by three existing investors, with the repurchases to be funded, in part, by the purchase of additional equity interests in Matthews by existing and certain other investors (the "Transaction"). Shareholders of the Funds are expected to be asked to approve a new investment advisory agreement with Matthews due to the change of control resulting from the Transaction. The Transaction is expected to close in the second quarter of 2026, pending the satisfaction of all closing conditions, including approval by shareholders of each series of the Trust.

#### 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.

Matthews Emerging Markets Small Companies Fund MSMLX 1225

![TSR - Matthews Asia Funds Logo](g215007images_30351.jpg)

### Matthews Asia Growth Fund

### Institutional Class/MIAPX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Matthews Asia Growth Fund (the "Fund") for the period of January 01, 2025 to December 31, 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.

This report describes changes to the Fund that occurred since the beginning of the reporting period.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | $131 | 1.19% |

---

#### Management's Discussion of Fund Performance
* For the year ended December 31, 2025, the Fund returned 20.72% (Institutional Class) while its benchmark returned 28.59%. 

* Asian equities delivered strong returns, outperforming U.S. stocks in 2025. Performance was supported by a favorable macro environment, positive investor sentiment toward artificial intelligence (AI) and easing geopolitical tensions. Japan's market showed underlying strength supported by an increase in multiples, generally solid earnings and ongoing corporate reforms. 

* On a country basis, Taiwan was among the top contributors to the Fund's relative performance due to stock selection, including Taiwan Semiconductor Manufacturing Co., which benefited from its dominant position in the AI chip market. Singapore was also a top contributor due to stock selection as Sea Ltd., an e-commerce and internet platform, performed well, supported by improved consumer sentiment and lower interest rates. Conversely, Japan was the biggest detractor due to stock selection. China also detracted due to an overweight allocation and stock selection in areas including e-commerce where intense competition eroded margins and as the broader economy was hindered by weak consumption. 

* On a sector basis, an underweight allocation in consumer staples and a zero allocation to utilities contributed, while an overweight allocation and stock selection in consumer discretionary detracted. Indian travel company MakeMyTrip, the biggest detractor, underperformed due to weaker than expected revenue growth and flight disruptions by a partner airline. 

#### Fund Performance
The following graph compares the initial and subsequent account values for the past 10 years. It assumes a hypothetical $10,000 initial investment in the Fund and in an appropriate, broad-based securities market index for the same periods.

#### Growth of a Hypothetical $10,000 Investment
![Fund Performance - Growth of 10K](g215007chartimages_11232914.jpg)

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.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;Matthews Asia Growth Fund (Institutional Class/MIAPX) | 20.72% | (4.95)% | 5.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI AC Asia Pacific Index | 28.59% | 5.36% | 8.45% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Visit matthewsasia.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$207649823 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;95.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$1537929 |

---

#### 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. | 10.6% |
| Tencent Holdings, Ltd. | 5.4% |
| Samsung Electronics Co., Ltd. | 5.3% |
| Alibaba Group Holding, Ltd. | 3.4% |
| SK Hynix, Inc. | 3.3% |
| Tokyo Electron, Ltd. | 2.8% |
| Sony Group Corp. | 2.7% |
| Hitachi, Ltd. | 2.6% |
| Mitsubishi Electric Corp. | 2.1% |
| Eternal, Ltd. | 1.9% |
| TOTAL | 40.1% |

---

#### Country Allocation
![Graphical Representation - Allocation 1 Chart](g215007chartimages_11232919.jpg)

#### Sector Allocation
![Graphical Representation - Allocation 2 Chart](g215007chartimages_11232924.jpg)

Top ten holdings may combine more than one security from the same issuer and related depository receipts.

#### How has the Fund Changed?
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at matthewsasia.com/documents or upon request at 1-800-789-2742.

On February 13, 2026, Matthews International Capital Management, LLC ("Matthews"), the investment adviser to the Funds, announced that Matthews intends to repurchase the ownership interests held by three existing investors, with the repurchases to be funded, in part, by the purchase of additional equity interests in Matthews by existing and certain other investors (the "Transaction"). Shareholders of the Funds are expected to be asked to approve a new investment advisory agreement with Matthews due to the change of control resulting from the Transaction. The Transaction is expected to close in the second quarter of 2026, pending the satisfaction of all closing conditions, including approval by shareholders of each series of the Trust.

#### 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.

Matthews Asia Growth Fund MIAPX 1225

![TSR - Matthews Asia Funds Logo](g215007images_30351.jpg)

### Matthews Asia Growth Fund

### Investor Class/MPACX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Matthews Asia Growth Fund (the "Fund") for the period of January 01, 2025 to December 31, 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.

This report describes changes to the Fund that occurred since the beginning of the reporting period.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | $143 | 1.30% |

---

#### Management's Discussion of Fund Performance
* For the year ended December 31, 2025, the Fund returned 20.59% (Investor Class) while its benchmark returned 28.59%. 

* Asian equities delivered strong returns, outperforming U.S. stocks in 2025. Performance was supported by a favorable macro environment, positive investor sentiment toward artificial intelligence (AI) and easing geopolitical tensions. Japan's market showed underlying strength supported by an increase in multiples, generally solid earnings and ongoing corporate reforms. 

* On a country basis, Taiwan was among the top contributors to the Fund's relative performance due to stock selection, including Taiwan Semiconductor Manufacturing Co., which benefited from its dominant position in the AI chip market. Singapore was also a top contributor due to stock selection as Sea Ltd., an e-commerce and internet platform, performed well, supported by improved consumer sentiment and lower interest rates. Conversely, Japan was the biggest detractor due to stock selection. China also detracted due to an overweight allocation and stock selection in areas including e-commerce where intense competition eroded margins and as the broader economy was hindered by weak consumption. 

* On a sector basis, an underweight allocation in consumer staples and a zero allocation to utilities contributed, while an overweight allocation and stock selection in consumer discretionary detracted. Indian travel company MakeMyTrip, the biggest detractor, underperformed due to weaker than expected revenue growth and flight disruptions by a partner airline. 

#### Fund Performance
The following graph compares the initial and subsequent account values for the past 10 years. It assumes a hypothetical $10,000 initial investment in the Fund and in an appropriate, broad-based securities market index for the same periods.

#### Growth of a Hypothetical $10,000 Investment
![Fund Performance - Growth of 10K](g215007chartimages_11232876.jpg)

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.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;Matthews Asia Growth Fund (Investor Class/MPACX) | 20.59% | (5.08)% | 5.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI AC Asia Pacific Index | 28.59% | 5.36% | 8.45% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Visit matthewsasia.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$207649823 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;95.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$1537929 |

---

#### 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. | 10.6% |
| Tencent Holdings, Ltd. | 5.4% |
| Samsung Electronics Co., Ltd. | 5.3% |
| Alibaba Group Holding, Ltd. | 3.4% |
| SK Hynix, Inc. | 3.3% |
| Tokyo Electron, Ltd. | 2.8% |
| Sony Group Corp. | 2.7% |
| Hitachi, Ltd. | 2.6% |
| Mitsubishi Electric Corp. | 2.1% |
| Eternal, Ltd. | 1.9% |
| TOTAL | 40.1% |

---

**Country Allocation**

![Graphical Representation - Allocation 1 Chart](g215007chartimages_11232881.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g215007chartimages_11232886.jpg)

Top ten holdings may combine more than one security from the same issuer and related depository receipts.

#### How has the Fund Changed?
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at matthewsasia.com/documents or upon request at 1-800-789-2742.

On February 13, 2026, Matthews International Capital Management, LLC ("Matthews"), the investment adviser to the Funds, announced that Matthews intends to repurchase the ownership interests held by three existing investors, with the repurchases to be funded, in part, by the purchase of additional equity interests in Matthews by existing and certain other investors (the "Transaction"). Shareholders of the Funds are expected to be asked to approve a new investment advisory agreement with Matthews due to the change of control resulting from the Transaction. The Transaction is expected to close in the second quarter of 2026, pending the satisfaction of all closing conditions, including approval by shareholders of each series of the Trust.

#### 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.

Matthews Asia Growth Fund MPACX 1225

![TSR - Matthews Asia Funds Logo](g215007images_30351.jpg)

### Matthews Pacific Tiger Fund

### Institutional Class/MIPTX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Matthews Pacific Tiger Fund (the "Fund") for the period of January 01, 2025 to December 31, 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.

This report describes changes to the Fund that occurred since the beginning of the reporting period.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | $127 | 1.10% |

---

#### Management's Discussion of Fund Performance
* For the year ended December 31, 2025, the Fund returned 30.26% (Institutional Class) while its benchmark returned 33.02%. 

* Asian equities delivered strong returns, outperforming U.S. stocks in 2025. Performance was supported by a favorable macro environment, positive investor sentiment toward artificial intelligence (AI), and easing geopolitical tensions. North Asia markets helped drive gains, as Taiwan and South Korea benefited from their global dominance in AI-related semiconductors. Korean equities also gained from market-friendly governance reforms and a cyclical revival in heavy industrial sectors. 

* On a country basis, stock selection in China/Hong Kong, including Alibaba Group and Tencent Holdings, was the top contributor to the Fund's relative performance. Both companies benefited from positive investor sentiment toward AI innovation and growth in their cloud businesses. The top three detractors were India due to stock selection against a backdrop of economic growth concerns, Vietnam due to an off-benchmark allocation and Indonesia due to stock selection. 

* On a sector basis, stock selection in information technology, including in Taiwan Semiconductor Manufacturing Co., and memory chipmakers Samsung Electronics and SK Hynix, contributed the most. Stock selection in industrials led in part by China names associated with the robotics and green technology industries also contributed. In contrast, communication services detracted due to stock selection while health care detracted due to an overweight allocation and stock selection. 

#### Fund Performance
The following graph compares the initial and subsequent account values for the past 10 years. It assumes a hypothetical $10,000 initial investment in the Fund and in an appropriate, broad-based securities market index for the same periods.

#### Growth of a Hypothetical $10,000 Investment
![Fund Performance - Growth of 10K](g215007chartimages_11232990.jpg)

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.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;Matthews Pacific Tiger Fund (Institutional Class/MIPTX) | 30.26% | (0.48)% | 5.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI AC Asia ex Japan Index | 33.02% | 4.16% | 8.92% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Visit matthewsasia.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$731718263 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;78 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;87.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$5191591 |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.

**Top Ten Holdings** 

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co., Ltd. | 13.3% |
| Tencent Holdings, Ltd. | 6.0% |
| Samsung Electronics Co., Ltd. | 5.9% |
| Alibaba Group Holding, Ltd. | 4.2% |
| SK Hynix, Inc. | 3.5% |
| Delta Electronics, Inc. | 2.7% |
| DBS Group Holdings, Ltd. | 2.0% |
| Ping An Insurance Group Co. of China, Ltd. | 2.0% |
| HDFC Bank, Ltd. | 2.0% |
| Hongfa Technology Co., Ltd. | 2.0% |
| TOTAL | 43.6% |

---

**Country Allocation**

![Graphical Representation - Allocation 1 Chart](g215007chartimages_11232995.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g215007chartimages_11233000.jpg)

Top ten holdings may combine more than one security from the same issuer and related depository receipts.

#### How has the Fund Changed?
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at matthewsasia.com/documents or upon request at 1-800-789-2742.

On February 13, 2026, Matthews International Capital Management, LLC ("Matthews"), the investment adviser to the Funds, announced that Matthews intends to repurchase the ownership interests held by three existing investors, with the repurchases to be funded, in part, by the purchase of additional equity interests in Matthews by existing and certain other investors (the "Transaction"). Shareholders of the Funds are expected to be asked to approve a new investment advisory agreement with Matthews due to the change of control resulting from the Transaction. The Transaction is expected to close in the second quarter of 2026, pending the satisfaction of all closing conditions, including approval by shareholders of each series of the Trust.

#### 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.

Matthews Pacific Tiger Fund MIPTX 1225

![TSR - Matthews Asia Funds Logo](g215007images_30351.jpg)

### Matthews Pacific Tiger Fund

### Investor Class/MAPTX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Matthews Pacific Tiger Fund (the "Fund") for the period of January 01, 2025 to December 31, 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.

This report describes changes to the Fund that occurred since the beginning of the reporting period.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | $140 | 1.22% |

---

#### Management's Discussion of Fund Performance
* For the year ended December 31, 2025, the Fund returned 30.07% (Investor Class) while its benchmark returned 33.02%. 

* Asian equities delivered strong returns, outperforming U.S. stocks in 2025. Performance was supported by a favorable macro environment, positive investor sentiment toward artificial intelligence (AI), and easing geopolitical tensions. North Asia markets helped drive gains, as Taiwan and South Korea benefited from their global dominance in AI-related semiconductors. Korean equities also gained from market-friendly governance reforms and a cyclical revival in heavy industrial sectors. 

* On a country basis, stock selection in China/Hong Kong, including Alibaba Group and Tencent Holdings, was the top contributor to the Fund's relative performance. Both companies benefited from positive investor sentiment toward AI innovation and growth in their cloud businesses. The top three detractors were India due to stock selection against a backdrop of economic growth concerns, Vietnam due to an off-benchmark allocation and Indonesia due to stock selection. 

* On a sector basis, stock selection in information technology, including in Taiwan Semiconductor Manufacturing Co., and memory chipmakers Samsung Electronics and SK Hynix, contributed the most. Stock selection in industrials led in part by China names associated with the robotics and green technology industries also contributed. In contrast, communication services detracted due to stock selection while health care detracted due to an overweight allocation and stock selection. 

#### Fund Performance
The following graph compares the initial and subsequent account values for the past 10 years. It assumes a hypothetical $10,000 initial investment in the Fund and in an appropriate, broad-based securities market index for the same periods.

#### Growth of a Hypothetical $10,000 Investment
![Fund Performance - Growth of 10K](g215007chartimages_11232952.jpg)

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.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;Matthews Pacific Tiger Fund (Investor Class/MAPTX) | 30.07% | (0.62)% | 5.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI AC Asia ex Japan Index | 33.02% | 4.16% | 8.92% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Visit matthewsasia.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$731718263 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;78 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;87.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$5191591 |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.

#### Top Ten Holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co., Ltd. | 13.3% |
| Tencent Holdings, Ltd. | 6.0% |
| Samsung Electronics Co., Ltd. | 5.9% |
| Alibaba Group Holding, Ltd. | 4.2% |
| SK Hynix, Inc. | 3.5% |
| Delta Electronics, Inc. | 2.7% |
| DBS Group Holdings, Ltd. | 2.0% |
| Ping An Insurance Group Co. of China, Ltd. | 2.0% |
| HDFC Bank, Ltd. | 2.0% |
| Hongfa Technology Co., Ltd. | 2.0% |
| TOTAL | 43.6% |

---

#### Country Allocation
![Graphical Representation - Allocation 1 Chart](g215007chartimages_11232957.jpg)

#### Sector Allocation
![Graphical Representation - Allocation 2 Chart](g215007chartimages_11232962.jpg)

Top ten holdings may combine more than one security from the same issuer and related depository receipts.

#### How has the Fund Changed?
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at matthewsasia.com/documents or upon request at 1-800-789-2742.

On February 13, 2026, Matthews International Capital Management, LLC ("Matthews"), the investment adviser to the Funds, announced that Matthews intends to repurchase the ownership interests held by three existing investors, with the repurchases to be funded, in part, by the purchase of additional equity interests in Matthews by existing and certain other investors (the "Transaction"). Shareholders of the Funds are expected to be asked to approve a new investment advisory agreement with Matthews due to the change of control resulting from the Transaction. The Transaction is expected to close in the second quarter of 2026, pending the satisfaction of all closing conditions, including approval by shareholders of each series of the Trust.

#### 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.

Matthews Pacific Tiger Fund MAPTX 1225

![TSR - Matthews Asia Funds Logo](g215007images_30351.jpg)

### Matthews Asia Innovators Fund

### Institutional Class/MITEX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Matthews Asia Innovators Fund (the "Fund") for the period of January 01, 2025 to December 31, 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.

This report describes changes to the Fund that occurred since the beginning of the reporting period.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | $130 | 1.13% |

---

#### Management's Discussion of Fund Performance
* For the year ended December 31, 2025, the Fund returned 30.42% (Institutional Class) while its benchmark returned 33.02%. 

* Asian equities delivered strong returns, outperforming U.S. stocks in 2025. Performance was supported by a favorable macro environment, positive investor sentiment toward artificial intelligence (AI) and easing geopolitical tensions. North Asia markets helped drive gains, as Taiwan and South Korea benefited from their global dominance in AI-related semiconductors. 

* On a country basis, Taiwan was the top contributor to the Fund's relative performance due to stock selection, including Taiwan Semiconductor Manufacturing Co., which benefited from its dominant position in the AI chip market. Indonesia also contributed due an underweight allocation. In contrast, China was the biggest detractor due to stock selection in areas including e-commerce where intense competition eroded margins and as the broader economy was hindered by weak consumption. Korea also detracted due to stock selection. 

* On a sector basis, stock selection in information technology, including Samsung Electronics and SK Hynix, was the biggest contributor, helped by positive investor sentiment toward AI. On the other hand, consumer discretionary and industrials detracted the most due to stock selection while materials detracted due to zero allocation. 

#### Fund Performance
The following graph compares the initial and subsequent account values for the past 10 years. It assumes a hypothetical $10,000 initial investment in the Fund and in an appropriate, broad-based securities market index for the same periods.

#### Growth of a Hypothetical $10,000 Investment
![Fund Performance - Growth of 10K](g215007chartimages_11233142.jpg)

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.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;Matthews Asia Innovators Fund (Institutional Class/MITEX) | 30.42% | (0.40)% | 10.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI AC Asia ex Japan Index | 33.02% | 4.16% | 8.92% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Visit matthewsasia.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$318415406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;97.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$2026098 |

---

#### 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. | 11.8% |
| Tencent Holdings, Ltd. | 6.8% |
| Samsung Electronics Co., Ltd. | 5.8% |
| Alibaba Group Holding, Ltd. | 4.3% |
| SK Hynix, Inc. | 3.8% |
| PDD Holdings, Inc. | 3.3% |
| Eternal, Ltd. | 3.2% |
| NAURA Technology Group Co., Ltd. | 3.1% |
| Delta Electronics, Inc. | 2.5% |
| Sea, Ltd. | 2.3% |
| TOTAL | 46.9% |

---

#### Country Allocation
![Graphical Representation - Allocation 1 Chart](g215007chartimages_11233147.jpg)

#### Sector Allocation
![Graphical Representation - Allocation 2 Chart](g215007chartimages_11233152.jpg)

Top ten holdings may combine more than one security from the same issuer and related depository receipts.

#### How has the Fund Changed?
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at matthewsasia.com/documents or upon request at 1-800-789-2742.

On February 13, 2026, Matthews International Capital Management, LLC ("Matthews"), the investment adviser to the Funds, announced that Matthews intends to repurchase the ownership interests held by three existing investors, with the repurchases to be funded, in part, by the purchase of additional equity interests in Matthews by existing and certain other investors (the "Transaction"). Shareholders of the Funds are expected to be asked to approve a new investment advisory agreement with Matthews due to the change of control resulting from the Transaction. The Transaction is expected to close in the second quarter of 2026, pending the satisfaction of all closing conditions, including approval by shareholders of each series of the Trust.

#### 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.

Matthews Asia Innovators Fund MITEX 1225

![TSR - Matthews Asia Funds Logo](g215007images_30351.jpg)

### Matthews Asia Innovators Fund

### Investor Class/MATFX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Matthews Asia Innovators Fund (the "Fund") for the period of January 01, 2025 to December 31, 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.

This report describes changes to the Fund that occurred since the beginning of the reporting period.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | $146 | 1.27% |

---

#### Management's Discussion of Fund Performance
* For the year ended December 31, 2025, the Fund returned 30.22% (Investor Class) while its benchmark returned 33.02%. 

* Asian equities delivered strong returns, outperforming U.S. stocks in 2025. Performance was supported by a favorable macro environment, positive investor sentiment toward artificial intelligence (AI) and easing geopolitical tensions. North Asia markets helped drive gains, as Taiwan and South Korea benefited from their global dominance in AI-related semiconductors. 

* On a country basis, Taiwan was the top contributor to the Fund's relative performance due to stock selection, including Taiwan Semiconductor Manufacturing Co., which benefited from its dominant position in the AI chip market. Indonesia also contributed due an underweight allocation. In contrast, China was the biggest detractor due to stock selection in areas including e-commerce where intense competition eroded margins and as the broader economy was hindered by weak consumption. Korea also detracted due to stock selection. 

* On a sector basis, stock selection in information technology, including Samsung Electronics and SK Hynix, was the biggest contributor, helped by positive investor sentiment toward AI. On the other hand, consumer discretionary and industrials detracted the most due to stock selection while materials detracted due to zero allocation. 

#### Fund Performance
The following graph compares the initial and subsequent account values for the past 10 years. It assumes a hypothetical $10,000 initial investment in the Fund and in an appropriate, broad-based securities market index for the same periods.

#### Growth of a Hypothetical $10,000 Investment
![Fund Performance - Growth of 10K](g215007chartimages_11233104.jpg)

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.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;Matthews Asia Innovators Fund (Investor Class/MATFX) | 30.22% | (0.53)% | 10.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI AC Asia ex Japan Index | 33.02% | 4.16% | 8.92% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Visit matthewsasia.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$318415406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;97.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$2026098 |

---

#### 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. | 11.8% |
| Tencent Holdings, Ltd. | 6.8% |
| Samsung Electronics Co., Ltd. | 5.8% |
| Alibaba Group Holding, Ltd. | 4.3% |
| SK Hynix, Inc. | 3.8% |
| PDD Holdings, Inc. | 3.3% |
| Eternal, Ltd. | 3.2% |
| NAURA Technology Group Co., Ltd. | 3.1% |
| Delta Electronics, Inc. | 2.5% |
| Sea, Ltd. | 2.3% |
| TOTAL | 46.9% |

---

#### Country Allocation
![Graphical Representation - Allocation 1 Chart](g215007chartimages_11233109.jpg)

#### Sector Allocation
![Graphical Representation - Allocation 2 Chart](g215007chartimages_11233114.jpg)

Top ten holdings may combine more than one security from the same issuer and related depository receipts.

#### How has the Fund Changed?
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at matthewsasia.com/documents or upon request at 1-800-789-2742.

On February 13, 2026, Matthews International Capital Management, LLC ("Matthews"), the investment adviser to the Funds, announced that Matthews intends to repurchase the ownership interests held by three existing investors, with the repurchases to be funded, in part, by the purchase of additional equity interests in Matthews by existing and certain other investors (the "Transaction"). Shareholders of the Funds are expected to be asked to approve a new investment advisory agreement with Matthews due to the change of control resulting from the Transaction. The Transaction is expected to close in the second quarter of 2026, pending the satisfaction of all closing conditions, including approval by shareholders of each series of the Trust.

#### 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.

Matthews Asia Innovators Fund MATFX 1225

![TSR - Matthews Asia Funds Logo](g215007images_30351.jpg)

### Matthews China Fund

### Institutional Class/MICFX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Matthews China Fund (the "Fund") for the period of January 01, 2025 to December 31, 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.

This report describes changes to the Fund that occurred since the beginning of the reporting period.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | $130 | 1.13% |

---

#### Management's Discussion of Fund Performance
* For the year ended December 31, 2025, the Fund returned 29.93% (Institutional Class) while its primary benchmark returned 31.43%. 

* China delivered robust returns in 2025, supported in part by easing geopolitical tensions with the U.S. After a challenging start to the year marked by the imposition of punitive U.S. tariffs, bilateral trade agreements in key areas including rare earths and technology signaled a pragmatic approach between the two countries that was welcomed by markets. Performance was further supported by a strong rally in technology and internet stocks. However, the broader economy and earnings growth were hindered by weak consumption and continued sluggishness of the property market. 

* On a sector basis, stock selection in information technology, including Suzhou TFC Optical Communication, was the largest contributor to the Fund's relative performance, supported by positive investor sentiment toward artificial intelligence (AI) and AI capital expenditure deployment. Alibaba Group was a significant absolute contributor to performance given positive sentiment towards its AI capabilities. Stock selection in financials, including New China Life Insurance and China Life Insurance, also contributed, aided by attractive valuations and by structural changes as policy measures encouraged household savings to move toward pension and investment products. 

* On the other hand, consumer discretionary stocks, including China's largest food delivery service provider Meituan, and BYD Co., a globally leading automaker, were the biggest detractors due to stock selection. Earnings across several industries, particularly in e-commerce and autos, were negatively impacted by aggressive competition which eroded profit margins. Relative performance was also negatively impacted by our underweight positions in Tencent Holdings and Alibaba versus the benchmark. 

#### Fund Performance
The following graph compares the initial and subsequent account values for the past 10 years. It assumes a hypothetical $10,000 initial investment in the Fund and in an appropriate, broad-based securities market index for the same periods.

#### Growth of a Hypothetical $10,000 Investment
![Fund Performance - Growth of 10K](g215007chartimages_11233218.jpg)

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.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;Matthews China Fund (Institutional Class/MICFX) | 29.93% | (3.77)% | 6.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI China Index | 31.43% | (3.03)% | 5.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI China All Shares Index | 29.22% | (2.26)% | 4.34% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Visit matthewsasia.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$428072430 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;36.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$2877921 |

---

#### 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. | 10.8% |
| Alibaba Group Holding, Ltd. | 8.7% |
| China Merchants Bank Co., Ltd. | 4.4% |
| Ping An Insurance Group Co. of China, Ltd. | 4.3% |
| CMOC Group, Ltd. | 3.7% |
| China Construction Bank Corp. | 3.5% |
| China Life Insurance Co., Ltd. | 3.3% |
| JD.com, Inc. | 3.0% |
| PDD Holdings, Inc. | 2.7% |
| Meituan | 2.4% |
| TOTAL | 46.8% |

---

#### Country Allocation
![Graphical Representation - Allocation 1 Chart](g215007chartimages_11233223.jpg)

#### Sector Allocation
![Graphical Representation - Allocation 2 Chart](g215007chartimages_11233228.jpg)

Top ten holdings may combine more than one security from the same issuer and related depository receipts.

#### How has the Fund Changed?
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at matthewsasia.com/documents or upon request at 1-800-789-2742.

On February 13, 2026, Matthews International Capital Management, LLC ("Matthews"), the investment adviser to the Funds, announced that Matthews intends to repurchase the ownership interests held by three existing investors, with the repurchases to be funded, in part, by the purchase of additional equity interests in Matthews by existing and certain other investors (the "Transaction"). Shareholders of the Funds are expected to be asked to approve a new investment advisory agreement with Matthews due to the change of control resulting from the Transaction. The Transaction is expected to close in the second quarter of 2026, pending the satisfaction of all closing conditions, including approval by shareholders of each series of the Trust.

#### 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.

Matthews China Fund MICFX 1225

![TSR - Matthews Asia Funds Logo](g215007images_30351.jpg)

### Matthews China Fund

### Investor Class/MCHFX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Matthews China Fund (the "Fund") for the period of January 01, 2025 to December 31, 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.

This report describes changes to the Fund that occurred since the beginning of the reporting period.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | $144 | 1.25% |

---

#### Management's Discussion of Fund Performance
* For the year ended December 31, 2025, the Fund returned 29.81% (Investor Class) while its primary benchmark returned 31.43%. 

* China delivered robust returns in 2025, supported in part by easing geopolitical tensions with the U.S. After a challenging start to the year marked by the imposition of punitive U.S. tariffs, bilateral trade agreements in key areas including rare earths and technology signaled a pragmatic approach between the two countries that was welcomed by markets. Performance was further supported by a strong rally in technology and internet stocks. However, the broader economy and earnings growth were hindered by weak consumption and continued sluggishness of the property market. 

* On a sector basis, stock selection in information technology, including Suzhou TFC Optical Communication, was the largest contributor to the Fund's relative performance, supported by positive investor sentiment toward artificial intelligence (AI) and AI capital expenditure deployment. Alibaba Group was a significant absolute contributor to performance given positive sentiment towards its AI capabilities. Stock selection in financials, including New China Life Insurance and China Life Insurance, also contributed, aided by attractive valuations and by structural changes as policy measures encouraged household savings to move toward pension and investment products. 

* On the other hand, consumer discretionary stocks, including China's largest food delivery service provider Meituan, and BYD Co., a globally leading automaker, were the biggest detractors due to stock selection. Earnings across several industries, particularly in e-commerce and autos, were negatively impacted by aggressive competition which eroded profit margins. Relative performance was also negatively impacted by our underweight positions in Tencent Holdings and Alibaba versus benchmark. 

#### Fund Performance
The following graph compares the initial and subsequent account values for the past 10 years. It assumes a hypothetical $10,000 initial investment in the Fund and in an appropriate, broad-based securities market index for the same periods.

#### Growth of a Hypothetical $10,000 Investment
![Fund Performance - Growth of 10K](g215007chartimages_11233180.jpg)

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.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;Matthews China Fund (Investor Class/MCHFX) | 29.81% | (3.90)% | 6.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI China Index | 31.43% | (3.03)% | 5.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI China All Shares Index | 29.22% | (2.26)% | 4.34% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Visit matthewsasia.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$428072430 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;36.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$2877921 |

---

#### 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. | 10.8% |
| Alibaba Group Holding, Ltd. | 8.7% |
| China Merchants Bank Co., Ltd. | 4.4% |
| Ping An Insurance Group Co. of China, Ltd. | 4.3% |
| CMOC Group, Ltd. | 3.7% |
| China Construction Bank Corp. | 3.5% |
| China Life Insurance Co., Ltd. | 3.3% |
| JD.com, Inc. | 3.0% |
| PDD Holdings, Inc. | 2.7% |
| Meituan | 2.4% |
| TOTAL | 46.8% |

---

**Country Allocation**

![Graphical Representation - Allocation 1 Chart](g215007chartimages_11233185.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g215007chartimages_11233190.jpg)

Top ten holdings may combine more than one security from the same issuer and related depository receipts.

#### How has the Fund Changed?
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at matthewsasia.com/documents or upon request at 1-800-789-2742.

On February 13, 2026, Matthews International Capital Management, LLC ("Matthews"), the investment adviser to the Funds, announced that Matthews intends to repurchase the ownership interests held by three existing investors, with the repurchases to be funded, in part, by the purchase of additional equity interests in Matthews by existing and certain other investors (the "Transaction"). Shareholders of the Funds are expected to be asked to approve a new investment advisory agreement with Matthews due to the change of control resulting from the Transaction. The Transaction is expected to close in the second quarter of 2026, pending the satisfaction of all closing conditions, including approval by shareholders of each series of the Trust.

#### 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.

Matthews China Fund MCHFX 1225

![TSR - Matthews Asia Funds Logo](g215007images_30351.jpg)

### Matthews China Small Companies Fund

### Institutional Class/MICHX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Matthews China Small Companies Fund (the "Fund") for the period of January 01, 2025 to December 31, 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.

This report describes changes to the Fund that occurred since the beginning of the reporting period.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | $137 | 1.20% |

---

#### Management's Discussion of Fund Performance
* For the year ended December 31, 2025, the Fund returned 29.15% (Institutional Class) while its benchmark returned 35.34%. 

* China delivered robust returns in 2025, supported in part by easing geopolitical tensions with the U.S. After a challenging start to the year marked by the imposition of punitive U.S. tariffs, bilateral trade agreements in key areas including rare earths and technology signaled a pragmatic approach between the two countries that was welcomed by markets. Performance was further supported by a strong rally in technology and internet stocks. However, the broader economy and earnings growth were hindered by weak consumption and continued sluggishness of the property market. 

* On a sector basis, stock selection in information technology was the largest contributor to the Fund's relative performance. ACM Research, a manufacturer of hi-tech equipment for the semiconductor industry, benefited from strong demand driven by the global rollout of artificial intelligence infrastructure. Stock selection in energy also contributed meaningfully, benefiting from global growth in renewable projects. 

* Conversely, stock selection in communication services and industrials detracted. Yangzijiang Shipbuilding, an industrials company, declined early in 2025 amid a short-term slowdown in order bookings related to increased geopolitical tensions with the U.S. 

#### Fund Performance
The following graph compares the initial and subsequent account values for the life of the Fund. It assumes a hypothetical $10,000 initial investment in the Fund and in an appropriate, broad-based securities market index for the same periods.

#### Growth of a Hypothetical $10,000 Investment
![Fund Performance - Growth of 10K](g215007chartimages_11232838.jpg)

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.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **Since Inception<br>(11/30/17)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Matthews China Small Companies Fund (Institutional Class/MICHX) | 29.15% | (6.05)% | 5.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI China Index | 31.43% | (3.03)% | 1.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI China Small Cap Index | 35.34% | (5.18)% | (1.80)% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Visit matthewsasia.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$65034565 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;36.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$430438 |

---

#### 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

---

| | |
|:---|:---|
| Yantai Jereh Oilfield Services Group Co., Ltd. | 4.9% |
| Hongfa Technology Co., Ltd. | 4.8% |
| ACM Research, Inc. | 4.3% |
| Atour Lifestyle Holdings, Ltd. | 3.7% |
| Zhejiang Shuanghuan Driveline Co., Ltd. | 3.6% |
| Tongcheng Travel Holdings, Ltd. | 3.4% |
| Wasion Holdings, Ltd. | 3.4% |
| Minth Group, Ltd. | 3.3% |
| NetEase Cloud Music, Inc. | 2.9% |
| Sunresin New Materials Co., Ltd. | 2.6% |
| TOTAL | 36.9% |

---

#### Country Allocation
![Graphical Representation - Allocation 1 Chart](g215007chartimages_11232843.jpg)

#### Sector Allocation
![Graphical Representation - Allocation 2 Chart](g215007chartimages_11232848.jpg)

Top ten holdings may combine more than one security from the same issuer and related depository receipts.

#### How has the Fund Changed?
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at matthewsasia.com/documents or upon request at 1-800-789-2742.

On February 13, 2026, Matthews International Capital Management, LLC ("Matthews"), the investment adviser to the Funds, announced that Matthews intends to repurchase the ownership interests held by three existing investors, with the repurchases to be funded, in part, by the purchase of additional equity interests in Matthews by existing and certain other investors (the "Transaction"). Shareholders of the Funds are expected to be asked to approve a new investment advisory agreement with Matthews due to the change of control resulting from the Transaction. The Transaction is expected to close in the second quarter of 2026, pending the satisfaction of all closing conditions, including approval by shareholders of each series of the Trust.

#### 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.

Matthews China Small Companies Fund MICHX 1225

![TSR - Matthews Asia Funds Logo](g215007images_30351.jpg)

### Matthews China Small Companies Fund

### Investor Class/MCSMX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Matthews China Small Companies Fund (the "Fund") for the period of January 01, 2025 to December 31, 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.

This report describes changes to the Fund that occurred since the beginning of the reporting period.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | $160 | 1.40% |

---

#### Management's Discussion of Fund Performance
* For the year ended December 31, 2025, the Fund returned 28.83% (Investor Class) while its benchmark returned 35.34%. 

* China delivered robust returns in 2025, supported in part by easing geopolitical tensions with the U.S. After a challenging start to the year marked by the imposition of punitive U.S. tariffs, bilateral trade agreements in key areas including rare earths and technology signaled a pragmatic approach between the two countries that was welcomed by markets. Performance was further supported by a strong rally in technology and internet stocks. However, the broader economy and earnings growth were hindered by weak consumption and continued sluggishness of the property market. 

* On a sector basis, stock selection in information technology was the largest contributor to the Fund's relative performance. ACM Research, a manufacturer of hi-tech equipment for the semiconductor industry, benefited from strong demand driven by the global rollout of artificial intelligence infrastructure. Stock selection in energy also contributed meaningfully, benefiting from global growth in renewable projects. 

* Conversely, stock selection in communication services and industrials detracted. Yangzijiang Shipbuilding, an industrials company, declined early in 2025 amid a short-term slowdown in order bookings related to increased geopolitical tensions with the U.S. 

#### Fund Performance
The following graph compares the initial and subsequent account values for the past 10 years. It assumes a hypothetical $10,000 initial investment in the Fund and in an appropriate, broad-based securities market index for the same periods.

#### Growth of a Hypothetical $10,000 Investment
![Fund Performance - Growth of 10K](g215007chartimages_11232800.jpg)

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.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;Matthews China Small Companies Fund (Investor Class/MCSMX) | 28.83% | (6.25)% | 8.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI China Index | 31.43% | (3.03)% | 5.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI China Small Cap Index | 35.34% | (5.18)% | (0.20)% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Visit matthewsasia.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$65034565 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;36.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$430438 |

---

#### 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

---

| | |
|:---|:---|
| Yantai Jereh Oilfield Services Group Co., Ltd. | 4.9% |
| Hongfa Technology Co., Ltd. | 4.8% |
| ACM Research, Inc. | 4.3% |
| Atour Lifestyle Holdings, Ltd. | 3.7% |
| Zhejiang Shuanghuan Driveline Co., Ltd. | 3.6% |
| Tongcheng Travel Holdings, Ltd. | 3.4% |
| Wasion Holdings, Ltd. | 3.4% |
| Minth Group, Ltd. | 3.3% |
| NetEase Cloud Music, Inc. | 2.9% |
| Sunresin New Materials Co., Ltd. | 2.6% |
| TOTAL | 36.9% |

---

#### Country Allocation
![Graphical Representation - Allocation 1 Chart](g215007chartimages_11232805.jpg)

#### Sector Allocation
![Graphical Representation - Allocation 2 Chart](g215007chartimages_11232810.jpg)

Top ten holdings may combine more than one security from the same issuer and related depository receipts.

#### How has the Fund Changed?
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at matthewsasia.com/documents or upon request at 1-800-789-2742.

On February 13, 2026, Matthews International Capital Management, LLC ("Matthews"), the investment adviser to the Funds, announced that Matthews intends to repurchase the ownership interests held by three existing investors, with the repurchases to be funded, in part, by the purchase of additional equity interests in Matthews by existing and certain other investors (the "Transaction"). Shareholders of the Funds are expected to be asked to approve a new investment advisory agreement with Matthews due to the change of control resulting from the Transaction. The Transaction is expected to close in the second quarter of 2026, pending the satisfaction of all closing conditions, including approval by shareholders of each series of the Trust.

#### 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.

Matthews China Small Companies Fund MCSMX 1225

![TSR - Matthews Asia Funds Logo](g215007images_30351.jpg)

### Matthews India Fund

### Institutional Class/MIDNX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Matthews India Fund (the "Fund") for the period of January 01, 2025 to December 31, 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.

This report describes changes to the Fund that occurred since the beginning of the reporting period.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | $115 | 1.14% |

---

#### Management's Discussion of Fund Performance
* For the year ended December 31, 2025, the Fund returned 1.67% (Institutional Class) while its benchmark returned 4.29%. 

* India underperformed Asia in 2025, weighed down by foreign institutional investor outflows amid concerns about growth prospects and generally expensive valuations. Geopolitical tensions, including India's continued purchases of Russian oil and ongoing negotiations related to U.S. tariffs, also remained a negative overhang on the market. 

* On a sector basis, stock selection in financials, including leading non-banking financial services companies Shriram Finance Ltd. and Bajaj Finance Ltd., was the biggest contributor to the Fund's relative performance. The sector performed well, supported by interest rate cuts and expectations of increased business activity. Consumer discretionary also contributed due to stock selection as did utilities due to an underweight allocation. 

* Conversely, stock selection in information technology was the biggest detractor. Infosys and Tata Consultancy Services, both IT and consulting services firms, were impacted by negative sector sentiment amid concerns the global boom in artificial intelligence may disrupt the sector. The materials sector detracted due to an underweight allocation, as did industrials, due to stock selection. 

#### Fund Performance
The following graph compares the initial and subsequent account values for the past 10 years. It assumes a hypothetical $10,000 initial investment in the Fund and in an appropriate, broad-based securities market index for the same periods.

#### Growth of a Hypothetical $10,000 Investment
![Fund Performance - Growth of 10K](g215007chartimages_11233294.jpg)

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.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;Matthews India Fund (Institutional Class/MIDNX) | 1.67% | 8.10% | 7.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI India Index | 4.29% | 10.75% | 10.17% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Visit matthewsasia.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$707037664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;54.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$5409583 |

---

#### 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. | 8.8% |
| Eternal, Ltd. | 6.5% |
| ICICI Bank, Ltd. | 5.4% |
| Reliance Industries, Ltd. | 5.0% |
| Bajaj Finance, Ltd. | 4.5% |
| Swiggy, Ltd. | 4.3% |
| Shriram Finance, Ltd. | 4.3% |
| Bharti Airtel, Ltd. | 4.1% |
| Infosys, Ltd. | 3.7% |
| Mahindra & Mahindra, Ltd. | 3.3% |
| TOTAL | 49.9% |

---

**Country Allocation**

![Graphical Representation - Allocation 1 Chart](g215007chartimages_11233299.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g215007chartimages_11233304.jpg)

Top ten holdings may combine more than one security from the same issuer and related depository receipts.

#### How has the Fund Changed?
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at matthewsasia.com/documents or upon request at 1-800-789-2742.

On February 13, 2026, Matthews International Capital Management, LLC ("Matthews"), the investment adviser to the Funds, announced that Matthews intends to repurchase the ownership interests held by three existing investors, with the repurchases to be funded, in part, by the purchase of additional equity interests in Matthews by existing and certain other investors (the "Transaction"). Shareholders of the Funds are expected to be asked to approve a new investment advisory agreement with Matthews due to the change of control resulting from the Transaction. The Transaction is expected to close in the second quarter of 2026, pending the satisfaction of all closing conditions, including approval by shareholders of each series of the Trust.

#### 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.

Matthews India Fund MIDNX 1225

![TSR - Matthews Asia Funds Logo](g215007images_30351.jpg)

### Matthews India Fund

### Investor Class/MINDX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Matthews India Fund (the "Fund") for the period of January 01, 2025 to December 31, 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.

This report describes changes to the Fund that occurred since the beginning of the reporting period.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | $127 | 1.26% |

---

#### Management's Discussion of Fund Performance
* For the year ended December 31, 2025, the Fund returned 1.55% (Investor Class) while its benchmark returned 4.29%. 

* India underperformed Asia in 2025, weighed down by foreign institutional investor outflows amid concerns about growth prospects and generally expensive valuations. Geopolitical tensions, including India's continued purchases of Russian oil and ongoing negotiations related to U.S. tariffs, also remained a negative overhang on the market. 

* On a sector basis, stock selection in financials, including leading non-banking financial services companies Shriram Finance Ltd. and Bajaj Finance Ltd., was the biggest contributor to the Fund's relative performance. The sector performed well, supported by interest rate cuts and expectations of increased business activity. Consumer discretionary also contributed due to stock selection as did utilities due to an underweight allocation. 

* Conversely, stock selection in information technology was the biggest detractor. Infosys and Tata Consultancy Services, both IT and consulting services firms, were impacted by negative sector sentiment amid concerns the global boom in artificial intelligence may disrupt the sector. The materials sector detracted due to an underweight allocation, as did industrials, due to stock selection. 

#### Fund Performance
The following graph compares the initial and subsequent account values for the past 10 years. It assumes a hypothetical $10,000 initial investment in the Fund and in an appropriate, broad-based securities market index for the same periods.

#### Growth of a Hypothetical $10,000 Investment
![Fund Performance - Growth of 10K](g215007chartimages_11233256.jpg)

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.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;Matthews India Fund (Investor Class/MINDX) | 1.55% | 7.96% | 7.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI India Index | 4.29% | 10.75% | 10.17% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Visit matthewsasia.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$707037664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;54.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$5409583 |

---

#### 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. | 8.8% |
| Eternal, Ltd. | 6.5% |
| ICICI Bank, Ltd. | 5.4% |
| Reliance Industries, Ltd. | 5.0% |
| Bajaj Finance, Ltd. | 4.5% |
| Swiggy, Ltd. | 4.3% |
| Shriram Finance, Ltd. | 4.3% |
| Bharti Airtel, Ltd. | 4.1% |
| Infosys, Ltd. | 3.7% |
| Mahindra & Mahindra, Ltd. | 3.3% |
| TOTAL | 49.9% |

---

**Country Allocation**

![Graphical Representation - Allocation 1 Chart](g215007chartimages_11233261.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g215007chartimages_11233266.jpg)

Top ten holdings may combine more than one security from the same issuer and related depository receipts.

#### How has the Fund Changed?
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at matthewsasia.com/documents or upon request at 1-800-789-2742.

On February 13, 2026, Matthews International Capital Management, LLC ("Matthews"), the investment adviser to the Funds, announced that Matthews intends to repurchase the ownership interests held by three existing investors, with the repurchases to be funded, in part, by the purchase of additional equity interests in Matthews by existing and certain other investors (the "Transaction"). Shareholders of the Funds are expected to be asked to approve a new investment advisory agreement with Matthews due to the change of control resulting from the Transaction. The Transaction is expected to close in the second quarter of 2026, pending the satisfaction of all closing conditions, including approval by shareholders of each series of the Trust.

#### 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.

Matthews India Fund MINDX 1225

![TSR - Matthews Asia Funds Logo](g215007images_30351.jpg)

### Matthews Japan Fund

### Institutional Class/MIJFX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Matthews Japan Fund (the "Fund") for the period of January 01, 2025 to December 31, 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.

This report describes changes to the Fund that occurred since the beginning of the reporting period.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | $123 | 1.10% |

---

#### Management's Discussion of Fund Performance
* For the year ended December 31, 2025, the Fund returned 22.86% (Institutional Class) while its benchmark returned 25.05%. 

* Japan's market showed underlying strength supported by an increase in multiples, generally solid earnings and ongoing corporate reforms. 

* Consumer discretionary, information technology and industrials were the top three contributors to the Fund's relative performance due to stock selection as Japanese corporates delivered resilient earnings and investors benefited from corporate governance changes which continued to incentivize more shareholder-friendly capital allocation, including stock buybacks and dividend increases. NEC, an IT company, and Marubeni Corp., a global trading company involved in energy, metals, power, and IT, were among the top performers as global demand related to the roll-out of artificial intelligence (AI) equipment and infrastructure increased. 

* In the second half of the year, the market was impacted by political change and policy uncertainty following the election of Prime Minister Sanae Takaichi. The top three detractors were consumer staples, financials and communication services due to stock selection. The largest detractors included Recruit Holdings, a human resources (HR) company, and Tokio Marine, a global insurer. As some areas of the market increasingly exhibited exuberance related to AI themes, we avoided stocks driven by price momentum and focused on companies with strong fundamentals. 

#### Fund Performance
The following graph compares the initial and subsequent account values for the past 10 years. It assumes a hypothetical $10,000 initial investment in the Fund and in an appropriate, broad-based securities market index for the same periods.

#### Growth of a Hypothetical $10,000 Investment
![Fund Performance - Growth of 10K](g215007chartimages_11233370.jpg)

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.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;Matthews Japan Fund (Institutional Class/MIJFX) | 22.86% | 3.66% | 7.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI Japan Index | 25.05% | 6.99% | 8.01% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Visit matthewsasia.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$717887071 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;106.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$4802943 |

---

#### 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. | 5.7% |
| Mitsubishi UFJ Financial Group, Inc. | 4.8% |
| Hitachi, Ltd. | 4.7% |
| Tokyo Electron, Ltd. | 4.2% |
| Sumitomo Mitsui Financial Group, Inc. | 3.8% |
| Toyota Motor Corp. | 3.1% |
| ORIX Corp. | 3.0% |
| Marubeni Corp. | 3.0% |
| NEC Corp. | 2.9% |
| Sumitomo Corp. | 2.7% |
| TOTAL | 37.9% |

---

**Country Allocation**

![Graphical Representation - Allocation 1 Chart](g215007chartimages_11233375.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g215007chartimages_11233380.jpg)

Top ten holdings may combine more than one security from the same issuer and related depository receipts.

#### How has the Fund Changed?
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at matthewsasia.com/documents or upon request at 1-800-789-2742.

On February 13, 2026, Matthews International Capital Management, LLC ("Matthews"), the investment adviser to the Funds, announced that Matthews intends to repurchase the ownership interests held by three existing investors, with the repurchases to be funded, in part, by the purchase of additional equity interests in Matthews by existing and certain other investors (the "Transaction"). Shareholders of the Funds are expected to be asked to approve a new investment advisory agreement with Matthews due to the change of control resulting from the Transaction. The Transaction is expected to close in the second quarter of 2026, pending the satisfaction of all closing conditions, including approval by shareholders of each series of the Trust.

#### 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.

Matthews Japan Fund MIJFX 1225

![TSR - Matthews Asia Funds Logo](g215007images_30351.jpg)

### Matthews Japan Fund

### Investor Class/MJFOX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Matthews Japan Fund (the "Fund") for the period of January 01, 2025 to December 31, 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.

This report describes changes to the Fund that occurred since the beginning of the reporting period.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | $129 | 1.16% |

---

#### Management's Discussion of Fund Performance
* For the year ended December 31, 2025, the Fund returned 22.76% (Investor Class) while its benchmark returned 25.05%. 

* Japan's market showed underlying strength supported by an increase in multiples, generally solid earnings and ongoing corporate reforms. 

* Consumer discretionary, information technology and industrials were the top three contributors to the Fund's relative performance due to stock selection as Japanese corporates delivered resilient earnings and investors benefited from corporate governance changes which continued to incentivize more shareholder-friendly capital allocation, including stock buybacks and dividend increases. NEC, an IT company, and Marubeni Corp., a global trading company involved in energy, metals, power, and IT, were among the top performers as global demand related to the roll-out of artificial intelligence (AI) equipment and infrastructure increased. 

* In the second half of the year, the market was impacted by political change and policy uncertainty following the election of Prime Minister Sanae Takaichi. The top three detractors were consumer staples, financials and communication services due to stock selection. The largest detractors included Recruit Holdings, a human resources (HR) company, and Tokio Marine, a global insurer. As some areas of the market increasingly exhibited exuberance related to AI themes, we avoided stocks driven by price momentum and focused on companies with strong fundamentals. 

#### Fund Performance
The following graph compares the initial and subsequent account values for the past 10 years. It assumes a hypothetical $10,000 initial investment in the Fund and in an appropriate, broad-based securities market index for the same periods.

#### Growth of a Hypothetical $10,000 Investment
![Fund Performance - Growth of 10K](g215007chartimages_11233332.jpg)

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.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;Matthews Japan Fund (Investor Class/MJFOX) | 22.76% | 3.59% | 7.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI Japan Index | 25.05% | 6.99% | 8.01% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Visit matthewsasia.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$717887071 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;106.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$4802943 |

---

#### 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. | 5.7% |
| Mitsubishi UFJ Financial Group, Inc. | 4.8% |
| Hitachi, Ltd. | 4.7% |
| Tokyo Electron, Ltd. | 4.2% |
| Sumitomo Mitsui Financial Group, Inc. | 3.8% |
| Toyota Motor Corp. | 3.1% |
| ORIX Corp. | 3.0% |
| Marubeni Corp. | 3.0% |
| NEC Corp. | 2.9% |
| Sumitomo Corp. | 2.7% |
| TOTAL | 37.9% |

---

**Country Allocation**

![Graphical Representation - Allocation 1 Chart](g215007chartimages_11233337.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g215007chartimages_11233342.jpg)

Top ten holdings may combine more than one security from the same issuer and related depository receipts.

#### How has the Fund Changed?
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at matthewsasia.com/documents or upon request at 1-800-789-2742.

On February 13, 2026, Matthews International Capital Management, LLC ("Matthews"), the investment adviser to the Funds, announced that Matthews intends to repurchase the ownership interests held by three existing investors, with the repurchases to be funded, in part, by the purchase of additional equity interests in Matthews by existing and certain other investors (the "Transaction"). Shareholders of the Funds are expected to be asked to approve a new investment advisory agreement with Matthews due to the change of control resulting from the Transaction. The Transaction is expected to close in the second quarter of 2026, pending the satisfaction of all closing conditions, including approval by shareholders of each series of the Trust.

#### 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.

Matthews Japan Fund MJFOX 1225

![TSR - Matthews Asia Funds Logo](g215007images_30351.jpg)

### Matthews Asia Dividend Fund

### Institutional Class/MIPIX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Matthews Asia Dividend Fund (the "Fund") for the period of January 01, 2025 to December 31, 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.

This report describes changes to the Fund that occurred since the beginning of the reporting period.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | $124 | 1.10% |

---

#### Management's Discussion of Fund Performance
* For the year ended December 31, 2025, the Fund returned 27.06% (Institutional Class) while its benchmark returned 28.59%. 

* Asian equities delivered strong returns, outperforming U.S. stocks in 2025. Performance was supported by a favorable macro environment, positive investor sentiment toward artificial intelligence (AI) and easing geopolitical tensions. Japan's market showed underlying strength supported by an increase in multiples, generally solid earnings and ongoing corporate reforms. 

* On a country basis, Japan and Taiwan were the top contributors to the Fund's relative performance due to stock selection, including Marubeni, a Japanese trading company that has a strong focus on improving its return on equity and shareholder returns. Conversely, China/Hong Kong was the largest detractor, due to stock selection primarily among consumer discretionary companies where intense competition pressured margins amid weak consumption. South Korea also detracted due to stock selection; however, an overweight allocation to the country, intended to capture attractively priced, above-market dividend-yielding stocks, contributed to absolute returns. 

* On a sector basis, stock selection in information technology, including Taiwan Semiconductor Manufacturing Co., Samsung Electronics and NEC Corp., contributed the most, helped by positive investor sentiment toward AI. Stock selection in industrials, including Marubeni and Dongfang Electric, a Chinese power company, also contributed to returns. Stock selection in financials contributed positively, including Hana Financial Group, AIA Group and Ping An Insurance. In contrast, consumer staples, including Wuliangye Yibin in China and Asahi Group in Japan, detracted due to an overweight allocation and stock selection. Materials detracted due to stock selection and real estate detracted due to an overweight allocation and stock selection. 

#### Fund Performance
The following graph compares the initial and subsequent account values for the past 10 years. It assumes a hypothetical $10,000 initial investment in the Fund and in an appropriate, broad-based securities market index for the same periods.

#### Growth of a Hypothetical $10,000 Investment
![Fund Performance - Growth of 10K](g215007chartimages_11232610.jpg)

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.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;Matthews Asia Dividend Fund (Institutional Class/MIPIX) | 27.06% | (0.65)% | 5.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI AC Asia Pacific Index | 28.59% | 5.36% | 8.45% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Visit matthewsasia.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$542614489 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;56.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$4019649 |

---

#### 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. | 10.6% |
| Samsung Electronics Co., Ltd. | 5.5% |
| Tencent Holdings, Ltd. | 5.0% |
| Hana Financial Group, Inc. | 3.0% |
| Mitsubishi UFJ Financial Group, Inc. | 2.3% |
| Alibaba Group Holding, Ltd. | 2.2% |
| ORIX Corp. | 2.1% |
| Industrial & Commercial Bank of China, Ltd. | 2.1% |
| Marubeni Corp. | 2.1% |
| Yuexiu Transport Infrastructure, Ltd. | 2.0% |
| TOTAL | 36.9% |

---

**Country Allocation**

![Graphical Representation - Allocation 1 Chart](g215007chartimages_11232615.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g215007chartimages_11232620.jpg)

Top ten holdings may combine more than one security from the same issuer and related depository receipts.

#### How has the Fund Changed?
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at matthewsasia.com/documents or upon request at 1-800-789-2742.

On January 27, 2026, the Matthews China Dividend Fund was reorganized into the Matthews Asia Dividend Fund.

On February 13, 2026, Matthews International Capital Management, LLC ("Matthews"), the investment adviser to the Funds, announced that Matthews intends to repurchase the ownership interests held by three existing investors, with the repurchases to be funded, in part, by the purchase of additional equity interests in Matthews by existing and certain other investors (the "Transaction"). Shareholders of the Funds are expected to be asked to approve a new investment advisory agreement with Matthews due to the change of control resulting from the Transaction. The Transaction is expected to close in the second quarter of 2026, pending the satisfaction of all closing conditions, including approval by shareholders of each series of the Trust.

#### 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.

Matthews Asia Dividend Fund MIPIX 1225

![TSR - Matthews Asia Funds Logo](g215007images_30351.jpg)

### Matthews Asia Dividend Fund

### Investor Class/MAPIX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Matthews Asia Dividend Fund (the "Fund") for the period of January 01, 2025 to December 31, 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.

This report describes changes to the Fund that occurred since the beginning of the reporting period.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | $136 | 1.21% |

---

#### Management's Discussion of Fund Performance
* For the year ended December 31, 2025, the Fund returned 26.88% (Investor Class) while its benchmark returned 28.59%. 

* Asian equities delivered strong returns, outperforming U.S. stocks in 2025. Performance was supported by a favorable macro environment, positive investor sentiment toward artificial intelligence (AI) and easing geopolitical tensions. Japan's market showed underlying strength supported by an increase in multiples, generally solid earnings and ongoing corporate reforms. 

* On a country basis, Japan and Taiwan were the top contributors to the Fund's relative performance due to stock selection, including Marubeni, a Japanese trading company that has a strong focus on improving its return on equity and shareholder returns. Conversely, China/Hong Kong was the largest detractor, due to stock selection primarily among consumer discretionary companies where intense competition pressured margins amid weak consumption. South Korea also detracted due to stock selection; however, an overweight allocation to the country, intended to capture attractively priced, above-market dividend-yielding stocks, contributed to absolute returns. 

* On a sector basis, stock selection in information technology, including Taiwan Semiconductor Manufacturing Co., Samsung Electronics and NEC Corp., contributed the most, helped by positive investor sentiment toward AI. Stock selection in industrials, including Marubeni and Dongfang Electric, a Chinese power company, also contributed to returns. Stock selection in financials contributed positively, including Hana Financial Group, AIA Group and Ping An Insurance. In contrast, consumer staples, including Wuliangye Yibin in China and Asahi Group in Japan, detracted due to an overweight allocation and stock selection. Materials detracted due to stock selection and real estate detracted due to an overweight allocation and stock selection. 

#### Fund Performance
The following graph compares the initial and subsequent account values for the past 10 years. It assumes a hypothetical $10,000 initial investment in the Fund and in an appropriate, broad-based securities market index for the same periods.

#### Growth of a Hypothetical $10,000 Investment
![Fund Performance - Growth of 10K](g215007chartimages_11232572.jpg)

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.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;Matthews Asia Dividend Fund (Investor Class/MAPIX) | 26.88% | (0.76)% | 5.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI AC Asia Pacific Index | 28.59% | 5.36% | 8.45% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Visit matthewsasia.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$542614489 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;56.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$4019649 |

---

#### 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. | 10.6% |
| Samsung Electronics Co., Ltd. | 5.5% |
| Tencent Holdings, Ltd. | 5.0% |
| Hana Financial Group, Inc. | 3.0% |
| Mitsubishi UFJ Financial Group, Inc. | 2.3% |
| Alibaba Group Holding, Ltd. | 2.2% |
| ORIX Corp. | 2.1% |
| Industrial & Commercial Bank of China, Ltd. | 2.1% |
| Marubeni Corp. | 2.1% |
| Yuexiu Transport Infrastructure, Ltd. | 2.0% |
| TOTAL | 36.9% |

---

**Country Allocation**

![Graphical Representation - Allocation 1 Chart](g215007chartimages_11232577.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g215007chartimages_11232582.jpg)

Top ten holdings may combine more than one security from the same issuer and related depository receipts.

#### How has the Fund Changed?
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at matthewsasia.com/documents or upon request at 1-800-789-2742.

On January 27, 2026, the Matthews China Dividend Fund was reorganized into the Matthews Asia Dividend Fund.

On February 13, 2026, Matthews International Capital Management, LLC ("Matthews"), the investment adviser to the Funds, announced that Matthews intends to repurchase the ownership interests held by three existing investors, with the repurchases to be funded, in part, by the purchase of additional equity interests in Matthews by existing and certain other investors (the "Transaction"). Shareholders of the Funds are expected to be asked to approve a new investment advisory agreement with Matthews due to the change of control resulting from the Transaction. The Transaction is expected to close in the second quarter of 2026, pending the satisfaction of all closing conditions, including approval by shareholders of each series of the Trust.

#### 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.

Matthews Asia Dividend Fund MAPIX 1225

![TSR - Matthews Asia Funds Logo](g215007images_30351.jpg)

### Matthews Emerging Markets Equity Active ETF

### MEM
Listed on the NYSE Arca

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Matthews Emerging Markets Equity Active ETF (the "Fund") for the period of January 01, 2025 to December 31, 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.

This report describes changes to the Fund that occurred since the beginning of the reporting period.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| &nbsp;&nbsp;&nbsp;&nbsp;Matthews Emerging Markets Equity Active ETF | $90 | 0.79% |

---

#### Management's Discussion of Fund Performance
* For the year ended December 31, 2025, the Fund returned 27.53%, (NAV) and 28.37% (Market Price) while its benchmark, the MSCI Emerging Markets Index, returned 34.36%. 

* 2025 marked the first time in five years that emerging markets equities outperformed U.S. stocks supported by a favorable macro environment, positive investor sentiment toward artificial intelligence (AI) and easing geopolitical tensions. North Asia markets helped drive gains, as Taiwan and South Korea benefited from their global dominance in AI-related semiconductors. Korean equities also gained from market-friendly governance reforms and a cyclical revival in heavy industrial sectors. 

* On a country basis, Taiwan was among the top contributors to the Fund's relative performance due to stock selection including Taiwan Semiconductor Manufacturing Co., which benefited from its dominant position in the AI chip market. Conversely, China was the largest detractor due to stock selection in areas including e-commerce where intense competition eroded margins and as the broader economy was hindered by weak consumption. South Africa and Brazil were detractors due to stock selection when both countries were impacted by macroeconomic headwinds and tariff concerns in the period. 

* On a sector basis, stock selection in information technology, including Tencent Holdings, was the biggest contributor, helped by positive investor sentiment toward AI. Conversely, consumer discretionary detracted the most due to stock selection, while industrials detracted due to stock selection and materials detracted due to an underweight allocation. 

#### Fund Performance
The following graph compares the initial and subsequent account values for the life of the Fund. It assumes a hypothetical $10,000 initial investment in the Fund and in an appropriate, broad-based securities market index for the same periods.

#### Growth of a Hypothetical $10,000 Investment
![Fund Performance - Growth of 10K](g215007chartimages_11233484.jpg)

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.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **Since Inception<br>(7/13/22)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Matthews Emerging Markets Equity Active ETF - NAV Return | 27.53% | 14.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI Emerging Markets Index | 34.36% | 14.50% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Visit matthewsasia.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$42883715 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;118.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$333914 |

---

#### 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. | 6.0% |
| Alibaba Group Holding, Ltd. | 5.9% |
| Samsung Electronics Co., Ltd. | 3.9% |
| HDFC Bank, Ltd. | 3.1% |
| SK Hynix, Inc. | 2.6% |
| Antofagasta PLC | 2.2% |
| Itau Unibanco Holding SA | 2.2% |
| Korea Investment Holdings Co., Ltd. | 2.2% |
| HD Hyundai Electric Co., Ltd. | 2.1% |
| TOTAL | 42.3% |

---

**Country Allocation**

![Graphical Representation - Allocation 1 Chart](g215007chartimages_11233489.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g215007chartimages_11233494.jpg)

\* Excludes short-term securities, if any.

Top ten holdings may combine more than one security from the same issuer and related depository receipts.

#### How has the Fund Changed?
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at matthewsasia.com/documents or upon request at 833.228.5605.

On February 13, 2026, Matthews International Capital Management, LLC ("Matthews"), the investment adviser to the Funds, announced that Matthews intends to repurchase the ownership interests held by three existing investors, with the repurchases to be funded, in part, by the purchase of additional equity interests in Matthews by existing and certain other investors (the "Transaction"). Shareholders of the Funds are expected to be asked to approve a new investment management agreement with Matthews due to the change of control resulting from the Transaction. The Transaction is expected to close in the second quarter of 2026, pending the satisfaction of all closing conditions, including approval by shareholders of each series of the Trust.

#### 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.

Matthews Emerging Markets Equity Active ETF MEM 1225

![TSR - Matthews Asia Funds Logo](g215007images_30351.jpg)

### Matthews Emerging Markets ex China Active ETF

### MEMX
Listed on the NYSE Arca

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This 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 December 31, 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.

This report describes changes to the Fund that occurred since the beginning of the reporting period.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| &nbsp;&nbsp;&nbsp;&nbsp;Matthews Emerging Markets ex China Active ETF | $91 | 0.79% |

---

#### Management's Discussion of Fund Performance
* For the year ended December 31, 2025, the Fund returned 30.78% (NAV) and 31.82% (Market Price) while its benchmark returned 35.64%. 

* 2025 marked the first time in five years that emerging markets equities outperformed U.S. stocks supported by a favorable macro environment, positive investor sentiment toward artificial intelligence (AI) and easing geopolitical tensions. North Asia markets helped drive overall gains, as Taiwan and South Korea benefited from their global dominance in AI-related semiconductors. Korean equities also gained from market-friendly governance reforms and a cyclical revival in heavy industrial sectors. 

* On a country basis, India was the top contributor to the Fund's relative performance due to an underweight allocation as the market was impacted by negative investor sentiment related to concerns over economic growth prospects and geopolitical tensions. Saudi Arabia contributed due to an underweight allocation and Peru contributed due to an overweight allocation and stock selection, including Compania de Minas Buenaventura, a metals mining company which gained from strong earnings and high prices in key metals. In contrast, South Africa was the biggest detractor due to stock selection. Indonesia detracted because of an overweight allocation amid a backdrop of political instability while Poland detracted due to stock selection as InPost, a logistics company, was impacted by concerns over profitability. Thailand also detracted due to stock selection. 

* On a sector basis, an underweight allocation and stock selection in utilities was the biggest contributor, followed by stock selection in information technology as Samsung Electronics and SK Hynix, leading manufacturers of memory chips outperformed, amid the rapid global roll-out of AI infrastructure. An underweight allocation to energy was also a contributor. Conversely, stock selection in industrials was the biggest detractor, followed by health care and consumer discretionary, including Eclat Textile, a Taiwanese sports apparel maker, due to an overweight allocation. 

#### Fund Performance
The following graph compares the initial and subsequent account values for the life of the Fund. It assumes a hypothetical $10,000 initial investment in the Fund and in an appropriate, broad-based securities market index for the same periods.

#### Growth of a Hypothetical $10,000 Investment
![Fund Performance - Growth of 10K](g215007chartimages_11233598.jpg)

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.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **Since Inception<br>(1/10/23)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Matthews Emerging Markets ex China Active ETF - NAV Return | 30.78% | 16.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI Emerging Markets ex China Index | 35.64% | 18.00% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Visit matthewsasia.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$35158140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;102.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$277518 |

---

#### 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. | 12.0% |
| Samsung Electronics Co., Ltd. | 7.3% |
| SK Hynix, Inc. | 3.1% |
| Grab Holdings, Ltd. | 1.7% |
| NU Holdings, Ltd. | 1.6% |
| Cia de Minas Buenaventura SAA | 1.6% |
| Mahindra & Mahindra, Ltd. | 1.6% |
| HDFC Bank, Ltd. | 1.5% |
| ICICI Bank, Ltd. | 1.4% |
| Asia Commercial Bank JSC | 1.4% |
| TOTAL | 33.2% |

---

**Country Allocation**

![Graphical Representation - Allocation 1 Chart](g215007chartimages_11233603.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g215007chartimages_11233608.jpg)

\* Excludes short-term securities, if any.

Top ten holdings may combine more than one security from the same issuer and related depository receipts.

#### How has the Fund Changed?
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at matthewsasia.com/documents or upon request at 833.228.5605.

On February 13, 2026, Matthews International Capital Management, LLC ("Matthews"), the investment adviser to the Funds, announced that Matthews intends to repurchase the ownership interests held by three existing investors, with the repurchases to be funded, in part, by the purchase of additional equity interests in Matthews by existing and certain other investors (the "Transaction"). Shareholders of the Funds are expected to be asked to approve a new investment management agreement with Matthews due to the change of control resulting from the Transaction. The Transaction is expected to close in the second quarter of 2026, pending the satisfaction of all closing conditions, including approval by shareholders of each series of the Trust.

#### 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.

Matthews Emerging Markets ex China Active ETF MEMX 1225

![TSR - Matthews Asia Funds Logo](g215007images_30351.jpg)

### Matthews Emerging Markets Sustainable Future Active ETF

### EMSF
Listed on the NYSE Arca

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This 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 December 31, 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.

This report describes changes to the Fund that occurred since the beginning of the reporting period.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| &nbsp;&nbsp;&nbsp;&nbsp;Matthews Emerging Markets Sustainable Future Active ETF | $89 | 0.79% |

---

#### Management's Discussion of Fund Performance
* For the year ended December 31, 2025, the Fund returned 25.68%, (NAV) and 25.83% (Market Price) while its benchmark returned 34.36%. 

* 2025 marked the first time in five years that emerging markets equities outperformed U.S. stocks supported by a favorable macro environment, positive investor sentiment toward artificial intelligence (AI) and easing geopolitical tensions. North Asia markets helped drive gains, as Taiwan and South Korea benefited from their global dominance in AI-related semiconductors. Korean equities also gained from market-friendly governance reforms and a cyclical revival in heavy industrial sectors. 

* On a country basis, stock selection in Brazil and South Korea and an underweight allocation in Saudi Arabia were among the top contributors to the Fund's relative performance. An off-benchmark allocation to the U.S., including Micron Technology, also supported gains as an increase in demand for AI-related high-bandwidth (HBM) chips drove up volumes and margins. In contrast, stock selection in China/Hong Kong and South Africa detracted, and stock selection and an overweight allocation to India detracted. In China, Meituan was hurt by margin erosion due to intensive competition in food delivery and Legend Biotech, a commercial-stage biopharma company, was impacted by concerns over competition from new entrants and alternative therapies. In addition, stocks in India were impacted by weakening confidence and concerns over nominal GDP growth. 

* On a sector basis, stock selection in consumer staples, including JD Health International, a Chinese online health care platform, contributed the most. A zero allocation in energy and stock selection and an overweight allocation to information technology also contributed. Conversely, stock selection in consumer discretionary, financials and health care detracted. 

#### Fund Performance
The following graph compares the initial and subsequent account values for the life of the Fund. It assumes a hypothetical $10,000 initial investment in the Fund and in an appropriate, broad-based securities market index for the same periods.

#### Growth of a Hypothetical $10,000 Investment
![Fund Performance - Growth of 10K](g215007chartimages_11233826.jpg)

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.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **Since Inception<br>(9/21/23)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Matthews Emerging Markets Sustainable Future Active ETF - NAV Return | 25.68% | 10.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI Emerging Markets Index | 34.36% | 21.65% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Visit matthewsasia.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$29794236 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;65.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$222861 |

---

#### 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. | 11.6% |
| Samsung Electronics Co., Ltd. | 5.0% |
| Bandhan Bank, Ltd. | 4.9% |
| Meituan | 3.7% |
| Micron Technology, Inc. | 3.2% |
| SK Square Co., Ltd. | 3.2% |
| InPost SA | 2.9% |
| HD Hyundai Electric Co., Ltd. | 2.9% |
| Indus Towers, Ltd. | 2.7% |
| Elite Material Co., Ltd. | 2.6% |
| TOTAL | 42.7% |

---

**Country Allocation**

![Graphical Representation - Allocation 1 Chart](g215007chartimages_11233831.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g215007chartimages_11233836.jpg)

\* Excludes short-term securities, if any.

Top ten holdings may combine more than one security from the same issuer and related depository receipts.

#### How has the Fund Changed?
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at matthewsasia.com/documents or upon request at 833.228.5605.

On February 13, 2026, Matthews International Capital Management, LLC ("Matthews"), the investment adviser to the Funds, announced that Matthews intends to repurchase the ownership interests held by three existing investors, with the repurchases to be funded, in part, by the purchase of additional equity interests in Matthews by existing and certain other investors (the "Transaction"). Shareholders of the Funds are expected to be asked to approve a new investment management agreement with Matthews due to the change of control resulting from the Transaction. The Transaction is expected to close in the second quarter of 2026, pending the satisfaction of all closing conditions, including approval by shareholders of each series of the Trust.

#### 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.

Matthews Emerging Markets Sustainable Future Active ETF EMSF 1225

![TSR - Matthews Asia Funds Logo](g215007images_30351.jpg)

### Matthews Asia Innovators Active ETF

### MINV
Listed on the NYSE Arca

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Matthews Asia Innovators Active ETF (the "Fund") for the period of January 01, 2025 to December 31, 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.

This report describes changes to the Fund that occurred since the beginning of the reporting period.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| &nbsp;&nbsp;&nbsp;&nbsp;Matthews Asia Innovators Active ETF | $92 | 0.80% |

---

#### Management's Discussion of Fund Performance
* For the year ended December 31, 2025, the Fund returned 29.97%, (NAV) and 30.91% (Market Price) while its benchmark, the MSCI All Country Asia ex Japan Index, returned 33.02%. 

* Asian equities delivered strong returns, outperforming U.S. stocks in 2025. Performance was supported by a favorable macro environment, positive investor sentiment toward artificial intelligence (AI) and easing geopolitical tensions. North Asia markets helped drive gains, as Taiwan and South Korea benefited from their global dominance in AI-related semiconductors. 

* On a country basis, Taiwan was the top contributor to the Fund's relative performance due to stock selection, including Taiwan Semiconductor Manufacturing Co., which benefited from its dominant position in the AI chip market. Indonesia also contributed due an underweight allocation. In contrast, China was the biggest detractor due to stock selection in areas including e-commerce where intense competition eroded margins and as the broader economy was hindered by weak consumption. Korea also detracted due to stock selection. 

* On a sector basis, an underweight allocation to consumer staples was the biggest contributor. Stock selection in information technology, including Samsung Electronics and SK Hynix, was also a top contributor, helped by positive investor sentiment toward AI. On the other hand, consumer discretionary and industrials detracted the most due to stock selection while materials detracted due to zero allocation. 

#### Fund Performance
The following graph compares the initial and subsequent account values for the life of the Fund. It assumes a hypothetical $10,000 initial investment in the Fund and in an appropriate, broad-based securities market index for the same periods.

#### Growth of a Hypothetical $10,000 Investment
![Fund Performance - Growth of 10K](g215007chartimages_11233522.jpg)

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.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **Since Inception<br>(7/13/22)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Matthews Asia Innovators Active ETF - NAV Return | 29.97% | 11.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI AC Asia ex Japan Index | 33.02% | 13.86% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Visit matthewsasia.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$79583300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;56 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;102.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$536186 |

---

#### 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. | 11.8% |
| Tencent Holdings, Ltd. | 6.9% |
| Samsung Electronics Co., Ltd. | 5.5% |
| Alibaba Group Holding, Ltd. | 4.4% |
| SK Hynix, Inc. | 3.7% |
| Eternal, Ltd. | 3.2% |
| NAURA Technology Group Co., Ltd. | 3.2% |
| PDD Holdings, Inc. | 3.1% |
| Delta Electronics, Inc. | 2.5% |
| Sea, Ltd. | 2.3% |
| TOTAL | 46.6% |

---

**Country Allocation**

![Graphical Representation - Allocation 1 Chart](g215007chartimages_11233527.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g215007chartimages_11233532.jpg)

\* Excludes short-term securities, if any.

Top ten holdings may combine more than one security from the same issuer and related depository receipts.

#### How has the Fund Changed?
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at matthewsasia.com/documents or upon request at 833.228.5605.

On February 13, 2026, Matthews International Capital Management, LLC ("Matthews"), the investment adviser to the Funds, announced that Matthews intends to repurchase the ownership interests held by three existing investors, with the repurchases to be funded, in part, by the purchase of additional equity interests in Matthews by existing and certain other investors (the "Transaction"). Shareholders of the Funds are expected to be asked to approve a new investment management agreement with Matthews due to the change of control resulting from the Transaction. The Transaction is expected to close in the second quarter of 2026, pending the satisfaction of all closing conditions, including approval by shareholders of each series of the Trust.

#### 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.

Matthews Asia Innovators Active ETF MINV 1225

![TSR - Matthews Asia Funds Logo](g215007images_30351.jpg)

### Matthews Pacific Tiger Active ETF

### ASIA
Listed on the NYSE Arca

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Matthews Pacific Tiger Active ETF (the "Fund") for the period of January 01, 2025 to December 31, 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.

This report describes changes to the Fund that occurred since the beginning of the reporting period.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| &nbsp;&nbsp;&nbsp;&nbsp;Matthews Pacific Tiger Active ETF | $91 | 0.79% |

---

#### Management's Discussion of Fund Performance
* For the year ended December 31, 2025, the Fund returned 30.51% (NAV) and 32.05% (Market Price) while its benchmark returned 33.02%. 

* Asian equities delivered strong returns, outperforming U.S. stocks in 2025. Performance was supported by a favorable macro environment, positive investor sentiment toward artificial intelligence (AI), and easing geopolitical tensions. North Asia markets helped drive gains, as Taiwan and South Korea benefited from their global dominance in AI-related semiconductors. Korean equities also gained from market-friendly governance reforms and a cyclical revival in heavy industrial sectors. 

* On a country basis, the top contributors to the Fund's relative performance were stock selection in Taiwan and China/Hong Kong, where Alibaba Group and Tencent Holdings benefited from positive investor sentiment toward AI innovation and growth in their cloud businesses. The top three detractors were India due to stock selection against a backdrop of economic growth concerns, Vietnam due to an off-benchmark allocation and Indonesia due to stock selection. 

* On a sector basis, stock selection in information technology, including in Taiwan Semiconductor Manufacturing Co., and memory chipmakers Samsung Electronics and SK Hynix, contributed the most. Stock selection in industrials, led in part by China names associated with the robotics and green technology, also contributed. In contrast, communication services detracted due to stock selection while health care detracted due to an overweight allocation and stock selection. 

#### Fund Performance
The following graph compares the initial and subsequent account values for the life of the Fund. It assumes a hypothetical $10,000 initial investment in the Fund and in an appropriate, broad-based securities market index for the same periods.

#### Growth of a Hypothetical $10,000 Investment
![Fund Performance - Growth of 10K](g215007chartimages_11233674.jpg)

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.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **Since Inception<br>(9/21/23)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Matthews Pacific Tiger Active ETF - NAV Return | 30.51% | 15.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI All Country Asia ex Japan Index | 33.02% | 22.67% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Visit matthewsasia.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$42587976 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;113.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$348409 |

---

#### 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. | 12.5% |
| Tencent Holdings, Ltd. | 6.0% |
| Samsung Electronics Co., Ltd. | 6.0% |
| Alibaba Group Holding, Ltd. | 4.1% |
| SK Hynix, Inc. | 3.7% |
| Delta Electronics, Inc. | 2.5% |
| DBS Group Holdings, Ltd. | 2.1% |
| Hongfa Technology Co., Ltd. | 2.1% |
| HDFC Bank, Ltd. | 1.9% |
| KB Financial Group, Inc. | 1.8% |
| TOTAL | 42.7% |

---

**Country Allocation**

![Graphical Representation - Allocation 1 Chart](g215007chartimages_11233679.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g215007chartimages_11233684.jpg)

\* Excludes short-term securities, if any.

Top ten holdings may combine more than one security from the same issuer and related depository receipts.

#### How has the Fund Changed?
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at matthewsasia.com/documents or upon request at 833.228.5605.

On February 13, 2026, Matthews International Capital Management, LLC ("Matthews"), the investment adviser to the Funds, announced that Matthews intends to repurchase the ownership interests held by three existing investors, with the repurchases to be funded, in part, by the purchase of additional equity interests in Matthews by existing and certain other investors (the "Transaction"). Shareholders of the Funds are expected to be asked to approve a new investment management agreement with Matthews due to the change of control resulting from the Transaction. The Transaction is expected to close in the second quarter of 2026, pending the satisfaction of all closing conditions, including approval by shareholders of each series of the Trust.

#### 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.

Matthews Pacific Tiger Active ETF ASIA 1225

![TSR - Matthews Asia Funds Logo](g215007images_30351.jpg)

### Matthews China Active ETF

### MCH
Listed on the NYSE Arca

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Matthews China Active ETF (the "Fund") for the period of January 01, 2025 to December 31, 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.

This report describes changes to the Fund that occurred since the beginning of the reporting period.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| &nbsp;&nbsp;&nbsp;&nbsp;Matthews China Active ETF | $91 | 0.79% |

---

#### Management's Discussion of Fund Performance
* For the year ended December 31, 2025, the Fund returned 29.85%, (NAV) and 30.21% (Market Price) while its benchmark returned 31.43%. 

* China delivered robust returns in 2025, supported in part by easing geopolitical tensions with the U.S. After a challenging start to the year marked by the imposition of punitive U.S. tariffs, bilateral trade agreements in key areas including rare earths and technology signaled a pragmatic approach between the two countries that was welcomed by markets. Performance was further supported by a strong rally in technology and internet stocks. However, the broader economy and earnings growth were hindered by weak consumption and continued sluggishness of the property market. 

* On a sector basis, stock selection in information technology, including Suzhou TFC Optical Communication, was the largest contributor to the Fund's relative performance, supported by positive investor sentiment toward artificial intelligence (AI) and AI capital expenditure deployment. Alibaba Group was a significant absolute contributor to performance given positive sentiment towards its AI capabilities. Stock selection in financials, including New China Life Insurance and China Life Insurance, also contributed, aided by attractive valuations and by structural changes as policy measures encouraged household savings to move toward pension and investment products. 

* On the other hand, consumer discretionary stocks, including China's largest food delivery service provider Meituan, and BYD, a globally leading auto maker, were the biggest detractors due to stock selection. Earnings across several industries, particularly in e-commerce and autos, were negatively impacted by our underweight positions in Tencent Holdings and Alibaba versus the benchmark. 

#### Fund Performance
The following graph compares the initial and subsequent account values for the life of the Fund. It assumes a hypothetical $10,000 initial investment in the Fund and in an appropriate, broad-based securities market index for the same periods.

#### Growth of a Hypothetical $10,000 Investment
![Fund Performance - Growth of 10K](g215007chartimages_11233560.jpg)

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.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **Since Inception<br>(7/13/22)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Matthews China Active ETF - NAV Return | 29.85% | 5.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI China Index | 31.43% | 7.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI China All Shares Index | 29.22% | 5.65% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Visit matthewsasia.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$22704717 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;67 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;39.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$204965 |

---

#### 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. | 9.8% |
| Alibaba Group Holding, Ltd. | 8.8% |
| Ping An Insurance Group Co. of China, Ltd. | 4.4% |
| China Merchants Bank Co., Ltd. | 4.3% |
| CMOC Group, Ltd. | 3.6% |
| China Construction Bank Corp. | 3.6% |
| China Life Insurance Co., Ltd. | 3.6% |
| JD.com, Inc. | 3.0% |
| PDD Holdings, Inc. | 2.7% |
| Contemporary Amperex Technology Co., Ltd. | 2.5% |
| TOTAL | 46.3% |

---

**Country Allocation**

![Graphical Representation - Allocation 1 Chart](g215007chartimages_11233565.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g215007chartimages_11233570.jpg)

\* Excludes short-term securities, if any.

Top ten holdings may combine more than one security from the same issuer and related depository receipts.

#### How has the Fund Changed?
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at matthewsasia.com/documents or upon request at 833.228.5605.

On February 13, 2026, Matthews International Capital Management, LLC ("Matthews"), the investment adviser to the Funds, announced that Matthews intends to repurchase the ownership interests held by three existing investors, with the repurchases to be funded, in part, by the purchase of additional equity interests in Matthews by existing and certain other investors (the "Transaction"). Shareholders of the Funds are expected to be asked to approve a new investment management agreement with Matthews due to the change of control resulting from the Transaction. The Transaction is expected to close in the second quarter of 2026, pending the satisfaction of all closing conditions, including approval by shareholders of each series of the Trust.

#### 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.

Matthews China Active ETF MCH 1225

![TSR - Matthews Asia Funds Logo](g215007images_30351.jpg)

### Matthews India Active ETF

### INDE
Listed on the NYSE Arca

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Matthews India Active ETF (the "Fund") for the period of January 01, 2025 to December 31, 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.

This report describes changes to the Fund that occurred since the beginning of the reporting period.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| &nbsp;&nbsp;&nbsp;&nbsp;Matthews India Active ETF | $80 | 0.79% |

---

#### Management's Discussion of Fund Performance
* For the year ended December 31, 2025, the Fund returned 2.18%, (NAV) and 2.37% (Market Price) while its benchmark returned 4.29%. 

* India underperformed Asia in 2025, weighed down by foreign institutional investor outflows amid concerns about growth prospects and generally expensive valuations. Geopolitical tensions, including India's continued purchases of Russian oil and ongoing negotiations related to U.S. tariffs, also remained a negative overhang on the market. 

* On a sector basis, stock selection in consumer discretionary was the biggest contributor to relative performance. Financials was also a top contributor due to stock selection, including leading non-banking financial services companies Shriram Finance Ltd. and Bajaj Finance Ltd. The sector performed well, supported by interest rate cuts and expectations of increased business activity. Utilities also contributed due to zero allocation. 

* Conversely, stock selection in information technology (IT) was the biggest detractor. Infosys and Tata Consultancy Services, both IT and consulting services firms, were impacted by negative sector sentiment amid concerns the global boom in artificial intelligence may disrupt the sector. The materials sector detracted due to an underweight allocation and stock selection, as did industrials, due to stock selection. 

#### Fund Performance
The following graph compares the initial and subsequent account values for the life of the Fund. It assumes a hypothetical $10,000 initial investment in the Fund and in an appropriate, broad-based securities market index for the same periods.

#### Growth of a Hypothetical $10,000 Investment
![Fund Performance - Growth of 10K](g215007chartimages_11233712.jpg)

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.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **Since Inception<br>(9/21/23)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Matthews India Active ETF - NAV Return | 2.18% | 9.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI India Index | 4.29% | 12.52% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Visit matthewsasia.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$9629313 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;67.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$94709 |

---

#### 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% |
| Eternal, Ltd. | 6.2% |
| ICICI Bank, Ltd. | 5.2% |
| Thanga Mayil Jewellery, Ltd. | 4.8% |
| Swiggy, Ltd. | 4.8% |
| Bajaj Finance, Ltd. | 4.4% |
| Shriram Finance, Ltd. | 4.0% |
| Reliance Industries, Ltd. | 3.8% |
| Infosys, Ltd. | 3.6% |
| Bharti Airtel, Ltd. | 3.4% |
| TOTAL | 48.6% |

---

**Country Allocation**

![Graphical Representation - Allocation 1 Chart](g215007chartimages_11233717.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g215007chartimages_11233722.jpg)

\* Excludes short-term securities, if any.

Top ten holdings may combine more than one security from the same issuer and related depository receipts.

#### How has the Fund Changed?
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at matthewsasia.com/documents or upon request at 833.228.5605.

On February 13, 2026, Matthews International Capital Management, LLC ("Matthews"), the investment adviser to the Funds, announced that Matthews intends to repurchase the ownership interests held by three existing investors, with the repurchases to be funded, in part, by the purchase of additional equity interests in Matthews by existing and certain other investors (the "Transaction"). Shareholders of the Funds are expected to be asked to approve a new investment management agreement with Matthews due to the change of control resulting from the Transaction. The Transaction is expected to close in the second quarter of 2026, pending the satisfaction of all closing conditions, including approval by shareholders of each series of the Trust.

#### 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.

Matthews India Active ETF INDE 1225

![TSR - Matthews Asia Funds Logo](g215007images_30351.jpg)

### Matthews Japan Active ETF

### JPAN
Listed on the NYSE Arca

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Matthews Japan Active ETF (the "Fund") for the period of January 01, 2025 to December 31, 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.

This report describes changes to the Fund that occurred since the beginning of the reporting period.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| &nbsp;&nbsp;&nbsp;&nbsp;Matthews Japan Active ETF | $88 | 0.79% |

---

#### Management's Discussion of Fund Performance
* For the year ended December 31, 2025, the Fund returned 21.79%, (NAV) and 23.01% (Market Price) while its benchmark, the MSCI Japan Index, returned 25.05%. 

* Japan's market showed underlying strength supported by an increase in multiples, generally solid earnings and ongoing corporate reforms. 

* Consumer discretionary, information technology (IT) and industrials were the top three contributors to the Fund's relative performance due to stock selection as Japanese corporates delivered resilient earnings and investors benefited from corporate governance changes which continued to incentivize more shareholder-friendly capital allocation, including stock buybacks and dividend increases. NEC, an IT company, and Marubeni Corp., a global trading company involved in energy, metals, power, and IT, were among the top performers as global demand related to the roll-out of artificial intelligence (AI) equipment and infrastructure increased. 

* In the second half of the year, the market was impacted by political change and policy uncertainty following the election of Prime Minister Sanae Takaichi. The top three detractors were consumer staples, financials and communication services due to stock selection. The largest detractors included Recruit Holdings, a human resources (HR) company, and Tokio Marine, a global insurer. As some areas of the market increasingly exhibited exuberance related to AI themes, we avoided stocks driven by price momentum and focused on companies with strong fundamentals. 

#### Fund Performance
The following graph compares the initial and subsequent account values for the life of the Fund. It assumes a hypothetical $10,000 initial investment in the Fund and in an appropriate, broad-based securities market index for the same periods.

#### Growth of a Hypothetical $10,000 Investment
![Fund Performance - Growth of 10K](g215007chartimages_11233750.jpg)

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.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **Since Inception<br>(9/21/23)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Matthews Japan Active ETF - NAV Return | 21.79% | 20.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI Japan Index | 25.05% | 16.91% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Visit matthewsasia.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5713949 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;121.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$39386 |

---

#### 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. | 5.7% |
| Mitsubishi UFJ Financial Group, Inc. | 4.9% |
| Hitachi, Ltd. | 4.7% |
| Tokyo Electron, Ltd. | 4.2% |
| Sumitomo Mitsui Financial Group, Inc. | 3.9% |
| Toyota Motor Corp. | 3.1% |
| ORIX Corp. | 3.0% |
| Marubeni Corp. | 3.0% |
| NEC Corp. | 2.9% |
| Sumitomo Corp. | 2.7% |
| TOTAL | 38.1% |

---

**Country Allocation**

![Graphical Representation - Allocation 1 Chart](g215007chartimages_11233755.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g215007chartimages_11233760.jpg)

\* Excludes short-term securities, if any.

Top ten holdings may combine more than one security from the same issuer and related depository receipts.

#### How has the Fund Changed?
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at matthewsasia.com/documents or upon request at 833.228.5605.

On February 13, 2026, Matthews International Capital Management, LLC ("Matthews"), the investment adviser to the Funds, announced that Matthews intends to repurchase the ownership interests held by three existing investors, with the repurchases to be funded, in part, by the purchase of additional equity interests in Matthews by existing and certain other investors (the "Transaction"). Shareholders of the Funds are expected to be asked to approve a new investment management agreement with Matthews due to the change of control resulting from the Transaction. The Transaction is expected to close in the second quarter of 2026, pending the satisfaction of all closing conditions, including approval by shareholders of each series of the Trust.

#### 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.

Matthews Japan Active ETF JPAN 1225

![TSR - Matthews Asia Funds Logo](g215007images_30351.jpg)

### Matthews Korea Active ETF

### MKOR
Listed on the NYSE Arca

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Matthews Korea Active ETF (the "Fund") for the period of January 01, 2025 to December 31, 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.

This report describes changes to the Fund that occurred since the beginning of the reporting period.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| &nbsp;&nbsp;&nbsp;&nbsp;Matthews Korea Active ETF | $107 | 0.79% |

---

#### Management's Discussion of Fund Performance
* For the year ended December 31, 2025, the Fund returned 70.14% (NAV) and 70.38% (Market Price) while its benchmark returned 96.54%. 

* South Korea was the top performer in emerging markets equities in 2025, surpassing developed markets, including the U.S. While the Korean market was a significant beneficiary of the global artificial intelligence (AI) boom, its strong performance was also due to its capabilities in growing industries like shipbuilding, defense and power infrastructure, as well as competitiveness in key global sectors including autos and biopharmaceuticals. Meaningful progress in corporate governance reforms due to strong policy initiatives also supported investment returns. 

* On a sector basis, the Fund's underweight allocation to materials, which was impacted by stagnant demand and capacity, was the largest contributor to relative performance. Stock selection in health care, which also underperformed the broader market, was a top contributor, as was an overweight allocation to utilities which benefited from a strong performance by Korea Electric Power Corp. on significantly improved earnings. 

* In contrast, stock selection in information technology (IT) was the biggest relative detractor. While memory chipmakers Samsung Electronics and SK Hynix contributed strong absolute returns, aided by the global buildout of AI and a cyclical recovery in the dynamic random access memory (DRAM) market, the two companies were among a small group that powered a narrow rally in IT stocks. The Fund's diversified construction limited exposure to this rally. 

#### Fund Performance
The following graph compares the initial and subsequent account values for the past 10 years. It assumes a hypothetical $10,000 initial investment in the Fund and in an appropriate, broad-based securities market index for the same periods.

#### Growth of a Hypothetical $10,000 Investment
![Fund Performance - Growth of 10K](g215007chartimages_11233636.jpg)

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.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;Matthews Korea Active ETF - NAV Return | 70.14% | 4.18% | 6.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI Korea 25/50 Index | 96.54% | 5.66% | 9.89% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Visit matthewsasia.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$72872835 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;69.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$446843 |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.

**Top Ten Holdings \*** 

---

| | |
|:---|:---|
| Samsung Electronics Co., Ltd. | 18.4% |
| Samsung Electronics Co., Ltd., Pfd. | 5.4% |
| SK Square Co., Ltd. | 4.7% |
| SK Hynix, Inc. | 4.6% |
| KB Financial Group, Inc. | 3.8% |
| Hana Financial Group, Inc. | 3.7% |
| HD Hyundai Electric Co., Ltd. | 2.8% |
| Samsung Biologics Co., Ltd. | 2.7% |
| Samsung C&T Corp. | 2.6% |
| Samsung Electro-Mechanics Co., Ltd. | 2.5% |
| TOTAL | 51.2% |

---

**Country Allocation**

![Graphical Representation - Allocation 1 Chart](g215007chartimages_11233641.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g215007chartimages_11233646.jpg)

\* Excludes short-term securities, if any.

Top ten holdings may combine more than one security from the same issuer and related depository receipts.

#### How has the Fund Changed?
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at matthewsasia.com/documents or upon request at 833.228.5605.

On February 13, 2026, Matthews International Capital Management, LLC ("Matthews"), the investment adviser to the Funds, announced that Matthews intends to repurchase the ownership interests held by three existing investors, with the repurchases to be funded, in part, by the purchase of additional equity interests in Matthews by existing and certain other investors (the "Transaction"). Shareholders of the Funds are expected to be asked to approve a new investment management agreement with Matthews due to the change of control resulting from the Transaction. The Transaction is expected to close in the second quarter of 2026, pending the satisfaction of all closing conditions, including approval by shareholders of each series of the Trust.

#### 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.

Matthews Korea Active ETF MKOR 1225

![TSR - Matthews Asia Funds Logo](g215007images_30351.jpg)

### Matthews Asia Dividend Active ETF

### ADVE
Listed on the NYSE Arca

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Matthews Asia Dividend Active ETF (the "Fund") for the period of January 01, 2025 to December 31, 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.

This report describes changes to the Fund that occurred since the beginning of the reporting period.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| &nbsp;&nbsp;&nbsp;&nbsp;Matthews Asia Dividend Active ETF | $89 | 0.79% |

---

#### Management's Discussion of Fund Performance
* For the year ended December 31, 2025, the Fund returned 25.91% (NAV) and 26.13% (Market Price) while its benchmark returned 28.59%. 

* Asian equities delivered strong returns, outperforming U.S. stocks in 2025. Performance was supported by a favorable macro environment, positive investor sentiment toward artificial intelligence (AI) and easing geopolitical tensions. Japan's market showed underlying strength supported by an increase in multiples, generally solid earnings and ongoing corporate reforms. 

* On a country basis, Taiwan and Japan were the top contributors to relative performance due to stock selection, including Taiwan Semiconductor Manufacturing Co. (TSMC), Marubeni Corp., a Japanese trading company that has a strong focus on improving its return on equity and shareholder returns, and NEC Corp., a Japanese company operating in information technology (IT) services and aerospace/national security. Conversely, China/Hong Kong was the largest detractor due to stock selection primarily among consumer discretionary companies where intense competition pressured margins amid weak consumption. South Korea also detracted from relative performance due to stock selection; however, an overweight allocation to the country, intended to capture attractively priced, above-market dividend-yielding stocks, contributed to absolute returns. 

* On a sector basis, stock selection in IT contributed the most, with TSMC and Samsung Electronics performing strongly, helped by positive investor sentiment toward AI. Stock selection in communication services, including Tencent Holdings, also contributed to returns. Stock selection in financials contributed positively, including Hana Financial Group. In contrast, consumer staples, including Wuliangye Yibin in China and Asahi Group in Japan, detracted due to an overweight allocation and stock selection. Materials detracted due to stock selection and real estate detracted due to an overweight allocation and stock selection. 

#### Fund Performance
The following graph compares the initial and subsequent account values for the life of the Fund. It assumes a hypothetical $10,000 initial investment in the Fund and in an appropriate, broad-based securities market index for the same periods.

#### Growth of a Hypothetical $10,000 Investment
![Fund Performance - Growth of 10K](g215007chartimages_11233788.jpg)

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.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **Since Inception<br>(9/21/23)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Matthews Asia Dividend Active ETF - NAV Return | 25.91% | 17.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI All Country Asia Pacific Index | 28.59% | 19.92% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Visit matthewsasia.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5863383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;67 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;57.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$31257 |

---

#### 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. | 5.1% |
| Samsung Electronics Co., Ltd. | 5.0% |
| Hana Financial Group, Inc. | 3.0% |
| Alibaba Group Holding, Ltd. | 2.2% |
| Marubeni Corp. | 2.1% |
| Mitsubishi UFJ Financial Group, Inc. | 2.0% |
| Ping An Insurance Group Co. of China, Ltd. | 1.9% |
| NEC Corp. | 1.9% |
| Sumitomo Corp. | 1.9% |
| TOTAL | 35.3% |

---

**Country Allocation**

![Graphical Representation - Allocation 1 Chart](g215007chartimages_11233793.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g215007chartimages_11233798.jpg)

\* Excludes short-term securities, if any.

Top ten holdings may combine more than one security from the same issuer and related depository receipts.

#### How has the Fund Changed?
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at matthewsasia.com/documents or upon request at 833.228.5605.

On February 13, 2026, Matthews International Capital Management, LLC ("Matthews"), the investment adviser to the Funds, announced that Matthews intends to repurchase the ownership interests held by three existing investors, with the repurchases to be funded, in part, by the purchase of additional equity interests in Matthews by existing and certain other investors (the "Transaction"). Shareholders of the Funds are expected to be asked to approve a new investment management agreement with Matthews due to the change of control resulting from the Transaction. The Transaction is expected to close in the second quarter of 2026, pending the satisfaction of all closing conditions, including approval by shareholders of each series of the Trust.

#### 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.

Matthews Asia Dividend Active ETF ADVE 1225

![TSR - Matthews Asia Funds Logo](g215007images_30351.jpg)

### Matthews China Discovery Active ETF

### MCHS
Listed on the NASDAQ

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Matthews China Discovery Active ETF (the "Fund") for the period of January 01, 2025 to December 31, 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.

This report describes changes to the Fund that occurred since the beginning of the reporting period.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| &nbsp;&nbsp;&nbsp;&nbsp;Matthews China Discovery Active ETF | $102 | 0.89% |

---

#### Management's Discussion of Fund Performance
* For the year ended December 31, 2025, the Fund returned 30.24%, (NAV) and 31.18% (Market Price) while its benchmark returned 35.34%. 

* China delivered robust returns in 2025, supported in part by easing geopolitical tensions with the U.S. After a challenging start to the year marked by the imposition of punitive U.S. tariffs, bilateral trade agreements in key areas including rare earths and technology signaled a pragmatic approach between the two countries that was welcomed by markets. Performance was further supported by a strong rally in technology and internet stocks. However, the broader economy and earnings growth were hindered by weak consumption and continued sluggishness of the property market. 

* On a sector basis, stock selection in information technology was the largest contributor to the Fund's relative performance. ACM Research, a manufacturer of hi-tech equipment for the semiconductor industry, benefited from strong demand driven by the global rollout of artificial intelligence infrastructure. Stock selection in energy also contributed meaningfully, benefiting from global growth in renewable projects. 

* Conversely, stock selection in communication services and industrials detracted. Yangzijiang Shipbuilding, an industrials company, declined early in 2025 amid a short-term slowdown in order bookings related to increased geopolitical tensions with the U.S. 

#### Fund Performance
The following graph compares the initial and subsequent account values for the life of the Fund. It assumes a hypothetical $10,000 initial investment in the Fund and in an appropriate, broad-based securities market index for the same periods.

#### Growth of a Hypothetical $10,000 Investment
![Fund Performance - Growth of 10K](g215007chartimages_11233864.jpg)

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.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **Since Inception<br>(1/10/24)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Matthews China Discovery Active ETF - NAV Return | 30.24% | 19.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI China Index | 31.43% | 29.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI China Small Cap Index | 35.34% | 24.25% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Visit matthewsasia.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2602285 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;44.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$21423 |

---

#### 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 \*** 

---

| | |
|:---|:---|
| Yantai Jereh Oilfield Services Group Co., Ltd. | 4.7% |
| Hongfa Technology Co., Ltd. | 4.5% |
| ACM Research, Inc. | 4.1% |
| Wasion Holdings, Ltd. | 3.9% |
| Minth Group, Ltd. | 3.8% |
| Atour Lifestyle Holdings, Ltd. | 3.5% |
| Zhejiang Shuanghuan Driveline Co., Ltd. | 3.3% |
| Tongcheng Travel Holdings, Ltd. | 2.8% |
| NetEase Cloud Music, Inc. | 2.8% |
| China Everbright Environment Group, Ltd. | 2.3% |
| TOTAL | 35.7% |

---

**Country Allocation**

![Graphical Representation - Allocation 1 Chart](g215007chartimages_11233869.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g215007chartimages_11233874.jpg)

\* Excludes short-term securities, if any.

Top ten holdings may combine more than one security from the same issuer and related depository receipts.

#### How has the Fund Changed?
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at matthewsasia.com/documents or upon request at 833.228.5605.

On February 13, 2026, Matthews International Capital Management, LLC ("Matthews"), the investment adviser to the Funds, announced that Matthews intends to repurchase the ownership interests held by three existing investors, with the repurchases to be funded, in part, by the purchase of additional equity interests in Matthews by existing and certain other investors (the "Transaction"). Shareholders of the Funds are expected to be asked to approve a new investment management agreement with Matthews due to the change of control resulting from the Transaction. The Transaction is expected to close in the second quarter of 2026, pending the satisfaction of all closing conditions, including approval by shareholders of each series of the Trust.

#### 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.

Matthews China Discovery Active ETF MCHS 1225

![TSR - Matthews Asia Funds Logo](g215007images_30351.jpg)

### Matthews Emerging Markets Discovery Active ETF

### MEMS
Listed on the NASDAQ

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Matthews Emerging Markets Discovery Active ETF (the "Fund") for the period of January 01, 2025 to December 31, 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.

This report describes changes to the Fund that occurred since the beginning of the reporting period.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| &nbsp;&nbsp;&nbsp;&nbsp;Matthews Emerging Markets Discovery Active ETF | $94 | 0.89% |

---

#### Management's Discussion of Fund Performance
* For the year ended December 31, 2025, the Fund returned 11.14%, (NAV) and 11.20% (Market Price) while its benchmark, the MSCI Emerging Markets Small Cap Index, returned 19.09%. 

* 2025 marked the first time in five years that emerging markets equities outperformed U.S. stocks supported by a favorable macro environment, positive investor sentiment toward artificial intelligence (AI) and easing geopolitical tensions. North Asia markets helped drive gains, as Taiwan and South Korea benefited from their global dominance in AI-related semiconductors. Korean equities also gained from market-friendly governance reforms and a cyclical revival in heavy industrial sectors. 

* On a country basis, stock selection in India, including CarTrade Tech, was the biggest contributor to the Fund's relative performance. Stock selection and an overweight allocation in Chile was also a top contributor, helped by increased copper prices and an improving macro environment, as was an underweight allocation to Saudi Arabia. In contrast, the biggest detractor was stock selection in China/Hong Kong, including Legend Biotech Corp., a commercial-stage biopharma company, which was impacted by concerns over competition from new entrants and alternative therapies. Stock selection in Korea also detracted, including Hugel, a leading botulinum toxin company. 

* On a sector basis, stock selection in consumer discretionary, including YDUQS Participacoes SA, a Brazilian on-campus and distance-learning education company, was the biggest contributor, helped by a weaker U.S. dollar, improving consumer spending and expectations of a rate cut cycle commencing in 2026. Stock selection and an underweight allocation to real estate was also a big contributor. Conversely, stock selection in industrials, health care and communication services was the biggest detractor. 

#### Fund Performance
The following graph compares the initial and subsequent account values for the life of the Fund. It assumes a hypothetical $10,000 initial investment in the Fund and in an appropriate, broad-based securities market index for the same periods.

#### Growth of a Hypothetical $10,000 Investment
![Fund Performance - Growth of 10K](g215007chartimages_11233902.jpg)

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.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **Since Inception<br>(1/10/24)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Matthews Emerging Markets Discovery Active ETF - NAV Return | 11.14% | 3.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI Emerging Markets Index | 34.36% | 22.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI Emerging Markets Small Cap Index | 19.09% | 12.88% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Visit matthewsasia.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$18348298 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;42.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$161079 |

---

#### 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. | 5.4% |
| Hugel, Inc. | 3.5% |
| Cartrade Tech, Ltd. | 3.5% |
| Gold Circuit Electronics, Ltd. | 3.2% |
| Elite Material Co., Ltd. | 3.1% |
| Legend Biotech Corp. | 3.0% |
| Radico Khaitan, Ltd. | 2.9% |
| Eugene Technology Co., Ltd. | 2.8% |
| InPost SA | 2.8% |
| HD Hyundai Co., Ltd. | 2.3% |
| TOTAL | 32.5% |

---

**Country Allocation**

![Graphical Representation - Allocation 1 Chart](g215007chartimages_11233907.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g215007chartimages_11233912.jpg)

\* Excludes short-term securities, if any.

Top ten holdings may combine more than one security from the same issuer and related depository receipts.

#### How has the Fund Changed?
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at matthewsasia.com/documents or upon request at 833.228.5605.

On February 13, 2026, Matthews International Capital Management, LLC ("Matthews"), the investment adviser to the Funds, announced that Matthews intends to repurchase the ownership interests held by three existing investors, with the repurchases to be funded, in part, by the purchase of additional equity interests in Matthews by existing and certain other investors (the "Transaction"). Shareholders of the Funds are expected to be asked to approve a new investment management agreement with Matthews due to the change of control resulting from the Transaction. The Transaction is expected to close in the second quarter of 2026, pending the satisfaction of all closing conditions, including approval by shareholders of each series of the Trust.

#### 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.

Matthews Emerging Markets Discovery Active ETF MEMS 1225

------

(b) Not applicable.

#### Item 2. Code of Ethics.
(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(c) There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.

(d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item's instructions.

(e) Not applicable.

(f) A copy of the Code of Ethics is filed as an Exhibit.

------

#### Item 3. Audit Committee Financial Expert.
(a)(1) As of the end of the period covered by the report, the registrant's board of directors has determined that the registrant has three audit committee financial experts serving on its audit committee.

(a)(2) The audit committee financial experts are Neal Andrews, Christopher F. Lee, and Jonathan F. Zeschin, each of whom is "independent."

---

| | |
|:---|:---|
| (c)(4) | Mr. Andrews was previously the Chief Financial Officer of BlackRock Funds/iShares and worked extensively with each audit committee. In this role, Mr. Andrews' responsibilities included auditing, preparing and certifying fund financial statements; applying generally accepted accounting principles; and developing and maintaining systems of accounting and financial reporting internal controls. Mr. Andrews also oversaw service providers that performed accounting and financial reporting services. Prior to BlackRock, Mr. Andrews worked at PFPC Inc., where he headed the Fund Accounting and Administration services business and was responsible for establishing fund accounting and financial reporting policies and internal controls. Prior to that role, Mr. Andrews worked in public accounting at Price Waterhouse LLP, where he audited financial statements of both funds and operating companies and managed the professional staff who performed this function. Mr. Andrews was designated as Chair of the Audit Committee of Matthews International Funds on May 15, 2024.  |

---

Mr. Lee is an associate professor (part-time) of science practice in financial mathematics at the Hong Kong University of Science & Technology where he teaches courses in capital markets and risk management. In addition, Mr. Lee was the chairman and currently is a member of the Audit Committee of Hong Kong Securities and Investment Institute (HKSI). HKSI conducts all the licensing examinations and professional development of securities professionals in Hong Kong. Since HKSI receives funding from the Securities and Futures Commission and the Financial Services & Treasury Bureau of Hong Kong, the Audit Committee must provide the oversight in selecting professional auditing firms and preparing annual financial reports that are in compliance with government rules and regulations. Furthermore, Mr. Lee has served as a member of the Audit Committee at other large organizations such as the Oakland Museum of California and the Washington DC based African Wildlife Foundation. Mr. Lee has gained additional accounting expertise as a member of the Audit Committee of Matthews International Funds.

Mr. Zeschin is Partner of Essential Investment Partners, LLC, a wealth management and investment advisory firm. He is also the portfolio manager for that firm's Essential Growth Portfolio. Essential Investment Partners, LLC succeeded to the business of Essential Advisers, Inc. Prior to forming Essential Advisers, Inc., Mr. Zeschin held senior executive positions with Founders Asset Management, Inc., Invesco Funds Group, and Stein Roe & Farnham, Inc. Mr. Zeschin holds a Masters of Management from the Kellogg School at Northwestern University, with majors in Finance and Marketing, and a Bachelor in Business Administration in Accounting with distinction from the University of Michigan. He holds a Certified Public Accountant license from the state of Colorado and is a Certified Financial Planner certificant. Mr. Zeschin is a former chair of the ICI's Accounting Treasurer's Committee and a former member of the AICPA Investment Companies committee. Mr. Zeschin was previously the chairman of the Board of Trustees of two NYSE listed closed-end funds. He has served on the audit committees of mutual fund boards since 2002. He has experience analyzing and evaluating financial statements at the appropriate level of complexity through his professional activities referenced above. Mr. Zeschin has gained additional accounting expertise as a member of the Audit Committee of Matthews International Funds.

------

#### Item 4. Principal Accountant Fees and Services.
<u>Audit Fees</u> 

(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $848,140 in 2024 and $844,060 in 2025.

<u>Audit-Related Fees</u> 

(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $0 in 2024 and $0 in 2025.

<u>Tax Fees</u> 

(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $233,680 in 2024 and $264,135 in 2025. Tax fees include services provided by the principal accountant for tax return preparations.

<u>All Other Fees</u> 

(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 in 2024 and $0 in 2025.

------

(e)(1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

*Pre-Approval of Auditor Services*.

*Pre-Approval Requirements*. Before the Auditor is engaged by the Trust to render audit related or permissible non-audit services, either:

(i) The Audit Committee shall pre-approve all audit related services and permissible non-audit services (e.g., tax services) to be provided to the Trust; or

(ii) The Audit Committee shall establish policies and procedures governing the Auditor's engagement. Any such policies and procedures must (1) be detailed as to the particular service and (2) not involve any delegation of the Audit Committee's responsibilities to the Adviser. The Audit Committee may delegate to one or more of its members the authority to grant pre-approvals. The pre-approval policies and procedures shall include the requirement that the decisions of any member to whom authority is delegated under this Section 4(e) shall be presented to the full Audit Committee at its next scheduled meeting.

*De Minimis Exceptions to Pre-Approval Requirements.* Pre-approval for a service provided to the Trust other than audit, review or attest services is not required if: (1) the aggregate amount of all such non-audit services provided to the Trust constitutes not more than 5 percent of the total amount of revenues paid by the Trust to the Auditor during the fiscal year in which the non-audit services are provided; (2) such services were not recognized by the Trust at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and are approved by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee.

*Pre-Approval of Non-Audit Services Provided to the Adviser and Certain Control Persons.* With respect to services that have a direct impact on the operations or financial reporting of the Trust, the Audit Committee shall pre-approve all such non-audit services proposed to be provided by the Auditor to (i) the Adviser and (ii) any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the Trust.

*Application of De Minimis Exception:* The *de minimis* exceptions set forth above under Section 4(e)(ii) apply to pre-approvals under this Section 4(e)(iii) as well, except that the "total amount of revenues" calculation for Section 4(e)(iii) services is based on the total amount of revenues paid to the Auditor by the Trust and any other entity that has its services approved under this Section (i.e., the Adviser or any control person).

---

| | |
|:---|:---|
| (e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Not Applicable

(f) Not Applicable.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $364,949 in 2024 and $262,999 in 2025.

(h) The registrant's audit committee of the board of directors **has** considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

------

#### Item 5. Audit Committee of Listed Registrants.
(a) The Registrant is an issuer as defined in Section 10A-3 of the Securities Exchange Act of 1934 and has a separately-designated standing Audit Committee in accordance with Section 3(a)(58)(A) of such Act. All of the Board's independent Trustees are members of the Audit Committee.

(b) Not applicable.

#### Item 6. Investments.
(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included in the financial statements filed under Item 7 of this form.

(b) Not applicable.

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

------

Matthews Asia Funds \| Financial Statements and Other Information

December 31, 2025 \| matthewsasia.com ![](g62400imgb638ba191.gif)

![](g62400img507b42da2.gif)

------

Matthews Emerging Markets Equity FundDecember 31, 2025

*Schedule of Investments*<sup>a</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES: 97.7%** | **COMMON EQUITIES: 97.7%** | |
|  | **Shares** | <br>**Value**  |
| **China/Hong Kong: 26.1%** | **China/Hong Kong: 26.1%** | **China/Hong Kong: 26.1%** |
| Tencent Holdings, Ltd. | 210500 | $16154515 |
| Alibaba Group Holding, Ltd. | 616600 | 11321369 |
| Contemporary Amperex Technology Co., Ltd. A <br> Shares<br>| 78340 | 4126609 |
| Ping An Insurance Group Co. of China, Ltd. H <br> Shares<br>| 387000 | 3250686 |
| PetroChina Co., Ltd. H Shares | 2918000 | 3145310 |
| China Merchants Bank Co., Ltd. H Shares | 411000 | 2795991 |
| China Construction Bank Corp. H Shares | 2748000 | 2720001 |
| Futu Holdings, Ltd. ADR<sup>b</sup> <br>| 16175 | 2656097 |
| Hong Kong Exchanges & Clearing, Ltd. | 49600 | 2595139 |
| Trip.com Group, Ltd. ADR | 35524 | 2554531 |
| NetEase, Inc. ADR | 18298 | 2518171 |
| China Overseas Property Holdings, Ltd. | 3640000 | 2115846 |
| CMOC Group, Ltd. H Shares | 795000 | 1975195 |
| Baidu, Inc. Class A<sup>b</sup> <br>| 117950 | 1939714 |
| Meituan Class B<sup>b,c,d</sup> <br>| 144500 | 1914943 |
| Yum China Holdings, Inc. | 30863 | 1473400 |
| Zijin Gold International Co., Ltd.<sup>b</sup> <br>| 74300 | 1393835 |
| Cambricon Technologies Corp., Ltd. A Shares<sup>b</sup> <br>| 6795 | 1319760 |
| Zijin Mining Group Co., Ltd. H Shares | 288000 | 1318590 |
| China International Capital Corp., Ltd. H <br> Shares<sup>c,d</sup> <br>| 514400 | 1299304 |
| **Total China/Hong Kong** |  | **68589006** |
| **South Korea: 20.5%** | **South Korea: 20.5%** | **South Korea: 20.5%** |
| Samsung Electronics Co., Ltd. | 170322 | 14275521 |
| SK Hynix, Inc. | 17233 | 7804450 |
| Macquarie Korea Infrastructure Fund | 524286 | 4093719 |
| HD Hyundai Electric Co., Ltd. | 7000 | 3759338 |
| Samsung Electro-Mechanics Co., Ltd. | 19571 | 3463635 |
| Hyundai Rotem Co., Ltd. | 25767 | 3360546 |
| Korea Investment Holdings Co., Ltd. | 25561 | 2878047 |
| Hana Financial Group, Inc. | 43788 | 2857017 |
| NAVER Corp. | 15852 | 2664747 |
| Hanwha Aerospace Co., Ltd. | 4020 | 2625259 |
| SK Telecom Co., Ltd. | 54035 | 2006244 |
| KB Financial Group, Inc. | 20520 | 1766458 |
| Samsung Biologics Co., Ltd.<sup>b,c,d</sup> <br>| 1032 | 1211758 |
| Coupang, Inc.<sup>b</sup> <br>| 50008 | 1179689 |
| **Total South Korea** |  | **53946428** |
| **India: 17.4%** | **India: 17.4%** | **India: 17.4%** |
| HDFC Bank, Ltd. ADR | 220226 | 8047058 |
| ICICI Bank, Ltd. ADR | 142616 | 4249957 |
| Bharti Airtel, Ltd. | 174516 | 4096149 |
| Shriram Finance, Ltd. | 322681 | 3580998 |
| Mahindra & Mahindra, Ltd. | 84904 | 3506456 |
| TVS Motor Co., Ltd. | 69735 | 2889697 |
| Bajaj Finance, Ltd. | 255580 | 2810610 |
| Max Financial Services, Ltd.<sup>b</sup> <br>| 136297 | 2537663 |
| Eternal, Ltd.<sup>b</sup> <br>| 816862 | 2531442 |
| State Bank of India | 230604 | 2522598 |
| Marico, Ltd. | 271116 | 2263069 |
| Bandhan Bank, Ltd.<sup>c,d</sup> <br>| 1177428 | 1911787 |
| Eicher Motors, Ltd. | 17864 | 1454177 |
| Reliance Industries, Ltd. | 82741 | 1447853 |
| Tata Consumer Products, Ltd. | 93230 | 1236416 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Dixon Technologies India, Ltd.<sup>d</sup> <br>| 5670 | $764982 |
| **Total India** |  | **45850912** |
| **Taiwan: 17.3%** | **Taiwan: 17.3%** | **Taiwan: 17.3%** |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 625187 | 30732496 |
| Delta Electronics, Inc. | 124000 | 3782491 |
| MediaTek, Inc. | 78000 | 3541605 |
| Elite Material Co., Ltd. | 64000 | 3353084 |
| CTBC Financial Holding Co., Ltd. | 1563000 | 2497346 |
| Hon Hai Precision Industry Co., Ltd. | 214000 | 1568690 |
| Realtek Semiconductor Corp. | 6000 | 93160 |
| **Total Taiwan** |  | **45568872** |
| **Brazil: 6.0%** | **Brazil: 6.0%** | **Brazil: 6.0%** |
| Itau Unibanco Holding SA ADR | 790512 | 5660066 |
| NU Holdings, Ltd. Class A<sup>b</sup> <br>| 232927 | 3899198 |
| B3 SA - Brasil Bolsa Balcao | 1440800 | 3668144 |
| Vale SA ADR | 99882 | 1301462 |
| XP, Inc. A Shares | 67338 | 1102323 |
| **Total Brazil** |  | **15631193** |
| **South Africa: 2.0%** | **South Africa: 2.0%** | **South Africa: 2.0%** |
| Shoprite Holdings, Ltd. | 167789 | 2737587 |
| Valterra Platinum, Ltd. | 30792 | 2607729 |
| **Total South Africa** |  | **5345316** |
| **Mexico: 2.0%** | **Mexico: 2.0%** | **Mexico: 2.0%** |
| Grupo Financiero Banorte SAB de CV Class O | 314400 | 2914671 |
| Fomento Economico Mexicano SAB de CV ADR | 23454 | 2370496 |
| **Total Mexico** |  | **5285167** |
| **Chile: 1.8%** | **Chile: 1.8%** | **Chile: 1.8%** |
| Antofagasta PLC | 108421 | 4762449 |
| **Total Chile** |  | **4762449** |
| **United Arab Emirates: 1.5%** | **United Arab Emirates: 1.5%** | **United Arab Emirates: 1.5%** |
| Emaar Properties PJSC | 1018575 | 3887436 |
| **Total United Arab Emirates** |  | **3887436** |
| **Singapore: 1.2%** | **Singapore: 1.2%** | **Singapore: 1.2%** |
| Singapore Telecommunications, Ltd. | 887335 | 3139390 |
| **Total Singapore** |  | **3139390** |
| **Philippines: 1.1%** | **Philippines: 1.1%** | **Philippines: 1.1%** |
| Bank of the Philippine Islands | 1497886 | 2955927 |
| **Total Philippines** |  | **2955927** |
| **Thailand: 0.8%** | **Thailand: 0.8%** | **Thailand: 0.8%** |
| Bangkok Dusit Medical Services Public Co., Ltd. <br> F Shares<br>| 3155200 | 1932416 |
| CP ALL Public Co., Ltd. | 111600 | 154115 |
| **Total Thailand** |  | **2086531** |
| **Vietnam: 0.0%** | **Vietnam: 0.0%** | **Vietnam: 0.0%** |
| Military Commercial Joint Stock Bank | 39470 | 37881 |
| **Total Vietnam** |  | **37881** |

---

**1** MATTHEWS ASIA FUNDS

------

Matthews Emerging Markets Equity FundDecember 31, 2025

*Schedule of Investments*<sup>a</sup> *(continued)*

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES** *(continued)* | **COMMON EQUITIES** *(continued)* | |
|  | **Shares** | <br>**Value**  |
| **Russia: 0.0%** | **Russia: 0.0%** | **Russia: 0.0%** |
| Sberbank of Russia PJSC<sup>b,e</sup> <br>| 128308 | $1622 |
| **Total Russia** |  | **1622** |
| **TOTAL COMMON EQUITIES** | **TOTAL COMMON EQUITIES** | **257088130** |
| (Cost $198,047,231) |  |  |
| **PREFERRED EQUITIES: 0.0%** | **PREFERRED EQUITIES: 0.0%** |  |
| **India: 0.0%** | **India: 0.0%** | **India: 0.0%** |
| TVS Motor Co., Ltd., Pfd.<sup>b,e</sup> <br>| 278940 | 34130 |
| **Total India** |  | **34130** |
| **TOTAL PREFERRED EQUITIES** | **TOTAL PREFERRED EQUITIES** | **34130** |
| (Cost $0) |  |  |
| **Total Investments: 97.7%** |  | **257122260** |
| (Cost $198,047,231) |  |  |
| **CASH AND OTHER ASSETS,** <br>**LESS LIABILITIES: 2.3%**<br>|  | **5935556** |
| **Net Assets: 100.0%** |  | **$263057816** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| a | &nbsp;&nbsp; Certain securities were fair valued under the valuation policies approved by the <br> Board of Trustees (Note 2-A).<br>|
| b | Non-income producing security. |
| c | &nbsp;&nbsp; Security exempt from registration under Rule 144A of the Securities Act of 1933, as <br> amended. The security may be resold in transactions exempt from registration <br> normally to qualified institutional buyers. The security has been determined to be <br> liquid in accordance with procedures adopted by the Funds' Board of Trustees. At <br> December 31, 2025, the aggregate value is $6,337,792, which is 2.41% of net <br> assets.<br>|
| d | &nbsp;&nbsp; The securities may be resold to qualified foreign investors and foreign institutional <br> buyers under Regulation S of the Securities Act of 1933.<br>|
| e | &nbsp;&nbsp; Security is valued using significant unobservable inputs and is classified as Level 3 in <br> the fair value hierarchy. The aggregate value of Level 3 security is $35,752 and <br> 0.01% of net assets.<br>|
| ADR | American Depositary Receipt |
| Pfd. | Preferred |
| PJSC | Public Joint Stock Co. |

---

See accompanying notes to financial statements.

*matthewsasia.com* \| 800.789.ASIA **2**

------

Matthews Emerging Markets Sustainable Future FundDecember 31, 2025

*Schedule of Investments*<sup>a</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES: 98.3%** | **COMMON EQUITIES: 98.3%** | |
|  | **Shares** | <br>**Value**  |
| **China/Hong Kong: 22.6%** | **China/Hong Kong: 22.6%** | **China/Hong Kong: 22.6%** |
| Meituan Class B<sup>b,c,d</sup> <br>| 719600 | $9536283 |
| Alibaba Group Holding, Ltd. | 337900 | 6204169 |
| Contemporary Amperex Technology Co., Ltd. A <br> Shares<br>| 111200 | 5857530 |
| Legend Biotech Corp. ADR<sup>c</sup> <br>| 253682 | 5515047 |
| JD Health International, Inc.<sup>b,c,d</sup> <br>| 756750 | 5419671 |
| Lam Research Corp. | 19149 | 3277926 |
| Full Truck Alliance Co., Ltd. ADR | 281021 | 3015355 |
| Hong Kong Exchanges & Clearing, Ltd. | 36800 | 1925426 |
| Zhihu, Inc. ADR<sup>c</sup> <br>| 585297 | 1919774 |
| Flat Glass Group Co., Ltd. H Shares | 1460000 | 1770836 |
| NARI Technology Co., Ltd. A Shares | 431220 | 1389984 |
| BYD Co., Ltd. H Shares | 105500 | 1289290 |
| Silergy Corp. | 206000 | 1249334 |
| DiDi Global, Inc. ADR<sup>c</sup> <br>| 226455 | 1195682 |
| Medlive Technology Co., Ltd.<sup>b,d</sup> <br>| 935500 | 1165280 |
| Kanzhun, Ltd. ADR | 8775 | 178835 |
| **Total China/Hong Kong** |  | **50910422** |
| **India: 20.4%** | **India: 20.4%** | **India: 20.4%** |
| Bandhan Bank, Ltd.<sup>b,d</sup> <br>| 7269171 | 11802939 |
| Indus Towers, Ltd.<sup>c</sup> <br>| 1213493 | 5659415 |
| Swiggy, Ltd.<sup>c</sup> <br>| 1246243 | 5364731 |
| Shriram Finance, Ltd. | 415142 | 4607096 |
| Phoenix Mills, Ltd. | 206627 | 4266507 |
| Marico, Ltd. | 452830 | 3779878 |
| Inox Wind, Ltd.<sup>c</sup> <br>| 2325685 | 3201710 |
| Mahindra & Mahindra, Ltd. | 75968 | 3137408 |
| HDFC Asset Management Co., Ltd.<sup>b,d</sup> <br>| 51430 | 1529788 |
| UNO Minda, Ltd. | 90080 | 1288689 |
| NTPC Green Energy, Ltd.<sup>c</sup> <br>| 602171 | 634020 |
| Lenskart Solutions, Ltd.<sup>c,e</sup> <br>| 124835 | 625985 |
| **Total India** |  | **45898166** |
| **Taiwan: 18.0%** | **Taiwan: 18.0%** | **Taiwan: 18.0%** |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 419000 | 20596903 |
| Elite Material Co., Ltd. | 130000 | 6810952 |
| AURAS Technology Co., Ltd. | 138000 | 4433339 |
| M31 Technology Corp. | 201006 | 2401866 |
| Poya International Co., Ltd. | 147797 | 2067599 |
| Andes Technology Corp.<sup>c</sup> <br>| 247000 | 1881681 |
| Taiwan Semiconductor Manufacturing Co., Ltd. <br> ADR<br>| 5762 | 1751014 |
| Airtac International Group | 16000 | 471554 |
| **Total Taiwan** |  | **40414908** |
| **South Korea: 16.4%** | **South Korea: 16.4%** | **South Korea: 16.4%** |
| Samsung Electronics Co., Ltd. | 147508 | 12363368 |
| SK Square Co., Ltd.<sup>c</sup> <br>| 30641 | 7802987 |
| HD Hyundai Electric Co., Ltd. | 13000 | 6981627 |
| Eugene Technology Co., Ltd. | 117935 | 6117712 |
| Industrial Bank of Korea | 132678 | 1928544 |
| Samsung SDI Co., Ltd. | 9423 | 1762013 |
| **Total South Korea** |  | **36956251** |
| **Brazil: 3.8%** | **Brazil: 3.8%** | **Brazil: 3.8%** |
| B3 SA - Brasil Bolsa Balcao | 1143700 | 2911755 |
| YDUQS Participacoes SA | 1118000 | 2480299 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Cia de Saneamento Basico do Estado de Sao <br> Paulo SABESP<br>| 85872 | $2067178 |
| NU Holdings, Ltd. Class A<sup>c</sup> <br>| 71880 | 1203271 |
| **Total Brazil** |  | **8662503** |
| **United States: 3.1%** | **United States: 3.1%** | **United States: 3.1%** |
| Micron Technology, Inc. | 24394 | 6962292 |
| **Total United States** |  | **6962292** |
| **Poland: 2.9%** | **Poland: 2.9%** | **Poland: 2.9%** |
| InPost SA<sup>c</sup> <br>| 536781 | 6596351 |
| **Total Poland** |  | **6596351** |
| **Turkey: 2.3%** | **Turkey: 2.3%** | **Turkey: 2.3%** |
| Astor Transformator Enerji Turizm Insaat Ve <br> Petrol Sanayi Ticaret AS<br>| 1007268 | 2742603 |
| Akbank TAS | 1453044 | 2357520 |
| **Total Turkey** |  | **5100123** |
| **Romania: 1.8%** | **Romania: 1.8%** | **Romania: 1.8%** |
| Banca Transilvania SA | 587632 | 4084188 |
| **Total Romania** |  | **4084188** |
| **Argentina: 1.6%** | **Argentina: 1.6%** | **Argentina: 1.6%** |
| Grupo Financiero Galicia SA ADR | 65019 | 3507125 |
| **Total Argentina** |  | **3507125** |
| **Greece: 1.5%** | **Greece: 1.5%** | **Greece: 1.5%** |
| Piraeus Bank SA | 428441 | 3420805 |
| **Total Greece** |  | **3420805** |
| **Vietnam: 1.2%** | **Vietnam: 1.2%** | **Vietnam: 1.2%** |
| Nam Long Investment Corp.  | 2261801 | 2614888 |
| **Total Vietnam** |  | **2614888** |
| **Saudi Arabia: 1.0%** | **Saudi Arabia: 1.0%** | **Saudi Arabia: 1.0%** |
| Saudi Tadawul Group Holding Co. | 60513 | 2263510 |
| **Total Saudi Arabia** |  | **2263510** |
| **Indonesia: 0.6%** | **Indonesia: 0.6%** | **Indonesia: 0.6%** |
| PT Bank Rakyat Indonesia Persero Tbk | 6108100 | 1337716 |
| **Total Indonesia** |  | **1337716** |
| **Bangladesh: 0.4%** | **Bangladesh: 0.4%** | **Bangladesh: 0.4%** |
| BRAC Bank PLC | 1749070 | 902792 |
| **Total Bangladesh** |  | **902792** |
| **Jordan: 0.4%** | **Jordan: 0.4%** | **Jordan: 0.4%** |
| Hikma Pharmaceuticals PLC | 39288 | 819035 |
| **Total Jordan** |  | **819035** |
| **Philippines: 0.2%** | **Philippines: 0.2%** | **Philippines: 0.2%** |
| Security Bank Corp. | 434230 | 484549 |
| **Total Philippines** |  | **484549** |

---

**3** MATTHEWS ASIA FUNDS

------

Matthews Emerging Markets Sustainable Future FundDecember 31, 2025

*Schedule of Investments*<sup>a</sup> *(continued)*

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES** *(continued)* | **COMMON EQUITIES** *(continued)* | |
|  | **Shares** | <br>**Value**  |
| **Kazakhstan: 0.1%** | **Kazakhstan: 0.1%** | **Kazakhstan: 0.1%** |
| Kaspi.KZ JSC ADR<sup>c</sup> <br>| 2446 | $191106 |
| **Total Kazakhstan** |  | **191106** |
| **TOTAL COMMON EQUITIES** | **TOTAL COMMON EQUITIES** | **221126730** |
| (Cost $185,415,093) |  |  |
| **PREFERRED EQUITIES: 1.2%** | **PREFERRED EQUITIES: 1.2%** |  |
| **South Korea: 1.2%** | **South Korea: 1.2%** | **South Korea: 1.2%** |
| Samsung SDI Co., Ltd., Pfd. | 23794 | 2651059 |
| **Total South Korea** |  | **2651059** |
| **TOTAL PREFERRED EQUITIES** | **TOTAL PREFERRED EQUITIES** | **2651059** |
| (Cost $3,861,098) |  |  |
| **Total Investments: 99.5%** |  | **223777789** |
| (Cost $189,276,191) |  |  |
| **CASH AND OTHER ASSETS,** <br>**LESS LIABILITIES: 0.5%**<br>|  | **1170060** |
| **Net Assets: 100.0%** |  | **$224947849** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| a | &nbsp;&nbsp; Certain securities were fair valued under the valuation policies approved by the <br> Board of Trustees (Note 2-A).<br>|
| b | &nbsp;&nbsp; Security exempt from registration under Rule 144A of the Securities Act of 1933, as <br> amended. The security may be resold in transactions exempt from registration <br> normally to qualified institutional buyers. The security has been determined to be <br> liquid in accordance with procedures adopted by the Funds' Board of Trustees. At <br> December 31, 2025, the aggregate value is $29,453,961, which is 13.09% of net <br> assets.<br>|
| c | Non-income producing security. |
| d | &nbsp;&nbsp; The securities may be resold to qualified foreign investors and foreign institutional <br> buyers under Regulation S of the Securities Act of 1933.<br>|
| e | &nbsp;&nbsp; As of December 31, 2025, 62,418 shares of Lenskart Solutions, Ltd. were restricted <br> from sale as part of an anchor investment agreement. That restriction expired on <br> February 04, 2026.<br>|
| 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 FundDecember 31, 2025

*Schedule of Investments*<sup>a</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES: 100.2%** | **COMMON EQUITIES: 100.2%** | |
|  | **Shares** | <br>**Value**  |
| **India: 26.1%** | **India: 26.1%** | **India: 26.1%** |
| Bandhan Bank, Ltd.<sup>b,c</sup> <br>| 14695215 | $23860592 |
| Cartrade Tech, Ltd.<sup>d</sup> <br>| 508392 | 15998873 |
| Radico Khaitan, Ltd. | 351890 | 12921882 |
| Phoenix Mills, Ltd. | 377198 | 7788517 |
| Shriram Finance, Ltd. | 666522 | 7396821 |
| Inox Wind, Ltd.<sup>d</sup> <br>| 5086121 | 7001931 |
| BlackBuck, Ltd.<sup>d</sup> <br>| 866782 | 6553261 |
| Netweb Technologies India, Ltd. | 142886 | 4942738 |
| Action Construction Equipment, Ltd. | 427257 | 4502774 |
| Senco Gold, Ltd. | 1196167 | 4245428 |
| UNO Minda, Ltd. | 290743 | 4159385 |
| Rainbow Children's Medicare, Ltd. | 282469 | 4154473 |
| GE Vernova T&D India, Ltd. | 74614 | 2600466 |
| Avalon Technologies, Ltd.<sup>b,c,d</sup> <br>| 260765 | 2554988 |
| Bharti Hexacom, Ltd. | 113523 | 2307522 |
| Amber Enterprises India, Ltd.<sup>d</sup> <br>| 30058 | 2136519 |
| Finolex Cables, Ltd. | 101579 | 847679 |
| **Total India** |  | **113973849** |
| **Taiwan: 20.1%** | **Taiwan: 20.1%** | **Taiwan: 20.1%** |
| Gold Circuit Electronics, Ltd. | 663000 | 14482639 |
| Elite Material Co., Ltd. | 266000 | 13936256 |
| AURAS Technology Co., Ltd. | 335000 | 10762090 |
| Wiwynn Corp. | 49000 | 6980865 |
| Andes Technology Corp.<sup>d</sup> <br>| 829000 | 6315440 |
| M31 Technology Corp. | 506057 | 6046990 |
| Fortune Electric Co., Ltd. | 246500 | 5979824 |
| ASPEED Technology, Inc. | 23000 | 5291618 |
| Poya International Co., Ltd. | 375579 | 5254145 |
| Phison Electronics Corp. | 89000 | 4101016 |
| Yageo Corp. | 460000 | 3371832 |
| AP Memory Technology Corp. | 215000 | 3059225 |
| Formosa Sumco Technology Corp. | 682000 | 2059766 |
| **Total Taiwan** |  | **87641706** |
| **South Korea: 12.2%** | **South Korea: 12.2%** | **South Korea: 12.2%** |
| Hugel, Inc.<sup>d</sup> <br>| 97329 | 15562543 |
| Eugene Technology Co., Ltd. | 229699 | 11915313 |
| HD Hyundai Co., Ltd. | 83460 | 10924136 |
| C&C International Co., Ltd. | 213513 | 4398635 |
| BGF Retail Co., Ltd. | 35538 | 2581743 |
| SNT Holdings Co., Ltd. | 55859 | 2099924 |
| SNT Dynamics Co., Ltd. | 59453 | 1924097 |
| iM Financial Group Co., Ltd. | 177760 | 1916326 |
| BNK Financial Group, Inc. | 167356 | 1841519 |
| **Total South Korea** |  | **53164236** |
| **China/Hong Kong: 11.0%** | **China/Hong Kong: 11.0%** | **China/Hong Kong: 11.0%** |
| Legend Biotech Corp. ADR<sup>d</sup> <br>| 508055 | 11045116 |
| Full Truck Alliance Co., Ltd. ADR | 391416 | 4199894 |
| Zhihu, Inc. ADR<sup>d</sup> <br>| 1265566 | 4151056 |
| Flat Glass Group Co., Ltd. H Shares | 2960000 | 3590188 |
| Silergy Corp. | 514000 | 3117270 |
| Medlive Technology Co., Ltd.<sup>b,c</sup> <br>| 2206500 | 2748466 |
| Tongcheng Travel Holdings, Ltd.<sup>c</sup> <br>| 945200 | 2728403 |
| Hongfa Technology Co., Ltd. A Shares | 592740 | 2581560 |
| China Conch Venture Holdings, Ltd. | 2058000 | 2488896 |
| Centre Testing International Group Co., Ltd. <br> A Shares<br>| 1264538 | 2449647 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Beijing Capital International Airport Co., Ltd. <br> H Shares<sup>d</sup> <br>| 6268000 | $2224003 |
| Kingsoft Corp., Ltd. | 604200 | 2216567 |
| Yuexiu Property Co., Ltd. | 3940000 | 2007744 |
| Ever Sunshine Services Group, Ltd.<sup>c</sup> <br>| 6998000 | 1536237 |
| Central China Securities Co., Ltd. H Shares<sup>c</sup> <br>| 4262000 | 1184355 |
| **Total China/Hong Kong** |  | **48269402** |
| **Brazil: 4.8%** | **Brazil: 4.8%** | **Brazil: 4.8%** |
| Vivara Participacoes SA | 993100 | 6004838 |
| Vamos Locacao de Caminhoes Maquinas e <br> Equipamentos SA<br>| 9327200 | 5464506 |
| Grupo SBF SA | 2053300 | 4841379 |
| YDUQS Participacoes SA | 2069600 | 4591437 |
| **Total Brazil** |  | **20902160** |
| **Vietnam: 4.2%** | **Vietnam: 4.2%** | **Vietnam: 4.2%** |
| Mobile World Investment Corp. | 2148814 | 7210310 |
| Military Commercial Joint Stock Bank | 5940774 | 5701672 |
| FPT Corp. | 932644 | 3393337 |
| Nam Long Investment Corp.  | 1731900 | 2002265 |
| **Total Vietnam** |  | **18307584** |
| **South Africa: 3.0%** | **South Africa: 3.0%** | **South Africa: 3.0%** |
| We Buy Cars Holdings, Ltd. | 3138295 | 9064290 |
| Old Mutual, Ltd. | 4332038 | 3897788 |
| **Total South Africa** |  | **12962078** |
| **Poland: 2.8%** | **Poland: 2.8%** | **Poland: 2.8%** |
| InPost SA<sup>d</sup> <br>| 995230 | 12230102 |
| **Total Poland** |  | **12230102** |
| **Philippines: 1.9%** | **Philippines: 1.9%** | **Philippines: 1.9%** |
| GT Capital Holdings, Inc. | 601040 | 6078592 |
| Security Bank Corp. | 1902460 | 2122917 |
| **Total Philippines** |  | **8201509** |
| **Greece: 1.6%** | **Greece: 1.6%** | **Greece: 1.6%** |
| Piraeus Bank SA | 897217 | 7163658 |
| **Total Greece** |  | **7163658** |
| **Turkey: 1.5%** | **Turkey: 1.5%** | **Turkey: 1.5%** |
| Astor Transformator Enerji Turizm Insaat Ve <br> Petrol Sanayi Ticaret AS<br>| 2449417 | 6669307 |
| **Total Turkey** |  | **6669307** |
| **Georgia: 1.5%** | **Georgia: 1.5%** | **Georgia: 1.5%** |
| TBC Bank Group PLC | 118302 | 6465218 |
| **Total Georgia** |  | **6465218** |
| **Argentina: 1.5%** | **Argentina: 1.5%** | **Argentina: 1.5%** |
| Grupo Financiero Galicia SA ADR | 117790 | 6353593 |
| **Total Argentina** |  | **6353593** |
| **Cyprus: 1.3%** | **Cyprus: 1.3%** | **Cyprus: 1.3%** |
| Theon International PLC | 188823 | 5914189 |
| **Total Cyprus** |  | **5914189** |

---

**5** MATTHEWS ASIA FUNDS

------

Matthews Emerging Markets Small Companies FundDecember 31, 2025

*Schedule of Investments*<sup>a</sup> *(continued)*

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES** *(continued)* | **COMMON EQUITIES** *(continued)* | |
|  | **Shares** | <br>**Value**  |
| **Chile: 1.3%** | **Chile: 1.3%** | **Chile: 1.3%** |
| Lundin Mining Corp. | 242000 | $5201268 |
| Parque Arauco SA | 182186 | 604073 |
| **Total Chile** |  | **5805341** |
| **Mexico: 1.3%** | **Mexico: 1.3%** | **Mexico: 1.3%** |
| Gentera SAB de CV | 2211700 | 5659594 |
| **Total Mexico** |  | **5659594** |
| **Indonesia: 1.1%** | **Indonesia: 1.1%** | **Indonesia: 1.1%** |
| PT Mitra Adiperkasa Tbk | 37601900 | 2623737 |
| PT GoTo Gojek Tokopedia Tbk<sup>d</sup> <br>| 598617500 | 2288983 |
| **Total Indonesia** |  | **4912720** |
| **United Kingdom: 1.1%** | **United Kingdom: 1.1%** | **United Kingdom: 1.1%** |
| Baltic Classifieds Group PLC | 1738715 | 4757713 |
| **Total United Kingdom** |  | **4757713** |
| **Panama: 0.7%** | **Panama: 0.7%** | **Panama: 0.7%** |
| Banco Latinoamericano de Comercio Exterior <br> SA E Shares<br>| 68457 | 3053182 |
| **Total Panama** |  | **3053182** |
| **Saudi Arabia: 0.7%** | **Saudi Arabia: 0.7%** | **Saudi Arabia: 0.7%** |
| Saudi Tadawul Group Holding Co. | 77670 | 2905274 |
| **Total Saudi Arabia** |  | **2905274** |
| **Bangladesh: 0.5%** | **Bangladesh: 0.5%** | **Bangladesh: 0.5%** |
| BRAC Bank PLC | 4626474 | 2387980 |
| **Total Bangladesh** |  | **2387980** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Russia: 0.0%** | **Russia: 0.0%** | **Russia: 0.0%** |
| Moscow Exchange MICEX-RTS PJSC<sup>d,e</sup> <br>| 2101250 | $26564 |
| **Total Russia** |  | **26564** |
| **Total Investments: 100.2%** |  | **437726959** |
| (Cost $388,826,322) |  |  |
| **LIABILITIES IN EXCESS OF CASH** <br>**AND OTHER ASSETS: (0.2%)**<br>|  | **(1003709)**<br>|
| **Net Assets: 100.0%** |  | **$436723250** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| a | &nbsp;&nbsp; Certain securities were fair valued under the valuation policies approved by the <br> Board of Trustees (Note 2-A).<br>|
| b | &nbsp;&nbsp; Security exempt from registration under Rule 144A of the Securities Act of 1933, as <br> amended. The security may be resold in transactions exempt from registration <br> normally to qualified institutional buyers. The security has been determined to be <br> liquid in accordance with procedures adopted by the Funds' Board of Trustees. At <br> December 31, 2025, the aggregate value is $29,164,046, which is 6.68% of net <br> assets.<br>|
| c | &nbsp;&nbsp; The securities may be resold to qualified foreign investors and foreign institutional <br> buyers under Regulation S of the Securities Act of 1933.<br>|
| d | Non-income producing security. |
| e | &nbsp;&nbsp; Security is valued using significant unobservable inputs and is classified as Level 3 in <br> the fair value hierarchy. The aggregate value of Level 3 security is $26,564 and <br> 0.01% of net assets.<br>|
| ADR | American Depositary Receipt |
| PJSC | Public Joint Stock Co. |

---

See accompanying notes to financial statements.

*matthewsasia.com* \| 800.789.ASIA **6**

------

Matthews Asia Growth FundDecember 31, 2025

*Schedule of Investments*<sup>a</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES: 98.8%** | **COMMON EQUITIES: 98.8%** | |
|  | **Shares** | <br>**Value**  |
| **China/Hong Kong: 26.3%** | **China/Hong Kong: 26.3%** | **China/Hong Kong: 26.3%** |
| Tencent Holdings, Ltd. | 146200 | $11219906 |
| Alibaba Group Holding, Ltd. | 382900 | 7030412 |
| NAURA Technology Group Co., Ltd. A Shares | 57105 | 3757626 |
| Contemporary Amperex Technology Co., Ltd. A <br> Shares<br>| 64600 | 3402846 |
| China Life Insurance Co., Ltd. H Shares | 883000 | 3121346 |
| Ping An Insurance Group Co. of China, Ltd. H <br> Shares<br>| 305500 | 2566110 |
| DiDi Global, Inc. ADR<sup>b</sup> <br>| 404998 | 2138389 |
| Futu Holdings, Ltd. ADR<sup>b</sup> <br>| 12954 | 2127176 |
| Advanced Micro-Fabrication Equipment, Inc. <br> China A Shares<br>| 54184 | 2118332 |
| PDD Holdings, Inc. ADR<sup>b</sup> <br>| 18602 | 2109281 |
| Hong Kong Exchanges & Clearing, Ltd. | 39200 | 2050997 |
| Trip.com Group, Ltd. ADR | 24308 | 1747988 |
| WuXi XDC Cayman, Inc.<sup>b</sup> <br>| 212000 | 1657637 |
| Kuaishou Technology<sup>c,d</sup> <br>| 190800 | 1577231 |
| NetEase, Inc. | 53100 | 1461588 |
| Jiangsu Hengrui Pharmaceuticals Co., Ltd. A <br> Shares<br>| 127300 | 1087872 |
| Zhejiang Sanhua Intelligent Controls Co., Ltd. | 210100 | 1037714 |
| BYD Co., Ltd. H Shares | 82100 | 1003324 |
| Sungrow Power Supply Co., Ltd. A Shares | 40600 | 995485 |
| Innovent Biologics, Inc.<sup>b,c,d</sup> <br>| 97000 | 949311 |
| Jiangsu Hengli Hydraulic Co., Ltd. A Shares | 54200 | 853296 |
| Wuxi Biologics Cayman, Inc.<sup>b,c,d</sup> <br>| 164500 | 665207 |
| **Total China/Hong Kong** |  | **54679074** |
| **Japan: 25.1%** | **Japan: 25.1%** | **Japan: 25.1%** |
| Tokyo Electron, Ltd. | 26200 | 5835457 |
| Sony Group Corp. | 218000 | 5591916 |
| Hitachi, Ltd. | 172800 | 5419280 |
| Mitsubishi Electric Corp. | 145000 | 4227744 |
| ORIX Corp. | 106500 | 3114836 |
| Shin-Etsu Chemical Co., Ltd. | 94600 | 2938385 |
| ITOCHU Corp. | 218000 | 2754825 |
| Fujitsu, Ltd. | 98900 | 2718060 |
| Daiichi Sankyo Co., Ltd. | 126800 | 2692542 |
| SoftBank Group Corp. | 92400 | 2592128 |
| TDK Corp. | 164500 | 2327305 |
| Mitsubishi UFJ Financial Group, Inc. | 146100 | 2318764 |
| Asics Corp. | 80500 | 1932521 |
| Nintendo Co., Ltd. | 25900 | 1748627 |
| Kawasaki Heavy Industries, Ltd. | 22800 | 1512016 |
| Fast Retailing Co., Ltd. | 3900 | 1414094 |
| Sumitomo Electric Industries, Ltd. | 26700 | 1075404 |
| Keyence Corp. | 2800 | 1012830 |
| CyberAgent, Inc. | 79400 | 676570 |
| Anritsu Corp. | 17000 | 243653 |
| **Total Japan** |  | **52146957** |
| **Taiwan: 15.8%** | **Taiwan: 15.8%** | **Taiwan: 15.8%** |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 447000 | 21973306 |
| Delta Electronics, Inc. | 107000 | 3263924 |
| MediaTek, Inc. | 61000 | 2769717 |
| Accton Technology Corp. | 40000 | 1509480 |
| Alchip Technologies, Ltd. | 11000 | 1227880 |
| ASPEED Technology, Inc. | 5000 | 1150352 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Wiwynn Corp. | 7000 | $997266 |
| **Total Taiwan** |  | **32891925** |
| **South Korea: 15.5%** | **South Korea: 15.5%** | **South Korea: 15.5%** |
| Samsung Electronics Co., Ltd. | 130929 | 10973801 |
| SK Hynix, Inc. | 14941 | 6766453 |
| Kakao Corp. | 65315 | 2723719 |
| Hanwha Aerospace Co., Ltd. | 4090 | 2670973 |
| Samsung C&T Corp. | 13877 | 2304876 |
| Samsung Biologics Co., Ltd.<sup>b,c,d</sup> <br>| 1638 | 1923314 |
| Hyundai Rotem Co., Ltd. | 13563 | 1768893 |
| Kia Corp. | 19789 | 1677583 |
| Coupang, Inc.<sup>b</sup> <br>| 60705 | 1432031 |
| **Total South Korea** |  | **32241643** |
| **India: 10.3%** | **India: 10.3%** | **India: 10.3%** |
| Eternal, Ltd.<sup>b</sup> <br>| 1278660 | 3962546 |
| HDFC Bank, Ltd. | 266259 | 2941335 |
| ICICI Bank, Ltd. | 183215 | 2742102 |
| Bharti Airtel, Ltd. | 90150 | 2115954 |
| Delhivery, Ltd.<sup>b</sup> <br>| 400860 | 1803016 |
| Reliance Industries, Ltd. | 97159 | 1700148 |
| HDFC Asset Management Co., Ltd.<sup>c,d</sup> <br>| 48608 | 1445847 |
| Bajaj Finance, Ltd. | 114361 | 1257627 |
| Mahindra & Mahindra, Ltd. | 27895 | 1152038 |
| Le Travenues Technology, Ltd.<sup>b,d</sup> <br>| 338337 | 961905 |
| Netweb Technologies India, Ltd. | 20923 | 723772 |
| Inventurus Knowledge Solutions, Ltd.<sup>b</sup> <br>| 33615 | 619993 |
| **Total India** |  | **21426283** |
| **Singapore: 2.2%** | **Singapore: 2.2%** | **Singapore: 2.2%** |
| Sea, Ltd. ADR<sup>b</sup> <br>| 26392 | 3366827 |
| Grab Holdings, Ltd. Class A<sup>b</sup> <br>| 254528 | 1270095 |
| **Total Singapore** |  | **4636922** |
| **Australia: 1.8%** | **Australia: 1.8%** | **Australia: 1.8%** |
| Macquarie Group, Ltd. | 15049 | 2033574 |
| CAR Group, Ltd. | 79556 | 1629408 |
| **Total Australia** |  | **3662982** |
| **Philippines: 1.0%** | **Philippines: 1.0%** | **Philippines: 1.0%** |
| Bank of the Philippine Islands | 1004120 | 1981529 |
| **Total Philippines** |  | **1981529** |
| **Indonesia: 0.8%** | **Indonesia: 0.8%** | **Indonesia: 0.8%** |
| PT Bank Central Asia Tbk | 3282200 | 1584964 |
| **Total Indonesia** |  | **1584964** |
| **Total Investments: 98.8%** |  | **205252279** |
| (Cost $169,724,093) |  |  |
| **CASH AND OTHER ASSETS,** <br>**LESS LIABILITIES: 1.2%**<br>|  | **2397544** |
| **Net Assets: 100.0%** |  | **$207649823** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7** MATTHEWS ASIA FUNDS

------

Matthews Asia Growth FundDecember 31, 2025

*Schedule of Investments*<sup>a</sup> *(continued)*

---

| | |
|:---|:---|
| a | &nbsp;&nbsp; Certain securities were fair valued under the valuation policies approved by the <br> Board of Trustees (Note 2-A).<br>|
| b | Non-income producing security. |
| c | &nbsp;&nbsp; Security exempt from registration under Rule 144A of the Securities Act of 1933, as <br> amended. The security may be resold in transactions exempt from registration <br> normally to qualified institutional buyers. The security has been determined to be <br> liquid in accordance with procedures adopted by the Funds' Board of Trustees. At <br> December 31, 2025, the aggregate value is $6,560,910, which is 3.16% of net <br> assets.<br>|
| d | &nbsp;&nbsp; The securities may be resold to qualified foreign investors and foreign institutional <br> buyers under Regulation S of the Securities Act of 1933.<br>|
| ADR | American Depositary Receipt |

---

See accompanying notes to financial statements.

*matthewsasia.com* \| 800.789.ASIA **8**

------

Matthews Pacific Tiger FundDecember 31, 2025

*Schedule of Investments*<sup>a</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES: 98.8%** | **COMMON EQUITIES: 98.8%** | |
|  | **Shares** | <br>**Value**  |
| **China/Hong Kong: 34.2%** | **China/Hong Kong: 34.2%** | **China/Hong Kong: 34.2%** |
| Tencent Holdings, Ltd. | 574500 | $44089163 |
| Alibaba Group Holding, Ltd. | 1672300 | 30705037 |
| Ping An Insurance Group Co. of China, Ltd. H <br> Shares<br>| 1741000 | 14623886 |
| Hongfa Technology Co., Ltd. A Shares | 3301436 | 14353329 |
| AIA Group, Ltd. | 1143200 | 11767065 |
| Hong Kong Exchanges & Clearing, Ltd. | 215700 | 11285716 |
| WuXi AppTec Co., Ltd. H Shares<sup>b,c</sup> <br>| 779000 | 9878163 |
| Zhejiang Sanhua Intelligent Controls Co., Ltd. <br> A Shares<br>| 1240500 | 9848289 |
| New China Life Insurance Co., Ltd. H Shares | 1352500 | 9476672 |
| China Merchants Bank Co., Ltd. H Shares | 1158500 | 7881157 |
| Trip.com Group, Ltd. | 108200 | 7758095 |
| DiDi Global, Inc. ADR<sup>d</sup> <br>| 1393541 | 7357897 |
| Swire Properties, Ltd. | 2714200 | 7329529 |
| Dongfang Electric Corp., Ltd. H Shares | 2089200 | 6711656 |
| China Resources Land, Ltd. | 1839000 | 6433378 |
| NAURA Technology Group Co., Ltd. A Shares | 86405 | 5685626 |
| China Merchants Bank Co., Ltd. A Shares | 909247 | 5489974 |
| GF Securities Co., Ltd. H Shares | 2393800 | 5431957 |
| Midea Group Co., Ltd. A Shares | 443700 | 4969851 |
| Shanghai MicroPort MedBot Group Co., Ltd. <br> H Shares<sup>d</sup> <br>| 1516000 | 4749545 |
| Sungrow Power Supply Co., Ltd. A Shares | 193685 | 4749025 |
| J&T Global Express, Ltd.<sup>d</sup> <br>| 3065200 | 4125783 |
| PDD Holdings, Inc. ADR<sup>d</sup> <br>| 30638 | 3474043 |
| Kuaishou Technology<sup>b,c</sup> <br>| 391400 | 3235473 |
| Meituan Class B<sup>b,c,d</sup> <br>| 229100 | 3036079 |
| Kweichow Moutai Co., Ltd. A Shares | 9100 | 1797551 |
| BYD Co., Ltd. H Shares | 130500 | 1594809 |
| Shenzhen Mindray Bio-Medical Electronics <br> Co., Ltd. A Shares<br>| 53200 | 1453300 |
| China Tower Corp., Ltd. H Shares<sup>b,c</sup> <br>| 496500 | 738121 |
| **Total China/Hong Kong** |  | **250030169** |
| **Taiwan: 22.0%** | **Taiwan: 22.0%** | **Taiwan: 22.0%** |
| Taiwan Semiconductor Manufacturing Co., <br> Ltd.<br>| 1983000 | 97478896 |
| Delta Electronics, Inc. | 652000 | 19888583 |
| MediaTek, Inc. | 192000 | 8717797 |
| Accton Technology Corp. | 200000 | 7547400 |
| Hon Hai Precision Industry Co., Ltd. | 858000 | 6289419 |
| Cathay Financial Holding Co., Ltd. | 2501000 | 6032877 |
| Alchip Technologies, Ltd. | 50000 | 5581274 |
| Elite Material Co., Ltd. | 68000 | 3562652 |
| Quanta Computer, Inc. | 385000 | 3325201 |
| ASMedia Technology, Inc. | 46000 | 1767637 |
| E Ink Holdings, Inc. | 121000 | 760235 |
| **Total Taiwan** |  | **160951971** |
| **South Korea: 16.9%** | **South Korea: 16.9%** | **South Korea: 16.9%** |
| Samsung Electronics Co., Ltd. | 511202 | 42846344 |
| SK Hynix, Inc. | 56829 | 25736614 |
| KB Financial Group, Inc. | 162554 | 13993411 |
| Samsung C&T Corp. | 66019 | 10965309 |
| NAVER Corp. | 49544 | 8328425 |
| Classys, Inc. | 166172 | 6274947 |
| HD Hyundai Heavy Industries Co., Ltd. | 17084 | 6021242 |
| Samsung Biologics Co., Ltd.<sup>b,c,d</sup> <br>| 3213 | 3772654 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Hyundai Motor Co. | 17903 | $3697112 |
| LG Chem, Ltd. | 7913 | 1830381 |
| **Total South Korea** |  | **123466439** |
| **India: 16.3%** | **India: 16.3%** | **India: 16.3%** |
| HDFC Bank, Ltd. | 1310741 | 14479618 |
| Eternal, Ltd.<sup>d</sup> <br>| 4353692 | 13492018 |
| ICICI Bank, Ltd. | 886404 | 13266438 |
| Hindustan Unilever, Ltd. | 430481 | 11093598 |
| Mahindra & Mahindra, Ltd. | 252822 | 10441313 |
| Bharti Airtel, Ltd. | 397550 | 9331088 |
| TVS Motor Co., Ltd. | 188869 | 7826403 |
| Infosys, Ltd. | 418997 | 7545668 |
| State Bank of India | 531421 | 5813264 |
| Cholamandalam Investment and Finance Co., <br> Ltd.<br>| 227825 | 4321317 |
| Inventurus Knowledge Solutions, Ltd.<sup>d</sup> <br>| 210506 | 3882561 |
| Cummins India, Ltd. | 77405 | 3820009 |
| Sun Pharmaceutical Industries, Ltd. | 197390 | 3779584 |
| MakeMyTrip, Ltd.<sup>d</sup> <br>| 43513 | 3573287 |
| HDFC Asset Management Co., Ltd.<sup>b,c</sup> <br>| 116146 | 3454768 |
| Metropolis Healthcare, Ltd.<sup>b,c</sup> <br>| 152000 | 3262494 |
| Kwality Wall's India, Ltd.<sup>e</sup> <br>| 519351 | 220731 |
| **Total India** |  | **119604159** |
| **Singapore: 3.9%** | **Singapore: 3.9%** | **Singapore: 3.9%** |
| DBS Group Holdings, Ltd. | 336600 | 14744647 |
| Sea, Ltd. ADR<sup>d</sup> <br>| 67004 | 8547700 |
| Grab Holdings, Ltd. Class A<sup>d</sup> <br>| 1068517 | 5331900 |
| **Total Singapore** |  | **28624247** |
| **Malaysia: 1.8%** | **Malaysia: 1.8%** | **Malaysia: 1.8%** |
| CIMB Group Holdings BHD | 3946400 | 8014021 |
| Telekom Malaysia BHD | 2756200 | 5464301 |
| **Total Malaysia** |  | **13478322** |
| **Thailand: 1.1%** | **Thailand: 1.1%** | **Thailand: 1.1%** |
| Central Pattana Public Co., Ltd. | 4443700 | 7780833 |
| **Total Thailand** |  | **7780833** |
| **Indonesia: 1.0%** | **Indonesia: 1.0%** | **Indonesia: 1.0%** |
| PT Bank Central Asia Tbk | 14445800 | 6975829 |
| **Total Indonesia** |  | **6975829** |
| **Philippines: 0.9%** | **Philippines: 0.9%** | **Philippines: 0.9%** |
| Bank of the Philippine Islands | 3430290 | 6769331 |
| **Total Philippines** |  | **6769331** |
| **Vietnam: 0.7%** | **Vietnam: 0.7%** | **Vietnam: 0.7%** |
| Asia Commercial Bank JSC | 4638985 | 4227003 |
| FPT Corp. | 174320 | 634247 |
| **Total Vietnam** |  | **4861250** |
| **TOTAL COMMON EQUITIES** | **TOTAL COMMON EQUITIES** | **722542550** |
| (Cost $549,974,700) |  |  |

---

**9** MATTHEWS ASIA FUNDS

------

Matthews Pacific Tiger FundDecember 31, 2025

*Schedule of Investments*<sup>a</sup> *(continued)*

---

| | | |
|:---|:---|:---|
| **PREFERRED EQUITIES: 0.0%** | **PREFERRED EQUITIES: 0.0%** | |
|  | **Shares** | <br>**Value**  |
| **India: 0.0%** | **India: 0.0%** | **India: 0.0%** |
| TVS Motor Co., Ltd., Pfd.<sup>d,e</sup> <br>| 765196 | $93628 |
| **Total India** |  | **93628** |
| **TOTAL PREFERRED EQUITIES** | **TOTAL PREFERRED EQUITIES** | **93628** |
| (Cost $0) |  |  |
| **Total Investments: 98.8%** |  | **722636178** |
| (Cost $549,974,700) |  |  |
| **CASH AND OTHER ASSETS,** <br>**LESS LIABILITIES: 1.2%**<br>|  | **9082085** |
| **Net Assets: 100.0%** |  | **$731718263** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| a | &nbsp;&nbsp; Certain securities were fair valued under the valuation policies approved by the <br> Board of Trustees (Note 2-A).<br>|
| b | &nbsp;&nbsp; Security exempt from registration under Rule 144A of the Securities Act of 1933, as <br> amended. The security may be resold in transactions exempt from registration <br> normally to qualified institutional buyers. The security has been determined to be <br> liquid in accordance with procedures adopted by the Funds' Board of Trustees. At <br> December 31, 2025, the aggregate value is $27,377,752, which is 3.74% of net <br> assets.<br>|
| c | &nbsp;&nbsp; The securities may be resold to qualified foreign investors and foreign institutional <br> buyers under Regulation S of the Securities Act of 1933.<br>|
| d | Non-income producing security. |
| e | &nbsp;&nbsp; Security is valued using significant unobservable inputs and is classified as Level 3 in <br> the fair value hierarchy. The aggregate value of Level 3 security is $314,359 and <br> 0.04% of net assets.<br>|
| ADR | American Depositary Receipt |
| BHD | Berhad |
| JSC | Joint Stock Co. |
| Pfd. | Preferred |

---

See accompanying notes to financial statements.

*matthewsasia.com* \| 800.789.ASIA **10**

------

Matthews Asia Innovators FundDecember 31, 2025

*Schedule of Investments*<sup>a</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES: 97.5%** | **COMMON EQUITIES: 97.5%** | |
|  | **Shares** | <br>**Value**  |
| **China/Hong Kong: 38.1%** | **China/Hong Kong: 38.1%** | **China/Hong Kong: 38.1%** |
| Tencent Holdings, Ltd. | 282100 | $21649352 |
| Alibaba Group Holding, Ltd. | 741700 | 13618326 |
| PDD Holdings, Inc. ADR<sup>b</sup> <br>| 93418 | 10592667 |
| NAURA Technology Group Co., Ltd. A Shares | 149882 | 9862543 |
| Contemporary Amperex Technology Co., Ltd. A <br> Shares<br>| 135700 | 7148083 |
| Futu Holdings, Ltd. ADR<sup>b</sup> <br>| 38614 | 6340805 |
| DiDi Global, Inc. ADR<sup>b</sup> <br>| 1155938 | 6103353 |
| Baidu, Inc. Class A<sup>b</sup> <br>| 287500 | 4728001 |
| WuXi XDC Cayman, Inc.<sup>b</sup> <br>| 551000 | 4308293 |
| Kuaishou Technology<sup>c,d</sup> <br>| 509400 | 4210910 |
| Trip.com Group, Ltd. ADR | 54239 | 3900326 |
| Luxshare Precision Industry Co., Ltd. A Shares | 409600 | 3337357 |
| NetEase, Inc. | 111600 | 3071812 |
| Wuxi Biologics Cayman, Inc.<sup>b,c,d</sup> <br>| 706000 | 2854933 |
| Jiangsu Hengrui Pharmaceuticals Co., Ltd. A <br> Shares<br>| 330192 | 2821732 |
| BYD Co., Ltd. H Shares | 230500 | 2816885 |
| Innovent Biologics, Inc.<sup>b,c,d</sup> <br>| 261000 | 2554331 |
| Sungrow Power Supply Co., Ltd. A Shares | 98100 | 2405346 |
| Jiangsu Hengli Hydraulic Co., Ltd. A Shares | 134600 | 2119070 |
| Kanzhun, Ltd. ADR | 103913 | 2117747 |
| Advanced Micro-Fabrication Equipment, Inc. <br> China A Shares<br>| 41158 | 1609078 |
| Zhejiang Sanhua Intelligent Controls Co., Ltd. | 316500 | 1563239 |
| Tencent Music Entertainment Group ADR | 84512 | 1481495 |
| **Total China/Hong Kong** |  | **121215684** |
| **Taiwan: 22.9%** | **Taiwan: 22.9%** | **Taiwan: 22.9%** |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 761000 | 37408694 |
| Delta Electronics, Inc. | 261000 | 7961534 |
| Hon Precision, Inc. | 44339 | 4833807 |
| WIN Semiconductors Corp. | 812000 | 4726029 |
| Chroma ATE, Inc. | 191000 | 4724093 |
| ASPEED Technology, Inc. | 16000 | 3681125 |
| MediaTek, Inc. | 80000 | 3632415 |
| Accton Technology Corp. | 95000 | 3585015 |
| Alchip Technologies, Ltd. | 21000 | 2344135 |
| **Total Taiwan** |  | **72896847** |
| **South Korea: 18.6%** | **South Korea: 18.6%** | **South Korea: 18.6%** |
| Samsung Electronics Co., Ltd. | 220229 | 18458471 |
| SK Hynix, Inc. | 26651 | 12069656 |
| Kakao Corp. | 136372 | 5686886 |
| Hanwha Aerospace Co., Ltd. | 8561 | 5590758 |
| Samsung C&T Corp. | 28712 | 4768869 |
| Samsung Electro-Mechanics Co., Ltd. | 23305 | 4124471 |
| Samsung Biologics Co., Ltd.<sup>b,c,d</sup> <br>| 3346 | 3928821 |
| Coupang, Inc.<sup>b</sup> <br>| 110284 | 2601600 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Hyundai Rotem Co., Ltd. | 15838 | $2065600 |
| **Total South Korea** |  | **59295132** |
| **India: 12.9%** | **India: 12.9%** | **India: 12.9%** |
| Eternal, Ltd.<sup>b</sup> <br>| 3242395 | 10048128 |
| MakeMyTrip, Ltd.<sup>b</sup> <br>| 58919 | 4838428 |
| Bharti Airtel, Ltd. | 202503 | 4753046 |
| Delhivery, Ltd.<sup>b</sup> <br>| 896718 | 4033320 |
| Reliance Industries, Ltd. | 212115 | 3711719 |
| PB Fintech, Ltd.<sup>b</sup> <br>| 141495 | 2877794 |
| Bajaj Finance, Ltd. | 247658 | 2723492 |
| Cartrade Tech, Ltd.<sup>b</sup> <br>| 72863 | 2292966 |
| Netweb Technologies India, Ltd. | 61845 | 2139353 |
| Le Travenues Technology, Ltd.<sup>b,d</sup> <br>| 700470 | 1991463 |
| Mahindra & Mahindra, Ltd. | 41131 | 1698672 |
| **Total India** |  | **41108381** |
| **Singapore: 3.0%** | **Singapore: 3.0%** | **Singapore: 3.0%** |
| Sea, Ltd. ADR<sup>b</sup> <br>| 56526 | 7211022 |
| Grab Holdings, Ltd. Class A<sup>b</sup> <br>| 467204 | 2331348 |
| **Total Singapore** |  | **9542370** |
| **Japan: 2.0%** | **Japan: 2.0%** | **Japan: 2.0%** |
| Hitachi, Ltd. | 198900 | 6237817 |
| **Total Japan** |  | **6237817** |
| **Total Investments: 97.5%** |  | **310296231** |
| (Cost $243,637,195) |  |  |
| **CASH AND OTHER ASSETS,** <br>**LESS LIABILITIES: 2.5%**<br>|  | **8119175** |
| **Net Assets: 100.0%** |  | **$318415406** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| a | &nbsp;&nbsp; Certain securities were fair valued under the valuation policies approved by the <br> Board of Trustees (Note 2-A).<br>|
| b | Non-income producing security. |
| c | &nbsp;&nbsp; Security exempt from registration under Rule 144A of the Securities Act of 1933, as <br> amended. The security may be resold in transactions exempt from registration <br> normally to qualified institutional buyers. The security has been determined to be <br> liquid in accordance with procedures adopted by the Funds' Board of Trustees. At <br> December 31, 2025, the aggregate value is $13,548,995, which is 4.26% of net <br> assets.<br>|
| d | &nbsp;&nbsp; The securities may be resold to qualified foreign investors and foreign institutional <br> buyers under Regulation S of the Securities Act of 1933.<br>|
| ADR | American Depositary Receipt |

---

See accompanying notes to financial statements.

**11** MATTHEWS ASIA FUNDS

------

Matthews China FundDecember 31, 2025

*Schedule of Investments*<sup>a</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES: 99.5%** | **COMMON EQUITIES: 99.5%** | |
|  | **Shares** | <br>**Value** |
| **Financials: 25.3%** | **Financials: 25.3%** | **Financials: 25.3%** |
| **Insurance: 9.1%** | **Insurance: 9.1%** | **Insurance: 9.1%** |
| Ping An Insurance Group Co. of China, Ltd. <br> H Shares<br>| 2212500 | $18584347 |
| China Life Insurance Co., Ltd. H Shares | 3963000 | 14008939 |
| New China Life Insurance Co., Ltd. H Shares | 917400 | 6428022 |
|  |  | **39021308** |
| **Banks: 7.9%** | **Banks: 7.9%** | **Banks: 7.9%** |
| China Construction Bank Corp. H Shares | 15142000 | 14987718 |
| China Merchants Bank Co., Ltd. H Shares | 1511000 | 10279178 |
| China Merchants Bank Co., Ltd. A Shares | 1392723 | 8409170 |
|  |  | **33676066** |
| **Capital Markets: 7.8%** | **Capital Markets: 7.8%** | **Capital Markets: 7.8%** |
| China International Capital Corp., Ltd. H <br> Shares<sup>b,c</sup> <br>| 3850800 | 9726596 |
| China Merchants Securities Co., Ltd. H <br> Shares<sup>b,c</sup> <br>| 4813200 | 8651481 |
| East Money Information Co., Ltd. A Shares | 1568720 | 5210163 |
| Futu Holdings, Ltd. ADR<sup>d</sup> <br>| 25717 | 4222989 |
| Hong Kong Exchanges & Clearing, Ltd. | 75000 | 3924102 |
| Hithink RoyalFlush Information Network Co., <br> Ltd. A Shares<br>| 32600 | 1505264 |
|  |  | **33240595** |
| **Consumer Finance: 0.5%** | **Consumer Finance: 0.5%** | **Consumer Finance: 0.5%** |
| Qfin Holdings, Inc. ADR | 116132 | **2237864** |
| **Total Financials** |  | **108175833** |
| **Consumer Discretionary: 23.6%** | **Consumer Discretionary: 23.6%** | **Consumer Discretionary: 23.6%** |
| **Broadline Retail: 14.4%** | **Broadline Retail: 14.4%** | **Broadline Retail: 14.4%** |
| Alibaba Group Holding, Ltd. | 2040500 | 37465543 |
| JD.com, Inc. Class A | 905213 | 13016274 |
| PDD Holdings, Inc. ADR<sup>d</sup> <br>| 100275 | 11370182 |
|  |  | **61851999** |
| **Hotels, Restaurants & Leisure: 5.1%** | **Hotels, Restaurants & Leisure: 5.1%** | **Hotels, Restaurants & Leisure: 5.1%** |
| Meituan Class B<sup>b,c,d</sup> <br>| 779880 | 10335125 |
| Galaxy Entertainment Group, Ltd. | 1298000 | 6400202 |
| Trip.com Group, Ltd. ADR | 56889 | 4090888 |
| Luckin Coffee, Inc. ADR<sup>d</sup> <br>| 31594 | 1058399 |
|  |  | **21884614** |
| **Household Durables: 2.3%** | **Household Durables: 2.3%** | **Household Durables: 2.3%** |
| Midea Group Co., Ltd. A Shares | 494952 | 5543921 |
| Man Wah Holdings, Ltd. | 7250000 | 4263686 |
|  |  | **9807607** |
| **Automobiles: 1.8%** | **Automobiles: 1.8%** | **Automobiles: 1.8%** |
| BYD Co., Ltd. H Shares | 489200 | 5978395 |
| XPeng, Inc. A Shares<sup>d</sup> <br>| 168600 | 1714303 |
|  |  | **7692698** |
| **Total Consumer Discretionary** |  | **101236918** |
| **Communication Services: 15.8%** | **Communication Services: 15.8%** | **Communication Services: 15.8%** |
| **Interactive Media & Services: 13.9%** | **Interactive Media & Services: 13.9%** | **Interactive Media & Services: 13.9%** |
| Tencent Holdings, Ltd. | 601300 | 46145890 |
| Kuaishou Technology<sup>b,c</sup> <br>| 944800 | 7810105 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Baidu, Inc. Class A<sup>d</sup> <br>| 349150 | $5741849 |
|  |  | **59697844** |
| **Diversified Telecommunication Services: 1.0%** | **Diversified Telecommunication Services: 1.0%** | **Diversified Telecommunication Services: 1.0%** |
| China Tower Corp., Ltd. H Shares<sup>b,c</sup> <br>| 2850000 | **4236947** |
| **Entertainment: 0.9%** | **Entertainment: 0.9%** | **Entertainment: 0.9%** |
| NetEase, Inc. | 110400 | 3038781 |
| Tencent Music Entertainment Group ADR | 36494 | 639740 |
|  |  | **3678521** |
| **Total Communication Services** |  | **67613312** |
| **Industrials: 10.6%** | **Industrials: 10.6%** | **Industrials: 10.6%** |
| **Electrical Equipment: 5.0%** | **Electrical Equipment: 5.0%** | **Electrical Equipment: 5.0%** |
| Contemporary Amperex Technology Co., <br> Ltd. A Shares<br>| 188560 | 9932518 |
| Sungrow Power Supply Co., Ltd. A Shares | 256603 | 6291732 |
| Hongfa Technology Co., Ltd. A Shares | 1241716 | 5408044 |
|  |  | **21632294** |
| **Machinery: 2.3%** | **Machinery: 2.3%** | **Machinery: 2.3%** |
| Yutong Bus Co., Ltd. A Shares | 1067300 | 5003112 |
| Neway Valve Suzhou Co., Ltd. A Shares | 645297 | 4808890 |
|  |  | **9812002** |
| **Ground Transportation: 1.4%** | **Ground Transportation: 1.4%** | **Ground Transportation: 1.4%** |
| DiDi Global, Inc. ADR<sup>d</sup> <br>| 1106686 | **5843302** |
| **Professional Services: 1.0%** | **Professional Services: 1.0%** | **Professional Services: 1.0%** |
| Kanzhun, Ltd. ADR | 209411 | **4267796** |
| **Air Freight & Logistics: 0.9%** | **Air Freight & Logistics: 0.9%** | **Air Freight & Logistics: 0.9%** |
| JD Logistics, Inc.<sup>b,c,d</sup> <br>| 2727700 | **4013280** |
| **Total Industrials** |  | **45568674** |
| **Information Technology: 9.7%** | **Information Technology: 9.7%** | **Information Technology: 9.7%** |
| **Semiconductors & Semiconductor Equipment: 4.5%** | **Semiconductors & Semiconductor Equipment: 4.5%** | **Semiconductors & Semiconductor Equipment: 4.5%** |
| OmniVision Integrated Circuits Group, Inc. A <br> Shares<br>| 377700 | 6816842 |
| Cambricon Technologies Corp., Ltd. A <br> Shares<sup>d</sup> <br>| 28038 | 5445687 |
| Xinyi Solar Holdings, Ltd. | 6634000 | 2537513 |
| NAURA Technology Group Co., Ltd. A Shares | 38540 | 2536011 |
| Suzhou Everbright Photonics Co., Ltd. A <br> Shares<sup>d</sup> <br>| 94903 | 1696862 |
|  |  | **19032915** |
| **Communications Equipment: 2.9%** | **Communications Equipment: 2.9%** | **Communications Equipment: 2.9%** |
| Suzhou TFC Optical Communication Co., <br> Ltd. A Shares<br>| 296216 | 8568415 |
| BYD Electronic International Co., Ltd. | 921000 | 3988469 |
|  |  | **12556884** |
| **Electronic Equipment, Instruments & Components: 2.3%** | **Electronic Equipment, Instruments & Components: 2.3%** | **Electronic Equipment, Instruments & Components: 2.3%** |
| Foxconn Industrial Internet Co., Ltd. A <br> Shares<br>| 791675 | 7026988 |

---

*matthewsasia.com* \| 800.789.ASIA **12**

------

Matthews China FundDecember 31, 2025

*Schedule of Investments*<sup>a</sup> *(continued)*

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES** *(continued)* | **COMMON EQUITIES** *(continued)* | |
|  | **Shares** | <br>**Value** |
| WUS Printed Circuit Kunshan Co., Ltd. A <br> Shares<br>| 269600 | $2809497 |
|  |  | **9836485** |
| **Total Information Technology** |  | **41426284** |
| **Materials: 5.6%** | **Materials: 5.6%** | **Materials: 5.6%** |
| **Metals & Mining: 4.8%** | **Metals & Mining: 4.8%** | **Metals & Mining: 4.8%** |
| CMOC Group, Ltd. A Shares | 2807100 | 8049839 |
| CMOC Group, Ltd. H Shares | 3120000 | 7751710 |
| MMG, Ltd.<sup>d</sup> <br>| 3060000 | 3457397 |
| JCHX Mining Management Co., Ltd. A <br> Shares<br>| 135300 | 1478345 |
|  |  | **20737291** |
| **Chemicals: 0.8%** | **Chemicals: 0.8%** | **Chemicals: 0.8%** |
| Shanghai Putailai New Energy Technology <br> Group Co., Ltd. A Shares<br>| 845250 | **3309838** |
| **Total Materials** |  | **24047129** |
| **Health Care: 3.6%** | **Health Care: 3.6%** | **Health Care: 3.6%** |
| **Life Sciences Tools & Services: 1.6%** | **Life Sciences Tools & Services: 1.6%** | **Life Sciences Tools & Services: 1.6%** |
| WuXi AppTec Co., Ltd. A Shares | 538800 | **6993647** |
| **Biotechnology: 1.6%** | **Biotechnology: 1.6%** | **Biotechnology: 1.6%** |
| Innovent Biologics, Inc.<sup>b,c,d</sup> <br>| 681000 | **6664748** |
| **Pharmaceuticals: 0.4%** | **Pharmaceuticals: 0.4%** | **Pharmaceuticals: 0.4%** |
| China Resources Sanjiu Medical & <br> Pharmaceutical Co., Ltd. A Shares<br>| 457210 | **1865060** |
| **Total Health Care** |  | **15523455** |
| **Real Estate: 3.2%** | **Real Estate: 3.2%** | **Real Estate: 3.2%** |
| **Real Estate Management & Development: 3.2%** | **Real Estate Management & Development: 3.2%** | **Real Estate Management & Development: 3.2%** |
| China Resources Land, Ltd. | 708000 | 2476798 |
| China Overseas Property Holdings, Ltd. | 3870000 | 2249540 |
| CIFI Holdings Group Co., Ltd.<sup>d</sup> <br>| 104961520 | 2174539 |
| Longfor Group Holdings, Ltd.<sup>b,c</sup> <br>| 1948000 | 2147410 |
| KE Holdings, Inc. ADR | 103161 | 1625817 |
| Yuexiu Property Co., Ltd. | 3079000 | 1568996 |
| China Overseas Grand Oceans Group, Ltd. | 3122000 | 794562 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Times China Holdings, Ltd.<sup>d</sup> <br>| 42755000 | $563159 |
| **Total Real Estate** |  | **13600821** |
| **Energy: 1.5%** | **Energy: 1.5%** | **Energy: 1.5%** |
| **Energy Equipment & Services: 1.0%** | **Energy Equipment & Services: 1.0%** | **Energy Equipment & Services: 1.0%** |
| China Oilfield Services, Ltd. H Shares | 4658000 | **4185663** |
| **Oil, Gas & Consumable Fuels: 0.5%** | **Oil, Gas & Consumable Fuels: 0.5%** | **Oil, Gas & Consumable Fuels: 0.5%** |
| PetroChina Co., Ltd. H Shares | 1954000 | **2106215** |
| **Total Energy** |  | **6291878** |
| **Consumer Staples: 0.6%** | **Consumer Staples: 0.6%** | **Consumer Staples: 0.6%** |
| **Beverages: 0.6%** | **Beverages: 0.6%** | **Beverages: 0.6%** |
| Wuliangye Yibin Co., Ltd. A Shares | 156679 | **2380219** |
| **Total Consumer Staples** |  | **2380219** |
| **Total Investments: 99.5%** |  | **425864523** |
| (Cost $382,340,467) |  |  |
| **CASH AND OTHER ASSETS,** <br>**LESS LIABILITIES: 0.5%**<br>|  | **2207907** |
| **Net Assets: 100.0%** |  | **$428072430** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| a | &nbsp;&nbsp; Certain securities were fair valued under the valuation policies approved by the <br> Board of Trustees (Note 2-A).<br>|
| b | &nbsp;&nbsp; Security exempt from registration under Rule 144A of the Securities Act of 1933, as <br> amended. The security may be resold in transactions exempt from registration <br> normally to qualified institutional buyers. The security has been determined to be <br> liquid in accordance with procedures adopted by the Funds' Board of Trustees. At <br> December 31, 2025, the aggregate value is $53,585,692, which is 12.52% of net <br> assets.<br>|
| c | &nbsp;&nbsp; The securities may be resold to qualified foreign investors and foreign institutional <br> buyers under Regulation S of the Securities Act of 1933.<br>|
| d | Non-income producing security. |
| ADR | American Depositary Receipt |

---

See accompanying notes to financial statements.

**13** MATTHEWS ASIA FUNDS

------

Matthews China Small Companies FundDecember 31, 2025

*Schedule of Investments*<sup>a</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES: 98.8%** | **COMMON EQUITIES: 98.8%** | |
|  | **Shares** | <br>**Value** |
| **Consumer Discretionary: 24.8%** | **Consumer Discretionary: 24.8%** | **Consumer Discretionary: 24.8%** |
| **Hotels, Restaurants & Leisure: 9.8%** | **Hotels, Restaurants & Leisure: 9.8%** | **Hotels, Restaurants & Leisure: 9.8%** |
| Atour Lifestyle Holdings, Ltd. ADR | 61150 | $2409310 |
| Tongcheng Travel Holdings, Ltd.<sup>b</sup> <br>| 771200 | 2226136 |
| DPC Dash, Ltd.<sup>c</sup> <br>| 145300 | 1340685 |
| Guangzhou Xiao Noodles Catering Management <br> Co., Ltd. H Shares<sup>c</sup> <br>| 728500 | 421223 |
|  |  | **6397354** |
| **Automobile Components: 8.4%** | **Automobile Components: 8.4%** | **Automobile Components: 8.4%** |
| Zhejiang Shuanghuan Driveline Co., Ltd. A <br> Shares<br>| 345803 | 2348037 |
| Minth Group, Ltd. | 522000 | 2138617 |
| CALB Group Co., Ltd.<sup>b,c,d</sup> <br>| 290900 | 940744 |
|  |  | **5427398** |
| **Textiles, Apparel & Luxury Goods: 3.9%** | **Textiles, Apparel & Luxury Goods: 3.9%** | **Textiles, Apparel & Luxury Goods: 3.9%** |
| Crystal International Group, Ltd.<sup>b,d</sup> <br>| 1666000 | 1434382 |
| Xtep International Holdings, Ltd. | 954000 | 651176 |
| Samsonite Group SA<sup>b,d</sup> <br>| 186300 | 475785 |
|  |  | **2561343** |
| **Household Durables: 2.5%** | **Household Durables: 2.5%** | **Household Durables: 2.5%** |
| Hisense Home Appliances Group Co., Ltd. H <br> Shares<br>| 287000 | 852414 |
| Jason Furniture Hangzhou Co., Ltd. A Shares | 171200 | 754365 |
|  |  | **1606779** |
| **Specialty Retail: 0.2%** | **Specialty Retail: 0.2%** | **Specialty Retail: 0.2%** |
| Eternal Beauty Holdings, Ltd. | 576000 | **155422** |
| **Total Consumer Discretionary** |  | **16148296** |
| **Information Technology: 21.6%** | **Information Technology: 21.6%** | **Information Technology: 21.6%** |
| **Electronic Equipment, Instruments & Components: 11.1%** | **Electronic Equipment, Instruments & Components: 11.1%** | **Electronic Equipment, Instruments & Components: 11.1%** |
| Wasion Holdings, Ltd. | 1004000 | 2216565 |
| Kingboard Laminates Holdings, Ltd. | 845500 | 1434417 |
| FIT Hon Teng, Ltd.<sup>b,c,d</sup> <br>| 2037000 | 1291954 |
| Xiamen Faratronic Co., Ltd. A Shares | 85200 | 1282916 |
| Karrie International Holdings, Ltd. | 1682000 | 522496 |
| Elite Material Co., Ltd. | 9000 | 471528 |
|  |  | **7219876** |
| **Semiconductors & Semiconductor Equipment: 7.3%** | **Semiconductors & Semiconductor Equipment: 7.3%** | **Semiconductors & Semiconductor Equipment: 7.3%** |
| ACM Research, Inc. Class A<sup>c</sup> <br>| 71428 | 2817834 |
| Jiangsu Leadmicro Nano Technology Co., Ltd. A <br> Shares<br>| 109201 | 980863 |
| WIN Semiconductors Corp. | 166000 | 966159 |
|  |  | **4764856** |
| **Software: 2.3%** | **Software: 2.3%** | **Software: 2.3%** |
| Kingdee International Software Group Co., Ltd.<sup>c</sup> <br>| 469000 | 804042 |
| ZWSOFT Co., Ltd. Guangzhou A Shares | 67824 | 662349 |
|  |  | **1466391** |
| **IT Services: 0.9%** | **IT Services: 0.9%** | **IT Services: 0.9%** |
| SUNeVision Holdings, Ltd. | 971000 | **574262** |
| **Total Information Technology** |  | **14025385** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials: 21.5%** | **Industrials: 21.5%** | **Industrials: 21.5%** |
| **Electrical Equipment: 10.7%** | **Electrical Equipment: 10.7%** | **Electrical Equipment: 10.7%** |
| Hongfa Technology Co., Ltd. A Shares | 721619 | $3142866 |
| Time Interconnect Technology, Ltd. | 595000 | 1300081 |
| Shenzhen Megmeet Electrical Co., Ltd. A Shares | 92400 | 1190021 |
| Xuji Electric Co., Ltd. A Shares | 214300 | 789871 |
| Kehua Data Co., Ltd. A Shares | 71500 | 570805 |
|  |  | **6993644** |
| **Marine Transportation: 2.5%** | **Marine Transportation: 2.5%** | **Marine Transportation: 2.5%** |
| SITC International Holdings Co., Ltd. | 450500 | **1612067** |
| **Commercial Services & Supplies: 2.4%** | **Commercial Services & Supplies: 2.4%** | **Commercial Services & Supplies: 2.4%** |
| China Everbright Environment Group, Ltd. | 2480000 | **1534809** |
| **Machinery: 2.0%** | **Machinery: 2.0%** | **Machinery: 2.0%** |
| China Yuchai International, Ltd. | 22331 | 792751 |
| Precision Tsugami China Corp., Ltd.<sup>b</sup> <br>| 115000 | 498265 |
|  |  | **1291016** |
| **Ground Transportation: 1.7%** | **Ground Transportation: 1.7%** | **Ground Transportation: 1.7%** |
| Full Truck Alliance Co., Ltd. ADR | 104515 | **1121446** |
| **Professional Services: 1.4%** | **Professional Services: 1.4%** | **Professional Services: 1.4%** |
| Kanzhun, Ltd. ADR | 44196 | **900714** |
| **Construction & Engineering: 0.8%** | **Construction & Engineering: 0.8%** | **Construction & Engineering: 0.8%** |
| Sinopec Engineering Group Co., Ltd. H Shares | 524000 | **515739** |
| **Total Industrials** |  | **13969435** |
| **Health Care: 6.9%** | **Health Care: 6.9%** | **Health Care: 6.9%** |
| **Health Care Equipment & Supplies: 3.2%** | **Health Care Equipment & Supplies: 3.2%** | **Health Care Equipment & Supplies: 3.2%** |
| Shanghai Conant Optical Co., Ltd. H Shares | 135700 | 940942 |
| AK Medical Holdings, Ltd.<sup>b,d</sup> <br>| 902000 | 662724 |
| Microport Scientific Corp.<sup>c</sup> <br>| 353800 | 492518 |
|  |  | **2096184** |
| **Pharmaceuticals: 2.8%** | **Pharmaceuticals: 2.8%** | **Pharmaceuticals: 2.8%** |
| HUTCHMED China, Ltd.<sup>c</sup> <br>| 416500 | 1104089 |
| Grand Pharmaceutical Group, Ltd. | 670500 | 675827 |
|  |  | **1779916** |
| **Health Care Technology: 0.5%** | **Health Care Technology: 0.5%** | **Health Care Technology: 0.5%** |
| Medlive Technology Co., Ltd.<sup>b,d</sup> <br>| 267500 | **333204** |
| **Biotechnology: 0.4%** | **Biotechnology: 0.4%** | **Biotechnology: 0.4%** |
| Sichuan Kelun-Biotech Biopharmaceutical Co., <br> Ltd.<sup>c</sup> <br>| 5600 | **281106** |
| **Total Health Care** |  | **4490410** |
| **Communication Services: 5.5%** | **Communication Services: 5.5%** | **Communication Services: 5.5%** |
| **Entertainment: 4.7%** | **Entertainment: 4.7%** | **Entertainment: 4.7%** |
| NetEase Cloud Music, Inc.<sup>b,c,d</sup> <br>| 78850 | 1888684 |
| Damai Entertainment Holdings, Ltd.<sup>c</sup> <br>| 9890000 | 1210261 |
|  |  | **3098945** |
| **Interactive Media & Services: 0.8%** | **Interactive Media & Services: 0.8%** | **Interactive Media & Services: 0.8%** |
| Meitu, Inc.<sup>b,d</sup> <br>| 559000 | **503347** |
| **Total Communication Services** |  | **3602292** |

---

*matthewsasia.com* \| 800.789.ASIA **14**

------

Matthews China Small Companies FundDecember 31, 2025

*Schedule of Investments*<sup>a</sup> *(continued)*

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES** *(continued)* | **COMMON EQUITIES** *(continued)* | |
|  | **Shares** | <br>**Value** |
| **Materials: 5.1%** | **Materials: 5.1%** | **Materials: 5.1%** |
| **Chemicals: 3.4%** | **Chemicals: 3.4%** | **Chemicals: 3.4%** |
| Sunresin New Materials Co., Ltd. A Shares | 189800 | $1679391 |
| Dongyue Group, Ltd. | 379000 | 527514 |
|  |  | **2206905** |
| **Metals & Mining: 1.7%** | **Metals & Mining: 1.7%** | **Metals & Mining: 1.7%** |
| MMG, Ltd.<sup>c</sup> <br>| 983200 | **1110886** |
| **Total Materials** |  | **3317791** |
| **Energy: 4.9%** | **Energy: 4.9%** | **Energy: 4.9%** |
| **Energy Equipment & Services: 4.9%** | **Energy Equipment & Services: 4.9%** | **Energy Equipment & Services: 4.9%** |
| Yantai Jereh Oilfield Services Group Co., Ltd. A <br> Shares<br>| 310700 | **3152332** |
| **Total Energy** |  | **3152332** |
| **Real Estate: 3.8%** | **Real Estate: 3.8%** | **Real Estate: 3.8%** |
| **Real Estate Management & Development: 3.8%** | **Real Estate Management & Development: 3.8%** | **Real Estate Management & Development: 3.8%** |
| China Overseas Property Holdings, Ltd. | 1795000 | 1043391 |
| Greentown China Holdings, Ltd. | 792500 | 863910 |
| Yuexiu Property Co., Ltd. | 1099000 | 560028 |
| **Total Real Estate** |  | **2467329** |
| **Consumer Staples: 2.4%** | **Consumer Staples: 2.4%** | **Consumer Staples: 2.4%** |
| **Personal Care Products: 1.0%** | **Personal Care Products: 1.0%** | **Personal Care Products: 1.0%** |
| Giant Biogene Holding Co., Ltd.<sup>b,d</sup> <br>| 149400 | **639556** |
| **Consumer Staples Distribution & Retail: 0.8%** | **Consumer Staples Distribution & Retail: 0.8%** | **Consumer Staples Distribution & Retail: 0.8%** |
| Yifeng Pharmacy Chain Co., Ltd. A Shares | 159600 | **497046** |
| **Food Products: 0.6%** | **Food Products: 0.6%** | **Food Products: 0.6%** |
| Anjoy Foods Group Co., Ltd. H Shares | 49900 | **424106** |
| **Total Consumer Staples** |  | **1560708** |
| **Utilities: 1.2%** | **Utilities: 1.2%** | **Utilities: 1.2%** |
| **Gas Utilities: 1.2%** | **Gas Utilities: 1.2%** | **Gas Utilities: 1.2%** |
| ENN Natural Gas Co., Ltd. A Shares | 267442 | **795908** |
| **Total Utilities** |  | **795908** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials: 1.1%** | **Financials: 1.1%** | **Financials: 1.1%** |
| **Financial Services: 1.1%** | **Financial Services: 1.1%** | **Financial Services: 1.1%** |
| China Development Bank Financial Leasing Co., <br> Ltd. H Shares<sup>b,d</sup> <br>| 3142000 | **$693875** |
| **Total Financials** |  | **693875** |
| **Total Investments: 98.8%** |  | **64223761** |
| (Cost $51,148,627) |  |  |
| **CASH AND OTHER ASSETS,** <br>**LESS LIABILITIES: 1.2%**<br>|  | **810804** |
| **Net Assets: 100.0%** |  | **$65034565** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| a | &nbsp;&nbsp; Certain securities were fair valued under the valuation policies approved by the <br> Board of Trustees (Note 2-A).<br>|
| b | &nbsp;&nbsp; The securities may be resold to qualified foreign investors and foreign institutional <br> buyers under Regulation S of the Securities Act of 1933.<br>|
| c | Non-income producing security. |
| d | &nbsp;&nbsp; Security exempt from registration under Rule 144A of the Securities Act of 1933, as <br> amended. The security may be resold in transactions exempt from registration <br> normally to qualified institutional buyers. The security has been determined to be <br> liquid in accordance with procedures adopted by the Funds' Board of Trustees. At <br> December 31, 2025, the aggregate value is $8,864,255, which is 13.63% of net <br> assets.<br>|
| ADR | American Depositary Receipt |

---

See accompanying notes to financial statements.

**15** MATTHEWS ASIA FUNDS

------

Matthews India FundDecember 31, 2025

*Schedule of Investments*<sup>a</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES: 104.7%** | **COMMON EQUITIES: 104.7%** | |
|  | **Shares** | <br>**Value** |
| **Financials: 36.7%** | **Financials: 36.7%** | **Financials: 36.7%** |
| **Banks: 21.8%** | **Banks: 21.8%** | **Banks: 21.8%** |
| HDFC Bank, Ltd. | 5605534 | $61923746 |
| ICICI Bank, Ltd. | 2541494 | 38037477 |
| State Bank of India | 1912160 | 20917296 |
| Axis Bank, Ltd. | 860580 | 12169021 |
| Kotak Mahindra Bank, Ltd. | 449736 | 11032230 |
| Federal Bank, Ltd. | 1887705 | 5615873 |
| Canara Bank | 1849027 | 3188905 |
| IDFC First Bank, Ltd. | 1119144 | 1066603 |
|  |  | **153951151** |
| **Consumer Finance: 10.0%** | **Consumer Finance: 10.0%** | **Consumer Finance: 10.0%** |
| Bajaj Finance, Ltd. | 2864569 | 31501630 |
| Shriram Finance, Ltd. | 2723949 | 30229406 |
| Cholamandalam Investment and Finance Co., <br> Ltd.<br>| 338274 | 6416281 |
| SBI Cards & Payment Services, Ltd. | 261361 | 2505744 |
|  |  | **70653061** |
| **Insurance: 3.9%** | **Insurance: 3.9%** | **Insurance: 3.9%** |
| Max Financial Services, Ltd.<sup>b</sup> <br>| 663073 | 12345509 |
| ICICI Lombard General Insurance Co., Ltd.<sup>c,d</sup> <br>| 362786 | 7932193 |
| Canara HSBC Life Insurance Co., Ltd.<sup>b,e</sup> <br>| 2506084 | 4131385 |
| PB Fintech, Ltd.<sup>b</sup> <br>| 88263 | 1795136 |
| Star Health & Allied Insurance Co., Ltd.<sup>b</sup> <br>| 347873 | 1761051 |
|  |  | **27965274** |
| **Capital Markets: 1.0%** | **Capital Markets: 1.0%** | **Capital Markets: 1.0%** |
| Nippon Life India Asset Management, Ltd.<sup>c,d</sup> <br>| 370892 | 3633270 |
| Billionbrains Garage Ventures, Ltd.<sup>b,c,d,f</sup> <br>| 1000050 | 1737637 |
| 360 ONE WAM, Ltd. | 115483 | 1530400 |
|  |  | **6901307** |
| **Total Financials** |  | **259470793** |
| **Consumer Discretionary: 23.7%** | **Consumer Discretionary: 23.7%** | **Consumer Discretionary: 23.7%** |
| **Hotels, Restaurants & Leisure: 12.5%** | **Hotels, Restaurants & Leisure: 12.5%** | **Hotels, Restaurants & Leisure: 12.5%** |
| Eternal, Ltd.<sup>b</sup> <br>| 14736356 | 45667720 |
| Swiggy, Ltd.<sup>b</sup> <br>| 7151292 | 30784332 |
| Le Travenues Technology, Ltd.<sup>b,d</sup> <br>| 4144692 | 11783515 |
|  |  | **88235567** |
| **Automobiles: 8.4%** | **Automobiles: 8.4%** | **Automobiles: 8.4%** |
| Mahindra & Mahindra, Ltd. | 572116 | 23627858 |
| Eicher Motors, Ltd. | 160985 | 13104602 |
| TVS Motor Co., Ltd. | 307130 | 12726933 |
| Maruti Suzuki India, Ltd. | 51413 | 9561796 |
|  |  | **59021189** |
| **Textiles, Apparel & Luxury Goods: 1.3%** | **Textiles, Apparel & Luxury Goods: 1.3%** | **Textiles, Apparel & Luxury Goods: 1.3%** |
| Titan Co., Ltd. | 199710 | **9015588** |
| **Specialty Retail: 0.9%** | **Specialty Retail: 0.9%** | **Specialty Retail: 0.9%** |
| Lenskart Solutions, Ltd.<sup>b,g</sup> <br>| 712922 | 3574946 |
| Cartrade Tech, Ltd.<sup>b</sup> <br>| 94342 | 2968901 |
|  |  | **6543847** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Household Durables: 0.6%** | **Household Durables: 0.6%** | **Household Durables: 0.6%** |
| Crompton Greaves Consumer Electricals, Ltd. | 1627319 | **$4572899** |
| **Total Consumer Discretionary** |  | **167389090** |
| **Information Technology: 11.3%** | **Information Technology: 11.3%** | **Information Technology: 11.3%** |
| **IT Services: 8.2%** | **IT Services: 8.2%** | **IT Services: 8.2%** |
| Infosys, Ltd. | 1457313 | 26244579 |
| Persistent Systems, Ltd. | 134886 | 9416958 |
| Tata Consultancy Services, Ltd. | 256270 | 9156318 |
| LTIMindtree, Ltd.<sup>c,d</sup> <br>| 99320 | 6708111 |
| Coforge, Ltd. | 345767 | 6405922 |
|  |  | **57931888** |
| **Software: 1.6%** | **Software: 1.6%** | **Software: 1.6%** |
| AurionPro Solutions, Ltd. | 393730 | 4542270 |
| Capillary Technologies India, Ltd.<sup>b,h</sup> <br>| 566934 | 4246041 |
| Zaggle Prepaid Ocean Services, Ltd.<sup>b</sup> <br>| 618315 | 2389399 |
|  |  | **11177710** |
| **Electronic Equipment, Instruments & Components: 1.5%** | **Electronic Equipment, Instruments & Components: 1.5%** | **Electronic Equipment, Instruments & Components: 1.5%** |
| Avalon Technologies, Ltd.<sup>b,c,d</sup> <br>| 813002 | 7965834 |
| PG Electroplast, Ltd. | 394194 | 2523122 |
|  |  | **10488956** |
| **Total Information Technology** |  | **79598554** |
| **Consumer Staples: 8.5%** | **Consumer Staples: 8.5%** | **Consumer Staples: 8.5%** |
| **Food Products: 4.0%** | **Food Products: 4.0%** | **Food Products: 4.0%** |
| Marico, Ltd. | 2164659 | 18068917 |
| Tata Consumer Products, Ltd. | 761505 | 10099074 |
| Kwality Wall's India, Ltd.<sup>i</sup> <br>| 625129 | 265688 |
|  |  | **28433679** |
| **Personal Care Products: 3.1%** | **Personal Care Products: 3.1%** | **Personal Care Products: 3.1%** |
| Hindustan Unilever, Ltd. | 625129 | 16109723 |
| Godrej Consumer Products, Ltd. | 449614 | 6119797 |
|  |  | **22229520** |
| **Tobacco: 0.8%** | **Tobacco: 0.8%** | **Tobacco: 0.8%** |
| ITC, Ltd. | 1221781 | **5483484** |
| **Beverages: 0.6%** | **Beverages: 0.6%** | **Beverages: 0.6%** |
| Varun Beverages, Ltd. | 789800 | **4311748** |
| **Total Consumer Staples** |  | **60458431** |
| **Health Care: 7.4%** | **Health Care: 7.4%** | **Health Care: 7.4%** |
| **Pharmaceuticals: 4.4%** | **Pharmaceuticals: 4.4%** | **Pharmaceuticals: 4.4%** |
| Neuland Laboratories, Ltd. | 134763 | 22752826 |
| Lupin, Ltd. | 163523 | 3841026 |
| Sun Pharmaceutical Industries, Ltd. | 194834 | 3730642 |
| Aether Industries, Ltd.<sup>b</sup> <br>| 69199 | 663147 |
|  |  | **30987641** |
| **Health Care Providers & Services: 1.7%** | **Health Care Providers & Services: 1.7%** | **Health Care Providers & Services: 1.7%** |
| Metropolis Healthcare, Ltd.<sup>c,d</sup> <br>| 433727 | 9309418 |
| Yatharth Hospital & Trauma Care Services, <br> Ltd.<sup>b,d</sup> <br>| 327797 | 2486617 |
|  |  | **11796035** |

---

*matthewsasia.com* \| 800.789.ASIA **16**

------

Matthews India FundDecember 31, 2025

*Schedule of Investments*<sup>a</sup> *(continued)*

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES** *(continued)* | **COMMON EQUITIES** *(continued)* | |
|  | **Shares** | <br>**Value** |
| **Health Care Technology: 0.6%** | **Health Care Technology: 0.6%** | **Health Care Technology: 0.6%** |
| Inventurus Knowledge Solutions, Ltd.<sup>b</sup> <br>| 225574 | **$4160474** |
| **Life Sciences Tools & Services: 0.5%** | **Life Sciences Tools & Services: 0.5%** | **Life Sciences Tools & Services: 0.5%** |
| Divi's Laboratories, Ltd. | 52759 | **3749936** |
| **Health Care Equipment & Supplies: 0.2%** | **Health Care Equipment & Supplies: 0.2%** | **Health Care Equipment & Supplies: 0.2%** |
| Poly Medicure, Ltd. | 67055 | **1324829** |
| **Total Health Care** |  | **52018915** |
| **Industrials: 5.9%** | **Industrials: 5.9%** | **Industrials: 5.9%** |
| **Professional Services: 1.4%** | **Professional Services: 1.4%** | **Professional Services: 1.4%** |
| Latent View Analytics, Ltd.<sup>b</sup> <br>| 1980176 | **10105839** |
| **Passenger Airlines: 1.3%** | **Passenger Airlines: 1.3%** | **Passenger Airlines: 1.3%** |
| InterGlobe Aviation, Ltd.<sup>c,d</sup> <br>| 161804 | **9126626** |
| **Air Freight & Logistics: 0.9%** | **Air Freight & Logistics: 0.9%** | **Air Freight & Logistics: 0.9%** |
| Delhivery, Ltd.<sup>b</sup> <br>| 1398820 | **6291710** |
| **Machinery: 0.9%** | **Machinery: 0.9%** | **Machinery: 0.9%** |
| Ashok Leyland, Ltd. | 1859953 | 3711643 |
| Cummins India, Ltd. | 50456 | 2490051 |
|  |  | **6201694** |
| **Electrical Equipment: 0.8%** | **Electrical Equipment: 0.8%** | **Electrical Equipment: 0.8%** |
| Bharat Heavy Electricals, Ltd. | 1755595 | **5620237** |
| **Transportation Infrastructure: 0.6%** | **Transportation Infrastructure: 0.6%** | **Transportation Infrastructure: 0.6%** |
| Gujarat Pipavav Port, Ltd. | 2135939 | **4325852** |
| **Total Industrials** |  | **41671958** |
| **Energy: 5.0%** | **Energy: 5.0%** | **Energy: 5.0%** |
| **Oil, Gas & Consumable Fuels: 5.0%** | **Oil, Gas & Consumable Fuels: 5.0%** | **Oil, Gas & Consumable Fuels: 5.0%** |
| Reliance Industries, Ltd. | 2004979 | **35084359** |
| **Total Energy** |  | **35084359** |
| **Communication Services: 4.1%** | **Communication Services: 4.1%** | **Communication Services: 4.1%** |
| **Wireless Telecommunication Services: 4.1%** | **Wireless Telecommunication Services: 4.1%** | **Wireless Telecommunication Services: 4.1%** |
| Bharti Airtel, Ltd. | 1249017 | **29316280** |
| **Total Communication Services** |  | **29316280** |
| **Materials: 2.1%** | **Materials: 2.1%** | **Materials: 2.1%** |
| **Construction Materials: 1.3%** | **Construction Materials: 1.3%** | **Construction Materials: 1.3%** |
| UltraTech Cement, Ltd. | 69772 | **9155194** |
| **Chemicals: 0.8%** | **Chemicals: 0.8%** | **Chemicals: 0.8%** |
| Asian Paints, Ltd. | 95150 | 2935506 |
| PI Industries, Ltd. | 48468 | 1748242 |
| Navin Fluorine International, Ltd. | 16179 | 1066100 |
|  |  | **5749848** |
| **Total Materials** |  | **14905042** |
| **TOTAL COMMON EQUITIES** | **TOTAL COMMON EQUITIES** | **739913422** |
| (Cost $617,597,415) |  |  |

---

---

| | | |
|:---|:---|:---|
| **PREFERRED EQUITIES: 0.0%** | **PREFERRED EQUITIES: 0.0%** | |
|  | **Shares** | <br>**Value** |
| **Consumer Discretionary: 0.0%** | **Consumer Discretionary: 0.0%** | **Consumer Discretionary: 0.0%** |
| **Automobiles: 0.0%** | **Automobiles: 0.0%** | **Automobiles: 0.0%** |
| TVS Motor Co., Ltd., Pfd.<sup>b,i</sup> <br>| 1594296 | **$195075** |
| **Total Consumer Discretionary** |  | **195075** |
| **TOTAL PREFERRED EQUITIES** | **TOTAL PREFERRED EQUITIES** | **195075** |
| (Cost $0) |  |  |
| **Total Investments: 104.7%** |  | **740108497** |
| (Cost $617,597,415) |  |  |
| **LIABILITIES IN EXCESS OF CASH** <br>**AND OTHER ASSETS: (4.7%)**<br>|  | **(33070833)**<br>|
| **Net Assets: 100.0%** |  | **$707037664** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| a | &nbsp;&nbsp; Certain securities were fair valued under the valuation policies approved by the Board <br> of Trustees (Note 2-A).<br>|
| b | Non-income producing security. |
| c | &nbsp;&nbsp; Security exempt from registration under Rule 144A of the Securities Act of 1933, as <br> amended. The security may be resold in transactions exempt from registration <br> normally to qualified institutional buyers. The security has been determined to be <br> liquid in accordance with procedures adopted by the Funds' Board of Trustees. At <br> December 31, 2025, the aggregate value is $46,413,089, which is 6.56% of net <br> assets.<br>|
| d | &nbsp;&nbsp; The securities may be resold to qualified foreign investors and foreign institutional <br> buyers under Regulation S of the Securities Act of 1933.<br>|
| e | &nbsp;&nbsp; As of December 31, 2025, 942,690 shares of Canara HSBC Life Insurance Co., Ltd. <br> were restricted from sale as part of an anchor investment agreement. That restriction <br> expired on January 12, 2026.<br>|
| f | &nbsp;&nbsp; As of December 31, 2025, 500,025 shares of Billionbrains Garage Ventures, Ltd. were <br> restricted from sale as part of an anchor investment agreement. That restriction <br> expired on February 09, 2026.<br>|
| g | &nbsp;&nbsp; As of December 31, 2025, 123,935 shares of Lenskart Solutions, Ltd. were restricted <br> from sale as part of an anchor investment agreement. That restriction expired on <br> February 04, 2026.<br>|
| h | &nbsp;&nbsp; As of December 31, 2025, 155,988 shares of Capillary Technologies India, Ltd. were <br> restricted from sale as part of an anchor investment agreement. That restriction <br> expired on February 16, 2026.<br>|
| i | &nbsp;&nbsp; Security is valued using significant unobservable inputs and is classified as Level 3 in <br> the fair value hierarchy. The aggregate value of Level 3 security is $460,763 and <br> 0.07% of net assets.<br>|
| Pfd. | Preferred |

---

See accompanying notes to financial statements.

**17** MATTHEWS ASIA FUNDS

------

Matthews Japan FundDecember 31, 2025

*Schedule of Investments*<sup>a</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES: 99.7%** | **COMMON EQUITIES: 99.7%** | |
|  | **Shares** | <br>**Value** |
| **Industrials: 28.5%** | **Industrials: 28.5%** | **Industrials: 28.5%** |
| **Industrial Conglomerates: 6.4%** | **Industrial Conglomerates: 6.4%** | **Industrial Conglomerates: 6.4%** |
| Hitachi, Ltd. | 1071800 | $33613332 |
| Hikari Tsushin, Inc. | 44800 | 12552914 |
|  |  | **46166246** |
| **Trading Companies & Distributors: 5.7%** | **Trading Companies & Distributors: 5.7%** | **Trading Companies & Distributors: 5.7%** |
| Marubeni Corp. | 774400 | 21567039 |
| Sumitomo Corp. | 551200 | 19078412 |
|  |  | **40645451** |
| **Construction & Engineering: 4.0%** | **Construction & Engineering: 4.0%** | **Construction & Engineering: 4.0%** |
| Kajima Corp. | 415500 | 15492963 |
| Kinden Corp. | 300800 | 13047903 |
|  |  | **28540866** |
| **Electrical Equipment: 4.0%** | **Electrical Equipment: 4.0%** | **Electrical Equipment: 4.0%** |
| Fuji Electric Co., Ltd. | 188000 | 14256994 |
| Mitsubishi Electric Corp. | 488900 | 14254787 |
|  |  | **28511781** |
| **Machinery: 2.7%** | **Machinery: 2.7%** | **Machinery: 2.7%** |
| Kawasaki Heavy Industries, Ltd. | 177200 | 11751285 |
| Fuji Corp. | 314200 | 7320894 |
|  |  | **19072179** |
| **Ground Transportation: 2.5%** | **Ground Transportation: 2.5%** | **Ground Transportation: 2.5%** |
| East Japan Railway Co. | 695400 | **18328577** |
| **Professional Services: 2.3%** | **Professional Services: 2.3%** | **Professional Services: 2.3%** |
| Recruit Holdings Co., Ltd. | 298700 | **16784426** |
| **Building Products: 0.9%** | **Building Products: 0.9%** | **Building Products: 0.9%** |
| Sanwa Holdings Corp. | 252800 | **6582455** |
| **Total Industrials** |  | **204631981** |
| **Consumer Discretionary: 20.6%** | **Consumer Discretionary: 20.6%** | **Consumer Discretionary: 20.6%** |
| **Household Durables: 6.7%** | **Household Durables: 6.7%** | **Household Durables: 6.7%** |
| Sony Group Corp. | 1590300 | 40792767 |
| Panasonic Holdings Corp. | 582200 | 7547664 |
|  |  | **48340431** |
| **Automobiles: 4.4%** | **Automobiles: 4.4%** | **Automobiles: 4.4%** |
| Toyota Motor Corp. | 1052100 | 22596054 |
| Isuzu Motors, Ltd. | 602100 | 9397051 |
|  |  | **31993105** |
| **Automobile Components: 4.2%** | **Automobile Components: 4.2%** | **Automobile Components: 4.2%** |
| Sumitomo Electric Industries, Ltd. | 279100 | 11241391 |
| Yokohama Rubber Co., Ltd. | 279800 | 10767491 |
| GS Yuasa Corp. | 330400 | 7922811 |
|  |  | **29931693** |
| **Specialty Retail: 3.2%** | **Specialty Retail: 3.2%** | **Specialty Retail: 3.2%** |
| Fast Retailing Co., Ltd. | 46100 | 16715320 |
| Sanrio Co., Ltd. | 202200 | 6326885 |
|  |  | **23042205** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Textiles, Apparel & Luxury Goods: 2.1%** | **Textiles, Apparel & Luxury Goods: 2.1%** | **Textiles, Apparel & Luxury Goods: 2.1%** |
| Asics Corp. | 620500 | **$14896015** |
| **Total Consumer Discretionary** |  | **148203449** |
| **Financials: 17.3%** | **Financials: 17.3%** | **Financials: 17.3%** |
| **Banks: 11.2%** | **Banks: 11.2%** | **Banks: 11.2%** |
| Mitsubishi UFJ Financial Group, Inc. | 2177100 | 34552916 |
| Sumitomo Mitsui Financial Group, Inc. | 861700 | 27713492 |
| Shizuoka Financial Group, Inc. | 630000 | 9781834 |
| SBI Shinsei Bank, Ltd.<sup>b</sup> <br>| 760000 | 8442288 |
|  |  | **80490530** |
| **Financial Services: 3.6%** | **Financial Services: 3.6%** | **Financial Services: 3.6%** |
| ORIX Corp. | 738400 | 21596194 |
| NS Group, Inc. | 548800 | 4691287 |
|  |  | **26287481** |
| **Insurance: 2.5%** | **Insurance: 2.5%** | **Insurance: 2.5%** |
| Tokio Marine Holdings, Inc. | 480200 | **17751124** |
| **Total Financials** |  | **124529135** |
| **Information Technology: 14.7%** | **Information Technology: 14.7%** | **Information Technology: 14.7%** |
| **Semiconductors & Semiconductor Equipment: 5.9%** | **Semiconductors & Semiconductor Equipment: 5.9%** | **Semiconductors & Semiconductor Equipment: 5.9%** |
| Tokyo Electron, Ltd. | 135400 | 30157287 |
| Renesas Electronics Corp. | 867000 | 11875171 |
|  |  | **42032458** |
| **IT Services: 5.5%** | **IT Services: 5.5%** | **IT Services: 5.5%** |
| NEC Corp. | 621200 | 21018617 |
| Fujitsu, Ltd. | 666000 | 18303621 |
|  |  | **39322238** |
| **Electronic Equipment, Instruments & Components: 3.3%** | **Electronic Equipment, Instruments & Components: 3.3%** | **Electronic Equipment, Instruments & Components: 3.3%** |
| TDK Corp. | 1044800 | 14781571 |
| Anritsu Corp. | 633100 | 9073907 |
|  |  | **23855478** |
| **Total Information Technology** |  | **105210174** |
| **Communication Services: 4.1%** | **Communication Services: 4.1%** | **Communication Services: 4.1%** |
| **Entertainment: 3.3%** | **Entertainment: 3.3%** | **Entertainment: 3.3%** |
| Nintendo Co., Ltd. | 237500 | 16034710 |
| Capcom Co., Ltd. | 329700 | 7658615 |
|  |  | **23693325** |
| **Wireless Telecommunication Services: 0.8%** | **Wireless Telecommunication Services: 0.8%** | **Wireless Telecommunication Services: 0.8%** |
| SoftBank Group Corp. | 191100 | **5360993** |
| **Total Communication Services** |  | **29054318** |
| **Materials: 4.0%** | **Materials: 4.0%** | **Materials: 4.0%** |
| **Chemicals: 4.0%** | **Chemicals: 4.0%** | **Chemicals: 4.0%** |
| Shin-Etsu Chemical Co., Ltd. | 512700 | 15925054 |
| Resonac Holdings Corp. | 161600 | 6737985 |
| Osaka Soda Co., Ltd. | 460400 | 6380573 |
| **Total Materials** |  | **29043612** |
| **Real Estate: 4.0%** | **Real Estate: 4.0%** | **Real Estate: 4.0%** |
| **Real Estate Management & Development: 4.0%** | **Real Estate Management & Development: 4.0%** | **Real Estate Management & Development: 4.0%** |
| Sumitomo Realty & Development Co., Ltd. | 595800 | 14958119 |

---

*matthewsasia.com* \| 800.789.ASIA **18**

------

Matthews Japan FundDecember 31, 2025

*Schedule of Investments*<sup>a</sup> *(continued)*

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES** *(continued)* | **COMMON EQUITIES** *(continued)* | |
|  | **Shares** | <br>**Value** |
| Mitsui Fudosan Co., Ltd. | 1186000 | $13478028 |
| **Total Real Estate** |  | **28436147** |
| **Health Care: 3.6%** | **Health Care: 3.6%** | **Health Care: 3.6%** |
| **Pharmaceuticals: 1.9%** | **Pharmaceuticals: 1.9%** | **Pharmaceuticals: 1.9%** |
| Sawai Group Holdings Co., Ltd. | 464100 | 6983996 |
| Astellas Pharma, Inc. | 486100 | 6469756 |
|  |  | **13453752** |
| **Health Care Equipment & Supplies: 1.7%** | **Health Care Equipment & Supplies: 1.7%** | **Health Care Equipment & Supplies: 1.7%** |
| Terumo Corp. | 864100 | **12559844** |
| **Total Health Care** |  | **26013596** |
| **Consumer Staples: 2.9%** | **Consumer Staples: 2.9%** | **Consumer Staples: 2.9%** |
| **Personal Care Products: 1.9%** | **Personal Care Products: 1.9%** | **Personal Care Products: 1.9%** |
| Kao Corp. | 341200 | **13617823** |
| **Beverages: 1.0%** | **Beverages: 1.0%** | **Beverages: 1.0%** |
| Asahi Group Holdings, Ltd. | 666600 | **6987171** |
| **Total Consumer Staples** |  | **20604994** |
| **Total Investments: 99.7%** |  | **715727406** |
| (Cost $585,597,120) |  |  |
| **CASH AND OTHER ASSETS,** <br>**LESS LIABILITIES: 0.3%**<br>|  | **2159665** |
| **Net Assets: 100.0%** |  | **$717887071** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

a Certain securities were fair valued under the valuation policies approved by the Board of Trustees (Note 2-A). <br> b Non-income producing security.

See accompanying notes to financial statements.

**19** MATTHEWS ASIA FUNDS

------

Matthews Asia Dividend FundDecember 31, 2025

*Schedule of Investments*<sup>a</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES: 99.2%** | **COMMON EQUITIES: 99.2%** | |
|  | **Shares** | <br>**Value**  |
| **China/Hong Kong: 31.7%** | **China/Hong Kong: 31.7%** | **China/Hong Kong: 31.7%** |
| Tencent Holdings, Ltd. | 352600 | $27059772 |
| Alibaba Group Holding, Ltd. | 640300 | 11756524 |
| Industrial & Commercial Bank of China, Ltd. H <br> Shares<br>| 13946000 | 11285186 |
| Yuexiu Transport Infrastructure, Ltd. | 18020000 | 10947365 |
| Ping An Insurance Group Co. of China, Ltd. H <br> Shares<br>| 1268500 | 10655026 |
| Yum China Holdings, Inc. | 168320 | 8035597 |
| AIA Group, Ltd. | 764200 | 7865982 |
| Midea Group Co., Ltd. A Shares | 668741 | 7477280 |
| Hongkong Land Holdings, Ltd. | 1017700 | 7069677 |
| Dongfang Electric Corp., Ltd. H Shares | 2198800 | 7063751 |
| HKT Trust & HKT, Ltd. | 4283000 | 6342087 |
| NARI Technology Co., Ltd. A Shares | 1806568 | 5823249 |
| China Tower Corp., Ltd. H Shares<sup>b,c</sup> <br>| 3794500 | 5641086 |
| Hong Kong Exchanges & Clearing, Ltd. | 105600 | 5525135 |
| China Merchants Bank Co., Ltd. H Shares | 791000 | 5381092 |
| Swire Pacific, Ltd. Class A | 650000 | 5239880 |
| China Construction Bank Corp. H Shares | 5216000 | 5162854 |
| PetroChina Co., Ltd. H Shares | 4672000 | 5035945 |
| Wuliangye Yibin Co., Ltd. A Shares | 330900 | 5026932 |
| JD.com, Inc. Class A | 330033 | 4745623 |
| Link REIT | 1018600 | 4548071 |
| China Overseas Property Holdings, Ltd. | 7150000 | 4156126 |
| **Total China/Hong Kong** |  | **171844240** |
| **Japan: 23.4%** | **Japan: 23.4%** | **Japan: 23.4%** |
| Mitsubishi UFJ Financial Group, Inc. | 772100 | 12254056 |
| ORIX Corp. | 397700 | 11631644 |
| Marubeni Corp. | 405000 | 11279249 |
| Sumitomo Corp. | 279400 | 9670734 |
| Tokyo Electron, Ltd. | 42600 | 9488186 |
| Kajima Corp. | 251700 | 9385268 |
| Mitsui Fudosan Co., Ltd. | 820600 | 9325523 |
| Shin-Etsu Chemical Co., Ltd. | 293100 | 9104024 |
| NEC Corp. | 262000 | 8864903 |
| Tokio Marine Holdings, Inc. | 234500 | 8668552 |
| Asahi Group Holdings, Ltd. | 625600 | 6557417 |
| Toyota Motor Corp. | 300700 | 6458163 |
| Hikari Tsushin, Inc. | 17900 | 5015562 |
| Sawai Group Holdings Co., Ltd. | 332400 | 5002112 |
| Sony Group Corp. | 146800 | 3765565 |
| Sony Financial Group, Inc.<sup>d</sup> <br>| 379600 | 402283 |
| **Total Japan** |  | **126873241** |
| **Taiwan: 13.0%** | **Taiwan: 13.0%** | **Taiwan: 13.0%** |
| Taiwan Semiconductor Manufacturing Co., <br> Ltd.<br>| 1167469 | 57389607 |
| CTBC Financial Holding Co., Ltd. | 4612000 | 7369009 |
| Delta Electronics, Inc. | 198000 | 6039784 |
| **Total Taiwan** |  | **70798400** |
| **South Korea: 13.0%** | **South Korea: 13.0%** | **South Korea: 13.0%** |
| Samsung Electronics Co., Ltd. | 357448 | 29959468 |
| Hana Financial Group, Inc. | 247228 | 16130783 |
| Korea Investment Holdings Co., Ltd. | 62940 | 7086744 |
| KT&G Corp. | 65174 | 6428951 |
| Macquarie Korea Infrastructure Fund | 714182 | 5576461 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| SK Telecom Co., Ltd. | 144792 | $5375925 |
| **Total South Korea** |  | **70558332** |
| **Australia: 6.3%** | **Australia: 6.3%** | **Australia: 6.3%** |
| Telstra Group, Ltd. | 3246022 | 10531923 |
| Rio Tinto, Ltd. | 72204 | 7043910 |
| Commonwealth Bank of Australia | 63113 | 6736622 |
| ANZ Group Holdings, Ltd. | 264619 | 6397855 |
| CSL, Ltd. | 31943 | 3676048 |
| **Total Australia** |  | **34386358** |
| **India: 6.1%** | **India: 6.1%** | **India: 6.1%** |
| HDFC Bank, Ltd. | 870682 | 9618333 |
| Power Grid Corp. of India, Ltd. | 2408629 | 7102465 |
| Bharti Airtel, Ltd. | 297394 | 6980278 |
| Tata Consultancy Services, Ltd. | 136569 | 4879499 |
| Hindustan Unilever, Ltd. | 177692 | 4579165 |
| Kwality Wall's India, Ltd.<sup>e</sup> <br>| 177692 | 75521 |
| **Total India** |  | **33235261** |
| **Singapore: 3.8%** | **Singapore: 3.8%** | **Singapore: 3.8%** |
| Singapore Telecommunications, Ltd. | 2211700 | 7824992 |
| DBS Group Holdings, Ltd. | 162800 | 7131398 |
| United Overseas Bank, Ltd. | 200400 | 5458001 |
| **Total Singapore** |  | **20414391** |
| **Indonesia: 1.0%** | **Indonesia: 1.0%** | **Indonesia: 1.0%** |
| PT Bank Rakyat Indonesia Persero Tbk | 24395584 | 5342802 |
| **Total Indonesia** |  | **5342802** |
| **Thailand: 0.9%** | **Thailand: 0.9%** | **Thailand: 0.9%** |
| Bangkok Dusit Medical Services Public Co., <br> Ltd. F Shares<br>| 8030800 | 4918499 |
| **Total Thailand** |  | **4918499** |
| **Total Investments: 99.2%** |  | **538371524** |
| (Cost $425,261,469) |  |  |
| **CASH AND OTHER ASSETS,** <br>**LESS LIABILITIES: 0.8%**<br>|  | **4242965** |
| **Net Assets: 100.0%** |  | **$542614489** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*matthewsasia.com* \| 800.789.ASIA **20**

------

Matthews Asia Dividend FundDecember 31, 2025

*Schedule of Investments*<sup>a</sup> *(continued)*

---

| | |
|:---|:---|
| a | &nbsp;&nbsp; Certain securities were fair valued under the valuation policies approved by the <br> Board of Trustees (Note 2-A).<br>|
| b | &nbsp;&nbsp; Security exempt from registration under Rule 144A of the Securities Act of 1933, as <br> amended. The security may be resold in transactions exempt from registration <br> normally to qualified institutional buyers. The security has been determined to be <br> liquid in accordance with procedures adopted by the Funds' Board of Trustees. At <br> December 31, 2025, the aggregate value is $5,641,086, which is 1.04% of net <br> assets.<br>|
| c | &nbsp;&nbsp; The securities may be resold to qualified foreign investors and foreign institutional <br> buyers under Regulation S of the Securities Act of 1933.<br>|
| d | Non-income producing security. |
| e | &nbsp;&nbsp; Security is valued using significant unobservable inputs and is classified as Level 3 in <br> the fair value hierarchy. The aggregate value of Level 3 security is $75,521 and <br> 0.01% of net assets.<br>|
| REIT | Real Estate Investment Trust |

---

See accompanying notes to financial statements.

**21** MATTHEWS ASIA FUNDS

------

Matthews China Dividend FundDecember 31, 2025

*Schedule of Investments*<sup>a</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES: 99.4%** | **COMMON EQUITIES: 99.4%** | |
|  | **Shares** | <br>**Value** |
| **Industrials: 20.0%** | **Industrials: 20.0%** | **Industrials: 20.0%** |
| **Electrical Equipment: 6.2%** | **Electrical Equipment: 6.2%** | **Electrical Equipment: 6.2%** |
| Contemporary Amperex Technology Co., Ltd. A <br> Shares<br>| 53640 | $2825521 |
| Sungrow Power Supply Co., Ltd. A Shares | 70520 | 1729103 |
| Hongfa Technology Co., Ltd. A Shares | 279600 | 1217741 |
|  |  | **5772365** |
| **Commercial Services & Supplies: 3.5%** | **Commercial Services & Supplies: 3.5%** | **Commercial Services & Supplies: 3.5%** |
| China Everbright Environment Group, Ltd. | 5302000 | **3281273** |
| **Transportation Infrastructure: 3.5%** | **Transportation Infrastructure: 3.5%** | **Transportation Infrastructure: 3.5%** |
| Anhui Expressway Co., Ltd. H Shares | 1906000 | **3203320** |
| **Trading Companies & Distributors: 1.7%** | **Trading Companies & Distributors: 1.7%** | **Trading Companies & Distributors: 1.7%** |
| BOC Aviation, Ltd.<sup>b,c</sup> <br>| 166500 | **1559048** |
| **Air Freight & Logistics: 1.6%** | **Air Freight & Logistics: 1.6%** | **Air Freight & Logistics: 1.6%** |
| ZTO Express Cayman, Inc. ADR | 70800 | **1479012** |
| **Professional Services: 1.3%** | **Professional Services: 1.3%** | **Professional Services: 1.3%** |
| Kanzhun, Ltd. ADR | 59127 | **1205008** |
| **Ground Transportation: 1.1%** | **Ground Transportation: 1.1%** | **Ground Transportation: 1.1%** |
| Full Truck Alliance Co., Ltd. ADR | 97727 | **1048611** |
| **Machinery: 1.1%** | **Machinery: 1.1%** | **Machinery: 1.1%** |
| Techtronic Industries Co., Ltd. | 89500 | **1029530** |
| **Total Industrials** |  | **18578167** |
| **Consumer Discretionary: 18.8%** | **Consumer Discretionary: 18.8%** | **Consumer Discretionary: 18.8%** |
| **Broadline Retail: 8.8%** | **Broadline Retail: 8.8%** | **Broadline Retail: 8.8%** |
| Alibaba Group Holding, Ltd. | 443600 | **8144923** |
| **Hotels, Restaurants & Leisure: 5.8%** | **Hotels, Restaurants & Leisure: 5.8%** | **Hotels, Restaurants & Leisure: 5.8%** |
| Mixue Group H Shares<sup>d</sup> <br>| 39200 | 2066277 |
| Trip.com Group, Ltd. | 27400 | 1964619 |
| Yum China Holdings, Inc. | 29031 | 1385940 |
|  |  | **5416836** |
| **Automobile Components: 4.2%** | **Automobile Components: 4.2%** | **Automobile Components: 4.2%** |
| Minth Group, Ltd. | 612000 | 2507344 |
| Autel Intelligent Technology Corp., Ltd. A Shares | 270852 | 1429473 |
|  |  | **3936817** |
| **Total Consumer Discretionary** |  | **17498576** |
| **Communication Services: 17.8%** | **Communication Services: 17.8%** | **Communication Services: 17.8%** |
| **Interactive Media & Services: 16.8%** | **Interactive Media & Services: 16.8%** | **Interactive Media & Services: 16.8%** |
| Tencent Holdings, Ltd. | 151700 | 11641995 |
| Kuaishou Technology<sup>b,c</sup> <br>| 231500 | 1913674 |
| Baidu, Inc. Class A<sup>d</sup> <br>| 100350 | 1650278 |
| Meitu, Inc.<sup>b,c</sup> <br>| 395500 | 356125 |
|  |  | **15562072** |
| **Media: 1.0%** | **Media: 1.0%** | **Media: 1.0%** |
| Focus Media Information Technology Co., Ltd. A <br> Shares<br>| 879200 | **928927** |
| **Total Communication Services** |  | **16490999** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials: 17.2%** | **Financials: 17.2%** | **Financials: 17.2%** |
| **Banks: 10.4%** | **Banks: 10.4%** | **Banks: 10.4%** |
| China Merchants Bank Co., Ltd. H Shares | 559500 | $3806221 |
| China Construction Bank Corp. H Shares | 3767000 | 3728618 |
| Industrial & Commercial Bank of China, Ltd. H <br> Shares<br>| 2584000 | 2090988 |
|  |  | **9625827** |
| **Insurance: 4.7%** | **Insurance: 4.7%** | **Insurance: 4.7%** |
| Ping An Insurance Group Co. of China, Ltd. H <br> Shares<br>| 524000 | **4401446** |
| **Capital Markets: 2.1%** | **Capital Markets: 2.1%** | **Capital Markets: 2.1%** |
| GF Securities Co., Ltd. H Shares | 636600 | 1444558 |
| China International Capital Corp., Ltd. H <br> Shares<sup>b,c</sup> <br>| 187200 | 472842 |
|  |  | **1917400** |
| **Total Financials** |  | **15944673** |
| **Consumer Staples: 8.6%** | **Consumer Staples: 8.6%** | **Consumer Staples: 8.6%** |
| **Food Products: 4.4%** | **Food Products: 4.4%** | **Food Products: 4.4%** |
| WH Group, Ltd.<sup>b,c</sup> <br>| 2013500 | 2243067 |
| Inner Mongolia Yili Industrial Group Co., Ltd. A <br> Shares<br>| 441100 | 1809722 |
|  |  | **4052789** |
| **Beverages: 2.4%** | **Beverages: 2.4%** | **Beverages: 2.4%** |
| Shanxi Xinghuacun Fen Wine Factory Co., Ltd. A <br> Shares<br>| 54980 | 1354908 |
| Beijing Yanjing Brewery Co., Ltd. A Shares | 571200 | 920061 |
|  |  | **2274969** |
| **Personal Care Products: 1.8%** | **Personal Care Products: 1.8%** | **Personal Care Products: 1.8%** |
| Giant Biogene Holding Co., Ltd.<sup>b,c</sup> <br>| 196400 | 840754 |
| Mao Geping Cosmetics Co., Ltd. | 77900 | 818428 |
|  |  | **1659182** |
| **Total Consumer Staples** |  | **7986940** |
| **Energy: 6.1%** | **Energy: 6.1%** | **Energy: 6.1%** |
| **Oil, Gas & Consumable Fuels: 6.1%** | **Oil, Gas & Consumable Fuels: 6.1%** | **Oil, Gas & Consumable Fuels: 6.1%** |
| PetroChina Co., Ltd. H Shares | 2894000 | 3119440 |
| China Suntien Green Energy Corp., Ltd. H Shares | 4995000 | 2531935 |
| **Total Energy** |  | **5651375** |
| **Information Technology: 3.9%** | **Information Technology: 3.9%** | **Information Technology: 3.9%** |
| **Electronic Equipment, Instruments & Components: 3.0%** | **Electronic Equipment, Instruments & Components: 3.0%** | **Electronic Equipment, Instruments & Components: 3.0%** |
| Wasion Holdings, Ltd. | 1282000 | **2830315** |
| **IT Services: 0.9%** | **IT Services: 0.9%** | **IT Services: 0.9%** |
| SUNeVision Holdings, Ltd. | 1420000 | **839807** |
| **Total Information Technology** |  | **3670122** |
| **Health Care: 3.7%** | **Health Care: 3.7%** | **Health Care: 3.7%** |
| **Health Care Equipment & Supplies: 2.1%** | **Health Care Equipment & Supplies: 2.1%** | **Health Care Equipment & Supplies: 2.1%** |
| Shanghai Conant Optical Co., Ltd. H Shares | 204500 | 1418000 |
| AK Medical Holdings, Ltd.<sup>b,c</sup> <br>| 672000 | 493737 |
|  |  | **1911737** |

---

*matthewsasia.com* \| 800.789.ASIA **22**

------

Matthews China Dividend FundDecember 31, 2025

*Schedule of Investments*<sup>a</sup> *(continued)*

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES** *(continued)* | **COMMON EQUITIES** *(continued)* | |
|  | **Shares** | <br>**Value** |
| **Pharmaceuticals: 1.6%** | **Pharmaceuticals: 1.6%** | **Pharmaceuticals: 1.6%** |
| CSPC Pharmaceutical Group, Ltd. | 1404000 | **$1523400** |
| **Total Health Care** |  | **3435137** |
| **Materials: 2.2%** | **Materials: 2.2%** | **Materials: 2.2%** |
| **Construction Materials: 2.2%** | **Construction Materials: 2.2%** | **Construction Materials: 2.2%** |
| China Jushi Co., Ltd. A Shares | 829707 | **2035977** |
| **Total Materials** |  | **2035977** |
| **Real Estate: 1.1%** | **Real Estate: 1.1%** | **Real Estate: 1.1%** |
| **Real Estate Management & Development: 1.1%** | **Real Estate Management & Development: 1.1%** | **Real Estate Management & Development: 1.1%** |
| Greentown China Holdings, Ltd. | 967500 | **1054679** |
| **Total Real Estate** |  | **1054679** |
| **Total Investments: 99.4%** |  | **92346645** |
| (Cost $69,625,559) |  |  |
| **CASH AND OTHER ASSETS,** <br>**LESS LIABILITIES: 0.6%**<br>|  | **548541** |
| **Net Assets: 100.0%** |  | **$92895186** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| a | &nbsp;&nbsp; Certain securities were fair valued under the valuation policies approved by the <br> Board of Trustees (Note 2-A).<br>|
| b | &nbsp;&nbsp; Security exempt from registration under Rule 144A of the Securities Act of 1933, as <br> amended. The security may be resold in transactions exempt from registration <br> normally to qualified institutional buyers. The security has been determined to be <br> liquid in accordance with procedures adopted by the Funds' Board of Trustees. At <br> December 31, 2025, the aggregate value is $7,879,247, which is 8.48% of net <br> assets.<br>|
| c | &nbsp;&nbsp; The securities may be resold to qualified foreign investors and foreign institutional <br> buyers under Regulation S of the Securities Act of 1933.<br>|
| d | Non-income producing security. |
| ADR | American Depositary Receipt |

---

See accompanying notes to financial statements.

**23** MATTHEWS ASIA FUNDS

------

Statements of Assets and Liabilities December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Matthews Emerging** <br>**Markets Equity Fund**<br>| **Matthews Emerging** <br>**Markets Sustainable** <br>**Future Fund**<br>| **Matthews** <br>**Emerging Markets** <br>**Small Companies** <br>**Fund**<br>|
| **ASSETS:** |  |  |  |
| Investments at value (A) (Note 2-A): |  |  |  |
| Unaffiliated issuers | $257122260 | $223777789 | $437726959 |
| Cash | 16413788 | 2125991 | 1642900 |
| Segregated foreign currency at value (B) | 459 | 8665 | 3759 |
| Foreign currency at value (B) | 3212 | 1557701 | 788343 |
| Dividends and interest receivable | 358838 | 322047 | 601664 |
| Receivable for securities sold |  |  | 980836 |
| Receivable for capital shares sold | 323661 | 19886 | 240693 |
| Other receivable | 29033 | 37946 | 130601 |
| Prepaid expenses | 20117 |  | 70828 |
| **TOTAL ASSETS** | **274271368** | **227850025** | **442186583** |
| **LIABILITIES:** |  |  |  |
| Payable for securities purchased | 9399682 | 1613429 | 237104 |
| Payable for capital shares redeemed | 228797 | 34289 | 447745 |
| Deferred foreign capital gains tax liability (Note 2-E) | 1242925 | 971966 | 4108737 |
| Due to Advisor (Note 4) | 106816 | 141652 | 282523 |
| Administration and accounting fees payable (Note 4) | 3541 | 3041 | 5974 |
| Administration and shareholder servicing fees payable (Note 4) | 47065 | 40388 | 78739 |
| Custodian fees payable | 7541 | 1708 | 44665 |
| Intermediary service fees payable (Note 4) | 25041 | 15163 | 99762 |
| Professional fees payable | 25603 | 22887 | 36765 |
| Printing fees payables | 1157 | 8169 | 21160 |
| Transfer agent fees payable | 4328 | 615 | 3706 |
| Accrued other expenses payable | 121056 | 48869 | 96453 |
| **TOTAL LIABILITIES** | **11213552** | **2902176** | **5463333** |
| **NET ASSETS** | **$263057816** | **$224947849** | **$436723250** |
| **NET ASSETS:** |  |  |  |
| Investor Class | $197776750 | $22267980 | $145866268 |
| Institutional Class | 65281066 | 202679869 | 290856982 |
| **TOTAL** | **$263057816** | **$224947849** | **$436723250** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes to financial statements.

*matthewsasia.com* \| 800.789.ASIA **24**

------

Statements of Assets and Liabilities *(continued)*December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Matthews Emerging** <br>**Markets Equity Fund**<br>| **Matthews Emerging** <br>**Markets Sustainable** <br>**Future Fund**<br>| **Matthews** <br>**Emerging Markets** <br>**Small Companies** <br>**Fund**<br>|
| **SHARES OUTSTANDING:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (shares of beneficial interest issued and outstanding, respectively, unlimited <br> number of shares authorized with a $0.001 par value)<br>|  |  |  |
| Investor Class | 12064446 | 1608212 | 5652692 |
| Institutional Class | 3988754 | 14633576 | 11293710 |
| **TOTAL** | **16053200** | **16241788** | **16946402** |
| **NET ASSET VALUE:** |  |  |  |
| Investor Class, offering price and redemption price | $16.39 | $13.85 | $25.80 |
| Institutional Class, offering price and redemption price | $16.37 | $13.85 | $25.75 |
| **NET ASSETS CONSISTS OF:** |  |  |  |
| Capital paid-in | $233213579 | $215632320 | $485904209 |
| Total distributable earnings/(accumulated loss) | 29844237 | 9315529 | (49180959)<br>|
| **NET ASSETS** | **$263057816** | **$224947849** | **$436723250** |
| (A) Investments at cost: |  |  |  |
| Unaffiliated Issuers | $198047231 | $189276191 | $388826322 |
| (B) Foreign Currency at Cost | $3213 | $1557701 | $786371 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes to financial statements.

**25** MATTHEWS ASIA FUNDS

------

Statements of Assets and Liabilities *(continued)*December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Matthews Asia** <br>**Growth Fund**<br>| **Matthews Pacific** <br>**Tiger Fund**<br>| **Matthews Asia** <br>**Innovators Fund**<br>|
| **ASSETS:** |  |  |  |
| Investments at value (A) (Note 2-A): |  |  |  |
| Unaffiliated issuers | $205252279 | $722636178 | $310296231 |
| Cash | 2871517 | 1741792 | 11329025 |
| Foreign currency at value (B) | 600968 | 3840887 | 5541 |
| Dividends and interest receivable | 124240 | 443028 | 252897 |
| Receivable for securities sold | 292836 | 5238193 | 3839915 |
| Receivable for capital shares sold | 6738 | 121128 | 144227 |
| Other receivable | 7041 | 1169916 |  |
| Prepaid expenses |  | 50964 | 59823 |
| **TOTAL ASSETS** | **209155619** | **735242086** | **325927659** |
| **LIABILITIES:** |  |  |  |
| Payable for securities purchased | 667138 |  | 5508649 |
| Payable for capital shares redeemed | 36292 | 1751546 | 511876 |
| Deferred foreign capital gains tax liability (Note 2-E) | 418411 | 184761 | 1074317 |
| Due to Advisor (Note 4) | 124824 | 380623 | 191429 |
| Administration and accounting fees payable (Note 4) | 2787 | 9870 | 4232 |
| Administration and shareholder servicing fees payable (Note 4) | 36204 | 124820 | 55871 |
| Custodian fees payable | 1662 | 25616 | 15084 |
| Intermediary service fees payable (Note 4) | 27694 | 76308 | 22757 |
| Professional fees payable | 31217 | 182196 | 33861 |
| Printing fees payables | 106127 | 635846 | 44172 |
| Transfer agent fees payable | 3109 | 8565 | 3223 |
| Accrued other expenses payable | 50331 | 143672 | 46782 |
| **TOTAL LIABILITIES** | **1505796** | **3523823** | **7512253** |
| **NET ASSETS** | **$207649823** | **$731718263** | **$318415406** |
| **NET ASSETS:** |  |  |  |
| Investor Class | $113326217 | $446936387 | $172598744 |
| Institutional Class | 94323606 | 284781876 | 145816662 |
| **TOTAL** | **$207649823** | **$731718263** | **$318415406** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes to financial statements.

*matthewsasia.com* \| 800.789.ASIA **26**

------

Statements of Assets and Liabilities *(continued)*December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Matthews Asia** <br>**Growth Fund**<br>| **Matthews Pacific** <br>**Tiger Fund**<br>| **Matthews Asia** <br>**Innovators Fund**<br>|
| **SHARES OUTSTANDING:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (shares of beneficial interest issued and outstanding, respectively, unlimited <br> number of shares authorized with a $0.001 par value)<br>|  |  |  |
| Investor Class | 4196798 | 19906599 | 10241740 |
| Institutional Class | 3444744 | 12673547 | 8500842 |
| **TOTAL** | **7641542** | **32580146** | **18742582** |
| **NET ASSET VALUE:** |  |  |  |
| Investor Class, offering price and redemption price | $27.00 | $22.45 | $16.85 |
| Institutional Class, offering price and redemption price | $27.38 | $22.47 | $17.15 |
| **NET ASSETS CONSISTS OF:** |  |  |  |
| Capital paid-in | $311788327 | $577720499 | $578381541 |
| Total distributable earnings/(accumulated loss) | (104138504)<br>| 153997764 | (259966135)<br>|
| **NET ASSETS** | **$207649823** | **$731718263** | **$318415406** |
| (A) Investments at cost: |  |  |  |
| Unaffiliated Issuers | $169724093 | $549974700 | $243637195 |
| (B) Foreign Currency at Cost | $601555 | $3844619 | $5541 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes to financial statements.

**27** MATTHEWS ASIA FUNDS

------

Statements of Assets and Liabilities *(continued)*December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Matthews** <br>**China Fund**<br>| **Matthews China** <br>**Small Companies** <br>**Fund**<br>| **Matthews** <br>**India Fund**<br>|
| **ASSETS:** |  |  |  |
| Investments at value (A) (Note 2-A): |  |  |  |
| Unaffiliated issuers | $425864523 | $64223761 | $740108497 |
| Cash | 3002164 | 1142591 |  |
| Segregated foreign currency at value (B) | 28097 |  |  |
| Foreign currency at value (B) | 134 | 20606 | 8609198 |
| Dividends and interest receivable | 384923 | 25161 |  |
| Receivable for securities sold |  | 357414 | 1119998 |
| Receivable for capital shares sold | 96464 | 121 | 311229 |
| Other receivable |  |  | 12349 |
| Prepaid expenses | 20383 | 83827 |  |
| **TOTAL ASSETS** | **429396688** | **65853481** | **750161271** |
| **LIABILITIES:** |  |  |  |
| Cash overdraft |  |  | 4084458 |
| Payable for securities purchased |  | 615060 | 642807 |
| Payable for capital shares redeemed | 617729 | 73597 | 3134161 |
| Deferred foreign capital gains tax liability (Note 2-E) |  |  | 34220364 |
| Due to Advisor (Note 4) | 263396 | 37455 | 451075 |
| Administration and accounting fees payable (Note 4) | 5883 | 884 | 9736 |
| Administration and shareholder servicing fees payable (Note 4) | 77225 | 11632 | 128888 |
| Custodian fees payable | 44647 | 1112 | 81327 |
| Intermediary service fees payable (Note 4) | 34705 | 7513 | 150089 |
| Professional fees payable | 118801 | 19931 | 64939 |
| Printing fees payables | 89718 | 27495 | 24737 |
| Transfer agent fees payable | 7398 | 1060 | 8809 |
| Accrued other expenses payable | 64756 | 23177 | 122217 |
| **TOTAL LIABILITIES** | **1324258** | **818916** | **43123607** |
| **NET ASSETS** | **$428072430** | **$65034565** | **$707037664** |
| **NET ASSETS:** |  |  |  |
| Investor Class | $321671676 | $48644887 | $561690159 |
| Institutional Class | 106400754 | 16389678 | 145347505 |
| **TOTAL** | **$428072430** | **$65034565** | **$707037664** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes to financial statements.

*matthewsasia.com* \| 800.789.ASIA **28**

------

Statements of Assets and Liabilities *(continued)*December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Matthews** <br>**China Fund**<br>| **Matthews China** <br>**Small Companies** <br>**Fund**<br>| **Matthews** <br>**India Fund**<br>|
| **SHARES OUTSTANDING:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (shares of beneficial interest issued and outstanding, respectively, unlimited <br> number of shares authorized with a $0.001 par value)<br>|  |  |  |
| Investor Class | 18696295 | 4252541 | 23340538 |
| Institutional Class | 6192174 | 1435500 | 5885129 |
| **TOTAL** | **24888469** | **5688041** | **29225667** |
| **NET ASSET VALUE:** |  |  |  |
| Investor Class, offering price and redemption price | $17.21 | $11.44 | $24.07 |
| Institutional Class, offering price and redemption price | $17.18 | $11.42 | $24.70 |
| **NET ASSETS CONSISTS OF:** |  |  |  |
| Capital paid-in | $785426159 | $209360421 | $634573987 |
| Total distributable earnings/(accumulated loss) | (357353729)<br>| (144325856)<br>| 72463677 |
| **NET ASSETS** | **$428072430** | **$65034565** | **$707037664** |
| (A) Investments at cost: |  |  |  |
| Unaffiliated Issuers | $382340467 | $51148627 | $617597415 |
| (B) Foreign Currency at Cost | $133 | $20625 | $8612927 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes to financial statements.

**29** MATTHEWS ASIA FUNDS

------

Statements of Assets and Liabilities *(continued)*December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Matthews** <br>**Japan Fund**<br>| **Matthews Asia** <br>**Dividend Fund**<br>| **Matthews China** <br>**Dividend Fund**<br>|
| **ASSETS:** |  |  |  |
| Investments at value (A) (Note 2-A): |  |  |  |
| Unaffiliated issuers | $715727406 | $538371524 | $92346645 |
| Cash | 2270835 | 5727215 | 537233 |
| Segregated foreign currency at value (B) |  |  | 1068 |
| Foreign currency at value (B) | 50 | 166245 | 35 |
| Dividends and interest receivable | 758470 | 1041106 | 137203 |
| Receivable for securities sold | 1831655 |  |  |
| Receivable for capital shares sold | 22764 | 135922 | 31573 |
| Other receivable |  | 700270 |  |
| Prepaid expenses | 40100 | 15633 | 50359 |
| **TOTAL ASSETS** | **720651280** | **546157915** | **93104116** |
| **LIABILITIES:** |  |  |  |
| Payable for securities purchased | 1660711 |  |  |
| Payable for capital shares redeemed | 181731 | 396195 | 68078 |
| Deferred foreign capital gains tax liability (Note 2-E) |  | 1944712 |  |
| Due to Advisor (Note 4) | 439287 | 308901 | 53031 |
| Administration and accounting fees payable (Note 4) | 9653 | 7304 | 1295 |
| Administration and shareholder servicing fees payable (Note 4) | 129599 | 93508 | 16863 |
| Custodian fees payable | 5989 | 9259 | 1430 |
| Intermediary service fees payable (Note 4) | 80786 | 62910 | 10384 |
| Professional fees payable | 33489 | 150009 | 29576 |
| Printing fees payables | 159270 | 403384 | 19510 |
| Transfer agent fees payable | 15626 | 4960 | 1252 |
| Accrued other expenses payable | 48068 | 162284 | 7511 |
| **TOTAL LIABILITIES** | **2764209** | **3543426** | **208930** |
| **NET ASSETS** | **$717887071** | **$542614489** | **$92895186** |
| **NET ASSETS:** |  |  |  |
| Investor Class | $273656577 | $266466874 | $72848334 |
| Institutional Class | 444230494 | 276147615 | 20046852 |
| **TOTAL** | **$717887071** | **$542614489** | **$92895186** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes to financial statements.

*matthewsasia.com* \| 800.789.ASIA **30**

------

Statements of Assets and Liabilities *(continued)*December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Matthews** <br>**Japan Fund**<br>| **Matthews Asia** <br>**Dividend Fund**<br>| **Matthews China** <br>**Dividend Fund**<br>|
| **SHARES OUTSTANDING:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (shares of beneficial interest issued and outstanding, respectively, unlimited <br> number of shares authorized with a $0.001 par value)<br>|  |  |  |
| Investor Class | 11350790 | 15319327 | 4973645 |
| Institutional Class | 18367962 | 15893673 | 1365965 |
| **TOTAL** | **29718752** | **31213000** | **6339610** |
| **NET ASSET VALUE:** |  |  |  |
| Investor Class, offering price and redemption price | $24.11 | $17.39 | $14.65 |
| Institutional Class, offering price and redemption price | $24.19 | $17.37 | $14.68 |
| **NET ASSETS CONSISTS OF:** |  |  |  |
| Capital paid-in | $593129599 | $766389044 | $151594917 |
| Total distributable earnings/(accumulated loss) | 124757472 | (223774555)<br>| (58699731)<br>|
| **NET ASSETS** | **$717887071** | **$542614489** | **$92895186** |
| (A) Investments at cost: |  |  |  |
| Unaffiliated Issuers | $585597120 | $425261469 | $69625559 |
| (B) Foreign Currency at Cost | $50 | $166262 | $35 |

---

See accompanying notes to financial statements.

**31** MATTHEWS ASIA FUNDS

------

Statements of Operations Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Matthews Emerging** <br>**Markets Equity Fund**<br>| **Matthews Emerging** <br>**Markets Sustainable** <br>**Future Fund**<br>| **Matthews** <br>**Emerging Markets** <br>**Small Companies** <br>**Fund**<br>|
| **INVESTMENT INCOME:** |  |  |  |
| Dividends—Unaffiliated Issuers | $5851532 | $3377934 | $8098986 |
| Foreign withholding tax | (611963)<br>| (371105)<br>| (730945)<br>|
| **TOTAL INVESTMENT INCOME** | **5239569** | **3006829** | **7368041** |
| **EXPENSES:** |  |  |  |
| Investment advisory fees (Note 4) | 1480504 | 1495558 | 4114536 |
| Administration and accounting fees (Note 4) | 16558 | 16726 | 38725 |
| Administration and shareholder servicing fees (Note 4) | 438035 | 442395 | 1024428 |
| Accounting out-of-pocket fees | 48296 | 42510 | 48190 |
| Custodian fees | 55904 | 115849 | 281322 |
| Printing fees | 22260 | 27928 | 66207 |
| Intermediary service fees (Note 4) | 326435 | 214933 | 563293 |
| Professional fees | 79618 | 89099 | 125569 |
| Registration fees | 21695 | 52679 |  |
| Transfer agent fees | 18265 | 4942 | 39816 |
| Trustees fees | 46511 | 49030 | 117687 |
| Other expenses | 35101 | 71389 | 160333 |
| **TOTAL EXPENSES** | **2589182** | **2623038** | **6580106** |
| Advisory fees waived and expenses waived or reimbursed (Note 4) | (434637)<br>| (161217)<br>| (651469)<br>|
| **NET EXPENSES** | **2154545** | **2461821** | **5928637** |
| **NET INVESTMENT INCOME (LOSS)** | **3085024** | **545008** | **1439404** |
| &nbsp;&nbsp;&nbsp;&nbsp; **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN** <br> **CURRENCY RELATED TRANSACTIONS, AND FOREIGN CAPITAL GAINS** <br> **TAXES:**<br>|  |  |  |
| Net realized gain (loss) on investments—Unaffiliated Issuers | 13009079 | 7481818 | 37307666 |
| Net realized foreign capital gains tax | (264968)<br>| (571624)<br>| (2597053)<br>|
| Net realized gain (loss) on foreign currency related transactions | (45127)<br>| (97476)<br>| (363953)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments—Unaffiliated <br> Issuers<br>| 39557963 | 32578851 | 18195109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in deferred foreign capital gains taxes on unrealized <br> appreciation/depreciation<br>| (1163032)<br>| 2145270 | 5930122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on foreign currency related <br> translations<br>| 1268 | 5349 | 24478 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized and unrealized gain (loss) on investments, foreign currency** <br> **related transactions, and foreign capital gains taxes**<br>| 51095183 | 41542188 | 58496369 |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | **$54180207** | **$42087196** | **$59935773** |

---

See accompanying notes to financial statements.

*matthewsasia.com* \| 800.789.ASIA **32**

------

Statements of Operations *(continued)*Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Matthews Asia** <br>**Growth Fund**<br>| **Matthews Pacific** <br>**Tiger Fund**<br>| **Matthews Asia** <br>**Innovators Fund**<br>|
| **INVESTMENT INCOME:** |  |  |  |
| Dividends—Unaffiliated Issuers | $3162058 | $15111267 | $3028706 |
| Interest |  | 224 |  |
| Foreign withholding tax | (327443)<br>| (1742025)<br>| (352193)<br>|
| **TOTAL INVESTMENT INCOME** | **2834615** | **13369466** | **2676513** |
| **EXPENSES:** |  |  |  |
| Investment advisory fees (Note 4) | 1537929 | 5191591 | 2026098 |
| Administration and accounting fees (Note 4) | 17199 | 58063 | 22661 |
| Administration and shareholder servicing fees (Note 4) | 454960 | 1535636 | 599281 |
| Accounting out-of-pocket fees | 45310 | 47530 | 38004 |
| Custodian fees | 61885 | 151001 | 91950 |
| Intermediary service fees (Note 4) | 299976 | 1000987 | 422233 |
| Professional fees | 85711 | 110882 | 87636 |
| Registration fees | 50912 | 8191 | 471 |
| Transfer agent fees | 22166 | 60218 | 25296 |
| Trustees fees | 45440 | 143300 | 59301 |
| Other expenses | 67925 | 227893 | 63519 |
| **TOTAL EXPENSES** | **2689413** | **8535292** | **3436450** |
| **NET INVESTMENT INCOME (LOSS)** | **145202** | **4834174** | **(759937)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN** <br> **CURRENCY RELATED TRANSACTIONS, AND FOREIGN CAPITAL GAINS** <br> **TAXES:**<br>|  |  |  |
| Net realized gain (loss) on investments—Unaffiliated Issuers | 30142920 | 31987228 | 38338609 |
| Net realized foreign capital gains tax | (681883)<br>| (424411)<br>| (1271826)<br>|
| Net realized gain (loss) on foreign currency related transactions | (136739)<br>| (850835)<br>| (151114)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments—Unaffiliated <br> Issuers<br>| 9047052 | 150751761 | 37290195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in deferred foreign capital gains taxes on unrealized <br> appreciation/depreciation<br>| 552189 | 1563716 | 1196173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on foreign currency related <br> translations<br>| (1549)<br>| 142409 | (168)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized and unrealized gain (loss) on investments, foreign currency** <br> **related transactions, and foreign capital gains taxes**<br>| 38921990 | 183169868 | 75401869 |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | **$39067192** | **$188004042** | **$74641932** |

---

See accompanying notes to financial statements.

**33** MATTHEWS ASIA FUNDS

------

Statements of Operations *(continued)*Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Matthews** <br>**China Fund**<br>| **Matthews China** <br>**Small Companies** <br>**Fund**<br>| **Matthews** <br>**India Fund**<br>|
| **INVESTMENT INCOME:** |  |  |  |
| Dividends—Unaffiliated Issuers | $10363758 | $1502268 | $7941689 |
| Foreign withholding tax | (733867)<br>| (51042)<br>| (1669778)<br>|
| **TOTAL INVESTMENT INCOME** | **9629891** | **1451226** | **6271911** |
| **EXPENSES:** |  |  |  |
| Investment advisory fees (Note 4) | 2877921 | 557986 | 5409583 |
| Administration and accounting fees (Note 4) | 32188 | 5252 | 60495 |
| Administration and shareholder servicing fees (Note 4) | 851292 | 138910 | 1600415 |
| Accounting out-of-pocket fees | 46403 | 43647 | 46144 |
| Custodian fees | 113734 | 19526 | 157620 |
| Intermediary service fees (Note 4) | 639227 | 114658 | 1287933 |
| Professional fees | 79996 | 69660 | 205121 |
| Registration fees | 44081 | 28149 | 105969 |
| Transfer agent fees | 53613 | 7879 | 63670 |
| Trustees fees | 81189 | 13802 | 190875 |
| Other expenses | 86393 | 15423 | 180924 |
| **TOTAL EXPENSES** | **4906037** | **1014892** | **9308749** |
| Advisory fees waived and expenses waived or reimbursed (Note 4) |  | (127548)<br>|  |
| **NET EXPENSES** | **4906037** | **887344** | **9308749** |
| **NET INVESTMENT INCOME (LOSS)** | **4723854** | **563882** | **(3036838)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN** <br> **CURRENCY RELATED TRANSACTIONS, AND FOREIGN CAPITAL GAINS** <br> **TAXES:**<br>|  |  |  |
| Net realized gain (loss) on investments—Unaffiliated Issuers | 6584708 | 2680824 | 63154531 |
| Net realized foreign capital gains tax |  |  | (9300084)<br>|
| Net realized gain (loss) on foreign currency related transactions | 912640 | (973)<br>| (1059509)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments—Unaffiliated <br> Issuers<br>| 88788564 | 13215654 | (54597817)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in deferred foreign capital gains taxes on unrealized <br> appreciation/depreciation<br>|  |  | 10170988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on foreign currency related <br> translations<br>| 3973 | (29)<br>| 4476 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized and unrealized gain (loss) on investments, foreign currency** <br> **related transactions, and foreign capital gains taxes**<br>| 96289885 | 15895476 | 8372585 |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | **$101013739** | **$16459358** | **$5335747** |

---

See accompanying notes to financial statements.

*matthewsasia.com* \| 800.789.ASIA **34**

------

Statements of Operations *(continued)*Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Matthews** <br>**Japan Fund**<br>| **Matthews Asia** <br>**Dividend Fund**<br>| **Matthews China** <br>**Dividend Fund**<br>|
| **INVESTMENT INCOME:** |  |  |  |
| Dividends—Unaffiliated Issuers | $13388442 | $17398717 | $3498674 |
| Foreign withholding tax | (1305827)<br>| (1509519)<br>| (205726)<br>|
| **TOTAL INVESTMENT INCOME** | **12082615** | **15889198** | **3292948** |
| **EXPENSES:** |  |  |  |
| Investment advisory fees (Note 4) | 4802943 | 4019649 | 668588 |
| Administration and accounting fees (Note 4) | 53715 | 44952 | 7477 |
| Administration and shareholder servicing fees (Note 4) | 1420791 | 1189183 | 197784 |
| Accounting out-of-pocket fees | 40846 | 43934 | 38035 |
| Custodian fees | 45607 | 59542 | 16875 |
| Intermediary service fees (Note 4) | 628121 | 679618 | 164190 |
| Professional fees | 97558 | 58315 | 35244 |
| Registration fees | 34233 | 41935 |  |
| Reorganization fees (Note 8) |  | 70000 | 70000 |
| Transfer agent fees | 116136 | 35242 | 9272 |
| Trustees fees | 156109 | 123351 | 20081 |
| Other expenses | 146187 | 122906 | 5201 |
| **TOTAL EXPENSES** | **7542246** | **6488627** | **1232747** |
| Advisory fees waived and expenses waived or reimbursed (Note 4) |  |  | (5497)<br>|
| **NET EXPENSES** | **7542246** | **6488627** | **1227250** |
| **NET INVESTMENT INCOME (LOSS)** | **4540369** | **9400571** | **2065698** |
| &nbsp;&nbsp;&nbsp;&nbsp; **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN** <br> **CURRENCY RELATED TRANSACTIONS, AND FOREIGN CAPITAL GAINS** <br> **TAXES:**<br>|  |  |  |
| Net realized gain (loss) on investments—Unaffiliated Issuers | 100731706 | 9339460 | 4564998 |
| Net realized foreign capital gains tax |  | (182506)<br>|  |
| Net realized gain (loss) on foreign currency related transactions | 17457 | (47068)<br>| (6339)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments—Unaffiliated <br> Issuers<br>| 32014041 | 113032663 | 16944142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in deferred foreign capital gains taxes on unrealized <br> appreciation/depreciation<br>|  | 204773 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on foreign currency related <br> translations<br>| (1684)<br>| 152928 | 1268 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized and unrealized gain (loss) on investments, foreign currency** <br> **related transactions, and foreign capital gains taxes**<br>| 132761520 | 122500250 | 21504069 |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | **$137301889** | **$131900821** | **$23569767** |

---

See accompanying notes to financial statements.

**35** MATTHEWS ASIA FUNDS

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Matthews Emerging Markets Equity Fund**  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $3085024 | $270340 |
| Net realized gain (loss) on investments and foreign currency related transactions | 12698984 | 364281 |
| Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | 39559231 | 1599844 |
| Net change on foreign capital gains taxes on unrealized appreciation/depreciation | (1163032)<br>| (66358)<br>|
| Net increase (decrease) in net assets resulting from operations | 54180207 | 2168107 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Investor Class | (4735682)<br>| (89246)<br>|
| Institutional Class | (1692237)<br>| (146387)<br>|
| **Return of capital:** |  |  |
| Investor Class | (1039925)<br>|  |
| Institutional Class | (373675)<br>|  |
| Net decrease in net assets resulting from distributions | (7841519)<br>| (235633)<br>|
| **CAPITAL SHARE TRANSACTIONS (net) (Note 3)** | 194379298 | (494747)<br>|
| Total increase (decrease) in net assets | 240717986 | 1437727 |
| **NET ASSETS:** |  |  |
| Beginning of year | 22339830 | 20902103 |
| End of year | $263057816 | $22339830 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Matthews Emerging Markets Sustainable Future Fund**  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $545008 | ($8666)<br>|
| Net realized gain (loss) on investments and foreign currency related transactions | 6812718 | 4738965 |
| Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | 32584200 | (8165682)<br>|
| Net change on foreign capital gains taxes on unrealized appreciation/depreciation | 2145270 | (1485519)<br>|
| Net increase (decrease) in net assets resulting from operations | 42087196 | (4920902)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Investor Class | (1204507)<br>| (796055)<br>|
| Institutional Class | (11339985)<br>| (5287644)<br>|
| Net decrease in net assets resulting from distributions | (12544492)<br>| (6083699)<br>|
| **CAPITAL SHARE TRANSACTIONS (net) (Note 3)** | (17606055)<br>| 14490714 |
| Total increase (decrease) in net assets | 11936649 | 3486113 |
| **NET ASSETS:** |  |  |
| Beginning of year | 213011200 | 209525087 |
| End of year | $224947849 | $213011200 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes to financial statements.

*matthewsasia.com* \| 800.789.ASIA **36**

------

Statements of Changes in Net Assets *(continued)*

---

| | | |
|:---|:---|:---|
| **Matthews Emerging Markets Small Companies Fund**  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $1439404 | $371398 |
| Net realized gain (loss) on investments and foreign currency related transactions | 34346660 | (8331432)<br>|
| Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | 18219587 | (25303748)<br>|
| Net change on foreign capital gains taxes on unrealized appreciation/depreciation | 5930122 | (4191604)<br>|
| Net increase (decrease) in net assets resulting from operations | 59935773 | (37455386)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Investor Class | (2180873)<br>| (8767399)<br>|
| Institutional Class | (4987868)<br>| (14552333)<br>|
| Net decrease in net assets resulting from distributions | (7168741)<br>| (23319732)<br>|
| **CAPITAL SHARE TRANSACTIONS (net) (Note 3)** | (188020600)<br>| 17354289 |
| Total increase (decrease) in net assets | (135253568)<br>| (43420829)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 571976818 | 615397647 |
| End of year | $436723250 | $571976818 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Matthews Asia Growth Fund**  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $145202 | $2185741 |
| Net realized gain (loss) on investments and foreign currency related transactions | 29324298 | 54942365 |
| Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | 9045503 | (24882805)<br>|
| Net change on foreign capital gains taxes on unrealized appreciation/depreciation | 552189 | (395068)<br>|
| Net increase (decrease) in net assets resulting from operations | 39067192 | 31850233 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Investor Class |  | (2975102)<br>|
| Institutional Class |  | (2678771)<br>|
| Net decrease in net assets resulting from distributions |  | (5653873)<br>|
| **CAPITAL SHARE TRANSACTIONS (net) (Note 3)** | (68123225)<br>| (160763219)<br>|
| Total increase (decrease) in net assets | (29056033)<br>| (134566859)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 236705856 | 371272715 |
| End of year | $207649823 | $236705856 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes to financial statements.

**37** MATTHEWS ASIA FUNDS

------

Statements of Changes in Net Assets *(continued)*

---

| | | |
|:---|:---|:---|
| **Matthews Pacific Tiger Fund**  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $4834174 | $10634317 |
| Net realized gain (loss) on investments and foreign currency related transactions | 30711982 | 230347666 |
| Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | 150894170 | (232294906)<br>|
| Net change on foreign capital gains taxes on unrealized appreciation/depreciation | 1563716 | 18710062 |
| Net increase (decrease) in net assets resulting from operations | 188004042 | 27397139 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Investor Class | (10408825)<br>| (39042929)<br>|
| Institutional Class | (6596145)<br>| (32437594)<br>|
| Net decrease in net assets resulting from distributions | (17004970)<br>| (71480523)<br>|
| **CAPITAL SHARE TRANSACTIONS (net) (Note 3)** | (256952700)<br>| (1067278407)<br>|
| Total increase (decrease) in net assets | (85953628)<br>| (1111361791)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 817671891 | 1929033682 |
| End of year | $731718263 | $817671891 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Matthews Asia Innovators Fund**  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | ($759937)<br>| ($380853)<br>|
| Net realized gain (loss) on investments and foreign currency related transactions | 36915669 | 52362128 |
| Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | 37290027 | (2782516)<br>|
| Net change on foreign capital gains taxes on unrealized appreciation/depreciation | 1196173 | (865649)<br>|
| Net increase (decrease) in net assets resulting from operations | 74641932 | 48333110 |
| **CAPITAL SHARE TRANSACTIONS (net) (Note 3)** | (3099849)<br>| (114412593)<br>|
| Total increase (decrease) in net assets | 71542083 | (66079483)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 246873323 | 312952806 |
| End of year | $318415406 | $246873323 |

---

See accompanying notes to financial statements.

*matthewsasia.com* \| 800.789.ASIA **38**

------

Statements of Changes in Net Assets *(continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Matthews China Fund**  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $4723854 | $5939328 |
| Net realized gain (loss) on investments and foreign currency related transactions | 7497348 | (105597603)<br>|
| Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | 88792537 | 161780708 |
| Net increase (decrease) in net assets resulting from operations | 101013739 | 62122433 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Investor Class | (4342762)<br>| (5352696)<br>|
| Institutional Class | (1570901)<br>| (1316703)<br>|
| Net decrease in net assets resulting from distributions | (5913663)<br>| (6669399)<br>|
| **CAPITAL SHARE TRANSACTIONS (net) (Note 3)** | (16980287)<br>| (153959409)<br>|
| Total increase (decrease) in net assets | 78119789 | (98506375)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 349952641 | 448459016 |
| End of year | $428072430 | $349952641 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Matthews China Small Companies Fund**  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $563882 | $2203339 |
| Net realized gain (loss) on investments and foreign currency related transactions | 2679851 | (17537737)<br>|
| Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | 13215625 | 16586665 |
| Net increase (decrease) in net assets resulting from operations | 16459358 | 1252267 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Investor Class | (1079327)<br>| (664368)<br>|
| Institutional Class | (391663)<br>| (250376)<br>|
| Net decrease in net assets resulting from distributions | (1470990)<br>| (914744)<br>|
| **CAPITAL SHARE TRANSACTIONS (net) (Note 3)** | (14345984)<br>| (25101476)<br>|
| Total increase (decrease) in net assets | 642384 | (24763953)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 64392181 | 89156134 |
| End of year | $65034565 | $64392181 |

---

See accompanying notes to financial statements.

**39** MATTHEWS ASIA FUNDS

------

Statements of Changes in Net Assets *(continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Matthews India Fund**  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | ($3036838)<br>| ($3760607)<br>|
| Net realized gain (loss) on investments and foreign currency related transactions | 52794938 | 110455312 |
| Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | (54593341)<br>| (8586325)<br>|
| Net change on foreign capital gains taxes on unrealized appreciation/depreciation | 10170988 | (16467615)<br>|
| Net increase (decrease) in net assets resulting from operations | 5335747 | 81640765 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Investor Class | (36194100)<br>| (91458366)<br>|
| Institutional Class | (9503928)<br>| (24853675)<br>|
| Net decrease in net assets resulting from distributions | (45698028)<br>| (116312041)<br>|
| **CAPITAL SHARE TRANSACTIONS (net) (Note 3)** | (113033941)<br>| 131979786 |
| Total increase (decrease) in net assets | (153396222)<br>| 97308510 |
| **NET ASSETS:** |  |  |
| Beginning of year | 860433886 | 763125376 |
| End of year | $707037664 | $860433886 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Matthews Japan Fund**  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $4540369 | $4106754 |
| Net realized gain (loss) on investments and foreign currency related transactions | 100749163 | 94404145 |
| Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | 32012357 | 5826512 |
| Net increase (decrease) in net assets resulting from operations | 137301889 | 104337411 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Investor Class | (5301734)<br>| (5179986)<br>|
| Institutional Class | (8858565)<br>| (8526533)<br>|
| Net decrease in net assets resulting from distributions | (14160299)<br>| (13706519)<br>|
| **CAPITAL SHARE TRANSACTIONS (net) (Note 3)** | (43423210)<br>| (107960210)<br>|
| Total increase (decrease) in net assets | 79718380 | (17329318)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 638168691 | 655498009 |
| End of year | $717887071 | $638168691 |

---

See accompanying notes to financial statements.

*matthewsasia.com* \| 800.789.ASIA **40**

------

Statements of Changes in Net Assets *(continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Matthews Asia Dividend Fund**  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $9400571 | $12068323 |
| Net realized gain (loss) on investments and foreign currency related transactions | 9109886 | 23116858 |
| Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | 113185591 | 6738763 |
| Net change on foreign capital gains taxes on unrealized appreciation/depreciation | 204773 | 269386 |
| Net increase (decrease) in net assets resulting from operations | 131900821 | 42193330 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Investor Class | (7032015)<br>| (9139456)<br>|
| Institutional Class | (7893467)<br>| (11642680)<br>|
| Net decrease in net assets resulting from distributions | (14925482)<br>| (20782136)<br>|
| **CAPITAL SHARE TRANSACTIONS (net) (Note 3)** | (183607727)<br>| (463837924)<br>|
| Total increase (decrease) in net assets | (66632388)<br>| (442426730)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 609246877 | 1051673607 |
| End of year | $542614489 | $609246877 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Matthews China Dividend Fund**  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $2065698 | $2538656 |
| Net realized gain (loss) on investments and foreign currency related transactions | 4558659 | (28253558)<br>|
| Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | 16945410 | 37946302 |
| Net increase (decrease) in net assets resulting from operations | 23569767 | 12231400 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Investor Class | (2974767)<br>| (2856550)<br>|
| Institutional Class | (917773)<br>| (1100711)<br>|
| Net decrease in net assets resulting from distributions | (3892540)<br>| (3957261)<br>|
| **CAPITAL SHARE TRANSACTIONS (net) (Note 3)** | (15147054)<br>| (38591044)<br>|
| Total increase (decrease) in net assets | 4530173 | (30316905)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 88365013 | 118681918 |
| End of year | $92895186 | $88365013 |

---

See accompanying notes to financial statements.

**41** MATTHEWS ASIA FUNDS

------

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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  |
| <br>**INVESTOR CLASS** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, beginning of year | &nbsp;&nbsp; $13.06 | &nbsp;&nbsp; $11.86 | &nbsp;&nbsp; $11.14 | &nbsp;&nbsp; $14.34 | &nbsp;&nbsp; $15.76 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation/depreciation on investments, foreign <br> currency related transactions and foreign capital gains taxes<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp; (3.20)<br>| &nbsp;&nbsp; (0.31)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp; (3.00)<br>| &nbsp;&nbsp; (0.12)<br>|
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.18)<br>|
| Net realized gains on investments | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.12)<br>|
| Return of capital | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (1.30)<br>|
| Net Asset Value, end of year | &nbsp;&nbsp; $16.39 | &nbsp;&nbsp; $13.06 | &nbsp;&nbsp; $11.86 | &nbsp;&nbsp; $11.14 | &nbsp;&nbsp; $14.34 |
| **TOTAL RETURN**<sup>2</sup> <br>| &nbsp;&nbsp; **29.39%** | &nbsp;&nbsp; **11.13%** | &nbsp;&nbsp; **8.43%** | &nbsp;&nbsp; **(20.94%)**<br>| &nbsp;&nbsp; **(0.60%)**<br>|
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| Net assets, end of year (in 000's) | &nbsp;&nbsp; $197777 | &nbsp;&nbsp; $9791 | &nbsp;&nbsp; $9618 | &nbsp;&nbsp; $10111 | &nbsp;&nbsp; $13317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before any reimbursement, waiver or recapture of <br> expenses by Advisor and Administrator (Note 4)<br>| &nbsp;&nbsp; 1.28% | &nbsp;&nbsp; 2.45% | &nbsp;&nbsp; 1.70% | &nbsp;&nbsp; 1.58% | &nbsp;&nbsp; 1.52% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after any reimbursement, waiver or recapture of <br> expenses by Advisor and Administrator <br>| &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.13% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 1.45% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.46% | &nbsp;&nbsp; 1.15% |
| Portfolio turnover<sup>3</sup> <br>| &nbsp;&nbsp; 90.15% | &nbsp;&nbsp; 215.17% | &nbsp;&nbsp; 26.39% | &nbsp;&nbsp; 63.08% | &nbsp;&nbsp; 88.45% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  |
| <br>**INSTITUTIONAL CLASS** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, beginning of year | &nbsp;&nbsp; $13.04 | &nbsp;&nbsp; $11.84 | &nbsp;&nbsp; $11.13 | &nbsp;&nbsp; $14.34 | &nbsp;&nbsp; $15.77 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation/depreciation on investments, foreign <br> currency related transactions and foreign capital gains taxes<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp; (3.21)<br>| &nbsp;&nbsp; (0.31)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;3.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp; (2.98)<br>| &nbsp;&nbsp; (0.09)<br>|
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.22)<br>|
| Net realized gains on investments | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.12)<br>|
| Return of capital | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (1.34)<br>|
| Net Asset Value, end of year | &nbsp;&nbsp; $16.37 | &nbsp;&nbsp; $13.04 | &nbsp;&nbsp; $11.84 | &nbsp;&nbsp; $11.13 | &nbsp;&nbsp; $14.34 |
| **TOTAL RETURN**<sup>2</sup> <br>| &nbsp;&nbsp; **29.65%** | &nbsp;&nbsp; **11.38%** | &nbsp;&nbsp; **8.63%** | &nbsp;&nbsp; **(20.81%)**<br>| &nbsp;&nbsp; **(0.43%)**<br>|
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| Net assets, end of year (in 000's) | &nbsp;&nbsp; $65281 | &nbsp;&nbsp; $12549 | &nbsp;&nbsp; $11284 | &nbsp;&nbsp; $23353 | &nbsp;&nbsp; $36240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before any reimbursement, waiver or recapture of <br> expenses by Advisor and Administrator (Note 4)<br>| &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 2.28% | &nbsp;&nbsp; 1.51% | &nbsp;&nbsp; 1.47% | &nbsp;&nbsp; 1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after any reimbursement, waiver or recapture of <br> expenses by Advisor and Administrator<br>| &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 1.60% | &nbsp;&nbsp; 1.36% | &nbsp;&nbsp; 1.45% | &nbsp;&nbsp; 1.70% | &nbsp;&nbsp; 1.33% |
| Portfolio turnover<sup>3</sup> <br>| &nbsp;&nbsp; 90.15% | &nbsp;&nbsp; 215.17% | &nbsp;&nbsp; 26.39% | &nbsp;&nbsp; 63.08% | &nbsp;&nbsp; 88.45% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 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 | The portfolio turnover rate is calculated on the Fund as a whole without distinguishing between classes of shares issued. |

---

See accompanying notes to financial statements.

*matthewsasia.com* \| 800.789.ASIA **42**

------

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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  |
| <br>**INVESTOR CLASS** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, beginning of year | &nbsp;&nbsp; $11.93 | &nbsp;&nbsp; $12.54 | &nbsp;&nbsp; $12.51 | &nbsp;&nbsp; $15.37 | &nbsp;&nbsp; $14.94 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.07)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation/depreciation on investments, foreign <br> currency related transactions and foreign capital gains taxes<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.85 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp; (2.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.78 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; — |
| Net realized gains on investments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (1.35)<br>|
| Total distributions | &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (1.35)<br>|
| Net Asset Value, end of year | &nbsp;&nbsp; $13.85 | &nbsp;&nbsp; $11.93 | &nbsp;&nbsp; $12.54 | &nbsp;&nbsp; $12.51 | &nbsp;&nbsp; $15.37 |
| **TOTAL RETURN**<sup>2</sup> <br>| &nbsp;&nbsp; **22.89%** | &nbsp;&nbsp; **(2.46%)**<br>| &nbsp;&nbsp; **7.83%** | &nbsp;&nbsp; **(14.38%)**<br>| &nbsp;&nbsp; **11.76%** |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| Net assets, end of year (in 000's) | &nbsp;&nbsp; $22268 | &nbsp;&nbsp; $30435 | &nbsp;&nbsp; $38176 | &nbsp;&nbsp; $32249 | &nbsp;&nbsp; $39612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before any reimbursement, waiver or recapture of <br> expenses by Advisor and Administrator (Note 4)<br>| &nbsp;&nbsp; 1.35% | &nbsp;&nbsp; 1.37% | &nbsp;&nbsp; 1.23% | &nbsp;&nbsp; 1.24% | &nbsp;&nbsp; 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after any reimbursement, waiver or recapture of <br> expenses by Advisor and Administrator <br>| &nbsp;&nbsp; 1.35% | &nbsp;&nbsp; 1.34% | &nbsp;&nbsp; 1.23% | &nbsp;&nbsp; 1.30% | &nbsp;&nbsp; 1.40% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 0.06% | &nbsp;&nbsp; (0.17%)<br>| &nbsp;&nbsp; (0.17%)<br>| &nbsp;&nbsp; (0.41%)<br>| &nbsp;&nbsp; (0.41%)<br>|
| Portfolio turnover<sup>3</sup> <br>| &nbsp;&nbsp; 60.27% | &nbsp;&nbsp; 58.51% | &nbsp;&nbsp; 49.16% | &nbsp;&nbsp; 31.53% | &nbsp;&nbsp; 65.56% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  |
| <br>**INSTITUTIONAL CLASS** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, beginning of year | &nbsp;&nbsp; $11.93 | &nbsp;&nbsp; $12.55 | &nbsp;&nbsp; $12.51 | &nbsp;&nbsp; $15.38 | &nbsp;&nbsp; $14.92 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.04)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation/depreciation on investments, <br> foreign currency related transactions and foreign capital gains taxes<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.85 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp; (2.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.81 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; — |
| Net realized gains on investments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (1.35)<br>|
| Total distributions | &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (1.35)<br>|
| Net Asset Value, end of year | &nbsp;&nbsp; $13.85 | &nbsp;&nbsp; $11.93 | &nbsp;&nbsp; $12.55 | &nbsp;&nbsp; $12.51 | &nbsp;&nbsp; $15.38 |
| **TOTAL RETURN**<sup>2</sup> <br>| &nbsp;&nbsp; **23.15%** | &nbsp;&nbsp; **(2.33%)**<br>| &nbsp;&nbsp; **8.04%** | &nbsp;&nbsp; **(14.32%)**<br>| &nbsp;&nbsp; **11.98%** |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| Net assets, end of year (in 000's) | &nbsp;&nbsp; $202680 | &nbsp;&nbsp; $182576 | &nbsp;&nbsp; $171349 | &nbsp;&nbsp; $140059 | &nbsp;&nbsp; $87241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before any reimbursement, waiver or recapture <br> of expenses by Advisor and Administrator (Note 4)<br>| &nbsp;&nbsp; 1.24% | &nbsp;&nbsp; 1.28% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after any reimbursement, waiver or recapture of <br> expenses by Advisor and Administrator<br>| &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.20% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.03% | &nbsp;&nbsp; (0.02%)<br>| &nbsp;&nbsp; (0.29%)<br>| &nbsp;&nbsp; (0.25%)<br>|
| Portfolio turnover<sup>3</sup> <br>| &nbsp;&nbsp; 60.27% | &nbsp;&nbsp; 58.51% | &nbsp;&nbsp; 49.16% | &nbsp;&nbsp; 31.53% | &nbsp;&nbsp; 65.56% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 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 | The portfolio turnover rate is calculated on the Fund as a whole without distinguishing between classes of shares issued. |
| 4 | Less than $0.01 per share. |

---

See accompanying notes to financial statements.

**43** MATTHEWS ASIA FUNDS

------

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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  |
| <br>**INVESTOR CLASS** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, beginning of year | &nbsp;&nbsp; $23.07 | &nbsp;&nbsp; $25.52 | &nbsp;&nbsp; $23.08 | &nbsp;&nbsp; $29.92 | &nbsp;&nbsp; $25.93 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.17)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation/depreciation on investments, <br> foreign currency related transactions and foreign capital gains taxes<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.58 | &nbsp;&nbsp; (4.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.90 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;3.12 | &nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.58 | &nbsp;&nbsp; (4.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.73 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; — |
| Net realized gains on investments | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (1.73)<br>| &nbsp;&nbsp; (1.77)<br>| &nbsp;&nbsp; (1.74)<br>|
| Total distributions | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp; (1.86)<br>| &nbsp;&nbsp; (1.74)<br>|
| Net Asset Value, end of year | &nbsp;&nbsp; $25.80 | &nbsp;&nbsp; $23.07 | &nbsp;&nbsp; $25.52 | &nbsp;&nbsp; $23.08 | &nbsp;&nbsp; $29.92 |
| **TOTAL RETURN**<sup>3</sup> <br>| &nbsp;&nbsp; **13.57%** | &nbsp;&nbsp; **(6.07%)**<br>| &nbsp;&nbsp; **19.88%** | &nbsp;&nbsp; **(16.84%)**<br>| &nbsp;&nbsp; **22.14%** |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| Net assets, end of year (in 000's) | &nbsp;&nbsp; $145866 | &nbsp;&nbsp; $226939 | &nbsp;&nbsp; $287674 | &nbsp;&nbsp; $141254 | &nbsp;&nbsp; $176723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before any reimbursement, waiver or recapture <br> of expenses by Advisor and Administrator (Note 4)<br>| &nbsp;&nbsp; 1.45% | &nbsp;&nbsp; 1.45% | &nbsp;&nbsp; 1.49% | &nbsp;&nbsp; 1.49% | &nbsp;&nbsp; 1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after any reimbursement, waiver or recapture <br> of expenses by Advisor and Administrator <br>| &nbsp;&nbsp; 1.36% | &nbsp;&nbsp; 1.35% | &nbsp;&nbsp; 1.34% | &nbsp;&nbsp; 1.37% | &nbsp;&nbsp; 1.36% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; (0.06%)<br>| &nbsp;&nbsp; (0.01%)<br>| &nbsp;&nbsp; (0.24%)<br>| &nbsp;&nbsp; (0.55%)<br>|
| Portfolio turnover<sup>4</sup> <br>| &nbsp;&nbsp; 35.65% | &nbsp;&nbsp; 43.13% | &nbsp;&nbsp; 26.92% | &nbsp;&nbsp; 27.85% | &nbsp;&nbsp; 50.82% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  |
| <br>**INSTITUTIONAL CLASS** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, beginning of year | &nbsp;&nbsp; $23.04 | &nbsp;&nbsp; $25.49 | &nbsp;&nbsp; $23.04 | &nbsp;&nbsp; $29.87 | &nbsp;&nbsp; $25.87 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; (0.10)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation/depreciation on investments, <br> foreign currency related transactions and foreign capital gains taxes<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.06 | &nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.58 | &nbsp;&nbsp; (4.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.88 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;3.15 | &nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.62 | &nbsp;&nbsp; (4.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.78 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.04)<br>|
| Net realized gains on investments | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (1.73)<br>| &nbsp;&nbsp; (1.77)<br>| &nbsp;&nbsp; (1.74)<br>|
| Total distributions | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp; (2.17)<br>| &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (1.78)<br>|
| Net Asset Value, end of year | &nbsp;&nbsp; $25.75 | &nbsp;&nbsp; $23.04 | &nbsp;&nbsp; $25.49 | &nbsp;&nbsp; $23.04 | &nbsp;&nbsp; $29.87 |
| **TOTAL RETURN**<sup>3</sup> <br>| &nbsp;&nbsp; **13.76%** | &nbsp;&nbsp; **(5.84%)**<br>| &nbsp;&nbsp; **20.12%** | &nbsp;&nbsp; **(16.66%)**<br>| &nbsp;&nbsp; **22.39%** |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| Net assets, end of year (in 000's) | &nbsp;&nbsp; $290857 | &nbsp;&nbsp; $345038 | &nbsp;&nbsp; $327724 | &nbsp;&nbsp; $228194 | &nbsp;&nbsp; $221286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before any reimbursement, waiver or recapture <br> of expenses by Advisor and Administrator (Note 4)<br>| &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 1.34% | &nbsp;&nbsp; 1.38% | &nbsp;&nbsp; 1.37% | &nbsp;&nbsp; 1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after any reimbursement, waiver or recapture <br> of expenses by Advisor and Administrator<br>| &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.16% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 0.16% | &nbsp;&nbsp; (0.01%)<br>| &nbsp;&nbsp; (0.34%)<br>|
| Portfolio turnover<sup>4</sup> <br>| &nbsp;&nbsp; 35.65% | &nbsp;&nbsp; 43.13% | &nbsp;&nbsp; 26.92% | &nbsp;&nbsp; 27.85% | &nbsp;&nbsp; 50.82% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 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 | 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 Asia Growth Fund*

The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  |
| <br>**INVESTOR CLASS** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, beginning of year | &nbsp;&nbsp; $22.39 | &nbsp;&nbsp; $21.19 | &nbsp;&nbsp; $20.84 | &nbsp;&nbsp; $31.99 | &nbsp;&nbsp; $39.44 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.24)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation/depreciation on investments, <br> foreign currency related transactions and foreign capital gains taxes<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp; (10.49)<br>| &nbsp;&nbsp; (5.56)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;4.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp; (10.57)<br>| &nbsp;&nbsp; (5.80)<br>|
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized gains on investments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (1.65)<br>|
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (1.65)<br>|
| Net Asset Value, end of year | &nbsp;&nbsp; $27.00 | &nbsp;&nbsp; $22.39 | &nbsp;&nbsp; $21.19 | &nbsp;&nbsp; $20.84 | &nbsp;&nbsp; $31.99 |
| **TOTAL RETURN**<sup>3</sup> <br>| &nbsp;&nbsp; **20.59%** | &nbsp;&nbsp; **8.14%** | &nbsp;&nbsp; **3.53%** | &nbsp;&nbsp; **(33.12%)**<br>| &nbsp;&nbsp; **(14.65%)**<br>|
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| Net assets, end of year (in 000's) | &nbsp;&nbsp; $113326 | &nbsp;&nbsp; $126698 | &nbsp;&nbsp; $162263 | &nbsp;&nbsp; $225923 | &nbsp;&nbsp; $568001 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.30% | &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.07% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 0.02% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.13% | &nbsp;&nbsp; (0.32%)<br>| &nbsp;&nbsp; (0.62%)<br>|
| Portfolio turnover<sup>4</sup> <br>| &nbsp;&nbsp; 95.47% | &nbsp;&nbsp; 184.44% | &nbsp;&nbsp; 77.32% | &nbsp;&nbsp; 47.48% | &nbsp;&nbsp; 42.37% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  |
| <br>**INSTITUTIONAL CLASS** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, beginning of year | &nbsp;&nbsp; $22.68 | &nbsp;&nbsp; $21.46 | &nbsp;&nbsp; $21.11 | &nbsp;&nbsp; $32.33 | &nbsp;&nbsp; $39.82 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.19)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation/depreciation on investments, <br> foreign currency related transactions and foreign capital gains taxes<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp; (10.60)<br>| &nbsp;&nbsp; (5.63)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;4.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp; (10.64)<br>| &nbsp;&nbsp; (5.82)<br>|
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| Net realized gains on investments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (1.65)<br>|
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (1.67)<br>|
| Net Asset Value, end of year | &nbsp;&nbsp; $27.38 | &nbsp;&nbsp; $22.68 | &nbsp;&nbsp; $21.46 | &nbsp;&nbsp; $21.11 | &nbsp;&nbsp; $32.33 |
| **TOTAL RETURN**<sup>3</sup> <br>| &nbsp;&nbsp; **20.72%** | &nbsp;&nbsp; **8.25%** | &nbsp;&nbsp; **3.69%** | &nbsp;&nbsp; **(32.99%)**<br>| &nbsp;&nbsp; **(14.55%)**<br>|
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| Net assets, end of year (in 000's) | &nbsp;&nbsp; $94324 | &nbsp;&nbsp; $110008 | &nbsp;&nbsp; $209009 | &nbsp;&nbsp; $406155 | &nbsp;&nbsp; $1186769 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.92% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 0.13% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; (0.15%)<br>| &nbsp;&nbsp; (0.47%)<br>|
| Portfolio turnover<sup>4</sup> <br>| &nbsp;&nbsp; 95.47% | &nbsp;&nbsp; 184.44% | &nbsp;&nbsp; 77.32% | &nbsp;&nbsp; 47.48% | &nbsp;&nbsp; 42.37% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 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 | 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 Pacific Tiger Fund*

The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  |
| <br>**INVESTOR CLASS** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, beginning of year | &nbsp;&nbsp; $17.68 | &nbsp;&nbsp; $18.62 | &nbsp;&nbsp; $20.16 | &nbsp;&nbsp; $27.54 | &nbsp;&nbsp; $34.94 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation/depreciation on investments, <br> foreign currency related transactions and foreign capital gains taxes<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (5.75)<br>| &nbsp;&nbsp; (1.60)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;5.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp; (5.66)<br>| &nbsp;&nbsp; (1.54)<br>|
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized gains on investments | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp; (5.86)<br>|
| Total distributions | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (1.58)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp; (5.86)<br>|
| Net Asset Value, end of year | &nbsp;&nbsp; $22.45 | &nbsp;&nbsp; $17.68 | &nbsp;&nbsp; $18.62 | &nbsp;&nbsp; $20.16 | &nbsp;&nbsp; $27.54 |
| **TOTAL RETURN**<sup>2</sup> <br>| &nbsp;&nbsp; **30.07%** | &nbsp;&nbsp; **3.41%** | &nbsp;&nbsp; **(4.87%)**<br>| &nbsp;&nbsp; **(20.73%)**<br>| &nbsp;&nbsp; **(4.41%)**<br>|
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| Net assets, end of year (in 000's) | &nbsp;&nbsp; $446936 | &nbsp;&nbsp; $456099 | &nbsp;&nbsp; $707717 | &nbsp;&nbsp; $1081347 | &nbsp;&nbsp; $1835266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before any reimbursement, waiver or <br> recapture of expenses by Advisor and Administrator (Note 4)<br>| &nbsp;&nbsp; 1.22% | &nbsp;&nbsp; 1.22% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after any reimbursement, waiver or <br> recapture of expenses by Advisor and Administrator <br>| &nbsp;&nbsp; 1.22% | &nbsp;&nbsp; 1.22% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 1.03% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.17% |
| Portfolio turnover<sup>3</sup> <br>| &nbsp;&nbsp; 86.96% | &nbsp;&nbsp; 386.73% | &nbsp;&nbsp; 14.78% | &nbsp;&nbsp; 5.61% | &nbsp;&nbsp; 46.64% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  |
| <br>**INSTITUTIONAL CLASS** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, beginning of year | &nbsp;&nbsp; $17.67 | &nbsp;&nbsp; $18.61 | &nbsp;&nbsp; $20.16 | &nbsp;&nbsp; $27.50 | &nbsp;&nbsp; $34.90 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation/depreciation on <br> investments, foreign currency related transactions and foreign capital gains <br> taxes<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (5.73)<br>| &nbsp;&nbsp; (1.60)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;5.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp; (5.62)<br>| &nbsp;&nbsp; (1.49)<br>|
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Net realized gains on investments | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp; (5.86)<br>|
| Total distributions | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (1.60)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp; (5.91)<br>|
| Net Asset Value, end of year | &nbsp;&nbsp; $22.47 | &nbsp;&nbsp; $17.67 | &nbsp;&nbsp; $18.61 | &nbsp;&nbsp; $20.16 | &nbsp;&nbsp; $27.50 |
| **TOTAL RETURN**<sup>2</sup> <br>| &nbsp;&nbsp; **30.26%** | &nbsp;&nbsp; **3.56%** | &nbsp;&nbsp; **(4.75%)**<br>| &nbsp;&nbsp; **(20.62%)**<br>| &nbsp;&nbsp; **(4.29%)**<br>|
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| Net assets, end of year (in 000's) | &nbsp;&nbsp; $284782 | &nbsp;&nbsp; $361573 | &nbsp;&nbsp; $1221317 | &nbsp;&nbsp; $2607437 | &nbsp;&nbsp; $5357198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before any reimbursement, waiver or <br> recapture of expenses by Advisor and Administrator (Note 4)<br>| &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after any reimbursement, waiver or <br> recapture of expenses by Advisor and Administrator<br>| &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.90% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.48% | &nbsp;&nbsp; 0.30% |
| Portfolio turnover<sup>3</sup> <br>| &nbsp;&nbsp; 86.96% | &nbsp;&nbsp; 386.73% | &nbsp;&nbsp; 14.78% | &nbsp;&nbsp; 5.61% | &nbsp;&nbsp; 46.64% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 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 | 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 Asia Innovators Fund*

The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  |
| <br>**INVESTOR CLASS** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, beginning of year | &nbsp;&nbsp; $12.94 | &nbsp;&nbsp; $11.11 | &nbsp;&nbsp; $11.31 | &nbsp;&nbsp; $18.86 | &nbsp;&nbsp; $26.70 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.16)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation/depreciation on investments, <br> foreign currency related transactions and foreign capital gains taxes<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (4.49)<br>| &nbsp;&nbsp; (3.34)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;3.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (4.55)<br>| &nbsp;&nbsp; (3.50)<br>|
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized gains on investments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.00)<br>| &nbsp;&nbsp; (4.34)<br>|
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; (3.00)<br>| &nbsp;&nbsp; (4.34)<br>|
| Net Asset Value, end of year | &nbsp;&nbsp; $16.85 | &nbsp;&nbsp; $12.94 | &nbsp;&nbsp; $11.11 | &nbsp;&nbsp; $11.31 | &nbsp;&nbsp; $18.86 |
| **TOTAL RETURN**<sup>3</sup> <br>| &nbsp;&nbsp; **30.22%** | &nbsp;&nbsp; **16.47%** | &nbsp;&nbsp; **(1.77%)**<br>| &nbsp;&nbsp; **(24.80%)**<br>| &nbsp;&nbsp; **(13.10%)**<br>|
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| Net assets, end of year (in 000's) | &nbsp;&nbsp; $172599 | &nbsp;&nbsp; $161552 | &nbsp;&nbsp; $177070 | &nbsp;&nbsp; $272950 | &nbsp;&nbsp; $465207 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.27% | &nbsp;&nbsp; 1.29% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.09% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.32%)<br>| &nbsp;&nbsp; (0.18%)<br>| &nbsp;&nbsp; (0.21%)<br>| &nbsp;&nbsp; (0.40%)<br>| &nbsp;&nbsp; (0.59%)<br>|
| Portfolio turnover<sup>4</sup> <br>| &nbsp;&nbsp; 97.67% | &nbsp;&nbsp; 257.92% | &nbsp;&nbsp; 248.19% | &nbsp;&nbsp; 118.08% | &nbsp;&nbsp; 220.45% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  |
| <br>**INSTITUTIONAL CLASS** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, beginning of year | &nbsp;&nbsp; $13.15 | &nbsp;&nbsp; $11.28 | &nbsp;&nbsp; $11.49 | &nbsp;&nbsp; $19.08 | &nbsp;&nbsp; $26.91 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.11)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation/depreciation on investments, <br> foreign currency related transactions and foreign capital gains taxes<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (4.55)<br>| &nbsp;&nbsp; (3.38)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;4.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (4.59)<br>| &nbsp;&nbsp; (3.49)<br>|
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized gains on investments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.00)<br>| &nbsp;&nbsp; (4.34)<br>|
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (3.00)<br>| &nbsp;&nbsp; (4.34)<br>|
| Net Asset Value, end of year | &nbsp;&nbsp; $17.15 | &nbsp;&nbsp; $13.15 | &nbsp;&nbsp; $11.28 | &nbsp;&nbsp; $11.49 | &nbsp;&nbsp; $19.08 |
| **TOTAL RETURN**<sup>3</sup> <br>| &nbsp;&nbsp; **30.42%** | &nbsp;&nbsp; **16.58%** | &nbsp;&nbsp; **(1.62%)**<br>| &nbsp;&nbsp; **(24.73%)**<br>| &nbsp;&nbsp; **(12.97%)**<br>|
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| Net assets, end of year (in 000's) | &nbsp;&nbsp; $145817 | &nbsp;&nbsp; $85321 | &nbsp;&nbsp; $135882 | &nbsp;&nbsp; $199368 | &nbsp;&nbsp; $930562 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 0.93% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.18%)<br>| &nbsp;&nbsp; (0.05%)<br>| &nbsp;&nbsp; (0.11%)<br>| &nbsp;&nbsp; (0.27%)<br>| &nbsp;&nbsp; (0.43%)<br>|
| Portfolio turnover<sup>4</sup> <br>| &nbsp;&nbsp; 97.67% | &nbsp;&nbsp; 257.92% | &nbsp;&nbsp; 248.19% | &nbsp;&nbsp; 118.08% | &nbsp;&nbsp; 220.45% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 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 | 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 Fund*

The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  |
| <br>**INVESTOR CLASS** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, beginning of year | &nbsp;&nbsp; $13.44 | &nbsp;&nbsp; $11.62 | &nbsp;&nbsp; $14.50 | &nbsp;&nbsp; $20.58 | &nbsp;&nbsp; $27.00 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation/depreciation on investments and <br> foreign currency related transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp; (2.88)<br>| &nbsp;&nbsp; (4.99)<br>| &nbsp;&nbsp; (3.25)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;4.00 | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp; (2.79)<br>| &nbsp;&nbsp; (4.99)<br>| &nbsp;&nbsp; (3.22)<br>|
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Net realized gains on investments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (3.15)<br>|
| Total distributions | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (3.20)<br>|
| Net Asset Value, end of year | &nbsp;&nbsp; $17.21 | &nbsp;&nbsp; $13.44 | &nbsp;&nbsp; $11.62 | &nbsp;&nbsp; $14.50 | &nbsp;&nbsp; $20.58 |
| **TOTAL RETURN**<sup>3</sup> <br>| &nbsp;&nbsp; **29.81%** | &nbsp;&nbsp; **17.87%** | &nbsp;&nbsp; **(19.22%)**<br>| &nbsp;&nbsp; **(24.40%)**<br>| &nbsp;&nbsp; **(12.26%)**<br>|
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| Net assets, end of year (in 000's) | &nbsp;&nbsp; $321672 | &nbsp;&nbsp; $280761 | &nbsp;&nbsp; $300132 | &nbsp;&nbsp; $448623 | &nbsp;&nbsp; $710844 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.06% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; (0.01%)<br>| &nbsp;&nbsp; 0.13% |
| Portfolio turnover<sup>4</sup> <br>| &nbsp;&nbsp; 36.73% | &nbsp;&nbsp; 49.99% | &nbsp;&nbsp; 49.60% | &nbsp;&nbsp; 49.38% | &nbsp;&nbsp; 92.28% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  |
| <br>**INSTITUTIONAL CLASS** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, beginning of year | &nbsp;&nbsp; $13.42 | &nbsp;&nbsp; $11.60 | &nbsp;&nbsp; $14.48 | &nbsp;&nbsp; $20.53 | &nbsp;&nbsp; $26.94 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation/depreciation on investments and <br> foreign currency related transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp; (2.88)<br>| &nbsp;&nbsp; (4.97)<br>| &nbsp;&nbsp; (3.26)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;4.01 | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp; (2.77)<br>| &nbsp;&nbsp; (4.96)<br>| &nbsp;&nbsp; (3.16)<br>|
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.10)<br>|
| Net realized gains on investments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (3.15)<br>|
| Total distributions | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (3.25)<br>|
| Net Asset Value, end of year | &nbsp;&nbsp; $17.18 | &nbsp;&nbsp; $13.42 | &nbsp;&nbsp; $11.60 | &nbsp;&nbsp; $14.48 | &nbsp;&nbsp; $20.53 |
| **TOTAL RETURN**<sup>3</sup> <br>| &nbsp;&nbsp; **29.93%** | &nbsp;&nbsp; **17.95%** | &nbsp;&nbsp; **(19.11%)**<br>| &nbsp;&nbsp; **(24.31%)**<br>| &nbsp;&nbsp; **(12.07%)**<br>|
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| Net assets, end of year (in 000's) | &nbsp;&nbsp; $106401 | &nbsp;&nbsp; $69192 | &nbsp;&nbsp; $148327 | &nbsp;&nbsp; $297165 | &nbsp;&nbsp; $630966 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.91% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 1.76% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.07% | &nbsp;&nbsp; 0.38% |
| Portfolio turnover<sup>4</sup> <br>| &nbsp;&nbsp; 36.73% | &nbsp;&nbsp; 49.99% | &nbsp;&nbsp; 49.60% | &nbsp;&nbsp; 49.38% | &nbsp;&nbsp; 92.28% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 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 | 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 China Small Companies Fund*

The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  |
| <br>**INVESTOR CLASS** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, beginning of year | &nbsp;&nbsp; $9.08 | &nbsp;&nbsp; $8.95 | &nbsp;&nbsp; $11.11 | &nbsp;&nbsp; $16.44 | &nbsp;&nbsp; $19.86 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation/depreciation on investments and <br> foreign currency related transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (1.96)<br>| &nbsp;&nbsp; (5.15)<br>| &nbsp;&nbsp; (0.80)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp; (5.13)<br>| &nbsp;&nbsp; (0.71)<br>|
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.12)<br>|
| Net realized gains on investments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.59)<br>|
| Total distributions | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (2.71)<br>|
| Net Asset Value, end of year | &nbsp;&nbsp; $11.44 | &nbsp;&nbsp; $9.08 | &nbsp;&nbsp; $8.95 | &nbsp;&nbsp; $11.11 | &nbsp;&nbsp; $16.44 |
| **TOTAL RETURN**<sup>2</sup> <br>| &nbsp;&nbsp; **28.83%** | &nbsp;&nbsp; **2.82%** | &nbsp;&nbsp; **(17.51%)**<br>| &nbsp;&nbsp; **(31.26%)**<br>| &nbsp;&nbsp; **(3.59%)**<br>|
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| Net assets, end of year (in 000's) | &nbsp;&nbsp; $48645 | &nbsp;&nbsp; $48596 | &nbsp;&nbsp; $66174 | &nbsp;&nbsp; $114440 | &nbsp;&nbsp; $218398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before any reimbursement, waiver or recapture of <br> expenses by Advisor and Administrator (Note 4)<br>| &nbsp;&nbsp; 1.57% | &nbsp;&nbsp; 1.61% | &nbsp;&nbsp; 1.55% | &nbsp;&nbsp; 1.55% | &nbsp;&nbsp; 1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after any reimbursement, waiver or recapture of <br> expenses by Advisor and Administrator <br>| &nbsp;&nbsp; 1.40% | &nbsp;&nbsp; 1.40% | &nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.43% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 2.91% | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; 0.17% | &nbsp;&nbsp; 0.44% |
| Portfolio turnover<sup>3</sup> <br>| &nbsp;&nbsp; 36.83% | &nbsp;&nbsp; 54.39% | &nbsp;&nbsp; 59.05% | &nbsp;&nbsp; 59.00% | &nbsp;&nbsp; 119.65% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  |
| <br>**INSTITUTIONAL CLASS** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, beginning of year | &nbsp;&nbsp; $9.06 | &nbsp;&nbsp; $8.94 | &nbsp;&nbsp; $11.12 | &nbsp;&nbsp; $16.47 | &nbsp;&nbsp; $19.90 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation/depreciation on investments and <br> foreign currency related transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (1.98)<br>| &nbsp;&nbsp; (5.17)<br>| &nbsp;&nbsp; (0.80)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp; (1.94)<br>| &nbsp;&nbsp; (5.11)<br>| &nbsp;&nbsp; (0.67)<br>|
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.17)<br>|
| Net realized gains on investments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.59)<br>|
| Total distributions | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (2.76)<br>|
| Net Asset Value, end of year | &nbsp;&nbsp; $11.42 | &nbsp;&nbsp; $9.06 | &nbsp;&nbsp; $8.94 | &nbsp;&nbsp; $11.12 | &nbsp;&nbsp; $16.47 |
| **TOTAL RETURN**<sup>2</sup> <br>| &nbsp;&nbsp; **29.15%** | &nbsp;&nbsp; **2.97%** | &nbsp;&nbsp; **(17.37%)**<br>| &nbsp;&nbsp; **(31.08%)**<br>| &nbsp;&nbsp; **(3.35%)**<br>|
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| Net assets, end of year (in 000's) | &nbsp;&nbsp; $16390 | &nbsp;&nbsp; $15796 | &nbsp;&nbsp; $22983 | &nbsp;&nbsp; $40322 | &nbsp;&nbsp; $162770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before any reimbursement, waiver or recapture of <br> expenses by Advisor and Administrator (Note 4)<br>| &nbsp;&nbsp; 1.46% | &nbsp;&nbsp; 1.50% | &nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.38% | &nbsp;&nbsp; 1.31% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after any reimbursement, waiver or recapture of <br> expenses by Advisor and Administrator<br>| &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.20% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 3.03% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.47% | &nbsp;&nbsp; 0.63% |
| Portfolio turnover<sup>3</sup> <br>| &nbsp;&nbsp; 36.83% | &nbsp;&nbsp; 54.39% | &nbsp;&nbsp; 59.05% | &nbsp;&nbsp; 59.00% | &nbsp;&nbsp; 119.65% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 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 | 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 India Fund*

The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  |
| <br>**INVESTOR CLASS** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, beginning of year | &nbsp;&nbsp; $25.33 | &nbsp;&nbsp; $26.37 | &nbsp;&nbsp; $22.09 | &nbsp;&nbsp; $28.17 | &nbsp;&nbsp; $26.29 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.11)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation/depreciation on investments, <br> foreign currency related transactions and foreign capital gains taxes<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;2.90 | &nbsp;&nbsp;&nbsp;&nbsp;5.10 | &nbsp;&nbsp; (2.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.81 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;2.77 | &nbsp;&nbsp;&nbsp;&nbsp;5.09 | &nbsp;&nbsp; (2.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.70 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized gains on investments | &nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp; (3.81)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (3.38)<br>| &nbsp;&nbsp; (2.82)<br>|
| Total distributions | &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (3.81)<br>| &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp; (3.38)<br>| &nbsp;&nbsp; (2.82)<br>|
| Net Asset Value, end of year | &nbsp;&nbsp; $24.07 | &nbsp;&nbsp; $25.33 | &nbsp;&nbsp; $26.37 | &nbsp;&nbsp; $22.09 | &nbsp;&nbsp; $28.17 |
| **TOTAL RETURN**<sup>3</sup> <br>| &nbsp;&nbsp; **1.55%** | &nbsp;&nbsp; **10.29%** | &nbsp;&nbsp; **23.10%** | &nbsp;&nbsp; **(9.92%)**<br>| &nbsp;&nbsp; **18.11%** |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| Net assets, end of year (in 000's) | &nbsp;&nbsp; $561690 | &nbsp;&nbsp; $680284 | &nbsp;&nbsp; $614103 | &nbsp;&nbsp; $505764 | &nbsp;&nbsp; $635067 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.26% | &nbsp;&nbsp; 1.22% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.10% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.43%)<br>| &nbsp;&nbsp; (0.45%)<br>| &nbsp;&nbsp; (0.04%)<br>| &nbsp;&nbsp; (0.45%)<br>| &nbsp;&nbsp; (0.38%)<br>|
| Portfolio turnover<sup>4</sup> <br>| &nbsp;&nbsp; 53.98% | &nbsp;&nbsp; 82.99% | &nbsp;&nbsp; 50.98% | &nbsp;&nbsp; 41.35% | &nbsp;&nbsp; 42.50% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  |
| <br>**INSTITUTIONAL CLASS** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, beginning of year | &nbsp;&nbsp; $25.95 | &nbsp;&nbsp; $26.93 | &nbsp;&nbsp; $22.54 | &nbsp;&nbsp; $28.64 | &nbsp;&nbsp; $26.65 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.06)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation/depreciation on investments, <br> foreign currency related transactions and foreign capital gains taxes<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;2.97 | &nbsp;&nbsp;&nbsp;&nbsp;5.21 | &nbsp;&nbsp; (2.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.87 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;2.87 | &nbsp;&nbsp;&nbsp;&nbsp;5.23 | &nbsp;&nbsp; (2.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.81 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized gains on investments | &nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp; (3.81)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (3.38)<br>| &nbsp;&nbsp; (2.82)<br>|
| Total distributions | &nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp; (3.85)<br>| &nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp; (3.38)<br>| &nbsp;&nbsp; (2.82)<br>|
| Net Asset Value, end of year | &nbsp;&nbsp; $24.70 | &nbsp;&nbsp; $25.95 | &nbsp;&nbsp; $26.93 | &nbsp;&nbsp; $22.54 | &nbsp;&nbsp; $28.64 |
| **TOTAL RETURN**<sup>3</sup> <br>| &nbsp;&nbsp; **1.67%** | &nbsp;&nbsp; **10.43%** | &nbsp;&nbsp; **23.32%** | &nbsp;&nbsp; **(9.83%)**<br>| &nbsp;&nbsp; **18.28%** |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| Net assets, end of year (in 000's) | &nbsp;&nbsp; $145348 | &nbsp;&nbsp; $180150 | &nbsp;&nbsp; $149023 | &nbsp;&nbsp; $97018 | &nbsp;&nbsp; $128708 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 0.96% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.31%)<br>| &nbsp;&nbsp; (0.33%)<br>| &nbsp;&nbsp; 0.07% | &nbsp;&nbsp; (0.31%)<br>| &nbsp;&nbsp; (0.19%)<br>|
| Portfolio turnover<sup>4</sup> <br>| &nbsp;&nbsp; 53.98% | &nbsp;&nbsp; 82.99% | &nbsp;&nbsp; 50.98% | &nbsp;&nbsp; 41.35% | &nbsp;&nbsp; 42.50% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 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 | 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 Japan Fund*

The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  |
| <br>**INVESTOR CLASS** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, beginning of year | &nbsp;&nbsp; $20.03 | &nbsp;&nbsp; $17.58 | &nbsp;&nbsp; $14.90 | &nbsp;&nbsp; $22.09 | &nbsp;&nbsp; $25.27 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation/depreciation on investments and <br> foreign currency related transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.41 | &nbsp;&nbsp;&nbsp;&nbsp;2.77 | &nbsp;&nbsp;&nbsp;&nbsp;2.59 | &nbsp;&nbsp; (6.19)<br>| &nbsp;&nbsp; (0.52)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;4.55 | &nbsp;&nbsp;&nbsp;&nbsp;2.88 | &nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp; (6.12)<br>| &nbsp;&nbsp; (0.43)<br>|
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.24)<br>|
| Net realized gains on investments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (2.51)<br>|
| Total distributions | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (2.75)<br>|
| Net Asset Value, end of year | &nbsp;&nbsp; $24.11 | &nbsp;&nbsp; $20.03 | &nbsp;&nbsp; $17.58 | &nbsp;&nbsp; $14.90 | &nbsp;&nbsp; $22.09 |
| **TOTAL RETURN**<sup>2</sup> <br>| &nbsp;&nbsp; **22.76%** | &nbsp;&nbsp; **16.38%** | &nbsp;&nbsp; **17.99%** | &nbsp;&nbsp; **(27.85%)**<br>| &nbsp;&nbsp; **(1.92%)**<br>|
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| Net assets, end of year (in 000's) | &nbsp;&nbsp; $273657 | &nbsp;&nbsp; $246422 | &nbsp;&nbsp; $239578 | &nbsp;&nbsp; $208329 | &nbsp;&nbsp; $373739 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 0.95% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.41% | &nbsp;&nbsp; 0.38% |
| Portfolio turnover<sup>3</sup> <br>| &nbsp;&nbsp; 106.87% | &nbsp;&nbsp; 88.02% | &nbsp;&nbsp; 100.59% | &nbsp;&nbsp; 83.38% | &nbsp;&nbsp; 70.30% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  |
| <br>**INSTITUTIONAL CLASS** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, beginning of year | &nbsp;&nbsp; $20.09 | &nbsp;&nbsp; $17.63 | &nbsp;&nbsp; $14.93 | &nbsp;&nbsp; $22.13 | &nbsp;&nbsp; $25.32 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation/depreciation on investments <br> and foreign currency related transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.43 | &nbsp;&nbsp;&nbsp;&nbsp;2.77 | &nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp; (6.22)<br>| &nbsp;&nbsp; (0.46)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;4.59 | &nbsp;&nbsp;&nbsp;&nbsp;2.90 | &nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp; (6.13)<br>| &nbsp;&nbsp; (0.41)<br>|
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.27)<br>|
| Net realized gains on investments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (2.51)<br>|
| Total distributions | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (2.78)<br>|
| Net Asset Value, end of year | &nbsp;&nbsp; $24.19 | &nbsp;&nbsp; $20.09 | &nbsp;&nbsp; $17.63 | &nbsp;&nbsp; $14.93 | &nbsp;&nbsp; $22.13 |
| **TOTAL RETURN**<sup>2</sup> <br>| &nbsp;&nbsp; **22.86%** | &nbsp;&nbsp; **16.48%** | &nbsp;&nbsp; **18.08%** | &nbsp;&nbsp; **(27.84%)**<br>| &nbsp;&nbsp; **(1.83%)**<br>|
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| Net assets, end of year (in 000's) | &nbsp;&nbsp; $444230 | &nbsp;&nbsp; $391746 | &nbsp;&nbsp; $415920 | &nbsp;&nbsp; $413807 | &nbsp;&nbsp; $1170380 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.89% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.22% |
| Portfolio turnover<sup>3</sup> <br>| &nbsp;&nbsp; 106.87% | &nbsp;&nbsp; 88.02% | &nbsp;&nbsp; 100.59% | &nbsp;&nbsp; 83.38% | &nbsp;&nbsp; 70.30% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 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 | 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 Asia Dividend Fund*

The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  |
| <br>**INVESTOR CLASS** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, beginning of year | &nbsp;&nbsp; $14.08 | &nbsp;&nbsp; $13.70 | &nbsp;&nbsp; $13.24 | &nbsp;&nbsp; $18.94 | &nbsp;&nbsp; $22.63 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation/depreciation on investments, <br> foreign currency related transactions and foreign capital gains taxes<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp; (5.72)<br>| &nbsp;&nbsp; (0.81)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;3.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp; (5.59)<br>| &nbsp;&nbsp; (0.63)<br>|
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.19)<br>|
| Net realized gains on investments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.87)<br>|
| Total distributions | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (3.06)<br>|
| Net Asset Value, end of year | &nbsp;&nbsp; $17.39 | &nbsp;&nbsp; $14.08 | &nbsp;&nbsp; $13.70 | &nbsp;&nbsp; $13.24 | &nbsp;&nbsp; $18.94 |
| **TOTAL RETURN**<sup>2</sup> <br>| &nbsp;&nbsp; **26.88%** | &nbsp;&nbsp; **5.92%** | &nbsp;&nbsp; **4.69%** | &nbsp;&nbsp; **(29.57%)**<br>| &nbsp;&nbsp; **(2.83%)**<br>|
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| Net assets, end of year (in 000's) | &nbsp;&nbsp; $266467 | &nbsp;&nbsp; $271633 | &nbsp;&nbsp; $401341 | &nbsp;&nbsp; $602694 | &nbsp;&nbsp; $1586460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before any reimbursement, waiver or <br> recapture of expenses by Advisor and Administrator (Note 4)<br>| &nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after any reimbursement, waiver or recapture <br> of expenses by Advisor and Administrator <br>| &nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.02% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 1.62% | &nbsp;&nbsp; 1.57% | &nbsp;&nbsp; 1.43% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.80% |
| Portfolio turnover<sup>3</sup> <br>| &nbsp;&nbsp; 56.67% | &nbsp;&nbsp; 16.81% | &nbsp;&nbsp; 75.88% | &nbsp;&nbsp; 50.75% | &nbsp;&nbsp; 47.41% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  |
| <br>**INSTITUTIONAL CLASS** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, beginning of year | &nbsp;&nbsp; $14.06 | &nbsp;&nbsp; $13.68 | &nbsp;&nbsp; $13.23 | &nbsp;&nbsp; $18.94 | &nbsp;&nbsp; $22.62 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation/depreciation on investments, <br> foreign currency related transactions and foreign capital gains taxes<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp; (5.72)<br>| &nbsp;&nbsp; (0.80)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;3.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp; (5.58)<br>| &nbsp;&nbsp; (0.59)<br>|
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.22)<br>|
| Net realized gains on investments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.87)<br>|
| Total distributions | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (3.09)<br>|
| Net Asset Value, end of year | &nbsp;&nbsp; $17.37 | &nbsp;&nbsp; $14.06 | &nbsp;&nbsp; $13.68 | &nbsp;&nbsp; $13.23 | &nbsp;&nbsp; $18.94 |
| **TOTAL RETURN**<sup>2</sup> <br>| &nbsp;&nbsp; **27.06%** | &nbsp;&nbsp; **6.05%** | &nbsp;&nbsp; **4.77%** | &nbsp;&nbsp; **(29.55%)**<br>| &nbsp;&nbsp; **(2.67%)**<br>|
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| Net assets, end of year (in 000's) | &nbsp;&nbsp; $276148 | &nbsp;&nbsp; $337614 | &nbsp;&nbsp; $650333 | &nbsp;&nbsp; $1248676 | &nbsp;&nbsp; $3154407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before any reimbursement, waiver or <br> recapture of expenses by Advisor and Administrator (Note 4)<br>| &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after any reimbursement, waiver or <br> recapture of expenses by Advisor and Administrator<br>| &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.91% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 1.72% | &nbsp;&nbsp; 1.63% | &nbsp;&nbsp; 1.55% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.93% |
| Portfolio turnover<sup>3</sup> <br>| &nbsp;&nbsp; 56.67% | &nbsp;&nbsp; 16.81% | &nbsp;&nbsp; 75.88% | &nbsp;&nbsp; 50.75% | &nbsp;&nbsp; 47.41% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 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 | 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**

------

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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  |
| <br>**INVESTOR CLASS** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, beginning of year | &nbsp;&nbsp; $11.81 | &nbsp;&nbsp; $10.71 | &nbsp;&nbsp; $14.00 | &nbsp;&nbsp; $17.73 | &nbsp;&nbsp; $19.64 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation/depreciation on investments and <br> foreign currency related transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp; (3.12)<br>| &nbsp;&nbsp; (3.27)<br>| &nbsp;&nbsp; (0.48)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;3.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp; (2.85)<br>| &nbsp;&nbsp; (2.96)<br>| &nbsp;&nbsp; (0.07)<br>|
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.49)<br>|
| Net realized gains on investments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (1.35)<br>|
| Total distributions | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (1.84)<br>|
| Net Asset Value, end of year | &nbsp;&nbsp; $14.65 | &nbsp;&nbsp; $11.81 | &nbsp;&nbsp; $10.71 | &nbsp;&nbsp; $14.00 | &nbsp;&nbsp; $17.73 |
| **TOTAL RETURN**<sup>2</sup> <br>| &nbsp;&nbsp; **29.42%** | &nbsp;&nbsp; **14.94%** | &nbsp;&nbsp; **(20.67%)**<br>| &nbsp;&nbsp; **(16.75%)**<br>| &nbsp;&nbsp; **(0.49%)**<br>|
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| Net assets, end of year (in 000's) | &nbsp;&nbsp; $72848 | &nbsp;&nbsp; $65699 | &nbsp;&nbsp; $76517 | &nbsp;&nbsp; $137066 | &nbsp;&nbsp; $218766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before any reimbursement, waiver or recapture of <br> expenses by Advisor and Administrator (Note 4)<br>| &nbsp;&nbsp; 1.35% | &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after any reimbursement, waiver or recapture of <br> expenses by Advisor and Administrator <br>| &nbsp;&nbsp; 1.35% | &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.12% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 2.17% | &nbsp;&nbsp; 2.53% | &nbsp;&nbsp; 2.03% | &nbsp;&nbsp; 2.12% | &nbsp;&nbsp; 2.05% |
| Portfolio turnover<sup>3</sup> <br>| &nbsp;&nbsp; 49.55% | &nbsp;&nbsp; 75.80% | &nbsp;&nbsp; 27.30% | &nbsp;&nbsp; 67.08% | &nbsp;&nbsp; 68.25% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  |
| <br>**INSTITUTIONAL CLASS** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, beginning of year | &nbsp;&nbsp; $11.83 | &nbsp;&nbsp; $10.70 | &nbsp;&nbsp; $14.00 | &nbsp;&nbsp; $17.72 | &nbsp;&nbsp; $19.64 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation/depreciation on investments and <br> foreign currency related transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp; (3.11)<br>| &nbsp;&nbsp; (3.24)<br>| &nbsp;&nbsp; (0.58)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;3.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp; (2.84)<br>| &nbsp;&nbsp; (2.93)<br>| &nbsp;&nbsp; (0.05)<br>|
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.52)<br>|
| Net realized gains on investments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (1.35)<br>|
| Total distributions | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (1.87)<br>|
| Net Asset Value, end of year | &nbsp;&nbsp; $14.68 | &nbsp;&nbsp; $11.83 | &nbsp;&nbsp; $10.70 | &nbsp;&nbsp; $14.00 | &nbsp;&nbsp; $17.72 |
| **TOTAL RETURN**<sup>2</sup> <br>| &nbsp;&nbsp; **29.61%** | &nbsp;&nbsp; **15.07%** | &nbsp;&nbsp; **(20.58%)**<br>| &nbsp;&nbsp; **(16.59%)**<br>| &nbsp;&nbsp; **(0.38%)**<br>|
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| Net assets, end of year (in 000's) | &nbsp;&nbsp; $20047 | &nbsp;&nbsp; $22666 | &nbsp;&nbsp; $42165 | &nbsp;&nbsp; $84220 | &nbsp;&nbsp; $131395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before any reimbursement, waiver or recapture of <br> expenses by Advisor and Administrator (Note 4)<br>| &nbsp;&nbsp; 1.22% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after any reimbursement, waiver or recapture of <br> expenses by Advisor and Administrator<br>| &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 0.97% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 2.33% | &nbsp;&nbsp; 2.57% | &nbsp;&nbsp; 2.09% | &nbsp;&nbsp; 2.12% | &nbsp;&nbsp; 2.65% |
| Portfolio turnover<sup>3</sup> <br>| &nbsp;&nbsp; 49.55% | &nbsp;&nbsp; 75.80% | &nbsp;&nbsp; 27.30% | &nbsp;&nbsp; 67.08% | &nbsp;&nbsp; 68.25% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 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 | 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.

**53** MATTHEWS ASIA FUNDS

------

Notes to Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 December 31, 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** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares Prior** <br>**to Reorganization**<br>| **Conversion Ratio** | &nbsp;&nbsp;&nbsp;&nbsp; **Matthews** <br>**Emerging Markets** <br>**Equity** <br>**Fund's Share Class**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Shares of** <br>**Matthews Emerging Markets** <br>**Equity Fund**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Matthews Asian <br> Growth and <br> Income Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; Investor | &nbsp;&nbsp;&nbsp;&nbsp; 13071403 | &nbsp;&nbsp;&nbsp;&nbsp;0.995734659 | &nbsp;&nbsp;&nbsp;&nbsp; Investor | &nbsp;&nbsp;&nbsp;&nbsp; 13015649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matthews Asian <br> Growth and <br> Income Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | &nbsp;&nbsp;&nbsp;&nbsp; 3593025 | &nbsp;&nbsp;&nbsp;&nbsp;0.994747642 | &nbsp;&nbsp;&nbsp;&nbsp; Institutional | &nbsp;&nbsp;&nbsp;&nbsp; 3574153 |

---

The exchange was based on values at the close of the New York Stock Exchange on March 14, 2025. The net assets of the acquired Fund at that date included unrealized appreciation of $19,413,471, securities of $197,672,534, cash of $28,730,164, foreign currency of $106,112, receivables and other assets of $346,125, payables of $426,554, capital paid-in of $238,946,866, total distributable earnings of $(12,518,485), and net assets of $226,428,381 that were combined with those of the acquiring Fund, resulting in aggregate net assets of $249,325,510 immediately after the acquisition. The assets and liabilities of Matthews Asian Growth and Income Fund were recorded at fair value; however, the cost basis of the investments received from the Matthews Asian Growth and Income Fund was carried forward to align ongoing reporting of the Matthews Emerging Markets Equity Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Pro forma results of operations of the combined entity for the year ended December 31, 2025, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows

\* Net investment income: $3,398,305

\* Net realized gain on investments: $20,919,526

\* Net change in unrealized gain/loss on investments: $35,899,585

\* Net increase in the net assets resulting from operations: $60,217,416

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings that have been included in Matthews Emerging Markets Equity Fund's statement of operations since March 14, 2025.

**2.** **SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Funds in preparation of their financial statements. Each Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 Financial Services—Investment Companies. The accounting policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").

*matthewsasia.com* \| 800.789.ASIA **54**

------

Notes to Financial Statements *(continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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.

**55** MATTHEWS ASIA FUNDS

------

Notes to Financial Statements *(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 December 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Matthews** <br>**Emerging Markets** <br>**Equity Fund**<br>| **Matthews** <br>**Emerging Markets** <br>**Sustainable Future** <br>**Fund**<br>| **Matthews** <br>**Emerging Markets** <br>**Small Companies** <br>**Fund**<br>| **Matthews Asia** <br>**Growth Fund**<br>| **Matthews Pacific** <br>**Tiger Fund**<br>|
| **Assets:** |  |  |  |  |  |
| **Investments:** |  |  |  |  |  |
| **Level 1: Quoted Prices** |  |  |  |  |  |
| Common Equities: |  |  |  |  |  |
| Argentina | $— | $3507125 | $6353593 | $— | $— |
| Bangladesh |  | 902792 | $2387980 |  |  |
| Brazil | 11963049 | 1203271 |  |  |  |
| Chile |  |  | 5201268 |  |  |
| China/Hong Kong | 10596034 | 15102619 | 19396066 | 8122834 | 10831940 |
| Greece |  | 3420805 | 7163658 |  |  |
| India | 12297015 | 625985 | 2600466 |  | 3573287 |
| Kazakhstan |  | 191106 |  |  |  |
| Mexico | 5285167 |  | 5659594 |  |  |
| Panama |  |  | 3053182 |  |  |
| Philippines | 2955927 | 484549 | 8201509 | 1981529 | 6769331 |
| Saudi Arabia |  | 2263510 | 2905274 |  |  |
| Singapore |  |  |  | 4636922 | 13879600 |
| South Africa |  |  | 12962078 |  |  |
| South Korea | 1179689 |  |  | 1432031 |  |
| Taiwan |  | 1751014 |  |  |  |
| United Kingdom |  |  | 4757713 |  |  |
| United States |  | 6962292 |  |  |  |
| Sub-total | 44276881 | 36415068 | 80642381 | 16173316 | 35054158 |
| **Level 2: Other Significant Observable Inputs** |  |  |  |  |  |
| Common Equities: |  |  |  |  |  |
| Australia |  |  |  | 3662982 |  |
| Brazil | 3668144 | 7459232 | 20902160 |  |  |
| Chile | 4762449 |  | 604073 |  |  |
| China/Hong Kong | 57992972 | 35807803 | 28873336 | 46556240 | 239198229 |
| Cyprus |  |  | 5914189 |  |  |
| Georgia |  |  | 6465218 |  |  |
| India | 33553897 | 45272181 | 111373383 | 21426283 | 115810141 |
| Indonesia |  | 1337716 | 4912720 | 1584964 | 6975829 |
| Japan |  |  |  | 52146957 |  |
| Jordan |  | 819035 |  |  |  |
| Malaysia |  |  |  |  | 13478322 |
| Poland |  | 6596351 | 12230102 |  |  |
| Romania |  | 4084188 |  |  |  |
| Singapore | 3139390 |  |  |  | 14744647 |
| South Africa | 5345316 |  |  |  |  |
| South Korea | 52766739 | 36956251 | 53164236 | 30809612 | 123466439 |
| Taiwan | 45568872 | 38663894 | 87641706 | 32891925 | 160951971 |
| Thailand | 2086531 |  |  |  | 7780833 |
| Turkey |  | 5100123 | 6669307 |  |  |
| United Arab Emirates | 3887436 |  |  |  |  |
| Vietnam | 37881 | 2614888 | 18307584 |  | 4861250 |
| Sub-total | 212809627 | 184711662 | 357058014 | 189078963 | 687267661 |
| Preferred Equities: |  |  |  |  |  |
| South Korea |  | 2651059 |  |  |  |
| **Level 3: Other Significant Observable Inputs** |  |  |  |  |  |
| Common Equities: |  |  |  |  |  |
| India |  |  |  |  | 220731 |
| Russia | 1622 |  | 26564 |  |  |
| Sub-total | 1622 |  | 26564 |  | 220731 |

---

*matthewsasia.com* \| 800.789.ASIA **56**

------

Notes to Financial Statements *(continued)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Matthews**<br> **Emerging Markets** <br> **Equity Fund**<br>| **Matthews**<br> **Emerging Markets**<br> **Sustainable Future**<br> **Fund**<br>| **Matthews**<br> **Emerging Markets**<br> **Small Companies**<br> **Fund**<br>| **Matthews Asia**<br> **Growth Fund**<br>| **Matthews Pacific**<br> **Tiger Fund**<br>|
| Preferred Equities: |  |  |  |  |  |
| India | 34130 |  |  |  | 93628 |
| Total Market Value of Investments | $257122260 | $223777789 | $437726959 | $205252279 | $722636178 |

---

**Levels for Multi-Country Funds (2 of 2):**

Summary of inputs used to determine the fair valuation of multi-country Funds' investments as of December 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Matthews Asia** <br>**Innovators Fund**<br>| **Matthews** <br>**China Fund**<br>| **Matthews** <br>**China Small** <br>**Companies** <br>**Fund**<br>| **Matthews Asia** <br>**Dividend Fund**<br>| **Matthews China** <br>**Dividend Fund**<br>|
| **Assets:** |  |  |  |  |  |
| **Investments:** |  |  |  |  |  |
| **Level 1: Quoted Prices** |  |  |  |  |  |
| Common Equities: |  |  |  |  |  |
| China/Hong Kong | $30536393 | $40360089 | $7112513 | $8035597 | $8321891 |
| India | 4838428<br>|  |  |  |  |
| Japan |  |  |  | 402283<br>|  |
| Singapore | 9542370<br>|  |  |  |  |
| South Korea | 2601600<br>|  |  | 6428951<br>|  |
| United States |  |  | 2817834<br>|  |  |
| Sub-total | 47518791<br>| 40360089 | 9930347<br>| 14866831<br>| 8321891<br>|
| **Level 2: Other Significant Observable Inputs** |  |  |  |  |  |
| Common Equities: |  |  |  |  |  |
| Australia |  |  |  | 34386358<br>|  |
| China/Hong Kong | 90679291 | 379104232 | 51087988<br>| 163808643<br>| 82465706<br>|
| India | 36269953<br>|  |  | 33159740<br>|  |
| Indonesia |  |  |  | 5342802<br>|  |
| Japan | 6237817<br>|  |  | 126470958<br>|  |
| Macau |  | 6400202<br>|  |  |  |
| Singapore |  |  |  | 20414391<br>| 1559048<br>|
| South Korea | 56693532<br>|  |  | 64129381<br>|  |
| Taiwan | 72896847<br>|  | 2729641<br>| 70798400<br>|  |
| Thailand |  |  |  | 4918499<br>|  |
| United States |  |  | 475785<br>|  |  |
| Sub-total | 262777440 | 385504434 | 54293414<br>| 523429172<br>| 84024754<br>|
| **Level 3: Other Significant Observable Inputs** |  |  |  |  |  |
| Common Equities: |  |  |  |  |  |
| India |  |  |  | 75521<br>|  |
| Total Market Value of Investments | $310296231 | $425864523 | $64223761 | $538371524 | $92346645 |

---

**57** MATTHEWS ASIA FUNDS

------

Notes to Financial Statements *(continued)*

**Levels for Single Country Funds:**

Summary of inputs used to determine the fair valuation of the single country Funds' investments as of December 31, 2025.

---

| | | |
|:---|:---|:---|
|  | **Matthews** <br>**India Fund**<br>| **Matthews** <br>**Japan Fund**<br>|
| **Assets:** |  |  |
| **Investments:** |  |  |
| **Level 1: Quoted Prices** |  |  |
| Common Equities: |  |  |
| Consumer Discretionary | $3574945 | $— |
| Financials | 10135818 | 13133575 |
| Industrials | 14431691 |  |
| Information Technology | 4246041 |  |
| Sub-total | 32388495 | 13133575 |
| **Level 2: Other Significant Observable Inputs** |  |  |
| Common Equities: |  |  |
| Communication Services | 29316280 | 29054318 |
| Consumer Discretionary | 163814145 | 148203449 |
| Consumer Staples | 60192743 | 20604994 |
| Energy | 35084359 |  |
| Financials | 249334975 | 111395560 |
| Health Care | 52018915 | 26013596 |
| Industrials | 27240267 | 204631981 |
| Information Technology | 75352513 | 105210174 |
| Materials | 14905042 | 29043612 |
| Real Estate |  | 28436147 |
| Sub-total | 707259239 | 702593831 |
| **Level 3: Other Significant Observable Inputs** |  |  |
| Common Equities: |  |  |
| Consumer Staples | 265688 |  |
| Preferred Equities: |  |  |
| Consumer Discretionary | 195075 |  |
| Total Market Value of Investments | $740108497 | $715727406 |

---

**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** <br>**Emerging Markets** <br>**Equity Fund** | **Matthews** <br>**Emerging Markets** <br>**Equity Fund** | **Matthews** <br>**Emerging Markets** <br>**Small Companies** <br>**Fund**<br>| **Matthews Pacific** <br>**Tiger Fund** | **Matthews Pacific** <br>**Tiger Fund** | **Matthews** <br>**India Fund** | **Matthews** <br>**India Fund** | **Matthews Asia** <br>**Dividend Fund**<br>|
|  | **Common** <br>**Equities —** <br>**Russia**<br>| **Preferred** <br>**Equities —** <br>**India**<br>| **Common** <br>**Equities —** <br>**Russia and India**<br>| **Common** <br>**Equities —** <br>**India**<br>| **Preferred** <br>**Equities —** <br>**India**<br>| **Common** <br>**Equities —** <br>**Consumer** <br>**Staples**<br>| **Preferred** <br>**Equities —** <br>**Consumer** <br>**Discretionary**<br>| **Common** <br>**Equities —** <br>**India**<br>|
| Balance as of 12/31/24(market value) | 1130 |  | 3727486 |  |  |  |  |  |
| Accrued discounts/premiums |  |  |  |  |  |  |  |  |
| Realized gain/(loss) |  |  |  |  |  |  |  |  |
| Change in unrealized appreciation/depreciation | 492 | 34130 | 8051 | 243 | 93628 | 293 | 195075 | 83 |
| Purchases |  |  |  | 220488 |  | 265395 |  | 75438 |
| Sales |  |  |  |  |  |  |  |  |
| Transfers in to Level 3 |  |  |  |  |  |  |  |  |
| Transfer out of Level 3\*\* |  |  | (3708973)<br>|  |  |  |  |  |
| Balance as of Current 12/31/25(market value) | $1622 | $34130 | $26564 | $220731 | $93628 | $265688 | $195075 | $75521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation <br> on Level 3 investments held as of 12/31/25\*<br>| $492 | 34130 | $8051 | $243 | 93628 | $293 | 195075 | $83 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| \*\*Transfers out of Level 3 were because observable market data became available for the security. |
| \*Included in the related amounts on the Statements of Operations. |

---

*matthewsasia.com* \| 800.789.ASIA **58**

------

Notes to Financial Statements *(continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**C.** **RISKS ASSOCIATED WITH NON-U.S. COMPANIES:** Investments by the Funds in the securities of non-U.S. companies may involve investment risks not typically associated with investments in U.S. issuers. These risks include possible political, economic, social and religious instability; inadequate investor protection; changes in laws or regulations of Emerging Market or Asia Pacific countries where the Funds may invest; international relations with other nations; natural disasters; corruption; and military activity. Foreign securities may trade in securities markets that are substantially smaller, less developed, less liquid and more volatile than the major securities markets in the United States. Foreign securities may be subject to greater fluctuations in price than securities of domestic corporations or the U.S. government. Foreign investing may also include the risk of expropriation or confiscatory taxation, limitation on the removal of funds or other assets, currency crises and exchange controls, the imposition of foreign withholding tax on the interest income payable on such instruments, the possible seizure or nationalization of foreign deposits or assets, or the adoption of other foreign government restrictions that might adversely affect the foreign securities held by the Funds. Additionally, Emerging Market and Asia Pacific countries may utilize formal or informal currency exchange controls or "capital controls" that may limit the ability to repatriate investments or income or adversely affect the value of portfolio investments. The economies of many Emerging Market and Asia Pacific countries differ from the economies of more developed countries in many respects, such as their rate of growth, inflation, capital reinvestment, resource self-sufficiency and dependence on other economies, financial system stability, the national balance of payments position and sensitivity to changes in global trade.

Certain Emerging Market and Asia Pacific countries are highly dependent upon and may be affected by developments in the economies of other countries. Non-U.S. companies are subject to different accounting, auditing, and financial reporting standards, practices, and requirements than U.S. companies. There is generally less government regulation of stock exchanges, brokers, and listed companies abroad than in the United States, which may result in less transparency with respect to a company's operations, and make obtaining information about them more difficult (or such information may be unavailable).

Among other risks of investing in foreign markets, particularly those of emerging and frontier markets in which the Funds invest, are the variable quality and reliability of financial information and related audits of companies. In some cases, financial information and related audits can be unreliable and not subject to verification. Auditing firms in some of these markets are not subject to independent inspection or oversight of audit quality. For example, China does not allow the Public Company Accounting Oversight Board to inspect the work that auditors perform in China for Chinese companies that sell stock into U.S. markets. This can result in investment decisions being made based on flawed or misleading information.

Foreign stock markets, particularly those of emerging and frontier markets in which the Funds invest, may not be as developed or efficient as those in more developed markets such as the United States, and the absence of negotiated brokerage commissions in certain countries may result in higher brokerage fees. The time between the trade and settlement dates of securities transactions on foreign exchanges ranges from one day to four weeks or longer and may result in higher custody charges. Custodial arrangements may be less well developed than in the United States. Foreign securities are generally denominated and pay distributions in foreign currencies, exposing the Funds to changes in foreign currency exchange rates. Investing in any Emerging Market or Asia Pacific country will also entail risks specific and unique to that country, and these risks can be significant and change rapidly.

Changes in interest rates in each of the countries in which the Funds may invest, as well as interest rates in more-developed countries, may cause a decline in the market value of an investment. Generally, fixed income securities will decrease in value when interest rates rise and can be expected to rise in value when interest rates decline. As interest rates decline, debt issuers may repay or refinance their loans or obligations earlier than anticipated.

The Funds may invest in certain operating companies in China through legal structures known as variable interest entities ("VIEs"). In China, ownership of companies in certain sectors, such as technology, media, and telecommunications, by non-Chinese individuals and entities (including U.S. persons and entities such as the Fund) is prohibited. In order to facilitate foreign investment in these businesses, many Chinese companies have created VIEs, through which foreign investors hold stock in an offshore holding company or a special purpose vehicle ("SPV") that has entered into contractual arrangements with a China-based operating company, allowing U.S. investors to obtain economic exposure to the China-based company through contractual means rather than through formal equity ownership. Shares of the offshore holding company or SPV, in turn, may be listed and traded on exchanges outside of mainland China and made available to non-Chinese investors.

VIEs are a longstanding industry practice and well known to officials and regulators in China; however, VIEs are not formally recognized under Chinese law. Recently, the government of China placed restrictions on China-based companies raising capital offshore, including through VIE structures. Investors face uncertainty about future actions by the government of China that could significantly affect an operating company's financial performance and the enforceability of an offshore holding company's or a special purpose vehicle's contractual arrangements. In addition, the interests of the Chinese equity holders of an operating company may not align with those of foreign investors in the offshore holding company or SPV. Investments in Chinese VIEs present significant risks. Under extreme circumstances, China might prohibit the existence of VIEs or sever their ability to transmit economic and governance rights to foreign investors. In addition, listed holding companies or SPVs acting as VIEs may also face delisting or other regulatory consequences for failure to meet the requirements of U.S. exchanges and regulators. If any of these events take place, the market value of a Fund's associated portfolio holdings would likely decline significantly, which could result in substantial investment losses.

Due to the Russian invasion of Ukraine, sanctions have since been imposed on Russia and certain of its citizens and financial infrastructure entities. As a result of these sanctions and countermeasures by Russia, the sale and/or purchase of Russian securities to/by US persons is prohibited and sales of certain Russian securities to non-US persons may also be prohibited. Due to these measures, Russian and Russian-related securities have since suffered significant declines in value. The ongoing conflict has the potential to adversely impact global economies and increase volatility across markets. The duration of the Russian-Ukraine conflict and its effect on financial markets cannot be determined with certainty. The Funds' performance could be negatively impacted if the value of a portfolio holding were harmed by these and such other events. Management is actively monitoring these events. As of December 31, 2025, the Russian positions held across the Matthews Asia Funds have been valued near zero.

Recently, the conflicts among Israel, Iran, 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. These conflicts 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.

**59** MATTHEWS ASIA FUNDS

------

Notes to Financial Statements *(continued)*

In recent years, the U.S. government has indicated its intent to alter its approach to international trade policy and in some cases to renegotiate, or potentially terminate, certain existing bilateral or multi-lateral trade agreements and treaties with foreign countries, and has made proposals and taken actions related thereto. For example, the U.S. government has imposed, and may in the future further increase, tariffs on certain foreign goods, including from China, such as steel and aluminum. Most recently, the current U.S. presidential administration has imposed or sought to impose significant increases to tariffs on goods imported into the U.S., including from China, Canada and Mexico. These developements 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.

The tax character of distributions paid for the fiscal years ended December 31, 2025 and December 31, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **YEAR ENDED December 31, 2025** | **Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Net Long-Term** <br>**Capital Gains**<br>| **Return of** <br>**Capital**<br>| **Total Taxable** <br>**Distributions**<br>|
| Matthews Emerging Markets Equity Fund | &nbsp;&nbsp; $6427919 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $1413600 | &nbsp;&nbsp; $7841519 |
| Matthews Emerging Markets Sustainable Future Fund | &nbsp;&nbsp; 12544492 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12544492 |
| Matthews Emerging Markets Small Companies Fund | &nbsp;&nbsp; 7168741 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7168741 |
| Matthews Asia Growth Fund | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Matthews Pacific Tiger Fund | &nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 17004947 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17004970 |
| Matthews Asia Innovators Fund | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Matthews China Fund | &nbsp;&nbsp; 5913663 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5913663 |
| Matthews China Small Companies Fund | &nbsp;&nbsp; 1470990 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1470990 |
| Matthews India Fund | &nbsp;&nbsp; 361718 | &nbsp;&nbsp;&nbsp; 45336310 | &nbsp;&nbsp; — | &nbsp;&nbsp; 45698028 |
| Matthews Japan Fund | &nbsp;&nbsp; 14160299 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14160299 |
| Matthews Asia Dividend Fund | &nbsp;&nbsp; 14925482 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14925482 |
| Matthews China Dividend Fund | &nbsp;&nbsp; 3892540 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3892540 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **YEAR ENDED December 31, 2024** | **Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Net Long-Term** <br>**Capital Gains**<br>| **Total Taxable** <br>**Distributions**<br>|
| Matthews Emerging Markets Equity Fund | &nbsp;&nbsp; $235633 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $235633 |
| Matthews Emerging Markets Sustainable Future Fund | &nbsp;&nbsp; 6083699 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 6083699 |
| Matthews Emerging Markets Small Companies Fund | &nbsp;&nbsp; 19674680 | &nbsp;&nbsp;&nbsp; 3645052 | &nbsp;&nbsp; 23319732 |
| Matthews Asia Growth Fund | &nbsp;&nbsp; 5653873 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 5653873 |
| Matthews Pacific Tiger Fund | &nbsp;&nbsp; 26865309 | &nbsp;&nbsp;&nbsp; 44615214 | &nbsp;&nbsp; 71480523 |
| Matthews Asia Innovators Fund | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Matthews China Fund | &nbsp;&nbsp; 6669399 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 6669399 |
| Matthews China Small Companies Fund | &nbsp;&nbsp; 914744 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 914744 |
| Matthews India Fund | &nbsp;&nbsp; 41604228 | &nbsp;&nbsp;&nbsp; 74707813 | &nbsp;&nbsp; 116312041 |
| Matthews Japan Fund | &nbsp;&nbsp; 13706519 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 13706519 |
| Matthews Asia Dividend Fund | &nbsp;&nbsp; 20782136 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 20782136 |
| Matthews China Dividend Fund | &nbsp;&nbsp; 3957261 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 3957261 |

---

**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.

*matthewsasia.com* \| 800.789.ASIA **60**

------

Notes to Financial Statements *(continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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.** **FOREIGN TAXES PAID:** *FASB ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosure* amends ASC 740 to require enhanced disclosures about income taxes paid by jurisdiction when those amounts exceed a specified quantitative threshold of five percent of total income taxes paid. The Matthews India Fund had income taxes paid in India exceeding 5% of total income tax for the period, net of refunds received, that amounted to $10,969,862 to India for the year ended December 31, 2025 that consisted primarily of taxes on realized capital gains. There were no other jurisdictions that exceeded that threshold.

**3.** **CAPITAL SHARE TRANSACTIONS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025**  | **Year Ended December 31, 2025**  | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Matthews Emerging Markets Equity Fund** |  |  |  |  |
| **Investor Class** |  |  |  |  |
| Shares sold | 305216 | $4567499 | 143359 | $1892747 |
| Shares issued in reorganization<sup>1</sup> <br>| 13015649 | 177703579 |  |  |
| Shares issued through reinvestment of distributions | 359037 | 5640467 | 6628 | 87020 |
| Shares redeemed | (2364890)<br>| (34411624)<br>| (211480)<br>| (2606505)<br>|
| Net increase (decrease) | 11315012 | $153499921 | (61493)<br>| ($626738)<br>|
| **Institutional Class** |  |  |  |  |
| Shares sold | 775628 | $11012386 | 137621 | $1769524 |
| Shares issued in reorganization<sup>1</sup> <br>| 3574153 | 48724802 |  |  |
| Shares issued through reinvestment of distributions | 126296 | 1980329 | 6100 | 79915 |
| Shares redeemed | (1449695)<br>| (20838140)<br>| (134669)<br>| (1717448)<br>|
| Net increase | 3026382 | $40879377 | 9052 | $131991 |
| **Matthews Emerging Markets Sustainable Future Fund** |  |  |  |  |
| **Investor Class** |  |  |  |  |
| Shares sold | 150121 | $1922324 | 928223 | $11648615 |
| Shares issued through reinvestment of distributions | 91196 | 1203781 | 65502 | 795850 |
| Shares redeemed | (1185281)<br>| (15153830)<br>| (1486308)<br>| (18617584)<br>|
| Net (decrease) | (943964)<br>| ($12027725)<br>| (492583)<br>| ($6173119)<br>|
| **Institutional Class** |  |  |  |  |
| Shares sold | 3794282 | $49608028 | 9979586 | $125858709 |
| Shares issued through reinvestment of distributions | 833344 | 11008472 | 410482 | 4991456 |
| Shares redeemed | (5297436)<br>| (66194830)<br>| (8741529)<br>| (110186332)<br>|
| Net increase (decrease) | (669810)<br>| ($5578330)<br>| 1648539 | $20663833 |

---

**61** MATTHEWS ASIA FUNDS

------

Notes to Financial Statements *(continued)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025**  | **Year Ended December 31, 2025**  | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Matthews Emerging Markets Small Companies Fund** |  |  |  |  |
| **Investor Class** |  |  |  |  |
| Shares sold | 794536 | $19054261 | 3698179 | $94253921 |
| Shares issued through reinvestment of distributions | 83324 | 2078105 | 333450 | 7769393 |
| Shares redeemed | (5060432)<br>| (119760650)<br>| (5466917)<br>| (139234040)<br>|
| Net (decrease) | (4182572)<br>| ($98628284)<br>| (1435288)<br>| ($37210726)<br>|
| **Institutional Class** |  |  |  |  |
| Shares sold | 4025562 | $96295019 | 7501357 | $191699784 |
| Shares issued through reinvestment of distributions | 180326 | 4488313 | 533807 | 12416358 |
| Shares redeemed | (7890374)<br>| (190175648)<br>| (5911848)<br>| (149551127)<br>|
| Net increase (decrease) | (3684486)<br>| ($89392316)<br>| 2123316 | $54565015 |
| **Matthews Asia Growth Fund** |  |  |  |  |
| **Investor Class** |  |  |  |  |
| Shares sold | 169228 | $4261884 | 264283 | $5956539 |
| Shares issued through reinvestment of distributions |  |  | 126778 | 2861381 |
| Shares redeemed | (1631281)<br>| (39020536)<br>| (2388317)<br>| (54099225)<br>|
| Net (decrease) | (1462053)<br>| ($34758652)<br>| (1997256)<br>| ($45281305)<br>|
| **Institutional Class** |  |  |  |  |
| Shares sold | 369675 | $9065614 | 1527974 | $36614751 |
| Shares issued through reinvestment of distributions |  |  | 109830 | 2510712 |
| Shares redeemed | (1776006)<br>| (42430187)<br>| (6527082)<br>| (154607377)<br>|
| Net (decrease) | (1406331)<br>| ($33364573)<br>| (4889278)<br>| ($115481914)<br>|
| **Matthews Pacific Tiger Fund** |  |  |  |  |
| **Investor Class** |  |  |  |  |
| Shares sold | 409096 | $8209967 | 1027680 | $19372843 |
| Shares issued through reinvestment of distributions | 469897 | 10069901 | 2132857 | 37815556 |
| Shares redeemed | (6776173)<br>| (131929415)<br>| (15368461)<br>| (288531112)<br>|
| Net (decrease) | (5897180)<br>| ($113649547)<br>| (12207924)<br>| ($231342713)<br>|
| **Institutional Class** |  |  |  |  |
| Shares sold | 2280456 | $44600611 | 4749881 | $86916077 |
| Shares issued through reinvestment of distributions | 230298 | 4939898 | 1514828 | 26842743 |
| Shares redeemed | (10301877)<br>| (192843662)<br>| (51438276)<br>| (949694514)<br>|
| Net (decrease) | (7791123)<br>| ($143303153)<br>| (45173567)<br>| ($835935694)<br>|
| **Matthews Asia Innovators Fund** |  |  |  |  |
| **Investor Class** |  |  |  |  |
| Shares sold | 1241413 | $18030431 | 1077439 | $13591330 |
| Shares redeemed | (3487434)<br>| (52271338)<br>| (4527072)<br>| (55282951)<br>|
| Net (decrease) | (2246021)<br>| ($34240907)<br>| (3449633)<br>| ($41691621)<br>|
| **Institutional Class** |  |  |  |  |
| Shares sold | 4909124 | $73448519 | 2128947 | $27106961 |
| Shares redeemed | (2896065)<br>| (42307461)<br>| (7686101)<br>| (99827933)<br>|
| Net increase (decrease) | 2013059 | $31141058 | (5557154)<br>| ($72720972)<br>|

---

*matthewsasia.com* \| 800.789.ASIA **62**

------

Notes to Financial Statements *(continued)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025**  | **Year Ended December 31, 2025**  | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Matthews China Fund** |  |  |  |  |
| **Investor Class** |  |  |  |  |
| Shares sold | 3071525 | $48187693 | 5921496 | $75138585 |
| Shares issued through reinvestment of distributions | 243967 | 4149877 | 379988 | 5129835 |
| Shares redeemed | (5512124)<br>| (85813045)<br>| (11234607)<br>| (145778194)<br>|
| Net (decrease) | (2196632)<br>| ($33475475)<br>| (4933123)<br>| ($65509774)<br>|
| **Institutional Class** |  |  |  |  |
| Shares sold | 3262024 | $51011285 | 4565009 | $58922209 |
| Shares issued through reinvestment of distributions | 74481 | 1265436 | 74507 | 1004354 |
| Shares redeemed | (2299499)<br>| (35781533)<br>| (12271306)<br>| (148376198)<br>|
| Net increase (decrease) | 1037006 | $16495188 | (7631790)<br>| ($88449635)<br>|
| **Matthews China Small Companies Fund** |  |  |  |  |
| **Investor Class** |  |  |  |  |
| Shares sold | 524443 | $5466286 | 1019072 | $9022730 |
| Shares issued through reinvestment of distributions | 92701 | 1049367 | 71741 | 649260 |
| Shares redeemed | (1715885)<br>| (17779351)<br>| (3133436)<br>| (27578547)<br>|
| Net (decrease) | (1098741)<br>| ($11263698)<br>| (2042623)<br>| ($17906557)<br>|
| **Institutional Class** |  |  |  |  |
| Shares sold | 131017 | $1387731 | 308056 | $2735197 |
| Shares issued through reinvestment of distributions | 33675 | 380533 | 26069 | 235401 |
| Shares redeemed | (471767)<br>| (4850550)<br>| (1163142)<br>| (10165517)<br>|
| Net (decrease) | (307075)<br>| ($3082286)<br>| (829017)<br>| ($7194919)<br>|
| **Matthews India Fund** |  |  |  |  |
| **Investor Class** |  |  |  |  |
| Shares sold | 2311395 | $56770272 | 5375139 | $153175576 |
| Shares issued through reinvestment of distributions | 1475467 | 34953804 | 3442382 | 88469225 |
| Shares redeemed | (7307289)<br>| (178229391)<br>| (5246861)<br>| (149171404)<br>|
| Net increase (decrease) | (3520427)<br>| ($86505315)<br>| 3570660 | $92473397 |
| **Institutional Class** |  |  |  |  |
| Shares sold | 1742251 | $43497291 | 2911836 | $84634955 |
| Shares issued through reinvestment of distributions | 297938 | 7242869 | 731248 | 19253756 |
| Shares redeemed | (3097539)<br>| (77268786)<br>| (2233545)<br>| (64382322)<br>|
| Net increase (decrease) | (1057350)<br>| ($26528626)<br>| 1409539 | $39506389 |
| **Matthews Japan Fund** |  |  |  |  |
| **Investor Class** |  |  |  |  |
| Shares sold | 1022396 | $22578186 | 1425500 | $28152106 |
| Shares issued through reinvestment of distributions | 210194 | 5002630 | 243615 | 4830876 |
| Shares redeemed | (2186260)<br>| (47949085)<br>| (2992018)<br>| (59492843)<br>|
| Net (decrease) | (953670)<br>| ($20368269)<br>| (1322903)<br>| ($26509861)<br>|
| **Institutional Class** |  |  |  |  |
| Shares sold | 2823111 | $60849689 | 5776600 | $111153410 |
| Shares issued through reinvestment of distributions | 325464 | 7768825 | 393020 | 7817165 |
| Shares redeemed | (4282000)<br>| (91673455)<br>| (10253471)<br>| (200420924)<br>|
| Net (decrease) | (1133425)<br>| ($23054941)<br>| (4083851)<br>| ($81450349)<br>|

---

**63** MATTHEWS ASIA FUNDS

------

Notes to Financial Statements *(continued)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025**  | **Year Ended December 31, 2025**  | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Matthews Asia Dividend Fund** |  |  |  |  |
| **Investor Class** |  |  |  |  |
| Shares sold | 315350 | $4973136 | 591004 | $8372594 |
| Shares issued through reinvestment of distributions | 406410 | 6812471 | 625799 | 8872118 |
| Shares redeemed | (4700882)<br>| (71818699)<br>| (11223224)<br>| (157833314)<br>|
| Net (decrease) | (3979122)<br>| ($60033092)<br>| (10006421)<br>| ($140588602)<br>|
| **Institutional Class** |  |  |  |  |
| Shares sold | 1634242 | $24994055 | 4950779 | $68541744 |
| Shares issued through reinvestment of distributions | 357630 | 5969516 | 683231 | 9674343 |
| Shares redeemed | (10110746)<br>| (154538206)<br>| (29156275)<br>| (401465409)<br>|
| Net (decrease) | (8118874)<br>| ($123574635)<br>| (23522265)<br>| ($323249322)<br>|
| **Matthews China Dividend Fund** |  |  |  |  |
| **Investor Class** |  |  |  |  |
| Shares sold | 703472 | $9616925 | 750302 | $8551057 |
| Shares issued through reinvestment of distributions | 202748 | 2806364 | 244048 | 2716128 |
| Shares redeemed | (1493341)<br>| (20005304)<br>| (2576274)<br>| (28427413)<br>|
| Net (decrease) | (587121)<br>| ($7582015)<br>| (1581924)<br>| ($17160228)<br>|
| **Institutional Class** |  |  |  |  |
| Shares sold | 236546 | $3278825 | 680494 | $7500460 |
| Shares issued through reinvestment of distributions | 64951 | 896883 | 96489 | 1073303 |
| Shares redeemed | (850856)<br>| (11740747)<br>| (2802328)<br>| (30004579)<br>|
| Net (decrease) | (549359)<br>| ($7565039)<br>| (2025345)<br>| ($21430816)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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 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 year ended December 31, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Gross Advisory Fees**  | &nbsp;&nbsp;&nbsp; **Advisory Fees** <br>**Waived and** <br>**Expenses Waived or** <br>**Reimbursed in** <br>**Excess of the** <br>**Expense Limitation** <br>| **Net Advisory Fee/** <br>**(Net Reimbursement)**<br>|
| Matthews Emerging Markets Equity Fund | &nbsp;&nbsp; $1480504 | &nbsp;&nbsp;&nbsp; ($434637)<br>| &nbsp;&nbsp; $1045867 |
| Matthews Emerging Markets Sustainable Future Fund | &nbsp;&nbsp; 1495558 | &nbsp;&nbsp;&nbsp; (161217)<br>| &nbsp;&nbsp; 1334341 |

---

*matthewsasia.com* \| 800.789.ASIA **64**

------

Notes to Financial Statements *(continued)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Gross Advisory Fees**  | &nbsp;&nbsp;&nbsp; **Advisory Fees**<br> **Waived and**<br> **Expenses Waived or**<br> **Reimbursed in**<br> **Excess of the**<br> **Expense Limitation** <br>| **Net Advisory Fee/**<br> **(Net Reimbursement)**<br>|
| Matthews Emerging Markets Small Companies Fund | &nbsp;&nbsp; $4114536 | &nbsp;&nbsp;&nbsp; ($651469)<br>| &nbsp;&nbsp; $3463067 |
| Matthews Asia Growth Fund | &nbsp;&nbsp; 1537929 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1537929 |
| Matthews Pacific Tiger Fund | &nbsp;&nbsp; 5191591 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 5191591 |
| Matthews Asia Innovators Fund | &nbsp;&nbsp; 2026098 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 2026098 |
| Matthews China Fund | &nbsp;&nbsp; 2877921 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 2877921 |
| Matthews China Small Companies Fund | &nbsp;&nbsp; 557986 | &nbsp;&nbsp;&nbsp; (127548)<br>| &nbsp;&nbsp; 430438 |
| Matthews India Fund | &nbsp;&nbsp; 5409583 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 5409583 |
| Matthews Japan Fund | &nbsp;&nbsp; 4802943 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 4802943 |
| Matthews Asia Dividend Fund | &nbsp;&nbsp; 4019649 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 4019649 |
| Matthews China Dividend Fund | &nbsp;&nbsp; 668588 | &nbsp;&nbsp;&nbsp; (5497)<br>| &nbsp;&nbsp; 663091 |

---

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 December 31, 2025, the amounts subject to possible future recoupment under the expense limitation agreement are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Expiring December 31,** | **Expiring December 31,** | **Expiring December 31,** |
|  | **Expired December 31,**<br>**2025** | **2026** | **2027** | **2028** |
| Matthews Emerging Markets Equity Fund | &nbsp;&nbsp; $263291 | &nbsp;&nbsp;&nbsp; $143956 | &nbsp;&nbsp; $293266 | &nbsp;&nbsp; $434637 |
| Matthews Emerging Markets Sustainable Future Fund | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 266556 | &nbsp;&nbsp; 161217 |
| Matthews Emerging Markets Small Companies Fund | &nbsp;&nbsp; 647978 | &nbsp;&nbsp;&nbsp; 960093 | &nbsp;&nbsp; 1016563 | &nbsp;&nbsp; 651469 |
| Matthews China Small Companies Fund | &nbsp;&nbsp; 388736 | &nbsp;&nbsp;&nbsp; 200612 | &nbsp;&nbsp; 173139 | &nbsp;&nbsp; 127548 |
| Matthews China Dividend Fund | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5497 |

---

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 year ended December 31, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Gross** <br>**Administration and** <br>**Shareholder** <br>**Servicing Fees** <br>| &nbsp;&nbsp;&nbsp; **Administration and** <br>**Shareholder** <br>**Servicing Fees** <br>**Waived in Excess of** <br>**Expense Limitation** <br>| **Net** <br>**Administration and** <br>**Shareholder** <br>**Servicing Fees** <br>|
| Matthews Emerging Markets Equity Fund | &nbsp;&nbsp; $438035 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $438035 |

---

**65** MATTHEWS ASIA FUNDS

------

Notes to Financial Statements *(continued)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Gross**<br> **Administration and**<br> **Shareholder**<br> **Servicing Fees** <br>| &nbsp;&nbsp;&nbsp; **Administration and**<br> **Shareholder**<br> **Servicing Fees**<br> **Waived in Excess of**<br> **Expense Limitation** <br>| **Net**<br> **Administration and**<br> **Shareholder**<br> **Servicing Fees** <br>|
| Matthews Emerging Markets Sustainable Future Fund | &nbsp;&nbsp; $442395 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $442395 |
| Matthews Emerging Markets Small Companies Fund | &nbsp;&nbsp; 1024428 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1024428 |
| Matthews Asia Growth Fund | &nbsp;&nbsp; 454960 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 454960 |
| Matthews Pacific Tiger Fund | &nbsp;&nbsp; 1535636 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1535636 |
| Matthews Asia Innovators Fund | &nbsp;&nbsp; 599281 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 599281 |
| Matthews China Fund | &nbsp;&nbsp; 851292 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 851292 |
| Matthews China Small Companies Fund | &nbsp;&nbsp; 138910 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 138910 |
| Matthews India Fund | &nbsp;&nbsp; 1600415 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1600415 |
| Matthews Japan Fund | &nbsp;&nbsp; 1420791 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1420791 |
| Matthews Asia Dividend Fund | &nbsp;&nbsp; 1189183 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1189183 |
| Matthews China Dividend Fund | &nbsp;&nbsp; 197784 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 197784 |

---

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 year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  | **Administration and** <br>**Accounting fees** <br>|
| Matthews Emerging Markets Equity Fund | &nbsp;&nbsp; $16558 |
| Matthews Emerging Markets Sustainable Future Fund | &nbsp;&nbsp; 16726 |
| Matthews Emerging Markets Small Companies Fund | &nbsp;&nbsp; 38725 |
| Matthews Asia Growth Fund | &nbsp;&nbsp; 17199 |
| Matthews Pacific Tiger Fund | &nbsp;&nbsp; 58063 |
| Matthews Asia Innovators Fund | &nbsp;&nbsp; 22661 |
| Matthews China Fund | &nbsp;&nbsp; 32188 |
| Matthews China Small Companies Fund | &nbsp;&nbsp; 5252 |
| Matthews India Fund | &nbsp;&nbsp; 60495 |
| Matthews Japan Fund | &nbsp;&nbsp; 53715 |
| Matthews Asia Dividend Fund | &nbsp;&nbsp; 44952 |
| Matthews China Dividend Fund | &nbsp;&nbsp; 7477 |

---

As of December 31, 2025, Matthews and its affiliates held no significant shares in the Funds.

Certain officers and Trustees of the Funds are also officers and directors of Matthews. All officers serve without compensation from the Funds. The Funds paid the Independent Trustees $1,059,000 in aggregate for regular compensation during the year ended December 31, 2025.

*matthewsasia.com* \| 800.789.ASIA **66**

------

Notes to Financial Statements *(continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5.** **INVESTMENTS**

The value of investment transactions made for affiliated and unaffiliated holdings for the year ended December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Unaffiliated Purchases** | &nbsp;&nbsp;&nbsp; **Proceeds from** <br>**Unaffiliated Sales**<br>|
| Matthews Emerging Markets Equity Fund | &nbsp;&nbsp; $170973917 | &nbsp;&nbsp;&nbsp; $185182009 |
| Matthews Emerging Markets Sustainable Future Fund | &nbsp;&nbsp; 125503116 | &nbsp;&nbsp;&nbsp; 155560083 |
| Matthews Emerging Markets Small Companies Fund | &nbsp;&nbsp; 174358383 | &nbsp;&nbsp;&nbsp; 368616989 |
| Matthews Asia Growth Fund | &nbsp;&nbsp; 203981653 | &nbsp;&nbsp;&nbsp; 274444288 |
| Matthews Pacific Tiger Fund | &nbsp;&nbsp; 620487370 | &nbsp;&nbsp;&nbsp; 894562613 |
| Matthews Asia Innovators Fund | &nbsp;&nbsp; 270311744 | &nbsp;&nbsp;&nbsp; 277245800 |
| Matthews China Fund | &nbsp;&nbsp; 146087959 | &nbsp;&nbsp;&nbsp; 160937310 |
| Matthews China Small Companies Fund | &nbsp;&nbsp; 23657488 | &nbsp;&nbsp;&nbsp; 39304660 |
| Matthews India Fund | &nbsp;&nbsp; 413431140 | &nbsp;&nbsp;&nbsp; 569725419 |
| Matthews Japan Fund | &nbsp;&nbsp; 707430528 | &nbsp;&nbsp;&nbsp; 757663241 |
| Matthews Asia Dividend Fund | &nbsp;&nbsp; 312356758 | &nbsp;&nbsp;&nbsp; 499453563 |
| Matthews China Dividend Fund | &nbsp;&nbsp; 44591719 | &nbsp;&nbsp;&nbsp; 61143733 |

---

**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 standard impacted financial statement disclosures only and did not affect the Funds' financial position or its results of operations. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance and to assess its potential future cash flows. The Funds' President, Treasurer and Vice President, who serve as the Chief Executive Officer, Vice President of Accounting and Operations, and Chief Investment Officer of the investment advisor, Matthews International Capital Management, LLC, respectively, act as the Funds' chief operating decision maker (CODM) assessing performance and making decisions about resource allocation. The CODM has determined that each fund has a single operating segment based on the fact that the CODM monitors the operating results of each fund as a whole and the Funds' long-term strategic asset allocation is pre-determined in accordance with the terms of their respective prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds' Portfolio of Investments, Statement of Changes in Net Assets and Financial Highlights.

**7.** **INCOME TAX INFORMATION**

It is the policy of the Funds to comply with all requirements of the Internal Revenue Code of 1986, as amended ("the Code"), applicable to regulated investment companies and to distribute substantially all of their taxable income to their shareholders. The Funds have met the requirements of the Code applicable to regulated investment companies for the year ended December 31, 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.

**67** MATTHEWS ASIA FUNDS

------

Notes to Financial Statements *(continued)*

As of December 31, 2025, the components of accumulated earnings/deficit on tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Undistributed** <br>**Ordinary Income**<br>| &nbsp;&nbsp;&nbsp; **Undistributed** <br>**Long-Term** <br>**Capital Gains**<br>| **Capital Loss** <br>**Carryforwards**<br>|
| Matthews Emerging Markets Equity Fund | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; ($22513257)<br>|
| Matthews Emerging Markets Sustainable Future Fund | &nbsp;&nbsp; 1517007 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (7104090)<br>|
| Matthews Emerging Markets Small Companies Fund | &nbsp;&nbsp; 5166006 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (79503732)<br>|
| Matthews Asia Growth Fund | &nbsp;&nbsp; 2371928 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (137497577)<br>|
| Matthews Pacific Tiger Fund | &nbsp;&nbsp; 7126829 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (4598667)<br>|
| Matthews Asia Innovators Fund | &nbsp;&nbsp; 976218 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (319389467)<br>|
| Matthews China Fund | &nbsp;&nbsp; 5307483 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (373972146)<br>|
| Matthews China Small Companies Fund | &nbsp;&nbsp; 733400 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (157552952)<br>|
| Matthews India Fund | &nbsp;&nbsp; 4545685 | &nbsp;&nbsp;&nbsp; 13630544 | &nbsp;&nbsp; — |
| Matthews Japan Fund | &nbsp;&nbsp; 17649935 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (7820730)<br>|
| Matthews Asia Dividend Fund | &nbsp;&nbsp; 2109974 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (319220031)<br>|
| Matthews China Dividend Fund | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (80974433)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Late Year** <br>**Losses\***<br>| &nbsp;&nbsp;&nbsp; **Other Temporary** <br>**Differences**<br>| **Unrealized** <br>**Appreciation\*\***<br>| **Total Accumulated** <br>**Earnings/Deficit**<br>|
| Matthews Emerging Markets Equity Fund | &nbsp;&nbsp; ($518589)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $52876083 | &nbsp;&nbsp; $29844237 |
| Matthews Emerging Markets Sustainable Future Fund | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 14902612 | &nbsp;&nbsp; 9315529 |
| Matthews Emerging Markets Small Companies Fund | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 25156767 | &nbsp;&nbsp; (49180959)<br>|
| Matthews Asia Growth Fund | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 30987145 | &nbsp;&nbsp; (104138504)<br>|
| Matthews Pacific Tiger Fund | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 151469602 | &nbsp;&nbsp; 153997764 |
| Matthews Asia Innovators Fund | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 58447114 | &nbsp;&nbsp; (259966135)<br>|
| Matthews China Fund | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 11310934 | &nbsp;&nbsp; (357353729)<br>|
| Matthews China Small Companies Fund | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 12493696 | &nbsp;&nbsp; (144325856)<br>|
| Matthews India Fund | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 54287448 | &nbsp;&nbsp; 72463677 |
| Matthews Japan Fund | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 114928267 | &nbsp;&nbsp; 124757472 |
| Matthews Asia Dividend Fund | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 93335502 | &nbsp;&nbsp; (223774555)<br>|
| Matthews China Dividend Fund | &nbsp;&nbsp; (200075)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 22474777 | &nbsp;&nbsp; (58699731)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next fiscal year.

\*\* The differences between book-basis and tax-basis unrealized appreciation/depreciation is attributable primarily to the tax deferral of losses on wash sales, corporate actions and passive foreign investment company (PFIC) mark to market adjustments. 

As of December 31, 2025, the Funds have capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Amount With No Expiration** | **Amount With No Expiration** | |
|  | **Short-term** <br>**Losses**<br>| &nbsp;&nbsp;&nbsp; **Long-term** <br>**Losses**<br>| <br>**Total** |
| Matthews Emerging Markets Equity Fund\* | &nbsp;&nbsp; ($12839459)<br>| &nbsp;&nbsp;&nbsp; ($9673798)<br>| &nbsp;&nbsp; ($22513257)<br>|
| Matthews Emerging Markets Sustainable Future Fund | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (7104090)<br>| &nbsp;&nbsp; (7104090)<br>|
| Matthews Emerging Markets Small Companies Fund\*\* | &nbsp;&nbsp; (1166569)<br>| &nbsp;&nbsp;&nbsp; (78337163)<br>| &nbsp;&nbsp; (79503732)<br>|
| Matthews Asia Growth Fund | &nbsp;&nbsp; (113516302)<br>| &nbsp;&nbsp;&nbsp; (23981275)<br>| &nbsp;&nbsp; (137497577)<br>|
| Matthews Pacific Tiger Fund | &nbsp;&nbsp; (4598667)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (4598667)<br>|
| Matthews Asia Innovators Fund | &nbsp;&nbsp; (127529287)<br>| &nbsp;&nbsp;&nbsp; (191860180)<br>| &nbsp;&nbsp; (319389467)<br>|
| Matthews China Fund | &nbsp;&nbsp; (110972459)<br>| &nbsp;&nbsp;&nbsp; (262999687)<br>| &nbsp;&nbsp; (373972146)<br>|
| Matthews China Small Companies Fund | &nbsp;&nbsp; (59035461)<br>| &nbsp;&nbsp;&nbsp; (98517491)<br>| &nbsp;&nbsp; (157552952)<br>|
| Matthews Japan Fund | &nbsp;&nbsp; (7820730)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (7820730)<br>|
| Matthews Asia Dividend Fund | &nbsp;&nbsp; (312179906)<br>| &nbsp;&nbsp;&nbsp; (7040125)<br>| &nbsp;&nbsp; (319220031)<br>|
| Matthews China Dividend Fund | &nbsp;&nbsp; (28466595)<br>| &nbsp;&nbsp;&nbsp; (52507838)<br>| &nbsp;&nbsp; (80974433)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes $(5418092), which may be carried over to offset future capital gains, subject to certain limitations and includes $(17095165) from the acquired Matthews Asian Growth and Income Fund.

*matthewsasia.com* \| 800.789.ASIA **68**

------

Notes to Financial Statements *(continued)*

\*\* Includes $(78337163) from the acquired Matthews Emerging Asia Fund, which may be carried over to offset future capital gains, subject to certain limitations.

The following Funds utilized capital loss carryforwards in the current year:

---

| | |
|:---|:---|
|  | **Utilized** <br>**Capital Loss** <br>**Carryforwards**<br>|
| Matthews Emerging Markets Equity Fund | &nbsp;&nbsp; $5099541 |
| Matthews Emerging Markets Small Companies Fund | &nbsp;&nbsp; 15047323 |
| Matthews Asia Growth Fund | &nbsp;&nbsp; 22249020 |
| Matthews Asia Innovators Fund | &nbsp;&nbsp; 35625133 |
| Matthews China Fund | &nbsp;&nbsp; 3301348 |
| Matthews China Small Companies Fund | &nbsp;&nbsp; 146348 |
| Matthews Japan Fund | &nbsp;&nbsp; 91471032 |
| Matthews China Dividend Fund | &nbsp;&nbsp; 3794960 |

---

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.

U.S. GAAP requires that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV. The permanent differences are primarily attributable to investments in PFICs, non-deductible expenses, foreign currency reclassification, NOL (net operating loss) adjustments, capital gains tax, distributions in excess of current earnings and profits, re-characterization of distributions, investment in swaps, adjustments on distributions related to taxable spinoffs and the utilization of accumulated earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction for income tax purposes. For the year ended December 31, 2025, permanent differences in book and tax accounting have been reclassified to paid-in capital, undistributed net investment income (loss) and accumulated realized gain (loss) as follows:

---

| | | |
|:---|:---|:---|
|  | **Increase/** <br>**(Decrease)** <br>**Paid-in-Capital**<br>| &nbsp;&nbsp;&nbsp; **Increase/(Decrease)** <br>**Total Distributable** <br>**Earnings/(Accumulated Loss)**<br>|
| Matthews Emerging Markets Equity Fund | &nbsp;&nbsp; $31221141 | &nbsp;&nbsp;&nbsp; ($31221141)<br>|
| Matthews Emerging Markets Small Companies Fund | &nbsp;&nbsp; (12989)<br>| &nbsp;&nbsp;&nbsp; 12989 |

---

As of December 31, 2025, the tax cost of investments, including derivatives, and the related net unrealized appreciation and depreciation were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax Cost** | &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Appreciation**<br>| **Gross** <br>**Unrealized** <br>**Depreciation**<br>| **Net Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| Matthews Emerging Markets Equity Fund | &nbsp;&nbsp; $202988884 | &nbsp;&nbsp;&nbsp; $62587954 | &nbsp;&nbsp; ($8454578)<br>| &nbsp;&nbsp; $54133376 |
| Matthews Emerging Markets Sustainable Future Fund | &nbsp;&nbsp; 207906788 | &nbsp;&nbsp;&nbsp; 54292863 | &nbsp;&nbsp; (38421862)<br>| &nbsp;&nbsp; 15871001 |
| Matthews Emerging Markets Small Companies Fund | &nbsp;&nbsp; 408428369 | &nbsp;&nbsp;&nbsp; 131496896 | &nbsp;&nbsp; (102198306)<br>| &nbsp;&nbsp; 29298590 |
| Matthews Asia Growth Fund | &nbsp;&nbsp; 173838074 | &nbsp;&nbsp;&nbsp; 42581713 | &nbsp;&nbsp; (11167508)<br>| &nbsp;&nbsp; 31414205 |
| Matthews Pacific Tiger Fund | &nbsp;&nbsp; 571207325 | &nbsp;&nbsp;&nbsp; 186638359 | &nbsp;&nbsp; (35209506)<br>| &nbsp;&nbsp; 151428853 |
| Matthews Asia Innovators Fund | &nbsp;&nbsp; 250775588 | &nbsp;&nbsp;&nbsp; 73302487 | &nbsp;&nbsp; (13781844)<br>| &nbsp;&nbsp; 59520643 |
| Matthews China Fund | &nbsp;&nbsp; 414558071 | &nbsp;&nbsp;&nbsp; 116183506 | &nbsp;&nbsp; (104877054)<br>| &nbsp;&nbsp; 11306452 |
| Matthews China Small Companies Fund | &nbsp;&nbsp; 51733158 | &nbsp;&nbsp;&nbsp; 17448647 | &nbsp;&nbsp; (4958044)<br>| &nbsp;&nbsp; 12490603 |
| Matthews India Fund | &nbsp;&nbsp; 651591323 | &nbsp;&nbsp;&nbsp; 141187067 | &nbsp;&nbsp; (52669893)<br>| &nbsp;&nbsp; 88517174 |
| Matthews Japan Fund | &nbsp;&nbsp; 600798365 | &nbsp;&nbsp;&nbsp; 141890882 | &nbsp;&nbsp; (26961841)<br>| &nbsp;&nbsp; 114929041 |
| Matthews Asia Dividend Fund | &nbsp;&nbsp; 442930250 | &nbsp;&nbsp;&nbsp; 134937047 | &nbsp;&nbsp; (39495773)<br>| &nbsp;&nbsp; 95441274 |
| Matthews China Dividend Fund | &nbsp;&nbsp; 69873678 | &nbsp;&nbsp;&nbsp; 26169502 | &nbsp;&nbsp; (3696535)<br>| &nbsp;&nbsp; 22472967 |

---

**8.** **REORGANIZATION FEES**

On September 29, 2025, the Board of Trustees approved the reorganization (the "Reorganization") of the Matthews China Dividend Fund (the "Target Fund") into the Matthews Asia Dividend Fund (the "Acquiring Fund"). As of December 31, 2025, each of the Target Fund, the Acquiring Fund and Matthews International Capital Management, LLC incurred $70,000 in expenses related to the Reorganization.

**9.** **SUBSEQUENT EVENTS**

On January 27, 2026, the Matthews China Dividend Fund was reorganized into the Matthews Asia Dividend Fund.

**69** MATTHEWS ASIA FUNDS

------

Notes to Financial Statements *(continued)*

On February 13, 2026, Matthews International Capital Management, LLC ("Matthews"), the investment adviser to the Funds, announced that Matthews intends to repurchase the ownership interests held by three existing investors, with the repurchases to be funded, in part, by the purchase of additional equity interests in Matthews by existing and certain other investors (the "Transaction"). Shareholders of the Funds are expected to be asked to approve a new investment advisory agreement with Matthews due to the change of control resulting from the Transaction. The Transaction is expected to close in the second quarter of 2026, pending the satisfaction of all closing conditions, including approval by shareholders of each series of the Trust.

*matthewsasia.com* \| 800.789.ASIA **70**

------

Report of Independent Registered Public Accounting Firm

*To the Board of Trustees of Matthews International Funds and Shareholders of 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*

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments of 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 (twelve of the funds constituting Matthews International Funds, hereafter collectively referred to as the "Funds") as of December 31, 2025, the related statements of operations for the year ended December 31, 2025, the statements of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2025 and each of the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian

**71** MATTHEWS ASIA FUNDS

------

and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

**/s/PricewaterhouseCoopers LLP**

San Francisco, California

February 25, 2026

We have served as the auditor of one or more investment companies in Matthews International Funds since 2007.

*matthewsasia.com* \| 800.789.ASIA **72**

------

Tax Information *(unaudited)*

For shareholders who do not have a December 31, 2025 tax year-end, this notice is for informational purposes. For the period January 1, 2025 to December 31, 2025, the Funds report the following items with regard to distributions paid during the period. All reports are based on financial information available as of the date of this annual report and, accordingly, are subject to change. For each item, it is the intention of each Fund to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

**1.** **Qualified Dividend Income**

The Funds report a portion of the ordinary income distributed during the year ended December 31, 2025 as Qualified Dividend Income ("QDI") as defined in the Internal Revenue code as follows:

---

| | |
|:---|:---|
|  | **QDI Portion** |
| Matthews Emerging Markets Equity Fund | &nbsp;&nbsp; 50.06% |
| Matthews Emerging Markets Sustainable Future Fund | &nbsp;&nbsp; 14.53% |
| Matthews Emerging Markets Small Companies Fund | &nbsp;&nbsp; 58.13% |
| Matthews Asia Growth Fund | &nbsp;&nbsp; 0.00% |
| Matthews Pacific Tiger Fund | &nbsp;&nbsp; 0.00% |
| Matthews Asia Innovators Fund | &nbsp;&nbsp; 0.00% |
| Matthews China Fund | &nbsp;&nbsp; 100.00% |
| Matthews China Small Companies Fund | &nbsp;&nbsp; 52.24% |
| Matthews India Fund | &nbsp;&nbsp; 100.00% |
| Matthews Japan Fund | &nbsp;&nbsp; 100.00% |
| Matthews Asia Dividend Fund | &nbsp;&nbsp; 75.17% |
| Matthews China Dividend Fund | &nbsp;&nbsp; 86.98% |

---

**2.** **Dividends Received Deduction**

The Funds report a Dividend Received Deduction pursuant to Section 854 of the Internal Revenue Code for the year ended December 31, 2025 as follows:

---

| | |
|:---|:---|
| Matthews Emerging Markets Equity Fund | &nbsp;&nbsp; 0.00% |
| Matthews Emerging Markets Sustainable Future Fund | &nbsp;&nbsp; 0.28% |
| Matthews Emerging Markets Small Companies Fund | &nbsp;&nbsp; 0.00% |
| Matthews Asia Growth Fund | &nbsp;&nbsp; 0.00% |
| Matthews Pacific Tiger Fund | &nbsp;&nbsp; 0.00% |
| Matthews Asia Innovators Fund | &nbsp;&nbsp; 0.00% |
| Matthews China Fund | &nbsp;&nbsp; 0.72% |
| Matthews China Small Companies Fund | &nbsp;&nbsp; 1.33% |
| Matthews India Fund | &nbsp;&nbsp; 1.11% |
| Matthews Japan Fund | &nbsp;&nbsp; 0.00% |
| Matthews Asia Dividend Fund | &nbsp;&nbsp; 0.02% |
| Matthews China Dividend Fund | &nbsp;&nbsp; 0.20% |

---

**3.** **Long-Term Capital Gain Distributions**

The Funds report Long-Term Capital Gain distributions pursuant to Section 852(b)(3) of the Internal Revenue Code for the year ended December 31, 2025 as follows:

---

| | |
|:---|:---|
|  | **Long-Term Capital Gains** |
| Matthews Emerging Markets Equity Fund | &nbsp;&nbsp; $— |
| Matthews Emerging Markets Sustainable Future Fund | &nbsp;&nbsp; — |
| Matthews Emerging Markets Small Companies Fund | &nbsp;&nbsp; — |
| Matthews Asia Growth Fund | &nbsp;&nbsp; — |
| Matthews Pacific Tiger Fund | &nbsp;&nbsp; 17004947 |
| Matthews Asia Innovators Fund | &nbsp;&nbsp; — |
| Matthews China Fund | &nbsp;&nbsp; — |
| Matthews China Small Companies Fund | &nbsp;&nbsp; — |
| Matthews India Fund | &nbsp;&nbsp; 45336310 |
| Matthews Japan Fund | &nbsp;&nbsp; — |
| Matthews Asia Dividend Fund | &nbsp;&nbsp; — |
| Matthews China Dividend Fund | &nbsp;&nbsp; — |

---

**73** MATTHEWS ASIA FUNDS

------

**Tax Information** *(unaudited) (continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4.** **Foreign Taxes Paid**

The Funds have elected to pass through to their shareholders the foreign taxes paid for year ended December 31, 2025 as follows:

---

| | | |
|:---|:---|:---|
|  | **Foreign Source Income** | **Foreign Taxes Paid/(Credit)**  |
| Matthews Emerging Markets Equity Fund | &nbsp;&nbsp; $5747279 | &nbsp;&nbsp; $583649 |
| Matthews Emerging Markets Sustainable Future Fund | &nbsp;&nbsp; 3274394 | &nbsp;&nbsp; 337894 |
| Matthews Emerging Markets Small Companies Fund | &nbsp;&nbsp; 8004644 | &nbsp;&nbsp; 668727 |
| Matthews Asia Growth Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Matthews Pacific Tiger Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Matthews Asia Innovators Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Matthews China Fund | &nbsp;&nbsp; 10247004 | &nbsp;&nbsp; 733867 |
| Matthews China Small Companies Fund | &nbsp;&nbsp; 1443513 | &nbsp;&nbsp; 51042 |
| Matthews India Fund | &nbsp;&nbsp; 7746984 | &nbsp;&nbsp; 1669778 |
| Matthews Japan Fund | &nbsp;&nbsp; 15183203 | &nbsp;&nbsp; 1299497 |
| Matthews Asia Dividend Fund | &nbsp;&nbsp; 17617570 | &nbsp;&nbsp; 1509519 |
| Matthews China Dividend Fund | &nbsp;&nbsp; 3402121 | &nbsp;&nbsp; 205726 |

---

**5.** **Qualified Interest Income**

The Funds report a portion of the net income dividends distributed during the year ended December 31, 2025, as Qualified Interest Income (QII), as defined in the Internal Revenue Code as follows:

---

| | |
|:---|:---|
|  | **QII Portion** |
| Matthews Emerging Markets Equity Fund | &nbsp;&nbsp; 3.66% |
| Matthews Emerging Markets Sustainable Future Fund | &nbsp;&nbsp; 0.47% |
| Matthews Emerging Markets Small Companies Fund | &nbsp;&nbsp; 0.29% |
| Matthews Asia Growth Fund | &nbsp;&nbsp; 0.00% |
| Matthews Pacific Tiger Fund | &nbsp;&nbsp; 0.00% |
| Matthews Asia Innovators Fund | &nbsp;&nbsp; 0.00% |
| Matthews China Fund | &nbsp;&nbsp; 0.75% |
| Matthews China Small Companies Fund | &nbsp;&nbsp; 1.71% |
| Matthews India Fund | &nbsp;&nbsp; 5.46% |
| Matthews Japan Fund | &nbsp;&nbsp; 1.99% |
| Matthews Asia Dividend Fund | &nbsp;&nbsp; 1.52% |
| Matthews China Dividend Fund | &nbsp;&nbsp; 2.62% |

---

**6.** **Qualified Short-Term Capital Gain Dividends**

The Funds designate a portion of the short term capital gain dividends distributed during the year ended December 31, 2025, as Qualified Short-Term Gain, as defined in the Internal Revenue Code as follows:

---

| | |
|:---|:---|
|  | **Short-Term Gains** |
| Matthews Emerging Markets Equity Fund | &nbsp;&nbsp; 100.00% |
| Matthews Emerging Markets Sustainable Future Fund | &nbsp;&nbsp; 0.00% |
| Matthews Emerging Markets Small Companies Fund | &nbsp;&nbsp; 0.00% |
| Matthews Asia Growth Fund | &nbsp;&nbsp; 0.00% |
| Matthews Pacific Tiger Fund | &nbsp;&nbsp; 0.00% |
| Matthews Asia Innovators Fund | &nbsp;&nbsp; 0.00% |
| Matthews China Fund | &nbsp;&nbsp; 0.00% |
| Matthews China Small Companies Fund | &nbsp;&nbsp; 0.00% |
| Matthews India Fund | &nbsp;&nbsp; 0.00% |
| Matthews Japan Fund | &nbsp;&nbsp; 0.00% |
| Matthews Asia Dividend Fund | &nbsp;&nbsp; 0.00% |
| Matthews China Dividend Fund | &nbsp;&nbsp; 0.00% |

---

*matthewsasia.com* \| 800.789.ASIA **74**

------

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

![](g62400imgdb29d71f3.gif)

![](g62400img1ad670734.gif)

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-1225

------

Matthews Asia Active ETFs \| Financial Statements and Other Information

December 31, 2025 \| matthewsasia.com ![](g62400img183603121.gif)

*Listed on the NYSE Arca*

*\*Listed on NASDAQ*![](g62400img240883c22.gif)

------

Matthews Emerging Markets Equity Active ETFDecember 31, 2025

*Schedule of Investments*<sup>a</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES: 97.0%** | **COMMON EQUITIES: 97.0%** | |
|  | **Shares** | <br>**Value**  |
| **China/Hong Kong: 28.6%** | **China/Hong Kong: 28.6%** | **China/Hong Kong: 28.6%** |
| Tencent Holdings, Ltd. | 33400 | $2570386 |
| Alibaba Group Holding, Ltd. | 137800 | 2528148 |
| Contemporary Amperex Technology Co., Ltd. A <br> Shares<br>| 16800 | 883956 |
| Trip.com Group, Ltd. ADR | 9187 | 660637 |
| Futu Holdings, Ltd. ADR<sup>b</sup> <br>| 3960 | 650272 |
| Ping An Insurance Group Co. of China, Ltd. H <br> Shares<br>| 62000 | 518957 |
| NetEase, Inc. ADR | 3273 | 450430 |
| China Merchants Bank Co., Ltd. A Shares | 74600 | 449955 |
| China Construction Bank Corp. H Shares | 443000 | 437678 |
| PetroChina Co., Ltd. H Shares | 348000 | 374669 |
| Hong Kong Exchanges & Clearing, Ltd. | 6900 | 361334 |
| China Merchants Bank Co., Ltd. H Shares | 48500 | 329004 |
| China International Capital Corp., Ltd. H Shares<sup>c,d</sup> <br>| 130400 | 327864 |
| Baidu, Inc. Class A<sup>b</sup> <br>| 19200 | 324378 |
| CMOC Group, Ltd. H Shares | 129000 | 318875 |
| Yum China Holdings, Inc. | 4986 | 238032 |
| Zijin Gold International Co., Ltd.<sup>b</sup> <br>| 12200 | 228843 |
| Cambricon Technologies Corp., Ltd. A Shares<sup>b</sup> <br>| 1107 | 214986 |
| Zijin Mining Group Co., Ltd. H Shares | 46000 | 210748 |
| Meituan Class B<sup>b,c,d</sup> <br>| 15400 | 204384 |
| **Total China/Hong Kong** |  | **12283536** |
| **South Korea: 19.2%** | **South Korea: 19.2%** | **South Korea: 19.2%** |
| Samsung Electronics Co., Ltd. | 19992 | 1663976 |
| SK Hynix, Inc. | 2480 | 1120739 |
| Korea Investment Holdings Co., Ltd. | 8218 | 922461 |
| HD Hyundai Electric Co., Ltd. | 1687 | 906416 |
| Samsung Electro-Mechanics Co., Ltd. | 3190 | 564680 |
| Hyundai Rotem Co., Ltd. | 4071 | 531006 |
| Samsung Fire & Marine Insurance Co., Ltd. | 1412 | 487150 |
| Hana Financial Group, Inc. | 6427 | 419826 |
| NAVER Corp. | 2435 | 409904 |
| Hanwha Aerospace Co., Ltd. | 610 | 398466 |
| SK Telecom Co., Ltd. | 9024 | 335139 |
| Classys, Inc. | 5793 | 219165 |
| Samsung Biologics Co., Ltd.<sup>b,c,d</sup> <br>| 156 | 183555 |
| KB Financial Group, Inc. | 681 | 58950 |
| **Total South Korea** |  | **8221433** |
| **Taiwan: 16.8%** | **Taiwan: 16.8%** | **Taiwan: 16.8%** |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 105000 | 5179739 |
| Elite Material Co., Ltd. | 15000 | 785315 |
| Delta Electronics, Inc. | 16000 | 490381 |
| CTBC Financial Holding Co., Ltd. | 235000 | 375456 |
| Realtek Semiconductor Corp. | 14000 | 217883 |
| Hon Hai Precision Industry Co., Ltd. | 22000 | 161391 |
| **Total Taiwan** |  | **7210165** |
| **India: 13.9%** | **India: 13.9%** | **India: 13.9%** |
| HDFC Bank, Ltd. ADR | 36608 | 1337656 |
| Bharti Airtel, Ltd. | 28479 | 667176 |
| Shriram Finance, Ltd. | 47356 | 524882 |
| TVS Motor Co., Ltd. | 9745 | 403312 |
| Bajaj Finance, Ltd. | 36354 | 399136 |
| ICICI Bank, Ltd. ADR | 13372 | 398486 |
| Eternal, Ltd.<sup>b</sup> <br>| 126506 | 391358 |
| Mahindra & Mahindra, Ltd. | 9316 | 384458 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Max Financial Services, Ltd.<sup>b</sup> <br>| 19998 | $371972 |
| Marico, Ltd. | 39779 | 332202 |
| Reliance Industries, Ltd. | 12773 | 223174 |
| Eicher Motors, Ltd. | 2506 | 203886 |
| Tata Consumer Products, Ltd. | 13686 | 181507 |
| Dixon Technologies India, Ltd.<sup>d</sup> <br>| 877 | 118085 |
| **Total India** |  | **5937290** |
| **Brazil: 6.8%** | **Brazil: 6.8%** | **Brazil: 6.8%** |
| Itau Unibanco Holding SA ADR | 128937 | 923189 |
| NU Holdings, Ltd. Class A<sup>b</sup> <br>| 38407 | 642933 |
| B3 SA - Brasil Bolsa Balcao | 225500 | 571595 |
| Vale SA ADR | 32550 | 424126 |
| XP, Inc. Class A | 21729 | 355704 |
| **Total Brazil** |  | **2917547** |
| **South Africa: 2.8%** | **South Africa: 2.8%** | **South Africa: 2.8%** |
| Valterra Platinum, Ltd. | 5018 | 426866 |
| Shoprite Holdings, Ltd. | 24462 | 398936 |
| Capitec Bank Holdings, Ltd. | 1542 | 386738 |
| **Total South Africa** |  | **1212540** |
| **Chile: 2.2%** | **Chile: 2.2%** | **Chile: 2.2%** |
| Antofagasta PLC | 21492 | 947888 |
| **Total Chile** |  | **947888** |
| **Mexico: 1.8%** | **Mexico: 1.8%** | **Mexico: 1.8%** |
| Grupo Financiero Banorte SAB de CV Class O | 46106 | 428095 |
| Fomento Economico Mexicano SAB de CV ADR | 3446 | 348287 |
| **Total Mexico** |  | **776382** |
| **United Arab Emirates: 1.5%** | **United Arab Emirates: 1.5%** | **United Arab Emirates: 1.5%** |
| Emaar Properties PJSC | 168078 | 642951 |
| **Total United Arab Emirates** |  | **642951** |
| **Singapore: 0.8%** | **Singapore: 0.8%** | **Singapore: 0.8%** |
| Singapore Telecommunications, Ltd. | 96800 | 342488 |
| **Total Singapore** |  | **342488** |
| **Philippines: 0.8%** | **Philippines: 0.8%** | **Philippines: 0.8%** |
| Bank of the Philippine Islands | 167350 | 330248 |
| **Total Philippines** |  | **330248** |
| **Vietnam: 0.6%** | **Vietnam: 0.6%** | **Vietnam: 0.6%** |
| Military Commercial Joint Stock Bank | 286897 | 275989 |
| **Total Vietnam** |  | **275989** |
| **Thailand: 0.6%** | **Thailand: 0.6%** | **Thailand: 0.6%** |
| CP ALL Public Co., Ltd. | 189800 | 262063 |
| **Total Thailand** |  | **262063** |
| **Macau: 0.6%** | **Macau: 0.6%** | **Macau: 0.6%** |
| Galaxy Entertainment Group, Ltd. | 48000 | 236315 |
| **Total Macau** |  | **236315** |
| **TOTAL COMMON EQUITIES** | **TOTAL COMMON EQUITIES** | **41596835** |
| (Cost $31,330,586) |  |  |

---

**1** 

------

Matthews Emerging Markets Equity Active ETFDecember 31, 2025

*Schedule of Investments*<sup>a</sup> *(continued)*

---

| | | |
|:---|:---|:---|
| **PREFERRED EQUITIES: 0.0%** | **PREFERRED EQUITIES: 0.0%** | |
|  | **Shares** | <br>**Value**  |
| **India: 0.0%** | **India: 0.0%** | **India: 0.0%** |
| TVS Motor Co., Ltd., Pfd.<sup>b,e</sup> <br>| 39524 | $4836 |
| **Total India** |  | **4836** |
| **TOTAL PREFERRED EQUITIES** | **TOTAL PREFERRED EQUITIES** | **4836** |
| (Cost $0) |  |  |
| **SHORT-TERM INVESTMENTS: 6.7%** | **SHORT-TERM INVESTMENTS: 6.7%** |  |
| **Money Market Funds: 6.7%** | **Money Market Funds: 6.7%** | **Money Market Funds: 6.7%** |
| JPMorgan U.S. Government Money Market Fund, <br> Capital Shares, 3.68%<sup>f</sup> <br>| 2887128 | **2887128** |
| (Cost $2,887,128) |  |  |
| **Total Investments: 103.7%** |  | **44488799** |
| (Cost $34,217,714) |  |  |
| **LIABILITIES IN EXCESS OF CASH** <br>**AND OTHER ASSETS: (3.7%)**<br>|  | **(1605084)**<br>|
| **Net Assets: 100.0%** |  | **$42883715** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| a | &nbsp;&nbsp; Certain securities were fair valued under the valuation policies approved by the <br> Board of Trustees (Note 2-A).<br>|
| b | Non-income producing security. |
| c | &nbsp;&nbsp; Security exempt from registration under Rule 144A of the Securities Act of 1933, as <br> amended. The security may be resold in transactions exempt from registration <br> normally to qualified institutional buyers. The security has been determined to be <br> liquid in accordance with procedures adopted by the Funds' Board of Trustees. At <br> December 31, 2025, the aggregate value is $715,803, which is 1.67% of net assets.<br>|
| d | &nbsp;&nbsp; The securities may be resold to qualified foreign investors and foreign institutional <br> buyers under Regulation S of the Securities Act of 1933.<br>|
| e | &nbsp;&nbsp; Security is valued using significant unobservable inputs and is classified as Level 3 in <br> the fair value hierarchy. The aggregate value of Level 3 security is $4,836 and 0.01% <br> of net assets.<br>|
| f | Rate shown is the current yield as of December 31, 2025. |
| ADR | American Depositary Receipt |
| Pfd. | Preferred |
| PJSC | Public Joint Stock Co. |

---

See accompanying notes to financial statements.

**2**

------

Matthews Emerging Markets ex China Active ETFDecember 31, 2025

*Schedule of Investments*<sup>a</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES: 99.1%** | **COMMON EQUITIES: 99.1%** | |
|  | **Shares** | <br>**Value**  |
| **Taiwan: 20.0%** | **Taiwan: 20.0%** | **Taiwan: 20.0%** |
| Taiwan Semiconductor Manufacturing Co., Ltd. <br> ADR<br>| 10966 | $3332458 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 18000 | 887955 |
| MediaTek, Inc. | 10000 | 455117 |
| Hon Hai Precision Industry Co., Ltd. | 59000 | 432822 |
| Accton Technology Corp. | 9000 | 339428 |
| Delta Electronics, Inc. | 11000 | 337136 |
| Poya International Co., Ltd. | 21270 | 297518 |
| Elite Material Co., Ltd. | 5000 | 261772 |
| E Ink Holdings, Inc. | 40000 | 252065 |
| Tong Yang Industry Co., Ltd. | 76000 | 234624 |
| Quanta Computer, Inc. | 23000 | 199106 |
| **Total Taiwan** |  | **7030001** |
| **South Korea: 19.8%** | **South Korea: 19.8%** | **South Korea: 19.8%** |
| Samsung Electronics Co., Ltd. | 30858 | 2568376 |
| SK Hynix, Inc. | 2371 | 1071480 |
| NAVER Corp. | 2807 | 472526 |
| Hyundai Motor Co. | 2026 | 417000 |
| KB Financial Group, Inc. | 4617 | 399667 |
| HD Hyundai Electric Co., Ltd. | 711 | 382017 |
| Hyundai Mobis Co., Ltd. | 1467 | 379849 |
| Hanwha Aerospace Co., Ltd. | 540 | 352740 |
| Hana Financial Group, Inc. | 4773 | 311783 |
| Hugel, Inc.<sup>b</sup> <br>| 1834 | 293455 |
| HD Hyundai Heavy Industries Co., Ltd. | 471 | 166422 |
| HD Korea Shipbuilding & Offshore Engineering <br> Co., Ltd.<br>| 552 | 155957 |
| **Total South Korea** |  | **6971272** |
| **India: 16.6%** | **India: 16.6%** | **India: 16.6%** |
| Mahindra & Mahindra, Ltd. | 13458 | 555393 |
| HDFC Bank, Ltd. ADR | 14906 | 544665 |
| ICICI Bank, Ltd. ADR | 16935 | 504663 |
| Bharti Airtel, Ltd. | 18364 | 430213 |
| Shriram Finance, Ltd. | 37060 | 410763 |
| Apollo Hospitals Enterprise, Ltd. | 5006 | 392245 |
| Phoenix Mills, Ltd. | 18488 | 381261 |
| 360 ONE WAM, Ltd. | 28463 | 376849 |
| SBI Life Insurance Co., Ltd.<sup>c,d</sup> <br>| 16244 | 367770 |
| State Bank of India | 32702 | 357367 |
| ABB India, Ltd. | 6144 | 353412 |
| Reliance Industries, Ltd. | 19599 | 342440 |
| Hindustan Aeronautics, Ltd.<sup>d</sup> <br>| 6161 | 300834 |
| Godrej Properties, Ltd.<sup>b</sup> <br>| 13422 | 299324 |
| Eternal, Ltd.<sup>b</sup> <br>| 71090 | 219923 |
| **Total India** |  | **5837122** |
| **Brazil: 8.7%** | **Brazil: 8.7%** | **Brazil: 8.7%** |
| NU Holdings, Ltd. Class A<sup>b</sup> <br>| 33745 | 564891 |
| WEG SA | 49500 | 438203 |
| Vivara Participacoes SA | 62400 | 378517 |
| Raia Drogasil SA | 84762 | 362730 |
| Itau Unibanco Holding SA ADR | 48277 | 345663 |
| B3 SA - Brasil Bolsa Balcao | 135000 | 342196 |
| Cia de Saneamento Basico do Estado de Sao <br> Paulo SABESP<br>| 13076 | 318313 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Localiza Rent a Car SA | 37900 | $301347 |
| **Total Brazil** |  | **3051860** |
| **Indonesia: 4.5%** | **Indonesia: 4.5%** | **Indonesia: 4.5%** |
| PT Indosat Tbk | 2899600 | 403422 |
| PT Astra International Tbk | 877500 | 352579 |
| PT Bank Central Asia Tbk | 672700 | 325760 |
| PT Sumber Alfaria Trijaya Tbk | 2151600 | 254837 |
| PT GoTo Gojek Tokopedia Tbk<sup>b</sup> <br>| 63574900 | 244006 |
| **Total Indonesia** |  | **1580604** |
| **South Africa: 3.7%** | **South Africa: 3.7%** | **South Africa: 3.7%** |
| Absa Group, Ltd. | 33073 | 477752 |
| Discovery, Ltd. | 29762 | 408765 |
| Shoprite Holdings, Ltd. | 14508 | 236602 |
| Naspers, Ltd. N Shares | 2765 | 184308 |
| **Total South Africa** |  | **1307427** |
| **Vietnam: 3.6%** | **Vietnam: 3.6%** | **Vietnam: 3.6%** |
| Asia Commercial Bank JSC | 548140 | 500204 |
| Mobile World Investment Corp. | 119600 | 402001 |
| Vietnam Technological & Commercial Joint <br> Stock Bank<br>| 275300 | 365322 |
| **Total Vietnam** |  | **1267527** |
| **Thailand: 3.1%** | **Thailand: 3.1%** | **Thailand: 3.1%** |
| Krungthai Card Public Co., Ltd. | 450900 | 375690 |
| CP ALL Public Co., Ltd. | 264100 | 364652 |
| Bangkok Dusit Medical Services Public Co., Ltd. <br> F Shares<br>| 575500 | 352552 |
| **Total Thailand** |  | **1092894** |
| **Philippines: 3.1%** | **Philippines: 3.1%** | **Philippines: 3.1%** |
| BDO Unibank, Inc. | 198010 | 453017 |
| International Container Terminal Services, Inc. | 37310 | 359576 |
| Globe Telecom, Inc. | 10280 | 276778 |
| **Total Philippines** |  | **1089371** |
| **Singapore: 3.0%** | **Singapore: 3.0%** | **Singapore: 3.0%** |
| Grab Holdings, Ltd. Class A<sup>b</sup> <br>| 122319 | 610372 |
| iFAST Corp., Ltd. | 31900 | 236149 |
| DFI Retail Group Holdings, Ltd. | 51710 | 204255 |
| **Total Singapore** |  | **1050776** |
| **Malaysia: 2.1%** | **Malaysia: 2.1%** | **Malaysia: 2.1%** |
| IHH Healthcare BHD | 175800 | 379066 |
| CIMB Group Holdings BHD | 175700 | 357202 |
| **Total Malaysia** |  | **736268** |
| **United States: 2.0%** | **United States: 2.0%** | **United States: 2.0%** |
| Globant SA<sup>b</sup> <br>| 5472 | 357705 |
| Freeport-McMoRan, Inc. | 6798 | 345270 |
| **Total United States** |  | **702975** |
| **Poland: 1.8%** | **Poland: 1.8%** | **Poland: 1.8%** |
| Powszechna Kasa Oszczednosci Bank Polski SA | 15532 | 367908 |
| InPost SA<sup>b</sup> <br>| 20370 | 250480 |
| **Total Poland** |  | **618388** |

---

**3** 

------

Matthews Emerging Markets ex China Active ETFDecember 31, 2025

*Schedule of Investments*<sup>a</sup> *(continued)*

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES** *(continued)* | **COMMON EQUITIES** *(continued)* | |
|  | **Shares** | <br>**Value**  |
| **Peru: 1.6%** | **Peru: 1.6%** | **Peru: 1.6%** |
| Cia de Minas Buenaventura SAA ADR | 20237 | $563196 |
| **Total Peru** |  | **563196** |
| **Mexico: 1.5%** | **Mexico: 1.5%** | **Mexico: 1.5%** |
| Banco del Bajio SA<sup>c,d</sup> <br>| 83229 | 210532 |
| Gentera SAB de CV | 69897 | 179140 |
| Grupo Financiero Banorte SAB de CV Class O | 16579 | 153936 |
| **Total Mexico** |  | **543608** |
| **United Arab Emirates: 1.2%** | **United Arab Emirates: 1.2%** | **United Arab Emirates: 1.2%** |
| Abu Dhabi Ports Co. PJSC<sup>b</sup> <br>| 310814 | 403655 |
| **Total United Arab Emirates** |  | **403655** |
| **Greece: 1.1%** | **Greece: 1.1%** | **Greece: 1.1%** |
| Piraeus Bank SA | 46116 | 367970 |
| **Total Greece** |  | **367970** |
| **Saudi Arabia: 0.9%** | **Saudi Arabia: 0.9%** | **Saudi Arabia: 0.9%** |
| Saudi National Bank | 32769 | 330940 |
| **Total Saudi Arabia** |  | **330940** |
| **Argentina: 0.8%** | **Argentina: 0.8%** | **Argentina: 0.8%** |
| Grupo Financiero Galicia SA ADR | 5219 | 281513 |
| **Total Argentina** |  | **281513** |
| **TOTAL COMMON EQUITIES** | **TOTAL COMMON EQUITIES** | **34827367** |
| (Cost $26,873,017) |  |  |
| **PREFERRED EQUITIES: 0.0%** | **PREFERRED EQUITIES: 0.0%** |  |
| **Brazil: 0.0%** | **Brazil: 0.0%** | **Brazil: 0.0%** |
| Localiza Rent a Car SA, Pfd.<sup>b</sup> <br>| 1458 | 11039 |
| **Total Brazil** |  | **11039** |
| **TOTAL PREFERRED EQUITIES** | **TOTAL PREFERRED EQUITIES** | **11039** |
| (Cost $11,513) |  |  |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS: 1.0%** | **SHORT-TERM INVESTMENTS: 1.0%** | |
|  | **Shares** | <br>**Value**  |
| **Money Market Funds: 1.0%** | **Money Market Funds: 1.0%** | **Money Market Funds: 1.0%** |
| JPMorgan U.S. Government Money Market <br> Fund, Capital Shares, 3.68%<sup>e</sup> <br>| 339940 | **$339940** |
| (Cost $339,940) |  |  |
| **Total Investments: 100.1%** |  | **35178346** |
| (Cost $27,224,470) |  |  |
| **LIABILITIES IN EXCESS OF CASH** <br>**AND OTHER ASSETS: (0.1%)**<br>|  | **(20206)**<br>|
| **Net Assets: 100.0%** |  | **$35158140** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| a | &nbsp;&nbsp; Certain securities were fair valued under the valuation policies approved by the <br> Board of Trustees (Note 2-A).<br>|
| b | Non-income producing security. |
| c | &nbsp;&nbsp; Security exempt from registration under Rule 144A of the Securities Act of 1933, as <br> amended. The security may be resold in transactions exempt from registration <br> normally to qualified institutional buyers. The security has been determined to be <br> liquid in accordance with procedures adopted by the Funds' Board of Trustees. At <br> December 31, 2025, the aggregate value is $578,302, which is 1.64% of net assets.<br>|
| d | &nbsp;&nbsp; The securities may be resold to qualified foreign investors and foreign institutional <br> buyers under Regulation S of the Securities Act of 1933.<br>|
| e | Rate shown is the current yield as of December 31, 2025. |
| ADR | American Depositary Receipt |
| BHD | Berhad |
| JSC | Joint Stock Co. |
| Pfd. | Preferred |
| PJSC | Public Joint Stock Co. |

---

See accompanying notes to financial statements.

**4**

------

Matthews Emerging Markets Sustainable Future Active ETFDecember 31, 2025

*Schedule of Investments*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES: 95.5%** | **COMMON EQUITIES: 95.5%** | |
|  | **Shares** | <br>**Value**  |
| **China/Hong Kong: 21.6%** | **China/Hong Kong: 21.6%** | **China/Hong Kong: 21.6%** |
| Meituan Class B<sup>a,b,c</sup> <br>| 83300 | $1105530 |
| Alibaba Group Holding, Ltd. | 41700 | 765049 |
| JD Health International, Inc.<sup>a,b,c</sup> <br>| 103600 | 738716 |
| Legend Biotech Corp. ADR<sup>b</sup> <br>| 32794 | 712942 |
| Contemporary Amperex Technology Co., Ltd. A <br> Shares<br>| 12700 | 668229 |
| Full Truck Alliance Co., Ltd. ADR | 47386 | 508452 |
| Lam Research Corp. | 2956 | 506008 |
| Hong Kong Exchanges & Clearing, Ltd. | 4900 | 256599 |
| Zhihu, Inc. ADR<sup>b</sup> <br>| 71356 | 234048 |
| Flat Glass Group Co., Ltd. H Shares | 181000 | 219288 |
| NARI Technology Co., Ltd. A Shares | 52000 | 167474 |
| Medlive Technology Co., Ltd.<sup>a,c</sup> <br>| 113000 | 140823 |
| DiDi Global, Inc. ADR<sup>b</sup> <br>| 26498 | 139909 |
| Silergy Corp. | 21000 | 127990 |
| BYD Co., Ltd. H Shares | 9400 | 115153 |
| Kanzhun, Ltd. ADR | 1263 | 25740 |
| **Total China/Hong Kong** |  | **6431950** |
| **India: 21.4%** | **India: 21.4%** | **India: 21.4%** |
| Bandhan Bank, Ltd.<sup>a,c</sup> <br>| 898519 | 1457754 |
| Indus Towers, Ltd.<sup>b</sup> <br>| 169605 | 790193 |
| Swiggy, Ltd.<sup>b</sup> <br>| 151170 | 649642 |
| Mahindra & Mahindra, Ltd. | 14521 | 599262 |
| Phoenix Mills, Ltd. | 28689 | 591627 |
| Shriram Finance, Ltd. | 53203 | 589688 |
| Lenskart Solutions, Ltd.<sup>b,d</sup> <br>| 109850 | 550842 |
| Inox Wind, Ltd.<sup>b</sup> <br>| 285621 | 392557 |
| Marico, Ltd. | 41110 | 343317 |
| UNO Minda, Ltd. | 11127 | 159181 |
| HDFC Asset Management Co., Ltd.<sup>a,c</sup> <br>| 5132 | 152579 |
| NTPC Green Energy, Ltd.<sup>b</sup> <br>| 86033 | 90504 |
| **Total India** |  | **6367146** |
| **Taiwan: 18.8%** | **Taiwan: 18.8%** | **Taiwan: 18.8%** |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 58000 | 2861189 |
| Elite Material Co., Ltd. | 15000 | 785315 |
| Taiwan Semiconductor Manufacturing Co., Ltd. <br> ADR<br>| 1986 | 603526 |
| AURAS Technology Co., Ltd. | 17000 | 546458 |
| Poya International Co., Ltd. | 22421 | 313618 |
| Andes Technology Corp.<sup>b</sup> <br>| 36000 | 274980 |
| M31 Technology Corp. | 17800 | 213574 |
| **Total Taiwan** |  | **5598660** |
| **South Korea: 15.2%** | **South Korea: 15.2%** | **South Korea: 15.2%** |
| Samsung Electronics Co., Ltd. | 18025 | 1500259 |
| SK Square Co., Ltd.<sup>b</sup> <br>| 3717 | 949537 |
| HD Hyundai Electric Co., Ltd. | 1608 | 863970 |
| Eugene Technology Co., Ltd. | 14756 | 768248 |
| Samsung SDI Co., Ltd. | 2096 | 392122 |
| Industrial Bank of Korea | 4272 | 62128 |
| **Total South Korea** |  | **4536264** |
| **Brazil: 3.5%** | **Brazil: 3.5%** | **Brazil: 3.5%** |
| B3 SA - Brasil Bolsa Balcao | 133100 | 337380 |
| YDUQS Participacoes SA | 127600 | 283387 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Cia de Saneamento Basico do Estado de Sao <br> Paulo SABESP<br>| 11282 | $274622 |
| NU Holdings, Ltd. Class A<sup>b</sup> <br>| 8981 | 150342 |
| **Total Brazil** |  | **1045731** |
| **United States: 3.2%** | **United States: 3.2%** | **United States: 3.2%** |
| Micron Technology, Inc. | 3332 | 950986 |
| **Total United States** |  | **950986** |
| **Poland: 2.9%** | **Poland: 2.9%** | **Poland: 2.9%** |
| InPost SA<sup>b</sup> <br>| 71032 | 873445 |
| **Total Poland** |  | **873445** |
| **Turkey: 1.8%** | **Turkey: 1.8%** | **Turkey: 1.8%** |
| Akbank TAS | 191251 | 310709 |
| Astor Transformator Enerji Turizm Insaat Ve Petrol <br> Sanayi Ticaret AS<br>| 77116 | 209824 |
| **Total Turkey** |  | **520533** |
| **Romania: 1.7%** | **Romania: 1.7%** | **Romania: 1.7%** |
| Banca Transilvania SA | 73072 | 508766 |
| **Total Romania** |  | **508766** |
| **Argentina: 1.6%** | **Argentina: 1.6%** | **Argentina: 1.6%** |
| Grupo Financiero Galicia SA ADR | 8730 | 470896 |
| **Total Argentina** |  | **470896** |
| **Greece: 1.6%** | **Greece: 1.6%** | **Greece: 1.6%** |
| Piraeus Bank SA | 58096 | 463561 |
| **Total Greece** |  | **463561** |
| **Saudi Arabia: 0.9%** | **Saudi Arabia: 0.9%** | **Saudi Arabia: 0.9%** |
| Saudi Tadawul Group Holding Co. | 7418 | 277473 |
| **Total Saudi Arabia** |  | **277473** |
| **Indonesia: 0.6%** | **Indonesia: 0.6%** | **Indonesia: 0.6%** |
| PT Bank Rakyat Indonesia Persero Tbk | 869900 | 190935 |
| **Total Indonesia** |  | **190935** |
| **Jordan: 0.3%** | **Jordan: 0.3%** | **Jordan: 0.3%** |
| Hikma Pharmaceuticals PLC | 4874 | 101614 |
| **Total Jordan** |  | **101614** |
| **Vietnam: 0.3%** | **Vietnam: 0.3%** | **Vietnam: 0.3%** |
| Nam Long Investment Corp.  | 77934 | 90232 |
| **Total Vietnam** |  | **90232** |
| **Kazakhstan: 0.1%** | **Kazakhstan: 0.1%** | **Kazakhstan: 0.1%** |
| Kaspi.KZ JSC ADR<sup>b</sup> <br>| 316 | 24689 |
| **Total Kazakhstan** |  | **24689** |

---

**5** 

------

Matthews Emerging Markets Sustainable Future Active ETFDecember 31, 2025

*Schedule of Investments (continued)*

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES** *(continued)* | **COMMON EQUITIES** *(continued)* | |
|  | **Shares** | <br>**Value**  |
| **Philippines: 0.0%** | **Philippines: 0.0%** | **Philippines: 0.0%** |
| Security Bank Corp. | 8870 | $9898 |
| **Total Philippines** |  | **9898** |
| **TOTAL COMMON EQUITIES** | **TOTAL COMMON EQUITIES** | **28462779** |
| (Cost $22,490,442) |  |  |
| **PREFERRED EQUITIES: 0.6%** | **PREFERRED EQUITIES: 0.6%** |  |
| **South Korea: 0.6%** | **South Korea: 0.6%** | **South Korea: 0.6%** |
| Samsung SDI Co., Ltd., Pfd. | 1436 | 160093 |
| **Total South Korea** |  | **160093** |
| **TOTAL PREFERRED EQUITIES** | **TOTAL PREFERRED EQUITIES** | **160093** |
| (Cost $167,675) |  |  |
| **SHORT-TERM INVESTMENTS: 5.3%** | **SHORT-TERM INVESTMENTS: 5.3%** |  |
| **Money Market Funds: 5.3%** | **Money Market Funds: 5.3%** | **Money Market Funds: 5.3%** |
| JPMorgan U.S. Government Money Market Fund, <br> Capital Shares, 3.68%<sup>e</sup> <br>| 1583570 | **1583570** |
| (Cost $1,583,570) |  |  |
| **Total Investments: 101.4%** |  | **30206442** |
| (Cost $24,241,687) |  |  |
| **LIABILITIES IN EXCESS OF CASH** <br>**AND OTHER ASSETS: (1.4%)**<br>|  | **(412206)**<br>|
| **Net Assets: 100.0%** |  | **$29794236** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| a | &nbsp;&nbsp; Security exempt from registration under Rule 144A of the Securities Act of 1933, as <br> amended. The security may be resold in transactions exempt from registration <br> normally to qualified institutional buyers. The security has been determined to be <br> liquid in accordance with procedures adopted by the Funds' Board of Trustees. At <br> December 31, 2025, the aggregate value is $3,595,402, which is 12.07% of net <br> assets.<br>|
| b | Non-income producing security. |
| c | &nbsp;&nbsp; The securities may be resold to qualified foreign investors and foreign institutional <br> buyers under Regulation S of the Securities Act of 1933.<br>|
| d | &nbsp;&nbsp; As of December 31, 2025, 62,418 shares of Lenskart Solutions, Ltd. were restricted <br> from sale as part of an anchor investment agreement. That restriction expired on <br> February 04, 2026.<br>|
| e | Rate shown is the current yield as of December 31, 2025. |
| ADR | American Depositary Receipt |
| JSC | Joint Stock Co. |
| Pfd. | Preferred |

---

See accompanying notes to financial statements.

**6**

------

Matthews Emerging Markets Discovery Active ETFDecember 31, 2025

*Schedule of Investments*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES: 99.1%** | **COMMON EQUITIES: 99.1%** | |
|  | **Shares** | <br>**Value**  |
| **India: 26.1%** | **India: 26.1%** | **India: 26.1%** |
| Bandhan Bank, Ltd.<sup>a,b</sup> <br>| 612816 | $994230 |
| Cartrade Tech, Ltd.<sup>c</sup> <br>| 20448 | 642974 |
| Radico Khaitan, Ltd. | 14294 | 524562 |
| Shriram Finance, Ltd. | 32892 | 364566 |
| Phoenix Mills, Ltd. | 16215 | 334387 |
| Inox Wind, Ltd.<sup>c</sup> <br>| 210276 | 289003 |
| UNO Minda, Ltd. | 17711 | 253371 |
| BlackBuck, Ltd.<sup>c</sup> <br>| 29859 | 225821 |
| Netweb Technologies India, Ltd. | 6028 | 208634 |
| Action Construction Equipment, Ltd. | 16162 | 170225 |
| Rainbow Children's Medicare, Ltd. | 11167 | 164003 |
| Senco Gold, Ltd. | 41198 | 145739 |
| GE Vernova T&D India, Ltd. | 3890 | 135575 |
| Bharti Hexacom, Ltd. | 4997 | 101281 |
| Avalon Technologies, Ltd.<sup>a,b,c</sup> <br>| 10134 | 99097 |
| Amber Enterprises India, Ltd.<sup>c</sup> <br>| 1167 | 82929 |
| Finolex Cables, Ltd. | 6533 | 54493 |
| **Total India** |  | **4790890** |
| **Taiwan: 16.7%** | **Taiwan: 16.7%** | **Taiwan: 16.7%** |
| Gold Circuit Electronics, Ltd. | 27000 | 590347 |
| Elite Material Co., Ltd. | 11000 | 575898 |
| AURAS Technology Co., Ltd. | 11000 | 353591 |
| Wiwynn Corp. | 2000 | 285482 |
| Poya International Co., Ltd. | 17250 | 241287 |
| M31 Technology Corp. | 18600 | 223173 |
| Fortune Electric Co., Ltd. | 8800 | 214255 |
| Phison Electronics Corp. | 3000 | 138445 |
| Yageo Corp. | 17000 | 124982 |
| Andes Technology Corp.<sup>c</sup> <br>| 16000 | 122213 |
| AP Memory Technology Corp. | 8000 | 114066 |
| Formosa Sumco Technology Corp. | 29000 | 87774 |
| **Total Taiwan** |  | **3071513** |
| **China/Hong Kong: 12.4%** | **China/Hong Kong: 12.4%** | **China/Hong Kong: 12.4%** |
| Legend Biotech Corp. ADR<sup>c</sup> <br>| 25297 | 549957 |
| Zhihu, Inc. ADR<sup>c</sup> <br>| 73350 | 240588 |
| Full Truck Alliance Co., Ltd. ADR | 20170 | 216424 |
| Medlive Technology Co., Ltd.<sup>a,b</sup> <br>| 137000 | 170733 |
| Flat Glass Group Co., Ltd. H Shares | 123000 | 149019 |
| Hongfa Technology Co., Ltd. A Shares | 29240 | 127350 |
| Silergy Corp. | 20000 | 121895 |
| Tongcheng Travel Holdings, Ltd.<sup>b</sup> <br>| 39200 | 113014 |
| Centre Testing International Group Co., Ltd. A <br> Shares<br>| 58200 | 112850 |
| China Conch Venture Holdings, Ltd. | 79000 | 95407 |
| Kanzhun, Ltd. ADR | 4073 | 83008 |
| Beijing Capital International Airport Co., Ltd. H <br> Shares<sup>c</sup> <br>| 230000 | 81557 |
| Kingsoft Corp., Ltd. | 22000 | 80385 |
| Ever Sunshine Services Group, Ltd.<sup>b</sup> <br>| 358000 | 78651 |
| Central China Securities Co., Ltd. H Shares<sup>b</sup> <br>| 164000 | 45512 |
| **Total China/Hong Kong** |  | **2266350** |
| **South Korea: 12.1%** | **South Korea: 12.1%** | **South Korea: 12.1%** |
| Hugel, Inc.<sup>c</sup> <br>| 4051 | 648194 |
| Eugene Technology Co., Ltd. | 9845 | 512565 |
| HD Hyundai Co., Ltd. | 3236 | 423440 |
| C&C International Co., Ltd. | 7744 | 159390 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| BGF Retail Co., Ltd. | 1950 | $141862 |
| iM Financial Group Co., Ltd. | 8369 | 90339 |
| BNK Financial Group, Inc. | 7939 | 87461 |
| SNT Holdings Co., Ltd. | 2198 | 82699 |
| SNT Dynamics Co., Ltd. | 2527 | 81745 |
| **Total South Korea** |  | **2227695** |
| **Brazil: 4.7%** | **Brazil: 4.7%** | **Brazil: 4.7%** |
| Vivara Participacoes SA | 42000 | 254771 |
| Grupo SBF SA | 87000 | 205761 |
| Vamos Locacao de Caminhoes Maquinas e <br> Equipamentos SA<br>| 340800 | 200882 |
| YDUQS Participacoes SA | 87700 | 194774 |
| **Total Brazil** |  | **856188** |
| **Vietnam: 3.8%** | **Vietnam: 3.8%** | **Vietnam: 3.8%** |
| Mobile World Investment Corp. | 74500 | 250411 |
| Military Commercial Joint Stock Bank | 219957 | 211593 |
| FPT Corp. | 55085 | 200652 |
| Nam Long Investment Corp.  | 34272 | 39680 |
| **Total Vietnam** |  | **702336** |
| **South Africa: 3.0%** | **South Africa: 3.0%** | **South Africa: 3.0%** |
| We Buy Cars Holdings, Ltd. | 133159 | 384369 |
| Old Mutual, Ltd. | 184582 | 165979 |
| **Total South Africa** |  | **550348** |
| **Poland: 2.8%** | **Poland: 2.8%** | **Poland: 2.8%** |
| InPost SA<sup>c</sup> <br>| 41395 | 509014 |
| **Total Poland** |  | **509014** |
| **Chile: 2.4%** | **Chile: 2.4%** | **Chile: 2.4%** |
| Lundin Mining Corp. | 10200 | 219515 |
| Parque Arauco SA | 51712 | 171499 |
| Banco de Credito e Inversiones SA | 408 | 26428 |
| Aguas Andinas SA Class A | 50523 | 20678 |
| **Total Chile** |  | **438120** |
| **Philippines: 2.1%** | **Philippines: 2.1%** | **Philippines: 2.1%** |
| GT Capital Holdings, Inc. | 26540 | 268411 |
| Security Bank Corp. | 103260 | 115226 |
| **Total Philippines** |  | **383637** |
| **Mexico: 1.7%** | **Mexico: 1.7%** | **Mexico: 1.7%** |
| Gentera SAB de CV | 118200 | 302937 |
| **Total Mexico** |  | **302937** |
| **Greece: 1.6%** | **Greece: 1.6%** | **Greece: 1.6%** |
| Piraeus Bank SA | 37368 | 298167 |
| **Total Greece** |  | **298167** |
| **Argentina: 1.5%** | **Argentina: 1.5%** | **Argentina: 1.5%** |
| Grupo Financiero Galicia SA ADR | 5018 | 270671 |
| **Total Argentina** |  | **270671** |

---

**7** 

------

Matthews Emerging Markets Discovery Active ETFDecember 31, 2025

*Schedule of Investments (continued)*

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES** *(continued)* | **COMMON EQUITIES** *(continued)* | |
|  | **Shares** | <br>**Value**  |
| **Turkey: 1.5%** | **Turkey: 1.5%** | **Turkey: 1.5%** |
| Astor Transformator Enerji Turizm Insaat Ve <br> Petrol Sanayi Ticaret AS<br>| 98398 | $267729 |
| **Total Turkey** |  | **267729** |
| **Cyprus: 1.4%** | **Cyprus: 1.4%** | **Cyprus: 1.4%** |
| Theon International PLC | 7960 | 250543 |
| **Total Cyprus** |  | **250543** |
| **Georgia: 1.3%** | **Georgia: 1.3%** | **Georgia: 1.3%** |
| TBC Bank Group PLC | 4496 | 245522 |
| **Total Georgia** |  | **245522** |
| **United Kingdom: 1.1%** | **United Kingdom: 1.1%** | **United Kingdom: 1.1%** |
| Baltic Classifieds Group PLC | 74084 | 202283 |
| **Total United Kingdom** |  | **202283** |
| **Indonesia: 1.0%** | **Indonesia: 1.0%** | **Indonesia: 1.0%** |
| PT Mitra Adiperkasa Tbk | 1391000 | 97182 |
| PT GoTo Gojek Tokopedia Tbk<sup>c</sup> <br>| 22472800 | 86253 |
| **Total Indonesia** |  | **183435** |
| **Panama: 0.7%** | **Panama: 0.7%** | **Panama: 0.7%** |
| Banco Latinoamericano de Comercio Exterior <br> SA E Shares<br>| 3069 | 136877 |
| **Total Panama** |  | **136877** |
| **Saudi Arabia: 0.7%** | **Saudi Arabia: 0.7%** | **Saudi Arabia: 0.7%** |
| Saudi Tadawul Group Holding Co. | 3309 | 123774 |
| **Total Saudi Arabia** |  | **123774** |
| **Bangladesh: 0.5%** | **Bangladesh: 0.5%** | **Bangladesh: 0.5%** |
| BRAC Bank PLC | 192691 | 99459 |
| **Total Bangladesh** |  | **99459** |
| **TOTAL COMMON EQUITIES** | **TOTAL COMMON EQUITIES** | **18177488** |
| (Cost $16,600,153) |  |  |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS: 1.1%** | **SHORT-TERM INVESTMENTS: 1.1%** | |
|  | **Shares** | <br>**Value**  |
| **Money Market Funds: 1.1%** | **Money Market Funds: 1.1%** | **Money Market Funds: 1.1%** |
| JPMorgan U.S. Government Money Market <br> Fund, Capital Shares, 3.68%<sup>d</sup> <br>| 203165 | **$203165** |
| (Cost $203,165) |  |  |
| **Total Investments: 100.2%** |  | **18380653** |
| (Cost $16,803,318) |  |  |
| **LIABILITIES IN EXCESS OF CASH** <br>**AND OTHER ASSETS: (0.2%)**<br>|  | **(32355)**<br>|
| **Net Assets: 100.0%** |  | **$18348298** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| a | &nbsp;&nbsp; Security exempt from registration under Rule 144A of the Securities Act of 1933, as <br> amended. The security may be resold in transactions exempt from registration <br> normally to qualified institutional buyers. The security has been determined to be <br> liquid in accordance with procedures adopted by the Funds' Board of Trustees. At <br> December 31, 2025, the aggregate value is $1,264,060, which is 6.89% of net <br> assets.<br>|
| b | &nbsp;&nbsp; The securities may be resold to qualified foreign investors and foreign institutional <br> buyers under Regulation S of the Securities Act of 1933.<br>|
| c | Non-income producing security. |
| d | Rate shown is the current yield as of December 31, 2025. |
| ADR | American Depositary Receipt |

---

See accompanying notes to financial statements.

**8**

------

Matthews Pacific Tiger Active ETFDecember 31, 2025

*Schedule of Investments*<sup>a</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES: 95.5%** | **COMMON EQUITIES: 95.5%** | |
|  | **Shares** | <br>**Value**  |
| **China/Hong Kong: 33.0%** | **China/Hong Kong: 33.0%** | **China/Hong Kong: 33.0%** |
| Tencent Holdings, Ltd. | 33200 | $2554994 |
| Alibaba Group Holding, Ltd. | 94040 | 1725305 |
| Hongfa Technology Co., Ltd. A Shares | 201500 | 876570 |
| Ping An Insurance Group Co. of China, Ltd. H <br> Shares<br>| 87500 | 732399 |
| AIA Group, Ltd. | 62400 | 640555 |
| Hong Kong Exchanges & Clearing, Ltd. | 11800 | 617933 |
| Swire Properties, Ltd. | 214600 | 578443 |
| Zhejiang Sanhua Intelligent Controls Co., Ltd. A <br> Shares<br>| 70300 | 557066 |
| WuXi AppTec Co., Ltd. H Shares<sup>b,c</sup> <br>| 43100 | 546537 |
| New China Life Insurance Co., Ltd. H Shares | 74900 | 523006 |
| China Merchants Bank Co., Ltd. H Shares | 65000 | 440933 |
| DiDi Global, Inc. ADR<sup>d</sup> <br>| 80312 | 424047 |
| Dongfang Electric Corp., Ltd. H Shares | 117400 | 377080 |
| Trip.com Group, Ltd. | 4900 | 348763 |
| China Resources Land, Ltd. | 95500 | 333732 |
| NAURA Technology Group Co., Ltd. A Shares | 4900 | 322279 |
| China Merchants Bank Co., Ltd. A Shares | 50300 | 303387 |
| GF Securities Co., Ltd. H Shares | 131200 | 296837 |
| Midea Group Co., Ltd. A Shares | 25300 | 283268 |
| Sungrow Power Supply Co., Ltd. A Shares | 10700 | 262198 |
| Shanghai MicroPort MedBot Group Co., Ltd. H <br> Shares<sup>d</sup> <br>| 79000 | 246637 |
| J&T Global Express, Ltd.<sup>d</sup> <br>| 159200 | 213739 |
| PDD Holdings, Inc. ADR<sup>d</sup> <br>| 1729 | 196051 |
| Kuaishou Technology<sup>b,c</sup> <br>| 21600 | 177468 |
| Meituan Class B<sup>b,c,d</sup> <br>| 11800 | 156606 |
| Kweichow Moutai Co., Ltd. A Shares | 500 | 98652 |
| BYD Co., Ltd. H Shares | 7000 | 85752 |
| Shenzhen Mindray Bio-Medical Electronics Co., <br> Ltd. A Shares<br>| 3000 | 81856 |
| China Tower Corp., Ltd. H Shares<sup>b,c</sup> <br>| 27500 | 40843 |
| **Total China/Hong Kong** |  | **14042936** |
| **Taiwan: 20.5%** | **Taiwan: 20.5%** | **Taiwan: 20.5%** |
| Taiwan Semiconductor Manufacturing Co., Ltd. <br> ADR<br>| 11370 | 3455229 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 38000 | 1874572 |
| Delta Electronics, Inc. | 35000 | 1072707 |
| MediaTek, Inc. | 10000 | 455117 |
| Accton Technology Corp. | 12000 | 452571 |
| Hon Hai Precision Industry Co., Ltd. | 49000 | 359463 |
| Cathay Financial Holding Co., Ltd. | 107000 | 258131 |
| Quanta Computer, Inc. | 29000 | 251046 |
| Alchip Technologies, Ltd. | 2000 | 223421 |
| Elite Material Co., Ltd. | 4000 | 209417 |
| ASMedia Technology, Inc. | 2000 | 77020 |
| E Ink Holdings, Inc. | 6000 | 37810 |
| **Total Taiwan** |  | **8726504** |
| **South Korea: 17.2%** | **South Korea: 17.2%** | **South Korea: 17.2%** |
| Samsung Electronics Co., Ltd. | 30471 | 2536165 |
| SK Hynix, Inc. | 3491 | 1577620 |
| KB Financial Group, Inc. | 8808 | 762457 |
| Samsung C&T Corp. | 3778 | 628115 |
| NAVER Corp. | 2762 | 464951 |
| HD Hyundai Heavy Industries Co., Ltd. | 1299 | 458985 |
| Classys, Inc. | 10938 | 413815 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Samsung Biologics Co., Ltd.<sup>b,c,d</sup> <br>| 183 | $215324 |
| Hyundai Motor Co. | 873 | 179685 |
| LG Chem, Ltd. | 452 | 104485 |
| **Total South Korea** |  | **7341602** |
| **India: 16.0%** | **India: 16.0%** | **India: 16.0%** |
| HDFC Bank, Ltd. | 73236 | 807655 |
| Eternal, Ltd.<sup>d</sup> <br>| 244571 | 756602 |
| Bharti Airtel, Ltd. | 32144 | 753036 |
| Hindustan Unilever, Ltd. | 24769 | 638217 |
| ICICI Bank, Ltd. | 38960 | 582107 |
| Mahindra & Mahindra, Ltd. | 12841 | 529931 |
| TVS Motor Co., Ltd. | 10471 | 433359 |
| Infosys, Ltd. | 23599 | 424144 |
| State Bank of India | 29918 | 326943 |
| Cholamandalam Investment and Finance Co., <br> Ltd.<br>| 13062 | 247377 |
| Inventurus Knowledge Solutions, Ltd.<sup>d</sup> <br>| 12069 | 222609 |
| Cummins India, Ltd. | 4357 | 214962 |
| Sun Pharmaceutical Industries, Ltd. | 10845 | 207502 |
| Metropolis Healthcare, Ltd.<sup>b,c</sup> <br>| 8582 | 184178 |
| MakeMyTrip, Ltd.<sup>d</sup> <br>| 2231 | 183210 |
| HDFC Asset Management Co., Ltd.<sup>b,c</sup> <br>| 5866 | 174402 |
| ICICI Bank, Ltd. ADR | 4160 | 123968 |
| Kwality Wall's India, Ltd.<sup>e</sup> <br>| 28534 | 12127 |
| **Total India** |  | **6822329** |
| **Singapore: 4.0%** | **Singapore: 4.0%** | **Singapore: 4.0%** |
| DBS Group Holdings, Ltd. | 20600 | 902812 |
| Sea, Ltd. ADR<sup>d</sup> <br>| 3916 | 499564 |
| Grab Holdings, Ltd. Class A<sup>d</sup> <br>| 61482 | 306795 |
| **Total Singapore** |  | **1709171** |
| **Malaysia: 1.4%** | **Malaysia: 1.4%** | **Malaysia: 1.4%** |
| CIMB Group Holdings BHD | 180600 | 367164 |
| Telekom Malaysia BHD | 113900 | 225947 |
| **Total Malaysia** |  | **593111** |
| **Thailand: 1.0%** | **Thailand: 1.0%** | **Thailand: 1.0%** |
| Central Pattana Public Co., Ltd. | 248600 | 435967 |
| **Total Thailand** |  | **435967** |
| **Philippines: 1.0%** | **Philippines: 1.0%** | **Philippines: 1.0%** |
| Bank of the Philippine Islands | 214100 | 422505 |
| **Total Philippines** |  | **422505** |
| **Indonesia: 0.9%** | **Indonesia: 0.9%** | **Indonesia: 0.9%** |
| PT Bank Central Asia Tbk | 815400 | 394864 |
| **Total Indonesia** |  | **394864** |
| **Vietnam: 0.5%** | **Vietnam: 0.5%** | **Vietnam: 0.5%** |
| Asia Commercial Bank JSC | 181125 | 165285 |
| FPT Corp. | 9377 | 34157 |
| **Total Vietnam** |  | **199442** |
| **TOTAL COMMON EQUITIES** | **TOTAL COMMON EQUITIES** | **40688431** |
| (Cost $28,572,343) |  |  |

---

**9** 

------

Matthews Pacific Tiger Active ETFDecember 31, 2025

*Schedule of Investments*<sup>a</sup> *(continued)*

---

| | | |
|:---|:---|:---|
| **PREFERRED EQUITIES: 0.0%** | **PREFERRED EQUITIES: 0.0%** | |
|  | **Shares** | <br>**Value**  |
| **India: 0.0%** | **India: 0.0%** | **India: 0.0%** |
| TVS Motor Co., Ltd., Pfd.<sup>d,e</sup> <br>| 41520 | $5080 |
| **Total India** |  | **5080** |
| **TOTAL PREFERRED EQUITIES** | **TOTAL PREFERRED EQUITIES** | **5080** |
| (Cost $0) |  |  |
| **SHORT-TERM INVESTMENTS: 4.0%** | **SHORT-TERM INVESTMENTS: 4.0%** |  |
| **Money Market Funds: 4.0%** | **Money Market Funds: 4.0%** | **Money Market Funds: 4.0%** |
| JPMorgan U.S. Government Money Market Fund, <br> Capital Shares, 3.68%<sup>f</sup> <br>| 1684902 | **1684902** |
| (Cost $1,684,902) |  |  |
| **Total Investments: 99.5%** |  | **42378413** |
| (Cost $30,257,245) |  |  |
| **CASH AND OTHER ASSETS,** <br>**LESS LIABILITIES: 0.5%**<br>|  | **209563** |
| **Net Assets: 100.0%** |  | **$42587976** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| a | &nbsp;&nbsp; Certain securities were fair valued under the valuation policies approved by the <br> Board of Trustees (Note 2-A).<br>|
| b | &nbsp;&nbsp; Security exempt from registration under Rule 144A of the Securities Act of 1933, as <br> amended. The security may be resold in transactions exempt from registration <br> normally to qualified institutional buyers. The security has been determined to be <br> liquid in accordance with procedures adopted by the Funds' Board of Trustees. At <br> December 31, 2025, the aggregate value is $1,495,358, which is 3.51% of net <br> assets.<br>|
| c | &nbsp;&nbsp; The securities may be resold to qualified foreign investors and foreign institutional <br> buyers under Regulation S of the Securities Act of 1933.<br>|
| d | Non-income producing security. |
| e | &nbsp;&nbsp; Security is valued using significant unobservable inputs and is classified as Level 3 in <br> the fair value hierarchy. The aggregate value of Level 3 security is $17,207 and <br> 0.04% of net assets.<br>|
| f | Rate shown is the current yield as of December 31, 2025. |
| ADR | American Depositary Receipt |
| BHD | Berhad |
| JSC | Joint Stock Co. |
| Pfd. | Preferred |

---

See accompanying notes to financial statements.

**10**

------

Matthews Asia Innovators Active ETFDecember 31, 2025

*Schedule of Investments*<sup>a</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES: 97.8%** | **COMMON EQUITIES: 97.8%** | |
|  | **Shares** | <br>**Value**  |
| **China/Hong Kong: 38.5%** | **China/Hong Kong: 38.5%** | **China/Hong Kong: 38.5%** |
| Tencent Holdings, Ltd. | 71200 | $5479386 |
| Alibaba Group Holding, Ltd. | 189900 | 3484001 |
| NAURA Technology Group Co., Ltd. A Shares | 38430 | 2527589 |
| PDD Holdings, Inc. ADR<sup>b</sup> <br>| 21711 | 2461810 |
| Contemporary Amperex Technology Co., Ltd. A <br> Shares<br>| 34100 | 1794220 |
| Futu Holdings, Ltd. ADR<sup>b</sup> <br>| 9862 | 1619439 |
| DiDi Global, Inc. ADR<sup>b</sup> <br>| 298695 | 1577110 |
| Baidu, Inc. Class A<sup>b</sup> <br>| 71700 | 1211351 |
| WuXi XDC Cayman, Inc.<sup>b</sup> <br>| 140000 | 1092696 |
| Kuaishou Technology<sup>c,d</sup> <br>| 129900 | 1067271 |
| Trip.com Group, Ltd. ADR | 13838 | 995091 |
| Luxshare Precision Industry Co., Ltd. A Shares | 104700 | 850656 |
| NetEase, Inc. | 28600 | 788535 |
| Wuxi Biologics Cayman, Inc.<sup>b,c,d</sup> <br>| 180000 | 727076 |
| Jiangsu Hengrui Pharmaceuticals Co., Ltd. A <br> Shares<br>| 84700 | 722867 |
| BYD Co., Ltd. H Shares | 58800 | 720316 |
| Innovent Biologics, Inc.<sup>b,c,d</sup> <br>| 66500 | 651458 |
| Sungrow Power Supply Co., Ltd. A Shares | 25000 | 612612 |
| Kanzhun, Ltd. ADR | 26790 | 545980 |
| Jiangsu Hengli Hydraulic Co., Ltd. A Shares | 34400 | 541681 |
| Advanced Micro-Fabrication Equipment, Inc. <br> China A Shares<br>| 10516 | 410880 |
| Zhejiang Sanhua Intelligent Controls Co., Ltd. | 81500 | 401244 |
| Tencent Music Entertainment Group ADR | 21835 | 382768 |
| **Total China/Hong Kong** |  | **30666037** |
| **Taiwan: 22.5%** | **Taiwan: 22.5%** | **Taiwan: 22.5%** |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 190000 | 9372862 |
| Delta Electronics, Inc. | 65000 | 1992171 |
| WIN Semiconductors Corp. | 203000 | 1182317 |
| Chroma ATE, Inc. | 41000 | 1011282 |
| Hon Precision, Inc. | 9136 | 995872 |
| MediaTek, Inc. | 21000 | 955745 |
| Accton Technology Corp. | 25000 | 942856 |
| ASPEED Technology, Inc. | 4000 | 924237 |
| Alchip Technologies, Ltd. | 5000 | 558553 |
| **Total Taiwan** |  | **17935895** |
| **South Korea: 18.4%** | **South Korea: 18.4%** | **South Korea: 18.4%** |
| Samsung Electronics Co., Ltd. | 52809 | 4395404 |
| SK Hynix, Inc. | 6594 | 2979899 |
| Kakao Corp. | 34835 | 1453322 |
| Hanwha Aerospace Co., Ltd. | 2185 | 1427292 |
| Samsung C&T Corp. | 7329 | 1218490 |
| Samsung Electro-Mechanics Co., Ltd. | 5948 | 1052890 |
| Samsung Biologics Co., Ltd.<sup>b,c,d</sup> <br>| 839 | 987196 |
| Coupang, Inc.<sup>b</sup> <br>| 28426 | 670569 |
| Hyundai Rotem Co., Ltd. | 3801 | 495788 |
| **Total South Korea** |  | **14680850** |
| **India: 13.3%** | **India: 13.3%** | **India: 13.3%** |
| Eternal, Ltd.<sup>b</sup> <br>| 835741 | 2585440 |
| MakeMyTrip, Ltd.<sup>b</sup> <br>| 15288 | 1255451 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Bharti Airtel, Ltd. | 51633 | $1209604 |
| Delhivery, Ltd.<sup>b</sup> <br>| 231326 | 1039404 |
| Reliance Industries, Ltd. | 54445 | 951279 |
| PB Fintech, Ltd.<sup>b</sup> <br>| 35937 | 729940 |
| Bajaj Finance, Ltd. | 62902 | 690611 |
| Cartrade Tech, Ltd.<sup>b</sup> <br>| 18610 | 585180 |
| Netweb Technologies India, Ltd. | 15846 | 548443 |
| Le Travenues Technology, Ltd.<sup>b,d</sup> <br>| 180751 | 512714 |
| Mahindra & Mahindra, Ltd. | 10654 | 439676 |
| **Total India** |  | **10547742** |
| **Singapore: 3.1%** | **Singapore: 3.1%** | **Singapore: 3.1%** |
| Sea, Ltd. ADR<sup>b</sup> <br>| 14458 | 1844407 |
| Grab Holdings, Ltd. Class A<sup>b</sup> <br>| 119494 | 596275 |
| **Total Singapore** |  | **2440682** |
| **Japan: 2.0%** | **Japan: 2.0%** | **Japan: 2.0%** |
| Hitachi, Ltd. | 50800 | 1588705 |
| **Total Japan** |  | **1588705** |
| **TOTAL COMMON EQUITIES** | **TOTAL COMMON EQUITIES** | **77859911** |
| (Cost $55,462,483) |  |  |
| **SHORT-TERM INVESTMENTS: 2.8%** | **SHORT-TERM INVESTMENTS: 2.8%** |  |
| **Money Market Funds: 2.8%** | **Money Market Funds: 2.8%** | **Money Market Funds: 2.8%** |
| JPMorgan U.S. Government Money Market Fund, <br> Capital Shares, 3.68%<sup>e</sup> <br>| 2230916 | **2230916** |
| (Cost $2,230,916) |  |  |
| **Total Investments: 100.6%** |  | **80090827** |
| (Cost $57,693,399) |  |  |
| **LIABILITIES IN EXCESS OF CASH** <br>**AND OTHER ASSETS: (0.6%)**<br>|  | **(507527)**<br>|
| **Net Assets: 100.0%** |  | **$79583300** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| a | &nbsp;&nbsp; Certain securities were fair valued under the valuation policies approved by the <br> Board of Trustees (Note 2-A).<br>|
| b | Non-income producing security. |
| c | &nbsp;&nbsp; Security exempt from registration under Rule 144A of the Securities Act of 1933, as <br> amended. The security may be resold in transactions exempt from registration <br> normally to qualified institutional buyers. The security has been determined to be <br> liquid in accordance with procedures adopted by the Funds' Board of Trustees. At <br> December 31, 2025, the aggregate value is $3,433,001, which is 4.31% of net <br> assets.<br>|
| d | &nbsp;&nbsp; The securities may be resold to qualified foreign investors and foreign institutional <br> buyers under Regulation S of the Securities Act of 1933.<br>|
| e | Rate shown is the current yield as of December 31, 2025. |
| ADR | American Depositary Receipt |

---

See accompanying notes to financial statements.

**11** 

------

Matthews China Active ETFDecember 31, 2025

*Schedule of Investments*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES: 99.4%** | **COMMON EQUITIES: 99.4%** | |
|  | **Shares** | <br>**Value** |
| **Financials: 25.8%** | **Financials: 25.8%** | **Financials: 25.8%** |
| **Insurance: 9.7%** | **Insurance: 9.7%** | **Insurance: 9.7%** |
| Ping An Insurance Group Co. of China, Ltd. H <br> Shares<br>| 119500 | $1000247 |
| China Life Insurance Co., Ltd. H Shares | 230000 | 809071 |
| New China Life Insurance Co., Ltd. H Shares | 55200 | 385446 |
|  |  | **2194764** |
| **Banks: 7.9%** | **Banks: 7.9%** | **Banks: 7.9%** |
| China Construction Bank Corp. H Shares | 825000 | 815090 |
| China Merchants Bank Co., Ltd. H Shares | 79000 | 535903 |
| China Merchants Bank Co., Ltd. A Shares | 74500 | 449351 |
|  |  | **1800344** |
| **Capital Markets: 7.7%** | **Capital Markets: 7.7%** | **Capital Markets: 7.7%** |
| China Merchants Securities Co., Ltd. H Shares<sup>a,b</sup> <br>| 252000 | 451324 |
| China International Capital Corp., Ltd. H <br> Shares<sup>a,b</sup> <br>| 177600 | 446538 |
| East Money Information Co., Ltd. A Shares | 77340 | 256842 |
| Hong Kong Exchanges & Clearing, Ltd. | 4400 | 230416 |
| Futu Holdings, Ltd. ADR<sup>c</sup> <br>| 1363 | 223818 |
| Hithink RoyalFlush Information Network Co., Ltd. <br> A Shares<br>| 2700 | 124626 |
|  |  | **1733564** |
| **Consumer Finance: 0.5%** | **Consumer Finance: 0.5%** | **Consumer Finance: 0.5%** |
| Qfin Holdings, Inc. ADR | 6088 | **117316** |
| **Total Financials** |  | **5845988** |
| **Consumer Discretionary: 23.7%** | **Consumer Discretionary: 23.7%** | **Consumer Discretionary: 23.7%** |
| **Broadline Retail: 14.5%** | **Broadline Retail: 14.5%** | **Broadline Retail: 14.5%** |
| Alibaba Group Holding, Ltd. | 109100 | 2001603 |
| JD.com, Inc. Class A | 47250 | 677472 |
| PDD Holdings, Inc. ADR<sup>c</sup> <br>| 5502 | 623872 |
|  |  | **3302947** |
| **Hotels, Restaurants & Leisure: 5.0%** | **Hotels, Restaurants & Leisure: 5.0%** | **Hotels, Restaurants & Leisure: 5.0%** |
| Meituan Class B<sup>a,b,c</sup> <br>| 37010 | 491184 |
| Galaxy Entertainment Group, Ltd. | 76000 | 374166 |
| Trip.com Group, Ltd. ADR | 3147 | 226301 |
| Luckin Coffee, Inc. ADR<sup>c</sup> <br>| 1653 | 55375 |
|  |  | **1147026** |
| **Household Durables: 2.3%** | **Household Durables: 2.3%** | **Household Durables: 2.3%** |
| Midea Group Co., Ltd. A Shares | 26000 | 291105 |
| Man Wah Holdings, Ltd. | 384000 | 225462 |
|  |  | **516567** |
| **Automobiles: 1.9%** | **Automobiles: 1.9%** | **Automobiles: 1.9%** |
| BYD Co., Ltd. H Shares | 27300 | 334433 |
| XPeng, Inc. A Shares<sup>c</sup> <br>| 8800 | 89713 |
|  |  | **424146** |
| **Total Consumer Discretionary** |  | **5390686** |
| **Communication Services: 15.1%** | **Communication Services: 15.1%** | **Communication Services: 15.1%** |
| **Interactive Media & Services: 12.9%** | **Interactive Media & Services: 12.9%** | **Interactive Media & Services: 12.9%** |
| Tencent Holdings, Ltd. | 28900 | 2224077 |
| Kuaishou Technology<sup>a,b</sup> <br>| 49500 | 406697 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Baidu, Inc. Class A<sup>c</sup> <br>| 18250 | $308328 |
|  |  | **2939102** |
| **Entertainment: 1.2%** | **Entertainment: 1.2%** | **Entertainment: 1.2%** |
| NetEase, Inc. | 8400 | 231598 |
| Tencent Music Entertainment Group ADR | 1910 | 33482 |
|  |  | **265080** |
| **Diversified Telecommunication Services: 1.0%** | **Diversified Telecommunication Services: 1.0%** | **Diversified Telecommunication Services: 1.0%** |
| China Tower Corp., Ltd. H Shares<sup>a,b</sup> <br>| 147000 | **218323** |
| **Total Communication Services** |  | **3422505** |
| **Industrials: 10.3%** | **Industrials: 10.3%** | **Industrials: 10.3%** |
| **Electrical Equipment: 5.0%** | **Electrical Equipment: 5.0%** | **Electrical Equipment: 5.0%** |
| Contemporary Amperex Technology Co., Ltd. A <br> Shares<br>| 10800 | 568257 |
| Sungrow Power Supply Co., Ltd. A Shares | 13000 | 318558 |
| Hongfa Technology Co., Ltd. A Shares | 58600 | 255223 |
|  |  | **1142038** |
| **Machinery: 2.1%** | **Machinery: 2.1%** | **Machinery: 2.1%** |
| Yutong Bus Co., Ltd. A Shares | 55800 | 261415 |
| Neway Valve Suzhou Co., Ltd. A Shares | 30000 | 223368 |
|  |  | **484783** |
| **Ground Transportation: 1.4%** | **Ground Transportation: 1.4%** | **Ground Transportation: 1.4%** |
| DiDi Global, Inc. ADR<sup>c</sup> <br>| 61828 | **326452** |
| **Professional Services: 1.0%** | **Professional Services: 1.0%** | **Professional Services: 1.0%** |
| Kanzhun, Ltd. ADR | 10966 | **223487** |
| **Air Freight & Logistics: 0.8%** | **Air Freight & Logistics: 0.8%** | **Air Freight & Logistics: 0.8%** |
| JD Logistics, Inc.<sup>a,b,c</sup> <br>| 115900 | **170049** |
| **Total Industrials** |  | **2346809** |
| **Information Technology: 9.9%** | **Information Technology: 9.9%** | **Information Technology: 9.9%** |
| **Semiconductors & Semiconductor Equipment: 5.1%** | **Semiconductors & Semiconductor Equipment: 5.1%** | **Semiconductors & Semiconductor Equipment: 5.1%** |
| OmniVision Integrated Circuits Group, Inc. A <br> Shares<br>| 20000 | 360747 |
| Cambricon Technologies Corp., Ltd. A Shares<sup>c</sup> <br>| 1591 | 308982 |
| NAURA Technology Group Co., Ltd. A Shares | 2772 | 182318 |
| Suzhou Everbright Photonics Co., Ltd. A Shares<sup>c</sup> <br>| 9882 | 177467 |
| Xinyi Solar Holdings, Ltd. | 342000 | 130499 |
|  |  | **1160013** |
| **Communications Equipment: 2.8%** | **Communications Equipment: 2.8%** | **Communications Equipment: 2.8%** |
| Suzhou TFC Optical Communication Co., Ltd. A <br> Shares<br>| 15504 | 450974 |
| BYD Electronic International Co., Ltd. | 43000 | 185845 |
|  |  | **636819** |
| **Electronic Equipment, Instruments & Components: 2.0%** | **Electronic Equipment, Instruments & Components: 2.0%** | **Electronic Equipment, Instruments & Components: 2.0%** |
| Foxconn Industrial Internet Co., Ltd. A Shares | 40000 | 355590 |
| WUS Printed Circuit Kunshan Co., Ltd. A Shares | 9000 | 94217 |
|  |  | **449807** |
| **Total Information Technology** |  | **2246639** |

---

**12**

------

Matthews China Active ETFDecember 31, 2025

*Schedule of Investments (continued)*

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES** *(continued)* | **COMMON EQUITIES** *(continued)* | |
|  | **Shares** | <br>**Value** |
| **Materials: 5.9%** | **Materials: 5.9%** | **Materials: 5.9%** |
| **Metals & Mining: 5.1%** | **Metals & Mining: 5.1%** | **Metals & Mining: 5.1%** |
| CMOC Group, Ltd. A Shares | 146000 | $418341 |
| CMOC Group, Ltd. H Shares | 165000 | 407863 |
| MMG, Ltd.<sup>c</sup> <br>| 184000 | 207320 |
| JCHX Mining Management Co., Ltd. A Shares | 11900 | 129827 |
|  |  | **1163351** |
| **Chemicals: 0.8%** | **Chemicals: 0.8%** | **Chemicals: 0.8%** |
| Shanghai Putailai New Energy Technology Group <br> Co., Ltd. A Shares<br>| 44500 | **174304** |
| **Total Materials** |  | **1337655** |
| **Health Care: 3.7%** | **Health Care: 3.7%** | **Health Care: 3.7%** |
| **Life Sciences Tools & Services: 1.7%** | **Life Sciences Tools & Services: 1.7%** | **Life Sciences Tools & Services: 1.7%** |
| WuXi AppTec Co., Ltd. A Shares | 29800 | **386976** |
| **Biotechnology: 1.6%** | **Biotechnology: 1.6%** | **Biotechnology: 1.6%** |
| Innovent Biologics, Inc.<sup>a,b,c</sup> <br>| 35500 | **347771** |
| **Pharmaceuticals: 0.4%** | **Pharmaceuticals: 0.4%** | **Pharmaceuticals: 0.4%** |
| China Resources Sanjiu Medical & <br> Pharmaceutical Co., Ltd. A Shares<br>| 23480 | **95737** |
| **Total Health Care** |  | **830484** |
| **Real Estate: 2.7%** | **Real Estate: 2.7%** | **Real Estate: 2.7%** |
| **Real Estate Management & Development: 2.7%** | **Real Estate Management & Development: 2.7%** | **Real Estate Management & Development: 2.7%** |
| China Overseas Property Holdings, Ltd. | 185000 | 107432 |
| Longfor Group Holdings, Ltd.<sup>a,b</sup> <br>| 97500 | 107227 |
| China Resources Land, Ltd. | 28000 | 97848 |
| KE Holdings, Inc. ADR | 5479 | 86349 |
| CIFI Holdings Group Co., Ltd.<sup>c</sup> <br>| 3720000 | 76947 |
| Yuexiu Property Co., Ltd. | 151000 | 76824 |
| China Overseas Grand Oceans Group, Ltd. | 155000 | 39430 |
| Times China Holdings, Ltd.<sup>c</sup> <br>| 1260000 | 16512 |
| **Total Real Estate** |  | **608569** |
| **Energy: 1.4%** | **Energy: 1.4%** | **Energy: 1.4%** |
| **Energy Equipment & Services: 0.9%** | **Energy Equipment & Services: 0.9%** | **Energy Equipment & Services: 0.9%** |
| China Oilfield Services, Ltd. H Shares | 240000 | **215533** |
| **Oil, Gas & Consumable Fuels: 0.5%** | **Oil, Gas & Consumable Fuels: 0.5%** | **Oil, Gas & Consumable Fuels: 0.5%** |
| PetroChina Co., Ltd. H Shares | 102000 | **109817** |
| **Total Energy** |  | **325350** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Staples: 0.9%** | **Consumer Staples: 0.9%** | **Consumer Staples: 0.9%** |
| **Beverages: 0.9%** | **Beverages: 0.9%** | **Beverages: 0.9%** |
| Wuliangye Yibin Co., Ltd. A Shares | 13600 | **$206417** |
| **Total Consumer Staples** |  | **206417** |
| **TOTAL COMMON EQUITIES** | **TOTAL COMMON EQUITIES** | **22561102** |
| (Cost $19,883,315) |  |  |
| **SHORT-TERM INVESTMENTS: 0.6%** | **SHORT-TERM INVESTMENTS: 0.6%** |  |
| **Money Market Funds: 0.6%** | **Money Market Funds: 0.6%** | **Money Market Funds: 0.6%** |
| JPMorgan U.S. Government Money Market <br> Fund, Capital Shares, 3.68%<sup>d</sup> <br>| 137176 | **137176** |
| (Cost $137,176) |  |  |
| **Total Investments: 100.0%** |  | **22698278** |
| (Cost $20,020,491) |  |  |
| **CASH AND OTHER ASSETS,** <br>**LESS LIABILITIES: 0.0%**<br>|  | **6439** |
| **Net Assets: 100.0%** |  | **$22704717** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| a | &nbsp;&nbsp; Security exempt from registration under Rule 144A of the Securities Act of 1933, as <br> amended. The security may be resold in transactions exempt from registration <br> normally to qualified institutional buyers. The security has been determined to be <br> liquid in accordance with procedures adopted by the Funds' Board of Trustees. At <br> December 31, 2025, the aggregate value is $2,639,113, which is 11.62% of net <br> assets.<br>|
| b | &nbsp;&nbsp; The securities may be resold to qualified foreign investors and foreign institutional <br> buyers under Regulation S of the Securities Act of 1933.<br>|
| c | Non-income producing security. |
| d | Rate shown is the current yield as of December 31, 2025. |
| ADR | American Depositary Receipt |

---

See accompanying notes to financial statements.

**13** 

------

Matthews China Discovery Active ETFDecember 31, 2025

*Schedule of Investments*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES: 96.7%** | **COMMON EQUITIES: 96.7%** | |
|  | **Shares** | <br>**Value** |
| **Consumer Discretionary: 23.5%** | **Consumer Discretionary: 23.5%** | **Consumer Discretionary: 23.5%** |
| **Hotels, Restaurants & Leisure: 9.3%** | **Hotels, Restaurants & Leisure: 9.3%** | **Hotels, Restaurants & Leisure: 9.3%** |
| Atour Lifestyle Holdings, Ltd. ADR | 2332 | $91881 |
| Tongcheng Travel Holdings, Ltd.<sup>a</sup> <br>| 25200 | 72652 |
| DPC Dash, Ltd.<sup>b</sup> <br>| 5600 | 51550 |
| Guangzhou Xiao Noodles Catering Management <br> Co., Ltd. H Shares<sup>b</sup> <br>| 29000 | 16766 |
| Chagee Holdings, Ltd. ADR | 698 | 8118 |
|  |  | **240967** |
| **Automobile Components: 8.3%** | **Automobile Components: 8.3%** | **Automobile Components: 8.3%** |
| Minth Group, Ltd. | 24000 | 97807 |
| Zhejiang Shuanghuan Driveline Co., Ltd. A Shares | 12500 | 84904 |
| CALB Group Co., Ltd.<sup>a,b,c</sup> <br>| 10600 | 34210 |
|  |  | **216921** |
| **Textiles, Apparel & Luxury Goods: 3.7%** | **Textiles, Apparel & Luxury Goods: 3.7%** | **Textiles, Apparel & Luxury Goods: 3.7%** |
| Crystal International Group, Ltd.<sup>a,c</sup> <br>| 63000 | 54230 |
| Xtep International Holdings, Ltd. | 37000 | 25242 |
| Samsonite Group SA<sup>a,c</sup> <br>| 6900 | 17641 |
|  |  | **97113** |
| **Household Durables: 2.2%** | **Household Durables: 2.2%** | **Household Durables: 2.2%** |
| Hisense Home Appliances Group Co., Ltd. H Shares | 11000 | 32759 |
| Jason Furniture Hangzhou Co., Ltd. A Shares | 5700 | 25103 |
|  |  | **57862** |
| **Total Consumer Discretionary** |  | **612863** |
| **Industrials: 21.0%** | **Industrials: 21.0%** | **Industrials: 21.0%** |
| **Electrical Equipment: 10.3%** | **Electrical Equipment: 10.3%** | **Electrical Equipment: 10.3%** |
| Hongfa Technology Co., Ltd. A Shares | 13860 | 60365 |
| Hongfa Technology Co., Ltd. A Shares | 13160 | 57249 |
| Time Interconnect Technology, Ltd. | 25000 | 54635 |
| Shenzhen Megmeet Electrical Co., Ltd. A Shares | 3500 | 45164 |
| Xuji Electric Co., Ltd. A Shares | 8200 | 30204 |
| Kehua Data Co., Ltd. A Shares | 2700 | 21480 |
|  |  | **269097** |
| **Commercial Services & Supplies: 2.3%** | **Commercial Services & Supplies: 2.3%** | **Commercial Services & Supplies: 2.3%** |
| China Everbright Environment Group, Ltd. | 95000 | **58829** |
| **Marine Transportation: 2.2%** | **Marine Transportation: 2.2%** | **Marine Transportation: 2.2%** |
| SITC International Holdings Co., Ltd. | 16000 | **57270** |
| **Machinery: 1.9%** | **Machinery: 1.9%** | **Machinery: 1.9%** |
| China Yuchai International, Ltd. | 875 | 31062 |
| Precision Tsugami China Corp., Ltd.<sup>a</sup> <br>| 4000 | 17278 |
|  |  | **48340** |
| **Construction & Engineering: 1.7%** | **Construction & Engineering: 1.7%** | **Construction & Engineering: 1.7%** |
| Sinopec Engineering Group Co., Ltd. H Shares | 44500 | **43794** |
| **Ground Transportation: 1.4%** | **Ground Transportation: 1.4%** | **Ground Transportation: 1.4%** |
| Full Truck Alliance Co., Ltd. ADR | 3519 | **37759** |
| **Professional Services: 1.2%** | **Professional Services: 1.2%** | **Professional Services: 1.2%** |
| Kanzhun, Ltd. ADR | 1507 | **30713** |
| **Total Industrials** |  | **545802** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology: 20.9%** | **Information Technology: 20.9%** | **Information Technology: 20.9%** |
| **Electronic Equipment, Instruments & Components: 10.1%** | **Electronic Equipment, Instruments & Components: 10.1%** | **Electronic Equipment, Instruments & Components: 10.1%** |
| Wasion Holdings, Ltd. | 46000 | $101533 |
| Kingboard Laminates Holdings, Ltd. | 32000 | 54227 |
| FIT Hon Teng, Ltd.<sup>a,b,c</sup> <br>| 69000 | 43881 |
| Xiamen Faratronic Co., Ltd. A Shares | 2800 | 42101 |
| Karrie International Holdings, Ltd. | 70000 | 21764 |
|  |  | **263506** |
| **Semiconductors & Semiconductor Equipment: 7.1%** | **Semiconductors & Semiconductor Equipment: 7.1%** | **Semiconductors & Semiconductor Equipment: 7.1%** |
| ACM Research, Inc. Class A<sup>b</sup> <br>| 2724 | 107462 |
| WIN Semiconductors Corp. | 7000 | 40770 |
| Jiangsu Leadmicro Nano Technology Co., Ltd. A <br> Shares<br>| 4136 | 37206 |
|  |  | **185438** |
| **Software: 2.8%** | **Software: 2.8%** | **Software: 2.8%** |
| Kingdee International Software Group Co., Ltd.<sup>b</sup> <br>| 16000 | 27319 |
| ZWSOFT Co., Ltd. Guangzhou A Shares | 2689 | 26239 |
| Tuya, Inc. ADR | 8553 | 18047 |
|  |  | **71605** |
| **IT Services: 0.9%** | **IT Services: 0.9%** | **IT Services: 0.9%** |
| SUNeVision Holdings, Ltd. | 39000 | **23049** |
| **Total Information Technology** |  | **543598** |
| **Health Care: 5.9%** | **Health Care: 5.9%** | **Health Care: 5.9%** |
| **Health Care Equipment & Supplies: 2.9%** | **Health Care Equipment & Supplies: 2.9%** | **Health Care Equipment & Supplies: 2.9%** |
| Shanghai Conant Optical Co., Ltd. H Shares | 5100 | 35383 |
| AK Medical Holdings, Ltd.<sup>a,c</sup> <br>| 34000 | 24899 |
| Microport Scientific Corp.<sup>b</sup> <br>| 11600 | 16125 |
|  |  | **76407** |
| **Pharmaceuticals: 2.5%** | **Pharmaceuticals: 2.5%** | **Pharmaceuticals: 2.5%** |
| HUTCHMED China, Ltd.<sup>b</sup> <br>| 14500 | 38413 |
| Grand Pharmaceutical Group, Ltd. | 25500 | 25718 |
|  |  | **64131** |
| **Health Care Technology: 0.5%** | **Health Care Technology: 0.5%** | **Health Care Technology: 0.5%** |
| Medlive Technology Co., Ltd.<sup>a,c</sup> <br>| 10000 | **12462** |
| **Total Health Care** |  | **153000** |
| **Communication Services: 5.2%** | **Communication Services: 5.2%** | **Communication Services: 5.2%** |
| **Entertainment: 4.5%** | **Entertainment: 4.5%** | **Entertainment: 4.5%** |
| NetEase Cloud Music, Inc.<sup>a,b,c</sup> <br>| 3000 | 71690 |
| Damai Entertainment Holdings, Ltd.<sup>b</sup> <br>| 370000 | 45160 |
|  |  | **116850** |
| **Interactive Media & Services: 0.7%** | **Interactive Media & Services: 0.7%** | **Interactive Media & Services: 0.7%** |
| Meitu, Inc.<sup>a,c</sup> <br>| 21000 | **18886** |
| **Total Communication Services** |  | **135736** |
| **Consumer Staples: 4.8%** | **Consumer Staples: 4.8%** | **Consumer Staples: 4.8%** |
| **Beverages: 1.9%** | **Beverages: 1.9%** | **Beverages: 1.9%** |
| Anhui Yingjia Distillery Co., Ltd. A Shares | 4800 | 27205 |
| Beijing Yanjing Brewery Co., Ltd. A Shares | 15000 | 24133 |
|  |  | **51338** |

---

**14**

------

Matthews China Discovery Active ETFDecember 31, 2025

*Schedule of Investments (continued)*

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES** *(continued)* | **COMMON EQUITIES** *(continued)* | |
|  | **Shares** | <br>**Value** |
| **Personal Care Products: 1.0%** | **Personal Care Products: 1.0%** | **Personal Care Products: 1.0%** |
| Giant Biogene Holding Co., Ltd.<sup>a,c</sup> <br>| 6000 | **$25654** |
| **Consumer Staples Distribution & Retail: 1.0%** | **Consumer Staples Distribution & Retail: 1.0%** | **Consumer Staples Distribution & Retail: 1.0%** |
| Yifeng Pharmacy Chain Co., Ltd. A Shares | 8200 | **25517** |
| **Food Products: 0.9%** | **Food Products: 0.9%** | **Food Products: 0.9%** |
| Anjoy Foods Group Co., Ltd. H Shares | 2700 | **22947** |
| **Total Consumer Staples** |  | **125456** |
| **Energy: 4.7%** | **Energy: 4.7%** | **Energy: 4.7%** |
| **Energy Equipment & Services: 4.7%** | **Energy Equipment & Services: 4.7%** | **Energy Equipment & Services: 4.7%** |
| Yantai Jereh Oilfield Services Group Co., Ltd. A <br> Shares<br>| 12100 | **122786** |
| **Total Energy** |  | **122786** |
| **Materials: 4.2%** | **Materials: 4.2%** | **Materials: 4.2%** |
| **Chemicals: 2.8%** | **Chemicals: 2.8%** | **Chemicals: 2.8%** |
| Sunresin New Materials Co., Ltd. A Shares | 6400 | 56620 |
| Dongyue Group, Ltd. | 11000 | 15291 |
|  |  | **71911** |
| **Metals & Mining: 1.4%** | **Metals & Mining: 1.4%** | **Metals & Mining: 1.4%** |
| MMG, Ltd.<sup>b</sup> <br>| 32800 | **36957** |
| **Total Materials** |  | **108868** |
| **Real Estate: 3.3%** | **Real Estate: 3.3%** | **Real Estate: 3.3%** |
| **Real Estate Management & Development: 3.3%** | **Real Estate Management & Development: 3.3%** | **Real Estate Management & Development: 3.3%** |
| China Overseas Property Holdings, Ltd. | 65000 | 37746 |
| Greentown China Holdings, Ltd. | 24000 | 26117 |
| Yuexiu Property Co., Ltd. | 42000 | 21368 |
| **Total Real Estate** |  | **85231** |
| **Utilities: 2.0%** | **Utilities: 2.0%** | **Utilities: 2.0%** |
| **Gas Utilities: 2.0%** | **Gas Utilities: 2.0%** | **Gas Utilities: 2.0%** |
| ENN Natural Gas Co., Ltd. A Shares | 17200 | **51157** |
| **Total Utilities** |  | **51157** |
| **Financials: 1.2%** | **Financials: 1.2%** | **Financials: 1.2%** |
| **Financial Services: 1.2%** | **Financial Services: 1.2%** | **Financial Services: 1.2%** |
| China Development Bank Financial Leasing Co., Ltd. <br> H Shares<sup>a,c</sup> <br>| 140000 | **30937** |
| **Total Financials** |  | **30937** |
| **TOTAL COMMON EQUITIES** | **TOTAL COMMON EQUITIES** | **2515434** |
| (Cost $1,952,366) |  |  |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS: 3.0%** | **SHORT-TERM INVESTMENTS: 3.0%** | |
|  | **Shares** | <br>**Value** |
| **Money Market Funds: 3.0%** | **Money Market Funds: 3.0%** | **Money Market Funds: 3.0%** |
| JPMorgan U.S. Government Money Market Fund, <br> Capital Shares, 3.68%<sup>d</sup> <br>| 79512 | **$79512** |
| (Cost $79,512) |  |  |
| **Total Investments: 99.7%** |  | **2594946** |
| (Cost $2,031,878) |  |  |
| **CASH AND OTHER ASSETS,** <br>**LESS LIABILITIES: 0.3%**<br>|  | **7339** |
| **Net Assets: 100.0%** |  | **$2602285** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| a | &nbsp;&nbsp; The securities may be resold to qualified foreign investors and foreign institutional <br> buyers under Regulation S of the Securities Act of 1933.<br>|
| b | Non-income producing security. |
| c | &nbsp;&nbsp; Security exempt from registration under Rule 144A of the Securities Act of 1933, as <br> amended. The security may be resold in transactions exempt from registration <br> normally to qualified institutional buyers. The security has been determined to be <br> liquid in accordance with procedures adopted by the Funds' Board of Trustees. At <br> December 31, 2025, the aggregate value is $334,490, which is 12.85% of net <br> assets.<br>|
| d | Rate shown is the current yield as of December 31, 2025. |
| ADR | American Depositary Receipt |

---

See accompanying notes to financial statements.

**15** 

------

Matthews India Active ETFDecember 31, 2025

*Schedule of Investments*<sup>a</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES: 103.1%** | **COMMON EQUITIES: 103.1%** | |
|  | **Shares** | <br>**Value** |
| **Financials: 34.4%** | **Financials: 34.4%** | **Financials: 34.4%** |
| **Banks: 21.0%** | **Banks: 21.0%** | **Banks: 21.0%** |
| HDFC Bank, Ltd. | 70002 | $771990 |
| ICICI Bank, Ltd. | 33428 | 499452 |
| State Bank of India | 27727 | 303000 |
| Axis Bank, Ltd. | 11216 | 158408 |
| Kotak Mahindra Bank, Ltd. | 5362 | 131313 |
| Federal Bank, Ltd. | 28879 | 85821 |
| Canara Bank | 19538 | 33674 |
| HDFC Bank, Ltd. ADR | 900 | 32886 |
| IDFC First Bank, Ltd. | 10142 | 9660 |
|  |  | **2026204** |
| **Consumer Finance: 9.7%** | **Consumer Finance: 9.7%** | **Consumer Finance: 9.7%** |
| Bajaj Finance, Ltd. | 38960 | 427748 |
| Shriram Finance, Ltd. | 35112 | 389173 |
| Cholamandalam Investment and Finance Co., Ltd. | 5103 | 96644 |
| SBI Cards & Payment Services, Ltd. | 2529 | 24246 |
|  |  | **937811** |
| **Insurance: 2.7%** | **Insurance: 2.7%** | **Insurance: 2.7%** |
| Max Financial Services, Ltd.<sup>b</sup> <br>| 8509 | 158271 |
| ICICI Lombard General Insurance Co., Ltd.<sup>c,d</sup> <br>| 2825 | 61671 |
| PB Fintech, Ltd.<sup>b</sup> <br>| 1219 | 24760 |
| Star Health & Allied Insurance Co., Ltd.<sup>b</sup> <br>| 2849 | 14423 |
|  |  | **259125** |
| **Capital Markets: 1.0%** | **Capital Markets: 1.0%** | **Capital Markets: 1.0%** |
| Nippon Life India Asset Management, Ltd.<sup>c,d</sup> <br>| 6789 | 66444 |
| 360 ONE WAM, Ltd. | 1931 | 25566 |
|  |  | **92010** |
| **Total Financials** |  | **3315150** |
| **Consumer Discretionary: 29.0%** | **Consumer Discretionary: 29.0%** | **Consumer Discretionary: 29.0%** |
| **Hotels, Restaurants & Leisure: 12.8%** | **Hotels, Restaurants & Leisure: 12.8%** | **Hotels, Restaurants & Leisure: 12.8%** |
| Eternal, Ltd.<sup>b</sup> <br>| 194227 | 600859 |
| Swiggy, Ltd.<sup>b</sup> <br>| 106975 | 459717 |
| Le Travenues Technology, Ltd.<sup>b,d</sup> <br>| 60229 | 170844 |
|  |  | **1231420** |
| **Automobiles: 7.4%** | **Automobiles: 7.4%** | **Automobiles: 7.4%** |
| Mahindra & Mahindra, Ltd. | 7169 | 295855 |
| Eicher Motors, Ltd. | 2057 | 167355 |
| TVS Motor Co., Ltd. | 3539 | 146467 |
| Maruti Suzuki India, Ltd. | 560 | 104032 |
|  |  | **713709** |
| **Specialty Retail: 5.4%** | **Specialty Retail: 5.4%** | **Specialty Retail: 5.4%** |
| Thanga Mayil Jewellery, Ltd. | 12941 | 463924 |
| Lenskart Solutions, Ltd.<sup>b</sup> <br>| 10804 | 54177 |
|  |  | **518101** |
| **Textiles, Apparel & Luxury Goods: 2.9%** | **Textiles, Apparel & Luxury Goods: 2.9%** | **Textiles, Apparel & Luxury Goods: 2.9%** |
| Campus Activewear, Ltd. | 65853 | 191926 |
| Titan Co., Ltd. | 1892 | 85286 |
|  |  | **277212** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Household Durables: 0.5%** | **Household Durables: 0.5%** | **Household Durables: 0.5%** |
| Crompton Greaves Consumer Electricals, Ltd. | 16725 | **$46939** |
| **Total Consumer Discretionary** |  | **2787381** |
| **Information Technology: 9.8%** | **Information Technology: 9.8%** | **Information Technology: 9.8%** |
| **IT Services: 7.4%** | **IT Services: 7.4%** | **IT Services: 7.4%** |
| Infosys, Ltd. | 19517 | 350778 |
| Persistent Systems, Ltd. | 1880 | 131191 |
| LTIMindtree, Ltd.<sup>c,d</sup> <br>| 1357 | 91547 |
| Coforge, Ltd. | 4731 | 87536 |
| Tata Consultancy Services, Ltd. | 1430 | 51011 |
|  |  | **712063** |
| **Software: 1.3%** | **Software: 1.3%** | **Software: 1.3%** |
| AurionPro Solutions, Ltd. | 6123 | 70557 |
| Capillary Technologies India, Ltd.<sup>b</sup> <br>| 7362 | 55137 |
|  |  | **125694** |
| **Electronic Equipment, Instruments & Components: 1.1%** | **Electronic Equipment, Instruments & Components: 1.1%** | **Electronic Equipment, Instruments & Components: 1.1%** |
| Avalon Technologies, Ltd.<sup>b,c,d</sup> <br>| 10823 | **105835** |
| **Total Information Technology** |  | **943592** |
| **Health Care: 7.9%** | **Health Care: 7.9%** | **Health Care: 7.9%** |
| **Pharmaceuticals: 5.1%** | **Pharmaceuticals: 5.1%** | **Pharmaceuticals: 5.1%** |
| Neuland Laboratories, Ltd. | 1459 | 246334 |
| Amrutanjan Health Care, Ltd. | 15273 | 113605 |
| Lupin, Ltd. | 2218 | 52057 |
| Sun Pharmaceutical Industries, Ltd. | 2670 | 51086 |
| Aether Industries, Ltd.<sup>b</sup> <br>| 2554 | 24441 |
|  |  | **487523** |
| **Health Care Providers & Services: 1.5%** | **Health Care Providers & Services: 1.5%** | **Health Care Providers & Services: 1.5%** |
| Metropolis Healthcare, Ltd.<sup>c,d</sup> <br>| 5447 | 116898 |
| Yatharth Hospital & Trauma Care Services, Ltd.<sup>b,d</sup> <br>| 4407 | 33447 |
|  |  | **150345** |
| **Life Sciences Tools & Services: 0.7%** | **Life Sciences Tools & Services: 0.7%** | **Life Sciences Tools & Services: 0.7%** |
| Divi's Laboratories, Ltd. | 621 | 44168 |
| Anthem Biosciences, Ltd.<sup>b</sup> <br>| 3395 | 24609 |
|  |  | **68777** |
| **Health Care Technology: 0.6%** | **Health Care Technology: 0.6%** | **Health Care Technology: 0.6%** |
| Inventurus Knowledge Solutions, Ltd.<sup>b</sup> <br>| 3063 | **56496** |
| **Total Health Care** |  | **763141** |
| **Consumer Staples: 7.2%** | **Consumer Staples: 7.2%** | **Consumer Staples: 7.2%** |
| **Food Products: 3.5%** | **Food Products: 3.5%** | **Food Products: 3.5%** |
| Marico, Ltd. | 25364 | 211819 |
| Tata Consumer Products, Ltd. | 8954 | 118750 |
| Kwality Wall's India, Ltd.<sup>e</sup> <br>| 6990 | 2971 |
|  |  | **333540** |
| **Personal Care Products: 2.5%** | **Personal Care Products: 2.5%** | **Personal Care Products: 2.5%** |
| Hindustan Unilever, Ltd. | 6990 | 180110 |
| Godrej Consumer Products, Ltd. | 4865 | 66155 |
|  |  | **246265** |
| **Tobacco: 0.7%** | **Tobacco: 0.7%** | **Tobacco: 0.7%** |
| ITC, Ltd. | 15380 | **68961** |

---

**16**

------

Matthews India Active ETFDecember 31, 2025

*Schedule of Investments*<sup>a</sup> *(continued)*

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES** *(continued)* | **COMMON EQUITIES** *(continued)* | |
|  | **Shares** | <br>**Value** |
| **Beverages: 0.5%** | **Beverages: 0.5%** | **Beverages: 0.5%** |
| Varun Beverages, Ltd. | 8661 | **$47203** |
| **Total Consumer Staples** |  | **695969** |
| **Industrials: 4.3%** | **Industrials: 4.3%** | **Industrials: 4.3%** |
| **Professional Services: 1.4%** | **Professional Services: 1.4%** | **Professional Services: 1.4%** |
| Latent View Analytics, Ltd.<sup>b</sup> <br>| 26518 | **135335** |
| **Passenger Airlines: 1.0%** | **Passenger Airlines: 1.0%** | **Passenger Airlines: 1.0%** |
| InterGlobe Aviation, Ltd.<sup>c,d</sup> <br>| 1722 | **96935** |
| **Machinery: 0.7%** | **Machinery: 0.7%** | **Machinery: 0.7%** |
| Jyoti CNC Automation, Ltd.<sup>b,d</sup> <br>| 3145 | 34617 |
| Cummins India, Ltd. | 693 | 34190 |
|  |  | **68807** |
| **Air Freight & Logistics: 0.6%** | **Air Freight & Logistics: 0.6%** | **Air Freight & Logistics: 0.6%** |
| Delhivery, Ltd.<sup>b</sup> <br>| 13229 | **59441** |
| **Electrical Equipment: 0.6%** | **Electrical Equipment: 0.6%** | **Electrical Equipment: 0.6%** |
| Bharat Heavy Electricals, Ltd. | 16046 | **51318** |
| **Total Industrials** |  | **411836** |
| **Energy: 3.8%** | **Energy: 3.8%** | **Energy: 3.8%** |
| **Oil, Gas & Consumable Fuels: 3.8%** | **Oil, Gas & Consumable Fuels: 3.8%** | **Oil, Gas & Consumable Fuels: 3.8%** |
| Reliance Industries, Ltd. | 20833 | **364001** |
| **Total Energy** |  | **364001** |
| **Communication Services: 3.5%** | **Communication Services: 3.5%** | **Communication Services: 3.5%** |
| **Wireless Telecommunication Services: 3.5%** | **Wireless Telecommunication Services: 3.5%** | **Wireless Telecommunication Services: 3.5%** |
| Bharti Airtel, Ltd. | 14122 | **330835** |
| **Total Communication Services** |  | **330835** |
| **Materials: 3.2%** | **Materials: 3.2%** | **Materials: 3.2%** |
| **Metals & Mining: 1.4%** | **Metals & Mining: 1.4%** | **Metals & Mining: 1.4%** |
| Mishra Dhatu Nigam, Ltd.<sup>c,d</sup> <br>| 20868 | 79742 |
| Shivalik Bimetal Controls, Ltd. | 12047 | 57595 |
|  |  | **137337** |
| **Construction Materials: 1.2%** | **Construction Materials: 1.2%** | **Construction Materials: 1.2%** |
| UltraTech Cement, Ltd. | 882 | **115638** |
| **Chemicals: 0.6%** | **Chemicals: 0.6%** | **Chemicals: 0.6%** |
| Navin Fluorine International, Ltd. | 522 | 34382 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Neogen Chemicals, Ltd. | 1829 | $24098 |
|  |  | **58480** |
| **Total Materials** |  | **311455** |
| **TOTAL COMMON EQUITIES** | **TOTAL COMMON EQUITIES** | **9923360** |
| (Cost $8,112,941) |  |  |
| **PREFERRED EQUITIES: 0.0%** | **PREFERRED EQUITIES: 0.0%** |  |
| **Consumer Discretionary: 0.0%** | **Consumer Discretionary: 0.0%** | **Consumer Discretionary: 0.0%** |
| **Automobiles: 0.0%** | **Automobiles: 0.0%** | **Automobiles: 0.0%** |
| TVS Motor Co., Ltd., Pfd.<sup>b,e</sup> <br>| 17180 | **2102** |
| **Total Consumer Discretionary** |  | **2102** |
| **TOTAL PREFERRED EQUITIES** | **TOTAL PREFERRED EQUITIES** | **2102** |
| (Cost $0) |  |  |
| **Total Investments: 103.1%** |  | **9925462** |
| (Cost $8,112,941) |  |  |
| **LIABILITIES IN EXCESS OF CASH** <br>**AND OTHER ASSETS: (3.1%)**<br>|  | **(296149)**<br>|
| **Net Assets: 100.0%** |  | **$9629313** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| a | &nbsp;&nbsp; Certain securities were fair valued under the valuation policies approved by the <br> Board of Trustees (Note 2-A).<br>|
| b | Non-income producing security. |
| c | &nbsp;&nbsp; Security exempt from registration under Rule 144A of the Securities Act of 1933, as <br> amended. The security may be resold in transactions exempt from registration <br> normally to qualified institutional buyers. The security has been determined to be <br> liquid in accordance with procedures adopted by the Funds' Board of Trustees. At <br> December 31, 2025, the aggregate value is $619,072, which is 6.43% of net assets.<br>|
| d | &nbsp;&nbsp; The securities may be resold to qualified foreign investors and foreign institutional <br> buyers under Regulation S of the Securities Act of 1933.<br>|
| e | &nbsp;&nbsp; Security is valued using significant unobservable inputs and is classified as Level 3 in <br> the fair value hierarchy. The aggregate value of Level 3 security is $5,073 and 0.05% <br> of net assets.<br>|
| ADR | American Depositary Receipt |
| Pfd. | Preferred |

---

See accompanying notes to financial statements.

**17** 

------

Matthews Japan Active ETFDecember 31, 2025

*Schedule of Investments*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES: 99.4%** | **COMMON EQUITIES: 99.4%** | |
|  | **Shares** | <br>**Value** |
| **Industrials: 28.3%** | **Industrials: 28.3%** | **Industrials: 28.3%** |
| **Industrial Conglomerates: 6.1%** | **Industrial Conglomerates: 6.1%** | **Industrial Conglomerates: 6.1%** |
| Hitachi, Ltd. | 8500 | $265826 |
| Hikari Tsushin, Inc. | 300 | 83735 |
|  |  | **349561** |
| **Trading Companies & Distributors: 5.7%** | **Trading Companies & Distributors: 5.7%** | **Trading Companies & Distributors: 5.7%** |
| Marubeni Corp. | 6100 | 169405 |
| Sumitomo Corp. | 4500 | 155373 |
|  |  | **324778** |
| **Construction & Engineering: 4.0%** | **Construction & Engineering: 4.0%** | **Construction & Engineering: 4.0%** |
| Kajima Corp. | 3400 | 126568 |
| Kinden Corp. | 2400 | 104011 |
|  |  | **230579** |
| **Electrical Equipment: 3.9%** | **Electrical Equipment: 3.9%** | **Electrical Equipment: 3.9%** |
| Fuji Electric Co., Ltd. | 1500 | 113401 |
| Mitsubishi Electric Corp. | 3800 | 111155 |
|  |  | **224556** |
| **Machinery: 2.7%** | **Machinery: 2.7%** | **Machinery: 2.7%** |
| Kawasaki Heavy Industries, Ltd. | 1400 | 92711 |
| Fuji Corp. | 2600 | 60395 |
|  |  | **153106** |
| **Ground Transportation: 2.5%** | **Ground Transportation: 2.5%** | **Ground Transportation: 2.5%** |
| East Japan Railway Co. | 5500 | **144987** |
| **Professional Services: 2.4%** | **Professional Services: 2.4%** | **Professional Services: 2.4%** |
| Recruit Holdings Co., Ltd. | 2400 | **135461** |
| **Building Products: 1.0%** | **Building Products: 1.0%** | **Building Products: 1.0%** |
| Sanwa Holdings Corp. | 2100 | **54649** |
| **Total Industrials** |  | **1617677** |
| **Consumer Discretionary: 20.6%** | **Consumer Discretionary: 20.6%** | **Consumer Discretionary: 20.6%** |
| **Household Durables: 6.7%** | **Household Durables: 6.7%** | **Household Durables: 6.7%** |
| Sony Group Corp. | 12600 | 323470 |
| Panasonic Holdings Corp. | 4600 | 59384 |
|  |  | **382854** |
| **Automobiles: 4.4%** | **Automobiles: 4.4%** | **Automobiles: 4.4%** |
| Toyota Motor Corp. | 8300 | 177708 |
| Isuzu Motors, Ltd. | 4800 | 74705 |
|  |  | **252413** |
| **Automobile Components: 4.1%** | **Automobile Components: 4.1%** | **Automobile Components: 4.1%** |
| Sumitomo Electric Industries, Ltd. | 2200 | 88775 |
| Yokohama Rubber Co., Ltd. | 2200 | 84452 |
| GS Yuasa Corp. | 2600 | 62203 |
|  |  | **235430** |
| **Specialty Retail: 3.4%** | **Specialty Retail: 3.4%** | **Specialty Retail: 3.4%** |
| Fast Retailing Co., Ltd. | 400 | 145306 |
| Sanrio Co., Ltd. | 1500 | 47054 |
|  |  | **192360** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Textiles, Apparel & Luxury Goods: 2.0%** | **Textiles, Apparel & Luxury Goods: 2.0%** | **Textiles, Apparel & Luxury Goods: 2.0%** |
| Asics Corp. | 4800 | **$114989** |
| **Total Consumer Discretionary** |  | **1178046** |
| **Financials: 17.5%** | **Financials: 17.5%** | **Financials: 17.5%** |
| **Banks: 11.3%** | **Banks: 11.3%** | **Banks: 11.3%** |
| Mitsubishi UFJ Financial Group, Inc. | 17700 | 281515 |
| Sumitomo Mitsui Financial Group, Inc. | 7000 | 225124 |
| Shizuoka Financial Group, Inc. | 5000 | 77578 |
| SBI Shinsei Bank, Ltd.<sup>a</sup> <br>| 5700 | 63275 |
|  |  | **647492** |
| **Financial Services: 3.7%** | **Financial Services: 3.7%** | **Financial Services: 3.7%** |
| ORIX Corp. | 5900 | 171416 |
| NS Group, Inc. | 4500 | 38441 |
|  |  | **209857** |
| **Insurance: 2.5%** | **Insurance: 2.5%** | **Insurance: 2.5%** |
| Tokio Marine Holdings, Inc. | 3800 | **141023** |
| **Total Financials** |  | **998372** |
| **Information Technology: 14.6%** | **Information Technology: 14.6%** | **Information Technology: 14.6%** |
| **Semiconductors & Semiconductor Equipment: 5.8%** | **Semiconductors & Semiconductor Equipment: 5.8%** | **Semiconductors & Semiconductor Equipment: 5.8%** |
| Tokyo Electron, Ltd. | 1100 | 240850 |
| Renesas Electronics Corp. | 6700 | 91473 |
|  |  | **332323** |
| **IT Services: 5.5%** | **IT Services: 5.5%** | **IT Services: 5.5%** |
| NEC Corp. | 4900 | 165995 |
| Fujitsu, Ltd. | 5400 | 149138 |
|  |  | **315133** |
| **Electronic Equipment, Instruments & Components: 3.3%** | **Electronic Equipment, Instruments & Components: 3.3%** | **Electronic Equipment, Instruments & Components: 3.3%** |
| TDK Corp. | 8300 | 117078 |
| Anritsu Corp. | 5000 | 71597 |
|  |  | **188675** |
| **Total Information Technology** |  | **836131** |
| **Communication Services: 4.1%** | **Communication Services: 4.1%** | **Communication Services: 4.1%** |
| **Entertainment: 3.3%** | **Entertainment: 3.3%** | **Entertainment: 3.3%** |
| Nintendo Co., Ltd. | 1900 | 128428 |
| Capcom Co., Ltd. | 2500 | 58232 |
|  |  | **186660** |
| **Wireless Telecommunication Services: 0.8%** | **Wireless Telecommunication Services: 0.8%** | **Wireless Telecommunication Services: 0.8%** |
| SoftBank Group Corp. | 1600 | **44914** |
| **Total Communication Services** |  | **231574** |
| **Materials: 4.0%** | **Materials: 4.0%** | **Materials: 4.0%** |
| **Chemicals: 4.0%** | **Chemicals: 4.0%** | **Chemicals: 4.0%** |
| Shin-Etsu Chemical Co., Ltd. | 4000 | 124355 |
| Resonac Holdings Corp. | 1300 | 54125 |
| Osaka Soda Co., Ltd. | 3600 | 49747 |
| **Total Materials** |  | **228227** |
| **Real Estate: 4.0%** | **Real Estate: 4.0%** | **Real Estate: 4.0%** |
| **Real Estate Management & Development: 4.0%** | **Real Estate Management & Development: 4.0%** | **Real Estate Management & Development: 4.0%** |
| Sumitomo Realty & Development Co., Ltd. | 4800 | 120409 |

---

**18**

------

Matthews Japan Active ETFDecember 31, 2025

*Schedule of Investments (continued)*

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES** *(continued)* | **COMMON EQUITIES** *(continued)* | |
|  | **Shares** | <br>**Value** |
| Mitsui Fudosan Co., Ltd. | 9400 | $106777 |
| **Total Real Estate** |  | **227186** |
| **Health Care: 3.6%** | **Health Care: 3.6%** | **Health Care: 3.6%** |
| **Pharmaceuticals: 1.8%** | **Pharmaceuticals: 1.8%** | **Pharmaceuticals: 1.8%** |
| Sawai Group Holdings Co., Ltd. | 3600 | 54180 |
| Astellas Pharma, Inc. | 3800 | 50741 |
|  |  | **104921** |
| **Health Care Equipment & Supplies: 1.8%** | **Health Care Equipment & Supplies: 1.8%** | **Health Care Equipment & Supplies: 1.8%** |
| Terumo Corp. | 6900 | **99926** |
| **Total Health Care** |  | **204847** |
| **Consumer Staples: 2.7%** | **Consumer Staples: 2.7%** | **Consumer Staples: 2.7%** |
| **Personal Care Products: 1.8%** | **Personal Care Products: 1.8%** | **Personal Care Products: 1.8%** |
| Kao Corp. | 2600 | **103854** |
| **Beverages: 0.9%** | **Beverages: 0.9%** | **Beverages: 0.9%** |
| Asahi Group Holdings, Ltd. | 5100 | **53344** |
| **Total Consumer Staples** |  | **157198** |
| **TOTAL COMMON EQUITIES** | **TOTAL COMMON EQUITIES** | **5679258** |
| (Cost $4,699,919) |  |  |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS: 0.7%** | **SHORT-TERM INVESTMENTS: 0.7%** | |
|  | **Shares** | <br>**Value** |
| **Money Market Funds: 0.7%** | **Money Market Funds: 0.7%** | **Money Market Funds: 0.7%** |
| JPMorgan U.S. Government Money Market Fund, <br> Capital Shares, 3.68%<sup>b</sup> <br>| 38787 | **$38787** |
| (Cost $38,787) |  |  |
| **Total Investments: 100.1%** |  | **5718045** |
| (Cost $4,738,706) |  |  |
| **LIABILITIES IN EXCESS OF CASH** <br>**AND OTHER ASSETS: (0.1%)**<br>|  | **(4096)**<br>|
| **Net Assets: 100.0%** |  | **$5713949** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

a Non-income producing security. <br> b Rate shown is the current yield as of December 31, 2025.

See accompanying notes to financial statements.

**19** 

------

Matthews Korea Active ETFDecember 31, 2025

*Schedule of Investments*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES: 91.9%** | **COMMON EQUITIES: 91.9%** | |
|  | **Shares** | <br>**Value** |
| **Information Technology: 35.6%** | **Information Technology: 35.6%** | **Information Technology: 35.6%** |
| **Technology Hardware, Storage & Peripherals: 18.4%** | **Technology Hardware, Storage & Peripherals: 18.4%** | **Technology Hardware, Storage & Peripherals: 18.4%** |
| Samsung Electronics Co., Ltd. | 161333 | **$13428084** |
| **Semiconductors & Semiconductor Equipment: 10.1%** | **Semiconductors & Semiconductor Equipment: 10.1%** | **Semiconductors & Semiconductor Equipment: 10.1%** |
| SK Hynix, Inc. | 7429 | 3357245 |
| LEENO Industrial, Inc. | 39879 | 1669296 |
| PSK, Inc. | 46342 | 1187060 |
| Wonik IPS Co., Ltd. | 24233 | 1142217 |
|  |  | **7355818** |
| **Electronic Equipment, Instruments & Components: 7.1%** | **Electronic Equipment, Instruments & Components: 7.1%** | **Electronic Equipment, Instruments & Components: 7.1%** |
| Samsung Electro-Mechanics Co., Ltd. | 10222 | 1809455 |
| Samsung SDI Co., Ltd. | 6467 | 1209855 |
| IsuPetasys Co., Ltd. | 13474 | 1114922 |
| Park Systems Corp. | 7039 | 1021242 |
|  |  | **5155474** |
| **Total Information Technology** |  | **25939376** |
| **Industrials: 22.7%** | **Industrials: 22.7%** | **Industrials: 22.7%** |
| **Industrial Conglomerates: 8.0%** | **Industrial Conglomerates: 8.0%** | **Industrial Conglomerates: 8.0%** |
| SK Square Co., Ltd.<sup>a</sup> <br>| 13412 | 3426203 |
| Samsung C&T Corp. | 11320 | 1882017 |
| Hanwha Corp. | 9293 | 526402 |
|  |  | **5834622** |
| **Machinery: 5.3%** | **Machinery: 5.3%** | **Machinery: 5.3%** |
| HD Korea Shipbuilding & Offshore Engineering <br> Co., Ltd.<br>| 4852 | 1370840 |
| HD Hyundai Heavy Industries Co., Ltd. | 3811 | 1346568 |
| Hyundai Rotem Co., Ltd. | 8863 | 1156057 |
|  |  | **3873465** |
| **Electrical Equipment: 3.5%** | **Electrical Equipment: 3.5%** | **Electrical Equipment: 3.5%** |
| HD Hyundai Electric Co., Ltd. | 3745 | 2012169 |
| LG Energy Solution, Ltd.<sup>a</sup> <br>| 2095 | 535912 |
|  |  | **2548081** |
| **Aerospace & Defense: 2.4%** | **Aerospace & Defense: 2.4%** | **Aerospace & Defense: 2.4%** |
| Hanwha Aerospace Co., Ltd. | 2656 | **1734960** |
| **Construction & Engineering: 1.7%** | **Construction & Engineering: 1.7%** | **Construction & Engineering: 1.7%** |
| Samsung E&A Co., Ltd. | 73128 | **1220873** |
| **Passenger Airlines: 0.8%** | **Passenger Airlines: 0.8%** | **Passenger Airlines: 0.8%** |
| Korean Air Lines Co., Ltd. | 38951 | **609729** |
| **Building Products: 0.7%** | **Building Products: 0.7%** | **Building Products: 0.7%** |
| Sung Kwang Bend Co., Ltd. | 27439 | **490475** |
| **Commercial Services & Supplies: 0.3%** | **Commercial Services & Supplies: 0.3%** | **Commercial Services & Supplies: 0.3%** |
| KEPCO Plant Service & Engineering Co., Ltd. | 5705 | **195836** |
| **Total Industrials** |  | **16508041** |
| **Financials: 11.9%** | **Financials: 11.9%** | **Financials: 11.9%** |
| **Banks: 7.4%** | **Banks: 7.4%** | **Banks: 7.4%** |
| KB Financial Group, Inc. | 31876 | 2759319 |
| Hana Financial Group, Inc. | 41032 | 2680303 |
|  |  | **5439622** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Capital Markets: 2.6%** | **Capital Markets: 2.6%** | **Capital Markets: 2.6%** |
| Korea Investment Holdings Co., Ltd. | 14016 | $1573279 |
| Macquarie Korea Infrastructure Fund | 38494 | 300620 |
|  |  | **1873899** |
| **Insurance: 1.9%** | **Insurance: 1.9%** | **Insurance: 1.9%** |
| Samsung Fire & Marine Insurance Co., Ltd. | 4048 | **1396589** |
| **Total Financials** |  | **8710110** |
| **Consumer Discretionary: 7.5%** | **Consumer Discretionary: 7.5%** | **Consumer Discretionary: 7.5%** |
| **Automobiles: 3.7%** | **Automobiles: 3.7%** | **Automobiles: 3.7%** |
| Hyundai Motor Co. | 6604 | 1359263 |
| Kia Corp. | 16055 | 1357467 |
|  |  | **2716730** |
| **Automobile Components: 2.0%** | **Automobile Components: 2.0%** | **Automobile Components: 2.0%** |
| Hyundai Mobis Co., Ltd. | 5638 | **1459841** |
| **Broadline Retail: 1.8%** | **Broadline Retail: 1.8%** | **Broadline Retail: 1.8%** |
| Coupang, Inc.<sup>a</sup> <br>| 56029 | **1321724** |
| **Total Consumer Discretionary** |  | **5498295** |
| **Communication Services: 4.6%** | **Communication Services: 4.6%** | **Communication Services: 4.6%** |
| **Interactive Media & Services: 3.5%** | **Interactive Media & Services: 3.5%** | **Interactive Media & Services: 3.5%** |
| NAVER Corp. | 10474 | 1763177 |
| Kakao Corp. | 19468 | 812209 |
|  |  | **2575386** |
| **Wireless Telecommunication Services: 0.9%** | **Wireless Telecommunication Services: 0.9%** | **Wireless Telecommunication Services: 0.9%** |
| SK Telecom Co., Ltd. | 16784 | **623334** |
| **Diversified Telecommunication Services: 0.2%** | **Diversified Telecommunication Services: 0.2%** | **Diversified Telecommunication Services: 0.2%** |
| KINX, Inc. | 2060 | **173174** |
| **Total Communication Services** |  | **3371894** |
| **Health Care: 4.6%** | **Health Care: 4.6%** | **Health Care: 4.6%** |
| **Life Sciences Tools & Services: 2.7%** | **Life Sciences Tools & Services: 2.7%** | **Life Sciences Tools & Services: 2.7%** |
| Samsung Biologics Co., Ltd.<sup>a,b,c</sup> <br>| 1669 | **1963802** |
| **Health Care Equipment & Supplies: 1.6%** | **Health Care Equipment & Supplies: 1.6%** | **Health Care Equipment & Supplies: 1.6%** |
| Classys, Inc. | 16249 | 614745 |
| InBody Co., Ltd. | 23346 | 530756 |
|  |  | **1145501** |
| **Pharmaceuticals: 0.3%** | **Pharmaceuticals: 0.3%** | **Pharmaceuticals: 0.3%** |
| Yuhan Corp. | 2938 | **229240** |
| **Total Health Care** |  | **3338543** |
| **Consumer Staples: 3.1%** | **Consumer Staples: 3.1%** | **Consumer Staples: 3.1%** |
| **Tobacco: 2.3%** | **Tobacco: 2.3%** | **Tobacco: 2.3%** |
| KT&G Corp. | 17003 | **1677225** |
| **Food Products: 0.5%** | **Food Products: 0.5%** | **Food Products: 0.5%** |
| Nongshim Co., Ltd. | 1090 | **327254** |
| **Consumer Staples Distribution & Retail: 0.3%** | **Consumer Staples Distribution & Retail: 0.3%** | **Consumer Staples Distribution & Retail: 0.3%** |
| BGF Retail Co., Ltd. | 3107 | **226034** |
| **Total Consumer Staples** |  | **2230513** |

---

**20**

------

Matthews Korea Active ETFDecember 31, 2025

*Schedule of Investments (continued)*

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES** *(continued)* | **COMMON EQUITIES** *(continued)* | |
|  | **Shares** | <br>**Value** |
| **Utilities: 1.0%** | **Utilities: 1.0%** | **Utilities: 1.0%** |
| **Electric Utilities: 1.0%** | **Electric Utilities: 1.0%** | **Electric Utilities: 1.0%** |
| Korea Electric Power Corp. | 21863 | **$716347** |
| **Total Utilities** |  | **716347** |
| **Energy: 0.9%** | **Energy: 0.9%** | **Energy: 0.9%** |
| **Oil, Gas & Consumable Fuels: 0.9%** | **Oil, Gas & Consumable Fuels: 0.9%** | **Oil, Gas & Consumable Fuels: 0.9%** |
| S-Oil Corp.<sup>a</sup> <br>| 11826 | **681377** |
| **Total Energy** |  | **681377** |
| **TOTAL COMMON EQUITIES** | **TOTAL COMMON EQUITIES** | **66994496** |
| (Cost $46,825,402) |  |  |
| **PREFERRED EQUITIES: 5.4%** | **PREFERRED EQUITIES: 5.4%** |  |
| **Information Technology: 5.4%** | **Information Technology: 5.4%** | **Information Technology: 5.4%** |
| **Technology Hardware, Storage & Peripherals: 5.4%** | **Technology Hardware, Storage & Peripherals: 5.4%** | **Technology Hardware, Storage & Peripherals: 5.4%** |
| Samsung Electronics Co., Ltd., Pfd. | 63049 | **3904044** |
| **Total Information Technology** |  | **3904044** |
| **TOTAL PREFERRED EQUITIES** | **TOTAL PREFERRED EQUITIES** | **3904044** |
| (Cost $1,834,075) |  |  |
| **SHORT-TERM INVESTMENTS: 2.1%** | **SHORT-TERM INVESTMENTS: 2.1%** |  |
| **Money Market Funds: 2.1%** | **Money Market Funds: 2.1%** | **Money Market Funds: 2.1%** |
| JPMorgan U.S. Government Money Market Fund, <br> Capital Shares, 3.68%<sup>d</sup> <br>| 1570968 | **1570968** |
| (Cost $1,570,968) |  |  |
| **Total Investments: 99.4%** |  | **72469508** |
| (Cost $50,230,445) |  |  |
| **CASH AND OTHER ASSETS,** <br>**LESS LIABILITIES: 0.6%**<br>|  | **403327** |
| **Net Assets: 100.0%** |  | **$72872835** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| a | Non-income producing security. |
| b | &nbsp;&nbsp; Security exempt from registration under Rule 144A of the Securities Act of 1933, as <br> amended. The security may be resold in transactions exempt from registration <br> normally to qualified institutional buyers. The security has been determined to be <br> liquid in accordance with procedures adopted by the Funds' Board of Trustees. At <br> December 31, 2025, the aggregate value is $1,963,802, which is 2.69% of net <br> assets.<br>|
| c | &nbsp;&nbsp; The securities may be resold to qualified foreign investors and foreign institutional <br> buyers under Regulation S of the Securities Act of 1933.<br>|
| d | Rate shown is the current yield as of December 31, 2025. |
| Pfd. | Preferred |

---

See accompanying notes to financial statements.

**21** 

------

Matthews Asia Dividend Active ETFDecember 31, 2025

*Schedule of Investments*<sup>a</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES: 96.2%** | **COMMON EQUITIES: 96.2%** | |
|  | **Shares** | <br>**Value**  |
| **China/Hong Kong: 32.3%** | **China/Hong Kong: 32.3%** | **China/Hong Kong: 32.3%** |
| Tencent Holdings, Ltd. | 3900 | $300135 |
| Alibaba Group Holding, Ltd. | 6900 | 126591 |
| Ping An Insurance Group Co. of China, Ltd. H <br> Shares<br>| 13500 | 112999 |
| NetEase, Inc. | 3500 | 96499 |
| AIA Group, Ltd. | 9400 | 96494 |
| Yuexiu Transport Infrastructure, Ltd. | 154000 | 93585 |
| Industrial & Commercial Bank of China, Ltd. H <br> Shares<br>| 113000 | 91317 |
| Hongkong Land Holdings, Ltd. | 10600 | 73670 |
| Dongfang Electric Corp., Ltd. H Shares | 22800 | 73232 |
| Yum China Holdings, Inc. | 1468 | 70082 |
| Wuliangye Yibin Co., Ltd. A Shares | 4200 | 63747 |
| China Merchants Bank Co., Ltd. H Shares | 8500 | 57660 |
| Hong Kong Exchanges & Clearing, Ltd. | 1100 | 57604 |
| China Construction Bank Corp. H Shares | 57000 | 56315 |
| HKT Trust & HKT, Ltd. | 38000 | 56193 |
| China Tower Corp., Ltd. H Shares<sup>b,c</sup> <br>| 37000 | 54952 |
| JD.com, Inc. Class A | 3700 | 53051 |
| PetroChina Co., Ltd. H Shares | 48000 | 51678 |
| NARI Technology Co., Ltd. A Shares | 15800 | 50886 |
| Midea Group Co., Ltd. A Shares | 4400 | 49264 |
| Swire Pacific, Ltd. Class A | 6000 | 48333 |
| Link REIT | 9900 | 44187 |
| China Overseas Property Holdings, Ltd. | 75000 | 43554 |
| BYD Co., Ltd. H Shares | 3000 | 36751 |
| Midea Group Co., Ltd. A Shares | 3000 | 33550 |
| **Total China/Hong Kong** |  | **1892329** |
| **Japan: 22.1%** | **Japan: 22.1%** | **Japan: 22.1%** |
| Marubeni Corp. | 4400 | 122193 |
| Mitsubishi UFJ Financial Group, Inc. | 7500 | 119286 |
| NEC Corp. | 3300 | 111793 |
| Sumitomo Corp. | 3200 | 110488 |
| Tokyo Electron, Ltd. | 500 | 109477 |
| ORIX Corp. | 3500 | 101687 |
| Kajima Corp. | 2400 | 89343 |
| Hikari Tsushin, Inc. | 300 | 83735 |
| Mitsui Fudosan Co., Ltd. | 7200 | 81786 |
| Tokio Marine Holdings, Inc. | 2100 | 77934 |
| Shin-Etsu Chemical Co., Ltd. | 2400 | 74613 |
| Sony Group Corp. | 2700 | 69315 |
| Toyota Motor Corp. | 2700 | 57809 |
| Asahi Group Holdings, Ltd. | 5400 | 56482 |
| Sawai Group Holdings Co., Ltd. | 1800 | 27090 |
| Sony Financial Group, Inc.<sup>d</sup> <br>| 3500 | 3707 |
| **Total Japan** |  | **1296738** |
| **Taiwan: 12.8%** | **Taiwan: 12.8%** | **Taiwan: 12.8%** |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 1965 | 597144 |
| Delta Electronics, Inc. | 3000 | 91946 |
| CTBC Financial Holding Co., Ltd. | 41000 | 65505 |
| **Total Taiwan** |  | **754595** |
| **South Korea: 12.3%** | **South Korea: 12.3%** | **South Korea: 12.3%** |
| Samsung Electronics Co., Ltd. | 3494 | 290813 |
| Hana Financial Group, Inc. | 2673 | 174606 |
| Korea Investment Holdings Co., Ltd. | 782 | 87779 |
| KT&G Corp. | 681 | 67176 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| SK Telecom Co., Ltd. ADR | 2491 | $51140 |
| Macquarie Korea Infrastructure Fund | 6227 | 48630 |
| **Total South Korea** |  | **720144** |
| **Australia: 6.2%** | **Australia: 6.2%** | **Australia: 6.2%** |
| Telstra Group, Ltd. | 28300 | 91906 |
| Commonwealth Bank of Australia | 785 | 84055 |
| Rio Tinto, Ltd. | 822 | 80479 |
| ANZ Group Holdings, Ltd. | 3022 | 73233 |
| CSL, Ltd. | 304 | 35000 |
| **Total Australia** |  | **364673** |
| **India: 5.3%** | **India: 5.3%** | **India: 5.3%** |
| HDFC Bank, Ltd. ADR | 2464 | 90034 |
| Bharti Airtel, Ltd. | 2592 | 60723 |
| Power Grid Corp. of India, Ltd. | 20424 | 60127 |
| Tata Consultancy Services, Ltd. | 1429 | 50976 |
| Hindustan Unilever, Ltd. | 1879 | 48416 |
| Kwality Wall's India, Ltd.<sup>e</sup> <br>| 1879 | 798 |
| **Total India** |  | **311074** |
| **Singapore: 3.3%** | **Singapore: 3.3%** | **Singapore: 3.3%** |
| DBS Group Holdings, Ltd. | 1700 | 74504 |
| Singapore Telecommunications, Ltd. | 19300 | 68285 |
| United Overseas Bank, Ltd. | 1800 | 49073 |
| **Total Singapore** |  | **191862** |
| **Indonesia: 1.1%** | **Indonesia: 1.1%** | **Indonesia: 1.1%** |
| PT Bank Rakyat Indonesia Persero Tbk | 289700 | 63586 |
| **Total Indonesia** |  | **63586** |
| **Thailand: 0.8%** | **Thailand: 0.8%** | **Thailand: 0.8%** |
| Bangkok Dusit Medical Services Public Co., Ltd. F <br> Shares<br>| 74800 | 45823 |
| **Total Thailand** |  | **45823** |
| **TOTAL COMMON EQUITIES** | **TOTAL COMMON EQUITIES** | **5640824** |
| (Cost $4,751,075) |  |  |
| **SHORT-TERM INVESTMENTS: 3.6%** | **SHORT-TERM INVESTMENTS: 3.6%** |  |
| **Money Market Funds: 3.6%** | **Money Market Funds: 3.6%** | **Money Market Funds: 3.6%** |
| JPMorgan U.S. Government Money Market Fund, <br> Capital Shares, 3.68%<sup>f</sup> <br>| 213202 | **213202** |
| (Cost $213,202) |  |  |
| **Total Investments: 99.8%** |  | **5854026** |
| (Cost $4,964,277) |  |  |
| **CASH AND OTHER ASSETS,** <br>**LESS LIABILITIES: 0.2%**<br>|  | **9357** |
| **Net Assets: 100.0%** |  | **$5863383** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**22**

------

Matthews Asia Dividend Active ETFDecember 31, 2025

*Schedule of Investments*<sup>a</sup> *(continued)*

---

| | |
|:---|:---|
| a | &nbsp;&nbsp; Certain securities were fair valued under the valuation policies approved by the <br> Board of Trustees (Note 2-A).<br>|
| b | &nbsp;&nbsp; Security exempt from registration under Rule 144A of the Securities Act of 1933, as <br> amended. The security may be resold in transactions exempt from registration <br> normally to qualified institutional buyers. The security has been determined to be <br> liquid in accordance with procedures adopted by the Funds' Board of Trustees. At <br> December 31, 2025, the aggregate value is $54,952, which is 0.94% of net assets.<br>|
| c | &nbsp;&nbsp; The securities may be resold to qualified foreign investors and foreign institutional <br> buyers under Regulation S of the Securities Act of 1933.<br>|
| d | Non-income producing security. |
| e | &nbsp;&nbsp; Security is valued using significant unobservable inputs and is classified as Level 3 in <br> the fair value hierarchy. The aggregate value of Level 3 security is $798 and 0.01% of <br> net assets.<br>|
| f | Rate shown is the current yield as of December 31, 2025. |
| ADR | American Depositary Receipt |
| REIT | Real Estate Investment Trust |

---

See accompanying notes to financial statements.

**23** 

------

Statements of Assets and Liabilities December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Matthews Emerging** <br> **Markets Equity** <br>**Active ETF**<br>| **Matthews Emerging** <br> **Markets ex China** <br>**Active ETF**<br>| **Matthews Emerging** <br> **Markets Sustainable** <br> **Future Active ETF**<br>| **Matthews Emerging** <br> **Markets Discovery** <br>**Active ETF**<br>|
| **ASSETS:** |  |  |  |  |
| Investments at value (A) (Note 2-A): |  |  |  |  |
| Unaffiliated issuers | $44488799 | $35178346 | $30206442 | $18380653 |
| Cash | 8334 | 43758 | 8231 | 625 |
| Segregated foreign currency at value (B) |  |  | 289 |  |
| Segregated cash |  |  | 27 |  |
| Foreign currency at value (B) |  | 1797 | 1139 | 377 |
| Dividends and interest receivable | 46479 | 55700 | 43324 | 32377 |
| Other receivable | 11872 | 3829 | 4251 |  |
| **TOTAL ASSETS** | **44555484** | **35283430** | **30263703** | **18414032** |
| **LIABILITIES:** |  |  |  |  |
| Foreign currency overdraft | 127 |  |  |  |
| Payable for securities purchased | 1525413 | 5 | 337727 |  |
| Deferred foreign capital gains tax liability (Note 2-C) | 118127 | 102072 | 111268 | 51765 |
| Due to Advisor (Note 4) | 28102 | 23213 | 20472 | 13969 |
| **TOTAL LIABILITIES** | **1671769** | **125290** | **469467** | **65734** |
| **NET ASSETS** | **$42883715** | **$35158140** | **$29794236** | **$18348298** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SHARES OUTSTANDING:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (shares of beneficial interest issued and outstanding, <br> respectively, unlimited number of shares authorized <br> with a $0.001 par value)<br>| 1200000 | 940000 | 1050000 | 720000 |
| Net asset value, offering price and redemption price | $35.74 | $37.40 | $28.38 | $25.48 |
| **NET ASSETS CONSISTS OF:** |  |  |  |  |
| Capital paid-in | $33714152 | $27257253 | $26173516 | $18357123 |
| Total distributable earnings/(accumulated loss) | 9169563 | 7900887 | 3620720 | (8825)<br>|
| **NET ASSETS** | **$42883715** | **$35158140** | **$29794236** | **$18348298** |
| (A) Investments at cost: |  |  |  |  |
| Unaffiliated Issuers | $34217714 | $27224470 | $24241687 | $16803318 |
| (B) Foreign Currency at Cost | $11 | $1776 | $1399 | $369 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes to financial statements.

**24**

------

Statements of Assets and Liabilities *(continued)*December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Matthews Pacific Tiger** <br> **Active ETF**<br>| **Matthews Asia** <br> **Innovators Active ETF**<br>| **Matthews China** <br>**Active ETF**<br>|
| **ASSETS:** |  |  |  |
| Investments at value (A) (Note 2-A): |  |  |  |
| Unaffiliated issuers | $42378413 | $80090827 | $22698278 |
| Cash | 19062 | 17352 |  |
| Segregated foreign currency at value (B) |  | 5 |  |
| Segregated cash |  | 1146 | 25 |
| Foreign currency at value (B) | 34 | 4145 |  |
| Dividends and interest receivable | 33178 | 68717 | 21868 |
| Receivable for securities sold | 256775 | 634372 |  |
| **TOTAL ASSETS** | **42687462** | **80816564** | **22720171** |
| **LIABILITIES:** |  |  |  |
| Payable for securities purchased |  | 952006 |  |
| Deferred foreign capital gains tax liability (Note 2-C) | 71387 | 229207 |  |
| Due to Advisor (Note 4) | 28099 | 52051 | 15454 |
| **TOTAL LIABILITIES** | **99486** | **1233264** | **15454** |
| **NET ASSETS** | **$42587976** | **$79583300** | **$22704717** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **SHARES OUTSTANDING:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (shares of beneficial interest issued and outstanding, respectively, unlimited <br> number of shares authorized with a $0.001 par value)<br>| 1250000 | 2250000 | 800000 |
| Net asset value, offering price and redemption price | $34.07 | $35.37 | $28.38 |
| **NET ASSETS CONSISTS OF:** |  |  |  |
| Capital paid-in | $34394255 | $67398027 | $25488076 |
| Total distributable earnings/(accumulated loss) | 8193721 | 12185273 | (2783359)<br>|
| **NET ASSETS** | **$42587976** | **$79583300** | **$22704717** |
| (A) Investments at cost: |  |  |  |
| Unaffiliated Issuers | $30257245 | $57693399 | $20020491 |
| (B) Foreign Currency at Cost | $34 | $4125 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes to financial statements.

**25** 

------

Statements of Assets and Liabilities *(continued)*December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Matthews China** <br>**Discovery Active ETF**<br>| **Matthews India** <br>**Active ETF**<br>| **Matthews Japan** <br>**Active ETF**<br>|
| **ASSETS:** |  |  |  |
| Investments at value (A) (Note 2-A): |  |  |  |
| Unaffiliated issuers | $2594946 | $9925462 | $5718045 |
| Foreign currency at value (B) | 8896 | 109767 |  |
| Dividends and interest receivable | 1472 | 131 | 5859 |
| Receivable for securities sold | 16652 | 27938 | 8782 |
| Other receivable |  |  | 432 |
| **TOTAL ASSETS** | **2621966** | **10063298** | **5733118** |
| **LIABILITIES:** |  |  |  |
| Cash overdraft |  | 19962 |  |
| Payable for securities purchased | 17685 | 58374 | 15220 |
| Deferred foreign capital gains tax liability (Note 2-C) |  | 349134 |  |
| Due to Advisor (Note 4) | 1996 | 6515 | 3949 |
| **TOTAL LIABILITIES** | **19681** | **433985** | **19169** |
| **NET ASSETS** | **$2602285** | **$9629313** | **$5713949** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **SHARES OUTSTANDING:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (shares of beneficial interest issued and outstanding, respectively, unlimited <br> number of shares authorized with a $0.001 par value)<br>| 80000 | 320000 | 160000 |
| Net asset value, offering price and redemption price | $32.53 | $30.09 | $35.71 |
| **NET ASSETS CONSISTS OF:** |  |  |  |
| Capital paid-in | $2039619 | $8994774 | $4834275 |
| Total distributable earnings/(accumulated loss) | 562666 | 634539 | 879674 |
| **NET ASSETS** | **$2602285** | **$9629313** | **$5713949** |
| (A) Investments at cost: |  |  |  |
| Unaffiliated Issuers | $2031878 | $8112941 | $4738706 |
| (B) Foreign Currency at Cost | $8800 | $109831 | $— |

---

See accompanying notes to financial statements.

**26**

------

Statements of Assets and Liabilities *(continued)*December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Matthews Korea** <br>**Active ETF**<br>| **Matthews Asia Dividend** <br> **Active ETF**<br>|
| **ASSETS:** |  |  |
| Investments at value (A) (Note 2-A): |  |  |
| Unaffiliated issuers | $72469508 | $5854026 |
| Cash |  | 2165 |
| Segregated foreign currency at value (B) |  | 196 |
| Segregated cash |  | 2 |
| Foreign currency at value (B) | 66 | 1760 |
| Dividends and interest receivable | 243705 | 10585 |
| Receivable for securities sold | 1843181 |  |
| Other receivable |  | 313 |
| **TOTAL ASSETS** | **74556460** | **5869047** |
| **LIABILITIES:** |  |  |
| Payable for securities purchased | 1636625 |  |
| Deferred foreign capital gains tax liability (Note 2-C) |  | 1740 |
| Due to Advisor (Note 4) | 47000 | 3924 |
| **TOTAL LIABILITIES** | **1683625** | **5664** |
| **NET ASSETS** | **$72872835** | **$5863383** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **SHARES OUTSTANDING:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized <br> with a $0.001 par value)<br>| 2093223 | 150000 |
| Net asset value, offering price and redemption price | $34.81 | $39.09 |
| **NET ASSETS CONSISTS OF:** |  |  |
| Capital paid-in | $47810856 | $5020122 |
| Total distributable earnings/(accumulated loss) | 25061979 | 843261 |
| **NET ASSETS** | **$72872835** | **$5863383** |
| (A) Investments at cost: |  |  |
| Unaffiliated Issuers | $50230445 | $4964277 |
| (B) Foreign Currency at Cost | $66 | $1953 |

---

See accompanying notes to financial statements.

**27** 

------

Statements of Operations Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Matthews Emerging** <br> **Markets Equity** <br>**Active ETF**<br>| **Matthews Emerging** <br> **Markets ex China** <br>**Active ETF**<br>| **Matthews Emerging** <br> **Markets Sustainable** <br> **Future Active ETF**<br>| **Matthews Emerging** <br> **Markets Discovery** <br>**Active ETF**<br>|
| **INVESTMENT INCOME:** |  |  |  |  |
| Dividends—Unaffiliated Issuers | $939993 | $904851 | $436841 | $237337 |
| Interest | 112799 | 47679 | 9761 | 7934 |
| Foreign withholding tax | (96659)<br>| (89760)<br>| (47053)<br>| (30315)<br>|
| **TOTAL INVESTMENT INCOME** | **956133** | **862770** | **399549** | **214956** |
| **EXPENSES:** |  |  |  |  |
| Investment advisory fees (Note 4) | 333914 | 277518 | 222861 | 179121 |
| **TOTAL EXPENSES** | **333914** | **277518** | **222861** | **179121** |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fees waived and expenses waived or reimbursed <br> (Note 4)<br>|  |  |  | (18042)<br>|
| **NET EXPENSES** | **333914** | **277518** | **222861** | **161079** |
| **NET INVESTMENT INCOME (LOSS)** | **622219** | **585252** | **176688** | **53877** |
| &nbsp;&nbsp;&nbsp;&nbsp; **REALIZED AND UNREALIZED GAIN (LOSS) ON** <br> **INVESTMENTS, FOREIGN CURRENCY RELATED** <br> **TRANSACTIONS, AND FOREIGN CAPITAL GAINS** <br> **TAXES:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments—Unaffiliated <br> Issuers<br>| 892686 | 1381093 | 357938 | (429079)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on in-kind redemptions — <br> Unaffiliated Issuers <br>| 617561 | 1383098 |  |  |
| Net realized foreign capital gains tax | (44312)<br>| (21601)<br>| (22083)<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on foreign currency related <br> transactions<br>| (10520)<br>| (65995)<br>| (17034)<br>| (4463)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on <br> investments—Unaffiliated Issuers<br>| 6334051 | 6076545 | 5745258 | 2202207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in deferred foreign capital gains taxes on <br> unrealized appreciation/depreciation<br>| 8820 | (69274)<br>| 192842 | 55375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on <br> foreign currency related translations<br>| 1333 | 912 | 281 | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized and unrealized gain (loss) on** <br> **investments, foreign currency related transactions,** <br> **and foreign capital gains taxes**<br>| 7799619 | 8684778 | 6257202 | 1824434 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM** <br> **OPERATIONS**<br>| **$8421838** | **$9270030** | **$6433890** | **$1878311** |

---

See accompanying notes to financial statements.

**28**

------

Statements of Operations *(continued)*Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Matthews Pacific Tiger** <br> **Active ETF**<br>| **Matthews Asia** <br> **Innovators Active ETF**<br>| **Matthews China** <br>**Active ETF**<br>|
| **INVESTMENT INCOME:** |  |  |  |
| Dividends—Unaffiliated Issuers | $818579 | $615180 | $622058 |
| Interest | 54422 | 87865 | 12033 |
| Foreign withholding tax | (101667)<br>| (86978)<br>| (43614)<br>|
| **TOTAL INVESTMENT INCOME** | **771334** | **616067** | **590477** |
| **EXPENSES:** |  |  |  |
| Investment advisory fees (Note 4) | 348409 | 536186 | 204965 |
| Other expenses | 790 | 5839 |  |
| **TOTAL EXPENSES** | **349199** | **542025** | **204965** |
| **NET INVESTMENT INCOME (LOSS)** | **422135** | **74042** | **385512** |
| &nbsp;&nbsp;&nbsp;&nbsp; **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN** <br> **CURRENCY RELATED TRANSACTIONS, AND FOREIGN CAPITAL GAINS** <br> **TAXES:**<br>|  |  |  |
| Net realized gain (loss) on investments—Unaffiliated Issuers | (16153)<br>| 5493005 | (740645)<br>|
| Net realized gain (loss) on in-kind redemptions — Unaffiliated Issuers  | 3691347 | 1528008 | 683087 |
| Net realized foreign capital gains tax | (21081)<br>| (219527)<br>|  |
| Net realized gain (loss) on foreign currency related transactions | (56941)<br>| (78070)<br>| (4644)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments—Unaffiliated <br> Issuers<br>| 4374863 | 8729698 | 4581782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in deferred foreign capital gains taxes on unrealized <br> appreciation/depreciation<br>| 61469 | 330482 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on foreign currency related <br> translations<br>| 2225 | (138)<br>| 221 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized and unrealized gain (loss) on investments, foreign currency** <br> **related transactions, and foreign capital gains taxes**<br>| 8035729 | 15783458 | 4519801 |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | **$8457864** | **$15857500** | **$4905313** |

---

See accompanying notes to financial statements.

**29** 

------

Statements of Operations *(continued)*Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Matthews China** <br>**Discovery Active ETF**<br>| **Matthews India** <br>**Active ETF**<br>| **Matthews Japan** <br>**Active ETF**<br>|
| **INVESTMENT INCOME:** |  |  |  |
| Dividends—Unaffiliated Issuers | $53815 | $107958 | $102608 |
| Interest | 5942 | 8179 | 4571 |
| Foreign withholding tax | (1985)<br>| (27401)<br>| (11503)<br>|
| **TOTAL INVESTMENT INCOME** | **57772** | **88736** | **95676** |
| **EXPENSES:** |  |  |  |
| Investment advisory fees (Note 4) | 23830 | 94709 | 39386 |
| **TOTAL EXPENSES** | **23830** | **94709** | **39386** |
| Advisory fees waived and expenses waived or reimbursed (Note 4) | (2407)<br>|  |  |
| **NET EXPENSES** | **21423** | **94709** | **39386** |
| **NET INVESTMENT INCOME (LOSS)** | **36349** | **(5973)**<br>| **56290** |
| &nbsp;&nbsp;&nbsp;&nbsp; **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN** <br> **CURRENCY RELATED TRANSACTIONS, AND FOREIGN CAPITAL GAINS** <br> **TAXES:**<br>|  |  |  |
| Net realized gain (loss) on investments—Unaffiliated Issuers | 141034 | 63499 | 193194 |
| Net realized gain (loss) on in-kind redemptions — Unaffiliated Issuers  |  | 3298 |  |
| Net realized foreign capital gains tax |  | (17065)<br>|  |
| Net realized gain (loss) on foreign currency related transactions | (145)<br>| (44043)<br>| (601)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments—Unaffiliated <br> Issuers<br>| 448302 | 83813 | 777860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in deferred foreign capital gains taxes on unrealized <br> appreciation/depreciation<br>|  | 13112 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on foreign currency related <br> translations<br>| 93 | (64)<br>| 48 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized and unrealized gain (loss) on investments, foreign currency** <br> **related transactions, and foreign capital gains taxes**<br>| 589284 | 102550 | 970501 |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | **$625633** | **$96577** | **$1026791** |

---

See accompanying notes to financial statements.

**30**

------

Statements of Operations *(continued)*Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Matthews Korea** <br>**Active ETF**<br>| **Matthews Asia** <br> **Dividend Active ETF**<br>|
| **INVESTMENT INCOME:** |  |  |
| Dividends—Unaffiliated Issuers | $1040744 | $112293 |
| Interest | 85912 | 7828 |
| Foreign withholding tax | (174582)<br>| (10057)<br>|
| **TOTAL INVESTMENT INCOME** | **952074** | **110064** |
| **EXPENSES:** |  |  |
| Investment advisory fees (Note 4) | 446843 | 31257 |
| **TOTAL EXPENSES** | **446843** | **31257** |
| **NET INVESTMENT INCOME (LOSS)** | **505231** | **78807** |
| &nbsp;&nbsp;&nbsp;&nbsp; **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN CURRENCY RELATED** <br> **TRANSACTIONS, AND FOREIGN CAPITAL GAINS TAXES:**<br>|  |  |
| Net realized gain (loss) on investments—Unaffiliated Issuers | 4221322 | 17258 |
| Net realized gain (loss) on in-kind redemptions — Unaffiliated Issuers  | 193471 |  |
| Net realized gain (loss) on foreign currency related transactions | (21805)<br>| 923 |
| Net change in unrealized appreciation/depreciation on investments—Unaffiliated Issuers | 25387898 | 797945 |
| Net change in deferred foreign capital gains taxes on unrealized appreciation/depreciation |  | 205 |
| Net change in unrealized appreciation/depreciation on foreign currency related translations | (1851)<br>| 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized and unrealized gain (loss) on investments, foreign currency related transactions, and** <br> **foreign capital gains taxes**<br>| 29779035 | 816340 |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | **$30284266** | **$895147** |

---

See accompanying notes to financial statements.

**31** 

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Matthews Emerging Markets Equity Active ETF**  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $622219 | $810610 |
| Net realized gain (loss) on investments, in-kind redemptions and foreign currency related transactions | 1455415 | 4088001 |
| Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | 6335384 | 913695 |
| Net change on foreign capital gains taxes on unrealized appreciation/depreciation | 8820 | (56452)<br>|
| Net increase (decrease) in net assets resulting from operations | 8421838 | 5755854 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Distributions | (1478826)<br>| (3717396)<br>|
| Return of capital |  | (35482)<br>|
| Net decrease in net assets resulting from distributions | (1478826)<br>| (3752878)<br>|
| **CAPITAL SHARE TRANSACTIONS (net) (Note 3)** | (12293503)<br>| (9675783)<br>|
| Total increase (decrease) in net assets | (5350491)<br>| (7672807)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 48234206 | 55907013 |
| End of year | $42883715 | $48234206 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Matthews Emerging Markets ex China Active ETF**  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $585252 | $318126 |
| Net realized gain (loss) on investments and foreign currency related transactions | 2676595 | (959110)<br>|
| Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | 6077457 | 1055445 |
| Net change on foreign capital gains taxes on unrealized appreciation/depreciation | (69274)<br>| (18464)<br>|
| Net increase (decrease) in net assets resulting from operations | 9270030 | 395997 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Distributions | (708177)<br>| (362864)<br>|
| Return of capital |  | (11705)<br>|
| Net decrease in net assets resulting from distributions | (708177)<br>| (374569)<br>|
| **CAPITAL SHARE TRANSACTIONS (net) (Note 3)** | (11366260)<br>| 29109830 |
| Total increase (decrease) in net assets | (2804407)<br>| 29131258 |
| **NET ASSETS:** |  |  |
| Beginning of year | 37962547 | 8831289 |
| End of year | $35158140 | $37962547 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Matthews Emerging Markets Sustainable Future Active ETF**  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $176688 | $101560 |
| Net realized gain (loss) on investments and foreign currency related transactions | 318821 | 120343 |
| Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | 5745539 | (404946)<br>|
| Net change on foreign capital gains taxes on unrealized appreciation/depreciation | 192842 | (281653)<br>|
| Net increase (decrease) in net assets resulting from operations | 6433890 | (464696)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Net decrease in net assets resulting from distributions | (2126901)<br>| (797850)<br>|
| **CAPITAL SHARE TRANSACTIONS (net) (Note 3)** | 1225882 | 11369312 |
| Total increase (decrease) in net assets | 5532871 | 10106766 |
| **NET ASSETS:** |  |  |
| Beginning of year | 24261365 | 14154599 |
| End of year | $29794236 | $24261365 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes to financial statements.

**32**

------

Statements of Changes in Net Assets *(continued)*

---

| | | |
|:---|:---|:---|
| **Matthews Emerging Markets Discovery Active ETF**  | **Year Ended** <br>**December 31, 2025**<br>| **For the Period Ended** <br>**December 31, 2024**<sup>1</sup> <br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $53877 | $49729 |
| Net realized gain (loss) on investments and foreign currency related transactions | (433542)<br>| (448144)<br>|
| Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | 2202601 | (625052)<br>|
| Net change on foreign capital gains taxes on unrealized appreciation/depreciation | 55375 | (107140)<br>|
| Net increase (decrease) in net assets resulting from operations | 1878311 | (1130607)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Net decrease in net assets resulting from distributions | (515866)<br>| (241164)<br>|
| **CAPITAL SHARE TRANSACTIONS (net) (Note 3)** |  | 18357624 |
| Total increase (decrease) in net assets | 1362445 | 16985853 |
| **NET ASSETS:** |  |  |
| Beginning of period | 16985853 |  |
| End of period | $18348298 | $16985853 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1 The Fund commenced operations on January 10, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Matthews Pacific Tiger Active ETF**  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $422135 | $1089966 |
| Net realized gain (loss) on investments, in-kind redemptions and foreign currency related transactions | 3597172 | (1961498)<br>|
| Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | 4377088 | 4747126 |
| Net change on foreign capital gains taxes on unrealized appreciation/depreciation | 61469 | (14312)<br>|
| Net increase (decrease) in net assets resulting from operations | 8457864 | 3861282 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Net decrease in net assets resulting from distributions | (446813)<br>| (541304)<br>|
| **CAPITAL SHARE TRANSACTIONS (net) (Note 3)** | (36675873)<br>| (11856331)<br>|
| Total increase (decrease) in net assets | (28664822)<br>| (8536353)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 71252798 | 79789151 |
| End of year | $42587976 | $71252798 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Matthews Asia Innovators Active ETF**  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $74042 | $228254 |
| Net realized gain (loss) on investments, in-kind redemptions and foreign currency related transactions | 6723416 | 8618461 |
| Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | 8729560 | 1470362 |
| Net change on foreign capital gains taxes on unrealized appreciation/depreciation | 330482 | (236734)<br>|
| Net increase (decrease) in net assets resulting from operations | 15857500 | 10080343 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Net decrease in net assets resulting from distributions | (1201163)<br>| (173298)<br>|
| **CAPITAL SHARE TRANSACTIONS (net) (Note 3)** | (17021)<br>| (29772464)<br>|
| Total increase (decrease) in net assets | 14639316 | (19865419)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 64943984 | 84809403 |
| End of year | $79583300 | $64943984 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes to financial statements.

**33** 

------

Statements of Changes in Net Assets *(continued)*

---

| | | |
|:---|:---|:---|
| **Matthews China Active ETF**  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $385512 | $468252 |
| Net realized gain (loss) on investments, in-kind redemptions and foreign currency related transactions | (62202)<br>| (2108024)<br>|
| Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | 4582003 | 4659615 |
| Net increase (decrease) in net assets resulting from operations | 4905313 | 3019843 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Net decrease in net assets resulting from distributions | (397216)<br>| (469395)<br>|
| **CAPITAL SHARE TRANSACTIONS (net) (Note 3)** | (17835026)<br>| 11743998 |
| Total increase (decrease) in net assets | (13326929)<br>| 14294446 |
| **NET ASSETS:** |  |  |
| Beginning of year | 36031646 | 21737200 |
| End of year | $22704717 | $36031646 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Matthews China Discovery Active ETF**  | **Year Ended** <br>**December 31, 2025**<br>| **For the Period Ended** <br>**December 31, 2024**<sup>1</sup> <br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $36349 | $123019 |
| Net realized gain (loss) on investments, in-kind redemptions and foreign currency related transactions | 140889 | 140864 |
| Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | 448395 | 114766 |
| Net increase (decrease) in net assets resulting from operations | 625633 | 378649 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Net decrease in net assets resulting from distributions | (92570)<br>| (112438)<br>|
| **CAPITAL SHARE TRANSACTIONS (net) (Note 3)** |  | 1803011 |
| Total increase (decrease) in net assets | 533063 | 2069222 |
| **NET ASSETS:** |  |  |
| Beginning of period | 2069222 |  |
| End of period | $2602285 | $2069222 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1 The Fund commenced operations on January 10, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Matthews India Active ETF**  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | ($5973)<br>| ($17689)<br>|
| Net realized gain (loss) on investments, in-kind redemptions and foreign currency related transactions | 5689 | (527667)<br>|
| Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | 83749 | 1244848 |
| Net change on foreign capital gains taxes on unrealized appreciation/depreciation | 13112 | (273215)<br>|
| Net increase (decrease) in net assets resulting from operations | 96577 | 426277 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Distributions | (164063)<br>| (107386)<br>|
| Return of capital | (4433)<br>|  |
| Net decrease in net assets resulting from distributions | (168496)<br>| (107386)<br>|
| **CAPITAL SHARE TRANSACTIONS (net) (Note 3)** | (4684405)<br>| 8126833 |
| Total increase (decrease) in net assets | (4756324)<br>| 8445724 |
| **NET ASSETS:** |  |  |
| Beginning of year | 14385637 | 5939913 |
| End of year | $9629313 | $14385637 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes to financial statements.

**34**

------

Statements of Changes in Net Assets *(continued)*

---

| | | |
|:---|:---|:---|
| **Matthews Japan Active ETF**  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $56290 | $29393 |
| Net realized gain (loss) on investments, in-kind redemptions and foreign currency related transactions | 192593 | 161160 |
| Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | 777908 | 124506 |
| Net increase (decrease) in net assets resulting from operations | 1026791 | 315059 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Net decrease in net assets resulting from distributions | (292344)<br>| (37412)<br>|
| **CAPITAL SHARE TRANSACTIONS (net) (Note 3)** | 2513637 | 1135697 |
| Total increase (decrease) in net assets | 3248084 | 1413344 |
| **NET ASSETS:** |  |  |
| Beginning of year | 2465865 | 1052521 |
| End of year | $5713949 | $2465865 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Matthews Korea Active ETF**  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $505231 | $173986 |
| Net realized gain (loss) on investments, in-kind redemptions and foreign currency related transactions | 4392988 | 1628115 |
| Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | 25386047 | (11591256)<br>|
| Net increase (decrease) in net assets resulting from operations | 30284266 | (9789155)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Net decrease in net assets resulting from distributions | (1889511)<br>| (2471651)<br>|
| **CAPITAL SHARE TRANSACTIONS (net) (Note 3)** | (381999)<br>| (10049732)<br>|
| Total increase (decrease) in net assets | 28012756 | (22310538)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 44860079 | 67170617 |
| End of year | $72872835 | $44860079 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Matthews Asia Dividend Active ETF**  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $78807 | $34707 |
| Net realized gain (loss) on investments and foreign currency related transactions | 18181 | 71325 |
| Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | 797954 | 8220 |
| Net change on foreign capital gains taxes on unrealized appreciation/depreciation | 205 | (512)<br>|
| Net increase (decrease) in net assets resulting from operations | 895147 | 113740 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Net decrease in net assets resulting from distributions | (151212)<br>| (96121)<br>|
| **CAPITAL SHARE TRANSACTIONS (net) (Note 3)** | 1917081 | 1603057 |
| Total increase (decrease) in net assets | 2661016 | 1620676 |
| **NET ASSETS:** |  |  |
| Beginning of year | 3202367 | 1581691 |
| End of year | $5863383 | $3202367 |

---

See accompanying notes to financial statements.

**35** 

------

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.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**Dec. 31, 2025** | **Year Ended** <br>**Dec. 31, 2024** | **Year Ended** <br>**Dec. 31, 2023** | **Period Ended** <br>**Dec. 31, 2022**<sup>1</sup>  |
|  | **Year Ended** <br>**Dec. 31, 2025** | **Year Ended** <br>**Dec. 31, 2024** | **Year Ended** <br>**Dec. 31, 2023** | **Period Ended** <br>**Dec. 31, 2022**<sup>1</sup>  |
| Net Asset Value, beginning of Period | &nbsp;&nbsp; $29.06 | &nbsp;&nbsp; $28.24 | &nbsp;&nbsp; $26.27 | &nbsp;&nbsp; $25.00 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |
| Net investment income (loss)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation/depreciation on investments, <br> foreign currency related transactions and foreign capital gains taxes<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.48 | &nbsp;&nbsp;&nbsp;&nbsp;2.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;7.95 | &nbsp;&nbsp;&nbsp;&nbsp;3.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; — <br><sup>3</sup><br>| &nbsp;&nbsp; (0.14)<br>|
| Net realized gains on investments | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (1.89)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp; (2.27)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.14)<br>|
| Net Asset Value, end of Period | &nbsp;&nbsp; $35.74 | &nbsp;&nbsp; $29.06 | &nbsp;&nbsp; $28.24 | &nbsp;&nbsp; $26.27 |
| **TOTAL RETURN**<sup>4</sup> <br>| &nbsp;&nbsp; **27.53%** | &nbsp;&nbsp; **10.79%** | &nbsp;&nbsp; **7.51%** | &nbsp;&nbsp; **5.63%** <br><sup>5</sup><br>|
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |
| Net assets, end of Period (in 000's) | &nbsp;&nbsp; $42884 | &nbsp;&nbsp; $48234 | &nbsp;&nbsp; $55907 | &nbsp;&nbsp; $6304 |
| Ratio of expenses to average net assets (Note 4) | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% <br><sup>6</sup><br>|
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 1.47% | &nbsp;&nbsp; 1.46% | &nbsp;&nbsp; 1.64% | &nbsp;&nbsp; 1.93% <br><sup>6</sup><br>|
| Portfolio turnover | &nbsp;&nbsp; 118.38% | &nbsp;&nbsp; 209.01% | &nbsp;&nbsp; 54.86% | &nbsp;&nbsp; 15.47% <br><sup>5</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 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.

**36**

------

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.

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended** <br>**Dec. 31, 2025** | **Year Ended** <br>**Dec. 31, 2024** | **Period Ended** <br>**Dec. 31, 2023**<sup>1</sup>  |
|  | **Year Ended** <br>**Dec. 31, 2025** | **Year Ended** <br>**Dec. 31, 2024** | **Period Ended** <br>**Dec. 31, 2023**<sup>1</sup>  |
| Net Asset Value, beginning of Period | &nbsp;&nbsp; $29.20 | &nbsp;&nbsp; $27.60 | &nbsp;&nbsp; $25.00 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |
| Net investment income (loss)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation/depreciation on investments and foreign currency <br> related transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;2.46 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;8.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;2.91 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.31)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.31)<br>|
| Net Asset Value, end of Period | &nbsp;&nbsp; $37.40 | &nbsp;&nbsp; $29.20 | &nbsp;&nbsp; $27.60 |
| **TOTAL RETURN**<sup>3</sup> <br>| &nbsp;&nbsp; **30.78%** | &nbsp;&nbsp; **6.83%** | &nbsp;&nbsp; **11.68%** <br><sup>4</sup><br>|
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |
| Net assets, end of Period (in 000's) | &nbsp;&nbsp; $35158 | &nbsp;&nbsp; $37963 | &nbsp;&nbsp; $8831 |
| Ratio of expenses to average net assets (Note 4) | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% <br><sup>5</sup><br>|
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 1.67% | &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 1.81% <br><sup>5</sup><br>|
| Portfolio turnover | &nbsp;&nbsp; 102.24% | &nbsp;&nbsp; 115.95% | &nbsp;&nbsp; 28.64% <br><sup>4</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 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.

**37** 

------

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.

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended** <br>**Dec. 31, 2025** | **Year Ended** <br>**Dec. 31, 2024** | **Period Ended** <br>**Dec. 31, 2023**<sup>1</sup>  |
|  | **Year Ended** <br>**Dec. 31, 2025** | **Year Ended** <br>**Dec. 31, 2024** | **Period Ended** <br>**Dec. 31, 2023**<sup>1</sup>  |
| Net Asset Value, beginning of Period | &nbsp;&nbsp; $24.26 | &nbsp;&nbsp; $25.74 | &nbsp;&nbsp; $25.00 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |
| Net investment income (loss)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp; — <br><sup>3</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation/depreciation on investments and foreign currency <br> related transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.97 | &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;6.14 | &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |
| Net investment income | &nbsp;&nbsp; (1.92)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.01)<br>|
| Net realized gains on investments | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.01)<br>|
| Net Asset Value, end of Period | &nbsp;&nbsp; $28.38 | &nbsp;&nbsp; $24.26 | &nbsp;&nbsp; $25.74 |
| **TOTAL RETURN**<sup>4</sup> <br>| &nbsp;&nbsp; **25.68%** | &nbsp;&nbsp; **(2.74%)**<br>| &nbsp;&nbsp; **2.98%** <br><sup>5</sup><br>|
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |
| Net assets, end of Period (in 000's) | &nbsp;&nbsp; $29794 | &nbsp;&nbsp; $24261 | &nbsp;&nbsp; $14155 |
| Ratio of expenses to average net assets (Note 4) | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% <br><sup>6</sup><br>|
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.07% <br><sup>6</sup><br>|
| Portfolio turnover | &nbsp;&nbsp; 65.47% | &nbsp;&nbsp; 45.12% | &nbsp;&nbsp; 0.37% <br><sup>5</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 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.

**38**

------

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.

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**Dec. 31, 2025** | **Period Ended** <br>**Dec. 31, 2024**<sup>1</sup>  |
|  | **Year Ended** <br>**Dec. 31, 2025** | **Period Ended** <br>**Dec. 31, 2024**<sup>1</sup>  |
| Net Asset Value, beginning of Period | &nbsp;&nbsp; $23.59 | &nbsp;&nbsp; $25.00 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |
| Net investment income (loss)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net realized gain (loss) and unrealized appreciation/depreciation on investments and foreign currency related transactions | &nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp; (1.21)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp; (1.08)<br>|
| **LESS DISTRIBUTIONS FROM:** |  |  |
| Net investment income | &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (0.33)<br>|
| Net Asset Value, end of Period | &nbsp;&nbsp; $25.48 | &nbsp;&nbsp; $23.59 |
| **TOTAL RETURN**<sup>3</sup> <br>| &nbsp;&nbsp; **11.14%** | &nbsp;&nbsp; **(4.33%)** <br><sup>4</sup><br>|
| **RATIOS/SUPPLEMENTAL DATA** |  |  |
| Net assets, end of Period (in 000's) | &nbsp;&nbsp; $18348 | &nbsp;&nbsp; $16986 |
| Ratio of expenses to average net assets before any wavier of expenses by Advisor (Note 4) | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.99% <br><sup>5</sup><br>|
| Ratio of expenses to average net assets after any waiver of expenses by Advisor (Note 4) | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.89% <br><sup>5</sup><br>|
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.54% <br><sup>5</sup><br>|
| Portfolio turnover | &nbsp;&nbsp; 42.43% | &nbsp;&nbsp; 39.15% <br><sup>4</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 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.

**39** 

------

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.

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended** <br>**Dec. 31, 2025** | **Year Ended** <br>**Dec. 31, 2024** | **Period Ended** <br>**Dec. 31, 2023**<sup>1</sup>  |
|  | **Year Ended** <br>**Dec. 31, 2025** | **Year Ended** <br>**Dec. 31, 2024** | **Period Ended** <br>**Dec. 31, 2023**<sup>1</sup>  |
| Net Asset Value, beginning of Period | &nbsp;&nbsp; $26.39 | &nbsp;&nbsp; $25.33 | &nbsp;&nbsp; $25.00 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |
| Net investment income (loss)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation/depreciation on investments and foreign currency <br> related transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;8.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.03)<br>|
| Net realized gains on investments | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.03)<br>|
| Net Asset Value, end of Period | &nbsp;&nbsp; $34.07 | &nbsp;&nbsp; $26.39 | &nbsp;&nbsp; $25.33 |
| **TOTAL RETURN**<sup>3</sup> <br>| &nbsp;&nbsp; **30.51%** | &nbsp;&nbsp; **4.78%** | &nbsp;&nbsp; **1.44%** <br><sup>4</sup><br>|
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |
| Net assets, end of Period (in 000's) | &nbsp;&nbsp; $42588 | &nbsp;&nbsp; $71253 | &nbsp;&nbsp; $79789 |
| Ratio of expenses to average net assets (Note 4) | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% <br><sup>5</sup><br>|
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 1.30% | &nbsp;&nbsp; 0.80% <br><sup>5</sup><br>|
| Portfolio turnover | &nbsp;&nbsp; 113.04% | &nbsp;&nbsp; 451.30% | &nbsp;&nbsp; 12.07% <br><sup>4</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 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.

**40**

------

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.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**Dec. 31, 2025** | **Year Ended** <br>**Dec. 31, 2024** | **Year Ended** <br>**Dec. 31, 2023** | **Period Ended** <br>**Dec. 31, 2022**<sup>1</sup>  |
|  | **Year Ended** <br>**Dec. 31, 2025** | **Year Ended** <br>**Dec. 31, 2024** | **Year Ended** <br>**Dec. 31, 2023** | **Period Ended** <br>**Dec. 31, 2022**<sup>1</sup>  |
| Net Asset Value, beginning of Period | &nbsp;&nbsp; $27.64 | &nbsp;&nbsp; $23.56 | &nbsp;&nbsp; $24.24 | &nbsp;&nbsp; $25.00 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |
| Net investment income (loss)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp; (0.04)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation/depreciation on investments and <br> foreign currency related transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.23 | &nbsp;&nbsp;&nbsp;&nbsp;4.06 | &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.72)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;8.26 | &nbsp;&nbsp;&nbsp;&nbsp;4.15 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.76)<br>|
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; — |
| Net Asset Value, end of Period | &nbsp;&nbsp; $35.37 | &nbsp;&nbsp; $27.64 | &nbsp;&nbsp; $23.56 | &nbsp;&nbsp; $24.24 |
| **TOTAL RETURN**<sup>3</sup> <br>| &nbsp;&nbsp; **29.97%** | &nbsp;&nbsp; **17.60%** | &nbsp;&nbsp; **(1.83%)**<br>| &nbsp;&nbsp; **(3.04%)** <br><sup>4</sup><br>|
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |
| Net assets, end of Period (in 000's) | &nbsp;&nbsp; $79583 | &nbsp;&nbsp; $64944 | &nbsp;&nbsp; $84809 | &nbsp;&nbsp; $105439 |
| Ratio of expenses to average net assets (Note 4) | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% <br><sup>5</sup><br>|
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 0.11% | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; (0.33% )<sup>5</sup><br>|
| Portfolio turnover | &nbsp;&nbsp; 101.95% | &nbsp;&nbsp; 268.33% | &nbsp;&nbsp; 277.86% | &nbsp;&nbsp; 72.56% <br><sup>4</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 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.

**41** 

------

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.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**Dec. 31, 2025** | **Year Ended** <br>**Dec. 31, 2024** | **Year Ended** <br>**Dec. 31, 2023** | **Period Ended** <br>**Dec. 31, 2022**<sup>1</sup>  |
|  | **Year Ended** <br>**Dec. 31, 2025** | **Year Ended** <br>**Dec. 31, 2024** | **Year Ended** <br>**Dec. 31, 2023** | **Period Ended** <br>**Dec. 31, 2022**<sup>1</sup>  |
| Net Asset Value, beginning of Period | &nbsp;&nbsp; $22.24 | &nbsp;&nbsp; $19.07 | &nbsp;&nbsp; $24.04 | &nbsp;&nbsp; $25.00 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |
| Net investment income (loss)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp; (0.03)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation/depreciation on investments and <br> foreign currency related transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.26 | &nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp; (4.91)<br>| &nbsp;&nbsp; (0.93)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;6.64 | &nbsp;&nbsp;&nbsp;&nbsp;3.46 | &nbsp;&nbsp; (4.66)<br>| &nbsp;&nbsp; (0.96)<br>|
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; — |
| Net Asset Value, end of Period | &nbsp;&nbsp; $28.38 | &nbsp;&nbsp; $22.24 | &nbsp;&nbsp; $19.07 | &nbsp;&nbsp; $24.04 |
| **TOTAL RETURN**<sup>3</sup> <br>| &nbsp;&nbsp; **29.85%** | &nbsp;&nbsp; **18.13%** | &nbsp;&nbsp; **(19.35%)**<br>| &nbsp;&nbsp; **(3.84%)** <br><sup>4</sup><br>|
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |
| Net assets, end of Period (in 000's) | &nbsp;&nbsp; $22705 | &nbsp;&nbsp; $36032 | &nbsp;&nbsp; $21737 | &nbsp;&nbsp; $10099 |
| Ratio of expenses to average net assets (Note 4) | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% <br><sup>5</sup><br>|
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 1.49% | &nbsp;&nbsp; 1.74% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; (0.24% )<sup>5</sup><br>|
| Portfolio turnover | &nbsp;&nbsp; 39.13% | &nbsp;&nbsp; 55.22% | &nbsp;&nbsp; 58.98% | &nbsp;&nbsp; 12.48% <br><sup>4</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 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.

**42**

------

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.

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**Dec. 31, 2025** | **Period Ended** <br>**Dec. 31, 2024**<sup>1</sup>  |
|  | **Year Ended** <br>**Dec. 31, 2025** | **Period Ended** <br>**Dec. 31, 2024**<sup>1</sup>  |
| Net Asset Value, beginning of Period | &nbsp;&nbsp; $25.87 | &nbsp;&nbsp; $25.00 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |
| Net investment income (loss)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 |
| Net realized gain (loss) and unrealized appreciation/depreciation on investments and foreign currency related transactions | &nbsp;&nbsp;&nbsp;&nbsp;7.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;7.82 | &nbsp;&nbsp;&nbsp;&nbsp;2.28 |
| **LESS DISTRIBUTIONS FROM:** |  |  |
| Net investment income | &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (1.41)<br>|
| Net realized gains on investments | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp; (1.41)<br>|
| Net Asset Value, end of Period | &nbsp;&nbsp; $32.53 | &nbsp;&nbsp; $25.87 |
| **TOTAL RETURN**<sup>3</sup> <br>| &nbsp;&nbsp; **30.24%** | &nbsp;&nbsp; **9.10%** <br><sup>4</sup><br>|
| **RATIOS/SUPPLEMENTAL DATA** |  |  |
| Net assets, end of Period (in 000's) | &nbsp;&nbsp; $2602 | &nbsp;&nbsp; $2069 |
| Ratio of expenses to average net assets before any wavier of expenses by Advisor (Note 4) | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.99% <br><sup>5</sup><br>|
| Ratio of expenses to average net assets after any waiver of expenses by Advisor (Note 4) | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.89% <br><sup>5</sup><br>|
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 1.51% | &nbsp;&nbsp; 4.82% <br><sup>5</sup><br>|
| Portfolio turnover | &nbsp;&nbsp; 43.98% | &nbsp;&nbsp; 115.31% <br><sup>4</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 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.

**43** 

------

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.

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended** <br>**Dec. 31, 2025** | **Year Ended** <br>**Dec. 31, 2024** | **Period Ended** <br>**Dec. 31, 2023**<sup>1</sup>  |
|  | **Year Ended** <br>**Dec. 31, 2025** | **Year Ended** <br>**Dec. 31, 2024** | **Period Ended** <br>**Dec. 31, 2023**<sup>1</sup>  |
| Net Asset Value, beginning of Period | &nbsp;&nbsp; $29.97 | &nbsp;&nbsp; $27.00 | &nbsp;&nbsp; $25.00 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |
| Net investment income (loss)<sup>2</sup> <br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.03)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation/depreciation on investments and foreign currency <br> related transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;3.18 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — |
| Net realized gains on investments | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; — |
| Net Asset Value, end of Period | &nbsp;&nbsp; $30.09 | &nbsp;&nbsp; $29.97 | &nbsp;&nbsp; $27.00 |
| **TOTAL RETURN**<sup>3</sup> <br>| &nbsp;&nbsp; **2.18%** | &nbsp;&nbsp; **11.61%** | &nbsp;&nbsp; **8.00%** <br><sup>4</sup><br>|
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |
| Net assets, end of Period (in 000's) | &nbsp;&nbsp; $9629 | &nbsp;&nbsp; $14386 | &nbsp;&nbsp; $5940 |
| Ratio of expenses to average net assets (Note 4) | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% <br><sup>5</sup><br>|
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.05%)<br>| &nbsp;&nbsp; (0.14%)<br>| &nbsp;&nbsp; (0.37% )<sup>5</sup><br>|
| Portfolio turnover | &nbsp;&nbsp; 67.54% | &nbsp;&nbsp; 127.51% | &nbsp;&nbsp; 14.97% <br><sup>4</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 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.

**44**

------

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.

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended** <br>**Dec. 31, 2025** | **Year Ended** <br>**Dec. 31, 2024** | **Period Ended** <br>**Dec. 31, 2023**<sup>1</sup>  |
|  | **Year Ended** <br>**Dec. 31, 2025** | **Year Ended** <br>**Dec. 31, 2024** | **Period Ended** <br>**Dec. 31, 2023**<sup>1</sup>  |
| Net Asset Value, beginning of Period | &nbsp;&nbsp; $30.82 | &nbsp;&nbsp; $26.31 | &nbsp;&nbsp; $25.00 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |
| Net investment income (loss)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation/depreciation on investments and foreign currency <br> related transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.33 | &nbsp;&nbsp;&nbsp;&nbsp;4.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;6.71 | &nbsp;&nbsp;&nbsp;&nbsp;4.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |
| Net investment income | &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.13)<br>|
| Net realized gains on investments | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.13)<br>|
| Net Asset Value, end of Period | &nbsp;&nbsp; $35.71 | &nbsp;&nbsp; $30.82 | &nbsp;&nbsp; $26.31 |
| **TOTAL RETURN**<sup>3</sup> <br>| &nbsp;&nbsp; **21.79%** | &nbsp;&nbsp; **18.92%** | &nbsp;&nbsp; **5.79%** <br><sup>4</sup><br>|
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |
| Net assets, end of Period (in 000's) | &nbsp;&nbsp; $5714 | &nbsp;&nbsp; $2466 | &nbsp;&nbsp; $1053 |
| Ratio of expenses to average net assets (Note 4) | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% <br><sup>5</sup><br>|
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 2.07% <br><sup>5</sup><br>|
| Portfolio turnover | &nbsp;&nbsp; 121.81% | &nbsp;&nbsp; 103.46% | &nbsp;&nbsp; 45.53% <br><sup>4</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 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.

**45** 

------

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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**Dec. 31, 2025** | **Year Ended** <br>**Dec. 31, 2024** | **Year Ended** <br>**Dec. 31, 2023**<sup>1, 2</sup>  | **Year Ended** <br>**Dec. 31, 2022**<sup>2</sup>  | **Year Ended** <br>**Dec. 31, 2021**<sup>2</sup>  |
|  | **Year Ended** <br>**Dec. 31, 2025** | **Year Ended** <br>**Dec. 31, 2024** | **Year Ended** <br>**Dec. 31, 2023**<sup>1, 2</sup>  | **Year Ended** <br>**Dec. 31, 2022**<sup>2</sup>  | **Year Ended** <br>**Dec. 31, 2021**<sup>2</sup>  |
| Net Asset Value, beginning of Period | &nbsp;&nbsp; $21.03 | &nbsp;&nbsp; $26.31 | &nbsp;&nbsp; $23.18 | &nbsp;&nbsp; $34.53 | &nbsp;&nbsp; $37.05 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation/depreciation on <br> investments and foreign currency related transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.44 | &nbsp;&nbsp; (4.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp; (9.07)<br>| &nbsp;&nbsp; (0.42)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;14.68 | &nbsp;&nbsp; (4.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.55 | &nbsp;&nbsp; (8.71)<br>| &nbsp;&nbsp; (0.06)<br>|
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.66)<br>|
| Net realized gains on investments | &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2.64)<br>| &nbsp;&nbsp; (1.80)<br>|
| Total distributions | &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (2.64)<br>| &nbsp;&nbsp; (2.46)<br>|
| Net Asset Value, end of Period | &nbsp;&nbsp; $34.81 | &nbsp;&nbsp; $21.03 | &nbsp;&nbsp; $26.31 | &nbsp;&nbsp; $23.18 | &nbsp;&nbsp; $34.53 |
| **TOTAL RETURN**<sup>4</sup> <br>| &nbsp;&nbsp; **70.14%** | &nbsp;&nbsp; **(16.10%)**<br>| &nbsp;&nbsp; **15.41%** | &nbsp;&nbsp; **(25.39%)**<br>| &nbsp;&nbsp; **(0.16%)**<br>|
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| Net assets, end of Period (in 000's) | &nbsp;&nbsp; $72873 | &nbsp;&nbsp; $44860 | &nbsp;&nbsp; $67171 | &nbsp;&nbsp; $9166 | &nbsp;&nbsp; $14998 |
| Ratio of expenses to average net assets (Note 4) | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 0.98% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 2.26% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 0.93% |
| Portfolio turnover | &nbsp;&nbsp; 69.93% | &nbsp;&nbsp; 41.08% | &nbsp;&nbsp; 31.75% | &nbsp;&nbsp; 56.94% | &nbsp;&nbsp; 40.18% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 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 <br> 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 <br> Fund's Institutional Class. The Predecessor Fund ceased operations as of the date of the reorganization.<br>|
| 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. |

---

See accompanying notes to financial statements.

**46**

------

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.

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended** <br>**Dec. 31, 2025** | **Year Ended** <br>**Dec. 31, 2024** | **Period Ended** <br>**Dec. 31, 2023**<sup>1</sup>  |
|  | **Year Ended** <br>**Dec. 31, 2025** | **Year Ended** <br>**Dec. 31, 2024** | **Period Ended** <br>**Dec. 31, 2023**<sup>1</sup>  |
| Net Asset Value, beginning of Period | &nbsp;&nbsp; $32.02 | &nbsp;&nbsp; $31.63 | &nbsp;&nbsp; $30.00 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |
| Net investment income (loss)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation/depreciation on investments and foreign currency <br> related transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;8.23 | &nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp; (0.12)<br>|
| Net realized gains on investments | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp; (1.92)<br>| &nbsp;&nbsp; (0.12)<br>|
| Net Asset Value, end of Period | &nbsp;&nbsp; $39.09 | &nbsp;&nbsp; $32.02 | &nbsp;&nbsp; $31.63 |
| **TOTAL RETURN**<sup>3</sup> <br>| &nbsp;&nbsp; **25.91%** | &nbsp;&nbsp; **7.30%** | &nbsp;&nbsp; **5.83%** <br><sup>4</sup><br>|
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |
| Net assets, end of Period (in 000's) | &nbsp;&nbsp; $5863 | &nbsp;&nbsp; $3202 | &nbsp;&nbsp; $1582 |
| Ratio of expenses to average net assets (Note 4) | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% <br><sup>5</sup><br>|
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 1.99% | &nbsp;&nbsp; 2.07% | &nbsp;&nbsp; 1.45% <br><sup>5</sup><br>|
| Portfolio turnover | &nbsp;&nbsp; 57.82% | &nbsp;&nbsp; 37.62% | &nbsp;&nbsp; 5.82% <br><sup>4</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 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** 

------

Notes to Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 December 31, 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 premium or discount 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.

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.

**48**

------

Notes to Financial Statements *(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 December 31, 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 Japan Active ETF and Matthews Korea Active ETF were classified as Level 1, based on the inputs used to determine their fair values.

On December 31, 2025, the following Funds had level 1, level 2 and level 3 fair valued securities:

**Levels for Multi-Country Funds (1 of 2):**

Summary of inputs used to determine the fair valuation of multi-country Funds' investments as of December 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Matthews Emerging** <br>**Markets Equity** <br>**Active ETF**<br>| **Matthews Emerging** <br>**Markets ex China** <br>**Active ETF**<br>| **Matthews** <br>**Pacific Tiger** <br>**Active ETF**<br>| **Matthews Asia** <br>**Innovators** <br>**Active ETF**<br>| **Matthews Asia** <br>**Dividend** <br>**Active ETF**<br>|
| **Assets:** |  |  |  |  |  |
| **Investments:** |  |  |  |  |  |
| **Level 1: Quoted Prices** |  |  |  |  |  |
| Common Equities: |  |  |  |  |  |
| Argentina | $— | $281513 | $— | $— | $— |
| Australia |  |  |  |  | 364673 |
| Brazil | 2917547 | 3051860 |  |  |  |
| Chile | 947888 |  |  |  |  |
| China/Hong Kong | 12283536 |  | 14042936 | 30255157 | 1892329 |
| Greece |  | 367970 |  |  |  |
| India | 5937290 | 5837122 | 6810202 | 10547742 | 310276 |
| Indonesia |  | 1580604 | 394864 |  | 63586 |
| Japan |  |  |  | 1588705 | 1296738 |
| Macau | 236315 |  |  |  |  |
| Malaysia |  | 736268 | 593111 |  |  |
| Mexico | 776382 | 543608 |  |  |  |
| Peru |  | 563196 |  |  |  |
| Philippines | 330248 | 1089371 | 422505 |  |  |
| Poland |  | 618388 |  |  |  |
| Saudi Arabia |  | 330940 |  |  |  |
| Singapore | 342488 | 1050776 | 1709171 | 2440682 | 191862 |
| South Africa | 1212540 | 1307427 |  |  |  |
| South Korea | 8221433 | 6971272 | 7341602 | 14680850 | 720144 |
| Taiwan | 7210165 | 7030001 | 8726504 | 17935895 | 754595 |
| United Arab Emirates | 642951 | 403655 |  |  |  |
| United States |  | 702975 |  |  |  |
| Vietnam | 275989 | 1267527 | 199442 |  |  |
| Preferred Equities: |  |  |  |  |  |
| Brazil |  | 11039 |  |  |  |
| Short-Term Investments | 2887128 | 339940 | 1684902 | 2230916 | 213202 |
| Total | 44221900 | 34085452 | 41925239 | 79679947 | 5807405 |
| **Level 2: Other Significant Observable Inputs** |  |  |  |  |  |
| Common Equities: |  |  |  |  |  |
| China/Hong Kong |  |  |  | 410880 |  |
| Thailand | 262063 | 1092894 | 435967 |  | 45823 |
| Total | 262063 | 1092894 | 435967 | 410880 | 45823 |
| **Level 3: Other Significant Observable Inputs** |  |  |  |  |  |
| Common Equities: |  |  |  |  |  |
| India |  |  | 12127 |  | 798 |
| Preferred Equities: |  |  |  |  |  |
| India | 4836 |  | 5080 |  |  |
| Total Market Value of Investments | $44488799 | $35178346 | $42378413 | $80090827 | $5854026 |

---

**49** 

------

Notes to Financial Statements *(continued)*

**Levels for Single Country Funds:** 

Summary of inputs used to determine the fair valuation of the single country Fund's investments as of December 31, 2025.

---

| | |
|:---|:---|
|  | **Matthews India** <br>**Active ETF**<br>|
| **Assets:** |  |
| **Investments:** |  |
| **Level 1: Quoted Prices** |  |
| Common Equities: |  |
| Communication Services | $330835 |
| Consumer Discretionary | 2787381 |
| Consumer Staples | 692998 |
| Energy | 364001 |
| Financials | 3315150 |
| Health Care | 763141 |
| Industrials | 411836 |
| Information Technology | 943592 |
| Materials | 311455 |
| Total | 9920389 |
| **Level 3: Other Significant Observable Inputs** |  |
| Common Equities: |  |
| Consumer Staples | 2971 |
| Preferred Equities: |  |
| Consumer Discretionary | 2102 |
| Total Market Value of Investments | $9925462 |

---

**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** <br>**Markets Equity** <br>**Active ETF**<br>| **Matthews Emerging** <br>**Markets Discovery** <br>**Active ETF**<br>| **Matthews Pacific** <br>**Tiger Active** <br>**ETF** | **Matthews Pacific** <br>**Tiger Active** <br>**ETF** | **Matthews India** <br>**Active** <br>**ETF** | **Matthews India** <br>**Active** <br>**ETF** | **Matthews Asia** <br>**Dividend Active** <br>**ETF**<br>|
|  | **Preferred** <br>**Equities —** <br>**India**<br>| **Common** <br>**Equities —** <br>**India**<br>| **Common** <br>**Equities —** <br>**India**<br>| **Preferred** <br>**Equities —** <br>**India**<br>| **Common** <br>**Equities —** <br>**Consumer** <br>**Staples**<br>| **Preferred** <br>**Equities —** <br>**Consumer** <br>**Discretionary**<br>| **Common** <br>**Equities —** <br>**India**<br>|
| Balance as of 12/31/24(market value) |  | 105586 |  |  |  |  |  |
| Accrued discounts/premiums |  |  |  |  |  |  |  |
| Realized gain/(loss) |  |  |  |  |  |  |  |
| Change in unrealized appreciation/depreciation | 4836 |  | 15 | 5080 | 4 | 2102 |  |
| Purchases |  |  | 12112 |  | 2967 |  | 798 |
| Sales |  |  |  |  |  |  |  |
| Transfers in to Level 3 |  |  |  |  |  |  |  |
| Transfer out of Level 3\*\* |  | (105586)<br>|  |  |  |  |  |
| Balance as of Current 12/31/25(market value) | $4836 | $— | $12127 | $5080 | $2971 | $2102 | $798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized <br> appreciation/depreciation on Level 3 <br> investments held as of 12/31/25\*<br>| $4836 |  | $15 | 5080 | $4 | 2102 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| \*\*Transfers out of Level 3 were because observable market data became available for the security. |
| \*Included in the related amounts on the Statements of Operations. |

---

**50**

------

Notes to Financial Statements *(continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**C.** **RISKS ASSOCIATED WITH NON-U.S. COMPANIES:** Investments by the Funds in the securities of non-U.S. companies may involve investment risks not typically associated with investments in U.S. issuers. These risks include possible political, economic, social and religious instability; inadequate investor protection; changes in laws or regulations of Emerging Market or Asia Pacific countries where the Funds may invest; international relations with other nations; natural disasters; corruption; and military activity. Foreign securities may trade in securities markets that are substantially smaller, less developed, less liquid and more volatile than the major securities markets in the United States. Foreign securities may be subject to greater fluctuations in price than securities of domestic corporations or the U.S. government. Foreign investing may also include the risk of expropriation or confiscatory taxation, limitation on the removal of funds or other assets, currency crises and exchange controls, the imposition of foreign withholding tax on the interest income payable on such instruments, the possible seizure or nationalization of foreign deposits or assets, or the adoption of other foreign government restrictions that might adversely affect the foreign securities held by the Funds. Additionally, Emerging Market and Asia Pacific countries may utilize formal or informal currency exchange controls or "capital controls" that may limit the ability to repatriate investments or income or adversely affect the value of portfolio investments. The economies of many Emerging Market and Asia Pacific countries differ from the economies of more developed countries in many respects, such as their rate of growth, inflation, capital reinvestment, resource self-sufficiency and dependence on other economies, financial system stability, the national balance of payments position and sensitivity to changes in global trade.

Certain Emerging Market and Asia Pacific countries are highly dependent upon and may be affected by developments in the economies of other countries. Non-U.S. companies are subject to different accounting, auditing, and financial reporting standards, practices, and requirements than U.S. companies. There is generally less government regulation of stock exchanges, brokers, and listed companies abroad than in the United States, which may result in less transparency with respect to a company's operations, and make obtaining information about them more difficult (or such information may be unavailable).

Among other risks of investing in foreign markets, particularly those of emerging and frontier markets in which the Funds invest, are the variable quality and reliability of financial information and related audits of companies. In some cases, financial information and related audits can be unreliable and not subject to verification. Auditing firms in some of these markets are not subject to independent inspection or oversight of audit quality. For example, China does not allow the Public Company Accounting Oversight Board to inspect the work that auditors perform in China for Chinese companies that sell stock into U.S. markets. This can result in investment decisions being made based on flawed or misleading information.

Foreign stock markets, particularly those of emerging and frontier markets in which the Funds invest, may not be as developed or efficient as those in more developed markets such as the United States, and the absence of negotiated brokerage commissions in certain countries may result in higher brokerage fees. The time between the trade and settlement dates of securities transactions on foreign exchanges ranges from one day to four weeks or longer and may result in higher custody charges. Custodial arrangements may be less well developed than in the United States. Foreign securities are generally denominated and pay distributions in foreign currencies, exposing the Funds to changes in foreign currency exchange rates. Investing in any Emerging Market or Asia Pacific country will also entail risks specific and unique to that country, and these risks can be significant and change rapidly.

Changes in interest rates in each of the countries in which the Funds may invest, as well as interest rates in more-developed countries, may cause a decline in the market value of an investment. Generally, fixed income securities will decrease in value when interest rates rise and can be expected to rise in value when interest rates decline. As interest rates decline, debt issuers may repay or refinance their loans or obligations earlier than anticipated.

The Funds may invest in certain operating companies in China through legal structures known as variable interest entities ("VIEs"). In China, ownership of companies in certain sectors, such as technology, media, and telecommunications, by non-Chinese individuals and entities (including U.S. persons and entities such as the Fund) is prohibited. In order to facilitate foreign investment in these businesses, many Chinese companies have created VIEs, through which foreign investors hold stock in an offshore holding company or a special purpose vehicle ("SPV") that has entered into contractual arrangements with a China-based operating company, allowing U.S. investors to obtain economic exposure to the China-based company through contractual means rather than through formal equity ownership. Shares of the offshore holding company or SPV, in turn, may be listed and traded on exchanges outside of mainland China and made available to non-Chinese investors.

VIEs are a longstanding industry practice and well known to officials and regulators in China; however, VIEs are not formally recognized under Chinese law. Recently, the government of China placed restrictions on China-based companies raising capital offshore, including through VIE structures. Investors face uncertainty about future actions by the government of China that could significantly affect an operating company's financial performance and the enforceability of an offshore holding company's or SPV's contractual arrangements. In addition, the interests of the Chinese equity holders of an operating company may not align with those of foreign investors in the offshore holding company or SPV. Investments in Chinese VIEs present significant risks. Under extreme circumstances, China might prohibit the existence of VIEs or sever their ability to transmit economic and governance rights to foreign investors. In addition, listed holding companies or SPVs acting as VIEs may also face delisting or other regulatory consequences for failure to meet the requirements of U.S. exchanges and regulators. If any of these events take place, the market value of a Fund's associated portfolio holdings would likely decline significantly, which could result in substantial investment losses.

The ongoing conflict from Russia's invasion of Ukraine has the potential to adversely impact global economies and increase volatility across markets. The duration of the Russian-Ukraine conflict and its effect on financial markets cannot be determined with certainty. The Funds' performance could be negatively impacted if the value of a portfolio holding were harmed by these and such other events. Management is actively monitoring these events. As of December 31, 2025, the Funds did not hold any Russian securities.

Recently, the conflicts among Israel, Iran, 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. These conflicts 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.

In recent years, the U.S. government has indicated its intent to alter its approach to international trade policy and in some cases to renegotiate, or potentially terminate, certain existing bilateral or multi-lateral trade agreements and treaties with foreign countries, and has made proposals and taken actions related thereto. For example, the U.S. government has imposed, and may in the future further increase, tariffs on certain foreign goods, including from China, such as steel and aluminum. Most recently, the current U.S. presidential administration has imposed or sought to impose

**51** 

------

Notes to Financial Statements *(continued)*

significant increases to tariffs on goods imported into the U.S., including from China, Canada and Mexico. These developments 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 year ended December 31, 2025 and period ended December 31, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **YEAR ENDED December 31, 2025** | **Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Net Long-Term** <br>**Capital Gains**<br>| **Return of** <br>**Capital**<br>| **Total Taxable** <br>**Distributions**<br>|
| Matthews Emerging Markets Equity Active ETF | &nbsp;&nbsp; $804663 | &nbsp;&nbsp;&nbsp; $674163 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1478826 |
| Matthews Emerging Markets ex China Active ETF | &nbsp;&nbsp; 708177 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 708177 |
| Matthews Emerging Markets Sustainable Future Active ETF | &nbsp;&nbsp; 2018246 | &nbsp;&nbsp;&nbsp; 108655 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2126901 |
| Matthews Emerging Markets Discovery Active ETF | &nbsp;&nbsp; 515866 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 515866 |
| Matthews Pacific Tiger Active ETF | &nbsp;&nbsp; 446813 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 446813 |
| Matthews Asia Innovators Active ETF | &nbsp;&nbsp; 1201163 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1201163 |
| Matthews China Active ETF | &nbsp;&nbsp; 397216 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 397216 |
| Matthews China Discovery Active ETF | &nbsp;&nbsp; 63240 | &nbsp;&nbsp;&nbsp; 29330 | &nbsp;&nbsp; — | &nbsp;&nbsp; 92570 |
| Matthews India Active ETF | &nbsp;&nbsp; 164063 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 4433 | &nbsp;&nbsp; 168496 |
| Matthews Japan Active ETF | &nbsp;&nbsp; 284614 | &nbsp;&nbsp;&nbsp; 7730 | &nbsp;&nbsp; — | &nbsp;&nbsp; 292344 |
| Matthews Korea Active ETF | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1889511 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1889511 |
| Matthews Asia Dividend Active ETF | &nbsp;&nbsp; 137039 | &nbsp;&nbsp;&nbsp; 14173 | &nbsp;&nbsp; — | &nbsp;&nbsp; 151212 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PERIOD ENDED December 31, 2024** | **Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Net Long-Term** <br>**Capital Gains**<br>| **Return of** <br>**Capital**<br>| **Total Taxable** <br>**Distributions**<br>|
| Matthews Emerging Markets Equity Active ETF | &nbsp;&nbsp; $2755630 | &nbsp;&nbsp;&nbsp; $961766 | &nbsp;&nbsp; $35482 | &nbsp;&nbsp; $3752878 |
| Matthews Emerging Markets ex China Active ETF | &nbsp;&nbsp; 362864 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 11705 | &nbsp;&nbsp; 374569 |
| Matthews Emerging Markets Sustainable Future Active ETF | &nbsp;&nbsp; 782460 | &nbsp;&nbsp;&nbsp; 15390 | &nbsp;&nbsp; — | &nbsp;&nbsp; 797850 |
| Matthews Emerging Markets Discovery Active ETF | &nbsp;&nbsp; 241164 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 241164 |
| Matthews Pacific Tiger Active ETF | &nbsp;&nbsp; 541304 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 541304 |
| Matthews Asia Innovators Active ETF | &nbsp;&nbsp; 173298 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 173298 |
| Matthews China Active ETF | &nbsp;&nbsp; 469395 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 469395 |
| Matthews China Discovery Active ETF | &nbsp;&nbsp; 112438 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 112438 |
| Matthews India Active ETF | &nbsp;&nbsp; 101716 | &nbsp;&nbsp;&nbsp; 5670 | &nbsp;&nbsp; — | &nbsp;&nbsp; 107386 |
| Matthews Japan Active ETF | &nbsp;&nbsp; 37412 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 37412 |
| Matthews Korea Active ETF | &nbsp;&nbsp; 2471623 | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2471651 |
| Matthews Asia Dividend Active ETF | &nbsp;&nbsp; 84957 | &nbsp;&nbsp;&nbsp; 11164 | &nbsp;&nbsp; — | &nbsp;&nbsp; 96121 |

---

**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.

**52**

------

Notes to Financial Statements *(continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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**: FASB *ASU 2023-09, Income Taxes (Topic 740*) *– Improvements to Income Taxes Disclosures*, amends ASC 740 to require enhanced disclosures about income taxes paid by jurisdiction when those amounts exceed a specified quantitative threshold of five percent of total income taxes paid. Management has evaluated foreign income taxes paid and concluded the impact is immaterial.

**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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Shares** | **Amount** | **Shares** | **Amount** |
| **Matthews Emerging Markets Equity Active ETF** |  |  |  |  |
| Shares sold | 80000 | $2879846 |  | $— |
| Shares redeemed | (540000)<br>| (15173349)<br>| (320000)<br>| (9675783)<br>|
| Net (decrease) | (460000)<br>| ($12293503)<br>| (320000)<br>| ($9675783)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Shares** | **Amount** | **Shares** | **Amount** |
| **Matthews Emerging Markets ex China Active ETF** |  |  |  |  |
| Shares sold |  | $— | 980000 | $29109830 |
| Shares redeemed | (360000)<br>| (11366260)<br>|  |  |
| Net increase (decrease) | (360000)<br>| ($11366260)<br>| 980000 | $29109830 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Matthews Emerging Markets Sustainable Future Active** <br> **ETF**<br>|  |  |  |  |
| Shares sold | 50000 | $1225882 | 450000 | $11369312 |
| Shares redeemed |  |  |  |  |
| Net increase | 50000 | $1225882 | 450000 | $11369312 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **For the Period Ended** <br>**December 31, 2024**<sup>1</sup>  | **For the Period Ended** <br>**December 31, 2024**<sup>1</sup>  |
| <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Shares** | **Amount** | **Shares** | **Amount** |
| **Matthews Emerging Markets Discovery Active ETF** |  |  |  |  |
| Shares sold |  | $— | 720000 | $18357624 |
| Shares redeemed |  |  |  |  |
| Net increase |  | $— | 720000 | $18357624 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**53** 

------

Notes to Financial Statements *(continued)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Shares** | **Amount** | **Shares** | **Amount** |
| **Matthews Pacific Tiger Active ETF** |  |  |  |  |
| Shares sold |  | $— | 600000 | $16097160 |
| Shares redeemed | (1450000)<br>| (36675873)<br>| (1050000)<br>| (27953491)<br>|
| Net (decrease) | (1450000)<br>| ($36675873)<br>| (450000)<br>| ($11856331)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Shares** | **Amount** | **Shares** | **Amount** |
| **Matthews Asia Innovators Active ETF** |  |  |  |  |
| Shares sold | 400000 | $13029623 | 50000 | $1321210 |
| Shares redeemed | (500000)<br>| (13046644)<br>| (1300000)<br>| (31093674)<br>|
| Net (decrease) | (100000)<br>| ($17021)<br>| (1250000)<br>| ($29772464)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Shares** | **Amount** | **Shares** | **Amount** |
| **Matthews China Active ETF** |  |  |  |  |
| Shares sold |  | $— | 660000 | $15644799 |
| Shares redeemed | (820000)<br>| (17835026)<br>| (180000)<br>| (3900801)<br>|
| Net increase (decrease) | (820000)<br>| ($17835026)<br>| 480000 | $11743998 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **For the Period Ended** <br>**December 31, 2024**<sup>1</sup>  | **For the Period Ended** <br>**December 31, 2024**<sup>1</sup>  |
| <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Shares** | **Amount** | **Shares** | **Amount** |
| **Matthews China Discovery Active ETF** |  |  |  |  |
| Shares sold |  | $— | 160000 | $4025241 |
| Shares redeemed |  |  | (80000)<br>| (2222230)<br>|
| Net increase |  | $— | 80000 | $1803011 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Shares** | **Amount** | **Shares** | **Amount** |
| **Matthews India Active ETF** |  |  |  |  |
| Shares sold |  | $— | 420000 | $12909337 |
| Shares redeemed | (160000)<br>| (4684405)<br>| (160000)<br>| (4782504)<br>|
| Net increase (decrease) | (160000)<br>| ($4684405)<br>| 260000 | $8126833 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Shares** | **Amount** | **Shares** | **Amount** |
| **Matthews Japan Active ETF** |  |  |  |  |
| Shares sold | 80000 | $2513637 | 80000 | $2359853 |
| Shares redeemed |  |  | (40000)<br>| (1224156)<br>|
| Net increase | 80000 | $2513637 | 40000 | $1135697 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**54**

------

Notes to Financial Statements *(continued)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Shares** | **Amount** | **Shares** | **Amount** |
| **Matthews Korea Active ETF** |  |  |  |  |
| Shares sold | 460000 | $13317659 | 100000 | $2577068 |
| Shares redeemed | (500000)<br>| (13699658)<br>| (520000)<br>| (12626800)<br>|
| Net (decrease) | (40000)<br>| ($381999)<br>| (420000)<br>| ($10049732)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Shares** | **Amount** | **Shares** | **Amount** |
| **Matthews Asia Dividend Active ETF** |  |  |  |  |
| Shares sold | 50000 | $1917081 | 50000 | $1603057 |
| Shares redeemed |  |  |  |  |
| Net increase | 50000 | $1917081 | 50000 | $1603057 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1 The Fund commenced operations on January 10, 2024.

**4.** **INVESTMENT MANAGEMENT FEES**

Pursuant to the Investment Management Agreement dated June 30, 2022, 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 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 year ended December 31, 2025, the Matthews Emerging Markets Discovery Active ETF and Matthews China Discovery Active ETF waived management fees of $18,042 and $2,407, respectively.

**55** 

------

Notes to Financial Statements *(continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5.** **INVESTMENTS**

For the year ended December 31, 2025, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | &nbsp;&nbsp;&nbsp; **Proceeds from** <br>**Sales**<br>|
| Matthews Emerging Markets Equity Active ETF | &nbsp;&nbsp; $47066416 | &nbsp;&nbsp;&nbsp; $52737893 |
| Matthews Emerging Markets ex China Active ETF | &nbsp;&nbsp; 34513867 | &nbsp;&nbsp;&nbsp; 39154171 |
| Matthews Emerging Markets Sustainable Future Active ETF | &nbsp;&nbsp; 18232116 | &nbsp;&nbsp;&nbsp; 20107900 |
| Matthews Emerging Markets Discovery Active ETF | &nbsp;&nbsp; 7611445 | &nbsp;&nbsp;&nbsp; 7561969 |
| Matthews Pacific Tiger Active ETF | &nbsp;&nbsp; 49864532 | &nbsp;&nbsp;&nbsp; 68207133 |
| Matthews Asia Innovators Active ETF | &nbsp;&nbsp; 69935704 | &nbsp;&nbsp;&nbsp; 67774690 |
| Matthews China Active ETF | &nbsp;&nbsp; 10214291 | &nbsp;&nbsp;&nbsp; 14514043 |
| Matthews China Discovery Active ETF | &nbsp;&nbsp; 994288 | &nbsp;&nbsp;&nbsp; 1100618 |
| Matthews India Active ETF | &nbsp;&nbsp; 8057628 | &nbsp;&nbsp;&nbsp; 12723674 |
| Matthews Japan Active ETF | &nbsp;&nbsp; 5878262 | &nbsp;&nbsp;&nbsp; 5921579 |
| Matthews Korea Active ETF | &nbsp;&nbsp; 38767347 | &nbsp;&nbsp;&nbsp; 40237707 |
| Matthews Asia Dividend Active ETF | &nbsp;&nbsp; 2474892 | &nbsp;&nbsp;&nbsp; 2186548 |

---

For the year ended December 31, 2025, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | &nbsp;&nbsp;&nbsp; **Proceeds from** <br>**Sales**<br>|
| Matthews Emerging Markets Equity Active ETF  | &nbsp;&nbsp; $734743 | &nbsp;&nbsp;&nbsp; $7375814<br>|
| Matthews Emerging Markets ex China Active ETF  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4719316<br>|
| Matthews Emerging Markets Sustainable Future Active ETF  | &nbsp;&nbsp; 343145 | &nbsp;&nbsp;&nbsp; —<br>|
| Matthews Pacific Tiger Active ETF  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 18057161<br>|
| Matthews Asia Innovators Active ETF  | &nbsp;&nbsp; 3298661 | &nbsp;&nbsp;&nbsp; 5790245<br>|
| Matthews China Active ETF  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13156136<br>|
| Matthews India Active ETF  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 17436<br>|
| Matthews Japan Active ETF  | &nbsp;&nbsp; 2337558 | &nbsp;&nbsp;&nbsp; —<br>|
| Matthews Korea Active ETF  | &nbsp;&nbsp; 478066 | &nbsp;&nbsp;&nbsp; 367336<br>|
| Matthews Asia Dividend Active ETF  | &nbsp;&nbsp; 1439870 | &nbsp;&nbsp;&nbsp; —<br>|

---

**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 standard impacted financial statement disclosures only and did not affect the Funds' financial position or its results of operations. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance and to assess its potential future cash flows. The Funds' President, Treasurer and Vice President, who serve as the Chief Executive Officer, Vice President of Accounting and Operations, and Chief Investment Officer of the investment advisor, Matthews International Capital Management, LLC, respectively, act as the Funds' chief operating decision maker (CODM) assessing performance and making decisions about resource allocation. The CODM has determined that each fund has a single operating segment based on the fact that the CODM monitors the operating results of each fund as a whole and the Funds' long-term strategic asset allocation is pre-determined in accordance with the terms of their respective prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds' Portfolio of Investments, Statement of Changes in Net Assets and Financial Highlights.

**7.** **INCOME TAX INFORMATION**

It is the policy of the Funds to comply with all requirements of the Internal Revenue Code of 1986, as amended ("the Code"), applicable to regulated investment companies and to distribute substantially all of their taxable income to their shareholders. The Funds have met the requirements of the Code applicable to regulated investment companies for the year ended December 31, 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.

**56**

------

Notes to Financial Statements *(continued)*

As of December 31, 2025, the components of accumulated earnings/deficit on tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Undistributed** <br>**Ordinary Income**<br>| &nbsp;&nbsp;&nbsp; **Undistributed** <br>**Long-Term** <br>**Capital Gains**<br>| **Capital Loss** <br>**Carryforwards**<br>|
| Matthews Emerging Markets ex China Active ETF | &nbsp;&nbsp; $108352 | &nbsp;&nbsp;&nbsp; $472267 | &nbsp;&nbsp; $— |
| Matthews Emerging Markets Sustainable Future Active ETF | &nbsp;&nbsp; 274622 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (703626)<br>|
| Matthews Emerging Markets Discovery Active ETF | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1076201)<br>|
| Matthews Pacific Tiger Active ETF | &nbsp;&nbsp; 43363 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2478194)<br>|
| Matthews Asia Innovators Active ETF | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (8028811)<br>|
| Matthews China Active ETF | &nbsp;&nbsp; 7543 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5227884)<br>|
| Matthews China Discovery Active ETF | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 27673 | &nbsp;&nbsp; — |
| Matthews India Active ETF | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (414904)<br>|
| Matthews Japan Active ETF | &nbsp;&nbsp; 38320 | &nbsp;&nbsp;&nbsp; 13509 | &nbsp;&nbsp; — |
| Matthews Korea Active ETF | &nbsp;&nbsp; 5140652 | &nbsp;&nbsp;&nbsp; 2548987 | &nbsp;&nbsp; — |
| Matthews Asia Dividend Active ETF | &nbsp;&nbsp; 6283 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1402)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Late Year** <br>**Losses\***<br>| &nbsp;&nbsp;&nbsp; **Other Temporary** <br>**Differences**<br>| **Unrealized** <br>**Appreciation\*\***<br>| **Total Accumulated** <br>**Earnings/Deficit**<br>|
| Matthews Emerging Markets Equity Active ETF | &nbsp;&nbsp; ($371469)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $9541032 | &nbsp;&nbsp; $9169563 |
| Matthews Emerging Markets ex China Active ETF | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 7320268 | &nbsp;&nbsp; 7900887 |
| Matthews Emerging Markets Sustainable Future Active ETF | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 4049724 | &nbsp;&nbsp; 3620720 |
| Matthews Emerging Markets Discovery Active ETF | &nbsp;&nbsp; (20915)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1088291 | &nbsp;&nbsp; (8825)<br>|
| Matthews Pacific Tiger Active ETF | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 10628552 | &nbsp;&nbsp; 8193721 |
| Matthews Asia Innovators Active ETF | &nbsp;&nbsp; (188908)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 20402992 | &nbsp;&nbsp; 12185273 |
| Matthews China Active ETF | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 2436982 | &nbsp;&nbsp; (2783359)<br>|
| Matthews China Discovery Active ETF | &nbsp;&nbsp; (7208)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 542201 | &nbsp;&nbsp; 562666 |
| Matthews India Active ETF | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1049443 | &nbsp;&nbsp; 634539 |
| Matthews Japan Active ETF | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 827845 | &nbsp;&nbsp; 879674 |
| Matthews Korea Active ETF | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 17372340 | &nbsp;&nbsp; 25061979 |
| Matthews Asia Dividend Active ETF | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 838380 | &nbsp;&nbsp; 843261 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next fiscal year.

\*\* The differences between book-basis and tax-basis unrealized appreciation/depreciation is attributable primarily to the tax deferral of losses on wash sales, corporate actions and passive foreign investment company (PFIC) mark to market adjustments. 

As of December 31, 2025, the Funds have capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Amount With No Expiration** | **Amount With No Expiration** | |
|  | **Short-term** <br>**Losses**<br>| &nbsp;&nbsp;&nbsp; **Long-term** <br>**Losses**<br>| <br>**Total** |
| Matthews Emerging Markets Sustainable Future Active ETF | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; ($703626)<br>| &nbsp;&nbsp; ($703626)<br>|
| Matthews Emerging Markets Discovery Active ETF | &nbsp;&nbsp; (703024)<br>| &nbsp;&nbsp;&nbsp; (373177)<br>| &nbsp;&nbsp; (1076201)<br>|
| Matthews Pacific Tiger Active ETF | &nbsp;&nbsp; (2478194)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2478194)<br>|
| Matthews Asia Innovators Active ETF | &nbsp;&nbsp; (8028811)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (8028811)<br>|
| Matthews China Active ETF | &nbsp;&nbsp; (1894853)<br>| &nbsp;&nbsp;&nbsp; (3333031)<br>| &nbsp;&nbsp; (5227884)<br>|
| Matthews India Active ETF | &nbsp;&nbsp; (414904)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (414904)<br>|
| Matthews Asia Dividend Active ETF | &nbsp;&nbsp; (1402)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1402)<br>|

---

The following Funds utilized capital loss carryforwards in the current year:

---

| | |
|:---|:---|
|  | **Utilized** <br>**Capital Loss** <br>**Carryforwards**<br>|
| Matthews Emerging Markets ex China Active ETF | &nbsp;&nbsp; $404685 |
| Matthews Asia Innovators Active ETF | &nbsp;&nbsp; 4846670 |
| Matthews China Discovery Active ETF | &nbsp;&nbsp; 58355 |
| Matthews Japan Active ETF | &nbsp;&nbsp; 9842 |

---

**57** 

------

Notes to Financial Statements *(continued)*

Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years, which generally expire after eight years from when they are incurred. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

U.S. GAAP requires that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV. The permanent differences are primarily attributable to investments in PFICs, non-deductible expenses, foreign currency reclassification, NOL (net operating loss) adjustments, capital gains tax, distributions in excess of current earnings and profits, re-characterization of distributions, investment in swaps, adjustments on distributions related to taxable spinoffs and the utilization of accumulated earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction for income tax purposes. For the year ended December 31, 2025, permanent differences in book and tax accounting have been reclassified to paid-in capital, undistributed net investment income (loss) and accumulated realized gain (loss) as follows:

---

| | | |
|:---|:---|:---|
|  | **Increase/** <br>**(Decrease)** <br>**Paid-in-Capital**<br>| &nbsp;&nbsp;&nbsp; **Increase/(Decrease)** <br>**Total Distributable** <br>**Earnings/(Accumulated Loss)**<br>|
| Matthews Emerging Markets Equity Active ETF | &nbsp;&nbsp; $511195 | &nbsp;&nbsp;&nbsp; ($511195)<br>|
| Matthews Emerging Markets ex China Active ETF | &nbsp;&nbsp; 1333717 | &nbsp;&nbsp;&nbsp; (1333717)<br>|
| Matthews Emerging Markets Discovery Active ETF | &nbsp;&nbsp; (501)<br>| &nbsp;&nbsp;&nbsp; 501 |
| Matthews Pacific Tiger Active ETF | &nbsp;&nbsp; 2621409 | &nbsp;&nbsp;&nbsp; (2621409)<br>|
| Matthews Asia Innovators Active ETF | &nbsp;&nbsp; 866191 | &nbsp;&nbsp;&nbsp; (866191)<br>|
| Matthews China Active ETF | &nbsp;&nbsp; 378814 | &nbsp;&nbsp;&nbsp; (378814)<br>|
| Matthews India Active ETF | &nbsp;&nbsp; (1125)<br>| &nbsp;&nbsp;&nbsp; 1125 |
| Matthews Korea Active ETF | &nbsp;&nbsp; 193471 | &nbsp;&nbsp;&nbsp; (193471)<br>|
| Matthews Asia Dividend Active ETF | &nbsp;&nbsp; (16)<br>| &nbsp;&nbsp;&nbsp; 16 |

---

As of December 31, 2025, the tax cost of investments and the related net unrealized appreciation and depreciation were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax Cost** | &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Appreciation**<br>| **Gross** <br>**Unrealized** <br>**Depreciation**<br>| **Net Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| Matthews Emerging Markets Equity Active ETF | &nbsp;&nbsp; $34829860 | &nbsp;&nbsp;&nbsp; $12326227 | &nbsp;&nbsp; ($2667288)<br>| &nbsp;&nbsp; $9658939 |
| Matthews Emerging Markets ex China Active ETF | &nbsp;&nbsp; 27756534 | &nbsp;&nbsp;&nbsp; 8558477 | &nbsp;&nbsp; (1136665)<br>| &nbsp;&nbsp; 7421812 |
| Matthews Emerging Markets Sustainable Future Active ETF | &nbsp;&nbsp; 26045823 | &nbsp;&nbsp;&nbsp; 8192014 | &nbsp;&nbsp; (4031395)<br>| &nbsp;&nbsp; 4160619 |
| Matthews Emerging Markets Discovery Active ETF | &nbsp;&nbsp; 17240811 | &nbsp;&nbsp;&nbsp; 4048270 | &nbsp;&nbsp; (2908428)<br>| &nbsp;&nbsp; 1139842 |
| Matthews Pacific Tiger Active ETF | &nbsp;&nbsp; 31678355 | &nbsp;&nbsp;&nbsp; 12599211 | &nbsp;&nbsp; (1899153)<br>| &nbsp;&nbsp; 10700058 |
| Matthews Asia Innovators Active ETF | &nbsp;&nbsp; 59458284 | &nbsp;&nbsp;&nbsp; 23238426 | &nbsp;&nbsp; (2605883)<br>| &nbsp;&nbsp; 20632543 |
| Matthews China Active ETF | &nbsp;&nbsp; 20261529 | &nbsp;&nbsp;&nbsp; 5297636 | &nbsp;&nbsp; (2860887)<br>| &nbsp;&nbsp; 2436749 |
| Matthews China Discovery Active ETF | &nbsp;&nbsp; 2052838 | &nbsp;&nbsp;&nbsp; 672056 | &nbsp;&nbsp; (129948)<br>| &nbsp;&nbsp; 542108 |
| Matthews India Active ETF | &nbsp;&nbsp; 8526821 | &nbsp;&nbsp;&nbsp; 2329900 | &nbsp;&nbsp; (931259)<br>| &nbsp;&nbsp; 1398641 |
| Matthews Japan Active ETF | &nbsp;&nbsp; 4890210 | &nbsp;&nbsp;&nbsp; 1072406 | &nbsp;&nbsp; (244571)<br>| &nbsp;&nbsp; 827835 |
| Matthews Korea Active ETF | &nbsp;&nbsp; 55092170 | &nbsp;&nbsp;&nbsp; 22626623 | &nbsp;&nbsp; (5249285)<br>| &nbsp;&nbsp; 17377338 |
| Matthews Asia Dividend Active ETF | &nbsp;&nbsp; 5013916 | &nbsp;&nbsp;&nbsp; 1011069 | &nbsp;&nbsp; (170959)<br>| &nbsp;&nbsp; 840110 |

---

**8.** **SUBSEQUENT EVENTS**

On February 13, 2026, Matthews International Capital Management, LLC ("Matthews"), the investment adviser to the Funds, announced that Matthews intends to repurchase the ownership interests held by three existing investors, with the repurchases to be funded, in part, by the purchase of additional equity interests in Matthews by existing and certain other investors (the "Transaction"). Shareholders of the Funds are expected to be asked to approve a new investment management agreement with Matthews due to the change of control resulting from the Transaction. The Transaction is expected to close in the second quarter of 2026, pending the satisfaction of all closing conditions, including approval by shareholders of each series of the Trust.

**58**

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Matthews International Funds and Shareholders of each of the twelve funds listed in the table below

*Opinions on the Financial Statements*

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds indicated in the table below (twelve of the funds constituting Matthews International Funds, hereafter collectively referred to as the "Funds") as of December 31, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, the results of each of their operations and changes in each of their net assets for each of the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

---

| | | |
|:---|:---|:---|
| **Fund** | **Statement of** <br>**Operations**<br>| **Statement of Changes** <br>**in Net Assets**<br>|
| Matthews Emerging Markets <br> Equity Active ETF <br>Matthews Emerging Markets ex <br> China Active ETF <br>Matthews Emerging Markets <br> Sustainable Future Active ETF <br>Matthews Pacific Tiger Active ETF <br>Matthews Asia Innovators Active <br> ETF <br>Matthews China Active ETF <br>Matthews India Active ETF <br>Matthews Japan Active ETF <br>Matthews Korea Active ETF <br>Matthews Asia Dividend Active ETF<br>| For the year ended <br>December 31, 2025<br>| For each of the two <br> years in the period <br> ended December 31, <br> 2025<br>|
| Matthews Emerging Markets <br> Discovery Active ETF <br>Matthews China Discovery Active <br> ETF<br>| For the year ended <br>December 31, 2025<br>| For the year ended <br> December 31, 2025 <br> and for the period <br> January 10, 2024 <br> (commencement of <br> operations) through <br> December 31, 2025<br>|

---

*Basis for Opinions*

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and

**59** 

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performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

**/s/PricewaterhouseCoopers LLP**

San Francisco, California

February 25, 2026

We have served as the auditor of one or more investment companies in Matthews International Funds since 2007.

**60**

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Tax Information *(unaudited)*

For shareholders who do not have a December 31, 2025 tax year-end, this notice is for informational purposes. For the period January 1, 2025 to December 31, 2025, the Funds report the following items with regard to distributions paid during the period. All reports are based on financial information available as of the date of this annual report and, accordingly, are subject to change. For each item, it is the intention of each Fund to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

**1.** **Qualified Dividend Income**

The Funds report a portion of the ordinary income distributed during the the period ended December 31, 2025 as Qualified Dividend Income ("QDI") as defined in the Internal Revenue code as follows:

---

| | |
|:---|:---|
|  | **QDI Portion** |
| Matthews Emerging Markets Equity Active ETF | &nbsp;&nbsp; 72.11% |
| Matthews Emerging Markets ex China Active ETF | &nbsp;&nbsp; 62.32% |
| Matthews Emerging Markets Sustainable Future Active ETF | &nbsp;&nbsp; 11.78% |
| Matthews Emerging Markets Discovery Active ETF | &nbsp;&nbsp; 25.24% |
| Matthews Pacific Tiger Active ETF | &nbsp;&nbsp; 91.09% |
| Matthews Asia Innovators Active ETF | &nbsp;&nbsp; 27.72% |
| Matthews China Active ETF | &nbsp;&nbsp; 100.00% |
| Matthews China Discovery Active ETF | &nbsp;&nbsp; 78.33% |
| Matthews India Active ETF | &nbsp;&nbsp; 49.36% |
| Matthews Japan Active ETF | &nbsp;&nbsp; 28.40% |
| Matthews Korea Active ETF | &nbsp;&nbsp; 0.00% |
| Matthews Asia Dividend Active ETF | &nbsp;&nbsp; 65.69% |

---

**2.** **Dividends Received Deduction**

The Funds report a Dividend Received Deduction pursuant to Section 854 of the Internal Revenue Code for the period ended December 31, 2025 as follows:

---

| | |
|:---|:---|
| Matthews Emerging Markets Equity Active ETF | &nbsp;&nbsp; 0.00% |
| Matthews Emerging Markets ex China Active ETF | &nbsp;&nbsp; 0.87% |
| Matthews Emerging Markets Sustainable Future Active ETF | &nbsp;&nbsp; 0.24% |
| Matthews Emerging Markets Discovery Active ETF | &nbsp;&nbsp; 0.00% |
| Matthews Pacific Tiger Active ETF | &nbsp;&nbsp; 0.00% |
| Matthews Asia Innovators Active ETF | &nbsp;&nbsp; 0.00% |
| Matthews China Active ETF | &nbsp;&nbsp; 0.02% |
| Matthews China Discovery Active ETF | &nbsp;&nbsp; 1.29% |
| Matthews India Active ETF | &nbsp;&nbsp; 0.21% |
| Matthews Japan Active ETF | &nbsp;&nbsp; 0.00% |
| Matthews Korea Active ETF | &nbsp;&nbsp; 0.00% |
| Matthews Asia Dividend Active ETF | &nbsp;&nbsp; 0.03% |

---

**3.** **Long-Term Capital Gain Distributions**

The Funds report Long-Term Capital Gain distributions pursuant to Section 852(b)(3) of the Internal Revenue Code for the year ended December 31, 2025 as follows:

---

| | |
|:---|:---|
|  | **Long-Term Capital Gains** |
| Matthews Emerging Markets Equity Active ETF | &nbsp;&nbsp; $674163 |
| Matthews Emerging Markets ex China Active ETF | &nbsp;&nbsp; — |
| Matthews Emerging Markets Sustainable Future Active ETF | &nbsp;&nbsp; 108655 |
| Matthews Emerging Markets Discovery Active ETF | &nbsp;&nbsp; — |
| Matthews Pacific Tiger Active ETF | &nbsp;&nbsp; — |
| Matthews Asia Innovators Active ETF | &nbsp;&nbsp; — |
| Matthews China Active ETF | &nbsp;&nbsp; — |
| Matthews China Discovery Active ETF | &nbsp;&nbsp; 29330 |
| Matthews India Active ETF | &nbsp;&nbsp; — |
| Matthews Japan Active ETF | &nbsp;&nbsp; 7730 |
| Matthews Korea Active ETF | &nbsp;&nbsp; 1889511 |
| Matthews Asia Dividend Active ETF | &nbsp;&nbsp; 14173 |

---

**61** 

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**Tax Information** *(unaudited) (continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4.** **Foreign Taxes Paid**

The Funds have elected to pass through to their shareholders the foreign taxes paid for year ended December 31, 2025 as follows:

---

| | | |
|:---|:---|:---|
|  | **Foreign Source Income** | **Foreign Taxes Paid/(Credit)**  |
| Matthews Emerging Markets Equity Active ETF | &nbsp;&nbsp; $973554 | &nbsp;&nbsp; $96659 |
| Matthews Emerging Markets ex China Active ETF | &nbsp;&nbsp; 968526 | &nbsp;&nbsp; 91564 |
| Matthews Emerging Markets Sustainable Future Active ETF | &nbsp;&nbsp; 431752 | &nbsp;&nbsp; 48267 |
| Matthews Emerging Markets Discovery Active ETF | &nbsp;&nbsp; 306355 | &nbsp;&nbsp; 26323 |
| Matthews Pacific Tiger Active ETF | &nbsp;&nbsp; 890579 | &nbsp;&nbsp; 99425 |
| Matthews Asia Innovators Active ETF | &nbsp;&nbsp; 790796 | &nbsp;&nbsp; 85618 |
| Matthews China Active ETF | &nbsp;&nbsp; 621168 | &nbsp;&nbsp; 43808 |
| Matthews China Discovery Active ETF | &nbsp;&nbsp; 53067 | &nbsp;&nbsp; 1871 |
| Matthews India Active ETF | &nbsp;&nbsp; 115789 | &nbsp;&nbsp; 24436 |
| Matthews Japan Active ETF | &nbsp;&nbsp; 119719 | &nbsp;&nbsp; 12872 |
| Matthews Korea Active ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Matthews Asia Dividend Active ETF | &nbsp;&nbsp; 116254 | &nbsp;&nbsp; 10347 |

---

**5.** **Qualified Interest Income**

The Funds report a portion of the net income dividends distributed during the period ended December 31, 2025, as Qualified Interest Income (QII), as defined in the Internal Revenue Code as follows:

---

| | |
|:---|:---|
|  | **QII Portion** |
| Matthews Emerging Markets Equity Active ETF | &nbsp;&nbsp; 9.11% |
| Matthews Emerging Markets ex China Active ETF | &nbsp;&nbsp; 4.06% |
| Matthews Emerging Markets Sustainable Future Active ETF | &nbsp;&nbsp; 0.41% |
| Matthews Emerging Markets Discovery Active ETF | &nbsp;&nbsp; 1.22% |
| Matthews Pacific Tiger Active ETF | &nbsp;&nbsp; 5.80% |
| Matthews Asia Innovators Active ETF | &nbsp;&nbsp; 6.74% |
| Matthews China Active ETF | &nbsp;&nbsp; 1.97% |
| Matthews China Discovery Active ETF | &nbsp;&nbsp; 7.00% |
| Matthews India Active ETF | &nbsp;&nbsp; 2.08% |
| Matthews Japan Active ETF | &nbsp;&nbsp; 1.22% |
| Matthews Korea Active ETF | &nbsp;&nbsp; 0.00% |
| Matthews Asia Dividend Active ETF | &nbsp;&nbsp; 4.38% |

---

**6.** **Qualified Short-Term Capital Gain Dividends**

The Funds designate a portion of the short term capital gain dividends distributed during the year ended December 31, 2025, as Qualified Short-Term Gain, as defined in the Internal Revenue Code as follows:

---

| | |
|:---|:---|
|  | **Short-Term Gains** |
| Matthews Emerging Markets Equity Active ETF | &nbsp;&nbsp; 0.00% |
| Matthews Emerging Markets ex China Active ETF | &nbsp;&nbsp; 0.00% |
| Matthews Emerging Markets Sustainable Future Active ETF | &nbsp;&nbsp; 0.00% |
| Matthews Emerging Markets Discovery Active ETF | &nbsp;&nbsp; 0.00% |
| Matthews Pacific Tiger Active ETF | &nbsp;&nbsp; 0.00% |
| Matthews Asia Innovators Active ETF | &nbsp;&nbsp; 0.00% |
| Matthews China Active ETF | &nbsp;&nbsp; 0.00% |
| Matthews China Discovery Active ETF | &nbsp;&nbsp; 0.00% |
| Matthews India Active ETF | &nbsp;&nbsp; 0.00% |
| Matthews Japan Active ETF | &nbsp;&nbsp; 100.00% |
| Matthews Korea Active ETF | &nbsp;&nbsp; 0.00% |
| Matthews Asia Dividend Active ETF | &nbsp;&nbsp; 100.00% |

---

**62**

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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

![](g62400imgc19cdb5a3.gif)

![](g62400imgb3119b814.gif)

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-1225

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#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.

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Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Certain officers and Trustees of the Funds are also officers and directors of Matthews. All officers serve without compensation from the Funds. The Trust paid the Independent Trustees $1,059,000.00 in aggregate for regular compensation during the one-year period ended December 31, 2025.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

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Matthews International Funds

**Approval of Advisory Agreement** (*unaudited*)

The Funds, which are series of the Trust, have retained Matthews International Capital Management, LLC ("Matthews") to manage their assets pursuant to an Investment Advisory Agreement dated as of February 1, 2016, as amended (the "Advisory Agreement"), which has been approved by the Board of Trustees of the Trust, including all of the Trustees who are not "interested persons" ("Independent Trustees"), within the meaning of the Investment Company Act of 1940, as amended (the "1940 Act"), as well as by the shareholders of each Fund in accordance with the requirements of the 1940 Act. Following an initial two-year term with respect to each Fund, the Advisory Agreement continues in effect from year-to-year provided that the continuance is specifically approved at least annually by the vote of the holders of at least a majority of the outstanding shares of the Funds, or by the Board of Trustees, and, in either event, by a majority of the Independent Trustees of the Trust casting votes in person at a meeting called for that purpose (the "Annual 15(c) Process").

At a meeting held on August 27-28, 2025 (the "Meeting"), the Board, including all of the Independent Trustees, approved the continuation of the Advisory Agreement for an additional one-year term beginning February 1, 2026 with respect to each Fund.

At the Meeting and at a prior meeting of the Independent Trustees on August 19, 2025, the Board received and considered information (both written and oral) provided to assist it in the review of the Advisory Agreement and made assessments with respect to each Fund individually. The Independent Trustees were advised by independent legal counsel with respect to these matters. After the August 19, 2025 meeting, the Independent Trustees asked Matthews to provide certain additional information and to respond to certain additional questions at the Meeting. The Independent Trustees then reviewed this supplemental information, which was provided prior to and at the Meeting. The Independent Trustees discussed the renewal of the Advisory Agreement with representatives of Matthews and among themselves in executive sessions on various occasions at which no representatives of Matthews were present.

In addition, the Board received presentations about the Funds throughout the year from management. Among the information considered by the Board were responses to a detailed information request sent on behalf of the Independent Trustees by their independent legal counsel. Matthews furnished extensive information in response to this request with respect to many subjects relating to the Advisory Agreement and other related agreements and addressed many of the factors discussed below, including, but not limited to, information about the services provided by Matthews, its structure, organization, operations and personnel, the financial condition of Matthews and the profitability to Matthews from the Advisory Agreement, compliance procedures and resources, investment performance of the Funds, expenses of the Funds, brokerage and portfolio transactions, distribution and marketing of the Funds, shareholder services and relationships with intermediaries, and other information considered relevant.

------

In considering information relating to management fee levels, which the Board considers to be the advisory and administrative fees both separately and on a combined basis, the Board considered, among other things, information provided by Matthews as to Fund management services and fees as compared to advisory services and fees charged by Matthews to its similarly managed exchange-traded funds, institutional clients and pooled vehicles organized outside of the United States. The Trustees also considered information provided by an independent data provider, Broadridge, comparing the investment performance and the fee and expense levels of each Fund to appropriate peer groups of mutual funds, as well as performance data provided by Matthews with respect to unmanaged benchmarks and pooled vehicles or other accounts managed by Matthews with similar investment objectives and/or strategies to the Funds, as applicable. The Board also reviewed Broadridge's separate Scorecard report, which ranked each Fund within comparison groups for expense and performance criteria and highlighted any Funds falling outside established metrics on a watch list.

The Independent Trustees considered the work and analysis performed by Broadridge as the independent data provider in selecting appropriate peer groups for the Funds. Furthermore, throughout the course of the year, the Board received a wide variety of materials relating to the services provided by Matthews, including reports on each Fund's investment results, portfolio composition, portfolio trading practices, shareholder services, and other information relating to the nature, extent, and quality of services provided by Matthews to the Funds. The Board also considered that, under the Administration and Shareholder Services Agreement, Matthews provides additional services to the Funds that are essential to the operation of the Funds and that, although Matthews is separately compensated under that agreement, these additional services are provided in connection with Matthews' advisory relationship with the Funds.

In addition to the information furnished by Matthews, the Trustees were provided with a legal memorandum from their independent legal counsel discussing their fiduciary duties related to their approval of the continuation of the Advisory Agreement and discussed these matters with their counsel. The Board's consideration of all this information, both at the Meeting and throughout the year, is part of a systematic process that it has used, and continues to use, with regard to the Annual 15(c) Process.

The Trustees' determinations at the Meeting were made on the basis of each Trustee's business judgment after consideration of all the information presented. In deciding to recommend the renewal of the Advisory Agreement with respect to each Fund, the Independent Trustees did not identify any single factor or particular piece of information that, in isolation, was controlling. Each Independent Trustee may also have weighed factors differently. This summary describes the most important, but not all, of the factors considered by the Board and the Independent Trustees.

1. The nature, extent and quality of the services provided by Matthews under the Advisory Agreement.

The Trustees considered the overall financial condition of Matthews and its ability to continue to provide a high level and high quality of services to the Funds. The Trustees considered that despite recent challenging conditions with respect to revenues and profitability of the organization, which have been caused by contracting revenues and assets under management, a difficult geopolitical environment and market volatility, Matthews has continued to provide high quality services to the Funds. They noted that past periods of volatile and challenging securities markets had not resulted in a diminution of services and that Matthews has always demonstrated a commitment to employ the resources necessary to maintain the high level of quality and services to the Funds. The Trustees positively viewed Matthews' emphasis on careful business planning and management.

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The Trustees considered the experience and qualifications of the executive and portfolio management personnel at Matthews who are responsible for providing services to the Funds and who are responsible for the daily management of the Funds' portfolios. The Trustees noted that Matthews had experienced turnover at the senior executive and professional staff levels in recent years. In this regard, the Trustees reviewed with Matthews recent leadership changes, Matthews' view that these changes were made with the intent to strengthen the firm and improve Fund performance, as well as efforts undertaken to minimize the impact of employee turnover on the Funds, including changes to the portfolio management teams of certain Funds. They also reviewed recent personnel developments relevant to certain of the Funds and discussed efforts by Matthews to provide appropriate support to the Funds. Among the improved capabilities noted by the Independent Trustees over the past several years are enhanced risk analytical resources, including enhancements to compliance, risk management, technology, business infrastructure, operations, marketing and client service, as well as enhancements to financial intermediary oversight and valuation practices.

As in past years, the Trustees considered the technical capabilities of Matthews, including the design and implementation of its disaster recovery and business continuity infrastructure. The Trustees also considered the Chief Compliance Officer's report regarding Matthews' compliance resources, risk assessment and other compliance initiatives and programs. The Trustees concluded that Matthews has implemented a robust and diligent compliance process, and demonstrates a strong commitment to a culture of compliance. The Independent Trustees took into consideration Matthews' description of its supervision of the activities of the Funds' various service providers, as well as supporting the Independent Trustees' responsibilities and requests and its responsiveness to questions and/or concerns raised by the Trustees throughout the year.

The Trustees noted the significant role played by Matthews, as valuation designee, with respect to the valuation of portfolio securities, including research and analysis related to fair valued securities and due diligence and oversight of pricing vendors.

The Trustees concluded that Matthews had the quality of personnel and other investment resources essential to performing its duties under the Advisory Agreement, and that the nature, overall quality, cost and extent of such management services are satisfactory.

2. The investment performance of the Funds.

The Trustees reviewed the short-term and long-term performance of each Fund on both an absolute basis and in comparison to appropriate peer funds, benchmark indices and to the extent they exist, Matthews' similarly managed accounts, all for various periods ending June 30, 2025. The Trustees considered investment results in light of each Fund's objective, strategies and market conditions, noting periods during which there were challenging investment conditions in various Asian and emerging markets. The Independent Trustees reviewed information as to peer group selections presented by Broadridge. In doing so, the Trustees recognized and took into account that the specialized nature of the Funds made it sometimes difficult to fairly benchmark performance against peers and also took into account that certain funds had a very limited

------

universe of peers. The Board also considered that many of the Funds had investment objectives, goals and strategies that were very different from non-managed broad-based benchmarks, which rendered performance comparisons against such broad-based benchmarks of lesser utility. In this regard, the Board took into account that the Funds are not designed to perform like broad-based indices and therefore that most investors in the Funds likely are not seeking to achieve benchmark-like returns.

The Trustees reviewed each Fund's performance on a case-by-case basis and noted that some Funds had outperformed their Performance Universe over certain periods and/or exceeded the return of their respective benchmark while others underperformed their Performance Universe over certain periods and/or trailed the return of their respective benchmark. In considering each Fund's investment results, the Board placed greater emphasis on each Fund's long-term performance track record rather than shorter-term performance. The Board also took into account that each Fund's track record was measured as of a specific ending date, and that track records can vary as of different measurement dates. Therefore, in reviewing a Fund that is currently underperforming, the Trustees also considered the broader perspective of the Fund's performance over varying time periods, the market conditions experienced during the periods under review, as well as the outlook for the Fund going forward in light of expected future market conditions.

The Trustees discussed with Matthews the fact that certain periods of underperformance may be transitory while other periods of underperformance may be caused by factors that warrant further consideration. To the extent of any concerns about performance with respect to any particular period for a Fund, the Trustees noted that Matthews had provided an explanation for that performance, explained its reasons for maintaining a consistent investment philosophy and discussed action taken to improve performance. For example, the Trustees took into account actions currently being taken, as well as actions previously taken or that might be taken in the future by Matthews in response to performance concerns, such as changes to members of a portfolio management team or changes in the investment process and strategies of certain Funds. In this regard when considering the performance and expenses of the Funds, the Trustees took into account that the new Chief Executive Officer of Matthews was engaged in a holistic review of the Fund complex and has committed to reporting back to the Board within the next few months regarding concrete steps to address any potential performance and/or expense issues. This commitment, they noted, would address the continued appropriateness of current fee breakpoints and waivers. The Trustees also considered Matthews' efforts to realign certain Funds through Fund mergers, such as the reorganization of the Matthews Asian Growth and Income Fund into the Matthews Emerging Markets Equity Fund in March 2025 and the Matthews Korea Fund into the newly-created Matthews Korea Active ETF in July 2023.

A summary of each Fund's performance track record is provided below.

For Matthews Pacific Tiger Fund, the Trustees noted that there were not enough funds in the peer universe to assign quintile performance for the since-inception period, but that the Fund's performance ranked in the fifth quintile for the one-year, three-year, five-year and ten-year periods. The Trustees also noted that the Fund underperformed the median of its peer group for the one-year, three-year, five-year, ten-year and since-inception periods. The Trustees took into account, however, that because the peer universe for the Fund was small for the ten-year and

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since-inception periods, with only a few comparable funds, relative peer performance was of less use for those periods than if the peer universe were larger. The Trustees further noted that the Fund was included on Broadridge's performance watch list. The Board considered Matthews' discussion regarding the factors contributing to underperformance and its current review of steps that may be undertaken to improve performance. They also considered various steps Matthews has taken recently to address performance, including the addition of the firm's Chief Investment Officer as a portfolio manager of the Fund.

For Matthews China Fund, the Trustees noted that performance had ranked in the first quintile for the one-year and ten-year periods, the third quintile for the three-year period, the fourth quintile for the five-year period and the second quintile for the since-inception period. The Trustees also noted that the Fund performed at or above the median of its peer funds for the one-year, three-year, ten-year and since-inception periods but below that median for the five-year period. The Trustees took into account, however, that because the peer universe for the Fund was small over the since-inception period, with only a few comparable funds, relative peer performance was of less use for that period than if the peer universe were larger.

For Matthews Japan Fund, the Trustees noted that there were not enough funds in the peer universe to assign quintile performance for the ten-year and since-inception periods, but that the Fund's performance had ranked in the second quintile for the one-year period, the first quintile for the three-year period and the fourth quintile for the five-year period. The Trustees also noted that the Fund outperformed the median of its peer funds over the one-year, three-year and since-inception periods but underperformed that median for the five-year and ten-year periods. The Trustees took into account, however, that because the peer universe for the Fund was small over the ten-year and since-inception periods, with only a few comparable funds, relative peer performance was of less use for those periods than if the peer universe were larger.

For Matthews Asia Innovators Fund, the Trustees noted that the Fund's performance ranked in the fourth quintile for the one-year and three-year periods, the third quintile for the five-year period, the second quintile for the ten-year period and the first quintile for the since-inception period. The Trustees also noted that the Fund outperformed the median of its peer funds over the ten-year and since-inception periods and underperformed that median over the one-year, three-year and five-year periods. The Trustees took into account, however, that because the peer universe for the Fund was small over the ten-year and since-inception periods, with only a few comparable funds, relative peer performance was of less use for those periods than if the peer universe were larger. The Trustees took into consideration Matthews' discussions regarding the factors that had contributed to the periods of underperformance and efforts undertaken to improve performance.

For Matthews Asia Growth Fund, the Trustees noted that there were not enough funds in the peer universe to assign quintile performance for the since-inception period, but that the Fund's performance ranked in the fifth quintile for the one-year and five-year periods and the fourth quintile for the three-year and ten-year periods. The Trustees further noted that the Fund underperformed the median of its peer group for the one-year, three-year, five-year, ten-year and since-inception periods. The Trustees took into account, however, that because the peer universe for the Fund was small, with only a few comparable funds, relative peer performance was of less use than if the peer universe were larger. The Trustees further noted that the Fund was included on Broadridge's performance watch list. The Trustees also took into consideration Matthews' discussions regarding the factors that had contributed to the Fund's underperformance and its current review of steps that may be undertaken to improve performance.

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For Matthews India Fund, the Trustees noted that there were not enough funds in the peer universe to assign quintile performance for the since-inception period, but that the Fund's performance ranked in the fourth quintile for the one-year and three-year periods, the third quintile for the five-year period and the fifth quintile for the ten-year period. The Trustees further noted that the Fund performed at or above the median of its peer group for the five-year and since-inception periods and below that median for the one-year, three-year and ten-year periods. The Trustees took into account, however, that because the peer universe for the Fund was small over the ten-year and since-inception periods, with only a few comparable funds, relative peer performance was of less use for those periods than if the peer universe were larger. The Trustees also took into consideration Matthews' discussions regarding the factors that had contributed to the periods of underperformance and efforts undertaken to improve performance.

For Matthews Asia Dividend Fund, the Trustees noted that there were not enough funds in the peer universe to assign quintile performance for the since-inception period, but that the Fund's performance ranked in the third quintile for the one-year period, the fifth quintile for the three-year and ten-year periods and the fourth quintile for the five-year period. The Trustees further noted that the Fund performed at the median of its peer group for the one-year period and below that median for the three-year, five-year, ten-year and since-inception periods. The Trustees took into account, however, that the peer universe for the Fund was small, with only a few comparable funds, and that therefore relative peer performance was of less use than if the peer universe were larger. The Board considered Matthews' discussion regarding the factors contributing to periods of underperformance and efforts undertaken to improve performance.

For Matthews Emerging Markets Small Companies Fund, the Trustees noted that the Fund's performance ranked in the fourth quintile for the one-year period, the fifth quintile for the three-year period, the third quintile for the five-year period and the first quintile for the ten-year and since-inception periods. The Trustees further noted that the Fund had outperformed the median of its peer group for each of the five-year, ten-year and since-inception periods but underperformed that median for the one-year and three-year periods. The Board considered Matthews' discussion regarding the factors contributing to periods of underperformance and efforts undertaken to improve performance.

For Matthews China Dividend Fund, the Trustees noted that there were not enough funds in the peer universe to assign quintile performance for any periods; however, the Trustees noted that the Fund's performance was above the median of its peer group for the one-year, three-year, and five-year periods. The Trustees considered that there were no other funds in the peer universe for comparison for the ten-year and since-inception periods but that the Fund had outperformed both its benchmark index and the average of its Lipper peer group for those periods. The Trustees also took into account that the peer universe for the Fund was small, with only a few comparable funds, and that therefore relative peer performance was of less use than if the peer universe were larger.

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For Matthews China Small Companies Fund, the Trustees noted that there were not enough funds in the peer universe to assign quintile performance for the three-year, five-year and since-inception periods, but that the Fund's performance ranked in the fourth quintile for the one-year period. The Trustees also noted that the Fund's performance was above the median of its peer group for the since-inception period and below the medians for the one-year, three-year and five-year periods. The Trustees took into account, however, that the peer universe for the Fund was small, with only a few comparable funds, and that therefore relative peer performance was of less use than if the peer universe were larger. The Trustees further noted that the Fund was included on Broadridge's performance watch list. The Board considered Matthews' discussion regarding the factors contributing to periods of underperformance and its current review of steps that may be undertaken to improve performance.

For Matthews Emerging Markets Sustainable Future Fund, the Trustees noted that the Fund ranked in the fifth quintile for the one-year and three-year periods and the first quintile for the three-year, five-year and since-inception periods. The Trustees further noted that the Fund had outperformed its peer group median for the five-year, ten-year and since-inception periods and underperformed that median for the one-year and three-year periods. The Trustees noted that not all of the peer group funds had a similar ESG strategy as the Fund. The Trustees additionally considered that the Fund's name and principal investment strategy had changed effective July 29, 2022.

For Matthews Emerging Markets Equity Fund, the Trustees noted that the Fund's performance ranked in the first quintile for the one-year, three-year, five-year and since-inception periods. The Trustees also noted that the Fund had outperformed the peer group median for the one-year, three-year five-year and since-inception periods.

After review, the Trustees concluded that each Fund's overall performance was satisfactory or was being addressed as needed. The Trustees also reviewed Matthews' trading policies and efforts to obtain best overall execution for the Funds in the various markets in which the Funds trade securities. The Trustees noted Matthews' consistent adherence to its long-standing investment approach, which emphasizes fundamental bottom-up driven investment selection in light of its view of regional economic conditions.

3. The extent to which Matthews realizes economies of scale as the Funds grow larger and whether Fund investors benefit from any economies of scale.

The Trustees noted the substantial work done over the years between the Board and Matthews to establish fee structures for both the Advisory Agreement and other agreements that recognize the sharing of economies of scale that can arise as assets in the Funds grow through the use of breakpoints. In particular, they noted that the management fee structure contains breakpoints for the group-priced Funds. That structure enhances the ability of the Funds and their shareholders to benefit from past and potential future economies of scale when the Funds grow. They discussed the structure and level of these breakpoints, noting that in the current environment as the Funds' assets have decreased, there were no additional economies to share at present. The Trustees also considered that the benefits of certain breakpoints are no longer being realized given the decrease in assets in the Funds, but also took into account that shareholders of the Funds benefit through fee waivers and/or expense reimbursements pursuant to the Operating

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Expenses Agreement as well as fee waivers pursuant to the Fee Waiver Agreement. As another example of economies of scale, the Trustees noted that Matthews was successful in negotiating lower fees with the Funds' custodian, first in 2014 and again in 2020 and 2023. As noted above, the Trustees also took into account that the new Chief Executive Officer of Matthews was engaged in a holistic review of the Fund complex and has committed to reporting back to the Board within the next few months regarding concrete steps to address any potential performance and/or expense issues. This commitment, they noted, would address the continued appropriateness of current fee breakpoints and waivers.

The Trustees next discussed Matthews' investment in its technology, systems, and other aspects of its business over the last several years that can benefit the Funds, noting that all these endeavors are a means by which Matthews is sharing economies of scale with the Funds and their shareholders through reinvestment in products and services that are designed to benefit the Funds and their shareholders. The Trustees recognize that the Funds' total assets have fluctuated, especially in certain strategies, and that those fluctuations affect any economies of scale that could be enjoyed. As a result, the Trustees remain satisfied about the extent to which economies of scale have been and will continue to be shared with the Funds and their shareholders.

4. The costs of the services provided by Matthews and others.

The Trustees considered the management fees and total fees and expenses of each Fund in comparison to the management and advisory fees and other fees and expenses of other funds in each Fund's relevant peer group. The Trustees reviewed information developed by Broadridge as to appropriate peer groups for each Fund for these purposes. The Board placed greater emphasis on management fees, which include both advisory and administrative fees, as the basis of comparison rather than advisory fees alone.

The Trustees considered both the gross management fee rates charged by Matthews, as well as the effective management fee rates after taking into consideration the fees waived and expenses reimbursed pursuant to the Operating Expenses Agreement and the Fee Waiver Agreement. The Trustees considered that the contractual advisory rates (excluding administrative services) for the Funds were generally competitive. The Trustees also considered that the total expense ratios paid by shareholders of the Funds, which are most representative of a shareholder's net investment results, were also generally competitive. The Trustees noted that Matthews' continued efforts in recent years had resulted in, for many of the Funds, reduced expenses over time. The Trustees also noted that, as an example of those efforts, in 2019 the Advisor had agreed to lower the level of the expense cap for the Institutional Class of each Fund by 5 basis points to 1.20%. The Trustees also noted that all Funds, except for the Emerging Markets Equity Fund, Emerging Markets Small Companies Fund, China Small Companies Fund and Emerging Markets Sustainable Future Fund, are running below their existing caps, but that they have downside protection in the event that their assets continue to decrease. The Trustees further noted that the Advisor had further lowered the expense cap for the Institutional Class of the Matthews Emerging Markets Small Companies Fund by an additional 5 basis points to 1.15% effective April 30, 2021 and had lowered the expense cap for the Institutional Class of the Matthews Emerging Markets Sustainable Future Fund to 1.15% effective July 29, 2022.

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The Trustees also compared Matthews' advisory fees with those of Matthews' similarly managed exchange-traded funds, separate accounts and other investment products, noting that the Funds' advisory expenses were not disadvantageous (not being substantially higher than the other accounts' rates). The Trustees agreed that advisory fees for the Funds appeared to be appropriate in comparison and taking into account the differences in services between these products and the Funds, including the differences in the frequency of net asset value calculations and other operational and compliance activities.

The Trustees' overall assessment with respect to each Fund was that, taking into account the considerations noted below, the contractual advisory fee rates, the total expense ratio, and the effective or net advisory fee rates were fair and reasonable.

For the Matthews Pacific Tiger Fund, the actual management fee and the contractual management fee were above the peer group medians. The actual total expenses were below the peer group median. The Trustees noted the small size of the peer group, with only a few comparable funds, and that therefore relative fees and expenses were less useful than if the peer universe were larger.

For the Matthews China Fund, the actual management fee was above the peer group median and the contractual management fee was below the peer group median. The actual total expenses were below the peer group median.

For the Matthews Japan Fund, the actual management fee and contractual management fees were above the peer group medians. The actual total expenses were at the peer group median. The Trustees noted the very small size of the peer group, with only two comparable funds, and that therefore relative fees and expenses were less useful than if the peer universe were larger.

For the Matthews Asia Innovators Fund, the actual management fee was at the peer group median and the contractual management fee was above the peer group median. The actual total expenses were at the peer group median. The Trustees noted the small size of the peer group, with only a few comparable funds, and that therefore relative fees and expenses were less useful than if the peer universe were larger.

For the Matthews Asia Growth Fund, the actual management fee and the contractual management fee were above the peer group medians. The actual total expenses (excluding 12b-1 fees) were below the peer group median. The Trustees noted the small size of the peer group, with only a few comparable funds, and that therefore relative fees and expenses were less useful than if the peer universe were larger.

For the Matthews India Fund, the actual management fee, contractual management fee and actual total expenses were below the peer group medians. The Trustees noted the small size of the peer group, with only a few comparable funds, and that therefore relative fees and expenses were less useful than if the peer universe were larger.

For the Matthews Asia Dividend Fund, the actual management, contractual management fee and actual total expenses were above the peer group medians. The Trustees noted the small size of the peer group, with only a few comparable funds, and that therefore relative fees and expenses were less useful than if the peer universe were larger. The Trustees further noted that the Fund was included on Broadridge's expense watch list.

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For the Matthews Emerging Markets Small Companies Fund, the actual management fee was below the peer group median and the contractual management fee was above the peer group median. The actual total expenses were above the peer group median. For the Matthews China Small Companies Fund, the actual management fee and contractual management fee were above the peer group medians. The actual total expenses were below the peer group median. The Trustees considered that effective January 1, 2024, Matthews had agreed to lower the advisory fee for these Funds by 15 basis points to 85 basis points. The Trustees further considered that these Funds each had breakpoints in its management fee.

For Matthews China Dividend Fund, the actual management fee was above the peer group median and the contractual management fee was below the peer group median. The actual total expenses were below the peer group median.

For Matthews Emerging Markets Sustainable Future Fund, the actual management fee was above the peer group median and the contractual management fee was below the peer group medians. The actual total expenses were below the peer group median.

For Matthews Emerging Markets Equity Fund, the actual management fee was above the peer group median and the contractual management fee was below the peer group median. The actual total expenses were below the peer group median.

5. The profits to be realized by Matthews and its affiliates from the relationships with the Funds.

The Trustees reviewed information provided by Matthews regarding the costs of sponsoring and operating the Funds and information regarding the profitability to Matthews of the Advisory Agreement both on a fund-by-fund basis and overall for the family of Funds. In considering profitability, the Trustees discussed and considered the methodology employed by Matthews in calculating profit margins but also considered other elements relevant to discussions of profitability, such as the entrepreneurial risk undertaken by Matthews in sponsoring and maintaining the Funds and risks associated with commitments to maintain Fund expense ratios. The Trustees also reviewed information provided regarding the structure and manner in which Matthews' investment professionals were compensated and their respective views of the relationship of such compensation to the attraction and retention of quality personnel. The Trustees considered Matthews' willingness to invest in technology, infrastructure and professional staff to reinforce and offer services and to accommodate changing regulatory requirements and industry practices.

The Trustees noted that Matthews has experienced reduced profitability over the past two years as overall assets under management have fallen but still appeared to be sufficiently capitalized to operate as a viable investment management firm, able to honor its obligations as a sponsor of the Funds, including the Funds that did not generate a profit for Matthews, without earning excessive profits from any particular Fund or from the overall relationship with the Funds. In reviewing these matters, the Trustees also reviewed current and projected cash flows to

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Matthews under various scenarios as well as resource needs and expense projections under these scenarios. The Trustees noted that, with fluctuations in asset levels in recent years, heightened volatility in revenues and profitability could be expected from time to time in the future, but they also noted the increased cost control measures by Matthews with certain continued expenditures on personnel and other resources where appropriate. The Board also considered information relating to the profitability of a limited number of publicly traded investment advisers, although the Board noted that this information was of limited utility because it was comprised of a limited universe of advisers, did not provide any information as to how profitability was determined and did not limit profitability analysis to the performance of advisory services to registered investment companies. The Board further noted that these advisers differed significantly from Matthews because they were not solely dedicated to investment in the Asian and emerging markets.

Based on information received, the Trustees noted that Matthews' overall profitability from the Advisory Agreement appeared not to be excessive at the current time, whether considered inclusive or exclusive of distribution costs.

6. Ancillary benefits.

The Trustees requested and received from Matthews information concerning other benefits received by Matthews as a result of its respective relationship with the Funds, including various service arrangements with Matthews. These potential benefits included, among other things, the use of soft dollars as well as potential benefits resulting from the structure of compensation arrangements between the Trust, the Adviser and financial intermediaries in the areas of shareholder servicing and sub-transfer agency services. The Board concluded that such benefits were consistent with those generally derived by investment advisers to mutual funds or were otherwise not unusual.

7. Conclusions.

Based on their review, including their consideration of each of the factors referred to above, and assisted by the advice of independent counsel to the Independent Trustees, the Board, including the Independent Trustees, concluded that the Advisory Agreement was fair and reasonable with respect to each Fund and its shareholders, and that the renewal of the Advisory Agreement would be in the best interests of each Fund and its shareholders. The Board did not indicate that any single factor was determinative of its decision to approve the Advisory Agreement, but indicated that the Board based its determination on the total mix of information available to it.

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Matthews International Funds

**Approval of Management Agreement** (*unaudited*)

The Funds, which are series of the Trust, have retained Matthews International Capital Management, LLC ("Matthews") to manage their assets pursuant to an Investment Management Agreement dated as of June 30, 2022, as amended (the "Management Agreement"), which has been approved by the Board of Trustees of the Trust, including all of the Trustees who are not "interested persons" ("Independent Trustees"), within the meaning of the Investment Company Act of 1940, as amended (the "1940 Act"). Following an initial two-year term with respect to each Fund, the Management Agreement continues in effect from year-to-year provided that the continuance is specifically approved at least annually by the vote of the holders of at least a majority of the outstanding shares of the Funds, or by the Board of Trustees, and, in either event, by a majority of the Independent Trustees of the Trust casting votes in person at a meeting called for that purpose (the "Annual 15(c) Process").

At a meeting held on August 27-28, 2025 (the "Meeting"), the Board, including all of the Independent Trustees, approved the continuation of the Management Agreement for an additional one-year term ending June 29, 2027, with respect to each Fund.

At the Meeting and at a prior meeting of the Independent Trustees on August 19, 2025, the Board received and considered information (both written and oral) provided to assist it in the review of the Management Agreement and made assessments with respect to each Fund individually. The Independent Trustees were advised by independent legal counsel with respect to these matters. After the August 19, 2025 meeting, the Independent Trustees asked Matthews to provide certain additional information and to respond to certain additional questions at the Meeting. The Independent Trustees then reviewed this supplemental information, which was provided prior to and at the Meeting. The Independent Trustees discussed the renewal of the Management Agreement with representatives of Matthews and among themselves in executive sessions on various occasions at which no representatives of Matthews were present.

In addition, the Board received presentations about the Funds throughout the year from management. Among the information considered by the Board were responses to a detailed information request sent on behalf of the Independent Trustees by their independent legal counsel. Matthews furnished extensive information in response to this request with respect to many subjects relating to the Management Agreement and other related agreements and addressed many of the factors discussed below, including, but not limited to, information about the services provided by Matthews, its structure, organization, operations and personnel, the financial condition of Matthews and the profitability to Matthews from the Management Agreement, compliance procedures and resources, investment performance of the Funds, expenses of the Funds, brokerage and portfolio transactions, distribution and marketing of the Funds, relationships with Authorized Participants and market makers, and other information considered relevant.

In considering information relating to management fee levels, the Board took into account that the Funds pay Matthews a single unitary fee and that Matthews is responsible for payment of all ordinary fund expenses out of the unitary fee. The Board noted that the practice among the vast majority of exchange-traded funds was to charge a single unitary fee and

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therefore considered as relevant the unitary fees charged by other similarly managed exchange-traded funds as compared to each respective Fund. The Board also received, and considered to the extent they thought relevant, information provided by Matthews as to each Fund's management services and fees as compared to advisory services and fees charged by Matthews to its similarly managed open-end mutual funds, institutional clients and pooled vehicles organized outside of the United States. The Trustees also considered information provided by an independent data provider, Broadridge, comparing the investment performance and the fee and expense levels of each Fund to appropriate peer groups of funds, as well as performance data provided by Matthews with respect to unmanaged benchmarks and pooled vehicles or other accounts managed by Matthews with similar investment objectives and/or strategies to the Funds, as applicable. The Board also reviewed Broadridge's separate Scorecard report, which ranked each Fund within comparison groups for expense and performance criteria and highlighted any Funds falling outside certain established metrics on a watch list.

The Independent Trustees considered the work and analysis performed by Broadridge as the independent data provider in selecting appropriate peer groups for the Funds. Furthermore, throughout the course of the year, the Board received a wide variety of materials relating to the services provided by Matthews, including reports on each Fund's investment results, portfolio composition, portfolio trading practices, and other information relating to the nature, extent, and quality of services provided by Matthews to the Funds. The Board also considered that, under the Management Agreement and as part of the unitary management fee, Matthews provides additional services to the Funds that are essential to the operation of the Funds.

In addition to the information furnished by Matthews, the Trustees were provided with a legal memorandum from their independent legal counsel discussing their fiduciary duties related to their approval of the continuation of the Management Agreement and discussed these matters with their counsel. The Board's consideration of all this information, both at the Meeting and throughout the year, is part of a systematic process that it has used, and continues to use, with regard to the Annual 15(c) Process.

The Trustees' determinations at the Meeting were made on the basis of each Trustee's business judgment after consideration of all the information presented. In deciding to recommend the renewal of the Management Agreement with respect to each Fund, the Independent Trustees did not identify any single factor or particular piece of information that, in isolation, was controlling. Each Independent Trustee may also have weighed factors differently. This summary describes the most important, but not all, of the factors considered by the Board and the Independent Trustees.

1. The nature, extent and quality of the services provided by Matthews under the Management Agreement.

The Trustees considered the overall financial condition of Matthews and its ability to continue to provide a high level and high quality of services to the Funds. The Trustees considered that despite recent challenging conditions with respect to revenues and profitability of the organization, which have been caused by contracting revenues and assets under management, a difficult geopolitical environment and market volatility, Matthews has continued to provide high quality services to the Funds. They considered Matthews' services provided to the Trust and

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noted that past periods of volatile and challenging securities markets had not resulted in a diminution of services to the Trust and that Matthews has always demonstrated a commitment to employ the resources necessary to maintain the high level of quality and services to the Trust's family of funds. The Trustees positively viewed Matthews' emphasis on careful business planning and management.

The Trustees considered the experience and qualifications of the executive and portfolio management personnel at Matthews who are responsible for providing services to the Funds and who are responsible for the daily management of the Funds' portfolios. The Trustees noted that Matthews had experienced turnover at the senior executive and professional staff levels in recent years. In this regard, the Trustees reviewed with Matthews recent leadership changes, Matthews' view that these changes were made with the intent to strengthen the firm and improve Fund performance, as well as efforts undertaken to minimize the impact of employee turnover on the Funds, including changes to the portfolio management teams of certain Funds. They also reviewed recent personnel developments relevant to certain of the Funds and discussed efforts by Matthews to provide appropriate support to the Funds. Among the improved capabilities noted by the Independent Trustees over the past several years are enhanced risk analytical resources, including enhancements to compliance, risk management, technology, business infrastructure, operations, marketing and client service, as well as enhancements to valuation practices.

The Trustees considered the technical capabilities of Matthews, including the design and implementation of its disaster recovery and business continuity infrastructure. The Trustees also considered the Chief Compliance Officer's report regarding Matthews' compliance resources, risk assessment and other compliance initiatives and programs. The Trustees concluded that Matthews has implemented a robust and diligent compliance process, and demonstrates a strong commitment to a culture of compliance. The Independent Trustees took into consideration Matthews' description of its supervision of the activities of the Funds' various service providers, as well as supporting the Independent Trustees' responsibilities and requests and its responsiveness to questions and/or concerns raised by the Trustees throughout the year.

The Trustees noted the significant role played by Matthews, as valuation designee, with respect to the valuation of portfolio securities, including research and analysis related to fair valued securities and due diligence and oversight of pricing vendors.

The Trustees concluded that Matthews had the quality of personnel and other investment resources essential to performing its duties under the Management Agreement, and that the nature, overall quality, cost and extent of such management services are satisfactory.

2. The investment performance of the Funds.

The Trustees reviewed the performance of each Fund on both an absolute basis and in comparison to appropriate peer funds, benchmark indices and to the extent they exist, Matthews' similarly managed accounts, for various periods ending June 30, 2025. The Trustees considered investment results in light of each Fund's objective, strategies and market conditions, noting periods during which there were challenging investment conditions in various Asian and emerging markets. The Independent Trustees reviewed information as to peer group selections presented by Broadridge. In doing so, the Trustees recognized and took into account that the

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specialized nature of the Funds made it sometimes difficult to fairly benchmark performance against peers and also took into account that certain funds had a very limited universe of peers. The Board also considered that many of the Funds had investment objectives, goals and strategies that were very different from non-managed broad-based benchmarks, which rendered performance comparisons against such broad-based benchmarks of lesser utility. In this regard, the Board took into account that the Funds are not designed to perform like broad-based indices and therefore that most investors in the Funds likely are not seeking to achieve benchmark-like returns.

The Trustees reviewed each Fund's performance on a case-by-case basis and noted that certain Funds had commenced operations in July 2022 and certain others in 2023 and therefore had only limited performance history to review. The Board also took into account that each Fund's track record was measured as of a specific ending date, and that track records can vary as of different measurement dates. Therefore, in reviewing a Fund that is currently underperforming, the Trustees also considered the market conditions experienced during the periods under review, as well as the outlook for the Fund going forward in light of expected future market conditions.

The Trustees discussed with Matthews the fact that certain periods of underperformance may be transitory while other periods of underperformance may be caused by factors that warrant further consideration. To the extent of any concerns about performance with respect to a Fund, the Trustees noted that Matthews had provided an explanation for that performance, explained its reasons for maintaining a consistent investment philosophy and discussed action taken to improve performance. For example, the Trustees took into account actions currently being taken, as well as actions previously taken or that might be taken in the future by Matthews in response to performance concerns, such as changes to members of a portfolio management team or changes in the investment process and strategies of certain Funds. In this regard when considering the performance and expenses of the Funds, the Trustees took into account that the new Chief Executive Officer of Matthews was engaged in a holistic review of the Fund complex and has committed to reporting back to the Board within the next few months regarding concrete steps to address any potential performance and/or expense issues. This commitment, they noted, would address the continued appropriateness of current fee levels. A summary of each Fund's performance track record is provided below.

For Matthews Pacific Tiger Active ETF, the Trustees noted that the Fund's performance ranked in the fifth quintile for the one-year and since-inception periods. The Trustees also noted that the Fund underperformed the medians of its peer group for the same periods. The Board considered Matthews' discussion regarding the factors contributing to underperformance and efforts undertaken to improve performance as well as changes in portfolio management. Additionally, the Board noted the limited operating history of the Fund They also considered various steps Matthews has taken recently to address performance, including the addition of the firm's Chief Investment Officer as a portfolio manager of the Fund.

For Matthews Korea Active ETF, the Trustees noted that there were not enough funds in the peer universe to assign quintile performance for any period, but that the Fund outperformed the medians of its peer group for the one-year, five-year, and since-inception periods and underperformed that medians for the three-year and ten-year periods. The Trustees took into

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account, however, that because the peer universe for the Fund was small, with only one or two comparable funds depending on the period, relative peer performance was less useful than if the peer universe was larger. The Trustees also noted the narrow range of underperformance as compared to the medians. The Trustees further noted that the Fund had acquired the assets and liabilities of its predecessor mutual fund, the Matthews Korea ETF, effective July 17, 2023, and had adopted the performance history of that mutual fund.

For Matthews Japan Active ETF, the Trustees noted that the Fund's performance ranked in the second quintile for the one-year period and the first quintile for the since-inception period. The Trustees also noted that the Fund outperformed the medians of its peer group for the same periods. Additionally, the Board noted the limited operating history of the Fund.

For Matthews Asia Innovators Active ETF, the Trustees noted that the Fund's performance ranked in the third quintile for the one-year and since-inception periods. The Trustees also noted that the Fund outperformed the median of its peer group for the one-year period and slightly underperformed the median for the since-inception period. Additionally, the Board noted the limited operating history of the Fund.

For Matthews India Active ETF, the Trustees noted that the Fund's performance ranked in the fifth quintile for the one-year and since-inception periods. The Trustees also noted that the Fund underperformed the medians of its peer group for the same periods. The Board considered Matthews' discussion regarding the factors contributing to underperformance and efforts undertaken to improve performance as well as changes in portfolio management. Additionally, the Board noted the limited operating history of the Fund.

For Matthews Asia Dividend Active ETF, the Trustees noted that the Fund's performance ranked in the second quintile for the one-year period and the fourth quintile for the since-inception period. The Trustees also noted that the Fund outperformed the median of its peer group for the one-year period and underperformed that median for the since-inception period. Additionally, the Board noted the limited operating history of the Fund.

For Matthews Emerging Markets Equity Active ETF, the Trustees noted that the Fund's performance ranked in the third quintile for the one-year period and the second quintile for the since-inception period. The Trustees also noted that the Fund outperformed the medians of its peer group for the same periods. Additionally, the Board noted the limited operating history of the Fund.

For Matthews China Active ETF, the Trustees noted that the Fund's performance ranked in the second quintile for the one-year period and the third quintile for the since-inception period. The Trustees also noted that the Fund outperformed the medians of its peer group for the same periods. Additionally, the Board noted the limited operating history of the Fund.

For Matthews China Discovery Active ETF, the Trustees noted that the Fund's performance ranked in the third quintile for the one-year and since-inception periods. The Trustees also considered that the Fund underperformed the medians of its peer group for the same periods. The Trustees noted the narrow range of underperformance relative to the medians. The Board considered Matthews' discussion regarding the factors contributing to underperformance and efforts undertaken to improve performance. Additionally, the Board noted the limited operating history of the Fund.

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For Matthews Emerging Markets Discovery Active ETF, the Trustees noted that the Fund's performance ranked in the fourth quintile for the one-year period and the fifth quintile for the since-inception period. The Trustees also noted that the Fund underperformed the medians of its peer group for the same periods. The Board considered Matthews' discussion regarding the factors contributing to underperformance and efforts undertaken to improve performance. Additionally, the Board noted the limited operating history of the Fund.

For Matthews Emerging Markets ex-China Active ETF, the Trustees noted that the Fund's performance ranked in the third quintile for the one-year period and the fourth quintile for the since-inception period. The Trustees also noted that the Fund outperformed the median of its peer group for one-year period and underperformed the median for the since-inception period. The Board considered Matthews' discussion regarding the factors contributing to the period of underperformance and efforts undertaken to improve performance. Additionally, the Board noted the limited operating history of the Fund.

For Matthews Emerging Markets Sustainable Future Active ETF, the Trustees noted that the Fund's performance ranked in the fifth quintile for the one-year and since-inception periods. The Trustees also noted that the Fund underperformed the medians of its peer group for the same periods. The Board considered Matthews' discussion regarding the factors contributing to underperformance and efforts undertaken to improve performance. Additionally, the Board noted the limited operating history of the Fund.

After review, the Trustees concluded that each Fund's overall performance was satisfactory or was being addressed as needed. The Trustees also reviewed Matthews' trading policies and efforts to obtain best overall execution for the Funds in the various markets in which the Funds trade securities. The Trustees noted Matthews' consistent adherence to its long-standing investment approach, which emphasizes fundamental bottom-up driven investment selection in light of its view of regional economic conditions.

3. The extent to which Matthews realizes economies of scale as the Funds grow larger and whether Fund investors benefit from any economies of scale.

The Trustees considered that because the Funds are relatively new, they are not expected to recognize economies of scale for some time. The Trustees noted that they expect to monitor each Fund's growth and evaluate economies of scale at future renewals of the Management Agreement in effect at that time. The Trustees further noted that each Fund benefits from existing economies of scale through relatively low fee rates established at inception, as well as through additional investment in the Trust's business and the provision of improved or additional infrastructure and services to the Funds and their shareholders. The Trustees discussed Matthews' investment in its technology, systems and other aspects of its business over the last several years that can benefit the Funds, noting that all these endeavors are a means by which Matthews is sharing economies of scale with the Funds and their shareholders through reinvestment in products and services that are designed to benefit the Funds and their shareholders. As a result, the Trustees remain satisfied about the extent to which economies of scale are being and will continue to be shared with the Funds and their shareholders.

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4. The costs of the services provided by Matthews and others.

The Trustees considered the unitary fee of each Fund, which covers most operating expenses and therefore is generally the same as the total expense ratio of each Fund. The Board considered the unitary fees charged by other similarly managed exchange-traded funds in each Fund's relevant peer group to be relevant in their considerations. The Trustees reviewed information developed by Broadridge as to appropriate peer groups for each Fund for these purposes.

The Trustees also received, and considered to the extent they thought relevant, information relating to each Fund's unitary fee as compared to the advisory fees and other fees and expenses of other similarly managed existing series of the Trust, which are operated as mutual funds.

The Trustees also compared the Funds' unitary fee with the advisory or management fee charged by Matthews for its similarly managed separate accounts and other investment products. The Trustees considered Matthews' explanations as to the differences in services between these products and the Funds, including the differences in the frequency of net asset value calculations and other operational and compliance activities. As noted above, the Trustees also took into account that the new Chief Executive Officer of Matthews was engaged in a holistic review of the Fund complex and has committed to reporting back to the Board within the next few months regarding concrete steps to address any potential performance and/or expense issues.

The Trustees' overall assessment with respect to each Fund was that, taking into account the considerations noted below, the total expense ratio to be paid by investors in the Fund, which is most representative of an investor's net experience, was fair and reasonable.

For the Matthews Pacific Tiger Active ETF, the actual management fee and contractual management fee were above the peer group medians. The actual total expenses were above the peer group median. The Trustees noted that the Fund was on Broadridge's expense watch list.

For the Matthews Korea Active ETF, the actual management fee and contractual management fee were above the peer group medians. The actual total expenses were slightly above the peer group median. The Trustees took into account, however, that because the peer universe for the Fund was small, with only a few comparable funds, relative fees and expenses were less useful than if the peer universe were larger.

For the Matthews Japan Active ETF, the actual management fee and contractual management fee were above the peer group medians. The actual total expenses were above the peer group median. The Trustees noted that the Fund was on Broadridge's expense watch list.

For the Matthews Asia Innovators Active ETF, the actual management fee was above the peer group median and the contractual management fee was slightly above the peer group median. The actual total expenses were slightly above the peer group median. The Trustees took into account, however, that because the peer universe for the Fund was small, with only a few comparable funds, relative fees and expenses were less useful than if the peer universe were larger. The Trustees noted that the Fund was on Broadridge's expense watch list.

------

For the Matthews India Active ETF, the actual management fee was slightly above the peer group median and the contractual management fee was at the peer group median. The actual total expenses were slightly above the peer group median. The Trustees took into account, however, that because the peer universe for the Fund was small, with only two comparable funds, relative fees and expenses were less useful than if the peer universe were larger.

For the Matthews Asia Dividend Active ETF, the actual management fee and contractual management fee were above the peer group medians. The actual total expenses were above the peer group median. The Trustees took into account, however, that because the peer universe for the Fund was small, with only a few comparable funds, relative fees and expenses were less useful than if the peer universe were larger. The Trustees noted that the Fund was on Broadridge's expense watch list.

For the Matthews Emerging Markets Equity Active ETF, the actual management fee and contractual management fee were above the peer group medians. The actual total expenses were slightly above the peer group median.

For the Matthews China Active ETF, the actual management fee was slightly above the peer group median and the contractual management fee was at the peer group median. The actual total expenses were at the peer group median. The Trustees took into account, however, that because the peer universe for the Fund was small, with only a few comparable funds, relative fees and expenses were less useful than if the peer universe were larger.

For the Matthews China Discovery Active ETF, the actual management fee and contractual management fee were above the peer group medians. The actual total expenses were above the peer group median. The Trustees took into account, however, that because the peer universe for the Fund was small, with only a few comparable funds, relative fees and expenses were less useful than if the peer universe were larger.

For the Matthews Emerging Markets Discovery Active ETF, the actual management fee and contractual management fee were above the peer group medians. The actual total expenses were above the peer group median. The Trustees noted that the Fund was on Broadridge's expense watch list.

For the Matthews Emerging Markets Ex-China Equity Active ETF, the actual management fee and contractual management fee were above the peer group medians. The actual total expenses were slightly above the peer group median.

For the Matthews Emerging Markets Sustainable Future Active ETF, the actual management fee and contractual management fee were above the peer group medians. The actual total expenses were above the peer group median.

5. The profits realized by Matthews and its affiliates from the relationship with the Funds.

------

The Trustees reviewed information provided by Matthews regarding the costs of sponsoring and operating the Funds and information regarding the profitability to Matthews of the Management Agreement both on a fund-by-fund basis and overall for the family of Funds. In considering profitability, the Trustees discussed and considered the methodology employed by Matthews in calculating profit margins but also considered other elements relevant to discussions of profitability, such as the entrepreneurial risk undertaken by Matthews in sponsoring and maintaining the Funds. The Trustees recognized that, for those newer funds with a unitary fee structure, it is unlikely that a Fund will generate profits for Matthews initially and may not do so until the Fund has experienced some significant growth.

The Trustees also reviewed information provided regarding the structure and manner in which Matthews' investment professionals were compensated and their respective views of the relationship of such compensation to the attraction and retention of quality personnel. The Trustees considered Matthews' willingness to invest in technology, infrastructure and professional staff to reinforce and offer services and to accommodate changing regulatory requirements and industry practices.

The Trustees noted that Matthews has experienced reduced profitability over the past two years as overall assets under management have fallen but still appeared to be sufficiently capitalized to operate as a viable investment management firm, able to honor its obligations as a sponsor of the Funds, including the Funds that did not generate a profit for Matthews, without earning excessive profits from any particular Fund or from the overall relationship with the Funds. In reviewing these matters, the Trustees also reviewed current and projected cash flows to Matthews under various scenarios as well as resource needs and expense projections under these scenarios. The Trustees noted that, with fluctuations in asset levels in the Trust in recent years, heightened volatility in revenues and profitability could be expected from time to time in the future, but they also noted the increased cost control measures by Matthews with certain continued expenditures on personnel and other resources where appropriate. The Board also considered information relating to the profitability of a limited number of publicly traded investment advisers, although the Board noted that this information was of limited utility because it was comprised of a limited universe of advisers, did not provide any information as to how profitability was determined and did not limit profitability analysis to the performance of advisory services to registered investment companies. The Board further noted that these advisers differed significantly from Matthews because they were not solely dedicated to investment in the Asian and emerging markets.

Based on information received, the Trustees noted that Matthews' overall profitability from the Management Agreement appeared not to be excessive at the current time.

6. Ancillary benefits.

The Trustees requested and received from Matthews information concerning other benefits received by Matthews as a result of its respective relationship with the Funds, including various service arrangements with Matthews. These potential benefits included, among other things, the use of soft dollars. The Board concluded that such benefits were consistent with those generally derived by investment advisers to exchange-traded funds or were otherwise not unusual.

------

7. Conclusions.

Based on their review, including their consideration of each of the factors referred to above, and assisted by the advice of independent counsel to the Independent Trustees, the Board, including the Independent Trustees, concluded that the Management Agreement was fair and reasonable with respect to each Fund and its shareholders, and that the renewal of the Management Agreement would be in the best interests of each Fund and its shareholders. The Board did not indicate that any single factor was determinative of its decision to approve the Management Agreement, but indicated that the Board based its determination on the total mix of information available to it.

------

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

#### Item 16. Controls and Procedures.
(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not Applicable.

------

#### Item 19. Exhibits.
(a)(1) [Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.](d215007dex99codeeth.htm)

(a)(2) Not applicable.

---

| | |
|:---|:---|
| (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d215007dex99cert.htm)  |

---

(a)(4) Not applicable.

(a)(5) There was no change in the Registrant's independent public accountant during the period covered by the report.

(b) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d215007dex99906cert.htm)

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) <u>Matthews International Funds</u> | (Registrant) <u>Matthews International Funds</u> |
| By (Signature and Title)\* <u>/s/ Mark W. Headley</u> | By (Signature and Title)\* <u>/s/ Mark W. Headley</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mark W. Headley, President |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal executive officer) |
| Date March 6, 2026 | Date March 6, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* <u>/s/ Mark W. Headley</u> | By (Signature and Title)\* <u>/s/ Mark W. Headley</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mark W. Headley, President |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal executive officer) |
| Date March 6, 2026 | Date March 6, 2026 |
| By (Signature and Title)\* <u>/s/ Shai Malka</u> | By (Signature and Title)\* <u>/s/ Shai Malka</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shai Malka, Treasurer |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal financial officer) |
| Date March 6, 2026 | Date March 6, 2026 |

---

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Code

**EX-99.CODE ETH** 

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| | |
|:---|:---|
| ***MATTHEWS & MATTHEWS FUNDS*** | ***MATTHEWS ASIA*** |
|  | ***COMPLIANCE POLICIES AND PROCEDURES*** |

---

**SENIOR OFFICERS CODE OF ETHICS** 

---

| | |
|:---|:---|
| Each Fund Board, including a majority of the Independent Trustees, has adopted this Senior Officers Code of Ethics (this "Code"). This Code applies to the Fund's (i) principal executive officer; (ii) its senior financial officers, including its treasurer (the Fund's principal financial officer), and any comptroller or principal accounting officer; or (iii) any persons performing similar functions (collectively "Officers").<sup>11</sup> This Code is intended to serve as the code of ethics described in Section 406 of SOX | &nbsp;&nbsp;&nbsp;&nbsp; **<u>Key Statutes, Rules and Standards</u>**<br>• §406 of SOX<br>• SEC Rel. No. 33-8177<br>• Form N-CSR<br>|
| and Form N-CSR, and is designed to establish written standards reasonably necessary to deter wrongdoing and to promote: | and Form N-CSR, and is designed to establish written standards reasonably necessary to deter wrongdoing and to promote: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full, fair, accurate, timely, and understandable disclosure in reports and documents that the Fund files with, or
submits to, the SEC and in other public communications made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance with applicable governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The prompt internal reporting to an appropriate person or persons of violations of the code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability for adherence to the code.<sup>12</sup>

1. <u>Honesty, Diligence, Ethical Conduct and Professional Responsibility</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. Officers are expected to observe both the form and the spirit of the ethical principles contained in this Code.
Officers must perform their duties and responsibilities for the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.1. With honesty, diligence, and a commitment to professional and ethical responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.2. Carefully, thoroughly and in a timely manner; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.3. In conformity with applicable professional and technical standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. Officers who are certified public accountants and acting in their capacity as such are expected carry out their
duties and responsibilities in a manner consistent with the principles governing the accounting profession, including any guidelines or principles issued by the Public Company Accounting Oversight Board or the American Institute of Certified Public
Accountants from time to time.

<sup>11</sup> See Disclosure Required by Sections 406 and 407 of the Sarbanes-Oxley Act of 2002, SEC Rel. No. 33-8177 (Jan, 23, 2003, as corrected Jan. 24, 2003).

<sup>12</sup> See Disclosure Required by Sections 406 and 407 of the Sarbanes-Oxley Act of 2002, SEC Rel. No. 33-8177 (Jan, 23, 2003, as corrected Jan. 24, 2003).

------

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| | |
|:---|:---|
| ***MATTHEWS & MATTHEWS FUNDS*** | ***MATTHEWS ASIA*** |
|  | ***COMPLIANCE POLICIES AND PROCEDURES*** |

---

2. <u>Objectivity/Avoidance of Undisclosed Conflicts of Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. Officers are expected to maintain objectivity and avoid undisclosed conflicts of interest. In the performance
of their duties and responsibilities for Fund, Officers must not subordinate their judgment to personal gain and advantage, or be unduly influenced by their own interests or by the interests of others. Officers must avoid participation in any
activity or relationship that constitutes a conflict of interest unless that conflict has been completely disclosed to affected parties. Further, Officers should avoid participation in any activity or relationship that could create the appearance of
a conflict of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. A conflict of interest would generally arise if an Officer directly or indirectly participated in any
investment, interest, association, activity or relationship that may impair or appear to impair the Officer's objectivity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. Any Officer who may be involved in a situation or activity that might be a conflict of interest or give the
appearance of a conflict of interest should consider reporting such situation or activity using the reporting procedures set forth in Section 7 (Reporting of Illegal or Unethical Behavior) of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. The Audit Committee of each Fund (the "Audit Committee") will not be responsible for monitoring or
enforcing this conflict of interest policy, but rather each Officer is responsible for self-compliance with this conflict of interest policy.

3. <u>Interpretation of the Code</u>.

This Code also should be interpreted in the context of all applicable laws, regulations, a Fund's corporate documents including trust instrument, operating agreement, and bylaws, as amended, and all other governance and disclosure policies and documents adopted by the Board. All Officers must become familiar and fully comply with this Code. Because this Code cannot and does not cover every applicable law or provide answers to all questions that might arise, all Officers are expected to use common sense about what is right and wrong, including a sense of when it is proper to seek guidance from others on the appropriate course of conduct.

4. <u>Preparation of Financial Statements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. Officers may not knowingly make any misrepresentations regarding a Fund's financial statements or any
facts in the preparation of a Fund's financial statements, and must comply with all applicable laws, standards, principles, guidelines, rules and regulations in the preparation of a Fund's financial statements. This section is intended
to prohibit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1. Making, or permitting or directing another to make, materially false or misleading entries in a Fund's
financial statements or records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.2. Failing to correct a Fund's financial statements or records that are materially false or misleading when
he or she has the authority to record an entry; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.3. Signing, or permitting or directing another to sign, a document containing materially false or misleading
financial information.

------

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| | |
|:---|:---|
| ***MATTHEWS & MATTHEWS FUNDS*** | ***MATTHEWS ASIA*** |
|  | ***COMPLIANCE POLICIES AND PROCEDURES*** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. Officers must be scrupulous in their application of generally accepted accounting principles. No Officer may
(i) express an opinion or state affirmatively that the financial statements or other financial data of a Fund are presented in conformity with generally accepted accounting principles, or (ii) state that he or she is not aware of any material
modifications that should be made to such statements or data in order for them to be in conformity with generally accepted accounting principles, if such statements or data contain any departure from generally accepted accounting principles then in
effect in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. Officers must follow the laws, standards, principles, guidelines, rules and regulations established by all
applicable governmental bodies, commissions or other regulatory agencies in the preparation of financial statements, records and related information. If an Officer prepares financial statements, records or related information for purposes of
reporting to such bodies, commissions or regulatory agencies, the Officer must follow the requirements of such organizations in addition to generally accepted accounting principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4. If an Officer and his or her supervisor have a disagreement or dispute relating to the preparation of financial
statements or the recording of transactions, the Officer should take the following steps to ensure that the situation does not constitute an impermissible subordination of judgment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.1. The Officer should consider whether (i) the entry or the failure to record a transaction in the records, or
(ii) the financial statement presentation or the nature or omission of disclosure in the financial statements, as proposed by the supervisor, represents the use of an acceptable alternative and does not materially misrepresent the facts or result in
an omission of a material fact. If, after appropriate research or consultation, the Officer concludes that the matter has authoritative support and/or does not result in a material misrepresentation, the Officer need do nothing further.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.2. If the Officer concludes that the financial statements or records could be materially misstated as a result of
the supervisor's determination, the Officer should follow the reporting procedures set forth in Section 7 (Reporting of Illegal or Unethical Behavior) of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5. Obligations to the Independent Auditor of a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.1. In dealing with a Fund's independent auditor, Officers must be candid and not knowingly misrepresent
facts or knowingly fail to disclose material facts, and must respond to specific inquiries and requests by the Fund's independent auditor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.2. Officers must not take any action, or direct any person to take any action, to fraudulently influence, coerce,
manipulate or mislead the Fund's independent auditor in the performance of an audit of the Fund's financial statements for the purpose of rendering such financial statements materially misleading.

------

---

| | |
|:---|:---|
| ***MATTHEWS & MATTHEWS FUNDS*** | ***MATTHEWS ASIA*** |
|  | ***COMPLIANCE POLICIES AND PROCEDURES*** |

---

5. <u>Full, Fair, Accurate, Timely and Understandable Disclosure</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. Each Fund's policy is to provide full, fair, accurate, timely, and understandable disclosure in reports
and documents that the Fund files with, or submits to, the SEC and in any other public communications by the Fund. The Fund has designed and implemented Disclosure Controls and Procedures to carry out this policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. Officers are expected to use their best efforts to promote, facilitate, and prepare full, fair, accurate,
timely, and understandable disclosure in all reports and documents that the Fund files with, or submits to, the SEC and in any other public communications by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. Officers must review the Fund's Disclosure Controls and Procedures to ensure they are aware of and carry
out their duties and responsibilities in accordance with the Disclosure Controls and Procedures and the public reporting obligations of the Fund. Officers are responsible for monitoring the integrity and effectiveness of the Fund's Disclosure
Controls and Procedures.

6. <u>Compliance with Applicable Laws, Rules and Regulations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. Officers are expected to know, respect and comply with all laws, rules and regulations applicable to the
conduct of each Fund's business. If an Officer is in doubt about the legality or propriety of an action, business practice or policy, the Officer should seek advice from the Officer's supervisor or the Fund's legal counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. In the performance of their work, Officers must not knowingly be a party to any illegal activity or engage in
acts that are discreditable to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. Officers are expected to promote the Fund's compliance with applicable laws, rules and regulations. To
promote such compliance, Officers may establish and maintain mechanisms to educate employees carrying out the finance and compliance functions of the Fund about any applicable laws, rules or regulations that affect the operation of the finance and
compliance functions and the Fund generally.

7. <u>Reporting of Illegal or Unethical Behavior</u>.

Officers should promptly report any conduct or actions by an Officer that do not comply with the law or with this Code. Officers and the each Fund shall adhere to the following reporting procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. Any Officer who questions whether a situation, activity or practice is acceptable must immediately report such
practice to the Principal Executive Officer of the Fund (or to an Officer who is the functional equivalent of this position) or to the Fund's legal counsel. The person receiving the report shall consider the matter and respond to the Officer
within a reasonable amount of time.

------

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| | |
|:---|:---|
| ***MATTHEWS & MATTHEWS FUNDS*** | ***MATTHEWS ASIA*** |
|  | ***COMPLIANCE POLICIES AND PROCEDURES*** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. If the Officer is not satisfied with the response of the Principal Executive Officer or counsel, the Officer
must report the matter to the Chairman of the Audit Committee. If the Chairman is unavailable, the Officer may report the matter to any other member of the Audit Committee. The person receiving the report shall consider the matter, refer it to the
full Audit Committee if he or she deems appropriate, and respond to the Officer within a reasonable amount of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3. If, after receiving a response, the Officer concludes that appropriate action was not taken, he or she should
consider any responsibility that may exist to communicate to third parties, such as regulatory authorities or the Fund's independent auditor. In this matter, the Officer may wish to consult with his or her own legal counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4. The Audit Committee and the Fund will not be responsible for monitoring or enforcing this reporting of
violations policy, but rather each Officer is responsible for self-compliance with this reporting of violations policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5. To the extent possible and as allowed by law, reports will be treated as confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6. If the Audit Committee determines that an Officer violated this Code, failed to report a known or suspected
violation of this Code, or provided intentionally false or malicious information in connection with an alleged violation of this Code, the Fund may take disciplinary action against any such Officer to the extent the Audit Committee deems
appropriate. No Officer will be disciplined for reporting a concern in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7. The Fund and the Audit Committee may report violations of the law to the appropriate authorities.

8. <u>Accountability and Applicability</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. All Officers will be held accountable for adherence to this Code. On an annual basis, each Officer shall
certify in writing his or her receipt, familiarity and commitment to compliance with this Code, by signing the Acknowledgment Form via a certification provided in the System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. This Code applies to all Officers, regardless of whether such persons are employed by a Fund or by a third
party. If an Officer is aware of a person ("Potential Officer") who may be considered an Officer as defined by this Code, the Officer should inform the Fund's legal counsel of such Potential Officer so that a determination can be
made regarding whether such Potential Officer has completed or should complete an Acknowledgment Form. However, the absence of such a determination will not be deemed to relieve any person of his or her duties under this Code.

9. <u>Disclosure of this Code</u>. This Code shall be disclosed by at least one of the following methods in the
manner prescribed by the SEC, unless otherwise required by law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. By filing a copy of the Code with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2. By posting the text of the Code on the Fund's website; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3. By providing, without charge, a copy of the Code to any person upon request.

------

---

| | |
|:---|:---|
| ***MATTHEWS & MATTHEWS FUNDS*** | ***MATTHEWS ASIA*** |
|  | ***COMPLIANCE POLICIES AND PROCEDURES*** |

---

10. <u>Waivers</u>.

Any waiver of this Code, including an implicit waiver, that has been granted to an Officer, may be made only by the Board or a Board committee to which such responsibility has been delegated, and must be disclosed by the Fund in the manner prescribed by law and as set forth above in Section 9 (Disclosure of this Code).

11. <u>Amendments</u>.

This Code may be amended by the affirmative vote of a majority of the Board. Any amendment of this Code, must be disclosed by the Fund in the manner prescribed by law and as set forth above in Section 9 (Disclosure of this Code), unless such amendment is deemed to be technical, administrative, or otherwise non-substantive. Any amendments to this Code will be provided to the Officers.

## Ex-99.Cert

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, Mark W. Headley, certify that:

1. I have reviewed this report on Form N-CSR of Matthews International
Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: March 6, 2026 | /s/ Mark W. Headley |
|  | Mark W. Headley, President |
|  | (principal executive officer) |

---

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**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, Shai Malka, certify that:

1. I have reviewed this report on Form N-CSR of Matthews International
Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: March 6, 2026 | /s/ Shai Malka |
|  | Shai Malka, Treasurer |
|  | (principal financial officer) |

---

## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act** 

I, Mark W. Headley, President of Matthews International Funds (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: March 6, 2026 | /s/ Mark W. Headley |
|  | Mark W. Headley, President |
|  | (principal executive officer) |

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I, Shai Malka, Treasurer of Matthews International Funds (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: March 6, 2026 | /s/ Shai Malka |
|  | Shai Malka, Treasurer |
|  | (principal financial officer) |

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