# EDGAR Filing Document

**Accession Number:** 0000923184
**File Stem:** 0001193125-25-196995
**Filing Date:** 2025-9
**Character Count:** 645191
**Document Hash:** bca5f1a91763fab75d518fdb27ad4eeb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-196995.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001193125-25-196995

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 95

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08510
- **FILM NUMBER:** 251295878

**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-CSRS

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:

June 30, 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 semi-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](g150332images_28606.jpg)

### Matthews Emerging Markets Equity Fund

### Institutional Class/MIEFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Matthews Emerging Markets Equity Fund (the "Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.

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

---

| | | |
|:---|:---|:---|
| &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 | $48 | 0.90%\* |

---

\* Annualized.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$251588765 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;63.2% |

---

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

**Top Ten Holdings** 

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co., Ltd. | 10.4% |
| Tencent Holdings, Ltd. | 5.4% |
| Samsung Electronics Co., Ltd. | 3.0% |
| NetEase, Inc. | 2.3% |
| Hana Financial Group, Inc. | 2.2% |
| Alibaba Group Holding, Ltd. | 2.1% |
| HDFC Bank, Ltd. | 2.0% |
| Shriram Finance, Ltd. | 2.0% |
| Itau Unibanco Holding SA | 2.0% |
| China Construction Bank Corp. | 1.9% |
| TOTAL | 33.3% |

---

**Country Allocation**

![Graphical Representation - Allocation 1 Chart](g150332chartimages_10336049.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g150332chartimages_10336054.jpg)

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

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.

This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund's investment objectives, risks and expenses.

Matthews Emerging Markets Equity Fund MIEFX 0625

![TSR - Matthews Asia Funds Logo](g150332images_28606.jpg)

### Matthews Emerging Markets Equity Fund

### Investor Class/MEGMX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Matthews Emerging Markets Equity Fund (the "Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.

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

---

| | | |
|:---|:---|:---|
| &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 | $58 | 1.10%\* |

---

\* Annualized.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$251588765 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;63.2% |

---

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

 **Top Ten Holdings** 

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co., Ltd. | 10.4% |
| Tencent Holdings, Ltd. | 5.4% |
| Samsung Electronics Co., Ltd. | 3.0% |
| NetEase, Inc. | 2.3% |
| Hana Financial Group, Inc. | 2.2% |
| Alibaba Group Holding, Ltd. | 2.1% |
| HDFC Bank, Ltd. | 2.0% |
| Shriram Finance, Ltd. | 2.0% |
| Itau Unibanco Holding SA | 2.0% |
| China Construction Bank Corp. | 1.9% |
| TOTAL | 33.3% |

---

 **Country Allocation**

![Graphical Representation - Allocation 1 Chart](g150332chartimages_10336011.jpg)

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g150332chartimages_10336016.jpg)

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

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.

This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund's investment objectives, risks and expenses.

Matthews Emerging Markets Equity Fund MEGMX 0625

![TSR - Matthews Asia Funds Logo](g150332images_28606.jpg)

### Matthews Emerging Markets Sustainable Future Fund

### Institutional Class/MISFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Matthews Emerging Markets Sustainable Future Fund (the "Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.

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

---

| | | |
|:---|:---|:---|
| &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 | $61 | 1.16%\* |

---

\* Annualized.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$209956166 |
| &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;29.9% |

---

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

**Top Ten Holdings** 

---

| | |
|:---|:---|
| Bandhan Bank, Ltd. | 7.8% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 6.2% |
| Meituan | 5.6% |
| Legend Biotech Corp. | 4.9% |
| JD Health International, Inc. | 4.8% |
| Indus Towers, Ltd. | 3.2% |
| Alibaba Group Holding, Ltd. | 2.9% |
| YDUQS Participacoes SA | 2.8% |
| Full Truck Alliance Co., Ltd. | 2.7% |
| Swiggy, Ltd. | 2.7% |
| TOTAL | 43.6% |

---

**Country Allocation**

![Graphical Representation - Allocation 1 Chart](g150332chartimages_10335669.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g150332chartimages_10335674.jpg)

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

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.

This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund's investment objectives, risks and expenses.

Matthews Emerging Markets Sustainable Future Fund MISFX 0625

![TSR - Matthews Asia Funds Logo](g150332images_28606.jpg)

### Matthews Emerging Markets Sustainable Future Fund

### Investor Class/MASGX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Matthews Emerging Markets Sustainable Future Fund (the "Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.

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

---

| | | |
|:---|:---|:---|
| &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 | $73 | 1.40%\* |

---

\* Annualized.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$209956166 |
| &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;29.9% |

---

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

**Top Ten Holdings** 

---

| | |
|:---|:---|
| Bandhan Bank, Ltd. | 7.8% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 6.2% |
| Meituan | 5.6% |
| Legend Biotech Corp. | 4.9% |
| JD Health International, Inc. | 4.8% |
| Indus Towers, Ltd. | 3.2% |
| Alibaba Group Holding, Ltd. | 2.9% |
| YDUQS Participacoes SA | 2.8% |
| Full Truck Alliance Co., Ltd. | 2.7% |
| Swiggy, Ltd. | 2.7% |
| TOTAL | 43.6% |

---

**Country Allocation**

![Graphical Representation - Allocation 1 Chart](g150332chartimages_10335631.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g150332chartimages_10335636.jpg)

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

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.

This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund's investment objectives, risks and expenses.

Matthews Emerging Markets Sustainable Future Fund MASGX 0625

![TSR - Matthews Asia Funds Logo](g150332images_28606.jpg)

### Matthews Emerging Markets Small Companies Fund

### Institutional Class/MISMX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Matthews Emerging Markets Small Companies Fund (the "Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.

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

---

| | | |
|:---|:---|:---|
| &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 | $62 | 1.17%\* |

---

\* Annualized.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$512689484 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;15.6% |

---

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

**Top Ten Holdings** 

---

| | |
|:---|:---|
| Bandhan Bank, Ltd. | 7.9% |
| Hugel, Inc. | 5.1% |
| Legend Biotech Corp. | 5.0% |
| YDUQS Participacoes SA | 2.7% |
| We Buy Cars Holdings, Ltd. | 2.5% |
| Grupo SBF SA | 2.5% |
| Cartrade Tech, Ltd. | 2.4% |
| Elite Material Co., Ltd. | 2.2% |
| Radico Khaitan, Ltd. | 2.2% |
| Full Truck Alliance Co., Ltd. | 2.2% |
| TOTAL | 34.7% |

---

**Country Allocation**

![Graphical Representation - Allocation 1 Chart](g150332chartimages_10335365.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g150332chartimages_10335370.jpg)

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

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.

This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund's investment objectives, risks and expenses.

Matthews Emerging Markets Small Companies Fund MISMX 0625

![TSR - Matthews Asia Funds Logo](g150332images_28606.jpg)

### Matthews Emerging Markets Small Companies Fund

### Investor Class/MSMLX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Matthews Emerging Markets Small Companies Fund (the "Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.

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

---

| | | |
|:---|:---|:---|
| &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 | $74 | 1.41%\* |

---

\* Annualized.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$512689484 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;15.6% |

---

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

**Top Ten Holdings** 

---

| | |
|:---|:---|
| Bandhan Bank, Ltd. | 7.9% |
| Hugel, Inc. | 5.1% |
| Legend Biotech Corp. | 5.0% |
| YDUQS Participacoes SA | 2.7% |
| We Buy Cars Holdings, Ltd. | 2.5% |
| Grupo SBF SA | 2.5% |
| Cartrade Tech, Ltd. | 2.4% |
| Elite Material Co., Ltd. | 2.2% |
| Radico Khaitan, Ltd. | 2.2% |
| Full Truck Alliance Co., Ltd. | 2.2% |
| TOTAL | 34.7% |

---

**Country Allocation**

![Graphical Representation - Allocation 1 Chart](g150332chartimages_10335327.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g150332chartimages_10335332.jpg)

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

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.

This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund's investment objectives, risks and expenses.

Matthews Emerging Markets Small Companies Fund MSMLX 0625

![TSR - Matthews Asia Funds Logo](g150332images_28606.jpg)

### Matthews Asia Growth Fund

### Institutional Class/MIAPX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Matthews Asia Growth Fund (the "Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.

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

---

| | | |
|:---|:---|:---|
| &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 | $62 | 1.20%\* |

---

\* Annualized.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$209146328 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;43.7% |

---

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

 **Top Ten Holdings** 

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co., Ltd. | 7.1% |
| Tencent Holdings, Ltd. | 4.2% |
| Sea, Ltd. | 3.8% |
| Eternal, Ltd. | 2.9% |
| Sony Group Corp. | 2.9% |
| Hitachi, Ltd. | 2.8% |
| Mitsubishi UFJ Financial Group, Inc. | 2.2% |
| Samsung Electronics Co., Ltd. | 2.2% |
| MakeMyTrip, Ltd. | 1.9% |
| Tokyo Electron, Ltd. | 1.9% |
| TOTAL | 31.9% |

---

 **Country Allocation**

![Graphical Representation - Allocation 1 Chart](g150332chartimages_10335517.jpg)

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g150332chartimages_10335522.jpg)

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

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.

This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund's investment objectives, risks and expenses.

Matthews Asia Growth Fund MIAPX 0625

![TSR - Matthews Asia Funds Logo](g150332images_28606.jpg)

### Matthews Asia Growth Fund

### Investor Class/MPACX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Matthews Asia Growth Fund (the "Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.

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

---

| | | |
|:---|:---|:---|
| &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 | $71 | 1.38%\* |

---

\* Annualized.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$209146328 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;43.7% |

---

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

 **Top Ten Holdings** 

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co., Ltd. | 7.1% |
| Tencent Holdings, Ltd. | 4.2% |
| Sea, Ltd. | 3.8% |
| Eternal, Ltd. | 2.9% |
| Sony Group Corp. | 2.9% |
| Hitachi, Ltd. | 2.8% |
| Mitsubishi UFJ Financial Group, Inc. | 2.2% |
| Samsung Electronics Co., Ltd. | 2.2% |
| MakeMyTrip, Ltd. | 1.9% |
| Tokyo Electron, Ltd. | 1.9% |
| TOTAL | 31.9% |

---

 **Country Allocation**

![Graphical Representation - Allocation 1 Chart](g150332chartimages_10335479.jpg)

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g150332chartimages_10335484.jpg)

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

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.

This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund's investment objectives, risks and expenses.

Matthews Asia Growth Fund MPACX 0625

![TSR - Matthews Asia Funds Logo](g150332images_28606.jpg)

### Matthews Pacific Tiger Fund

### Institutional Class/MIPTX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Matthews Pacific Tiger Fund (the "Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.

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

---

| | | |
|:---|:---|:---|
| &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 | $62 | 1.18%\* |

---

\* Annualized.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$707096808 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;64.6% |

---

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

 **Top Ten Holdings** 

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co., Ltd. | 12.3% |
| Tencent Holdings, Ltd. | 6.0% |
| Alibaba Group Holding, Ltd. | 3.9% |
| China Merchants Bank Co., Ltd. | 3.8% |
| KB Financial Group, Inc. | 3.1% |
| Samsung Electronics Co., Ltd. | 2.9% |
| SK Hynix, Inc. | 2.7% |
| Bharti Airtel, Ltd. | 2.6% |
| Eternal, Ltd. | 2.5% |
| Sea, Ltd. | 2.5% |
| TOTAL | 42.3% |

---

 **Country Allocation**

![Graphical Representation - Allocation 1 Chart](g150332chartimages_10335593.jpg)

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g150332chartimages_10335598.jpg)

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

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.

This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund's investment objectives, risks and expenses.

Matthews Pacific Tiger Fund MIPTX 0625

![TSR - Matthews Asia Funds Logo](g150332images_28606.jpg)

### Matthews Pacific Tiger Fund

### Investor Class/MAPTX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Matthews Pacific Tiger Fund (the "Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.

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

---

| | | |
|:---|:---|:---|
| &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 | $68 | 1.31%\* |

---

\* Annualized.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$707096808 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;64.6% |

---

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

 **Top Ten Holdings** 

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co., Ltd. | 12.3% |
| Tencent Holdings, Ltd. | 6.0% |
| Alibaba Group Holding, Ltd. | 3.9% |
| China Merchants Bank Co., Ltd. | 3.8% |
| KB Financial Group, Inc. | 3.1% |
| Samsung Electronics Co., Ltd. | 2.9% |
| SK Hynix, Inc. | 2.7% |
| Bharti Airtel, Ltd. | 2.6% |
| Eternal, Ltd. | 2.5% |
| Sea, Ltd. | 2.5% |
| TOTAL | 42.3% |

---

 **Country Allocation**

![Graphical Representation - Allocation 1 Chart](g150332chartimages_10335555.jpg)

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g150332chartimages_10335560.jpg)

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

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.

This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund's investment objectives, risks and expenses.

Matthews Pacific Tiger Fund MAPTX 0625

![TSR - Matthews Asia Funds Logo](g150332images_28606.jpg)

### Matthews Asia Innovators Fund

### Institutional Class/MITEX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Matthews Asia Innovators Fund (the "Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.

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

---

| | | |
|:---|:---|:---|
| &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 | $63 | 1.19%\* |

---

\* Annualized.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$286211376 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;50.4% |

---

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

 **Top Ten Holdings** 

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co., Ltd. | 10.8% |
| Tencent Holdings, Ltd. | 6.0% |
| Sea, Ltd. | 5.6% |
| Eternal, Ltd. | 4.6% |
| Samsung Electronics Co., Ltd. | 3.5% |
| MakeMyTrip, Ltd. | 3.3% |
| Alibaba Group Holding, Ltd. | 3.0% |
| PDD Holdings, Inc. | 2.9% |
| SK Hynix, Inc. | 2.3% |
| Xiaomi Corp. | 2.0% |
| TOTAL | 44.0% |

---

 **Country Allocation**

![Graphical Representation - Allocation 1 Chart](g150332chartimages_10335745.jpg)

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g150332chartimages_10335750.jpg)

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

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.

This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund's investment objectives, risks and expenses.

Matthews Asia Innovators Fund MITEX 0625

![TSR - Matthews Asia Funds Logo](g150332images_28606.jpg)

### Matthews Asia Innovators Fund

### Investor Class/MATFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Matthews Asia Innovators Fund (the "Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.

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

---

| | | |
|:---|:---|:---|
| &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 | $69 | 1.31%\* |

---

\* Annualized.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$286211376 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;50.4% |

---

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

 **Top Ten Holdings** 

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co., Ltd. | 10.8% |
| Tencent Holdings, Ltd. | 6.0% |
| Sea, Ltd. | 5.6% |
| Eternal, Ltd. | 4.6% |
| Samsung Electronics Co., Ltd. | 3.5% |
| MakeMyTrip, Ltd. | 3.3% |
| Alibaba Group Holding, Ltd. | 3.0% |
| PDD Holdings, Inc. | 2.9% |
| SK Hynix, Inc. | 2.3% |
| Xiaomi Corp. | 2.0% |
| TOTAL | 44.0% |

---

 **Country Allocation**

![Graphical Representation - Allocation 1 Chart](g150332chartimages_10335707.jpg)

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g150332chartimages_10335712.jpg)

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

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.

This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund's investment objectives, risks and expenses.

Matthews Asia Innovators Fund MATFX 0625

![TSR - Matthews Asia Funds Logo](g150332images_28606.jpg)

### Matthews China Fund

### Institutional Class/MICFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Matthews China Fund (the "Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.

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

---

| | | |
|:---|:---|:---|
| &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 | $61 | 1.16%\* |

---

\* Annualized.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$378194465 |
| &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;15.5% |

---

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

 **Top Ten Holdings** 

---

| | |
|:---|:---|
| Tencent Holdings, Ltd. | 10.3% |
| Alibaba Group Holding, Ltd. | 7.6% |
| China Merchants Bank Co., Ltd. | 4.7% |
| China Construction Bank Corp. | 4.5% |
| JD.com, Inc. | 4.2% |
| PDD Holdings, Inc. | 3.8% |
| Ping An Insurance Group Co. of China, Ltd. | 3.6% |
| Meituan | 3.3% |
| New China Life Insurance Co., Ltd. | 3.1% |
| DiDi Global, Inc. ADR | 2.8% |
| TOTAL | 47.9% |

---

 **Country Allocation**

![Graphical Representation - Allocation 1 Chart](g150332chartimages_10335821.jpg)

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g150332chartimages_10335826.jpg)

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

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.

This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund's investment objectives, risks and expenses.

Matthews China Fund MICFX 0625

![TSR - Matthews Asia Funds Logo](g150332images_28606.jpg)

### Matthews China Fund

### Investor Class/MCHFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Matthews China Fund (the "Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.

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

---

| | | |
|:---|:---|:---|
| &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 | $68 | 1.29%\* |

---

\* Annualized.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$378194465 |
| &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;15.5% |

---

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

 **Top Ten Holdings** 

---

| | |
|:---|:---|
| Tencent Holdings, Ltd. | 10.3% |
| Alibaba Group Holding, Ltd. | 7.6% |
| China Merchants Bank Co., Ltd. | 4.7% |
| China Construction Bank Corp. | 4.5% |
| JD.com, Inc. | 4.2% |
| PDD Holdings, Inc. | 3.8% |
| Ping An Insurance Group Co. of China, Ltd. | 3.6% |
| Meituan | 3.3% |
| New China Life Insurance Co., Ltd. | 3.1% |
| DiDi Global, Inc. ADR | 2.8% |
| TOTAL | 47.9% |

---

 **Country Allocation**

![Graphical Representation - Allocation 1 Chart](g150332chartimages_10335783.jpg)

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g150332chartimages_10335788.jpg)

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

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.

This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund's investment objectives, risks and expenses.

Matthews China Fund MCHFX 0625

![TSR - Matthews Asia Funds Logo](g150332images_28606.jpg)

### Matthews China Small Companies Fund

### Institutional Class/MICHX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Matthews China Small Companies Fund (the "Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.

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

---

| | | |
|:---|:---|:---|
| &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 | $63 | 1.20%\* |

---

\* Annualized.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$62281859 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;11.8% |

---

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

 **Top Ten Holdings** 

---

| | |
|:---|:---|
| NetEase Cloud Music, Inc. | 5.2% |
| Hongfa Technology Co., Ltd. | 4.0% |
| Atour Lifestyle Holdings, Ltd. | 3.8% |
| DPC Dash, Ltd. | 3.5% |
| ACM Research, Inc. | 3.3% |
| Full Truck Alliance Co., Ltd. | 3.2% |
| Yantai Jereh Oilfield Services Group Co., Ltd. | 3.2% |
| Tongcheng Travel Holdings, Ltd. | 3.1% |
| Zhejiang Shuanghuan Driveline Co., Ltd. | 2.8% |
| Kanzhun, Ltd. | 2.4% |
| TOTAL | 34.5% |

---

 **Country Allocation**

![Graphical Representation - Allocation 1 Chart](g150332chartimages_10335441.jpg)

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g150332chartimages_10335446.jpg)

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

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.

This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund's investment objectives, risks and expenses.

Matthews China Small Companies Fund MICHX 0625

![TSR - Matthews Asia Funds Logo](g150332images_28606.jpg)

### Matthews China Small Companies Fund

### Investor Class/MCSMX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Matthews China Small Companies Fund (the "Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.

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

---

| | | |
|:---|:---|:---|
| &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 | $75 | 1.43%\* |

---

\* Annualized.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$62281859 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;11.8% |

---

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

 **Top Ten Holdings** 

---

| | |
|:---|:---|
| NetEase Cloud Music, Inc. | 5.2% |
| Hongfa Technology Co., Ltd. | 4.0% |
| Atour Lifestyle Holdings, Ltd. | 3.8% |
| DPC Dash, Ltd. | 3.5% |
| ACM Research, Inc. | 3.3% |
| Full Truck Alliance Co., Ltd. | 3.2% |
| Yantai Jereh Oilfield Services Group Co., Ltd. | 3.2% |
| Tongcheng Travel Holdings, Ltd. | 3.1% |
| Zhejiang Shuanghuan Driveline Co., Ltd. | 2.8% |
| Kanzhun, Ltd. | 2.4% |
| TOTAL | 34.5% |

---

 **Country Allocation**

![Graphical Representation - Allocation 1 Chart](g150332chartimages_10335403.jpg)

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g150332chartimages_10335408.jpg)

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

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.

This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund's investment objectives, risks and expenses.

Matthews China Small Companies Fund MCSMX 0625

![TSR - Matthews Asia Funds Logo](g150332images_28606.jpg)

### Matthews India Fund

### Institutional Class/MIDNX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Matthews India Fund (the "Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.

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

---

| | | |
|:---|:---|:---|
| &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 | $58 | 1.16%\* |

---

\* Annualized.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$788147516 |
| &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;31.5% |

---

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

 **Top Ten Holdings** 

---

| | |
|:---|:---|
| HDFC Bank, Ltd. | 8.5% |
| ICICI Bank, Ltd. | 6.3% |
| Eternal, Ltd. | 5.3% |
| Shriram Finance, Ltd. | 4.8% |
| Reliance Industries, Ltd. | 4.7% |
| Swiggy, Ltd. | 4.2% |
| Bharti Airtel, Ltd. | 4.2% |
| Bajaj Finance, Ltd. | 4.1% |
| Infosys, Ltd. | 3.6% |
| Mahindra & Mahindra, Ltd. | 3.2% |
| TOTAL | 48.9% |

---

 **Country Allocation**

![Graphical Representation - Allocation 1 Chart](g150332chartimages_10335897.jpg)

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g150332chartimages_10335902.jpg)

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

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.

This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund's investment objectives, risks and expenses.

Matthews India Fund MIDNX 0625

![TSR - Matthews Asia Funds Logo](g150332images_28606.jpg)

### Matthews India Fund

### Investor Class/MINDX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Matthews India Fund (the "Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.

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

---

| | | |
|:---|:---|:---|
| &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 | $65 | 1.30%\* |

---

\* Annualized.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$788147516 |
| &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;31.5% |

---

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

**Top Ten Holdings** 

---

| | |
|:---|:---|
| HDFC Bank, Ltd. | 8.5% |
| ICICI Bank, Ltd. | 6.3% |
| Eternal, Ltd. | 5.3% |
| Shriram Finance, Ltd. | 4.8% |
| Reliance Industries, Ltd. | 4.7% |
| Swiggy, Ltd. | 4.2% |
| Bharti Airtel, Ltd. | 4.2% |
| Bajaj Finance, Ltd. | 4.1% |
| Infosys, Ltd. | 3.6% |
| Mahindra & Mahindra, Ltd. | 3.2% |
| TOTAL | 48.9% |

---

**Country Allocation**

![Graphical Representation - Allocation 1 Chart](g150332chartimages_10335859.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g150332chartimages_10335864.jpg)

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

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.

This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund's investment objectives, risks and expenses.

Matthews India Fund MINDX 0625

![TSR - Matthews Asia Funds Logo](g150332images_28606.jpg)

### Matthews Japan Fund

### Institutional Class/MIJFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Matthews Japan Fund (the "Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.

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

---

| | | |
|:---|:---|:---|
| &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 | $58 | 1.10%\* |

---

\* Annualized.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$682321541 |
| &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;51.7% |

---

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

 **Top Ten Holdings** 

---

| | |
|:---|:---|
| Sony Group Corp. | 5.8% |
| Tokio Marine Holdings, Inc. | 4.6% |
| Mitsubishi UFJ Financial Group, Inc. | 4.5% |
| Hitachi, Ltd. | 4.4% |
| Tokyo Electron, Ltd. | 4.1% |
| NEC Corp. | 3.3% |
| Ajinomoto Co., Inc. | 3.1% |
| Shin-Etsu Chemical Co., Ltd. | 3.1% |
| Mitsui Fudosan Co., Ltd. | 2.9% |
| ITOCHU Corp. | 2.9% |
| TOTAL | 38.7% |

---

 **Country Allocation**

![Graphical Representation - Allocation 1 Chart](g150332chartimages_10335973.jpg)

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g150332chartimages_10335978.jpg)

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

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.

This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund's investment objectives, risks and expenses.

Matthews Japan Fund MIJFX 0625

![TSR - Matthews Asia Funds Logo](g150332images_28606.jpg)

### Matthews Japan Fund

### Investor Class/MJFOX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Matthews Japan Fund (the "Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.

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

---

| | | |
|:---|:---|:---|
| &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 | $62 | 1.17%\* |

---

\* Annualized.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$682321541 |
| &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;51.7% |

---

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

**Top Ten Holdings** 

---

| | |
|:---|:---|
| Sony Group Corp. | 5.8% |
| Tokio Marine Holdings, Inc. | 4.6% |
| Mitsubishi UFJ Financial Group, Inc. | 4.5% |
| Hitachi, Ltd. | 4.4% |
| Tokyo Electron, Ltd. | 4.1% |
| NEC Corp. | 3.3% |
| Ajinomoto Co., Inc. | 3.1% |
| Shin-Etsu Chemical Co., Ltd. | 3.1% |
| Mitsui Fudosan Co., Ltd. | 2.9% |
| ITOCHU Corp. | 2.9% |
| TOTAL | 38.7% |

---

**Country Allocation**

![Graphical Representation - Allocation 1 Chart](g150332chartimages_10335935.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g150332chartimages_10335940.jpg)

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

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.

This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund's investment objectives, risks and expenses.

Matthews Japan Fund MJFOX 0625

![TSR - Matthews Asia Funds Logo](g150332images_28606.jpg)

### Matthews Asia Dividend Fund

### Institutional Class/MIPIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Matthews Asia Dividend Fund (the "Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.

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

---

| | | |
|:---|:---|:---|
| &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 | $60 | 1.13%\* |

---

\* Annualized.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$560144914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;49.1% |

---

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

 **Top Ten Holdings** 

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co., Ltd. | 9.3% |
| Tencent Holdings, Ltd. | 5.2% |
| Hana Financial Group, Inc. | 3.2% |
| Samsung Electronics Co., Ltd. | 2.4% |
| NEC Corp. | 2.3% |
| AIA Group, Ltd. | 2.0% |
| ITOCHU Corp. | 2.0% |
| Commonwealth Bank of Australia | 2.0% |
| Hikari Tsushin, Inc. | 1.9% |
| Telstra Group, Ltd. | 1.8% |
| TOTAL | 32.1% |

---

 **Country Allocation**

![Graphical Representation - Allocation 1 Chart](g150332chartimages_10335213.jpg)

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g150332chartimages_10335218.jpg)

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

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.

This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund's investment objectives, risks and expenses.

Matthews Asia Dividend Fund MIPIX 0625

![TSR - Matthews Asia Funds Logo](g150332images_28606.jpg)

### Matthews Asia Dividend Fund

### Investor Class/MAPIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Matthews Asia Dividend Fund (the "Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.

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

---

| | | |
|:---|:---|:---|
| &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 | $66 | 1.26%\* |

---

\* Annualized.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$560144914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;49.1% |

---

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

 **Top Ten Holdings** 

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co., Ltd. | 9.3% |
| Tencent Holdings, Ltd. | 5.2% |
| Hana Financial Group, Inc. | 3.2% |
| Samsung Electronics Co., Ltd. | 2.4% |
| NEC Corp. | 2.3% |
| AIA Group, Ltd. | 2.0% |
| ITOCHU Corp. | 2.0% |
| Commonwealth Bank of Australia | 2.0% |
| Hikari Tsushin, Inc. | 1.9% |
| Telstra Group, Ltd. | 1.8% |
| TOTAL | 32.1% |

---

 **Country Allocation**

![Graphical Representation - Allocation 1 Chart](g150332chartimages_10335175.jpg)

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g150332chartimages_10335180.jpg)

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

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.

This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund's investment objectives, risks and expenses.

Matthews Asia Dividend Fund MAPIX 0625

![TSR - Matthews Asia Funds Logo](g150332images_28606.jpg)

### Matthews China Dividend Fund

### Institutional Class/MICDX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Matthews China Dividend Fund (the "Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.

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

---

| | | |
|:---|:---|:---|
| &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 | $64 | 1.20%\* |

---

\* Annualized.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$90371597 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;28.6% |

---

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

 **Top Ten Holdings** 

---

| | |
|:---|:---|
| Tencent Holdings, Ltd. | 11.4% |
| Alibaba Group Holding, Ltd. | 8.5% |
| Ping An Insurance Group Co. of China, Ltd. | 5.0% |
| China Merchants Bank Co., Ltd. | 4.3% |
| China Construction Bank Corp. | 4.2% |
| Anhui Expressway Co., Ltd. | 3.5% |
| China Suntien Green Energy Corp., Ltd. | 3.1% |
| Industrial & Commercial Bank of China, Ltd. | 3.1% |
| China Everbright Environment Group, Ltd. | 2.9% |
| PetroChina Co., Ltd. | 2.8% |
| TOTAL | 48.8% |

---

 **Country Allocation**

![Graphical Representation - Allocation 1 Chart](g150332chartimages_10335289.jpg)

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g150332chartimages_10335294.jpg)

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

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.

This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund's investment objectives, risks and expenses.

Matthews China Dividend Fund MICDX 0625

![TSR - Matthews Asia Funds Logo](g150332images_28606.jpg)

### Matthews China Dividend Fund

### Investor Class/MCDFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Matthews China Dividend Fund (the "Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.

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

---

| | | |
|:---|:---|:---|
| &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 | $71 | 1.34%\* |

---

\* Annualized.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$90371597 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;28.6% |

---

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

 **Top Ten Holdings** 

---

| | |
|:---|:---|
| Tencent Holdings, Ltd. | 11.4% |
| Alibaba Group Holding, Ltd. | 8.5% |
| Ping An Insurance Group Co. of China, Ltd. | 5.0% |
| China Merchants Bank Co., Ltd. | 4.3% |
| China Construction Bank Corp. | 4.2% |
| Anhui Expressway Co., Ltd. | 3.5% |
| China Suntien Green Energy Corp., Ltd. | 3.1% |
| Industrial & Commercial Bank of China, Ltd. | 3.1% |
| China Everbright Environment Group, Ltd. | 2.9% |
| PetroChina Co., Ltd. | 2.8% |
| TOTAL | 48.8% |

---

 **Country Allocation**

![Graphical Representation - Allocation 1 Chart](g150332chartimages_10335251.jpg)

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g150332chartimages_10335256.jpg)

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

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.

This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund's investment objectives, risks and expenses.

Matthews China Dividend Fund MCDFX 0625

![TSR - Matthews Asia Funds Logo](g150332images_28606.jpg)

### Matthews Emerging Markets Equity Active ETF

### MEM
Listed on the NYSE Arca

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Matthews Emerging Markets Equity Active ETF (the "Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.

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

---

| | | |
|:---|:---|:---|
| &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 | $41 | 0.79%\* |

---

\* Annualized.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$39528730 |
| &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;70.5% |

---

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

 **Top Ten Holdings \*** 

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co., Ltd. | 10.2% |
| Tencent Holdings, Ltd. | 5.5% |
| HDFC Bank, Ltd. | 3.0% |
| NetEase, Inc. | 2.5% |
| JD.com, Inc. | 2.3% |
| Itau Unibanco Holding SA | 2.3% |
| Samsung Electronics Co., Ltd. | 2.3% |
| Alibaba Group Holding, Ltd. | 2.1% |
| Hana Financial Group, Inc. | 2.1% |
| China Merchants Bank Co., Ltd. | 2.1% |
| TOTAL | 34.4% |

---

 **Country Allocation**

![Graphical Representation - Allocation 1 Chart](g150332chartimages_10336087.jpg)

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g150332chartimages_10336092.jpg)

\* Excludes short-term securities, if any.

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

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.

This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund's investment objectives, risks and expenses.

Matthews Emerging Markets Equity Active ETF MEM 0625

![TSR - Matthews Asia Funds Logo](g150332images_28606.jpg)

### Matthews Emerging Markets ex China Active ETF

### MEMX
Listed on the NYSE Arca

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Matthews Emerging Markets ex China Active ETF (the "Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.

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

---

| | | |
|:---|:---|:---|
| &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 | $42 | 0.79%\* |

---

\* Annualized.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$35371803 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;63.7% |

---

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

 **Top Ten Holdings \*** 

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co., Ltd. | 12.7% |
| Samsung Electronics Co., Ltd. | 4.0% |
| HDFC Bank, Ltd. | 2.4% |
| ICICI Bank, Ltd. | 2.3% |
| Bandhan Bank, Ltd. | 2.0% |
| PT Indosat Tbk | 1.8% |
| NAVER Corp. | 1.7% |
| SK Hynix, Inc. | 1.7% |
| Grab Holdings, Ltd. | 1.6% |
| Bharti Airtel, Ltd. | 1.6% |
| TOTAL | 31.8% |

---

 **Country Allocation**

![Graphical Representation - Allocation 1 Chart](g150332chartimages_10336201.jpg)

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g150332chartimages_10336206.jpg)

\* Excludes short-term securities, if any.

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

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.

This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund's investment objectives, risks and expenses.

Matthews Emerging Markets ex China Active ETF MEMX 0625

![TSR - Matthews Asia Funds Logo](g150332images_28606.jpg)

### Matthews Emerging Markets Sustainable Future Active ETF

### EMSF
Listed on the NYSE Arca

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Matthews Emerging Markets Sustainable Future Active ETF (the "Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.

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

---

| | | |
|:---|:---|:---|
| &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 | $42 | 0.79%\* |

---

\* Annualized.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$28827281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;27.8% |

---

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

**Top Ten Holdings \*** 

---

| | |
|:---|:---|
| Bandhan Bank, Ltd. | 7.6% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 6.9% |
| Meituan | 5.3% |
| Legend Biotech Corp. | 4.9% |
| JD Health International, Inc. | 4.9% |
| Indus Towers, Ltd. | 3.4% |
| Full Truck Alliance Co., Ltd. | 3.2% |
| YDUQS Participacoes SA | 2.6% |
| Elite Material Co., Ltd. | 2.6% |
| Swiggy, Ltd. | 2.5% |
| TOTAL | 43.9% |

---

**Country Allocation**

![Graphical Representation - Allocation 1 Chart](g150332chartimages_10336429.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g150332chartimages_10336434.jpg)

\* Excludes short-term securities, if any.

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

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.

This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund's investment objectives, risks and expenses.

Matthews Emerging Markets Sustainable Future Active ETF EMSF 0625

![TSR - Matthews Asia Funds Logo](g150332images_28606.jpg)

### Matthews Asia Innovators Active ETF

### MINV
Listed on the NYSE Arca

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Matthews Asia Innovators Active ETF (the "Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.

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

---

| | | |
|:---|:---|:---|
| &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 | $42 | 0.79%\* |

---

\* Annualized.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$63740787 |
| &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;54.8% |

---

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

 **Top Ten Holdings \*** 

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co., Ltd. | 10.7% |
| Tencent Holdings, Ltd. | 6.0% |
| Sea, Ltd. | 5.6% |
| Eternal, Ltd. | 4.6% |
| Samsung Electronics Co., Ltd. | 3.5% |
| MakeMyTrip, Ltd. | 3.3% |
| Alibaba Group Holding, Ltd. | 3.0% |
| PDD Holdings, Inc. | 2.9% |
| SK Hynix, Inc. | 2.3% |
| Xiaomi Corp. | 2.0% |
| TOTAL | 43.9% |

---

 **Country Allocation**

![Graphical Representation - Allocation 1 Chart](g150332chartimages_10336125.jpg)

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g150332chartimages_10336130.jpg)

\* Excludes short-term securities, if any.

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

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.

This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund's investment objectives, risks and expenses.

Matthews Asia Innovators Active ETF MINV 0625

![TSR - Matthews Asia Funds Logo](g150332images_28606.jpg)

### Matthews Pacific Tiger Active ETF

### ASIA
Listed on the NYSE Arca

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Matthews Pacific Tiger Active ETF (the "Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.

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

---

| | | |
|:---|:---|:---|
| &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 | $41 | 0.79%\* |

---

\* Annualized.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$36432690 |
| &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;83.5% |

---

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

 **Top Ten Holdings \*** 

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co., Ltd. | 12.1% |
| Tencent Holdings, Ltd. | 5.8% |
| China Merchants Bank Co., Ltd. | 3.8% |
| Alibaba Group Holding, Ltd. | 3.8% |
| KB Financial Group, Inc. | 3.2% |
| Samsung Electronics Co., Ltd. | 3.1% |
| Bharti Airtel, Ltd. | 2.8% |
| SK Hynix, Inc. | 2.7% |
| Sea, Ltd. | 2.5% |
| Eternal, Ltd. | 2.5% |
| TOTAL | 42.3% |

---

 **Country Allocation**

![Graphical Representation - Allocation 1 Chart](g150332chartimages_10336277.jpg)

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g150332chartimages_10336282.jpg)

\* Excludes short-term securities, if any.

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

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.

This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund's investment objectives, risks and expenses.

Matthews Pacific Tiger Active ETF ASIA 0625

![TSR - Matthews Asia Funds Logo](g150332images_28606.jpg)

### Matthews China Active ETF

### MCH
Listed on the NYSE Arca

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Matthews China Active ETF (the "Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.

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

---

| | | |
|:---|:---|:---|
| &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 | $41 | 0.79%\* |

---

\* Annualized.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$20579534 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;17.2% |

---

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

**Top Ten Holdings \*** 

---

| | |
|:---|:---|
| Tencent Holdings, Ltd. | 9.4% |
| Alibaba Group Holding, Ltd. | 8.0% |
| China Merchants Bank Co., Ltd. | 4.8% |
| China Construction Bank Corp. | 4.6% |
| JD.com, Inc. | 3.7% |
| PDD Holdings, Inc. | 3.5% |
| Meituan | 3.0% |
| Ping An Insurance Group Co. of China, Ltd. | 2.9% |
| DiDi Global, Inc. ADR | 2.9% |
| New China Life Insurance Co., Ltd. | 2.8% |
| TOTAL | 45.6% |

---

**Country Allocation**

![Graphical Representation - Allocation 1 Chart](g150332chartimages_10336163.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g150332chartimages_10336168.jpg)

\* Excludes short-term securities, if any.

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

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.

This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund's investment objectives, risks and expenses.

Matthews China Active ETF MCH 0625

![TSR - Matthews Asia Funds Logo](g150332images_28606.jpg)

### Matthews India Active ETF

### INDE
Listed on the NYSE Arca

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Matthews India Active ETF (the "Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.

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

---

| | | |
|:---|:---|:---|
| &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 | $39 | 0.79%\* |

---

\* Annualized.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$14470496 |
| &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;38.1% |

---

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

**Top Ten Holdings \*** 

---

| | |
|:---|:---|
| HDFC Bank, Ltd. | 8.4% |
| ICICI Bank, Ltd. | 6.3% |
| Eternal, Ltd. | 5.6% |
| Shriram Finance, Ltd. | 4.7% |
| Bajaj Finance, Ltd. | 4.4% |
| Swiggy, Ltd. | 4.4% |
| Reliance Industries, Ltd. | 3.8% |
| Infosys, Ltd. | 3.7% |
| Bharti Airtel, Ltd. | 3.4% |
| Cholamandalam Investment and Finance Co., Ltd. | 2.8% |
| TOTAL | 47.5% |

---

**Country Allocation**

![Graphical Representation - Allocation 1 Chart](g150332chartimages_10336315.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g150332chartimages_10336320.jpg)

\* Excludes short-term securities, if any.

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

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.

This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund's investment objectives, risks and expenses.

Matthews India Active ETF INDE 0625

![TSR - Matthews Asia Funds Logo](g150332images_28606.jpg)

### Matthews Japan Active ETF

### JPAN
Listed on the NYSE Arca

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Matthews Japan Active ETF (the "Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.

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

---

| | | |
|:---|:---|:---|
| &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 | $42 | 0.79%\* |

---

\* Annualized.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5555717 |
| &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;60.4% |

---

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

 **Top Ten Holdings \*** 

---

| | |
|:---|:---|
| Sony Group Corp. | 5.8% |
| Tokio Marine Holdings, Inc. | 4.5% |
| Mitsubishi UFJ Financial Group, Inc. | 4.4% |
| Hitachi, Ltd. | 4.3% |
| Tokyo Electron, Ltd. | 4.1% |
| NEC Corp. | 3.2% |
| Shin-Etsu Chemical Co., Ltd. | 3.1% |
| Ajinomoto Co., Inc. | 3.1% |
| ITOCHU Corp. | 2.9% |
| Mitsui Fudosan Co., Ltd. | 2.9% |
| TOTAL | 38.3% |

---

 **Country Allocation**

![Graphical Representation - Allocation 1 Chart](g150332chartimages_10336353.jpg)

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g150332chartimages_10336358.jpg)

\* Excludes short-term securities, if any.

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

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.

This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund's investment objectives, risks and expenses.

Matthews Japan Active ETF JPAN 0625

![TSR - Matthews Asia Funds Logo](g150332images_28606.jpg)

### Matthews Korea Active ETF

### MKOR
Listed on the NYSE Arca

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Matthews Korea Active ETF (the "Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.

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

---

| | | |
|:---|:---|:---|
| &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 | $46 | 0.79%\* |

---

\* Annualized.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$57503881 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;26.7% |

---

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

**Top Ten Holdings \*** 

---

| | |
|:---|:---|
| SK Hynix, Inc. | 9.7% |
| Samsung Electronics Co., Ltd. | 7.8% |
| Samsung Electronics Co., Ltd., Pfd. | 7.3% |
| NAVER Corp. | 4.5% |
| KB Financial Group, Inc. | 4.5% |
| Hana Financial Group, Inc. | 4.4% |
| HD HYUNDAI MIPO | 3.2% |
| SK Square Co., Ltd. | 3.1% |
| KT&G Corp. | 3.0% |
| Samsung Biologics Co., Ltd. | 2.9% |
| TOTAL | 50.4% |

---

**Country Allocation**

![Graphical Representation - Allocation 1 Chart](g150332chartimages_10336239.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g150332chartimages_10336244.jpg)

\* Excludes short-term securities, if any.

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

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.

This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund's investment objectives, risks and expenses.

Matthews Korea Active ETF MKOR 0625

![TSR - Matthews Asia Funds Logo](g150332images_28606.jpg)

### Matthews Asia Dividend Active ETF

### ADVE
Listed on the NYSE Arca

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Matthews Asia Dividend Active ETF (the "Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.

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

---

| | | |
|:---|:---|:---|
| &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 | $42 | 0.79%\* |

---

\* Annualized.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3566986 |
| &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;48.2% |

---

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

**Top Ten Holdings \*** 

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co., Ltd. | 8.3% |
| Tencent Holdings, Ltd. | 4.7% |
| Hana Financial Group, Inc. | 3.2% |
| ITOCHU Corp. | 2.2% |
| NEC Corp. | 2.0% |
| AIA Group, Ltd. | 2.0% |
| Ajinomoto Co., Inc. | 1.8% |
| Commonwealth Bank of Australia | 1.8% |
| HDFC Bank, Ltd. | 1.8% |
| NetEase, Inc. | 1.7% |
| TOTAL | 29.5% |

---

**Country Allocation**

![Graphical Representation - Allocation 1 Chart](g150332chartimages_10336391.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g150332chartimages_10336396.jpg)

\* Excludes short-term securities, if any.

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

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.

This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund's investment objectives, risks and expenses.

Matthews Asia Dividend Active ETF ADVE 0625

![TSR - Matthews Asia Funds Logo](g150332images_28606.jpg)

### Matthews China Discovery Active ETF

### MCHS
Listed on the NASDAQ

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Matthews China Discovery Active ETF (the "Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.

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

---

| | | |
|:---|:---|:---|
| &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 | $47 | 0.89%\* |

---

\* Annualized.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2313414 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;15.0% |

---

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

 **Top Ten Holdings \*** 

---

| | |
|:---|:---|
| NetEase Cloud Music, Inc. | 4.5% |
| Hongfa Technology Co., Ltd. | 3.6% |
| Atour Lifestyle Holdings, Ltd. | 3.3% |
| DPC Dash, Ltd. | 3.2% |
| ACM Research, Inc. | 2.9% |
| Yantai Jereh Oilfield Services Group Co., Ltd. | 2.7% |
| Tongcheng Travel Holdings, Ltd. | 2.7% |
| Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd. | 2.7% |
| Zhejiang Shuanghuan Driveline Co., Ltd. | 2.5% |
| Full Truck Alliance Co., Ltd. | 2.5% |
| TOTAL | 30.6% |

---

 **Country Allocation**

![Graphical Representation - Allocation 1 Chart](g150332chartimages_10336467.jpg)

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g150332chartimages_10336472.jpg)

\* Excludes short-term securities, if any.

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

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.

This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund's investment objectives, risks and expenses.

Matthews China Discovery Active ETF MCHS 0625

![TSR - Matthews Asia Funds Logo](g150332images_28606.jpg)

### Matthews Emerging Markets Discovery Active ETF

### MEMS
Listed on the NASDAQ

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Matthews Emerging Markets Discovery Active ETF (the "Fund") for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.

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

---

| | | |
|:---|:---|:---|
| &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 | $46 | 0.89%\* |

---

\* Annualized.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$18797035 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;19.3% |

---

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

**Top Ten Holdings \*** 

---

| | |
|:---|:---|
| Bandhan Bank, Ltd. | 7.9% |
| Hugel, Inc. | 5.1% |
| Legend Biotech Corp. | 4.8% |
| YDUQS Participacoes SA | 2.7% |
| We Buy Cars Holdings, Ltd. | 2.4% |
| Radico Khaitan, Ltd. | 2.3% |
| Full Truck Alliance Co., Ltd. | 2.3% |
| Grupo SBF SA | 2.3% |
| Cartrade Tech, Ltd. | 2.2% |
| Elite Material Co., Ltd. | 1.9% |
| TOTAL | 33.9% |

---

**Country Allocation**

![Graphical Representation - Allocation 1 Chart](g150332chartimages_10336505.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](g150332chartimages_10336510.jpg)

\* Excludes short-term securities, if any.

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

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.

This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund's investment objectives, risks and expenses.

Matthews Emerging Markets Discovery Active ETF MEMS 0625

------

(b) Not applicable.

#### Item 2. Code of Ethics.
Not applicable.

#### Item 3. Audit Committee Financial Expert.
Not applicable.

#### Item 4. Principal Accountant Fees and Services.
Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable.

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

(b) Not applicable.

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

------

Matthews Asia Funds \| Financial Statements and Other Information

June 30, 2025 \| matthewsasia.com ![](g150332imga1f196e51.gif)

![](g150332imgd5771b152.gif)

------

Matthews Emerging Markets Equity FundJune 30, 2025

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

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

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES: 93.0%** | **COMMON EQUITIES: 93.0%** | |
|  | **Shares** | <br>**Value**  |
| **China/Hong Kong: 30.7%** | **China/Hong Kong: 30.7%** | **China/Hong Kong: 30.7%** |
| Tencent Holdings, Ltd. | 210500 | $13563697 |
| NetEase, Inc. ADR | 42850 | 5766753 |
| Alibaba Group Holding, Ltd. | 369400 | 5229208 |
| China Construction Bank Corp. H Shares | 4752000 | 4808771 |
| JD.com, Inc. Class A | 223102 | 3643772 |
| BYD Co., Ltd. H Shares | 229086 | 3566877 |
| Ping An Insurance Group Co. of China, Ltd. H <br> Shares<br>| 549000 | 3504442 |
| Wuliangye Yibin Co., Ltd. A Shares | 208774 | 3469465 |
| New China Life Insurance Co., Ltd. H Shares | 616500 | 3375805 |
| PetroChina Co., Ltd. H Shares | 3702000 | 3190299 |
| China Merchants Bank Co., Ltd. H Shares | 411000 | 2883149 |
| DiDi Global, Inc. ADR<sup>b</sup> <br>| 553125 | 2710312 |
| Hong Kong Exchanges & Clearing, Ltd. | 49600 | 2667814 |
| China Life Insurance Co., Ltd. H Shares | 1099000 | 2651849 |
| China Overseas Property Holdings, Ltd. | 3640000 | 2548932 |
| KE Holdings, Inc. ADR | 132301 | 2347020 |
| Meituan Class B<sup>b,c,d</sup> <br>| 144500 | 2324433 |
| Trip.com Group, Ltd. ADR | 38264 | 2243801 |
| Horizon Robotics<sup>b</sup> <br>| 2650800 | 2202869 |
| Yum China Holdings, Inc. | 45215 | 2021563 |
| Full Truck Alliance Co., Ltd. ADR | 111405 | 1315693 |
| China International Capital Corp., Ltd. H <br> Shares<sup>c,d</sup> <br>| 546400 | 1238844 |
| Midea Group Co., Ltd. A Shares | 1300 | 13117 |
| **Total China/Hong Kong** |  | **77288485** |
| **India: 22.0%** | **India: 22.0%** | **India: 22.0%** |
| HDFC Bank, Ltd. ADR | 66035 | 5062903 |
| Shriram Finance, Ltd. | 612932 | 5054304 |
| ICICI Bank, Ltd. ADR | 142616 | 4797602 |
| Bharti Airtel, Ltd. | 174516 | 4091365 |
| Mahindra & Mahindra, Ltd. | 103237 | 3831872 |
| Max Financial Services, Ltd.<sup>b</sup> <br>| 185059 | 3552919 |
| TVS Motor Co., Ltd. | 91576 | 3116157 |
| Axis Bank, Ltd. | 202648 | 2834247 |
| Bajaj Finance, Ltd. | 255580 | 2791280 |
| Eicher Motors, Ltd. | 40092 | 2645033 |
| Bandhan Bank, Ltd.<sup>c,d</sup> <br>| 1177428 | 2604267 |
| Reliance Industries, Ltd. | 148779 | 2604111 |
| Marico, Ltd. | 271116 | 2283912 |
| Infosys, Ltd. ADR | 121287 | 2247448 |
| State Bank of India | 230604 | 2205895 |
| Eternal, Ltd.<sup>b</sup> <br>| 637354 | 1962922 |
| Kotak Mahindra Bank, Ltd. | 47571 | 1200171 |
| Tata Consumer Products, Ltd. | 93230 | 1194985 |
| Dixon Technologies India, Ltd.<sup>d</sup>  | 5670 | 991124 |
| Lupin, Ltd. | 9450 | 213713 |
| **Total India** |  | **55286230** |
| **Taiwan: 14.7%** | **Taiwan: 14.7%** | **Taiwan: 14.7%** |
| Taiwan Semiconductor Manufacturing Co., <br> Ltd.<br>| 714187 | 26117357 |
| Alchip Technologies, Ltd. | 23000 | 2438736 |
| Elite Material Co., Ltd. | 78000 | 2358616 |
| CTBC Financial Holding Co., Ltd. | 1563000 | 2339235 |
| Delta Electronics, Inc. | 98000 | 1386793 |
| Hon Hai Precision Industry Co., Ltd. | 214000 | 1180710 |
| MediaTek, Inc. | 27000 | 1156914 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Realtek Semiconductor Corp. | 6000 | $116526 |
| **Total Taiwan** |  | **37094887** |
| **South Korea: 12.6%** | **South Korea: 12.6%** | **South Korea: 12.6%** |
| Samsung Electronics Co., Ltd. | 170322 | 7531915 |
| Hana Financial Group, Inc. | 88333 | 5626637 |
| Macquarie Korea Infrastructure Fund | 524286 | 4457184 |
| SK Hynix, Inc. | 19913 | 4290885 |
| KB Financial Group, Inc. | 44543 | 3660378 |
| SK Telecom Co., Ltd. | 54035 | 2273444 |
| LG Chem, Ltd. | 14124 | 2205889 |
| Coupang, Inc.<sup>b</sup> <br>| 50008 | 1498240 |
| NAVER Corp. | 1545 | 300016 |
| **Total South Korea** |  | **31844588** |
| **Brazil: 4.2%** | **Brazil: 4.2%** | **Brazil: 4.2%** |
| Itau Unibanco Holding SA ADR | 740998 | 5031376 |
| MercadoLibre, Inc.<sup>b</sup> <br>| 1104 | 2885448 |
| Rumo SA | 385700 | 1315459 |
| B3 SA - Brasil Bolsa Balcao | 475400 | 1275760 |
| **Total Brazil** |  | **10508043** |
| **South Africa: 2.3%** | **South Africa: 2.3%** | **South Africa: 2.3%** |
| Naspers, Ltd. N Shares | 9527 | 2972554 |
| Shoprite Holdings, Ltd. | 167789 | 2624820 |
| Capitec Bank Holdings, Ltd. | 955 | 190948 |
| **Total South Africa** |  | **5788322** |
| **Mexico: 2.1%** | **Mexico: 2.1%** | **Mexico: 2.1%** |
| Grupo Financiero Banorte SAB de CV Class O | 314400 | 2873825 |
| Fomento Economico Mexicano SAB de CV <br> ADR<br>| 23454 | 2415293 |
| **Total Mexico** |  | **5289118** |
| **Philippines: 1.4%** | **Philippines: 1.4%** | **Philippines: 1.4%** |
| Bank of the Philippine Islands | 1497886 | 3456865 |
| **Total Philippines** |  | **3456865** |
| **Singapore: 1.1%** | **Singapore: 1.1%** | **Singapore: 1.1%** |
| Singapore Telecommunications, Ltd. | 887335 | 2675128 |
| **Total Singapore** |  | **2675128** |
| **Indonesia: 1.0%** | **Indonesia: 1.0%** | **Indonesia: 1.0%** |
| PT Bank Rakyat Indonesia Persero Tbk | 10402972 | 2398513 |
| PT Bank Central Asia Tbk | 276000 | 147535 |
| **Total Indonesia** |  | **2546048** |
| **Thailand: 0.9%** | **Thailand: 0.9%** | **Thailand: 0.9%** |
| Bangkok Dusit Medical Services Public Co., <br> Ltd. F Shares<br>| 3155200 | 2019155 |
| CP ALL Public Co., Ltd. | 111600 | 151158 |
| **Total Thailand** |  | **2170313** |
| **Vietnam: 0.0%** | **Vietnam: 0.0%** | **Vietnam: 0.0%** |
| Military Commercial Joint Stock Bank | 123345 | 121862 |
| **Total Vietnam** |  | **121862** |

---

**1** MATTHEWS ASIA FUNDS

------

Matthews Emerging Markets Equity FundJune 30, 2025

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

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES** *(continued)* | **COMMON EQUITIES** *(continued)* | |
|  | **Shares** | <br>**Value**  |
| **Russia: 0.0%** | **Russia: 0.0%** | **Russia: 0.0%** |
| Sberbank of Russia PJSC<sup>e</sup> <br>| 128308 | $1641 |
| **Total Russia** |  | **1641** |
| **Total Investments: 93.0%** |  | **234071530** |
| (Cost $191,193,417) |  |  |
| **CASH AND OTHER ASSETS,** <br>**LESS LIABILITIES: 7.0%**<br>|  | **17517235** |
| **Net Assets: 100.0%** |  | **$251588765** |

---

&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> June 30, 2025, the aggregate value is $6,167,544, which is 2.45% 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 $1,641 and 0.00% <br> of net assets.<br>|
| ADR | American Depositary Receipt |
| PJSC | Public Joint Stock Co. |

---

See accompanying notes to financial statements.

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

------

Matthews Emerging Markets Sustainable Future FundJune 30, 2025

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

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

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES: 99.7%** | **COMMON EQUITIES: 99.7%** | |
|  | **Shares** | <br>**Value**  |
| **China/Hong Kong: 31.2%** | **China/Hong Kong: 31.2%** | **China/Hong Kong: 31.2%** |
| Meituan Class B<sup>b,c,d</sup> <br>| 727400 | $11700987 |
| Legend Biotech Corp. ADR<sup>c</sup> <br>| 289575 | 10277017 |
| JD Health International, Inc.<sup>b,c,d</sup> <br>| 1821550 | 10032784 |
| Alibaba Group Holding, Ltd. | 428600 | 6067240 |
| Full Truck Alliance Co., Ltd. ADR | 485480 | 5733519 |
| Contemporary Amperex Technology Co., Ltd. <br> A Shares<br>| 114300 | 4033424 |
| Zhihu, Inc. ADR<sup>c</sup> <br>| 736962 | 2933109 |
| Medlive Technology Co., Ltd.<sup>b,d</sup> <br>| 1465000 | 2745234 |
| Silergy Corp. | 176000 | 2143897 |
| Kanzhun, Ltd. ADR<sup>c</sup> <br>| 119236 | 2127170 |
| Hong Kong Exchanges & Clearing, Ltd. | 33200 | 1785714 |
| BYD Co., Ltd. H Shares | 114000 | 1774984 |
| Lam Research Corp. | 17970 | 1749200 |
| Centre Testing International Group Co., Ltd. A <br> Shares<br>| 830200 | 1355528 |
| Flat Glass Group Co., Ltd. H Shares | 914000 | 1029291 |
| **Total China/Hong Kong** |  | **65489098** |
| **India: 23.7%** | **India: 23.7%** | **India: 23.7%** |
| Bandhan Bank, Ltd.<sup>b,d</sup> <br>| 7374621 | 16311385 |
| Indus Towers, Ltd.<sup>c</sup> <br>| 1378937 | 6763327 |
| Swiggy, Ltd.<sup>c</sup> <br>| 1213344 | 5665162 |
| Shriram Finance, Ltd. | 514499 | 4242615 |
| Phoenix Mills, Ltd. | 206428 | 3760807 |
| Inox Wind, Ltd.<sup>c</sup> <br>| 1769754 | 3620119 |
| Mahindra & Mahindra, Ltd. | 94944 | 3524059 |
| NTPC Green Energy, Ltd.<sup>c</sup> <br>| 2118521 | 2580802 |
| HDFC Asset Management Co., Ltd.<sup>b,d</sup> <br>| 25990 | 1574099 |
| UNO Minda, Ltd. | 64612 | 831772 |
| Marico, Ltd. | 95015 | 800417 |
| **Total India** |  | **49674564** |
| **Taiwan: 15.6%** | **Taiwan: 15.6%** | **Taiwan: 15.6%** |
| Taiwan Semiconductor Manufacturing Co., <br> Ltd.<br>| 283000 | 10349127 |
| Elite Material Co., Ltd. | 161000 | 4868425 |
| Poya International Co., Ltd. | 221948 | 3815096 |
| M31 Technology Corp. | 204006 | 3662567 |
| Taiwan Semiconductor Manufacturing Co., <br> Ltd. ADR<br>| 12181 | 2758875 |
| Airtac International Group | 85000 | 2530712 |
| Andes Technology Corp.<sup>c</sup> <br>| 250000 | 2525601 |
| AURAS Technology Co., Ltd. | 106000 | 2338697 |
| **Total Taiwan** |  | **32849100** |
| **Brazil: 6.0%** | **Brazil: 6.0%** | **Brazil: 6.0%** |
| YDUQS Participacoes SA | 1901700 | 5771849 |
| B3 SA - Brasil Bolsa Balcao | 1417500 | 3803933 |
| Cia de Saneamento Basico do Estado de Sao <br> Paulo SABESP<br>| 84300 | 1848422 |
| NU Holdings, Ltd. Class A<sup>c</sup> <br>| 83750 | 1149050 |
| **Total Brazil** |  | **12573254** |
| **South Korea: 4.9%** | **South Korea: 4.9%** | **South Korea: 4.9%** |
| Eugene Technology Co., Ltd. | 135653 | 3920099 |
| HD Hyundai Electric Co., Ltd. | 9952 | 3730876 |
| SK Square Co., Ltd.<sup>c</sup> <br>| 18245 | 2452292 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Samsung SDI Co., Ltd. | 1565 | $199820 |
| **Total South Korea** |  | **10303087** |
| **Poland: 2.6%** | **Poland: 2.6%** | **Poland: 2.6%** |
| InPost SA<sup>c</sup> <br>| 261146 | 4345916 |
| Jeronimo Martins SGPS SA | 40933 | 1036337 |
| **Total Poland** |  | **5382253** |
| **Turkey: 2.1%** | **Turkey: 2.1%** | **Turkey: 2.1%** |
| Akbank TAS | 1325575 | 2271680 |
| Astor Transformator Enerji Turizm Insaat Ve <br> Petrol Sanayi Ticaret AS<br>| 950840 | 2221010 |
| **Total Turkey** |  | **4492690** |
| **Romania: 2.0%** | **Romania: 2.0%** | **Romania: 2.0%** |
| Banca Transilvania SA | 572207 | 4121260 |
| **Total Romania** |  | **4121260** |
| **South Africa: 1.8%** | **South Africa: 1.8%** | **South Africa: 1.8%** |
| Nedbank Group, Ltd. | 283205 | 3888045 |
| **Total South Africa** |  | **3888045** |
| **Greece: 1.8%** | **Greece: 1.8%** | **Greece: 1.8%** |
| Piraeus Financial Holdings SA | 539766 | 3739381 |
| **Total Greece** |  | **3739381** |
| **United States: 1.6%** | **United States: 1.6%** | **United States: 1.6%** |
| Micron Technology, Inc. | 27313 | 3366327 |
| **Total United States** |  | **3366327** |
| **Vietnam: 1.3%** | **Vietnam: 1.3%** | **Vietnam: 1.3%** |
| Nam Long Investment Corp. | 1810239 | 2711659 |
| **Total Vietnam** |  | **2711659** |
| **Jordan: 1.3%** | **Jordan: 1.3%** | **Jordan: 1.3%** |
| Hikma Pharmaceuticals PLC | 96719 | 2639368 |
| **Total Jordan** |  | **2639368** |
| **Indonesia: 1.2%** | **Indonesia: 1.2%** | **Indonesia: 1.2%** |
| PT Bank Rakyat Indonesia Persero Tbk | 10671800 | 2460494 |
| **Total Indonesia** |  | **2460494** |
| **Philippines: 0.9%** | **Philippines: 0.9%** | **Philippines: 0.9%** |
| Security Bank Corp. | 1637900 | 1997581 |
| **Total Philippines** |  | **1997581** |
| **Kazakhstan: 0.9%** | **Kazakhstan: 0.9%** | **Kazakhstan: 0.9%** |
| Kaspi.KZ JSC ADR | 21766 | 1847716 |
| **Total Kazakhstan** |  | **1847716** |
| **Bangladesh: 0.5%** | **Bangladesh: 0.5%** | **Bangladesh: 0.5%** |
| BRAC Bank PLC | 1767798 | 729419 |
| GrameenPhone, Ltd. | 150471 | 371814 |
| **Total Bangladesh** |  | **1101233** |

---

**3** MATTHEWS ASIA FUNDS

------

Matthews Emerging Markets Sustainable Future FundJune 30, 2025

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

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES** *(continued)* | **COMMON EQUITIES** *(continued)* | |
|  | **Shares** | <br>**Value**  |
| **Chile: 0.2%** | **Chile: 0.2%** | **Chile: 0.2%** |
| Aguas Andinas SA Class A | 1180939 | $430988 |
| **Total Chile** |  | **430988** |
| **Saudi Arabia: 0.1%** | **Saudi Arabia: 0.1%** | **Saudi Arabia: 0.1%** |
| Saudi Tadawul Group Holding Co. | 4012 | 188771 |
| **Total Saudi Arabia** |  | **188771** |
| **TOTAL COMMON EQUITIES** | **TOTAL COMMON EQUITIES** | **209256869** |
| (Cost $180,255,628) |  |  |
| **PREFERRED EQUITIES: 0.8%** | **PREFERRED EQUITIES: 0.8%** |  |
| **South Korea: 0.8%** | **South Korea: 0.8%** | **South Korea: 0.8%** |
| Samsung SDI Co., Ltd., Pfd. | 24048 | 1812146 |
| **Total South Korea** |  | **1812146** |
| **TOTAL PREFERRED EQUITIES** | **TOTAL PREFERRED EQUITIES** | **1812146** |
| (Cost $3,916,793) |  |  |
| **Total Investments: 100.5%** |  | **211069015** |
| (Cost $184,172,421) |  |  |
| **LIABILITIES IN EXCESS OF CASH** <br>**AND OTHER ASSETS: (0.5%)**<br>|  | **(1112849)**<br>|
| **Net Assets: 100.0%** |  | **$209956166** |

---

&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> June 30, 2025, the aggregate value is $42,364,489, which is 20.18% of net 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>|
| ADR | American Depositary Receipt |
| JSC | Joint Stock Co. |
| Pfd. | Preferred |

---

See accompanying notes to financial statements.

*matthewsasia.com* \| 800.789.ASIA **4**

------

Matthews Emerging Markets Small Companies FundJune 30, 2025

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

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

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES: 100.9%** | **COMMON EQUITIES: 100.9%** | |
|  | **Shares** | <br>**Value**  |
| **India: 26.0%** | **India: 26.0%** | **India: 26.0%** |
| Bandhan Bank, Ltd.<sup>b,c</sup> <br>| 18408907 | $40717315 |
| Cartrade Tech, Ltd.<sup>d</sup> <br>| 607578 | 12051827 |
| Radico Khaitan, Ltd. | 366851 | 11196653 |
| Phoenix Mills, Ltd. | 525852 | 9580230 |
| Shriram Finance, Ltd. | 1145955 | 9449669 |
| Inox Wind, Ltd.<sup>d</sup> <br>| 4138010 | 8464503 |
| Finolex Cables, Ltd. | 567440 | 6481312 |
| Rainbow Children's Medicare, Ltd. | 349968 | 6374144 |
| Action Construction Equipment, Ltd. | 445422 | 6333691 |
| Senco Gold, Ltd. | 1247034 | 4990217 |
| Zinka Logistics Solutions, Ltd.<sup>d</sup> <br>| 921829 | 4692244 |
| GE Vernova T&D India, Ltd. | 158092 | 4357544 |
| Bharti Hexacom, Ltd. | 187197 | 4257110 |
| UNO Minda, Ltd. | 326305 | 4200635 |
| **Total India** |  | **133147094** |
| **China/Hong Kong: 18.9%** | **China/Hong Kong: 18.9%** | **China/Hong Kong: 18.9%** |
| Legend Biotech Corp. ADR<sup>d</sup> <br>| 717147 | 25451547 |
| Full Truck Alliance Co., Ltd. ADR | 940665 | 11109254 |
| Zhihu, Inc. ADR<sup>d</sup> <br>| 2119066 | 8433883 |
| Medlive Technology Co., Ltd.<sup>b,c</sup> <br>| 3936500 | 7376529 |
| Proya Cosmetics Co., Ltd. A Shares | 570356 | 6600336 |
| Silergy Corp. | 447000 | 5445012 |
| Tongcheng Travel Holdings, Ltd.<sup>c</sup> <br>| 1787600 | 4470680 |
| Centre Testing International Group Co., Ltd. <br> A Shares<br>| 2579938 | 4212454 |
| Xtep International Holdings, Ltd. | 5592000 | 4020226 |
| Kingsoft Corp., Ltd. | 628800 | 3286451 |
| Kanzhun, Ltd. ADR<sup>d</sup> <br>| 173092 | 3087961 |
| Yuexiu Property Co., Ltd. | 5006000 | 2750057 |
| Ever Sunshine Services Group, Ltd.<sup>c</sup> <br>| 9768000 | 2536712 |
| Flat Glass Group Co., Ltd. H Shares | 2247000 | 2530435 |
| Beijing Capital International Airport Co., Ltd. <br> H Shares<sup>d</sup> <br>| 6534000 | 2467878 |
| Hongfa Technology Co., Ltd. A Shares | 617540 | 1926513 |
| Central China Securities Co., Ltd. H Shares<sup>c</sup> <br>| 5935000 | 1387872 |
| **Total China/Hong Kong** |  | **97093800** |
| **Taiwan: 15.2%** | **Taiwan: 15.2%** | **Taiwan: 15.2%** |
| Elite Material Co., Ltd. | 372000 | 11248784 |
| Poya International Co., Ltd. | 586891 | 10088153 |
| Gold Circuit Electronics, Ltd. | 976000 | 9865341 |
| M31 Technology Corp. | 526057 | 9444424 |
| Andes Technology Corp.<sup>d</sup> <br>| 814000 | 8223357 |
| AURAS Technology Co., Ltd. | 347000 | 7655925 |
| Wiwynn Corp. | 78000 | 6773125 |
| Airtac International Group | 191431 | 5699490 |
| ASPEED Technology, Inc. | 33000 | 5366596 |
| Fortune Electric Co., Ltd. | 165000 | 3179527 |
| Yageo Corp. | 15533 | 257753 |
| **Total Taiwan** |  | **77802475** |
| **South Korea: 11.5%** | **South Korea: 11.5%** | **South Korea: 11.5%** |
| Hugel, Inc.<sup>d</sup> <br>| 91188 | 26124300 |
| Eugene Technology Co., Ltd. | 303579 | 8772822 |
| HD Hyundai Co., Ltd. | 82304 | 7886268 |
| BGF Retail Co., Ltd. | 71854 | 6435519 |
| C&C International Co., Ltd. | 222588 | 5505769 |
| SNT Holdings Co., Ltd. | 49987 | 2146105 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| SNT Dynamics Co., Ltd. | 55536 | $2120763 |
| **Total South Korea** |  | **58991546** |
| **Brazil: 8.8%** | **Brazil: 8.8%** | **Brazil: 8.8%** |
| YDUQS Participacoes SA | 4583600 | 13911683 |
| Grupo SBF SA | 5739500 | 12888020 |
| Vivara Participacoes SA | 2003300 | 9966538 |
| Vamos Locacao de Caminhoes Maquinas e <br> Equipamentos SA<br>| 10854600 | 8351075 |
| **Total Brazil** |  | **45117316** |
| **South Africa: 3.6%** | **South Africa: 3.6%** | **South Africa: 3.6%** |
| We Buy Cars Holdings, Ltd. | 3819062 | 12921659 |
| Old Mutual, Ltd. | 8338726 | 5685147 |
| **Total South Africa** |  | **18606806** |
| **Vietnam: 3.6%** | **Vietnam: 3.6%** | **Vietnam: 3.6%** |
| Mobile World Investment Corp. | 2353714 | 5907655 |
| Military Commercial Joint Stock Bank | 5271647 | 5208270 |
| FPT Corp. | 1121256 | 5072870 |
| Nam Long Investment Corp. | 1427132 | 2137781 |
| **Total Vietnam** |  | **18326576** |
| **Philippines: 2.1%** | **Philippines: 2.1%** | **Philippines: 2.1%** |
| GT Capital Holdings, Inc. | 729750 | 7438116 |
| Security Bank Corp. | 2814450 | 3432500 |
| **Total Philippines** |  | **10870616** |
| **Poland: 1.9%** | **Poland: 1.9%** | **Poland: 1.9%** |
| InPost SA<sup>d</sup> <br>| 577337 | 9607875 |
| **Total Poland** |  | **9607875** |
| **Georgia: 1.5%** | **Georgia: 1.5%** | **Georgia: 1.5%** |
| TBC Bank Group PLC | 123329 | 7857664 |
| **Total Georgia** |  | **7857664** |
| **Greece: 1.5%** | **Greece: 1.5%** | **Greece: 1.5%** |
| Piraeus Financial Holdings SA | 1082401 | 7498638 |
| **Total Greece** |  | **7498638** |
| **Mexico: 1.4%** | **Mexico: 1.4%** | **Mexico: 1.4%** |
| Gentera SAB de CV | 3449400 | 7369578 |
| **Total Mexico** |  | **7369578** |
| **Indonesia: 1.4%** | **Indonesia: 1.4%** | **Indonesia: 1.4%** |
| PT Mitra Adiperkasa Tbk | 64098000 | 4655307 |
| PT GoTo Gojek Tokopedia Tbk<sup>d</sup> <br>| 624075300 | 2229537 |
| **Total Indonesia** |  | **6884844** |
| **Turkey: 1.1%** | **Turkey: 1.1%** | **Turkey: 1.1%** |
| Astor Transformator Enerji Turizm Insaat Ve <br> Petrol Sanayi Ticaret AS<br>| 2397293 | 5599693 |
| **Total Turkey** |  | **5599693** |
| **Chile: 0.9%** | **Chile: 0.9%** | **Chile: 0.9%** |
| Parque Arauco SA | 1979463 | 4175119 |

---

**5** MATTHEWS ASIA FUNDS

------

Matthews Emerging Markets Small Companies FundJune 30, 2025

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

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES** *(continued)* | **COMMON EQUITIES** *(continued)* | |
|  | **Shares** | <br>**Value**  |
| Lundin Mining Corp. | 49400 | $519484 |
| **Total Chile** |  | **4694603** |
| **Panama: 0.8%** | **Panama: 0.8%** | **Panama: 0.8%** |
| Banco Latinoamericano de Comercio Exterior <br> SA E Shares<br>| 106621 | 4296826 |
| **Total Panama** |  | **4296826** |
| **Bangladesh: 0.6%** | **Bangladesh: 0.6%** | **Bangladesh: 0.6%** |
| BRAC Bank PLC | 7808479 | 3221891 |
| **Total Bangladesh** |  | **3221891** |
| **Saudi Arabia: 0.1%** | **Saudi Arabia: 0.1%** | **Saudi Arabia: 0.1%** |
| Saudi Tadawul Group Holding Co. | 10185 | 479221 |
| **Total Saudi Arabia** |  | **479221** |
| **Russia: 0.0%** | **Russia: 0.0%** | **Russia: 0.0%** |
| Moscow Exchange MICEX-RTS PJSC<sup>e</sup> <br>| 2101250 | 26870 |
| **Total Russia** |  | **26870** |
| **Total Investments: 100.9%** |  | **517493932** |
| (Cost $441,044,658) |  |  |
| **LIABILITIES IN EXCESS OF CASH** <br>**AND OTHER ASSETS: (0.9%)**<br>|  | **(4804448)**<br>|
| **Net Assets: 100.0%** |  | **$512689484** |

---

&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> June 30, 2025, the aggregate value is $48,093,844, which is 9.38% 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 $26,870 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 FundJune 30, 2025

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

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

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES: 99.9%** | **COMMON EQUITIES: 99.9%** | |
|  | **Shares** | <br>**Value**  |
| **Japan: 29.3%** | **Japan: 29.3%** | **Japan: 29.3%** |
| Sony Group Corp. | 234400 | $6094476 |
| Hitachi, Ltd. | 203900 | 5926222 |
| Mitsubishi UFJ Financial Group, Inc. | 344600 | 4698136 |
| Tokyo Electron, Ltd. | 20700 | 3964246 |
| ITOCHU Corp. | 72100 | 3775518 |
| Shin-Etsu Chemical Co., Ltd. | 100300 | 3312105 |
| ORIX Corp. | 145200 | 3276682 |
| Recruit Holdings Co., Ltd. | 52900 | 3110871 |
| T&D Holdings, Inc. | 119000 | 2612063 |
| Keyence Corp. | 6500 | 2598884 |
| Fast Retailing Co., Ltd. | 7100 | 2434335 |
| Terumo Corp. | 131500 | 2413272 |
| Daiichi Sankyo Co., Ltd. | 101800 | 2358513 |
| Fujitsu, Ltd. | 89100 | 2161511 |
| Mitsubishi Electric Corp. | 98100 | 2110030 |
| Asics Corp. | 76400 | 1948229 |
| Toyota Motor Corp. | 97800 | 1684409 |
| Sumitomo Mitsui Financial Group, Inc. | 62600 | 1576328 |
| Mitsubishi Heavy Industries, Ltd.  | 60200 | 1506468 |
| Renesas Electronics Corp. | 91500 | 1131986 |
| Asahi Group Holdings, Ltd. | 77300 | 1033280 |
| Nidec Corp. | 51500 | 1000805 |
| Sanrio Co., Ltd. | 11000 | 531912 |
| **Total Japan** |  | **61260281** |
| **China/Hong Kong: 28.2%** | **China/Hong Kong: 28.2%** | **China/Hong Kong: 28.2%** |
| Tencent Holdings, Ltd. | 137900 | 8885671 |
| Alibaba Group Holding, Ltd. | 278400 | 3941016 |
| PDD Holdings, Inc. ADR<sup>b</sup> <br>| 35365 | 3701301 |
| BYD Co., Ltd. H Shares | 229500 | 3573323 |
| Trip.com Group, Ltd. ADR | 60806 | 3565664 |
| Tencent Music Entertainment Group ADR | 164572 | 3207508 |
| NAURA Technology Group Co., Ltd. A Shares | 48693 | 3010428 |
| DiDi Global, Inc. ADR<sup>b</sup> <br>| 581504 | 2849370 |
| Xiaomi Corp. Class B<sup>b,c,d</sup> <br>| 324600 | 2498685 |
| Innovent Biologics, Inc.<sup>b,c,d</sup> <br>| 245500 | 2461058 |
| Hong Kong Exchanges & Clearing, Ltd. | 44100 | 2371988 |
| Contemporary Amperex Technology Co., Ltd. A <br> Shares<br>| 66600 | 2350184 |
| WuXi AppTec Co., Ltd. H Shares<sup>c,d</sup> <br>| 202800 | 2040245 |
| Zhejiang Shuanghuan Driveline Co., Ltd. A <br> Shares<br>| 371900 | 1740299 |
| Ping An Insurance Group Co. of China, Ltd. H <br> Shares<br>| 258500 | 1650088 |
| KE Holdings, Inc. A Shares | 270100 | 1611935 |
| Full Truck Alliance Co., Ltd. ADR | 133644 | 1578336 |
| Kanzhun, Ltd. ADR<sup>b</sup> <br>| 87588 | 1562570 |
| Shenzhen Mindray Bio-Medical Electronics Co., <br> Ltd. A Shares<br>| 47900 | 1504889 |
| Kingdee International Software Group Co., <br> Ltd.<sup>b</sup> <br>| 730000 | 1442832 |
| Meituan Class B<sup>b,c,d</sup> <br>| 87000 | 1399486 |
| Giant Biogene Holding Co., Ltd.<sup>c,d</sup> <br>| 149600 | 1103956 |
| Futu Holdings, Ltd. ADR | 4994 | 617208 |
| Zhejiang Sanhua Intelligent Controls Co., Ltd.<sup>b</sup> <br>| 118100 | 378374 |
| **Total China/Hong Kong** |  | **59046414** |
| **India: 15.9%** | **India: 15.9%** | **India: 15.9%** |
| Eternal, Ltd.<sup>b</sup> <br>| 2013709 | 6201819 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| MakeMyTrip, Ltd.<sup>b</sup> <br>| 41123 | $4030876 |
| HDFC Bank, Ltd. | 136627 | 3189621 |
| ICICI Bank, Ltd. | 170976 | 2889450 |
| Bharti Airtel, Ltd. | 113139 | 2652439 |
| HDFC Asset Management Co., Ltd.<sup>c,d</sup> <br>| 37142 | 2249527 |
| Bajaj Finance, Ltd. | 197870 | 2161008 |
| Delhivery, Ltd.<sup>b</sup> <br>| 468664 | 2092972 |
| Shriram Finance, Ltd. | 250034 | 2061807 |
| Reliance Industries, Ltd. | 117399 | 2054861 |
| Mahindra & Mahindra, Ltd. | 44222 | 1641398 |
| ABB India, Ltd. | 15556 | 1103437 |
| Hindustan Unilever, Ltd. | 36704 | 982369 |
| **Total India** |  | **33311584** |
| **Taiwan: 9.6%** | **Taiwan: 9.6%** | **Taiwan: 9.6%** |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 407000 | 14883727 |
| MediaTek, Inc. | 49000 | 2099585 |
| Delta Electronics, Inc. | 142000 | 2009435 |
| Lotes Co., Ltd. | 24000 | 1111286 |
| **Total Taiwan** |  | **20104033** |
| **South Korea: 8.1%** | **South Korea: 8.1%** | **South Korea: 8.1%** |
| Samsung Electronics Co., Ltd. | 101197 | 4475095 |
| SK Hynix, Inc. | 13635 | 2938092 |
| Coupang, Inc.<sup>b</sup> <br>| 88904 | 2663564 |
| Hanwha Aerospace Co., Ltd. | 2456 | 1541207 |
| Samsung C&T Corp. | 12030 | 1433772 |
| Hyundai Motor Co. | 9533 | 1431451 |
| NAVER Corp. | 6505 | 1263173 |
| Samsung Biologics Co., Ltd.<sup>b,c,d</sup> <br>| 1468 | 1077244 |
| **Total South Korea** |  | **16823598** |
| **Singapore: 4.8%** | **Singapore: 4.8%** | **Singapore: 4.8%** |
| Sea, Ltd. ADR<sup>b</sup> <br>| 49879 | 7977647 |
| DBS Group Holdings, Ltd. | 59300 | 2093414 |
| **Total Singapore** |  | **10071061** |
| **Australia: 2.7%** | **Australia: 2.7%** | **Australia: 2.7%** |
| Macquarie Group, Ltd. | 22928 | 3448501 |
| ANZ Group Holdings, Ltd. | 111857 | 2145058 |
| **Total Australia** |  | **5593559** |
| **Indonesia: 0.8%** | **Indonesia: 0.8%** | **Indonesia: 0.8%** |
| PT Bank Central Asia Tbk | 2944800 | 1574136 |
| **Total Indonesia** |  | **1574136** |
| **Vietnam: 0.5%** | **Vietnam: 0.5%** | **Vietnam: 0.5%** |
| FPT Corp. | 228700 | 1034702 |
| **Total Vietnam** |  | **1034702** |
| **TOTAL COMMON EQUITIES** | **TOTAL COMMON EQUITIES** | **208819368** |
| (Cost $180,297,455) |  |  |

---

**7** MATTHEWS ASIA FUNDS

------

Matthews Asia Growth FundJune 30, 2025

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

---

| | | |
|:---|:---|:---|
| **RIGHTS: 0.0%** | **RIGHTS: 0.0%** | |
|  | **Shares** | <br>**Value**  |
| **South Korea: 0.0%** | **South Korea: 0.0%** | **South Korea: 0.0%** |
| Hanwha Aerospace Co., Ltd. Rights, Expires <br> 07/07/25<sup>b</sup> <br>| 178 | $21450 |
| **Total South Korea** |  | **21450** |
| **TOTAL RIGHTS** | **TOTAL RIGHTS** | **21450** |
| (Cost $0) |  |  |
| **Total Investments: 99.9%** |  | **208840818** |
| (Cost $180,297,455) |  |  |
| **CASH AND OTHER ASSETS,** <br>**LESS LIABILITIES: 0.1%**<br>|  | **305510** |
| **Net Assets: 100.0%** |  | **$209146328** |

---

&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> June 30, 2025, the aggregate value is $12,830,201, which is 6.13% 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>|
| ADR | American Depositary Receipt |

---

See accompanying notes to financial statements.

*matthewsasia.com* \| 800.789.ASIA **8**

------

Matthews Pacific Tiger FundJune 30, 2025

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

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

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES: 98.6%** | **COMMON EQUITIES: 98.6%** | |
|  | **Shares** | <br>**Value**  |
| **China/Hong Kong: 33.8%** | **China/Hong Kong: 33.8%** | **China/Hong Kong: 33.8%** |
| Tencent Holdings, Ltd. | 663000 | $42720812 |
| Alibaba Group Holding, Ltd. | 1935600 | 27400256 |
| China Merchants Bank Co., Ltd. H Shares | 2818500 | 19771671 |
| Hong Kong Exchanges & Clearing, Ltd. | 288400 | 15512047 |
| AIA Group, Ltd. | 1570000 | 14221757 |
| Ping An Insurance Group Co. of China, Ltd. H <br> Shares<br>| 1741000 | 11113359 |
| New China Life Insurance Co., Ltd. H Shares | 1948400 | 10668968 |
| BYD Co., Ltd. H Shares | 613500 | 9552215 |
| Midea Group Co., Ltd. A Shares | 770400 | 7773474 |
| China Merchants Bank Co., Ltd. A Shares | 1147247 | 7368104 |
| DiDi Global, Inc. ADR<sup>b</sup> <br>| 1484586 | 7274471 |
| Zhejiang Sanhua Intelligent Controls Co., Ltd. <br> A Shares<br>| 1968300 | 7262211 |
| Kweichow Moutai Co., Ltd. A Shares | 34400 | 6778428 |
| Hongfa Technology Co., Ltd. A Shares | 2064020 | 6432520 |
| Trip.com Group, Ltd. | 108200 | 6336683 |
| PDD Holdings, Inc. ADR<sup>b</sup> <br>| 60331 | 6314243 |
| GF Securities Co., Ltd. H Shares | 3611000 | 6082794 |
| Meituan Class B<sup>b,c,d</sup> <br>| 373300 | 6004919 |
| WuXi AppTec Co., Ltd. H Shares<sup>c,d</sup> <br>| 536500 | 5397393 |
| China Resources Land, Ltd. | 1513000 | 5151443 |
| KE Holdings, Inc. A Shares | 519300 | 3099140 |
| Aier Eye Hospital Group Co., Ltd. A Shares | 1026781 | 1791158 |
| JD.com, Inc. Class A | 105600 | 1724692 |
| Longfor Group Holdings, Ltd.<sup>c,d</sup> <br>| 1453000 | 1721769 |
| Techtronic Industries Co., Ltd. | 112500 | 1241323 |
| **Total China/Hong Kong** |  | **238715850** |
| **Taiwan: 21.8%** | **Taiwan: 21.8%** | **Taiwan: 21.8%** |
| Taiwan Semiconductor Manufacturing Co., <br> Ltd.<br>| 2381000 | 87071632 |
| Delta Electronics, Inc. | 803000 | 11363214 |
| Quanta Computer, Inc. | 804000 | 7562725 |
| ASMedia Technology, Inc. | 113000 | 7394785 |
| MediaTek, Inc. | 163000 | 6984332 |
| Cathay Financial Holding Co., Ltd. | 3153000 | 6786970 |
| Elite Material Co., Ltd. | 192000 | 5805824 |
| Accton Technology Corp. | 216000 | 5398652 |
| Alchip Technologies, Ltd. | 46000 | 4877471 |
| Wiwynn Corp. | 48000 | 4168077 |
| Hon Hai Precision Industry Co., Ltd. | 668000 | 3685581 |
| E Ink Holdings, Inc. | 379000 | 2868590 |
| **Total Taiwan** |  | **153967853** |
| **India: 17.6%** | **India: 17.6%** | **India: 17.6%** |
| Bharti Airtel, Ltd. | 763387 | 17896898 |
| Eternal, Ltd.<sup>b</sup> <br>| 5768519 | 17765879 |
| ICICI Bank, Ltd. | 844392 | 14270008 |
| HDFC Bank, Ltd. | 589811 | 13769411 |
| Cummins India, Ltd. | 272786 | 10818854 |
| Mahindra & Mahindra, Ltd. | 252822 | 9384054 |
| Infosys, Ltd. | 465183 | 8690864 |
| Sun Pharmaceutical Industries, Ltd. | 392187 | 7666510 |
| Godrej Consumer Products, Ltd. | 516658 | 7100176 |
| Cholamandalam Investment and Finance Co., <br> Ltd.<br>| 296094 | 5625424 |
| HDFC Asset Management Co., Ltd.<sup>c,d</sup> <br>| 58073 | 3517225 |
| Dixon Technologies India, Ltd.<sup>d</sup> <br>| 19160 | 3349195 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Max Healthcare Institute, Ltd. | 153408 | $2282516 |
| MakeMyTrip, Ltd.<sup>b</sup> <br>| 22134 | 2169575 |
| **Total India** |  | **124306589** |
| **South Korea: 13.7%** | **South Korea: 13.7%** | **South Korea: 13.7%** |
| KB Financial Group, Inc. | 263688 | 21668898 |
| Samsung Electronics Co., Ltd. | 472084 | 20876320 |
| SK Hynix, Inc. | 87209 | 18791936 |
| NAVER Corp. | 39181 | 7608362 |
| Samsung Biologics Co., Ltd.<sup>b,c,d</sup> <br>| 9152 | 6715899 |
| Classys, Inc. | 105799 | 4904079 |
| Samsung C&T Corp. | 40690 | 4849557 |
| HD Hyundai Heavy Industries Co., Ltd. | 13750 | 4339982 |
| Hyundai Motor Co. | 17903 | 2688269 |
| HD Hyundai Electric Co., Ltd. | 5913 | 2216707 |
| Krafton, Inc.<sup>b</sup> <br>| 7699 | 2067100 |
| **Total South Korea** |  | **96727109** |
| **Singapore: 5.8%** | **Singapore: 5.8%** | **Singapore: 5.8%** |
| Sea, Ltd. ADR<sup>b</sup> <br>| 109848 | 17569089 |
| DBS Group Holdings, Ltd. | 446200 | 15751789 |
| Grab Holdings, Ltd. Class A<sup>b</sup> <br>| 1510412 | 7597372 |
| **Total Singapore** |  | **40918250** |
| **Indonesia: 1.7%** | **Indonesia: 1.7%** | **Indonesia: 1.7%** |
| PT Bank Central Asia Tbk | 22148200 | 11839269 |
| **Total Indonesia** |  | **11839269** |
| **Malaysia: 1.5%** | **Malaysia: 1.5%** | **Malaysia: 1.5%** |
| CIMB Group Holdings BHD | 3946400 | 6364975 |
| Telekom Malaysia BHD | 2756200 | 4290446 |
| **Total Malaysia** |  | **10655421** |
| **Philippines: 1.0%** | **Philippines: 1.0%** | **Philippines: 1.0%** |
| Bank of the Philippine Islands | 3239820 | 7476950 |
| **Total Philippines** |  | **7476950** |
| **Vietnam: 1.0%** | **Vietnam: 1.0%** | **Vietnam: 1.0%** |
| Asia Commercial Bank JSC | 4638985 | 3782612 |
| FPT Corp. | 735148 | 3326011 |
| **Total Vietnam** |  | **7108623** |
| **Thailand: 0.7%** | **Thailand: 0.7%** | **Thailand: 0.7%** |
| Central Pattana Public Co., Ltd. | 3740600 | 5320156 |
| **Total Thailand** |  | **5320156** |
| **Total Investments: 98.6%** |  | **697036070** |
| (Cost $606,438,014) |  |  |
| **CASH AND OTHER ASSETS,** <br>**LESS LIABILITIES: 1.4%**<br>|  | **10060738** |
| **Net Assets: 100.0%** |  | **$707096808** |

---

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

**9** MATTHEWS ASIA FUNDS

------

Matthews Pacific Tiger FundJune 30, 2025

*Schedule of Investments*<sup>a</sup> *(unaudited) (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> June 30, 2025, the aggregate value is $23,357,205, which is 3.30% 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>|
| ADR | American Depositary Receipt |
| BHD | Berhad |
| JSC | Joint Stock Co. |

---

See accompanying notes to financial statements.

*matthewsasia.com* \| 800.789.ASIA **10**

------

Matthews Asia Innovators FundJune 30, 2025

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

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

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES: 98.8%** | **COMMON EQUITIES: 98.8%** | |
|  | **Shares** | <br>**Value**  |
| **China/Hong Kong: 39.7%** | **China/Hong Kong: 39.7%** | **China/Hong Kong: 39.7%** |
| Tencent Holdings, Ltd. | 267500 | $17236527 |
| Alibaba Group Holding, Ltd. | 609000 | 8620973 |
| PDD Holdings, Inc. ADR<sup>b</sup> <br>| 79079 | 8276408 |
| Xiaomi Corp. Class B<sup>b,c,d</sup> <br>| 760000 | 5850280 |
| BYD Co., Ltd. H Shares | 360500 | 5612997 |
| NAURA Technology Group Co., Ltd. A Shares | 88799 | 5489968 |
| Trip.com Group, Ltd. ADR | 91621 | 5372655 |
| DiDi Global, Inc. ADR<sup>b</sup> <br>| 1061430 | 5201007 |
| Tencent Music Entertainment Group ADR | 245051 | 4776044 |
| WuXi AppTec Co., Ltd. H Shares<sup>c,d</sup> <br>| 413400 | 4158960 |
| Shenzhen Mindray Bio-Medical Electronics Co., <br> Ltd. A Shares<br>| 127700 | 4011991 |
| Innovent Biologics, Inc.<sup>b,c,d</sup> <br>| 389000 | 3899599 |
| Contemporary Amperex Technology Co., Ltd. A <br> Shares<br>| 110100 | 3885215 |
| Kuaishou Technology<sup>b,c,d</sup> <br>| 447400 | 3631810 |
| Kingdee International Software Group Co., <br> Ltd.<sup>b</sup> <br>| 1725000 | 3409431 |
| Zhejiang Shuanghuan Driveline Co., Ltd. A <br> Shares<br>| 661903 | 3097364 |
| Kanzhun, Ltd. ADR<sup>b</sup> <br>| 167119 | 2981403 |
| Meituan Class B<sup>b,c,d</sup> <br>| 183600 | 2953397 |
| Full Truck Alliance Co., Ltd. ADR | 226539 | 2675426 |
| KE Holdings, Inc. A Shares | 441900 | 2637223 |
| Giant Biogene Holding Co., Ltd.<sup>c,d</sup> <br>| 354800 | 2618206 |
| Advanced Micro-Fabrication Equipment, Inc. <br> China A Shares<br>| 87948 | 2241997 |
| Futu Holdings, Ltd. ADR | 14504 | 1792549 |
| Ping An Insurance Group Co. of China, Ltd. H <br> Shares<br>| 260500 | 1662855 |
| Zhejiang Sanhua Intelligent Controls Co., Ltd.<sup>b</sup> <br>| 462600 | 1482097 |
| **Total China/Hong Kong** |  | **113576382** |
| **India: 19.6%** | **India: 19.6%** | **India: 19.6%** |
| Eternal, Ltd.<sup>b</sup> <br>| 4308636 | 13269733 |
| MakeMyTrip, Ltd.<sup>b</sup> <br>| 95030 | 9314840 |
| Reliance Industries, Ltd. | 294066 | 5147102 |
| Bharti Airtel, Ltd. | 212285 | 4976824 |
| Delhivery, Ltd.<sup>b</sup> <br>| 1028717 | 4594071 |
| ICICI Bank, Ltd. | 231839 | 3918019 |
| Mahindra & Mahindra, Ltd. | 83662 | 3105302 |
| Bajaj Finance, Ltd. | 277680 | 3032642 |
| HDFC Asset Management Co., Ltd.<sup>c,d</sup> <br>| 47609 | 2883467 |
| Sun Pharmaceutical Industries, Ltd. | 114095 | 2230340 |
| HDFC Bank, Ltd. | 92429 | 2157798 |
| Cholamandalam Investment and Finance Co., <br> Ltd.<br>| 82747 | 1572092 |
| **Total India** |  | **56202230** |
| **Taiwan: 17.4%** | **Taiwan: 17.4%** | **Taiwan: 17.4%** |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 845000 | 30901104 |
| MediaTek, Inc. | 87000 | 3727834 |
| Alchip Technologies, Ltd. | 31000 | 3286991 |
| Delta Electronics, Inc. | 224000 | 3169813 |
| Chroma ATE, Inc. | 199000 | 3013032 |
| ASPEED Technology, Inc. | 18000 | 2927234 |
| Accton Technology Corp. | 61000 | 1524620 |
| Lotes Co., Ltd. | 28000 | 1296500 |
| **Total Taiwan** |  | **49847128** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **South Korea: 13.9%** | **South Korea: 13.9%** | **South Korea: 13.9%** |
| Samsung Electronics Co., Ltd. | 224085 | $9909402 |
| SK Hynix, Inc. | 30210 | 6509700 |
| Kakao Corp. | 109779 | 4869606 |
| Coupang, Inc.<sup>b</sup> <br>| 138629 | 4153325 |
| Hanwha Aerospace Co., Ltd. | 6096 | 3825406 |
| Samsung C&T Corp. | 27929 | 3328663 |
| Hyundai Motor Co. | 19196 | 2882422 |
| Samsung Biologics Co., Ltd.<sup>b,c,d</sup> <br>| 3795 | 2784838 |
| NAVER Corp. | 7726 | 1500273 |
| **Total South Korea** |  | **39763635** |
| **Singapore: 7.5%** | **Singapore: 7.5%** | **Singapore: 7.5%** |
| Sea, Ltd. ADR<sup>b</sup> <br>| 99193 | 15864928 |
| Grab Holdings, Ltd. Class A<sup>b</sup> <br>| 1095297 | 5509344 |
| **Total Singapore** |  | **21374272** |
| **Vietnam: 0.7%** | **Vietnam: 0.7%** | **Vietnam: 0.7%** |
| FPT Corp. | 429855 | 1944782 |
| **Total Vietnam** |  | **1944782** |
| **TOTAL COMMON EQUITIES** | **TOTAL COMMON EQUITIES** | **282708429** |
| (Cost $234,339,165) |  |  |
| **RIGHTS: 0.0%** | **RIGHTS: 0.0%** |  |
| **South Korea: 0.0%** | **South Korea: 0.0%** | **South Korea: 0.0%** |
| Hanwha Aerospace Co., Ltd. Rights, Expires <br> 07/07/25<sup>b</sup> <br>| 372 | 44905 |
| **Total South Korea** |  | **44905** |
| **TOTAL RIGHTS** | **TOTAL RIGHTS** | **44905** |
| (Cost $0) |  |  |
| **Total Investments: 98.8%** |  | **282753334** |
| (Cost $234,339,165) |  |  |
| **CASH AND OTHER ASSETS,** <br>**LESS LIABILITIES: 1.2%**<br>|  | **3458042** |
| **Net Assets: 100.0%** |  | **$286211376** |

---

&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> June 30, 2025, the aggregate value is $28,780,557, which is 10.06% 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>|
| ADR | American Depositary Receipt |

---

See accompanying notes to financial statements.

**11** MATTHEWS ASIA FUNDS

------

Matthews China FundJune 30, 2025

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

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

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES: 99.4%** | **COMMON EQUITIES: 99.4%** | |
|  | **Shares** | <br>**Value** |
| **Consumer Discretionary: 28.3%** | **Consumer Discretionary: 28.3%** | **Consumer Discretionary: 28.3%** |
| **Broadline Retail: 15.6%** | **Broadline Retail: 15.6%** | **Broadline Retail: 15.6%** |
| Alibaba Group Holding, Ltd. | 2040500 | $28885215 |
| JD.com, Inc. Class A | 966763 | 15789476 |
| PDD Holdings, Inc. ADR<sup>b</sup> <br>| 136057 | 14239726 |
|  |  | **58914417** |
| **Hotels, Restaurants & Leisure: 6.8%** | **Hotels, Restaurants & Leisure: 6.8%** | **Hotels, Restaurants & Leisure: 6.8%** |
| Meituan Class B<sup>b,c,d</sup> <br>| 779880 | 12545182 |
| Galaxy Entertainment Group, Ltd. | 1407000 | 6271842 |
| Luckin Coffee, Inc. ADR<sup>b</sup> <br>| 91562 | 3412516 |
| Trip.com Group, Ltd. ADR | 56889 | 3335971 |
|  |  | **25565511** |
| **Household Durables: 3.7%** | **Household Durables: 3.7%** | **Household Durables: 3.7%** |
| Midea Group Co., Ltd. A Shares | 559852 | 5649007 |
| Man Wah Holdings, Ltd. | 9535600 | 5247818 |
| Hisense Home Appliances Group Co., Ltd. H <br> Shares<br>| 1186000 | 3239872 |
|  |  | **14136697** |
| **Automobiles: 2.2%** | **Automobiles: 2.2%** | **Automobiles: 2.2%** |
| BYD Co., Ltd. H Shares | 543000 | **8454528** |
| **Total Consumer Discretionary** |  | **107071153** |
| **Financials: 26.2%** | **Financials: 26.2%** | **Financials: 26.2%** |
| **Banks: 9.2%** | **Banks: 9.2%** | **Banks: 9.2%** |
| China Construction Bank Corp. H Shares | 16761000 | 16961239 |
| China Merchants Bank Co., Ltd. A Shares | 1392723 | 8944654 |
| China Merchants Bank Co., Ltd. H Shares | 1269000 | 8901987 |
|  |  | **34807880** |
| **Insurance: 9.1%** | **Insurance: 9.1%** | **Insurance: 9.1%** |
| Ping An Insurance Group Co. of China, Ltd. <br> H Shares<br>| 2116000 | 13507103 |
| New China Life Insurance Co., Ltd. H Shares | 2157200 | 11812307 |
| China Life Insurance Co., Ltd. H Shares | 3725000 | 8988298 |
|  |  | **34307708** |
| **Capital Markets: 6.8%** | **Capital Markets: 6.8%** | **Capital Markets: 6.8%** |
| China International Capital Corp., Ltd. H <br> Shares<sup>c,d</sup> <br>| 3850800 | 8730859 |
| China Merchants Securities Co., Ltd. H <br> Shares<sup>c,d</sup> <br>| 3633800 | 6595878 |
| East Money Information Co., Ltd. A Shares | 1568720 | 5074060 |
| Hong Kong Exchanges & Clearing, Ltd. | 75000 | 4033993 |
| Hithink RoyalFlush Information Network Co., <br> Ltd. A Shares<br>| 32600 | 1244348 |
|  |  | **25679138** |
| **Consumer Finance: 1.1%** | **Consumer Finance: 1.1%** | **Consumer Finance: 1.1%** |
| Qifu Technology, Inc. ADR | 94307 | **4089151** |
| **Total Financials** |  | **98883877** |
| **Communication Services: 15.3%** | **Communication Services: 15.3%** | **Communication Services: 15.3%** |
| **Interactive Media & Services: 12.6%** | **Interactive Media & Services: 12.6%** | **Interactive Media & Services: 12.6%** |
| Tencent Holdings, Ltd. | 601300 | 38745134 |
| Kuaishou Technology<sup>b,c,d</sup> <br>| 719400 | 5839794 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Baidu, Inc. Class A<sup>b</sup> <br>| 269400 | $2887142 |
|  |  | **47472070** |
| **Entertainment: 2.4%** | **Entertainment: 2.4%** | **Entertainment: 2.4%** |
| NetEase, Inc. | 142800 | 3848370 |
| Kingsoft Corp., Ltd. | 552400 | 2887143 |
| Tencent Music Entertainment Group ADR | 124519 | 2426875 |
|  |  | **9162388** |
| **Media: 0.3%** | **Media: 0.3%** | **Media: 0.3%** |
| Focus Media Information Technology Co., <br> Ltd. A Shares<br>| 1256887 | **1282437** |
| **Total Communication Services** |  | **57916895** |
| **Industrials: 8.8%** | **Industrials: 8.8%** | **Industrials: 8.8%** |
| **Electrical Equipment: 3.5%** | **Electrical Equipment: 3.5%** | **Electrical Equipment: 3.5%** |
| Contemporary Amperex Technology Co., <br> Ltd. A Shares<br>| 188560 | 6653915 |
| Hongfa Technology Co., Ltd. A Shares | 1241716 | 3873729 |
| Sungrow Power Supply Co., Ltd. A Shares | 297603 | 2819151 |
|  |  | **13346795** |
| **Ground Transportation: 2.8%** | **Ground Transportation: 2.8%** | **Ground Transportation: 2.8%** |
| DiDi Global, Inc. ADR<sup>b</sup> <br>| 2184620 | **10704638** |
| **Machinery: 1.3%** | **Machinery: 1.3%** | **Machinery: 1.3%** |
| Neway Valve Suzhou Co., Ltd. A Shares | 691697 | 3013208 |
| Yutong Bus Co., Ltd. A Shares | 511300 | 1776310 |
|  |  | **4789518** |
| **Air Freight & Logistics: 1.2%** | **Air Freight & Logistics: 1.2%** | **Air Freight & Logistics: 1.2%** |
| JD Logistics, Inc.<sup>b,c,d</sup> <br>| 2727700 | **4585736** |
| **Total Industrials** |  | **33426687** |
| **Information Technology: 6.7%** | **Information Technology: 6.7%** | **Information Technology: 6.7%** |
| **Semiconductors & Semiconductor Equipment: 2.9%** | **Semiconductors & Semiconductor Equipment: 2.9%** | **Semiconductors & Semiconductor Equipment: 2.9%** |
| OmniVision Integrated Circuits Group, Inc. A <br> Shares<br>| 445200 | 7948819 |
| Cambricon Technologies Corp., Ltd. A <br> Shares<sup>b</sup> <br>| 28038 | 2357865 |
| NAURA Technology Group Co., Ltd. A Shares | 11113 | 687058 |
|  |  | **10993742** |
| **Communications Equipment: 1.8%** | **Communications Equipment: 1.8%** | **Communications Equipment: 1.8%** |
| Suzhou TFC Optical Communication Co., <br> Ltd. A Shares<br>| 377916 | 4241671 |
| BYD Electronic International Co., Ltd. | 649000 | 2641582 |
|  |  | **6883253** |
| **Electronic Equipment, Instruments & Components: 1.0%** | **Electronic Equipment, Instruments & Components: 1.0%** | **Electronic Equipment, Instruments & Components: 1.0%** |
| Foxconn Industrial Internet Co., Ltd. A <br> Shares<br>| 1006175 | 3020200 |
| Luxshare Precision Industry Co., Ltd. A <br> Shares<br>| 147106 | 713492 |
|  |  | **3733692** |
| **Technology Hardware, Storage & Peripherals: 1.0%** | **Technology Hardware, Storage & Peripherals: 1.0%** | **Technology Hardware, Storage & Peripherals: 1.0%** |
| Lenovo Group, Ltd. | 2982000 | **3602832** |
| **Total Information Technology** |  | **25213519** |

---

*matthewsasia.com* \| 800.789.ASIA **12**

------

Matthews China FundJune 30, 2025

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

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES** *(continued)* | **COMMON EQUITIES** *(continued)* | |
|  | **Shares** | <br>**Value** |
| **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%** |
| CIFI Holdings Group Co., Ltd.<sup>b</sup> <br>| 104961520 | $3355394 |
| KE Holdings, Inc. ADR | 176686 | 3134410 |
| China Overseas Property Holdings, Ltd. | 3870000 | 2709991 |
| Longfor Group Holdings, Ltd.<sup>c,d</sup> <br>| 1948000 | 2308331 |
| Yuexiu Property Co., Ltd. | 3079000 | 1691455 |
| Times China Holdings, Ltd.<sup>b</sup> <br>| 42755000 | 1052286 |
| China Overseas Grand Oceans Group, Ltd. | 3122000 | 709821 |
| **Total Real Estate** |  | **14961688** |
| **Consumer Staples: 3.4%** | **Consumer Staples: 3.4%** | **Consumer Staples: 3.4%** |
| **Beverages: 3.1%** | **Beverages: 3.1%** | **Beverages: 3.1%** |
| Wuliangye Yibin Co., Ltd. A Shares | 495379 | 8232346 |
| Shanxi Xinghuacun Fen Wine Factory Co., <br> Ltd. A Shares<br>| 141822 | 3497349 |
|  |  | **11729695** |
| **Food Products: 0.3%** | **Food Products: 0.3%** | **Food Products: 0.3%** |
| Guangdong Haid Group Co., Ltd. A Shares | 150800 | **1234346** |
| **Total Consumer Staples** |  | **12964041** |
| **Health Care: 2.4%** | **Health Care: 2.4%** | **Health Care: 2.4%** |
| **Biotechnology: 1.4%** | **Biotechnology: 1.4%** | **Biotechnology: 1.4%** |
| Innovent Biologics, Inc.<sup>b,c,d</sup> <br>| 527000 | **5283005** |
| **Pharmaceuticals: 0.5%** | **Pharmaceuticals: 0.5%** | **Pharmaceuticals: 0.5%** |
| China Resources Sanjiu Medical & <br> Pharmaceutical Co., Ltd. A Shares<br>| 457210 | **1998706** |
| **Health Care Providers & Services: 0.5%** | **Health Care Providers & Services: 0.5%** | **Health Care Providers & Services: 0.5%** |
| Aier Eye Hospital Group Co., Ltd. A Shares | 972806 | **1697002** |
| **Total Health Care** |  | **8978713** |
| **Materials: 2.2%** | **Materials: 2.2%** | **Materials: 2.2%** |
| **Metals & Mining: 1.5%** | **Metals & Mining: 1.5%** | **Metals & Mining: 1.5%** |
| CMOC Group, Ltd. H Shares | 4581000 | 4675250 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| MMG, Ltd.<sup>b</sup> <br>| 2353600 | $1153042 |
|  |  | **5828292** |
| **Chemicals: 0.7%** | **Chemicals: 0.7%** | **Chemicals: 0.7%** |
| Wanhua Chemical Group Co., Ltd. A Shares | 334211 | **2534633** |
| **Total Materials** |  | **8362925** |
| **Energy: 2.1%** | **Energy: 2.1%** | **Energy: 2.1%** |
| **Oil, Gas & Consumable Fuels: 1.7%** | **Oil, Gas & Consumable Fuels: 1.7%** | **Oil, Gas & Consumable Fuels: 1.7%** |
| PetroChina Co., Ltd. H Shares | 7284000 | **6277184** |
| **Energy Equipment & Services: 0.4%** | **Energy Equipment & Services: 0.4%** | **Energy Equipment & Services: 0.4%** |
| China Oilfield Services, Ltd. H Shares | 2108000 | **1731786** |
| **Total Energy** |  | **8008970** |
| **Total Investments: 99.4%** |  | **375788468** |
| (Cost $377,576,224) |  |  |
| **CASH AND OTHER ASSETS,** <br>**LESS LIABILITIES: 0.6%**<br>|  | **2405997** |
| **Net Assets: 100.0%** |  | **$378194465** |

---

&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> June 30, 2025, the aggregate value is $45,888,785, which is 12.13% 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>|
| ADR | American Depositary Receipt |

---

See accompanying notes to financial statements.

**13** MATTHEWS ASIA FUNDS

------

Matthews China Small Companies FundJune 30, 2025

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

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

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES: 94.6%** | **COMMON EQUITIES: 94.6%** | |
|  | **Shares** | <br>**Value** |
| **Consumer Discretionary: 22.7%** | **Consumer Discretionary: 22.7%** | **Consumer Discretionary: 22.7%** |
| **Hotels, Restaurants & Leisure: 11.2%** | **Hotels, Restaurants & Leisure: 11.2%** | **Hotels, Restaurants & Leisure: 11.2%** |
| Atour Lifestyle Holdings, Ltd. ADR | 73006 | $2373425 |
| DPC Dash, Ltd.<sup>b</sup> <br>| 165600 | 2169992 |
| Tongcheng Travel Holdings, Ltd.<sup>c</sup> <br>| 771200 | 1928724 |
| Chagee Holdings, Ltd. ADR<sup>b</sup> <br>| 18961 | 495072 |
|  |  | **6967213** |
| **Automobile Components: 5.9%** | **Automobile Components: 5.9%** | **Automobile Components: 5.9%** |
| Zhejiang Shuanghuan Driveline Co., Ltd. A <br> Shares<br>| 369803 | 1728736 |
| Minth Group, Ltd. | 470000 | 1345215 |
| CALB Group Co., Ltd.<sup>b,c,d</sup> <br>| 290900 | 633685 |
|  |  | **3707636** |
| **Textiles, Apparel & Luxury Goods: 2.9%** | **Textiles, Apparel & Luxury Goods: 2.9%** | **Textiles, Apparel & Luxury Goods: 2.9%** |
| Crystal International Group, Ltd.<sup>c,d</sup> <br>| 1328500 | 791902 |
| Xtep International Holdings, Ltd. | 954000 | 685854 |
| Samsonite Group SA<sup>c,d</sup> <br>| 186300 | 347055 |
|  |  | **1824811** |
| **Household Durables: 2.7%** | **Household Durables: 2.7%** | **Household Durables: 2.7%** |
| Hisense Home Appliances Group Co., Ltd. H <br> Shares<br>| 383000 | 1046265 |
| Jason Furniture Hangzhou Co., Ltd. A Shares | 171200 | 610688 |
|  |  | **1656953** |
| **Total Consumer Discretionary** |  | **14156613** |
| **Industrials: 17.7%** | **Industrials: 17.7%** | **Industrials: 17.7%** |
| **Electrical Equipment: 7.9%** | **Electrical Equipment: 7.9%** | **Electrical Equipment: 7.9%** |
| Hongfa Technology Co., Ltd. A Shares | 797520 | 2487989 |
| Shenzhen Megmeet Electrical Co., Ltd. A Shares | 209900 | 1472426 |
| Xuji Electric Co., Ltd. A Shares | 325400 | 989603 |
|  |  | **4950018** |
| **Ground Transportation: 3.2%** | **Ground Transportation: 3.2%** | **Ground Transportation: 3.2%** |
| Full Truck Alliance Co., Ltd. ADR | 168458 | **1989489** |
| **Marine Transportation: 2.3%** | **Marine Transportation: 2.3%** | **Marine Transportation: 2.3%** |
| SITC International Holdings Co., Ltd. | 450500 | **1443331** |
| **Commercial Services & Supplies: 1.7%** | **Commercial Services & Supplies: 1.7%** | **Commercial Services & Supplies: 1.7%** |
| China Everbright Environment Group, Ltd. | 2107000 | **1026306** |
| **Machinery: 1.5%** | **Machinery: 1.5%** | **Machinery: 1.5%** |
| Yangzijiang Shipbuilding Holdings, Ltd. | 519600 | **906754** |
| **Construction & Engineering: 0.6%** | **Construction & Engineering: 0.6%** | **Construction & Engineering: 0.6%** |
| Sinopec Engineering Group Co., Ltd. H Shares | 524000 | **399669** |
| **Professional Services: 0.5%** | **Professional Services: 0.5%** | **Professional Services: 0.5%** |
| Centre Testing International Group Co., Ltd. A <br> Shares<br>| 191300 | **312349** |
| **Total Industrials** |  | **11027916** |
| **Information Technology: 15.5%** | **Information Technology: 15.5%** | **Information Technology: 15.5%** |
| **Electronic Equipment, Instruments & Components: 7.9%** | **Electronic Equipment, Instruments & Components: 7.9%** | **Electronic Equipment, Instruments & Components: 7.9%** |
| Xiamen Faratronic Co., Ltd. A Shares | 85200 | 1299106 |
| Kingboard Laminates Holdings, Ltd. | 845500 | 1032919 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Wasion Holdings, Ltd. | 944000 | $1005585 |
| Elite Material Co., Ltd. | 31000 | 937399 |
| FIT Hon Teng, Ltd.<sup>b,c,d</sup> <br>| 2037000 | 613170 |
|  |  | **4888179** |
| **Software: 3.3%** | **Software: 3.3%** | **Software: 3.3%** |
| Kingdee International Software Group Co., Ltd.<sup>b</sup> <br>| 469000 | 926970 |
| ZWSOFT Co., Ltd. Guangzhou A Shares | 67824 | 610441 |
| Tuya, Inc. ADR | 236209 | 545643 |
|  |  | **2083054** |
| **Semiconductors & Semiconductor Equipment: 3.3%** | **Semiconductors & Semiconductor Equipment: 3.3%** | **Semiconductors & Semiconductor Equipment: 3.3%** |
| ACM Research, Inc. Class A<sup>b</sup> <br>| 79245 | **2052445** |
| **IT Services: 1.0%** | **IT Services: 1.0%** | **IT Services: 1.0%** |
| SUNeVision Holdings, Ltd. | 645000 | **622519** |
| **Total Information Technology** |  | **9646197** |
| **Communication Services: 11.5%** | **Communication Services: 11.5%** | **Communication Services: 11.5%** |
| **Entertainment: 6.3%** | **Entertainment: 6.3%** | **Entertainment: 6.3%** |
| NetEase Cloud Music, Inc.<sup>b,c,d</sup> <br>| 105400 | 3249102 |
| Maoyan Entertainment<sup>c,d</sup> <br>| 681600 | 635019 |
|  |  | **3884121** |
| **Interactive Media & Services: 5.2%** | **Interactive Media & Services: 5.2%** | **Interactive Media & Services: 5.2%** |
| Kanzhun, Ltd. ADR<sup>b</sup> <br>| 86287 | 1539360 |
| Meitu, Inc.<sup>c,d</sup> <br>| 1176000 | 1357373 |
| Kuaishou Technology<sup>b,c,d</sup> <br>| 44100 | 357986 |
|  |  | **3254719** |
| **Total Communication Services** |  | **7138840** |
| **Health Care: 7.9%** | **Health Care: 7.9%** | **Health Care: 7.9%** |
| **Biotechnology: 2.9%** | **Biotechnology: 2.9%** | **Biotechnology: 2.9%** |
| Sichuan Kelun-Biotech Biopharmaceutical Co., <br> Ltd.<sup>b</sup> <br>| 27700 | 1154586 |
| Legend Biotech Corp. ADR<sup>b</sup> <br>| 18449 | 654755 |
|  |  | **1809341** |
| **Health Care Equipment & Supplies: 2.2%** | **Health Care Equipment & Supplies: 2.2%** | **Health Care Equipment & Supplies: 2.2%** |
| AK Medical Holdings, Ltd.<sup>c,d</sup> <br>| 780000 | 596729 |
| Microport Scientific Corp.<sup>b</sup> <br>| 353800 | 396247 |
| Shanghai Conant Optical Co., Ltd. H Shares | 75000 | 357454 |
|  |  | **1350430** |
| **Pharmaceuticals: 2.0%** | **Pharmaceuticals: 2.0%** | **Pharmaceuticals: 2.0%** |
| HUTCHMED China, Ltd.<sup>b</sup> <br>| 416500 | **1252445** |
| **Health Care Technology: 0.8%** | **Health Care Technology: 0.8%** | **Health Care Technology: 0.8%** |
| Medlive Technology Co., Ltd.<sup>c,d</sup> <br>| 267500 | **501263** |
| **Total Health Care** |  | **4913479** |
| **Real Estate: 6.6%** | **Real Estate: 6.6%** | **Real Estate: 6.6%** |
| **Real Estate Management & Development: 6.6%** | **Real Estate Management & Development: 6.6%** | **Real Estate Management & Development: 6.6%** |
| China Overseas Property Holdings, Ltd. | 1795000 | 1256960 |
| Yuexiu Property Co., Ltd. | 2026000 | 1112987 |
| Greentown China Holdings, Ltd. | 792500 | 959296 |
| Midea Real Estate Holding, Ltd.<sup>c,d</sup> <br>| 1535800 | 775006 |
| **Total Real Estate** |  | **4104249** |

---

*matthewsasia.com* \| 800.789.ASIA **14**

------

Matthews China Small Companies FundJune 30, 2025

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

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES** *(continued)* | **COMMON EQUITIES** *(continued)* | |
|  | **Shares** | <br>**Value** |
| **Materials: 4.2%** | **Materials: 4.2%** | **Materials: 4.2%** |
| **Chemicals: 3.4%** | **Chemicals: 3.4%** | **Chemicals: 3.4%** |
| Sunresin New Materials Co., Ltd. A Shares | 189800 | $1333800 |
| Dongyue Group, Ltd. | 379000 | 506521 |
| Anhui Jinhe Industrial Co., Ltd. A Shares | 89100 | 293460 |
|  |  | **2133781** |
| **Metals & Mining: 0.8%** | **Metals & Mining: 0.8%** | **Metals & Mining: 0.8%** |
| MMG, Ltd.<sup>b</sup> <br>| 983200 | **481675** |
| **Total Materials** |  | **2615456** |
| **Consumer Staples: 3.8%** | **Consumer Staples: 3.8%** | **Consumer Staples: 3.8%** |
| **Personal Care Products: 1.6%** | **Personal Care Products: 1.6%** | **Personal Care Products: 1.6%** |
| Giant Biogene Holding Co., Ltd.<sup>c,d</sup> <br>| 79000 | 582971 |
| Eternal Beauty Holdings, Ltd.<sup>b</sup> <br>| 1688000 | 438668 |
|  |  | **1021639** |
| **Beverages: 1.3%** | **Beverages: 1.3%** | **Beverages: 1.3%** |
| Beijing Yanjing Brewery Co., Ltd. A Shares | 428100 | **773588** |
| **Consumer Staples Distribution & Retail: 0.9%** | **Consumer Staples Distribution & Retail: 0.9%** | **Consumer Staples Distribution & Retail: 0.9%** |
| Yifeng Pharmacy Chain Co., Ltd. A Shares | 159600 | **546024** |
| **Total Consumer Staples** |  | **2341251** |
| **Energy: 3.2%** | **Energy: 3.2%** | **Energy: 3.2%** |
| **Energy Equipment & Services: 3.2%** | **Energy Equipment & Services: 3.2%** | **Energy Equipment & Services: 3.2%** |
| Yantai Jereh Oilfield Services Group Co., Ltd. A <br> Shares<br>| 406600 | **1988760** |
| **Total Energy** |  | **1988760** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Utilities: 1.5%** | **Utilities: 1.5%** | **Utilities: 1.5%** |
| **Gas Utilities: 1.5%** | **Gas Utilities: 1.5%** | **Gas Utilities: 1.5%** |
| ENN Natural Gas Co., Ltd. A Shares | 364842 | **$963313** |
| **Total Utilities** |  | **963313** |
| **Total Investments: 94.6%** |  | **58896074** |
| (Cost $52,829,777) |  |  |
| **CASH AND OTHER ASSETS,** <br>**LESS LIABILITIES: 5.4%**<br>|  | **3385785** |
| **Net Assets: 100.0%** |  | **$62281859** |

---

&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; 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; 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> June 30, 2025, the aggregate value is $10,441,261, which is 16.76% of net assets.<br>|
| ADR | American Depositary Receipt |

---

See accompanying notes to financial statements.

**15** MATTHEWS ASIA FUNDS

------

Matthews India FundJune 30, 2025

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

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

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES: 102.0%** | **COMMON EQUITIES: 102.0%** | |
|  | **Shares** | <br>**Value** |
| **Financials: 37.8%** | **Financials: 37.8%** | **Financials: 37.8%** |
| **Banks: 20.8%** | **Banks: 20.8%** | **Banks: 20.8%** |
| HDFC Bank, Ltd. | 2846532 | $66453606 |
| ICICI Bank, Ltd. | 2937304 | 49639683 |
| Kotak Mahindra Bank, Ltd. | 628695 | 15861382 |
| Axis Bank, Ltd. | 1082348 | 15137784 |
| State Bank of India | 820965 | 7853127 |
| Federal Bank, Ltd. | 2628597 | 6534113 |
| IndusInd Bank, Ltd. | 211246 | 2148376 |
|  |  | **163628071** |
| **Consumer Finance: 11.9%** | **Consumer Finance: 11.9%** | **Consumer Finance: 11.9%** |
| Shriram Finance, Ltd. | 4544311 | 37472881 |
| Bajaj Finance, Ltd. | 2979630 | 32541596 |
| Cholamandalam Investment and Finance Co., <br> Ltd.<br>| 1260666 | 23951112 |
|  |  | **93965589** |
| **Insurance: 3.5%** | **Insurance: 3.5%** | **Insurance: 3.5%** |
| Max Financial Services, Ltd.<sup>b</sup> <br>| 702566 | 13488455 |
| ICICI Lombard General Insurance Co., Ltd.<sup>c,d</sup> <br>| 372328 | 8858216 |
| PB Fintech, Ltd.<sup>b</sup> <br>| 234868 | 4992502 |
|  |  | **27339173** |
| **Capital Markets: 1.5%** | **Capital Markets: 1.5%** | **Capital Markets: 1.5%** |
| 360 ONE WAM, Ltd. | 568265 | 7917596 |
| Nippon Life India Asset Management, Ltd.<sup>c,d</sup> <br>| 432810 | 4039446 |
|  |  | **11957042** |
| **Financial Services: 0.1%** | **Financial Services: 0.1%** | **Financial Services: 0.1%** |
| HDB Financial Services, Ltd.<sup>b</sup> <br>| 135140 | **1166087** |
| **Total Financials** |  | **298055962** |
| **Consumer Discretionary: 19.8%** | **Consumer Discretionary: 19.8%** | **Consumer Discretionary: 19.8%** |
| **Hotels, Restaurants & Leisure: 10.3%** | **Hotels, Restaurants & Leisure: 10.3%** | **Hotels, Restaurants & Leisure: 10.3%** |
| Eternal, Ltd.<sup>b</sup> <br>| 13566171 | 41781079 |
| Swiggy, Ltd.<sup>b</sup> <br>| 7134830 | 33312869 |
| Le Travenues Technology, Ltd.<sup>b,d</sup> <br>| 3134620 | 6431104 |
|  |  | **81525052** |
| **Automobiles: 7.0%** | **Automobiles: 7.0%** | **Automobiles: 7.0%** |
| Mahindra & Mahindra, Ltd. | 672974 | 24978935 |
| TVS Motor Co., Ltd. | 361438 | 12299046 |
| Maruti Suzuki India, Ltd. | 57620 | 8334825 |
| Eicher Motors, Ltd. | 89862 | 5928562 |
| Hyundai Motor India, Ltd.<sup>b</sup> <br>| 125208 | 3240721 |
|  |  | **54782089** |
| **Household Durables: 1.0%** | **Household Durables: 1.0%** | **Household Durables: 1.0%** |
| Crompton Greaves Consumer Electricals, Ltd. | 1957648 | **8109392** |
| **Textiles, Apparel & Luxury Goods: 1.0%** | **Textiles, Apparel & Luxury Goods: 1.0%** | **Textiles, Apparel & Luxury Goods: 1.0%** |
| Titan Co., Ltd. | 178418 | **7678751** |
| **Specialty Retail: 0.5%** | **Specialty Retail: 0.5%** | **Specialty Retail: 0.5%** |
| Cartrade Tech, Ltd.<sup>b</sup> <br>| 200944 | **3985895** |
| **Total Consumer Discretionary** |  | **156081179** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Staples: 9.8%** | **Consumer Staples: 9.8%** | **Consumer Staples: 9.8%** |
| **Personal Care Products: 4.2%** | **Personal Care Products: 4.2%** | **Personal Care Products: 4.2%** |
| Hindustan Unilever, Ltd. | 610232 | $16332639 |
| Colgate-Palmolive India, Ltd. | 234056 | 6571151 |
| Honasa Consumer, Ltd.<sup>b</sup> <br>| 1746005 | 6321699 |
| Godrej Consumer Products, Ltd. | 303932 | 4176788 |
|  |  | **33402277** |
| **Food Products: 4.0%** | **Food Products: 4.0%** | **Food Products: 4.0%** |
| Marico, Ltd. | 2201689 | 18547275 |
| Tata Consumer Products, Ltd. | 572831 | 7342319 |
| Britannia Industries, Ltd. | 77519 | 5288891 |
|  |  | **31178485** |
| **Tobacco: 1.1%** | **Tobacco: 1.1%** | **Tobacco: 1.1%** |
| ITC, Ltd. | 1827212 | **8873778** |
| **Beverages: 0.5%** | **Beverages: 0.5%** | **Beverages: 0.5%** |
| Varun Beverages, Ltd. | 702680 | **3749537** |
| **Total Consumer Staples** |  | **77204077** |
| **Information Technology: 8.7%** | **Information Technology: 8.7%** | **Information Technology: 8.7%** |
| **IT Services: 7.5%** | **IT Services: 7.5%** | **IT Services: 7.5%** |
| Infosys, Ltd. | 1533831 | 28656069 |
| Tata Consultancy Services, Ltd. | 315141 | 12725546 |
| HCL Technologies, Ltd. | 296777 | 5983611 |
| Coforge, Ltd. | 260229 | 5840568 |
| Persistent Systems, Ltd. | 81121 | 5717790 |
|  |  | **58923584** |
| **Electronic Equipment, Instruments & Components: 1.0%** | **Electronic Equipment, Instruments & Components: 1.0%** | **Electronic Equipment, Instruments & Components: 1.0%** |
| Avalon Technologies, Ltd.<sup>b,c,d</sup> <br>| 640606 | 6308307 |
| PG Electroplast, Ltd. | 170030 | 1498492 |
|  |  | **7806799** |
| **Software: 0.2%** | **Software: 0.2%** | **Software: 0.2%** |
| Zaggle Prepaid Ocean Services, Ltd.<sup>b</sup> <br>| 377071 | **1817609** |
| **Total Information Technology** |  | **68547992** |
| **Industrials: 8.4%** | **Industrials: 8.4%** | **Industrials: 8.4%** |
| **Electrical Equipment: 2.1%** | **Electrical Equipment: 2.1%** | **Electrical Equipment: 2.1%** |
| Bharat Heavy Electricals, Ltd. | 1828138 | 5679276 |
| ABB India, Ltd. | 55361 | 3926933 |
| TD Power Systems, Ltd. | 645538 | 3761487 |
| Elecon Engineering Co., Ltd. | 409634 | 3128536 |
|  |  | **16496232** |
| **Machinery: 1.6%** | **Machinery: 1.6%** | **Machinery: 1.6%** |
| Cummins India, Ltd. | 143491 | 5690938 |
| Ashok Leyland, Ltd. | 1241489 | 3634093 |
| Thermax, Ltd. | 83458 | 3328328 |
|  |  | **12653359** |
| **Passenger Airlines: 1.5%** | **Passenger Airlines: 1.5%** | **Passenger Airlines: 1.5%** |
| InterGlobe Aviation, Ltd.<sup>b,c,d</sup> <br>| 174749 | **12187706** |
| **Professional Services: 0.9%** | **Professional Services: 0.9%** | **Professional Services: 0.9%** |
| Latent View Analytics, Ltd.<sup>b</sup> <br>| 1465120 | **7031036** |

---

*matthewsasia.com* \| 800.789.ASIA **16**

------

Matthews India FundJune 30, 2025

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

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES** *(continued)* | **COMMON EQUITIES** *(continued)* | |
|  | **Shares** | <br>**Value** |
| **Air Freight & Logistics: 0.6%** | **Air Freight & Logistics: 0.6%** | **Air Freight & Logistics: 0.6%** |
| Delhivery, Ltd.<sup>b</sup> <br>| 1138788 | **$5085629** |
| **Transportation Infrastructure: 0.6%** | **Transportation Infrastructure: 0.6%** | **Transportation Infrastructure: 0.6%** |
| Gujarat Pipavav Port, Ltd. | 2486984 | **4686242** |
| **Construction & Engineering: 0.6%** | **Construction & Engineering: 0.6%** | **Construction & Engineering: 0.6%** |
| Techno Electric & Engineering Co., Ltd. | 179157 | 3344408 |
| Praj Industries, Ltd. | 173055 | 1027299 |
|  |  | **4371707** |
| **Ground Transportation: 0.5%** | **Ground Transportation: 0.5%** | **Ground Transportation: 0.5%** |
| Container Corp. of India, Ltd. | 418219 | **3705426** |
| **Total Industrials** |  | **66217337** |
| **Health Care: 6.3%** | **Health Care: 6.3%** | **Health Care: 6.3%** |
| **Pharmaceuticals: 4.2%** | **Pharmaceuticals: 4.2%** | **Pharmaceuticals: 4.2%** |
| Neuland Laboratories, Ltd. | 133382 | 18658942 |
| Sun Pharmaceutical Industries, Ltd. | 295653 | 5779454 |
| Zydus Lifesciences, Ltd. | 411978 | 4758536 |
| Lupin, Ltd. | 119499 | 2702485 |
| Dr. Reddy's Laboratories, Ltd. | 52194 | 781937 |
|  |  | **32681354** |
| **Health Care Providers & Services: 1.1%** | **Health Care Providers & Services: 1.1%** | **Health Care Providers & Services: 1.1%** |
| Metropolis Healthcare, Ltd.<sup>b,c,d</sup> <br>| 344104 | 6850614 |
| Yatharth Hospital & Trauma Care Services, <br> Ltd.<sup>b,d</sup> <br>| 226789 | 1416036 |
|  |  | **8266650** |
| **Life Sciences Tools & Services: 0.5%** | **Life Sciences Tools & Services: 0.5%** | **Life Sciences Tools & Services: 0.5%** |
| Divi's Laboratories, Ltd. | 52759 | **4191637** |
| **Health Care Equipment & Supplies: 0.5%** | **Health Care Equipment & Supplies: 0.5%** | **Health Care Equipment & Supplies: 0.5%** |
| Poly Medicure, Ltd. | 157973 | **4096815** |
| **Total Health Care** |  | **49236456** |
| **Energy: 4.7%** | **Energy: 4.7%** | **Energy: 4.7%** |
| **Oil, Gas & Consumable Fuels: 4.7%** | **Oil, Gas & Consumable Fuels: 4.7%** | **Oil, Gas & Consumable Fuels: 4.7%** |
| Reliance Industries, Ltd. | 2130431 | **37289402** |
| **Total Energy** |  | **37289402** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Communication Services: 4.2%** | **Communication Services: 4.2%** | **Communication Services: 4.2%** |
| **Wireless Telecommunication Services: 4.2%** | **Wireless Telecommunication Services: 4.2%** | **Wireless Telecommunication Services: 4.2%** |
| Bharti Airtel, Ltd. | 1411904 | **$33100776** |
| **Total Communication Services** |  | **33100776** |
| **Materials: 1.6%** | **Materials: 1.6%** | **Materials: 1.6%** |
| **Construction Materials: 1.6%** | **Construction Materials: 1.6%** | **Construction Materials: 1.6%** |
| UltraTech Cement, Ltd. | 90144 | **12714828** |
| **Total Materials** |  | **12714828** |
| **Real Estate: 0.7%** | **Real Estate: 0.7%** | **Real Estate: 0.7%** |
| **Real Estate Management & Development: 0.7%** | **Real Estate Management & Development: 0.7%** | **Real Estate Management & Development: 0.7%** |
| Godrej Properties, Ltd.<sup>b</sup> <br>| 198390 | **5424719** |
| **Total Real Estate** |  | **5424719** |
| **Total Investments: 102.0%** |  | **803872728** |
| (Cost $655,172,600) |  |  |
| **LIABILITIES IN EXCESS OF CASH** <br>**AND OTHER ASSETS: (2.0%)**<br>|  | **(15725212)**<br>|
| **Net Assets: 100.0%** |  | **$788147516** |

---

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

---

| | |
|:---|:---|
| a | &nbsp;&nbsp; Certain securities were fair valued under the valuation policies approved by the Board of <br> 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 normally <br> to qualified institutional buyers. The security has been determined to be liquid in <br> accordance with procedures adopted by the Funds' Board of Trustees. At June 30, <br> 2025, the aggregate value is $38,244,289, which is 4.85% 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>|

---

See accompanying notes to financial statements.

**17** MATTHEWS ASIA FUNDS

------

Matthews Japan FundJune 30, 2025

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

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

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES: 98.2%** | **COMMON EQUITIES: 98.2%** | |
|  | **Shares** | <br>**Value** |
| **Industrials: 24.1%** | **Industrials: 24.1%** | **Industrials: 24.1%** |
| **Industrial Conglomerates: 7.4%** | **Industrial Conglomerates: 7.4%** | **Industrial Conglomerates: 7.4%** |
| Hitachi, Ltd. | 1019700 | $29636922 |
| Hikari Tsushin, Inc. | 45700 | 13493675 |
| Sekisui Chemical Co., Ltd. | 391100 | 7083088 |
|  |  | **50213685** |
| **Trading Companies & Distributors: 5.6%** | **Trading Companies & Distributors: 5.6%** | **Trading Companies & Distributors: 5.6%** |
| ITOCHU Corp. | 378700 | 19830633 |
| Marubeni Corp. | 896700 | 18075900 |
|  |  | **37906533** |
| **Construction & Engineering: 2.9%** | **Construction & Engineering: 2.9%** | **Construction & Engineering: 2.9%** |
| Kajima Corp. | 438500 | 11436832 |
| Kinden Corp. | 296100 | 8698969 |
|  |  | **20135801** |
| **Professional Services: 2.6%** | **Professional Services: 2.6%** | **Professional Services: 2.6%** |
| Recruit Holdings Co., Ltd. | 301200 | **17712560** |
| **Electrical Equipment: 2.4%** | **Electrical Equipment: 2.4%** | **Electrical Equipment: 2.4%** |
| Mitsubishi Electric Corp. | 398100 | 8562723 |
| Nidec Corp. | 419100 | 8144412 |
|  |  | **16707135** |
| **Machinery: 1.8%** | **Machinery: 1.8%** | **Machinery: 1.8%** |
| Mitsubishi Heavy Industries, Ltd.  | 284100 | 7109429 |
| Toyota Industries Corp. | 47500 | 5360979 |
|  |  | **12470408** |
| **Commercial Services & Supplies: 1.4%** | **Commercial Services & Supplies: 1.4%** | **Commercial Services & Supplies: 1.4%** |
| TOPPAN Holdings, Inc. | 343000 | **9318290** |
| **Total Industrials** |  | **164464412** |
| **Consumer Discretionary: 17.8%** | **Consumer Discretionary: 17.8%** | **Consumer Discretionary: 17.8%** |
| **Household Durables: 5.8%** | **Household Durables: 5.8%** | **Household Durables: 5.8%** |
| Sony Group Corp. | 1509500 | **39247492** |
| **Specialty Retail: 3.4%** | **Specialty Retail: 3.4%** | **Specialty Retail: 3.4%** |
| Fast Retailing Co., Ltd. | 46300 | 15874609 |
| Sanrio Co., Ltd. | 155600 | 7524136 |
|  |  | **23398745** |
| **Broadline Retail: 3.1%** | **Broadline Retail: 3.1%** | **Broadline Retail: 3.1%** |
| Ryohin Keikaku Co., Ltd. | 284300 | 13634673 |
| Isetan Mitsukoshi Holdings, Ltd. | 515900 | 7855296 |
|  |  | **21489969** |
| **Textiles, Apparel & Luxury Goods: 2.5%** | **Textiles, Apparel & Luxury Goods: 2.5%** | **Textiles, Apparel & Luxury Goods: 2.5%** |
| Asics Corp. | 667500 | **17021505** |
| **Automobile Components: 1.6%** | **Automobile Components: 1.6%** | **Automobile Components: 1.6%** |
| Sumitomo Electric Industries, Ltd. | 499300 | **10706695** |
| **Automobiles: 1.4%** | **Automobiles: 1.4%** | **Automobiles: 1.4%** |
| Toyota Motor Corp. | 548600 | **9448533** |
| **Total Consumer Discretionary** |  | **121312939** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology: 16.3%** | **Information Technology: 16.3%** | **Information Technology: 16.3%** |
| **IT Services: 6.1%** | **IT Services: 6.1%** | **IT Services: 6.1%** |
| NEC Corp. | 760900 | $22199298 |
| Fujitsu, Ltd. | 516400 | 12527545 |
| SCSK Corp. | 225300 | 6787768 |
|  |  | **41514611** |
| **Semiconductors & Semiconductor Equipment: 5.8%** | **Semiconductors & Semiconductor Equipment: 5.8%** | **Semiconductors & Semiconductor Equipment: 5.8%** |
| Tokyo Electron, Ltd. | 145800 | 27922080 |
| Renesas Electronics Corp. | 938000 | 11604403 |
|  |  | **39526483** |
| **Electronic Equipment, Instruments & Components: 3.8%** | **Electronic Equipment, Instruments & Components: 3.8%** | **Electronic Equipment, Instruments & Components: 3.8%** |
| Keyence Corp. | 33900 | 13554179 |
| Japan Aviation Electronics Industry, Ltd. | 376300 | 6688734 |
| Anritsu Corp. | 417300 | 5394917 |
|  |  | **25637830** |
| **Software: 0.6%** | **Software: 0.6%** | **Software: 0.6%** |
| Digital Arts, Inc. | 84000 | **4414661** |
| **Total Information Technology** |  | **111093585** |
| **Financials: 14.7%** | **Financials: 14.7%** | **Financials: 14.7%** |
| **Insurance: 6.3%** | **Insurance: 6.3%** | **Insurance: 6.3%** |
| Tokio Marine Holdings, Inc. | 736000 | 31192457 |
| T&D Holdings, Inc. | 519800 | 11409667 |
|  |  | **42602124** |
| **Banks: 5.6%** | **Banks: 5.6%** | **Banks: 5.6%** |
| Mitsubishi UFJ Financial Group, Inc. | 2237800 | 30509253 |
| Rakuten Bank, Ltd.<sup>b</sup> <br>| 169600 | 7774959 |
|  |  | **38284212** |
| **Financial Services: 2.3%** | **Financial Services: 2.3%** | **Financial Services: 2.3%** |
| ORIX Corp. | 693600 | **15652247** |
| **Consumer Finance: 0.5%** | **Consumer Finance: 0.5%** | **Consumer Finance: 0.5%** |
| Credit Saison Co., Ltd. | 133200 | **3593758** |
| **Total Financials** |  | **100132341** |
| **Consumer Staples: 7.9%** | **Consumer Staples: 7.9%** | **Consumer Staples: 7.9%** |
| **Food Products: 3.1%** | **Food Products: 3.1%** | **Food Products: 3.1%** |
| Ajinomoto Co., Inc. | 782200 | **21215743** |
| **Beverages: 1.9%** | **Beverages: 1.9%** | **Beverages: 1.9%** |
| Asahi Group Holdings, Ltd. | 986100 | **13181336** |
| **Personal Care Products: 1.8%** | **Personal Care Products: 1.8%** | **Personal Care Products: 1.8%** |
| Kao Corp. | 273800 | **12267775** |
| **Consumer Staples Distribution & Retail: 1.1%** | **Consumer Staples Distribution & Retail: 1.1%** | **Consumer Staples Distribution & Retail: 1.1%** |
| Seven & i Holdings Co., Ltd. | 450500 | **7250946** |
| **Total Consumer Staples** |  | **53915800** |
| **Health Care: 5.3%** | **Health Care: 5.3%** | **Health Care: 5.3%** |
| **Pharmaceuticals: 3.2%** | **Pharmaceuticals: 3.2%** | **Pharmaceuticals: 3.2%** |
| Daiichi Sankyo Co., Ltd. | 517200 | 11982545 |
| Sawai Group Holdings Co., Ltd. | 773400 | 9837660 |
|  |  | **21820205** |

---

*matthewsasia.com* \| 800.789.ASIA **18**

------

Matthews Japan FundJune 30, 2025

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

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES** *(continued)* | **COMMON EQUITIES** *(continued)* | |
|  | **Shares** | <br>**Value** |
| **Health Care Equipment & Supplies: 2.1%** | **Health Care Equipment & Supplies: 2.1%** | **Health Care Equipment & Supplies: 2.1%** |
| Terumo Corp. | 775500 | **$14231883** |
| **Total Health Care** |  | **36052088** |
| **Materials: 5.0%** | **Materials: 5.0%** | **Materials: 5.0%** |
| **Chemicals: 5.0%** | **Chemicals: 5.0%** | **Chemicals: 5.0%** |
| Shin-Etsu Chemical Co., Ltd. | 640000 | 21134068 |
| Nippon Paint Holdings Co., Ltd. | 1619300 | 13022840 |
| **Total Materials** |  | **34156908** |
| **Communication Services: 4.2%** | **Communication Services: 4.2%** | **Communication Services: 4.2%** |
| **Entertainment: 3.7%** | **Entertainment: 3.7%** | **Entertainment: 3.7%** |
| Capcom Co., Ltd. | 385900 | 13179062 |
| Nintendo Co., Ltd. | 123300 | 11840479 |
|  |  | **25019541** |
| **Diversified Telecommunication Services: 0.5%** | **Diversified Telecommunication Services: 0.5%** | **Diversified Telecommunication Services: 0.5%** |
| Internet Initiative Japan, Inc. | 190700 | **3765136** |
| **Total Communication Services** |  | **28784677** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate: 2.9%** | **Real Estate: 2.9%** | **Real Estate: 2.9%** |
| **Real Estate Management & Development: 2.9%** | **Real Estate Management & Development: 2.9%** | **Real Estate Management & Development: 2.9%** |
| Mitsui Fudosan Co., Ltd. | 2052400 | **$19869451** |
| **Total Real Estate** |  | **19869451** |
| **Total Investments: 98.2%** |  | **669782201** |
| (Cost $526,925,841) |  |  |
| **CASH AND OTHER ASSETS,** <br>**LESS LIABILITIES: 1.8%**<br>|  | **12539340** |
| **Net Assets: 100.0%** |  | **$682321541** |

---

&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 FundJune 30, 2025

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

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

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES: 97.9%** | **COMMON EQUITIES: 97.9%** | |
|  | **Shares** | <br>**Value**  |
| **China/Hong Kong: 29.4%** | **China/Hong Kong: 29.4%** | **China/Hong Kong: 29.4%** |
| Tencent Holdings, Ltd. | 454300 | $29273099 |
| AIA Group, Ltd. | 1264600 | 11455308 |
| Midea Group Co., Ltd. A Shares | 913641 | 9209474 |
| Alibaba Group Holding, Ltd. | 640300 | 9064055 |
| Yuexiu Transport Infrastructure, Ltd. | 18020000 | 8499207 |
| Wuliangye Yibin Co., Ltd. A Shares | 489700 | 8137971 |
| Yum China Holdings, Inc. | 168320 | 7525587 |
| Hong Kong Exchanges & Clearing, Ltd. | 124300 | 6685671 |
| China Construction Bank Corp. H Shares | 6498000 | 6575630 |
| HKT Trust & HKT, Ltd. | 4283000 | 6403393 |
| Industrial & Commercial Bank of China, Ltd. H <br> Shares<br>| 7743000 | 6148374 |
| BYD Co., Ltd. H Shares | 381000 | 5932183 |
| Hongkong Land Holdings, Ltd. | 1017700 | 5872129 |
| Ping An Insurance Group Co. of China, Ltd. H <br> Shares<br>| 911000 | 5815204 |
| PetroChina Co., Ltd. H Shares | 6570000 | 5661875 |
| NARI Technology Co., Ltd. A Shares | 1806568 | 5658848 |
| Swire Pacific, Ltd. Class A | 650000 | 5571870 |
| China Merchants Bank Co., Ltd. H Shares | 791000 | 5548835 |
| Link REIT | 1018600 | 5456124 |
| JD.com, Inc. Class A | 330033 | 5390202 |
| China Overseas Property Holdings, Ltd. | 7150000 | 5006831 |
| **Total China/Hong Kong** |  | **164891870** |
| **Japan: 27.4%** | **Japan: 27.4%** | **Japan: 27.4%** |
| NEC Corp. | 434600 | 12679478 |
| ITOCHU Corp. | 215100 | 11263716 |
| Hikari Tsushin, Inc. | 36800 | 10865804 |
| Ajinomoto Co., Inc. | 375500 | 10184750 |
| Marubeni Corp. | 497000 | 10018649 |
| Tokio Marine Holdings, Inc. | 234500 | 9938357 |
| Sony Group Corp. | 379600 | 9869724 |
| Shin-Etsu Chemical Co., Ltd. | 293100 | 9678743 |
| Mitsubishi UFJ Financial Group, Inc. | 660700 | 9007714 |
| ORIX Corp. | 397700 | 8974768 |
| Asahi Group Holdings, Ltd. | 625600 | 8362482 |
| Mitsui Fudosan Co., Ltd. | 820600 | 7944295 |
| Kajima Corp. | 265900 | 6935128 |
| Tokyo Electron, Ltd. | 35000 | 6702831 |
| Nidec Corp. | 305400 | 5934869 |
| Terumo Corp. | 304200 | 5582642 |
| Toyota Motor Corp. | 300700 | 5178954 |
| Sawai Group Holdings Co., Ltd. | 332400 | 4228133 |
| **Total Japan** |  | **153351037** |
| **Taiwan: 11.6%** | **Taiwan: 11.6%** | **Taiwan: 11.6%** |
| Taiwan Semiconductor Manufacturing Co., <br> Ltd.<br>| 1426469 | 52165050 |
| CTBC Financial Holding Co., Ltd. | 4612000 | 6902464 |
| Delta Electronics, Inc. | 248000 | 3509436 |
| E Ink Holdings, Inc. | 318000 | 2406891 |
| **Total Taiwan** |  | **64983841** |
| **South Korea: 11.6%** | **South Korea: 11.6%** | **South Korea: 11.6%** |
| Hana Financial Group, Inc. | 281426 | 17926279 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Samsung Electronics Co., Ltd. | 304147 | $13449873 |
| Korea Investment Holdings Co., Ltd. | 79034 | 8155791 |
| LEENO Industrial, Inc. | 183948 | 6916638 |
| KT&G Corp. | 65174 | 6151547 |
| SK Telecom Co., Ltd. | 144792 | 6091913 |
| Macquarie Korea Infrastructure Fund | 714182 | 6071573 |
| **Total South Korea** |  | **64763614** |
| **India: 6.4%** | **India: 6.4%** | **India: 6.4%** |
| HDFC Bank, Ltd. | 435341 | 10163237 |
| Power Grid Corp. of India, Ltd. | 2408629 | 8418518 |
| Bharti Airtel, Ltd. | 297394 | 6972126 |
| Tata Consultancy Services, Ltd. | 136569 | 5514722 |
| Hindustan Unilever, Ltd. | 177692 | 4755862 |
| **Total India** |  | **35824465** |
| **Australia: 6.4%** | **Australia: 6.4%** | **Australia: 6.4%** |
| Commonwealth Bank of Australia | 90067 | 10961899 |
| Telstra Group, Ltd. | 3246022 | 10350338 |
| ANZ Group Holdings, Ltd. | 455973 | 8744097 |
| CSL, Ltd. | 34678 | 5477759 |
| **Total Australia** |  | **35534093** |
| **Singapore: 3.2%** | **Singapore: 3.2%** | **Singapore: 3.2%** |
| Singapore Telecommunications, Ltd. | 2211700 | 6667808 |
| DBS Group Holdings, Ltd. | 162800 | 5747179 |
| United Overseas Bank, Ltd. | 200400 | 5672065 |
| **Total Singapore** |  | **18087052** |
| **Indonesia: 1.0%** | **Indonesia: 1.0%** | **Indonesia: 1.0%** |
| PT Bank Rakyat Indonesia Persero Tbk | 24395584 | 5624655 |
| **Total Indonesia** |  | **5624655** |
| **Thailand: 0.9%** | **Thailand: 0.9%** | **Thailand: 0.9%** |
| Bangkok Dusit Medical Services Public Co., <br> Ltd. F Shares<br>| 8030800 | 5139272 |
| **Total Thailand** |  | **5139272** |
| **Total Investments: 97.9%** |  | **548199899** |
| (Cost $471,253,574) |  |  |
| **CASH AND OTHER ASSETS,** <br>**LESS LIABILITIES: 2.1%**<br>|  | **11945015** |
| **Net Assets: 100.0%** |  | **$560144914** |

---

&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> REIT Real Estate Investment Trust

See accompanying notes to financial statements.

*matthewsasia.com* \| 800.789.ASIA **20**

------

Matthews China Dividend FundJune 30, 2025

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

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

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES: 94.8%** | **COMMON EQUITIES: 94.8%** | |
|  | **Shares** | <br>**Value** |
| **Consumer Discretionary: 19.9%** | **Consumer Discretionary: 19.9%** | **Consumer Discretionary: 19.9%** |
| **Broadline Retail: 10.3%** | **Broadline Retail: 10.3%** | **Broadline Retail: 10.3%** |
| Alibaba Group Holding, Ltd. | 544500 | $7707914 |
| PDD Holdings, Inc. ADR<sup>b</sup> <br>| 15403 | 1612078 |
|  |  | **9319992** |
| **Household Durables: 4.8%** | **Household Durables: 4.8%** | **Household Durables: 4.8%** |
| Haier Smart Home Co., Ltd. D Shares | 923761 | 1986664 |
| Oppein Home Group, Inc. A Shares | 196400 | 1549540 |
| Beijing Roborock Technology Co., Ltd. A Shares | 35872 | 785216 |
|  |  | **4321420** |
| **Hotels, Restaurants & Leisure: 2.5%** | **Hotels, Restaurants & Leisure: 2.5%** | **Hotels, Restaurants & Leisure: 2.5%** |
| Yum China Holdings, Inc. | 29031 | 1297976 |
| Trip.com Group, Ltd. | 15800 | 925320 |
|  |  | **2223296** |
| **Automobile Components: 1.3%** | **Automobile Components: 1.3%** | **Automobile Components: 1.3%** |
| Minth Group, Ltd. | 422000 | **1207831** |
| **Textiles, Apparel & Luxury Goods: 1.0%** | **Textiles, Apparel & Luxury Goods: 1.0%** | **Textiles, Apparel & Luxury Goods: 1.0%** |
| Bosideng International Holdings, Ltd. | 1600000 | **948270** |
| **Total Consumer Discretionary** |  | **18020809** |
| **Financials: 17.8%** | **Financials: 17.8%** | **Financials: 17.8%** |
| **Banks: 11.6%** | **Banks: 11.6%** | **Banks: 11.6%** |
| China Merchants Bank Co., Ltd. H Shares | 559500 | 3924872 |
| China Construction Bank Corp. H Shares | 3767000 | 3812003 |
| Industrial & Commercial Bank of China, Ltd. H <br> Shares<br>| 3500000 | 2779195 |
|  |  | **10516070** |
| **Insurance: 5.0%** | **Insurance: 5.0%** | **Insurance: 5.0%** |
| Ping An Insurance Group Co. of China, Ltd. H <br> Shares<br>| 699500 | **4465132** |
| **Capital Markets: 1.2%** | **Capital Markets: 1.2%** | **Capital Markets: 1.2%** |
| GF Securities Co., Ltd. H Shares | 636600 | **1072364** |
| **Total Financials** |  | **16053566** |
| **Communication Services: 16.0%** | **Communication Services: 16.0%** | **Communication Services: 16.0%** |
| **Interactive Media & Services: 16.0%** | **Interactive Media & Services: 16.0%** | **Interactive Media & Services: 16.0%** |
| Tencent Holdings, Ltd. | 160500 | 10341916 |
| Kuaishou Technology<sup>b,c,d</sup> <br>| 220400 | 1789117 |
| Meitu, Inc.<sup>c,d</sup> <br>| 1104000 | 1274268 |
| Kanzhun, Ltd. ADR<sup>b</sup> <br>| 59127 | 1054826 |
| **Total Communication Services** |  | **14460127** |
| **Industrials: 14.0%** | **Industrials: 14.0%** | **Industrials: 14.0%** |
| **Transportation Infrastructure: 3.5%** | **Transportation Infrastructure: 3.5%** | **Transportation Infrastructure: 3.5%** |
| Anhui Expressway Co., Ltd. H Shares | 1990000 | **3194160** |
| **Commercial Services & Supplies: 2.9%** | **Commercial Services & Supplies: 2.9%** | **Commercial Services & Supplies: 2.9%** |
| China Everbright Environment Group, Ltd. | 5302000 | **2582569** |
| **Machinery: 2.2%** | **Machinery: 2.2%** | **Machinery: 2.2%** |
| Techtronic Industries Co., Ltd. | 89500 | 987541 |
| Jiangsu Hengli Hydraulic Co., Ltd. A Shares | 95700 | 963502 |
|  |  | **1951043** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Electrical Equipment: 2.1%** | **Electrical Equipment: 2.1%** | **Electrical Equipment: 2.1%** |
| Contemporary Amperex Technology Co., Ltd. A <br> Shares<br>| 53640 | **$1892851** |
| **Trading Companies & Distributors: 2.0%** | **Trading Companies & Distributors: 2.0%** | **Trading Companies & Distributors: 2.0%** |
| BOC Aviation, Ltd.<sup>c,d</sup> <br>| 223300 | **1851485** |
| **Ground Transportation: 1.3%** | **Ground Transportation: 1.3%** | **Ground Transportation: 1.3%** |
| Full Truck Alliance Co., Ltd. ADR | 97727 | **1154156** |
| **Total Industrials** |  | **12626264** |
| **Consumer Staples: 7.5%** | **Consumer Staples: 7.5%** | **Consumer Staples: 7.5%** |
| **Food Products: 4.1%** | **Food Products: 4.1%** | **Food Products: 4.1%** |
| WH Group, Ltd.<sup>c,d</sup> <br>| 2013500 | 1940595 |
| Inner Mongolia Yili Industrial Group Co., Ltd. A <br> Shares<br>| 441100 | 1719084 |
|  |  | **3659679** |
| **Beverages: 2.5%** | **Beverages: 2.5%** | **Beverages: 2.5%** |
| Beijing Yanjing Brewery Co., Ltd. A Shares | 1240400 | **2241436** |
| **Personal Care Products: 0.9%** | **Personal Care Products: 0.9%** | **Personal Care Products: 0.9%** |
| Mao Geping Cosmetics Co., Ltd. | 60500 | **837347** |
| **Total Consumer Staples** |  | **6738462** |
| **Energy: 5.9%** | **Energy: 5.9%** | **Energy: 5.9%** |
| **Oil, Gas & Consumable Fuels: 5.9%** | **Oil, Gas & Consumable Fuels: 5.9%** | **Oil, Gas & Consumable Fuels: 5.9%** |
| China Suntien Green Energy Corp., Ltd. H Shares | 4995000 | 2809704 |
| PetroChina Co., Ltd. H Shares | 2894000 | 2493983 |
| **Total Energy** |  | **5303687** |
| **Health Care: 5.6%** | **Health Care: 5.6%** | **Health Care: 5.6%** |
| **Health Care Equipment & Supplies: 3.2%** | **Health Care Equipment & Supplies: 3.2%** | **Health Care Equipment & Supplies: 3.2%** |
| AK Medical Holdings, Ltd.<sup>c,d</sup> <br>| 2526000 | 1932486 |
| Shanghai Conant Optical Co., Ltd. H Shares | 204500 | 974657 |
|  |  | **2907143** |
| **Pharmaceuticals: 2.4%** | **Pharmaceuticals: 2.4%** | **Pharmaceuticals: 2.4%** |
| CSPC Pharmaceutical Group, Ltd. | 2194000 | **2158153** |
| **Total Health Care** |  | **5065296** |
| **Information Technology: 4.6%** | **Information Technology: 4.6%** | **Information Technology: 4.6%** |
| **Electronic Equipment, Instruments & Components: 1.4%** | **Electronic Equipment, Instruments & Components: 1.4%** | **Electronic Equipment, Instruments & Components: 1.4%** |
| Wasion Holdings, Ltd. | 1192000 | **1269764** |
| **IT Services: 1.2%** | **IT Services: 1.2%** | **IT Services: 1.2%** |
| SUNeVision Holdings, Ltd. | 1094000 | **1055869** |
| **Software: 1.0%** | **Software: 1.0%** | **Software: 1.0%** |
| Shanghai Baosight Software Co., Ltd. B Shares | 695629 | **942867** |
| **Semiconductors & Semiconductor Equipment: 1.0%** | **Semiconductors & Semiconductor Equipment: 1.0%** | **Semiconductors & Semiconductor Equipment: 1.0%** |
| MediaTek, Inc. | 21000 | **899822** |
| **Total Information Technology** |  | **4168322** |
| **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 | 1273907 | **2028425** |
| **Total Materials** |  | **2028425** |

---

**21** MATTHEWS ASIA FUNDS

------

Matthews China Dividend FundJune 30, 2025

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

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES** *(continued)* | **COMMON EQUITIES** *(continued)* | |
|  | **Shares** | <br>**Value** |
| **Real Estate: 1.3%** | **Real Estate: 1.3%** | **Real Estate: 1.3%** |
| **Real Estate Management & Development: 1.3%** | **Real Estate Management & Development: 1.3%** | **Real Estate Management & Development: 1.3%** |
| Greentown China Holdings, Ltd. | 967500 | **$1171128** |
| **Total Real Estate** |  | **1171128** |
| **Total Investments: 94.8%** |  | **85636086** |
| (Cost $73,142,495) |  |  |
| **CASH AND OTHER ASSETS,** <br>**LESS LIABILITIES: 5.2%**<br>|  | **4735511** |
| **Net Assets: 100.0%** |  | **$90371597** |

---

&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> June 30, 2025, the aggregate value is $8,787,951, which is 9.72% 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>|
| ADR | American Depositary Receipt |

---

See accompanying notes to financial statements.

*matthewsasia.com* \| 800.789.ASIA **22**

------

Statements of Assets and Liabilities *(unaudited)*June 30, 2025

&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 | $234071530 | $211069015 | $517493932 |
| Cash | 10605539 | 976511 |  |
| Segregated foreign currency at value (B) | 448 | 13433 | 3666 |
| Foreign currency at value (B) | 8621438 | 242402 | 134012 |
| Dividends and interest receivable | 656137 | 223150 | 851747 |
| Receivable for securities sold |  | 481936 | 4658039 |
| Receivable for capital shares sold | 558 | 54835 | 483547 |
| Other receivable | 29937 | 37281 | 132296 |
| Prepaid expenses | 26124 | 24066 | 46140 |
| **TOTAL ASSETS** | **254011711** | **213122629** | **523803379** |
| **LIABILITIES:** |  |  |  |
| Cash overdraft |  |  | 1487119 |
| Payable for securities purchased | 51 | 632181 | 1436611 |
| Payable for capital shares redeemed | 563892 | 54266 | 329561 |
| Deferred foreign capital gains tax liability (Note 2-E) | 1488119 | 2219418 | 7084547 |
| Due to Advisor (Note 4) | 115360 | 98522 | 284655 |
| Administration and accounting fees payable (Note 4) | 4741 | 3817 | 9470 |
| Administration and shareholder servicing fees payable (Note 4) | 43170 | 35100 | 87314 |
| Custodian fees payable | 149 | 13107 | 65352 |
| Foreign capital gains tax payable (Note 2-E) |  | 5056 | 14925 |
| Intermediary service fees payable (Note 4) | 31182 | 36018 | 183694 |
| Professional fees payable | 28107 | 19010 | 27895 |
| Printing fees payables |  | 14277 | 23464 |
| Transfer agent fees payable |  | 714 | 6532 |
| Accrued other expenses payable | 148175 | 34977 | 72756 |
| **TOTAL LIABILITIES** | **2422946** | **3166463** | **11113895** |
| **NET ASSETS** | **$251588765** | **$209956166** | **$512689484** |
| **NET ASSETS:** |  |  |  |
| Investor Class | $186878065 | $23230889 | $172560104 |
| Institutional Class | 64710700 | 186725277 | 340129380 |
| **TOTAL** | **$251588765** | **$209956166** | **$512689484** |

---

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

See accompanying notes to financial statements.

**23** MATTHEWS ASIA FUNDS

------

Statements of Assets and Liabilities *(unaudited) (continued)*June 30, 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 | 12592564 | 1744265 | 6665304 |
| Institutional Class | 4364510 | 13997056 | 13143008 |
| **TOTAL** | **16957074** | **15741321** | **19808312** |
| **NET ASSET VALUE:** |  |  |  |
| Investor Class, offering price and redemption price | $14.84 | $13.32 | $25.89 |
| Institutional Class, offering price and redemption price | $14.83 | $13.34 | $25.88 |
| **NET ASSETS CONSISTS OF:** |  |  |  |
| Capital paid-in | $237183874 | $208330992 | $561000353 |
| Total distributable earnings/(accumulated loss) | 14404891 | 1625174 | (48310869)<br>|
| **NET ASSETS** | **$251588765** | **$209956166** | **$512689484** |
| (A) Investments at cost: |  |  |  |
| Unaffiliated Issuers | $191193417 | $184172421 | $441044658 |
| (B) Foreign Currency at Cost | $8626777 | $241108 | $134007 |

---

&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 *(unaudited) (continued)*June 30, 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 | $208840818 | $697036070 | $282753334 |
| Cash | 1529021 | 4539440 | 9498441 |
| Segregated foreign currency at value (B) |  | 21612 | 1550 |
| Foreign currency at value (B) | 731969 | 7224809 | 3021665 |
| Dividends and interest receivable | 462350 | 1882021 | 508323 |
| Receivable for securities sold | 197320 |  | 1021645 |
| Receivable for capital shares sold | 2871 | 136689 | 1392089 |
| Other receivable | 8289 | 1149534 |  |
| Prepaid expenses |  | 26613 | 42863 |
| **TOTAL ASSETS** | **211772638** | **712016788** | **298239910** |
| **LIABILITIES:** |  |  |  |
| Payable for securities purchased | 796334 |  | 9662224 |
| Payable for capital shares redeemed | 298667 | 2306054 | 126041 |
| Deferred foreign capital gains tax liability (Note 2-E) | 1071399 | 767948 | 1800695 |
| Due to Advisor (Note 4) | 121615 | 350778 | 155024 |
| Administration and accounting fees payable (Note 4) | 4071 | 13631 | 5022 |
| Administration and shareholder servicing fees payable (Note 4) | 35316 | 116162 | 45168 |
| Custodian fees payable | 9661 | 59374 | 21994 |
| Intermediary service fees payable (Note 4) | 62019 | 230286 | 55129 |
| Professional fees payable | 41347 | 222293 | 38620 |
| Printing fees payables | 128532 | 678235 | 68990 |
| Transfer agent fees payable | 3503 | 9434 | 3773 |
| Accrued other expenses payable | 53846 | 165785 | 45854 |
| **TOTAL LIABILITIES** | **2626310** | **4919980** | **12028534** |
| **NET ASSETS** | **$209146328** | **$707096808** | **$286211376** |
| **NET ASSETS:** |  |  |  |
| Investor Class | $113791113 | $428936661 | $171780654 |
| Institutional Class | 95355215 | 278160147 | 114430722 |
| **TOTAL** | **$209146328** | **$707096808** | **$286211376** |

---

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

See accompanying notes to financial statements.

**25** MATTHEWS ASIA FUNDS

------

Statements of Assets and Liabilities *(unaudited) (continued)*June 30, 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 | 4691364 | 21968922 | 11754445 |
| Institutional Class | 3877960 | 14243692 | 7698307 |
| **TOTAL** | **8569324** | **36212614** | **19452752** |
| **NET ASSET VALUE:** |  |  |  |
| Investor Class, offering price and redemption price | $24.26 | $19.52 | $14.61 |
| Institutional Class, offering price and redemption price | $24.59 | $19.53 | $14.86 |
| **NET ASSETS CONSISTS OF:** |  |  |  |
| Capital paid-in | $336179656 | $654571864 | $590180091 |
| Total distributable earnings/(accumulated loss) | (127033328)<br>| 52524944 | (303968715)<br>|
| **NET ASSETS** | **$209146328** | **$707096808** | **$286211376** |
| (A) Investments at cost: |  |  |  |
| Unaffiliated Issuers | $180297455 | $606438014 | $234339165 |
| (B) Foreign Currency at Cost | $728207 | $7224171 | $3021517 |

---

&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 *(unaudited) (continued)*June 30, 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 | $375788468 | $58896074 | $803872728 |
| Cash | 1449250 | 2700506 | 5803753 |
| Segregated foreign currency at value (B) | 28309 | 3103 |  |
| Foreign currency at value (B) | 509071 | 29962 | 21681455 |
| Dividends and interest receivable | 1284509 | 346344 | 959570 |
| Receivable for securities sold |  | 125654 | 2383858 |
| Receivable for capital shares sold | 62357 | 314385 | 233536 |
| Other receivable |  |  | 12942 |
| Prepaid expenses | 15208 | 8574 |  |
| **TOTAL ASSETS** | **379137172** | **62424602** | **834947842** |
| **LIABILITIES:** |  |  |  |
| Payable for securities purchased |  |  | 4308687 |
| Payable for capital shares redeemed | 236560 | 27568 | 585159 |
| Deferred foreign capital gains tax liability (Note 2-E) |  |  | 40748246 |
| Due to Advisor (Note 4) | 220113 | 30369 | 468273 |
| Administration and accounting fees payable (Note 4) | 7329 | 1218 | 15109 |
| Administration and shareholder servicing fees payable (Note 4) | 64517 | 10588 | 134152 |
| Custodian fees payable | 9353 | (23848)<br>| 81805 |
| Intermediary service fees payable (Note 4) | 66910 | 15479 | 253101 |
| Professional fees payable | 28991 | 16698 | 44781 |
| Printing fees payables | 107434 | 42985 | 71188 |
| Transfer agent fees payable | 7454 | 1226 | 8420 |
| Accrued other expenses payable | 194046 | 20460 | 81405 |
| **TOTAL LIABILITIES** | **942707** | **142743** | **46800326** |
| **NET ASSETS** | **$378194465** | **$62281859** | **$788147516** |
| **NET ASSETS:** |  |  |  |
| Investor Class | $295524629 | $47009916 | $618801457 |
| Institutional Class | 82669836 | 15271943 | 169346059 |
| **TOTAL** | **$378194465** | **$62281859** | **$788147516** |

---

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

See accompanying notes to financial statements.

**27** MATTHEWS ASIA FUNDS

------

Statements of Assets and Liabilities *(unaudited) (continued)*June 30, 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 | 19744588 | 4699340 | 24095471 |
| Institutional Class | 5526628 | 1527734 | 6431398 |
| **TOTAL** | **25271216** | **6227074** | **30526869** |
| **NET ASSET VALUE:** |  |  |  |
| Investor Class, offering price and redemption price | $14.97 | $10.00 | $25.68 |
| Institutional Class, offering price and redemption price | $14.96 | $10.00 | $26.33 |
| **NET ASSETS CONSISTS OF:** |  |  |  |
| Capital paid-in | $792230760 | $215555262 | $670251840 |
| Total distributable earnings/(accumulated loss) | (414036295)<br>| (153273403)<br>| 117895676 |
| **NET ASSETS** | **$378194465** | **$62281859** | **$788147516** |
| (A) Investments at cost: |  |  |  |
| Unaffiliated Issuers | $377576224 | $52829777 | $655172600 |
| (B) Foreign Currency at Cost | $509059 | $29928 | $21698810 |

---

&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 *(unaudited) (continued)*June 30, 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 | $669782201 | $548199899 | $85636086 |
| Cash | 6800123 | 14792698 | 4350886 |
| Segregated foreign currency at value (B) |  | 5781 | 1300 |
| Foreign currency at value (B) | 1740469 | 1591624 | 211851 |
| Dividends and interest receivable | 885511 | 1535543 | 534489 |
| Receivable for securities sold | 7193796 |  | 90208 |
| Receivable for capital shares sold | 86433 | 26225 | 28890 |
| Other receivable |  | 757340 |  |
| Prepaid expenses | 28168 | 9758 | 25696 |
| **TOTAL ASSETS** | **686516701** | **566918868** | **90879406** |
| **LIABILITIES:** |  |  |  |
| Payable for securities purchased | 2600022 | 2786661 |  |
| Payable for capital shares redeemed | 712451 | 799666 | 352682 |
| Deferred foreign capital gains tax liability (Note 2-E) |  | 1855252 |  |
| Due to Advisor (Note 4) | 393659 | 307579 | 53085 |
| Administration and accounting fees payable (Note 4) | 12716 | 10929 | 1773 |
| Administration and shareholder servicing fees payable (Note 4) | 116263 | 93248 | 15664 |
| Custodian fees payable | 10021 | 22434 | 1830 |
| Intermediary service fees payable (Note 4) | 84029 | 120452 | 16304 |
| Professional fees payable | 24819 | 115962 | 16064 |
| Printing fees payables | 203430 | 495358 | 28505 |
| Transfer agent fees payable | 15028 | 6082 | 1369 |
| Accrued other expenses payable | 22722 | 160331 | 20533 |
| **TOTAL LIABILITIES** | **4195160** | **6773954** | **507809** |
| **NET ASSETS** | **$682321541** | **$560144914** | **$90371597** |
| **NET ASSETS:** |  |  |  |
| Investor Class | $264779706 | $259961309 | $67980416 |
| Institutional Class | 417541835 | 300183605 | 22391181 |
| **TOTAL** | **$682321541** | **$560144914** | **$90371597** |

---

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

See accompanying notes to financial statements.

**29** MATTHEWS ASIA FUNDS

------

Statements of Assets and Liabilities *(unaudited) (continued)*June 30, 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 | 11626732 | 16419421 | 5170715 |
| Institutional Class | 18272048 | 18979722 | 1700052 |
| **TOTAL** | **29898780** | **35399143** | **6870767** |
| **NET ASSET VALUE:** |  |  |  |
| Investor Class, offering price and redemption price | $22.77 | $15.83 | $13.15 |
| Institutional Class, offering price and redemption price | $22.85 | $15.82 | $13.17 |
| **NET ASSETS CONSISTS OF:** |  |  |  |
| Capital paid-in | $597533750 | $836409120 | $159558727 |
| Total distributable earnings/(accumulated loss) | 84787791 | (276264206)<br>| (69187130)<br>|
| **NET ASSETS** | **$682321541** | **$560144914** | **$90371597** |
| (A) Investments at cost: |  |  |  |
| Unaffiliated Issuers | $526925841 | $471253574 | $73142495 |
| (B) Foreign Currency at Cost | $1729898 | $1584805 | $211846 |

---

See accompanying notes to financial statements.

*matthewsasia.com* \| 800.789.ASIA **30**

------

Statements of Operations *(unaudited)*Six-Month Period Ended June 30, 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 | $2730736 | $1999327 | $4468983 |
| Foreign withholding tax | (258339)<br>| (184237)<br>| (327267)<br>|
| **TOTAL INVESTMENT INCOME** | **2472397** | **1815090** | **4141716** |
| **EXPENSES:** |  |  |  |
| Investment advisory fees (Note 4) | 539578 | 711747 | 2071469 |
| Administration and accounting fees (Note 4) | 6023 | 7951 | 19496 |
| Administration and shareholder servicing fees (Note 4) | 160140 | 210902 | 517138 |
| Accounting out-of-pocket fees | 23668 | 21018 | 24710 |
| Custodian fees | 34509 | 81160 | 212063 |
| Printing fees | 8171 | 13644 | 30393 |
| Intermediary service fees (Note 4) | 119409 | 119165 | 354428 |
| Professional fees | 40666 | 42422 | 62046 |
| Registration fees | 10759 | 30240 |  |
| Transfer agent fees | 2200 | 2639 | 22360 |
| Trustees fees | 2515 | 25288 | 65366 |
| Other expenses | 8262 | 40498 | 95780 |
| **TOTAL EXPENSES** | **955900** | **1306674** | **3475249** |
| Advisory fees waived and expenses waived or reimbursed (Note 4) | (168750)<br>| (121283)<br>| (424106)<br>|
| **NET EXPENSES** | **787150** | **1185391** | **3051143** |
| **NET INVESTMENT INCOME (LOSS)** | **1685247** | **629699** | **1090573** |
| &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 | (3165455)<br>| (4238313)<br>| 5369416 |
| Net realized foreign capital gains tax | (8960)<br>| (334793)<br>| (1279842)<br>|
| Net realized gain (loss) on foreign currency related transactions | 37412 | (82066)<br>| (259400)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments—Unaffiliated <br> Issuers<br>| 23361047 | 24973847 | 45743746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in deferred foreign capital gains taxes on unrealized <br> appreciation/depreciation<br>| (1408226)<br>| 897818 | 2954312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on foreign currency related <br> translations<br>| 4207 | 6157 | 31306 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized and unrealized gain (loss) on investments, foreign currency** <br> **related transactions, and foreign capital gains taxes**<br>| 18820025 | 21222650 | 52559538 |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | **$20505272** | **$21852349** | **$53650111** |

---

See accompanying notes to financial statements.

**31** MATTHEWS ASIA FUNDS

------

Statements of Operations *(unaudited) (continued)*Six-Month Period Ended June 30, 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 | $2045830 | $8617777 | $1953590 |
| Interest |  | 224 |  |
| Foreign withholding tax | (186124)<br>| (913782)<br>| (190780)<br>|
| **TOTAL INVESTMENT INCOME** | **1859706** | **7704219** | **1762810** |
| **EXPENSES:** |  |  |  |
| Investment advisory fees (Note 4) | 771802 | 2556852 | 893182 |
| Administration and accounting fees (Note 4) | 8622 | 28565 | 9978 |
| Administration and shareholder servicing fees (Note 4) | 228692 | 757484 | 264692 |
| Accounting out-of-pocket fees | 24486 | 25394 | 20369 |
| Custodian fees | 45844 | 122790 | 64315 |
| Intermediary service fees (Note 4) | 177747 | 621941 | 212809 |
| Professional fees | 51347 | 96604 | 47128 |
| Registration fees | 29300 | 4062 | 234 |
| Transfer agent fees | 12021 | 32796 | 13682 |
| Trustees fees | 30756 | 115075 | 30090 |
| Other expenses | 33770 | 117597 | 29141 |
| **TOTAL EXPENSES** | **1414387** | **4479160** | **1585620** |
| Advisory fees waived and expenses waived or reimbursed (Note 5) | (15906)<br>|  |  |
| **NET EXPENSES** | **1398481** | **4479160** | **1585620** |
| **NET INVESTMENT INCOME (LOSS)** | **461225** | **3225059** | **177190** |
| &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 | 14051356 | (2806031)<br>| 11734351 |
| Net realized foreign capital gains tax | (243055)<br>| (127038)<br>| (687487)<br>|
| Net realized gain (loss) on foreign currency related transactions | (69542)<br>| (589700)<br>| (136017)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments—Unaffiliated <br> Issuers<br>| 2062229 | 68688339 | 19045327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in deferred foreign capital gains taxes on unrealized <br> appreciation/depreciation<br>| (100798)<br>| 980529 | 469795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on foreign currency related <br> translations<br>| 10953 | 155094 | 36193 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized and unrealized gain (loss) on investments, foreign currency** <br> **related transactions, and foreign capital gains taxes**<br>| 15711143 | 66301193 | 30462162 |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | **$16172368** | **$69526252** | **$30639352** |

---

See accompanying notes to financial statements.

*matthewsasia.com* \| 800.789.ASIA **32**

------

Statements of Operations *(unaudited) (continued)*Six-Month Period Ended June 30, 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 | $5401974 | $881708 | $4283886 |
| Foreign withholding tax | (346590)<br>| (28692)<br>| (843134)<br>|
| **TOTAL INVESTMENT INCOME** | **5055384** | **853016** | **3440752** |
| **EXPENSES:** |  |  |  |
| Investment advisory fees (Note 4) | 1315404 | 267135 | 2724300 |
| Administration and accounting fees (Note 4) | 14694 | 2514 | 30432 |
| Administration and shareholder servicing fees (Note 4) | 389835 | 66697 | 807308 |
| Accounting out-of-pocket fees | 22400 | 21989 | 25664 |
| Custodian fees | 86398 | 10634 | 97594 |
| Intermediary service fees (Note 4) | 319691 | 61569 | 752987 |
| Professional fees | 38418 | 32017 | 100133 |
| Registration fees | 21859 | 13959 | 79434 |
| Transfer agent fees | 27960 | 4294 | 32929 |
| Trustees fees | 40843 | 7656 | 97060 |
| Other expenses | 39164 | 7310 | 79777 |
| **TOTAL EXPENSES** | **2316666** | **495774** | **4827618** |
| Advisory fees waived and expenses waived or reimbursed (Note 4) |  | (64645)<br>|  |
| **NET EXPENSES** | **2316666** | **431129** | **4827618** |
| **NET INVESTMENT INCOME (LOSS)** | **2738718** | **421887** | **(1386866)**<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 | (7786088)<br>| (586431)<br>| 37568337 |
| Net realized foreign capital gains tax |  |  | (5825979)<br>|
| Net realized gain (loss) on foreign currency related transactions | (12463)<br>| (1396)<br>| (511487)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments—Unaffiliated <br> Issuers<br>| 43476753 | 6206817 | (28408772)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in deferred foreign capital gains taxes on unrealized <br> appreciation/depreciation<br>|  |  | 3643106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on foreign currency related <br> translations<br>| 590 | (56)<br>| (8621)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized and unrealized gain (loss) on investments, foreign currency** <br> **related transactions, and foreign capital gains taxes**<br>| 35678792 | 5618934 | 6456584 |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | **$38417510** | **$6040821** | **$5069718** |

---

See accompanying notes to financial statements.

**33** MATTHEWS ASIA FUNDS

------

Statements of Operations *(unaudited) (continued)*Six-Month Period Ended June 30, 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 | $6646396 | $9275911 | $1898798 |
| Foreign withholding tax | (649255)<br>| (757201)<br>| (92911)<br>|
| **TOTAL INVESTMENT INCOME** | **5997141** | **8518710** | **1805887** |
| **EXPENSES:** |  |  |  |
| Investment advisory fees (Note 4) | 2268869 | 2018220 | 316978 |
| Administration and accounting fees (Note 4) | 25345 | 22545 | 3541 |
| Administration and shareholder servicing fees (Note 4) | 672362 | 598064 | 93940 |
| Accounting out-of-pocket fees | 20673 | 21596 | 18361 |
| Custodian fees | 24505 | 39041 | 9444 |
| Intermediary service fees (Note 4) | 301821 | 387961 | 80955 |
| Professional fees | 45711 | 65775 | 31712 |
| Registration fees | 16976 | 20795 |  |
| Transfer agent fees | 59323 | 19838 | 4925 |
| Trustees fees | 73227 | 76827 | 10287 |
| Other expenses | 65369 | 74628 | 9704 |
| **TOTAL EXPENSES** | **3574181** | **3345290** | **579847** |
| Advisory fees waived and expenses waived or reimbursed (Note 4) |  |  | (1485)<br>|
| **NET EXPENSES** | **3574181** | **3345290** | **578362** |
| **NET INVESTMENT INCOME (LOSS)** | **2422960** | **5173420** | **1227525** |
| &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 | 35778706 | (17208546)<br>| 3138903 |
| Net realized foreign capital gains tax |  | (182506)<br>|  |
| Net realized gain (loss) on foreign currency related transactions | 203943 | (2014)<br>| (5983)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments—Unaffiliated <br> Issuers<br>| 44740115 | 76868933 | 6716647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in deferred foreign capital gains taxes on unrealized <br> appreciation/depreciation<br>|  | 294233 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on foreign currency related <br> translations<br>| 26185 | 233050 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized and unrealized gain (loss) on investments, foreign currency** <br> **related transactions, and foreign capital gains taxes**<br>| 80748949 | 60003150 | 9849750 |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | **$83171909** | **$65176570** | **$11077275** |

---

See accompanying notes to financial statements.

*matthewsasia.com* \| 800.789.ASIA **34**

------

Statements of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
| **Matthews Emerging Markets Equity Fund**  | **Six-Month Period** <br>**Ended June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $1685247 | $270340 |
| Net realized gain (loss) on investments and foreign currency related transactions | (3137003)<br>| 364281 |
| Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | 23365254 | 1599844 |
| Net change on foreign capital gains taxes on unrealized appreciation/depreciation | (1408226)<br>| (66358)<br>|
| Net increase (decrease) in net assets resulting from operations | 20505272 | 2168107 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Investor Class |  | (89246)<br>|
| Institutional Class |  | (146387)<br>|
| Net decrease in net assets resulting from distributions |  | (235633)<br>|
| **CAPITAL SHARE TRANSACTIONS (net) (Note 3)** | 208743663 | (494747)<br>|
| Total increase (decrease) in net assets | 229248935 | 1437727 |
| **NET ASSETS:** |  |  |
| Beginning of period | 22339830 | 20902103 |
| End of period | $251588765 | $22339830 |

---

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

---

| | | |
|:---|:---|:---|
| **Matthews Emerging Markets Sustainable Future Fund**  | **Six-Month Period** <br>**Ended June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $629699 | ($8666)<br>|
| Net realized gain (loss) on investments and foreign currency related transactions | (4655172)<br>| 4738965 |
| Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | 24980004 | (8165682)<br>|
| Net change on foreign capital gains taxes on unrealized appreciation/depreciation | 897818 | (1485519)<br>|
| Net increase (decrease) in net assets resulting from operations | 21852349 | (4920902)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Investor Class |  | (796055)<br>|
| Institutional Class |  | (5287644)<br>|
| Net decrease in net assets resulting from distributions |  | (6083699)<br>|
| **CAPITAL SHARE TRANSACTIONS (net) (Note 3)** | (24907383)<br>| 14490714 |
| Total increase (decrease) in net assets | (3055034)<br>| 3486113 |
| **NET ASSETS:** |  |  |
| Beginning of period | 213011200 | 209525087 |
| End of period | $209956166 | $213011200 |

---

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

See accompanying notes to financial statements.

**35** MATTHEWS ASIA FUNDS

------

Statements of Changes in Net Assets *(continued)*

---

| | | |
|:---|:---|:---|
| **Matthews Emerging Markets Small Companies Fund**  | **Six-Month Period** <br>**Ended June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $1090573 | $371398 |
| Net realized gain (loss) on investments and foreign currency related transactions | 3830174 | (8331432)<br>|
| Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | 45775052 | (25303748)<br>|
| Net change on foreign capital gains taxes on unrealized appreciation/depreciation | 2954312 | (4191604)<br>|
| Net increase (decrease) in net assets resulting from operations | 53650111 | (37455386)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Investor Class |  | (8767399)<br>|
| Institutional Class |  | (14552333)<br>|
| Net decrease in net assets resulting from distributions |  | (23319732)<br>|
| **CAPITAL SHARE TRANSACTIONS (net) (Note 3)** | (112937445)<br>| 17354289 |
| Total increase (decrease) in net assets | (59287334)<br>| (43420829)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 571976818 | 615397647 |
| End of period | $512689484 | $571976818 |

---

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

---

| | | |
|:---|:---|:---|
| **Matthews Asia Growth Fund**  | **Six-Month Period** <br>**Ended June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $461225 | $2185741 |
| Net realized gain (loss) on investments and foreign currency related transactions | 13738759 | 54942365 |
| Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | 2073182 | (24882805)<br>|
| Net change on foreign capital gains taxes on unrealized appreciation/depreciation | (100798)<br>| (395068)<br>|
| Net increase (decrease) in net assets resulting from operations | 16172368 | 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)** | (43731896)<br>| (160763219)<br>|
| Total increase (decrease) in net assets | (27559528)<br>| (134566859)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 236705856 | 371272715 |
| End of period | $209146328 | $236705856 |

---

&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 Pacific Tiger Fund**  | **Six-Month Period** <br>**Ended June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $3225059 | $10634317 |
| Net realized gain (loss) on investments and foreign currency related transactions | (3522769)<br>| 230347666 |
| Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | 68843433 | (232294906)<br>|
| Net change on foreign capital gains taxes on unrealized appreciation/depreciation | 980529 | 18710062 |
| Net increase (decrease) in net assets resulting from operations | 69526252 | 27397139 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Investor Class |  | (39042929)<br>|
| Institutional Class |  | (32437594)<br>|
| Net decrease in net assets resulting from distributions |  | (71480523)<br>|
| **CAPITAL SHARE TRANSACTIONS (net) (Note 3)** | (180101335)<br>| (1067278407)<br>|
| Total increase (decrease) in net assets | (110575083)<br>| (1111361791)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 817671891 | 1929033682 |
| End of period | $707096808 | $817671891 |

---

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

---

| | | |
|:---|:---|:---|
| **Matthews Asia Innovators Fund**  | **Six-Month Period** <br>**Ended June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $177190 | ($380853)<br>|
| Net realized gain (loss) on investments and foreign currency related transactions | 10910847 | 52362128 |
| Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | 19081520 | (2782516)<br>|
| Net change on foreign capital gains taxes on unrealized appreciation/depreciation | 469795 | (865649)<br>|
| Net increase (decrease) in net assets resulting from operations | 30639352 | 48333110 |
| **CAPITAL SHARE TRANSACTIONS (net) (Note 3)** | 8698701 | (114412593)<br>|
| Total increase (decrease) in net assets | 39338053 | (66079483)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 246873323 | 312952806 |
| End of period | $286211376 | $246873323 |

---

See accompanying notes to financial statements.

**37** MATTHEWS ASIA FUNDS

------

Statements of Changes in Net Assets *(continued)*

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

---

| | | |
|:---|:---|:---|
| **Matthews China Fund**  | **Six-Month Period** <br>**Ended June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $2738718 | $5939328 |
| Net realized gain (loss) on investments and foreign currency related transactions | (7798551)<br>| (105597603)<br>|
| Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | 43477343 | 161780708 |
| Net increase (decrease) in net assets resulting from operations | 38417510 | 62122433 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Investor Class |  | (5352696)<br>|
| Institutional Class |  | (1316703)<br>|
| Net decrease in net assets resulting from distributions |  | (6669399)<br>|
| **CAPITAL SHARE TRANSACTIONS (net) (Note 3)** | (10175686)<br>| (153959409)<br>|
| Total increase (decrease) in net assets | 28241824 | (98506375)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 349952641 | 448459016 |
| End of period | $378194465 | $349952641 |

---

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

---

| | | |
|:---|:---|:---|
| **Matthews China Small Companies Fund**  | **Six-Month Period** <br>**Ended June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $421887 | $2203339 |
| Net realized gain (loss) on investments and foreign currency related transactions | (587827)<br>| (17537737)<br>|
| Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | 6206761 | 16586665 |
| Net increase (decrease) in net assets resulting from operations | 6040821 | 1252267 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Investor Class |  | (664368)<br>|
| Institutional Class |  | (250376)<br>|
| Net decrease in net assets resulting from distributions |  | (914744)<br>|
| **CAPITAL SHARE TRANSACTIONS (net) (Note 3)** | (8151143)<br>| (25101476)<br>|
| Total increase (decrease) in net assets | (2110322)<br>| (24763953)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 64392181 | 89156134 |
| End of period | $62281859 | $64392181 |

---

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

See accompanying notes to financial statements.

*matthewsasia.com* \| 800.789.ASIA **38**

------

Statements of Changes in Net Assets *(continued)*

---

| | | |
|:---|:---|:---|
| **Matthews India Fund**  | **Six-Month Period** <br>**Ended June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | ($1386866)<br>| ($3760607)<br>|
| Net realized gain (loss) on investments and foreign currency related transactions | 31230871 | 110455312 |
| Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | (28417393)<br>| (8586325)<br>|
| Net change on foreign capital gains taxes on unrealized appreciation/depreciation | 3643106 | (16467615)<br>|
| Net increase (decrease) in net assets resulting from operations | 5069718 | 81640765 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Investor Class |  | (91458366)<br>|
| Institutional Class |  | (24853675)<br>|
| Net decrease in net assets resulting from distributions |  | (116312041)<br>|
| **CAPITAL SHARE TRANSACTIONS (net) (Note 3)** | (77356088)<br>| 131979786 |
| Total increase (decrease) in net assets | (72286370)<br>| 97308510 |
| **NET ASSETS:** |  |  |
| Beginning of period | 860433886 | 763125376 |
| End of period | $788147516 | $860433886 |

---

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

---

| | | |
|:---|:---|:---|
| **Matthews Japan Fund**  | **Six-Month Period** <br>**Ended June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $2422960 | $4106754 |
| Net realized gain (loss) on investments and foreign currency related transactions | 35982649 | 94404145 |
| Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | 44766300 | 5826512 |
| Net increase (decrease) in net assets resulting from operations | 83171909 | 104337411 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Investor Class |  | (5179986)<br>|
| Institutional Class |  | (8526533)<br>|
| Net decrease in net assets resulting from distributions |  | (13706519)<br>|
| **CAPITAL SHARE TRANSACTIONS (net) (Note 3)** | (39019059)<br>| (107960210)<br>|
| Total increase (decrease) in net assets | 44152850 | (17329318)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 638168691 | 655498009 |
| End of period | $682321541 | $638168691 |

---

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

See accompanying notes to financial statements.

**39** MATTHEWS ASIA FUNDS

------

Statements of Changes in Net Assets *(continued)*

---

| | | |
|:---|:---|:---|
| **Matthews Asia Dividend Fund**  | **Six-Month Period** <br>**Ended June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $5173420 | $12068323 |
| Net realized gain (loss) on investments and foreign currency related transactions | (17393066)<br>| 23116858 |
| Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | 77101983 | 6738763 |
| Net change on foreign capital gains taxes on unrealized appreciation/depreciation | 294233 | 269386 |
| Net increase (decrease) in net assets resulting from operations | 65176570 | 42193330 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Investor Class | (235251)<br>| (9139456)<br>|
| Institutional Class | (455631)<br>| (11642680)<br>|
| Net decrease in net assets resulting from distributions | (690882)<br>| (20782136)<br>|
| **CAPITAL SHARE TRANSACTIONS (net) (Note 3)** | (113587651)<br>| (463837924)<br>|
| Total increase (decrease) in net assets | (49101963)<br>| (442426730)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 609246877 | 1051673607 |
| End of period | $560144914 | $609246877 |

---

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

---

| | | |
|:---|:---|:---|
| **Matthews China Dividend Fund**  | **Six-Month Period** <br>**Ended June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $1227525 | $2538656 |
| Net realized gain (loss) on investments and foreign currency related transactions | 3132920 | (28253558)<br>|
| Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | 6716830 | 37946302 |
| Net increase (decrease) in net assets resulting from operations | 11077275 | 12231400 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Investor Class | (1413159)<br>| (2856550)<br>|
| Institutional Class | (474288)<br>| (1100711)<br>|
| Net decrease in net assets resulting from distributions | (1887447)<br>| (3957261)<br>|
| **CAPITAL SHARE TRANSACTIONS (net) (Note 3)** | (7183244)<br>| (38591044)<br>|
| Total increase (decrease) in net assets | 2006584 | (30316905)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 88365013 | 118681918 |
| End of period | $90371597 | $88365013 |

---

See accompanying notes to financial statements.

*matthewsasia.com* \| 800.789.ASIA **40**

------

Financial Highlights

*Matthews Emerging Markets Equity Fund*

The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Period Ended** <br>**Dec. 31, 2020**<sup>1</sup>  |
| <br>**INVESTOR CLASS** | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **Period Ended** <br>**Dec. 31, 2020**<sup>1</sup>  |
| Net Asset Value, beginning of period | &nbsp;&nbsp; $13.06 | &nbsp;&nbsp; $11.86 | &nbsp;&nbsp; $11.14 | &nbsp;&nbsp; $14.34 | &nbsp;&nbsp; $15.76 | &nbsp;&nbsp; $10.00 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &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;0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation/depreciation on <br> investments, foreign currency related transactions and foreign <br> capital gains taxes<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp; (3.20)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.08 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp; (3.00)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.12 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; — |
| Net realized gains on investments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp; (0.36)<br>|
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (0.36)<br>|
| Net Asset Value, end of period | &nbsp;&nbsp; $14.84 | &nbsp;&nbsp; $13.06 | &nbsp;&nbsp; $11.86 | &nbsp;&nbsp; $11.14 | &nbsp;&nbsp; $14.34 | &nbsp;&nbsp; $15.76 |
| **TOTAL RETURN**<sup>3</sup> <br>| &nbsp;&nbsp; **13.63%** <br><sup>4</sup><br>| &nbsp;&nbsp; **11.13%** | &nbsp;&nbsp; **8.43%** | &nbsp;&nbsp; **(20.94%)**<br>| &nbsp;&nbsp; **(0.60%)**<br>| &nbsp;&nbsp; **61.23%** <br><sup>4</sup><br>|
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | &nbsp;&nbsp; $186878 | &nbsp;&nbsp; $9791 | &nbsp;&nbsp; $9618 | &nbsp;&nbsp; $10111 | &nbsp;&nbsp; $13317 | &nbsp;&nbsp; $9851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before any reimbursement, <br> waiver or recapture of expenses by Advisor and Administrator <br> (Note 4)<br>| &nbsp;&nbsp; 1.31% <br><sup>5</sup><br>| &nbsp;&nbsp; 2.45% | &nbsp;&nbsp; 1.70% | &nbsp;&nbsp; 1.58% | &nbsp;&nbsp; 1.52% | &nbsp;&nbsp; 2.76% <br><sup>5</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after any reimbursement, <br> waiver or recapture of expenses by Advisor and Administrator <br>| &nbsp;&nbsp; 1.10% <br><sup>5</sup><br>| &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.08% <br><sup>5</sup><br>|
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 2.23% <br><sup>5</sup><br>| &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.46% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 0.45% <br><sup>5</sup><br>|
| Portfolio turnover<sup>6</sup> <br>| &nbsp;&nbsp; 63.21% <br><sup>4</sup><br>| &nbsp;&nbsp; 215.17% | &nbsp;&nbsp; 26.39% | &nbsp;&nbsp; 63.08% | &nbsp;&nbsp; 88.45% | &nbsp;&nbsp; 62.30% <br><sup>4</sup><br>|

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Period Ended** <br>**Dec. 31, 2020**<sup>1</sup>  |
| <br>**INSTITUTIONAL CLASS** | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **Period Ended** <br>**Dec. 31, 2020**<sup>1</sup>  |
| Net Asset Value, beginning of period | &nbsp;&nbsp; $13.04 | &nbsp;&nbsp; $11.84 | &nbsp;&nbsp; $11.13 | &nbsp;&nbsp; $14.34 | &nbsp;&nbsp; $15.77 | &nbsp;&nbsp; $10.00 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &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;0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation/depreciation on <br> investments, foreign currency related transactions and foreign <br> capital gains taxes<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp; (3.21)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.11 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp; (2.98)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.15 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.02)<br>|
| Net realized gains on investments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp; (0.36)<br>|
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp; (0.38)<br>|
| Net Asset Value, end of period | &nbsp;&nbsp; $14.83 | &nbsp;&nbsp; $13.04 | &nbsp;&nbsp; $11.84 | &nbsp;&nbsp; $11.13 | &nbsp;&nbsp; $14.34 | &nbsp;&nbsp; $15.77 |
| **TOTAL RETURN**<sup>3</sup> <br>| &nbsp;&nbsp; **13.73%** <br><sup>4</sup><br>| &nbsp;&nbsp; **11.38%** | &nbsp;&nbsp; **8.63%** | &nbsp;&nbsp; **(20.81%)**<br>| &nbsp;&nbsp; **(0.43%)**<br>| &nbsp;&nbsp; **61.55%** <br><sup>4</sup><br>|
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | &nbsp;&nbsp; $64711 | &nbsp;&nbsp; $12549 | &nbsp;&nbsp; $11284 | &nbsp;&nbsp; $23353 | &nbsp;&nbsp; $36240 | &nbsp;&nbsp; $34941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before any reimbursement, <br> waiver or recapture of expenses by Advisor and Administrator <br> (Note 4)<br>| &nbsp;&nbsp; 1.16% <br><sup>5</sup><br>| &nbsp;&nbsp; 2.28% | &nbsp;&nbsp; 1.51% | &nbsp;&nbsp; 1.47% | &nbsp;&nbsp; 1.38% | &nbsp;&nbsp; 2.65% <br><sup>5</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after any reimbursement, <br> waiver or recapture of expenses by Advisor and Administrator<br>| &nbsp;&nbsp; 0.90% <br><sup>5</sup><br>| &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90% <br><sup>5</sup><br>|
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 2.25% <br><sup>5</sup><br>| &nbsp;&nbsp; 1.36% | &nbsp;&nbsp; 1.45% | &nbsp;&nbsp; 1.70% | &nbsp;&nbsp; 1.33% | &nbsp;&nbsp; 0.44% <br><sup>5</sup><br>|
| Portfolio turnover<sup>6</sup> <br>| &nbsp;&nbsp; 63.21% <br><sup>4</sup><br>| &nbsp;&nbsp; 215.17% | &nbsp;&nbsp; 26.39% | &nbsp;&nbsp; 63.08% | &nbsp;&nbsp; 88.45% | &nbsp;&nbsp; 62.30% <br><sup>4</sup><br>|

---

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

---

| | |
|:---|:---|
| 1 | The Fund commenced operations on April 30, 2020. |
| 2 | Calculated using the average daily shares method. |
| 3 | The total return represents the rate that an investor would have earned (or lost) on an investment in the Fund assuming reinvestment of all dividends and distributions. |
| 4 | Not annualized. |
| 5 | Annualized. |
| 6 | The portfolio turnover rate is calculated on the Fund as a whole without distinguishing between classes of shares issued. |

---

See accompanying notes to financial statements.

**41** MATTHEWS ASIA FUNDS

------

Financial Highlights *(continued)*

*Matthews Emerging Markets Sustainable Future Fund*

The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  |
| <br>**INVESTOR CLASS** | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, beginning of period | &nbsp;&nbsp; $11.93 | &nbsp;&nbsp; $12.54 | &nbsp;&nbsp; $12.51 | &nbsp;&nbsp; $15.37 | &nbsp;&nbsp; $14.94 | &nbsp;&nbsp; $11.08 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.01)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation/depreciation on <br> investments, foreign currency related transactions and foreign capital <br> gains taxes<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;4.72 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp; (2.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;4.71 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Net realized gains on investments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (0.84)<br>|
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (0.85)<br>|
| Net Asset Value, end of period | &nbsp;&nbsp; $13.32 | &nbsp;&nbsp; $11.93 | &nbsp;&nbsp; $12.54 | &nbsp;&nbsp; $12.51 | &nbsp;&nbsp; $15.37 | &nbsp;&nbsp; $14.94 |
| **TOTAL RETURN**<sup>2</sup> <br>| &nbsp;&nbsp; **11.65%** <br><sup>3</sup><br>| &nbsp;&nbsp; **(2.46%)**<br>| &nbsp;&nbsp; **7.83%** | &nbsp;&nbsp; **(14.38%)**<br>| &nbsp;&nbsp; **11.76%** | &nbsp;&nbsp; **42.87%** |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | &nbsp;&nbsp; $23231 | &nbsp;&nbsp; $30435 | &nbsp;&nbsp; $38176 | &nbsp;&nbsp; $32249 | &nbsp;&nbsp; $39612 | &nbsp;&nbsp; $37385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before any reimbursement, waiver <br> or recapture of expenses by Advisor and Administrator (Note 4)<br>| &nbsp;&nbsp; 1.43% <br><sup>4</sup><br>| &nbsp;&nbsp; 1.37% | &nbsp;&nbsp; 1.23% | &nbsp;&nbsp; 1.24% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.42% |
| &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; 1.40% <br><sup>4</sup><br>| &nbsp;&nbsp; 1.34% | &nbsp;&nbsp; 1.23% | &nbsp;&nbsp; 1.30% | &nbsp;&nbsp; 1.40% | &nbsp;&nbsp; 1.38% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 0.32% <br><sup>4</sup><br>| &nbsp;&nbsp; (0.17%)<br>| &nbsp;&nbsp; (0.17%)<br>| &nbsp;&nbsp; (0.41%)<br>| &nbsp;&nbsp; (0.41%)<br>| &nbsp;&nbsp; (0.08%)<br>|
| Portfolio turnover<sup>5</sup> <br>| &nbsp;&nbsp; 29.87% <br><sup>3</sup><br>| &nbsp;&nbsp; 58.51% | &nbsp;&nbsp; 49.16% | &nbsp;&nbsp; 31.53% | &nbsp;&nbsp; 65.56% | &nbsp;&nbsp; 84.60% |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  |
| <br>**INSTITUTIONAL CLASS** | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, beginning of period | &nbsp;&nbsp; $11.93 | &nbsp;&nbsp; $12.55 | &nbsp;&nbsp; $12.51 | &nbsp;&nbsp; $15.38 | &nbsp;&nbsp; $14.92 | &nbsp;&nbsp; $11.06 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp; — <br><sup>6</sup><br>| &nbsp;&nbsp; — <br><sup>6</sup><br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation/depreciation on <br> investments, foreign currency related transactions and foreign capital <br> gains taxes<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;4.72 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp; (2.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;4.73 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03)<br>|
| Net realized gains on investments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (0.84)<br>|
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (0.87)<br>|
| Net Asset Value, end of period | &nbsp;&nbsp; $13.34 | &nbsp;&nbsp; $11.93 | &nbsp;&nbsp; $12.55 | &nbsp;&nbsp; $12.51 | &nbsp;&nbsp; $15.38 | &nbsp;&nbsp; $14.92 |
| **TOTAL RETURN**<sup>2</sup> <br>| &nbsp;&nbsp; **11.82%** <br><sup>3</sup><br>| &nbsp;&nbsp; **(2.33%)**<br>| &nbsp;&nbsp; **8.04%** | &nbsp;&nbsp; **(14.32%)**<br>| &nbsp;&nbsp; **11.98%** | &nbsp;&nbsp; **43.13%** |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | &nbsp;&nbsp; $186725 | &nbsp;&nbsp; $182576 | &nbsp;&nbsp; $171349 | &nbsp;&nbsp; $140059 | &nbsp;&nbsp; $87241 | &nbsp;&nbsp; $50642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before any reimbursement, <br> waiver or recapture of expenses by Advisor and Administrator <br> (Note 4)<br>| &nbsp;&nbsp; 1.30% <br><sup>4</sup><br>| &nbsp;&nbsp; 1.28% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after any reimbursement, waiver <br> or recapture of expenses by Advisor and Administrator<br>| &nbsp;&nbsp; 1.16% <br><sup>4</sup><br>| &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.20% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 0.68% <br><sup>4</sup><br>| &nbsp;&nbsp; 0.03% | &nbsp;&nbsp; (0.02%)<br>| &nbsp;&nbsp; (0.29%)<br>| &nbsp;&nbsp; (0.25%)<br>| &nbsp;&nbsp; 0.09% |
| Portfolio turnover<sup>5</sup> <br>| &nbsp;&nbsp; 29.87% <br><sup>3</sup><br>| &nbsp;&nbsp; 58.51% | &nbsp;&nbsp; 49.16% | &nbsp;&nbsp; 31.53% | &nbsp;&nbsp; 65.56% | &nbsp;&nbsp; 84.60% |

---

&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 | Not annualized. |
| 4 | Annualized. |
| 5 | The portfolio turnover rate is calculated on the Fund as a whole without distinguishing between classes of shares issued. |
| 6 | Less than $0.01 per share. |

---

See accompanying notes to financial statements.

*matthewsasia.com* \| 800.789.ASIA **42**

------

Financial Highlights *(continued)*

*Matthews Emerging Markets Small Companies Fund*

The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  |
| <br>**INVESTOR CLASS** | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, beginning of period | &nbsp;&nbsp; $23.07 | &nbsp;&nbsp; $25.52 | &nbsp;&nbsp; $23.08 | &nbsp;&nbsp; $29.92 | &nbsp;&nbsp; $25.93 | &nbsp;&nbsp; $18.10 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.02)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation/depreciation on <br> investments, foreign currency related transactions and foreign <br> capital gains taxes<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.58 | &nbsp;&nbsp; (4.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.90 | &nbsp;&nbsp;&nbsp;&nbsp;7.92 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.58 | &nbsp;&nbsp; (4.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.73 | &nbsp;&nbsp;&nbsp;&nbsp;7.90 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<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>| &nbsp;&nbsp; (0.02)<br>|
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp; (1.86)<br>| &nbsp;&nbsp; (1.74)<br>| &nbsp;&nbsp; (0.07)<br>|
| Net Asset Value, end of period | &nbsp;&nbsp; $25.89 | &nbsp;&nbsp; $23.07 | &nbsp;&nbsp; $25.52 | &nbsp;&nbsp; $23.08 | &nbsp;&nbsp; $29.92 | &nbsp;&nbsp; $25.93 |
| **TOTAL RETURN**<sup>3</sup> <br>| &nbsp;&nbsp; **12.22%** <br><sup>4</sup><br>| &nbsp;&nbsp; **(6.07%)**<br>| &nbsp;&nbsp; **19.88%** | &nbsp;&nbsp; **(16.84%)**<br>| &nbsp;&nbsp; **22.14%** | &nbsp;&nbsp; **43.68%** |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | &nbsp;&nbsp; $172560 | &nbsp;&nbsp; $226939 | &nbsp;&nbsp; $287674 | &nbsp;&nbsp; $141254 | &nbsp;&nbsp; $176723 | &nbsp;&nbsp; $99573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before any reimbursement, <br> waiver or recapture of expenses by Advisor and Administrator <br> (Note 4)<br>| &nbsp;&nbsp; 1.53% <br><sup>5</sup><br>| &nbsp;&nbsp; 1.45% | &nbsp;&nbsp; 1.49% | &nbsp;&nbsp; 1.49% | &nbsp;&nbsp; 1.51% | &nbsp;&nbsp; 1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after any reimbursement, <br> waiver or recapture of expenses by Advisor and Administrator <br>| &nbsp;&nbsp; 1.41% <br><sup>5</sup><br>| &nbsp;&nbsp; 1.35% | &nbsp;&nbsp; 1.34% | &nbsp;&nbsp; 1.37% | &nbsp;&nbsp; 1.36% | &nbsp;&nbsp; 1.39% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 0.24% <br><sup>5</sup><br>| &nbsp;&nbsp; (0.06%)<br>| &nbsp;&nbsp; (0.01%)<br>| &nbsp;&nbsp; (0.24%)<br>| &nbsp;&nbsp; (0.55%)<br>| &nbsp;&nbsp; (0.11%)<br>|
| Portfolio turnover<sup>6</sup> <br>| &nbsp;&nbsp; 15.64% <br><sup>4</sup><br>| &nbsp;&nbsp; 43.13% | &nbsp;&nbsp; 26.92% | &nbsp;&nbsp; 27.85% | &nbsp;&nbsp; 50.82% | &nbsp;&nbsp; 111.87% |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  |
| <br>**INSTITUTIONAL CLASS** | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, beginning of period | &nbsp;&nbsp; $23.04 | &nbsp;&nbsp; $25.49 | &nbsp;&nbsp; $23.04 | &nbsp;&nbsp; $29.87 | &nbsp;&nbsp; $25.87 | &nbsp;&nbsp; $18.06 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &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;0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation/depreciation on <br> investments, foreign currency related transactions and foreign <br> capital gains taxes<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.58 | &nbsp;&nbsp; (4.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.88 | &nbsp;&nbsp;&nbsp;&nbsp;7.91 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.62 | &nbsp;&nbsp; (4.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.78 | &nbsp;&nbsp;&nbsp;&nbsp;7.92 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.09)<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>| &nbsp;&nbsp; (0.02)<br>|
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp; (2.17)<br>| &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (1.78)<br>| &nbsp;&nbsp; (0.11)<br>|
| Net Asset Value, end of period | &nbsp;&nbsp; $25.88 | &nbsp;&nbsp; $23.04 | &nbsp;&nbsp; $25.49 | &nbsp;&nbsp; $23.04 | &nbsp;&nbsp; $29.87 | &nbsp;&nbsp; $25.87 |
| **TOTAL RETURN**<sup>3</sup> <br>| &nbsp;&nbsp; **12.33%** <br><sup>4</sup><br>| &nbsp;&nbsp; **(5.84%)**<br>| &nbsp;&nbsp; **20.12%** | &nbsp;&nbsp; **(16.66%)**<br>| &nbsp;&nbsp; **22.39%** | &nbsp;&nbsp; **43.90%** |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | &nbsp;&nbsp; $340129 | &nbsp;&nbsp; $345038 | &nbsp;&nbsp; $327724 | &nbsp;&nbsp; $228194 | &nbsp;&nbsp; $221286 | &nbsp;&nbsp; $107569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before any reimbursement, <br> waiver or recapture of expenses by Advisor and Administrator <br> (Note 4)<br>| &nbsp;&nbsp; 1.37% <br><sup>5</sup><br>| &nbsp;&nbsp; 1.34% | &nbsp;&nbsp; 1.38% | &nbsp;&nbsp; 1.37% | &nbsp;&nbsp; 1.38% | &nbsp;&nbsp; 1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after any reimbursement, <br> waiver or recapture of expenses by Advisor and Administrator<br>| &nbsp;&nbsp; 1.17% <br><sup>5</sup><br>| &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.20% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 0.56% <br><sup>5</sup><br>| &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 0.16% | &nbsp;&nbsp; (0.01%)<br>| &nbsp;&nbsp; (0.34%)<br>| &nbsp;&nbsp; 0.08% |
| Portfolio turnover<sup>6</sup> <br>| &nbsp;&nbsp; 15.64% <br><sup>4</sup><br>| &nbsp;&nbsp; 43.13% | &nbsp;&nbsp; 26.92% | &nbsp;&nbsp; 27.85% | &nbsp;&nbsp; 50.82% | &nbsp;&nbsp; 111.87% |

---

&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 | Not annualized. |
| 5 | Annualized. |
| 6 | The portfolio turnover rate is calculated on the Fund as a whole without distinguishing between classes of shares issued. |

---

See accompanying notes to financial statements.

**43** MATTHEWS ASIA FUNDS

------

Financial Highlights *(continued)*

*Matthews Asia Growth Fund*

The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  |
| <br>**INVESTOR CLASS** | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, beginning of period | &nbsp;&nbsp; $22.39 | &nbsp;&nbsp; $21.19 | &nbsp;&nbsp; $20.84 | &nbsp;&nbsp; $31.99 | &nbsp;&nbsp; $39.44 | &nbsp;&nbsp; $28.10 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.11)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation/depreciation on <br> investments, foreign currency related transactions and foreign <br> capital gains taxes<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp; (10.49)<br>| &nbsp;&nbsp; (5.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.16 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp; (10.57)<br>| &nbsp;&nbsp; (5.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.05 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.15)<br>|
| Net realized gains on investments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (1.56)<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>| &nbsp;&nbsp; (1.71)<br>|
| Net Asset Value, end of period | &nbsp;&nbsp; $24.26 | &nbsp;&nbsp; $22.39 | &nbsp;&nbsp; $21.19 | &nbsp;&nbsp; $20.84 | &nbsp;&nbsp; $31.99 | &nbsp;&nbsp; $39.44 |
| **TOTAL RETURN**<sup>2</sup> <br>| &nbsp;&nbsp; **8.35%** <br><sup>3</sup><br>| &nbsp;&nbsp; **8.14%** | &nbsp;&nbsp; **3.53%** | &nbsp;&nbsp; **(33.12%)**<br>| &nbsp;&nbsp; **(14.65%)**<br>| &nbsp;&nbsp; **46.76%** |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | &nbsp;&nbsp; $113791 | &nbsp;&nbsp; $126698 | &nbsp;&nbsp; $162263 | &nbsp;&nbsp; $225923 | &nbsp;&nbsp; $568001 | &nbsp;&nbsp; $784085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before any reimbursement, <br> waiver or recapture of expenses by Advisor and Administrator <br> (Note 4)<br>| &nbsp;&nbsp; 1.38% <br><sup>4</sup><br>| &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after any reimbursement, <br> waiver or recapture of expenses by Advisor and Administrator <br>| &nbsp;&nbsp; 1.38% <br><sup>4</sup><br>| &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.08% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 0.35% <br><sup>4</sup><br>| &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.13% | &nbsp;&nbsp; (0.32%)<br>| &nbsp;&nbsp; (0.62%)<br>| &nbsp;&nbsp; (0.35%)<br>|
| Portfolio turnover<sup>5</sup> <br>| &nbsp;&nbsp; 43.71% <br><sup>3</sup><br>| &nbsp;&nbsp; 184.44% | &nbsp;&nbsp; 77.32% | &nbsp;&nbsp; 47.48% | &nbsp;&nbsp; 42.37% | &nbsp;&nbsp; 42.78% |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  |
| <br>**INSTITUTIONAL CLASS** | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, beginning of period | &nbsp;&nbsp; $22.68 | &nbsp;&nbsp; $21.46 | &nbsp;&nbsp; $21.11 | &nbsp;&nbsp; $32.33 | &nbsp;&nbsp; $39.82 | &nbsp;&nbsp; $28.34 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.07)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation/depreciation <br> on investments, foreign currency related transactions and <br> foreign capital gains taxes<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp; (10.60)<br>| &nbsp;&nbsp; (5.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.30 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp; (10.64)<br>| &nbsp;&nbsp; (5.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.23 |
| **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>| &nbsp;&nbsp; (0.19)<br>|
| Net realized gains on investments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (1.56)<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>| &nbsp;&nbsp; (1.75)<br>|
| Net Asset Value, end of period | &nbsp;&nbsp; $24.59 | &nbsp;&nbsp; $22.68 | &nbsp;&nbsp; $21.46 | &nbsp;&nbsp; $21.11 | &nbsp;&nbsp; $32.33 | &nbsp;&nbsp; $39.82 |
| **TOTAL RETURN**<sup>2</sup> <br>| &nbsp;&nbsp; **8.42%** <br><sup>3</sup><br>| &nbsp;&nbsp; **8.25%** | &nbsp;&nbsp; **3.69%** | &nbsp;&nbsp; **(32.99%)**<br>| &nbsp;&nbsp; **(14.55%)**<br>| &nbsp;&nbsp; **47.01%** |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | &nbsp;&nbsp; $95355 | &nbsp;&nbsp; $110008 | &nbsp;&nbsp; $209009 | &nbsp;&nbsp; $406155 | &nbsp;&nbsp; $1186769 | &nbsp;&nbsp; $1269702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before any <br> reimbursement, waiver or recapture of expenses by Advisor and <br> Administrator (Note 4)<br>| &nbsp;&nbsp; 1.24% <br><sup>4</sup><br>| &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after any reimbursement, <br> waiver or recapture of expenses by Advisor and Administrator<br>| &nbsp;&nbsp; 1.20% <br><sup>4</sup><br>| &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.95% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 0.52% <br><sup>4</sup><br>| &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; (0.15%)<br>| &nbsp;&nbsp; (0.47%)<br>| &nbsp;&nbsp; (0.23%)<br>|
| Portfolio turnover<sup>5</sup> <br>| &nbsp;&nbsp; 43.71% <br><sup>3</sup><br>| &nbsp;&nbsp; 184.44% | &nbsp;&nbsp; 77.32% | &nbsp;&nbsp; 47.48% | &nbsp;&nbsp; 42.37% | &nbsp;&nbsp; 42.78% |

---

&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 | Not annualized. |
| 4 | Annualized. |
| 5 | The portfolio turnover rate is calculated on the Fund as a whole without distinguishing between classes of shares issued. |

---

See accompanying notes to financial statements.

*matthewsasia.com* \| 800.789.ASIA **44**

------

Financial Highlights *(continued)*

*Matthews Pacific Tiger Fund*

The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  |
| <br>**INVESTOR CLASS** | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, beginning of period | &nbsp;&nbsp; $17.68 | &nbsp;&nbsp; $18.62 | &nbsp;&nbsp; $20.16 | &nbsp;&nbsp; $27.54 | &nbsp;&nbsp; $34.94 | &nbsp;&nbsp; $28.74 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &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;0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized <br> appreciation/depreciation on investments, foreign currency <br> related transactions and foreign capital gains taxes<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (5.75)<br>| &nbsp;&nbsp; (1.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.10 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp; (5.66)<br>| &nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.20 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.08)<br>|
| Net realized gains on investments | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp; (5.86)<br>| &nbsp;&nbsp; (1.92)<br>|
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.58)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp; (5.86)<br>| &nbsp;&nbsp; (2.00)<br>|
| Net Asset Value, end of period | &nbsp;&nbsp; $19.52 | &nbsp;&nbsp; $17.68 | &nbsp;&nbsp; $18.62 | &nbsp;&nbsp; $20.16 | &nbsp;&nbsp; $27.54 | &nbsp;&nbsp; $34.94 |
| **TOTAL RETURN**<sup>2</sup> <br>| &nbsp;&nbsp; **10.41%** <br><sup>3</sup><br>| &nbsp;&nbsp; **3.41%** | &nbsp;&nbsp; **(4.87%)**<br>| &nbsp;&nbsp; **(20.73%)**<br>| &nbsp;&nbsp; **(4.41%)**<br>| &nbsp;&nbsp; **28.83%** |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | &nbsp;&nbsp; $428937 | &nbsp;&nbsp; $456099 | &nbsp;&nbsp; $707717 | &nbsp;&nbsp; $1081347 | &nbsp;&nbsp; $1835266 | &nbsp;&nbsp; $2585654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before any <br> reimbursement, waiver or recapture of expenses by Advisor <br> and Administrator (Note 4)<br>| &nbsp;&nbsp; 1.31% <br><sup>4</sup><br>| &nbsp;&nbsp; 1.22% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after any <br> reimbursement, waiver or recapture of expenses by Advisor <br> and Administrator <br>| &nbsp;&nbsp; 1.31% <br><sup>4</sup><br>| &nbsp;&nbsp; 1.22% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.06% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 0.88% <br><sup>4</sup><br>| &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.17% | &nbsp;&nbsp; 0.35% |
| Portfolio turnover<sup>5</sup> <br>| &nbsp;&nbsp; 64.60% <br><sup>3</sup><br>| &nbsp;&nbsp; 386.73% | &nbsp;&nbsp; 14.78% | &nbsp;&nbsp; 5.61% | &nbsp;&nbsp; 46.64% | &nbsp;&nbsp; 38.11% |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  |
| <br>**INSTITUTIONAL CLASS** | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, beginning of period | &nbsp;&nbsp; $17.67 | &nbsp;&nbsp; $18.61 | &nbsp;&nbsp; $20.16 | &nbsp;&nbsp; $27.50 | &nbsp;&nbsp; $34.90 | &nbsp;&nbsp; $28.71 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &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;0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized <br> appreciation/depreciation on investments, foreign currency <br> related transactions and foreign capital gains taxes<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (5.73)<br>| &nbsp;&nbsp; (1.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.11 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp; (5.62)<br>| &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.24 |
| **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>| &nbsp;&nbsp; (0.13)<br>|
| Net realized gains on investments | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp; (5.86)<br>| &nbsp;&nbsp; (1.92)<br>|
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.60)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp; (5.91)<br>| &nbsp;&nbsp; (2.05)<br>|
| Net Asset Value, end of period | &nbsp;&nbsp; $19.53 | &nbsp;&nbsp; $17.67 | &nbsp;&nbsp; $18.61 | &nbsp;&nbsp; $20.16 | &nbsp;&nbsp; $27.50 | &nbsp;&nbsp; $34.90 |
| **TOTAL RETURN**<sup>2</sup> <br>| &nbsp;&nbsp; **10.53%** <br><sup>3</sup><br>| &nbsp;&nbsp; **3.56%** | &nbsp;&nbsp; **(4.75%)**<br>| &nbsp;&nbsp; **(20.62%)**<br>| &nbsp;&nbsp; **(4.29%)**<br>| &nbsp;&nbsp; **28.98%** |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | &nbsp;&nbsp; $278160 | &nbsp;&nbsp; $361573 | &nbsp;&nbsp; $1221317 | &nbsp;&nbsp; $2607437 | &nbsp;&nbsp; $5357198 | &nbsp;&nbsp; $6172995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before any <br> reimbursement, waiver or recapture of expenses by Advisor <br> and Administrator (Note 4)<br>| &nbsp;&nbsp; 1.18% <br><sup>4</sup><br>| &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.94% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after any <br> reimbursement, waiver or recapture of expenses by Advisor <br> and Administrator<br>| &nbsp;&nbsp; 1.18% <br><sup>4</sup><br>| &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.92% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 0.94% <br><sup>4</sup><br>| &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.48% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.46% |
| Portfolio turnover<sup>5</sup> <br>| &nbsp;&nbsp; 64.60% <br><sup>3</sup><br>| &nbsp;&nbsp; 386.73% | &nbsp;&nbsp; 14.78% | &nbsp;&nbsp; 5.61% | &nbsp;&nbsp; 46.64% | &nbsp;&nbsp; 38.11% |

---

&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 | Not annualized. |
| 4 | Annualized. |
| 5 | The portfolio turnover rate is calculated on the Fund as a whole without distinguishing between classes of shares issued. |

---

See accompanying notes to financial statements.

**45** MATTHEWS ASIA FUNDS

------

Financial Highlights *(continued)*

*Matthews Asia Innovators Fund*

The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  |
| <br>**INVESTOR CLASS** | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, beginning of period | &nbsp;&nbsp; $12.94 | &nbsp;&nbsp; $11.11 | &nbsp;&nbsp; $11.31 | &nbsp;&nbsp; $18.86 | &nbsp;&nbsp; $26.70 | &nbsp;&nbsp; $14.55 |
| **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; (0.06)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.11)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation/depreciation on <br> investments, foreign currency related transactions and foreign <br> capital gains taxes<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (4.49)<br>| &nbsp;&nbsp; (3.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.71 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (4.55)<br>| &nbsp;&nbsp; (3.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.60 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; — | &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>| &nbsp;&nbsp; (0.45)<br>|
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; (3.00)<br>| &nbsp;&nbsp; (4.34)<br>| &nbsp;&nbsp; (0.45)<br>|
| Net Asset Value, end of period | &nbsp;&nbsp; $14.61 | &nbsp;&nbsp; $12.94 | &nbsp;&nbsp; $11.11 | &nbsp;&nbsp; $11.31 | &nbsp;&nbsp; $18.86 | &nbsp;&nbsp; $26.70 |
| **TOTAL RETURN**<sup>3</sup> <br>| &nbsp;&nbsp; **12.91%** <br><sup>4</sup><br>| &nbsp;&nbsp; **16.47%** | &nbsp;&nbsp; **(1.77%)**<br>| &nbsp;&nbsp; **(24.80%)**<br>| &nbsp;&nbsp; **(13.10%)**<br>| &nbsp;&nbsp; **86.72%** |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | &nbsp;&nbsp; $171781 | &nbsp;&nbsp; $161552 | &nbsp;&nbsp; $177070 | &nbsp;&nbsp; $272950 | &nbsp;&nbsp; $465207 | &nbsp;&nbsp; $631101 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.31% <br><sup>5</sup><br>| &nbsp;&nbsp; 1.29% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 1.10% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 0.09% <br><sup>5</sup><br>| &nbsp;&nbsp; (0.18%)<br>| &nbsp;&nbsp; (0.21%)<br>| &nbsp;&nbsp; (0.40%)<br>| &nbsp;&nbsp; (0.59%)<br>| &nbsp;&nbsp; (0.60%)<br>|
| Portfolio turnover<sup>6</sup> <br>| &nbsp;&nbsp; 50.43% <br><sup>4</sup><br>| &nbsp;&nbsp; 257.92% | &nbsp;&nbsp; 248.19% | &nbsp;&nbsp; 118.08% | &nbsp;&nbsp; 220.45% | &nbsp;&nbsp; 119.81% |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  |
| <br>**INSTITUTIONAL CLASS** | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, beginning of period | &nbsp;&nbsp; $13.15 | &nbsp;&nbsp; $11.28 | &nbsp;&nbsp; $11.49 | &nbsp;&nbsp; $19.08 | &nbsp;&nbsp; $26.91 | &nbsp;&nbsp; $14.64 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.09)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation/depreciation on <br> investments, foreign currency related transactions and foreign <br> capital gains taxes<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (4.55)<br>| &nbsp;&nbsp; (3.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.81 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (4.59)<br>| &nbsp;&nbsp; (3.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.72 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &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>| &nbsp;&nbsp; (0.45)<br>|
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (3.00)<br>| &nbsp;&nbsp; (4.34)<br>| &nbsp;&nbsp; (0.45)<br>|
| Net Asset Value, end of period | &nbsp;&nbsp; $14.86 | &nbsp;&nbsp; $13.15 | &nbsp;&nbsp; $11.28 | &nbsp;&nbsp; $11.49 | &nbsp;&nbsp; $19.08 | &nbsp;&nbsp; $26.91 |
| **TOTAL RETURN**<sup>3</sup> <br>| &nbsp;&nbsp; **13.00%** <br><sup>4</sup><br>| &nbsp;&nbsp; **16.58%** | &nbsp;&nbsp; **(1.62%)**<br>| &nbsp;&nbsp; **(24.73%)**<br>| &nbsp;&nbsp; **(12.97%)**<br>| &nbsp;&nbsp; **87.01%** |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | &nbsp;&nbsp; $114431 | &nbsp;&nbsp; $85321 | &nbsp;&nbsp; $135882 | &nbsp;&nbsp; $199368 | &nbsp;&nbsp; $930562 | &nbsp;&nbsp; $1094356 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.19% <br><sup>5</sup><br>| &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.95% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 0.24% <br><sup>5</sup><br>| &nbsp;&nbsp; (0.05%)<br>| &nbsp;&nbsp; (0.11%)<br>| &nbsp;&nbsp; (0.27%)<br>| &nbsp;&nbsp; (0.43%)<br>| &nbsp;&nbsp; (0.44%)<br>|
| Portfolio turnover<sup>6</sup> <br>| &nbsp;&nbsp; 50.43% <br><sup>4</sup><br>| &nbsp;&nbsp; 257.92% | &nbsp;&nbsp; 248.19% | &nbsp;&nbsp; 118.08% | &nbsp;&nbsp; 220.45% | &nbsp;&nbsp; 119.81% |

---

&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 | Not annualized. |
| 5 | Annualized. |
| 6 | The portfolio turnover rate is calculated on the Fund as a whole without distinguishing between classes of shares issued. |

---

See accompanying notes to financial statements.

*matthewsasia.com* \| 800.789.ASIA **46**

------

Financial Highlights *(continued)*

*Matthews China Fund*

The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  |
| <br>**INVESTOR CLASS** | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, beginning of period | &nbsp;&nbsp; $13.44 | &nbsp;&nbsp; $11.62 | &nbsp;&nbsp; $14.50 | &nbsp;&nbsp; $20.58 | &nbsp;&nbsp; $27.00 | &nbsp;&nbsp; $19.12 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &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;0.05 |
| &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;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp; (2.88)<br>| &nbsp;&nbsp; (4.99)<br>| &nbsp;&nbsp; (3.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.17 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp; (2.79)<br>| &nbsp;&nbsp; (4.99)<br>| &nbsp;&nbsp; (3.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.22 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.06)<br>|
| Net realized gains on investments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (3.15)<br>| &nbsp;&nbsp; (0.28)<br>|
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (3.20)<br>| &nbsp;&nbsp; (0.34)<br>|
| Net Asset Value, end of period | &nbsp;&nbsp; $14.97 | &nbsp;&nbsp; $13.44 | &nbsp;&nbsp; $11.62 | &nbsp;&nbsp; $14.50 | &nbsp;&nbsp; $20.58 | &nbsp;&nbsp; $27.00 |
| **TOTAL RETURN**<sup>3</sup> <br>| &nbsp;&nbsp; **11.38%** <br><sup>4</sup><br>| &nbsp;&nbsp; **17.87%** | &nbsp;&nbsp; **(19.22%)**<br>| &nbsp;&nbsp; **(24.40%)**<br>| &nbsp;&nbsp; **(12.26%)**<br>| &nbsp;&nbsp; **43.05%** |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | &nbsp;&nbsp; $295525 | &nbsp;&nbsp; $280761 | &nbsp;&nbsp; $300132 | &nbsp;&nbsp; $448623 | &nbsp;&nbsp; $710844 | &nbsp;&nbsp; $962714 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.29% <br><sup>5</sup><br>| &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 1.09% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 1.45% <br><sup>5</sup><br>| &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; (0.01%)<br>| &nbsp;&nbsp; 0.13% | &nbsp;&nbsp; 0.22% |
| Portfolio turnover<sup>6</sup> <br>| &nbsp;&nbsp; 15.51% <br><sup>4</sup><br>| &nbsp;&nbsp; 49.99% | &nbsp;&nbsp; 49.60% | &nbsp;&nbsp; 49.38% | &nbsp;&nbsp; 92.28% | &nbsp;&nbsp; 52.64% |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  |
| <br>**INSTITUTIONAL CLASS** | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, beginning of period | &nbsp;&nbsp; $13.42 | &nbsp;&nbsp; $11.60 | &nbsp;&nbsp; $14.48 | &nbsp;&nbsp; $20.53 | &nbsp;&nbsp; $26.94 | &nbsp;&nbsp; $19.08 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &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;0.09 |
| &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;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp; (2.88)<br>| &nbsp;&nbsp; (4.97)<br>| &nbsp;&nbsp; (3.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.15 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp; (2.77)<br>| &nbsp;&nbsp; (4.96)<br>| &nbsp;&nbsp; (3.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.24 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.10)<br>| &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>| &nbsp;&nbsp; (0.28)<br>|
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (3.25)<br>| &nbsp;&nbsp; (0.38)<br>|
| Net Asset Value, end of period | &nbsp;&nbsp; $14.96 | &nbsp;&nbsp; $13.42 | &nbsp;&nbsp; $11.60 | &nbsp;&nbsp; $14.48 | &nbsp;&nbsp; $20.53 | &nbsp;&nbsp; $26.94 |
| **TOTAL RETURN**<sup>3</sup> <br>| &nbsp;&nbsp; **11.48%** <br><sup>4</sup><br>| &nbsp;&nbsp; **17.95%** | &nbsp;&nbsp; **(19.11%)**<br>| &nbsp;&nbsp; **(24.31%)**<br>| &nbsp;&nbsp; **(12.07%)**<br>| &nbsp;&nbsp; **43.23%** |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | &nbsp;&nbsp; $82670 | &nbsp;&nbsp; $69192 | &nbsp;&nbsp; $148327 | &nbsp;&nbsp; $297165 | &nbsp;&nbsp; $630966 | &nbsp;&nbsp; $546157 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.16% <br><sup>5</sup><br>| &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.93% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 1.63% <br><sup>5</sup><br>| &nbsp;&nbsp; 1.76% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.07% | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.40% |
| Portfolio turnover<sup>6</sup> <br>| &nbsp;&nbsp; 15.51% <br><sup>4</sup><br>| &nbsp;&nbsp; 49.99% | &nbsp;&nbsp; 49.60% | &nbsp;&nbsp; 49.38% | &nbsp;&nbsp; 92.28% | &nbsp;&nbsp; 52.64% |

---

&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 | Not annualized. |
| 5 | Annualized. |
| 6 | The portfolio turnover rate is calculated on the Fund as a whole without distinguishing between classes of shares issued. |

---

See accompanying notes to financial statements.

**47** MATTHEWS ASIA FUNDS

------

Financial Highlights *(continued)*

*Matthews China Small Companies Fund*

The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  |
| <br>**INVESTOR CLASS** | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, beginning of period | &nbsp;&nbsp; $9.08 | &nbsp;&nbsp; $8.95 | &nbsp;&nbsp; $11.11 | &nbsp;&nbsp; $16.44 | &nbsp;&nbsp; $19.86 | &nbsp;&nbsp; $12.84 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &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; (0.03)<br>|
| &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;0.86 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (1.96)<br>| &nbsp;&nbsp; (5.15)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.42 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp; (5.13)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.39 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.13)<br>|
| Net realized gains on investments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (3.24)<br>|
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (2.71)<br>| &nbsp;&nbsp; (3.37)<br>|
| Net Asset Value, end of period | &nbsp;&nbsp; $10.00 | &nbsp;&nbsp; $9.08 | &nbsp;&nbsp; $8.95 | &nbsp;&nbsp; $11.11 | &nbsp;&nbsp; $16.44 | &nbsp;&nbsp; $19.86 |
| **TOTAL RETURN**<sup>2</sup> <br>| &nbsp;&nbsp; **10.13%** <br><sup>3</sup><br>| &nbsp;&nbsp; **2.82%** | &nbsp;&nbsp; **(17.51%)**<br>| &nbsp;&nbsp; **(31.26%)**<br>| &nbsp;&nbsp; **(3.59%)**<br>| &nbsp;&nbsp; **82.52%** |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | &nbsp;&nbsp; $47010 | &nbsp;&nbsp; $48596 | &nbsp;&nbsp; $66174 | &nbsp;&nbsp; $114440 | &nbsp;&nbsp; $218398 | &nbsp;&nbsp; $285717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before any reimbursement, <br> waiver or recapture of expenses by Advisor and Administrator <br> (Note 4)<br>| &nbsp;&nbsp; 1.61% <br><sup>4</sup><br>| &nbsp;&nbsp; 1.61% | &nbsp;&nbsp; 1.55% | &nbsp;&nbsp; 1.55% | &nbsp;&nbsp; 1.48% | &nbsp;&nbsp; 1.52% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after any reimbursement, waiver <br> or recapture of expenses by Advisor and Administrator <br>| &nbsp;&nbsp; 1.43% <br><sup>4</sup><br>| &nbsp;&nbsp; 1.40% | &nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.43% | &nbsp;&nbsp; 1.43% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 1.30% <br><sup>4</sup><br>| &nbsp;&nbsp; 2.91% | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; 0.17% | &nbsp;&nbsp; 0.44% | &nbsp;&nbsp; (0.14%)<br>|
| Portfolio turnover<sup>5</sup> <br>| &nbsp;&nbsp; 11.77% <br><sup>3</sup><br>| &nbsp;&nbsp; 54.39% | &nbsp;&nbsp; 59.05% | &nbsp;&nbsp; 59.00% | &nbsp;&nbsp; 119.65% | &nbsp;&nbsp; 152.86% |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  |
| <br>**INSTITUTIONAL CLASS** | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, beginning of period | &nbsp;&nbsp; $9.06 | &nbsp;&nbsp; $8.94 | &nbsp;&nbsp; $11.12 | &nbsp;&nbsp; $16.47 | &nbsp;&nbsp; $19.90 | &nbsp;&nbsp; $12.86 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &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;0.04 |
| &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;0.87 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (1.98)<br>| &nbsp;&nbsp; (5.17)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.42 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp; (1.94)<br>| &nbsp;&nbsp; (5.11)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.46 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.18)<br>|
| Net realized gains on investments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (3.24)<br>|
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (2.76)<br>| &nbsp;&nbsp; (3.42)<br>|
| Net Asset Value, end of period | &nbsp;&nbsp; $10.00 | &nbsp;&nbsp; $9.06 | &nbsp;&nbsp; $8.94 | &nbsp;&nbsp; $11.12 | &nbsp;&nbsp; $16.47 | &nbsp;&nbsp; $19.90 |
| **TOTAL RETURN**<sup>2</sup> <br>| &nbsp;&nbsp; **10.38%** <br><sup>3</sup><br>| &nbsp;&nbsp; **2.97%** | &nbsp;&nbsp; **(17.37%)**<br>| &nbsp;&nbsp; **(31.08%)**<br>| &nbsp;&nbsp; **(3.35%)**<br>| &nbsp;&nbsp; **82.89%** |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | &nbsp;&nbsp; $15272 | &nbsp;&nbsp; $15796 | &nbsp;&nbsp; $22983 | &nbsp;&nbsp; $40322 | &nbsp;&nbsp; $162770 | &nbsp;&nbsp; $98052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before any reimbursement, <br> waiver or recapture of expenses by Advisor and Administrator (Note 4)<br>| &nbsp;&nbsp; 1.48% <br><sup>4</sup><br>| &nbsp;&nbsp; 1.50% | &nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.38% | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 1.37% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after any reimbursement, waiver <br> or recapture of expenses by Advisor and Administrator<br>| &nbsp;&nbsp; 1.20% <br><sup>4</sup><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; 1.48% <br><sup>4</sup><br>| &nbsp;&nbsp; 3.03% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.47% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.20% |
| Portfolio turnover<sup>5</sup> <br>| &nbsp;&nbsp; 11.77% <br><sup>3</sup><br>| &nbsp;&nbsp; 54.39% | &nbsp;&nbsp; 59.05% | &nbsp;&nbsp; 59.00% | &nbsp;&nbsp; 119.65% | &nbsp;&nbsp; 152.86% |

---

&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 | Not annualized. |
| 4 | Annualized. |
| 5 | The portfolio turnover rate is calculated on the Fund as a whole without distinguishing between classes of shares issued. |

---

See accompanying notes to financial statements.

*matthewsasia.com* \| 800.789.ASIA **48**

------

Financial Highlights *(continued)*

*Matthews India Fund*

The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  |
| <br>**INVESTOR CLASS** | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, beginning of period | &nbsp;&nbsp; $25.33 | &nbsp;&nbsp; $26.37 | &nbsp;&nbsp; $22.09 | &nbsp;&nbsp; $28.17 | &nbsp;&nbsp; $26.29 | &nbsp;&nbsp; $23.27 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp; (0.05)<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;0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation/depreciation on <br> investments, foreign currency related transactions and foreign <br> capital gains taxes<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;2.90 | &nbsp;&nbsp;&nbsp;&nbsp;5.10 | &nbsp;&nbsp; (2.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.81 | &nbsp;&nbsp;&nbsp;&nbsp;3.81 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;2.77 | &nbsp;&nbsp;&nbsp;&nbsp;5.09 | &nbsp;&nbsp; (2.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.70 | &nbsp;&nbsp;&nbsp;&nbsp;3.82 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized gains on investments | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.81)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (3.38)<br>| &nbsp;&nbsp; (2.82)<br>| &nbsp;&nbsp; (0.80)<br>|
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.81)<br>| &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp; (3.38)<br>| &nbsp;&nbsp; (2.82)<br>| &nbsp;&nbsp; (0.80)<br>|
| Net Asset Value, end of period | &nbsp;&nbsp; $25.68 | &nbsp;&nbsp; $25.33 | &nbsp;&nbsp; $26.37 | &nbsp;&nbsp; $22.09 | &nbsp;&nbsp; $28.17 | &nbsp;&nbsp; $26.29 |
| **TOTAL RETURN**<sup>3</sup> <br>| &nbsp;&nbsp; **1.38%** <br><sup>4</sup><br>| &nbsp;&nbsp; **10.29%** | &nbsp;&nbsp; **23.10%** | &nbsp;&nbsp; **(9.92%)**<br>| &nbsp;&nbsp; **18.11%** | &nbsp;&nbsp; **16.51%** |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | &nbsp;&nbsp; $618801 | &nbsp;&nbsp; $680284 | &nbsp;&nbsp; $614103 | &nbsp;&nbsp; $505764 | &nbsp;&nbsp; $635067 | &nbsp;&nbsp; $617908 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.30% <br><sup>5</sup><br>| &nbsp;&nbsp; 1.22% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.15% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.39% )<sup>5</sup><br>| &nbsp;&nbsp; (0.45%)<br>| &nbsp;&nbsp; (0.04%)<br>| &nbsp;&nbsp; (0.45%)<br>| &nbsp;&nbsp; (0.38%)<br>| &nbsp;&nbsp; 0.05% |
| Portfolio turnover<sup>6</sup> <br>| &nbsp;&nbsp; 31.49% <br><sup>4</sup><br>| &nbsp;&nbsp; 82.99% | &nbsp;&nbsp; 50.98% | &nbsp;&nbsp; 41.35% | &nbsp;&nbsp; 42.50% | &nbsp;&nbsp; 57.38% |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  |
| <br>**INSTITUTIONAL CLASS** | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, beginning of period | &nbsp;&nbsp; $25.95 | &nbsp;&nbsp; $26.93 | &nbsp;&nbsp; $22.54 | &nbsp;&nbsp; $28.64 | &nbsp;&nbsp; $26.65 | &nbsp;&nbsp; $23.55 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp; (0.03)<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;0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation/depreciation on <br> investments, foreign currency related transactions and foreign capital <br> gains taxes<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;2.97 | &nbsp;&nbsp;&nbsp;&nbsp;5.21 | &nbsp;&nbsp; (2.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.87 | &nbsp;&nbsp;&nbsp;&nbsp;3.85 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.87 | &nbsp;&nbsp;&nbsp;&nbsp;5.23 | &nbsp;&nbsp; (2.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.81 | &nbsp;&nbsp;&nbsp;&nbsp;3.90 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized gains on investments | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.81)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (3.38)<br>| &nbsp;&nbsp; (2.82)<br>| &nbsp;&nbsp; (0.80)<br>|
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.85)<br>| &nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp; (3.38)<br>| &nbsp;&nbsp; (2.82)<br>| &nbsp;&nbsp; (0.80)<br>|
| Net Asset Value, end of period | &nbsp;&nbsp; $26.33 | &nbsp;&nbsp; $25.95 | &nbsp;&nbsp; $26.93 | &nbsp;&nbsp; $22.54 | &nbsp;&nbsp; $28.64 | &nbsp;&nbsp; $26.65 |
| **TOTAL RETURN**<sup>3</sup> <br>| &nbsp;&nbsp; **1.47%** <br><sup>4</sup><br>| &nbsp;&nbsp; **10.43%** | &nbsp;&nbsp; **23.32%** | &nbsp;&nbsp; **(9.83%)**<br>| &nbsp;&nbsp; **18.28%** | &nbsp;&nbsp; **16.65%** |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | &nbsp;&nbsp; $169346 | &nbsp;&nbsp; $180150 | &nbsp;&nbsp; $149023 | &nbsp;&nbsp; $97018 | &nbsp;&nbsp; $128708 | &nbsp;&nbsp; $90053 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.16% <br><sup>5</sup><br>| &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 1.03% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.26% )<sup>5</sup><br>| &nbsp;&nbsp; (0.33%)<br>| &nbsp;&nbsp; 0.07% | &nbsp;&nbsp; (0.31%)<br>| &nbsp;&nbsp; (0.19%)<br>| &nbsp;&nbsp; 0.24% |
| Portfolio turnover<sup>6</sup> <br>| &nbsp;&nbsp; 31.49% <br><sup>4</sup><br>| &nbsp;&nbsp; 82.99% | &nbsp;&nbsp; 50.98% | &nbsp;&nbsp; 41.35% | &nbsp;&nbsp; 42.50% | &nbsp;&nbsp; 57.38% |

---

&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 | Not annualized. |
| 5 | Annualized. |
| 6 | The portfolio turnover rate is calculated on the Fund as a whole without distinguishing between classes of shares issued. |

---

See accompanying notes to financial statements.

**49** MATTHEWS ASIA FUNDS

------

Financial Highlights *(continued)*

*Matthews Japan Fund*

The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  |
| <br>**INVESTOR CLASS** | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, beginning of period | &nbsp;&nbsp; $20.03 | &nbsp;&nbsp; $17.58 | &nbsp;&nbsp; $14.90 | &nbsp;&nbsp; $22.09 | &nbsp;&nbsp; $25.27 | &nbsp;&nbsp; $21.51 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &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;0.07 |
| &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;2.67 | &nbsp;&nbsp;&nbsp;&nbsp;2.77 | &nbsp;&nbsp;&nbsp;&nbsp;2.59 | &nbsp;&nbsp; (6.19)<br>| &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.25 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;2.74 | &nbsp;&nbsp;&nbsp;&nbsp;2.88 | &nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp; (6.12)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.32 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.13)<br>|
| Net realized gains on investments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (2.51)<br>| &nbsp;&nbsp; (2.43)<br>|
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (2.75)<br>| &nbsp;&nbsp; (2.56)<br>|
| Net Asset Value, end of period | &nbsp;&nbsp; $22.77 | &nbsp;&nbsp; $20.03 | &nbsp;&nbsp; $17.58 | &nbsp;&nbsp; $14.90 | &nbsp;&nbsp; $22.09 | &nbsp;&nbsp; $25.27 |
| **TOTAL RETURN**<sup>2</sup> <br>| &nbsp;&nbsp; **13.68%** <br><sup>3</sup><br>| &nbsp;&nbsp; **16.38%** | &nbsp;&nbsp; **17.99%** | &nbsp;&nbsp; **(27.85%)**<br>| &nbsp;&nbsp; **(1.92%)**<br>| &nbsp;&nbsp; **29.82%** |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | &nbsp;&nbsp; $264780 | &nbsp;&nbsp; $246422 | &nbsp;&nbsp; $239578 | &nbsp;&nbsp; $208329 | &nbsp;&nbsp; $373739 | &nbsp;&nbsp; $1101820 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.17% <br><sup>4</sup><br>| &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.95% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 0.69% <br><sup>4</sup><br>| &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.41% | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.31% |
| Portfolio turnover<sup>5</sup> <br>| &nbsp;&nbsp; 51.72% <br><sup>3</sup><br>| &nbsp;&nbsp; 88.02% | &nbsp;&nbsp; 100.59% | &nbsp;&nbsp; 83.38% | &nbsp;&nbsp; 70.30% | &nbsp;&nbsp; 62.03% |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  |
| <br>**INSTITUTIONAL CLASS** | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, beginning of period | &nbsp;&nbsp; $20.09 | &nbsp;&nbsp; $17.63 | &nbsp;&nbsp; $14.93 | &nbsp;&nbsp; $22.13 | &nbsp;&nbsp; $25.32 | &nbsp;&nbsp; $21.55 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &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;0.05 |
| &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;2.68 | &nbsp;&nbsp;&nbsp;&nbsp;2.77 | &nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp; (6.22)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.29 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;2.76 | &nbsp;&nbsp;&nbsp;&nbsp;2.90 | &nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp; (6.13)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.34 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.14)<br>|
| Net realized gains on investments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (2.51)<br>| &nbsp;&nbsp; (2.43)<br>|
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (2.78)<br>| &nbsp;&nbsp; (2.57)<br>|
| Net Asset Value, end of period | &nbsp;&nbsp; $22.85 | &nbsp;&nbsp; $20.09 | &nbsp;&nbsp; $17.63 | &nbsp;&nbsp; $14.93 | &nbsp;&nbsp; $22.13 | &nbsp;&nbsp; $25.32 |
| **TOTAL RETURN**<sup>2</sup> <br>| &nbsp;&nbsp; **13.74%** <br><sup>3</sup><br>| &nbsp;&nbsp; **16.48%** | &nbsp;&nbsp; **18.08%** | &nbsp;&nbsp; **(27.84%)**<br>| &nbsp;&nbsp; **(1.83%)**<br>| &nbsp;&nbsp; **29.85%** |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | &nbsp;&nbsp; $417542 | &nbsp;&nbsp; $391746 | &nbsp;&nbsp; $415920 | &nbsp;&nbsp; $413807 | &nbsp;&nbsp; $1170380 | &nbsp;&nbsp; $548968 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.10% <br><sup>4</sup><br>| &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.91% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 0.81% <br><sup>4</sup><br>| &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.22% | &nbsp;&nbsp; 0.25% |
| Portfolio turnover<sup>5</sup> <br>| &nbsp;&nbsp; 51.72% <br><sup>3</sup><br>| &nbsp;&nbsp; 88.02% | &nbsp;&nbsp; 100.59% | &nbsp;&nbsp; 83.38% | &nbsp;&nbsp; 70.30% | &nbsp;&nbsp; 62.03% |

---

&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 | Not annualized. |
| 4 | Annualized. |
| 5 | The portfolio turnover rate is calculated on the Fund as a whole without distinguishing between classes of shares issued. |

---

See accompanying notes to financial statements.

*matthewsasia.com* \| 800.789.ASIA **50**

------

Financial Highlights *(continued)*

*Matthews Asia Dividend Fund*

The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  |
| <br>**INVESTOR CLASS** | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, beginning of period | &nbsp;&nbsp; $14.08 | &nbsp;&nbsp; $13.70 | &nbsp;&nbsp; $13.24 | &nbsp;&nbsp; $18.94 | &nbsp;&nbsp; $22.63 | &nbsp;&nbsp; $17.47 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &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;0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation/depreciation <br> on investments, foreign currency related transactions and <br> foreign capital gains taxes<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp; (5.72)<br>| &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.23 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp; (5.59)<br>| &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.38 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.22)<br>|
| Net realized gains on investments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.87)<br>| &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (3.06)<br>| &nbsp;&nbsp; (0.22)<br>|
| Net Asset Value, end of period | &nbsp;&nbsp; $15.83 | &nbsp;&nbsp; $14.08 | &nbsp;&nbsp; $13.70 | &nbsp;&nbsp; $13.24 | &nbsp;&nbsp; $18.94 | &nbsp;&nbsp; $22.63 |
| **TOTAL RETURN**<sup>2</sup> <br>| &nbsp;&nbsp; **12.53%** <br><sup>3</sup><br>| &nbsp;&nbsp; **5.92%** | &nbsp;&nbsp; **4.69%** | &nbsp;&nbsp; **(29.57%)**<br>| &nbsp;&nbsp; **(2.83%)**<br>| &nbsp;&nbsp; **31.25%** |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | &nbsp;&nbsp; $259961 | &nbsp;&nbsp; $271633 | &nbsp;&nbsp; $401341 | &nbsp;&nbsp; $602694 | &nbsp;&nbsp; $1586460 | &nbsp;&nbsp; $2292262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before any <br> reimbursement, waiver or recapture of expenses by Advisor and <br> Administrator (Note 4)<br>| &nbsp;&nbsp; 1.26% <br><sup>4</sup><br>| &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after any reimbursement, <br> waiver or recapture of expenses by Advisor and Administrator <br>| &nbsp;&nbsp; 1.26% <br><sup>4</sup><br>| &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.02% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 1.78% <br><sup>4</sup><br>| &nbsp;&nbsp; 1.57% | &nbsp;&nbsp; 1.43% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.85% |
| Portfolio turnover<sup>5</sup> <br>| &nbsp;&nbsp; 49.05% <br><sup>3</sup><br>| &nbsp;&nbsp; 16.81% | &nbsp;&nbsp; 75.88% | &nbsp;&nbsp; 50.75% | &nbsp;&nbsp; 47.41% | &nbsp;&nbsp; 37.73% |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  |
| <br>**INSTITUTIONAL CLASS** | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, beginning of period | &nbsp;&nbsp; $14.06 | &nbsp;&nbsp; $13.68 | &nbsp;&nbsp; $13.23 | &nbsp;&nbsp; $18.94 | &nbsp;&nbsp; $22.62 | &nbsp;&nbsp; $17.47 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &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;0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized <br> appreciation/depreciation on investments, foreign currency <br> related transactions and foreign capital gains taxes<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp; (5.72)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.22 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp; (5.58)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.38 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.23)<br>|
| Net realized gains on investments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.87)<br>| &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (3.09)<br>| &nbsp;&nbsp; (0.23)<br>|
| Net Asset Value, end of period | &nbsp;&nbsp; $15.82 | &nbsp;&nbsp; $14.06 | &nbsp;&nbsp; $13.68 | &nbsp;&nbsp; $13.23 | &nbsp;&nbsp; $18.94 | &nbsp;&nbsp; $22.62 |
| **TOTAL RETURN**<sup>2</sup> <br>| &nbsp;&nbsp; **12.69%** <br><sup>3</sup><br>| &nbsp;&nbsp; **6.05%** | &nbsp;&nbsp; **4.77%** | &nbsp;&nbsp; **(29.55%)**<br>| &nbsp;&nbsp; **(2.67%)**<br>| &nbsp;&nbsp; **31.29%** |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | &nbsp;&nbsp; $300184 | &nbsp;&nbsp; $337614 | &nbsp;&nbsp; $650333 | &nbsp;&nbsp; $1248676 | &nbsp;&nbsp; $3154407 | &nbsp;&nbsp; $2908674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before any <br> reimbursement, waiver or recapture of expenses by Advisor <br> and Administrator (Note 4)<br>| &nbsp;&nbsp; 1.13% <br><sup>4</sup><br>| &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after any <br> reimbursement, waiver or recapture of expenses by Advisor <br> and Administrator<br>| &nbsp;&nbsp; 1.13% <br><sup>4</sup><br>| &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.93% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 1.88% <br><sup>4</sup><br>| &nbsp;&nbsp; 1.63% | &nbsp;&nbsp; 1.55% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.91% |
| Portfolio turnover<sup>5</sup> <br>| &nbsp;&nbsp; 49.05% <br><sup>3</sup><br>| &nbsp;&nbsp; 16.81% | &nbsp;&nbsp; 75.88% | &nbsp;&nbsp; 50.75% | &nbsp;&nbsp; 47.41% | &nbsp;&nbsp; 37.73% |

---

&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 | Not annualized. |
| 4 | Annualized. |
| 5 | The portfolio turnover rate is calculated on the Fund as a whole without distinguishing between classes of shares issued. |

---

See accompanying notes to financial statements.

**51** MATTHEWS ASIA FUNDS

------

Financial Highlights *(continued)*

*Matthews China Dividend Fund*

The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  |
| <br>**INVESTOR CLASS** | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, beginning of period | &nbsp;&nbsp; $11.81 | &nbsp;&nbsp; $10.71 | &nbsp;&nbsp; $14.00 | &nbsp;&nbsp; $17.73 | &nbsp;&nbsp; $19.64 | &nbsp;&nbsp; $16.20 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &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;0.30 |
| &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;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp; (3.12)<br>| &nbsp;&nbsp; (3.27)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.54 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp; (2.85)<br>| &nbsp;&nbsp; (2.96)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.84 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.40)<br>|
| Net realized gains on investments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (1.84)<br>| &nbsp;&nbsp; (0.40)<br>|
| Net Asset Value, end of period | &nbsp;&nbsp; $13.15 | &nbsp;&nbsp; $11.81 | &nbsp;&nbsp; $10.71 | &nbsp;&nbsp; $14.00 | &nbsp;&nbsp; $17.73 | &nbsp;&nbsp; $19.64 |
| **TOTAL RETURN**<sup>2</sup> <br>| &nbsp;&nbsp; **13.67%** <br><sup>3</sup><br>| &nbsp;&nbsp; **14.94%** | &nbsp;&nbsp; **(20.67%)**<br>| &nbsp;&nbsp; **(16.75%)**<br>| &nbsp;&nbsp; **(0.49%)**<br>| &nbsp;&nbsp; **24.22%** |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | &nbsp;&nbsp; $67980 | &nbsp;&nbsp; $65699 | &nbsp;&nbsp; $76517 | &nbsp;&nbsp; $137066 | &nbsp;&nbsp; $218766 | &nbsp;&nbsp; $269192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before any reimbursement, <br> waiver or recapture of expenses by Advisor and Administrator <br> (Note 4)<br>| &nbsp;&nbsp; 1.34% <br><sup>4</sup><br>| &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after any reimbursement, waiver <br> or recapture of expenses by Advisor and Administrator <br>| &nbsp;&nbsp; 1.34% <br><sup>4</sup><br>| &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.15% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 2.75% <br><sup>4</sup><br>| &nbsp;&nbsp; 2.53% | &nbsp;&nbsp; 2.03% | &nbsp;&nbsp; 2.12% | &nbsp;&nbsp; 2.05% | &nbsp;&nbsp; 1.79% |
| Portfolio turnover<sup>5</sup> <br>| &nbsp;&nbsp; 28.64% <br><sup>3</sup><br>| &nbsp;&nbsp; 75.80% | &nbsp;&nbsp; 27.30% | &nbsp;&nbsp; 67.08% | &nbsp;&nbsp; 68.25% | &nbsp;&nbsp; 81.79% |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  | **Year Ended Dec. 31,**  |
| <br>**INSTITUTIONAL CLASS** | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, beginning of period | &nbsp;&nbsp; $11.83 | &nbsp;&nbsp; $10.70 | &nbsp;&nbsp; $14.00 | &nbsp;&nbsp; $17.72 | &nbsp;&nbsp; $19.64 | &nbsp;&nbsp; $16.20 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &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;0.31 |
| &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;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp; (3.11)<br>| &nbsp;&nbsp; (3.24)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.55 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp; (2.84)<br>| &nbsp;&nbsp; (2.93)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.86 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.42)<br>|
| Net realized gains on investments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp; (0.42)<br>|
| Net Asset Value, end of period | &nbsp;&nbsp; $13.17 | &nbsp;&nbsp; $11.83 | &nbsp;&nbsp; $10.70 | &nbsp;&nbsp; $14.00 | &nbsp;&nbsp; $17.72 | &nbsp;&nbsp; $19.64 |
| **TOTAL RETURN**<sup>2</sup> <br>| &nbsp;&nbsp; **13.71%** <br><sup>3</sup><br>| &nbsp;&nbsp; **15.07%** | &nbsp;&nbsp; **(20.58%)**<br>| &nbsp;&nbsp; **(16.59%)**<br>| &nbsp;&nbsp; **(0.38%)**<br>| &nbsp;&nbsp; **24.37%** |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | &nbsp;&nbsp; $22391 | &nbsp;&nbsp; $22666 | &nbsp;&nbsp; $42165 | &nbsp;&nbsp; $84220 | &nbsp;&nbsp; $131395 | &nbsp;&nbsp; $115451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before any reimbursement, <br> waiver or recapture of expenses by Advisor and Administrator <br> (Note 4)<br>| &nbsp;&nbsp; 1.21% <br><sup>4</sup><br>| &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after any reimbursement, waiver <br> or recapture of expenses by Advisor and Administrator<br>| &nbsp;&nbsp; 1.20% <br><sup>4</sup><br>| &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 1.02% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 2.83% <br><sup>4</sup><br>| &nbsp;&nbsp; 2.57% | &nbsp;&nbsp; 2.09% | &nbsp;&nbsp; 2.12% | &nbsp;&nbsp; 2.65% | &nbsp;&nbsp; 1.85% |
| Portfolio turnover<sup>5</sup> <br>| &nbsp;&nbsp; 28.64% <br><sup>3</sup><br>| &nbsp;&nbsp; 75.80% | &nbsp;&nbsp; 27.30% | &nbsp;&nbsp; 67.08% | &nbsp;&nbsp; 68.25% | &nbsp;&nbsp; 81.79% |

---

&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 | Not annualized. |
| 4 | Annualized. |
| 5 | The portfolio turnover rate is calculated on the Fund as a whole without distinguishing between classes of shares issued. |

---

See accompanying notes to financial statements.

*matthewsasia.com* \| 800.789.ASIA **52**

------

Notes to Financial Statements *(unaudited)* 

&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 June 30, 2025, the Trust issued twenty-four separate series of shares. This shareholder report pertains to twelve of those series (each a "Fund", and collectively, the "Funds"): Matthews Emerging Markets Equity Fund, Matthews Emerging Markets Sustainable Future Fund, Matthews Emerging Markets Small Companies Fund, Matthews Asia Growth Fund, Matthews Pacific Tiger Fund, Matthews Asia Innovators Fund, Matthews China Fund, Matthews China Small Companies Fund, Matthews India Fund, Matthews Japan Fund, Matthews Asia Dividend Fund and Matthews China Dividend Fund. Each Fund offers two classes of shares: Investor Class and Institutional Class. Each class of shares has identical voting, dividend, liquidation and other rights and the same terms and conditions, except each class may be subject to different class expenses as outlined in the relevant prospectus and each class has exclusive voting rights with respect to matters solely affecting such class. The other twelve separate series of the Trust are Exchange Traded Funds and are covered in a separate shareholder report.

**A.** **Reorganization of Matthews Asian Growth and Income Fund into Matthews Emerging Markets Equity Fund**

On February 19, 2025, at a special meeting of shareholders of the Matthews Asian Growth and Income Fund, shareholders approved the reorganization of the Fund with the Matthews Emerging Markets Equity Fund. The reorganization was completed on March 14, 2025. Information related to the reorganization is provided in the Proxy Statement/Prospectus that was filed with the SEC on December 4, 2024.

For U.S. GAAP purposes, the transaction was treated as a merger. The merger took place after the close of business on March 14, 2025. For accounting and performance reporting purposes, the Matthews Emerging Markets Equity Fund is the survivor. The reorganization was accomplished by a tax-free exchange of shares of Matthews Emerging Markets Equity Fund in the following amounts and at the following conversion ratios:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Fund Share Class** | &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 Growth and Income Fund was carried forward to align ongoing reporting of the Matthews Emerging Markets Equity Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Pro forma results of operations of the combined entity for the six-months ended June 30, 2025, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows

\* Net investment income: $(1,998,528)

\* Net realized gain on investments: $3,432,294

\* Net change in unrealized gain/loss on investments: $21,111,659

\* Net increase in the net assets resulting from operations: $26,542,481

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings that have been included in Matthews Emerging Markets Equity Fund's statement of operations since March 14, 2025.

**2.** **SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Funds in preparation of their financial statements. Each Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 Financial Services—Investment Companies. The accounting policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").

**53** MATTHEWS ASIA FUNDS

------

Notes to Financial Statements *(unaudited) (continued)*

&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.

*matthewsasia.com* \| 800.789.ASIA **54**

------

Notes to Financial Statements *(unaudited) (continued)*

**Levels for Multi-Country Funds (1 of 2):** 

Summary of inputs used to determine the fair valuation of multi-country Funds' investments as of June 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Matthews** <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: |  |  |  |  |  |
| Bangladesh | $— | $729419 | $3221891 | $— | $— |
| Brazil | 10508043 | 12573254 | 45117316 |  |  |
| Chile |  | 430988 | 4694603 |  |  |
| China/Hong Kong | 16405142 | 22820015 | 48082645 | 17460331 | 13588714 |
| Greece |  |  |  |  |  |
| India | 12107953 |  |  | 4030876 | 4452091 |
| Kazakhstan |  | 1847716 |  |  |  |
| Mexico | 5289118 |  | 7369578 |  |  |
| Panama |  |  | 4296826 |  |  |
| Philippines | 3456865 | 1997581 | 3432500 |  | 7476950 |
| Singapore |  |  |  | 7977647 | 25166461 |
| South Africa | 2624820 | 3888045 | 18606806 |  |  |
| South Korea | 1498240 |  |  | 2663564 |  |
| Taiwan |  | 2758875 |  |  |  |
| United States |  | 3366327 |  |  |  |
| Sub-total | 51890181 | 50412220 | 134822165 | 32132418 | 50684216 |
| **Level 2: Other Significant Observable Inputs** |  |  |  |  |  |
| Common Equities: |  |  |  |  |  |
| Australia |  |  |  | 5593559 |  |
| Bangladesh |  | 371814 |  |  |  |
| China/Hong Kong | 60883343 | 42669083 | 49011155 | 41586083 | 225127136 |
| Georgia |  |  | 7857664 |  |  |
| Greece |  | 3739381 | 7498638 |  |  |
| India | 43178277 | 49674564 | 133147094 | 29280708 | 119854498 |
| Indonesia | 2546048 | 2460494 | 6884844 | 1574136 | 11839269 |
| Malaysia |  |  |  |  | 10655421 |
| Japan |  |  |  | 61260281 |  |
| Jordan |  | 2639368 |  |  |  |
| Philippines |  |  | 7438116 |  |  |
| Poland |  | 5382253 | 9607875 |  |  |
| Romania |  | 4121260 |  |  |  |
| Saudi Arabia |  | 188771 | 479221 |  |  |
| Singapore | 2675128 |  |  | 2093414 | 15751789 |
| South Africa | 3163502 |  |  |  |  |
| South Korea | 30346348 | 10303087 | 58991546 | 14160034 | 96727109 |
| Taiwan | 37094887 | 30090225 | 77802475 | 20104033 | 153967853 |
| Turkey |  |  | 5599693 |  |  |
| Thailand | 2170313 | 4492690 |  |  | 5320156 |
| Vietnam | 121862 | 2711659 | 18326576 | 1034702 | 7108623 |
| Sub-total | 182179708 | 158844649 | 382644897 | 176708400 | 646351854 |
| Preferred Equities: |  |  |  |  |  |
| South Korea |  | 1812146 |  | 21450 |  |
| Rights: |  |  |  |  |  |
| South Korea |  |  |  | 21450 |  |
| **Level 3: Significant Observable Inputs** |  |  |  |  |  |
| Common Equities: |  |  |  |  |  |
| Russia | 1641 |  | 26870 |  |  |
| Total Market Value of Investments | $234071530 | $211069015 | $517493932 | $208840818 | $697036070 |

---

**55** MATTHEWS ASIA FUNDS

------

Notes to Financial Statements *(unaudited) (continued)*

**Levels for Multi-Country Funds (2 of 2):**

Summary of inputs used to determine the fair valuation of multi-country Funds' investments as of June 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Matthews Asia** <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 | $32557589 | $41343287 | $11268014 | $13397716 | $8313196 |
| India | 9314840 |  |  |  |  |
| Singapore | 21374272 |  |  |  |  |
| South Korea | 4153325 |  |  |  |  |
| United States |  |  | 2052445 |  |  |
| Sub-total | 67400026 | 41343287 | 13320459 | 13397716 | 8313196 |
| **Level 2: Other Significant Observable Inputs** |  |  |  |  |  |
| Common Equities: |  |  |  |  |  |
| Australia |  |  |  | 35534093 |  |
| China/Hong Kong | 81018793 | 328173339 | 43677991 | 151494154 | 74571583 |
| India | 46887390 |  |  | 35824465 |  |
| Indonesia |  |  |  | 5624655 |  |
| Japan |  |  |  | 153351037 |  |
| Macau |  | 6271842 |  |  |  |
| Singapore |  |  |  | 18087052 | 1851485 |
| South Korea | 35610310 |  |  | 64763614 |  |
| Taiwan | 49847128 |  | 1550569 | 64983841 | 899822 |
| Thailand |  |  |  | 5139272 |  |
| Vietnam | 1944782 |  |  |  |  |
| United States |  |  | 347055 |  |  |
| Sub-total | 215308403 | 334445181 | 45575615 | 534802183 | 77322890 |
| Rights: |  |  |  |  |  |
| South Korea | 44905 |  |  |  |  |
| Total Market Value of Investments | $282753334 | $375788468 | $58896074 | $548199899 | $85636086 |

---

a

Industry, countries, or security types are disclosed on the Schedule of Investments.

*matthewsasia.com* \| 800.789.ASIA **56**

------

Notes to Financial Statements *(unaudited) (continued)*

**Levels for Single Country Funds:**

Summary of inputs used to determine the fair valuation of the single country Funds' investments as of June 30, 2025.

---

| | | |
|:---|:---|:---|
|  | **Matthews** <br>**India Fund**<br>| **Matthews** <br>**Japan Fund**<br>|
| **Assets:** |  |  |
| **Investments:** |  |  |
| **Level 1: Quoted Prices** |  |  |
| Common Equities: |  |  |
| Consumer Discretionary | $3240721 | $— |
| Sub-total | 3240721 |  |
| **Level 2: Other Significant Observable Inputs** |  |  |
| Common Equities: |  |  |
| Communication Services | 33100776 | 28784677 |
| Consumer Discretionary | 152840458 | 121312939 |
| Consumer Staples | 77204077 | 53915800 |
| Energy | 37289402 |  |
| Financials | 298055962 | 100132341 |
| Health Care | 49236456 | 36052088 |
| Industrials | 66217337 | 164464412 |
| Information Technology | 68547992 | 111093585 |
| Materials | 12714828 | 34156908 |
| Real Estate | 5424719 | 19869451 |
| Sub-total | 800632007 | 669782201 |
| Total Market Value of Investments | $803872728 | $669782201 |

---

**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**<br>| **Matthews** <br>**Emerging Markets** <br>**Small Companies** <br>**Fund**<br>|
|  | **Common Equities —Russia** | **Common Equities — Russia and India** |
| Balance as of 12/31/24 (market value) | &nbsp;&nbsp; $1130 | &nbsp;&nbsp; $3727486 |
| Accrued discounts/premiums | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Realized gain/(loss) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Change in unrealized appreciation/(depreciation) | &nbsp;&nbsp; 511 | &nbsp;&nbsp; 8357 |
| Purchases | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Sales | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Transfers in to Level 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Transfer out of Level 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3708973)<br>|
| Balance as of 6/30/25 (market value) | &nbsp;&nbsp; $1641 | &nbsp;&nbsp; $26870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on Level 3 investments held as of <br> 6/30/25\*<br>| &nbsp;&nbsp; $511 | &nbsp;&nbsp; $8357 |

---

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

\*Included in the related amounts on the Statements of Operations.<br>

**C.** **RISKS ASSOCIATED WITH NON-U.S. COMPANIES:** Investments by the Funds in the securities of non-U.S. companies may involve investment risks not typically associated with investments in U.S. issuers. These risks include possible political, economic, social and religious instability; inadequate investor protection; changes in laws or regulations of Emerging Market or Asia Pacific countries where the Funds may invest; international relations with other nations; natural disasters; corruption; and military activity. Foreign securities may trade in securities markets that are substantially smaller, less developed, less liquid and more volatile than the major securities markets in the United States. Foreign securities may be subject to greater fluctuations in price than securities of domestic corporations or the U.S. government. Foreign investing may also include the risk of expropriation or confiscatory taxation, limitation on the removal of funds or other assets, currency crises and exchange controls, the imposition of foreign withholding tax on the interest income payable on such instruments, the possible seizure or nationalization of foreign deposits or assets, or the adoption of other foreign government restrictions that might adversely affect the foreign securities held by the Funds. Additionally, Emerging Market and Asia Pacific countries may utilize formal or informal currency exchange controls or "capital controls" that may limit the ability to repatriate investments or income or adversely affect the value of portfolio investments. The economies of many Emerging Market and Asia Pacific countries differ from the economies of more developed countries in many respects, such as their rate of growth, inflation, capital reinvestment, resource self-sufficiency and dependence on other economies, financial system stability, the national balance of payments position and sensitivity to

**57** MATTHEWS ASIA FUNDS

------

Notes to Financial Statements *(unaudited) (continued)*

changes in global trade.

Certain Emerging Market and Asia Pacific countries are highly dependent upon and may be affected by developments in the economies of other countries. Non-U.S. companies are subject to different accounting, auditing, and financial reporting standards, practices, and requirements than U.S. companies. There is generally less government regulation of stock exchanges, brokers, and listed companies abroad than in the United States, which may result in less transparency with respect to a company's operations, and make obtaining information about them more difficult (or such information may be unavailable).

Among other risks of investing in foreign markets, particularly those of emerging and frontier markets in which the Funds invest, are the variable quality and reliability of financial information and related audits of companies. In some cases, financial information and related audits can be unreliable and not subject to verification. Auditing firms in some of these markets are not subject to independent inspection or oversight of audit quality. For example, China does not allow the Public Company Accounting Oversight Board to inspect the work that auditors perform in China for Chinese companies that sell stock into U.S. markets. This can result in investment decisions being made based on flawed or misleading information.

Foreign stock markets, particularly those of emerging and frontier markets in which the Funds invest, may not be as developed or efficient as those in more developed markets such as the United States, and the absence of negotiated brokerage commissions in certain countries may result in higher brokerage fees. The time between the trade and settlement dates of securities transactions on foreign exchanges ranges from one day to four weeks or longer and may result in higher custody charges. Custodial arrangements may be less well developed than in the United States. Foreign securities are generally denominated and pay distributions in foreign currencies, exposing the Funds to changes in foreign currency exchange rates. Investing in any Emerging Market or Asia Pacific country will also entail risks specific and unique to that country, and these risks can be significant and change rapidly.

Changes in interest rates in each of the countries in which the Funds may invest, as well as interest rates in more-developed countries, may cause a decline in the market value of an investment. Generally, fixed income securities will decrease in value when interest rates rise and can be expected to rise in value when interest rates decline. As interest rates decline, debt issuers may repay or refinance their loans or obligations earlier than anticipated.

The Funds may invest in certain operating companies in China through legal structures known as variable interest entities ("VIEs"). In China, ownership of companies in certain sectors by foreign individuals and entities (including U.S. persons and entities such as the Fund) is prohibited. In order to facilitate foreign investment in these businesses, many Chinese companies have created VIEs. In such an arrangement, a China-based operating company typically establishes an offshore shell company in another jurisdiction, such as the Cayman Islands. That shell company enters into service and other contracts with the China-based operating company, then issues shares on a foreign exchange, such as the New York Stock Exchange. Foreign investors hold stock in the shell company rather than directly in the China-based operating company. This arrangement allows U.S. investors to obtain economic exposure to the China-based company through contractual means rather than through formal equity ownership.

VIEs are a longstanding industry practice and well known to officials and regulators in China; however, VIEs are not formally recognized under Chinese law. Recently, the government of China provided new guidance to and placed restrictions on China-based companies raising capital offshore, including through VIE structures. Investors face uncertainty about future actions by the government of China that could significantly affect an operating company's financial performance and the enforceability of the shell company's contractual arrangements. It is uncertain whether Chinese officials or regulators will withdraw their implicit acceptance of the VIE structure, or whether any new laws, rules or regulations relating to VIE structures will be adopted or, if adopted, what impact they would have on the interests of foreign shareholders. Under extreme circumstances, China might prohibit the existence of VIEs, or sever their ability to transmit economic and governance rights to foreign individuals and entities; if so, the market value of the Funds' associated portfolio holdings would likely suffer significant, detrimental, and possibly permanent effects, which could result in substantial investment losses.

Due to the Russian invasion of Ukraine, sanctions have since been imposed on Russia and certain of its citizens and financial infrastructure entities, including the exclusion of Russia from the SWIFT global payments network. As a result of these sanctions and countermeasures by Russia, the sale and/or purchase of Russian securities to/by US persons is prohibited and sales of certain Russian securities to non-US persons may also be prohibited. Due to these measures, Russian and Russian-related securities have since suffered significant declines in value. The ongoing conflict has the potential to adversely impact global economies and increase volatility across markets. The duration of the Russian-Ukraine conflict and its effect on financial markets cannot be determined with certainty. The Funds' performance could be negatively impacted if the value of a portfolio holding were harmed by these and such other events. Management is actively monitoring these events. As of June 30, 2025, the Russian positions held across the Matthews Asia Funds have been valued near zero.

Recently, the war among Israel, Hamas and other militant groups in the Middle East has increased tensions in the region and has caused and could continue to cause market disruptions in the Middle East and globally. The conflict between Israel, Hamas and other militant groups and the involvement of the U.S. and other countries could present material uncertainty and risk with respect to a Fund's performance and ability to achieve its investment objective. The extent and duration of the military action and any market disruptions are impossible to predict but could be substantial.

The current political climate has intensified concerns about trade tariffs and a potential trade war between the United States and certain foreign countries, including China, Mexico and Canada, among others. These consequences may trigger a significant reduction in international trade, shortages or oversupply of certain manufactured goods, substantial price increases or decreases of goods, inflationary pressures, and possible failure of individual companies and/or large segments of the foreign export industry with a potentially negative impact to the Funds.

**D.** **DISTRIBUTIONS TO SHAREHOLDERS:** It is the policy of Matthews China Dividend Fund to distribute net investment income on a semi-annual basis and capital gains, if any, annually. It is the policy of Matthews Asia Dividend Fund to distribute net investment income on a quarterly basis and capital gains, if any, annually. All other Funds generally distribute their net investment income and capital gains, if any, once annually in December. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP.

*matthewsasia.com* \| 800.789.ASIA **58**

------

Notes to Financial Statements *(unaudited) (continued)*

The tax character of distributions paid for the fiscal year ended December 31, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **YEAR ENDED December 31, 2024** | **Ordinary** <br>**Income**<br>| **Net Long-Term** <br>**Capital Gains**<br>| **Total Taxable** <br>**Distributions**<br>|
| Matthews Emerging Markets Equity Fund | &nbsp;&nbsp; $235633 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $235633 |
| Matthews Emerging Markets Sustainable Future Fund | &nbsp;&nbsp; 6083699 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6083699 |
| Matthews Emerging Markets Small Companies Fund | &nbsp;&nbsp; 19674680 | &nbsp;&nbsp; 3645052 | &nbsp;&nbsp; 23319732 |
| Matthews Asia Growth Fund | &nbsp;&nbsp; 5653873 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5653873 |
| Matthews Pacific Tiger Fund | &nbsp;&nbsp; 26865309 | &nbsp;&nbsp; 44615214 | &nbsp;&nbsp; 71480523 |
| Matthews Asia Innovators Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Matthews China Fund | &nbsp;&nbsp; 6669399 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6669399 |
| Matthews China Small Companies Fund | &nbsp;&nbsp; 914744 | &nbsp;&nbsp; — | &nbsp;&nbsp; 914744 |
| Matthews India Fund | &nbsp;&nbsp; 41604228 | &nbsp;&nbsp; 74707813 | &nbsp;&nbsp; 116312041 |
| Matthews Japan Fund | &nbsp;&nbsp; 13706519 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13706519 |
| Matthews Asia Dividend Fund | &nbsp;&nbsp; 20782136 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20782136 |
| Matthews China Dividend Fund | &nbsp;&nbsp; 3957261 | &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.

**F.** **FUND EXPENSE ALLOCATIONS:** The Funds account separately for the assets, liabilities and operations of each Fund. Estimated expenses are accrued daily. Direct expenses of each Fund or class are charged to that Fund or class while general expenses are allocated pro-rata among the Funds based on net assets or other appropriate methods.

**G.** **CASH, CASH OVERDRAFTS, AND FOREIGN CURRENCY:** When any of the Funds' cash balances are overdrawn, a Fund is charged an overdraft fee by the custodian based on the BBH Overdraft Base Rate which are set daily reflecting BBH's effective trading rate in the relevant local money markets on each day. In markets where a true money market rate is not available, or is not reflective of the market, the BBH Treasury Group sets overdraft rates on a market-by-market basis, taking into consideration market standards and conditions.

QFI accounts (i.e., the accounts through which the QFI quota is accessed) are required by the local market to maintain a cash reserve. The cash reserve is based upon a fixed ratio of the QFI's approved investment quota, which is defined as the amount remitted into its special Renminbi (RMB) cash account. These amounts, if any, are included in "Segregated foreign currency at value" on the Statements of Assets and Liabilities. The fixed ratio is set at 0.08 percent for the Shanghai and 0.06 percent for the Shenzhen market.

**H.** **USE OF ESTIMATES:** The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates.

**I.** **RECENT ACCOUNTING GUIDANCE**: In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Taxes Disclosures, which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024. Management is still evaluating the impact, if any, the update will have on the financial statements.

**3.** **CAPITAL SHARE TRANSACTIONS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six-Month Period Ended** <br>**June 30, 2025 (Unaudited)** | **Six-Month Period Ended** <br>**June 30, 2025 (Unaudited)** | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Matthews Emerging Markets Equity Fund** |  |  |  |  |
| **Investor Class** |  |  |  |  |
| Shares sold | 128221 | $1753960 | 143359 | $1892747 |
| Shares issued in reorganization<sup>1</sup> <br>| 13015649 | 177703579 |  |  |

---

**59** MATTHEWS ASIA FUNDS

------

Notes to Financial Statements *(unaudited) (continued)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six-Month Period Ended** <br> **June 30, 2025 (Unaudited)** | **Six-Month Period Ended** <br> **June 30, 2025 (Unaudited)** | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares issued through reinvestment of distributions |  |  | 6628 | 87020 |
| Shares redeemed | (1300740)<br>| (17437145)<br>| (211480)<br>| (2606505)<br>|
| Net increase (decrease) | 11843130 | $162020394 | (61493)<br>| ($626738)<br>|
| **Institutional Class** |  |  |  |  |
| Shares sold | 598039 | $8141104 | 137621 | $1769524 |
| Shares issued in reorganization<sup>1</sup> <br>| 3574153 | 48724802 |  |  |
| Shares issued through reinvestment of distributions |  |  | 6100 | 79915 |
| Shares redeemed | (770054)<br>| (10142637)<br>| (134669)<br>| (1717448)<br>|
| Net increase | 3402138 | $46723269 | 9052 | $131991 |
| **Matthews Emerging Markets Sustainable Future Fund** |  |  |  |  |
| **Investor Class** |  |  |  |  |
| Shares sold | 100764 | $1226182 | 928223 | $11648615 |
| Shares issued through reinvestment of distributions |  |  | 65502 | 795850 |
| Shares redeemed | (908675)<br>| (11301974)<br>| (1486308)<br>| (18617584)<br>|
| Net (decrease) | (807911)<br>| ($10075792)<br>| (492583)<br>| ($6173119)<br>|
| **Institutional Class** |  |  |  |  |
| Shares sold | 2430123 | $30030172 | 9979586 | $125858709 |
| Shares issued through reinvestment of distributions |  |  | 410482 | 4991456 |
| Shares redeemed | (3736453)<br>| (44861763)<br>| (8741529)<br>| (110186332)<br>|
| Net increase (decrease) | (1306330)<br>| ($14831591)<br>| 1648539 | $20663833 |
| **Matthews Emerging Markets Small Companies Fund** |  |  |  |  |
| **Investor Class** |  |  |  |  |
| Shares sold | 591843 | $13716923 | 3698179 | $94253921 |
| Shares issued through reinvestment of distributions |  |  | 333450 | 7769393 |
| Shares redeemed | (3761803)<br>| (85672068)<br>| (5466917)<br>| (139234040)<br>|
| Net (decrease) | (3169960)<br>| ($71955145)<br>| (1435288)<br>| ($37210726)<br>|
| **Institutional Class** |  |  |  |  |
| Shares sold | 2982426 | $68956336 | 7501357 | $191699784 |
| Shares issued through reinvestment of distributions |  |  | 533807 | 12416358 |
| Shares redeemed | (4817614)<br>| (109938636)<br>| (5911848)<br>| (149551127)<br>|
| Net increase (decrease) | (1835188)<br>| ($40982300)<br>| 2123316 | $54565015 |
| **Matthews Asia Growth Fund** |  |  |  |  |
| **Investor Class** |  |  |  |  |
| Shares sold | 72680 | $1632920 | 264283 | $5956539 |
| Shares issued through reinvestment of distributions |  |  | 126778 | 2861381 |
| Shares redeemed | (1040167)<br>| (23461922)<br>| (2388317)<br>| (54099225)<br>|
| Net (decrease) | (967487)<br>| ($21829002)<br>| (1997256)<br>| ($45281305)<br>|
| **Institutional Class** |  |  |  |  |
| Shares sold | 210801 | $4829182 | 1527974 | $36614751 |
| Shares issued through reinvestment of distributions |  |  | 109830 | 2510712 |
| Shares redeemed | (1183916)<br>| (26732076)<br>| (6527082)<br>| (154607377)<br>|
| Net (decrease) | (973115)<br>| ($21902894)<br>| (4889278)<br>| ($115481914)<br>|

---

*matthewsasia.com* \| 800.789.ASIA **60**

------

Notes to Financial Statements *(unaudited) (continued)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six-Month Period Ended** <br> **June 30, 2025 (Unaudited)** | **Six-Month Period Ended** <br> **June 30, 2025 (Unaudited)** | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Matthews Pacific Tiger Fund** |  |  |  |  |
| **Investor Class** |  |  |  |  |
| Shares sold | 186546 | $3343753 | 1027680 | $19372843 |
| Shares issued through reinvestment of distributions |  |  | 2132857 | 37815556 |
| Shares redeemed | (4021403)<br>| (72183306)<br>| (15368461)<br>| (288531112)<br>|
| Net (decrease) | (3834857)<br>| ($68839553)<br>| (12207924)<br>| ($231342713)<br>|
| **Institutional Class** |  |  |  |  |
| Shares sold | 1433683 | $25617926 | 4749881 | $86916077 |
| Shares issued through reinvestment of distributions |  |  | 1514828 | 26842743 |
| Shares redeemed | (7654661)<br>| (136879708)<br>| (51438276)<br>| (949694514)<br>|
| Net (decrease) | (6220978)<br>| ($111261782)<br>| (45173567)<br>| ($835935694)<br>|
| **Matthews Asia Innovators Fund** |  |  |  |  |
| **Investor Class** |  |  |  |  |
| Shares sold | 700690 | $9325049 | 1077439 | $13591330 |
| Shares redeemed | (1434006)<br>| (19064227)<br>| (4527072)<br>| (55282951)<br>|
| Net (decrease) | (733316)<br>| ($9739178)<br>| (3449633)<br>| ($41691621)<br>|
| **Institutional Class** |  |  |  |  |
| Shares sold | 3147404 | $44510171 | 2128947 | $27106961 |
| Shares redeemed | (1936880)<br>| (26072292)<br>| (7686101)<br>| (99827933)<br>|
| Net increase (decrease) | 1210524 | $18437879 | (5557154)<br>| ($72720972)<br>|
| **Matthews China Fund** |  |  |  |  |
| **Investor Class** |  |  |  |  |
| Shares sold | 1856423 | $27042781 | 5921496 | $75138585 |
| Shares issued through reinvestment of distributions |  |  | 379988 | 5129835 |
| Shares redeemed | (3004762)<br>| (42804569)<br>| (11234607)<br>| (145778194)<br>|
| Net (decrease) | (1148339)<br>| ($15761788)<br>| (4933123)<br>| ($65509774)<br>|
| **Institutional Class** |  |  |  |  |
| Shares sold | 1610382 | $23030036 | 4565009 | $58922209 |
| Shares issued through reinvestment of distributions |  |  | 74507 | 1004354 |
| Shares redeemed | (1238922)<br>| (17443934)<br>| (12271306)<br>| (148376198)<br>|
| Net increase (decrease) | 371460 | $5586102 | (7631790)<br>| ($88449635)<br>|
| **Matthews China Small Companies Fund** |  |  |  |  |
| **Investor Class** |  |  |  |  |
| Shares sold | 288176 | $2782638 | 1019072 | $9022730 |
| Shares issued through reinvestment of distributions |  |  | 71741 | 649260 |
| Shares redeemed | (940118)<br>| (8895514)<br>| (3133436)<br>| (27578547)<br>|
| Net (decrease) | (651942)<br>| ($6112876)<br>| (2042623)<br>| ($17906557)<br>|
| **Institutional Class** |  |  |  |  |
| Shares sold | 80586 | $795321 | 308056 | $2735197 |
| Shares issued through reinvestment of distributions |  |  | 26069 | 235401 |
| Shares redeemed | (295427)<br>| (2833588)<br>| (1163142)<br>| (10165517)<br>|
| Net (decrease) | (214841)<br>| ($2038267)<br>| (829017)<br>| ($7194919)<br>|

---

**61** MATTHEWS ASIA FUNDS

------

Notes to Financial Statements *(unaudited) (continued)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six-Month Period Ended** <br> **June 30, 2025 (Unaudited)** | **Six-Month Period Ended** <br> **June 30, 2025 (Unaudited)** | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Matthews India Fund** |  |  |  |  |
| **Investor Class** |  |  |  |  |
| Shares sold | 1498044 | $36257395 | 5375139 | $153175576 |
| Shares issued through reinvestment of distributions |  |  | 3442382 | 88469225 |
| Shares redeemed | (4263538)<br>| (101607918)<br>| (5246861)<br>| (149171404)<br>|
| Net increase (decrease) | (2765494)<br>| ($65350523)<br>| 3570660 | $92473397 |
| **Institutional Class** |  |  |  |  |
| Shares sold | 1201256 | $29660568 | 2911836 | $84634955 |
| Shares issued through reinvestment of distributions |  |  | 731248 | 19253756 |
| Shares redeemed | (1712337)<br>| (41666133)<br>| (2233545)<br>| (64382322)<br>|
| Net increase (decrease) | (511081)<br>| ($12005565)<br>| 1409539 | $39506389 |
| **Matthews Japan Fund** |  |  |  |  |
| **Investor Class** |  |  |  |  |
| Shares sold | 520825 | $10760146 | 1425500 | $28152106 |
| Shares issued through reinvestment of distributions |  |  | 243615 | 4830876 |
| Shares redeemed | (1198553)<br>| (24607419)<br>| (2992018)<br>| (59492843)<br>|
| Net (decrease) | (677728)<br>| ($13847273)<br>| (1322903)<br>| ($26509861)<br>|
| **Institutional Class** |  |  |  |  |
| Shares sold | 1814575 | $37252781 | 5776600 | $111153410 |
| Shares issued through reinvestment of distributions |  |  | 393020 | 7817165 |
| Shares redeemed | (3043914)<br>| (62424567)<br>| (10253471)<br>| (200420924)<br>|
| Net (decrease) | (1229339)<br>| ($25171786)<br>| (4083851)<br>| ($81450349)<br>|
| **Matthews Asia Dividend Fund** |  |  |  |  |
| **Investor Class** |  |  |  |  |
| Shares sold | 118232 | $1695244 | 591004 | $8372594 |
| Shares issued through reinvestment of distributions | 14909 | 227745 | 625799 | 8872118 |
| Shares redeemed | (3012169)<br>| (43681060)<br>| (11223224)<br>| (157833314)<br>|
| Net (decrease) | (2879028)<br>| ($41758071)<br>| (10006421)<br>| ($140588602)<br>|
| **Institutional Class** |  |  |  |  |
| Shares sold | 950485 | $13537957 | 4950779 | $68541744 |
| Shares issued through reinvestment of distributions | 23791 | 360292 | 683231 | 9674343 |
| Shares redeemed | (6007101)<br>| (85727829)<br>| (29156275)<br>| (401465409)<br>|
| Net (decrease) | (5032825)<br>| ($71829580)<br>| (23522265)<br>| ($323249322)<br>|
| **Matthews China Dividend Fund** |  |  |  |  |
| **Investor Class** |  |  |  |  |
| Shares sold | 378076 | $4862451 | 750302 | $8551057 |
| Shares issued through reinvestment of distributions | 101113 | 1334695 | 244048 | 2716128 |
| Shares redeemed | (869240)<br>| (10858314)<br>| (2576274)<br>| (28427413)<br>|
| Net (decrease) | (390051)<br>| ($4661168)<br>| (1581924)<br>| ($17160228)<br>|
| **Institutional Class** |  |  |  |  |
| Shares sold | 113794 | $1474230 | 680494 | $7500460 |
| Shares issued through reinvestment of distributions | 35087 | 463855 | 96489 | 1073303 |
| Shares redeemed | (364153)<br>| (4460161)<br>| (2802328)<br>| (30004579)<br>|
| Net (decrease) | (215272)<br>| ($2522076)<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

*matthewsasia.com* \| 800.789.ASIA **62**

------

Notes to Financial Statements *(unaudited) (continued)*

Matthews Emerging Markets Small Companies Fund and Matthews China Small Companies Fund (the "Family-Priced Funds"), pays Matthews 0.75% of their aggregate average daily net assets up to $2 billion, 0.6834% of their aggregate average daily net assets over $2 billion up to $5 billion, 0.65% of their aggregate average daily net assets over $5 billion up to $25 billion, 0.64% of their aggregate average daily net assets over $25 billion up to $30 billion, 0.63% of their aggregate average daily net assets over $30 billion up to $35 billion, 0.62% of their aggregate average daily net assets over $35 billion up to $40 billion, 0.61% of their aggregate average daily net assets over $40 billion up to $45 billion, and 0.60% of their aggregate average daily net assets over $45 billion. Effective January 1, 2024, each of the Matthews Emerging Markets Small Companies Fund and the Matthews China Small Companies Fund pays Matthews a fee equal to 0.85% of its average daily net assets. Each Fund pays Matthews a monthly fee at the annual rate using the applicable management fee calculated based on the actual number of days of that month and based on the Fund's average daily net asset value for the month.

Pursuant to a fee waiver letter agreement, effective as of September 1, 2014, between the Trust, on behalf of the Family-Priced Funds, and Matthews (as amended from time to time, the "Fee Waiver Agreement"), for each Family-Priced Fund, Matthews has agreed to waive a portion of the fee payable under the Advisory Agreement and a portion of the fee payable under the Administration and Shareholder Services Agreement, if any Family-Priced Fund's average daily net assets are over $3 billion, as follows: for every $2.5 billion average daily net assets of a Family-Priced Fund that are over $3 billion, the fee rates that otherwise would be applied for calculating fees payable under the Advisory Agreement and the Administration and Shareholder Services Agreement for such Family-Priced Fund with respect to such excess average daily net assets will be each reduced by 0.01%, in each case without reducing such fee rate below 0.00%.

Investment advisory fees charged, waived fees and reimbursed additional expenses for the six-month period ended June 30, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Gross Advisory Fees**  | **Advisory Fees** <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; $539578 | &nbsp;&nbsp; ($168750)<br>| &nbsp;&nbsp; $370828 |
| Matthews Emerging Markets Sustainable Future Fund | &nbsp;&nbsp; 711747 | &nbsp;&nbsp; (121283)<br>| &nbsp;&nbsp; 590464 |
| Matthews Emerging Markets Small Companies Fund | &nbsp;&nbsp; 2071469 | &nbsp;&nbsp; (424106)<br>| &nbsp;&nbsp; 1647363 |
| Matthews Asia Growth Fund | &nbsp;&nbsp; 771802 | &nbsp;&nbsp; (15906)<br>| &nbsp;&nbsp; 755896 |
| Matthews Pacific Tiger Fund | &nbsp;&nbsp; 2556852 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2556852 |
| Matthews Asia Innovators Fund | &nbsp;&nbsp; 893182 | &nbsp;&nbsp; — | &nbsp;&nbsp; 893182 |
| Matthews China Fund | &nbsp;&nbsp; 1315404 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1315404 |
| Matthews China Small Companies Fund | &nbsp;&nbsp; 267135 | &nbsp;&nbsp; (64645)<br>| &nbsp;&nbsp; 202490 |
| Matthews India Fund | &nbsp;&nbsp; 2724300 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2724300 |
| Matthews Japan Fund | &nbsp;&nbsp; 2268869 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2268869 |
| Matthews Asia Dividend Fund | &nbsp;&nbsp; 2018220 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2018220 |
| Matthews China Dividend Fund | &nbsp;&nbsp; 316978 | &nbsp;&nbsp; (1485)<br>| &nbsp;&nbsp; 315493 |

---

Under a written agreement between the Funds and Matthews (the "Operating Expense Agreement"), Matthews agrees to waive fees and reimburse expenses to a Fund if its expense ratio exceeds a certain percentage level. For all Funds, except the Matthews Emerging Markets Equity Fund, the Matthews Emerging Markets Sustainable Future Fund and the Matthews Emerging Markets Small Companies Fund, this level is 1.20% for the Institutional Class. For the Matthews Emerging Markets Equity Fund, this level is 0.90% for the Institutional Class. For the Matthews Emerging Markets Sustainable Future Fund and the Matthews Emerging Markets Small Companies Fund, this level is 1.15% for the Institutional Class. Matthews agrees to reduce the expense ratio for the Investor Class by waiving an equal amount of non-class specific expenses (e.g., custody fees) as the Institutional Class. Because certain expenses of the Investor Class may be higher than those of the Institutional Class and because class specific expenses may be waived solely for the Institutional Class, total annual Fund expenses for the Investor Class may exceed 1.20% (or 0.90% for the Matthews Emerging Markets Equity Fund, or 1.15% for the Matthews Emerging Markets Sustainable Future Fund and Matthews Emerging Markets Small Companies Fund). In turn, if the expenses of a Fund, fall below the level noted within three years after Matthews has made such a reimbursement, the Fund may reimburse Matthews up to an amount of the recoupment available not to exceed the lesser of (i) the expense limitation applicable at the time of that fee waiver and/or expense reimbursement or (ii) the expense limitation in effect at the time of recoupment. This agreement will continue through April 30, 2026, may be extended for additional periods not exceeding one year, and may be terminated at any time by the Board of Trustees on behalf of the Fund on 60 days' written notice to Matthews. Matthews may decline to renew this agreement by written notice to the Trust at least 30 days before its annual expiration date.

**Waived Fees Subject to Possible Future Recoupment:**

On June 30, 2025, the amounts subject to possible future recoupment under the expense limitation agreement are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiring December 31,** | **Expiring December 31,** | **Expiring December 31,** | **Expiring December 31,** |
|  | **2025** | **2026** | **2027** | **2028** |
| Matthews Emerging Markets Equity Fund | &nbsp;&nbsp; $263291 | &nbsp;&nbsp; $143956 | &nbsp;&nbsp; $293266 | &nbsp;&nbsp; $168750 |
| Matthews Emerging Markets Sustainable Future Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 266556 | &nbsp;&nbsp; 121283 |
| Matthews Emerging Markets Small Companies Fund | &nbsp;&nbsp; 647978 | &nbsp;&nbsp; 960093 | &nbsp;&nbsp; 1016563 | &nbsp;&nbsp; 424106 |
| Matthews Asia Growth Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15906 |

---

**63** MATTHEWS ASIA FUNDS

------

Notes to Financial Statements *(unaudited) (continued)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiring December 31,** | **Expiring December 31,** | **Expiring December 31,** | **Expiring December 31,** |
|  | **2025** | **2026** | **2027** | **2028** |
| Matthews China Small Companies Fund | &nbsp;&nbsp; $388736 | &nbsp;&nbsp; $200612 | &nbsp;&nbsp; $173139 | &nbsp;&nbsp; $64645 |
| Matthews China Dividend Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1485 |

---

The Funds have an Administration and Shareholder Services Agreement dated August 13, 2004, as amended (the "Shareholder Services Agreement" or "Services Agreement"), in which the Funds pay an annual administration and shareholder servicing fee to Matthews, as a percentage of the average daily net assets of each Fund in aggregate, computed and prorated on a daily basis. Under the Shareholder Services Agreement, the Funds in the aggregate pay Matthews 0.25% of their aggregate average daily net assets up to $2 billion, 0.1834% of their aggregate average daily net assets over $2 billion up to $5 billion, 0.15% of their aggregate average daily net assets over $5 billion up to $7.5 billion, 0.125% of their aggregate average daily net assets over $7.5 billion up to $15 billion, 0.11% of their aggregate average daily net assets over $15 billion up to $22.5 billion, 0.10% of their aggregate average daily net assets over $22.5 billion up to $25 billion, 0.09% of their aggregate average daily net assets over $25 billion up to $30 billion, 0.08% of their aggregate average daily net assets over $30 billion up to $35 billion, 0.07% of their aggregate average daily net assets over $35 billion up to $40 billion, 0.06% of their aggregate average daily net assets over $40 billion up to $45 billion, and 0.05% of their aggregate average daily net assets over $45 billion.

Administration and shareholder servicing fees charged, for the six-month period ended June 30, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Gross** <br>**Administration and** <br>**Shareholder** <br>**Servicing Fees** <br>| **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; $160140 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $160140 |
| Matthews Emerging Markets Sustainable Future Fund | &nbsp;&nbsp; 210902 | &nbsp;&nbsp; — | &nbsp;&nbsp; 210902 |
| Matthews Emerging Markets Small Companies Fund | &nbsp;&nbsp; 517138 | &nbsp;&nbsp; — | &nbsp;&nbsp; 517138 |
| Matthews Asia Growth Fund | &nbsp;&nbsp; 228692 | &nbsp;&nbsp; — | &nbsp;&nbsp; 228692 |
| Matthews Pacific Tiger Fund | &nbsp;&nbsp; 757484 | &nbsp;&nbsp; — | &nbsp;&nbsp; 757484 |
| Matthews Asia Innovators Fund | &nbsp;&nbsp; 264692 | &nbsp;&nbsp; — | &nbsp;&nbsp; 264692 |
| Matthews China Fund | &nbsp;&nbsp; 389835 | &nbsp;&nbsp; — | &nbsp;&nbsp; 389835 |
| Matthews China Small Companies Fund | &nbsp;&nbsp; 66697 | &nbsp;&nbsp; — | &nbsp;&nbsp; 66697 |
| Matthews India Fund | &nbsp;&nbsp; 807308 | &nbsp;&nbsp; — | &nbsp;&nbsp; 807308 |
| Matthews Japan Fund | &nbsp;&nbsp; 672362 | &nbsp;&nbsp; — | &nbsp;&nbsp; 672362 |
| Matthews Asia Dividend Fund | &nbsp;&nbsp; 598064 | &nbsp;&nbsp; — | &nbsp;&nbsp; 598064 |
| Matthews China Dividend Fund | &nbsp;&nbsp; 93940 | &nbsp;&nbsp; — | &nbsp;&nbsp; 93940 |

---

In addition to the fees paid to the Funds' transfer agent, the Funds bear the cost of fees paid to certain service providers or intermediaries, including supermarkets, which provide transfer agency, record-keeping and shareholder servicing to certain shareholders. These fees are referred to as intermediary service fees on the Statements of Assets and Liabilities as well as the Statements of Operations. Additional information concerning these services and fees is contained in the Funds' prospectus.

BNY Mellon Investment Servicing (US) Inc. ("BNY Mellon"), an indirect wholly owned subsidiary of The Bank of New York Mellon Corporation, serves as the Funds' administrator, and in that capacity, performs various administrative and accounting services for each Fund. BNY Mellon also serves as the Funds' transfer agent, dividend disbursing agent and registrar. Total fees accrued by the Funds for administration and accounting services for the six-month period ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  | **Administration and** <br>**Accounting fees** <br>|
| Matthews Emerging Markets Equity Fund | &nbsp;&nbsp; $6023 |
| Matthews Emerging Markets Sustainable Future Fund | &nbsp;&nbsp; 7951 |
| Matthews Emerging Markets Small Companies Fund | &nbsp;&nbsp; 19496 |
| Matthews Asia Growth Fund | &nbsp;&nbsp; 8622 |
| Matthews Pacific Tiger Fund | &nbsp;&nbsp; 28565 |
| Matthews Asia Innovators Fund | &nbsp;&nbsp; 9978 |
| Matthews China Fund | &nbsp;&nbsp; 14694 |
| Matthews China Small Companies Fund | &nbsp;&nbsp; 2514 |
| Matthews India Fund | &nbsp;&nbsp; 30432 |
| Matthews Japan Fund | &nbsp;&nbsp; 25345 |
| Matthews Asia Dividend Fund | &nbsp;&nbsp; 22545 |
| Matthews China Dividend Fund | &nbsp;&nbsp; 3541 |

---

*matthewsasia.com* \| 800.789.ASIA **64**

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Notes to Financial Statements *(unaudited) (continued)*

As of June 30, 2025, Matthews and its affiliates held no significant shares in the Funds

**5.** **INVESTMENTS**

The value of investment transactions made for affiliated and unaffiliated holdings for the six-month period ended June 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Unaffiliated Purchases** | **Proceeds from** <br>**Unaffiliated Sales**<br>|
| Matthews Emerging Markets Equity Fund | &nbsp;&nbsp; $86913842 | &nbsp;&nbsp; $89393487 |
| Matthews Emerging Markets Sustainable Future Fund | &nbsp;&nbsp; 60086310 | &nbsp;&nbsp; 83526916 |
| Matthews Emerging Markets Small Companies Fund | &nbsp;&nbsp; 78624733 | &nbsp;&nbsp; 188726752 |
| Matthews Asia Growth Fund | &nbsp;&nbsp; 94361978 | &nbsp;&nbsp; 138770899 |
| Matthews Pacific Tiger Fund | &nbsp;&nbsp; 455645541 | &nbsp;&nbsp; 639735504 |
| Matthews Asia Innovators Fund | &nbsp;&nbsp; 133818105 | &nbsp;&nbsp; 124190351 |
| Matthews China Fund | &nbsp;&nbsp; 56656128 | &nbsp;&nbsp; 60967028 |
| Matthews China Small Companies Fund | &nbsp;&nbsp; 7288886 | &nbsp;&nbsp; 17987653 |
| Matthews India Fund | &nbsp;&nbsp; 243332847 | &nbsp;&nbsp; 336731304 |
| Matthews Japan Fund | &nbsp;&nbsp; 328616156 | &nbsp;&nbsp; 374692083 |
| Matthews Asia Dividend Fund | &nbsp;&nbsp; 273420361 | &nbsp;&nbsp; 388573153 |
| Matthews China Dividend Fund | &nbsp;&nbsp; 24650206 | &nbsp;&nbsp; 36259190 |

---

**6.** **SEGMENT REPORTING**

In this reporting period, the Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or its results of operations. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance and to assess its potential future cash flows. The Funds' investment advisor, Matthews International Capital Management, LLC, acts as the Funds' chief operating decision maker (CODM) assessing performance and making decisions about resource allocation. The CODM has determined that each fund has a single operating segment based on the fact that the CODM monitors the operating results of each fund as a whole and the Funds' long-term strategic asset allocation is pre-determined in accordance with the terms of their respective prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds' Portfolio of Investments, Statement of Changes in Net Assets and Financial Highlights.

**7.** **INCOME TAX INFORMATION**

It is the policy of the Funds to comply with all requirements of the Internal Revenue Code of 1986, as amended ("the Code"), applicable to regulated investment companies and to distribute substantially all of their taxable income to their shareholders. The Funds have met the requirements of the Code applicable to regulated investment companies for the six-month period ended June 30, 2025. Therefore, no federal income tax provision is required.

Management has analyzed the Funds' tax positions taken on federal income tax returns for all open tax years (current and prior three tax years), and has concluded that no provision for federal income tax is required in the Funds' financial statements. The Funds' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

Under current tax law, the Funds have elected to defer certain qualified late-year losses and recognize such losses in the year ending December 31, 2024:

---

| | |
|:---|:---|
|  | **Late Year Losses**<sup>\*</sup> <br>|
| Matthews Emerging Markets Equity Fund | &nbsp;&nbsp; ($4087) <br>|
| Matthews Emerging Markets Sustainable Future Fund | &nbsp;&nbsp; (792390) <br>|
| Matthews Emerging Markets Small Companies Fund | &nbsp;&nbsp; (6841539) <br>|
| Matthews Asia Growth Fund | &nbsp;&nbsp; (3089930) <br>|
| Matthews Pacific Tiger Fund | &nbsp;&nbsp; (619783) <br>|
| Matthews Asia Innovators Fund | &nbsp;&nbsp; (240739) <br>|
| Matthews China Fund | &nbsp;&nbsp; (4257) <br>|
| Matthews China Small Companies Fund | &nbsp;&nbsp; (2027765) <br>|
| Matthews India Fund | &nbsp;&nbsp; (5912022) <br>|
| Matthews China Dividend Fund | &nbsp;&nbsp; (166894) <br>|

---

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

\* As permitted by the Internal Revenue Service, the Funds have elected to defer certain qualified late-year losses and recognize such losses in the next fiscal year.

**65** MATTHEWS ASIA FUNDS

------

Notes to Financial Statements *(unaudited) (continued)*

As of December 31, 2024, the Funds have capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Amount With No Expiration** | **Amount With No Expiration** | |
|  | **Short-term** <br>**Losses**<br>| **Long-term** <br>**Losses**<br>| <br>**Total** |
| Matthews Emerging Markets Equity Fund | &nbsp;&nbsp; $2276220 | &nbsp;&nbsp; $3171707 | &nbsp;&nbsp; $5447927 |
| Matthews Emerging Markets Sustainable Future Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; 5877158 | &nbsp;&nbsp; 5877158 |
| Matthews Emerging Markets Small Companies Fund | &nbsp;&nbsp; 2571530 | &nbsp;&nbsp; 91979525 | &nbsp;&nbsp; 94551055 |
| Matthews Asia Growth Fund | &nbsp;&nbsp; 118768347 | &nbsp;&nbsp; 40978250 | &nbsp;&nbsp; 159746597 |
| Matthews Asia Innovators Fund | &nbsp;&nbsp; 138975415 | &nbsp;&nbsp; 216039184 | &nbsp;&nbsp; 355014599 |
| Matthews China Fund | &nbsp;&nbsp; 113699784 | &nbsp;&nbsp; 263573710 | &nbsp;&nbsp; 377273494 |
| Matthews China Small Companies Fund | &nbsp;&nbsp; 57612282 | &nbsp;&nbsp; 100087018 | &nbsp;&nbsp; 157699300 |
| Matthews Japan Fund | &nbsp;&nbsp; 99291762 | &nbsp;&nbsp; — | &nbsp;&nbsp; 99291762 |
| Matthews Asia Dividend Fund | &nbsp;&nbsp; 308935875 | &nbsp;&nbsp; — | &nbsp;&nbsp; 308935875 |
| Matthews China Dividend Fund | &nbsp;&nbsp; 29622473 | &nbsp;&nbsp; 55146920 | &nbsp;&nbsp; 84769393 |

---

Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years, which generally expire after eight years from when they are incurred. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

As of June 30, 2025, the tax cost of investments, including derivatives, and the related net unrealized appreciation and depreciation were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax Cost** | **Gross** <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; $192866230 | &nbsp;&nbsp; $53879534 | &nbsp;&nbsp; ($12674234)<br>| &nbsp;&nbsp; $41205300 |
| Matthews Emerging Markets Sustainable Future Fund | &nbsp;&nbsp; 193700399 | &nbsp;&nbsp; 37632486 | &nbsp;&nbsp; (20263870)<br>| &nbsp;&nbsp; 17368616 |
| Matthews Emerging Markets Small Companies Fund | &nbsp;&nbsp; 452682328 | &nbsp;&nbsp; 124215689 | &nbsp;&nbsp; (59404085)<br>| &nbsp;&nbsp; 64811604 |
| Matthews Asia Growth Fund | &nbsp;&nbsp; 182654341 | &nbsp;&nbsp; 32581741 | &nbsp;&nbsp; (6395264)<br>| &nbsp;&nbsp; 26186477 |
| Matthews Pacific Tiger Fund | &nbsp;&nbsp; 640486218 | &nbsp;&nbsp; 104825056 | &nbsp;&nbsp; (48275204)<br>| &nbsp;&nbsp; 56549852 |
| Matthews Asia Innovators Fund | &nbsp;&nbsp; 238806832 | &nbsp;&nbsp; 53961974 | &nbsp;&nbsp; (10015472)<br>| &nbsp;&nbsp; 43946502 |
| Matthews China Fund | &nbsp;&nbsp; 380309752 | &nbsp;&nbsp; 71134796 | &nbsp;&nbsp; (75656080)<br>| &nbsp;&nbsp; (4521284)<br>|
| Matthews China Small Companies Fund | &nbsp;&nbsp; 53082362 | &nbsp;&nbsp; 11565278 | &nbsp;&nbsp; (5751566)<br>| &nbsp;&nbsp; 5813712 |
| Matthews India Fund | &nbsp;&nbsp; 662222176 | &nbsp;&nbsp; 162557688 | &nbsp;&nbsp; (20907136)<br>| &nbsp;&nbsp; 141650552 |
| Matthews Japan Fund | &nbsp;&nbsp; 531860468 | &nbsp;&nbsp; 146158416 | &nbsp;&nbsp; (8236683)<br>| &nbsp;&nbsp; 137921733 |
| Matthews Asia Dividend Fund | &nbsp;&nbsp; 485011374 | &nbsp;&nbsp; 98604013 | &nbsp;&nbsp; (35415488)<br>| &nbsp;&nbsp; 63188525 |
| Matthews China Dividend Fund | &nbsp;&nbsp; 73606277 | &nbsp;&nbsp; 16716516 | &nbsp;&nbsp; (4686707)<br>| &nbsp;&nbsp; 12029809 |

---

**8.** **SUBSEQUENT EVENTS**

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued, and has determined that there were no subsequent events that require recognition or disclosure in the financial statements.

*matthewsasia.com* \| 800.789.ASIA **66**

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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

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P.O. Box 534475 \| Pittsburgh, PA 15253-4475 \| matthewsasia.com \| 800.789.ASIA (2742)

Matthews Asia Funds are distributed in the United States by Foreside Funds Distributors LLC, Portland, Maine

Matthews Asia Funds are distributed in Latin America by Picton S. A.

N-CSR-MF-0625

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Matthews Asia Active ETFs \| Financial Statements and Other Information

June 30, 2025 \| matthewsasia.com ![](g150332img151628951.gif)

*Listed on the NYSE Arca*

*\*Listed on NASDAQ*![](g150332imgac4d349b2.gif)

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Matthews Emerging Markets Equity Active ETFJune 30, 2025

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

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

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES: 89.4%** | **COMMON EQUITIES: 89.4%** | |
|  | **Shares** | <br>**Value**  |
| **China/Hong Kong: 28.4%** | **China/Hong Kong: 28.4%** | **China/Hong Kong: 28.4%** |
| Tencent Holdings, Ltd. | 34000 | $2178599 |
| NetEase, Inc. ADR | 7340 | 987817 |
| Alibaba Group Holding, Ltd. | 60800 | 850426 |
| DiDi Global, Inc. ADR<sup>b</sup> <br>| 121621 | 595943 |
| China Construction Bank Corp. H Shares | 529000 | 533717 |
| JD.com, Inc. Class A | 32550 | 530337 |
| PetroChina Co., Ltd. H Shares | 600000 | 515924 |
| BYD Co., Ltd. H Shares | 33000 | 514968 |
| China Merchants Bank Co., Ltd. A Shares | 75400 | 483674 |
| New China Life Insurance Co., Ltd. H Shares | 84100 | 457997 |
| JD.com, Inc. ADR | 12343 | 402876 |
| Yum China Holdings, Inc. | 8756 | 391481 |
| Ping An Insurance Group Co. of China, Ltd. H <br> Shares<br>| 61000 | 387369 |
| KE Holdings, Inc. ADR | 21286 | 377614 |
| China Overseas Property Holdings, Ltd. | 540000 | 376968 |
| Full Truck Alliance Co., Ltd. ADR | 31291 | 369547 |
| China Merchants Bank Co., Ltd. H Shares | 49500 | 345869 |
| Horizon Robotics<sup>b</sup> <br>| 412200 | 340787 |
| Trip.com Group, Ltd. ADR | 5699 | 334189 |
| Meituan Class B<sup>b,c,d</sup> <br>| 15200 | 242619 |
| Midea Group Co., Ltd. A Shares | 2600 | 26206 |
| **Total China/Hong Kong** |  | **11244927** |
| **India: 20.0%** | **India: 20.0%** | **India: 20.0%** |
| HDFC Bank, Ltd. ADR | 15429 | 1182941 |
| Shriram Finance, Ltd. | 91207 | 751745 |
| ICICI Bank, Ltd. ADR | 21163 | 711923 |
| Bharti Airtel, Ltd. | 28881 | 676764 |
| Max Financial Services, Ltd.<sup>b</sup> <br>| 27530 | 528739 |
| TVS Motor Co., Ltd. | 12975 | 441477 |
| Mahindra & Mahindra, Ltd. | 11486 | 426332 |
| Axis Bank, Ltd. | 30073 | 420517 |
| Eicher Motors, Ltd. | 6247 | 412035 |
| Reliance Industries, Ltd. | 23287 | 407468 |
| Bajaj Finance, Ltd. | 36860 | 402512 |
| Lupin, Ltd. | 16333 | 369092 |
| Marico, Ltd. | 40334 | 339730 |
| Eternal, Ltd.<sup>b</sup> <br>| 100088 | 308282 |
| Kotak Mahindra Bank, Ltd. | 7076 | 178509 |
| Tata Consumer Products, Ltd. | 13875 | 177790 |
| Dixon Technologies India, Ltd.<sup>d</sup> <br>| 890 | 155491 |
| **Total India** |  | **7891347** |
| **Taiwan: 15.1%** | **Taiwan: 15.1%** | **Taiwan: 15.1%** |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 111000 | 4027797 |
| Elite Material Co., Ltd. | 20000 | 603861 |
| Delta Electronics, Inc. | 27000 | 381727 |
| CTBC Financial Holding Co., Ltd. | 239000 | 357535 |
| Realtek Semiconductor Corp. | 14000 | 271737 |
| Alchip Technologies, Ltd. | 2000 | 211899 |
| Hon Hai Precision Industry Co., Ltd. | 22000 | 121251 |
| **Total Taiwan** |  | **5975807** |
| **South Korea: 12.3%** | **South Korea: 12.3%** | **South Korea: 12.3%** |
| Samsung Electronics Co., Ltd. | 20270 | 898152 |
| Hana Financial Group, Inc. | 13148 | 840747 |
| SK Hynix, Inc. | 2938 | 635667 |
| KB Financial Group, Inc. | 6613 | 543407 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| NAVER Corp. | 2467 | $479837 |
| Samsung Fire & Marine Insurance Co., Ltd. | 1434 | 461141 |
| SK Telecom Co., Ltd. | 9150 | 384414 |
| LG Chem, Ltd. | 2104 | 329724 |
| Classys, Inc. | 5873 | 272849 |
| **Total South Korea** |  | **4845938** |
| **Brazil: 5.1%** | **Brazil: 5.1%** | **Brazil: 5.1%** |
| Itau Unibanco Holding SA ADR | 134524 | 913418 |
| MercadoLibre, Inc.<sup>b</sup> <br>| 181 | 473067 |
| B3 SA - Brasil Bolsa Balcao | 163600 | 437038 |
| Rumo SA | 58000 | 196916 |
| **Total Brazil** |  | **2020439** |
| **Mexico: 2.0%** | **Mexico: 2.0%** | **Mexico: 2.0%** |
| Grupo Financiero Banorte SAB de CV Class O | 46748 | 424424 |
| Fomento Economico Mexicano SAB de CV ADR | 3493 | 359709 |
| **Total Mexico** |  | **784133** |
| **South Africa: 1.8%** | **South Africa: 1.8%** | **South Africa: 1.8%** |
| Shoprite Holdings, Ltd. | 24805 | 386565 |
| Capitec Bank Holdings, Ltd. | 1566 | 312910 |
| **Total South Africa** |  | **699475** |
| **Indonesia: 1.2%** | **Indonesia: 1.2%** | **Indonesia: 1.2%** |
| PT Bank Rakyat Indonesia Persero Tbk | 1121300 | 258310 |
| PT Bank Central Asia Tbk | 446500 | 238583 |
| **Total Indonesia** |  | **496893** |
| **Philippines: 1.0%** | **Philippines: 1.0%** | **Philippines: 1.0%** |
| Bank of the Philippine Islands | 169670 | 391569 |
| **Total Philippines** |  | **391569** |
| **Singapore: 0.7%** | **Singapore: 0.7%** | **Singapore: 0.7%** |
| Singapore Telecommunications, Ltd. | 98200 | 294527 |
| **Total Singapore** |  | **294527** |
| **Thailand: 0.7%** | **Thailand: 0.7%** | **Thailand: 0.7%** |
| CP ALL Public Co., Ltd. | 192100 | 260004 |
| **Total Thailand** |  | **260004** |
| **Vietnam: 0.6%** | **Vietnam: 0.6%** | **Vietnam: 0.6%** |
| Military Commercial Joint Stock Bank | 236665 | 233761 |
| **Total Vietnam** |  | **233761** |
| **Macau: 0.5%** | **Macau: 0.5%** | **Macau: 0.5%** |
| Galaxy Entertainment Group, Ltd. | 49000 | 217535 |
| **Total Macau** |  | **217535** |
| **TOTAL COMMON EQUITIES** | **TOTAL COMMON EQUITIES** | **35356355** |
| (Cost $29,053,967) |  |  |

---

**1** 

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Matthews Emerging Markets Equity Active ETFJune 30, 2025

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

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS: 7.1%** | **SHORT-TERM INVESTMENTS: 7.1%** | |
|  | **Shares** | <br>**Value**  |
| **Money Market Funds: 7.1%** | **Money Market Funds: 7.1%** | **Money Market Funds: 7.1%** |
| JPMorgan U.S. Government Money Market <br> Fund, Capital Shares, 4.22%<sup>e</sup> <br>| 2795375 | **$2795375** |
| (Cost $2,795,375) |  |  |
| **Total Investments: 96.5%** |  | **38151730** |
| (Cost $31,849,342) |  |  |
| **CASH AND OTHER ASSETS,** <br>**LESS LIABILITIES: 3.5%**<br>|  | **1377000** |
| **Net Assets: 100.0%** |  | **$39528730** |

---

&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> June 30, 2025, the aggregate value is $242,619, which is 0.61% 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 June 30, 2025. |
| ADR | American Depositary Receipt |

---

See accompanying notes to financial statements.

**2**

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Matthews Emerging Markets ex China Active ETFJune 30, 2025

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

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

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES: 98.3%** | **COMMON EQUITIES: 98.3%** | |
|  | **Shares** | <br>**Value**  |
| **Taiwan: 20.5%** | **Taiwan: 20.5%** | **Taiwan: 20.5%** |
| Taiwan Semiconductor Manufacturing Co., Ltd. <br> ADR<br>| 16990 | $3848065 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 18000 | 653156 |
| Elite Material Co., Ltd. | 17000 | 513282 |
| Delta Electronics, Inc. | 34000 | 480693 |
| Poya International Co., Ltd. | 27000 | 463988 |
| E Ink Holdings, Inc. | 47000 | 355573 |
| MediaTek, Inc. | 8000 | 342325 |
| Alchip Technologies, Ltd. | 3000 | 317849 |
| Hon Hai Precision Industry Co., Ltd. | 47000 | 259037 |
| **Total Taiwan** |  | **7233968** |
| **India: 20.3%** | **India: 20.3%** | **India: 20.3%** |
| HDFC Bank, Ltd. ADR | 11205 | 859087 |
| ICICI Bank, Ltd. ADR | 24208 | 814357 |
| Bandhan Bank, Ltd.<sup>b,c</sup> <br>| 326884 | 722834 |
| Bharti Airtel, Ltd. | 23738 | 556249 |
| Shriram Finance, Ltd. | 61124 | 503796 |
| Apollo Hospitals Enterprise, Ltd. | 5749 | 485474 |
| SBI Life Insurance Co., Ltd.<sup>b,c</sup> <br>| 22178 | 475394 |
| Reliance Industries, Ltd. | 27156 | 475167 |
| Hindustan Unilever, Ltd. | 16065 | 429836 |
| Mahindra & Mahindra, Ltd. | 11101 | 412042 |
| Eicher Motors, Ltd. | 5468 | 360655 |
| Bajaj Finance, Ltd. | 30972 | 338215 |
| Marico, Ltd. | 37726 | 317763 |
| Eternal, Ltd.<sup>d</sup> <br>| 81681 | 251586 |
| Infosys, Ltd. ADR | 9563 | 177202 |
| **Total India** |  | **7179657** |
| **South Korea: 14.4%** | **South Korea: 14.4%** | **South Korea: 14.4%** |
| Samsung Electronics Co., Ltd. | 32116 | 1423041 |
| NAVER Corp. | 3106 | 604123 |
| SK Hynix, Inc. | 2727 | 590015 |
| KB Financial Group, Inc. | 5793 | 476025 |
| HD Hyundai Electric Co., Ltd. | 1174 | 441033 |
| Samsung Biologics Co., Ltd.<sup>b,c,d</sup> <br>| 558 | 410148 |
| Hugel, Inc.<sup>d</sup> <br>| 1346 | 386965 |
| Hana Financial Group, Inc. | 5487 | 350866 |
| HD Korea Shipbuilding & Offshore Engineering <br> Co., Ltd.<br>| 939 | 254649 |
| Hyundai Motor Co. | 1151 | 173554 |
| **Total South Korea** |  | **5110419** |
| **Brazil: 8.6%** | **Brazil: 8.6%** | **Brazil: 8.6%** |
| Vivara Participacoes SA | 90400 | 447706 |
| Rumo SA | 129700 | 440346 |
| Cia de Saneamento Basico do Estado de Sao <br> Paulo SABESP<br>| 20000 | 436545 |
| Raia Drogasil SA | 155400 | 430508 |
| MercadoLibre, Inc.<sup>d</sup> <br>| 157 | 410340 |
| Localiza Rent a Car SA | 43500 | 322951 |
| Petroleo Brasileiro SA ADR | 22258 | 278448 |
| Itau Unibanco Holding SA ADR | 39598 | 268870 |
| **Total Brazil** |  | **3035714** |
| **Indonesia: 3.6%** | **Indonesia: 3.6%** | **Indonesia: 3.6%** |
| PT Indosat Tbk | 4863000 | 626035 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| PT Bank Mandiri Persero Tbk | 1342300 | $403475 |
| PT Sumber Alfaria Trijaya Tbk | 1725400 | 254001 |
| **Total Indonesia** |  | **1283511** |
| **South Africa: 3.6%** | **South Africa: 3.6%** | **South Africa: 3.6%** |
| Absa Group, Ltd. | 38001 | 376348 |
| Discovery, Ltd. | 28829 | 348454 |
| Shoprite Holdings, Ltd. | 21482 | 334779 |
| Naspers, Ltd. N Shares | 637 | 197696 |
| **Total South Africa** |  | **1257277** |
| **Singapore: 3.5%** | **Singapore: 3.5%** | **Singapore: 3.5%** |
| Grab Holdings, Ltd. Class A<sup>d</sup> <br>| 116323 | 585105 |
| DFI Retail Group Holdings, Ltd. | 126310 | 348616 |
| Sea, Ltd. ADR<sup>d</sup> <br>| 1892 | 302606 |
| **Total Singapore** |  | **1236327** |
| **Thailand: 3.4%** | **Thailand: 3.4%** | **Thailand: 3.4%** |
| Bangkok Dusit Medical Services Public Co., Ltd. F <br> Shares<br>| 660900 | 422862 |
| CP ALL Public Co., Ltd. | 303300 | 410511 |
| Krungthai Card Public Co., Ltd. | 518100 | 382494 |
| **Total Thailand** |  | **1215867** |
| **Malaysia: 3.1%** | **Malaysia: 3.1%** | **Malaysia: 3.1%** |
| IHH Healthcare BHD | 305100 | 494189 |
| CIMB Group Holdings BHD | 201600 | 325107 |
| Gamuda BHD | 245600 | 279403 |
| **Total Malaysia** |  | **1098699** |
| **Philippines: 2.7%** | **Philippines: 2.7%** | **Philippines: 2.7%** |
| International Container Terminal Services, Inc. | 50340 | 367295 |
| Bank of the Philippine Islands | 136170 | 314257 |
| Jollibee Foods Corp. | 71420 | 273864 |
| **Total Philippines** |  | **955416** |
| **Mexico: 2.7%** | **Mexico: 2.7%** | **Mexico: 2.7%** |
| Grupo Financiero Banorte SAB de CV Class O | 40250 | 365429 |
| Gentera SAB de CV | 166606 | 353548 |
| Fomento Economico Mexicano SAB de CV ADR | 2183 | 224805 |
| **Total Mexico** |  | **943782** |
| **Poland: 2.1%** | **Poland: 2.1%** | **Poland: 2.1%** |
| Powszechna Kasa Oszczednosci Bank Polski SA | 21114 | 439604 |
| InPost SA<sup>d</sup> <br>| 18773 | 310717 |
| **Total Poland** |  | **750321** |
| **Saudi Arabia: 2.0%** | **Saudi Arabia: 2.0%** | **Saudi Arabia: 2.0%** |
| Saudi National Bank | 37648 | 362577 |
| Dr Sulaiman Al Habib Medical Services Group <br> Co.<br>| 4994 | 361118 |
| **Total Saudi Arabia** |  | **723695** |
| **Vietnam: 1.9%** | **Vietnam: 1.9%** | **Vietnam: 1.9%** |
| Mobile World Investment Corp. | 137700 | 345298 |
| Asia Commercial Bank JSC | 414240 | 337792 |
| **Total Vietnam** |  | **683090** |

---

**3** 

------

Matthews Emerging Markets ex China Active ETFJune 30, 2025

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

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES** *(continued)* | **COMMON EQUITIES** *(continued)* | |
|  | **Shares** | <br>**Value**  |
| **United Arab Emirates: 1.2%** | **United Arab Emirates: 1.2%** | **United Arab Emirates: 1.2%** |
| ADNOC Drilling Co. PJSC | 269901 | $418867 |
| **Total United Arab Emirates** |  | **418867** |
| **Peru: 1.2%** | **Peru: 1.2%** | **Peru: 1.2%** |
| Cia de Minas Buenaventura SAA ADR | 25235 | 414359 |
| **Total Peru** |  | **414359** |
| **Greece: 1.0%** | **Greece: 1.0%** | **Greece: 1.0%** |
| Piraeus Financial Holdings SA | 52983 | 365826 |
| **Total Greece** |  | **365826** |
| **United States: 1.0%** | **United States: 1.0%** | **United States: 1.0%** |
| Freeport-McMoRan, Inc. | 7813 | 338694 |
| **Total United States** |  | **338694** |
| **Argentina: 0.9%** | **Argentina: 0.9%** | **Argentina: 0.9%** |
| Grupo Financiero Galicia SA ADR | 5996 | 302138 |
| **Total Argentina** |  | **302138** |
| **Turkey: 0.6%** | **Turkey: 0.6%** | **Turkey: 0.6%** |
| BIM Birlesik Magazalar AS | 18111 | 225173 |
| **Total Turkey** |  | **225173** |
| **TOTAL COMMON EQUITIES** | **TOTAL COMMON EQUITIES** | **34772800** |
| (Cost $29,370,103) |  |  |
| **SHORT-TERM INVESTMENTS: 1.9%** | **SHORT-TERM INVESTMENTS: 1.9%** |  |
| **Money Market Funds: 1.9%** | **Money Market Funds: 1.9%** | **Money Market Funds: 1.9%** |
| JPMorgan U.S. Government Money Market <br> Fund, Capital Shares, 4.22%<sup>e</sup> <br>| 657279 | **657279** |
| (Cost $657,279) |  |  |
| **Total Investments: 100.2%** |  | **35430079** |
| (Cost $30,027,382) |  |  |
| **LIABILITIES IN EXCESS OF CASH** <br>**AND OTHER ASSETS: (0.2%)**<br>|  | **(58276)**<br>|
| **Net Assets: 100.0%** |  | **$35371803** |

---

&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> June 30, 2025, the aggregate value is $1,608,376, which is 4.55% 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 | Rate shown is the current yield as of June 30, 2025. |
| ADR | American Depositary Receipt |
| BHD | Berhad |
| JSC | Joint Stock Co. |
| PJSC | Public Joint Stock Co. |

---

See accompanying notes to financial statements.

**4**

------

Matthews Emerging Markets Sustainable Future Active ETFJune 30, 2025

*Schedule of Investments (unaudited)*

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

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES: 99.9%** | **COMMON EQUITIES: 99.9%** | |
|  | **Shares** | <br>**Value**  |
| **China/Hong Kong: 30.2%** | **China/Hong Kong: 30.2%** | **China/Hong Kong: 30.2%** |
| Meituan Class B<sup>a,b,c</sup> <br>| 95600 | $1525947 |
| Legend Biotech Corp. ADR<sup>b</sup> <br>| 39941 | 1417506 |
| JD Health International, Inc.<sup>a,b,c</sup> <br>| 257250 | 1409140 |
| Full Truck Alliance Co., Ltd. ADR | 77826 | 919125 |
| Alibaba Group Holding, Ltd. | 46500 | 650408 |
| Contemporary Amperex Technology Co., Ltd. A <br> Shares<br>| 14800 | 521119 |
| Medlive Technology Co., Ltd.<sup>a,c</sup> <br>| 197000 | 368403 |
| Zhihu, Inc. ADR<sup>b</sup> <br>| 81982 | 326288 |
| Lam Research Corp. | 3199 | 311391 |
| Hong Kong Exchanges & Clearing, Ltd. | 5500 | 293427 |
| Kanzhun, Ltd. ADR<sup>b</sup> <br>| 15117 | 269687 |
| Silergy Corp. | 21000 | 255563 |
| BYD Co., Ltd. H Shares | 12000 | 187261 |
| Flat Glass Group Co., Ltd. H Shares | 117000 | 131308 |
| Centre Testing International Group Co., Ltd. A <br> Shares<br>| 78000 | 127251 |
| **Total China/Hong Kong** |  | **8713824** |
| **India: 24.7%** | **India: 24.7%** | **India: 24.7%** |
| Bandhan Bank, Ltd.<sup>a,c</sup> <br>| 987376 | 2183372 |
| Indus Towers, Ltd.<sup>b</sup> <br>| 201534 | 989575 |
| Swiggy, Ltd.<sup>b</sup> <br>| 157568 | 735660 |
| Mahindra & Mahindra, Ltd. | 19577 | 726650 |
| Shriram Finance, Ltd. | 87373 | 720145 |
| Phoenix Mills, Ltd. | 28461 | 518278 |
| Inox Wind, Ltd.<sup>b</sup> <br>| 235519 | 481529 |
| NTPC Green Energy, Ltd.<sup>b</sup> <br>| 252229 | 307904 |
| HDFC Asset Management Co., Ltd.<sup>a,c</sup> <br>| 3571 | 216184 |
| UNO Minda, Ltd. | 10586 | 136312 |
| Marico, Ltd. | 13136 | 110643 |
| **Total India** |  | **7126252** |
| **Taiwan: 16.4%** | **Taiwan: 16.4%** | **Taiwan: 16.4%** |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 42000 | 1524031 |
| Elite Material Co., Ltd. | 25000 | 754827 |
| Airtac International Group | 16000 | 477064 |
| Taiwan Semiconductor Manufacturing Co., Ltd. <br> ADR<br>| 2103 | 476308 |
| Poya International Co., Ltd. | 24180 | 415527 |
| Andes Technology Corp.<sup>b</sup> <br>| 41000 | 414042 |
| M31 Technology Corp. | 21800 | 391791 |
| AURAS Technology Co., Ltd. | 13000 | 285260 |
| **Total Taiwan** |  | **4738850** |
| **Brazil: 6.2%** | **Brazil: 6.2%** | **Brazil: 6.2%** |
| YDUQS Participacoes SA | 252100 | 761679 |
| B3 SA - Brasil Bolsa Balcao | 188900 | 504624 |
| NU Holdings, Ltd. Class A<sup>b</sup> <br>| 20489 | 281109 |
| Cia de Saneamento Basico do Estado de Sao <br> Paulo SABESP<br>| 10800 | 235734 |
| **Total Brazil** |  | **1783146** |
| **South Korea: 5.9%** | **South Korea: 5.9%** | **South Korea: 5.9%** |
| Eugene Technology Co., Ltd. | 18173 | 526500 |
| HD Hyundai Electric Co., Ltd. | 1398 | 525182 |
| SK Square Co., Ltd.<sup>b</sup> <br>| 3010 | 408143 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Samsung SDI Co., Ltd. | 1828 | $234054 |
| **Total South Korea** |  | **1693879** |
| **Poland: 2.6%** | **Poland: 2.6%** | **Poland: 2.6%** |
| InPost SA<sup>b</sup> <br>| 35514 | 587803 |
| Jeronimo Martins SGPS SA | 6411 | 161649 |
| **Total Poland** |  | **749452** |
| **United States: 1.9%** | **United States: 1.9%** | **United States: 1.9%** |
| Micron Technology, Inc. | 4498 | 554378 |
| **Total United States** |  | **554378** |
| **South Africa: 1.9%** | **South Africa: 1.9%** | **South Africa: 1.9%** |
| Nedbank Group, Ltd. | 39249 | 536792 |
| **Total South Africa** |  | **536792** |
| **Romania: 1.8%** | **Romania: 1.8%** | **Romania: 1.8%** |
| Banca Transilvania SA | 74549 | 533440 |
| **Total Romania** |  | **533440** |
| **Greece: 1.6%** | **Greece: 1.6%** | **Greece: 1.6%** |
| Piraeus Financial Holdings SA | 67665 | 467199 |
| **Total Greece** |  | **467199** |
| **Jordan: 1.4%** | **Jordan: 1.4%** | **Jordan: 1.4%** |
| Hikma Pharmaceuticals PLC | 14411 | 392593 |
| **Total Jordan** |  | **392593** |
| **Indonesia: 1.3%** | **Indonesia: 1.3%** | **Indonesia: 1.3%** |
| PT Bank Rakyat Indonesia Persero Tbk | 1592400 | 366836 |
| **Total Indonesia** |  | **366836** |
| **Turkey: 1.2%** | **Turkey: 1.2%** | **Turkey: 1.2%** |
| Akbank TAS | 199971 | 342720 |
| **Total Turkey** |  | **342720** |
| **Kazakhstan: 0.9%** | **Kazakhstan: 0.9%** | **Kazakhstan: 0.9%** |
| Kaspi.KZ JSC ADR | 3175 | 269526 |
| **Total Kazakhstan** |  | **269526** |
| **Philippines: 0.8%** | **Philippines: 0.8%** | **Philippines: 0.8%** |
| Security Bank Corp. | 194430 | 237127 |
| **Total Philippines** |  | **237127** |
| **Chile: 0.5%** | **Chile: 0.5%** | **Chile: 0.5%** |
| Aguas Andinas SA Class A | 372080 | 135530 |
| **Total Chile** |  | **135530** |
| **Vietnam: 0.4%** | **Vietnam: 0.4%** | **Vietnam: 0.4%** |
| Nam Long Investment Corp. | 70900 | 106131 |
| **Total Vietnam** |  | **106131** |

---

**5** 

------

Matthews Emerging Markets Sustainable Future Active ETFJune 30, 2025

*Schedule of Investments (unaudited) (continued)*

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES** *(continued)* | **COMMON EQUITIES** *(continued)* | |
|  | **Shares** | <br>**Value**  |
| **Saudi Arabia: 0.2%** | **Saudi Arabia: 0.2%** | **Saudi Arabia: 0.2%** |
| Saudi Tadawul Group Holding Co. | 1190 | $55970 |
| **Total Saudi Arabia** |  | **55970** |
| **TOTAL COMMON EQUITIES** | **TOTAL COMMON EQUITIES** | **28803645** |
| (Cost $24,754,472) |  |  |
| **PREFERRED EQUITIES: 0.4%** | **PREFERRED EQUITIES: 0.4%** |  |
| **South Korea: 0.4%** | **South Korea: 0.4%** | **South Korea: 0.4%** |
| Samsung SDI Co., Ltd., Pfd. | 1649 | 124384 |
| **Total South Korea** |  | **124384** |
| **TOTAL PREFERRED EQUITIES** | **TOTAL PREFERRED EQUITIES** | **124384** |
| (Cost $207,512) |  |  |
| **SHORT-TERM INVESTMENTS: 0.5%** | **SHORT-TERM INVESTMENTS: 0.5%** |  |
| **Money Market Funds: 0.5%** | **Money Market Funds: 0.5%** | **Money Market Funds: 0.5%** |
| JPMorgan U.S. Government Money Market <br> Fund, Capital Shares, 4.22%<sup>d</sup> <br>| 137771 | **137771** |
| (Cost $137,771) |  |  |
| **Total Investments: 100.8%** |  | **29065800** |
| (Cost $25,099,755) |  |  |
| **LIABILITIES IN EXCESS OF CASH** <br>**AND OTHER ASSETS: (0.8%)**<br>|  | **(238519)**<br>|
| **Net Assets: 100.0%** |  | **$28827281** |

---

&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> June 30, 2025, the aggregate value is $5,703,046, which is 19.78% of net 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 | Rate shown is the current yield as of June 30, 2025. |
| ADR | American Depositary Receipt |
| JSC | Joint Stock Co. |
| Pfd. | Preferred |

---

See accompanying notes to financial statements.

**6**

------

Matthews Emerging Markets Discovery Active ETFJune 30, 2025

*Schedule of Investments (unaudited)*

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

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES: 100.1%** | **COMMON EQUITIES: 100.1%** | |
|  | **Shares** | <br>**Value**  |
| **India: 26.4%** | **India: 26.4%** | **India: 26.4%** |
| Bandhan Bank, Ltd.<sup>a,b</sup> <br>| 669962 | $1481478 |
| Radico Khaitan, Ltd. | 14337 | 437533 |
| Cartrade Tech, Ltd.<sup>c</sup> <br>| 20555 | 407625 |
| Shriram Finance, Ltd. | 43823 | 361197 |
| Phoenix Mills, Ltd. | 17822 | 324541 |
| Inox Wind, Ltd.<sup>c</sup> <br>| 146119 | 298746 |
| Finolex Cables, Ltd. | 23822 | 272109 |
| UNO Minda, Ltd. | 20293 | 261305 |
| Action Construction Equipment, Ltd. | 16225 | 230548 |
| Rainbow Children's Medicare, Ltd. | 11178 | 203592 |
| Bharti Hexacom, Ltd. | 7999 | 182132 |
| GE Vernova T&D India, Ltd. | 6282 | 172953 |
| Senco Gold, Ltd. | 41520 | 166182 |
| Zinka Logistics Solutions, Ltd.<sup>c</sup> <br>| 30063 | 152839 |
| **Total India** |  | **4952780** |
| **China/Hong Kong: 18.8%** | **China/Hong Kong: 18.8%** | **China/Hong Kong: 18.8%** |
| Legend Biotech Corp. ADR<sup>c</sup> <br>| 25454 | 903362 |
| Full Truck Alliance Co., Ltd. ADR | 36869 | 435423 |
| Zhihu, Inc. ADR<sup>c</sup> <br>| 78138 | 310989 |
| Medlive Technology Co., Ltd.<sup>a,b</sup> <br>| 151000 | 282380 |
| Proya Cosmetics Co., Ltd. A Shares | 19800 | 228844 |
| Silergy Corp. | 17000 | 206884 |
| Tongcheng Travel Holdings, Ltd.<sup>b</sup> <br>| 71600 | 178590 |
| Xtep International Holdings, Ltd. | 234500 | 168183 |
| Flat Glass Group Co., Ltd. H Shares | 109000 | 122330 |
| Kanzhun, Ltd. ADR<sup>c</sup> <br>| 6730 | 120063 |
| Ever Sunshine Services Group, Ltd.<sup>b</sup> <br>| 450000 | 116943 |
| Kingsoft Corp., Ltd. | 22400 | 116708 |
| Hongfa Technology Co., Ltd. A Shares | 33740 | 105085 |
| Centre Testing International Group Co., Ltd. A <br> Shares<br>| 58200 | 94949 |
| Beijing Capital International Airport Co., Ltd. H <br> Shares<sup>c</sup> <br>| 230000 | 86726 |
| Central China Securities Co., Ltd. H Shares<sup>b</sup> <br>| 235000 | 54783 |
| **Total China/Hong Kong** |  | **3532242** |
| **Taiwan: 13.3%** | **Taiwan: 13.3%** | **Taiwan: 13.3%** |
| Elite Material Co., Ltd. | 12000 | 362317 |
| Poya International Co., Ltd. | 21040 | 361566 |
| M31 Technology Corp. | 19600 | 352252 |
| AURAS Technology Co., Ltd. | 12000 | 263316 |
| Wiwynn Corp. | 3000 | 259825 |
| Gold Circuit Electronics, Ltd. | 23000 | 232268 |
| Airtac International Group | 7000 | 208716 |
| Andes Technology Corp.<sup>c</sup> <br>| 17000 | 171676 |
| Fortune Electric Co., Ltd. | 8000 | 154183 |
| Yageo Corp. | 6000 | 99617 |
| AP Memory Technology Corp. | 4000 | 40942 |
| **Total Taiwan** |  | **2506678** |
| **South Korea: 11.5%** | **South Korea: 11.5%** | **South Korea: 11.5%** |
| Hugel, Inc.<sup>c</sup> <br>| 3346 | 961950 |
| Eugene Technology Co., Ltd. | 11082 | 321063 |
| HD Hyundai Co., Ltd. | 2740 | 262915 |
| BGF Retail Co., Ltd. | 2329 | 208809 |
| C&C International Co., Ltd. | 7746 | 192272 |
| SNT Holdings Co., Ltd. | 2012 | 86467 |
| SNT Dynamics Co., Ltd. | 2159 | 82546 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Solus Advanced Materials Co., Ltd. | 5937 | $35677 |
| Advanced Nano Products Co., Ltd. | 489 | 18153 |
| **Total South Korea** |  | **2169852** |
| **Brazil: 7.8%** | **Brazil: 7.8%** | **Brazil: 7.8%** |
| YDUQS Participacoes SA | 171300 | 517555 |
| Grupo SBF SA | 189800 | 424262 |
| Vivara Participacoes SA | 54900 | 271892 |
| Vamos Locacao de Caminhoes Maquinas e <br> Equipamentos SA<br>| 340900 | 261085 |
| **Total Brazil** |  | **1474794** |
| **South Africa: 3.9%** | **South Africa: 3.9%** | **South Africa: 3.9%** |
| We Buy Cars Holdings, Ltd. | 134433 | 453122 |
| Old Mutual, Ltd. | 424246 | 288142 |
| **Total South Africa** |  | **741264** |
| **Vietnam: 3.2%** | **Vietnam: 3.2%** | **Vietnam: 3.2%** |
| FPT Corp. | 47900 | 216756 |
| Mobile World Investment Corp. | 74700 | 187318 |
| Military Commercial Joint Stock Bank | 166710 | 164665 |
| Nam Long Investment Corp. | 27200 | 40716 |
| **Total Vietnam** |  | **609455** |
| **Philippines: 2.3%** | **Philippines: 2.3%** | **Philippines: 2.3%** |
| GT Capital Holdings, Inc. | 29250 | 298056 |
| Security Bank Corp. | 103280 | 125960 |
| **Total Philippines** |  | **424016** |
| **Chile: 2.2%** | **Chile: 2.2%** | **Chile: 2.2%** |
| Parque Arauco SA | 86210 | 181485 |
| Banco de Credito e Inversiones SA | 2287 | 96388 |
| Aguas Andinas SA Class A | 262858 | 95746 |
| Lundin Mining Corp. | 3500 | 36731 |
| **Total Chile** |  | **410350** |
| **Poland: 1.9%** | **Poland: 1.9%** | **Poland: 1.9%** |
| InPost SA<sup>c</sup> <br>| 21798 | 360785 |
| **Total Poland** |  | **360785** |
| **Georgia: 1.5%** | **Georgia: 1.5%** | **Georgia: 1.5%** |
| TBC Bank Group PLC | 4497 | 285939 |
| **Total Georgia** |  | **285939** |
| **Mexico: 1.5%** | **Mexico: 1.5%** | **Mexico: 1.5%** |
| Gentera SAB de CV | 128900 | 273534 |
| **Total Mexico** |  | **273534** |
| **Greece: 1.4%** | **Greece: 1.4%** | **Greece: 1.4%** |
| Piraeus Financial Holdings SA | 38609 | 266580 |
| **Total Greece** |  | **266580** |
| **Turkey: 1.1%** | **Turkey: 1.1%** | **Turkey: 1.1%** |
| Astor Transformator Enerji Turizm Insaat Ve <br> Petrol Sanayi Ticaret AS<br>| 88575 | 206894 |
| **Total Turkey** |  | **206894** |

---

**7** 

------

Matthews Emerging Markets Discovery Active ETFJune 30, 2025

*Schedule of Investments (unaudited) (continued)*

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES** *(continued)* | **COMMON EQUITIES** *(continued)* | |
|  | **Shares** | <br>**Value**  |
| **Indonesia: 1.0%** | **Indonesia: 1.0%** | **Indonesia: 1.0%** |
| PT Mitra Adiperkasa Tbk | 1394900 | $101385 |
| PT GoTo Gojek Tokopedia Tbk<sup>c</sup> <br>| 22695000 | 81078 |
| **Total Indonesia** |  | **182463** |
| **Panama: 0.9%** | **Panama: 0.9%** | **Panama: 0.9%** |
| Banco Latinoamericano de Comercio Exterior <br> SA E Shares<br>| 4043 | 162933 |
| **Total Panama** |  | **162933** |
| **Saudi Arabia: 0.8%** | **Saudi Arabia: 0.8%** | **Saudi Arabia: 0.8%** |
| Saudi Tadawul Group Holding Co. | 1593 | 74925 |
| Seera Group Holding<sup>c</sup> <br>| 9674 | 65465 |
| **Total Saudi Arabia** |  | **140390** |
| **Bangladesh: 0.6%** | **Bangladesh: 0.6%** | **Bangladesh: 0.6%** |
| BRAC Bank PLC | 258725 | 106884 |
| **Total Bangladesh** |  | **106884** |
| **Total Investments: 100.1%** |  | **18807833** |
| (Cost $17,126,999) |  |  |
| **LIABILITIES IN EXCESS OF CASH** <br>**AND OTHER ASSETS: (0.1%)**<br>|  | **(10798)**<br>|
| **Net Assets: 100.0%** |  | **$18797035** |

---

&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> June 30, 2025, the aggregate value is $1,763,858, which is 9.38% of net 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. |
| ADR | American Depositary Receipt |

---

See accompanying notes to financial statements.

**8**

------

Matthews Pacific Tiger Active ETFJune 30, 2025

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

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

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES: 96.4%** | **COMMON EQUITIES: 96.4%** | |
|  | **Shares** | <br>**Value**  |
| **China/Hong Kong: 32.6%** | **China/Hong Kong: 32.6%** | **China/Hong Kong: 32.6%** |
| Tencent Holdings, Ltd. | 33200 | $2127338 |
| Alibaba Group Holding, Ltd. | 97640 | 1365716 |
| China Merchants Bank Co., Ltd. H Shares | 146000 | 1020140 |
| Hong Kong Exchanges & Clearing, Ltd. | 14300 | 762910 |
| AIA Group, Ltd. | 72800 | 652882 |
| Ping An Insurance Group Co. of China, Ltd. H <br> Shares<br>| 87500 | 555653 |
| New China Life Insurance Co., Ltd. H Shares | 101100 | 550576 |
| BYD Co., Ltd. H Shares | 28500 | 444745 |
| DiDi Global, Inc. ADR<sup>b</sup> <br>| 89837 | 440201 |
| Zhejiang Sanhua Intelligent Controls Co., Ltd. A <br> Shares<br>| 100400 | 369747 |
| China Merchants Bank Co., Ltd. A Shares | 57000 | 365642 |
| Midea Group Co., Ltd. A Shares | 33900 | 341690 |
| Kweichow Moutai Co., Ltd. A Shares | 1700 | 334515 |
| GF Securities Co., Ltd. H Shares | 181600 | 304903 |
| PDD Holdings, Inc. ADR<sup>b</sup> <br>| 2842 | 297444 |
| Meituan Class B<sup>b,c,d</sup> <br>| 17900 | 285716 |
| Trip.com Group, Ltd. | 4900 | 284637 |
| WuXi AppTec Co., Ltd. H Shares<sup>c,d</sup> <br>| 27300 | 273522 |
| China Resources Land, Ltd. | 77000 | 260917 |
| Hongfa Technology Co., Ltd. A Shares | 81900 | 254998 |
| Techtronic Industries Co., Ltd. | 14500 | 159408 |
| KE Holdings, Inc. A Shares | 23800 | 143710 |
| Aier Eye Hospital Group Co., Ltd. A Shares | 52069 | 90717 |
| Longfor Group Holdings, Ltd.<sup>c,d</sup> <br>| 74000 | 87292 |
| JD.com, Inc. Class A | 5350 | 87167 |
| **Total China/Hong Kong** |  | **11862186** |
| **Taiwan: 21.3%** | **Taiwan: 21.3%** | **Taiwan: 21.3%** |
| Taiwan Semiconductor Manufacturing Co., Ltd. <br> ADR<br>| 12967 | 2936896 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 40000 | 1451458 |
| Delta Electronics, Inc. | 43000 | 607935 |
| ASMedia Technology, Inc. | 6000 | 392304 |
| Quanta Computer, Inc. | 39000 | 366476 |
| Cathay Financial Holding Co., Ltd. | 160000 | 343968 |
| MediaTek, Inc. | 8000 | 342325 |
| Accton Technology Corp. | 12000 | 299877 |
| Elite Material Co., Ltd. | 9000 | 271738 |
| Wiwynn Corp. | 3000 | 259825 |
| Alchip Technologies, Ltd. | 2000 | 211899 |
| Hon Hai Precision Industry Co., Ltd. | 34000 | 187389 |
| E Ink Holdings, Inc. | 13000 | 98350 |
| **Total Taiwan** |  | **7770440** |
| **India: 17.2%** | **India: 17.2%** | **India: 17.2%** |
| Bharti Airtel, Ltd. | 42806 | 1003066 |
| Eternal, Ltd.<sup>b</sup> <br>| 295598 | 910474 |
| HDFC Bank, Ltd. | 28347 | 661573 |
| ICICI Bank, Ltd. | 33337 | 562018 |
| Cummins India, Ltd. | 13978 | 554067 |
| Mahindra & Mahindra, Ltd. | 12841 | 476626 |
| Sun Pharmaceutical Industries, Ltd. | 18849 | 368298 |
| Godrej Consumer Products, Ltd. | 26475 | 363784 |
| Infosys, Ltd. | 17296 | 323050 |
| Cholamandalam Investment and Finance Co., <br> Ltd.<br>| 14897 | 282793 |
| HDFC Asset Management Co., Ltd.<sup>c,d</sup> <br>| 2933 | 177560 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Dixon Technologies India, Ltd.<sup>d</sup> <br>| 944 | $164925 |
| ICICI Bank, Ltd. ADR | 4160 | 139942 |
| Max Healthcare Institute, Ltd. | 7465 | 111070 |
| MakeMyTrip, Ltd.<sup>b</sup> <br>| 1037 | 101647 |
| Infosys, Ltd. ADR | 3738 | 69265 |
| **Total India** |  | **6270158** |
| **South Korea: 14.1%** | **South Korea: 14.1%** | **South Korea: 14.1%** |
| KB Financial Group, Inc. | 14252 | 1171122 |
| Samsung Electronics Co., Ltd. | 25155 | 1114603 |
| SK Hynix, Inc. | 4590 | 993094 |
| NAVER Corp. | 1997 | 388421 |
| Samsung Biologics Co., Ltd.<sup>b,c,d</sup> <br>| 414 | 304303 |
| Samsung C&T Corp. | 2057 | 245999 |
| HD Hyundai Electric Co., Ltd. | 613 | 230284 |
| Classys, Inc. | 4799 | 222953 |
| HD Hyundai Heavy Industries Co., Ltd. | 696 | 220981 |
| Hyundai Motor Co. | 873 | 131636 |
| Krafton, Inc.<sup>b</sup> <br>| 387 | 104091 |
| **Total South Korea** |  | **5127487** |
| **Singapore: 5.8%** | **Singapore: 5.8%** | **Singapore: 5.8%** |
| Sea, Ltd. ADR<sup>b</sup> <br>| 5762 | 921574 |
| DBS Group Holdings, Ltd. | 20600 | 726374 |
| Grab Holdings, Ltd. Class A<sup>b</sup> <br>| 89164 | 448495 |
| **Total Singapore** |  | **2096443** |
| **Indonesia: 1.5%** | **Indonesia: 1.5%** | **Indonesia: 1.5%** |
| PT Bank Central Asia Tbk | 1036500 | 553843 |
| **Total Indonesia** |  | **553843** |
| **Malaysia: 1.3%** | **Malaysia: 1.3%** | **Malaysia: 1.3%** |
| CIMB Group Holdings BHD | 180600 | 291242 |
| Telekom Malaysia BHD | 113900 | 177187 |
| **Total Malaysia** |  | **468429** |
| **Philippines: 1.0%** | **Philippines: 1.0%** | **Philippines: 1.0%** |
| Bank of the Philippine Islands | 161830 | 373476 |
| **Total Philippines** |  | **373476** |
| **Thailand: 0.8%** | **Thailand: 0.8%** | **Thailand: 0.8%** |
| Central Pattana Public Co., Ltd. | 216000 | 307302 |
| **Total Thailand** |  | **307302** |
| **Vietnam: 0.8%** | **Vietnam: 0.8%** | **Vietnam: 0.8%** |
| FPT Corp. | 34850 | 157702 |
| Asia Commercial Bank JSC | 181125 | 147699 |
| **Total Vietnam** |  | **305401** |
| **TOTAL COMMON EQUITIES** | **TOTAL COMMON EQUITIES** | **35135165** |
| (Cost $28,419,786) |  |  |

---

**9** 

------

Matthews Pacific Tiger Active ETFJune 30, 2025

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

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS: 2.6%** | **SHORT-TERM INVESTMENTS: 2.6%** | |
|  | **Shares** | <br>**Value**  |
| **Money Market Funds: 2.6%** | **Money Market Funds: 2.6%** | **Money Market Funds: 2.6%** |
| JPMorgan U.S. Government Money Market <br> Fund, Capital Shares, 4.22%<sup>e</sup> <br>| 925022 | **$925022** |
| (Cost $925,022) |  |  |
| **Total Investments: 99.0%** |  | **36060187** |
| (Cost $29,344,808) |  |  |
| **CASH AND OTHER ASSETS,** <br>**LESS LIABILITIES: 1.0%**<br>|  | **372503** |
| **Net Assets: 100.0%** |  | **$36432690** |

---

&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> June 30, 2025, the aggregate value is $1,128,393, which is 3.10% 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 June 30, 2025. |
| ADR | American Depositary Receipt |
| BHD | Berhad |
| JSC | Joint Stock Co. |

---

See accompanying notes to financial statements.

**10**

------

Matthews Asia Innovators Active ETFJune 30, 2025

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

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

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES: 99.2%** | **COMMON EQUITIES: 99.2%** | |
|  | **Shares** | <br>**Value**  |
| **China/Hong Kong: 39.8%** | **China/Hong Kong: 39.8%** | **China/Hong Kong: 39.8%** |
| Tencent Holdings, Ltd. | 59900 | $3838178 |
| Alibaba Group Holding, Ltd. | 136400 | 1907862 |
| PDD Holdings, Inc. ADR<sup>b</sup> <br>| 17683 | 1850703 |
| Xiaomi Corp. Class B<sup>b,c,d</sup> <br>| 170000 | 1298280 |
| BYD Co., Ltd. H Shares | 81000 | 1264013 |
| NAURA Technology Group Co., Ltd. A Shares | 19800 | 1222334 |
| Trip.com Group, Ltd. ADR | 20496 | 1201885 |
| DiDi Global, Inc. ADR<sup>b</sup> <br>| 237523 | 1163863 |
| Tencent Music Entertainment Group ADR | 54929 | 1070566 |
| WuXi AppTec Co., Ltd. H Shares<sup>c,d</sup> <br>| 92100 | 922760 |
| Shenzhen Mindray Bio-Medical Electronics Co., <br> Ltd. A Shares<br>| 28500 | 894212 |
| Innovent Biologics, Inc.<sup>b,c,d</sup> <br>| 87500 | 873885 |
| Contemporary Amperex Technology Co., Ltd. A <br> Shares<br>| 24700 | 869706 |
| Kuaishou Technology<sup>b,c,d</sup> <br>| 100200 | 807982 |
| Kingdee International Software Group Co., Ltd.<sup>b</sup> <br>| 386000 | 759215 |
| Zhejiang Shuanghuan Driveline Co., Ltd. A Shares | 147800 | 691012 |
| Kanzhun, Ltd. ADR<sup>b</sup> <br>| 37231 | 664201 |
| Meituan Class B<sup>b,c,d</sup> <br>| 41200 | 657626 |
| Full Truck Alliance Co., Ltd. ADR | 53916 | 636748 |
| KE Holdings, Inc. A Shares | 99100 | 598387 |
| Giant Biogene Holding Co., Ltd.<sup>c,d</sup> <br>| 79400 | 583615 |
| Advanced Micro-Fabrication Equipment, Inc. China <br> A Shares<br>| 19694 | 501206 |
| Futu Holdings, Ltd. ADR | 3233 | 399567 |
| Ping An Insurance Group Co. of China, Ltd. H <br> Shares<br>| 58000 | 368319 |
| Zhejiang Sanhua Intelligent Controls Co., Ltd.<sup>b</sup> <br>| 103700 | 332236 |
| **Total China/Hong Kong** |  | **25378361** |
| **India: 19.8%** | **India: 19.8%** | **India: 19.8%** |
| Eternal, Ltd.<sup>b</sup> <br>| 961968 | 2962965 |
| MakeMyTrip, Ltd.<sup>b</sup> <br>| 21241 | 2082043 |
| Reliance Industries, Ltd. | 65823 | 1151749 |
| Bharti Airtel, Ltd. | 47499 | 1113036 |
| Delhivery, Ltd.<sup>b</sup> <br>| 229203 | 1023075 |
| ICICI Bank, Ltd. | 51725 | 872015 |
| Mahindra & Mahindra, Ltd. | 18705 | 694284 |
| Bajaj Finance, Ltd. | 62290 | 680207 |
| HDFC Asset Management Co., Ltd.<sup>c,d</sup> <br>| 10650 | 644737 |
| HDFC Bank, Ltd. | 21991 | 513235 |
| Sun Pharmaceutical Industries, Ltd. | 25567 | 499564 |
| Cholamandalam Investment and Finance Co., Ltd. | 19765 | 375203 |
| **Total India** |  | **12612113** |
| **Taiwan: 17.4%** | **Taiwan: 17.4%** | **Taiwan: 17.4%** |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 189000 | 6858141 |
| MediaTek, Inc. | 19000 | 813022 |
| Alchip Technologies, Ltd. | 7000 | 741647 |
| Delta Electronics, Inc. | 50000 | 706901 |
| Chroma ATE, Inc. | 45000 | 681655 |
| ASPEED Technology, Inc. | 4000 | 649733 |
| Accton Technology Corp. | 13000 | 324867 |
| Lotes Co., Ltd. | 7000 | 323497 |
| **Total Taiwan** |  | **11099463** |
| **South Korea: 14.0%** | **South Korea: 14.0%** | **South Korea: 14.0%** |
| Samsung Electronics Co., Ltd. | 50110 | 2220345 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| SK Hynix, Inc. | 6755 | $1461514 |
| Kakao Corp. | 24532 | 1090634 |
| Coupang, Inc.<sup>b</sup> <br>| 31059 | 930528 |
| Hanwha Aerospace Co., Ltd. | 1366 | 858305 |
| Samsung C&T Corp. | 6229 | 744932 |
| Hyundai Motor Co. | 4299 | 648226 |
| Samsung Biologics Co., Ltd.<sup>b,c,d</sup> <br>| 846 | 621838 |
| NAVER Corp. | 1722 | 334933 |
| **Total South Korea** |  | **8911255** |
| **Singapore: 7.5%** | **Singapore: 7.5%** | **Singapore: 7.5%** |
| Sea, Ltd. ADR<sup>b</sup> <br>| 22168 | 3545550 |
| Grab Holdings, Ltd. Class A<sup>b</sup> <br>| 245060 | 1232652 |
| **Total Singapore** |  | **4778202** |
| **Vietnam: 0.7%** | **Vietnam: 0.7%** | **Vietnam: 0.7%** |
| FPT Corp. | 95270 | 431114 |
| **Total Vietnam** |  | **431114** |
| **TOTAL COMMON EQUITIES** | **TOTAL COMMON EQUITIES** | **63210508** |
| (Cost $46,913,030) |  |  |
| **RIGHTS: 0.0%** | **RIGHTS: 0.0%** |  |
| **South Korea: 0.0%** | **South Korea: 0.0%** | **South Korea: 0.0%** |
| Hanwha Aerospace Co., Ltd. Rights, Expires <br> 07/07/25<sup>b</sup> <br>| 86 | 10450 |
| **Total South Korea** |  | **10450** |
| **TOTAL RIGHTS** | **TOTAL RIGHTS** | **10450** |
| (Cost $0) |  |  |
| **SHORT-TERM INVESTMENTS: 0.9%** | **SHORT-TERM INVESTMENTS: 0.9%** |  |
| **Money Market Funds: 0.9%** | **Money Market Funds: 0.9%** | **Money Market Funds: 0.9%** |
| JPMorgan U.S. Government Money Market Fund, <br> Capital Shares, 4.22%<sup>e</sup> <br>| 601660 | **601660** |
| (Cost $601,660) |  |  |
| **Total Investments: 100.1%** |  | **63822618** |
| (Cost $47,514,690) |  |  |
| **LIABILITIES IN EXCESS OF CASH** <br>**AND OTHER ASSETS: (0.1%)**<br>|  | **(81831)**<br>|
| **Net Assets: 100.0%** |  | **$63740787** |

---

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

**11** 

------

Matthews Asia Innovators Active ETFJune 30, 2025

*Schedule of Investments*<sup>a</sup> *(unaudited) (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> June 30, 2025, the aggregate value is $6,410,723, which is 10.06% 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 June 30, 2025. |
| ADR | American Depositary Receipt |

---

See accompanying notes to financial statements.

**12**

------

Matthews China Active ETFJune 30, 2025

*Schedule of Investments (unaudited)*

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

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES: 97.2%** | **COMMON EQUITIES: 97.2%** | |
|  | **Shares** | <br>**Value** |
| **Consumer Discretionary: 27.5%** | **Consumer Discretionary: 27.5%** | **Consumer Discretionary: 27.5%** |
| **Broadline Retail: 15.1%** | **Broadline Retail: 15.1%** | **Broadline Retail: 15.1%** |
| Alibaba Group Holding, Ltd. | 117700 | $1646301 |
| JD.com, Inc. Class A | 46450 | 756810 |
| PDD Holdings, Inc. ADR<sup>a</sup> <br>| 6787 | 710327 |
|  |  | **3113438** |
| **Hotels, Restaurants & Leisure: 6.6%** | **Hotels, Restaurants & Leisure: 6.6%** | **Hotels, Restaurants & Leisure: 6.6%** |
| Meituan Class B<sup>a,b,c</sup> <br>| 38810 | 619477 |
| Galaxy Entertainment Group, Ltd. | 70000 | 310764 |
| Luckin Coffee, Inc. ADR<sup>a</sup> <br>| 6061 | 225893 |
| Trip.com Group, Ltd. ADR | 3305 | 193805 |
|  |  | **1349939** |
| **Household Durables: 3.6%** | **Household Durables: 3.6%** | **Household Durables: 3.6%** |
| Man Wah Holdings, Ltd. | 529600 | 290774 |
| Midea Group Co., Ltd. A Shares | 27300 | 275167 |
| Hisense Home Appliances Group Co., Ltd. H <br> Shares<br>| 64000 | 174471 |
|  |  | **740412** |
| **Automobiles: 2.2%** | **Automobiles: 2.2%** | **Automobiles: 2.2%** |
| BYD Co., Ltd. H Shares | 28500 | **444745** |
| **Total Consumer Discretionary** |  | **5648534** |
| **Financials: 25.3%** | **Financials: 25.3%** | **Financials: 25.3%** |
| **Banks: 9.5%** | **Banks: 9.5%** | **Banks: 9.5%** |
| China Construction Bank Corp. H Shares | 946000 | 954435 |
| China Merchants Bank Co., Ltd. A Shares | 78300 | 502277 |
| China Merchants Bank Co., Ltd. H Shares | 70500 | 492602 |
|  |  | **1949314** |
| **Insurance: 8.2%** | **Insurance: 8.2%** | **Insurance: 8.2%** |
| Ping An Insurance Group Co. of China, Ltd. H <br> Shares<br>| 95500 | 606455 |
| New China Life Insurance Co., Ltd. H Shares | 104000 | 566370 |
| China Life Insurance Co., Ltd. H Shares | 216000 | 518400 |
|  |  | **1691225** |
| **Capital Markets: 6.5%** | **Capital Markets: 6.5%** | **Capital Markets: 6.5%** |
| China International Capital Corp., Ltd. H <br> Shares<sup>b,c</sup> <br>| 186400 | 420291 |
| China Merchants Securities Co., Ltd. H Shares<sup>b,c</sup> <br>| 191200 | 345378 |
| East Money Information Co., Ltd. A Shares | 81140 | 262003 |
| Hong Kong Exchanges & Clearing, Ltd. | 3700 | 197396 |
| Hithink RoyalFlush Information Network Co., Ltd. <br> A Shares<br>| 2900 | 110528 |
|  |  | **1335596** |
| **Consumer Finance: 1.1%** | **Consumer Finance: 1.1%** | **Consumer Finance: 1.1%** |
| Qifu Technology, Inc. ADR | 5373 | **232973** |
| **Total Financials** |  | **5209108** |
| **Communication Services: 14.7%** | **Communication Services: 14.7%** | **Communication Services: 14.7%** |
| **Interactive Media & Services: 11.7%** | **Interactive Media & Services: 11.7%** | **Interactive Media & Services: 11.7%** |
| Tencent Holdings, Ltd. | 30300 | 1941516 |
| Kuaishou Technology<sup>a,b,c</sup> <br>| 41500 | 334643 |
| Baidu, Inc. Class A<sup>a</sup> <br>| 12250 | 130225 |
|  |  | **2406384** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Entertainment: 2.5%** | **Entertainment: 2.5%** | **Entertainment: 2.5%** |
| NetEase, Inc. | 9200 | $247286 |
| Kingsoft Corp., Ltd. | 29600 | 154222 |
| Tencent Music Entertainment Group ADR | 5907 | 115127 |
|  |  | **516635** |
| **Media: 0.5%** | **Media: 0.5%** | **Media: 0.5%** |
| Focus Media Information Technology Co., Ltd. A <br> Shares<br>| 93111 | **94890** |
| **Total Communication Services** |  | **3017909** |
| **Industrials: 8.5%** | **Industrials: 8.5%** | **Industrials: 8.5%** |
| **Electrical Equipment: 3.6%** | **Electrical Equipment: 3.6%** | **Electrical Equipment: 3.6%** |
| Contemporary Amperex Technology Co., Ltd. A <br> Shares<br>| 11400 | 401403 |
| Hongfa Technology Co., Ltd. A Shares | 61600 | 191856 |
| Sungrow Power Supply Co., Ltd. A Shares | 16000 | 151375 |
|  |  | **744634** |
| **Ground Transportation: 2.9%** | **Ground Transportation: 2.9%** | **Ground Transportation: 2.9%** |
| DiDi Global, Inc. ADR<sup>a</sup> <br>| 120644 | **591155** |
| **Machinery: 1.0%** | **Machinery: 1.0%** | **Machinery: 1.0%** |
| Neway Valve Suzhou Co., Ltd. A Shares | 31600 | 137506 |
| Yutong Bus Co., Ltd. A Shares | 22800 | 79128 |
|  |  | **216634** |
| **Air Freight & Logistics: 1.0%** | **Air Freight & Logistics: 1.0%** | **Air Freight & Logistics: 1.0%** |
| JD Logistics, Inc.<sup>a,b,c</sup> <br>| 121700 | **203712** |
| **Total Industrials** |  | **1756135** |
| **Information Technology: 6.5%** | **Information Technology: 6.5%** | **Information Technology: 6.5%** |
| **Semiconductors & Semiconductor Equipment: 3.2%** | **Semiconductors & Semiconductor Equipment: 3.2%** | **Semiconductors & Semiconductor Equipment: 3.2%** |
| OmniVision Integrated Circuits Group, Inc. A <br> Shares<br>| 25100 | 447292 |
| Cambricon Technologies Corp., Ltd. A Shares<sup>a</sup> <br>| 1503 | 126209 |
| NAURA Technology Group Co., Ltd. A Shares | 1387 | 85625 |
|  |  | **659126** |
| **Communications Equipment: 1.5%** | **Communications Equipment: 1.5%** | **Communications Equipment: 1.5%** |
| Suzhou TFC Optical Communication Co., Ltd. A <br> Shares<br>| 20104 | 224078 |
| BYD Electronic International Co., Ltd. | 20500 | 83044 |
|  |  | **307122** |
| **Electronic Equipment, Instruments & Components: 0.9%** | **Electronic Equipment, Instruments & Components: 0.9%** | **Electronic Equipment, Instruments & Components: 0.9%** |
| Foxconn Industrial Internet Co., Ltd. A Shares | 51600 | 154012 |
| Luxshare Precision Industry Co., Ltd. A Shares | 6400 | 30994 |
|  |  | **185006** |
| **Technology Hardware, Storage & Peripherals: 0.9%** | **Technology Hardware, Storage & Peripherals: 0.9%** | **Technology Hardware, Storage & Peripherals: 0.9%** |
| Lenovo Group, Ltd. | 148000 | **177600** |
| **Total Information Technology** |  | **1328854** |
| **Real Estate: 4.1%** | **Real Estate: 4.1%** | **Real Estate: 4.1%** |
| **Real Estate Management & Development: 4.1%** | **Real Estate Management & Development: 4.1%** | **Real Estate Management & Development: 4.1%** |
| China Overseas Property Holdings, Ltd. | 320000 | 223388 |
| KE Holdings, Inc. ADR | 12326 | 218663 |
| CIFI Holdings Group Co., Ltd.<sup>a</sup> <br>| 3908000 | 124459 |

---

**13** 

------

Matthews China Active ETFJune 30, 2025

*Schedule of Investments (unaudited) (continued)*

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES** *(continued)* | **COMMON EQUITIES** *(continued)* | |
|  | **Shares** | <br>**Value** |
| Longfor Group Holdings, Ltd.<sup>b,c</sup> <br>| 102500 | $120911 |
| Yuexiu Property Co., Ltd. | 159000 | 87096 |
| China Overseas Grand Oceans Group, Ltd. | 163000 | 36960 |
| Times China Holdings, Ltd.<sup>a</sup> <br>| 1324000 | 32383 |
| **Total Real Estate** |  | **843860** |
| **Consumer Staples: 3.6%** | **Consumer Staples: 3.6%** | **Consumer Staples: 3.6%** |
| **Beverages: 3.1%** | **Beverages: 3.1%** | **Beverages: 3.1%** |
| Wuliangye Yibin Co., Ltd. A Shares | 27400 | 454809 |
| Shanxi Xinghuacun Fen Wine Factory Co., Ltd. A <br> Shares<br>| 7600 | 187147 |
|  |  | **641956** |
| **Food Products: 0.5%** | **Food Products: 0.5%** | **Food Products: 0.5%** |
| Guangdong Haid Group Co., Ltd. A Shares | 12700 | **103878** |
| **Total Consumer Staples** |  | **745834** |
| **Health Care: 2.7%** | **Health Care: 2.7%** | **Health Care: 2.7%** |
| **Biotechnology: 1.4%** | **Biotechnology: 1.4%** | **Biotechnology: 1.4%** |
| Innovent Biologics, Inc.<sup>a,b,c</sup> <br>| 28500 | **284637** |
| **Pharmaceuticals: 1.0%** | **Pharmaceuticals: 1.0%** | **Pharmaceuticals: 1.0%** |
| China Resources Sanjiu Medical & <br> Pharmaceutical Co., Ltd. A Shares<br>| 48880 | **213449** |
| **Health Care Providers & Services: 0.3%** | **Health Care Providers & Services: 0.3%** | **Health Care Providers & Services: 0.3%** |
| Aier Eye Hospital Group Co., Ltd. A Shares | 37800 | **65857** |
| **Total Health Care** |  | **563943** |
| **Materials: 2.2%** | **Materials: 2.2%** | **Materials: 2.2%** |
| **Metals & Mining: 1.5%** | **Metals & Mining: 1.5%** | **Metals & Mining: 1.5%** |
| CMOC Group, Ltd. H Shares | 246000 | 250074 |
| MMG, Ltd.<sup>a</sup> <br>| 128000 | 62451 |
|  |  | **312525** |
| **Chemicals: 0.7%** | **Chemicals: 0.7%** | **Chemicals: 0.7%** |
| Wanhua Chemical Group Co., Ltd. A Shares | 19400 | **146953** |
| **Total Materials** |  | **459478** |
| **Energy: 2.1%** | **Energy: 2.1%** | **Energy: 2.1%** |
| **Oil, Gas & Consumable Fuels: 1.6%** | **Oil, Gas & Consumable Fuels: 1.6%** | **Oil, Gas & Consumable Fuels: 1.6%** |
| PetroChina Co., Ltd. H Shares | 386000 | **331911** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Energy Equipment & Services: 0.5%** | **Energy Equipment & Services: 0.5%** | **Energy Equipment & Services: 0.5%** |
| China Oilfield Services, Ltd. H Shares | 122000 | **$100086** |
| **Total Energy** |  | **431997** |
| **TOTAL COMMON EQUITIES** | **TOTAL COMMON EQUITIES** | **20005652** |
| (Cost $20,040,447) |  |  |
| **SHORT-TERM INVESTMENTS: 2.4%** | **SHORT-TERM INVESTMENTS: 2.4%** |  |
| **Money Market Funds: 2.4%** | **Money Market Funds: 2.4%** | **Money Market Funds: 2.4%** |
| JPMorgan U.S. Government Money Market <br> Fund, Capital Shares, 4.22%<sup>d</sup> <br>| 489913 | **489913** |
| (Cost $489,913) |  |  |
| **Total Investments: 99.6%** |  | **20495565** |
| (Cost $20,530,360) |  |  |
| **CASH AND OTHER ASSETS,** <br>**LESS LIABILITIES: 0.4%**<br>|  | **83969** |
| **Net Assets: 100.0%** |  | **$20579534** |

---

&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> June 30, 2025, the aggregate value is $2,329,049, which is 11.32% 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 | Rate shown is the current yield as of June 30, 2025. |
| ADR | American Depositary Receipt |

---

See accompanying notes to financial statements.

**14**

------

Matthews China Discovery Active ETFJune 30, 2025

*Schedule of Investments (unaudited)*

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

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES: 86.5%** | **COMMON EQUITIES: 86.5%** | |
|  | **Shares** | <br>**Value** |
| **Consumer Discretionary: 20.3%** | **Consumer Discretionary: 20.3%** | **Consumer Discretionary: 20.3%** |
| **Hotels, Restaurants & Leisure: 10.0%** | **Hotels, Restaurants & Leisure: 10.0%** | **Hotels, Restaurants & Leisure: 10.0%** |
| Atour Lifestyle Holdings, Ltd. ADR | 2332 | $75813 |
| DPC Dash, Ltd.<sup>a</sup> <br>| 5600 | 73264 |
| Tongcheng Travel Holdings, Ltd.<sup>b</sup> <br>| 25200 | 62855 |
| Chagee Holdings, Ltd. ADR<sup>a</sup> <br>| 698 | 18225 |
|  |  | **230157** |
| **Automobile Components: 5.5%** | **Automobile Components: 5.5%** | **Automobile Components: 5.5%** |
| Zhejiang Shuanghuan Driveline Co., Ltd. A Shares | 12500 | 58442 |
| Minth Group, Ltd. | 16000 | 45656 |
| CALB Group Co., Ltd.<sup>a,b,c</sup> <br>| 10600 | 23090 |
|  |  | **127188** |
| **Textiles, Apparel & Luxury Goods: 2.6%** | **Textiles, Apparel & Luxury Goods: 2.6%** | **Textiles, Apparel & Luxury Goods: 2.6%** |
| Crystal International Group, Ltd.<sup>b,c</sup> <br>| 43500 | 25879 |
| Xtep International Holdings, Ltd. | 31000 | 22233 |
| Samsonite Group SA<sup>b,c</sup> <br>| 6900 | 12833 |
|  |  | **60945** |
| **Household Durables: 2.2%** | **Household Durables: 2.2%** | **Household Durables: 2.2%** |
| Hisense Home Appliances Group Co., Ltd. H Shares | 11000 | 29987 |
| Jason Furniture Hangzhou Co., Ltd. A Shares | 5700 | 20307 |
|  |  | **50294** |
| **Total Consumer Discretionary** |  | **468584** |
| **Industrials: 16.7%** | **Industrials: 16.7%** | **Industrials: 16.7%** |
| **Electrical Equipment: 7.0%** | **Electrical Equipment: 7.0%** | **Electrical Equipment: 7.0%** |
| Shenzhen Megmeet Electrical Co., Ltd. A Shares | 6800 | 47598 |
| Hongfa Technology Co., Ltd. A Shares | 13860 | 43168 |
| Hongfa Technology Co., Ltd. A Shares | 12460 | 38795 |
| Xuji Electric Co., Ltd. A Shares | 10600 | 32215 |
|  |  | **161776** |
| **Ground Transportation: 2.5%** | **Ground Transportation: 2.5%** | **Ground Transportation: 2.5%** |
| Full Truck Alliance Co., Ltd. ADR | 4947 | **58424** |
| **Commercial Services & Supplies: 2.0%** | **Commercial Services & Supplies: 2.0%** | **Commercial Services & Supplies: 2.0%** |
| China Everbright Environment Group, Ltd. | 95000 | **46229** |
| **Marine Transportation: 1.8%** | **Marine Transportation: 1.8%** | **Marine Transportation: 1.8%** |
| SITC International Holdings Co., Ltd. | 13000 | **41650** |
| **Construction & Engineering: 1.5%** | **Construction & Engineering: 1.5%** | **Construction & Engineering: 1.5%** |
| Sinopec Engineering Group Co., Ltd. H Shares | 44500 | **33899** |
| **Machinery: 1.5%** | **Machinery: 1.5%** | **Machinery: 1.5%** |
| Yangzijiang Shipbuilding Holdings, Ltd. | 19200 | **33466** |
| **Professional Services: 0.4%** | **Professional Services: 0.4%** | **Professional Services: 0.4%** |
| Centre Testing International Group Co., Ltd. A <br> Shares<br>| 6300 | **10278** |
| **Total Industrials** |  | **385722** |
| **Information Technology: 15.8%** | **Information Technology: 15.8%** | **Information Technology: 15.8%** |
| **Electronic Equipment, Instruments & Components: 7.6%** | **Electronic Equipment, Instruments & Components: 7.6%** | **Electronic Equipment, Instruments & Components: 7.6%** |
| Wasion Holdings, Ltd. | 46000 | 48872 |
| Xiamen Faratronic Co., Ltd. A Shares | 2800 | 42642 |
| Kingboard Laminates Holdings, Ltd. | 28500 | 34708 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Elite Material Co., Ltd. | 1000 | $30193 |
| FIT Hon Teng, Ltd.<sup>a,b,c</sup> <br>| 69000 | 20656 |
|  |  | **177071** |
| **Software: 3.2%** | **Software: 3.2%** | **Software: 3.2%** |
| Kingdee International Software Group Co., Ltd.<sup>a</sup> <br>| 16000 | 31470 |
| ZWSOFT Co., Ltd. Guangzhou A Shares | 2489 | 22383 |
| Tuya, Inc. ADR | 8553 | 19757 |
|  |  | **73610** |
| **Semiconductors & Semiconductor Equipment: 2.9%** | **Semiconductors & Semiconductor Equipment: 2.9%** | **Semiconductors & Semiconductor Equipment: 2.9%** |
| ACM Research, Inc. Class A<sup>a</sup> <br>| 2572 | **66615** |
| **IT Services: 2.1%** | **IT Services: 2.1%** | **IT Services: 2.1%** |
| SUNeVision Holdings, Ltd. | 50000 | **48153** |
| **Total Information Technology** |  | **365449** |
| **Communication Services: 9.3%** | **Communication Services: 9.3%** | **Communication Services: 9.3%** |
| **Entertainment: 5.4%** | **Entertainment: 5.4%** | **Entertainment: 5.4%** |
| NetEase Cloud Music, Inc.<sup>a,b,c</sup> <br>| 3400 | 104382 |
| Maoyan Entertainment<sup>b,c</sup> <br>| 23000 | 21360 |
|  |  | **125742** |
| **Interactive Media & Services: 3.9%** | **Interactive Media & Services: 3.9%** | **Interactive Media & Services: 3.9%** |
| Meitu, Inc.<sup>b,c</sup> <br>| 43500 | 50039 |
| Kanzhun, Ltd. ADR<sup>a</sup> <br>| 1507 | 26885 |
| Kuaishou Technology<sup>a,b,c</sup> <br>| 1500 | 12095 |
|  |  | **89019** |
| **Total Communication Services** |  | **214761** |
| **Health Care: 7.2%** | **Health Care: 7.2%** | **Health Care: 7.2%** |
| **Biotechnology: 2.7%** | **Biotechnology: 2.7%** | **Biotechnology: 2.7%** |
| Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd.<sup>a</sup> <br>| 1500 | **62522** |
| **Health Care Equipment & Supplies: 1.9%** | **Health Care Equipment & Supplies: 1.9%** | **Health Care Equipment & Supplies: 1.9%** |
| AK Medical Holdings, Ltd.<sup>b,c</sup> <br>| 24000 | 18313 |
| Shanghai Conant Optical Co., Ltd. H Shares | 3000 | 14293 |
| Microport Scientific Corp.<sup>a</sup> <br>| 11600 | 12945 |
|  |  | **45551** |
| **Pharmaceuticals: 1.9%** | **Pharmaceuticals: 1.9%** | **Pharmaceuticals: 1.9%** |
| HUTCHMED China, Ltd.<sup>a</sup> <br>| 14500 | **43500** |
| **Health Care Technology: 0.7%** | **Health Care Technology: 0.7%** | **Health Care Technology: 0.7%** |
| Medlive Technology Co., Ltd.<sup>b,c</sup> <br>| 8500 | **15896** |
| **Total Health Care** |  | **167469** |
| **Real Estate: 4.8%** | **Real Estate: 4.8%** | **Real Estate: 4.8%** |
| **Real Estate Management & Development: 4.8%** | **Real Estate Management & Development: 4.8%** | **Real Estate Management & Development: 4.8%** |
| China Overseas Property Holdings, Ltd. | 65000 | 45376 |
| Yuexiu Property Co., Ltd. | 68000 | 37248 |
| Greentown China Holdings, Ltd. | 24000 | 28892 |
| **Total Real Estate** |  | **111516** |
| **Consumer Staples: 4.0%** | **Consumer Staples: 4.0%** | **Consumer Staples: 4.0%** |
| **Personal Care Products: 1.6%** | **Personal Care Products: 1.6%** | **Personal Care Products: 1.6%** |
| Giant Biogene Holding Co., Ltd.<sup>b,c</sup> <br>| 3000 | 22051 |
| Eternal Beauty Holdings, Ltd.<sup>a</sup> <br>| 63000 | 16372 |
|  |  | **38423** |

---

**15** 

------

Matthews China Discovery Active ETFJune 30, 2025

*Schedule of Investments (unaudited) (continued)*

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES** *(continued)* | **COMMON EQUITIES** *(continued)* | |
|  | **Shares** | <br>**Value** |
| **Consumer Staples Distribution & Retail: 1.2%** | **Consumer Staples Distribution & Retail: 1.2%** | **Consumer Staples Distribution & Retail: 1.2%** |
| Yifeng Pharmacy Chain Co., Ltd. A Shares | 8200 | **$28012** |
| **Beverages: 1.2%** | **Beverages: 1.2%** | **Beverages: 1.2%** |
| Beijing Yanjing Brewery Co., Ltd. A Shares | 15000 | **27076** |
| **Total Consumer Staples** |  | **93511** |
| **Materials: 3.7%** | **Materials: 3.7%** | **Materials: 3.7%** |
| **Chemicals: 3.0%** | **Chemicals: 3.0%** | **Chemicals: 3.0%** |
| Sunresin New Materials Co., Ltd. A Shares | 6400 | 44941 |
| Dongyue Group, Ltd. | 11000 | 14685 |
| Anhui Jinhe Industrial Co., Ltd. A Shares | 3200 | 10521 |
|  |  | **70147** |
| **Metals & Mining: 0.7%** | **Metals & Mining: 0.7%** | **Metals & Mining: 0.7%** |
| MMG, Ltd.<sup>a</sup> <br>| 32800 | **16003** |
| **Total Materials** |  | **86150** |
| **Energy: 2.7%** | **Energy: 2.7%** | **Energy: 2.7%** |
| **Energy Equipment & Services: 2.7%** | **Energy Equipment & Services: 2.7%** | **Energy Equipment & Services: 2.7%** |
| Yantai Jereh Oilfield Services Group Co., Ltd. A <br> Shares<br>| 12900 | **63031** |
| **Total Energy** |  | **63031** |
| **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 | **45382** |
| **Total Utilities** |  | **45382** |
| **TOTAL COMMON EQUITIES** | **TOTAL COMMON EQUITIES** | **2001575** |
| (Cost $1,678,924) |  |  |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS: 13.0%** | **SHORT-TERM INVESTMENTS: 13.0%** | |
|  | **Shares** | <br>**Value** |
| **Money Market Funds: 13.0%** | **Money Market Funds: 13.0%** | **Money Market Funds: 13.0%** |
| JPMorgan U.S. Government Money Market Fund, <br> Capital Shares, 4.22%<sup>d</sup> <br>| 299152 | **$299152** |
| (Cost $299,152) |  |  |
| **Total Investments: 99.5%** |  | **2300727** |
| (Cost $1,978,076) |  |  |
| **CASH AND OTHER ASSETS,** <br>**LESS LIABILITIES: 0.5%**<br>|  | **12687** |
| **Net Assets: 100.0%** |  | **$2313414** |

---

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

---

| | |
|:---|:---|
| a | Non-income producing security. |
| 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 | &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> June 30, 2025, the aggregate value is $326,594, which is 14.12% of net assets.<br>|
| d | Rate shown is the current yield as of June 30, 2025. |
| ADR | American Depositary Receipt |

---

See accompanying notes to financial statements.

**16**

------

Matthews India Active ETFJune 30, 2025

*Schedule of Investments (unaudited)*

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

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES: 103.2%** | **COMMON EQUITIES: 103.2%** | |
|  | **Shares** | <br>**Value** |
| **Financials: 36.4%** | **Financials: 36.4%** | **Financials: 36.4%** |
| **Banks: 20.4%** | **Banks: 20.4%** | **Banks: 20.4%** |
| HDFC Bank, Ltd. | 49454 | $1154176 |
| ICICI Bank, Ltd. | 54323 | 915814 |
| Kotak Mahindra Bank, Ltd. | 11643 | 293722 |
| Axis Bank, Ltd. | 20017 | 279902 |
| State Bank of India | 15183 | 145235 |
| Federal Bank, Ltd. | 45245 | 112437 |
| HDFC Bank, Ltd. ADR | 674 | 51676 |
|  |  | **2952962** |
| **Consumer Finance: 11.9%** | **Consumer Finance: 11.9%** | **Consumer Finance: 11.9%** |
| Shriram Finance, Ltd. | 82762 | 682140 |
| Bajaj Finance, Ltd. | 58440 | 638165 |
| Cholamandalam Investment and Finance Co., Ltd. | 21296 | 404267 |
|  |  | **1724572** |
| **Insurance: 3.1%** | **Insurance: 3.1%** | **Insurance: 3.1%** |
| Max Financial Services, Ltd.<sup>a</sup> <br>| 13350 | 256399 |
| ICICI Lombard General Insurance Co., Ltd.<sup>b,c</sup> <br>| 4233 | 100701 |
| PB Fintech, Ltd.<sup>a</sup> <br>| 4152 | 88303 |
|  |  | **445403** |
| **Capital Markets: 1.0%** | **Capital Markets: 1.0%** | **Capital Markets: 1.0%** |
| Nippon Life India Asset Management, Ltd.<sup>b,c</sup> <br>| 8091 | 75481 |
| 360 ONE WAM, Ltd. | 5233 | 72887 |
|  |  | **148368** |
| **Total Financials** |  | **5271305** |
| **Consumer Discretionary: 22.5%** | **Consumer Discretionary: 22.5%** | **Consumer Discretionary: 22.5%** |
| **Hotels, Restaurants & Leisure: 11.4%** | **Hotels, Restaurants & Leisure: 11.4%** | **Hotels, Restaurants & Leisure: 11.4%** |
| Eternal, Ltd.<sup>a</sup> <br>| 263164 | 810573 |
| Swiggy, Ltd.<sup>a</sup> <br>| 135536 | 632796 |
| Le Travenues Technology, Ltd.<sup>a,c</sup> <br>| 100526 | 206175 |
|  |  | **1649544** |
| **Automobiles: 5.0%** | **Automobiles: 5.0%** | **Automobiles: 5.0%** |
| Mahindra & Mahindra, Ltd. | 10753 | 399125 |
| TVS Motor Co., Ltd. | 5338 | 181626 |
| Maruti Suzuki India, Ltd. | 953 | 137794 |
|  |  | **718545** |
| **Specialty Retail: 2.7%** | **Specialty Retail: 2.7%** | **Specialty Retail: 2.7%** |
| Thanga Mayil Jewellery, Ltd. | 18073 | **392439** |
| **Textiles, Apparel & Luxury Goods: 2.4%** | **Textiles, Apparel & Luxury Goods: 2.4%** | **Textiles, Apparel & Luxury Goods: 2.4%** |
| Campus Activewear, Ltd. | 67978 | 221547 |
| Titan Co., Ltd. | 2836 | 122031 |
|  |  | **343578** |
| **Household Durables: 1.0%** | **Household Durables: 1.0%** | **Household Durables: 1.0%** |
| Crompton Greaves Consumer Electricals, Ltd. | 35017 | **145013** |
| **Total Consumer Discretionary** |  | **3249119** |
| **Industrials: 9.2%** | **Industrials: 9.2%** | **Industrials: 9.2%** |
| **Construction & Engineering: 2.2%** | **Construction & Engineering: 2.2%** | **Construction & Engineering: 2.2%** |
| Techno Electric & Engineering Co., Ltd. | 16736 | **312258** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Electrical Equipment: 1.6%** | **Electrical Equipment: 1.6%** | **Electrical Equipment: 1.6%** |
| Elecon Engineering Co., Ltd. | 11735 | $89586 |
| ABB India, Ltd. | 999 | 70830 |
| TD Power Systems, Ltd. | 10957 | 63818 |
|  |  | **224234** |
| **Building Products: 1.4%** | **Building Products: 1.4%** | **Building Products: 1.4%** |
| Prince Pipes & Fittings, Ltd. | 47452 | **203342** |
| **Machinery: 1.0%** | **Machinery: 1.0%** | **Machinery: 1.0%** |
| Cummins India, Ltd. | 1971 | 78128 |
| Thermax, Ltd. | 1804 | 71926 |
|  |  | **150054** |
| **Passenger Airlines: 1.0%** | **Passenger Airlines: 1.0%** | **Passenger Airlines: 1.0%** |
| InterGlobe Aviation, Ltd.<sup>a,b,c</sup> <br>| 2139 | **149064** |
| **Professional Services: 1.0%** | **Professional Services: 1.0%** | **Professional Services: 1.0%** |
| Latent View Analytics, Ltd.<sup>a</sup> <br>| 29690 | **142461** |
| **Transportation Infrastructure: 0.6%** | **Transportation Infrastructure: 0.6%** | **Transportation Infrastructure: 0.6%** |
| Gujarat Pipavav Port, Ltd. | 48541 | **91422** |
| **Air Freight & Logistics: 0.4%** | **Air Freight & Logistics: 0.4%** | **Air Freight & Logistics: 0.4%** |
| Delhivery, Ltd.<sup>a</sup> <br>| 11699 | **52220** |
| **Total Industrials** |  | **1325055** |
| **Consumer Staples: 8.9%** | **Consumer Staples: 8.9%** | **Consumer Staples: 8.9%** |
| **Food Products: 3.9%** | **Food Products: 3.9%** | **Food Products: 3.9%** |
| Marico, Ltd. | 38044 | 320442 |
| Tata Consumer Products, Ltd. | 10340 | 132493 |
| Britannia Industries, Ltd. | 1600 | 109161 |
|  |  | **562096** |
| **Personal Care Products: 3.6%** | **Personal Care Products: 3.6%** | **Personal Care Products: 3.6%** |
| Hindustan Unilever, Ltd. | 8905 | 238263 |
| Colgate-Palmolive India, Ltd. | 4470 | 125463 |
| Honasa Consumer, Ltd.<sup>a</sup> <br>| 26045 | 94359 |
| Godrej Consumer Products, Ltd. | 5054 | 69445 |
|  |  | **527530** |
| **Tobacco: 0.9%** | **Tobacco: 0.9%** | **Tobacco: 0.9%** |
| ITC, Ltd. | 26790 | **130092** |
| **Beverages: 0.5%** | **Beverages: 0.5%** | **Beverages: 0.5%** |
| Varun Beverages, Ltd. | 12989 | **69299** |
| **Total Consumer Staples** |  | **1289017** |
| **Information Technology: 8.7%** | **Information Technology: 8.7%** | **Information Technology: 8.7%** |
| **IT Services: 7.1%** | **IT Services: 7.1%** | **IT Services: 7.1%** |
| Infosys, Ltd. | 28347 | 529457 |
| Tata Consultancy Services, Ltd. | 5424 | 218959 |
| Persistent Systems, Ltd. | 2131 | 150122 |
| HCL Technologies, Ltd. | 3611 | 72784 |
| Coforge, Ltd. | 2845 | 63843 |
|  |  | **1035165** |

---

**17** 

------

Matthews India Active ETFJune 30, 2025

*Schedule of Investments (unaudited) (continued)*

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES** *(continued)* | **COMMON EQUITIES** *(continued)* | |
|  | **Shares** | <br>**Value** |
| **Electronic Equipment, Instruments & Components: 1.6%** | **Electronic Equipment, Instruments & Components: 1.6%** | **Electronic Equipment, Instruments & Components: 1.6%** |
| Avalon Technologies, Ltd.<sup>a,b,c</sup> <br>| 23431 | **$230430** |
| **Total Information Technology** |  | **1265595** |
| **Health Care: 6.2%** | **Health Care: 6.2%** | **Health Care: 6.2%** |
| **Pharmaceuticals: 4.9%** | **Pharmaceuticals: 4.9%** | **Pharmaceuticals: 4.9%** |
| Neuland Laboratories, Ltd. | 1530 | 214086 |
| Amrutanjan Health Care, Ltd. | 23460 | 196904 |
| Sun Pharmaceutical Industries, Ltd. | 6659 | 130113 |
| Zydus Lifesciences, Ltd. | 7678 | 88629 |
| Lupin, Ltd. | 3330 | 75251 |
|  |  | **704983** |
| **Health Care Providers & Services: 0.8%** | **Health Care Providers & Services: 0.8%** | **Health Care Providers & Services: 0.8%** |
| Metropolis Healthcare, Ltd.<sup>a,b,c</sup> <br>| 6065 | **120664** |
| **Life Sciences Tools & Services: 0.5%** | **Life Sciences Tools & Services: 0.5%** | **Life Sciences Tools & Services: 0.5%** |
| Divi's Laboratories, Ltd. | 933 | **74082** |
| **Total Health Care** |  | **899729** |
| **Materials: 4.1%** | **Materials: 4.1%** | **Materials: 4.1%** |
| **Metals & Mining: 2.5%** | **Metals & Mining: 2.5%** | **Metals & Mining: 2.5%** |
| Shivalik Bimetal Controls, Ltd. | 30140 | 196634 |
| Mishra Dhatu Nigam, Ltd.<sup>b,c</sup> <br>| 32438 | 164535 |
|  |  | **361169** |
| **Construction Materials: 1.6%** | **Construction Materials: 1.6%** | **Construction Materials: 1.6%** |
| UltraTech Cement, Ltd. | 1613 | **227449** |
| **Total Materials** |  | **588618** |
| **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. | 31249 | **546785** |
| **Total Energy** |  | **546785** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Communication Services: 3.4%** | **Communication Services: 3.4%** | **Communication Services: 3.4%** |
| **Wireless Telecommunication Services: 3.4%** | **Wireless Telecommunication Services: 3.4%** | **Wireless Telecommunication Services: 3.4%** |
| Bharti Airtel, Ltd. | 21178 | **$496260** |
| **Total Communication Services** |  | **496260** |
| **Total Investments: 103.2%** |  | **14931483** |
| (Cost $12,704,911) |  |  |
| **LIABILITIES IN EXCESS OF CASH** <br>**AND OTHER ASSETS: (3.2%)**<br>|  | **(460987)**<br>|
| **Net Assets: 100.0%** |  | **$14470496** |

---

&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> June 30, 2025, the aggregate value is $840,875, which is 5.81% 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>|
| ADR | American Depositary Receipt |

---

See accompanying notes to financial statements.

**18**

------

Matthews Japan Active ETFJune 30, 2025

*Schedule of Investments (unaudited)*

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

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES: 97.2%** | **COMMON EQUITIES: 97.2%** | |
|  | **Shares** | <br>**Value** |
| **Industrials: 24.2%** | **Industrials: 24.2%** | **Industrials: 24.2%** |
| **Industrial Conglomerates: 7.4%** | **Industrial Conglomerates: 7.4%** | **Industrial Conglomerates: 7.4%** |
| Hitachi, Ltd. | 8200 | $238714 |
| Hikari Tsushin, Inc. | 400 | 117858 |
| Sekisui Chemical Co., Ltd. | 3100 | 56057 |
|  |  | **412629** |
| **Trading Companies & Distributors: 5.6%** | **Trading Companies & Distributors: 5.6%** | **Trading Companies & Distributors: 5.6%** |
| ITOCHU Corp. | 3100 | 162163 |
| Marubeni Corp. | 7300 | 147218 |
|  |  | **309381** |
| **Construction & Engineering: 2.9%** | **Construction & Engineering: 2.9%** | **Construction & Engineering: 2.9%** |
| Kajima Corp. | 3500 | 91180 |
| Kinden Corp. | 2400 | 70466 |
|  |  | **161646** |
| **Professional Services: 2.7%** | **Professional Services: 2.7%** | **Professional Services: 2.7%** |
| Recruit Holdings Co., Ltd. | 2500 | **147721** |
| **Electrical Equipment: 2.4%** | **Electrical Equipment: 2.4%** | **Electrical Equipment: 2.4%** |
| Mitsubishi Electric Corp. | 3200 | 68920 |
| Nidec Corp. | 3400 | 66025 |
|  |  | **134945** |
| **Machinery: 1.9%** | **Machinery: 1.9%** | **Machinery: 1.9%** |
| Mitsubishi Heavy Industries, Ltd.  | 2300 | 57482 |
| Toyota Industries Corp. | 400 | 45138 |
|  |  | **102620** |
| **Commercial Services & Supplies: 1.3%** | **Commercial Services & Supplies: 1.3%** | **Commercial Services & Supplies: 1.3%** |
| TOPPAN Holdings, Inc. | 2700 | **73367** |
| **Total Industrials** |  | **1342309** |
| **Consumer Discretionary: 17.1%** | **Consumer Discretionary: 17.1%** | **Consumer Discretionary: 17.1%** |
| **Household Durables: 5.8%** | **Household Durables: 5.8%** | **Household Durables: 5.8%** |
| Sony Group Corp. | 12400 | **320205** |
| **Broadline Retail: 3.0%** | **Broadline Retail: 3.0%** | **Broadline Retail: 3.0%** |
| Ryohin Keikaku Co., Ltd. | 2200 | 105473 |
| Isetan Mitsukoshi Holdings, Ltd. | 4100 | 62417 |
|  |  | **167890** |
| **Specialty Retail: 3.0%** | **Specialty Retail: 3.0%** | **Specialty Retail: 3.0%** |
| Fast Retailing Co., Ltd. | 300 | 102849 |
| Sanrio Co., Ltd. | 1300 | 62712 |
|  |  | **165561** |
| **Textiles, Apparel & Luxury Goods: 2.4%** | **Textiles, Apparel & Luxury Goods: 2.4%** | **Textiles, Apparel & Luxury Goods: 2.4%** |
| Asics Corp. | 5300 | **135027** |
| **Automobile Components: 1.5%** | **Automobile Components: 1.5%** | **Automobile Components: 1.5%** |
| Sumitomo Electric Industries, Ltd. | 4000 | **85708** |
| **Automobiles: 1.4%** | **Automobiles: 1.4%** | **Automobiles: 1.4%** |
| Toyota Motor Corp. | 4400 | **75940** |
| **Total Consumer Discretionary** |  | **950331** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology: 16.5%** | **Information Technology: 16.5%** | **Information Technology: 16.5%** |
| **IT Services: 6.1%** | **IT Services: 6.1%** | **IT Services: 6.1%** |
| NEC Corp. | 6100 | $178171 |
| Fujitsu, Ltd. | 4300 | 104638 |
| SCSK Corp. | 1800 | 54183 |
|  |  | **336992** |
| **Semiconductors & Semiconductor Equipment: 5.8%** | **Semiconductors & Semiconductor Equipment: 5.8%** | **Semiconductors & Semiconductor Equipment: 5.8%** |
| Tokyo Electron, Ltd. | 1200 | 229956 |
| Renesas Electronics Corp. | 7600 | 94129 |
|  |  | **324085** |
| **Electronic Equipment, Instruments & Components: 3.9%** | **Electronic Equipment, Instruments & Components: 3.9%** | **Electronic Equipment, Instruments & Components: 3.9%** |
| Keyence Corp. | 300 | 120129 |
| Japan Aviation Electronics Industry, Ltd. | 3000 | 53356 |
| Anritsu Corp. | 3400 | 43969 |
|  |  | **217454** |
| **Software: 0.7%** | **Software: 0.7%** | **Software: 0.7%** |
| Digital Arts, Inc. | 700 | **36782** |
| **Total Information Technology** |  | **915313** |
| **Financials: 14.3%** | **Financials: 14.3%** | **Financials: 14.3%** |
| **Insurance: 6.1%** | **Insurance: 6.1%** | **Insurance: 6.1%** |
| Tokio Marine Holdings, Inc. | 5900 | 249610 |
| T&D Holdings, Inc. | 4100 | 89979 |
|  |  | **339589** |
| **Banks: 5.5%** | **Banks: 5.5%** | **Banks: 5.5%** |
| Mitsubishi UFJ Financial Group, Inc. | 18000 | 247111 |
| Rakuten Bank, Ltd.<sup>a</sup> <br>| 1300 | 59535 |
|  |  | **306646** |
| **Financial Services: 2.3%** | **Financial Services: 2.3%** | **Financial Services: 2.3%** |
| ORIX Corp. | 5600 | **126387** |
| **Consumer Finance: 0.4%** | **Consumer Finance: 0.4%** | **Consumer Finance: 0.4%** |
| Credit Saison Co., Ltd. | 900 | **24300** |
| **Total Financials** |  | **796922** |
| **Consumer Staples: 7.8%** | **Consumer Staples: 7.8%** | **Consumer Staples: 7.8%** |
| **Food Products: 3.0%** | **Food Products: 3.0%** | **Food Products: 3.0%** |
| Ajinomoto Co., Inc. | 6300 | **170492** |
| **Beverages: 1.9%** | **Beverages: 1.9%** | **Beverages: 1.9%** |
| Asahi Group Holdings, Ltd. | 8000 | **106753** |
| **Personal Care Products: 1.8%** | **Personal Care Products: 1.8%** | **Personal Care Products: 1.8%** |
| Kao Corp. | 2200 | **98345** |
| **Consumer Staples Distribution & Retail: 1.1%** | **Consumer Staples Distribution & Retail: 1.1%** | **Consumer Staples Distribution & Retail: 1.1%** |
| Seven & i Holdings Co., Ltd. | 3800 | **61112** |
| **Total Consumer Staples** |  | **436702** |
| **Health Care: 5.2%** | **Health Care: 5.2%** | **Health Care: 5.2%** |
| **Pharmaceuticals: 3.2%** | **Pharmaceuticals: 3.2%** | **Pharmaceuticals: 3.2%** |
| Daiichi Sankyo Co., Ltd. | 4200 | 97843 |
| Sawai Group Holdings Co., Ltd. | 6200 | 78678 |
|  |  | **176521** |

---

**19** 

------

Matthews Japan Active ETFJune 30, 2025

*Schedule of Investments (unaudited) (continued)*

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES** *(continued)* | **COMMON EQUITIES** *(continued)* | |
|  | **Shares** | <br>**Value** |
| **Health Care Equipment & Supplies: 2.0%** | **Health Care Equipment & Supplies: 2.0%** | **Health Care Equipment & Supplies: 2.0%** |
| Terumo Corp. | 6200 | **$113746** |
| **Total Health Care** |  | **290267** |
| **Materials: 5.0%** | **Materials: 5.0%** | **Materials: 5.0%** |
| **Chemicals: 5.0%** | **Chemicals: 5.0%** | **Chemicals: 5.0%** |
| Shin-Etsu Chemical Co., Ltd. | 5200 | 171791 |
| Nippon Paint Holdings Co., Ltd. | 13100 | 105203 |
| **Total Materials** |  | **276994** |
| **Communication Services: 4.2%** | **Communication Services: 4.2%** | **Communication Services: 4.2%** |
| **Entertainment: 3.6%** | **Entertainment: 3.6%** | **Entertainment: 3.6%** |
| Capcom Co., Ltd. | 3100 | 105869 |
| Nintendo Co., Ltd. | 1000 | 96092 |
|  |  | **201961** |
| **Diversified Telecommunication Services: 0.6%** | **Diversified Telecommunication Services: 0.6%** | **Diversified Telecommunication Services: 0.6%** |
| Internet Initiative Japan, Inc. | 1600 | **31492** |
| **Total Communication Services** |  | **233453** |
| **Real Estate: 2.9%** | **Real Estate: 2.9%** | **Real Estate: 2.9%** |
| **Real Estate Management & Development: 2.9%** | **Real Estate Management & Development: 2.9%** | **Real Estate Management & Development: 2.9%** |
| Mitsui Fudosan Co., Ltd. | 16600 | **160317** |
| **Total Real Estate** |  | **160317** |
| **TOTAL COMMON EQUITIES** | **TOTAL COMMON EQUITIES** | **5402608** |
| (Cost $4,559,881) |  |  |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS: 2.8%** | **SHORT-TERM INVESTMENTS: 2.8%** | |
|  | **Shares** | <br>**Value** |
| **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, 4.22%<sup>b</sup> <br>| 154969 | **$154969** |
| (Cost $154,969) |  |  |
| **Total Investments: 100.0%** |  | **5557577** |
| (Cost $4,714,850) |  |  |
| **LIABILITIES IN EXCESS OF CASH** <br>**AND OTHER ASSETS: (0.0%)**<br>|  | **(1860)**<br>|
| **Net Assets: 100.0%** |  | **$5555717** |

---

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

a Non-income producing security. <br> b Rate shown is the current yield as of June 30, 2025.

See accompanying notes to financial statements.

**20**

------

Matthews Korea Active ETFJune 30, 2025

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

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

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES: 92.0%** | **COMMON EQUITIES: 92.0%** | |
|  | **Shares** | <br>**Value** |
| **Information Technology: 25.1%** | **Information Technology: 25.1%** | **Information Technology: 25.1%** |
| **Semiconductors & Semiconductor Equipment: 12.3%** | **Semiconductors & Semiconductor Equipment: 12.3%** | **Semiconductors & Semiconductor Equipment: 12.3%** |
| SK Hynix, Inc. | 25769 | $5575391 |
| LEENO Industrial, Inc. | 39553 | 1491737 |
|  |  | **7067128** |
| **Technology Hardware, Storage & Peripherals: 7.7%** | **Technology Hardware, Storage & Peripherals: 7.7%** | **Technology Hardware, Storage & Peripherals: 7.7%** |
| Samsung Electronics Co., Ltd. | 100569 | **4456155** |
| **Electronic Equipment, Instruments & Components: 5.1%** | **Electronic Equipment, Instruments & Components: 5.1%** | **Electronic Equipment, Instruments & Components: 5.1%** |
| Park Systems Corp. | 6309 | 1334632 |
| Samsung SDI Co., Ltd. | 7967 | 1020078 |
| Samsung Electro-Mechanics Co., Ltd. | 5606 | 559520 |
|  |  | **2914230** |
| **Total Information Technology** |  | **14437513** |
| **Industrials: 19.2%** | **Industrials: 19.2%** | **Industrials: 19.2%** |
| **Industrial Conglomerates: 5.6%** | **Industrial Conglomerates: 5.6%** | **Industrial Conglomerates: 5.6%** |
| SK Square Co., Ltd.<sup>b</sup> <br>| 13274 | 1799898 |
| Samsung C&T Corp. | 7116 | 851009 |
| Hanwha Corp. | 8321 | 581410 |
|  |  | **3232317** |
| **Machinery: 4.3%** | **Machinery: 4.3%** | **Machinery: 4.3%** |
| HD HYUNDAI MIPO | 11945 | 1867512 |
| Hyundai Rotem Co., Ltd. | 4189 | 609913 |
|  |  | **2477425** |
| **Electrical Equipment: 2.7%** | **Electrical Equipment: 2.7%** | **Electrical Equipment: 2.7%** |
| HD Hyundai Electric Co., Ltd. | 2955 | 1110095 |
| LG Energy Solution, Ltd.<sup>b</sup> <br>| 1880 | 413723 |
|  |  | **1523818** |
| **Construction & Engineering: 2.4%** | **Construction & Engineering: 2.4%** | **Construction & Engineering: 2.4%** |
| Samsung E&A Co., Ltd. | 84781 | **1388308** |
| **Aerospace & Defense: 2.3%** | **Aerospace & Defense: 2.3%** | **Aerospace & Defense: 2.3%** |
| Hanwha Aerospace Co., Ltd. | 2079 | **1306307** |
| **Commercial Services & Supplies: 1.1%** | **Commercial Services & Supplies: 1.1%** | **Commercial Services & Supplies: 1.1%** |
| KEPCO Plant Service & Engineering Co., Ltd. | 14817 | **659826** |
| **Building Products: 0.8%** | **Building Products: 0.8%** | **Building Products: 0.8%** |
| Sung Kwang Bend Co., Ltd. | 21212 | **469160** |
| **Total Industrials** |  | **11057161** |
| **Financials: 15.0%** | **Financials: 15.0%** | **Financials: 15.0%** |
| **Banks: 9.0%** | **Banks: 9.0%** | **Banks: 9.0%** |
| KB Financial Group, Inc. | 31432 | 2582846 |
| Hana Financial Group, Inc. | 39912 | 2552168 |
|  |  | **5135014** |
| **Capital Markets: 3.3%** | **Capital Markets: 3.3%** | **Capital Markets: 3.3%** |
| Korea Investment Holdings Co., Ltd. | 13348 | 1380691 |
| Macquarie Korea Infrastructure Fund | 62091 | 528160 |
|  |  | **1908851** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Insurance: 2.7%** | **Insurance: 2.7%** | **Insurance: 2.7%** |
| Samsung Fire & Marine Insurance Co., Ltd. | 4817 | **$1549035** |
| **Total Financials** |  | **8592900** |
| **Communication Services: 9.1%** | **Communication Services: 9.1%** | **Communication Services: 9.1%** |
| **Interactive Media & Services: 5.8%** | **Interactive Media & Services: 5.8%** | **Interactive Media & Services: 5.8%** |
| NAVER Corp. | 13352 | 2596992 |
| Kakao Corp. | 17413 | 774140 |
|  |  | **3371132** |
| **Wireless Telecommunication Services: 2.3%** | **Wireless Telecommunication Services: 2.3%** | **Wireless Telecommunication Services: 2.3%** |
| SK Telecom Co., Ltd. | 31293 | **1314696** |
| **Diversified Telecommunication Services: 1.0%** | **Diversified Telecommunication Services: 1.0%** | **Diversified Telecommunication Services: 1.0%** |
| KINX, Inc. | 7803 | **566608** |
| **Total Communication Services** |  | **5252436** |
| **Consumer Discretionary: 8.0%** | **Consumer Discretionary: 8.0%** | **Consumer Discretionary: 8.0%** |
| **Automobiles: 3.3%** | **Automobiles: 3.3%** | **Automobiles: 3.3%** |
| Kia Corp. | 14367 | 1031537 |
| Hyundai Motor Co. | 5905 | 890388 |
|  |  | **1921925** |
| **Broadline Retail: 2.5%** | **Broadline Retail: 2.5%** | **Broadline Retail: 2.5%** |
| Coupang, Inc.<sup>b</sup> <br>| 47734 | **1430110** |
| **Automobile Components: 2.2%** | **Automobile Components: 2.2%** | **Automobile Components: 2.2%** |
| Hyundai Mobis Co., Ltd. | 5956 | **1266577** |
| **Total Consumer Discretionary** |  | **4618612** |
| **Health Care: 5.7%** | **Health Care: 5.7%** | **Health Care: 5.7%** |
| **Life Sciences Tools & Services: 2.9%** | **Life Sciences Tools & Services: 2.9%** | **Life Sciences Tools & Services: 2.9%** |
| Samsung Biologics Co., Ltd.<sup>b,c,d</sup> <br>| 2293 | **1685430** |
| **Health Care Equipment & Supplies: 2.4%** | **Health Care Equipment & Supplies: 2.4%** | **Health Care Equipment & Supplies: 2.4%** |
| InBody Co., Ltd. | 38964 | 688568 |
| Classys, Inc. | 14537 | 675363 |
|  |  | **1363931** |
| **Pharmaceuticals: 0.4%** | **Pharmaceuticals: 0.4%** | **Pharmaceuticals: 0.4%** |
| Yuhan Corp. | 3056 | **235948** |
| **Total Health Care** |  | **3285309** |
| **Consumer Staples: 4.5%** | **Consumer Staples: 4.5%** | **Consumer Staples: 4.5%** |
| **Tobacco: 3.0%** | **Tobacco: 3.0%** | **Tobacco: 3.0%** |
| KT&G Corp. | 18107 | **1713296** |
| **Consumer Staples Distribution & Retail: 0.8%** | **Consumer Staples Distribution & Retail: 0.8%** | **Consumer Staples Distribution & Retail: 0.8%** |
| BGF Retail Co., Ltd. | 5493 | **492481** |
| **Food Products: 0.7%** | **Food Products: 0.7%** | **Food Products: 0.7%** |
| Nongshim Co., Ltd. | 1382 | **402435** |
| **Total Consumer Staples** |  | **2608212** |
| **Energy: 2.3%** | **Energy: 2.3%** | **Energy: 2.3%** |
| **Oil, Gas & Consumable Fuels: 2.3%** | **Oil, Gas & Consumable Fuels: 2.3%** | **Oil, Gas & Consumable Fuels: 2.3%** |
| S-Oil Corp. | 29790 | **1322185** |
| **Total Energy** |  | **1322185** |

---

**21** 

------

Matthews Korea Active ETFJune 30, 2025

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

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES** *(continued)* | **COMMON EQUITIES** *(continued)* | |
|  | **Shares** | <br>**Value** |
| **Utilities: 1.8%** | **Utilities: 1.8%** | **Utilities: 1.8%** |
| **Electric Utilities: 1.8%** | **Electric Utilities: 1.8%** | **Electric Utilities: 1.8%** |
| Korea Electric Power Corp. | 34706 | **$1010630** |
| **Total Utilities** |  | **1010630** |
| **Real Estate: 1.3%** | **Real Estate: 1.3%** | **Real Estate: 1.3%** |
| **Industrial REITs: 1.3%** | **Industrial REITs: 1.3%** | **Industrial REITs: 1.3%** |
| ESR Kendall Square REIT Co., Ltd. | 233941 | **728032** |
| **Total Real Estate** |  | **728032** |
| **TOTAL COMMON EQUITIES** | **TOTAL COMMON EQUITIES** | **52912990** |
| (Cost $39,190,976) |  |  |
| **PREFERRED EQUITIES: 7.3%** | **PREFERRED EQUITIES: 7.3%** |  |
| **Information Technology: 7.3%** | **Information Technology: 7.3%** | **Information Technology: 7.3%** |
| **Technology Hardware, Storage & Peripherals: 7.3%** | **Technology Hardware, Storage & Peripherals: 7.3%** | **Technology Hardware, Storage & Peripherals: 7.3%** |
| Samsung Electronics Co., Ltd., Pfd. | 115236 | **4226572** |
| **Total Information Technology** |  | **4226572** |
| **TOTAL PREFERRED EQUITIES** | **TOTAL PREFERRED EQUITIES** | **4226572** |
| (Cost $3,500,449) |  |  |
| **RIGHTS: 0.0%** | **RIGHTS: 0.0%** |  |
| **Industrials: 0.0%** | **Industrials: 0.0%** | **Industrials: 0.0%** |
| **Aerospace & Defense: 0.0%** | **Aerospace & Defense: 0.0%** | **Aerospace & Defense: 0.0%** |
| Hanwha Aerospace Co., Ltd. Rights, Expires <br> 07/07/2025<sup>b</sup> <br>| 114 | 13853 |
| **Total Industrials** |  | **13853** |
| **Real Estate: 0.0%** | **Real Estate: 0.0%** | **Real Estate: 0.0%** |
| **Industrial REITs: 0.0%** | **Industrial REITs: 0.0%** | **Industrial REITs: 0.0%** |
| ESR Kendall Square REIT Co., Ltd. Rights, Expires <br> 07/09/2025<sup>b</sup> <br>| 56606 | 0 |
| **Total Real Estate** |  | **0** |
| **TOTAL RIGHTS** | **TOTAL RIGHTS** | **13853** |
| (Cost $0) |  |  |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS: 0.8%** | **SHORT-TERM INVESTMENTS: 0.8%** | |
|  | **Shares** | <br>**Value** |
| **Money Market Funds: 0.8%** | **Money Market Funds: 0.8%** | **Money Market Funds: 0.8%** |
| JPMorgan U.S. Government Money Market Fund, <br> Capital Shares, 4.22%<sup>e</sup> <br>| 434806 | **$434806** |
| (Cost $434,806) |  |  |
| **Total Investments: 100.1%** |  | **57588221** |
| (Cost $43,126,231) |  |  |
| **LIABILITIES IN EXCESS OF CASH** <br>**AND OTHER ASSETS: (0.1%)**<br>|  | **(84340)**<br>|
| **Net Assets: 100.0%** |  | **$57503881** |

---

&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> June 30, 2025, the aggregate value is $1,685,430, which is 2.93% 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 June 30, 2025. |
| Pfd. | Preferred |
| REIT | Real Estate Investment Trust |

---

See accompanying notes to financial statements.

**22**

------

Matthews Asia Dividend Active ETFJune 30, 2025

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

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

---

| | | |
|:---|:---|:---|
| **COMMON EQUITIES: 93.0%** | **COMMON EQUITIES: 93.0%** | |
|  | **Shares** | <br>**Value**  |
| **China/Hong Kong: 26.9%** | **China/Hong Kong: 26.9%** | **China/Hong Kong: 26.9%** |
| Tencent Holdings, Ltd. | 2600 | $166599 |
| AIA Group, Ltd. | 8000 | 71745 |
| NetEase, Inc. | 2300 | 61822 |
| Alibaba Group Holding, Ltd. | 3700 | 51753 |
| Yuexiu Transport Infrastructure, Ltd. | 102000 | 48076 |
| BYD Co., Ltd. H Shares | 3000 | 46815 |
| Wuliangye Yibin Co., Ltd. A Shares | 2800 | 46477 |
| Yum China Holdings, Inc. | 976 | 43637 |
| JD.com, Inc. Class A | 2450 | 39918 |
| China Merchants Bank Co., Ltd. H Shares | 5500 | 38430 |
| China Construction Bank Corp. H Shares | 38000 | 38339 |
| Hong Kong Exchanges & Clearing, Ltd. | 700 | 37345 |
| HKT Trust & HKT, Ltd. | 25000 | 37325 |
| Industrial & Commercial Bank of China, Ltd. H <br> Shares<br>| 45000 | 35656 |
| Ping An Insurance Group Co. of China, Ltd. H <br> Shares<br>| 5500 | 34927 |
| China Overseas Property Holdings, Ltd. | 50000 | 34904 |
| PetroChina Co., Ltd. H Shares | 40000 | 34395 |
| NARI Technology Co., Ltd. A Shares | 10500 | 32849 |
| Midea Group Co., Ltd. A Shares | 3000 | 30228 |
| Midea Group Co., Ltd. A Shares | 2900 | 29230 |
| **Total China/Hong Kong** |  | **960470** |
| **Japan: 26.4%** | **Japan: 26.4%** | **Japan: 26.4%** |
| ITOCHU Corp. | 1500 | 78466 |
| NEC Corp. | 2500 | 73021 |
| Ajinomoto Co., Inc. | 2400 | 64949 |
| Sony Group Corp. | 2300 | 59393 |
| Tokio Marine Holdings, Inc. | 1400 | 59229 |
| Hikari Tsushin, Inc. | 200 | 58929 |
| Marubeni Corp. | 2900 | 58484 |
| Mitsubishi UFJ Financial Group, Inc. | 3900 | 53541 |
| Shin-Etsu Chemical Co., Ltd. | 1600 | 52859 |
| ORIX Corp. | 2300 | 51909 |
| Asahi Group Holdings, Ltd. | 3600 | 48039 |
| Mitsui Fudosan Co., Ltd. | 4800 | 46357 |
| Kajima Corp. | 1600 | 41682 |
| Tokyo Electron, Ltd. | 200 | 38326 |
| Nidec Corp. | 1800 | 34954 |
| Terumo Corp. | 1800 | 33023 |
| Toyota Motor Corp. | 1800 | 31067 |
| Toyota Industries Corp. | 200 | 22569 |
| Suzuki Motor Corp. | 1500 | 18100 |
| Sawai Group Holdings Co., Ltd. | 1200 | 15228 |
| **Total Japan** |  | **940125** |
| **South Korea: 10.7%** | **South Korea: 10.7%** | **South Korea: 10.7%** |
| Hana Financial Group, Inc. | 1777 | 113630 |
| Samsung Electronics Co., Ltd. | 1256 | 55653 |
| Korea Investment Holdings Co., Ltd. | 520 | 53788 |
| LEENO Industrial, Inc. | 1255 | 47332 |
| SK Telecom Co., Ltd. ADR | 1656 | 38667 |
| KT&G Corp. | 399 | 37754 |
| Macquarie Korea Infrastructure Fund | 4140 | 35216 |
| **Total South Korea** |  | **382040** |
| **Taiwan: 10.6%** | **Taiwan: 10.6%** | **Taiwan: 10.6%** |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 1306 | 295796 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| CTBC Financial Holding Co., Ltd. | 27000 | $40391 |
| Delta Electronics, Inc. | 2000 | 28276 |
| E Ink Holdings, Inc. | 2000 | 15131 |
| **Total Taiwan** |  | **379594** |
| **Australia: 7.1%** | **Australia: 7.1%** | **Australia: 7.1%** |
| Commonwealth Bank of Australia | 522 | 63202 |
| Telstra Group, Ltd. | 18814 | 59676 |
| ANZ Group Holdings, Ltd. | 2641 | 50469 |
| BHP Group, Ltd. | 1933 | 46555 |
| CSL, Ltd. | 202 | 31702 |
| **Total Australia** |  | **251604** |
| **India: 6.2%** | **India: 6.2%** | **India: 6.2%** |
| HDFC Bank, Ltd. ADR | 819 | 62793 |
| Power Grid Corp. of India, Ltd. | 13578 | 47482 |
| Bharti Airtel, Ltd. | 1723 | 40375 |
| Tata Consultancy Services, Ltd. | 950 | 38350 |
| Hindustan Unilever, Ltd. | 1249 | 33418 |
| **Total India** |  | **222418** |
| **Singapore: 2.9%** | **Singapore: 2.9%** | **Singapore: 2.9%** |
| Singapore Telecommunications, Ltd. | 12800 | 38391 |
| United Overseas Bank, Ltd. | 1200 | 33918 |
| DBS Group Holdings, Ltd. | 900 | 31735 |
| **Total Singapore** |  | **104044** |
| **Indonesia: 1.3%** | **Indonesia: 1.3%** | **Indonesia: 1.3%** |
| PT Bank Rakyat Indonesia Persero Tbk | 192600 | 44369 |
| **Total Indonesia** |  | **44369** |
| **Thailand: 0.9%** | **Thailand: 0.9%** | **Thailand: 0.9%** |
| Bangkok Dusit Medical Services Public Co., Ltd. F <br> Shares<br>| 49700 | 31799 |
| **Total Thailand** |  | **31799** |
| **TOTAL COMMON EQUITIES** | **TOTAL COMMON EQUITIES** | **3316463** |
| (Cost $2,839,377) |  |  |
| **SHORT-TERM INVESTMENTS: 6.6%** | **SHORT-TERM INVESTMENTS: 6.6%** |  |
| **Money Market Funds: 6.6%** | **Money Market Funds: 6.6%** | **Money Market Funds: 6.6%** |
| JPMorgan U.S. Government Money Market Fund, <br> Capital Shares, 4.22%<sup>b</sup> <br>| 235743 | **235743** |
| (Cost $235,743) |  |  |
| **Total Investments: 99.6%** |  | **3552206** |
| (Cost $3,075,120) |  |  |
| **CASH AND OTHER ASSETS,** <br>**LESS LIABILITIES: 0.4%**<br>|  | **14780** |
| **Net Assets: 100.0%** |  | **$3566986** |

---

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

**23** 

------

Matthews Asia Dividend Active ETFJune 30, 2025

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

a Certain securities were fair valued under the valuation policies approved by the Board of Trustees (Note 2-A). <br> b Rate shown is the current yield as of June 30, 2025. <br> ADR American Depositary Receipt

See accompanying notes to financial statements.

**24**

------

Statements of Assets and Liabilities *(unaudited)*June 30, 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 | $38151730 | $35430079 | $29065800 | $18807833 |
| Cash |  | 16376 | 7754 | 72527 |
| Foreign currency at value (B) | 1346346 | 4479 | 30432 | 4090 |
| Dividends and interest receivable | 94470 | 71814 | 26946 | 31658 |
| Receivable for securities sold |  | 182796 |  | 32852 |
| Other receivable | 11427 | 1681 | 5718 | 666 |
| **TOTAL ASSETS** | **39603973** | **35707225** | **29136650** | **18949626** |
| **LIABILITIES:** |  |  |  |  |
| Cash overdraft | 563 |  |  |  |
| Payable for securities purchased |  | 174121 | 20639 | 33692 |
| Deferred foreign capital gains tax liability (Note 2-C) | 49559 | 138488 | 270557 | 105559 |
| Due to Advisor (Note 4) | 25121 | 22813 | 18173 | 13340 |
| **TOTAL LIABILITIES** | **75243** | **335422** | **309369** | **152591** |
| **NET ASSETS** | **$39528730** | **$35371803** | **$28827281** | **$18797035** |

---

&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>| 1220000 | 1080000 | 1050000 | 720000 |
| Net asset value, offering price and redemption price | $32.40 | $32.75 | $27.45 | $26.11 |
| **NET ASSETS CONSISTS OF:** |  |  |  |  |
| Capital paid-in | $33749826 | $30547139 | $26173517 | $18357624 |
| Total distributable earnings/(accumulated loss) | 5778904 | 4824664 | 2653764 | 439411 |
| **NET ASSETS** | **$39528730** | **$35371803** | **$28827281** | **$18797035** |
| (A) Investments at cost: |  |  |  |  |
| Unaffiliated Issuers | $31849342 | $30027382 | $25099755 | $17126999 |
| (B) Foreign Currency at Cost | $1347217 | $4473 | $30408 | $4088 |

---

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

See accompanying notes to financial statements.

**25** 

------

Statements of Assets and Liabilities *(unaudited) (continued)*June 30, 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 | $36060187 | $63822618 | $20495565 |
| Cash | 19062 | 17351 |  |
| Segregated foreign currency at value (B) |  | 5 |  |
| Segregated cash |  | 1146 | 25 |
| Foreign currency at value (B) | 350556 | 92034 | 24559 |
| Dividends and interest receivable | 101273 | 133714 | 72580 |
| Receivable for securities sold |  | 624249 |  |
| Other receivable | 790 | 8313 |  |
| **TOTAL ASSETS** | **36531868** | **64699430** | **20592729** |
| **LIABILITIES:** |  |  |  |
| Payable for securities purchased |  | 694797 |  |
| Deferred foreign capital gains tax liability (Note 2-C) | 76036 | 223558 |  |
| Due to Advisor (Note 4) | 23142 | 40288 | 13195 |
| **TOTAL LIABILITIES** | **99178** | **958643** | **13195** |
| **NET ASSETS** | **$36432690** | **$63740787** | **$20579534** |

---

&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 | 2050000 | 840000 |
| Net asset value, offering price and redemption price | $29.15 | $31.09 | $24.50 |
| **NET ASSETS CONSISTS OF:** |  |  |  |
| Capital paid-in | $31772846 | $59417065 | $26245664 |
| Total distributable earnings/(accumulated loss) | 4659844 | 4323722 | (5666130)<br>|
| **NET ASSETS** | **$36432690** | **$63740787** | **$20579534** |
| (A) Investments at cost: |  |  |  |
| Unaffiliated Issuers | $29344808 | $47514690 | $20530360 |
| (B) Foreign Currency at Cost | $350541 | $92031 | $24558 |

---

See accompanying notes to financial statements.

**26**

------

Statements of Assets and Liabilities *(unaudited) (continued)*June 30, 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 | $2300727 | $14931483 | $5557577 |
| Foreign currency at value (B) | 1041 | 59346 | 11950 |
| Dividends and interest receivable | 13317 | 22141 | 7043 |
| Receivable for securities sold |  | 85825 | 39331 |
| Other receivable |  |  | 1120 |
| **TOTAL ASSETS** | **2315085** | **15098795** | **5617021** |
| **LIABILITIES:** |  |  |  |
| Cash overdraft |  | 24901 |  |
| Payable for securities purchased |  | 66295 | 57785 |
| Deferred foreign capital gains tax liability (Note 2-C) |  | 527870 |  |
| Due to Advisor (Note 4) | 1671 | 9233 | 3519 |
| **TOTAL LIABILITIES** | **1671** | **628299** | **61304** |
| **NET ASSETS** | **$2313414** | **$14470496** | **$5555717** |

---

&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 | 480000 | 160000 |
| Net asset value, offering price and redemption price | $28.92 | $30.15 | $34.72 |
| **NET ASSETS CONSISTS OF:** |  |  |  |
| Capital paid-in | $2039619 | $13684737 | $4834275 |
| Total distributable earnings/(accumulated loss) | 273795 | 785759 | 721442 |
| **NET ASSETS** | **$2313414** | **$14470496** | **$5555717** |
| (A) Investments at cost: |  |  |  |
| Unaffiliated Issuers | $1978076 | $12704911 | $4714850 |
| (B) Foreign Currency at Cost | $1038 | $59346 | $11950 |

---

See accompanying notes to financial statements.

**27** 

------

Statements of Assets and Liabilities *(unaudited) (continued)*June 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | **Matthews Korea** <br>**Active ETF**<br>| **Matthews Asia Dividend** <br> **Active ETF**<br>|
| **ASSETS:** |  |  |
| Investments at value (A) (Note 2-A): |  |  |
| Unaffiliated issuers | $57588221 | $3552206 |
| Cash |  | 2167 |
| Foreign currency at value (B) |  | 8100 |
| Dividends and interest receivable | 121734 | 8696 |
| Other receivable |  | 470 |
| **TOTAL ASSETS** | **57709955** | **3571639** |
| **LIABILITIES:** |  |  |
| Payable for securities purchased | 170808 |  |
| Deferred foreign capital gains tax liability (Note 2-C) |  | 2379 |
| Due to Advisor (Note 4) | 35266 | 2274 |
| **TOTAL LIABILITIES** | **206074** | **4653** |
| **NET ASSETS** | **$57503881** | **$3566986** |

---

&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>| 2033223 | 100000 |
| Net asset value, offering price and redemption price | $28.28 | $35.67 |
| **NET ASSETS CONSISTS OF:** |  |  |
| Capital paid-in | $45556829 | $3103057 |
| Total distributable earnings/(accumulated loss) | 11947052 | 463929 |
| **NET ASSETS** | **$57503881** | **$3566986** |
| (A) Investments at cost: |  |  |
| Unaffiliated Issuers | $43126231 | $3075120 |
| (B) Foreign Currency at Cost | $— | $8096 |

---

See accompanying notes to financial statements.

**28**

------

Statements of Operations *(unaudited)*Period Ended June 30, 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 | $541027 | $491680 | $256810 | $167224 |
| Interest | 60434 | 39739 | 2560 | 4684 |
| Foreign withholding tax | (48856)<br>| (44033)<br>| (22129)<br>| (14095)<br>|
| **TOTAL INVESTMENT INCOME** | **552605** | **487386** | **237241** | **157813** |
| **EXPENSES:** |  |  |  |  |
| Investment advisory fees (Note 4) | 170926 | 142886 | 102187 | 84188 |
| **TOTAL EXPENSES** | **170926** | **142886** | **102187** | **84188** |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fees waived and expenses waived or reimbursed <br> (Note 4)<br>|  |  |  | (8453)<br>|
| **NET EXPENSES** | **170926** | **142886** | **102187** | **75735** |
| **NET INVESTMENT INCOME (LOSS)** | **381679** | **344500** | **135054** | **82078** |
| &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>| 42018 | (399965)<br>| (546781)<br>| (577551)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on in-kind redemptions — <br> Unaffiliated Issuers <br>| 206054 | 825644 |  |  |
| Net realized foreign capital gains tax | (44312)<br>|  | (14304)<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on foreign currency related <br> transactions<br>| 11707 | (37718)<br>| (14415)<br>| (1099)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on <br> investments—Unaffiliated Issuers<br>| 2365354 | 3525366 | 3746548 | 2305706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in deferred foreign capital gains taxes on <br> unrealized appreciation/depreciation<br>| 77388 | (105690)<br>| 33553 | 1581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on <br> foreign currency related translations<br>| 1270 | (224)<br>| 378 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized and unrealized gain (loss) on** <br> **investments, foreign currency related transactions,** <br> **and foreign capital gains taxes**<br>| 2659479 | 3807413 | 3204979 | 1729104 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM** <br> **OPERATIONS**<br>| **$3041158** | **$4151913** | **$3340033** | **$1811182** |

---

See accompanying notes to financial statements.

**29** 

------

Statements of Operations *(unaudited) (continued)*Period Ended June 30, 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 | $481173 | $390138 | $357255 |
| Interest | 33366 | 54401 | 7200 |
| Foreign withholding tax | (51833)<br>| (47000)<br>| (22710)<br>|
| **TOTAL INVESTMENT INCOME** | **462706** | **397539** | **341745** |
| **EXPENSES:** |  |  |  |
| Investment advisory fees (Note 4) | 187329 | 241405 | 113222 |
| **TOTAL EXPENSES** | **187329** | **241405** | **113222** |
| **NET INVESTMENT INCOME (LOSS)** | **275377** | **156134** | **228523** |
| &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 | (1079638)<br>| 1476467 | (1377245)<br>|
| Net realized gain (loss) on in-kind redemptions — Unaffiliated Issuers  | 3691347 | 1528008 | 529289 |
| Net realized foreign capital gains tax | (21081)<br>| (157242)<br>|  |
| Net realized gain (loss) on foreign currency related transactions | (38692)<br>| (52524)<br>| (3245)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments—Unaffiliated <br> Issuers<br>| (1030926)<br>| 2640198 | 1869200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in deferred foreign capital gains taxes on unrealized <br> appreciation/depreciation<br>| 56820 | 336131 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on foreign currency related <br> translations<br>| 2558 | 1423 | (10)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized and unrealized gain (loss) on investments, foreign currency** <br> **related transactions, and foreign capital gains taxes**<br>| 1580388 | 5772461 | 1017989 |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | **$1855765** | **$5928595** | **$1246512** |

---

See accompanying notes to financial statements.

**30**

------

Statements of Operations *(unaudited) (continued)*Period Ended June 30, 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 | $29995 | $58823 | $49525 |
| Interest | 2672 | 6603 | 2141 |
| Foreign withholding tax | (1026)<br>| (13430)<br>| (5599)<br>|
| **TOTAL INVESTMENT INCOME** | **31641** | **51996** | **46067** |
| **EXPENSES:** |  |  |  |
| Investment advisory fees (Note 4) | 10742 | 53216 | 16465 |
| **TOTAL EXPENSES** | **10742** | **53216** | **16465** |
| Advisory fees waived and expenses waived or reimbursed (Note 4) | (1085)<br>|  |  |
| **NET EXPENSES** | **9657** | **53216** | **16465** |
| **NET INVESTMENT INCOME (LOSS)** | **21984** | **(1220)**<br>| **29602** |
| &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 | 14526 | (218228)<br>| (96155)<br>|
| Net realized foreign capital gains tax |  | (17036)<br>|  |
| Net realized gain (loss) on foreign currency related transactions | (210)<br>| (10874)<br>| 1396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments—Unaffiliated <br> Issuers<br>| 207885 | 497864 | 641248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in deferred foreign capital gains taxes on unrealized <br> appreciation/depreciation<br>|  | (165624)<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on foreign currency related <br> translations<br>| 7 | (23)<br>| 124 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized and unrealized gain (loss) on investments, foreign currency** <br> **related transactions, and foreign capital gains taxes**<br>| 222208 | 86079 | 546613 |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | **$244192** | **$84859** | **$576215** |

---

See accompanying notes to financial statements.

**31** 

------

Statements of Operations *(unaudited) (continued)*Period Ended June 30, 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 | $524383 | $53404 |
| Interest | 68724 | 2972 |
| Foreign withholding tax | (86737)<br>| (4653)<br>|
| **TOTAL INVESTMENT INCOME** | **506370** | **51723** |
| **EXPENSES:** |  |  |
| Investment advisory fees (Note 4) | 188146 | 12861 |
| **TOTAL EXPENSES** | **188146** | **12861** |
| **NET INVESTMENT INCOME (LOSS)** | **318224** | **38862** |
| &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 | (2884186)<br>| (34901)<br>|
| Net realized gain (loss) on in-kind redemptions — Unaffiliated Issuers  | 30008 |  |
| Net realized gain (loss) on foreign currency related transactions | 7314 | 639 |
| Net change in unrealized appreciation/depreciation on investments—Unaffiliated Issuers | 17610825 | 385282 |
| Net change in deferred foreign capital gains taxes on unrealized appreciation/depreciation |  | (434)<br>|
| Net change in unrealized appreciation/depreciation on foreign currency related translations | 4172 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized and unrealized gain (loss) on investments, foreign currency related transactions, and** <br> **foreign capital gains taxes**<br>| 14768133 | 350607 |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | **$15086357** | **$389469** |

---

See accompanying notes to financial statements.

**32**

------

Statements of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
| **Matthews Emerging Markets Equity Active ETF**  | **Six-Month Period** <br>**Ended June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $381679 | $810610 |
| Net realized gain (loss) on investments, in-kind redemptions and foreign currency related transactions | 215467 | 4088001 |
| Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | 2366624 | 913695 |
| Net change on foreign capital gains taxes on unrealized appreciation/depreciation | 77388 | (56452)<br>|
| Net increase (decrease) in net assets resulting from operations | 3041158 | 5755854 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Distributions |  | (3717396)<br>|
| Return of capital |  | (35482)<br>|
| Net decrease in net assets resulting from distributions |  | (3752878)<br>|
| **CAPITAL SHARE TRANSACTIONS (net) (Note 3)** | (11746634)<br>| (9675783)<br>|
| Total increase (decrease) in net assets | (8705476)<br>| (7672807)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 48234206 | 55907013 |
| End of period | $39528730 | $48234206 |

---

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

---

| | | |
|:---|:---|:---|
| **Matthews Emerging Markets ex China Active ETF**  | **Six-Month Period** <br>**Ended June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $344500 | $318126 |
| Net realized gain (loss) on investments and foreign currency related transactions | 387961 | (959110)<br>|
| Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | 3525142 | 1055445 |
| Net change on foreign capital gains taxes on unrealized appreciation/depreciation | (105690)<br>| (18464)<br>|
| Net increase (decrease) in net assets resulting from operations | 4151913 | 395997 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Distributions |  | (362864)<br>|
| Return of capital |  | (11705)<br>|
| Net decrease in net assets resulting from distributions |  | (374569)<br>|
| **CAPITAL SHARE TRANSACTIONS (net) (Note 3)** | (6742657)<br>| 29109830 |
| Total increase (decrease) in net assets | (2590744)<br>| 29131258 |
| **NET ASSETS:** |  |  |
| Beginning of period | 37962547 | 8831289 |
| End of period | $35371803 | $37962547 |

---

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

See accompanying notes to financial statements.

**33** 

------

Statements of Changes in Net Assets *(continued)*

---

| | | |
|:---|:---|:---|
| **Matthews Emerging Markets Sustainable Future Active ETF**  | **Six-Month Period** <br>**Ended June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $135054 | $101560 |
| Net realized gain (loss) on investments and foreign currency related transactions | (575500)<br>| 120343 |
| Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | 3746926 | (404946)<br>|
| Net change on foreign capital gains taxes on unrealized appreciation/depreciation | 33553 | (281653)<br>|
| Net increase (decrease) in net assets resulting from operations | 3340033 | (464696)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Net decrease in net assets resulting from distributions |  | (797850)<br>|
| **CAPITAL SHARE TRANSACTIONS (net) (Note 3)** | 1225883 | 11369312 |
| Total increase (decrease) in net assets | 4565916 | 10106766 |
| **NET ASSETS:** |  |  |
| Beginning of period | 24261365 | 14154599 |
| End of period | $28827281 | $24261365 |

---

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

---

| | | |
|:---|:---|:---|
| **Matthews Emerging Markets Discovery Active ETF**  | **Six-Month Period** <br>**Ended June 30, 2025** <br>**(Unaudited)**<br>| **For the Period Ended** <br>**December 31, 2024**<sup>1</sup> <br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $82078 | $49729 |
| Net realized gain (loss) on investments and foreign currency related transactions | (578650)<br>| (448144)<br>|
| Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | 2306173 | (625052)<br>|
| Net change on foreign capital gains taxes on unrealized appreciation/depreciation | 1581 | (107140)<br>|
| Net increase (decrease) in net assets resulting from operations | 1811182 | (1130607)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Net decrease in net assets resulting from distributions |  | (241164)<br>|
| **CAPITAL SHARE TRANSACTIONS (net) (Note 3)** |  | 18357624 |
| Total increase (decrease) in net assets | 1811182 | 16985853 |
| **NET ASSETS:** |  |  |
| Beginning of period | 16985853 |  |
| End of period | $18797035 | $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**  | **Six-Month Period** <br>**Ended June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $275377 | $1089966 |
| Net realized gain (loss) on investments, in-kind redemptions and foreign currency related transactions | 2551936 | (1961498)<br>|
| Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | (1028368)<br>| 4747126 |
| Net change on foreign capital gains taxes on unrealized appreciation/depreciation | 56820 | (14312)<br>|
| Net increase (decrease) in net assets resulting from operations | 1855765 | 3861282 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Net decrease in net assets resulting from distributions |  | (541304)<br>|
| **CAPITAL SHARE TRANSACTIONS (net) (Note 3)** | (36675873)<br>| (11856331)<br>|
| Total increase (decrease) in net assets | (34820108)<br>| (8536353)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 71252798 | 79789151 |
| End of period | $36432690 | $71252798 |

---

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

See accompanying notes to financial statements.

**34**

------

Statements of Changes in Net Assets *(continued)*

---

| | | |
|:---|:---|:---|
| **Matthews Asia Innovators Active ETF**  | **Six-Month Period** <br>**Ended June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $156134 | $228254 |
| Net realized gain (loss) on investments, in-kind redemptions and foreign currency related transactions | 2794709 | 8618461 |
| Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | 2641621 | 1470362 |
| Net change on foreign capital gains taxes on unrealized appreciation/depreciation | 336131 | (236734)<br>|
| Net increase (decrease) in net assets resulting from operations | 5928595 | 10080343 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Net decrease in net assets resulting from distributions |  | (173298)<br>|
| **CAPITAL SHARE TRANSACTIONS (net) (Note 3)** | (7131792)<br>| (29772464)<br>|
| Total increase (decrease) in net assets | (1203197)<br>| (19865419)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 64943984 | 84809403 |
| End of period | $63740787 | $64943984 |

---

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

---

| | | |
|:---|:---|:---|
| **Matthews China Active ETF**  | **Six-Month Period** <br>**Ended June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $228523 | $468252 |
| Net realized gain (loss) on investments, in-kind redemptions and foreign currency related transactions | (851201)<br>| (2108024)<br>|
| Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | 1869190 | 4659615 |
| Net increase (decrease) in net assets resulting from operations | 1246512 | 3019843 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Net decrease in net assets resulting from distributions |  | (469395)<br>|
| **CAPITAL SHARE TRANSACTIONS (net) (Note 3)** | (16698624)<br>| 11743998 |
| Total increase (decrease) in net assets | (15452112)<br>| 14294446 |
| **NET ASSETS:** |  |  |
| Beginning of period | 36031646 | 21737200 |
| End of period | $20579534 | $36031646 |

---

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

---

| | | |
|:---|:---|:---|
| **Matthews China Discovery Active ETF**  | **Six-Month Period** <br>**Ended June 30, 2025** <br>**(Unaudited)**<br>| **For the Period Ended** <br>**December 31, 2024**<sup>1</sup> <br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $21984 | $123019 |
| Net realized gain (loss) on investments, in-kind redemptions and foreign currency related transactions | 14316 | 140864 |
| Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | 207892 | 114766 |
| Net increase (decrease) in net assets resulting from operations | 244192 | 378649 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Net decrease in net assets resulting from distributions |  | (112438)<br>|
| **CAPITAL SHARE TRANSACTIONS (net) (Note 3)** |  | 1803011 |
| Total increase (decrease) in net assets | 244192 | 2069222 |
| **NET ASSETS:** |  |  |
| Beginning of period | 2069222 |  |
| End of period | $2313414 | $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;

See accompanying notes to financial statements.

**35** 

------

Statements of Changes in Net Assets *(continued)*

---

| | | |
|:---|:---|:---|
| **Matthews India Active ETF**  | **Six-Month Period** <br>**Ended June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | ($1220)<br>| ($17689)<br>|
| Net realized gain (loss) on investments, in-kind redemptions and foreign currency related transactions | (246138)<br>| (527667)<br>|
| Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | 497841 | 1244848 |
| Net change on foreign capital gains taxes on unrealized appreciation/depreciation | (165624)<br>| (273215)<br>|
| Net increase (decrease) in net assets resulting from operations | 84859 | 426277 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Net decrease in net assets resulting from distributions |  | (107386)<br>|
| **CAPITAL SHARE TRANSACTIONS (net) (Note 3)** |  | 8126833 |
| Total increase (decrease) in net assets | 84859 | 8445724 |
| **NET ASSETS:** |  |  |
| Beginning of period | 14385637 | 5939913 |
| End of period | $14470496 | $14385637 |

---

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

---

| | | |
|:---|:---|:---|
| **Matthews Japan Active ETF**  | **Six-Month Period** <br>**Ended June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $29602 | $29393 |
| Net realized gain (loss) on investments, in-kind redemptions and foreign currency related transactions | (94759)<br>| 161160 |
| Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | 641372 | 124506 |
| Net increase (decrease) in net assets resulting from operations | 576215 | 315059 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Net decrease in net assets resulting from distributions |  | (37412)<br>|
| **CAPITAL SHARE TRANSACTIONS (net) (Note 3)** | 2513637 | 1135697 |
| Total increase (decrease) in net assets | 3089852 | 1413344 |
| **NET ASSETS:** |  |  |
| Beginning of period | 2465865 | 1052521 |
| End of period | $5555717 | $2465865 |

---

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

---

| | | |
|:---|:---|:---|
| **Matthews Korea Active ETF**  | **Six-Month Period** <br>**Ended June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $318224 | $173986 |
| Net realized gain (loss) on investments, in-kind redemptions and foreign currency related transactions | (2846864)<br>| 1628115 |
| Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | 17614997 | (11591256)<br>|
| Net increase (decrease) in net assets resulting from operations | 15086357 | (9789155)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Net decrease in net assets resulting from distributions |  | (2471651)<br>|
| **CAPITAL SHARE TRANSACTIONS (net) (Note 3)** | (2442555)<br>| (10049732)<br>|
| Total increase (decrease) in net assets | 12643802 | (22310538)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 44860079 | 67170617 |
| End of period | $57503881 | $44860079 |

---

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

See accompanying notes to financial statements.

**36**

------

Statements of Changes in Net Assets *(continued)*

---

| | | |
|:---|:---|:---|
| **Matthews Asia Dividend Active ETF**  | **Six-Month Period** <br>**Ended June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $38862 | $34707 |
| Net realized gain (loss) on investments and foreign currency related transactions | (34262)<br>| 71325 |
| Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | 385303 | 8220 |
| Net change on foreign capital gains taxes on unrealized appreciation/depreciation | (434)<br>| (512)<br>|
| Net increase (decrease) in net assets resulting from operations | 389469 | 113740 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Net decrease in net assets resulting from distributions | (24850)<br>| (96121)<br>|
| **CAPITAL SHARE TRANSACTIONS (net) (Note 3)** |  | 1603057 |
| Total increase (decrease) in net assets | 364619 | 1620676 |
| **NET ASSETS:** |  |  |
| Beginning of period | 3202367 | 1581691 |
| End of period | $3566986 | $3202367 |

---

See accompanying notes to financial statements.

**37** 

------

Financial Highlights

***Matthews Emerging Markets Equity Active ETF***

The table below sets forth financial data for a share of beneficial interest outstanding throughout each period presented.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**Dec. 31, 2024** | **Year Ended** <br>**Dec. 31, 2023** | **Period Ended** <br>**Dec. 31, 2022**<sup>1</sup>  |
|  | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **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;0.26 | &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;3.08 | &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;3.34 | &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; — | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; — <br><sup>3</sup><br>| &nbsp;&nbsp; (0.14)<br>|
| Net realized gains on investments | &nbsp;&nbsp; — | &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; — | &nbsp;&nbsp; (2.27)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.14)<br>|
| Net Asset Value, end of Period | &nbsp;&nbsp; $32.40 | &nbsp;&nbsp; $29.06 | &nbsp;&nbsp; $28.24 | &nbsp;&nbsp; $26.27 |
| **TOTAL RETURN**<sup>4</sup> <br>| &nbsp;&nbsp; **11.50%** <br><sup>5</sup><br>| &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; $39529 | &nbsp;&nbsp; $48234 | &nbsp;&nbsp; $55907 | &nbsp;&nbsp; $6304 |
| Ratio of expenses to average net assets (Note 4) | &nbsp;&nbsp; 0.79% <br><sup>6</sup><br>| &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; 1.76% <br><sup>6</sup><br>| &nbsp;&nbsp; 1.46% | &nbsp;&nbsp; 1.64% | &nbsp;&nbsp; 1.93% <br><sup>6</sup><br>|
| Portfolio turnover | &nbsp;&nbsp; 70.53% <br><sup>5</sup><br>| &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.

**38**

------

Financial Highlights *(continued)*

***Matthews Emerging Markets ex China Active ETF***

The table below sets forth financial data for a share of beneficial interest outstanding throughout each period presented.

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**Dec. 31, 2024** | **Period Ended** <br>**Dec. 31, 2023**<sup>1</sup>  |
|  | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **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;0.28 | &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;3.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;2.46 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;3.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;2.91 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &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; — | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.31)<br>|
| Net Asset Value, end of Period | &nbsp;&nbsp; $32.75 | &nbsp;&nbsp; $29.20 | &nbsp;&nbsp; $27.60 |
| **TOTAL RETURN**<sup>3</sup> <br>| &nbsp;&nbsp; **12.16%** <br><sup>4</sup><br>| &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; $35372 | &nbsp;&nbsp; $37963 | &nbsp;&nbsp; $8831 |
| Ratio of expenses to average net assets (Note 4) | &nbsp;&nbsp; 0.79% <br><sup>5</sup><br>| &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; 1.90% <br><sup>5</sup><br>| &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 1.81% <br><sup>5</sup><br>|
| Portfolio turnover | &nbsp;&nbsp; 63.69% <br><sup>4</sup><br>| &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.

**39** 

------

Financial Highlights *(continued)*

***Matthews Emerging Markets Sustainable Future Active ETF***

The table below sets forth financial data for a share of beneficial interest outstanding throughout each period presented.

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**Dec. 31, 2024** | **Period Ended** <br>**Dec. 31, 2023**<sup>1</sup>  |
|  | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **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;0.13 | &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;3.06 | &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;3.19 | &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.01)<br>|
| Net realized gains on investments | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.01)<br>|
| Net Asset Value, end of Period | &nbsp;&nbsp; $27.45 | &nbsp;&nbsp; $24.26 | &nbsp;&nbsp; $25.74 |
| **TOTAL RETURN**<sup>4</sup> <br>| &nbsp;&nbsp; **13.15%** <br><sup>5</sup><br>| &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; $28827 | &nbsp;&nbsp; $24261 | &nbsp;&nbsp; $14155 |
| Ratio of expenses to average net assets (Note 4) | &nbsp;&nbsp; 0.79% <br><sup>6</sup><br>| &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; 1.04% <br><sup>6</sup><br>| &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.07% <br><sup>6</sup><br>|
| Portfolio turnover | &nbsp;&nbsp; 27.76% <br><sup>5</sup><br>| &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.

**40**

------

Financial Highlights *(continued)*

***Matthews Emerging Markets Discovery Active ETF***

The table below sets forth financial data for a share of beneficial interest outstanding throughout each period presented.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Period Ended** <br>**Dec. 31, 2024**<sup>1</sup>  |
|  | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **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;0.11 | &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;2.41 | &nbsp;&nbsp; (1.21)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp; (1.08)<br>|
| **LESS DISTRIBUTIONS FROM:** |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.33)<br>|
| Net Asset Value, end of Period | &nbsp;&nbsp; $26.11 | &nbsp;&nbsp; $23.59 |
| **TOTAL RETURN**<sup>3</sup> <br>| &nbsp;&nbsp; **10.68%** <br><sup>4</sup><br>| &nbsp;&nbsp; **(4.33%)** <br><sup>4</sup><br>|
| **RATIOS/SUPPLEMENTAL DATA** |  |  |
| Net assets, end of Period (in 000's) | &nbsp;&nbsp; $18797 | &nbsp;&nbsp; $16986 |
| Ratio of expenses to average net assets before any wavier of expenses by Advisor (Note 4) | &nbsp;&nbsp; 0.99% <br><sup>5</sup><br>| &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% <br><sup>5</sup><br>| &nbsp;&nbsp; 0.89% <br><sup>5</sup><br>|
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 0.97% <br><sup>5</sup><br>| &nbsp;&nbsp; 0.54% <br><sup>5</sup><br>|
| Portfolio turnover | &nbsp;&nbsp; 19.27% <br><sup>4</sup><br>| &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.

**41** 

------

Financial Highlights *(continued)*

***Matthews Pacific Tiger Active ETF***

The table below sets forth financial data for a share of beneficial interest outstanding throughout each period presented.

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**Dec. 31, 2024** | **Period Ended** <br>**Dec. 31, 2023**<sup>1</sup>  |
|  | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **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;0.15 | &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;2.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;2.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &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; — | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.03)<br>|
| Net Asset Value, end of Period | &nbsp;&nbsp; $29.15 | &nbsp;&nbsp; $26.39 | &nbsp;&nbsp; $25.33 |
| **TOTAL RETURN**<sup>3</sup> <br>| &nbsp;&nbsp; **10.46%** <br><sup>4</sup><br>| &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; $36433 | &nbsp;&nbsp; $71253 | &nbsp;&nbsp; $79789 |
| Ratio of expenses to average net assets (Note 4) | &nbsp;&nbsp; 0.79% <br><sup>5</sup><br>| &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; 1.16% <br><sup>5</sup><br>| &nbsp;&nbsp; 1.30% | &nbsp;&nbsp; 0.80% <br><sup>5</sup><br>|
| Portfolio turnover | &nbsp;&nbsp; 83.45% <br><sup>4</sup><br>| &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.

**42**

------

Financial Highlights *(continued)*

***Matthews Asia Innovators Active ETF***

The table below sets forth financial data for a share of beneficial interest outstanding throughout each period presented.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**Dec. 31, 2024** | **Year Ended** <br>**Dec. 31, 2023** | **Period Ended** <br>**Dec. 31, 2022**<sup>1</sup>  |
|  | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **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;0.07 | &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;3.38 | &nbsp;&nbsp;&nbsp;&nbsp;4.06 | &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.72)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;3.45 | &nbsp;&nbsp;&nbsp;&nbsp;4.15 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.76)<br>|
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; — |
| Net Asset Value, end of Period | &nbsp;&nbsp; $31.09 | &nbsp;&nbsp; $27.64 | &nbsp;&nbsp; $23.56 | &nbsp;&nbsp; $24.24 |
| **TOTAL RETURN**<sup>3</sup> <br>| &nbsp;&nbsp; **12.48%** <br><sup>4</sup><br>| &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; $63741 | &nbsp;&nbsp; $64944 | &nbsp;&nbsp; $84809 | &nbsp;&nbsp; $105439 |
| Ratio of expenses to average net assets (Note 4) | &nbsp;&nbsp; 0.79% <br><sup>5</sup><br>| &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; 0.51% <br><sup>5</sup><br>| &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; (0.33% )<sup>5</sup><br>|
| Portfolio turnover | &nbsp;&nbsp; 54.80% <br><sup>4</sup><br>| &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.

**43** 

------

Financial Highlights *(continued)*

***Matthews China Active ETF***

The table below sets forth financial data for a share of beneficial interest outstanding throughout each period presented.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**Dec. 31, 2024** | **Year Ended** <br>**Dec. 31, 2023** | **Period Ended** <br>**Dec. 31, 2022**<sup>1</sup>  |
|  | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **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;0.19 | &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;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp; (4.91)<br>| &nbsp;&nbsp; (0.93)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp;&nbsp;3.46 | &nbsp;&nbsp; (4.66)<br>| &nbsp;&nbsp; (0.96)<br>|
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; — |
| Net Asset Value, end of Period | &nbsp;&nbsp; $24.50 | &nbsp;&nbsp; $22.24 | &nbsp;&nbsp; $19.07 | &nbsp;&nbsp; $24.04 |
| **TOTAL RETURN**<sup>3</sup> <br>| &nbsp;&nbsp; **10.16%** <br><sup>4</sup><br>| &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; $20580 | &nbsp;&nbsp; $36032 | &nbsp;&nbsp; $21737 | &nbsp;&nbsp; $10099 |
| Ratio of expenses to average net assets (Note 4) | &nbsp;&nbsp; 0.79% <br><sup>5</sup><br>| &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; 1.59% <br><sup>5</sup><br>| &nbsp;&nbsp; 1.74% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; (0.24% )<sup>5</sup><br>|
| Portfolio turnover | &nbsp;&nbsp; 17.22% <br><sup>4</sup><br>| &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.

**44**

------

Financial Highlights *(continued)*

***Matthews China Discovery Active ETF***

The table below sets forth financial data for a share of beneficial interest outstanding throughout each period presented.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Period Ended** <br>**Dec. 31, 2024**<sup>1</sup>  |
|  | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **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;0.27 | &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;2.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp;&nbsp;&nbsp;2.28 |
| **LESS DISTRIBUTIONS FROM:** |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.41)<br>|
| Net Asset Value, end of Period | &nbsp;&nbsp; $28.92 | &nbsp;&nbsp; $25.87 |
| **TOTAL RETURN**<sup>3</sup> <br>| &nbsp;&nbsp; **11.79%** <br><sup>4</sup><br>| &nbsp;&nbsp; **9.10%** <br><sup>4</sup><br>|
| **RATIOS/SUPPLEMENTAL DATA** |  |  |
| Net assets, end of Period (in 000's) | &nbsp;&nbsp; $2313 | &nbsp;&nbsp; $2069 |
| Ratio of expenses to average net assets before any wavier of expenses by Advisor (Note 4) | &nbsp;&nbsp; 0.99% <br><sup>5</sup><br>| &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% <br><sup>5</sup><br>| &nbsp;&nbsp; 0.89% <br><sup>5</sup><br>|
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 2.03% <br><sup>5</sup><br>| &nbsp;&nbsp; 4.82% <br><sup>5</sup><br>|
| Portfolio turnover | &nbsp;&nbsp; 15.03% <br><sup>4</sup><br>| &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.

**45** 

------

Financial Highlights *(continued)*

***Matthews India Active ETF***

The table below sets forth financial data for a share of beneficial interest outstanding throughout each period presented.

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**Dec. 31, 2024** | **Period Ended** <br>**Dec. 31, 2023**<sup>1</sup>  |
|  | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **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; — <br><sup>3</sup><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;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;3.18 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — |
| Net realized gains on investments | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; — |
| Net Asset Value, end of Period | &nbsp;&nbsp; $30.15 | &nbsp;&nbsp; $29.97 | &nbsp;&nbsp; $27.00 |
| **TOTAL RETURN**<sup>4</sup> <br>| &nbsp;&nbsp; **0.60%** <br><sup>5</sup><br>| &nbsp;&nbsp; **11.61%** | &nbsp;&nbsp; **8.00%** <br><sup>5</sup><br>|
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |
| Net assets, end of Period (in 000's) | &nbsp;&nbsp; $14470 | &nbsp;&nbsp; $14386 | &nbsp;&nbsp; $5940 |
| Ratio of expenses to average net assets (Note 4) | &nbsp;&nbsp; 0.79% <br><sup>6</sup><br>| &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; (0.02% )<sup>6</sup><br>| &nbsp;&nbsp; (0.14%)<br>| &nbsp;&nbsp; (0.37% )<sup>6</sup><br>|
| Portfolio turnover | &nbsp;&nbsp; 38.10% <br><sup>5</sup><br>| &nbsp;&nbsp; 127.51% | &nbsp;&nbsp; 14.97% <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.

**46**

------

Financial Highlights *(continued)*

***Matthews Japan Active ETF***

The table below sets forth financial data for a share of beneficial interest outstanding throughout each period presented.

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**Dec. 31, 2024** | **Period Ended** <br>**Dec. 31, 2023**<sup>1</sup>  |
|  | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **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;0.22 | &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;3.68 | &nbsp;&nbsp;&nbsp;&nbsp;4.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;3.90 | &nbsp;&nbsp;&nbsp;&nbsp;4.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.13)<br>|
| Net Asset Value, end of Period | &nbsp;&nbsp; $34.72 | &nbsp;&nbsp; $30.82 | &nbsp;&nbsp; $26.31 |
| **TOTAL RETURN**<sup>3</sup> <br>| &nbsp;&nbsp; **12.65%** <br><sup>4</sup><br>| &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; $5556 | &nbsp;&nbsp; $2466 | &nbsp;&nbsp; $1053 |
| Ratio of expenses to average net assets (Note 4) | &nbsp;&nbsp; 0.79% <br><sup>5</sup><br>| &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; 1.42% <br><sup>5</sup><br>| &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 2.07% <br><sup>5</sup><br>|
| Portfolio turnover | &nbsp;&nbsp; 60.43% <br><sup>4</sup><br>| &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.

**47** 

------

Financial Highlights *(continued)*

***Matthews Korea Active ETF***

The table below sets forth financial data for a share of beneficial interest outstanding throughout each period presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **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, 2020**<sup>2</sup>  |
|  | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **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, 2020**<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 | &nbsp;&nbsp; $26.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; **INCOME (LOSS) FROM INVESTMENT** <br> **OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &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;0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized <br> appreciation/depreciation on investments and <br> foreign currency related transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.10 | &nbsp;&nbsp; (4.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp; (9.07)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.75 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;7.25 | &nbsp;&nbsp; (4.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.55 | &nbsp;&nbsp; (8.71)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.81 |
| **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>| &nbsp;&nbsp; (0.30)<br>|
| Net realized gains on investments | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2.64)<br>| &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (2.64)<br>| &nbsp;&nbsp; (2.46)<br>| &nbsp;&nbsp; (0.30)<br>|
| Net Asset Value, end of Period | &nbsp;&nbsp; $28.28 | &nbsp;&nbsp; $21.03 | &nbsp;&nbsp; $26.31 | &nbsp;&nbsp; $23.18 | &nbsp;&nbsp; $34.53 | &nbsp;&nbsp; $37.05 |
| **TOTAL RETURN**<sup>4</sup> <br>| &nbsp;&nbsp; **34.47%** <br><sup>5</sup><br>| &nbsp;&nbsp; **(16.10%)**<br>| &nbsp;&nbsp; **15.41%** | &nbsp;&nbsp; **(25.39%)**<br>| &nbsp;&nbsp; **(0.16%)**<br>| &nbsp;&nbsp; **40.76%** |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |
| Net assets, end of Period (in 000's) | &nbsp;&nbsp; $57504 | &nbsp;&nbsp; $44860 | &nbsp;&nbsp; $67171 | &nbsp;&nbsp; $9166 | &nbsp;&nbsp; $14998 | &nbsp;&nbsp; $12192 |
| Ratio of expenses to average net assets (Note 4) | &nbsp;&nbsp; 0.79% <br><sup>6</sup><br>| &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average <br> net assets<br>| &nbsp;&nbsp; 1.34% <br><sup>6</sup><br>| &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 2.26% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.28% |
| Portfolio turnover | &nbsp;&nbsp; 26.74% <br><sup>5</sup><br>| &nbsp;&nbsp; 41.08% | &nbsp;&nbsp; 31.75% | &nbsp;&nbsp; 56.94% | &nbsp;&nbsp; 40.18% | &nbsp;&nbsp; 39.62% |

---

&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. |
| 5 | Not annualized. |
| 6 | Annualized. |

---

See accompanying notes to financial statements.

**48**

------

Financial Highlights *(continued)*

***Matthews Asia Dividend Active ETF***

The table below sets forth financial data for a share of beneficial interest outstanding throughout each period presented.

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**Dec. 31, 2024** | **Period Ended** <br>**Dec. 31, 2023**<sup>1</sup>  |
|  | &nbsp;&nbsp; **Six-Month** <br>**Period Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **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;0.39 | &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;3.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;3.90 | &nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp; (0.12)<br>|
| Net realized gains on investments | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (1.92)<br>| &nbsp;&nbsp; (0.12)<br>|
| Net Asset Value, end of Period | &nbsp;&nbsp; $35.67 | &nbsp;&nbsp; $32.02 | &nbsp;&nbsp; $31.63 |
| **TOTAL RETURN**<sup>3</sup> <br>| &nbsp;&nbsp; **12.19%** <br><sup>4</sup><br>| &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; $3567 | &nbsp;&nbsp; $3202 | &nbsp;&nbsp; $1582 |
| Ratio of expenses to average net assets (Note 4) | &nbsp;&nbsp; 0.79% <br><sup>5</sup><br>| &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; 2.39% <br><sup>5</sup><br>| &nbsp;&nbsp; 2.07% | &nbsp;&nbsp; 1.45% <br><sup>5</sup><br>|
| Portfolio turnover | &nbsp;&nbsp; 48.21% <br><sup>4</sup><br>| &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.

**49** 

------

Notes to Financial Statements *(unaudited)* 

&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 June 30, 2025, the Trust issued twenty-four separate series of shares. This shareholder report pertains to twelve of those series (each a "Fund", and collectively, the "Funds"): Matthews Emerging Markets Equity Active ETF, Mathews Emerging Markets ex China Active ETF, Matthews Emerging Markets Sustainable Future Active ETF, Matthews Emerging Markets Discovery Active ETF, Matthews Pacific Tiger Active ETF, Matthews Asia Innovators Active ETF, Matthews China Active ETF, Matthews China Discovery Active ETF, Matthews India Active ETF, Matthews Japan Active ETF, Matthews Korea Active ETF and Matthews Asia Dividend Active ETF. All of the Funds are considered diversified with the exception of Matthews Emerging Markets Sustainable Future Active ETF, Matthews Emerging Markets Discovery Active ETF, Matthews China Discovery Active ETF and Matthews India Active ETF which are considered non-diversified. The other twelve separate series of the Trust are mutual funds and are covered in a separate shareholder report.

The Funds issue and redeem shares at their net asset value per share (NAV) only in large blocks of shares (Creation Units). These transactions are usually in exchange for a basket of securities and/or an amount of cash. As a practical matter, only institutional investors who have entered into an authorized participant agreement may purchase or redeem Creation Units. Except when aggregated in Creation Units, shares of the Funds are not redeemable securities.

Individual shares of the Funds trade on national securities exchanges and elsewhere during the trading day and can only be bought and sold at market prices throughout the trading day through a broker-dealer. Because fund shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount). A chart showing the frequency at which each fund's daily closing market price was at a discount or premium to each fund's NAV can be found at www.matthewsasia.com.

**2.** **SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Funds in preparation of their financial statements. Each Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) *Accounting Standard Codification Topic 946 Financial Services—Investment Companies*. The accounting policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").

**A.** **SECURITY VALUATION:** Pursuant to Rule 2a-5 under the 1940 Act, the Funds' Board of Trustees (the "Board") has designated authority to a Valuation Designee, Matthews International Capital Management, LLC ("Matthews"), the Funds' investment advisor (the "investment advisor"), to make fair valuation determinations under adopted procedures subject to Board oversight. Matthews has formed a Valuation Committee (the "Valuation Committee") to administer the pricing and valuation of portfolio securities and other assets and liabilities and to ensure that prices determined by Matthews or provided by third parties reasonably reflect fair value. The Valuation Designee may utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value. The value of the Trust's securities is based on market quotations for those securities, or on their fair value determined by the valuation policies approved by the Board. Market quotations and valuation information are provided by commercial pricing services or securities dealers that are independent of the Funds and Matthews in accordance with procedures established by the Valuation Designee. Foreign exchange-traded securities are valued as of the close of trading on the primary exchange on which they trade. Securities that trade in over-the-counter markets, including most debt securities (bonds), may be valued by other third-party vendors or by using indicative bid quotations from dealers or market makers, or other available market information. Market values for securities are determined based on quotations, market data or other information from the principal (or most advantageous) market on which the security is traded. Market quotations for equity securities used by the Funds include last reported sale prices, or, if such prices are not reported or available, bid and ask prices. The Funds may also utilize independent pricing services to assist them in determining a current market value for each security based on sources believed to be reliable.

When fair value pricing is employed, the prices of securities used by a Fund to calculate its Net Asset Value ("NAV") may differ from any quoted or published prices for the same securities for that day. Events affecting the value of foreign investments may occur between the time at which they are determined and when the Funds calculate their NAV, which is normally the close of trading on the NYSE. If such events render market quotations unreliable, and the impact of such events can be reasonably determined, the investments will be valued at their fair value in accordance with pricing policies. The fair value of a security held by the Funds may be determined using the services of third-party pricing services to assist in this process.

The books and records of the Funds are maintained in U.S. dollars. Transactions, portfolio securities, and assets and liabilities denominated in a foreign currency are translated and recorded in U.S. dollars at the prevailing exchange rates. The Fund does not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the Statement of Operations. Translation gains or losses resulting from changes in the exchange rate during the reporting period and realized gains and losses on the settlement of foreign currency transactions are reported in the results of operations for the current period. The Funds isolate that portion of gains and losses on investments in fixed income securities that is due to changes in foreign exchange rate from that which is due to changes in market prices of securities.

Foreign securities held by the Funds may be traded on days and at times when the NYSE and the Nasdaq are closed. Accordingly, the value of the Funds may be significantly affected on days when shareholders have no access to the Funds.

**B.** **FAIR VALUE MEASUREMENTS:** The Funds follow a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Funds' own market assumptions (unobservable inputs). These inputs are used in determining the value of the Funds' financial instruments and are summarized in the following fair value hierarchy:

Level 1: Unadjusted quoted prices in active markets for identical securities (foreign securities that are valued based on market quotations).

Level 2: Other significant observable inputs. Certain foreign securities may be fair valued by Matthews using information such as quoted prices for similar securities, interest rates, prepayment speeds, credit risk, and foreign exchange. Additionally, external pricing services may be used when the Funds determine that events affecting the value of foreign securities which occur between the time at which they are determined and the close of trading on the NYSE render market quotations unreliable.

**50**

------

Notes to Financial Statements *(unaudited) (continued)*

Level 3: Significant unobservable inputs. Level 3 securities are valued based on significant unobservable inputs as determined under procedures approved by the Board. Characterization of such securities as Level 3 securities are not necessarily an indication of their liquidity or the risk associated with investing in these securities. A significant change in the unobservable inputs could result in a significantly lower or higher value in such Level 3 securities and could impact overall Fund performance.

The input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level.

On June 30, 2025, securities held by the Matthews Emerging Markets Sustainable Future Active ETF, Matthews Emerging Markets Discovery Active ETF, Matthews China Active ETF, Matthews China Discovery Active ETF, Matthews India Active ETF and Matthews Japan Active ETF were classified as Level 1, based on the inputs used to determine their fair values.

On June 30, 2025, the following Funds had level 1 and level 2 fair valued securities:

**Levels for Multi-Country Funds:**

Summary of inputs used to determine the fair valuation of multi-country Funds' investments as of June 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Matthews Emerging** <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 | $— | $302138 | $— | $— | $— |
| Australia |  |  |  |  | 251604 |
| Brazil | 2020439 | 3035714 |  |  |  |
| China/Hong Kong | 11244927 |  | 11862186 | 25378361 | 960470 |
| Greece |  | 365826 |  |  |  |
| India | 7891347 | 7179657 | 6270158 | 12612113 | 222418 |
| Indonesia | 496893 | 1283511 | 553843 |  | 44369 |
| Japan |  |  |  |  | 940125 |
| Macau | 217535 |  |  |  |  |
| Malaysia |  | 1098699 | 468429 |  |  |
| Mexico | 784133 | 943782 |  |  |  |
| Peru |  | 414359 |  |  |  |
| Philippines | 391569 | 955416 | 373476 |  |  |
| Poland |  | 750321 |  |  |  |
| Saudi Arabia |  | 723695 |  |  |  |
| Singapore | 294527 | 1236327 | 2096443 | 4778202 | 104044 |
| South Africa | 699475 | 1257277 |  |  |  |
| South Korea | 4845938 | 5110419 | 5127487 | 8911255 | 382040 |
| Taiwan | 5975807 | 7233968 | 7770440 | 11099463 | 379594 |
| Turkey |  | 225173 |  |  |  |
| United Arab Emirates |  | 418867 |  |  |  |
| United States |  | 338694 |  |  |  |
| Vietnam | 233761 | 683090 | 305401 | 431114 |  |
| Short-Term Investments | 2795375 | 657279 | 925022 | 601660 | 235743 |
| Total | 37891726 | 34214212 | 35752885 | 63812168 | 3520407 |
| **Level 2: Other Significant Observable Inputs** |  |  |  |  |  |
| Common Equities: |  |  |  |  |  |
| Thailand | 260004 | 1215867 | 307302 |  | 31799 |
| Rights: |  |  |  |  |  |
| South Korea |  |  |  | 10450 |  |
| Total Market Value of Investments | $38151730 | $35430079 | $36060187 | $63822618 | $3552206 |

---

**51** 

------

Notes to Financial Statements *(unaudited) (continued)*

**Levels for Single Country Funds:** 

Summary of inputs used to determine the fair valuation of the single country Fund's investments as of June 30, 2025.

---

| | |
|:---|:---|
|  | **Matthews Korea** <br>**Active ETF**<br>|
| **Assets:** |  |
| **Investments:** |  |
| **Level 1: Quoted Prices** |  |
| Common Equities: |  |
| Communication Services | $5252436 |
| Consumer Discretionary | 4618612 |
| Consumer Staples | 2608212 |
| Energy | 1322185 |
| Financials | 8592900 |
| Health Care | 3285309 |
| Industrials | 11057161 |
| Information Technology | 14437513 |
| Real Estate | 728032 |
| Utilities | 1010630 |
| Preferred Equities: |  |
| Information Technology | 4226572 |
| Short-Term Investments | 434806 |
| Total | 57574368 |
| **Level 2: Other Significant Observable Inputs** |  |
| Rights: |  |
| Industrials | 13853 |
| Total Market Value of Investments | $57588221 |

---

**C.** **RISKS ASSOCIATED WITH NON-U.S. COMPANIES:** Investments by the Funds in the securities of non-U.S. companies may involve investment risks not typically associated with investments in U.S. issuers. These risks include possible political, economic, social and religious instability; inadequate investor protection; changes in laws or regulations of Emerging Market or Asia Pacific countries where the Funds may invest; international relations with other nations; natural disasters; corruption; and military activity. Foreign securities may trade in securities markets that are substantially smaller, less developed, less liquid and more volatile than the major securities markets in the United States. Foreign securities may be subject to greater fluctuations in price than securities of domestic corporations or the U.S. government. Foreign investing may also include the risk of expropriation or confiscatory taxation, limitation on the removal of funds or other assets, currency crises and exchange controls, the imposition of foreign withholding tax on the interest income payable on such instruments, the possible seizure or nationalization of foreign deposits or assets, or the adoption of other foreign government restrictions that might adversely affect the foreign securities held by the Funds. Additionally, Emerging Market and Asia Pacific countries may utilize formal or informal currency exchange controls or "capital controls" that may limit the ability to repatriate investments or income or adversely affect the value of portfolio investments. The economies of many Emerging Market and Asia Pacific countries differ from the economies of more developed countries in many respects, such as their rate of growth, inflation, capital reinvestment, resource self-sufficiency and dependence on other economies, financial system stability, the national balance of payments position and sensitivity to changes in global trade.

Certain Emerging Market and Asia Pacific countries are highly dependent upon and may be affected by developments in the economies of other countries. Non-U.S. companies are subject to different accounting, auditing, and financial reporting standards, practices, and requirements than U.S. companies. There is generally less government regulation of stock exchanges, brokers, and listed companies abroad than in the United States, which may result in less transparency with respect to a company's operations, and make obtaining information about them more difficult (or such information may be unavailable).

Among other risks of investing in foreign markets, particularly those of emerging and frontier markets in which the Funds invest, are the variable quality and reliability of financial information and related audits of companies. In some cases, financial information and related audits can be unreliable and not subject to verification. Auditing firms in some of these markets are not subject to independent inspection or oversight of audit quality. For example, China does not allow the Public Company Accounting Oversight Board to inspect the work that auditors perform in China for Chinese companies that sell stock into U.S. markets. This can result in investment decisions being made based on flawed or misleading information.

Foreign stock markets, particularly those of emerging and frontier markets in which the Funds invest, may not be as developed or efficient as those in more developed markets such as the United States, and the absence of negotiated brokerage commissions in certain countries may result in higher brokerage fees. The time between the trade and settlement dates of securities transactions on foreign exchanges ranges from one day to four weeks or longer and may result in higher custody charges. Custodial arrangements may be less well developed than in the United States. Foreign securities are generally denominated and pay distributions in foreign currencies, exposing the Funds to changes in foreign currency exchange rates. Investing in any Emerging Market or Asia Pacific country will also entail risks specific and unique to that country, and these risks can be significant and change rapidly.

**52**

------

Notes to Financial Statements *(unaudited) (continued)*

Changes in interest rates in each of the countries in which the Funds may invest, as well as interest rates in more-developed countries, may cause a decline in the market value of an investment. Generally, fixed income securities will decrease in value when interest rates rise and can be expected to rise in value when interest rates decline. As interest rates decline, debt issuers may repay or refinance their loans or obligations earlier than anticipated.

The Funds may invest in certain operating companies in China through legal structures known as variable interest entities ("VIEs"). In China, ownership of companies in certain sectors by foreign individuals and entities (including U.S. persons and entities such as the Fund) is prohibited. In order to facilitate foreign investment in these businesses, many Chinese companies have created VIEs. In such an arrangement, a China-based operating company typically establishes an offshore shell company in another jurisdiction, such as the Cayman Islands. That shell company enters into service and other contracts with the China-based operating company, then issues shares on a foreign exchange, such as the New York Stock Exchange. Foreign investors hold stock in the shell company rather than directly in the China-based operating company. This arrangement allows U.S. investors to obtain economic exposure to the China-based company through contractual means rather than through formal equity ownership.

VIEs are a longstanding industry practice and well known to officials and regulators in China; however, VIEs are not formally recognized under Chinese law. Recently, the government of China provided new guidance to and placed restrictions on China-based companies raising capital offshore, including through VIE structures. Investors face uncertainty about future actions by the government of China that could significantly affect an operating company's financial performance and the enforceability of the shell company's contractual arrangements. It is uncertain whether Chinese officials or regulators will withdraw their implicit acceptance of the VIE structure, or whether any new laws, rules or regulations relating to VIE structures will be adopted or, if adopted, what impact they would have on the interests of foreign shareholders. Under extreme circumstances, China might prohibit the existence of VIEs, or sever their ability to transmit economic and governance rights to foreign individuals and entities; if so, the market value of the Funds' associated portfolio holdings would likely suffer significant, detrimental, and possibly permanent effects, which could result in substantial investment losses.

The ongoing conflict from Russia's invasion of Ukraine has the potential to adversely impact global economies and increase volatility across markets. The duration of the Russian-Ukraine conflict and its effect on financial markets cannot be determined with certainty. The Funds' performance could be negatively impacted if the value of a portfolio holding were harmed by these and such other events. Management is actively monitoring these events. As of June 30, 2025, the Funds did not hold any Russian securities.

Recently, the war among Israel, Hamas and other militant groups in the Middle East has increased tensions in the region and has caused and could continue to cause market disruptions in the Middle East and globally. The conflict between Israel, Hamas and other militant groups and the involvement of the U.S. and other countries could present material uncertainty and risk with respect to a Fund's performance and ability to achieve its investment objective. The extent and duration of the military action and any market disruptions are impossible to predict but could be substantial.

The current political climate has intensified concerns about trade tariffs and a potential trade war between the United States and certain foreign countries, including China, Mexico and Canada, among others. These consequences may trigger a significant reduction in international trade, shortages or oversupply of certain manufactured goods, substantial price increases or decreases of goods, inflationary pressures, and possible failure of individual companies and/or large segments of the foreign export industry with a potentially negative impact to the Funds.

**D.** **DISTRIBUTIONS TO SHAREHOLDERS:**

It is the policy of Matthews Asia Dividend Active ETF to distribute net investment income on a quarterly basis and capital gains, if any, annually. All other Funds generally distribute their net investment income once annually in December. Any net realized gain from the sale of portfolio securities and net realized gains from foreign currency transactions are distributed at least once each year unless they are used to offset losses carried forward from prior years. The Funds will declare and pay income and capital gain distributions in cash. Distributions in cash may be reinvested automatically in additional whole shares of the Funds only if the broker through whom you purchased your shares makes such option available. Your broker is responsible for distributing the income and capital gain distributions to you. Distributions are treated the same for tax purposes whether received in cash or reinvested. If you buy shares when a Fund has realized but not yet distributed ordinary income or capital gains, you will be "buying a dividend" by paying the full price of the shares and then receiving a portion of the price back in the form of a taxable dividend.

The tax character of distributions paid for the period ended December 31, 2024 were as follows:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PERIOD ENDED December 31, 2024** | **Ordinary** <br>**Income**<br>| **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; $961766 | &nbsp;&nbsp; $35482 | &nbsp;&nbsp; $3752878 |
| Matthews Emerging Markets ex China Active ETF | &nbsp;&nbsp; 362864 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11705 | &nbsp;&nbsp; 374569 |
| Matthews Emerging Markets Sustainable Future Active ETF | &nbsp;&nbsp; 782460 | &nbsp;&nbsp; 15390 | &nbsp;&nbsp; — | &nbsp;&nbsp; 797850 |
| Matthews Emerging Markets Discovery Active ETF | &nbsp;&nbsp; 241164 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 241164 |
| Matthews Pacific Tiger Active ETF | &nbsp;&nbsp; 541304 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 541304 |
| Matthews Asia Innovators Active ETF | &nbsp;&nbsp; 173298 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 173298 |
| Matthews China Active ETF | &nbsp;&nbsp; 469395 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 469395 |
| Matthews China Discovery Active ETF | &nbsp;&nbsp; 112438 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 112438 |
| Matthews India Active ETF | &nbsp;&nbsp; 101716 | &nbsp;&nbsp; 5670 | &nbsp;&nbsp; — | &nbsp;&nbsp; 107386 |
| Matthews Japan Active ETF | &nbsp;&nbsp; 37412 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 37412 |
| Matthews Korea Active ETF | &nbsp;&nbsp; 2471623 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2471651 |
| Matthews Asia Dividend Active ETF | &nbsp;&nbsp; 84957 | &nbsp;&nbsp; 11164 | &nbsp;&nbsp; — | &nbsp;&nbsp; 96121 |

---

**53** 

------

Notes to Financial Statements *(unaudited) (continued)*

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

**E.** **INVESTMENT TRANSACTIONS AND INCOME:** Securities transactions are accounted for on the date the securities are purchased or sold or on the following business day. Financial statements reflect security transactions on trade date. Gains or losses on the sale of securities are determined on the identified cost basis. Interest income is recorded on the accrual basis. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis. Dividend income is generally recorded on the ex-dividend date net of any foreign taxes withheld at the source. Dividend income for certain issuers headquartered in countries which the Funds invest may not be recorded until approved by the shareholders (which may occur after the ex-dividend date) if, in the judgment of management, such dividends are not reasonably determined as of the ex-dividend date.

The Funds may be subject to foreign taxation related to income received, capital gains on the sale of securities and certain foreign currency transactions in the foreign jurisdictions in which they invest. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Funds invest. When a capital gain tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that may be payable if the securities were disposed of on the valuation date.

**F.** **CASH, CASH OVERDRAFTS, AND FOREIGN CURRENCY:** When any of the Funds' cash balances are overdrawn, a Fund is charged an overdraft fee by the custodian of 3% above the effective federal funds rate on outstanding balances. QFI accounts (i.e., the accounts through which the QFI quota is accessed) are required by the local market to maintain a cash reserve. The cash reserve is based upon a fixed ratio of the QFI's approved investment quota, which is defined as the amount remitted into its special Renminbi (RMB) cash account. These amounts, if any, are included in "Segregated foreign currency at value" on the Statements of Assets and Liabilities. The fixed ratio is set at 0.08 percent for the Shanghai and 0.06 percent for the Shenzhen market.

**G.** **USE OF ESTIMATES:** The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates.

**H.** **RECENT ACCOUNTING GUIDANCE**: In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Taxes Disclosures, which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024. Management is still evaluating the impact, if any, the update will have on the financial statements.

**3.** **CAPITAL SHARE TRANSACTIONS**

Capital shares are issued and redeemed by the Fund only in aggregations of a specified number of shares or multiples thereof (Creation Units) at NAV, in return for securities, other instruments, and/or cash (the Basket). Except when aggregated in Creation Units, shares of the Fund are not redeemable. Transactions in capital shares for the Fund are disclosed in detail in the Statement of Changes in Net Assets. Purchasers and redeemers of Creation Units are charged for the costs to the Fund of processing the purchase or redemption, including costs charged to it by the NSCC (National Securities Clearing Corporation) or DTC (Depository Trust Company), and the transaction costs, e.g., brokerage commissions, bid-ask spread, and market impact trading costs, incurred in converting the Basket to or from the desired portfolio composition.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six-Month Period Ended** <br>**June 30, 2025 (Unaudited)** | **Six-Month Period Ended** <br>**June 30, 2025 (Unaudited)** | **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 |  | $— |  | $— |
| Shares redeemed | (440000)<br>| (11746634)<br>| (320000)<br>| (9675783)<br>|
| Net (decrease) | (440000)<br>| ($11746634)<br>| (320000)<br>| ($9675783)<br>|

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six-Month Period Ended** <br>**June 30, 2025 (Unaudited)** | **Six-Month Period Ended** <br>**June 30, 2025 (Unaudited)** | **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 | (220000)<br>| (6742657)<br>|  |  |
| Net increase (decrease) | (220000)<br>| ($6742657)<br>| 980000 | $29109830 |

---

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

**54**

------

Notes to Financial Statements *(unaudited) (continued)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six-Month Period Ended** <br>**June 30, 2025 (Unaudited)** | **Six-Month Period Ended** <br>**June 30, 2025 (Unaudited)** | **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 | $1225883 | 450000 | $11369312 |
| Shares redeemed |  |  |  |  |
| Net increase | 50000 | $1225883 | 450000 | $11369312 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six-Month Period Ended** <br>**June 30, 2025 (Unaudited)** | **Six-Month Period Ended** <br>**June 30, 2025 (Unaudited)** | **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;

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six-Month Period Ended** <br>**June 30, 2025 (Unaudited)** | **Six-Month Period Ended** <br>**June 30, 2025 (Unaudited)** | **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;

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six-Month Period Ended** <br>**June 30, 2025 (Unaudited)** | **Six-Month Period Ended** <br>**June 30, 2025 (Unaudited)** | **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 | 200000 | $5914852 | 50000 | $1321210 |
| Shares redeemed | (500000)<br>| (13046644)<br>| (1300000)<br>| (31093674)<br>|
| Net (decrease) | (300000)<br>| ($7131792)<br>| (1250000)<br>| ($29772464)<br>|

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six-Month Period Ended** <br>**June 30, 2025 (Unaudited)** | **Six-Month Period Ended** <br>**June 30, 2025 (Unaudited)** | **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 | (780000)<br>| (16698624)<br>| (180000)<br>| (3900801)<br>|
| Net increase (decrease) | (780000)<br>| ($16698624)<br>| 480000 | $11743998 |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six-Month Period Ended** <br>**June 30, 2025 (Unaudited)** | **Six-Month Period Ended** <br>**June 30, 2025 (Unaudited)** | **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;

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

**55** 

------

Notes to Financial Statements *(unaudited) (continued)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six-Month Period Ended** <br>**June 30, 2025 (Unaudited)** | **Six-Month Period Ended** <br>**June 30, 2025 (Unaudited)** | **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>| (4782504)<br>|
| Net increase |  | $— | 260000 | $8126833 |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six-Month Period Ended** <br>**June 30, 2025 (Unaudited)** | **Six-Month Period Ended** <br>**June 30, 2025 (Unaudited)** | **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;

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six-Month Period Ended** <br>**June 30, 2025 (Unaudited)** | **Six-Month Period Ended** <br>**June 30, 2025 (Unaudited)** | **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 |  | $— | 100000 | $2577068 |
| Shares redeemed | (100000)<br>| (2442555)<br>| (520000)<br>| (12626800)<br>|
| Net (decrease) | (100000)<br>| ($2442555)<br>| (420000)<br>| ($10049732)<br>|

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six-Month Period Ended** <br>**June 30, 2025 (Unaudited)** | **Six-Month Period Ended** <br>**June 30, 2025 (Unaudited)** | **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 | $1603057 |
| Shares redeemed |  |  |  |  |
| Net increase |  | $— | 50000 | $1603057 |

---

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

&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, 2023, as amended, between Matthews and the Trust (the "Management Agreement"), Matthews will pay substantially all the expenses of each Fund excluding management fees, interest expenses, taxes, brokerage fees, securities lending fees, payments under a Fund's 12b-1 plan (if any), acquired fund fees, litigation expenses and any extraordinary expenses. Under the Management Agreement, each Fund, other than the Matthews Emerging Markets Discovery Active ETF and Matthews China Discovery Active ETF, pays Matthews 0.79% of the aggregate average daily net assets of the Fund. Each of the Matthews Emerging Markets Discovery Active ETF and Matthews China Discovery Active ETF pays Matthews 0.99% of the aggregate average daily net assets of the Fund. The Funds pay Matthews a monthly fee at the annual rate using the applicable management fee calculated based on the actual number of days of that month and based on the Funds' average daily net assets for the month.

Pursuant to a fee waiver agreement dated April 28, 2023 (the "Korea ETF Fee Waiver Agreement"), Matthews has agreed to waive a portion of the management fee with respect to the Matthews Korea Active ETF if and to the extent that the total annual operating expense ratio of the lowest cost share class of any "Family-Priced Fund" is less than the applicable management fee rate of the Matthews Korea Active ETF. The Family-Priced Funds are the series of the Trust that are operated as mutual funds, other than the Matthews Emerging Markets Small Companies Fund and the Matthews China Small Companies Fund. The Korea ETF Fee Waiver Agreement will remain in effect until terminated by the Board and a majority of the Independent Trustees. Based on the currently applicable expense ratios for the Family-Priced Funds, it is not expected that a waiver under the Korea ETF Fee Waiver Agreement will occur in the foreseeable future.

Pursuant to a fee waiver agreement dated December 29, 2023 (the "Discovery ETF Fee Waiver Agreement"), Matthews has contractually agreed to waive 0.10% of the fee payable under the Management Agreement for the Matthews Emerging Markets Discovery Active ETF and Matthews China Discovery Acitve ETF. Matthews may not recoup fees waived pursuant to the Discovery ETF Fee Waiver Agreement. The Board may terminate the

**56**

------

Notes to Financial Statements *(unaudited) (continued)*

agreement at any time upon 60 days' written notice to Matthews. Matthews may decline to renew the Fee Waiver Agreement by providing written notice to the Trust at least 60 days before its annual expiration date. For the period ended June 30, 2025, the Matthews Emerging Markets Discovery Active ETF and Matthews China Discovery Active ETF waived management fees of $8,453 and $1,085, respectively.

**5.** **INVESTMENTS**

For the period ended June 30, 2025, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Proceeds from** <br>**Sales**<br>|
| Matthews Emerging Markets Equity Active ETF | &nbsp;&nbsp; $28513673 | &nbsp;&nbsp; $36429911 |
| Matthews Emerging Markets ex China Active ETF | &nbsp;&nbsp; 21896801 | &nbsp;&nbsp; 23634011 |
| Matthews Emerging Markets Sustainable Future Active ETF | &nbsp;&nbsp; 8594433 | &nbsp;&nbsp; 7252697 |
| Matthews Emerging Markets Discovery Active ETF | &nbsp;&nbsp; 3923862 | &nbsp;&nbsp; 3265637 |
| Matthews Pacific Tiger Active ETF | &nbsp;&nbsp; 39918683 | &nbsp;&nbsp; 57422356 |
| Matthews Asia Innovators Active ETF | &nbsp;&nbsp; 33013032 | &nbsp;&nbsp; 33798567 |
| Matthews China Active ETF | &nbsp;&nbsp; 4970942 | &nbsp;&nbsp; 9175568 |
| Matthews China Discovery Active ETF | &nbsp;&nbsp; 307960 | &nbsp;&nbsp; 561225 |
| Matthews India Active ETF | &nbsp;&nbsp; 5420127 | &nbsp;&nbsp; 5229609 |
| Matthews Japan Active ETF | &nbsp;&nbsp; 2574463 | &nbsp;&nbsp; 2485847 |
| Matthews Korea Active ETF | &nbsp;&nbsp; 12378919 | &nbsp;&nbsp; 12749485 |
| Matthews Asia Dividend Active ETF | &nbsp;&nbsp; 1511085 | &nbsp;&nbsp; 1646527 |

---

For the period ended June 30, 2025, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Proceeds from** <br>**Sales**<br>|
| Matthews Emerging Markets Equity Active ETF  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5444313<br>|
| Matthews Emerging Markets ex China Active ETF  | &nbsp;&nbsp; — | &nbsp;&nbsp; 2868940<br>|
| Matthews Emerging Markets Sustainable Future Active ETF  | &nbsp;&nbsp; 343145 | &nbsp;&nbsp; —<br>|
| Matthews Pacific Tiger Active ETF  | &nbsp;&nbsp; — | &nbsp;&nbsp; 18057161<br>|
| Matthews Asia Innovators Active ETF  | &nbsp;&nbsp; 1550769 | &nbsp;&nbsp; 5790245<br>|
| Matthews China Active ETF  | &nbsp;&nbsp; — | &nbsp;&nbsp; 12303503<br>|
| Matthews Japan Active ETF  | &nbsp;&nbsp; 2337558 | &nbsp;&nbsp; —<br>|
| Matthews Korea Active ETF  | &nbsp;&nbsp; — | &nbsp;&nbsp; 59779<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 new standard impacted financial statement disclosures only and did not affect the Funds' financial position or its results of operations. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance and to assess its potential future cash flows. The Funds' investment advisor, Matthews International Capital Management, LLC, acts as the Funds' chief operating decision maker (CODM) assessing performance and making decisions about resource allocation. The CODM has determined that each fund has a single operating segment based on the fact that the CODM monitors the operating results of each fund as a whole and the Funds' long-term strategic asset allocation is pre-determined in accordance with the terms of their respective prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds' Portfolio of Investments, Statement of Changes in Net Assets and Financial Highlights.

**7.** **INCOME TAX INFORMATION**

It is the policy of the Funds to comply with all requirements of the Internal Revenue Code of 1986, as amended ("the Code"), applicable to regulated investment companies and to distribute substantially all of their taxable income to their shareholders. The Funds have met the requirements of the Code applicable to regulated investment companies for the six-month period ended June 30, 2025. Therefore, no federal income tax provision is required.

Management has analyzed the Funds' tax positions taken on federal income tax returns for all open tax years (current and prior three tax years), and has concluded that no provision for federal income tax is required in the Funds' financial statements. The Funds' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

Under current tax law, the Funds have elected to defer certain qualified late-year losses and recognize such losses in the year ending December 31, 2024:

**57** 

------

Notes to Financial Statements *(unaudited) (continued)*

---

| | |
|:---|:---|
|  | **Late Year Losses**<sup>\*</sup> <br>|
| Matthews Emerging Markets Equity Active ETF | &nbsp;&nbsp; ($284830) <br>|
| Matthews Emerging Markets ex China Active ETF | &nbsp;&nbsp; (628690) <br>|
| Matthews Emerging Markets Sustainable Future Active ETF | &nbsp;&nbsp; (103379) <br>|
| Matthews Emerging Markets Discovery Active ETF | &nbsp;&nbsp; (236448) <br>|
| Matthews Pacific Tiger Active ETF | &nbsp;&nbsp; (1165276) <br>|
| Matthews Asia Innovators Active ETF | &nbsp;&nbsp; (78602) <br>|
| Matthews China Discovery Active ETF | &nbsp;&nbsp; (14945) <br>|
| Matthews India Active ETF | &nbsp;&nbsp; (448598) <br>|
| Matthews Japan Active ETF | &nbsp;&nbsp; (34738) <br>|
| Matthews Korea Active ETF | &nbsp;&nbsp; (158902) <br>|

---

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

\* As permitted by the Internal Revenue Service, the Funds have elected to defer certain qualified late-year losses and recognize such losses in the next fiscal year.

As of December 31, 2024, the Funds have capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Amount With No Expiration** | **Amount With No Expiration** | |
|  | **Short-term** <br>**Losses**<br>| **Long-term** <br>**Losses**<br>| <br>**Total** |
| Matthews Emerging Markets ex China Active ETF | &nbsp;&nbsp; $383576 | &nbsp;&nbsp; $21109 | &nbsp;&nbsp; $404685 |
| Matthews Emerging Markets Discovery Active ETF | &nbsp;&nbsp; 108012 | &nbsp;&nbsp; — | &nbsp;&nbsp; 108012 |
| Matthews Asia Innovators Active ETF | &nbsp;&nbsp; 12875281 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12875281 |
| Matthews China Active ETF | &nbsp;&nbsp; 1802281 | &nbsp;&nbsp; 2626622 | &nbsp;&nbsp; 4428903 |
| Matthews China Discovery Active ETF | &nbsp;&nbsp; 58355 | &nbsp;&nbsp; — | &nbsp;&nbsp; 58355 |
| Matthews Japan Active ETF | &nbsp;&nbsp; 9842 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9842 |

---

Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years, which generally expire after eight years from when they are incurred. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

As of June 30, 2025, the tax cost of investments and the related net unrealized appreciation and depreciation were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax Cost** | **Gross** <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; $32417374 | &nbsp;&nbsp; $7018826 | &nbsp;&nbsp; ($1284470)<br>| &nbsp;&nbsp; $5734356 |
| Matthews Emerging Markets ex China Active ETF | &nbsp;&nbsp; 30235079 | &nbsp;&nbsp; 5909092 | &nbsp;&nbsp; (714092)<br>| &nbsp;&nbsp; 5195000 |
| Matthews Emerging Markets Sustainable Future Active ETF | &nbsp;&nbsp; 25269111 | &nbsp;&nbsp; 5538854 | &nbsp;&nbsp; (1742165)<br>| &nbsp;&nbsp; 3796689 |
| Matthews Emerging Markets Discovery Active ETF | &nbsp;&nbsp; 17210146 | &nbsp;&nbsp; 2862096 | &nbsp;&nbsp; (1264409)<br>| &nbsp;&nbsp; 1597687 |
| Matthews Pacific Tiger Active ETF | &nbsp;&nbsp; 30869730 | &nbsp;&nbsp; 7030328 | &nbsp;&nbsp; (1839871)<br>| &nbsp;&nbsp; 5190457 |
| Matthews Asia Innovators Active ETF | &nbsp;&nbsp; 48908588 | &nbsp;&nbsp; 16571592 | &nbsp;&nbsp; (1657562)<br>| &nbsp;&nbsp; 14914030 |
| Matthews China Active ETF | &nbsp;&nbsp; 20830687 | &nbsp;&nbsp; 2529840 | &nbsp;&nbsp; (2864962)<br>| &nbsp;&nbsp; (335122)<br>|
| Matthews China Discovery Active ETF | &nbsp;&nbsp; 1986363 | &nbsp;&nbsp; 411878 | &nbsp;&nbsp; (97514)<br>| &nbsp;&nbsp; 314364 |
| Matthews India Active ETF | &nbsp;&nbsp; 12795031 | &nbsp;&nbsp; 2407448 | &nbsp;&nbsp; (270996)<br>| &nbsp;&nbsp; 2136452 |
| Matthews Japan Active ETF | &nbsp;&nbsp; 4773938 | &nbsp;&nbsp; 885937 | &nbsp;&nbsp; (102298)<br>| &nbsp;&nbsp; 783639 |
| Matthews Korea Active ETF | &nbsp;&nbsp; 44208711 | &nbsp;&nbsp; 15757419 | &nbsp;&nbsp; (2377909)<br>| &nbsp;&nbsp; 13379510 |
| Matthews Asia Dividend Active ETF | &nbsp;&nbsp; 3078518 | &nbsp;&nbsp; 536281 | &nbsp;&nbsp; (62593)<br>| &nbsp;&nbsp; 473688 |

---

**8.** **SUBSEQUENT EVENTS**

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued, and has determined that there were no subsequent events that require recognition or disclosure in the financial statements.

**58**

------

Matthews Asia Funds

**INVESTMENT ADVISOR**

Matthews International Capital Management, LLC

Four Embarcadero Center, Suite 550

San Francisco, CA 94111

833.228.5605 **ADMINISTRATOR, CUSTODIAN &**

**TRANSFER AGENT**

BNY Mellon

240 Greenwich St.

New York, NY 10007

**LEGAL COUNSEL**

Paul Hastings LLP

101 California Street, 48th Floor

San Francisco, CA 94111

![](g150332img231dda3f3.gif)

![](g150332imgf60915fc4.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-0625

------

#### 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.
On February 19, 2025, the Matthews Asian Growth and Income Fund held a special meeting of shareholders. Shareholders of record as of December 2, 2024 were entitled to vote at that special meeting.

The proposal submitted to a vote of shareholders at that special meeting was to approve an Agreement and Plan of Reorganization among the Matthews Asian Growth and Income Fund ("Target Fund"), the Matthews Emerging Markets Equity Fund ("Acquiring Fund"), and Matthews International Capital Management, LLC, that provides for: (i) the Acquiring Fund's assuming the Target Fund's assets and liabilities in exchange for shares matching the Target Fund's net asset value, (ii) distributing these shares to the Target Fund's shareholders, and (iii) fully liquidating the Target Fund.

The total shares outstanding as of the record date were 18,914,103, and the total shares voted at the meeting were 9,590,843. The proposal was approved and the following votes were recorded:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Proposal** | **Votes For** | **Votes For** | **Votes Against** | **Votes Against** | **Shares Abstaining** | **Shares Abstaining** |
|  Reorganization into the Matthews Emerging Markets Equity Fund |  | 6989383 |  | 453871 |  | 2147590 |

---

#### 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 $529,500 in aggregate for regular compensation during the six-month period ended June 30, 2025.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable.

#### 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) Not applicable.

(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.](d150332dex99cert.htm)  |

---

------

(a)(4) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.

(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.](d150332dex99906cert.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> |
| By (Signature and Title)\* | /s/ Mark W. Headley |
|  | Mark W. Headley, President |
|  | (principal executive officer) |

---

Date   <u>September 5, 2025</u>

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)\* | /s/ Mark W. Headley |
|  | Mark W. Headley, President |
|  | (principal executive officer) |

---

Date   <u>September 5, 2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Shai Malka |
|  | Shai Malka, Treasurer |
|  | (principal financial officer) |

---

Date   <u>September 5, 2025</u>

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## 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

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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: | September 5, 2025 | /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

&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: | September 5, 2025 | /s/ Shai Malka |
|  |  | Shai Malka, Treasurer |
|  |  | (principal financial officer) |

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## 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: | September 5, 2025 | /s/ Mark W. Headley |
|  |  | Mark W. Headley, President |
|  |  | (principal executive officer) |

---

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: | September 5, 2025 | /s/ Shai Malka |
|  |  | Shai Malka, Treasurer |
|  |  | (principal financial officer) |

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