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NYSEArca NYSEArca NYSEArca NYSEArca NYSEArca NYSEArca NYSEArca Matthews International Funds 2026-06-30 Matthews Emerging Markets Equity Fund Institutional Class MIEFX This semi-annual shareholder report contains important information about the Matthews Emerging Markets Equity Fund (the "Fund") for the period of January 01, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(25, 100, 158); font-weight: 400; font-size: 9pt; font-family: 'times new roman';">matthewsasia.com/documents</span>. You can also request this information by contacting us at 1-800-789-2742. matthewsasia.com/documents 1-800-789-2742 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Fund Expenses for the Last Six Months</div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; margin-bottom: 0px; color: rgb(25, 100, 158);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Institutional Class</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>53</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.91<span>%</span><span>*</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-left: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 6pt 0 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 0 0 0;"> <div style="font-weight: 400; margin-top: 0px; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 7.5pt; text-align: left; font-style: normal; margin-bottom: 0px; padding: 3pt 0px 0px 0px;">Annualized.</div> </td> </tr> </table> 53 0.0091 <div style="font-family: 'times new roman'; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>333,179,583</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">74</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the reporting period</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">32.1<span>%</span></td> </tr> </table> 333179583 74 0.321 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Graphical Representation of Holdings</div> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';">The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.</div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">14.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electronics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">10.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK Hynix, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">5.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK Square Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electro-Mechanics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">MediaTek, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Tencent Holdings, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Itau Unibanco Holding SA</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Elite Material Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Fire &amp; Marine Insurance Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">50.6<span>%</span></td> </tr> </table> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Country Allocation</b></div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g84039g61i62.jpg" style="width: 172.8pt;"/> </div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b></div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="g84039g16a34.jpg" style="width: 172.8pt;"/> </div> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">14.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electronics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">10.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK Hynix, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">5.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK Square Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electro-Mechanics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">MediaTek, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Tencent Holdings, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Itau Unibanco Holding SA</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Elite Material Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Fire &amp; Marine Insurance Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">50.6<span>%</span></td> </tr> </table> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> 0.148 0.100 0.055 0.049 0.032 0.032 0.025 0.023 0.021 0.021 0.506 Matthews Emerging Markets Equity Fund Investor Class MEGMX This semi-annual shareholder report contains important information about the Matthews Emerging Markets Equity Fund (the "Fund") for the period of January 01, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(25, 100, 158); font-weight: 400; font-size: 9pt; font-family: 'times new roman';">matthewsasia.com/documents</span>. You can also request this information by contacting us at 1-800-789-2742. matthewsasia.com/documents 1-800-789-2742 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Fund Expenses for the Last Six Months</div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; margin-bottom: 0px; color: rgb(25, 100, 158);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Investor Class</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>63</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.09<span>%</span><span>*</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-left: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 6pt 0 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 0 0 0;"> <div style="font-weight: 400; margin-top: 0px; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 7.5pt; text-align: left; font-style: normal; margin-bottom: 0px; padding: 3pt 0px 0px 0px;">Annualized.</div> </td> </tr> </table> 63 0.0109 <div style="font-family: 'times new roman'; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>333,179,583</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">74</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the reporting period</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">32.1<span>%</span></td> </tr> </table> 333179583 74 0.321 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Graphical Representation of Holdings</div> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';">The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.</div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">14.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electronics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">10.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK Hynix, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">5.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK Square Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electro-Mechanics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">MediaTek, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Tencent Holdings, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Itau Unibanco Holding SA</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Elite Material Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Fire &amp; Marine Insurance Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">50.6<span>%</span></td> </tr> </table> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Country Allocation</b></div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g84039g61m85.jpg" style="width: 172.8pt;"/> </div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b></div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="g84039g40i07.jpg" style="width: 172.8pt;"/> </div> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">14.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electronics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">10.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK Hynix, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">5.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK Square Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electro-Mechanics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">MediaTek, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Tencent Holdings, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Itau Unibanco Holding SA</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Elite Material Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Fire &amp; Marine Insurance Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">50.6<span>%</span></td> </tr> </table> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> 0.148 0.100 0.055 0.049 0.032 0.032 0.025 0.023 0.021 0.021 0.506 Matthews Emerging Markets Sustainable Future Fund Institutional Class MISFX This semi-annual shareholder report contains important information about the Matthews Emerging Markets Sustainable Future Fund (the "Fund") for the period of January 01, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(25, 100, 158); font-weight: 400; font-size: 9pt; font-family: 'times new roman';">matthewsasia.com/documents</span>. You can also request this information by contacting us at 1-800-789-2742. matthewsasia.com/documents 1-800-789-2742 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Fund Expenses for the Last Six Months</div><div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; margin-bottom: 0px; color: rgb(25, 100, 158);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Institutional Class</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>72</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.16<span>%</span><span>*</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-left: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 6pt 0 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 0 0 0;"> <div style="font-weight: 400; margin-top: 0px; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 7.5pt; text-align: left; font-style: normal; margin-bottom: 0px; padding: 3pt 0px 0px 0px;">Annualized.</div> </td> </tr> </table> 72 0.0116 <div style="font-family: 'times new roman'; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>350,850,393</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">58</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the reporting period</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">19.4<span>%</span></td> </tr> </table> 350850393 58 0.194 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Graphical Representation of Holdings</div> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';">The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.</div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK Square Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">9.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electronics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">7.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">7.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Micron Technology, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Elite Material Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Eugene Technology Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Bandhan Bank, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Marico, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">HD Hyundai Electric Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Contemporary Amperex Technology Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">50.6<span>%</span></td> </tr> </table> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Country Allocation</b></div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g84039g54w11.jpg" style="width: 172.8pt;"/> </div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b></div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="g84039g60x44.jpg" style="width: 172.8pt;"/> </div> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK Square Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">9.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electronics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">7.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">7.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Micron Technology, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Elite Material Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Eugene Technology Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Bandhan Bank, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Marico, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">HD Hyundai Electric Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Contemporary Amperex Technology Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">50.6<span>%</span></td> </tr> </table> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> 0.095 0.076 0.076 0.048 0.047 0.044 0.041 0.030 0.026 0.023 0.506 Matthews Emerging Markets Sustainable Future Fund Investor Class MASGX This semi-annual shareholder report contains important information about the Matthews Emerging Markets Sustainable Future Fund (the "Fund") for the period of January 01, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(25, 100, 158); font-weight: 400; font-size: 9pt; font-family: 'times new roman';">matthewsasia.com/documents</span>. You can also request this information by contacting us at 1-800-789-2742. matthewsasia.com/documents 1-800-789-2742 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Fund Expenses for the Last Six Months</div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; margin-bottom: 0px; color: rgb(25, 100, 158);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Investor Class</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>86</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.33<span>%</span><span>*</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-left: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 6pt 0 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 0 0 0;"> <div style="font-weight: 400; margin-top: 0px; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 7.5pt; text-align: left; font-style: normal; margin-bottom: 0px; padding: 3pt 0px 0px 0px;">Annualized.</div> </td> </tr> </table> 86 0.0133 <div style="font-family: 'times new roman'; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>350,850,393</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">58</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the reporting period</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">19.4<span>%</span></td> </tr> </table> 350850393 58 0.194 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Graphical Representation of Holdings</div> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';">The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.</div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK Square Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">9.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electronics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">7.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">7.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Micron Technology, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Elite Material Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Eugene Technology Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Bandhan Bank, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Marico, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">HD Hyundai Electric Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Contemporary Amperex Technology Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">50.6<span>%</span></td> </tr> </table> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Country Allocation</b></div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g84039g77f03.jpg" style="width: 172.8pt;"/> </div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b></div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="g84039g56v86.jpg" style="width: 172.8pt;"/> </div> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK Square Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">9.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electronics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">7.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">7.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Micron Technology, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Elite Material Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Eugene Technology Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Bandhan Bank, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Marico, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">HD Hyundai Electric Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Contemporary Amperex Technology Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">50.6<span>%</span></td> </tr> </table> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> 0.095 0.076 0.076 0.048 0.047 0.044 0.041 0.030 0.026 0.023 0.506 Matthews Emerging Markets Small Companies Fund Institutional Class MISMX This semi-annual shareholder report contains important information about the Matthews Emerging Markets Small Companies Fund (the "Fund") for the period of January 01, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(25, 100, 158); font-weight: 400; font-size: 9pt; font-family: 'times new roman';">matthewsasia.com/documents</span>. You can also request this information by contacting us at 1-800-789-2742. matthewsasia.com/documents 1-800-789-2742 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Fund Expenses for the Last Six Months</div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; margin-bottom: 0px; color: rgb(25, 100, 158);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Institutional Class</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>65</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.16<span>%</span><span>*</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-left: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 6pt 0 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 0 0 0;"> <div style="font-weight: 400; margin-top: 0px; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 7.5pt; text-align: left; font-style: normal; margin-bottom: 0px; padding: 3pt 0px 0px 0px;">Annualized.</div> </td> </tr> </table> 65 0.0116 <div style="font-family: 'times new roman'; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>438,443,792</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">78</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the reporting period</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">23.2<span>%</span></td> </tr> </table> 438443792 78 0.232 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Graphical Representation of Holdings</div> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';">The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.</div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Bandhan Bank, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Eugene Technology Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Elite Material Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Hugel, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Legend Biotech Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Gold Circuit Electronics, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Cartrade Tech, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Radico Khaitan, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">HD Hyundai Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">31.6<span>%</span></td> </tr> </table> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Country Allocation</b></div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g84039g02d14.jpg" style="width: 172.8pt;"/> </div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b></div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="g84039g74j60.jpg" style="width: 172.8pt;"/> </div> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Bandhan Bank, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Eugene Technology Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Elite Material Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Hugel, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Legend Biotech Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Gold Circuit Electronics, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Cartrade Tech, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Radico Khaitan, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">HD Hyundai Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">31.6<span>%</span></td> </tr> </table> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> 0.044 0.042 0.036 0.034 0.031 0.029 0.029 0.025 0.024 0.022 0.316 Matthews Emerging Markets Small Companies Fund Investor Class MSMLX This semi-annual shareholder report contains important information about the Matthews Emerging Markets Small Companies Fund (the "Fund") for the period of January 01, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(25, 100, 158); font-weight: 400; font-size: 9pt; font-family: 'times new roman';">matthewsasia.com/documents</span>. You can also request this information by contacting us at 1-800-789-2742. matthewsasia.com/documents 1-800-789-2742 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Fund Expenses for the Last Six Months</div><div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; margin-bottom: 0px; color: rgb(25, 100, 158);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Investor Class</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>75</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.35<span>%</span><span>*</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-left: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 6pt 0 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 0 0 0;"> <div style="font-weight: 400; margin-top: 0px; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 7.5pt; text-align: left; font-style: normal; margin-bottom: 0px; padding: 3pt 0px 0px 0px;">Annualized.</div> </td> </tr> </table> 75 0.0135 <div style="font-family: 'times new roman'; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>438,443,792</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">78</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the reporting period</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">23.2<span>%</span></td> </tr> </table> 438443792 78 0.232 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Graphical Representation of Holdings</div><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';">The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.</div><div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Bandhan Bank, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Eugene Technology Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Elite Material Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Hugel, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Legend Biotech Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Gold Circuit Electronics, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Cartrade Tech, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Radico Khaitan, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">HD Hyundai Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">31.6<span>%</span></td> </tr> </table><div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Country Allocation</b></div><div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g84039g66q67.jpg" style="width: 172.8pt;"/> </div><div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b></div><div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="g84039g45k46.jpg" style="width: 172.8pt;"/> </div><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Bandhan Bank, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Eugene Technology Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Elite Material Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Hugel, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Legend Biotech Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Gold Circuit Electronics, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Cartrade Tech, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Radico Khaitan, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">HD Hyundai Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">31.6<span>%</span></td> </tr> </table><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> 0.044 0.042 0.036 0.034 0.031 0.029 0.029 0.025 0.024 0.022 0.316 Matthews Asia Growth Fund Institutional Class MIAPX This semi-annual shareholder report contains important information about the Matthews Asia Growth Fund (the "Fund") for the period of January 01, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(25, 100, 158); font-weight: 400; font-size: 9pt; font-family: 'times new roman';">matthewsasia.com/documents</span>. You can also request this information by contacting us at 1-800-789-2742. matthewsasia.com/documents 1-800-789-2742 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Fund Expenses for the Last Six Months</div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; margin-bottom: 0px; color: rgb(25, 100, 158);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Institutional Class</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>78</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.21<span>%</span><span>*</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-left: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 6pt 0 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 0 0 0;"> <div style="font-weight: 400; margin-top: 0px; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 7.5pt; text-align: left; font-style: normal; margin-bottom: 0px; padding: 3pt 0px 0px 0px;">Annualized.</div> </td> </tr> </table> 78 0.0121 <div style="font-family: 'times new roman'; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>315,469,728</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">61</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the reporting period</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">86.7<span>%</span></td> </tr> </table> 315469728 61 0.867 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Graphical Representation of Holdings</div> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';">The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.</div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electronics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">6.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electro-Mechanics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">5.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK Hynix, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">MTAR Technologies, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Unimicron Technology Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">NAURA Technology Group Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Delta Electronics, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Advanced Micro-Fabrication Equipment, Inc. China</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Kaori Heat Treatment Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">34.5<span>%</span></td> </tr> </table> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Country Allocation</b></div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g84039g90v29.jpg" style="width: 172.8pt;"/> </div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b></div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="g84039g02w57.jpg" style="width: 172.8pt;"/> </div> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electronics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">6.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electro-Mechanics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">5.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK Hynix, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">MTAR Technologies, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Unimicron Technology Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">NAURA Technology Group Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Delta Electronics, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Advanced Micro-Fabrication Equipment, Inc. China</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Kaori Heat Treatment Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">34.5<span>%</span></td> </tr> </table> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> 0.065 0.055 0.049 0.040 0.025 0.025 0.022 0.022 0.021 0.021 0.345 Matthews Asia Growth Fund Investor Class MPACX This semi-annual shareholder report contains important information about the Matthews Asia Growth Fund (the "Fund") for the period of January 01, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(25, 100, 158); font-weight: 400; font-size: 9pt; font-family: 'times new roman';">matthewsasia.com/documents</span>. You can also request this information by contacting us at 1-800-789-2742. matthewsasia.com/documents 1-800-789-2742 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Fund Expenses for the Last Six Months</div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; margin-bottom: 0px; color: rgb(25, 100, 158);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Investor Class</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>84</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.31<span>%</span><span>*</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-left: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 6pt 0 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 0 0 0;"> <div style="font-weight: 400; margin-top: 0px; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 7.5pt; text-align: left; font-style: normal; margin-bottom: 0px; padding: 3pt 0px 0px 0px;">Annualized.</div> </td> </tr> </table> 84 0.0131 <div style="font-family: 'times new roman'; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>315,469,728</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">61</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the reporting period</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">86.7<span>%</span></td> </tr> </table> 315469728 61 0.867 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Graphical Representation of Holdings</div> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';">The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.</div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electronics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">6.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electro-Mechanics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">5.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK Hynix, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">MTAR Technologies, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Unimicron Technology Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">NAURA Technology Group Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Delta Electronics, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Advanced Micro-Fabrication Equipment, Inc. China</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Kaori Heat Treatment Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">34.5<span>%</span></td> </tr> </table> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Country Allocation</b></div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g84039g25k61.jpg" style="width: 172.8pt;"/> </div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b></div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="g84039g00q18.jpg" style="width: 172.8pt;"/> </div> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electronics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">6.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electro-Mechanics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">5.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK Hynix, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">MTAR Technologies, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Unimicron Technology Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">NAURA Technology Group Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Delta Electronics, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Advanced Micro-Fabrication Equipment, Inc. China</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Kaori Heat Treatment Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">34.5<span>%</span></td> </tr> </table> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> 0.065 0.055 0.049 0.040 0.025 0.025 0.022 0.022 0.021 0.021 0.345 Matthews Pacific Tiger Fund Institutional Class MIPTX This semi-annual shareholder report contains important information about the Matthews Pacific Tiger Fund (the "Fund") for the period of January 01, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(25, 100, 158); font-weight: 400; font-size: 9pt; font-family: 'times new roman';">matthewsasia.com/documents</span>. You can also request this information by contacting us at 1-800-789-2742. matthewsasia.com/documents 1-800-789-2742 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Fund Expenses for the Last Six Months</div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; margin-bottom: 0px; color: rgb(25, 100, 158);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Institutional Class</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>64</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.11<span>%</span><span>*</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-left: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 6pt 0 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 0 0 0;"> <div style="font-weight: 400; margin-top: 0px; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 7.5pt; text-align: left; font-style: normal; margin-bottom: 0px; padding: 3pt 0px 0px 0px;">Annualized.</div> </td> </tr> </table> 64 0.0111 <div style="font-family: 'times new roman'; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>889,112,912</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">66</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the reporting period</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">70.1<span>%</span></td> </tr> </table> 889112912 66 0.701 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Graphical Representation of Holdings</div> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';">The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.</div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">12.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electronics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">11.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK Hynix, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK Square Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">DBS Group Holdings, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">MediaTek, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">NAURA Technology Group Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Elite Material Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Tencent Holdings, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Delta Electronics, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">47.5<span>%</span></td> </tr> </table> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Country Allocation</b></div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g84039g90t14.jpg" style="width: 172.8pt;"/> </div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b></div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="g84039g60m18.jpg" style="width: 172.8pt;"/> </div> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">12.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electronics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">11.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK Hynix, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK Square Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">DBS Group Holdings, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">MediaTek, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">NAURA Technology Group Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Elite Material Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Tencent Holdings, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Delta Electronics, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">47.5<span>%</span></td> </tr> </table> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> 0.128 0.111 0.046 0.037 0.029 0.027 0.026 0.024 0.024 0.023 0.475 Matthews Pacific Tiger Fund Investor Class MAPTX This semi-annual shareholder report contains important information about the Matthews Pacific Tiger Fund (the "Fund") for the period of January 01, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(25, 100, 158); font-weight: 400; font-size: 9pt; font-family: 'times new roman';">matthewsasia.com/documents</span>. You can also request this information by contacting us at 1-800-789-2742. matthewsasia.com/documents 1-800-789-2742 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Fund Expenses for the Last Six Months</div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; margin-bottom: 0px; color: rgb(25, 100, 158);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Investor Class</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>71</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.22<span>%</span><span>*</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-left: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 6pt 0 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 0 0 0;"> <div style="font-weight: 400; margin-top: 0px; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 7.5pt; text-align: left; font-style: normal; margin-bottom: 0px; padding: 3pt 0px 0px 0px;">Annualized.</div> </td> </tr> </table> 71 0.0122 <div style="font-family: 'times new roman'; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>889,112,912</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">66</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the reporting period</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">70.1<span>%</span></td> </tr> </table> 889112912 66 0.701 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Graphical Representation of Holdings</div> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';">The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.</div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">12.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electronics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">11.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK Hynix, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK Square Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">DBS Group Holdings, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">MediaTek, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">NAURA Technology Group Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Elite Material Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Tencent Holdings, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Delta Electronics, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">47.5<span>%</span></td> </tr> </table> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Country Allocation</b></div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g84039g09i74.jpg" style="width: 172.8pt;"/> </div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b></div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="g84039g76p79.jpg" style="width: 172.8pt;"/> </div> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">12.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electronics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">11.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK Hynix, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK Square Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">DBS Group Holdings, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">MediaTek, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">NAURA Technology Group Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Elite Material Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Tencent Holdings, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Delta Electronics, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">47.5<span>%</span></td> </tr> </table> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> 0.128 0.111 0.046 0.037 0.029 0.027 0.026 0.024 0.024 0.023 0.475 Matthews Asia Innovators Fund Institutional Class MITEX This semi-annual shareholder report contains important information about the Matthews Asia Innovators Fund (the "Fund") for the period of January 01, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(25, 100, 158); font-weight: 400; font-size: 9pt; font-family: 'times new roman';">matthewsasia.com/documents</span>. You can also request this information by contacting us at 1-800-789-2742. matthewsasia.com/documents 1-800-789-2742 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Fund Expenses for the Last Six Months</div><div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; margin-bottom: 0px; color: rgb(25, 100, 158);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Institutional Class</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>82</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.24<span>%</span><span>*</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-left: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 6pt 0 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 0 0 0;"> <div style="font-weight: 400; margin-top: 0px; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 7.5pt; text-align: left; font-style: normal; margin-bottom: 0px; padding: 3pt 0px 0px 0px;">Annualized.</div> </td> </tr> </table> 82 0.0124 <div style="font-family: 'times new roman'; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>514,458,362</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">66</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the reporting period</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">93.2<span>%</span></td> </tr> </table> 514458362 66 0.932 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Graphical Representation of Holdings</div><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';">The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.</div><div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electronics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">5.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electro-Mechanics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">5.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK Hynix, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">United Microelectronics Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">NAURA Technology Group Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">MTAR Technologies, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Unimicron Technology Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">MediaTek, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">WNC Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">36.7<span>%</span></td> </tr> </table><div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Country Allocation</b></div><div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g84039g48f68.jpg" style="width: 172.8pt;"/> </div><div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b></div><div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="g84039g91b05.jpg" style="width: 172.8pt;"/> </div><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electronics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">5.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electro-Mechanics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">5.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK Hynix, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">United Microelectronics Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">NAURA Technology Group Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">MTAR Technologies, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Unimicron Technology Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">MediaTek, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">WNC Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">36.7<span>%</span></td> </tr> </table><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> 0.055 0.054 0.049 0.042 0.038 0.028 0.028 0.025 0.025 0.023 0.367 Matthews Asia Innovators Fund Investor Class MATFX This semi-annual shareholder report contains important information about the Matthews Asia Innovators Fund (the "Fund") for the period of January 01, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(25, 100, 158); font-weight: 400; font-size: 9pt; font-family: 'times new roman';">matthewsasia.com/documents</span>. You can also request this information by contacting us at 1-800-789-2742. matthewsasia.com/documents 1-800-789-2742 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Fund Expenses for the Last Six Months</div><div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; margin-bottom: 0px; color: rgb(25, 100, 158);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Investor Class</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>89</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.34<span>%</span><span>*</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-left: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 6pt 0 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 0 0 0;"> <div style="font-weight: 400; margin-top: 0px; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 7.5pt; text-align: left; font-style: normal; margin-bottom: 0px; padding: 3pt 0px 0px 0px;">Annualized.</div> </td> </tr> </table> 89 0.0134 <div style="font-family: 'times new roman'; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>514,458,362</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">66</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the reporting period</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">93.2<span>%</span></td> </tr> </table> 514458362 66 0.932 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Graphical Representation of Holdings</div><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';">The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.</div><div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electronics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">5.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electro-Mechanics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">5.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK Hynix, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">United Microelectronics Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">NAURA Technology Group Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">MTAR Technologies, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Unimicron Technology Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">MediaTek, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">WNC Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">36.7<span>%</span></td> </tr> </table><div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Country Allocation</b></div><div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g84039g79b30.jpg" style="width: 172.8pt;"/> </div><div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b></div><div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="g84039g22y35.jpg" style="width: 172.8pt;"/> </div><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electronics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">5.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electro-Mechanics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">5.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK Hynix, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">United Microelectronics Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">NAURA Technology Group Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">MTAR Technologies, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Unimicron Technology Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">MediaTek, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">WNC Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">36.7<span>%</span></td> </tr> </table><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> 0.055 0.054 0.049 0.042 0.038 0.028 0.028 0.025 0.025 0.023 0.367 Matthews China Fund Institutional Class MICFX This semi-annual shareholder report contains important information about the Matthews China Fund (the "Fund") for the period of January 01, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(25, 100, 158); font-weight: 400; font-size: 9pt; font-family: 'times new roman';">matthewsasia.com/documents</span>. You can also request this information by contacting us at 1-800-789-2742. matthewsasia.com/documents 1-800-789-2742 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Fund Expenses for the Last Six Months</div><div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; margin-bottom: 0px; color: rgb(25, 100, 158);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Institutional Class</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>56</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.12<span>%</span><span>*</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-left: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 6pt 0 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 0 0 0;"> <div style="font-weight: 400; margin-top: 0px; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 7.5pt; text-align: left; font-style: normal; margin-bottom: 0px; padding: 3pt 0px 0px 0px;">Annualized.</div> </td> </tr> </table> 56 0.0112 <div style="font-family: 'times new roman'; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>397,835,476</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">55</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the reporting period</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">45.7<span>%</span></td> </tr> </table> 397835476 55 0.457 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Graphical Representation of Holdings</div><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';">The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.</div><div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Tencent Holdings, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">11.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Alibaba Group Holding, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">5.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Jiangsu Zhongtian Technology Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Kingboard Holdings, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">China International Capital Corp., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Ping An Insurance Group Co. of China, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Meituan</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">China Merchants Securities Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">China Life Insurance Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Montage Technology Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">42.8<span>%</span></td> </tr> </table><div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Country Allocation</b></div><div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g84039g07j35.jpg" style="width: 172.8pt;"/> </div><div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b></div><div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="g84039g13o88.jpg" style="width: 172.8pt;"/> </div><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Tencent Holdings, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">11.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Alibaba Group Holding, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">5.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Jiangsu Zhongtian Technology Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Kingboard Holdings, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">China International Capital Corp., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Ping An Insurance Group Co. of China, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Meituan</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">China Merchants Securities Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">China Life Insurance Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Montage Technology Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">42.8<span>%</span></td> </tr> </table><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> 0.117 0.053 0.047 0.047 0.032 0.029 0.027 0.027 0.026 0.023 0.428 Matthews China Fund Investor Class MCHFX This semi-annual shareholder report contains important information about the Matthews China Fund (the "Fund") for the period of January 01, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(25, 100, 158); font-weight: 400; font-size: 9pt; font-family: 'times new roman';">matthewsasia.com/documents</span>. You can also request this information by contacting us at 1-800-789-2742. matthewsasia.com/documents 1-800-789-2742 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Fund Expenses for the Last Six Months</div><div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; margin-bottom: 0px; color: rgb(25, 100, 158);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Investor Class</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>62</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.24<span>%</span><span>*</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-left: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 6pt 0 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 0 0 0;"> <div style="font-weight: 400; margin-top: 0px; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 7.5pt; text-align: left; font-style: normal; margin-bottom: 0px; padding: 3pt 0px 0px 0px;">Annualized.</div> </td> </tr> </table> 62 0.0124 <div style="font-family: 'times new roman'; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>397,835,476</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">55</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the reporting period</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">45.7<span>%</span></td> </tr> </table> 397835476 55 0.457 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Graphical Representation of Holdings</div><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';">The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.</div><div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Tencent Holdings, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">11.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Alibaba Group Holding, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">5.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Jiangsu Zhongtian Technology Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Kingboard Holdings, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">China International Capital Corp., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Ping An Insurance Group Co. of China, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Meituan</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">China Merchants Securities Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">China Life Insurance Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Montage Technology Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">42.8<span>%</span></td> </tr> </table><div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Country Allocation</b></div><div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g84039g16o23.jpg" style="width: 172.8pt;"/> </div><div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b></div><div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="g84039g75c31.jpg" style="width: 172.8pt;"/> </div><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Tencent Holdings, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">11.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Alibaba Group Holding, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">5.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Jiangsu Zhongtian Technology Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Kingboard Holdings, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">China International Capital Corp., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Ping An Insurance Group Co. of China, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Meituan</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">China Merchants Securities Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">China Life Insurance Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Montage Technology Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">42.8<span>%</span></td> </tr> </table><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> 0.117 0.053 0.047 0.047 0.032 0.029 0.027 0.027 0.026 0.023 0.428 Matthews China Innovators Fund Institutional Class MICHX This semi-annual shareholder report contains important information about the Matthews China Innovators Fund (the "Fund") for the period of January 01, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(25, 100, 158); font-weight: 400; font-size: 9pt; font-family: 'times new roman';">matthewsasia.com/documents</span>. You can also request this information by contacting us at 1-800-789-2742. matthewsasia.com/documents 1-800-789-2742 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Fund Expenses for the Last Six Months</div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; margin-bottom: 0px; color: rgb(25, 100, 158);">(Based on a hypothetical $10,000 investment)</div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt;"> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Institutional Class</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>85</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.32<span>%</span><span>*</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-left: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 6pt 0 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 0 0 0;"> <div style="font-weight: 400; margin-top: 0px; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 7.5pt; text-align: left; font-style: normal; margin-bottom: 0px; padding: 3pt 0px 0px 0px;">Annualized.</div> </td> </tr> </table> </div> 85 0.0132 <div style="font-family: 'times new roman'; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>109,501,385</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">46</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the reporting period</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">93.4<span>%</span></td> </tr> </table> 109501385 46 0.934 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Graphical Representation of Holdings</div> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';">The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.</div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Jiangsu Boqian New Materials Stock Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">7.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">ACM Research, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">5.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Acter Technology Integration Group Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">5.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Kingboard Laminates Holdings, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Yantai Jereh Oilfield Services Group Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Beijing Huafeng Test &amp; Control Technology Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">ASMPT, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Wuxi NCE Power Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Hongfa Technology Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Time Interconnect Technology, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">44.7<span>%</span></td> </tr> </table> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Country Allocation</b></div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g84039g44o86.jpg" style="width: 172.8pt;"/> </div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b></div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="g84039g36u87.jpg" style="width: 172.8pt;"/> </div> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Jiangsu Boqian New Materials Stock Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">7.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">ACM Research, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">5.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Acter Technology Integration Group Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">5.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Kingboard Laminates Holdings, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Yantai Jereh Oilfield Services Group Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Beijing Huafeng Test &amp; Control Technology Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">ASMPT, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Wuxi NCE Power Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Hongfa Technology Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Time Interconnect Technology, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">44.7<span>%</span></td> </tr> </table> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> 0.070 0.057 0.056 0.049 0.039 0.038 0.038 0.035 0.033 0.032 0.447 Matthews China Innovators Fund Investor Class MCSMX This semi-annual shareholder report contains important information about the Matthews China Innovators Fund (the "Fund") for the period of January 01, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(25, 100, 158); font-weight: 400; font-size: 9pt; font-family: 'times new roman';">matthewsasia.com/documents</span>. You can also request this information by contacting us at 1-800-789-2742. matthewsasia.com/documents 1-800-789-2742 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Fund Expenses for the Last Six Months</div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; margin-bottom: 0px; color: rgb(25, 100, 158);">(Based on a hypothetical $10,000 investment)</div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt;"> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Investor Class</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>97</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.50<span>%</span><span>*</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-left: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 6pt 0 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 0 0 0;"> <div style="font-weight: 400; margin-top: 0px; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 7.5pt; text-align: left; font-style: normal; margin-bottom: 0px; padding: 3pt 0px 0px 0px;">Annualized.</div> </td> </tr> </table> </div> 97 0.0150 <div style="font-family: 'times new roman'; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>109,501,385</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">46</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the reporting period</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">93.4<span>%</span></td> </tr> </table> 109501385 46 0.934 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Graphical Representation of Holdings</div> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';">The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.</div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Jiangsu Boqian New Materials Stock Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">7.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">ACM Research, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">5.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Acter Technology Integration Group Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">5.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Kingboard Laminates Holdings, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Yantai Jereh Oilfield Services Group Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Beijing Huafeng Test &amp; Control Technology Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">ASMPT, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Wuxi NCE Power Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Hongfa Technology Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Time Interconnect Technology, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">44.7<span>%</span></td> </tr> </table> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Country Allocation</b></div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g84039g00j30.jpg" style="width: 172.8pt;"/> </div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b></div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="g84039g33q57.jpg" style="width: 172.8pt;"/> </div> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Jiangsu Boqian New Materials Stock Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">7.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">ACM Research, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">5.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Acter Technology Integration Group Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">5.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Kingboard Laminates Holdings, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Yantai Jereh Oilfield Services Group Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Beijing Huafeng Test &amp; Control Technology Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">ASMPT, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Wuxi NCE Power Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Hongfa Technology Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Time Interconnect Technology, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">44.7<span>%</span></td> </tr> </table> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> 0.070 0.057 0.056 0.049 0.039 0.038 0.038 0.035 0.033 0.032 0.447 Matthews India Fund Institutional Class MIDNX This semi-annual shareholder report contains important information about the Matthews India Fund (the "Fund") for the period of January 01, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(25, 100, 158); font-weight: 400; font-size: 9pt; font-family: 'times new roman';">matthewsasia.com/documents</span>. You can also request this information by contacting us at 1-800-789-2742. matthewsasia.com/documents 1-800-789-2742 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Fund Expenses for the Last Six Months</div><div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; margin-bottom: 0px; color: rgb(25, 100, 158);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Institutional Class</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>58</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.21<span>%</span><span>*</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-left: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 6pt 0 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 0 0 0;"> <div style="font-weight: 400; margin-top: 0px; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 7.5pt; text-align: left; font-style: normal; margin-bottom: 0px; padding: 3pt 0px 0px 0px;">Annualized.</div> </td> </tr> </table> 58 0.0121 <div style="font-family: 'times new roman'; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>481,734,883</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">76</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the reporting period</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">25.1<span>%</span></td> </tr> </table> 481734883 76 0.251 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Graphical Representation of Holdings</div><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';">The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.</div><div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">HDFC Bank, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">8.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Eternal, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">7.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">ICICI Bank, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">6.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Reliance Industries, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Neuland Laboratories, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Bajaj Finance, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Bharti Airtel, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Shriram Finance, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Axis Bank, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Kotak Mahindra Bank, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">47.6<span>%</span></td> </tr> </table><div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Country Allocation</b></div><div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g84039g56d39.jpg" style="width: 172.8pt;"/> </div><div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b></div><div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="g84039g66n30.jpg" style="width: 172.8pt;"/> </div><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">HDFC Bank, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">8.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Eternal, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">7.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">ICICI Bank, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">6.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Reliance Industries, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Neuland Laboratories, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Bajaj Finance, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Bharti Airtel, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Shriram Finance, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Axis Bank, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Kotak Mahindra Bank, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">47.6<span>%</span></td> </tr> </table><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> 0.080 0.074 0.061 0.047 0.045 0.042 0.040 0.032 0.032 0.023 0.476 Matthews India Fund Investor Class MINDX This semi-annual shareholder report contains important information about the Matthews India Fund (the "Fund") for the period of January 01, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(25, 100, 158); font-weight: 400; font-size: 9pt; font-family: 'times new roman';">matthewsasia.com/documents</span>. You can also request this information by contacting us at 1-800-789-2742. matthewsasia.com/documents 1-800-789-2742 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Fund Expenses for the Last Six Months</div><div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; margin-bottom: 0px; color: rgb(25, 100, 158);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Investor Class</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>64</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.34<span>%</span><span>*</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-left: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 6pt 0 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 0 0 0;"> <div style="font-weight: 400; margin-top: 0px; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 7.5pt; text-align: left; font-style: normal; margin-bottom: 0px; padding: 3pt 0px 0px 0px;">Annualized.</div> </td> </tr> </table> 64 0.0134 <div style="font-family: 'times new roman'; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>481,734,883</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">76</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the reporting period</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">25.1<span>%</span></td> </tr> </table> 481734883 76 0.251 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Graphical Representation of Holdings</div><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';">The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.</div><div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">HDFC Bank, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">8.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Eternal, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">7.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">ICICI Bank, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">6.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Reliance Industries, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Neuland Laboratories, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Bajaj Finance, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Bharti Airtel, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Shriram Finance, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Axis Bank, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Kotak Mahindra Bank, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">47.6<span>%</span></td> </tr> </table><div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Country Allocation</b></div><div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g84039g93e53.jpg" style="width: 172.8pt;"/> </div><div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b></div><div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="g84039g66i99.jpg" style="width: 172.8pt;"/> </div><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">HDFC Bank, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">8.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Eternal, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">7.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">ICICI Bank, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">6.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Reliance Industries, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Neuland Laboratories, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Bajaj Finance, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Bharti Airtel, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Shriram Finance, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Axis Bank, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Kotak Mahindra Bank, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">47.6<span>%</span></td> </tr> </table><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> 0.080 0.074 0.061 0.047 0.045 0.042 0.040 0.032 0.032 0.023 0.476 Matthews Japan Fund Institutional Class MIJFX This semi-annual shareholder report contains important information about the Matthews Japan Fund (the "Fund") for the period of January 01, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(25, 100, 158); font-weight: 400; font-size: 9pt; font-family: 'times new roman';">matthewsasia.com/documents</span>. You can also request this information by contacting us at 1-800-789-2742. matthewsasia.com/documents 1-800-789-2742 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Fund Expenses for the Last Six Months</div><div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; margin-bottom: 0px; color: rgb(25, 100, 158);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Institutional Class</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>59</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.09<span>%</span><span>*</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-left: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 6pt 0 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 0 0 0;"> <div style="font-weight: 400; margin-top: 0px; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 7.5pt; text-align: left; font-style: normal; margin-bottom: 0px; padding: 3pt 0px 0px 0px;">Annualized.</div> </td> </tr> </table> 59 0.0109 <div style="font-family: 'times new roman'; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>751,942,530</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">51</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the reporting period</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">61.3<span>%</span></td> </tr> </table> 751942530 51 0.613 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Graphical Representation of Holdings</div><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';">The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.</div><div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Tokyo Electron, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">6.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Mitsubishi UFJ Financial Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Advantest Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Recruit Holdings Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Sumitomo Mitsui Financial Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Kioxia Holdings Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Sony Group Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Hitachi, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Shin-Etsu Chemical Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Panasonic Holdings Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">36.5<span>%</span></td> </tr> </table><div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Country Allocation</b></div><div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g84039g52c77.jpg" style="width: 172.8pt;"/> </div><div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b></div><div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="g84039g41f55.jpg" style="width: 172.8pt;"/> </div><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Tokyo Electron, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">6.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Mitsubishi UFJ Financial Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Advantest Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Recruit Holdings Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Sumitomo Mitsui Financial Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Kioxia Holdings Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Sony Group Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Hitachi, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Shin-Etsu Chemical Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Panasonic Holdings Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">36.5<span>%</span></td> </tr> </table><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> 0.063 0.047 0.038 0.034 0.033 0.032 0.030 0.030 0.029 0.029 0.365 Matthews Japan Fund Investor Class MJFOX This semi-annual shareholder report contains important information about the Matthews Japan Fund (the "Fund") for the period of January 01, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(25, 100, 158); font-weight: 400; font-size: 9pt; font-family: 'times new roman';">matthewsasia.com/documents</span>. You can also request this information by contacting us at 1-800-789-2742. matthewsasia.com/documents 1-800-789-2742 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Fund Expenses for the Last Six Months</div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; margin-bottom: 0px; color: rgb(25, 100, 158);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Investor Class</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>63</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.16<span>%</span><span>*</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-left: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 6pt 0 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 0 0 0;"> <div style="font-weight: 400; margin-top: 0px; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 7.5pt; text-align: left; font-style: normal; margin-bottom: 0px; padding: 3pt 0px 0px 0px;">Annualized.</div> </td> </tr> </table> 63 0.0116 <div style="font-family: 'times new roman'; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>751,942,530</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">51</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the reporting period</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">61.3<span>%</span></td> </tr> </table> 751942530 51 0.613 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Graphical Representation of Holdings</div> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';">The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.</div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Tokyo Electron, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">6.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Mitsubishi UFJ Financial Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Advantest Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Recruit Holdings Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Sumitomo Mitsui Financial Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Kioxia Holdings Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Sony Group Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Hitachi, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Shin-Etsu Chemical Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Panasonic Holdings Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">36.5<span>%</span></td> </tr> </table> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Country Allocation</b></div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g84039g44o30.jpg" style="width: 172.8pt;"/> </div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b></div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="g84039g88k20.jpg" style="width: 172.8pt;"/> </div> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Tokyo Electron, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">6.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Mitsubishi UFJ Financial Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Advantest Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Recruit Holdings Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Sumitomo Mitsui Financial Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Kioxia Holdings Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Sony Group Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Hitachi, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Shin-Etsu Chemical Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Panasonic Holdings Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">36.5<span>%</span></td> </tr> </table> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> 0.063 0.047 0.038 0.034 0.033 0.032 0.030 0.030 0.029 0.029 0.365 Matthews Asia Dividend Fund Institutional Class MIPIX This semi-annual shareholder report contains important information about the Matthews Asia Dividend Fund (the "Fund") for the period of January 01, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(25, 100, 158); font-weight: 400; font-size: 9pt; font-family: 'times new roman';">matthewsasia.com/documents</span>. You can also request this information by contacting us at 1-800-789-2742. matthewsasia.com/documents 1-800-789-2742 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Fund Expenses for the Last Six Months</div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; margin-bottom: 0px; color: rgb(25, 100, 158);">(Based on a hypothetical $10,000 investment)</div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt;"> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Institutional Class</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>59</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.09<span>%</span><span>*</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-left: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 6pt 0 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 0 0 0;"> <div style="font-weight: 400; margin-top: 0px; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 7.5pt; text-align: left; font-style: normal; margin-bottom: 0px; padding: 3pt 0px 0px 0px;">Annualized.</div> </td> </tr> </table> </div> 59 0.0109 <div style="font-family: 'times new roman'; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>700,909,821</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">64</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the reporting period</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">11.6<span>%</span></td> </tr> </table> 700909821 64 0.116 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Graphical Representation of Holdings</div> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';">The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.</div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">13.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electronics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">8.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Tokyo Electron, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Mitsubishi UFJ Financial Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Hana Financial Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">ORIX Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">DBS Group Holdings, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Sumitomo Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Tencent Holdings, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">42.7<span>%</span></td> </tr> </table> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Country Allocation</b></div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g84039g13a44.jpg" style="width: 172.8pt;"/> </div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b></div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="g84039g68s07.jpg" style="width: 172.8pt;"/> </div> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">13.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electronics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">8.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Tokyo Electron, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Mitsubishi UFJ Financial Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Hana Financial Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">ORIX Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">DBS Group Holdings, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Sumitomo Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Tencent Holdings, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">42.7<span>%</span></td> </tr> </table> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> 0.139 0.084 0.034 0.029 0.026 0.025 0.024 0.023 0.022 0.021 0.427 Matthews Asia Dividend Fund Investor Class MAPIX This semi-annual shareholder report contains important information about the Matthews Asia Dividend Fund (the "Fund") for the period of January 01, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(25, 100, 158); font-weight: 400; font-size: 9pt; font-family: 'times new roman';">matthewsasia.com/documents</span>. You can also request this information by contacting us at 1-800-789-2742. matthewsasia.com/documents 1-800-789-2742 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Fund Expenses for the Last Six Months</div><div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; margin-bottom: 0px; color: rgb(25, 100, 158);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Investor Class</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>63</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.17<span>%</span><span>*</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-left: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 6pt 0 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 0 0 0;"> <div style="font-weight: 400; margin-top: 0px; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 7.5pt; text-align: left; font-style: normal; margin-bottom: 0px; padding: 3pt 0px 0px 0px;">Annualized.</div> </td> </tr> </table> 63 0.0117 <div style="font-family: 'times new roman'; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>700,909,821</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">64</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the reporting period</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">11.6<span>%</span></td> </tr> </table> 700909821 64 0.116 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Graphical Representation of Holdings</div><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';">The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.</div><div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">13.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electronics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">8.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Tokyo Electron, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Mitsubishi UFJ Financial Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Hana Financial Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">ORIX Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">DBS Group Holdings, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Sumitomo Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Tencent Holdings, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">42.7<span>%</span></td> </tr> </table><div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Country Allocation</b></div><div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g84039g53x30.jpg" style="width: 172.8pt;"/> </div><div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b></div><div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="g84039g73f16.jpg" style="width: 172.8pt;"/> </div><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">13.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electronics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">8.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Tokyo Electron, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Mitsubishi UFJ Financial Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Hana Financial Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">ORIX Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">DBS Group Holdings, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Sumitomo Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Tencent Holdings, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">42.7<span>%</span></td> </tr> </table><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> 0.139 0.084 0.034 0.029 0.026 0.025 0.024 0.023 0.022 0.021 0.427 Matthews Emerging Markets Equity Active ETF Matthews Emerging Markets Equity Active ETF MEM This semi-annual shareholder report contains important information about the Matthews Emerging Markets Equity Active ETF (the "Fund") for the period of January 01, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(25, 100, 158); font-weight: 400; font-size: 9pt; font-family: 'times new roman';">matthewsasia.com/documents</span>. You can also request this information by contacting us at 833.228.5605. matthewsasia.com/documents 833.228.5605 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Fund Expenses for the Last Six Months</div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; margin-bottom: 0px; color: rgb(25, 100, 158);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Fund</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Matthews Emerging Markets Equity Active ETF</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>45</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.80<span>%</span><span>*</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-left: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 6pt 0 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 0 0 0;"> <div style="font-weight: 400; margin-top: 0px; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 7.5pt; text-align: left; font-style: normal; margin-bottom: 0px; padding: 3pt 0px 0px 0px;">Annualized.</div> </td> </tr> </table> 45 0.0080 <div style="font-family: 'times new roman'; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>55,606,582</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">72</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the reporting period</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">37.4<span>%</span></td> </tr> </table> 55606582 72 0.374 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Graphical Representation of Holdings</div> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';">The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.</div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b>*</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">14.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electronics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">6.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK Square Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK Hynix, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electro-Mechanics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Tencent Holdings, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Itau Unibanco Holding SA</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Alibaba Group Holding, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Korea Investment Holdings Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Elite Material Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">45.2<span>%</span></td> </tr> </table> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Country Allocation</b></div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g84039g56c96.jpg" style="width: 172.8pt;"/> </div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b></div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="g84039g72q69.jpg" style="width: 172.8pt;"/> </div> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">* Excludes short-term securities, if any.</span></div> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b>*</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">14.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electronics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">6.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK Square Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK Hynix, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electro-Mechanics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Tencent Holdings, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Itau Unibanco Holding SA</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Alibaba Group Holding, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Korea Investment Holdings Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Elite Material Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">45.2<span>%</span></td> </tr> </table> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">* Excludes short-term securities, if any.</span></div> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> 0.148 0.067 0.048 0.045 0.032 0.024 0.023 0.023 0.021 0.021 0.452 Matthews Emerging Markets ex China Active ETF Matthews Emerging Markets ex China Active ETF MEMX This semi-annual shareholder report contains important information about the Matthews Emerging Markets ex China Active ETF (the "Fund") for the period of January 01, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(25, 100, 158); font-weight: 400; font-size: 9pt; font-family: 'times new roman';">matthewsasia.com/documents</span>. You can also request this information by contacting us at 833.228.5605. matthewsasia.com/documents 833.228.5605 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Fund Expenses for the Last Six Months</div><div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; margin-bottom: 0px; color: rgb(25, 100, 158);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Fund</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Matthews Emerging Markets ex China Active ETF</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>46</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.80<span>%</span><span>*</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-left: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 6pt 0 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 0 0 0;"> <div style="font-weight: 400; margin-top: 0px; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 7.5pt; text-align: left; font-style: normal; margin-bottom: 0px; padding: 3pt 0px 0px 0px;">Annualized.</div> </td> </tr> </table> 46 0.0080 <div style="font-family: 'times new roman'; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>50,300,631</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">71</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the reporting period</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">24.4<span>%</span></td> </tr> </table> 50300631 71 0.244 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Graphical Representation of Holdings</div><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';">The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.</div><div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b>*</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">13.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electronics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">10.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK Hynix, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">5.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK Square Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">MediaTek, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Accton Technology Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Elite Material Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">ASE Technology Holding Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Hon Hai Precision Industry Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Freeport-McMoRan, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">44.6<span>%</span></td> </tr> </table><div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Country Allocation</b></div><div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g84039g48g41.jpg" style="width: 172.8pt;"/> </div><div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b></div><div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="g84039g28a94.jpg" style="width: 172.8pt;"/> </div><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">* Excludes short-term securities, if any.</span></div><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b>*</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">13.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electronics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">10.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK Hynix, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">5.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK Square Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">MediaTek, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Accton Technology Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Elite Material Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">ASE Technology Holding Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Hon Hai Precision Industry Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Freeport-McMoRan, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">44.6<span>%</span></td> </tr> </table><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">* Excludes short-term securities, if any.</span></div><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> 0.131 0.108 0.053 0.034 0.032 0.020 0.020 0.020 0.014 0.014 0.446 Matthews Emerging Markets Sustainable Future Active ETF Matthews Emerging Markets Sustainable Future Active ETF EMSF This semi-annual shareholder report contains important information about the Matthews Emerging Markets Sustainable Future Active ETF (the "Fund") for the period of January 01, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(25, 100, 158); font-weight: 400; font-size: 9pt; font-family: 'times new roman';">matthewsasia.com/documents</span>. You can also request this information by contacting us at 833.228.5605. matthewsasia.com/documents 833.228.5605 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Fund Expenses for the Last Six Months</div><div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; margin-bottom: 0px; color: rgb(25, 100, 158);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Fund</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Matthews Emerging Markets Sustainable Future Active ETF</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>49</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.80<span>%</span><span>*</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-left: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 6pt 0 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 0 0 0;"> <div style="font-weight: 400; margin-top: 0px; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 7.5pt; text-align: left; font-style: normal; margin-bottom: 0px; padding: 3pt 0px 0px 0px;">Annualized.</div> </td> </tr> </table> 49 0.0080 <div style="font-family: 'times new roman'; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>48,033,606</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">58</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the reporting period</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">23.3<span>%</span></td> </tr> </table> 48033606 58 0.233 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Graphical Representation of Holdings</div><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';">The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.</div><div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b>*</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">9.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK Square Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">9.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electronics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">7.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Micron Technology, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">5.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Elite Material Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Eugene Technology Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Bandhan Bank, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Marico, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">HD Hyundai Electric Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Lam Research Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">53.2<span>%</span></td> </tr> </table><div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Country Allocation</b></div><div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g84039g44x08.jpg" style="width: 172.8pt;"/> </div><div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b></div><div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="g84039g38b99.jpg" style="width: 172.8pt;"/> </div><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">* Excludes short-term securities, if any.</span></div><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b>*</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">9.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK Square Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">9.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electronics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">7.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Micron Technology, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">5.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Elite Material Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Eugene Technology Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Bandhan Bank, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Marico, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">HD Hyundai Electric Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Lam Research Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">53.2<span>%</span></td> </tr> </table><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">* Excludes short-term securities, if any.</span></div><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> 0.096 0.090 0.077 0.059 0.049 0.045 0.039 0.029 0.025 0.023 0.532 Matthews Asia Innovators Active ETF Matthews Asia Innovators Active ETF MINV This semi-annual shareholder report contains important information about the Matthews Asia Innovators Active ETF (the "Fund") for the period of January 01, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(25, 100, 158); font-weight: 400; font-size: 9pt; font-family: 'times new roman';">matthewsasia.com/documents</span>. You can also request this information by contacting us at 833.228.5605. matthewsasia.com/documents 833.228.5605 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Fund Expenses for the Last Six Months</div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; margin-bottom: 0px; color: rgb(25, 100, 158);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Fund</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Matthews Asia Innovators Active ETF</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>56</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.87<span>%</span><span>*</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-left: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 6pt 0 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 0 0 0;"> <div style="font-weight: 400; margin-top: 0px; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 7.5pt; text-align: left; font-style: normal; margin-bottom: 0px; padding: 3pt 0px 0px 0px;">Annualized.</div> </td> </tr> </table> 56 0.0087 <div style="font-family: 'times new roman'; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>185,946,422</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">66</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the reporting period</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">96.8<span>%</span></td> </tr> </table> 185946422 66 0.968 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Graphical Representation of Holdings</div><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';">The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.</div><div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b>*</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electronics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">6.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electro-Mechanics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">5.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK Hynix, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">United Microelectronics Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">MTAR Technologies, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">NAURA Technology Group Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Unimicron Technology Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">WNC Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Advanced Micro-Fabrication Equipment, Inc. China</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">35.0<span>%</span></td> </tr> </table><div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Country Allocation</b></div><div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g84039g78i06.jpg" style="width: 172.8pt;"/> </div><div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b></div><div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="g84039g38v04.jpg" style="width: 172.8pt;"/> </div><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">* Excludes short-term securities, if any.</span></div><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b>*</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electronics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">6.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electro-Mechanics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">5.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK Hynix, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">United Microelectronics Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">MTAR Technologies, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">NAURA Technology Group Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Unimicron Technology Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">WNC Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Advanced Micro-Fabrication Equipment, Inc. China</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">35.0<span>%</span></td> </tr> </table><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">* Excludes short-term securities, if any.</span></div><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> 0.064 0.053 0.048 0.032 0.029 0.029 0.025 0.025 0.023 0.022 0.350 Matthews Pacific Tiger Active ETF Matthews Pacific Tiger Active ETF ASIA This semi-annual shareholder report contains important information about the Matthews Pacific Tiger Active ETF (the "Fund") for the period of January 01, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(25, 100, 158); font-weight: 400; font-size: 9pt; font-family: 'times new roman';">matthewsasia.com/documents</span>. You can also request this information by contacting us at 833.228.5605. matthewsasia.com/documents 833.228.5605 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Fund Expenses for the Last Six Months</div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; margin-bottom: 0px; color: rgb(25, 100, 158);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Fund</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Matthews Pacific Tiger Active ETF</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>46</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.80<span>%</span><span>*</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-left: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 6pt 0 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 0 0 0;"> <div style="font-weight: 400; margin-top: 0px; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 7.5pt; text-align: left; font-style: normal; margin-bottom: 0px; padding: 3pt 0px 0px 0px;">Annualized.</div> </td> </tr> </table> 46 0.0080 <div style="font-family: 'times new roman'; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>55,972,552</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">68</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the reporting period</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">75.1<span>%</span></td> </tr> </table> 55972552 68 0.751 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Graphical Representation of Holdings</div> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';">The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.</div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b>*</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">13.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electronics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">11.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK Hynix, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK Square Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">DBS Group Holdings, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">NAURA Technology Group Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Elite Material Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Delta Electronics, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Tencent Holdings, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">China Construction Bank Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">47.4<span>%</span></td> </tr> </table> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Country Allocation</b></div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g84039g13c12.jpg" style="width: 172.8pt;"/> </div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b></div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="g84039g15g16.jpg" style="width: 172.8pt;"/> </div> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">* Excludes short-term securities, if any.</span></div> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b>*</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">13.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electronics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">11.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK Hynix, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK Square Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">DBS Group Holdings, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">NAURA Technology Group Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Elite Material Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Delta Electronics, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Tencent Holdings, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">China Construction Bank Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">47.4<span>%</span></td> </tr> </table> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">* Excludes short-term securities, if any.</span></div> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> 0.130 0.112 0.046 0.039 0.029 0.026 0.024 0.024 0.022 0.022 0.474 Matthews China Active ETF Matthews China Active ETF MCH This semi-annual shareholder report contains important information about the Matthews China Active ETF (the "Fund") for the period of January 01, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(25, 100, 158); font-weight: 400; font-size: 9pt; font-family: 'times new roman';">matthewsasia.com/documents</span>. You can also request this information by contacting us at 833.228.5605. matthewsasia.com/documents 833.228.5605 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Fund Expenses for the Last Six Months</div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; margin-bottom: 0px; color: rgb(25, 100, 158);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Fund</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Matthews China Active ETF</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>40</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.80<span>%</span><span>*</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-left: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 6pt 0 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 0 0 0;"> <div style="font-weight: 400; margin-top: 0px; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 7.5pt; text-align: left; font-style: normal; margin-bottom: 0px; padding: 3pt 0px 0px 0px;">Annualized.</div> </td> </tr> </table> 40 0.0080 <div style="font-family: 'times new roman'; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>23,288,716</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">56</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the reporting period</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">50.2<span>%</span></td> </tr> </table> 23288716 56 0.502 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Graphical Representation of Holdings</div> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';">The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.</div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b>*</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Tencent Holdings, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">12.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Alibaba Group Holding, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">5.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Kingboard Holdings, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Jiangsu Zhongtian Technology Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">China International Capital Corp., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Ping An Insurance Group Co. of China, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Meituan</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">China Merchants Securities Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">China Life Insurance Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Montage Technology Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">42.7<span>%</span></td> </tr> </table> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Country Allocation</b></div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g84039g46h65.jpg" style="width: 172.8pt;"/> </div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b></div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="g84039g60r22.jpg" style="width: 172.8pt;"/> </div> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">* Excludes short-term securities, if any.</span></div> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b>*</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Tencent Holdings, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">12.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Alibaba Group Holding, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">5.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Kingboard Holdings, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Jiangsu Zhongtian Technology Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">China International Capital Corp., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Ping An Insurance Group Co. of China, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Meituan</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">China Merchants Securities Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">China Life Insurance Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Montage Technology Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">42.7<span>%</span></td> </tr> </table> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">* Excludes short-term securities, if any.</span></div> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> 0.121 0.054 0.047 0.046 0.031 0.027 0.027 0.026 0.025 0.023 0.427 Matthews India Active ETF Matthews India Active ETF INDE This semi-annual shareholder report contains important information about the Matthews India Active ETF (the "Fund") for the period of January 01, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(25, 100, 158); font-weight: 400; font-size: 9pt; font-family: 'times new roman';">matthewsasia.com/documents</span>. You can also request this information by contacting us at 833.228.5605. matthewsasia.com/documents 833.228.5605 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Fund Expenses for the Last Six Months</div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; margin-bottom: 0px; color: rgb(25, 100, 158);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Fund</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Matthews India Active ETF</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>39</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.80<span>%</span><span>*</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-left: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 6pt 0 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 0 0 0;"> <div style="font-weight: 400; margin-top: 0px; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 7.5pt; text-align: left; font-style: normal; margin-bottom: 0px; padding: 3pt 0px 0px 0px;">Annualized.</div> </td> </tr> </table> 39 0.0080 <div style="font-family: 'times new roman'; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>14,056,047</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">69</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the reporting period</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">28.4<span>%</span></td> </tr> </table> 14056047 69 0.284 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Graphical Representation of Holdings</div> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';">The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.</div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b>*</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Thanga Mayil Jewellery, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">7.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">HDFC Bank, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">7.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Eternal, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">6.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">ICICI Bank, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">5.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Neuland Laboratories, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Bajaj Finance, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Shriram Finance, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Bharti Airtel, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Axis Bank, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Reliance Industries, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">47.5<span>%</span></td> </tr> </table> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Country Allocation</b></div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g84039g37d95.jpg" style="width: 172.8pt;"/> </div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b></div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="g84039g03k09.jpg" style="width: 172.8pt;"/> </div> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">* Excludes short-term securities, if any.</span></div> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b>*</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Thanga Mayil Jewellery, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">7.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">HDFC Bank, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">7.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Eternal, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">6.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">ICICI Bank, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">5.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Neuland Laboratories, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Bajaj Finance, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Shriram Finance, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Bharti Airtel, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Axis Bank, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Reliance Industries, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">47.5<span>%</span></td> </tr> </table> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">* Excludes short-term securities, if any.</span></div> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> 0.075 0.072 0.066 0.057 0.039 0.037 0.036 0.032 0.031 0.030 0.475 Matthews Japan Active ETF Matthews Japan Active ETF JPAN This semi-annual shareholder report contains important information about the Matthews Japan Active ETF (the "Fund") for the period of January 01, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(25, 100, 158); font-weight: 400; font-size: 9pt; font-family: 'times new roman';">matthewsasia.com/documents</span>. You can also request this information by contacting us at 833.228.5605. matthewsasia.com/documents 833.228.5605 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Fund Expenses for the Last Six Months</div><div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; margin-bottom: 0px; color: rgb(25, 100, 158);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Fund</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Matthews Japan Active ETF</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>43</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.80<span>%</span><span>*</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-left: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 6pt 0 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 0 0 0;"> <div style="font-weight: 400; margin-top: 0px; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 7.5pt; text-align: left; font-style: normal; margin-bottom: 0px; padding: 3pt 0px 0px 0px;">Annualized.</div> </td> </tr> </table> 43 0.0080 <div style="font-family: 'times new roman'; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>9,993,860</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">52</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the reporting period</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">60.4<span>%</span></td> </tr> </table> 9993860 52 0.604 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Graphical Representation of Holdings</div><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';">The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.</div><div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b>*</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Tokyo Electron, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">6.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Mitsubishi UFJ Financial Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Advantest Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Recruit Holdings Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Sumitomo Mitsui Financial Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Sony Group Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Hitachi, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Shin-Etsu Chemical Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Panasonic Holdings Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Kioxia Holdings Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">35.9<span>%</span></td> </tr> </table><div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Country Allocation</b></div><div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g84039g75m92.jpg" style="width: 172.8pt;"/> </div><div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b></div><div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="g84039g73l22.jpg" style="width: 172.8pt;"/> </div><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">* Excludes short-term securities, if any.</span></div><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b>*</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Tokyo Electron, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">6.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Mitsubishi UFJ Financial Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Advantest Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Recruit Holdings Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Sumitomo Mitsui Financial Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Sony Group Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Hitachi, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Shin-Etsu Chemical Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Panasonic Holdings Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Kioxia Holdings Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">35.9<span>%</span></td> </tr> </table><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">* Excludes short-term securities, if any.</span></div><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> 0.062 0.047 0.038 0.033 0.033 0.030 0.030 0.029 0.029 0.028 0.359 Matthews Korea Active ETF Matthews Korea Active ETF MKOR This semi-annual shareholder report contains important information about the Matthews Korea Active ETF (the "Fund") for the period of January 01, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(25, 100, 158); font-weight: 400; font-size: 9pt; font-family: 'times new roman';">matthewsasia.com/documents</span>. You can also request this information by contacting us at 833.228.5605. matthewsasia.com/documents 833.228.5605 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Fund Expenses for the Last Six Months</div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; margin-bottom: 0px; color: rgb(25, 100, 158);">(Based on a hypothetical $10,000 investment)</div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt;"> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Fund</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Matthews Korea Active ETF</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>57</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.80<span>%</span><span>*</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-left: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 6pt 0 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 0 0 0;"> <div style="font-weight: 400; margin-top: 0px; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 7.5pt; text-align: left; font-style: normal; margin-bottom: 0px; padding: 3pt 0px 0px 0px;">Annualized.</div> </td> </tr> </table> </div> 57 0.0080 <div style="font-family: 'times new roman'; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>149,536,794</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">52</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the reporting period</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">30.0<span>%</span></td> </tr> </table> 149536794 52 0.300 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Graphical Representation of Holdings</div> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';">The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.</div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b>*</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electronics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">20.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK Hynix, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electro-Mechanics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK Square Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">PSK, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">KB Financial Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung C&amp;T Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electronics Co., Ltd., Pfd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Hana Financial Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">52.9<span>%</span></td> </tr> </table> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Country Allocation</b></div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g84039g33a11.jpg" style="width: 172.8pt;"/> </div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b></div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="g84039g71a35.jpg" style="width: 172.8pt;"/> </div> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">* Excludes short-term securities, if any.</span></div> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b>*</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electronics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">20.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK Hynix, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electro-Mechanics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK Square Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">PSK, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">KB Financial Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung C&amp;T Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electronics Co., Ltd., Pfd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Hana Financial Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">52.9<span>%</span></td> </tr> </table> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">* Excludes short-term securities, if any.</span></div> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> 0.202 0.047 0.047 0.045 0.041 0.036 0.029 0.029 0.027 0.026 0.529 Matthews Asia Dividend Active ETF Matthews Asia Dividend Active ETF ADVE This semi-annual shareholder report contains important information about the Matthews Asia Dividend Active ETF (the "Fund") for the period of January 01, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(25, 100, 158); font-weight: 400; font-size: 9pt; font-family: 'times new roman';">matthewsasia.com/documents</span>. You can also request this information by contacting us at 833.228.5605. matthewsasia.com/documents 833.228.5605 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Fund Expenses for the Last Six Months</div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; margin-bottom: 0px; color: rgb(25, 100, 158);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Fund</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Matthews Asia Dividend Active ETF</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>43</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.80<span>%</span><span>*</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-left: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 6pt 0 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 0 0 0;"> <div style="font-weight: 400; margin-top: 0px; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 7.5pt; text-align: left; font-style: normal; margin-bottom: 0px; padding: 3pt 0px 0px 0px;">Annualized.</div> </td> </tr> </table> 43 0.0080 <div style="font-family: 'times new roman'; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>9,129,769</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">64</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the reporting period</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">24.1<span>%</span></td> </tr> </table> 9129769 64 0.241 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Graphical Representation of Holdings</div><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';">The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.</div><div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b>*</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">13.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electronics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">8.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Singapore Telecommunications, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Tokyo Electron, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Hana Financial Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Mitsubishi UFJ Financial Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">DBS Group Holdings, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Sumitomo Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Rio Tinto, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">43.8<span>%</span></td> </tr> </table><div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Country Allocation</b></div><div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g84039g85s53.jpg" style="width: 172.8pt;"/> </div><div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b></div><div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="g84039g96j63.jpg" style="width: 172.8pt;"/> </div><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">* Excludes short-term securities, if any.</span></div><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b>*</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">13.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Samsung Electronics Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">8.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Singapore Telecommunications, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Tokyo Electron, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Hana Financial Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Mitsubishi UFJ Financial Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">SK, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">DBS Group Holdings, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Sumitomo Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Rio Tinto, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">43.8<span>%</span></td> </tr> </table><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">* Excludes short-term securities, if any.</span></div><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> 0.137 0.081 0.042 0.036 0.029 0.027 0.022 0.022 0.021 0.021 0.438 Matthews China Innovators Active ETF Matthews China Innovators Active ETF MCHS NASDAQ This semi-annual shareholder report contains important information about the Matthews China Innovators Active ETF (the "Fund") for the period of January 01, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(25, 100, 158); font-weight: 400; font-size: 9pt; font-family: 'times new roman';">matthewsasia.com/documents</span>. You can also request this information by contacting us at 833.228.5605. matthewsasia.com/documents 833.228.5605 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Fund Expenses for the Last Six Months</div><div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; margin-bottom: 0px; color: rgb(25, 100, 158);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Fund</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Matthews China Innovators Active ETF</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>58</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.90<span>%</span><span>*</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-left: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 6pt 0 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 0 0 0;"> <div style="font-weight: 400; margin-top: 0px; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 7.5pt; text-align: left; font-style: normal; margin-bottom: 0px; padding: 3pt 0px 0px 0px;">Annualized.</div> </td> </tr> </table> 58 0.0090 <div style="font-family: 'times new roman'; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>24,917,493</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">51</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the reporting period</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">94.5<span>%</span></td> </tr> </table> 24917493 51 0.945 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Graphical Representation of Holdings</div><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';">The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.</div><div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b>*</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Jiangsu Boqian New Materials Stock Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">7.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Kingboard Laminates Holdings, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">5.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Beijing Huafeng Test &amp; Control Technology Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">5.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Advanced Micro-Fabrication Equipment, Inc. China</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">5.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Yantai Jereh Oilfield Services Group Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">5.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Acter Technology Integration Group Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">ASMPT, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Shenzhen Megmeet Electrical Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Neway Valve Suzhou Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Wasion Holdings, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">46.2<span>%</span></td> </tr> </table><div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Country Allocation</b></div><div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g84039g96x58.jpg" style="width: 172.8pt;"/> </div><div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b></div><div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="g84039g54m37.jpg" style="width: 172.8pt;"/> </div><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">* Excludes short-term securities, if any.</span></div><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b>*</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Jiangsu Boqian New Materials Stock Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">7.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Kingboard Laminates Holdings, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">5.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Beijing Huafeng Test &amp; Control Technology Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">5.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Advanced Micro-Fabrication Equipment, Inc. China</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">5.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Yantai Jereh Oilfield Services Group Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">5.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Acter Technology Integration Group Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">ASMPT, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Shenzhen Megmeet Electrical Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Neway Valve Suzhou Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Wasion Holdings, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">46.2<span>%</span></td> </tr> </table><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">* Excludes short-term securities, if any.</span></div><div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> 0.070 0.058 0.052 0.051 0.050 0.043 0.040 0.037 0.031 0.030 0.462 Matthews Emerging Markets Discovery Active ETF Matthews Emerging Markets Discovery Active ETF MEMS This semi-annual shareholder report contains important information about the Matthews Emerging Markets Discovery Active ETF (the "Fund") for the period of January 01, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(25, 100, 158); font-weight: 400; font-size: 9pt; font-family: 'times new roman';">matthewsasia.com/documents</span>. You can also request this information by contacting us at 833.228.5605. matthewsasia.com/documents 833.228.5605 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Fund Expenses for the Last Six Months</div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; margin-top: 0px; margin-bottom: 0px; color: rgb(25, 100, 158);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Fund</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 10pt;">Matthews Emerging Markets Discovery Active ETF</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>50</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.90<span>%</span><span>*</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-left: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 6pt 0 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-style: normal; padding: 3pt 0 0 0;"> <div style="font-weight: 400; margin-top: 0px; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 7.5pt; text-align: left; font-style: normal; margin-bottom: 0px; padding: 3pt 0px 0px 0px;">Annualized.</div> </td> </tr> </table> 50 0.0090 <div style="font-family: 'times new roman'; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>22,622,895</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">78</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; font-weight: normal; text-align: left; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the reporting period</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">27.2<span>%</span></td> </tr> </table> 22622895 78 0.272 <div style="font-family: 'times new roman'; margin-top: 0px; font-weight: bold; margin-bottom: 3pt; color: rgb(25, 100, 158); font-size: 12pt;">Graphical Representation of Holdings</div> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';">The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.</div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b>*</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Bandhan Bank, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Eugene Technology Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Elite Material Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Legend Biotech Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Hugel, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Gold Circuit Electronics, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Cartrade Tech, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Radico Khaitan, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">ASPEED Technology, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">30.6<span>%</span></td> </tr> </table> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Country Allocation</b></div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g84039g87g31.jpg" style="width: 172.8pt;"/> </div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b></div> <div style="font-weight: 400; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="g84039g19h64.jpg" style="width: 172.8pt;"/> </div> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">* Excludes short-term securities, if any.</span></div> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> <div style="font-family: 'times new roman'; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: rgb(25, 100, 158); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b>*</b> <b> </b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Bandhan Bank, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Eugene Technology Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Elite Material Co., Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Legend Biotech Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Hugel, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Gold Circuit Electronics, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Cartrade Tech, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">Radico Khaitan, Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(25, 100, 158); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">ASPEED Technology, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 0;">TOTAL</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 3pt 0;">30.6<span>%</span></td> </tr> </table> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">* Excludes short-term securities, if any.</span></div> <div style="font-weight: 400; margin-top: 0px; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'times new roman';"><span style="font-size: 7.5pt;">Top ten holdings may combine more than one security from the same issuer and related depository receipts.</span></div> 0.041 0.040 0.037 0.032 0.031 0.028 0.027 0.024 0.023 0.023 0.306 Annualized. Annualized. Annualized. Annualized. Annualized. Annualized. Annualized. Annualized. Annualized. Annualized. Annualized. Annualized. Annualized. Annualized. Annualized. Annualized. Annualized. Annualized. Annualized. Excludes short-term securities, if any. Annualized. Excludes short-term securities, if any. Annualized. Excludes short-term securities, if any. Annualized. Excludes short-term securities, if any. Annualized. Excludes short-term securities, if any. Annualized. Excludes short-term securities, if any. Annualized. Excludes short-term securities, if any. Annualized. Excludes short-term securities, if any. Annualized. Excludes short-term securities, if any. Annualized. Annualized. Excludes short-term securities, if any. Annualized. Excludes short-term securities, if any. Annualized. Excludes short-term securities, if any. Annualized. Annualized. Annualized.