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Message to Matthews Asia Credit Opportunities Fund Shareholders

June 30, 2022

Dear Valued Shareholder,

We are writing to inform you that effective August 1, 2022, Teresa Kong will retire from Matthews Asia and effective July 29, 2022, Satya Patel will become the sole Lead Manager of the Matthews Asia Credit Opportunities Fund. Additionally, effective July 29, 2022, Wei Zhang will be named Co-Manager on the Fund.

Satya has worked on the Matthews Asia Credit Opportunities Fund as Co-Lead Manager on the Fund since its inception. In partnership with Teresa, Satya has provided strong leadership on Matthews Asia Credit Opportunities Fund, conducting company research and analyzing the overall structure of, and position sizes implemented in, the portfolio. He has also had a hands-on role in risk monitoring and ensuring that the portfolio meets its investment objective and has in-depth knowledge of the companies in the portfolio. We believe this is an appropriate time to recognize the progress that Satya has made with the portfolio’s development in naming him the sole Lead Manager on the Fund.

Wei joined the firm in 2015 as an Analyst and was promoted to Co-Manager on the Matthews Asia Total Return strategy in April 2018 in recognition of his contributions which have included security selection, company research, risk management, and portfolio management.

Satya and Wei have over 30 years of combined industry experience. As Lead Manager, Satya will continue to be responsible for the day-to-day management of the Matthews Asia Credit Opportunities portfolio, including security selection, determining position sizing and overseeing portfolio risk management. As Co-Manager of the Matthews Asia Credit Opportunities Fund, Wei will contribute to conducting company research, supporting portfolio risk management, and discussing and debating the overall structure and position sizes implemented in the portfolio.

We would like to take this opportunity to thank Teresa for her contribution to Matthews Asia over the past 12 years and for providing ample lead time to ensure that the changes announced today will not affect the management of our portfolios.

We are very proud of the depth and diversity of the investment team that we have built at Matthews Asia over the past 30-plus years. If you have any questions regarding the Matthews Asia Funds, please visit our website at matthewsasia.com. Thank you for your investment in Matthews Asia.

Yours truly,

Robert Horrocks, PhD

Chief Investment Officer
Matthews Asia