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Message to Matthews Asia Total Return Bond 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, Lead Manager responsibilities for the Matthews Asia Total Return Bond Fund will be assumed by Satya Patel. Wei Zhang will continue as Co-Manager on the Fund.

Satya has worked on the Matthews Asia Total Return Bond strategy since joining the firm in 2011, first as an analyst and as then Co-Manager since 2014, working in partnership with Teresa on the management of the portfolio. This has included 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.

Satya and Wei have over 30 years of combined industry experience, as well as considerable experience across all three key drivers of the Fund’s return: credit, currency and interest rates. As Lead Manager of the Matthews Asia Total Return Fund, Satya will be responsible for the day-to-day management of the portfolios, including determining position sizing and overseeing portfolio risk management. As Co-Manager of the Fund, Wei will continue to contribute to discussions on portfolio construction including buys/sell decisions and position sizing.

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