Message to Matthews Asia ESG Fund Shareholders

Dear Shareholder,

We would like to inform you that effective July 29, 2022, the Matthews Asia ESG Fund has been renamed the Matthews Emerging Markets Sustainable Future Fund. The principal investment strategy is also revised to be consistent with that new name, including the manner in which the Fund is required to invest its assets.

As a result, the Matthews Emerging Markets Sustainable Future will invest, under normal circumstances, at least 80% of its net assets in the common and preferred stocks of companies located in emerging market countries that satisfy one or more of its environmental, social and governance (“ESG”) standards. Up to 20% of the Fund’s net assets may be invested in companies that do not satisfy its ESG standards. The Fund’s investment objective of seeking long-term capital appreciation remains unchanged.

Approximately 80% of the companies comprising the emerging markets investment universe (based on the MSCI Emerging Markets Index as of June 30, 2022) are located in Asia. There is an increasing overlap between an investment strategy focused on the emerging market countries and one focused on the Asian region. We believe the expanded investment universe also may increase the investment opportunities available to the portfolio management team and may provide the Fund with a more geographically diverse investment strategy for investors.

The Fund looks to invest in companies in emerging markets that improve quality of life over the long term and have the effect of or, in our opinion, have the potential of making human or business activity less destructive to the environment and society at large, and promote positive environmental, social and economic impact. We seek to invest in quality companies that we believe can generate attractive returns over the long term that have strong competitive positions, good growth potential and are run by quality management teams exhibiting strong corporate governance.

If you have any questions regarding the Matthews Emerging Markets Sustainable Future Fund name change, please contact us at 800-789-ASIA (2742). Thank you for your continued investment in the Matthews Asia Funds. We appreciate the opportunity to serve you.

Best Regards,

Robert Horrocks, PhD Chief Investment Officer Matthews Asia		Vivek Tanneeru Lead Manager Matthews Emerging Markets Sustainable Future Fund

You should carefully consider the investment objectives, risks, charges and expenses of the Matthews Asia Funds before making an investment decision. A prospectus or summary prospectus with this and other information about the Funds may be obtained by visiting matthewsasia.com. Please read the prospectus carefully before investing as it explains the risks associated with investing in international and emerging markets.

Investing in international and emerging markets may involve additional risks, such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. Investing in small- and mid-size companies is more risky than investing in larger companies as they may be more volatile and less liquid than large companies. In addition, single-country and sector funds may be subject to a higher degree of market risk than diversified funds because of concentration in a specific industry, sector or geographic location. As a Fund that invests in science and technology companies, the Fund is subject to risks associated with these sectors such as worldwide developments and global demand cycles.