SUPPLEMENT DATED AUGUST 31, 2021 TO THE PROSPECTUS FOR THE MATTHEWS ASIA TOTAL RETURN BOND FUND AND THE MATTHEWS ASIA CREDIT OPPORTUNITIES FUND (THE “FUNDS”) DATED APRIL 30, 2021 (AS SUPPLEMENTED) For all existing and prospective shareholders of the Funds: Effective immediately, the following disclosure is added directly following “Risks of Investing in the Funds – Risks Associated with China, Hong Kong, and Macau – China” on page 29 of the prospectus: Variable Interest Entities. The Funds may invest in certain operating companies in China through legal structures known as variable interest entities (“VIEs”). In China, ownership of companies in certain sectors by foreign individuals and entities (including U.S. persons and entities such as the Funds) is prohibited. In order to facilitate foreign investment in these businesses, many Chinese companies have created VIEs. In such an arrangement, a China-based operating company typically establishes an offshore shell company in another jurisdiction, such as the Cayman Islands. That shell company enters into service and other contracts with the China-based operating company, then issues shares on a foreign exchange, such as the New York Stock Exchange. Foreign investors hold stock in the shell company rather than directly in the China-based operating company. This arrangement allows U.S. investors to obtain economic exposure to the China-based company through contractual means rather than through formal equity ownership. VIEs are a longstanding industry practice and well known to officials and regulators in China; however, VIEs are not formally recognized under Chinese law. Recently, the government of China provided new guidance to and placed restrictions on China-based companies raising capital offshore, including through VIE structures. Investors face uncertainty about future actions by the government of China that could significantly affect an operating company’s financial performance and the enforceability of the shell company’s contractual arrangements. It is uncertain whether Chinese officials or regulators will withdraw their implicit acceptance of the VIE structure, or whether any new laws, rules or regulations relating to VIE structures will be adopted or, if adopted, what impact they would have on the interests of foreign shareholders. Under extreme circumstances, China might prohibit the existence of VIEs, or sever their ability to transmit economic and governance rights to foreign individuals and entities; if so, the market value of the Funds’ associated portfolio holdings would likely suffer significant, detrimental, and possibly permanent effects, which could result in substantial investment losses. Please retain this Supplement with your records. ST062 Matthews Asia Funds | Prospectus April 30, 2021 | matthewsasia.com MATTHEWS ASIA TOTAL RETURN BOND FUND Investor Class Shares (MAINX) Institutional Class Shares (MINCX) MATTHEWS ASIA CREDIT OPPORTUNITIES FUND Investor Class Shares (MCRDX) Institutional Class Shares (MICPX) The U.S. Securities and Exchange Commission (the “SEC”) has not approved or disapproved the Funds. Also, the SEC has not passed upon the adequacy or accuracy of this prospectus. Anyone who informs you otherwise is committing a crime. Paper copies of the Funds’ annual and semi-annual shareholder reports are nolonger beingsent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website matthewsasia.com, andyou will be notified by mail each time a report is posted and provided with a website link to access the report. You may elect to receive paper copies of shareholder reports and other communications from the Funds anytime by contactingyourfinancial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 800.789.ASIA (2742). Your election to receive reports in paper will apply to all Funds held in your accountifyou invest through yourfinancial intermediary or all Funds held directly with Matthews Asia Funds. Matthews Asia Funds matthewsasia.com Contents FUND SUMMARIES Matthews Asia Total Return Bond Fund 1 Matthews Asia Credit Opportunities Fund 7 Financial Highlights 14 Additional Fund Information Investment Objective of the Funds 18 Fundamental Investment Policies 18 Matthews’ Investment Approach 18 Risks of Investing in the Funds 21 Management of the Funds 35 Investing In The Funds Pricing of Fund Shares 38 Purchasing Shares 38 Exchanging Shares 41 Selling (Redeeming) Shares 41 Market Timing Activities 42 Other Shareholder Information 44 Index Definitions 47 General Information 48 Privacy Statement 48 Please read this document carefully before you make any investment decision. If you have any questions, do not hesitate to contact a Matthews Asia Funds representative at 800.789.ASIA (2742) or visit matthewsasia.com. Please keep this prospectus with your other account documents for future reference. Matthews Asia Total Return Bond Fund FUND SUMMARY Investment Objective Totalreturnoverthelongterm,withanemphasisonincome. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of this Fund. SHAREHOLDER FEES (fees paid directly from your investment) Investor Class Institutional Class Maximum Account Fee on Redemptions (for wire redemptionsonly) $9 $9 ANNUAL OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) Management Fees 0.55% 0.55% Distribution (12b-1) Fees 0.00% 0.00% Other Expenses 0.60% 0.45% Administration and Shareholder Servicing Fees 0.15% 0.15% Total Annual Fund Operating Expenses 1.15% 1.00% Fee Waiver and Expense Reimbursement1 (0.03)% (0.10)% Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement 1.12% 0.90% 1 Matthews has contractually agreed (i) to waive fees and reimburse expenses to the extent needed to limit Total Annual Fund Operating Expenses (excludingRule 12b-1 fees, taxes, interest, brokerage commissions, short sale dividend expenses, expenses incurred in connection with any merger or reorganization or extraordinary expenses such as litigation) of the Institutional Class to 0.90% first by waiving class specific expenses (e.g., shareholder service fees specific to a particular class) of the Institutional Class and then, to the extent necessary, by waiving non-class specific expenses (e.g.,custody fees) of the Institutional Class, and (ii) if anyFund-wide expenses (i.e., expenses that apply to both the Institutional Class and the Investor Class) are waived for the Institutional Class to maintain the 0.90% expense limitation, to waive an equal amount(in annual percentage terms) of those same expenses for the Investor Class. The Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement for the Investor Class may vary from year to year and will in some years exceed 0.90%. Pursuant to this agreement, any amount waived for prior fiscal years with respect to the Fundisnot subject to recoupment. This agreement will remain in place until April 30, 2022 and may be terminated at any time by the Board of Trustees on behalf of the Fundon 60 days’ writtennotice to Matthews. Matthews may declinetorenew this agreement by writtennotice to the Trust at least 30 days before its annual expiration date. EXAMPLE OF FUND EXPENSES This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The example reflects the expense limitation for the one year period only. Although your actual costs may be higher or lower, based on these assumptions your costs would be: One year Three years Five years Ten years Investor Class $114 $362 $630 $1,395 Institutional Class $92 $308 $543 $1,216 MATTHEWS ASIA TOTAL RETURN BOND FUND 1 PORTFOLIO TURNOVER of an Asian country and addresses at least one of the other The Fund pays transaction costs, such as commissions, when above criteria. The term “located” and the associated criteria it buys and sells securities (or “turns over” its portfolio). A listed above have been defined in such a way that Matthews higher portfolio turnover may indicate higher transaction has latitude in determining whether an issuer should be costs and may result in higher taxes when Fund shares are included within a region or country. held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example of fund The Fund may invest a significant portion of its total net assets, 25% or more, in securities of issuers from a single coun- expenses, affect the Fund’s performance. During the most try (including the government of that country and its agen- recent fiscal year, the Fund’s portfolio turnover rate was 40% cies, instrumentalities and political subdivisions, quasi- of the average value of its portfolio. governmental entities of that country, supra-national institutions issuing debt deemed to be of that country, and Principal Investment Strategy companies located in that country), and up to 25% of the Under normal circumstances, the Matthews Asia Total Return Fund’s total net assets may be invested in the securities issued Bond Fund seeks to achieve its investment objective by inves- by any