Mutual Fund Summary Prospectus (497k)
30 Agosto 2013 - 7:02AM
Edgar (US Regulatory)
Matthews China Fund
SUMMARY
PROSPECTUS—INSTITUTIONAL CLASS
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April
30, 2013
as amended August 30, 2013
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TICKER: MICFX
Before you invest, you may want to review the Fund’s Prospectus,
which contains more information about the Fund and its risks. You can find the Fund’s Prospectus and other information about
the Fund online at matthewsasia.com/prospectus. You may also obtain this information at no additional cost by calling 800.789.ASIA
(2742) or by sending an e-mail request to prospectus@matthewsasia.com. The Fund’s Prospectus and Statement of Additional
Information, both dated April 30, 2013, are incorporated by reference into this Summary Prospectus.
Investment Objective
Long-term capital appreciation.
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
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(fees paid directly from your investment)
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Redemption Fee (as a percentage of amount redeemed on shares sold or exchanged within 90 days after purchase)
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2.00%
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Maximum Account Fee on Redemptions (for wire redemptions only)
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$9
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ANNUAL OPERATING EXPENSES
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(expenses that you pay each year as a percentage of the value of your investment)
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Management Fees
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0.67%
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Distribution (12b-1) Fees
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None
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Other Expenses
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0.24%
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Administration and Shareholder Servicing Fees
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0.15%
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Total Annual Fund Operating Expenses
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0.91%
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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. Although your actual costs may be higher
or lower, based on these assumptions your costs would be:
One year:
$93
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Three years:
$290
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Five years:
$504
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Ten years:
$1,120
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PORTFOLIO TURNOVER
The Fund pays transaction costs, such as commissions, when it
buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction
costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual
fund operating expenses or in the example of fund expenses, affect the Fund’s performance. During the most recent fiscal year,
the Fund’s portfolio turnover rate was 10% of the average value of its portfolio.
PS-MICFX-0813
Principal Investment Strategy
Under normal market conditions, the Matthews China Fund seeks
to achieve its investment objective by investing at least 80% of its net assets, which include borrowings for investment purposes,
in the common and preferred stocks of companies located in China. China includes its administrative and other districts,
such as Hong Kong. A company is considered to be “located” in a country or a region if it has substantial ties to that
country or region, including for example, if it (i) is organized under the laws of that country or any country in that region;
(ii) derives at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed, or has
at least 50% of its assets located, within that country or region; (iii) has the primary trading markets for its securities in
that country or region; or (iv) is a governmental entity or an agency, instrumentality or a political subdivision of that country
or any country in that region. The Fund seeks to invest in companies capable of sustainable growth based on the fundamental characteristics
of those companies, including balance sheet information; number of employees; size and stability of cash flow; management’s
depth, adaptability and integrity; product lines; marketing strategies; corporate governance; and financial health. Matthews expects
that the companies in which the Fund invests typically will be of medium or large size, but the Fund may invest in companies of
any size. Matthews measures a company’s size with respect to fundamental criteria such as, but not limited to, market capitalization,
book value, revenues, profits, cash flow, dividends paid and number of employees.
Principal Risks of Investment
There is no guarantee that your investment in the Fund will
increase in value. The value of your investment in the Fund could go down, meaning you could lose money. The principal risks of
investing in the Fund are:
Political, Social and Economic Risks:
The value of the
Fund’s assets may be adversely affected by political, economic, social and religious instability; inadequate investor protection;
changes in laws or regulations; international relations with other nations; natural disasters; corruption and military activity.
The economies of China, Hong Kong and Taiwan may differ from the economies of other countries, especially developed economies,
in many respects, such as rate of growth, inflation, capital reinvestment, resource self-sufficiency, financial system stability,
the national balance of payments position and sensitivity to changes in global trade.
Currency Risks:
When the Fund conducts
securities transactions in a foreign currency, there is the risk of the value of the foreign currency increasing or decreasing
against the value of the U.S. dollar. The value of an investment denominated in a foreign currency will decline in dollar terms
if that currency weakens against the dollar. While the Fund is permitted to hedge currency risks, Matthews does not anticipate
doing so at this time. Additionally, China may utilize formal or informal currency-exchange controls or “capital controls.”
Capital controls may impose restrictions on the Fund’s ability to repatriate investments or income. Such controls may also
affect the value of the Fund’s holdings.
Volatility:
The smaller size and lower levels of
liquidity in emerging markets, as well as other factors, may result in changes in the prices of Asian securities that are
more volatile than those of companies in more developed regions. This volatility can cause the price of the Fund’s
shares (NAV) to go up or down dramatically. Because of this volatility, it is recommended that you invest in the Fund only
for the long term (at least five years).
Risks Associated with Emerging and Frontier Markets:
Many
Asian countries are considered emerging or frontier markets. Such markets are often less stable politically and economically
than developed markets such as the United States, and investing in these markets involves different and greater risks. There
may be less publicly available information about companies in many Asian countries, and the stock exchanges and brokerage
industries in many Asian countries typically do not have the level of government oversight as do those in the United States.
Securities markets of many Asian countries are also substantially smaller, less liquid and more volatile than securities
markets in the United States.
Trading Markets and Depositary Receipts:
Asian securities
may trade in the form of depositary receipts, including American, European and Global Depositary Receipts. Although depositary
receipts have risks similar to the securities that they represent, they may also involve higher expenses and may trade at a discount
(or premium) to the underlying security. In addition, depositary receipts may not pass through voting and other shareholder rights,
and may be less liquid than the underlying securities listed on an exchange.
Risks Associated with China, Hong Kong and Taiwan
China:
The Chinese government exercises significant control over China’s economy through its industrial policies
(e.g., allocation of resources and other preferential treatment), monetary policy, management of currency exchange rates, and
management of the payment of foreign currency-denominated obligations. Changes in these policies could adversely impact
affected industries or companies. China’s economy, particularly its export-oriented industries, may be adversely
impacted by trade or political disputes with China’s major trading partners, including the U.S. In addition, as its
consumer class emerges, China’s domestically oriented industries may be especially sensitive to changes in government
policy and investment cycles.
Hong Kong:
If China were to exert its authority so as
to alter the economic, political or legal structures or the existing social policy of Hong Kong, investor and business confidence
in Hong Kong could be negatively affected, which in turn could negatively affect markets and business performance and have an adverse
effect on the Funds’ investments.
Taiwan:
Although the relationship between China and Taiwan has been improving, there
is the potential for future political or economic disturbances that may have an adverse impact on the values of investments in
either China or Taiwan, or make investments in China and Taiwan impractical or impossible.
Risks Associated with Medium-Sized Companies:
Medium-sized
companies may be subject to a number of risks not associated with larger, more established companies, potentially making their
stock prices more volatile and increasing the risk of loss.
Past Performance
The bar chart below shows the Fund’s performance for each
full calendar year since its inception and how it has varied from year to year, reflective of the Fund’s volatility and some
indication of risk. Also shown are the best and worst quarters for this time period. The table below shows the Fund’s performance
over certain periods of time, along with performance of its benchmark index. The index performance does not take into consideration
fees, expenses or taxes. The information presented below is past performance, before and after taxes, and is not a prediction of
future results. Both the bar chart and performance table assume reinvestment of all dividends and distributions. For the Fund’s
most recent month-end performance, please visit matthewsasia.com or call 800.789.2742.
ANNUAL RETURNS FOR YEARS ENDED 12/31
AVERAGE ANNUAL TOTAL RETURNS FOR PERIODS ENDED DECEMBER 31,
2012
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Since Inception
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1 year
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(10/29/10)
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Matthews China Fund
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Return before taxes
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12.22%
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-4.90%
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Return after taxes on distributions
1
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11.64%
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-5.87%
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Return after taxes on distributions and sale of Fund shares
1
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8.42%
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-4.29%
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MSCI China Index
(reflects no deduction for fees, expenses or taxes)
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23.10%
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-1.14%
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1
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After-tax
returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact
of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown.
After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k)
plans or individual retirement accounts.
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Investment Advisor
Matthews International Capital Management, LLC (“Matthews”)
Portfolio Managers
Lead Manager:
Richard Gao has been a Portfolio Manager
of the China Fund since 1999.
Co-Manager:
Henry Zhang, CFA, has been a Portfolio Manager of the China Fund since 2010.
Purchase and Sale of Fund Shares
You may purchase and sell Fund shares directly through the Fund’s
transfer agent by calling 800.789.ASIA (2742) or online at matthewsasia.com. Fund shares may also be purchased and sold through
various securities brokers and benefit plan administrators or their sub-agents. You may purchase and redeem Fund shares by electronic
bank transfer, check, or wire. A 2.00% redemption fee will be assessed on the sale or exchange of Fund shares within 90 days after
the date you purchase Fund shares. Please see page 71 in the statutory prospectus for more details. The minimum initial and subsequent
investment amounts for various types of accounts offered by the Fund are shown below.
Minimum Initial Investment
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Subsequent Investments
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$3,000,000
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$100
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Minimum amount may be lower for purchases through certain financial
intermediaries and different minimums may apply for retirement plans and other arrangements subject to criteria set by Matthews.
Tax Information
The Fund’s distributions are taxable, and will be taxed
as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual
retirement account. Tax-deferred arrangements may be taxed later upon withdrawal from those accounts.
Payments to Broker-Dealers and
Other Financial Intermediaries
If you purchase Fund shares through a broker-dealer or other
financial intermediary (such as a bank), Matthews may pay the intermediary for the sale of Fund shares and related services. Shareholders
who purchase or hold Fund shares through an intermediary may inquire about such payments from that intermediary. These payments
may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund
over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
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