SPARX Japan Fund - Institutional JPY ACC Fonds

The Fund’s objective is to provide long-term capital growth by identifying and acquiring undervalued Japanese equities by capitalizing on the Investment Advisor's intensive 'in-house' research expertise and extensive information network established through independent investment experience in Japan since 1989. The Fund seeks long-term capital appreciation. In seeking to achieve its objective, the Fund will normally invest at least 80% of its assets in equity securities of Japanese companies, and in any event, will at all times invest at least two-thirds of its total assets in equity securities issued by companies which are domiciled or exercise the predominant part of their economic activity in Japan. The Fund may invest the rest of its assets in ancillary liquid assets such as money market instruments (including banker’s acceptances, commercial paper and negotiable certificates of deposit) or cash deposits. The Fund will invest primarily in securities denominated in Japanese yen. The Fund's equity investments may include common stocks, preferred stocks, warrants and other rights (which are issued by a company to allow holders to subscribe for additional securities issued by that company), and securities convertible into or exchangeable for common stocks which are listed or traded on Recognised Exchanges. The Fund may also invest in J-REITS (that is Real Estate Investment Trusts formed under Japanese Law which invest in Japanese Real Estate) that are closed-ended and that are listed on the Tokyo Stock Exchange.