SPARX Japan Fund JPY Institutional Class A

The investment objective of this Fund 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. To pursue this 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 directly 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.