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Japan Fund

Ticker: CNJFX
Inception Date: 07/10/1989

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Mutual Fund Overview: Invest in Japan

Made up of 6,852 islands with a population of over 100 million, Japan ranks as one of the world’s largest and most productive economies — and we believe it to be one of the best Asian countries to invest in. The country has a strong position in the world market being home to some of the most recognizable corporations from automobile manufacturers to electronics, making it an attractive investment target for mutual fund managers.

The Japan Fund managers believe Japanese companies are well positioned to benefit from any growth in the Asian region and believes exploring investment options by accessing these Asian markets through the well-established Japanese companies is an underutilized strategy by many investors.

As a Japanese investment fund, the managers review conventional financial company metrics in addition to these macro factors that could impact investment decisions:
• Government intervention and support of the economy
• Business access to export markets in the region
• Internal and external consumer demand

Commonwealth Funds is proud to be associated with the Japan Fund, established in 1989, providing shareholders the opportunity to bring it home.

Investment Objective

The Fund’s objective is to provide long-term appreciation and current income. The Fund invests primarily in equity securities including common stock, preferred stock and securities convertible into common stock. The Fund may hold the securities of Japanese issuers and debt securities denominated in Yen.

Fund Performance

Review the Japan Fund daily, monthly, and quarterly pricing and performance.

Fund Investment Holdings

Holdings as of 12/31/25

SECURITY DESCRIPTION% OF TOTAL NET ASSETS
KAJIMA CORP6.9%
HOYA CORP4.8%
HITACHI LTD4.7%
ASAHI INTECC CO4.3%
ORIX CORP4.0%
MEIDENSHA CORP3.9%
DAI-ICHI LIFE HO3.8%
SOMPO HOLDINGS I3.4%
T&D HOLDING INC3.3%
TERUMO CORP3.1%
FAST RETAILING3.1%
SUMITOMO REALTY2.9%
SUGI HD2.5%
MITSUB GAS CHEM2.1%
TAKADA CORP2.0%
DAIKIN INDS1.8%
INES CORP1.8%
TAIHEI DENGYO1.8%
OTSUKA CORP1.8%
INPEX CORP1.8%
EAST JAPAN RAIL1.7%
KANSAI ELEC PWR1.7%
KYUSHU LEASING1.7%
FANUC CORP1.7%
TOKYO ELECTRON1.6%
HANKYU HANSHIN H1.6%
SECURITY DESCRIPTION% OF TOTAL NET ASSETS
KIRIN HOLDINGS C1.5%
NITORI HOLDINGS1.5%
UNICHARM CORP1.5%
MITSUI FUDOSAN1.5%
YAMATO HOLDINGS1.4%
NIPPON EXPRESS H1.4%
SHIN-ETSU CHEM1.3%
HNDA 1.8 01/13/311.3%
NIDEC CORP1.2%
AEON KYUSHU CO1.2%
YAMAE GROUP HOLD1.2%
SONY FINANCIAL G1.2%
KAO CORP1.1%
TOKIO MARINE-ADR1.1%
JAPANESE YEN1.0%
KDDI CORP1.0%
TAIYO YUDEN CO1.0%
DENSO CORP1.0%
KEIKYU CORP0.9%
MURATA MFG CO0.9%
TOBU RAILWAY CO0.9%
DAIICHI KOUTSU0.8%
FEDER-GT OBL-I 70.2%

Portfolio holdings will change due to ongoing management of the Fund. Reference to specific securities or sectors should not be construed as recommendations by the Fund, the advisor, or the distributor.

Distributions

Year-end 2025 distributions for the Commonwealth Funds were paid on December 15, 2025, to shareholders of record as of December 12, 2025. The ex-dividend and reinvest date was December 15, 2025. Please see detailed distribution information below.

Ordinary Investment Income Per Share:$0.0526
Short-Term Capital Gain Per Share:$0.0000
Long-Term Capital Gain Per Share:$0.0000

Minimums

The minimum initial investment is $200 and there is no minimum for subsequent investments.

Risk

Learn about the principal risks of investing in the Japan Fund, which includes market, foreign security, and geographic risk.