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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 6/30/26

SECURITY DESCRIPTION% OF TOTAL NET ASSETS
MEIDENSHA CORP5.50%
MURATA MFG CO5.49%
KAJIMA CORP5.20%
ASAHI INTECC CO4.51%
TAIYO YUDEN CO4.48%
ORIX CORP4.33%
HOYA CORP4.23%
DAI-ICHI LIFE HO4.22%
FAST RETAILING3.68%
T&D HOLDING INC3.56%
HITACHI LTD3.48%
SOMPO HOLDINGS I3.19%
MITSUB GAS CHEM3.00%
TOKYO ELECTRON2.86%
TERUMO CORP2.48%
SUMITOMO REALTY2.22%
DAIKIN INDS1.83%
SUGI HD1.75%
TAIHEI DENGYO1.70%
NIPPON EXPRESS H1.68%
FANUC CORP1.64%
INES CORP1.58%
SHIN-ETSU CHEM1.56%
TAKADA CORP1.53%
INPEX CORP1.48%
SECURITY DESCRIPTION% OF TOTAL NET ASSETS
KIRIN HOLDINGS C1.46%
KYUSHU LEASING1.41%
HANKYU HANSHIN H1.39%
KANSAI ELEC PWR1.27%
UNICHARM CORP1.26%
NIDEC CORP1.23%
OTSUKA CORP1.23%
KDDI CORP1.22%
EAST JAPAN RAIL1.14%
YAMAE GROUP HOLD1.10%
NITORI HOLDINGS1.07%
HNDA 1.8 01/13/311.06%
OKI ELECTRIC IND1.01%
MITSUI FUDOSAN1.00%
KAO CORP0.96%
YAMATO HOLDINGS0.95%
AEON KYUSHU CO0.93%
KEIKYU CORP0.71%
DENSO CORP0.67%
DAIICHI KOUTSU0.66%
JAPANESE YEN0.33%
FEDER-GT OBL-I 70.15%

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.