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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 3/31/23

SECURITY DESCRIPTION% OF TOTAL NET ASSETS
Feder-Gt Obl-I 75.8%
Asahi Intecc Co Ltd5.0%
Unicharm Corporation4.3%
Hoya Corp.4.3%
Terumo Corporation3.6%
Daikin Industries Ltd3.1%
Orix Corp2.7%
Kajima Corp.2.7%
Dai-Ichi Life Insurance2.6%
Nitori Co Ltd2.5%
Hitachi Ltd2.4%
Fast Retailing Co2.3%
Hankyu Hanshin Holdings2.3%
T&D Holdings Inc2.2%
Yamato Holdings Co., Ltd.2.1%
Mitsubishi Gas Chemical2.1%
Kirin Holdings Co Ltd1.9%
Meidensha Corp.1.9%
Sony Group Corp1.9%
Fanuc Corp1.9%
Sugi Holdings Co Ltd1.9%
Otsuka Corp1.9%
Taiyo Yuden Co Ltd1.8%
Shin-Etsu Chemical1.7%
Taihei Dengyo Kaisha, Ltd1.6%
Sompo Holdings Inc1.6%
SECURITY DESCRIPTION% OF TOTAL NET ASSETS
Nippon Express Holdings1.6%
Sumitomo Realty & Develop1.6%
Nidec Corp1.6%
Tobu Railway Co., Ltd1.5%
Kyushu Leaseing Service1.5%
Toyota Tsusho Corp1.5%
Toyota Motor -Spon Adr1.5%
East Japan Railway1.5%
Bridgestone Corp Adr1.4%
Aeon Kyushu Co Ltd1.4%
Kao Corp1.4%
Kansai Electric Pwr Co1.3%
Yamae Group Holdings1.2%
Jsr Corp.1.2%
Denso Corp1.2%
Keikyu Corp.1.1%
Kddi Corp1.1%
Murata Manufacturing1.1%
Takada Corporation1.0%
Mitsui Fudosan Co., Ltd.1.0%
Ines Corp0.9%
Aflac Inc0.9%
Tokyu Fudosan Hldgs Corp0.8%
Daiichi Koutsu Sangyo Co.0.8%
Direct Marketing Mix Inc0.8%
Japanese Yen0.3%

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

Record date of December 15, 2022 the Ex-Dividend/Reinvestment and Payable Date of December 16, 2022.

Ordinary Investment Income Per Share:$0.0000
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.