Yuki Asia Umbrella Fund Yuki Japan Rebounding Growth Fund USD Hedged Unit Class 2018 LIPPER FUND AWARD, UK EQUITY JAPAN BEST FUND OVER 3 YEARS EQUITY JAPAN BEST FUND OVER 5 YEARS 31 MARCH 2021 | PAGE 1 OF 2 FUND PROFILE

OBJECTIVE Long-term capital appreciation through investment in equities of Japanese companies that are achieving EPS growth through the skillful execution of unique business models that are well FUND FACTS suited to the economic environment and growth opportunities Market Coverage Japanese Equities APPROACH Intensive bottom-up research (company visits, interviews and fundamental analysis) with utilization of proprietary database of over 3,800 companies Currency U.S. Dollar, Japanese Yen, or Euro Inception Date 19 August 2015 USD Hedged Unit Class SUITABILITY Institutional investors with a long term view 30 March 2011 Yen Unit Class 01 May 2018 EUR Hedged Unit Class ISIN Code IE00BVRZ9185 USD Hedged Unit Class FUND MANAGER’S COMMENT | OVERVIEW IE00B3VGSP84 Yen Unit Class IE00BDRTDF67 EUR Hedged Unit Class Our outlook as of March 31 for corporate performance for the fiscal year ending March 2021 for the Bloomberg Code YUKIUSD:ID USD Hedged Unit Class 2045 TOPIX companies that actually announced their forecasts is as follows: ordinary income down YUKIJPY:ID Yen Unit Class 14.9% from the previous year, net income down 13.9% from the previous year, and gross dividends YUKIEUR:ID EUR Hedged Unit Class down 6.8% from the previous year. The stock market started to fall in March from the impact of the U.S. stock market, which fell due to a sharp rise in U.S. long-term interest rates at the end of Total Net Asset ¥8,382 Million February. The market then rose, even though the state of emergency was re-extended in the Greater - $12 Million USD Hedged Unit Class area, as domestic consumption trends showed signs of recovery centered on durable goods - ¥6,453 Million Yen Unit Class and on the expectation of economic recovery following the start of healthcare worker vaccinations. - €4.69 Million EUR Hedged Unit Class Later in the month, the market was affected by a fire at a semiconductor factory and the blockage of Unit NAV $1,473.11 USD Hedged Unit Class the Suez Canal by the large-size cargo vessel, but overall rose during March. In terms of corporate ¥35,749 Yen Unit Class performance, we expect a pick-up in capital investment for the manufacturing industry, depreciation €878.55 EUR Hedged Unit Class of the yen and recovery in the service industry with increased demand after the state of emergency Legal Classification UCITS regulated by declaration is cancelled. We think it important to continue our due diligence and company visits to Central Bank of Ireland select companies that are expected to achieve EPS growth over the medium to long term. Listed Irish Stock Exchange Reporting Year End July

Subscription / Daily Investment Themes Redemption Minimum Investment $10,000 USD Hedged Unit Class WITH THIS IN MIND WE ARE BUILDING OUR PORTFOLIO AROUND THE FOLLOWING ¥1,000,000 Yen Unit Class THEMES: €10,000 EUR Hedged Unit Class 1. Companies that have established highly profitable business models that will enable them to achieve a high NAV Calculations Daily level of earnings growth over the medium to long term; Manager Carne Global Fund Managers (Ireland) Ltd 2. Companies with sustainable earnings growth over the medium to long term in the hardware and software Dublin fields that contribute to the actualization of IoT and 5G, which are part of the fourth industrial revolution; Trustee BNY Mellon Trust Company (Ireland) Ltd 3. Companies that contribute to customer productivity improvement by providing services using IoT and 5G; Dublin 4. Companies that are supportive of lifestyle changes brought on by the Coronavirus; Investment Manager Yuki Management & Research Co. Ltd 5. Japanese bellwether companies with EPS growth and low stock price volatility. Tokyo Fund Manager Magotaka Oshitani Administrator BNY Mellon Fund Services (Ireland) DAC PERFORMANCE CHART Dublin USD HEDGED UNIT CLASS Auditor PricewaterhouseCoopers 1,700 Dublin 1,600 USD Unit 1,500 International Yuki-Co, LLC TOPIX 1,400 Placing Agent 1,300 1,200 1,100 1,000 900 CONTACTS 800 For Fund Prospectus & Application Form: 12/15 06/16 12/16 06/17 12/17 06/18 12/18 06/19 12/19 06/20 12/20 Transfer Agent BNY Mellon Fund Services (Ireland) DAC YEN UNIT CLASS Tel: +353 1 900 4590 45,000 e-mail: [email protected] 40,000 YEN Unit 35,000 TOPIX For Further Fund Information: 30,000 International Placing Agent 25,000 Jeff Collett 20,000 Yuki-Co LLC 2173 Walker Lane 15,000 Holladay, UT 84117 USA 10,000 5,000 Tel: +1 (801) 554-5191 e-mail: [email protected] 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 www.yukifunds.com Yuki Asia Umbrella Fund Yuki Japan Rebounding Growth Fund USD Hedged Unit Class 2018 LIPPER FUND AWARD, UK EQUITY JAPAN BEST FUND OVER 3 YEARS EQUITY JAPAN BEST FUND OVER 5 YEARS 31 MARCH 2021 | PAGE 2 OF 2 FUND MANAGER’S COMMENT | REVIEW

Through company visits and earnings announcement meetings, the fund manager added new FEES positions, confirmed existing positions, and increased the weightings of some positions. One company of note is Dexerials Corp (4980), which boasts a high global market share as a Manager 0.015% manufacturer of anti-reflective materials for display surfaces such as notebooks, PCs, smartphones and tablets. The company’s solid technology and performance are highly valued and are Administrator 0.085% - 0.025% increasingly used in their customers’ high-end models. With its technological capabilities the Trustee 0.02% company is also able to create a virtuous cycle by proposing materials with new functions that Investment Manager & 1.50% match customers’ new products, making it possible to increase the unit price. We have added Placing Agent Dexerials into our portfolio as we expect double-digit EPS growth beyond next fiscal year as they continue increased sales focused on orders for IT devices as well as enlarging their new sector Hedge Cost 0.07% centered on in-vehicle products and the increased sales therefrom.

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PERFORMANCE DATA TOP HOLDINGS

USD HEDGED UNIT CLASS 1 Tokyo Electron Ltd (8035) 4.0% YTD 1M 3M 6M 1Y 3Y 5Y Inception 2 Co Ltd (9697) 3.6% FUND 2.0% 5.9% 2.0% 14.6% 57.2% -5.7% 64.0% 47.3% 3 Sony (6758) 3.1% TOPIX 8.3% 4.8% 8.3% 20.2% 39.3% 14.7% 45.0% 18.5% [excl. dividends] 4 Fujitsu General Ltd (6755) 3.0% *Note: TOPIX figures are stated in USD terms for this table. 5 Co Ltd (7974) 2.9% YEN UNIT CLASS 6 Holdings Co (3635) 2.9% YTD 1M 3M 6M 1Y 3Y 5Y Inception 7 Toshiba Corp (6502) 2.8% FUND 2.0% 5.9% 2.0% 14.4% 56.4% -10.3% 55.7% 257.5% TOPIX 8.3% 4.8% 8.3% 20.2% 39.3% 14.7% 45.0% 125.6% 8 NEC (6701) 2.7% [excl. dividends] 9 Daikin Industries (6367) 2.6% 10 Toyota Motor Corp (7203) 2.5% SECTOR BREAKDOWN TOTAL 30.1% ELECTRIC APPLIANCES 34.3%

SERVICES 11.7%

INFO & COMMUNICATION 10.9%

RETAIL TRADE 9.3%

MACHINERY 7.4%

FUND MANAGER’S COMMENT | Future Strategy

The stock market ended positive in March. Shipping and other stocks continued to rise under favorable market conditions, while the market sustained its pattern from last month of targeting relatively undervalued shares with power, gas and bank stock prices rising. From late March, funds returned to electronic component and IT-related companies that can sustain EPS growth from next fiscal year onward, turning stock prices upward. We believe that this move has begun to return to stock price formation with an emphasis on fundamentals, expected to achieve results for the next fiscal year. We think that among them, companies with unique business models and companies with high market share that are expected to sustain EPS growth will continue to attract attention post-coronavirus. Our investment policy is to focus on fundamentals, building a portfolio focused on companies undergoing a high rate of change with a superior market advantage. We will adjust our position weightings based on target prices using our 3-year earnings estimates, and thoroughly analyze and evaluate company earnings to focus our investments on companies that we expect will improve profits over the mid- to long-term and have high EPS growth momentum based on unit sales growth.

DISCLAIMER: This material is intended to report solely on the investment strategies and opportunities identified by Yuki. Additional information is available upon request. Information herein is believed to be reliable but Yuki does not warrant its completeness or accuracy. Opinions and estimates constitute Yuki’s judgement and are subject to change without notice. Past performance is not indicative of future results. The material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. Yuki and/or its affiliates and employees may hold a position or act as advisor to such issuer. The investments and strategies discussed herein may not be suitable for all investors; if you have any doubts you should consult your own advisor or broker. The material is not intended to provide, and should not be relied on for, accounting, legal or tax advice, or investment recommendations. You should consult your tax or legal adviser about the issues discussed herein. The investments discussed may fluctuate in price or value. Investors may get back less than they invested. Changes in rates of exchange may have an adverse effect on the value, price or income of investments.