Semi Annual Financial Statements

SPARX FUNDS PLC

INTERIM REPORT AND UNAUDITED CONDENSED FINANCIAL STATEMENTS

FOR THE PERIOD FROM 1 NOVEMBER 2019 TO 30 APRIL 2020 SPARX Funds Plc

Contents

Company Information 2

Unaudited Statement of Financial Position 3

Unaudited Statement of Comprehensive Income 9

Unaudited Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 13

Unaudited Statement of Cash Flows 17

Notes to the Unaudited Financial Statements 21

Unaudited Schedule of Investments 33

Unaudited Schedule of Changes in Composition of Portfolio 43

Unaudited Disclosure of Remuneration Policy 50

1 SPARX Funds Plc

COMPANY INFORMATION Registered Office: 33 Sir John Rogerson’s Quay, D02 XK09 Dublin 2, Ireland

DIRECTORS DISTRIBUTOR Mr. Brian Wilkinson (Independent Non-executive) SPARX Overseas Ltd. Mr. Paul McNaughton (Chairman, Non-executive) 37 Front Street Mr. Brian Morikuni (Non-executive) (resigned on 30 Hamilton HM11 March 2020) Bermuda Mr. Alan Ng (Non-executive) Ms. Satomi Fujii (Non-executive) (appointed on 26 March 2020) Bridge Fund Management Limited Ferry House INVESTMENT ADVISORS 48-53 Mount Street Lower SPARX Asset Management Co., Ltd D2 PT98 Shinagawa Season Terrace 6F Dublin 2 1-2-70 Konan Ireland Minato-ku Tokyo, 108-0075 LEGAL ADVISOR AS TO IRISH LAW Japan Dillon Eustace 33 Sir John Rogerson’s Quay SPARX Asia Investment Advisors Limited D02 XK09 1706, 17th Floor, Central Plaza Dublin 2 18 Harbour Road Ireland Wanchai Hong Kong SECRETARY Tudor Trust Limited DEPOSITARY^ 33 Sir John Rogerson’s Quay HSBC France, Dublin Branch D02 XK09 1 Grand Canal Square Dublin 2 Grand Canal Harbour Ireland D02 P820 Dublin 2 MANAGER Ireland Bridge Fund Management Limited Ferry House AUDITORS 48-53 Mount Street Lower Grant Thornton D2 PT98 13-18 City Quay Dublin 2 D02 ED70 Ireland Dublin 2 Ireland

ADMINISTRATOR HSBC Securities Services (Ireland) DAC 1 Grand Canal Square Grand Canal Harbour D02 P820

Dublin 2 Ireland

2 SPARX Funds Plc

UNAUDITED STATEMENT OF FINANCIAL POSITION AS AT 30 APRIL 2020

SPARX SPARX JAPAN SPARX ONEASIA SPARX SMALLER JAPAN GROWTH ONEASIA SPARX COMPANIES SUSTAINABLE EQUITY ALL CAP TOTAL JAPAN FUND FUND EQUITY FUND FUND FUND* 30 APRIL 30 APRIL 30 APRIL 30 APRIL 30 APRIL 30 APRIL 2020 2020 2020 2020 2020 2020* NOTES JPY JPY JPY JPY USD USD

ASSETS Cash and cash equivalents 6,084,481,847 5,885,236,724 3,054,947 145,048,416 479,454 - Financial assets at fair value through profit or loss - Transferable securities 4 139,454,928,200 130,391,279,960 252,370,440 8,309,361,960 4,705,461 - - Financial derivative instruments 4 10,336,217 10,067,297 - 268,920 - - Due from shareholders 693,140,146 690,012,941 - 3,127,205 - - Investments sold not yet settled 456,086,171 439,998,841 - 16,087,330 - - Dividends receivable 853,723,789 773,381,164 5,937,600 73,808,972 5,588 - Other receivables 7,148,820 - - 5,074,260 19,449 - TOTAL ASSETS 147,559,845,190 138,189,976,927 261,362,987 8,552,777,063 5,209,952 - LIABILITIES Financial liabilities at fair value through profit or loss - Financial derivative instruments 4 132,458,658 132,356,714 100,072 1,872 - - Due to shareholders 77,135,957 74,364,124 - 2,771,833 - - Investments purchased not yet settled 2 1,231,876,793 1,215,562,912 - 16,313,881 - - Investment advisory fees payable 2 86,950,157 83,606,405 575,930 2,377,315 3,661 - Administration fees payable 12,607,984 10,089,141 1,986,884 491,426 380 - Depositary fees payable 2 3,376,477 2,748,376 290,207 317,841 188 - Redemptions payable ------Other payables and accrued expenses 141,113,317 125,253,906 2,935,214 12,685,477 2,238 - TOTAL LIABILITIES 1,685,519,343 1,643,981,578 5,888,307 34,959,645 6,467 - NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES 145,874,325,847 136,545,995,349 255,474,680 8,517,817,418 5,203,485 -

* SPARX OneAsia All Cap Fund is terminated on 30 June 2019.

The accompanying notes form an integral part of these financial statements

3 SPARX Funds Plc

UNAUDITED STATEMENT OF FINANCIAL POSITION AS AT 30 APRIL 2020 (CONTINUED)

SPARX SPARX JAPAN SPARX ONEASIA SMALLER JAPAN GROWTH SPARX COMPANIES SUSTAINABLE EQUITY JAPAN FUND FUND EQUITY FUND FUND 30 APRIL 30 APRIL 30 APRIL 30 APRIL 2020 2020 2020 2020

Net Asset Value per share JPY Institutional A Class Shares ¥23,687 ¥20,711 - - JPY Institutional B Class Shares ¥16,784 ¥14,776 ¥9,558 - JPY Institutional C Class Shares ¥9,528 - - - JPY Institutional D Class Shares ¥9,550 - - - JPY Institutional E Class Shares - - ¥8,888 - USD Hedged Class A Shares $146 - - - USD Hedged Class B Shares $169 $148 - - USD Hedged Class C Shares $125 - - - USD Hedged Class D Shares $102 - - - USD Institutional E Class Shares $96 - - - EUR Hedged Class A Shares € 134 - - - EUR Hedged Class B Shares € 114 - - - EUR Hedged Class C Shares € 92 - - - GBP Hedged Class B Shares £117 - - - GBP Hedged Class C Shares - - £96 - GBP Institutional C Class Shares £110 - - - GBP Institutional D Class Shares £97 - £104 - GBP Institutional E Class Shares £98 - £96 - GBP Institutional F Class Shares £97 - £106 - USD Unhedged Class B Shares - - - $105

SPARX OneAsia All Cap Fund is terminated on 30 June 2019.

The accompanying notes form an integral part of these financial statements

4 SPARX Funds Plc

UNAUDITED STATEMENT OF FINANCIAL POSITION AS AT 30 APRIL 2020 (CONTINUED)

SPARX SPARX JAPAN SPARX ONEASIA SMALLER JAPAN GROWTH SPARX COMPANIES SUSTAINABLE EQUITY JAPAN FUND FUND EQUITY FUND FUND 30 APRIL 30 APRIL 30 APRIL 30 APRIL 2020 2020 2020 2020

Number of shares in issue JPY Institutional A Class Shares 113,420 6,826 - - JPY Institutional B Class Shares 518,592 6,888 3 - JPY Institutional C Class Shares 5,410,341 - - - JPY Institutional D Class Shares 3,731,767 - - - JPY Institutional E Class Shares - - 24,700 USD Hedged Class A Shares 22,097 - - - USD Hedged Class B Shares 237,559 - - - USD Hedged Class C Shares 28,324 778 - - USD Hedged Class D Shares 581,317 - - - USD Institutional E Class Shares 6,197 - - - EUR Hedged Class A Shares 15,984 - - - EUR Hedged Class B Shares 48,994 - - - EUR Hedged Class C Shares 507,906 - - - GBP Hedged Class B Shares 267,722 - - - GBP Hedged Class C Shares - - 8,703 - GBP Institutional C Class Shares 139,369 - - - GBP Institutional D Class Shares 9,576 - 492 - GBP Institutional E Class Shares 880,517 - 641,658 - GBP Institutional F Class Shares 192,708 - 227 - USD Unhedged Class B Shares - - - 50,000 SPARX OneAsia All Cap Fund is terminated on 30 June 2019.

The accompanying notes form an integral part of these financial statement

5 SPARX Funds Plc

STATEMENT OF FINANCIAL POSITION AS AT 31 OCTOBER 2019

SPARX SPARX JAPAN SPARX ONEASIA SPARX SMALLER JAPAN GROWTH ONEASIA SPARX COMPANIES SUSTAINABLE EQUITY ALL CAP TOTAL JAPAN FUND FUND EQUITY FUND FUND FUND* 2019 2019 2019 2019 2019 2019 NOTES JPY JPY JPY JPY USD USD

ASSETS Cash and cash equivalents 6 5,725,456,832 5,593,120,396 48,357,751 59,862,267 171,844 50,847 Financial assets at fair value through profit or loss - - Transferable securities 3 132,245,681,994 129,352,487,740 845,941,500 1,458,844,480 5,433,362 - - Financial derivative instruments 3 630,211 614,585 - 15,626 - - Due from shareholders 1,417,295,366 1,416,947,985 - 347,381 - - Investments sold not yet settled 4 125,666,777 103,987,967 - 357,714 196,879 - Dividends receivable 737,418,965 718,585,228 6,224,700 12,573,841 325 - Other receivables 5 1,659,952 - - - 15,328 - TOTAL ASSETS 140,253,810,097 137,185,743,901 900,523,951 1,532,001,309 5,817,738 50,847 LIABILITIES Financial liabilities at fair value through profit or loss - Financial derivative instruments 3 53,349,965 52,780,951 569,011 3 - - Due to shareholders 203,202,447 202,647,874 - 554,573 - - Investments purchased not yet settled 4 125,785,640 103,975,096 3,195,916 357,860 168,583 - Investment advisory fees payable 8 345,393,162 332,853,205 4,015,915 6,691,467 16,918 4 Administration fees payable 8 15,065,454 12,236,557 2,193,896 544,899 417 415 Depositary fees payable 8 3,556,164 2,946,718 302,670 283,817 212 - Redemptions payable 663,418 - - - - 6,126 Other payables and accrued expenses 7 133,641,993 123,018,282 2,672,486 3,051,290 944 44,302 TOTAL LIABILITIES 880,658,243 830,458,683 12,949,894 11,483,909 187,074 50,847 NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES 139,373,151,854 136,355,285,218 887,574,057 1,520,517,400 5,630,664 - *Terminated sub fund

The accompanying notes form an integral part of these financial statements

6 SPARX Funds Plc

STATEMENT OF FINANCIAL POSITION AS AT 31 OCTOBER 2019 (CONTINUED)

SPARX SPARX JAPAN SPARX ONEASIA SMALLER JAPAN GROWTH SPARX COMPANIES SUSTAINABLE EQUITY JAPAN FUND FUND EQUITY FUND FUND 31 OCTOBER 31 OCTOBER 31 OCTOBER 31 OCTOBER 2019 2019 2019 2019

Net Asset Value per share JPY Institutional A Class Shares ¥26,387 ¥23,180 - - JPY Institutional B Class Shares ¥18,641 ¥16,479 - - JPY Institutional C Class Shares ¥10,574 - - - JPY Institutional D Class Shares ¥10,623 - - - JPY B Class Shares - - ¥10,500 - JPY C Class Shares - - ¥10,402 - USD Hedged Class A Shares $162 - - - USD Hedged Class B Shares $186 $164 - - USD Hedged Class C Shares $138 - - - USD Hedged Class D Shares $112 - - - USD B Class Shares - - - $113 USD Institutional E Class Shares $105 EUR Hedged Class A Shares € 150 - - - EUR Hedged Class B Shares € 127 - - - EUR Hedged Class C Shares € 102 - - - GBP Hedged Class B Shares £131 - £106 - GBP C Class Shares - - £111 - GBP Institutional C Class Shares £116 - - - GBP Institutional D Class Shares £102 - - - GBP Institutional E Class Shares £103 - £100 - GBP Institutional F Class Shares £103 - - -

SPARX OneAsia All Cap Fund is terminated on 30 June 2019.

The accompanying notes form an integral part of these financial statements

7 SPARX Funds Plc

STATEMENT OF FINANCIAL POSITION AS AT 31 OCTOBER 2019 (CONTINUED)

SPARX SPARX JAPAN SPARX ONEASIA SMALLER JAPAN GROWTH SPARX COMPANIES SUSTAINABLE EQUITY JAPAN FUND FUND EQUITY FUND FUND 31 OCTOBER 31 OCTOBER 31 OCTOBER 31 OCTOBER 2019 2019 2019 2019

Number of shares in issue JPY Institutional A Class Shares 116,168 18,316 - - JPY Institutional B Class Shares 1,495,090 18,286 - - JPY Institutional C Class Shares 3,341,676 - - - JPY Institutional D Class Shares 2,703,598 - - - JPY B Class Shares - - 11,145 - JPY C Class Shares - - 106,236 - USD Hedged Class A Shares 28,224 - - - USD Hedged Class B Shares 164,379 9,078 - - USD Hedged Class C Shares 76,239 - - - USD Hedged Class D Shares 581,317 - - - USD B Class Shares - - - 50,000 USD Institutional E Class Shares 1,800 - - - EUR Hedged Class A Shares 23,178 - - - EUR Hedged Class B Shares 69,683 - - - EUR Hedged Class C Shares 734,288 - - - GBP Hedged Class B Shares 92,584 - 2,515 - GBP C Class Shares - - 11,097 - GBP Institutional C Class Shares 269,572 - - - GBP Institutional D Class Shares 1,279 - - - GBP Institutional E Class Shares 808,639 - 6,533 - GBP Institutional F Class Shares 68,482 - - - SPARX OneAsia All Cap Fund is terminated on 30 June 2019.

The accompanying notes form an integral part of these financial statements

8 SPARX Funds Plc

UNAUDITED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD FROM 1 NOVEMBER 2019 TO 30 APRIL 2020

SPARX JAPAN SPARX JAPAN SPARX SPARX ONEASIA SMALLER SUSTAINABLE GROWTH ONEASIA SPARX COMPANIES EQUITY EQUITY ALL CAP TOTAL JAPAN FUND FUND FUND FUND FUND* 30 APRIL 30 APRIL 30 APRIL 30 APRIL 30 APRIL 30 APRIL 2020 2020 2020 2020 2020 2020 NOTES JPY JPY JPY JPY USD USD INCOME Interest 55,579 - - 25,354 278 - Dividends 1,096,258,602 1,007,914,214 7,558,680 78,322,922 22,652 - Less: Withholding tax (167,856,117) (154,362,065) (1,157,618) (11,995,153) (3,139) - Other income 13,176,082 7,054,817 534,572 5,123,969 4,256 - TOTAL INVESTMENT INCOME 941,634,146 860,606,966 6,935,634 71,477,092 24,047 - EXPENSES Investment advisory fees 2 550,274,319 530,704,963 4,710,651 12,204,023 24,417 - Administration fees 2 91,661,751 80,947,907 3,843,684 6,145,741 6,663 - Depositary fees 2 26,270,734 23,314,053 1,353,681 1,485,036 1,085 - Directors' fees and expenses 2 5,220,503 4,417,358 451,413 334,445 159 - Audit fees 2,935,306 2,368,981 318,309 235,839 112 - Transaction costs 5,586,998 4,910,903 70,178 605,917 - - Other expenses 23,676,390 19,245,299 1,012,196 2,702,521 6,589 - OPERATING EXPENSES 705,626,001 665,909,464 11,760,112 23,713,522 39,025 - FINANCE COST Distributions to redeemable participating Distributions to redeemable participating shareholders 86,765,019 86,765,019 - - - - NET INVESTMENT INCOME/(EXPENSE) 149,243,126 107,932,483 (4,824,478) 47,763,570 (14,978) -

*Terminated sub fund.

The accompanying notes form an integral part of these financial statements

9 SPARX Funds Plc

UNAUDITED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD FROM 1 NOVEMBER 2019 TO 30 APRIL 2020 (CONTINUED)

SPARX JAPAN SPARX JAPAN SPARX SPARX ONEASIA SMALLER SUSTAINABLE GROWTH ONEASIA SPARX COMPANIES EQUITY EQUITY ALL CAP TOTAL JAPAN FUND FUND FUND FUND FUND* 30 APRIL 30 APRIL 30 APRIL 30 APRIL 30 APRIL 30 APRIL 2020 2020 2020 2020 2020 2020 NOTES JPY JPY JPY JPY USD USD Net realised loss on: RG-Investments (2,361,071,678) (2,049,628,027) (32,208,152) (269,991,461) (85,024) - RG-Forward foreign exchange contracts (586,416,726) (581,045,289) (971,750) (4,399,687) - - RG-Foreign exchange (7,114,892) (4,149,697) (6,117) (2,493,854) (4,279) - Net change in fair value of investments and foreign exchange: UG-Investments (14,101,940,530) (13,308,114,477) (65,837,064) (692,582,357) (325,660) - RG-Forward foreign exchange contracts (69,402,687) (70,123,051) 468,939 251,425 - - UG-Foreign exchange 1,327,374 824,791 139,528 62,763 2,762 - LOSS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES FROM OPERATIONS (16,975,376,013) (15,904,303,267) (103,239,094) (921,389,601) (427,179) -

*Terminated sub fund.

The accompanying notes form an integral part of these financial statements

10 SPARX Funds Plc

UNAUDITED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD FROM 1 NOVEMBER 2018 TO 30 APRIL 2019

SPARX JAPAN SPARX JAPAN SPARX SPARX ONEASIA SMALLER SUSTAINABLE GROWTH ONEASIA SPARX COMPANIES EQUITY EQUITY ALL CAP TOTAL JAPAN FUND FUND FUND FUND FUND* 30 APRIL 30 APRIL 30 APRIL 30 APRIL 30 APRIL 30 APRIL 2019 2019 2019 2019 2019 2019 NOTES JPY JPY JPY JPY USD USD INCOME Interest 8,471,472 2,625,238 428 293 2,375 50,169 Dividends 1,101,686,915 797,360,686 110,202,350 142,038,802 25,486 442,695 Less: Withholding tax (164,899,039) (122,115,788) (16,877,491) (21,753,247) (4,239) (33,087) Other income 13,292,264 9,188,467 2,179,211 302,785 12,013 2,565 TOTAL INVESTMENT INCOME 958,551,612 687,058,603 95,504,498 120,588,633 35,635 462,342 EXPENSES Investment advisory fees 2 587,648,439 471,785,684 49,879,021 36,269,560 22,167 244,927 Administration fees 2 116,692,565 90,769,924 9,357,257 8,776,112 5,101 64,915 Depositary fees 2 38,931,166 26,010,749 5,774,940 3,379,446 3,288 30,564 Directors' fees and expenses 2 5,578,801 2,756,509 950,834 794,560 2,731 6,949 Audit fees 2,926,048 2,168,252 312,698 221,263 105 1,907 Transaction costs 2,782,052 2,194,426 204,808 349,443 - 300 Establishment expenses 4,281,896 - - - 38,489 - Other expenses 14,189,045 8,047,773 2,069,399 1,187,609 7,411 18,515 OPERATING EXPENSES 773,030,012 603,733,317 68,548,957 50,977,993 79,292 368,077 Finance costs Distributions to redeemable participating 10,597,546 10,597,546 - - - - NETshareholders INVESTMENT INCOME/(EXPENSE) 174,924,054 72,727,740 26,955,541 69,610,640 (43,657) 94,265 *Terminated sub fund.

The accompanying notes form an integral part of these financial statements

11 SPARX Funds Plc

UNAUDITED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD FROM 1 NOVEMBER 2018 TO 30 APRIL 2019 (CONTINUED)

SPARX SPARX SPARX SPARX JAPAN JAPAN ONEASIA SPARX SMALLER SUSTAINABE GROWTH ONEASIA JAPAN COMPANIES EQUITY EQUITY ALL CAP TOTAL FUND FUND FUND FUND FUND* 30 APRIL 30 APRIL 30 APRIL 30 APRIL 30 APRIL 30 APRIL 2019 2019 2019 2019 2019 2019 NOTES JPY JPY JPY JPY USD USD

Net realised gain/(loss) on: RG-Investments (1,419,585,203) 131,712,517 (1,065,173,341) (168,206,281) 142,803 (3,000,497) RG-Forward foreign exchange contracts (147,220,333) (148,971,974) 1,751,641 - - - RG-Foreign exchange (1,868,296) (428,728) (38,291) (625,866) (7,005) 35

Net change in fair value of investments and foreign exchange UG-Investments 8,596,465,484 6,042,659,792 502,356,395 381,520,375 614,159 14,396,455 RG-Forward foreign exchange contracts (263,544,383) (261,710,177) (1,834,206) - - - UG-Foreign exchange (8,619,170) 1,111,898 160,696 (69,624) (1,239) (87,050) PROFIT/LOSS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES FROM OPERATIONS 6,930,552,153 5,837,101,068 (535,821,565) 282,229,244 705,061 11,403,208 *Terminated sub fund.

The accompanying notes form an integral part of these financial statements

12 SPARX Funds Plc UNAUDITED STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES FOR THE PERIOD FROM 1 NOVEMBER 2019 TO 30 APRIL 2020

Net assets attributable to holders of redeemable participating shares at 1 November 139,373,151,854 136,355,285,218 887,574,057 1,520,517,400 5,630,664 -

Loss attributable to holders of redeemable participating shares from operations (16,975,376,013) (15,904,303,267) (103,239,094) (921,389,601) (427,179) -

Foreign exchange movement arising on aggregation (8,292,728) - - - - -

Proceeds from issuance of redeemable participating shares JPY institutional A Class 407,360 407,360 - - - - JPY institutional B Class 3,719,497,490 2,546,654,853 34,842,000 1,138,000,637 - - JPY institutional C Class 23,634,518,484 23,634,518,484 - - - - JPY institutional D Class 10,790,189,276 10,790,189,276 - - - - JPY institutional E Class 248,665,900 - - 248,665,900 - - USD Hedged Class A 60,388,370 60,388,370 - - - - USD Hedged Class B 1,519,229,292 1,519,229,292 - - - - USD Hedged Class C 187,234,689 187,234,689 - - - - USD Institutional E Class Shares 43,767,710 43,767,710 - - - - EUR Hedged Class B 318,007,616 318,007,616 - - - - EUR Hedged Class C 75,056,753 75,056,753 - - - - GPB Hedged Class B Shares 3,351,962,077 3,351,962,077 - - - - GBP Institutional C Class 967,632,397 967,632,397 - - - - GBP Institutional D Class 127,057,621 120,157,200 - 6,900,421 - - GBP Institutional E Class 11,815,628,453 2,839,212,970 - 8,976,415,483 - - GBP Institutional F Class 1,736,722,375 1,731,661,567 - 5,060,808 - - *Terminated sub fund.

The accompanying notes form an integral part of these financial statements

13 SPARX Funds Plc

UNAUDITED STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES FOR THE PERIOD FROM 1 NOVEMBER 2019 TO 30 APRIL 2020 (CONTINUED)

SPARX SPARX JAPAN SPARX ONEASIA SPARX SMALLER JAPAN GROWTH ONEASIA SPARX COMPANIES SUSTAINABLE EQUITY ALL CAP TOTAL JAPAN FUND FUND EQUITY FUNDE FUND FUND* 30 APRIL 30 APRIL 30 APRIL 30 APRIL 30 APRIL 30 APRIL 2020 2020 2020 2020 2020 2020 JPY JPY JPY JPY USD USD

GBP Hedged C Class Shares 92,153,261 - - 92,153,261 - -

Payment on redemption of redeemable participating shares JPY institutional A Class (306,229,083) (66,273,010) (239,956,073) - - - JPY institutional B Class (22,170,890,652) (20,823,285,474) (196,772,781) (1,150,832,397) - - JPY institutional C Class (2,244,554,434) (1,106,560,366) - (1,137,994,068) - - JPY institutional D Class (551,899,960) (551,899,960) - - - - USD Hedged Class A (159,012,404) (159,012,404) - - - - USD Hedged Class B (126,973,429) - (126,973,429) - - - USD Hedged Class C (782,634,847) (782,634,847) - - - - EUR Hedged Class A (115,902,141) (115,902,141) - - - - EUR Hedged Class B (585,973,316) (585,973,316) - - - - EUR Hedged Class C (2,867,068,152) (2,867,068,152) - - - - GPB Hedged Class B (134,305,256) (134,305,256) - - - - GBP Institutional C Class Shares (3,136,420,386) (3,136,420,386) - - - - GBP Institutional D Class (2,489,785) (2,489,785) - - - - GBP Institutional E Class (1,711,673,336) (1,637,041,057) - (74,632,279) - - GBP Institutional F Class (299,424,389) (122,201,062) - (177,223,327) - - GBP Hedged Class C Shares (7,824,820) - - (7,824,820) - - NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES AT 30 APRIL 2020 145,874,325,847 136,545,995,349 255,474,680 8,517,817,418 5,203,485 - *Terminated sub fund.

The accompanying notes form an integral part of these financial statements

14 SPARX Funds Plc UNAUDITED STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES FOR THE PERIOD FROM 1 NOVEMBER 2018 TO 30 APRIL 2019

SPARX SPARX JAPAN SPARX JAPAN ONEASIA SPARX SMALLER SUSTAINABLE GROWTH ONEASIA SPARX COMPANIES EQUITY EQUITY ALL CAP TOTAL JAPAN FUND FUND FUND FUND* FUND* 30 APRIL 30 APRIL 30 APRIL 30 APRIL 30 APRIL 30 APRIL 2019 2019 2019 2019 2019 2019 JPY JPY JPY JPY USD USD Net assets attributable to holders of redeemable participating shares at 1 November 145,317,705,323 109,511,215,329 14,725,345,388 10,909,850,535 - 89,893,897

Profit/loss attributable to holders of redeemable participating shares from operations 6,930,552,153 5,837,101,068 (535,821,565) 282,229,244 705,061 11,403,208 Foreign exchange movement arising on aggregation (166,475,115) - - - - - Proceeds from issuance of redeemable participating JPYshares Institutional A Class Shares 236,804,033 236,803,992 41 - - - JPY Institutional B Class Shares 3,139,267,084 2,967,177,721 172,089,363 - - - JPY Institutional C Class Shares 24,664,977,929 24,493,715,915 171,262,014 - - - JPY A Class Shares 22,210,804 - - 22,210,804 - - JPY B Class Shares 1,405,436,210 - - 1,405,436,210 - - USD Hedged Class A Shares 133,787,674 133,787,674 - - - - USD Hedged Class B Shares 1,104,617,224 1,104,617,224 - - - - USD Hedged Class C Shares 330,733,372 330,733,372 - - - - EUR Hedged Class A Shares 41,747,200 41,747,200 - - - - EUR Hedged Class B Shares 177,562,594 177,562,594 - - - - EUR Hedged Class C Shares 3,699,565,180 3,699,565,180 - - - - GBP Hedged Class B Shares 465,931,032 465,931,032 - - - - USD B Class Shares 556,249,372 - - - 5,000,000 - GBP Institutional Class C Shares 1,934,806,915 1,934,806,915 - - - - GBP C Class Shares 97,313,671 - - 97,313,671 - - GBP Institutional Class D Shares 972,830,656 972,830,656 - - - - *Terminated sub fund. The accompanying notes form an integral part of these financial statements

15 SPARX Funds Plc

UNAUDITED STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES FOR THE PERIOD FROM 1 NOVEMBER 2018 TO 30 APRIL 2019 (CONTINUED)

SPARX SPARX JAPAN SPARX JAPAN ONEASIA SPARX SMALLER SUSTAINABLE GROWTH ONEASIA SPARX COMPANIES EQUITY EQUITY ALL CAP TOTAL JAPAN FUND FUND FUND FUND FUND* 30 APRIL 30 APRIL 30 APRIL 30 APRIL 30 APRIL 30 APRIL 2019 2019 2019 2019 2019 2019 JPY JPY JPY JPY USD USD Payment on redemption of redeemable participating JPYshares Institutional A Class Shares (696,881,240) (650,391,912) (46,489,328) - - - JPY Institutional B Class Shares (16,210,884,326) (13,884,331,986) (2,242,398,233) (84,154,107) - - JPY Institutional C Class Shares (7,893,870,302) (882,597,549) (7,011,272,753) - - - USD Hedged Class A Shares (300,107,087) (300,107,087) - - - - USD Hedged Class B Shares (7,862,865,119) (7,826,728,766) (36,136,353) - - - USD Hedged Class C Shares (400,657,944) (400,657,944) - - - - USD Class C Shares (8,106,115,298) - - - - (72,864,040) EUR Hedged Class A Shares (34,659,226) (34,659,226) - - - - EUR Hedged Class B Shares (213,585,032) (213,585,032) - - - - EUR Hedged Class C Shares (3,437,356,819) (3,437,356,819) - - - - GBP Hedged Class B Shares (39,254,715) (39,254,715) - - - - GBP Institutional Class D Shares (9,215,724) (9,215,724) - - - - GBP Institutional Class C Shares (1,735,152,126) (1,735,152,126) - - - - NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES AT 30 APRIL 2019 144,125,018,353 122,493,556,986 5,196,578,574 12,632,886,357 5,705,061 28,433,065 *Terminated sub fund.

The accompanying notes form an integral part of these financial statements

16 SPARX Funds Plc

UNAUDITED STATEMENT OF CASH FLOWS FOR THE PERIOD FROM 1 NOVEMBER 2019 TO 30 APRIL 2020

SPARX JAPAN SPARX SMALLER SPARX JAPAN ONEASIA SPARX SPARX COMPANIES SUSTAINABLE GROWTH ONEASIA ALL TOTAL JAPAN FUND FUND EQUITY FUND EQUITY FUND CAP FUND* 30 APRIL 30 APRIL 30 APRIL 30 APRIL 30 APRIL 30 APRIL 2020 2020 2020 2020 2020 2020 JPY JPY JPY JPY USD USD

Cash flows from operating activities Loss attributable to holders of redeemable participating shares from operations (16,975,376,013) (15,904,303,267) (103,239,094) (921,389,601) (427,179) - Adjustments to reconcile profit/(loss) for the period to net cash from operating activity Purchases of investments (40,673,973,166) (30,533,961,890) (148,508,315) (9,733,647,312) (2,371,682) - Sales of investments 16,994,361,674 14,137,427,166 644,034,159 1,920,556,014 2,688,899 - Net realised gain on investments 2,361,071,678 2,049,628,027 32,208,152 269,991,461 85,024 - Net unrealised gain on investments 14,101,940,530 13,308,114,477 65,837,064 692,582,357 325,660 - Net unrealised gain/(loss) on forward foreign exchange 69,402,687 70,123,051 (468,939) (251,425) - - Distributions to redeemable participating shareholders 86,765,019 86,765,019 - - - - Decrease in amounts due from shareholders 724,155,220 726,935,044 - (2,779,824) - - (Increase)/decrease in investments sold not yet settled (330,419,394) (336,010,874) - (15,729,616) 196,879 - (Increase)/decrease in dividends receivable (116,304,824) (54,795,936) 287,100 (61,235,131) (5,263) - Increase in other receivables (5,488,868) - - (5,074,260) (4,121) - (Decrease)/increase in due to shareholders (126,066,490) (128,283,750) - 2,217,260 - - Increase/(decrease) in investments purchased not yet settled 1,106,091,153 1,111,587,816 (3,195,916) 15,956,021 (168,583) - Decrease in investment advisory fees payable (258,443,005) (249,246,800) (3,439,985) (4,314,152) (13,257) (4) Decrease in administration fees payable (2,457,470) (2,147,416) (207,012) (53,473) (37) (415) (Decrease)/increase in depositary fees payable (179,687) (198,342) (12,463) 34,024 (24) - Decrease in redemption payable (663,418) - - - - (6,126) Increase/(decrease)in other payables and accrued expenses 7,471,324 2,235,624 262,728 9,634,187 1,294 (44,302) Net cash (used in)/provided by operating activities (23,038,113,050) (15,716,132,051) 483,557,479 (7,833,503,470) 307,610 (50,847) *Terminated sub fund.

The accompanying notes form an integral part of these financial statements

17 SPARX Funds Plc

UNAUDITED STATEMENT OF CASH FLOWS FOR THE PERIOD FROM 1 NOVEMBER 2019 TO 30 APRIL 2020 (CONTINUED)

Cash and cash equivalents 6,084,481,847 5,885,236,724 3,054,947 145,048,416 479,454 - Bank overdraft ------6,084,481,847 5,885,236,724 3,054,947 145,048,416 479,454 -

Supplemental disclosure of cash flow information Interest received - - 25,354 278 - Interest paid 3,546,503 - 784,299 - - Dividend received 953,118,278 7,845,780 17,087,791 17,389 -

*Terminated sub fund.

The accompanying notes form an integral part of these financial statements

18 SPARX Funds Plc

UNAUDITED STATEMENT OF CASH FLOWS FOR THE PERIOD FROM 1 NOVEMBER 2018 TO 30 APRIL 2019

SPARX SPARX JAPAN SPARX JAPAN ONEASIA SPARX SPARX SMALLER SUSTAINABLE GROWTH ONEASIA ALL TOTAL JAPAN FUND COMPANIES FUND EQUITY FUND EQUITY FUND CAP FUND* 30 APRIL 30 APRIL 30 APRIL 30 APRIL 30 APRIL 30 APRIL 2019 2019 2019 2019 2019 2019 JPY JPY JPY JPY USD USD Cash flows from operating activities Profit/(loss) attributable to holders of redeemable participating shares from operations 6,930,552,153 5,837,101,068 (535,821,565) 282,229,244 705,061 11,403,208 Adjustments to reconcile profit/(loss) for the period to net cash from operating activity Purchases of investments (19,054,393,560) (8,554,205,635) (6,961,145,129) (2,548,145,061) (6,272,775) (2,634,181) Sales of investments 28,103,873,940 4,816,744,164 14,905,251,283 1,170,084,915 1,508,961 63,316,223 Net realised (loss)/gain on investments 1,419,585,203 (131,712,517) 1,065,173,341 168,206,281 (142,803) 3,000,497 Net unrealised gain on investments (8,596,465,484) (6,042,659,792) (502,356,395) (381,520,375) (614,159) (14,396,455) Net unrealised loss on forward foreign exchange contracts 263,544,383 261,710,177 1,834,206 - - - Distributions to redeemable participating shareholders 10,597,546 10,597,546 - - - - Increase/(decrease) in investments sold not yet settled (76,728,137) (421,568,473) 315,476,571 91,868,164 - (561,227) Increase/decrease in amounts due from shareholders 602,098,782 602,973,850 - (875,068) - - Increase in dividends receivable (126,065,781) (89,252,058) (14,476,300) (18,615,207) (9,403) (24,939) (Increase)/decrease in other receivables (9,502,865) (6,166,346) (1,447,898) (386,655) (15,358) 1,841 Increase/(decrease) in due to shareholders 998,190,898 283,373,821 (2,690,711) 1,167,438 - 6,432,020 Increase/(decrease) in investments purchased not yet 458,174,059 662,012,071 (184,214,938) (82,547,564) - 564,999 (Decrease)/increase in investment advisory fees payable (9,283,640) 672,325 (7,811,088) 821,168 4,525 (30,354) Increase/(decrease) in administration fees payable 2,371,705 3,291,120 (731,912) 582,845 343 (7,090) Increase/(decrease) in depositary fees payable 1,700,940 2,102,046 (116,695) (76,267) 201 (2,003) Increase in other payables and accrued expenses 23,738,928 15,765,663 2,871,777 3,387,560 5,212 10,438 Net cash used in operating activities 10,941,989,070 (2,749,220,970) 8,079,794,547 (1,313,818,582) (4,830,195) 67,072,977 *Terminated sub fund.

The accompanying notes form an integral part of these financial statements

19 SPARX Funds Plc

UNAUDITED STATEMENT OF CASH FLOWS FOR THE PERIOD FROM 1 NOVEMBER 2018 TO 30 APRIL 2019 (CONTINUED)

Cash and cash equivalents 10,044,409,638 8,541,483,527 253,021,952 448,880,103 169,805 7,022,590 Bank overdraft (920,961) - - (920,961) - - 10,043,488,677 8,541,483,527 253,021,952 447,959,142 169,805 7,022,590

Supplemental disclosure of cash flow information Interest received 2,625,238 428 293 - 50,169 Interest paid 1,137,181 25,596 - - -

Dividends received 708,108,628 95,726,050 257,774,904 - 360,075 *Terminated sub fund.

The accompanying notes form an integral part of these financial statements

20 SPARX Funds Plc

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 NOVEMBER 2019 TO 30 APRIL 2020

1. Principal accounting policies

These condensed financial statements of Sparx Funds Plc (the “Company”) are prepared in accordance with International Financial Reporting Standards (“IFRS”) and interpretations adopted by the International Accounting Standards Board (“IASB”). Specifically these financial statements have been prepared in accordance with IAS (International Accounting Standard) 34: Interim Financial Reporting.

The Company is authorised by the Central Bank of Ireland pursuant to the provisions of the European Communities (Undertakings for Collective Investment in Transferable Securities) (“UCITS”) (Amendment) Regulations, 2016 and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertaking for Collective Investments in Transferable Securities) Regulations 2015 (the “Central Bank UCITS Regulations”).

The comparative figures for the Statement of Financial Position relate to the year ended 31 October 2019. The comparative figures for the Statement of Comprehensive Income, Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares and Statement of Cash Flows relate to the period from 1 November 2018 to 30 April 2019.

The accounting policies used in the preparation of these condensed financial statements are consistent with those used in the Company’s most recent annual financial statements for the year ended 31 October 2019. There have been no changes to the Company’s accounting policies except as describe below, since the date of the Company’s last annual financial statements, for the year ended 31 October 2019. The format of these condensed financial statements differs in some respects from that of the most recent annual financial statements, in that the notes to the condensed financial statements are presented in summary form.

The Company’s Sub-Funds are considered to have one operating segment and therefore IFRS 8 ‘Operating Segments’ has not been adopted in the financial statements.

The Sub-Funds of the company as at 30 April 2020 as follows.

Functional Fund Name currency SPARX Japan Fund JPY SPARX Japan Smaller Companies Fund JPY SPARX Japan Sustainable Equity Fund JPY SPARX OneAsia Growth Equity Fund USD

Accounting standards effective for periods beginning on 1 November 2019

IFRS 9 - Prepayment Features with Negative Compensation

The amendments to IFRS 9 clarify that a financial asset passes the Solely Payments of Principal and Interest (SPPI) criterion regardless of the event or circumstance that causes the early termination of the contract and irrespective of which party pays or receives reasonable compensation for the early termination of the contract. The amendments are intended to apply where the prepayment amount approximates to unpaid amounts of principal and interest plus or minus an amount that reflects the change in a benchmark interest rate. This implies that prepayments at current fair value or at an amount that includes the fair value of the cost to terminate an associated hedging instrument, will normally satisfy the SPPI criterion only if other elements of the change in fair value, such as the effects of credit risk or liquidity, are small.

The amendment applies to businesses acquired in annual reporting periods beginning on or after 1 January 2019. The standard did not have a significant impact on the Company’s financial statements.

21 SPARX Funds Plc

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 NOVEMBER 2019 TO 30 APRIL 2020 (CONTINUED)

1. Principal accounting policies (Continued)

Accounting Standards effective for periods beginning on 1 November 2019 (Continued)

IFRIC 23 Uncertainty over Income Tax Treatments

The interpretation explains how to recognise and measure deferred and current income tax assets and liabilities where there is uncertainty over a tax treatment. In particular, it discusses:

(a) how to determine the appropriate unit of account, and that each uncertain tax treatment should be considered separately or together as a group, depending on which approach better predicts the resolution of the uncertainty.

(b) That the entity should assume a tax authority will examine the uncertain tax treatments and have full knowledge of all related information

(c) that the entity should reflect the effect of the uncertainty in its income tax accounting when it is not probable that the tax authorities will accept the treatment.

(d) that the impact of the uncertainty should be measured using either the most likely amount or the expected value method, depending on which method better predicts the resolution of the uncertainty

(e) that the judgements and estimates made must be reassessed whenever circumstances have changed or there is new information that affects the judgements.

While there are no new disclosure requirements, entities are reminded of the general requirement to provide information about judgements and estimates made in preparing the financial statements.

The Company adopted this amendment and the measurement and classification requirements did not have a significant impact on the Company’s financial statements.

2. Fees and Expenses

Investment Advisory fees

SPARX Asset Management Co., Ltd (the “Investment Advisor”) is entitled to a fee as follows on the Net Asset Value of each class of SPARX Japan Fund, SPARX Japan Smaller Companies Fund, SPARX Japan Sustainable Equity fund and SPARX Asia Investment Advisors Limited (the “Investment Advisor”) is entitled to a fee as follows on the Net Asset Value of each class of SPARX OneAsia Growth Equity Fund. The Investment Advisor is also entitled to be reimbursed its out-of-pocket expenses out of the assets of the Company.

SPARX Japan SPARX Japan SPARX OneAsia SPARX Japan Smaller Sustainable Growth Equity Fund Companies Fund Equity Fund Fund % % % % JPY Institutional Class A Shares 1.50 1.75 1.50 N/A JPY Institutional Class B Shares 0.90 1.00 0.90 N/A JPY Institutional Class C Shares 0.75 0.80 0.75 N/A JPY Institutional D Class Shares 0.65 0.35 0.65 N/A JPY Institutional E Class Shares N/A N/A 0.35 N/A JPY A Class Shares N/A N/A 1.50 N/A JPY B Class Shares N/A N/A 0.90 N/A JPY C Class Shares N/A N/A 0.60 N/A JPY D Class Shares N/A N/A 0.75 N/A USD Hedged Class A Shares 1.50 1.75 1.50 N/A USD Hedged Class B Shares 0.75 1.00 0.90 N/A USD Hedged Class C Shares 0.90 N/A 0.75 N/A USD Hedged Class D Shares 0.75 0.35 N/A N/A USD Hedged Class E Shares N/A N/A 0.35 N/A USD Class A Shares N/A N/A N/A 1.50 USD Class B Shares N/A N/A N/A 0.90

22 SPARX Funds Plc

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 NOVEMBER 2019 TO 30 APRIL 2020 (CONTINUED)

2. Fees and Expenses (Continued)

Investment Advisory fees (Continued)

SPARX Japan SPARX Japan SPARX OneAsia SPARX Smaller Sustainable Growth Equity Japan Fund Companies Fund Equity Fund Fund % % % % USD Class C Shares N/A N/A N/A 0.75 USD Class D Shares N/A N/A N/A N/A USD Institutional E Class Shares 0.90 N/A N/A N/A USD Institutional F Class Shares N/A N/A 0.35 N/A EUR Hedged Class A Shares 1.50 1.75 N/A N/A EUR Hedged Class B Shares 0.90 1.00 N/A N/A EUR Hedged Class C Shares 0.75 N/A 0.75 N/A EUR Hedged Class D Shares N/A 0.35 N/A N/A EUR Hedged Class E Shares N/A N/A 0.35 N/A EUR Institutional Class D Shares N/A N/A 0.35 N/A CHF Hedged Class A Shares 1.50 1.75 N/A N/A CHF Hedged Class B Shares 0.90 1.00 N/A N/A GBP Hedged Class A Shares 1.50 1.75 N/A N/A GBP Hedged Class B Shares 0.90 1.00 0.75 N/A GBP Hedged Class C Shares N/A N/A 0.75 N/A GBP Hedged Class F Shares N/A 0.35 0.35 N/A GBP Hedged Class G Shares N/A 0.35 0.35 N/A GBP Hedged Class H Shares N/A N/A 0.35 N/A GBP Institutional Class C Shares 0.90 N/A N/A N/A GBP Institutional Class D Shares 0.90 0.35 0.75 N/A GBP Institutional E Class Shares 0.75 0.35 0.35 N/A GBP Institutional F Class Shares 0.75 N/A 0.35 N/A GBP Class C Shares N/A N/A 0.75 N/A

Investment advisory fees charged for the period from 1 November 2019 to 30 April 2020 were JPY 550,274,319 (30 April 2019: JPY 587,648,439). Investment Advisory fees payable at 30 April 2019 were JPY 86,950,157 (30 April 2019: JPY 102,335,403).

Administration and depositary fees

The Company pays HSBC Securities Services (Ireland) DAC (the “Administrator”) and HSBC France (the “Depositary”) out of the assets of each Fund an annual fee, accrued at each Valuation Point and payable monthly in arrears.

Until 28 February 2019, the Administrator is entitled to a fee of 0.125% per annum of the Net Asset Value of each Fund up to US$250 million, a fee of 0.10% per annum of the Net Asset Value on the next US$250 million. The Administrator is entitled to receive 0.075% per annum in respect of any assets under management over US$500 million. (The Administrators fee is subject to a minimum monthly fee for the first share class of US$5,000 and a minimum monthly fee of US$500 for every additional share class. Company paid annual fees of US$15,000 per set of annual and interim financial statements for the Company and initial Fund, plus an additional fee of US$2,500 for each additional Fund created thereafter. The Administrator is also entitled to any reasonable out-of-pocket expenses incurred on behalf of the Fund

From 1 March 2019, the Administrator is entitled to a fee of 0.06% per annum of the Net Asset Value of each Fund up to US$500 million, a fee of 0.05% per annum of the Net Asset Value over US$500 million. (The Administrators fee is subject to a minimum monthly fee for the first share class of US$5,833 and a minimum monthly fee of US$500 for every additional share class. Company paid annual fees of US$15,000 per set of annual and interim financial statements for the Company and initial Fund, plus an additional fee of US$2,500 for each additional Fund created thereafter. The Administrator is also entitled to any reasonable out-of-pocket expenses incurred on behalf of the Fund.

The Depositary is entitled to a fee of 0.05% per annum of the Net Asset Value of each Fund up to US$250 million, a fee of 0.04% per annum of the Net Asset Value on the next US$250 million and the Depositary is entitled to receive a fee of 0.03% per annum in respect of any assets under custody above US$500 million, subject to a minimum monthly fee of US$40,000. The Depositary is also entitled to any reasonable out-of-pocket expenses incurred on behalf of the Fund. 23 SPARX Funds Plc

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 NOVEMBER 2019 TO 30 APRIL 2020 (CONTINUED)

2. Fees and Expenses (Continued) Administration and depositary fees (continued)

Administration fees charged for the period from 1 November 2019 to 30 April 2020 were JPY 91,661,751 (30 April 2019: JPY 116,692,565) and depositary fees charged were JPY 26,270,734 (30 April 2019: JPY 38,931,166). Administration fees payable at 30 April 2019 were JPY 12,607,984 (31 October 2019: JPY 15,065,454) and depositary fees payable were JPY 3,376,477 (30 April 2019: JPY 7,315,507).

Directors’ fees and expenses

The Directors shall be entitled to a fee and remuneration for their services at a rate to be determined by the Directors up to a maximum in aggregate of EUR 75,000 per annum. Mr. Alan Ng and Mr. Brian Morikuni have waived their entitlement to receive remuneration. Directors may be entitled to special remuneration if called upon to perform any special or extra services to the Company. All Directors will be entitled to reimbursement by the Company of expenses properly incurred in connection with the business of the Company or the discharge of their duties. Mr Brian Morikuni resigned as a Director with effect from 30 March 2020 and Ms Satomi Fujii was appointed as a Director with effect from 26 March 2020 in the Company.

Directors’ fees charged for the period from 1 November 2019 to 30 April 2020 were JPY 5,220,503 (30 April 2019: JPY 5,578,801), of which JPY 4,240,564 (31 October 2019: JPY 8,477,866) was payable at 30 April 2020.

3. Distributions to shareholders The Directors are empowered to declare and pay dividends for Shares of any sub-fund in the Company. A semi-annual distribution for EUR Class C and GBP Institutional D Class of SPARX Japan Fund are allowed by the Directors. Except for the given distribution, it is not currently intended to distribute dividends to the shareholders, the current intention being that income and earnings and gains of the Funds will be accumulated and reinvested on behalf of shareholders.

4. Financial Assets and Liabilities at Fair Value through Profit or Loss

SPARX SPARX Japan SPARX OneAsia SPARX Smaller Japan Growth Japan Companies Sustainable Equity Total Fund Fund Equity Fund Fund 30 April 2020 30 April 2020 30 April 2020 30 April 2020 30 April 2020 JPY JPY JPY JPY USD Financial Assets Held for trading: - listed equity securities held for trading 139,454,928,200 130,391,279,960 252,370,440 8,309,361,960 4,705,461 - forward currency contracts 10,336,217 10,067,297 - 268,920 - 139,465,264,417 130,401,347,257 252,370,440 8,309,630,880 4,705,461

SPARX SPARX Japan SPARX OneAsia SPARX Smaller Japan Growth Japan Companies Sustainable Equity Total Fund Fund Equity Fund Fund 30 April 2020 30 April 2020 30 April 2020 30 April 2020 30 April 2020 JPY JPY JPY JPY USD Financial Liabilities Held for trading: - forward currency contracts (132,458,658) (132,356,714) (100,072) (1,872) - (132,458,658) (132,356,714) (100,072) (1,872) - Sparx One Asia All Cap fund is terminated on 30 June 2019 and did not hold any assets and liabilities at fair value through profit or loss at year end. 24 SPARX Funds Plc

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 NOVEMBER 2019 TO 30 APRIL 2020 (CONTINUED)

4. Financial Assets and Liabilities at Fair Value through Profit or Loss (Continued)

- listed equity securities held for trading 132,245,681,994 129,352,487,740 845,941,500 1,458,844,480 5,433,362 - forward currency contracts 630,211 614,585 - 15,626 - 132,246,312,205 129,353,102,325 845,941,500 1,458,860,106 5,433,362

SPARX Japan SPARX SPARX SPARX Smaller Japan OneAsia Japan Companies Sustainable All Cap Total Fund Fund Equity Fund Fund 31 October 31 October 31 October 31 October 31 October 2019 2019 2019 2019 2019 JPY JPY JPY JPY USD Financial Liabilities - forward currency contracts (53,349,965) (52,780,951) (569,011) (3) - (53,349,965) (52,780,951) (569,011) (3) -

The following table presents the financial instruments carried on the Statement of Financial Position by caption and by Level within the valuation hierarchy as at 30 April 2020.

SPARX Japan Fund Level 1 Level 2 Level 3 Total JPY JPY JPY JPY Financial assets at fair value through profit or loss - listed equity securities held for trading 130,391,279,960 - - 130,391,279,960 - forward currency contracts - 10,067,297 - 10,067,297 130,391,279,960 10,067,297 130,401,347,257

Level 1 Level 2 Level 3 Total JPY JPY JPY JPY Financial liabilities at fair value through profit or loss - forward currency contracts - (132,356,714) - (132,356,714) - (132,356,714) - (132,356,714)

25 SPARX Funds Plc

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 NOVEMBER 2019 TO 30 APRIL 2020 (CONTINUED)

4. Financial Assets and Liabilities at Fair Value through Profit or Loss (continued)

SPARX Japan Smaller Companies Fund Level 1 Level 2 Level 3 Total JPY JPY JPY JPY Financial assets at fair value through profit or loss - listed equity securities held for trading 252,370,440 - - 252,370,440 - forward currency contracts - - - - 252,370,440 - - 252,370,440

Level 1 Level 2 Level 3 Total JPY JPY JPY JPY Financial liabilities at fair value through profit or loss - forward currency contracts - (100,072) - (100,072) - (100,072) - (100,072)

SPARX Japan Sustainable Equity Fund Level 1 Level 2 Level 3 Total JPY JPY JPY JPY Financial assets at fair value through profit or loss - listed equity securities held for trading 8,309,361,960 - - 8,309,361,960 - forward currency contracts - 268,920 - 268,920 8,309,361,960 268,920 - 8,309,630,880

Level 1 Level 2 Level 3 Total JPY JPY JPY JPY Financial liabilities at fair value through profit or loss - forward currency contracts - (1,872) - (1,872) - (1,872) - (1,872)

SPARX OneAsia Growth Equity Fund Level 1 Level 2 Level 3 Total USD USD USD USD Financial assets at fair value through profit or loss - listed equity securities held for trading 4,705,461 - - 4,705,461 4,705,461 - - 4,705,461

The following table presents the financial instruments carried on the Statement of Financial Position by caption and by Level within the valuation hierarchy as at 31 October 2019.

SPARX Japan Fund Level 1 Level 2 Level 3 Total JPY JPY JPY JPY Financial assets at fair value through profit or loss - listed equity securities held for trading 129,352,487,740 - - 129,352,487,740 - forward currency contracts - 614,585 - 614,585 129,352,487,740 614,585 - 129,353,102,325

Level 1 Level 2 Level 3 Total JPY JPY JPY JPY Financial liabilities at fair value through profit or loss - forward currency contracts - (52,780,951) - (52,780,951) - (52,780,951) - (52,780,951)

26 SPARX Funds Plc

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 NOVEMBER 2019 TO 30 APRIL 2020 (CONTINUED)

4. Financial Assets and Liabilities at Fair Value through Profit or Loss (continued)

SPARX Japan Smaller Companies Fund Level 1 Level 2 Level 3 Total JPY JPY JPY JPY Financial assets at fair value through profit or loss - listed equity securities held for trading 845,941,500 - - 845,941,500 - forward currency contracts - - - - 845,941,500 - - 845,941,500

Level 1 Level 2 Level 3 Total JPY JPY JPY JPY Financial liabilities at fair value through profit or loss - forward currency contracts - (569,011) - (569,011) - (569,011) - (569,011)

SPARX Japan Sustainable Equity Fund Level 1 Level 2 Level 3 Total JPY JPY JPY JPY Financial assets at fair value through profit or loss - listed equity securities held for trading 1,458,844,480 - - 1,458,844,480 - forward currency contracts - 15,626 - 15,626 1,458,844,480 15,626 - 1,458,860,106

Level 1 Level 2 Level 3 Total JPY JPY JPY JPY Financial liabilities at fair value through profit or loss - forward currency contracts - (3) - (3) - (3) - (3)

SPARX OneAsia Growth Equity Fund Level 1 Level 2 Level 3 Total USD USD USD USD Financial assets at fair value through profit or loss - listed equity securities held for trading 5,433,362 - - 5,433,362 5,433,362 - - 5,433,362

Investments Investments whose values are based on quoted market prices in active markets are classified within Level 1. These include active listed equities. The Directors do not adjust the quoted price for such instruments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price.

Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. At the year end, the Company held Forward currency contracts categorised as Level 2 securities.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. At the year end, the Company did not hold any Level 3 securities (31 October 2019: Nil). There were no transfers between Level 1 and Level 2 during the year.

The Company has not disclosed the fair values in a fair value hierarchy for cash at bank and other debtors and creditors as their carrying values are reasonable approximation of fair value.

27 SPARX Funds Plc

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 NOVEMBER 2019 TO 30 APRIL 2020 (CONTINUED)

4. Financial Assets at Fair Value through Profit or Loss (continued)

Offsetting Financial Assets and Financial Liabilities

As at 30 April 2020, the Sub-Funds are subject to an enforceable master netting arrangement in the form of an ISDA agreement with the derivative counterparties. Under the terms of this agreement, offsetting of derivative contracts is permitted only in the event of bankruptcy or default of either party to the agreement. No financial assets or liabilities, subject to enforceable master netting arrangements or similar arrangements, are presented on a net basis in the Statement of Financial Position of the Sub-Funds as at 30 April 2020. The gross amounts of unrealised gains and losses on forwards, by contract, are disclosed in the Schedule of Investments of the Sub-Funds. As at 30 April 2020, the amount of unrealised gains on open forwards offset against unrealised losses was JPY 122,122,441 (31 October 2019: JPY 52,719,754).

As at 30 April 2020, there are no collateral balances held with the Company.

5. Soft Commissions

There were no soft commission arrangements affecting the Company during the period 1 November 2019 to 30 April 2020.

6. Comparative Net Asset Value Table

The Net Asset Value and Net Asset Value per Share are detailed below.

Net Asset Value 30 April 2020 31 October 2019 30 April 2019

SPARX Japan Fund JPY Institutional A Class Shares ¥2,686,522,386 ¥3,065,271,288 ¥3,137,250,177 JPY Institutional B Class Shares ¥8,703,864,019 ¥27,869,629,459 ¥31,962,136,120 JPY Institutional C Class Shares ¥51,548,362,628 ¥35,335,768,773 ¥49,585,053,752 JPY Institutional D Class Shares ¥35,639,851,232 ¥28,719,082,041 - USD Hedged Class A Shares USD 3,235,952 US$4,567,659 USD 7,180,541 USD Hedged Class B Shares USD 40,123,649 US$30,581,520 USD 30,009,950 USD Hedged Class C Shares USD 3,545,526 US$10,529,008 USD 11,349,949 USD Hedged Class D Shares USD 59,130,920 US$65,104,040 USD 63,895,375 USD Institutional E Class Shares USD 594,468 US$189,243 - EUR Hedged Class A Shares €2,144,529 €3,485,357 €2,268,069 EUR Hedged Class B Shares €5,568,030 €8,849,290 €15,095,545 EUR Hedged Class C Shares €46,578,066 €75,219,101 €80,910,652 GBP Hedged Class B Shares £31,425,602 £12,133,201 £16,091,576 GBP Institutional C Class Shares £15,330,532 £31,272,771 £67,101,810 GBP Institutional D Class Shares £928,824 £130,818 £6,938,946 GBP Institutional E Class Shares £86,110,696 £83,340,638 - GBP Institutional F Class Shares £18,700,762 £7,023,522 -

SPARX Japan Smaller Companies Fund 30 April 2020 31 October 2019 30 April 2019 JPY Institutional A Class Shares ¥141,382,440 ¥424,576,095 ¥440,099,599 JPY Institutional B Class Shares ¥101,782,958 ¥301,339,886 ¥1,469,622 JPY Institutional C Class Shares - - ¥4,399,564,153 USD Hedged Class B Shares $115,401 $1,492,757 USD 1,469,622

28 SPARX Funds Plc

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 NOVEMBER 2019 TO 30 APRIL 2020 (CONTINUED)

6. Comparative Net Asset Value Table (continued)

Net Asset Value 30 April 2020 31 October 2019 30 April 2019

SPARX Japan Sustainable Equity Fund JPY A Class Shares - ¥22,983,270 JPY B Class Shares ¥23,923 ¥117,033,242 ¥1,362,370,389 JPY C Class Shares - ¥1,105,027,122 ¥11,148,896,616 GBP C Class Shares - £1,227,298 £700,209 GBP Hedged Class B Shares - £266,134 - GBP Institutional E Class Shares £61,468,009 £650,169 - GBP Institutional Class F Shares £24,075 - - GBP Hedged Class C £834,593 - - JPY Instituional Class E Shares ¥219,521,296 - - GBP Institutional Class D Shares £51,215 - -

SPARX OneAsia All Cap Fund* USD Class C Shares - - $28,446,525

SPARX OneAsia Growth Equity Fund USD B Class Shares $5,231,743 £5,663,900 $5,737,367 *Terminated Sub fund

Net Asset Value per Share 30 April 2020 31 October 2019 30 April 2019

SPARX Japan Fund JPY Institutional A Class Shares ¥23,687 ¥26,387 ¥26,255 JPY Institutional B Class Shares ¥16,784 ¥18,641 ¥18,491 JPY Institutional C Class Shares ¥9,528 ¥10,574 ¥10,481 JPY Institutional D Class Shares ¥9,550 ¥10,623 - USD Hedged Class A Shares USD 146 US$162 US$159 USD Hedged Class B Shares USD 169 US$186 US$183 USD Hedged Class C Shares USD 125 US$138 US$136 USD Hedged Class D Shares USD 102 US$112 US$110 USD Institutional E Class Shares USD 96 US$105 - EUR Hedged Class A Shares €134 €150 € 150 EUR Hedged Class B Shares €114 €127 € 127 EUR Hedged Class C Shares €92 €102 € 102 GBP Hedged Class B Shares £117 £131 £130 GBP Institutional C Class Shares £110 £116 £112 GBP Institutional D Class Shares £97 £102 £107 GBP Institutional E Class Shares £98 £103 - GBP Institutional F Class Shares £97 £103 -

SPARX Japan Smaller Companies Fund JPY Institutional A Class Shares ¥20,711 ¥23,180 ¥22,302 JPY Institutional B Class Shares ¥14,776 ¥16,479 ¥15,794 JPY Institutional C Class Shares - - ¥9,174 USD Hedged Class B Shares $148 $164 US$156

SPARX Japan Sustainable Equity Fund JPY A Class Shares - - ¥10,267 JPY B Class Shares ¥9,558 ¥10,500 ¥10,290 JPY C Class Shares - ¥10,402 ¥9,557 JPY Instituional Class E Shares ¥8,888 - - GBP C Class Shares - £111 £105 GBP Hedged Class B Shares - £106 - GBP Institutional E Class Shares £96 £100 -

29 SPARX Funds Plc

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 NOVEMBER 2019 TO 30 APRIL 2020 (CONTINUED)

6. Comparative Net Asset Value Table (continued)

Net Asset Value per Share 30 April 2020 31 October 2019 30 April 2019

SPARX Japan Sustainable Equity Fund GBP Institutional Class F Shares £106 - - GBP Hedged Class C £96 - - GBP Institutional Class D Shares £104 - -

SPARX OneAsia All Cap Fund* USD Class C Shares - - $94

SPARX OneAsia Growth Equity Fund USD B Class Shares $105 $113 $115

*Terminated sub fund

7. Exchange Rates

The following exchange rates were used to translate assets and liabilities other than SPARX OneAsia Growth Equity Sub fund into their reporting currency which is Japanese Yen at 30 April 2020:

Yen : Euro 1 : 0.008613 Yen : US Dollar 1 : 0.009375 Yen : Sterling Pounds 1 : 0.007516 Yen : Swiss Franc 1 : 0.009100

The following exchange rates were used to translate assets and liabilities of SPARX OneAsia Growth Equity fund into its reporting currency which is US Dollar at 30 April 2020:

US Dollar : Chinese Yuen 1 : 7.04825 US Dollar : Euro 1 : 0.91945 US Dollar : Hong Kong Dollar 1 : 7.75105 US Dollar : Indonesian Rupiah 1 : 14875.00000 US Dollar : Indian Rupee 1 : 75.06200 US Dollar : Korean Won 1 : 1,206.70000 US Dollar : Malaysian Ringgit 1 : 4.30000 US Dollar : Philippine Peso 1 : 50.44000 US Dollar : Singapore Dollar 1 : 1.40945 US Dollar : Thai Baht 1 : 32.33500 US Dollar : New Taiwanese Dollar 1 : 29.71600 US Dollar : Vietnamese Dong 1 : 23429.00000

The following exchange rates were used to translate assets and liabilities into the reporting currency (Japanese Yen) at 31 October 2019:

Yen : Euro 1 : 0.008271 Yen : US Dollar 1 : 0.009234 Yen : Sterling Pounds 1 : 0.007137

30 SPARX Funds Plc

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 NOVEMBER 2019 TO 30 APRIL 2020 (CONTINUED)

7. Exchange Rates (continued)

The following exchange rates were used to translate assets and liabilities of SPARX OneAsia All Cap Sub fund into its reporting currency which is US Dollar at 31 October 2019:

US Dollar : Chinese Yuen 1 : 7.04430 US Dollar : Euro 1 : 0.896781 US Dollar : Hong Kong Dollar 1 : 7.83585 US Dollar : Indonesian Rupiah 1 : 14,037.00000 US Dollar : Indian Rupee 1 : 70.95500 US Dollar : Korean Won 1 : 1,168.88000 US Dollar : Malaysian Ringgit 1 : 4.17850 US Dollar : Philippine Peso 1 : 50.86500 US Dollar : Singapore Dollar 1 : 1.36110 US Dollar : Thai Baht 1 : 30.19000 US Dollar : New Taiwanese Dollar 1 : 30.48200 US Dollar : Vietnamese Dong 1 : 23,203.0000

8. Related Parties

Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions. Mr. Brian Morikuni is a Director of SPARX Overseas Ltd. (“SOL”) and SPARX Asia Investment Advisors Limited (“SAIA”). SOL, SAIA and the Investment Advisor are wholly-owned subsidiaries of SPARX Group Co. Ltd. Mr. Paul McNaughton, a Director of the Company is also a Director of Bridge Fund Management Limited which is responsible on a day-to-day basis under the supervision of the Directors, for the management of the Company’s affairs and distribution of the Shares. Mr. McNaughton received Director’s fees of €20,000 during the year. Bridge Consulting were paid € 29,213 (2019: €63,806) for their services during the period. Mr Brian Morikuni resigned as a Director with effect from 30 March 2020 and Ms Satomi Fujii was appointed as a Director with effect from 26 March 2020 in the Company. Ms. Fujii is a Director of Global Business Development at SPARX Asset Management Co. Mr. Alan Ng is a Director of Sparx Asia Investment Advisors Ltd.

In accordance with the requirements of the Central Bank UCITS Regulations all transactions carried out with the Company by the promoter, manager, trustee, investment adviser and associates/group companies (“connected parties”) must be carried out as if negotiated at arm’s length and be in the best interests of shareholders. The Directors are satisfied that there are arrangements (evidenced by written procedures) in place to ensure that the obligations set out in the Central Bank UCITS Regulations are applied to all transactions with connected parties and transactions with connected parties entered into during the period complied with the obligations set out in the Central Bank UCITS Regulations. The Investment Advisor is entitled to be reimbursed its out of pocket expenses out of the assets of the Company, which should not exceed 2.0% per annum of the Net Asset Value of each Sub-Fund. For further details on related party transactions fees including Investment Advisory and Directors’ Fees, please refer to note 2.

9. Significant Events during the period

A revised prospectus of the Company was filed with the Central Bank of Ireland on 22 April 2020 to reflect:

 Appointment of Mr. Satomi Fujii as a Director with effect from 26 March 2020.  Resignation of Mr. Brian Morikuni as a Director with effect from 30 March 2020.  Appointment of Bridge Fund Management Limited as Manager on 22 April 2020.  Bridge Fund Management Limited was appointed as a Distributor with effect from 22 April 2020 in addition to Sparx Overseas Ltd., the existing Distributor of the Company.

There were no other significant events occurred during the year which require adjustment or disclosure in the financial statements.

31 SPARX Funds Plc

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 NOVEMBER 2019 TO 30 APRIL 2020 (CONTINUED)

10. Subsequent Events

There have been no material events subsequent to the period ended 30 April 2020 that require adjustment or disclosure in the financial statements.

11. Approval of the Financial Statements

The financial statements were approved by the Board of Directors on 17 June 2020.

32 SPARX Funds Plc

SPARX JAPAN FUND

UNAUDITED SCHEDULE OF INVESTMENTS AS AT 30 APRIL 2020

Financial Assets at Fair Value through Fair Value % of Net Quantity Profit or Loss JPY Asset Value

Equity Securities Japan 345,500 Ariake Japan 2,155,920,000 1.58 2,066,400 3 Asics Corporation 2,134,591,200 1.56 2 471,800 Daikin Industries 6,607,559,000 4.84 4 118,900 Fast Retailing 6,123,350,000 4.49 1 714,500 Fuji Seal 1,343,260,000 0.98 7 930,000 Kao 7,733,880,000 5.66 9 216,400 Keyence 8,389,828,000 6.15 2 2,619,800 Kubota 3,528,870,600 2.59 2 2,573,000 Misumi 6,653,778,000 4.87 2 1,907,800 Mitsubishi Corp 4,387,940,000 3.21 1 4,500,200 Mitsubishi UFJ Financial Group 1,954,436,860 1.43 4 1,010,200 Nidec 6,350,117,200 4.65 1 1,254,600 Nissan Chemical Industries 5,194,044,000 3.80 1 786,700 Pigeon 3,016,994,500 2.21 7 2,069,100 Recruit Holdings Co Ltd 6,583,876,200 4.82 2 842,700 Relo Holdings 1,982,873,100 1.45 8 2,072,500 Rohto Pharmaceutical 6,518,012,500 4.77 2 886,000 Ryohin Keikaku 1,144,712,000 0.84 8 3,873,700 Santen Pharmaceutical 7,375,524,800 5.40 3 399,600 Shimano 6,329,664,000 4.64 3 321,900 Shiseido 2,053,078,200 1.50 3 1,449,600 Softbank 6,715,996,800 4.92 1 1,523,600 Sony 10,561,595,200 7.74 1 527,800 Suntory Beverage & Food 2,140,229,000 1.57 5 2,060,400 Terumo 7,359,748,800 5.39 2 1,532,000 Uni Charm 6,051,400,000 4.43 1Total equity securities 130,391,279,960 95.49

Forward foreign currency contracts-unrealised gains * GBP 30,669,082 / JPY 4,069,480,530 29/05/2020 10,042,935 0.01 JPY 249,361 / GBP 1,869 29/05/2020 721 - JPY 4,668,789 / EUR 40,177 29/05/2020 3,163 - JPY 16,341,603 / GBP 122,699 29/05/2020 20,478 - Total forward foreign exchange contracts- unrealised gains 10,067,297 0.01

Total Financial Assets at Fair Value through Profit or Loss 130,401,347,257 95.50

*HSBC Bank Plc acts as counterparty to the forwards contracts held with SPARX Japan Fund.

33 SPARX Funds Plc

SPARX JAPAN FUND

UNAUDITED SCHEDULE OF INVESTMENTS AS AT 30 APRIL 2020 (CONTINUED)

Financial Assets at Fair Value through Fair Value % of Net Quantity Profit or Loss JPY Asset Value

Forward foreign currency contracts-unrealised losses * JPY 898,493 / GBP 6,771 29/05/2020 (2,106) - JPY 419,305 / GBP 3,159 29/05/2020 (905) - EUR 45,203,189 / JPY 5,283,601,810 29/05/2020 (34,247,365) (0.03) EUR 5,324,657 / JPY 622,375,745 29/05/2020 (4,034,129) - EUR 2,081,646 / JPY 243,314,473 29/05/2020 (1,577,121) - USD 57,347,728 / JPY 6,166,302,959 29/05/2020 (51,579,618) (0.04) USD 38,913,650 / JPY 4,184,182,438 29/05/2020 (34,999,664) (0.03) USD 3,438,461 / JPY 369,719,849 29/05/2020 (3,092,617) - USD 3,138,905 / JPY 337,510,089 29/05/2020 (2,823,189) - Total forward foreign exchange contracts- (132,356,714) (0.10) unrealised losses

Total Financial Liabilities at Fair Value through Profit or Loss (132,356,714) (0.10)

Other Net Assets 6,277,004,806 4.60

Total Net Assets Attributable to Holders of Redeemable Participating Shares 136,545,995,349 100.00

% of Total Analysis of Net Investments Assets Transferable securities admitted to an official stock exchange listing or dealt on another regulated market 130,391,279,960 94.36 Financial derivative instruments 10,067,297 0.01

34 SPARX Funds Plc

SPARX JAPAN SMALLER COMPANIES FUND

UNAUDITED SCHEDULE OF INVESTMENTS AS AT 30 APRIL 2020

Financial Assets at Fair Value through Fair Value % of Net Quantity Profit or Loss JPY Asset Value

Equity Securities Japan 3,000 Aruhi 3,804,000 1.49 2,200 Capcom 7,249,000 2.84 200 Cosmos Pharmaceutical 5,750,000 2.25 900 CyberAgent 4,086,000 1.60 1,400 Daiken 2,248,400 0.88 3,700 DaikyoNishikawa 1,994,300 0.78 900 Elecom 3,825,000 1.50 4,500 Enigmo 4,207,500 1.65 3,100 Foster Electric Company 3,658,000 1.43 2,000 Fuji 3,622,000 1.42 1,100 Fujimori Kogyo 3,498,000 1.37 2,000 Globeride 3,880,000 1.52 7,400 H-One 3,899,800 1.53 112 Invincible Investment 3,132,640 1.23 4,600 Juki Corporation 2,741,600 1.07 1,000 JustSystems 6,600,000 2.58 6,800 Kufu 5,195,200 2.03 1,800 Kyudenko 5,436,000 2.13 3,700 LEC Inc 4,417,800 1.73 3,800 Like Corporation 6,232,000 2.44 7,600 Macromill 5,266,800 2.06 3,500 Maeda Kosen 7,318,500 2.86 4,000 Mitsubishi Logisnext 4,076,000 1.59 1,700 Mitsubishi Pencil 2,298,400 0.90 1,500 Mitsubishi Research Institute 5,467,500 2.14 1,000 Miura 4,420,000 1.73 4,300 Morita 7,159,500 2.80 2,700 NEC Networks & System Integration Corporation 12,609,000 4.93 2,300 NGK Spark Plug 3,730,600 1.46 1,900 Nihon Kohden 7,324,500 2.87 2,300 Nippon Flour Mills 3,898,500 1.53 1,400 Nippon Hume Corporation 861,000 0.34 3,600 Onoken 4,154,400 1.63 18,500 OSJB Holdings 4,329,000 1.69

35 SPARX Funds Plc

SPARX JAPAN SMALLER COMPANIES FUND

UNAUDITED SCHEDULE OF INVESTMENTS AS AT 30 APRIL 2020 (CONTINUED)

Financial Assets at Fair Value through Fair Value % of Net Quantity Profit or Loss JPY Asset Value

Equity Securities (continued) Japan (continued) 3,100 OYO Corporation 3,949,400 1.55 2,600 Piolax 4,175,600 1.63 1,000 Prored Partners 4,120,000 1.61 2,500 Saizeriya 5,385,000 2.11 1,700 Sanyo Chemical Industries 7,284,500 2.85 8,700 Senko 7,621,200 2.98 5,600 SIIX Corporation 4,972,800 1.95 1,500 SoldOut 3,268,500 1.28 5,800 Syuppin 4,263,000 1.67 700 Takasago International Corporation 1,599,500 0.63 5,100 Takuma 6,028,200 2.36 6,000 Tatsuta Electric Wire and Cable 3,156,000 1.23 2,900 Teikoku Electric 3,862,800 1.51 3,000 Teikoku Piston Ring Company 3,795,000 1.48 4,200 Tobishima 4,515,000 1.77 1,400 Tokyo Ohka Kogyo 6,496,000 2.54 1,300 Tosei 1,372,800 0.54 2,300 Transcosmos 5,007,100 1.96 1,500 ValueCommerce 3,375,000 1.32 10,100 VT Holdings 3,019,900 1.18 1,200 Yamatane Corporation 1,458,000 0.57 5,400 Yoshimura Food Holdings KK 5,254,200 2.06 Total equity securities 252,370,440 98.78

Total Financial Assets at Fair Value through Profit or Loss 252,370,440 98.78

36 SPARX Funds Plc

SPARX JAPAN SMALLER COMPANIES FUND

UNAUDITED SCHEDULE OF INVESTMENTS AS AT 30 APRIL 2020 (CONTINUED)

Financial Liabilities at Fair Value through Fair Value % of Net Quantity Profit or Loss JPY Asset Value Forward foreign currency contracts - unrealised losses * USD 108,999 / JPY (11,720,080) 29/05/2020 (98,036) (0.03) USD 3,121 / JPY (334,773) 29/05/2020 (2,036) - Total forward foreign exchange contracts -unrealised losses (100,072) (0.03) -unrealised losses

Total Financial Liabilities at Fair Value through Profit or Loss (100,072) (0.03)

Other Net Assets 3,204,312 1.25

Total Net Assets Attributable to Holders of Redeemable Participating Shares 255,474,680 100.00

% of Total Analysis of Net Investments Assets Transferable securities admitted to an official stock exchange listing or dealt on another regulated market 252,370,440 96.56

*HSBC Bank Plc acts as counterparty to the forwards contracts held with SPARX Japan Smaller Companies Fund.

37 SPARX Funds Plc

SPARX JAPAN SUSTAINABLE EQUITY FUND

UNAUDITED SCHEDULE OF INVESTMENTS AS AT 30 APRIL 2020

Financial Assets at Fair Value through Fair Value % of Net Quantity Profit or Loss JPY Asset Value

Equity Securities Japan 46,400 Aica Kogyo 145,464,000 1.71 12,200 Asahi Intecc 34,928,600 0.41 11,600 Bengo4 79,112,000 0.93 60,800 Curves Holdings 31,251,200 0.37 26,700 Daikin Industries 373,933,500 4.39 56,000 Daiwa House Industry 154,420,000 1.81 3,400 Disco Corporation 82,790,000 0.97 22,600 East Japan Railway 177,929,800 2.09 20,800 E-Guardian 37,606,400 0.44 3,000 Fast Retailing 154,500,000 1.81 40,200 Fuji Electric 104,278,800 1.22 34,600 Fuji Oil 86,984,400 1.02 14,700 Fujitsu 154,864,500 1.82 30,400 Hoya 299,926,400 3.52 96,500 Itochu 205,062,500 2.41 35,300 Japan Lifeline 45,007,500 0.53 3,700 JINS Holdings 21,127,000 0.25 17,000 Kao 141,372,000 1.66 25,000 Katitas 47,475,000 0.56 90,400 KDDI 281,053,600 3.30 4,500 Keyence 174,465,000 2.05 47,400 Kokuyo 62,473,200 0.73 60,800 Koshidaka Holdings 28,697,600 0.34 50,500 Kurita Water Industries 153,015,000 1.80 66,200 Marui 117,306,400 1.38 25,100 Misumi 64,908,600 0.76 190,800 Mitsubishi UFJ Financial Group 82,864,440 0.97 44,000 Mitsui Chemicals 93,544,000 1.10 28,900 Nichirei 77,625,400 0.91 25,300 Nidec 159,035,800 1.87 6,100 Nintendo 272,365,000 3.20 1,400 Nitori Holdings 23,128,000 0.27 99,700 Otsuka 469,948,500 5.52 54,500 Pan Pacific International 113,469,000 1.33 63,000 Park24 108,864,000 1.28 30,700 Persol Holdings 38,712,700 0.45 12,500 Pigeon 47,937,500 0.56 31,000 QB Net Holdings 57,133,000 0.67

38 SPARX Funds Plc

SPARX JAPAN SUSTAINABLE EQUITY FUND

UNAUDITED SCHEDULE OF INVESTMENTS AS AT 30 APRIL 2020 (CONTINUED)

Financial Assets at Fair Value through Fair Value % of Net Quantity Profit or Loss JPY Asset Value

Equity Securities (continued) Japan (continued) 42,900 Recruit Holdings 136,507,800 1.60 15,800 Relo Holdings 37,177,400 0.44 34,500 Sawai Pharmaceutical 202,860,000 2.38 17,900 Seria 62,650,000 0.74 79,000 SG Holdings 236,368,000 2.77 2,100 Shimano 33,264,000 0.39 31,300 Shin-Etsu Chemical 376,069,500 4.42 36,000 So-Net M3 140,040,000 1.64 56,000 Sony 388,192,000 4.56 70,400 Sushiro Global Holdings 118,060,800 1.39 23,900 Suzuki Motor 82,909,100 0.97 5,600 Sysmex 41,664,000 0.49 22,000 Terumo 78,584,000 0.92 15,800 The Pack Corporation 53,878,000 0.63 36,600 Toho 129,564,000 1.52 53,300 Tokio Marine Holdings 271,083,800 3.18 13,500 Tokyo Electron 309,690,000 3.64 19,900 Toyota Industries 108,057,000 1.27 10,100 UPR Corporation 30,906,000 0.36 148,200 Wacom 56,019,600 0.66 108,820 West Holdings 194,896,620 2.29 68,800 Yamaha 301,344,000 3.54 77,700 Yokogawa Electric 114,996,000 1.35 Total equity securities 8,309,361,960 97.56

Forward foreign currency contracts - unrealised gain * GBP 802,125 / JPY (106,433,991) 29/05/2020 265,504 - GBP 1,777 / JPY (235,863) 29/05/2020 515 - GBP 272 / JPY (36,112) 29/05/2020 20 - GBP 280 / JPY (37,101) 29/05/2020 88 - JPY 975,271 / GBP (7,311) 29/05/2020 2,793 - Total forward foreign exchange contracts -unrealised gains 268,920 -

Total Financial Assets at Fair Value through Profit or Loss 8,309,630,880 97.56

39 SPARX Funds Plc

SPARX JAPAN SUSTAINABLE EQUITY FUND

UNAUDITED SCHEDULE OF INVESTMENTS AS AT 31 OCTOBER 2019 (CONTINUED)

Financial Liabilities at Fair Value through Fair Value % of Net Quantity Profit or Loss JPY Asset Value Forward foreign currency contracts - unrealised losses * GBP 6,425 / JPY (855,719) 29/05/2020 (1,050) - GBP 17,846 / JPY (2,374,679) 29/05/2020 (822) - Total forward foreign exchange contracts -unrealised losses (1,872) -

Total Financial Liabilities at Fair Value through Profit or Loss (1,872) -

Other Net Assets 208,188,410 2.44

Total Net Assets Attributable to Holders of Redeemable Participating Shares 8,517,817,418 100.00

% of Total Analysis of Net Investments Assets Transferable securities admitted to an official stock exchange listing or dealt on another regulated market 8,309,361,960 97.15 Financial derivative instruments 265,504 -

*HSBC Bank Plc acts as counterparty to the forwards contracts held with SPARX Japan Sustainable Equity Fund.

40 SPARX Funds Plc

SPARX ONEASIA GROWTH EQUITY FUND

UNAUDITED SCHEDULE OF INVESTMENTS AS AT 30 APRIL 2020

Financial Assets at Fair Value through Fair Value % of Net Quantity Profit or Loss USD Asset Value

Equity securities China 40,000 AK Medical 108,888 2.09 2,200 GSX Techedu 85,734 1.65 33,000 Guangzhou Baiyun International Airport 73,976 1.42 29,290 Hualan Biological Engineering 161,530 3.10 3,700 Hundsun Technologies 53,865 1.04 2,900 JD.com 128,586 2.47 4,356 Jiangsu Hengrui Medicine 57,476 1.10 69,000 NetDragon Websoft 192,284 3.70 880 New Oriental Education & Tech Group 111,910 2.15 10,800 Niu Technologies 95,148 1.83 224,000 Shandong Weigao 341,590 6.56 5,611 Shenzhen Mindray Bio-Medical Electronics 204,036 3.92 8,000 Wuxi Biologics Cayman Incorporation 124,886 2.40 169,000 Xiabuxiabu Catering Management 153,933 2.96 115,200 Xiaomi 151,598 2.91 2,045,440 39.30 India 11,000 Can Fin Homes 46,909 0.90 5,738 Care Ratings 28,189 0.54 10,000 HDFC Life 66,752 1.28 6,586 ICICI Lombard General Insurance 113,238 2.18 1,980 Info Edge 67,201 1.29 10,185 Security And Intel 56,894 1.10 19,915 Zee Entertainment Enterprises 42,278 0.81 421,461 8.10 Indonesia 71,300 Bank Central Asia 123,906 2.38 1,679,700 Media Nusantara Citra 103,322 1.99 1,989,000 Sumber Alfaria Trijaya 116,331 2.24 2,844,800 Surya Citra Media 168,297 3.23 511,856 9.84 Malaysia 104,300 Top Glove 176,097 3.38 176,097 3.38 Philippines 137,500 Ayala Land 87,096 1.67 687,400 Macroasia Corporation 68,822 1.32 21,990 Philippine Seven Corporation 53,842 1.04 319,600 Wilcon Depo 93,143 1.79 302,903 5.82

Singapore 78,500 Delfi 37,595 0.72 2,500 Sea 138,800 2.67 176,395 3.39 South Korea 5,625 FILA Korea 162,219 3.12 162,219 3.12

41 SPARX Funds Plc

SPARX ONEASIA GROWTH EQUITY FUND

UNAUDITED SCHEDULE OF INVESTMENTS AS AT 30 APRIL 2020 (CONTINUED)

Financial Assets at Fair Value through Fair Value % of Net Quantity Profit or Loss USD Asset Value

Equity securities(Continued) Taiwan 8,000 AirTAC International Group 155,876 3.00 2,000 ASPEED Technology 80,092 1.54 22,000 Chroma Ate 102,908 1.98 24,000 Elite Material 104,994 2.02 10,000 GlobalWafers 129,560 2.49 4,000 Machvision 45,429 0.87 618,859 11.90 Thailand 50,200 Central Pattana 76,072 1.46 76,072 1.46 Vietnam 45,680 Joint Stock Commercial Bank for Foreign Trade 132,581 2.55 82,740 Vincom Retail 81,578 1.57 214,159 4.12

Total equity securities 4,705,461 90.43

Total Financial Assets at Fair Value through Profit or Loss 4,705,461 90.43

Other Net Assets 498,024 9.57

Total Net Assets Attributable to Holders of Redeemable Participating Shares 5,203,485 100.00

% of Total Analysis of Net Investments Assets Transferable securities admitted to an official stock exchange listing or dealt on another regulated market 4,705,461 90.32

42 SPARX Funds Plc

SPARX JAPAN FUND

UNAUDITED CHANGES IN COMPOSITION OF PORTFOLIO FOR THE PERIOD FROM 1 NOVEMBER 2019 TO 30 APRIL 2020

Number of shares Cost/Proceeds JPY Major Purchases Sony 1,568,900 11,106,657,614 Santen Pharmaceutical 1,144,700 2,253,592,915 Shiseido 321,900 2,192,878,075 Suntory Beverage & Food 527,800 2,154,918,783 Kao 210,900 1,800,836,788 Misumi 579,400 1,557,187,262 Fast Retailing 32,000 1,532,793,241 Keyence 40,000 1,481,032,711 Pigeon 265,100 1,044,432,083 Shimano 42,500 670,427,293 Nidec 57,000 653,996,376 Softbank 142,100 634,892,565 Nissan Chemical Industries 145,000 625,484,785 Mitsubishi Corp 170,700 498,770,977 Terumo 137,300 492,038,704 Daikin Industries 32,400 456,665,991 Rohto Pharmaceutical 104,700 338,582,096 Uni Charm 81,100 313,331,924 Ariake Japan 33,300 236,454,589 Relo Holdings 71,600 182,293,695

Major Sales Sumitomo Mitsui Financial 976,300 (3,391,788,009) Mitsubishi UFJ Financial Group 5,279,100 (2,713,129,164) Uni Charm 291,500 (1,104,788,904) Isuzu Motors 1,467,200 (1,051,796,458) Fuji Seal 452,000 (1,000,993,814) Kubota 773,900 (969,628,292) Mitsubishi Corp 394,000 (860,609,075) Mani 253,800 (730,630,104) Softbank 145,400 (619,132,509) Shimano 41,000 (609,080,854) Misumi 205,000 (490,377,440) Sony 45,300 (288,062,342) Recruit Holdings 53,000 (151,832,643) Terumo 9,900 (36,370,509) Ryohin Keikaku 31,000 (33,799,611) Daikin Industries 2,300 (31,382,058) Nidec 5,000 (27,047,989) Santen Pharmaceutical 9,400 (17,195,484) Asics Corporation 10,500 (9,781,907)

The Unaudited Changes in Composition of Portfolio reflect the aggregate purchases of a security exceeding one percent of the total value of purchases and aggregate disposals of a security greater than one percent of the total sales for the period. At a minimum the largest 20 purchases and largest 20 sales must be given. 43 SPARX Funds Plc

SPARX JAPAN SMALLER COMPANIES FUND

UNAUDITED CHANGES IN COMPOSITION OF PORTFOLIO FOR THE PERIOD FROM 1 NOVEMBER 2019 TO 30 APRIL 2020

Number of shares Cost/Proceeds JPY Major Purchases NGK Spark Plug 6,300 13,770,755 Enigmo 12,800 11,639,880 Macromill 11,200 11,197,826 Nippon Flour Mills 6,200 10,523,534 CyberAgent 2,400 9,054,995 DaikyoNishikawa 10,500 8,947,386 Yoshimura Food Holdings 8,200 8,694,767 OYO Corporation 5,700 8,117,861 SoldOut 3,900 7,597,988 LEC Inc 6,400 7,494,903 Teikoku Electric 4,600 6,313,666 Onoken 3,600 5,053,028 Piolax 2,100 4,675,667 Kufu 3,600 4,662,261 Yamatane Corporation 3,100 4,616,301 Foster Electric Company 2,800 4,462,393 Prored Partners 1,000 3,912,884 Mitsubishi Pencil 2,400 3,772,255 Fuji 2,000 3,220,460 Value Commerce 1,500 2,444,646 Invincible Investment 112 2,419,962 Nihon Kohden 800 2,419,292

Major Sales Parco 20,400 (37,641,300) NEC Networks & System Integration Corporation 8,500 (35,698,343) Uchida Yoko Corporation 3,800 (27,277,445) JustSystems 3,700 (21,331,749) Capcom 6,400 (19,898,307) Nihon Kohden 5,700 (19,751,766) Senko 22,500 (18,691,886) Pal 8,300 (17,975,619) Lifull 37,200 (16,479,843) Nishimatsuya Chain 20,200 (15,372,900) Maeda Kosen 7,800 (15,327,764) Morita 9,600 (15,262,359) Cosmos Pharmaceutical 600 (15,235,902) Shinnittetsu Sumikin Solutions Corporation 4,800 (14,832,421) Takuma 11,400 (13,569,846) Sanyo Chemical Industries 3,200 (13,385,374) Trans Cosmos 5,900 (13,195,158)

44 SPARX Funds Plc

SPARX JAPAN SMALLER COMPANIES FUND

UNAUDITED CHANGES IN COMPOSITION OF PORTFOLIO FOR THE PERIOD FROM 1 NOVEMBER 2019 TO 30 APRIL 2020 (CONTINUED)

Number of shares Cost/Proceeds JPY Major Sales (continued) Juki Corporation 20,900 (12,558,245) Fujimori Kogyo 3,800 (12,022,421) Toyobo 7,100 (11,355,835) Amada 9,400 (11,137,356) Elecom 2,600 (10,992,801) Tokyo Ohka Kogyo 2,700 (10,726,039) Teikoku Piston Ring Company 7,300 (10,384,397) VT Holdings 28,900 (9,356,008) Miura 2,500 (9,319,474) NOF 2,500 (9,060,153) H-One 16,500 (9,028,576) Like Corporation 6,900 (8,928,097) Piolax 5,500 (8,751,370) Mitsubishi Research Institute 2,700 (8,729,136) Syuppin 11,900 (8,652,988) Saizeriya 4,400 (8,381,328) Kyudenko 3,100 (8,136,301) SIIX Corporation 8,400 (7,908,771) Foster Electric Company 6,200 (7,420,552) Onoken 6,600 (7,257,668) LEC Inc 6,700 (7,215,645) Aruhi 5,500 (6,914,258) Tatsuta Electric Wire and Cable 13,400 (6,505,414)

The Unaudited Changes in Composition of Portfolio reflect the aggregate purchases of a security exceeding one percent of the total value of purchases and aggregate disposals of a security greater than one percent of the total sales for the year. At a minimum the largest 20 purchases and largest 20 sales must be given.

45 SPARX Funds Plc

SPARX JAPAN SUSTAINABLE EQUITY FUND

UNAUDITED CHANGES IN COMPOSITION OF PORTFOLIO FOR THE PERIOD FROM 1 NOVEMBER 2019 TO 30 APRIL 2020

Number of shares Cost/Proceeds JPY Major Purchases Daikin Industries 27,100 413,822,372 Sony 55,000 407,034,656 Yamaha 69,900 405,684,338 Otsuka 88,000 399,899,323 Shin-Etsu Chemical 32,700 398,726,090 Hoya 30,700 314,002,194 Tokio Marine Holdings 52,200 309,882,424 Tokyo Electron 12,900 300,694,014 KDDI 90,400 287,552,136 Marui 98,900 246,592,933 Nintendo 6,100 242,580,335 Orix 131,200 238,751,429 Itochu 94,500 232,951,852 Sawai Pharmaceutical 33,900 222,768,453 Park24 85,000 214,058,217 East Japan Railway 22,100 206,863,877 Recruit Holdings 51,100 203,751,275 Toho 48,400 197,631,124 SG Holdings 77,500 184,177,181 Daiwa House Industry 55,100 179,791,276 Nidec 13,100 178,314,004 Fast Retailing 2,900 175,494,084 Mitsubishi UFJ Financial Group 286,000 160,689,755 Suzuki Motor 34,100 160,681,550 Sushiro Global Holdings 17,000 155,934,566 Kurita Water Industries 50,500 154,470,755 Keyence 3,900 151,822,407 Aica Kogyo 42,500 147,312,466 Mitsui Chemicals 57,300 146,477,833 Fujitsu 14,700 146,240,510 Kao 16,500 144,084,430 Yokogawa Electric 78,600 141,836,499 West Holdings 82,100 137,629,720 Fuji Electric 40,000 131,723,869 Disco Corporation 4,900 123,157,660 Toyota Industries 19,600 120,715,316 So-Net M3 36,400 113,174,002 Pan Pacific International 54,500 109,871,290 Otsuka 21,600 100,162,177 Fuji Oil 33,800 97,064,857

46 SPARX Funds Plc

SPARX JAPAN SUSTAINABLE EQUITY FUND

UNAUDITED CHANGES IN COMPOSITION OF PORTFOLIO FOR THE PERIOD FROM 1 NOVEMBER 2019 TO 30 APRIL 2020 (CONTINUED)

Number of shares Cost/Proceeds JPY Major Sales Orix 159,600 (239,025,994) Otsuka 24,600 (112,370,512) Shin-Etsu Chemical 6,800 (84,109,550) Daikin Industries 5,000 (72,843,042) Marui 40,100 (72,449,840) Yamaha 12,600 (63,968,319) Park24 36,000 (63,884,536) Toho 19,200 (63,593,189) Mitsubishi Chemical Holdings 100,100 (63,450,670) Sony 8,900 (62,425,808) Mitsubishi UFJ Financial Group 141,600 (61,803,848) Disco Corporation 2,300 (54,478,040) Suzuki Motor 16,000 (53,975,801) Recruit Holdings 15,600 (52,234,873) Hoya 5,400 (51,222,285) Mitsui Chemicals 22,500 (46,408,315) KDDI 14,000 (43,425,829) Tokio Marine Holdings 7,300 (41,306,047) Tokyo Electron 1,500 (34,641,710) Iriso Electronics 6,600 (31,195,615) Itochu 12,400 (30,118,841) Sawai Pharmaceutical 4,500 (27,574,291) East Japan Railway 3,000 (25,022,300) Persol Holdings 19,900 (24,511,271) SG Holdings 10,700 (23,051,190) Daiwa House Industry 7,500 (22,777,848) Nidec 1,600 (20,768,152) So-Net M3 6,500 (20,119,748) Sushiro Global Holdings 2,400 (19,577,942) Kurita Water Industries 6,700 (19,174,362)

The Unaudited Changes in Composition of Portfolio reflect the aggregate purchases of a security exceeding one percent of the total value of purchases and aggregate disposals of a security greater than one percent of the total sales for the year. At a minimum the largest 20 purchases and largest 20 sales must be given.

47 SPARX Funds Plc

SPARX ONEASIA GROWTH EQUITY FUND

UNAUDITED CHANGES IN COMPOSITION OF PORTFOLIO FOR THE PERIOD FROM 1 NOVEMBER 2019 TO 30 APRIL 2020

Number of shares Cost/Proceeds USD Major Purchases NetDragon Websoft 69,000 197,924 Surya Citra Media 1,890,800 177,308 Xiaomi 115,200 158,152 AK Medical 112,000 140,903 Top Glove 104,300 139,292 AirTAC International Group 8,000 139,007 Sea 2,500 121,558 Xiabuxiabu Catering Management 115,500 120,871 Hualan Biological Engineering 29,290 118,418 JD.com 2,900 116,448 New Oriental Education & Tech Group 880 112,773 FILA Korea 2,267 100,165 GSX Techedu 4,000 84,950 Central Pattana 50,200 77,888 ASPEED Technology 2,000 75,208 Ayala Land 137,500 64,840 HDFC Life 10,000 61,617 Guangzhou Baiyun International Airport 33,000 60,893 Info Edge 1,980 60,803 Media Nusantara Citra 495,100 58,741 Macroasia Corporation 315,400 58,646 Joint Stock Commercial Bank for Foreign Trade 11,400 41,835 Can Fin Homes 11,000 39,192 Delfi 39,200 28,625

Major Sales Humanica 794,900 (188,860) Wilcon Depo 538,400 (171,737) Inari Amertron Bhd 364,000 (156,255) AK Medical 72,000 (152,545) Philippine Seven Corporation 53,010 (142,883) D&L Industries 734,600 (118,738) JAPFA Comfeed Indonesia 1,020,000 (118,434) Shenzou International Group 8,600 (117,873) Honma Golf 149,500 (116,766) Hundsun Technologies 7,500 (104,469) Ultrajaya Milk Industry & Trading 920,400 (104,466) Koh Young Technology 1,187 (101,352) Care Ratings 15,115 (91,098) Vincom Retail 80,260 (88,898) Info Edge 2,450 (86,840) HRnetGroup 190,000 (84,973) Delfi 157,100 (79,784)

48 SPARX Funds Plc

SPARX ONEASIA GROWTH EQUITY FUND

UNAUDITED CHANGES IN COMPOSITION OF PORTFOLIO FOR THE PERIOD FROM 1 NOVEMBER 2019 TO 30 APRIL 2020 (CONTINUED)

Number of shares Cost/Proceeds USD Major Sales (Continued) Thyrocare Technologies 10,072 (75,771) FILA Korea 3,045 (75,748) Xiabuxiabu Catering Management 87,500 (74,702) Security And Intel 10,219 (64,167) Joint Stock Commercial Bank for Foreign Trade 22,140 (63,460) GSX Techedu 1,800 (57,850) Bank Central Asia 25,000 (56,932) Zee Entertainment Enterprises 12,700 (51,113) Jiangsu Hengrui Medicine 4,200 (50,734) Machvision 4,000 (42,912) Niu Technologies 6,000 (39,772)

49 SPARX Funds Plc

Unaudited Disclosure of Remuneration Policy

European Union (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations 2011.

Under European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended (the “UCITS Regulations”), management companies and self–managed investment companies must establish and apply remuneration policies and practices that are consistent with and promote sound and effective risk management. Variable remuneration paid to certain identified senior staff, risk–takers and employees whose professional activities have a material impact on the risk profile of the management of the Company or self–managed investment company must be structured so as to align the interests of those staff with the interests of investors. The requirements include, among other things, the retention and deferral of a proportion of the variable remuneration over appropriate periods and the payment of part in non– cash instruments (known as the pay–out process rules).

Current remuneration policies and practices are already aligned to an extent with the applicable remuneration requirements under the UCITS Regulations and/or to other equally effective regimes however, to the extent necessary, changes may need to be made in due course.

Directors’ fees charged for the period amounted to JPY 5,220,503

A detailed remuneration policy is available to investors on request.