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SPARX FUNDS PLC

ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 3 1 OCTOBER 202 5

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SPARX F unds P lc

Contents

Company Information 2

Directors’ Report 3

Investment Advisor’s Report 9

Annual Depositary Report to the Shareholders 11

Independent Auditor ’ s Report 1 2

Statement of Financial Position 1 5

Statement of Comprehensive Income 1 6

Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 1 7

Statement of Cash Flows 1 8

Notes to the Financial Statements 19

Schedule of Investments 4 1

Changes in Composition of Portfolio (Unaudited) 4 4

Disclosure of Remuneration Policy (Unaudited) 4 6

Appendix I - Additional Information for Investors in Switzerland (U naudited ) 4 7

Appendix II - Article 11 SFDR Disclosures for article 8 funds ( Unaudited ) 49

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SPARX F unds P lc

COMPANY INFORMATION

DIRECTORS DISTRIBUTOR ** Mr. Alan Ng (Non - executive) FundRock Management Company (Ireland) Limited Ms. Deirdre Gormley (Independent Non - executive) Percy Exchange Mr . Simon O'Sullivan (Independent Non - executive) 8/34 Percy Place Mr . Takeshi Suzuki ( Non - executive) Dublin 4 D04 P5K3 REGISTERED OFFICE Ireland 33 Sir John Rogerson’s Quay D02 XK09 LEGAL ADVISOR AS TO IRISH LAW Dublin 2 Dillon Eustace Ireland 33 Sir John Rogerson’s Quay D02 XK09 INVESTMENT ADVISORS Dublin 2 SPARX Asset Management Co., Ltd . Ireland Shinagawa Season Terrace 6F 1 - 2 - 70 Konan SECRETARY Minato - ku Tudor Trust Limited Tokyo, 108 - 0075 33 Sir John Rogerson’s Quay Japan D02 XK09 Dublin 2 ADMINISTRATOR AND REGISTRAR* Ireland State Street Fund Services (Ireland) Limited 78 Sir John Rogerson’s Quay MANAGER ** Dublin 2 FundRock Management Company (Ireland) Limited Ireland Percy Exchange 8/34 Percy Place DEPOSITARY* Dublin 4 State Street Custodial Services (Ireland) Limited D04 P5K3 78 Sir John Rogerson’s Quay Ireland Dublin 2 Ireland

AUDITOR Grant Thornton 13 - 18 City Quay D02 ED70 Dublin 2 Ireland

* Effective from 1 November 2024, HSBC Securities Services (Ireland) DAC was replaced with State Street Fund Services (Ireland) Limited as the Administrator of the Company , and HSBC Continental Europe , Ireland was replaced with State Street Custodial Services (Ireland) Limited as Depositary of the Company . ** Effective from 11 July 2025, the name of the Distributor and Manager changed from Bridge Fund Management Limited to FundRock Management Company (Ireland) Limited.

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SPARX F unds P lc

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 OCTOBER 202 5

The Directors submit their Annual Report for the financ ial year ended 31 October 202 5 .

Principal Activities and Business Review

SPARX Funds Plc (the “ Company ”) was incorporated on 16 September 2003 and was authorised by the Central Bank of Ireland (“the Central Bank”) 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 2019 (the “Central Bank UCITS Regulations”).

The Company is an umbrella fund. As of the date of this report the Company comprised one Sub - Fund , SPARX Japan Fund (the “Fund”) , in respect of which twenty five classes of shares have been offered for investment by the Fund .

As of 31 October 202 5 , the following share classes of the Fund have shareholders .

AUD Hedged Class G* EUR Hedged Class C EUR Hedged Class F EUR Institutional Class C EUR Institutional Class E GBP Hedged Class C GBP Hedged Class E GBP Hedged Class F GBP Institutional Class C GBP Institutional Class D GBP Institutional Class E GBP Institutional Class F JPY Institutional Class A JPY Institutional Class C JPY Institutional Class E JPY Institutional Class G USD Hedged Class A USD Hedged Class C USD Hedged Class E*

*These share classes launched during the financial year ended 3 1 October 2025.

Review of Development of the Business and Future Developments

The Directors believe that a key indicator of the performance of the Company is the change in NAV for the financial year. A detailed review of the business and future developments is included in the Investment Advisor's Report.

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SPARX F unds P lc

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 OCTOBER 202 5 (CONTINUED)

Investment/Risk Management Objectives and Policies

The Fund seeks to provide investors with capital appreciation by investing in Japanese Equities that it believe s are undervalued. Investment in the Fund carries with it a degree of risk including, but not limited to, the risks referred to in the prospectus and N Note 11 of these financial statements . Performance

The financial position and results for the financial year are set out on p pages 1 5 and 1 6 . Dividends

Dividends total l ing JPY 11,239,914 ( 20 2 4 : JPY 11,620,994 ) w ere paid on the Fund during the year . Significant Events

Significant e vents are outlined in N N ote 1 6 on page 39 . Directors

The Directors at the date of this report are listed on pa ge 2.

Directors’ and Secretary’s Interests

The Directors and Secretary had no interest in the Company at 31 October 202 5 and during the year.

Directors’ Responsibilities

The Directors are responsible for preparing the Directors’ Report and the financial statements in accordance with Irish law and regulations.

Irish company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the Euro pean Union.

Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the assets, liabilities and financial position of the Company as at the financial year end date and of the profit or loss of the Company for the financial year and otherwise comply with the Companies Act 2014.

In preparing these financial statements, the Directors are required to:

• select suitable accounting policies and then apply them consistently; • make judgments and accounting estimates that are reasonable and prudent; • state whether the financial statements have been prepared in accordance with applicable accounting standards, identifying those standards and note the effect and the reason for any material departure from those standards; and prepare the financial statemen ts on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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SPARX F unds P lc

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 OCTOBER 202 5 (CONTINUED)

Directors’ Responsibilities (continued)

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company ’s website. Legislation in Ireland governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The Directors are required to entrust the assets of the Company to the Depositary for safekeeping. In carrying out this duty, the Company has delegated custody of the Company ’s assets to State Street Custodial Services (Ireland) Limited , 78 Sir John Rogerson’s Quay , Dublin 2 , Ireland . The Directors are responsible for keeping proper books of account that disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Acts 2014 and the European Communities (Undertaking for Collective Investment in Transferable Securities) Regulations 2011 (as amended), (the “UCITS Regulations”) and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investm ent In Transferable Securities) Regulations 2019 (the “Central Bank UCITS Regulations”) . They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Books of Account

To ensure that proper books of account are kept in accordance with Section 281 to 285 of the Companies Act, 2014, the Directors of the Company have employed State Street Custodial Services (Ireland) Limited (the “Administrator”). The books of account are located at the offices of the Administrator as shown on page 2.

Connected Parties

In accordance with the requirements of the Central Bank UCITS Regulations, all transactions between the Company and the management company or depositary of a UCITS; and the delegate or sub - delegates of such a management company or depositary (excluding any non - group company sub - custodians appointed by a depositary); and any associated or group companies of such a management company , depositary, delegate or sub delegate (“connected persons”) must be carried out as if negotiated at arm’s length and be in the best interests of shareholders. The Directo rs are satisfied that there are arrangements in place evidenced by written procedures to ensure that the obligations set out in the Central Bank UCITS Regulations are applied to all transactions with connected parties and transactio ns with connected parties entered into during the period complied with the obligations set out in the Central Bank UCITS Regulations.

The Manager of the Fund is FundRock Management Company (Ireland) Limited (the "Manager") . U nder the terms of the management agreement, the Manager is responsible for the general management and administration of the Fund ’s affairs and for ensuring compliance with the Regulations, including investment and reinvestment of the Fund’s assets, having regard to the investment objective and policies of the Fund. However, pursuant to the Administration Agreement, the Manager has delegated certain of its administration and transfer agency functions in respect of Fund to the Administrator. The Manager receives fe fees in respect of its services as M anagement Company of the Fund. The management of t the assets of the Fund is delegated to SPARX Asset Management Co., Ltd.

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SPARX F unds P lc

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 OCTOBER 202 5 (CONTINUED)

Corporate G overnance

At present, the Company is subject to corporate governance practices imposed by :

(i) The Irish Companies Act 2014 which is available for inspection at the registered office of the Company ; and may also be obtained at http://www.irishstatutebook.ie/eli/acts.html .

(ii) The Articles of Association of the Company which are available for inspection at the registered office of the Company at 33 Sir John Rogerson’s Quay, D02 X XK09 , D Dublin 2, Ireland and at the Companies Registration Office in Ireland;

(iii) The Central Bank of Ireland in their UCITS Regulations and Q & A’s which can be obtained from the Central Bank of Ireland website at: - http://www.centralbank.ie/regulation/industry - market sectors/funds/ucits/guidance and are available for inspection at the registered office of the Company , as applicable for the year end; and

The management body of the Company is comprised of a board of four non - executive Directors , two of whom are Irish, one is Chinese and one is Japanese . Two of the Directors are independent, including the Chairp rperson .

The Board of Directors has voluntarily adopted the Corporate Governance Code for Irish Domiciled Collective Investment Schemes as issued by the Irish Funds (“IF”), as the Company ’s corporate governance code. The Board of Directors has assessed the measures included in the IF Code as being consistent with its corporate governance practices and procedures for the financial year.

The Board of Directors is responsible for establishing and maintaining adequate internal control and risk management systems for the Company . Such systems are designed to manage rather than eliminate the risk of error or fraud and can only provide reasonable and not absolute assurance against material misstatement or loss.

The Board of Directors has procedures in place to ensure all relevant books of account are properly maintained and are readily available, including production of the Company ’s annual and half- f- yearly financial statements. The annual and interim financial statements of the Company are required to be approved by the Board of Directors of the Company and the annual and half yearly financial statements of the Company are required to be filed with the Central Bank of Ireland. The annual financial statements are r equired to be audited by independent auditors who report annually on their findings.

The Board evaluates and discusses significant accounting and reporting issues as the need arises. The Manager has appointed State Street Fund Services (Ireland) Limited as its Administrator. The Administrator maintains the books and records of the Company . The Administrator is authorised and regulated by the Central Bank of Ireland and must comply with the rules imposed by the Central Bank of Ireland. From time to time the Board also examines and evaluates the Administrators financial accounting and report ing routines and monitors and evaluates the external auditors’ performance, qualifications and independence.

The convening and conduct of shareholders’ meetings are governed by the Articles of Association of the Company and the Companies Acts. Although the Directors may convene an extraordinary general meeting of the Company at any time, the Directors are required to convene an annual general meeting of the Company within eighteen months of incorporation and fifteen months of the date of the previous annual general meeting thereafter. Shareholders representing not less than one - tenth of the paid up share capital of the Company may also request the Directors to convene a shareholders’ meeting. At least twenty one days’ notice must be given for annual general meetings and meetings convened for the passing of a special resolution. Fourteen days’ notice must be given for other general meetings. However, all the shareholde rs who are entitled to attend and vote and the auditors can agree for a shorter notice.

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SPARX F unds P lc

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 OCTOBER 2025 (CONTINUED)

Corporate G overnance (continued)

Two members present either in person or by proxy constitutes a quorum at a general meeting provided that the quorum for a general meeting convened to consider any alteration to the class rights of shares is two shareholders holding or representing by proxy at least one third of the issued shares of the relevant fund or class.

Every holder of participating shares or non - participating shares present in person or by proxy who votes on a show of hands is entitled to one vote. On a poll, every holder of participating shares present s in person or by proxy is entitled to one vote in respect of each share held by him and every holder of non - participating shares is entitled to one vote in respect of all non - participating shares held by him. The Chairman of a general meeting of the Company or at least two members present in person or by proxy or any holder or holders of participating shares present in person or by proxy representing at least one tenth of the shares in issue having the right to vote at such meeting may demand a poll.

Shareholders may resolve to sanction an ordinary resolution or special resolution at a shareholders’ meeting. An ordinary resolution of the Company or of the shareholders of a particular Fund or class requires a simple majority of the votes cast by the shareholders voting in person or by proxy at the meeting at which the resolution is proposed. A special resolution of the Company or of the shareholders of a particular Fund or class requires a majority of not less than 75% of the shareholders present in pers on or by proxy and voting in a general meeting in order to pass a special resolution including a resolution to amend the Articles of Association.

Unless otherwise determined by an ordinary resolution of the Company in a general meeting, the number of Directors may not be less than two nor more than nine. Currently the Board of Directors of the Company is composed of four directors, being those listed in the directory in these financial statements.

A Director may, and the c ompany secretary of the Company on the requisition of a Director will, at any time summon a meeting of the Directors. Questions arising at any meeting of the Directors are determined by a majority of votes. In the case of an equality of votes, the Chairman has a second or casting vote. T he quorum necessary for the transaction of business at a meeting of the directors is two. As at the date that these audited Financial Statements were signed, the Company has four non - executive direct ors, two of which are Irish and independent.

Sustainable Finance Disclosure Regulation (SFDR)

Under the Sustainable Finance Disclosure Regulation (SFDR), Financial Market Participants who manufacture financial products must disclose specific information regarding their approach to the integration of sustainability risks and the consideration of adverse sustainability impacts. In respect of the Fund, it has been determined that the Fund is an Article 8 financial product or a ‘Light Green Fund’ pursua nt to the SFDR, as the Fund promote s environmental and social characteristics.

Geopolitical Events

The current imposition of economic sanctions against Russia and rising tensions in the M iddle E ast m may result in restricted or no access to certain markets, investments, service providers or counterparties and could negatively impact the performance of any funds which have direct exposure to this region . As at 31 October 202 5 , the Fund had no exposure to these markets. Hence, these events are assessed to have no d direct i impact on the F F und. However, the Investment Advisor will continue to monitor the economic impact of worldwide geopolitical events.

Auditors

Grant Thornton has indicated their willingness to remain in office in accordance with Section 383(2) of the Companies Act 2014.

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SPARX F unds P lc

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 OCTOBER 202 5 (CONTINUED)

Directors Compliance Statement

The Directors acknowledge that they are responsible for securing compliance by the Company with its Relevant Obligations as defined with the Companies Act 2014 (hereinafter called the “Relevant Obligations”).

The Directors confirm that they have drawn up and adopted a compliance policy statement setting out the Company ’s policies that, in the Directors’ opinion, are appropriate to the Company in respect of its compliance with its Relevant Obligations.

The Directors further confirm the Company has put into place appropriate arrangements or structures that are, in the Directors’ opinion, designed to secure material compliance with its Relevant Obligations ( including reliance on the advice of persons employed by the Company and external legal and tax advisers as considered appropriate from time to time ) and that they have reviewed the effectiveness of these arrangements or structures during the financial year to which this Report relates.

Statement on Relevant Audit Information

The Directors acknowledge following on the disclosure of information to auditors at the time the annual report is approved.

(a) As far as each D irector is aware, there is no relevant information of which the Company ’s statutory auditor is unaware.

(b) The D irectors have taken all the steps they ought to take as D irectors to make themselves aware of any relevant audit information and to establish that the Company ’s statutory auditor is aware of that information.

Signed o n behalf of the Board of Directors by

Director

Date : 9 February 202 6

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SPARX F unds P lc

INVESTMENT ADVISOR’S REPORT FOR THE YEAR ENDED 31 OCTOBER 202 5

Market Commentary

During the twelve - month period ended October 31, 2025, the Japanese stock market, as measured by the TOPIX index with dividends returned 26.70% year on year.

At the start of the period, the Japanese equity market experienced significant volatility as investors reacted to the evolving policy stance of the U.S. administration. The market initially strengthened in January on expectations of increased AI - related in vestment following President Trump’s inauguration. However, sentiment reversed as semiconductor and AI - linked stocks corrected amid concerns over DeepSeek, a low - cost AI service developed in China. In February, additional pressure came from news reports on U.S. tariff policy and worries about a potential slowdown in the U.S. economy. By March, confidence gradually improved as the direction of U.S. policy became clearer and reports highlighted Warren Buffett’s continued accumulation of Japanese trading compa ny shares. During this period, performance gaps widened significantly, with mega - cap stocks underperforming while growth stocks fared better.

In the middle of the period, the Japanese market continued to fluctuate amid uncertainty surrounding U.S. trade policy and geopolitical developments. A global sell - off occurred in April after the announcement of a 10% blanket tariff on all imports, followe d by a sharp rebound after the temporary suspension of the measure. Tensions escalated further when China announced retaliatory tariffs, but sentiment stabilized in May as both countries agreed to reduce tariffs for 90 days during talks in Geneva. In June, rising geopolitical risk in the Middle East caused a temporary market decline, but stocks recovered as tensions eased. Against this backdrop, capital rotated from overseas demandd– oriented names to domestic demand – driven sectors.

Towards the end of the period, the market trended steadily upward. July saw broad strength driven by optimism around AI - related growth, the Bank of Japan’s continued monetary policy stance, and progress in U.S. – Japan tariff negotiations. In August, profit - taking emerged in earlier high - flying high - tech stocks, while undervalued value stocks gained momentum. September began with the Nikkei and TOPIX reaching record highs, though concerns about overheating led to range - bound trading. In October, the market co ntinued to rise modestly, supported by gains in value - oriented and AI - related stocks. Growth stocks and large - cap names in particular advanced, while financials declined due in part to rising concerns over global interest rate trends.

The Japanese equity market remained strong throughout the period, supported by ongoing progress in corporate governance reforms and positive sentiment surrounding the launch of the new administration.

Fund Commentary

For the twelve - month period ended October 31, 2025, the SPARX Japan Fund returned 17.22% (net of fees, JPY Institutional Class A).

Among positive contributors to the Fund’s performance during the period were SoftBank Group Corp. (9984), the telecom and Internet conglomerate, S ony G roup C orporation (6758), a diversified consumer and professional electronics, gaming, entertainment and financial services conglomerate, and Hitachi, Ltd. (6501), one of Japan’s oldest electric equipment & heavy industrial machinery manufacturers. On the other hand, the main detractors to the Fund’s performance were Shin - Etsu Chemical Co., Ltd. (4063), Japan’s largest chemical company, Seven & i Holdings Co., Ltd. (3382), a Japanese diversified retail group and operator of Seven - Eleven convenience s tores, and Recruit Holdings Co., Ltd. (6098), Japan’s unique HR and media company and the owner of US - based online job advertisement subsidiary "Indeed".

The underperformance was mainly driven by limited exposure to AI - related stocks, as well as share price declines in Recruit Holdings and Seven & i Holdings, both of which are key portfolio holdings. Recruit Holdings is one of the world’s leading job search platform operators, holding Indeed as its key subsidiary. The stock has been out of favor as the U.S. job market remains weak.

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SPARX F unds P lc

INVESTMENT ADVISOR’S REPORT FOR THE YEAR ENDED 31 OCTOBER 202 5 (CONTINUED)

Fund Commentary (continued)

Additionally, recent AI adoption and corporate layoffs are creating structural shifts in the employment environment. In response, the portfolio manager has reduced the position to around 4%, bringing the exposure back to a manageable risk level. Seven & i Holdings, Japan’s largest convenience store operator, has seen its domestic business under pressure, leading to continued share price weakness since the start of the year. Nevertheless, our investment thesis remains intact — particularly the growth opportu nities in overseas markets, especially in the U.S. Despite near - term headwinds, the company continues to generate robust cash flow and enhance shareholder returns through aggressive share buybacks, which we believe limits the downside risk.

We continue to adhere to our bottom - up, fundamentals - driven approach, maintaining strict discipline to ensure that each investment has a clear catalyst and is not overvalued. We do not chase short - term market trends or thematic momentum. The recent market rally has been driven by a limited group of AI - focused names, many of which appear overheated from a valuation perspective. That said, the portfolio retains meaningful exposure to the AI theme through:

- SoftBank Group, a major shareholder of OpenAI;

- Tokyo Electron, which benefits from growing AI - related capex; and

- Hitachi, expected to play a key role in powering AI data centers. Overall, we believe the portfolio is now attractively valued relative to the broader market, with solid growth potential and reasonable valuations. We do not plan to make significant changes to the portfolio at this time.

The Fund seeks long - term capital appreciation by investing in Japanese companies regardless of market capitalization. The portfolio manager screen s for companies that he believes have strong businesses and management, and that are traded at an attractive price. Through in - depth and rigorous analysis and bottom - up research, we strive to identify stocks with a large “value gap” . The Fund’s portfolio is constructed by aggregating our best ideas and maintains a concentrated number of holdings.

Sustainable Financ e Disclosure Regulation (SFDR)

Please refer to the Appendix.

November 202 5 SPARX Asset Management Co ., Ltd

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SPARX F unds P lc

ANNUAL DEPOSITARY REPORT TO THE SHAREHOLDERS FOR THE YEAR ENDED 31 OCTOBER 202 5

We have enquired into the conduct of FundRock Management Company (Ireland) Limited as the Manager of SPARX Funds plc ('the Company ') and into the conduct of the Company itself for the financial year ended 31 October 2025 , in our capacity as Depositary to the Company .

This report including the opinion has been prepared for and solely for the shareholders in the Company as a body, in accordance with Regulation 34, (1), (3) and (4) in Part 5 of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended, (the 'UCITS Regulations'), and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown.

Responsibilities of the Depositary

Our duties and responsibilities are outlined in Regulation 34, (1), (3) and (4) in Part 5 of the UCITS Regulations. One of those duties is to enquire into the conduct of the Company in each annual accounting year and report thereon to the shareholders.

Our report shall state whether, in our opinion, the Company has been managed in that period in accordance with the provisions of the Company ’s constitution (the "Constitution") and the UCITS Regulations. It is the overall responsibility of the Company to comply with these provisions. If the Company has not so complied, we as Depositary must state why this is the case and outline the steps which we have taken to rectify the situation.

Basis of Depositary Opinion

The Depositary conducts such reviews as it, in its reasonable opinion, considers necessary in order to comply with its duties as outlined in Regulation 34, (1), (3) and (4) in Part 5 of the UCITS Regulations and to ensure that, in all material respects, th e Company has been managed : (i ) in accordance with the limitations imposed on its investment and borrowing powers by the provisions of the Constitution and the UCITS Regulations ; and (ii) otherwise in accordance with the Company 's constitutional documentation and the appropriate regulations.

Opinion

In our opinion, the Company has been managed during the financial year, in all material respects:

(i ) in accordance with the limitations imposed on the investment and borrowing powers of the Company by the Constitution, the UCITS Regulations and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (‘the Central Bank UCITS Regulations’); and (ii) otherwise in accordance with the provisions of the Constitution, the UCITS Regulations and the Central Bank UCITS Regulations.

State Street Custodial Services (Ireland) Limited

78 Sir John Rogerson’s Quay Dublin 2 Ireland

9 February 202 6

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Independent auditor’s report to the members of SPARX

Funds Plc

Opinion We have audited the financial statements of SPARX Funds Plc (the “Company”) which comprise the Statement of Financial Position, the Statement of Comprehensive Income, the Statement of Changes in Net Assets Attributable to Holders of Redeemable Participatin g Shares, the Statement of Cash Flows for the financial year ended 31 October 2025 and the related notes to the financial statements, including the summary of significant accounting policies.

The financial reporting framework that has been applied in the preparation of the financial statements is Irish law and International Financial Reporting Standards (“IFRS”) as adopted by the European Union.

In our opinion, the Company’s financial statements:

• give a true and fair view in accordance with IFRS as adopted by the European Union of the assets, liabilities and financial position of the Company as at 31 October 2025 and of its financial performance and cash flows for the financial year then ended; and • have been properly prepared in accordance with the requirements of the Companies Act 2014, European Communities (Undertaking for Collective Investment in Transferable Securities) Regulations 2011 and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations 2019.

Basis for opinion We conducted our audit in accordance with International Standards on Auditing (Ireland) (‘ISAs (Ireland)) and applicable law. Our responsibilities under those standards are further described in the ‘Auditor’s responsibilities for the audit of the financial statements’ section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in Ireland, including the Ethical Standard for Auditors (Ireland) issued by the Iri rish Auditing and Accounting Supervisory Authority (IAASA), and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances for the entity. We have fulfilled our other ethical respons ibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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Independent auditor’s report to the members of SPARX

Funds Plc

Conclusions relating to going concern In auditing the financial statements, we have concluded that the director’s use of going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of a t least twelve months from the date when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information Other information comprises information included in the annual report, other than the financial statements and the auditor’s report thereon, such as Directors’ Report, Investment Advisor’s Report and Annual Depositary Report to the Shareholders. The Direct ors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materiall y misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based o n the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard .

Opinion on the matters prescribed by the Companies Act 2014 We have obtained all the information and explanations which to the best of our knowledge and belief, we considered necessary for the purposes of our audit.

In our opinion

• the accounting records of the company were sufficient to permit the financial statements to be readily and properly audited.

• the financial statements are in agreement with the accounting records and returns.

• in our opinion the information given in the Directors’ report is consistent with the financial statements. Based on our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the Directors’ report.

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Independent auditor’s report to the members of SPARX

Funds Plc

Matters on which we are required to report by exception The Companies Act 2014 requires us to report to you if, in our opinion, the requirements of sections 305 to 312 of the Act, which relate to disclosure of directors’ remuneration and transactions with directors, have not been complied with by the company. W e have nothing to report in this regard.

Auditor’s responsibilities for the audit of the financial statements The objectives of an auditor are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable ass urance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (Ireland) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, indi vidually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Auditor’s responsibilities for the audit of the financial statements (continued) A further description of our responsibilities for the audit of the financial statements is located on the Irish Auditing and Accounting Supervisory Authority’s website at: http://www.iaasa.ie/getmedia/b2389013 - 1cf6 - 458b - 9b8f a98202dc9c3a/Description_of_auditors_ responsibilities_for_audit.pdf. f. This description forms part of our auditor’s report.

The purpose of our audit work and to whom we owe our responsibilities This report is made solely to the company’s members, as a body, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in a n auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Sarah Bradley For and on behalf of Grant Thornton Chartered Accountants & Statutory Audit Firm 13 - 18 City Quay Ireland 9 February 2025

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SPARX F unds P lc

STATEMENT OF FINANCIAL POSITION AS AT 31 OCTOBER 202 5

SPARX Japan Fund 2025 2024 NOTES JPY JPY

ASSETS Cash and cash equivalents 4 10,543,547,177 3,986,956,401 Financial assets at fair value through profit or loss - Transferable securities 3 180,535,173,200 157,020,294,500 - Financial derivative instruments 3 25,109,53 3 52,886,336 Due from shareholders 71,758,554 31,470,822 Investments sold not yet settled 1,125,049,778 11,074,273,896 Dividends receivable 1,678,203,550 1,511,129,380 Prepayment and other receivables 1,266,625 TOTAL ASSETS 193,980,108,41 7 173,677,011,335

LIABILITIES Financial liabilities at fair value through profit or loss - Financial derivative instruments 3 17,548,82 2 1,389,175 Due to shareholders 4,248,030,243 30,630,416 Investments purchased not yet settled 78,321,550 10,385,102,192 Investment advisory fees payable 6 414,702,590 405,392,210 Management fees payable 6 8,413,311 1,009,475 Administration fees payable 6 14,859,624 6,733,385 Depositary fe fees payable 6 7,056,314 5,170,215 Other payables and accrued expenses 5 278,830,815 257,707,444 TOTAL LIABILITIES 5,067,763,2 69 11,093,134,512 NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES 188,912,345,148 162,583,876,823

Signed on behalf of the Board of Directors by:

Director

Date: 9 February 2026

The accompanying notes form an integral part of these financial statements

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SPARX F unds P lc

STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 OCTOBER 202 5

SPARX Japan Fund 2025 2024 NOTES JPY JPY INCOME Interest 2(j) 3,991 93,285 Dividends 2(l) 3,722,114,625 2,930,162,480 Less: Withholding tax 2(l) (558,549,993) (448,754,385) Other income 3,289,489 61,326,579 TOTAL INVESTMENT INCOME 3,166,858,112 2,542,827,959

EXPENSES Investment advisory fees 6 1,163,257,800 1,101,019,099 Management fees 6 48,267,997 42,283,132 Administration fees 6 73,815,055 87,344,336 Depositary fees 6 35,994,566 20,903,698 Directors' fees and expenses 6 5,542,202 7,858,727 Audit fees 6 2, 810,568 965,676 Legal and professional fees 33,400,214 Transaction costs 3,402,400 5,892,620 Other expenses 67,559,792 45,554,538 OPERATING EXPENSES 1,434,050,594 1,311,821,826

FINANCE COST Distributions to redeemable participating shareholders Distributions to redeemable participating shareholders Distributions to redeemable participating sharehold Distributions to redeemable participating shareholders 8 11,239,914 11,620,994 NET INVESTMENT INCOME BEFORE TAX 1,721,567,604 1,219,385,139

NET INVESTMENT INCOME 1,721,567,604 1,219,385,139

Net realised gain/(loss) on : RG - Investments 15,104,149,570 21,876,269,733 RG - Forward foreign exchange contracts 354,176,712 572,556,542 RG - Foreign exchange (57,186,792) (853,594)

Net change in fair value of investments and foreign exchange: UG - Investments 12,064,912,847 21,314,320,793 RG - Forward foreign exchange contracts (43,936,450) 14,966,349 UG - Foreign exchange (1,955,049) (1,462,863)

PROFIT ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES FROM OPERATIONS 29,141,728,442 44,995,182,099

The accompanying notes form an integral part of these financial statements

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SPARX F unds P lc

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES F OR THE YEAR ENDED 31 OCTOBER 202 5

SPARX Japan Fund 2025 2024 JPY JPY

Net assets attributable to holders of redeemable participating shares at 1 November 162,583,876,823 132,603,304,17 3

Profit attributable to holders of redeemable participating shares from operations 29,141,728,442 44,995,182,099

Proceeds from issuance of redeemable participating shares 50,431,767,967 44,527,698,694 Payment on redemption of redeemable participating shares (53,245,028,084) (59,542,308,143) NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES AT THE END OF THE FINANCIAL YEAR 188,912,345,148 162,583,876,823

The accompanying notes form an integral part of these financial statements

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Page 19

SPARX F unds P lc

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 202 5

SPARX Japan Fund 2025 2024 Cash flows from operating activities Profit attributable to holders of redeemable participating shares from operations 29,141,728,442 44,995,182,099 Adjustments to reconcile profit for the year to net cash from operating activity Purchases of investments (43,219,709,659) (45,399,583,335) Sales of investments 46,873,893,376 62,419,324,151 Net realised ( gai n ) on investments (15,104,149,570) (21,876,269,733) Net unrealised ( gai n) on investments (12,064,912,847) (21,314,320,793) Net unrealised loss/(gain) on forward foreign exchange contracts 43,936,450 (14,966,349) Distributions to redeemable participating shareholders 11,239,914 11,620,994 Decrease/(increase) in receivables 9,740,595,591 (9,160,511,232) (De crease ) / in crease in payables (6,041,530,890) 6,994,999,575 Net cash provided by operating activities 9,381,090,807 16,655,475,377

Cash flows from financing activities Proceeds from issuance of redeemable participating shares 50,431,767,967 44,527,698,694 Payment on redemption of redeemable participating shares (53,245,028,084) (59,542,308,143) Distributions to redeemable participating shareholders (11,239,914) (11,620,994) Net cash used in financing activities (2,824,500,031) (15,026,230,443)

Net increase in cash and cash equivalents 6,556,590,776 1,629,244,934 Cash at beginning of the year 3,986,956,401 2,357,711,467 Cash and bank balance at end of the year 10,543,547,177 3,986,956,401

Cash and cash equivalents 10,543,547,177 3,986,956,401

Supplemental disclosure of cash flow information Interest received 3,991 93,285 Interest paid 203,340 670,190 Dividend received 3,555,040,455 2,755,671,130

T he accompanying notes form an integral part of these financial statements

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SPARX F unds P lc

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 1 OCTOBER 202 5

1. General

SPARX Funds P lc (the “ Company ”) is an open ended investment c ompany with variable capital and limited liability incorporated in Ireland on 16 September 2003 under the Companies Act 2014 . 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 , 201 6 and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertaking for Collective Investments in Transferable Securities) Regulations 201 9 (the “Central Bank UCITS Regulations”).

The investment objective of the Fund is to provide long - term capital growth by identifying and acquiring undervalued Japanese equities. The Fund will normally invest at least 80% of its assets in equity securities of Japanese companies and the rest of its assets in ancillary liquid asset s such as money market instruments or cash deposits.

2. Material Accounting Policies

The Material Accounting Policies adopted by the Company are as follows:

(a) Statement of compliance The financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board ( “ IASB ” ), as adopted for use in the European Union and interpretations issued by the International Financial Reporting Interpretations Committee of the IASB.

(b) Basis of preparation The financial statements have been prepared on a going concern basis under the historical cost basis convention, except for financial instruments classified at fair value through profit or loss that have been measured at fair value.

The financial statements and notes are presented in Japanese Yen . T h e preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Management believes that the estimates utilised in preparing its financial statements are reasonable and prudent. Actual results could differ from these estimates.

After reviewing the future financial operational budgets and strategy for the business, along with making other appropriate enquiries, the Directors consider that the Company has adequate resources to continue in business for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.

(i) Classification The Fund classifies and measures financial assets and liabilities in accordance with IFRS 9, Financial Instruments (“IFRS 9”). Upon initial recognition, financial assets and liabilities are classified as fair value through profit or loss (“FVTPL”). Financial asset s and liabilities include equities and derivatives. All derivatives in a net receivable position (positive fair value) and all derivatives in a net payable position (negative fair value) will continue to be measured at fair value with all changes b eing recognised in profit or loss. These instruments are acquired principally for the purpose of generating profit from short - term fluctuation s in price.

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SPARX F unds P lc

NOTES TO THE FINANCIAL STATEMENTS F OR THE YEAR ENDED 31 OCTOBER 2025 (CONTINUED)

2. Material Accounting Policies (continued)

(ii) Recognition All regular way purchases and sales of financial instruments are recognised on the trade date, which is the date that the Fund commits to purchase or sell an asset. Regular way purchases or sales are purchases or sales of financial instruments that require delivery of assets within the year generally established by regulation or convention in the market place. Realised gains and losses on disposals of financial instruments are calculated using the weighted average cost method.

(iii) Derecognition The Company derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for derecognition in accordance with IFRS 9 .

The Company derecognises a financial liability when the obligation specified in the contract is discharged, cancelled or expires.

(iv) Initial m easurement Financial instruments categorised at fair value through profit or loss is recognised initially at fair value, with transaction costs for such instruments being recognised directly in the Statement of Comprehensive Income. Financial instruments, other than those as at fair value through th e profit or loss, are recognised initially at cost .

(v) Subsequent m easurement After initial measurement, the F Fund measures financial instruments which are classified as fair value through profit or loss at their fair values. Fair value is the amount for which an asset could be exchanged between knowledgeable , willing parties in an arm's length transaction. T The fair value of financial instruments is based on their quoted market prices on a recognised exchange, or sourced from a reputable broker/counterparty in the case of non - exchange traded instruments, at the Statement of Financial Position date without any deduction for estimated future selling costs. Financial assets and financial liabilities are priced at their last traded price .

Subsequent changes in the fair value of financial instruments at fair value through profit or loss are recognised in the Statement of Comprehensive Income.

(d) Impairment of financial assets The Fund assesses at each Statement of Financial Position date whether there is any objective evidence that a financial asset or group of financial assets is impaired. A financial asset or group of financial assets is deemed to be impaired if, and only if, there i s objective evidence of impairment as a result of one or more events that has occurred after the initial recognition of the asset (an incurred ‘loss event’) and that loss event (or events) has an impact on the estimated future cash flows of the fin ancial assets that can be reliabl y estimated.

(e) Offsetting financial instruments Financial assets and liabilities are offset and the net amount is reported in the Statement of Financial Position when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously.

(f (f) Cash and cash equivalents Cash comprises cash on hand and demand deposits. Cash equivalents are short term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to insignificant risk of changes in value and are held for the purpose o f the meeting of short - term cash commitments rather than for investments or other purposes.

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SPARX F unds P lc

NOTES TO THE FINANCIAL STATEMENTS F OR THE YEAR ENDED 31 OCTOBER 2025 (CONTINUED)

2. Material Accounting Policies (continued)

(g) Forward currency contracts A forward currency contract involves an obligation to purchase or sell a specific currency at a future date, at a price set at the time the contract is made. Forward currency contracts are valued by reference to the forward price at which a new forward con tract of the same size and maturity could be undertaken at the valuation date. The unrealised gain or loss on open forward currency contracts is calculated as the difference between the contract rate and this forward price. Forward currency contracts are e ntered into where applicable to hedge the Fund ’s overall currency risk. Realised gains/(losses) and changes in unrealised gains/(losses) on forward currency contracts are recognised in the S tatement of C omprehensive I ncome.

(h) Foreign c urrency t ranslation

(i) Functional and p p resentation c urrency Items included in the Fund ’ s financial statements are measured and presented using Japanese Yen.

(ii) Foreign c urrency t ransactions Monetary assets and liabilities denominated in currencies other than the p p resentation c urrency are translated into t the p p resentation c c urrency at the closing rates of exchange at each year end. Transactions during the year, including purchases and sales of securities, income and expenses, are translated at the rate of exchange prevailing on the date of the transaction. Foreign currency transacti on gains and losses are included in the Statement of Comprehensive Income.

(i) Investments sold and purchased not yet settled Investments sold and purchased not yet settled represents receivables for securities sold and payables for securities purchased that have been contracted for but not yet settled or delivered on the Statement of Financial Position date, respectivel y.

These amounts are recognised initially at fair value and subsequently measured at amortised cost, less provision for impairment for amount due from depositary , if any .

(j (j) j) Interest income and interest expense Interest income and interest expense are recognised on an accruals basis in line with the contractual terms. Interest is accrued on a daily basis .

(k) Expenses All expenses, including management fees, are recognised in the Statement of Comprehensive Income on an accruals basis.

(l) Dividend i ncome Dividends are credited to the Statement of Comprehensive Income on the dates on which the relevant securities are listed as “ex - dividend”. Income is shown gross of any non - recoverable withholding taxes, which are disclosed separately in the Statement of Co mprehensive Income, and net of any tax credits.

(m) Redeemable p p articipating s s hares Redeemable participating shares are redeemable at the shareholder’s option and are classified as financial liabilities.

The participating shares can be put back to the Fund on any dealing day for cash equal to a proportionate share of the Fund ’s Net Asset Value.

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SPARX F unds P lc

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTO BER 202 5 (CONTINUED)

2. Material Accounting Policies (continued)

(n) Share c apital The Company ’s subscriber shares are classified as equity in accordance with the Company ’s articles of association. These shares do not participate in the profits of the Company .

(o) Transaction costs Transaction costs are incremental costs, which are separately identifiable and directly attributable to the acquisition, issue or disposal of a financial asset or financial liab i lity. Transaction costs include fees and commissions paid to brokers and counterparties and fees paid to the Depository on trade settlement.

(p) p) Use of accounting judgements and estimates The Directors make estimates and judgements that affect the reported amount of assets and liabilities. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

No sig nificant estimates or judgements were made for e ither year ended 31 October 202 5 or 31 October 202 4 .

(q) q) Distributions to holders of redeemable participating shares Distributions to holders of redeemable participating shares are recorded in the Statement of Comprehensive Income as finance costs when authorised.

Accounting Standards not yet effective and not early adopted

There are no ne w standards, interpretations to standards or amendments to standards that have been issued and are not yet effective, which would have a material impact on the financial statements of the Company .

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

The following table presents the financial instruments carried on the Statement of Financial Position by caption and by L evel within the valuatio n hierarchy as at 31 October 202 5 :

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 180,535,173,200 - - 180,535,173,200

- forward currency contracts - 25,109,53 3 - 25,109,53 3 Total 180,535,173,200 25,109,53 3 180,560,282,73 3

Level 1 Level 2 Level 3 Total JPY JPY JPY JPY Financial liabilities at fair value through profit or loss - forward currency contracts - (17,548,82 2 ) - (17,548,82 2 ) Total - (17,548,82 2 ) - (17,548,82 2 )

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SPARX F unds P lc

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTO BER 2025 (CONTINUED)

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

The following table presents the financial instruments carried on the Statement of Financial Position by caption and by L evel within the valuation hierarchy as at 31 October 20 2 4 :

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 157,020,294,500 - - 157,020,294,500

- forward currency contracts - 52,886,336 - 52,886,336

Total 157,020,294,500 52,886,336 - 157,073,180,836

Level 1 Level 2 Level 3 Total JPY JPY JPY JPY Financial liabilities at fair value t hrough profit or loss

- forward currency contracts - (1,389,175) - (1,389,175) Total - (1,389,175) - (1,389,175)

Investments Investments whose values are based on quoted market prices in active markets are classified within L evel 1. These include active listed equities . The Directors do not adjust the quoted price for such instruments, even in situations where the Fund 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 Fund held fo 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 Fund did not hold any Level 3 securities ( 202 4 : N None ).

There were no transfers between Level 1 and Level 2 during the year (202 4 : None).

Assets and liabilities not carried at fair value but for which fair value was disclosed

The F Fund does not disclose the fair value for cash balances, other receivables and, other payables and accrued expenses, because their carrying amounts were in a reasonable approximation of fair value. Cash balances have been classified within Level 1 and the rest of the assets and liabilities have been classified within L evel 2 . Offsetting Financial Assets and Financial Liabilities

As at 31 October 202 5 , the F und is 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 eith er 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 F und as at 31 October 202 5 . The gross amou nts of unrealised gains and losses on forwards, by contract, are disclosed in the Schedule of Investments of the F und . As at 31 October 20 2 5 , the amount of unrealised gains on open forwards offset against unrealised losses was JPY 7,560,711 (20 2 4 : JPY 51,497,161 ).

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SPARX F unds P lc

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTO BER 2025 (CONTINUED)

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

Offsetting Financial Assets and Financial Liabilities (continued)

The following table summarises the net financial assets as at 31 October 202 5 :

SPARX Japan Fund Offsetting of Financial Assets, Derivative Assets and Collateral received: (i) (ii) (iii)=(ii)+(i) Gross assets not offset in the statement of financial position Gross amounts of Cash collateral received

Financial instruments Net amount

assets in the statement of financial position Financial Assets JPY JPY JPY JPY F orward currency c ontracts 25,109,53 3 - (17,548,82 2 ) 7,560,711 Total 25,109,53 3 - (17,548,82 2 ) 7,560,711

SPARX Japan Fund Offsetting of Financial Liabilities, Derivative Liabilities and Collateral pledged: (i) (ii) (iii)=(ii)+(i) Gross assets not offset in the statement of financial position Gross amounts of Cash collateral pledged

Financial instruments Net amount

liabilities in the statement of financial position Financial Liabilities JPY JPY JPY JPY F orward currency contracts 17,548,8 22 - (17,548,82 2 ) Total 17,548,82 2 - (17,548,82 2 ) -

The following table summarises the net financial assets as at 31 October 20 2 4 :

Financial instruments Net amount

assets in the statement of financial position Financial Assets JPY JPY JPY JPY F orward currency c ontracts 52,886,336 - (1,389,175) 51,497,161 Total 52,886,336 - (1,389,175) 51,497,161

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SPARX F unds P lc

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTO BER 2025 (CONTINUED)

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

Offsetting Financial Assets and Financial Liabilities (continued)

Offsetting of Financial Liabilities, Derivative Liabilities and Collateral pledged: (i) (ii) (iii)=(ii)+(i) Gross assets not offset in the statement of financial position Gross amounts of Cash collateral pledged

Financial instruments Net amount

liabilities in the statement of financial position Financial Liabilities JPY JPY JPY JPY F orward currency c ontracts 1,389,175 - (1,389,175) Total 1,389,175 - (1,389,175) -

4. Cash and Cash Equivalents

All c c ash and cash equivalents are d deposited with State Street Bank and Trust C Company . Cash comprises cash on hand and demand deposits. Cash equivalents are short term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to insignificant risk of changes in value and are held for the purpose of the meeting short - term cash commitments rather than for investments or other purposes.

5. Other Payables and Accrued Expenses

SPARX Japan Fund 2025 2024 JPY JPY

Audit fees accrued 2,038,753 3,450,897 Directors’ fees payable 1,844,728 3,640,910 Withholding tax payable 251,730,534 231,429,466 Legal fees accrued - 12,438,564 Other payables 23,216,800 6,747,607 Total 278,830,815 257,707,444

The carrying amounts of other payables and accrued expenses approximate their fair values.

6. 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 F und . The Investment Advisor is also entitled to be reimbursed its out - off- pocket expenses out of the assets of the Company .

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SPARX F unds P lc

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTO BER 2025 (CONTINUED)

6. Fees and Expenses (continued)

Investment Advisory fees (continued)

SPARX Japan Fund % AUD Hedged Class G* 0.65 EUR Hedged Class A*** 1.50 EUR Hedged Class C 0.90 EUR Hedged Class F 0.75 EUR Institutional Class C 0.90 EUR Institutional Class E 0.75 GBP Hedged Class C 0.90 GBP Hedged Class E 0.75 GBP Hedged Class F 0.75 GBP Institutional Class C 0.90 GBP Institutional Class D 0.90 GBP Institutional Class E 0.75 GBP Institutional Class F 0.75 JPY Institutional Class A 1.50 JPY Institutional Class C 0.90 JPY Institutional Class E 0.75 JPY Institutional Class G 0.65 USD Hedged Class A 1.50 USD Hedged Class C 0.90 USD Hedged Class E* 0.75 USD Institutional Class D** 0.90

*These share classes launched during the financial year ended 31 October 2025 . **This share class relaunched and terminated during the financial year ended 31 October 2025 . ***This share class fully redeemed during the financial year ended 31 October 2024 .

Total I nvestment advisory fees charged for the year ended 31 October 202 5 were JPY 1,163,257,800 ( 20 2 4 : JPY 1,101,019,099 ). Total Investment Advisor y fees payable at 31 October 202 5 were JPY 414,702,590 (20 2 4 : JPY 405,392,210 ).

Management fees

FundRock Management C Company (Ireland) L Limited (the “Manager”) is entitled to charge the Fund an annual fee not to exceed 0.0 3 % of the total net asset value of the Fund, subject to a minimum annual fee of €40,000 per Fund. The Manager is also entitled to any reasonable out - off- pocket expenses incurred on behalf of the Fund.

Total management fees charged for the year ended 31 October 202 5 were JPY 48,267,997 (20 2 4 : JPY 42,283,132 ). Total management fees payable at 31 October 202 5 were JPY 8,413,311 (20 2 4 : JPY 1,009,475 ).

Administration and Depositary fees

The Company pays State Street Fund Services (Ireland) Limited (the “Administrator”) and State Street Custodial Services (Ireland) Limited (the “Depositary”) out of the assets of the Fund an annual fee, accrued at each valuation point and payable monthly in arrears.

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SPARX F unds P lc

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTO BER 2025 (CONTINUED)

6. Fees and Expenses (continued)

Administration and Depositary fees (continued)

The Administrator was entitled to a fee of 0.04% per annum of the net asset value of the Fund for first US$500 million, a fee of 0.035% per annum of the net asset value for next US$500 million, a fee of 0.03% per annum of the net asset value for next US$1 billion and a fee of 0.015% per annum of the net asset value for over US$2 billion. The Administrator’s fee will be subject to a minimum annual fee of US$40,000 per Fund.

The C Company shall pay to the Administrator US$5,000 per Fund per annum for the preparation of the annual and interim financial statements.

The Depositary was entitled to a fee of 0.015% per annum of the net asset value of the Fund for first US$500 million, a fee of 0.0125% per annum of the net asset value for next US$500 million, a fee of 0.01% per annum of the net asset value for next US$1 billion and a fee of 0.005% per annum of the net asset value over US$2 billion. The Depositary's fee will be subject to a minimum annual fee of US$20,000 per Fund.

The Administrator and the Depositary are also entitled to any reasonable out - off- pocket expenses incurred on behalf of the Fund.

Administration fees charged for the year ended 31 October 202 5 were JPY 73,815,055 (20 2 4 : JPY 87,344,336 ) and depositary fees charged were JPY 35,994,566 (20 2 4 : JPY 20,903,698 ) . Administration fees payable at 31 October 202 5 were JPY 14,859,624 (20 2 4 : JPY 6,733,385 ) and depositary fees payable were JPY 7,056,314 (20 2 4 : JPY 5,170,215 ).

The Administrator has received a fee for hedging services. Hedging service fees fo for the year ended 31 October 202 5 were JPY 8,900,804 (20 2 4 : JPY 18,829,430 ).

Directors’ fees and expenses

The Directors are 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 . Takeshi Suzuki 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 are entitled to reimbursement by the Company of expenses properly incurred in connection with the business of the Co mpany or the discharge of their duties.

Directors’ fees charged for the year amounted to JPY 5,542,202 (20 2 4 : JPY 7,858,727 ), of which JPY 1,844,728 (20 2 4 : JPY 3,640,910 ) was payable at the year end. Out of pocket expenses amounting to JPY 2,568,784 for the current year (2024: JPY 4,511,899) are included as other expenses in the Statement of Comprehensive Income.

Auditors’ remuneration

Audit fees charged by the statut o ry auditor, Grant Thornto n, for the year amounted to JPY 2,810,568 (202 4 : JPY 9 965,676 ). Fees accrued to the statutory auditors, Grant Thornton, in respect of the year ended 31 October 202 5 , and the year ended 31 October 20 2 4 , related entirely to the audit of the financial statements of the Company .

T he auditor did not provide any other services to the Company for the years ended 31 October 202 5 and 31 October 202 4 .

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SPARX F unds P lc

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTO BER 2025 (CONTINUED)

7 . Share Capital and Redeemable Participating Shares

Authorised The authorised share capital of the Company is 5,000,000,000 shares of no par value and EUR 40,000 divided into 40,000 redeemable non - participating subscriber shares of EUR 1.00 each.

Share Capital (“Non Participating Subscriber Shares”) Two N on - P articipating S ubscriber S hares amount to EUR 2.00 being subscriber shares of EUR 1.00 each, are held by SPARX Asset Management Co. , Ltd . and SPARX Group Co. , Ltd . The N on - P articipating S ubscriber S hares do not form part of the n et a sset v alue of the Company and are thus disclosed in the financial statements by way of this note only. In the opinion of the Directors, this disclosure reflects the nature of the Company ’s business as an investment fund.

The rights attaching to the participating shares are as follows:

Redeemable Participating Shares The net assets attributable to holders of redeemable participating shares are at all times equal to the n et a sset v alue of the F Fund . The participating shares are in substance a liability of the Fund to shareholders under IAS 32 as they can be redeemed at the option of the shareholder .

The movement in the number of participating shares is as follows:

SPARX Japan Fund 202 5 20 2 4

AUD Hedged Class G * At beginning of year - Issued 19,500 Redeemed - At end of year 19,500 -

EUR Hedged Class A** At beginning of year - 2,370 Issued - Redeemed - (2,370) At end of year - -

EUR Hedged Class C At beginning of year 2,793 8,79 9 Issued 3,534 Redeemed (1,534) (6,006) At end of year 4,793 2,793

EUR Hedged Class F At beginning of year 3,044 61,300 Issued 6,032 24,571 Redeemed (3,906) (82,827) At end of year 5,170 3,044

EUR Institutional Class C At beginning of year 113,817 113,808 Issued 550 9 Redeemed (75,000) At end of year 39,367 113,817

*Th is share class launched during the financial year ended 3 1 October 2025. **This share class fully redeemed during the financial year ended 3 1 October 202 4 .

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SPARX F unds P lc

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 (CONTINUED)

7 . Share Capital and Redeemable Participating Shares (continued)

SPARX Japan Fund (continued) 2025 20 24

EUR Institutional Class E At beginning of year 41,093 38,344 Issued 571,701 7,533 Redeemed (7,914) (4,784) At end of year 604,880 41,093

GBP Hedged Class C At beginning of year 47,593 48,850 Issued - Redeemed (46,962) ( 1,257 ) At end of year 631 47,593

GBP Hedged Class E At beginning of year 68,637 69,532 Issued 23,812 15,934 Redeemed (20,079) (16,829) At end of year 72,370 68,637

GBP Hedged Class F At beginning of year 2,580 1,709 Issued 592 1,013 Redeemed (923) (142) At end of year 2,249 2,580

GBP Institutional Class C At beginning of year 6,411 8,372 Issued 2,830 1,777 Redeemed (2,30 8 ) (3,738) At end of year 6,93 3 6,411

GBP Institutional Class D At beginning of year 921 2,020 Issued - 58 Redeemed (536) (1,157) At end of year 385 921

GBP Institutional Class E At beginning of year 804,230 788,522 Issued 569,186 263,593 Redeemed (210,614) (247,885) At end of year 1,162,802 804,230

GBP Institutional Class F At beginning of year 40,008 33,110 Issued 6,360 14,735 Redeemed (9,570) (7,837) At end of year 36,798 40,008

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SPARX F unds P lc

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 (CONTINUED)

7 . Share Capital and Redeemable Participating Shares (continued)

SPARX Japan Fund (continued) 2025 20 24

JPY Institutional Class A At beginning of year 21,996 82,761 Issued 3,497 13,800 Redeemed (3,609) (74,565) At end of year 21,884 21,996

JPY Institutional Class C At beginning of year 318,703 297,392 Issued 96,521 288,869 Redeemed (278,530) (267,558) At end of year 136,694 318,703

JPY Institutional Class E At beginning of year 563,147 1,197,652 Issued - 172,901 Redeemed (10) (807,406) At end of year 563,137 563,147

JPY Institutional Class G At beginning of year 5,271,440 5,586,378 Issued 881,146 1,008,064 Redeemed (1,364,011) (1,323,002) At end of year 4,788,575 5,271,440

USD Hedged Class A At beginning of year 17,768 19,368 Issued 341 306 Redeemed (6,876) (1,906) At end of year 11,233 17,768

USD Hedged Class C At beginning of year 100,519 29,789 Issued 1,676 125,350 Redeemed (94,146) (54,620) At end of year 8,049 100,519

USD Hedged Class E* At beginning of year - Issued 60,314 Redeemed (11,742) At end of year 48,572 -

USD Institutional Class D** At beginning of year - 443 Issued 378 101 Redeemed (378) (544) At end of year - *Th is share class launched during the financial year ended 3 1 October 2025. **This share class relaunched and terminated during the financial year ended 3 1 October 2025.

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SPARX F unds P lc

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 (CONTINUED)

7 . Share Capital and Redeemable Participating Shares (continued)

P articipating shares may be redeemed on each dealing date or such other date or dates as the Board of Directors shall from time to time determine (Valuation Day) at the n et a sset v alue per share based on last traded prices. The shareholder must request such redemption with 2 business days’ notice prior to the dealing date or such other day as the Directors may determine.

The holders are entitled to receive a all dividends declared and paid by the F Fund . Upon winding up, the holders are entitled to a return of capital based on the n et a sset v v alue p per share of the Fund .

8. Dividends to S hareholders

The Directors are empowered to declare and pay dividends for s hares of any Fund in the Company . It is the Directors current intention to declare and pay a dividend to the s hareholders where distributable income is available . Shareholders may however decide to have this dividend re - invested in s hares upon request.

Funds may declare dividends in respect of each Class of Shares, payable out of the net income and net realised and unrealised gains less accrued expenses of the Funds , subject to certain adjustments, attributable to the Shares. Dividends are usually declared semi - annually and paid to Shareholders within 2 months of the date of declaration . SPARX Japan Fund declared dividends of JPY 11,239,914 ( 202 4 : JPY 11,620,994 ) for shareholders of EUR Hedged Class F Shares, GBP Institutional Class D Shares, GBP Institutional Class F Shares and GBP Hedged Class F Shares during the year ended 31 October 2 2025 (2024: shareholders of EUR Hedged Class F Shares, GBP Institutional Class D Shares, USD Institutional Class D Shares, GBP Institutional Class F Shares and GBP Hedged Class F Shares).

9. Taxation

The Company qualifies as an investment undertaking as defined in Section 739B of the Taxes Consolidation Act, 1997, as amended. It is not chargeable to Irish tax on its income or gains. However, Irish tax may arise on the happening of a “chargeable event”. A chargeabl e event includes any distribution payments to shareholders or any encashment, redemption or transfer of shares. Following legislative changes in the Finance Act 2006, the holding of shares at the end of a r elevant y ear will, in respect of Irish Resident in vestors, also constitute a chargeable event. To the extent that any tax issues arise on such a chargeable event, such tax will be allowed as a credit against any tax payable on the subsequent encashment, redemption, cancellation or transfer of the relevant Shares.

Relevant y ear is defined as a period of 8 years beginning with the acquisition of a Share by a shareholder and each subsequent period of 8 years beginning immediately after the preceding relevant period.

No Irish tax will arise on the Company in respect of chargeable events in respect of:

(a) a shareholder who is neither Irish resident nor ordinarily resident in Ireland for tax purposes at the time of the chargeable event, provided appropriate valid declarations in accordance with the provisions of the Taxes Consolidation Act, 1997, as amen ded are held by the Company ; and

(b) certain exempted Irish tax resident shareholders who have provided the Company with the necessar y signed statutory declarations.

No liability in respect of Irish capital duty or stamp duty will arise in respect of the issue, reissue, transfer, repurchase or redemption of Shares in the Company . Dividends and interest on securities issued in countries other than the Republic of Ireland may be subject to taxes including withholding taxes imposed by such countries. The C Company may not be able to benefit from a reduction in the rate of withholding taxes by virtue of the double taxation agreements in operation between Ireland and other cou ntries. The Company may not therefore be able to reclaim withholding tax suffered by it in various countries. Dividends received from investment in Irish equities may be subject to Irish dividend withholding tax.

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SPARX F unds P lc

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 (CONTINUED)

9. Taxation (continued)

The Company can however, make a declaration to the payer that it is a collective investment undertaking beneficially entitled to the dividends to avoid this withholding tax.

Capital gains which the Company receives with respect to its investments (other than securities of Irish issuers) may be subject to taxes, including withholding taxes, in the countries in which the issuers of investments are located . No Capital Gain tax provision was required in relation to IFRIC 23.

1 0 . Soft Commissions

There were no soft commission arrangements affecting the Company during the years ended 31 October 202 5 and 31 October 202 4 .

1 1 . Risks Associated with Financial Instruments

The F Fund ’s risks are those set out in the Prospectus and Supplement and any consideration of risk here should be viewed in the context of the Prospectus which is the primary documentation governing the operation of the Fund .

The Fund ’s activities expose it to a variety of financial risks: market risk (including price risk, currency risk and interest rate risk), credit risk and liquidity risk. The Fund ’s overall risk management process focuses on the unpredictability of financial markets and seeks to mitigate potential adverse effects on the Fund ’s financial performance.

The M Manager and Investment Advisor seeks to mitigate the financial risk in the Fund through the Investment Advisor’s daily investment process . The investment process is designed to take an adaptive and flexible approach. Market risk is the most significant risk to the Fund but must be viewed in the context of the Fund being structured as a UCITS.

The investment objective of the Fund is to provide long - term capital growth by identifying and acquiring undervalued Japanese equities. The Fund will normally invest at least 80% of its assets in equity securities of Japanese companies and the rest of its assets in ancillary liquid assets such as money market instruments or cash deposits.

From year to year the Fund ’s exposure to risk alters as market conditions change and as the components of the portfolio change and are adjusted through trading, subscriptions and redemptions. With regard to the objectives, policies and processes for managing the risk, whilst adapti ng to the current market conditions, the approach remains consistent from year to year.

Under the terms of the Investment Advisor Agreement the Manager is delegated with responsibility for advising the Directors on the management of the assets and investments of the Fund , including risk management. The Directors exercise oversight over the Manager and Investment Advisor and at regularly held Board meetings both the Manager and Investment Advisor report to the Board on the performance of the Fund strategies being utilised and the risk management process.

The sensitivity analysis in the notes below of the risk factors represent sensitivity analysis of the effect of movements in various risk variables on the Fund ’s performance. In certain cases, a linear relationship between movements in the risk variable and the Fund ’s performance is assumed to create the sensitivity analysis. In reality a linear relationship is unlikely.

The various analyses shown are static scenarios and represent the effect on the F Fund of movements in a single risk variable. In reality the Fund is affected by dynamic movements in these risk variables and in a global context the risk variables have certain inter - relationships which cause dynamic movements in the variables. As a result, it should be noted that impacts on the Fund may be greater than that shown in the sensitivity analysis.

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SPARX F unds P lc

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 (CONTINUED)

1 1 . Risks Associated with Financial Instruments (continued)

The analysis presented i s that of a reasonably possible change in the relevant risk variable and not a worst case or best case analysis has been presented. IFRS 7 Financial Instruments: Disclosure does not require a sensitivity analysis of the worst case scenario, but states that a nalysis should be of reasonably possible changes. The analysis should not be taken to rule out a worst case scenario occurring in the future the impact of which is greater than the represented adverse movements in Fund performance . The sensitivity analysis is carried out continuously by the Investment Advisor . H owever, what is shown in the notes is calculated at the Statement of Financial Position date. As such it should be noted that future exposures may differ from exposures at the Statement of Financial Position date.

The F und use s various techniques and instruments for the purposes of efficient portfolio management. These are set out in the Prospectus and Supplement .

Market Risk The potential for changes in the fair value or cash flows of the Fund ’s investment portfolio is referred to as market risk. Categories of market risk include other price risk, currency risk and interest rate risk.

The table below analyses the F und ’s concentration of price risk by sector .

SPARX Japan Fund Financial assets at fair value through profit or loss

Financial assets at fair value through profit or loss 2025 2024 JPY JPY Apparel - 1,350,215,000 Banks 15,721,104,800 9,656,212,400 Building Materials 4,385,900,000 4,772,535,000 Chemicals 6,414,504,100 9,904,800,800 Commercial Services 7,326,454,000 11,070,672,900 Cosmetics/Personal Care 1,966,924,800 5,509,545,700 Distribution/Wholesale 6,900,979,200 5,977,234,000 Diversified Financial Services 16,935,263,650 17,588,193,000 Food 15,630,486,400 15,260,620,200 Healthcare - Products 757,520,600 1,609,223,850 Home Builders 13,044,156,950 Home Furnishings 13,442,196,000 7,954,254,100 Insurance 23,701,453,800 21,891,069,600 Machinery - Construction&Mining 14,503,781,400 14,203,702,800 Machinery - Diversified 4,480,597,000 4,110,042,000 Pharmaceuticals 920,037,300 2,305,637,400 Retail 3,405,266,000 4,679,640,000 Semiconductors 12,957,018,200 15,273,568,200 Telecommunications 18,041,529,000 3,903,127,550 T otal 180,535,173,200 157,020,294,500

(a) Price Risk Price risk is the risk that the value of a financial investment will fluctuate as a result of changes in market prices, whether caused by factors specific to an individual investment, its issuer or any factor affecting financial investments traded in the m arket. It represents the potential loss the Fund might suffer through holding market positions in the face of price movements. The Investment Advisor considers the asset allocation of the portfolio in order to spread the risk associated with particular mar ket sectors whilst continuing to follow the Fund ’s investment objective.

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Page 35

SPARX F unds P lc

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 (CONTINUED)

1 1 . Risks Associated with Financial Instruments (continued)

(a) Price Risk (continued)

As the majority of the Fund ’s financial investments are carried at fair value with fair value changes recognised in the Statement of Comprehensive Income , all changes in market conditions will directly affect net assets attributable to holders of redeemable participating shares .

The portfolio is managed by a team of portfolio managers and its risk is managed by a risk management team. The risk management team monitors its risk level and risk decomposition.

Management’s best estimate of the effect on the net assets attributable to holders of redeemable participating shares and on the change in net assets attributable to holders of redeemable participating shares from operations due to a reasonably possible change in equity indices, with all other variables held constant is indicated in the following table. In practice, the actual trading results may differ from the sensitivity analy sis below and the difference could be material. An equivalent increase in each of the indices shown below would have resulted in an equivalent, but opposite, impact.

SPARX Japan Fund

Change in Reference Index %

Potential e ffect on the net assets attributable to holders of redeemable participating shares and on the change in net assets JPY At 31 October 202 5 TOPIX Index 5 4,485,661,294 At 31 October 202 4 TOPIX Index 5 5,027,298,399

The above disclosure is provided for compliance with the requirement on IFRS 7 Financial Instruments: Disclosures only. The Fund does not monitor the equity price risk sensitivity with market indices actively since the equities held by the Fund may not have a material direct relationship with the local market indices.

(b) Currency Risk

Currency risks may result from exposures to changes in spot prices and volatilities of currency rates.

The primary purpose of the Fund ’s foreign currency economic hedging activities is to protect against the volatility associated with investments denominated in foreign currencies and other assets and liabilities created in the normal course of business.

The Fund primarily utilises forward exchange contracts with maturities of less than twelve months to hedge foreign - currency - denominated financial assets, liabilities, and firm commitments. Increases or decreases in the Fund ’s foreign - currency - denominated financial assets and liabilities are partially offset by gains and losses on the economic hedging instruments. The Fund does not use foreign currency forward exchange contracts or purchased currency options for trading purposes.

The Fund may from time to time utilise techniques and instruments to seek to protect (hedge) currency exchange transactions either on a spot basis or by buying currency exchange forward contracts. The fo forward contracts held as at 31 October 202 5 are disclosed in the Schedule of Investment s .

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Page 36

SPARX F unds P lc

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 (CONTINUED)

1 1 . Risks Associated with Financial Instruments (continued)

Market Risk (continued)

(b) Currency Risk (continued)

The table below outlines the Fund ’s foreign currency risk exposure:

SPARX Japan Fund ( Amounts are expressed in their JPY equivalents )

202 5

Monetary assets/liabilities

Non - monetary assets/liabilities

Financial derivative instruments Total Australian Dollar 67,907 - 3

- 227,240,860 227,308,767 Euro - 3,544,093 - 450,359,409 453,903,502 Sterling Pounds (76,080,884) - 3,046,079,113 2,969,998,229 Swiss Franc 385 - - 385 US Dollar 27,004,362 - 1,961,679,885 1,988,684,247 Total (45,464,137) - 5,685,359,267 5,639,895,130

2024

Monetary assets/liabilities

Non - monetary assets/liabilities

Financial derivative instruments Total Euro (17,561,304) - 2,012,889 ( 15,548,415 ) Sterling Pounds 7,988,405 - 28,332,836 36,321,241 US Dollar (5,737,910) - 21,214,216 15,476,306 Total (15,310,809) - 51,559,941 36,249,132

Effect on net assets on movement in foreign currency against JPY rate of 5%*

2025 2024 Australian Dollar 11,365,438 Euro 22,695,175 (777,421) Sterling Pounds 148,499,911 1,816,062 Swiss Franc 19 US Dollar 99,434,212 773,815 Total 281,994,755 1,812,456

* T The estimated movement is based on t the d d irector ’s determination of a reasonably possible change in foreign exchange rates. In practice, the actual results may differ from the sensitivity analysis above and the difference could be material.

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SPARX F unds P lc

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 (CONTINUED)

1 1 . Risks Associated with Financial Instruments (continued)

Market Risk (continued)

The majority of the Fund ’s financial assets and liabilities are non - interest bearing. As a result, the Fund is not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates. Any excess cash and cash equivalents are invested at short - term market interest rates.

Credit Risk

Counterparty credit risk is the risk that a counterparty to a financial asset will fail on a commitment that it has entered into with the Fund . The Fund will be subject to the possibility of insolvency, bankruptcy or default of a counterparty with which the Fund trades, which could result in substantial losses to the Fund .

The Investment Advisor to the Fund has adopted procedures to reduce credit risk related to their dealings with counterparties. Before transacting with any counterparty, the Investment Advisor will evaluate both credit - worthiness and reputation by conducting a credit analysis of the party, their business and reputation. The reputational risk of approved counterparties is then monitored on an ongoing basis, including periodic reviews of financial statements and interim financial reports as needed. The Manager is required to file a Ri sk Management Process with the B oard of Directors.

The Fund is exposed to Credit Risk on the cash balance held wi th State Street Bank and Trust Company as at 31 October 202 5 : JPY 10,543,547,177 (20 2 4 : JPY 3,986,956,401 ) . The Fund ’s listed equity securities are held with State Street Custodial Services (Ireland) Limited as Depositary . These balances are held in the normal course of the Fund ’s operations. State Street Custodial Services (Ireland) Limited was rated as A (2024: HSBC Continental Europe : A+) by Standard a nd Poor’s as at 31 October 202 5 .

Liquidity Risk

The main l iquidity r isk of the Fund is the redeemable participating shares. The Fund is exposed to the liquidity risk of meeting the shareholder redemption requests at any time. The majority of the assets of the Fund are held in readily realisable securities and should be convertible to cash in the short - term.

The l iquidity r r isk associated with the redeemable participating shares is mitigated by a notice to the Fund of redemptions which allows for assets to be sold providing cash to finance the redemption proceeds. The Manager monitors the Fund’s liquidity and implements necessary measures to prevent potential liquidity mismatches. The M Manager monitors the liquidity risk on a daily basis. When the Manager finds an excessive liquidity risk, it may recommend the Investment Advisor to increase the liquidity of the Fund or the use of liquidity management tools.

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SPARX F unds P lc

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 (CONTINUED)

1 1 . Risks Associated with Financial Instruments (continued)

Liquidity Risk (continued)

The table below outlines the Fund ’s liquidity risk:

SPARX Japan Fund

Due on demand

Due within 3 months Total 20 2 5 JPY JPY JPY Financial liabilities at fair value through profit or loss

- financial derivative instrument s - (17,548,82 2 ) (17,548,82 2 ) Due to shareholders (4,248,030,243) - (4,248,030,243) Investments purchased not yet settled (78,321,550) - (78,321,550) Investment advisory fees payable - (414,702,590) (414,702,590) Management fees payable - (8,413,311) (8,413,311) Administration fees payable - (26,175,754) (26,175,754) Depositary fees payable - (7,056,314) (7,056,314) Other payables and accrued expenses - (267,514,685) (267,514,685) Redeemable Participating Shareholders (188,912,345,148) - (188,912,345,148) Total (193,238,696,941) (741,411,47 6 ) (193,980,108,41 7 )

Due on demand

Due within 3 months Total 20 2 4 JPY JPY JPY Financial liabilities at fair value through profit or loss

- financial derivative instrument s - (1,389,175) (1,389,175) Due to shareholders (30,630,416) - (30,630,416) Investments purchased not yet settled (10,385,102,192) - (10,385,102,192) Investment advisory fees payable - (405,392,210) (405,392,210) Management fees payable - (1,009,475) (1,009,475) Administration fees payable - (6,733,385) (6,733,385) Depositary fees payable - (5,170,215) (5,170,215) Other payables and accrued expenses - (257,707,444) (257,707,444) Redeemable Participating Shareholders (162,583,876,823) - (162,583,876,823) Total (172,999,609,431) (677,401,904) (173,677,011,335)

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SPARX F unds P lc

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 202 5 (CONTINUED)

1 2 . Comparative Net Asset Value Table

The Net Asset Value s for each class of share s is detailed below.

SPARX Japan Fund 202 5 202 4 202 3 AUD Hedged Class G* AU$2,300,334 - EUR Hedged Class A*** - - €462,193 EUR Hedged Class C €1,396,161 €596,383 €1,504,898 EUR Hedged Class F €1,180,143 €579,121 €8,301,381 EUR Institutional Class C €5,443,049 €14,438,161 €10,854,401 EUR Institutional Class E €73,541,953 €4,552,613 €3,206,095 GBP Hedged Class C £196,553 £12,169,313 £8,782,248 GBP Hedged Class E £14,700,638 £11,410,725 £8,115,483 GBP Hedged Class F £449,800 £426,464 £198,922 GBP Institutional Class C £1,202,592 £964,596 £995,500 GBP Institutional Class D £57,620 £120,427 £209,464 GBP Institutional Class E £180,782,910 £108,303,318 £83,788,586 GBP Institutional Class F £5,505,684 £5,237,663 £3,443,568 JPY Institutional Class A ¥1,204,068,165 ¥1,032,448,379 ¥2,864,530,658 JPY Institutional Class C ¥5,507,922,332 ¥10,889,951,555 ¥7,448,457,778 JPY Institutional Class E ¥12,991,728,995 ¥10,997,632,334 ¥17,118,183,242 JPY Institutional Class G ¥111,315,664,322 ¥103,656,229,089 ¥80,317,588,053 USD Hedged Class A $4,397,157 $5,721,023 $4,386,070 USD Hedged Class C $2,786,287 $28,409,655 $5,890,477 USD Hedged Class E* $5,803,066 - USD Institutional Class D** - - $44,576

The Net Asset Value per share for each class of shares is detailed below.

SPARX Japan Fund 2025 2024 2023 AUD Hedged Class G* AU$118 - EUR Hedged Class A*** - - €195 EUR Hedged Class C €291 €214 €171 EUR Hedged Class F €228 €190 €135 EUR Institutional Class C €138 €127 €95 EUR Institutional Class E €122 €111 €84 GBP Hedged Class C £311 £256 £180 GBP Hedged Class E £203 £166 £117 GBP Hedged Class F £200 £165 £116 GBP Institutional Class C £173 £150 £119 GBP Institutional Class D £150 £131 £104 GBP Institutional Class E £155 £135 £106 GBP Institutional Class F £150 £131 £104 JPY Institutional Class A ¥55,021 ¥46,937 ¥34,612 JPY Institutional Class C ¥40,294 ¥34,170 ¥25,046 JPY Institutional Class E ¥23,070 ¥19,529 ¥14,293 JPY Institutional Class G ¥23,246 ¥19,664 ¥14,377 USD Hedged Class A $391 $322 US$226 USD Hedged Class C $346 $283 US$198 USD Hedged Class E* $119 - USD Institutional Class D** - - US$101

*These share classes launched during the financial year ended 3 1 October 2025. **This share class relaunched and terminated during the financial year ended 3 1 October 2025. ***This share class fully redeemed during the financial year ended 3 1 October 202 4 .

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SPARX F unds P lc

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 202 5 (CONTINUED)

1 3 . Exchange Rates

The following exchange rates were used to translate assets and liabilities into the ir reporting currency which is Japanese Yen at 31 October 202 5 and 31 October 2024 :

2025 2024 Yen : Australian Dollar 1 : 0.00992 Yen : Euro 1 : 0.00560 0.00603 Yen : Sterling Pounds 1 : 0.00494 0.00505 Yen : Swiss Franc 1 : 0.00520 Yen : US Dollar 1 : 0.00649 0.0065 6

1 4 . 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.

FundRock Management Company (Ireland) Limited were paid € 272,832.55 (202 4 : € 254,425 ) for their services during the financial year .

Mr. Takeshi Suzuki is an employee and a Director of SPARX Asset Management Co., Ltd.

Mr. Takeshi Suzuki and Mr. Alan Ng are Director s of SPARX Asia Investment Advisors Limited, a group affiliate of SPARX Asset Management Co., Ltd.

Details of Directors fees and expenses incurred are disclosed in N ote 6.

Pursuant to the Investment Advisory Agreement the Company will be responsible for, and bears the fees of, the Investment Advisor which will not exceed 2.0% per annum of the Net Asset Value of the relevant Fund. The Investment Advisor is also entitled to be reimbursed its out - off- pocket expenses out of the assets of the Company.

1 5 . Connected parties

The SPARX Funds plc entered into a Securities Lending Agreement with HSBC Bank plc from 8 October 2021 through the financial year ending 31 October 2024. Securities lending income of JPY 25,022,523 earned during the financial year ending 31 October 2024 is reported in the Statement of Comprehensive Income.

There was no securities lending during the financial year ended 31 October 2025.

1 6 . Significant Events during the year

On 1 November 2024, a new Prospectus of the Company and Supplement of the Fund were issued.

Effective from 1 November 2024, HSBC Securities Services (Ireland) DAC was replaced with State Street Fund Services (Ireland) Limited as the Administrator and Registrar of the Company , and HSBC Continental Europe was replaced with State Street Custodial Services (Ireland) Limited as Depositary of the Company .

Effective from 11 July 2025, the name of the Distributor and Manager changed from Bridge Fund Management Limited to FundRock Management Company (Ireland) Limited.

Other than above there were no other significant events during the year which require adjustment or disclosure in the financial statements.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 (CONTINUED)

17. Geopolitical Events

The current imposition of economic sanctions against Russia and tensions in the Middle East may result in restricted or no access to certain markets, investments, service providers or counterparties and could negatively impact the performance of any funds which have direct exposure to this region. As at 31 October 2025, the Fund had no exposure to these markets. Hence, these events are assessed to have no impact on the Fund. However, the Investment Advisor will continue to monitor the economic impact of wor ldwide geopolitical events.

1 8 . Subsequent Event s

On 1 9 December 202 5 , a new Supplement of the Fund w as issued for the introduction of a new class USD Institutional Class E.

There have been no other material events subsequent to the year ended 31 October 202 5 that require adjustment or disclosure in the financial statements.

1 9 . Approval of the Financial Statements

The financial statements were approved by the Board of Directors on 9 February 202 6 .

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SPARX JAPAN FUND

SCHEDULE OF INVESTMENTS AS AT 31 OCTOBER 202 5

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

Equity Securities (2024: 96.58%) Japan 244,000 Daikin Industries Ltd. 4,385,900,000 2.32 748,100 Daiwa House Industry Co. Ltd. 3,914,807,300 2.07 60,100 Fast Retailing Co. Ltd. 3,405,266,000 1.80 2,727,300 Hitachi Ltd. 14,503,781,400 7.68 846,700 Japan Exchange Group, Inc. 1,464,367,650 0.78 78,100 Keyence Corp. 4,480,597,000 2.37 1,859,100 Mitsubishi Corp. 6,900,979,200 3.65 3,542,500 Mitsubishi UFJ Financial Group, Inc. 8,254,025,000 4.37 1,450,200 Mizuho Financial Group, Inc. 7,467,079,800 3.95 2,048,300 MS&AD Insurance Group Holdings, Inc. 6,525,883,800 3.45 308,800 Nissan Chemical Corp. 1,611,009,600 0.85 398,800 Olympus Corp. 757,520,600 0.40 4,114,600 ORIX Corp. 15,470,896,000 8.19 950,500 Recruit Holdings Co. Ltd. 7,326,454,000 3.88 1,300,100 Renesas Electronics Corp. 2,484,491,100 1.32 662,400 Rohto Pharmaceutical Co. Ltd. 1,582,473,600 0.84 609,700 Santen Pharmaceutical Co. Ltd. 920,037,300 0.49 1,435,400 Sekisui House Ltd. 4,752,609,400 2.52 7,950,400 Seven & i Holdings Co. Ltd. 15,630,486,400 8.27 1,031,900 Shin - Etsu Chemical Co. Ltd. 4,803,494,500 2.54 554,100 Socionext, Inc. 1,934,363,100 1.02 666,600 SoftBank Group Corp. 18,041,529,000 9.55 1,948,200 Sompo Holdings, Inc. 9,172,125,600 4.86 3,103,000 Sony Group Corp. 13,442,196,000 7.12 2,722,700 Sumitomo Forestry Co. Ltd. 4,376,740,250 2.32 1,384,200 Tokio Marine Holdings, Inc. 8,003,444,400 4.24 249,800 Tokyo Electron Ltd. 8,538,164,000 4.52 403,200 Unicharm Corp. 384,451,200 0.20 Total equity securities 180,535,173,200 95.57

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SPARX JAPAN FUND

SCHEDULE OF INVESTMENTS AS AT 31 OCTOBER 202 5 (CONTINUED)

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

Forward foreign currency contracts - unrealised gains (2024: 0.03%) * AUD 10,512 / JPY 1,043,982 28/11/2025 13,720 0.00 AUD 2,199,566 / JPY 218,448,836 28/11/2025 2,870,822 0.00 AUD 48,335 / JPY 4,789,508 28/11/2025 73,991 0.00 EUR 1,128,440 / JPY 200,295,215 28/11/2025 833,096 0.00 EUR 1,336,198 / JPY 237,171,814 28/11/2025 986,478 0.00 EUR 23,276 / JPY 4,128,119 28/11/2025 20,556 0.00 EUR 26,927 / JPY 4,775,544 28/11/2025 23,779 0.00 EUR 5,714 / JPY 1,014,306 28/11/2025 4,219 0.00 EUR 6,207 / JPY 1,101,703 28/11/2025 4,581 0.00 GBP 29 / JPY 5,839 28/11/2025 39 0.00 USD 13,092 / JPY 1,992,216 28/11/2025 20,952 0.00 USD 149,827 / JPY 22,846,315 28/11/2025 193,404 0.00 USD 197,934 / JPY 30,181,935 28/11/2025 255,503 0.00 USD 2,628,299 / JPY 399,962,441 28/11/2025 4,206,193 0.00 USD 20,108 / JPY 3,059,918 28/11/2025 32,180 0.00 USD 24,032 / JPY 3,657,035 28/11/2025 38,459 0.00 USD 4,148,806 / JPY 631,346,269 28/11/2025 6,639,535 0.00 USD 5,479,763 / JPY 833,885,080 28/11/2025 8,769,52 7 0.01 USD 94,897 / JPY 14,470,423 28/11/2025 122,499 0.00 Total forward foreign exchange contracts u nrealised gains 25,109,53 3 0.01

Total Financial Assets at Fair Value through Profit or Loss 180,560,282,73 3 95.58

Forward foreign currency contracts - unrealised losses (2024: (0.00)%) * GBP 933 / JPY 189,781 28/11/2025 (1,090) (0.00) GBP 10,156 / JPY 2,062,856 28/11/2025 (9,998) (0.00) GBP 14,040,254 / JPY 2,854,501,520 28/11/2025 (16,388,9 19 ) (0.01) GBP 187,629 / JPY 38,146,492 28/11/2025 (219,015) (0.00) GBP 2,120 / JPY 430,936 28/11/2025 (2,474) (0.00) GBP 336,445 / JPY 68,340,499 28/11/2025 (331,223) (0.00) GBP 4,438 / JPY 901,463 28/11/2025 (4,369) (0.00) GBP 429,381 / JPY 87,296,768 28/11/2025 (501,208) (0.00) GBP 71,363 / JPY 14,508,614 28/11/2025 (83,300) (0.00) JPY 18,178 / GBP 90 28/11/2025 (35) (0.00) JPY 2,326,999 / GBP 11,534 28/11/2025 (4,412) (0.00) JPY 411,695 / GBP 2,050 28/11/2025 (2,779) (0.00) Total forward foreign exchange contracts u nrealised losses (17,548,82 2 ) (0.01)

* State Street Bank acts as counterparty to the forward contracts held with SPARX Japan Fund .

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SPARX JAPAN FUND

SCHEDULE OF INVESTMENTS AS AT 31 OCTOBER 2025 (CONTINUED)

Total Financial Liabilities at Fair Value through Profit or Loss (17,548,82 2 ) (0.01)

Other Net Assets 8,369,611,237 4.43

Total Net Assets Attributable to Holders of Redeemable Participating Shares 188,912,345,148 100.00

% of Total Analysis of Net Investments Assets Transferable securities admitted to an official stock exchange listing or dealt on another regulated market 93.07 Financial derivative instruments 0.01

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S PARX JAPAN FUND

CHANGES IN COMPOSITION OF PORTFOLIO (UNAUDITED) FOR THE YEAR ENDED 31 OCTOBER 202 5

Number of shares Cost/Proceeds JPY All Purchases Seven & i Holdings Co. Ltd. 2,848,100 5,919,871,300 Sekisui House Ltd. 1,466,800 5,265,230,769 SoftBank Group Corp. 540,200 5,193,142,621 Sumitomo Forestry Co. Ltd. 1,251,900 4,585,722,148 Mizuho Financial Group, Inc. 849,300 3,639,696,340 Daiwa House Industry Co. Ltd. 748,100 3,635,076,736 Sompo Holdings, Inc. 633,200 2,929,404,458 Tokio Marine Holdings, Inc. 477,200 2,644,559,755 Sony Group Corp. 476,700 1,779,208,374 Hitachi Ltd. 376,800 1,654,862,905 Keyence Corp. 26,300 1,621,098,633 ORIX Corp. 463,800 1,548,413,133 Tokyo Electron Ltd. 48,200 1,100,197,376 MS&AD Insurance Group Holdings, Inc. 254,700 835,393,416 Recruit Holdings Co. Ltd. 69,500 584,393,630 Mitsubishi UFJ Financial Group, Inc. 97,400 200,975,367 Shin - Etsu Chemical Co. Ltd. 14,900 82,462,698

There were no other purchases during the financial year.

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SPARX JAPAN FUND

CHANGES IN COMPOSITION OF PORTFOLIO (UNAUDITED) FOR THE YEAR ENDED 31 OCTOBER 202 5 (CONTINUED)

Number of shares Cost/Proceeds JPY Major Sales Hitachi Ltd. 1,269,200 (5,061,553,939) ORIX Corp. 1,252,400 (4,445,413,980) Renesas Electronics Corp. 2,098,600 (4,201,563,314) Seven & i Holdings Co. Ltd. 1,837,500 (4,137,316,710) Sompo Holdings, Inc. 757,900 (3,232,383,010) Recruit Holdings Co. Ltd. 280,300 (2,505,744,351) Tokio Marine Holdings, Inc. 424,100 (2,385,536,419) Mitsubishi UFJ Financial Group, Inc. 1,207,700 (2,377,479,037) SoftBank Group Corp. 97,600 (1,991,879,351) NTT, Inc . 12,021,500 (1,858,996,921) Fast Retailing Co. Ltd. 34,400 (1,775,132,016) Asics Corp. 497,500 (1,560,882,210) Rohto Pharmaceutical Co. Ltd. 559,400 (1,409,415,441) MS&AD Insurance Group Holdings, Inc. 413,200 (1,377,884,834) Socionext, Inc. 595,500 (1,360,043,890) Shin - Etsu Chemical Co. Ltd. 279,800 (1,249,363,529) Sony Group Corp. 294,300 (1,174,332,357) Santen Pharmaceutical Co. Ltd. 650,900 (960,678,281) Mitsubishi Corp. 248,900 (753,751,864) Nissan Chemical Corp. 160,400 (723,344,087) Sony Financial Group, Inc. 3,121,000 (514,245,225) Unicharm Corp. 375,500 (477,092,555)

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.

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DISCLOSURE OF REMUNERATION POLICY (UNAUDITED) FOR THE YEAR ENDED 31 OCTOBER 2025

UCITS V Remuneration Disclosure - Manager

The below disclosure is made in respect of the remuneration policies of FundRock Management Company (Ireland) Limited (“Manager”) in accordance with the European Union Directive 2014/91/EU as implemented in Ireland by European Union (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations 2016. This requires UCITS management comp anies to establish and apply remuneration policies and practices that promote sound and effective risk management, and do not encourage risk takin g which is inconsistent with the risk profile of the UCITS.

The Manager has designated the following persons as Identified Staff:

1. Executive and Non - Executive members of the management body of the Manager e.g. CEO, Directors, Executive and Non - Executive partners 2. Senior management 3. Risk takers – staff who can exert material influence on the Manager or on the UCITS or AIFs it manages 4. Those in control functions: Operations, HR, Compliance, Finance where applicable 5. Staff whose total remuneration takes them into the bracket of senior management and risk takers, whose professional activities have a material impact on the Manager’s risk position or those of the UCITS and/or AIFs it manages and 6. Categories of staff of the entities to which portfolio management or risk management activities have been delegated whose professional activities have a material impact on the Manager’s risk position or those of the UCITS and/or AIFs it manages.

The Remuneration Policy is designed to discourage risk taking that is inconsistent with the risk profile of the UCITS and the Manager is not incentivised or rewarded for taking excessive risk.

The Manager is required under UCITS regulations to make quantitative disclosures of remuneration. Disclosures are provided in relation to Identified Staff who are employed directly by the Manager and Identified Staff who have the ability to materially impa ct the risk profile of the UCITS including individuals who, although not directly employed by the Manager, are assigned by their employer to carry out services directly by the Manager.

All remuneration paid to Identified Staff can be divided into:

• Fixed remuneration (payments or benefits without consideration of any performance criteria); and • Variable remuneration (additional payments or benefits depending on performance or, in certain cases, other contractual criteria) which is not based on the performance of the UCITS.

The Manager’s annual remuneration details for the year ended 31 December 202 5 are disclosed below:

Description Number of beneficiaries

Total remuneration paid

Fixed remuneration paid

Variable remuneration paid Total Staff Remuneration

62 €4,315,711 €3,349,915 €965,796

Senior Management (including executives),risk takers and other identified staff

15 €1,920,967 €1,274,081 €646,886

Details of the Remuneration Policy, including, but not limited to, a description of how remuneration and benefits are calculated and the identity of persons responsible for awarding the remuneration and benefits is available at the following website: https://bridgefundservices.com/remuneration - policy/

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APPENDIX I – – ADDITIONAL INFORMATION FOR INVESTORS IN SWITZERLAND (UNAUDITED) FOR THE YEAR ENDED 31 OCTOBER 2025

Representative and paying agent in Switzerland :

BNP PARIBAS, Paris, Zurich branch, Selnaustrasse 16, CH - 8002 Zürich

Copies of the prospectus, the Key Information Documents (KIDs), the deed of incorporation and the articles of association,the annual and semi - annual reports and a list of purchases and sales during the reporting period are available free of charge from the representative in Switzerland on request.

Total Expense Ratio

The following table shows the annualised total expense ratio (“TER”) for each share class of the Fund registered for distribution in Switzerland. The TER shows the actual operating expenses incurred by the relevant share class during the twelve month perio d ended 31 October 2025 expressed as a percentage of the average NAV of that share class for the corresponding period.

SPARX Japan Fund TER % AUD Hedged Class G* 0.97 EUR Hedged Class A** EUR Hedged Class C 1.20 EUR Hedged Class F 1.04 EUR Institutional Class C 1.05 EUR Institutional Class E 0.95 GBP Hedged Class C 1.12 GBP Hedged Class E 1.02 GBP Hedged Class F 1.02 GBP Institutional Class C 1.06 GBP Institutional Class D 1.05 GBP Institutional Class E 0.91 GBP Institutional Class F 0.91 JPY Institutional Class A 1.65 JPY Institutional Class C 1.05 JPY Institutional Class E 0.91 JPY Institutional Class G 0.81 USD Hedged Class A 1.77 USD Hedged Class C 1.14 USD Hedged Class E* 1.05 USD Institutional Class D** * 0.97

*These share classes launched during the financial year ended 31 October 2025. **This share class fully redeemed during the financial year ended 31 October 2024. ** * This share class relaunched and terminated during the financial year ended 31 October 2025.

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APPENDIX I – – ADDITIONAL INFORMATION FOR INVESTORS IN SWITZERLAND (UNAUDITED) FOR THE YEAR ENDED 31 OCTOBER 2025 (CONTINUED)

Annual return as of October 31 (fiscal years)

2004 2005 2006 2007 2008 2009 2010 2011 17.62% 29.85% 3.92% - 9.90% - 50.25% 15.05% - 4.84% - 0.50%

2012 2013 2014 2015 2016 2017 2018 2019 6.55% 59.10% 20.94% 19.34% - 1.44% 28.67% 3.80% 5.62%

2020 2021 2022 2023 2024 2025

Launch date to 31 October 2025 7.54% 22.18% - 17.87% 21.56% 35.61% 17.22% 450.21%

Annual return (calendar years)

Launch Date to 31 December 2004 2005 2006 2007 2008 2009 2010 32.01% 42.45% - 12.08% - 20.35% - 43.44% 16.26% 5.27%

2011 2012 2013 2014 2015 2016 2017 2018

- 15.20% 6.55% 59.10% 20.94% 19.34% - 1.44% 28.67% 3.80%

2019 2020 2021 2022 2023 2024

Launch date to 31 October 2025 5.62% 7.54% 22.18% - 17.87% 21.56% 33.57% 450.21%

Past performance is no indication of current or future performance. The performance data do not take account of the commissions and costs incurred on the issue and redemption of units/shares.

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APPENDIX I I – ARTICLE 11 SFDR DISCLOSURES FOR ARTICLE 8 FUNDS (UNAUDITED) FOR THE YEAR ENDED 31 OCTOBER 2025

ANNEX IV

Template periodic disclosure for the financial products referred to in Article 8 , paragraphs 1, 2 and 2a, of Regulation (EU) 2019/2088 and Article 6 , first paragraph, of Regulation (EU) 2020/852

Product name: SPARX Japan Fund Legal entity identifier: 635400BTSWMY84SXPB33

Environmental and/or social characteristics

To what extent were the environmental and/or social characteristics promoted by this financial product met?

All investments have been made in accordance with the environmental and social characteristics listed below. The Investment Advisor , therefore believes that the characteristics promoted have been met.

Characteristic 1: Sustainable investment assessment While the Fund does not have sustainable investment as its objective, it does assess the share of sustainable investments, by assessing the contribution of each underlying holding to one or multiple United Nations Sustainable Development Goals; whether the holding does not do significant harm to any environmental or social sustainable investment objective; and whether the holding follows good governance practices.

Did this financial product have a sustainable investment objective?

Yes No

It made sustainable investments with an environmental objective: ___%

in economic activities that qualify as environmentally sustainable under the EU Taxonomy

in economic activities that do not qualify as environmentally sustainable under the EU Taxonomy

It promoted Environmental/Social (E/S) characteristics and while it did not have as its objective a sustainable investment, it had a proportion o f 49 % of sustainable investments

with an environmental objective in economic activities that qualify as environmentally sustainable under the EU Taxonomy

with an environmental objective in economic activities that do not qualify as environmentally sustainable under the EU Taxonomy

with a social objective

It made sustainable investments with a social objective: ___%

It promoted E/S characteristics, but did no t make any sustainable investments

Sustainable investment means an investment in an economic activity that contributes to an environmental or social objective, provided that the investment does not significantly harm any environmental or social objective and that the investee companies follow good governance prac tices. The EU Taxonomy is a classification system laid down in Regulation (EU) 2020/852 , establishing a list of environmentally sustainable economic activities . That Regulation does not lay down a list of socially sustainable economic activities. Sustainable investments with an environmental objective might be aligned with the Taxonomy or not.

Sustainability indicators measure how the environmental or social characteristics promoted by the financial product are attained.

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APPENDIX I I – ARTICLE 11 SFDR DISCLOSURES FOR ARTICLE 8 FUNDS (UNAUDITED) FOR THE YEAR ENDED 31 OCTOBER 2025 ( CONTI NUED)

Characteristic 2: ESG risk and impact screening The Fund negatively screens for investments that: • conflict with the Investment Advisor’s exclusion policy (which outlines industries/activities that have potentially negative environmental or social characteristics – for more information, please refer to the binding elements section in this disclosure) • are exposed to unmanageable sustainability risks • are exposed to unmanageable controversies • cause principal adverse impacts considered unmanageabl e

Characteristic 3: ESG integration to drive environmental and social progress The Fund integrates ESG considerations throughout the investment decision - making process and the ownership period to drive environmental and social progress within its holdings. No reference benchmark has been designated for the purpose of attaining the environmental or social characteristics promoted.

How did the sustainability indicators perform ?

Characteristic 1: Sustainable investment assessment indicators

1 2024 data coverage excludes cash (2%). Therefore, the maximum data coverage is 98%. If data coverage is less than 98% it will be referenced accordingly. 2 2025 data coverage excludes cash (5%). Therefore, the maximum data coverage is 95%. If data coverage is less than 95% it will be referenced accordingly. 3 1 company did not pass the DNSH threshold. Mitsubishi Corporation had fossil fuel exposure. 4 In addition to cash (2%), 3% of data was unavailable to validate DNSH. 5 2 companies did not pass the DNSH threshold. Mitsubishi Corporation had fossil fuel exposure and Mitsubishi UFJ Financial Group Inc. had UNGC violations. 6 In addition to cash (5%), 6 % of data was unavailable to validate DNSH. 7 In addition to cash (2%), 3% of data was unavailable to validate good governance practices. 8 In addition to cash (5%), <1% data was unavailable to validate good governance practices.

2024 (last reporting period)

2025 (this reporting period)

Indicator Value Data coverage (% of NAV) 1

Value Data coverage (% of NAV) 2 Share of investments (% of NAV) that contribute to SDGs with an environmental focus

8% 98% 14% 95%

Share of investments (% of NAV) that contribute to SDGs with a social focus

4 2 % 98% 39% 95%

Share of investments (% of NAV) that do not do significant harm to any environmental or social sustainable investment objective

9 1 % 3 95% 4 86% 5 89 % 6

Share of investments (% of NAV) that follow good governance practices

95% 95% 7 95% 95 8 %

Share of sustainable investments (% of NAV) that contribute to one or multiple SDGs, do not do significant harm to any environmental or social sustainable investment objective, and follow good governance practices

5 0 % 9 8 % 49% 95%

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APPENDIX I I – ARTICLE 11 SFDR DISCLOSURES FOR ARTICLE 8 FUNDS (UNAUDITED) FOR THE YEAR ENDED 31 OCTOBER 2025 ( CONTI NUED)

Characteristic 2: ESG risk and impact screening

202 4 (last reporting period) 202 5 (this reporting period) Indicator Value Data coverage (% of NAV)

Value Data coverage (% of NAV) ESG Risk Rating 21. 2 9 5 % 9 20.5 94 % 10 Occurrence and severity of controversies

1. 7 98% 1. 7 9 5 %

Principal adverse impact indicators (4, 10 and 14)

See table below

95 % See table below

9 5 %

202 4 (last reporting period) 202 5 (this reporting period) Principal adverse impact indicator Unit

Value Data coverage (% of NAV)

Value Data coverage (% of NAV) 4. Exposure to companies active in the fossil fuel sector

% of NAV

4 % 98 % 4 % 9 5 %

10. Violations of UN Global Compact principles and Organisation for Economic Cooperation and Development (OECD) Guidelines for Multinational Enterprises

% of NAV

0 % 95 % 11 5 % 94 12 %

14. Exposure to controversial weapons (anti - personnel mines, cluster munitions, chemical weapons and biological weapons)

% of NAV

0% 95 % 13 0% 9 4 14 %

Characteristics 3: ESG integration to drive environmental and social progress

202 4 (last reporting period) 202 5 (this reporting period) Indicator Value Data coverage (% of NAV)

Value Data coverage (% of NAV) Scope 1+2 intensity (tCO2e/M$ rev) 15 47.5 16 95 % 17 39.3 9 5 %

Share of investments (% of NAV) that express support for TCFD recommendations

92% 98 % 87 % 18 9 5 %

9 In addition to cash (2%), 3% of data was unavailable to validate the criteria. 10 In addition to cash (5%), 1% of data was unavailable to validate the criteria. 11 In addition to the cash (2%), 3% of data was insufficient to validate the criteria. 12 In addition to cash (5%), 1% of data was unavailable to validate the criteria. 13 In addition to the cash (2%), 3% of data was insufficient to validate the criteria. 14 In addition to cash (5%), 1% of data was unavailable to validate the criteria. 15 This metric is worked out using USD. The source uses USD so the value is most accurate when unaffected by exchange rates. 16 Value is updated as per the comments below. 17 In addition to the cash (2%) , 3 % of data was insufficient to validate the criteria. 18 Following the disbandment of the TCFD and the consequent discontinuation of updates to its supporter list, the Fund also initiated the monitoring of the Net ‑ Zero declaration ratio as an alternative indicator. As of October 2025, the Fund ’ s Net ‑ Zero declaration ratio stands at 92.86%, compared with 37.48% for the reference index.

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APPENDIX I I – ARTICLE 11 SFDR DISCLOSURES FOR ARTICLE 8 FUNDS (UNAUDITED) FOR THE YEAR ENDED 31 OCTOBER 2025 ( CONTI NUED)

Comments regarding the sustainability indicators :

• The 2024 carbon intensity has been updated to accurately include Scope 2 contributions, with the new value now at 47.5, compared to the previously reported value of 22.0. Accordingly, compared to 2024, in 2025 the carbon intensity has decreased by 17 % , primarily due to a relative reduced exposure to emission heavy assets, in particular Shin - Etsu Chemical Co. Ltd., Renesas Electronics Corporation, Nissan Chemical Corporation, and Mitsubishi Corporation.

• The 2024 Risk Rating has been updated from 21.3 to 21.2 to accurately reflect the Financial Year reporting period instead of Calendar Year , the related D ata coverage is 94% instead of the previou s ly reported 98% . Note th e Fund’s Risk Rating is 17% lower than the benchmark over the same period , being 2 5.7 .

…and compared to previous periods?

As shown in the comparison tables above, compared to previous period(s), the sustainability indicators performed as follows:

Characteristic 1: Sustainable investment assessment indicators

• S hare of investments (% of NAV) that contribute to SDGs with an environmental focus changed from 8 % to 14%, due to a number of new investments .

• Share of investments (% of NAV) that contribute to SDGs with a social focus fell from 4 2 % to 3 4 % , reflecting changes in the fund's investment weights. Mitsubishi UFJ Financial Group Inc. does not qualify as a sustainable investment .

• Share of investments (% of NAV) that do not do significant harm to any environmental or social sustainable investment objective decreased f rom 91 % to 8 6 %. This was due to 2 companies not passing the DNSH threshold. Mitsubishi Corporation had fossil fuel exposure and Mitsubishi UFJ Financial Group Inc. had UNGC violations.

• Share of investments (% of NAV) that follow good governance practices remaine d the same at 9 5 %.

• Share of sustainable investments (% of NAV) that contribute to one or multiple SDGs, do not do significant harm to any environmental or social sustainable investment objective, and follow good governance practices decreased slightly from 5 0 % to 49 % . Characteristic 2: ESG risk and impact screening

• ESG Risk Rating decreased from 2 1 . 2 in 2024 to 2 0 .5 in 2025 .

• Occurrence and severity of controversies remained constant at 1. 7 .

• Principal adverse impact indicators (4, 10 and 14)

o PAI 4: Exposure to companies active in the fossil fuel sector has remained consistent with the previous reporting period, with Mitsubishi Corporation being the only company within the fund linked to this sector. While the company continues to represent the fund’s sole exposure, the level has decreased from 4.3% in 202 4 to 3.5% in 202 5 , reflecting a reduction in overall fossil fuel involvement. The Investment Advisor engaged with Mitsubishi to verify the underlying details and confirmed that less than 1 0 % of Mitsubishi’s revenue in 2025 was derived from fossil fuel activities. However, under the current methodology, even limited exposure results in the entire investment being counted towards fossil fuel exposure, which explains the reported figures .

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o P AI 10: Data regarding violations of UN Global Compact (UNGC) and the Organisation for Economic Cooperation and Development ( OECD) Guidelines for Multinational Enterprises was available for 2024 , with 95% data coverage. About 4.5% of the NAV was linked to companies with reported violations, and only one company, Mitsubishi UFJ Financial Group Inc., recorded breaches during this period. The Investment Advisor engaged with MUFG to verify the underlying details and confirmed that the flag originated from a single complaint concerning an alleged negative impact on Indigenous peoples associated with the company’s financing activities, as refe renced in MUFG’s sustainability report. The Investment Adviso r requested that MUFG continue its constructive dialogue with the Indigenous community and further encouraged the company to identify the specific steps required to remove the violation flag from the database and to take appropriate remedial action.

o PAI 14: Exposure to controversial weapons (anti - personnel mines, cluster munitions, chemical weapons and biological weapons) remained at 0%, with data coverage of 95% in 202 4 and 94% in 202 5 . Characteristics 3: ESG integration to drive environmental and social progress

• Scope 1+2 intensity de creased from 47 . 5 tCO2e/M$rev in 202 4 to 39.3 tCO2e/M$rev in 202 5 (a 17 % decrease), primarily due to a relatively reduced exposure to emission - heavy assets.

• Share of investments (% of NAV) that express support for TCFD recommendations decreased from 92 % to 87 % , which may be linked to the disbandment of the TCFD initiative in 2023 . 19

• What were the objectives of the sustainable investments that the financial product partially made and how did the sustainable investment contribute to such objectives

The Fund uses the United Nations Sustainable Development Goals (‘SDGs’) as a reference for the sustainable investment objectives. The Fund does not focus on any of the SDGs in particular, as it believes that all SDGs are equally important and interconnecte d.

In its analysis of the contribution of underlying holdings towards one of the 17 SDGs, the Investment Advisor identifies the relevant sub targets that the holding contributes to. While the analysis is based on a high - level and desk - research based approach, the Fund ensures the analysis is carefully tracked, and a rationale for each selection is provided.

The analysis shows that the fund supports 6 SDGs through its holdings. These SDGs are: Quality education (SDG 4), Decent work and economic growth (SDG 8), Industry, Innovation, and Infrastructure (SDG 9), Sustainable cities and communities (SDG 11), Responsible Consumption and Production (SDG 12), Climate Action (SDG 13).

19 Following the disbandment of the TCFD and the consequent discontinuation of updates to its supporter list, the Fund initiated the monitoring of the Net ‑ Zero declaration ratio as an alternative indicator. As of October 2025, the Fund ’ s Net ‑ Zero declaration ratio stands at 92.86%, compared with 37.48% for the reference index.

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How did the sustainable investments that the financial product partially made not cause significant harm to any environmental or social sustainable investment objective ?

In its sustainable investment analysis, the Fund also assesses for each underlying holding, whether the investment does or may cause harm to any environmental or social sustainable investment objective. The Investment Advisor considers the sustainability i ndicators listed to measure the attainment of Characteristic 2: ESG risk and impact screening, including ESG risk ratings, occurrence and severity of controversies, and principal adverse impact indicators, when assessing whether the underlying holding may harm any other environmental or social objective.

The fund’s average ESG Risk Rating, based on Sustainalytics data, is 20.5, indicating a medium level of ESG risk 20 . T The Controversy Rating (1.7) , also f from S Sustainalytics, reflects a m oderate controversy rating 21 . These ratings have been applied to identify potential negative outliers that could pose significant harm. Based on this analysis, no companies were identified as causing material harm to any sustainable investment objective.

In addition, selected Principal Adverse Impact (PAI) indicators were used in the analysis to assess whether an investment could cause significant harm to a sustainable investment objective . An investment is considered to do significant harm when it is active in the fossil fuel sector (PAI 4), involved in the manufacture or selling of controversial weapons (anti - personnel mines, cluster munitions, chemical weapons and biological weapons) (PAI 14) , or when it has violated any of the UN Global C ompact principl es (PAI 10) , ( see next section ) . This analysis was conducted for 9 5 % of the portfolio (based on NAV), as there was no or insufficient data available for 5 % of the portfolio , including cash. Of this 9 5 %, the analysis resulted in a total of 8 9 % of NAV that do no significant harm . In the case of doubt, the investment will not qualify as a sustainable investment .

How were the indicators for adverse impacts on sustainability factors taken into account? The indicators for adverse impacts on sustainability factors are used as an input for the sustainable investment analysis, to assess whether underlying holdings may harm any other environmental or social objective (see above). After identifying and prioritising the adverse impacts, the Investment Advisor will assess what actions i t can take and what targets it can set to mitigate those adverse impacts. When the principal adverse impacts are considered unmanageable, the Fund will consider excluding the inve stment.

20 Sustainalytics ESG Risk Ratings: Negligible (0 - 10), Low (10 - 20), Medium (20 - 30), High (30 - 40), Severe (40+) 21 Sustainalytics Controversy Ratings: Low (0 - 1), Moderate (1 - 2), Significant (2 - 3), High (3 - 4), Severe (4 - 5 )

Principal adverse impacts are the most significant negative impacts of investment decisions on sustainability factors relating to environmental, social and employee matters, respect for human rights, anticorruption and antibribery matters.

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Nr. Principal adverse impact indicator

Unit Updated v alue 202 4 *

Updated 202 4 Data coverage * (% of NAV) 22

Value 2025 2025 Data coverage (% of NAV) 23

1 GHG emissions Scope 1 GHG emissions tCO2e 24,185 9 5 % 19,719 95% Scope 2 GHG emissions tCO2e 19,918 95% 18, 719 95% Scope 3 GHG emissions tCO2e 80,152 95% 7 5 , 6 2 7 95% Total GHG emissions tCO2e 124,255 95% 11 4,065 95% 2 Carbon footprint tCO2e/M€ invested

118.1 95% 11 7.4 95%

3 GHG intensity of investee companies

tCO2e/M€ rev

2.0 95% 1. 5 95%

4 Exposure to companies active in the fossil fuel sector

% of NAV 4% 98% 4 % 95 %

5 Share of non - renewable energy consumption and production

% 80 % 39% 6 2% 30%

6 Energy consumption intensity per high impact climate sector

GWh/M€ rev

1.9 5 53% 1.6 1 43%

7 Activities negatively affecting biodiversity sensitive areas

% n/a 0 % n/a 0 %

8 Emissions to water Tonne/M€ invested

0.0000 2 5% 0.000 1

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