The investment objective of the Fund is to provide absolute returns with low volatility by identifying and acquiring undervalued Japanese equities and by selling short overvalued, unattractive Japanese equities. The Fund has a net long bias position, is not typically leveraged and is well diversified in the number of holdings based on a bottom-up approach to selective stock selection. The Fund is a conservatively managed, diversified portfolio that allows investors to participate in the changes in Japan. As of Oct. 1, 2009, SPARX Tokugawa Fund Ltd. merged its eligible investors into SPARX Long-Short Fund Ltd.'s JPY share class. Contact Firm for further details.