N-PX 1 efc19-524_npx.htm

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name
Meeting Date
Meeting Type
Voted Shares
SEDOL
Proposal
Proposed
By
For/Against MGMT
Vote

                 
AIN HOLDINGS INC.
27-Jul-2018
Annual General Meeting
           2,700
5953240
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director Otani, Kiichi
MGMT
FOR
FOR
         
Appoint a Director Sakurai, Masahito
MGMT
FOR
FOR
         
Appoint a Director Shudo, Shoichi
MGMT
FOR
FOR
         
Appoint a Director Mizushima, Toshihide
MGMT
FOR
FOR
         
Appoint a Director Oishi, Miya
MGMT
FOR
FOR
         
Appoint a Director Kimei, Rieko
MGMT
FOR
FOR
         
Appoint a Director Awaji, Hidehiro
MGMT
FOR
FOR
         
Appoint a Director Sakai, Masato
MGMT
FOR
FOR
         
Appoint a Director Mori, Ko
MGMT
FOR
FOR
         
Appoint a Director Hamada, Yasuyuki
MGMT
FOR
FOR
         
Appoint a Director Kimura, Shigeki
MGMT
FOR
FOR
         
Appoint a Director Endo, Noriko
MGMT
FOR
FOR
                 
KUSURI NO AOKI HOLDINGS CO.,LTD.
17-Aug-2018
Annual General Meeting
         54,800
BYX8TV2
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director Aoki, Keisei
MGMT
FOR
FOR
         
Appoint a Director Aoki, Yasutoshi
MGMT
FOR
FOR
         
Appoint a Director Aoki, Hironori
MGMT
FOR
FOR
         
Appoint a Director Yahata, Ryoichi
MGMT
FOR
FOR
         
Appoint a Director Yoshino, Kunihiko
MGMT
FOR
FOR
         
Appoint a Director Tsuruha, Tatsuru
MGMT
FOR
FOR
         
Appoint a Director Okada, Motoya
MGMT
AGAINST
AGAINST
         
Appoint a Substitute Corporate Auditor Morioka, Shinichi
MGMT
AGAINST
AGAINST
         
Approve Issuance of Share Acquisition Rights as Stock Options
MGMT
AGAINST
AGAINST
                 
DAIKOKUTENBUSSAN CO.,LTD.
22-Aug-2018
Annual General Meeting
      194,200
6713186
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Amend Articles to: Expand Business Lines
MGMT
FOR
FOR
         
Appoint a Director Oga, Shoji
MGMT
AGAINST
AGAINST
         
Appoint a Director Kikuchi, Kazuhiro
MGMT
FOR
FOR
         
Appoint a Director Kawada, Tomohiro
MGMT
FOR
FOR
         
Appoint a Director Oga, Masahiko
MGMT
AGAINST
AGAINST
         
Appoint a Director Omura, Masashi
MGMT
FOR
FOR
         
Appoint a Director Noda, Naoki
MGMT
FOR
FOR
         
Appoint a Substitute Corporate Auditor Kuwahara, Kazunari
MGMT
FOR
FOR
                 
CREATE SD HOLDINGS CO.,LTD.
24-Aug-2018
Annual General Meeting
      289,600
B3V2XQ2
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director except as Supervisory Committee Members Yamamoto, Hisao
MGMT
FOR
FOR
         
Appoint a Director except as Supervisory Committee Members Hirose, Taizo
MGMT
FOR
FOR
         
Appoint a Director except as Supervisory Committee Members Yamamoto, Itsuko
MGMT
FOR
FOR
         
Appoint a Director except as Supervisory Committee Members Saito, Osamu
MGMT
FOR
FOR
         
Appoint a Director except as Supervisory Committee Members Nakaura, Shigeto
MGMT
FOR
FOR
         
Appoint a Director except as Supervisory Committee Members Kasakawa, Kuniaki
MGMT
FOR
FOR
         
Appoint a Substitute Director as Supervisory Committee Members Ampo, Yoko
MGMT
AGAINST
AGAINST
                 
COSMOS PHARMACEUTICAL CORP
24-Aug-2018
Annual General Meeting
         25,900
B036QP1
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director except as Supervisory Committee Members Uno, Masateru
MGMT
FOR
FOR
         
Appoint a Director except as Supervisory Committee Members Yokoyama, Hideaki
MGMT
FOR
FOR
         
Appoint a Director except as Supervisory Committee Members Iwashita, Masahiro
MGMT
FOR
FOR
         
Appoint a Director except as Supervisory Committee Members Takemori, Motoi
MGMT
FOR
FOR
         
Appoint a Director except as Supervisory Committee Members Shibata, Futoshi
MGMT
FOR
FOR
         
Appoint a Director except as Supervisory Committee Members Uno, Yukitaka
MGMT
FOR
FOR
                 
SHINPO CO.,LTD.
21-Sep-2018
Annual General Meeting
           1,800
6864493
Approve Appropriation of Surplus
MGMT
FOR
FOR
                 

Japan Smaller Capitalization Fund
 Page 1 of 28 Pages
PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name
Meeting Date
Meeting Type
Voted Shares
SEDOL
Proposal
Proposed
By
For/Against MGMT
Vote
PAN PACIFIC INTERNATIONAL HOLDINGS CORPORATION
26-Sep-2018
Annual General Meeting
         69,100
5767753
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director except as Supervisory Committee Members Ohara, Koji
MGMT
FOR
FOR
         
Appoint a Director except as Supervisory Committee Members Yoshida, Naoki
MGMT
FOR
FOR
         
Appoint a Director except as Supervisory Committee Members Takahashi, Mitsuo
MGMT
FOR
FOR
         
Appoint a Director except as Supervisory Committee Members Abe, Hiroshi
MGMT
FOR
FOR
         
Appoint a Director except as Supervisory Committee Members Ishii, Yuji
MGMT
FOR
FOR
         
Appoint a Director except as Supervisory Committee Members Nishii, Takeshi
MGMT
FOR
FOR
         
Appoint a Director except as Supervisory Committee Members Haga, Takeshi
MGMT
FOR
FOR
         
Appoint a Director except as Supervisory Committee Members Maruyama, Tetsuji
MGMT
FOR
FOR
         
Appoint a Director as Supervisory Committee Members Wada, Shoji
MGMT
FOR
FOR
         
Appoint a Director as Supervisory Committee Members Inoue, Yukihiko
MGMT
FOR
FOR
         
Appoint a Director as Supervisory Committee Members Yoshimura, Yasunori
MGMT
FOR
FOR
         
Appoint a Director as Supervisory Committee Members Fukuda, Tomiaki
MGMT
FOR
FOR
                 
AI HOLDINGS CORPORATION
27-Sep-2018
Annual General Meeting
         31,900
B1TK201
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director Sasaki, Hideyoshi
MGMT
FOR
FOR
         
Appoint a Director Oshima, Akihiko
MGMT
FOR
FOR
         
Appoint a Director Yoshida, Shuji
MGMT
FOR
FOR
         
Appoint a Director Miyama, Yuzo
MGMT
FOR
FOR
         
Appoint a Director Kawamoto, Hirotaka
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Taguchi, Tsuguo
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Adachi, Kazuhiko
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Ishimoto, Akitoshi
MGMT
FOR
FOR
         
Appoint a Substitute Corporate Auditor Seki, Michiya
MGMT
FOR
FOR
         
Appoint a Substitute Corporate Auditor Kikuchi, Masato
MGMT
FOR
FOR
                 
SHIBUYA CORPORATION
27-Sep-2018
Annual General Meeting
         15,300
6804239
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director Takamoto, Munehiro
MGMT
FOR
FOR
         
Appoint a Director Futagi, Akinori
MGMT
FOR
FOR
         
Appoint a Director Tamai, Masatoshi
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Doi, Junichi
MGMT
FOR
FOR
         
Approve Provision of Retirement Allowance for Retiring Directors
MGMT
FOR
FOR
                 
JAPAN MEAT CO.,LTD.
22-Oct-2018
Annual General Meeting
      105,900
BYM6DQ0
Approve Appropriation of Surplus
MGMT
FOR
FOR
                 
NAGAILEBEN CO.,LTD.
22-Nov-2018
Annual General Meeting
           6,500
6623326
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director except as Supervisory Committee Members Sawanobori, Ichiro
MGMT
FOR
FOR
         
Appoint a Director except as Supervisory Committee Members Saito, Nobuhiko
MGMT
FOR
FOR
         
Appoint a Director except as Supervisory Committee Members Asai, Katsuji
MGMT
FOR
FOR
         
Appoint a Director except as Supervisory Committee Members Yamamoto, Yasuyoshi
MGMT
FOR
FOR
         
Appoint a Director except as Supervisory Committee Members Shintani, Kinya
MGMT
FOR
FOR
         
Appoint a Director except as Supervisory Committee Members Tokue, Takeshi
MGMT
FOR
FOR
         
Appoint a Director as Supervisory Committee Members Ogino, Kazutaka
MGMT
FOR
FOR
         
Appoint a Director as Supervisory Committee Members Shiromi, Koichi
MGMT
FOR
FOR
         
Appoint a Director as Supervisory Committee Members Mishima, Kota
MGMT
FOR
FOR
         
Approve Details of the Restricted-Share Compensation to be received by Directors except Directors as Supervisory Committee Members
MGMT
FOR
FOR
         
Approve Payment of Accrued Benefits associated with Abolition of Retirement Benefit System for Current Directors except Directors as Supervisory Committee Members
MGMT
FOR
FOR

Japan Smaller Capitalization Fund
 Page 2 of 28 Pages
PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name
Meeting Date
Meeting Type
Voted Shares
SEDOL
Proposal
Proposed
By
For/Against MGMT
Vote
SAIZERIYA CO.,LTD.
28-Nov-2018
Annual General Meeting
      468,500
6111779
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director except as Supervisory Committee Members Shogaki, Yasuhiko
MGMT
FOR
FOR
         
Appoint a Director except as Supervisory Committee Members Horino, Issei
MGMT
FOR
FOR
         
Appoint a Director except as Supervisory Committee Members Masuoka, Nobuyuki
MGMT
FOR
FOR
         
Appoint a Director except as Supervisory Committee Members Matsutani, Hideharu
MGMT
FOR
FOR
         
Appoint a Director except as Supervisory Committee Members Nagaoka, Noboru
MGMT
FOR
FOR
         
Appoint a Director except as Supervisory Committee Members Orido, Minoru
MGMT
FOR
FOR
         
Appoint a Director except as Supervisory Committee Members Shimazaki, Koji
MGMT
FOR
FOR
         
Appoint a Director as Supervisory Committee Members Shibata, Ryohei
MGMT
FOR
FOR
         
Appoint a Director as Supervisory Committee Members Watanabe, Susumu
MGMT
FOR
FOR
         
Appoint a Director as Supervisory Committee Members Matsuda, Michiharu
MGMT
FOR
FOR
                 
SANYO HOUSING NAGOYA CO.,LTD.
28-Nov-2018
Annual General Meeting
      282,200
6532820
Appoint a Director Sawada, Yasunari
MGMT
FOR
FOR
         
Appoint a Director Miyazaki, Takuya
MGMT
FOR
FOR
         
Appoint a Director Mito, Naoki
MGMT
FOR
FOR
         
Appoint a Director Kohara, Noboru
MGMT
FOR
FOR
         
Appoint a Director Omori, Takaharu
MGMT
FOR
FOR
         
Appoint a Director Endo, Akikazu
MGMT
FOR
FOR
         
Appoint a Director Hironaka, Kazuo
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Kawasaki, Shuichi
MGMT
FOR
FOR
         
Approve Provision of Retirement Allowance for a Deceased Representative Chairperson
MGMT
AGAINST
AGAINST
                 
JINS INC.
29-Nov-2018
Annual General Meeting
         30,700
B18D6G5
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Approve Absorption-Type Company Split Agreement
MGMT
FOR
FOR
         
Amend Articles to: Change Official Company Name to JINS HOLDINGS Inc., Amend Business Lines
MGMT
FOR
FOR
         
Appoint a Director Tanaka, Hitoshi
MGMT
FOR
FOR
         
Appoint a Director Nakamura, Yutaka
MGMT
FOR
FOR
         
Appoint a Director Kotani, Noboru
MGMT
FOR
FOR
         
Appoint a Director Kokuryo, Jiro
MGMT
FOR
FOR
                 
STEP CO.,LTD.
15-Dec-2018
Annual General Meeting
      157,400
6791999
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director Tatsui, Kyoji
MGMT
FOR
FOR
         
Appoint a Director Umezawa, Naoyuki
MGMT
FOR
FOR
         
Appoint a Director Arai, Noriaki
MGMT
FOR
FOR
         
Appoint a Director Takase, Hiroyuki
MGMT
FOR
FOR
         
Appoint a Director Endo, Yosuke
MGMT
FOR
FOR
         
Appoint a Director Daikoku, Akiyoshi
MGMT
FOR
FOR
         
Appoint a Director Hakamada, Tsuyoshi
MGMT
FOR
FOR
         
Appoint a Director Morimoto, Yuriko
MGMT
FOR
FOR
         
Appoint a Director Kijima, Fumiyoshi
MGMT
AGAINST
AGAINST
         
Appoint a Director Asano, Tatsuru
MGMT
FOR
FOR
                 
TEAR CORPORATION
21-Dec-2018
Annual General Meeting
         70,000
B142B83
Appoint a Director Tomiyasu, Norihisa
MGMT
FOR
FOR
         
Appoint a Director Okadome, Shokichi
MGMT
FOR
FOR
         
Appoint a Director Tsuji, Kohei
MGMT
FOR
FOR
         
Appoint a Director Miyazaki, Yoshiyuki
MGMT
FOR
FOR
         
Appoint a Director Manabe, Kengo
MGMT
FOR
FOR
         
Appoint a Director Yamamoto, Katsumi
MGMT
FOR
FOR
         
Appoint a Director Mori, Zenryo
MGMT
FOR
FOR
         
Appoint a Director Ogiso, Masato
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Deguchi, Koichi
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Goto, Mitsuo
MGMT
FOR
FOR
         
Appoint a Substitute Corporate Auditor Fukazawa, Hiroshi
MGMT
FOR
FOR

Japan Smaller Capitalization Fund
 Page 3 of 28 Pages
PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name
Meeting Date
Meeting Type
Voted Shares
SEDOL
Proposal
Proposed
By
For/Against MGMT
Vote
EPS HOLDINGS,INC.
21-Dec-2018
Annual General Meeting
         73,900
6367486
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director Sekitani, Kazuki
MGMT
FOR
FOR
         
Appoint a Substitute Corporate Auditor Tochigi, Toshiaki
MGMT
AGAINST
AGAINST
                 
H.I.S.CO.,LTD.
25-Jan-2019
Annual General Meeting
      114,300
5806117
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Amend Articles to: Amend Business Lines
MGMT
FOR
FOR
         
Appoint a Director except as Supervisory Committee Members Sawada, Hideo
MGMT
FOR
FOR
         
Appoint a Director except as Supervisory Committee Members Nakamori, Tatsuya
MGMT
FOR
FOR
         
Appoint a Director except as Supervisory Committee Members Oda, Masayuki
MGMT
FOR
FOR
         
Appoint a Director except as Supervisory Committee Members Nakatani, Shigeru
MGMT
FOR
FOR
         
Appoint a Director except as Supervisory Committee Members Sakaguchi, Katsuhiko
MGMT
FOR
FOR
         
Appoint a Director except as Supervisory Committee Members Yamanobe, Atsushi
MGMT
FOR
FOR
         
Appoint a Director except as Supervisory Committee Members Gomi, Mutsumi
MGMT
FOR
FOR
         
Appoint a Director as Supervisory Committee Members Katsura, Yasuo
MGMT
FOR
FOR
         
Approve Payment of Bonuses to Corporate Officers
MGMT
AGAINST
AGAINST
                 
HI-LEX CORPORATION
26-Jan-2019
Annual General Meeting
      149,600
6643476
Approve Appropriation of Surplus
MGMT
AGAINST
AGAINST
         
Appoint a Director Teraura, Makoto
MGMT
FOR
FOR
         
Appoint a Director Nakano, Mitsuhiro
MGMT
FOR
FOR
         
Appoint a Director Teraura, Taro
MGMT
FOR
FOR
         
Appoint a Director Hirai, Shoichi
MGMT
FOR
FOR
         
Appoint a Director Masaki, Yasuko
MGMT
FOR
FOR
         
Appoint a Director Kato, Toru
MGMT
FOR
FOR
         
Appoint a Director Akanishi, Yoshifumi
MGMT
FOR
FOR
         
Approve Payment of Bonuses to Corporate Officers
MGMT
FOR
FOR
                 
KURA CORPORATION
29-Jan-2019
Annual General Meeting
         14,700
6345965
Amend Articles to: Change Official Company Name to Kura Sushi,Inc., Increase the Board of Directors Size to 14, Transition to a Company with Supervisory Committee, Eliminate the Articles Related to Allowing the Board of Directors to Authorize the Company to Purchase Own Shares
MGMT
FOR
FOR
         
Appoint a Director except as Supervisory Committee Members Tanaka, Kunihiko
MGMT
FOR
FOR
         
Appoint a Director except as Supervisory Committee Members Tanaka, Makoto
MGMT
FOR
FOR
         
Appoint a Director except as Supervisory Committee Members Hisamune, Hiroyuki
MGMT
FOR
FOR
         
Appoint a Director except as Supervisory Committee Members Ito, Norihito
MGMT
FOR
FOR
         
Appoint a Director except as Supervisory Committee Members Kamei, Manabu
MGMT
FOR
FOR
         
Appoint a Director except as Supervisory Committee Members Tanaka, Setsuko
MGMT
FOR
FOR
         
Appoint a Director except as Supervisory Committee Members Tsuda, Kyoichi
MGMT
FOR
FOR
         
Appoint a Director as Supervisory Committee Members Yamamoto, Tamotsu
MGMT
FOR
FOR
         
Appoint a Director as Supervisory Committee Members Otaguchi, Hiroshi
MGMT
AGAINST
AGAINST
         
Appoint a Director as Supervisory Committee Members Kitagawa, Yoji
MGMT
FOR
FOR
         
Approve Details of the Compensation to be received by Directors except Directors as Supervisory Committee Members
MGMT
FOR
FOR
         
Approve Details of the Compensation to be received by Directors as Supervisory Committee Members
MGMT
FOR
FOR
                 
PAN PACIFIC INTERNATIONAL HOLDINGS CORPORATION
31-Jan-2019
ExtraOrdinary General Meeting
         72,100
5767753
Amend Articles to: Change Official Company Name to Pan Pacific International Holdings Corporation
MGMT
FOR
FOR
         
Appoint a Director except as Supervisory Committee Members Yasuda, Takao
MGMT
FOR
FOR

Japan Smaller Capitalization Fund
 Page 4 of 28 Pages
PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name
Meeting Date
Meeting Type
Voted Shares
SEDOL
Proposal
Proposed
By
For/Against MGMT
Vote
SAKATA INX CORPORATION
26-Mar-2019
Annual General Meeting
      700,200
6769833
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director Morita, Kotaro
MGMT
FOR
FOR
         
Appoint a Director Nakamura, Masaki
MGMT
FOR
FOR
         
Appoint a Director Nakamura, Hitoshi
MGMT
FOR
FOR
         
Appoint a Director Ueno, Yoshiaki
MGMT
FOR
FOR
         
Appoint a Director Fukunaga, Toshihiko
MGMT
FOR
FOR
         
Appoint a Director Nakagawa, Katsumi
MGMT
FOR
FOR
         
Appoint a Director Katsuki, Yasumi
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Mori, Takahiro
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Sato, Yoshio
MGMT
FOR
FOR
                 
KEIYO GAS CO.,LTD.
27-Mar-2019
Annual General Meeting
         81,000
6487469
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Amend Articles to: Reduce Term of Office of Directors to One Year
MGMT
FOR
FOR
         
Appoint a Director Kikuchi, Misao
MGMT
FOR
FOR
         
Appoint a Director Habu, Hiroshi
MGMT
FOR
FOR
         
Appoint a Director Maruyama, Kyoji
MGMT
FOR
FOR
         
Appoint a Director Yamaura, Nobusuke
MGMT
FOR
FOR
         
Appoint a Director Eguchi, Takashi
MGMT
FOR
FOR
         
Appoint a Director Funaki, Takashi
MGMT
FOR
FOR
         
Appoint a Director Furuichi, Seiichi
MGMT
FOR
FOR
         
Appoint a Director Yasuda, Akihiro
MGMT
FOR
FOR
         
Appoint a Director Maekawa, Wataru
MGMT
FOR
FOR
         
Appoint a Director Mori, Takao
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Koizawa, Kazuaki
MGMT
FOR
FOR
         
Approve Retirement Allowance for Retiring Corporate Officers, and Payment of Accrued Benefits associated with Abolition of Retirement Benefit System for Current Retiring Corporate Officers
MGMT
AGAINST
AGAINST
         
Approve Details of the Compensation to be received by Corporate Officers
MGMT
FOR
FOR
                 
OTSUKA CORPORATION
27-Mar-2019
Annual General Meeting
         47,200
4272634
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director Otsuka, Yuji
MGMT
FOR
FOR
         
Appoint a Director Katakura, Kazuyuki
MGMT
FOR
FOR
         
Appoint a Director Takahashi, Toshiyasu
MGMT
FOR
FOR
         
Appoint a Director Saito, Hironobu
MGMT
FOR
FOR
         
Appoint a Director Tsurumi, Hironobu
MGMT
FOR
FOR
         
Appoint a Director Yano, Katsuhiro
MGMT
FOR
FOR
         
Appoint a Director Sakurai, Minoru
MGMT
FOR
FOR
         
Appoint a Director Moriya, Norihiko
MGMT
FOR
FOR
         
Appoint a Director Hirose, Mitsuya
MGMT
FOR
FOR
         
Appoint a Director Wakamatsu, Yasuhiro
MGMT
FOR
FOR
         
Appoint a Director Makino, Jiro
MGMT
FOR
FOR
         
Appoint a Director Saito, Tetsuo
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Minai, Naoto
MGMT
FOR
FOR
         
Approve Provision of Retirement Allowance for Retiring Directors
MGMT
AGAINST
AGAINST
                 
NAKANISHI INC.
28-Mar-2019
Annual General Meeting
         98,900
6271071
Approve Appropriation of Surplus
MGMT
FOR
FOR
                 

Japan Smaller Capitalization Fund
 Page 5 of 28 Pages
PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name
Meeting Date
Meeting Type
Voted Shares
SEDOL
Proposal
Proposed
By
For/Against MGMT
Vote
THE PACK CORPORATION
28-Mar-2019
Annual General Meeting
      216,000
6887821
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Amend Articles to: Reduce the Board of Directors Size to 9
MGMT
FOR
FOR
         
Appoint a Director Nakao, Yoshikazu
MGMT
FOR
FOR
         
Appoint a Director Inada, Mitsuo
MGMT
FOR
FOR
         
Appoint a Director Takinoue, Teruo
MGMT
FOR
FOR
         
Appoint a Director Yamashita, Hideaki
MGMT
FOR
FOR
         
Appoint a Director Okada, Susumu
MGMT
FOR
FOR
         
Appoint a Director Fujii, Michihisa
MGMT
FOR
FOR
         
Appoint a Director Nakamura, Shuichi
MGMT
FOR
FOR
         
Appoint a Director Hayashi, Hirofumi
MGMT
FOR
FOR
         
Appoint a Director Nishio, Uichiro
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Sato, Seiji
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Iwase, Norimasa
MGMT
FOR
FOR
                 
MABUCHI MOTOR CO.,LTD.
28-Mar-2019
Annual General Meeting
         88,000
6551030
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Amend Articles to: Increase the Board of Directors Size to 15, Transition to a Company with Supervisory Committee
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Okoshi, Hiroo
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Itokawa, Masato
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Katayama, Hirotaro
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Iyoda, Tadahito
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Uenishi, Eiji
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Taniguchi, Shinichi
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Mitarai, Naoki
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Tsutsumi, Kazuhiko
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Ono, Jody L.
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Someya, Kazuyuki
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Masuda, Toru
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Asai, Takashi
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Toge, Yukie
MGMT
FOR
FOR
         
Approve Details of the Compensation to be received by Directors (Excluding Directors who are Audit and Supervisory Committee Members)
MGMT
FOR
FOR
         
Approve Details of the Compensation to be received by Directors who are Audit and Supervisory Committee Members
MGMT
FOR
FOR
         
Approve Details of the Performance-based Stock Compensation to be received by Directors (Excluding Directors who are Audit and Supervisory Committee Members)
MGMT
FOR
FOR
         
Approve Details of the Restricted-Share Compensation to be received by Directors (Excluding Directors who are Audit and Supervisory Committee Members)
MGMT
FOR
FOR
                 
SIIX CORPORATION
28-Mar-2019
Annual General Meeting
      699,800
6174556
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director Murai, Shiro
MGMT
FOR
FOR
         
Appoint a Director Kikyo, Yoshihito
MGMT
FOR
FOR
         
Appoint a Director Ono, Seiji
MGMT
FOR
FOR
         
Appoint a Director Maruyama, Toru
MGMT
FOR
FOR
         
Appoint a Director Takatani, Shinsuke
MGMT
FOR
FOR
         
Appoint a Director Omori, Susumu
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Tomoda, Masayuki
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Ishibashi, Masaki
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Tejima, Izumi
MGMT
AGAINST
AGAINST
         
Appoint a Substitute Corporate Auditor Kawai, Takanori
MGMT
FOR
FOR
         
Appoint a Substitute Corporate Auditor Yoshizawa, Nao
MGMT
FOR
FOR

Japan Smaller Capitalization Fund
 Page 6 of 28 Pages
PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name
Meeting Date
Meeting Type
Voted Shares
SEDOL
Proposal
Proposed
By
For/Against MGMT
Vote
STAR MICRONICS CO.,LTD.
28-Mar-2019
Annual General Meeting
         11,100
6841526
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Approve Reduction of Capital Reserve
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Sato, Hajime
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Sato, Mamoru
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Tanaka, Hiroshi
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Iwasaki, Seigo
MGMT
FOR
FOR
                 
PIGEON CORPORATION
25-Apr-2019
Annual General Meeting
           7,200
6688080
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Amend Articles to: Change Fiscal Year End to 31st December, Approve Minor Revisions
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Amari, Kazuhisa
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Hashimoto, Nobuyuki
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Otsu, Koichi
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Taishido, Atsuko
MGMT
AGAINST
AGAINST
         
Appoint a Substitute Corporate Auditor Omuro, Sachiko
MGMT
AGAINST
AGAINST
         
Approve Provision of Retirement Allowance for Retiring Directors
MGMT
FOR
FOR
         
Approve Payment of Accrued Benefits associated with Abolition of Retirement Benefit System for Current Directors
MGMT
FOR
FOR
         
Approve Details of the Compensation to be received by Directors
MGMT
FOR
FOR
         
Approve Details of the Performance-based Stock Compensation to be received by Directors
MGMT
FOR
FOR
                 
HIDAY HIDAKA CORP.
24-May-2019
Annual General Meeting
      180,933
6173854
Appoint a Director Kanda, Tadashi
MGMT
FOR
FOR
         
Appoint a Director Takahashi, Hitoshi
MGMT
FOR
FOR
         
Appoint a Director Arita, Akira
MGMT
FOR
FOR
         
Appoint a Director Shima, Juichi
MGMT
FOR
FOR
         
Appoint a Director Yoshida, Nobuyuki
MGMT
FOR
FOR
         
Appoint a Director Kase, Hiroyuki
MGMT
FOR
FOR
         
Appoint a Director Fuchigami, Tatsutoshi
MGMT
FOR
FOR
         
Appoint a Director Aono, Hiroshige
MGMT
FOR
FOR
         
Appoint a Director Akachi, Fumio
MGMT
FOR
FOR
         
Appoint a Director Nagata, Tadashi
MGMT
FOR
FOR
                 
SAN-A CO.,LTD.
28-May-2019
Annual General Meeting
      155,400
6280680
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Orita, Joji
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Uechi, Tessei
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Nakanishi, Atsushi
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Imanaka, Yasuhiro
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Arashiro, Kentaro
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Tasaki, Masahito
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Moromi, Akiyoshi
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Nozaki, Seiko
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Onaga, Tomotsune
MGMT
FOR
FOR
                 
ABC-MART,INC.
29-May-2019
Annual General Meeting
         31,200
6292102
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Noguchi, Minoru
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Katsunuma, Kiyoshi
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Kojima, Jo
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Kikuchi, Takashi
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Hattori, Kiichiro
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Matsuoka, Tadashi
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Sugahara, Taio
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Toyoda, Ko
MGMT
AGAINST
AGAINST

Japan Smaller Capitalization Fund
 Page 7 of 28 Pages
PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name
Meeting Date
Meeting Type
Voted Shares
SEDOL
Proposal
Proposed
By
For/Against MGMT
Vote
IZUMI CO.,LTD.
29-May-2019
Annual General Meeting
         39,000
6468152
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director Yamanishi, Yasuaki
MGMT
FOR
FOR
         
Appoint a Director Kajihara, Yuichiro
MGMT
FOR
FOR
         
Appoint a Director Mikamoto, Tatsuya
MGMT
FOR
FOR
         
Appoint a Director Nakamura, Toyomi
MGMT
FOR
FOR
         
Appoint a Director Honda, Masahiko
MGMT
FOR
FOR
         
Appoint a Director Nitori, Akio
MGMT
FOR
FOR
         
Appoint a Director Yoneda, Kunihiko
MGMT
FOR
FOR
         
Approve Provision of Retirement Allowance for Retiring Directors
MGMT
AGAINST
AGAINST
                 
AMIYAKI TEI CO.,LTD.
11-Jun-2019
Annual General Meeting
      239,500
6567565
Approve Appropriation of Surplus
MGMT
AGAINST
AGAINST
         
Amend Articles to: Adopt Reduction of Liability System for Non-Executive Directors
MGMT
FOR
FOR
                 
OKINAWA CELLULAR TELEPHONE COMPANY
13-Jun-2019
Annual General Meeting
      236,400
5805738
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Amend Articles to: Amend Business Lines
MGMT
FOR
FOR
         
Appoint a Director Yuasa, Hideo
MGMT
FOR
FOR
         
Appoint a Director Nakachi, Masakazu
MGMT
FOR
FOR
         
Appoint a Director Yamamori, Seiji
MGMT
FOR
FOR
         
Appoint a Director Tomori, Katsuki
MGMT
FOR
FOR
         
Appoint a Director Oroku, Kunio
MGMT
FOR
FOR
         
Appoint a Director Tanaka, Takashi
MGMT
FOR
FOR
         
Appoint a Director Aharen, Hikaru
MGMT
FOR
FOR
         
Appoint a Director Shoji, Takashi
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Asato, Masatoshi
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Kinjo, Tokei
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Mitsui, Satoru
MGMT
AGAINST
AGAINST
         
Approve Payment of Bonuses to Corporate Officers
MGMT
FOR
FOR
                 
TECHNO ASSOCIE CO.,LTD.
14-Jun-2019
Annual General Meeting
      406,800
6899633
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director Moritani, Mamoru
MGMT
FOR
FOR
         
Appoint a Director Ito, Jun
MGMT
FOR
FOR
         
Appoint a Director Nakajima, Katsuhiko
MGMT
FOR
FOR
         
Appoint a Director Nagae, Nobuhisa
MGMT
FOR
FOR
         
Appoint a Director Tsuda, Tamon
MGMT
FOR
FOR
         
Appoint a Director Miyata, Yasuhiro
MGMT
AGAINST
AGAINST
         
Appoint a Corporate Auditor Mizoo, Yasunobu
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Tanaka, Yoshihiro
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Yanagida, Shinya
MGMT
AGAINST
AGAINST
         
Approve Provision of Retirement Allowance for Retiring Corporate Officers
MGMT
AGAINST
AGAINST
         
Approve Payment of Accrued Benefits associated with Abolition of Retirement Benefit System for Current Corporate Officers
MGMT
AGAINST
AGAINST
         
Approve Details of the Compensation to be received by Corporate Auditors
MGMT
FOR
FOR
                 
SUGIMOTO & CO.,LTD.
14-Jun-2019
Annual General Meeting
      131,100
6856928
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director Sugimoto, Masahiro
MGMT
AGAINST
AGAINST
         
Appoint a Director Sakaguchi, Shosaku
MGMT
FOR
FOR
         
Appoint a Director Sugimoto, Toshio
MGMT
FOR
FOR
         
Appoint a Director Sugimoto, Naohiro
MGMT
FOR
FOR
         
Appoint a Director Miyaji, Kamezo
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Kawabata, Kazuya
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Ban, Junnosuke
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Umeno, Sotoji
MGMT
AGAINST
AGAINST


Japan Smaller Capitalization Fund
 Page 8 of 28 Pages

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name
Meeting Date
Meeting Type
Voted Shares
SEDOL
Proposal
Proposed
By
For/Against MGMT
Vote
RICOH LEASING COMPANY,LTD.
19-Jun-2019
Annual General Meeting
      116,400
6729116
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Amend Articles to: Reduce Term of Office of Directors to One Year
MGMT
FOR
FOR
         
Appoint a Director Segawa, Daisuke
MGMT
FOR
FOR
         
Appoint a Director Nakamura, Tokuharu
MGMT
FOR
FOR
         
Appoint a Director Sano, Hirozumi
MGMT
FOR
FOR
         
Appoint a Director Kawaguchi, Takashi
MGMT
FOR
FOR
         
Appoint a Director Sato, Shinji
MGMT
FOR
FOR
         
Appoint a Director Shiga, Kozue
MGMT
FOR
FOR
         
Appoint a Director Seto, Kaoru
MGMT
FOR
FOR
         
Appoint a Director Futamiya, Masaya
MGMT
FOR
FOR
         
Appoint a Director Arakawa, Masako
MGMT
FOR
FOR
         
Appoint a Substitute Corporate Auditor Doi, Shinichiro
MGMT
FOR
FOR
         
Appoint Accounting Auditors
MGMT
FOR
FOR
         
Approve Details of the Compensation to be received by Directors
MGMT
FOR
FOR
         
Approve Details of the Stock Compensation to be received by Directors
MGMT
FOR
FOR
                 
KANADEN CORPORATION
19-Jun-2019
Annual General Meeting
      293,000
6483304
Amend Articles to: Change Company Location within TOKYO
MGMT
FOR
FOR
         
Appoint a Director Motohashi, Nobuyuki
MGMT
FOR
FOR
         
Appoint a Director Shimamoto, Kazunori
MGMT
FOR
FOR
         
Appoint a Director Jin, Takeshi
MGMT
FOR
FOR
         
Appoint a Director Nagashima, Yoshiro
MGMT
FOR
FOR
         
Appoint a Director Mori, Hisataka
MGMT
FOR
FOR
         
Appoint a Director Saito, Shinsuke
MGMT
FOR
FOR
         
Appoint a Director Iguchi, Akio
MGMT
FOR
FOR
         
Appoint a Director Saigusa, Hironori
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Yamamura, Kozo
MGMT
AGAINST
AGAINST
         
Appoint a Substitute Corporate Auditor Torigoe, Junya
MGMT
AGAINST
AGAINST
         
Appoint a Substitute Corporate Auditor Takeuchi, Akira
MGMT
AGAINST
AGAINST
                 
NISSIN ELECTRIC CO.,LTD.
19-Jun-2019
Annual General Meeting
         87,200
6641663
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director Obata, Hideaki
MGMT
FOR
FOR
         
Appoint a Director Saito, Shigeo
MGMT
FOR
FOR
         
Appoint a Director Nobu, Masahide
MGMT
FOR
FOR
         
Appoint a Director Nagata, Koichi
MGMT
FOR
FOR
         
Appoint a Director Matsumoto, Yoshiaki
MGMT
FOR
FOR
         
Appoint a Director Teramoto, Yukifumi
MGMT
FOR
FOR
         
Appoint a Director Yurino, Masahiro
MGMT
FOR
FOR
         
Appoint a Director Hirabayashi, Sachiko
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Akashi, Naoyoshi
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Saeki, Go
MGMT
FOR
FOR
                 
KOHSOKU CORPORATION
19-Jun-2019
Annual General Meeting
      355,900
6488592
Appoint a Director who is not Audit and Supervisory Committee Member Terashi, Koki
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Terashi, Yuki
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Wagatsuma, Hideki
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Kobayashi, Hiromi
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Obara, Junichi
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Hatakeyama, Katsuhiro
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Takahashi, Tomokazu
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Miura, Koki
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Iwasawa, Miyuki
MGMT
FOR
FOR

Japan Smaller Capitalization Fund
 Page 9 of 28 Pages
PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name
Meeting Date
Meeting Type
Voted Shares
SEDOL
Proposal
Proposed
By
For/Against MGMT
Vote
SEIREN CO.,LTD.
20-Jun-2019
Annual General Meeting
      304,400
6793520
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Approve Reduction of Capital Reserve
MGMT
FOR
FOR
         
Appoint a Director Kawada, Tatsuo
MGMT
FOR
FOR
         
Appoint a Director Tsubota, Koji
MGMT
FOR
FOR
         
Appoint a Director Yu Hui
MGMT
FOR
FOR
         
Appoint a Director Makida, Hiroyuki
MGMT
FOR
FOR
         
Appoint a Director Oenoki, Toshiyuki
MGMT
FOR
FOR
         
Appoint a Director Kitabata, Takao
MGMT
FOR
FOR
         
Appoint a Director Hotta, Kensuke
MGMT
FOR
FOR
         
Appoint a Director Sasae, Kenichiro
MGMT
FOR
FOR
         
Appoint a Director Ueyama, Koichi
MGMT
FOR
FOR
         
Appoint a Director Yamada, Hideyuki
MGMT
FOR
FOR
         
Appoint a Director Kawada, Koji
MGMT
FOR
FOR
         
Appoint a Director Katsuki, Tomofumi
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Nomura, Masakazu
MGMT
FOR
FOR
         
Approve Details of the Compensation to be received by Directors
MGMT
FOR
FOR
         
Approve Details of Compensation as Stock-Linked Compensation Type Stock Options for Directors
MGMT
FOR
FOR
                 
T&K TOKA CO.,LTD.
20-Jun-2019
Annual General Meeting
      196,900
6038469
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Masuda, Yoshikatsu
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Yoshimura, Akira
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Hojo, Minoru
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Kurimoto, Ryuichi
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Nakama, Kazuhiko
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Isogai, Kota
MGMT
AGAINST
AGAINST
         
Appoint a Director who is Audit and Supervisory Committee Member Kida, Takatoshi
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Otaka, Kenji
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Noguchi, Satoshi
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Hanabusa, Koichi
MGMT
FOR
FOR
                 
TRANCOM CO.,LTD.
20-Jun-2019
Annual General Meeting
         23,200
6890034
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Shimizu, Masahisa
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Tsunekawa, Yutaka
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Jinno, Yasuhiro
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Kambayashi, Ryo
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Nakazawa, Keisuke
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Takebe, Atsunori
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Sato, Kei
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Tsuyumoto, Kazuo
MGMT
FOR
FOR
                 
ALPS LOGISTICS CO.,LTD.
20-Jun-2019
Annual General Meeting
      225,800
6050764
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Usui, Masaru
MGMT
AGAINST
AGAINST
         
Appoint a Director who is not Audit and Supervisory Committee Member Shimohiro, Katsuhiko
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Fukiyama, Koji
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Mushiake, Toshiyuki
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Kurita, Yukitake
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Kanda, Takashi
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Terasaki, Hideaki
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Kega, Yoichiro
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Ono, Sumiko
MGMT
FOR
FOR
         
Approve Details of the Restricted-Share Compensation to be received by Directors (Excluding Outside Directors and Directors who are Audit and Supervisory Committee Members)
MGMT
FOR
FOR

Japan Smaller Capitalization Fund
 Page 10 of 28 Pages
PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name
Meeting Date
Meeting Type
Voted Shares
SEDOL
Proposal
Proposed
By
For/Against MGMT
Vote
MORITA HOLDINGS CORPORATION
21-Jun-2019
Annual General Meeting
         47,200
6602745
Amend Articles to: Establish the Articles Related to Executive Officers
MGMT
FOR
FOR
         
Appoint a Director Nakajima, Masahiro
MGMT
FOR
FOR
         
Appoint a Director Ogata, Kazumi
MGMT
FOR
FOR
         
Appoint a Director Kanaoka, Shinichi
MGMT
FOR
FOR
         
Appoint a Director Isoda, Mitsuo
MGMT
FOR
FOR
         
Appoint a Director Kawanishi, Takao
MGMT
FOR
FOR
         
Appoint a Director Morimoto, Kunio
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Ota, Masaru
MGMT
FOR
FOR
         
Approve Details of the Restricted-Share Compensation to be received by Directors
MGMT
FOR
FOR
                 
NS SOLUTIONS CORPORATION
21-Jun-2019
Annual General Meeting
         29,200
6544687
Appoint a Director Morita, Hiroyuki
MGMT
FOR
FOR
         
Appoint a Director Kondo, Kazumasa
MGMT
FOR
FOR
         
Appoint a Director Oshiro, Takashi
MGMT
FOR
FOR
         
Appoint a Director Kunimoto, Mamoru
MGMT
FOR
FOR
         
Appoint a Director Fukushima, Tetsuji
MGMT
FOR
FOR
         
Appoint a Director Tamaoki, Kazuhiko
MGMT
FOR
FOR
         
Appoint a Director Yoshida, Katsuhiko
MGMT
FOR
FOR
         
Appoint a Director Shashiki, Munetaka
MGMT
FOR
FOR
         
Appoint a Director Aoshima, Yaichi
MGMT
FOR
FOR
         
Appoint a Director Ishii, Atsuko
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Higuchi, Tetsuro
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Okada, Kyoko
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Hoshi, Shuichiro
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Asaya, Sachihiko
MGMT
FOR
FOR
                 
PALTAC CORPORATION
21-Jun-2019
Annual General Meeting
         17,100
B61BG94
Appoint a Director Mikita, Kunio
MGMT
FOR
FOR
         
Appoint a Director Kasutani, Seiichi
MGMT
FOR
FOR
         
Appoint a Director Wada, Osamu
MGMT
FOR
FOR
         
Appoint a Director Tashiro, Masahiko
MGMT
FOR
FOR
         
Appoint a Director Noma, Masahiro
MGMT
FOR
FOR
         
Appoint a Director Moriya, Akiyoshi
MGMT
FOR
FOR
         
Appoint a Director Isobe, Ryohei
MGMT
FOR
FOR
         
Appoint a Director Yogo, Katsutoshi
MGMT
FOR
FOR
         
Appoint a Director Matsumoto, Ryu
MGMT
FOR
FOR
         
Appoint a Director Oishi, Kaori
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Shintani, Takashi
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Suzuki, Hideo
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Kamei, Hiroshi
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Hara, Mayuko
MGMT
FOR
FOR
                 
SERIA CO.,LTD.
21-Jun-2019
Annual General Meeting
         99,000
6680718
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Kawai, Eiji
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Iwama, Yasushi
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Tanaka, Masahiro
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Kobayashi, Masanori
MGMT
FOR
FOR

Japan Smaller Capitalization Fund
 Page 11 of 28 Pages
PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name
Meeting Date
Meeting Type
Voted Shares
SEDOL
Proposal
Proposed
By
For/Against MGMT
Vote
TOSHIBA MACHINE CO.,LTD.
21-Jun-2019
Annual General Meeting
         45,200
6897262
Amend Articles to: Change Official Company Name to SHIBAURA MACHINE CO., LTD., Increase the Board of Directors Size to 17, Adopt Reduction of Liability System for Non-Executive Directors, Transition to a Company with Supervisory Committee
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Iimura, Yukio
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Mikami, Takahiro
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Sakamoto, Shigetomo
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Kobayashi, Akiyoshi
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Sato, Kiyoshi
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Iwasaki, Seigo
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Inoue, Hiroshi
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Terawaki, Kazumine
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Takahashi, Hiroshi
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Ogura, Yoshihiro
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Usami, Yutaka
MGMT
FOR
FOR
         
Appoint a Substitute Director who is Audit and Supervisory Committee Member Imamura, Akifumi
MGMT
FOR
FOR
         
Approve Details of the Compensation to be received by Directors (Excluding Directors who are Audit and Supervisory Committee Members)
MGMT
FOR
FOR
         
Approve Details of the Compensation to be received by Directors who are Audit and Supervisory Committee Members
MGMT
FOR
FOR
                 
THE BANK OF OKINAWA,LTD.
21-Jun-2019
Annual General Meeting
         57,900
6657983
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director Tamaki, Yoshiaki
MGMT
FOR
FOR
         
Appoint a Director Yamashiro, Masayasu
MGMT
FOR
FOR
         
Appoint a Director Kinjo, Yoshiteru
MGMT
FOR
FOR
         
Appoint a Director Yamashiro, Tatsuhiko
MGMT
FOR
FOR
         
Appoint a Director Iha, Kazuya
MGMT
FOR
FOR
         
Appoint a Director Takara, Shigeru
MGMT
FOR
FOR
         
Appoint a Director Oshiro, Hiroshi
MGMT
AGAINST
AGAINST
         
Appoint a Director Miyagi, Chiharu
MGMT
FOR
FOR
         
Appoint a Director Hosomi, Masahiro
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Ikei, Mamoru
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Motonaga, Hiroyuki
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Ando, Hirokazu
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Oshiro, Hajime
MGMT
FOR
FOR
         
Approve Payment of Bonuses to Corporate Officers
MGMT
AGAINST
AGAINST
                 
NITTO KOHKI CO.,LTD.
21-Jun-2019
Annual General Meeting
      162,100
6625894
Approve Appropriation of Surplus
MGMT
AGAINST
AGAINST
         
Appoint a Director Mikiya, Toshio
MGMT
FOR
FOR
         
Appoint a Director Ogata, Akinobu
MGMT
FOR
FOR
         
Appoint a Director Takata, Yoko
MGMT
FOR
FOR
         
Appoint a Director Mori, Kenji
MGMT
FOR
FOR
         
Appoint a Director Nakagawa, Yasuo
MGMT
FOR
FOR
         
Appoint a Director Komiyama, Mitsuru
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Nishida, Yutaka
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Asai, Kazutomi
MGMT
FOR
FOR
         
Appoint a Substitute Corporate Auditor Yamada, Hideo
MGMT
FOR
FOR
         
Approve Provision of Retirement Allowance for Retiring Corporate Officers
MGMT
AGAINST
AGAINST

Japan Smaller Capitalization Fund
 Page 12 of 28 Pages
PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name
Meeting Date
Meeting Type
Voted Shares
SEDOL
Proposal
Proposed
By
For/Against MGMT
Vote
NIPPON AIR CONDITIONING SERVICES CO.,LTD.
21-Jun-2019
Annual General Meeting
      374,300
6631664
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Amend Articles to: Amend Business Lines
MGMT
FOR
FOR
         
Appoint a Director Tanaka, Yoji
MGMT
FOR
FOR
         
Appoint a Director Kusano, Koji
MGMT
FOR
FOR
         
Appoint a Director Nakamura, Hidekazu
MGMT
FOR
FOR
         
Appoint a Director Hanada, Yoshinori
MGMT
FOR
FOR
         
Appoint a Director Watanabe, Kazuhiko
MGMT
FOR
FOR
         
Appoint a Director Nakamachi, Hiroshi
MGMT
FOR
FOR
         
Appoint a Director Murotani, Toshiaki
MGMT
FOR
FOR
         
Appoint a Director Kageyama, Tatsuo
MGMT
AGAINST
AGAINST
         
Appoint a Director Morita, Hisao
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Kobayashi, Masahiro
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Watanabe, Yoshihito
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Terazawa, Minoru
MGMT
FOR
FOR
         
Approve Payment of Bonuses to Corporate Officers
MGMT
FOR
FOR
                 
ADEKA CORPORATION
21-Jun-2019
Annual General Meeting
      239,100
6054904
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director Kori, Akio
MGMT
FOR
FOR
         
Appoint a Director Shirozume, Hidetaka
MGMT
FOR
FOR
         
Appoint a Director Tomiyasu, Haruhiko
MGMT
FOR
FOR
         
Appoint a Director Arata, Ryozo
MGMT
FOR
FOR
         
Appoint a Director Tajima, Koji
MGMT
FOR
FOR
         
Appoint a Director Yukino, Toshinori
MGMT
FOR
FOR
         
Appoint a Director Kobayashi, Yoshiaki
MGMT
FOR
FOR
         
Appoint a Director Fujisawa, Shigeki
MGMT
FOR
FOR
         
Appoint a Director Shiga, Yoji
MGMT
FOR
FOR
         
Appoint a Director Yoshinaka, Atsuya
MGMT
FOR
FOR
         
Appoint a Director Nagai, Kazuyuki
MGMT
FOR
FOR
         
Appoint a Director Endo, Shigeru
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Hayashi, Yoshito
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Takemura, Yoko
MGMT
FOR
FOR
         
Approve Renewal of Policy regarding Large-scale Purchases of Company Shares (Anti-Takeover Defense Measures)
MGMT
AGAINST
AGAINST
                 
NISSIN KOGYO CO.,LTD.
21-Jun-2019
Annual General Meeting
         61,400
6071475
Appoint a Director Kawaguchi, Yasushi
MGMT
AGAINST
AGAINST
         
Appoint a Director Takei, Junya
MGMT
FOR
FOR
         
Appoint a Director Sato, Kazuya
MGMT
FOR
FOR
         
Appoint a Director Shinohara, Takayoshi
MGMT
FOR
FOR
         
Appoint a Director Kobayashi, Keiichi
MGMT
FOR
FOR
         
Appoint a Director Yamanaka, Aiji
MGMT
FOR
FOR
         
Appoint a Director Fukui, Masataka
MGMT
FOR
FOR
         
Appoint a Director Taguchi, Takaaki
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Sakashita, Kiyoshi
MGMT
FOR
FOR
         
Approve Payment of Bonuses to Corporate Officers
MGMT
FOR
FOR
         
Appoint Accounting Auditors
MGMT
FOR
FOR
                 
SUNDRUG CO.,LTD.
22-Jun-2019
Annual General Meeting
         21,300
6817895
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Amend Articles to: Amend Business Lines
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Yamashita, Kazutoshi
MGMT
FOR
FOR

Japan Smaller Capitalization Fund
 Page 13 of 28 Pages
PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name
Meeting Date
Meeting Type
Voted Shares
SEDOL
Proposal
Proposed
By
For/Against MGMT
Vote
SHIKOKU CHEMICALS CORPORATION
25-Jun-2019
Annual General Meeting
      119,400
6804303
Appoint a Director Yamashita, Kunihiko
MGMT
FOR
FOR
         
Appoint a Director Tanaka, Naoto
MGMT
AGAINST
AGAINST
         
Appoint a Director Yoshioka, Takashi
MGMT
FOR
FOR
         
Appoint a Director Matsubara, Jun
MGMT
FOR
FOR
         
Appoint a Director Watanabe, Mitsunori
MGMT
FOR
FOR
         
Appoint a Director Hamazaki, Makoto
MGMT
FOR
FOR
         
Appoint a Director Manabe, Yoshinori
MGMT
FOR
FOR
         
Appoint a Director Enjo, Hiroshi
MGMT
FOR
FOR
         
Appoint a Director Shibuya, Hiroshi
MGMT
FOR
FOR
         
Appoint a Director Terada, Toshifumi
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Tanabe, Kenji
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Nishihara, Koji
MGMT
FOR
FOR
         
Appoint a Substitute Corporate Auditor Mizuno, Takeo
MGMT
AGAINST
AGAINST
         
Approve Details of the Performance-based Stock Compensation to be received by Directors
MGMT
FOR
FOR
                 
THE YAMANASHI CHUO BANK,LTD.
25-Jun-2019
Annual General Meeting
      113,100
6985361
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director Shindo, Nakaba
MGMT
AGAINST
AGAINST
         
Appoint a Director Seki, Mitsuyoshi
MGMT
FOR
FOR
         
Appoint a Director Kitta, Kazuhiko
MGMT
FOR
FOR
         
Appoint a Director Osada, Yukio
MGMT
FOR
FOR
         
Appoint a Director Asai, Kimihiro
MGMT
FOR
FOR
         
Appoint a Director Tanaka, Norihiko
MGMT
FOR
FOR
         
Appoint a Director Fujita, Yutaka
MGMT
FOR
FOR
         
Appoint a Director Furuya, Yoshiaki
MGMT
FOR
FOR
         
Appoint a Director Furuya, Fumihiko
MGMT
FOR
FOR
         
Appoint a Director Yamadera, Masahiko
MGMT
FOR
FOR
         
Appoint a Director Masukawa, Michio
MGMT
FOR
FOR
         
Appoint a Director Kano, Riyo
MGMT
FOR
FOR
                 
KONDOTEC INC.
25-Jun-2019
Annual General Meeting
         43,000
6501767
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Amend Articles to: Amend Business Lines
MGMT
FOR
FOR
         
Appoint a Director Kondo, Katsuhiko
MGMT
FOR
FOR
         
Appoint a Director Ando, Tomoya
MGMT
FOR
FOR
         
Appoint a Director Yada, Hiroyuki
MGMT
FOR
FOR
         
Appoint a Director Hyakuda, Yoichi
MGMT
FOR
FOR
         
Appoint a Director Yano, Masahiko
MGMT
FOR
FOR
         
Appoint a Director Toki, Yasuhiro
MGMT
FOR
FOR
         
Appoint a Director Ejiri, Tomoyuki
MGMT
FOR
FOR
         
Appoint a Director Asakawa, Kazuyuki
MGMT
FOR
FOR
         
Appoint a Director Kanai, Michiko
MGMT
FOR
FOR
         
Appoint a Director Yamato, Masashi
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Yasuda, Kana
MGMT
FOR
FOR
                 
YUSHIRO CHEMICAL INDUSTRY CO.,LTD.
25-Jun-2019
Annual General Meeting
      249,700
6988757
Appoint a Director who is not Audit and Supervisory Committee Member Ogo, Eiichi
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Arisaka, Masanori
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Kikuchi, Shingo
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Hamamoto, Shinji
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Ishikawa, Takuya
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Takahashi, Seiji
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Nakano, Masafumi
MGMT
FOR
FOR

Japan Smaller Capitalization Fund
 Page 14 of 28 Pages
PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name
Meeting Date
Meeting Type
Voted Shares
SEDOL
Proposal
Proposed
By
For/Against MGMT
Vote
DAINICHI CO.,LTD.
25-Jun-2019
Annual General Meeting
      215,100
6252355
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Yoshii, Hisao
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Hanano, Tetsuyuki
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Tamura, Masahiro
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Ehara, Hiroyuki
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Yoshii, Yui
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Hara, Shinya
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Kaiho, Masahiro
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Noguchi, Takeshi
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Watanabe, Yoshiyuki
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Tanaka, Katsuo
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Miyajima, Michiaki
MGMT
FOR
FOR
         
Approve Provision of Retirement Allowance for Retiring Directors
MGMT
AGAINST
AGAINST
                 
THE TAIKO BANK,LTD.
25-Jun-2019
Annual General Meeting
      109,200
6871493
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Koide, Tetsuhiko
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Ishida, Yukio
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Kamegai, Shinichi
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Kondo, Kieichi
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Tawaragi, Minoru
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Kawai, Shoichi
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Fujisawa, Minoru
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Hosokai, Iwao
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Suzuki, Hiroko
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Watanabe, Takashi
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Sakai, Keiji
MGMT
FOR
FOR
                 
CHUBU STEEL PLATE CO.,LTD.
25-Jun-2019
Annual General Meeting
      223,800
6195739
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director Shigematsu, Kumio
MGMT
FOR
FOR
         
Appoint a Director Takeda, Toru
MGMT
FOR
FOR
         
Appoint a Director Teramoto, Hitoshi
MGMT
FOR
FOR
         
Appoint a Director Uesugi, Takeshi
MGMT
FOR
FOR
         
Appoint a Director Shibata, Koji
MGMT
FOR
FOR
         
Appoint a Director Komura, Shinji
MGMT
FOR
FOR
         
Appoint a Director Kasamatsu, Keiji
MGMT
AGAINST
AGAINST
         
Appoint a Director Sato, Ko
MGMT
FOR
FOR
         
Appoint a Director Kobayashi, Hiroya
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Nomura, Yasuhiro
MGMT
AGAINST
AGAINST
         
Appoint a Corporate Auditor Nishigaki, Makoto
MGMT
FOR
FOR
         
Approve Details of the Restricted-Share Compensation to be received by Directors (Excluding Outside Directors)
MGMT
AGAINST
AGAINST

Japan Smaller Capitalization Fund
 Page 15 of 28 Pages
PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name
Meeting Date
Meeting Type
Voted Shares
SEDOL
Proposal
Proposed
By
For/Against MGMT
Vote
YURTEC CORPORATION
25-Jun-2019
Annual General Meeting
      208,400
6894672
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Amend Articles to: Adopt an Executive Officer System, Revise Directors with Title
MGMT
FOR
FOR
         
Appoint a Director Satake, Tsutomu
MGMT
AGAINST
AGAINST
         
Appoint a Director Ota, Yoshiharu
MGMT
FOR
FOR
         
Appoint a Director Oikawa, Masahiro
MGMT
FOR
FOR
         
Appoint a Director Kobayashi, Ikumi
MGMT
FOR
FOR
         
Appoint a Director Ogasawara, Tatsuji
MGMT
FOR
FOR
         
Appoint a Director Inazuma, Hidetoshi
MGMT
FOR
FOR
         
Appoint a Director Sugawara, Kazunari
MGMT
FOR
FOR
         
Appoint a Director Hasegawa, Hisaaki
MGMT
FOR
FOR
         
Appoint a Director Higuchi, Kojiro
MGMT
FOR
FOR
         
Appoint a Director Mitsui, Seiichi
MGMT
FOR
FOR
         
Appoint a Director Fukui, Kuniaki
MGMT
AGAINST
AGAINST
         
Appoint a Corporate Auditor Yamamoto, Yuji
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Ono, Koichi
MGMT
FOR
FOR
         
Approve Provision of Retirement Allowance for Retiring Directors
MGMT
FOR
FOR
                 
NIHON M&A CENTER INC.
25-Jun-2019
Annual General Meeting
         31,400
B1DN466
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Wakebayashi, Yasuhiro
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Miyake, Suguru
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Naraki, Takamaro
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Otsuki, Masahiko
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Takeuchi, Naoki
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Mori, Tokihiko
MGMT
FOR
FOR
         
Approve Details of the Compensation to be received by Directors (Excluding Directors who are Audit and Supervisory Committee Members)
MGMT
AGAINST
AGAINST
                 
PIOLAX,INC.
25-Jun-2019
Annual General Meeting
      138,300
6485968
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Shimazu, Yukihiko
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Nagamine, Michio
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Sato, Seiichi
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Suzuki, Toru
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Oka, Toru
MGMT
FOR
FOR
                 
NIPPON PILLAR PACKING CO.,LTD.
25-Jun-2019
Annual General Meeting
      118,200
6641135
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Iwanami, Kiyohisa
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Iwanami, Yoshinobu
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Hoshikawa, Ikuo
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Shukunami, Katsuhiko
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Suzuki, Yoshinori
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Maruoka, Kazuhiro
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Mori, Eiichi
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Takaya, Kazumitsu
MGMT
FOR
FOR
                 
MAXELL HOLDINGS,LTD.
25-Jun-2019
Annual General Meeting
         67,700
6429386
Appoint a Director who is not Audit and Supervisory Committee Member Katsuta, Yoshiharu
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Senzai, Yoshihiro
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Nakamura, Keiji
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Sumoto, Seiji
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Masuda, Noritoshi
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Izumi, Tatsuhiko
MGMT
FOR
FOR

Japan Smaller Capitalization Fund
 Page 16 of 28 Pages
PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name
Meeting Date
Meeting Type
Voted Shares
SEDOL
Proposal
Proposed
By
For/Against MGMT
Vote
FUJI SEAL INTERNATIONAL,INC.
25-Jun-2019
Annual General Meeting
           8,400
5877221
Appoint a Director Kato, Fumio
MGMT
FOR
FOR
         
Appoint a Director Shioji, Hiroumi
MGMT
FOR
FOR
         
Appoint a Director Maki, Tatsundo
MGMT
FOR
FOR
         
Appoint a Director Seki, Yuichi
MGMT
FOR
FOR
         
Appoint a Director Okazaki, Shigeko
MGMT
FOR
FOR
         
Appoint a Director Sonoda, Takato
MGMT
FOR
FOR
         
Appoint a Director Furusawa, Rikio
MGMT
FOR
FOR
         
Appoint a Director Shirokawa, Masayuki
MGMT
FOR
FOR
                 
OSAKA STEEL CO.,LTD.
26-Jun-2019
Annual General Meeting
      458,900
6662095
Appoint a Director Iwasaki, Masaki
MGMT
AGAINST
AGAINST
         
Appoint a Director Fujita, Kazuo
MGMT
FOR
FOR
         
Appoint a Director Wakatsuki, Teruyuki
MGMT
FOR
FOR
         
Appoint a Director Nakashima, Katsuhide
MGMT
FOR
FOR
         
Appoint a Director Fujii, Koji
MGMT
FOR
FOR
         
Appoint a Director Ono, Kentaro
MGMT
FOR
FOR
         
Appoint a Director Ishikawa, Hironobu
MGMT
FOR
FOR
         
Appoint a Director Matsuzawa, Shinya
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Nara, Hirokazu
MGMT
FOR
FOR
         
Appoint a Substitute Corporate Auditor Kishimoto, Tatsuji
MGMT
FOR
FOR
                 
THE AKITA BANK,LTD.
26-Jun-2019
Annual General Meeting
      146,600
6011653
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Minatoya, Takao
MGMT
AGAINST
AGAINST
         
Appoint a Director who is not Audit and Supervisory Committee Member Araya, Akihiro
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Sasaki, Toshiyuki
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Kudo, Takanori
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Handa, Naoki
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Tsuchiya, Masato
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Kato, Takashi
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Minakawa, Tsuyoshi
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Tsuji, Yoshiyuki
MGMT
AGAINST
AGAINST
         
Appoint a Director who is not Audit and Supervisory Committee Member Sakaki, Junichi
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Nakata, Naofumi
MGMT
AGAINST
AGAINST
         
Approve Details of the Performance-based Stock Compensation to be received by Directors
MGMT
AGAINST
AGAINST
                 
THE KEIYO BANK,LTD.
26-Jun-2019
Annual General Meeting
      313,300
6190648
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director Kumagai, Toshiyuki
MGMT
FOR
FOR
         
Appoint a Director Oshima, Hiroshi
MGMT
FOR
FOR
         
Appoint a Director Kimizuka, Ichiro
MGMT
FOR
FOR
         
Appoint a Director Ichikawa, Tatsushi
MGMT
FOR
FOR
         
Appoint a Director Akiyama, Katsusada
MGMT
FOR
FOR
                 
HITACHI CAPITAL CORPORATION
26-Jun-2019
Annual General Meeting
      146,600
5754238
Amend Articles to: Revise Directors with Title
MGMT
FOR
FOR
         
Appoint a Director Hiraiwa, Koichiro
MGMT
FOR
FOR
         
Appoint a Director Sueyoshi, Wataru
MGMT
FOR
FOR
         
Appoint a Director Nakamura, Takashi
MGMT
FOR
FOR
         
Appoint a Director Sasaki, Yuri
MGMT
FOR
FOR
         
Appoint a Director Tsuda, Yoshitaka
MGMT
AGAINST
AGAINST
         
Appoint a Director Kobayashi, Makoto
MGMT
AGAINST
AGAINST
         
Appoint a Director Kawabe, Seiji
MGMT
AGAINST
AGAINST
         
Appoint a Director Kojima, Kiyoshi
MGMT
FOR
FOR

Japan Smaller Capitalization Fund
 Page 17 of 28 Pages
PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name
Meeting Date
Meeting Type
Voted Shares
SEDOL
Proposal
Proposed
By
For/Against MGMT
Vote
TOKAI TOKYO FINANCIAL HOLDINGS,INC.
26-Jun-2019
Annual General Meeting
      166,000
4570930
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Ishida, Tateaki
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Kawamoto, Masahide
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Mizuno, Ichiro
MGMT
AGAINST
AGAINST
         
Appoint a Director who is not Audit and Supervisory Committee Member Nakayama, Tsunehiro
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Fujiwara, Hiroshi
MGMT
FOR
FOR
         
Approve Issuance of Share Acquisition Rights as Stock Options for Directors and Employees of the Company and the Company's Subsidiaries
MGMT
AGAINST
AGAINST
         
Approve Renewal of Policy regarding Large-scale Purchases of Company Shares (Anti-Takeover Defense Measures)
MGMT
AGAINST
AGAINST
                 
YAMASHIN-FILTER CORP.
26-Jun-2019
Annual General Meeting
         53,800
BQQD1C3
Amend Articles to: Amend Business Lines
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Yamazaki, Atsuhiko
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Okoshi, Kazuhiro
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Ioka, Chikahisa
MGMT
FOR
FOR
                 
KOATSU GAS KOGYO CO.,LTD.
26-Jun-2019
Annual General Meeting
      592,500
6495967
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director Takeuchi, Hiroyuki
MGMT
FOR
FOR
         
Appoint a Director Shibuya, Nobuo
MGMT
FOR
FOR
         
Appoint a Director Setsuda, Kazuhiro
MGMT
FOR
FOR
         
Appoint a Director Kuroki, Motonari
MGMT
FOR
FOR
         
Appoint a Director Sugioka, Takao
MGMT
FOR
FOR
         
Appoint a Director Morimoto, Takashi
MGMT
FOR
FOR
         
Appoint a Director Morita, Kazuhiro
MGMT
FOR
FOR
         
Appoint a Director Ikeda, Yoshihiro
MGMT
FOR
FOR
         
Appoint a Director Yoshitaka, Shinsuke
MGMT
AGAINST
AGAINST
         
Appoint a Director Sasano, Tetsuro
MGMT
FOR
FOR
         
Appoint a Director Yamamura, Tadao
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Matsui, Ryosuke
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Karino, Hitoshi
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Yamasaki, Isamu
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Nagashima, Hiroaki
MGMT
FOR
FOR
         
Approve Payment of Bonuses to Corporate Officers
MGMT
FOR
FOR
                 
NISHIKAWA RUBBER CO.,LTD.
26-Jun-2019
Annual General Meeting
      163,300
6646862
Approve Appropriation of Surplus
MGMT
AGAINST
AGAINST
         
Appoint a Director who is not Audit and Supervisory Committee Member Nishikawa, Masahiro
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Fukuoka, Yoshitomo
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Kataoka, Nobukazu
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Ogawa, Hideki
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Marume, Yoshihiro
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Naito, Makoto
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Ikemoto, Mitsuhiro
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Iwamoto, Tadao
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Yasuishi, Keiji
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Teishi, Minoru
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Deguchi, Koso
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Yoshino, Takeshi
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Osako, Tadashi
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Yamamoto, Junichi
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Kurata, Osamu
MGMT
FOR
FOR

Japan Smaller Capitalization Fund
 Page 18 of 28 Pages
PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name
Meeting Date
Meeting Type
Voted Shares
SEDOL
Proposal
Proposed
By
For/Against MGMT
Vote
AOI ELECTRONICS CO.,LTD.
26-Jun-2019
Annual General Meeting
           8,900
4272333
Approve Appropriation of Surplus
MGMT
AGAINST
AGAINST
         
Amend Articles to: Increase the Board of Directors Size to 17, Adopt Reduction of Liability System for Non-Executive Directors, Transition to a Company with Supervisory Committee, Approve Minor Revisions
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Nakayama, Koji
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Kinoshita, Kazuhiro
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Okada, Yoshio
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Saeki, Norio
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Takao, Daisuke
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Fukuda, Kazuyuki
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Furuta, Akihiro
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Moriito, Shigeki
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Fujime, Nobuyuki
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Sakai, Kiyoshi
MGMT
FOR
FOR
         
Approve Details of the Compensation to be received by Directors (Excluding Directors who are Audit and Supervisory Committee Members)
MGMT
FOR
FOR
         
Approve Details of the Compensation to be received by Directors who are Audit and Supervisory Committee Members
MGMT
FOR
FOR
                 
YOSSIX CO.,LTD.
26-Jun-2019
Annual General Meeting
         12,100
BSZM2R7
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Substitute Corporate Auditor Atsumi, Toshihiko
MGMT
FOR
FOR
                 
MORY INDUSTRIES INC.
26-Jun-2019
Annual General Meeting
         40,800
6602541
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Mori, Hiroaki
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Matsumoto, Hidehiko
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Asano, Hiroaki
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Mori, Shinji
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Nakanishi, Masato
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Masuda, Katsuhiko
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Takeya, Yoshihisa
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Motoyama, Koichi
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Kitayama, Hiroyasu
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Hamasaki, Sadanobu
MGMT
FOR
FOR
         
Approve Details of the Compensation to be received by Directors who are Audit and Supervisory Committee Members
MGMT
FOR
FOR
         
Approve Provision of Retirement Allowance for Retiring Directors (Excluding Directors who are Audit and Supervisory Committee Members)
MGMT
AGAINST
AGAINST
                 
TOENEC CORPORATION
26-Jun-2019
Annual General Meeting
      266,500
6895620
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director Ono, Tomohiko
MGMT
AGAINST
AGAINST
         
Appoint a Director Takagi, Isao
MGMT
FOR
FOR
         
Appoint a Director Nishiwaki, Tetsuya
MGMT
FOR
FOR
         
Appoint a Director Hirata, Koji
MGMT
FOR
FOR
         
Appoint a Director Fujita, Yuzo
MGMT
FOR
FOR
         
Appoint a Director Horiuchi, Yasuhiko
MGMT
FOR
FOR
         
Appoint a Director Mizuno, Asayuki
MGMT
FOR
FOR
         
Appoint a Director Mitsuishi, Takuji
MGMT
FOR
FOR
         
Appoint a Director Inagaki, Takashi
MGMT
FOR
FOR
         
Appoint a Director Hayashi, Kingo
MGMT
FOR
FOR
         
Appoint a Director Yoshikawa, Naotoshi
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Shibata, Mitsuaki
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Sugita, Katsuhiko
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Suzuki, Kenichi
MGMT
AGAINST
AGAINST

Japan Smaller Capitalization Fund
 Page 19 of 28 Pages

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name
Meeting Date
Meeting Type
Voted Shares
SEDOL
Proposal
Proposed
By
For/Against MGMT
Vote
DAIBIRU CORPORATION
26-Jun-2019
Annual General Meeting
      187,200
6661672
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director Sonobe, Toshiyuki
MGMT
AGAINST
AGAINST
         
Appoint a Director Narita, Junichi
MGMT
FOR
FOR
         
Appoint a Director Yada, Takeo
MGMT
FOR
FOR
         
Appoint a Director Tanaka, Kensuke
MGMT
FOR
FOR
         
Appoint a Director Ota, Takehiko
MGMT
FOR
FOR
         
Appoint a Director Oi, Atsushi
MGMT
FOR
FOR
         
Appoint a Director Miyanoya, Atsushi
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Tanaka, Hiroshi
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Taenaka, Shigeki
MGMT
FOR
FOR
         
Appoint a Substitute Corporate Auditor Morimoto, Hiroshi
MGMT
FOR
FOR
         
Approve Payment of Bonuses to Directors
MGMT
AGAINST
AGAINST
                 
TOTETSU KOGYO CO.,LTD.
26-Jun-2019
Annual General Meeting
      252,700
6897444
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director Yagishita, Naomichi
MGMT
FOR
FOR
         
Appoint a Director Koike, Hitoshi
MGMT
FOR
FOR
         
Appoint a Director Suga, Katsumi
MGMT
FOR
FOR
         
Appoint a Director Ogashiwa, Hideo
MGMT
FOR
FOR
         
Appoint a Director Shimomura, Hikaru
MGMT
FOR
FOR
         
Appoint a Director Nakamura, Tomohisa
MGMT
FOR
FOR
         
Appoint a Director Suetsuna, Takashi
MGMT
FOR
FOR
         
Appoint a Director Nakayama, Hiroshi
MGMT
FOR
FOR
         
Appoint a Director Nakanishi, Masaaki
MGMT
AGAINST
AGAINST
                 
RINNAI CORPORATION
26-Jun-2019
Annual General Meeting
         49,100
6740582
Approve Appropriation of Surplus
MGMT
AGAINST
AGAINST
         
Appoint a Director Hayashi, Kenji
MGMT
FOR
FOR
         
Appoint a Director Naito, Hiroyasu
MGMT
FOR
FOR
         
Appoint a Director Narita, Tsunenori
MGMT
FOR
FOR
         
Appoint a Director Kosugi, Masao
MGMT
FOR
FOR
         
Appoint a Director Kondo, Yuji
MGMT
FOR
FOR
         
Appoint a Director Matsui, Nobuyuki
MGMT
FOR
FOR
         
Appoint a Director Kamio, Takashi
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Shinji, Katsuhiko
MGMT
FOR
FOR
         
Appoint a Substitute Corporate Auditor Ishikawa, Yoshiro
MGMT
FOR
FOR
                 
NETUREN CO.,LTD.
26-Jun-2019
Annual General Meeting
      449,900
6629540
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director Mizoguchi, Shigeru
MGMT
FOR
FOR
         
Appoint a Director Omiya, Katsumi
MGMT
FOR
FOR
         
Appoint a Director Murata, Tetsuji
MGMT
FOR
FOR
         
Appoint a Director Yasukawa, Tomokatsu
MGMT
FOR
FOR
         
Appoint a Director Suzuki, Takashi
MGMT
FOR
FOR
         
Appoint a Director Ishiki, Nobumoto
MGMT
FOR
FOR
         
Appoint a Director Misaka, Yoshitaka
MGMT
FOR
FOR
         
Appoint a Director Murai, Nobuhiro
MGMT
FOR
FOR
         
Appoint a Director Teraura, Yasuko
MGMT
FOR
FOR
         
Appoint a Director Hanai, Mineo
MGMT
FOR
FOR
         
Appoint a Substitute Corporate Auditor Takahashi, Daisuke
MGMT
FOR
FOR

Japan Smaller Capitalization Fund
 Page 20 of 28 Pages
PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name
Meeting Date
Meeting Type
Voted Shares
SEDOL
Proposal
Proposed
By
For/Against MGMT
Vote
NHK SPRING CO.,LTD.
26-Jun-2019
Annual General Meeting
      152,900
5735608
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director Tamamura, Kazumi
MGMT
FOR
FOR
         
Appoint a Director Kayamoto, Takashi
MGMT
FOR
FOR
         
Appoint a Director Sugiyama, Toru
MGMT
FOR
FOR
         
Appoint a Director Kammei, Kiyohiko
MGMT
FOR
FOR
         
Appoint a Director Uemura, Kazuhisa
MGMT
FOR
FOR
         
Appoint a Director Sue, Keiichiro
MGMT
FOR
FOR
         
Appoint a Director Tanaka, Katsuko
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Toyoda, Masakazu
MGMT
FOR
FOR
         
Appoint a Substitute Corporate Auditor Mukai, Nobuaki
MGMT
FOR
FOR
                 
NIPPON SEIKI CO.,LTD.
26-Jun-2019
Annual General Meeting
           4,100
6642536
Amend Articles to: Increase the Board of Directors Size to 20, Transition to a Company with Supervisory Committee
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Nagai, Shoji
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Sato, Morito
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Sato, Koichi
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Okawa, Makoto
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Suzuki, Junichi
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Hirata, Yuji
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Otaki, Haruhiko
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Nagai, Tatsuya
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Saiki, Etsuo
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Tomiyama, Eiko
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Shimamune, Ryuichi
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Suzuki, Kiyoshi
MGMT
FOR
FOR
         
Approve Details of the Compensation to be received by Directors (Excluding Directors who are Audit and Supervisory Committee Members)
MGMT
FOR
FOR
         
Approve Details of the Compensation to be received by Directors who are Audit and Supervisory Committee Members
MGMT
FOR
FOR
         
Approve Details of Compensation as Stock-Linked Compensation Type Stock Options for Directors (Excluding Directors who are Audit and Supervisory Committee Members)
MGMT
FOR
FOR
                 
THE MUSASHINO BANK,LTD.
26-Jun-2019
Annual General Meeting
         83,600
6611440
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director Kato, Kikuo
MGMT
FOR
FOR
         
Appoint a Director Nagahori, Kazumasa
MGMT
FOR
FOR
         
Appoint a Director Koyama, Kazuya
MGMT
FOR
FOR
         
Appoint a Director Shirai, Toshiyuki
MGMT
FOR
FOR
         
Appoint a Director Kurosawa, Susumu
MGMT
FOR
FOR
         
Appoint a Director Ishida, Emi
MGMT
FOR
FOR
         
Appoint a Director Higuchi, Takeshi
MGMT
FOR
FOR
         
Appoint a Director Mitsuoka, Ryuichi
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Tanaka, Yuichi
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Tamura, Kenji
MGMT
FOR
FOR

Japan Smaller Capitalization Fund
 Page 21 of 28 Pages
PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name
Meeting Date
Meeting Type
Voted Shares
SEDOL
Proposal
Proposed
By
For/Against MGMT
Vote
SEKISUI JUSHI CORPORATION
27-Jun-2019
Annual General Meeting
      246,000
6793843
Appoint a Director Fukui, Yaichiro
MGMT
AGAINST
AGAINST
         
Appoint a Director Baba, Hiroshi
MGMT
AGAINST
AGAINST
         
Appoint a Director Wakui, Shiro
MGMT
FOR
FOR
         
Appoint a Director Takano, Hiroshi
MGMT
FOR
FOR
         
Appoint a Director Ito, Satoko
MGMT
FOR
FOR
         
Appoint a Director Shibanuma, Yutaka
MGMT
FOR
FOR
         
Appoint a Director Sasaki, Eiji
MGMT
FOR
FOR
         
Appoint a Director Sasaki, Katsuyoshi
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Nakano, Teruo
MGMT
FOR
FOR
         
Approve Details of the Restricted-Share Compensation to be received by Directors (Excluding Outside Directors)
MGMT
FOR
FOR
                 
RYODEN CORPORATION
27-Jun-2019
Annual General Meeting
      799,600
6763006
Appoint a Director Shogaki, Nobuo
MGMT
FOR
FOR
         
Appoint a Director Yamazaki, Hideharu
MGMT
FOR
FOR
         
Appoint a Director Kitai, Shoji
MGMT
FOR
FOR
         
Appoint a Director Tanaka, Osamu
MGMT
FOR
FOR
         
Appoint a Director Miyagishi, Masamitsu
MGMT
AGAINST
AGAINST
         
Appoint a Director Shirata, Yoshiko
MGMT
FOR
FOR
         
Appoint a Director Muroi, Masahiro
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Sano, Akira
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Kito, Reiichiro
MGMT
FOR
FOR
         
Appoint a Substitute Corporate Auditor Yamamura, Kozo
MGMT
AGAINST
AGAINST
                 
FUKUOKA FINANCIAL GROUP,INC.
27-Jun-2019
Annual General Meeting
         53,800
B1TK1Y8
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director Shibato, Takashige
MGMT
FOR
FOR
         
Appoint a Director Yoshida, Yasuhiko
MGMT
FOR
FOR
         
Appoint a Director Shirakawa, Yuji
MGMT
FOR
FOR
         
Appoint a Director Morikawa, Yasuaki
MGMT
FOR
FOR
         
Appoint a Director Yokota, Koji
MGMT
FOR
FOR
         
Appoint a Director Nomura, Toshimi
MGMT
FOR
FOR
         
Appoint a Director Aoyagi, Masayuki
MGMT
FOR
FOR
         
Appoint a Director Yoshizawa, Shunsuke
MGMT
FOR
FOR
         
Appoint a Director Oba, Shinichi
MGMT
FOR
FOR
         
Appoint a Director Mori, Takujiro
MGMT
FOR
FOR
         
Appoint a Director Fukutomi, Takashi
MGMT
FOR
FOR
         
Appoint a Director Fukasawa, Masahiko
MGMT
FOR
FOR
         
Appoint a Director Kosugi, Toshiya
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Tanaka, Kazunori
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Yamada, Hideo
MGMT
FOR
FOR
         
Appoint a Substitute Corporate Auditor Gondo, Naohiko
MGMT
FOR
FOR
         
Appoint a Substitute Corporate Auditor Miura, Masamichi
MGMT
FOR
FOR

Japan Smaller Capitalization Fund
 Page 22 of 28 Pages
PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name
Meeting Date
Meeting Type
Voted Shares
SEDOL
Proposal
Proposed
By
For/Against MGMT
Vote
THE OKINAWA ELECTRIC POWER COMPANY,INC
27-Jun-2019
Annual General Meeting
      171,477
6658050
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director Omine, Mitsuru
MGMT
FOR
FOR
         
Appoint a Director Motonaga, Hiroyuki
MGMT
FOR
FOR
         
Appoint a Director Shimabukuro, Kiyohito
MGMT
FOR
FOR
         
Appoint a Director Miyazato, Manabu
MGMT
FOR
FOR
         
Appoint a Director Nakasone, Hitoshi
MGMT
FOR
FOR
         
Appoint a Director Narisoko, Hayato
MGMT
FOR
FOR
         
Appoint a Director Yokoda, Tetsu
MGMT
FOR
FOR
         
Appoint a Director Kugai, Hiroyasu
MGMT
FOR
FOR
         
Appoint a Director Uema, Jun
MGMT
FOR
FOR
         
Appoint a Director Nakamura, Naomasa
MGMT
FOR
FOR
         
Appoint a Director Okada, Akira
MGMT
FOR
FOR
         
Appoint a Director Yuasa, Hideo
MGMT
FOR
FOR
         
Appoint a Director Yogi, Tatsuki
MGMT
FOR
FOR
         
Appoint a Director Nozaki, Seiko
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Onkawa, Hideki
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Aharen, Hikaru
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Kinjo, Morihiko
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Furusho, Miwa
MGMT
FOR
FOR
         
Approve Payment of Bonuses to Directors
MGMT
AGAINST
AGAINST
                 
TENMA CORPORATION
27-Jun-2019
Annual General Meeting
      321,300
6884231
Approve Reduction of Capital Reserve
MGMT
FOR
FOR
         
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Kaneda, Yasuichi
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Fujino, Kaneto
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Tsukasa, Hisashi
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Omi, Noboru
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Kaneda, Hiroshi
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Sudo, Takashi
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Kataoka, Yoshimasa
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Fujimoto, Junichi
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Kitano, Jiro
MGMT
FOR
FOR
         
Approve Details of the Compensation to be received by Directors (Excluding Directors who are Audit and Supervisory Committee Members)
MGMT
FOR
FOR
                 
HISAKA WORKS,LTD.
27-Jun-2019
Annual General Meeting
      122,100
6428866
Appoint a Director Takeshita, Yoshikazu
MGMT
AGAINST
AGAINST
         
Appoint a Director Inoue, Tetsuya
MGMT
FOR
FOR
         
Appoint a Director Ota, Koji
MGMT
FOR
FOR
         
Appoint a Director Iizuka, Tadashi
MGMT
FOR
FOR
         
Appoint a Director Funakoshi, Toshiyuki
MGMT
FOR
FOR
         
Appoint a Director Adachi, Akihito
MGMT
FOR
FOR
         
Appoint a Director Usami, Toshiya
MGMT
FOR
FOR
         
Appoint a Director Mizumoto, Koji
MGMT
FOR
FOR
         
Appoint a Director Tsuno, Yuko
MGMT
FOR
FOR
                 
KOMATSU WALL INDUSTRY CO.,LTD.
27-Jun-2019
Annual General Meeting
         22,700
6498762
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Kano, Yutaka
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Manchu, Hidekazu
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Kumada, Masami
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Yamada, Shinichi
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Kano, Shinya
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Kaneko, Shinichi
MGMT
FOR
FOR

Japan Smaller Capitalization Fund
 Page 23 of 28 Pages
PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name
Meeting Date
Meeting Type
Voted Shares
SEDOL
Proposal
Proposed
By
For/Against MGMT
Vote
NICHIA STEEL WORKS,LTD.
27-Jun-2019
Annual General Meeting
   1,952,000
6638160
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director Kunimine, Jun
MGMT
AGAINST
AGAINST
         
Appoint a Director Teramae, Akira
MGMT
FOR
FOR
         
Appoint a Director Terakawa, Naoki
MGMT
FOR
FOR
         
Appoint a Director Takama, Toshio
MGMT
FOR
FOR
         
Appoint a Director Michimori, Takehiko
MGMT
FOR
FOR
         
Appoint a Director Okigaki, Yoshihiro
MGMT
FOR
FOR
         
Appoint a Director Nagaoka, Hiroaki
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Koshikawa, Kazuhiro
MGMT
AGAINST
AGAINST
         
Appoint a Substitute Corporate Auditor Kitabatake, Shoji
MGMT
AGAINST
AGAINST
         
Approve Provision of Retirement Allowance for Retiring Corporate Officers
MGMT
AGAINST
AGAINST
                 
JAPAN TRANSCITY CORPORATION
27-Jun-2019
Annual General Meeting
      381,300
6986386
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director Ogawa, Ken
MGMT
FOR
FOR
         
Appoint a Director Ando, Hitoshi
MGMT
FOR
FOR
         
Appoint a Director Ito, Toyohisa
MGMT
FOR
FOR
         
Appoint a Director Kobayashi, Nagahisa
MGMT
FOR
FOR
         
Appoint a Director Toyoda, Nagayasu
MGMT
AGAINST
AGAINST
         
Appoint a Director Takeuchi, Hikoshi
MGMT
FOR
FOR
                 
MATSUDA SANGYO CO.,LTD.
27-Jun-2019
Annual General Meeting
      291,800
6570596
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Matsuda, Yoshiaki
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Tsushima, Koji
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Katayama, Yuji
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Yamazaki, Ryuichi
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Kinoshita, Atsushi
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Isawa, Kenji
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Tsuzuki, Junichi
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Hatakeyama, Shinichi
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Uchiyama, Toshihiko
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Nakaoka, Toshinori
MGMT
AGAINST
AGAINST
         
Appoint a Director who is Audit and Supervisory Committee Member Kojima, Toshiyuki
MGMT
AGAINST
AGAINST
         
Approve Provision of Retirement Allowance for Retiring Directors who are Audit and Supervisory Committee Members
MGMT
AGAINST
AGAINST
                 
STARTS CORPORATION INC.
27-Jun-2019
Annual General Meeting
         79,800
6841913
Appoint a Director Muraishi, Hisaji
MGMT
AGAINST
AGAINST
         
Appoint a Director Isozaki, Kazuo
MGMT
AGAINST
AGAINST
         
Appoint a Director Muraishi, Toyotaka
MGMT
FOR
FOR
         
Appoint a Director Saito, Taroo
MGMT
FOR
FOR
         
Appoint a Director Naoi, Hideyuki
MGMT
FOR
FOR
         
Appoint a Director Nakamatsu, Manabu
MGMT
FOR
FOR
         
Appoint a Director Naoi, Tamotsu
MGMT
FOR
FOR
         
Appoint a Director Hasegawa, Takahiro
MGMT
FOR
FOR
         
Appoint a Director Sasaki, Kazuhiro
MGMT
FOR
FOR
         
Appoint a Director Muramatsu, Hisayuki
MGMT
FOR
FOR
         
Appoint a Director Yamazaki, Chisato
MGMT
FOR
FOR
         
Appoint a Director Yoneyama, Kosaku
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Takaragaki, Kazuhiko
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Maehara, Yutaka
MGMT
AGAINST
AGAINST
         
Appoint a Corporate Auditor Aikyo, Shigenobu
MGMT
AGAINST
AGAINST
         
Approve Provision of Retirement Allowance for Retiring Directors
MGMT
AGAINST
AGAINST

Japan Smaller Capitalization Fund
 Page 24 of 28 Pages
PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name
Meeting Date
Meeting Type
Voted Shares
SEDOL
Proposal
Proposed
By
For/Against MGMT
Vote
C.UYEMURA & CO.,LTD.
27-Jun-2019
Annual General Meeting
         46,600
6089014
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director Uemura, Hiroya
MGMT
FOR
FOR
         
Appoint a Director Hashimoto, Shigeo
MGMT
FOR
FOR
         
Appoint a Director Sakabe, Shigeo
MGMT
FOR
FOR
         
Appoint a Director Shimada, Koji
MGMT
FOR
FOR
         
Appoint a Director Sekiya, Tsutomu
MGMT
FOR
FOR
         
Appoint a Director Otake, Hiroshi
MGMT
FOR
FOR
         
Appoint a Director Takahashi, Akihiko
MGMT
FOR
FOR
         
Appoint a Director Aketa, Yoshiki
MGMT
FOR
FOR
         
Approve Provision of Retirement Allowance for Retiring Directors
MGMT
FOR
FOR
                 
NAFCO CO.,LTD.
27-Jun-2019
Annual General Meeting
         53,200
6712815
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director Fukamachi, Tadashi
MGMT
FOR
FOR
         
Appoint a Director Ishida, Takumi
MGMT
AGAINST
AGAINST
         
Appoint a Director Ishida, Yoshiko
MGMT
FOR
FOR
         
Appoint a Director Takano, Masamitsu
MGMT
FOR
FOR
         
Appoint a Director Fukamachi, Keiji
MGMT
FOR
FOR
         
Appoint a Director Masumoto, Koji
MGMT
FOR
FOR
         
Appoint a Director Takase, Toshio
MGMT
FOR
FOR
         
Appoint a Director Mabuchi, Yuji
MGMT
FOR
FOR
         
Appoint a Director Fukumoto, Osamu
MGMT
FOR
FOR
         
Appoint a Director Suematsu, Yasuyuki
MGMT
FOR
FOR
         
Appoint a Director Ono, Tetsuhiko
MGMT
FOR
FOR
         
Appoint a Director Yamada, Yasuhiro
MGMT
FOR
FOR
         
Appoint a Director Yamada, Isao
MGMT
FOR
FOR
         
Appoint a Director Imai, Tomoharu
MGMT
FOR
FOR
         
Appoint a Director Hirose, Takaaki
MGMT
FOR
FOR
         
Approve Provision of Retirement Allowance for Retiring Directors
MGMT
AGAINST
AGAINST
         
Approve Payment of Bonuses to Corporate Officers
MGMT
AGAINST
AGAINST

Japan Smaller Capitalization Fund
 Page 25 of 28 Pages
PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name
Meeting Date
Meeting Type
Voted Shares
SEDOL
Proposal
Proposed
By
For/Against MGMT
Vote
MEIKO TRANS CO.,LTD.
27-Jun-2019
Annual General Meeting
      370,800
6575944
Approve Appropriation of Surplus
MGMT
AGAINST
AGAINST
         
Amend Articles to: Change Official Company Name to Meiko Trans Co., Ltd. , Amend Business Lines, Revise Directors with Title, Revise Conveners and Chairpersons of a Board of Directors Meeting
MGMT
FOR
FOR
         
Appoint a Director Takahashi, Jiro
MGMT
FOR
FOR
         
Appoint a Director Fujimori, Toshio
MGMT
FOR
FOR
         
Appoint a Director Ito, Kazuyoshi
MGMT
FOR
FOR
         
Appoint a Director Kobayashi, Fuminori
MGMT
FOR
FOR
         
Appoint a Director Iida, Terumoto
MGMT
FOR
FOR
         
Appoint a Director Takahashi, Hiroshi
MGMT
FOR
FOR
         
Appoint a Director Tsuge, Kaname
MGMT
FOR
FOR
         
Appoint a Director Kanii, Osamu
MGMT
FOR
FOR
         
Appoint a Director Nonobe, Hiroshi
MGMT
FOR
FOR
         
Appoint a Director Tanemura, Hitoshi
MGMT
FOR
FOR
         
Appoint a Director Kakehashi, Eiichiro
MGMT
FOR
FOR
         
Appoint a Director Oyama, Shinji
MGMT
FOR
FOR
         
Appoint a Director Yamaji, Masahiro
MGMT
FOR
FOR
         
Appoint a Director Suzuki, Hirofumi
MGMT
FOR
FOR
         
Appoint a Director Hiramatsu, Yasunaga
MGMT
FOR
FOR
         
Appoint a Director Yamaguchi, Atsushi
MGMT
FOR
FOR
         
Appoint a Director Mitani, Masayoshi
MGMT
FOR
FOR
         
Appoint a Director Mizutani, Yoshinari
MGMT
FOR
FOR
         
Appoint a Director Karube, Jun
MGMT
FOR
FOR
         
Appoint a Director Inagaki, Takashi
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Akita, Koichi
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Fukamachi, Masakazu
MGMT
FOR
FOR
                 
FUJIKURA KASEI CO.,LTD.
27-Jun-2019
Annual General Meeting
      990,400
6356729
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Amend Articles to: Increase the Board of Directors Size to 14, Transition to a Company with Supervisory Committee, Revise Conveners and Chairpersons of a Board of Directors Meeting
MGMT
AGAINST
AGAINST
         
Appoint a Director who is not Audit and Supervisory Committee Member Kato, Daisuke
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Ueda, Hikoji
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Shimoda, Yoshizo
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Kajiwara, Hisashi
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Watanabe, Hiroaki
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Takano, Masahiro
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Watanabe, Satoshi
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Tanaka, Osamu
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Nagahama, Yoichi
MGMT
AGAINST
AGAINST
         
Appoint a Director who is Audit and Supervisory Committee Member Saisu, Yuzo
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Naka, Mitsuyoshi
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Watanabe, Takashi
MGMT
FOR
FOR
         
Appoint a Substitute Director who is Audit and Supervisory Committee Member Miyagawa, Hiroshi
MGMT
FOR
FOR
         
Approve Details of the Compensation to be received by Directors (Excluding Directors who are Audit and Supervisory Committee Members)
MGMT
FOR
FOR
         
Approve Details of the Compensation to be received by Directors who are Audit and Supervisory Committee Members
MGMT
FOR
FOR

Japan Smaller Capitalization Fund
 Page 26 of 28 Pages
PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name
Meeting Date
Meeting Type
Voted Shares
SEDOL
Proposal
Proposed
By
For/Against MGMT
Vote
YONDENKO CORPORATION
27-Jun-2019
Annual General Meeting
         62,000
6804433
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director Miyauchi, Yoshinori
MGMT
FOR
FOR
         
Appoint a Director Suehiro, Kenji
MGMT
FOR
FOR
         
Appoint a Director Furukawa, Toshifumi
MGMT
FOR
FOR
         
Appoint a Director Kojima, Tadashi
MGMT
FOR
FOR
         
Appoint a Director Baba, Kazuhisa
MGMT
FOR
FOR
         
Appoint a Director Matsuoka, Kazuo
MGMT
FOR
FOR
         
Appoint a Director Shigematsu, Masao
MGMT
FOR
FOR
         
Appoint a Director Takahashi, Ryo
MGMT
FOR
FOR
         
Appoint a Director Shirai, Hisashi
MGMT
AGAINST
AGAINST
         
Appoint a Director Moriito, Shigeki
MGMT
FOR
FOR
         
Appoint a Director Manabe, Yoko
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Tamano, Hiroshi
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Usuki, Akihiko
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Kawahara, Hiroshi
MGMT
AGAINST
AGAINST
                 
OBIC CO.,LTD.
27-Jun-2019
Annual General Meeting
           9,700
5927858
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Amend Articles to: Amend Business Lines
MGMT
FOR
FOR
         
Appoint a Director Noda, Masahiro
MGMT
FOR
FOR
         
Appoint a Director Tachibana, Shoichi
MGMT
FOR
FOR
         
Appoint a Director Kawanishi, Atsushi
MGMT
FOR
FOR
         
Appoint a Director Noda, Mizuki
MGMT
FOR
FOR
         
Appoint a Director Fujimoto, Takao
MGMT
FOR
FOR
         
Appoint a Director Ida, Hideshi
MGMT
FOR
FOR
         
Appoint a Director Ueno, Takemitsu
MGMT
FOR
FOR
         
Appoint a Director Gomi, Yasumasa
MGMT
FOR
FOR
         
Appoint a Director Ejiri, Takashi
MGMT
FOR
FOR
         
Approve Details of the Compensation to be received by Directors
MGMT
AGAINST
AGAINST
                 
MIURA CO.,LTD.
27-Jun-2019
Annual General Meeting
         35,200
6597777
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Amend Articles to: Amend Business Lines
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Takahashi, Yuji
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Miyauchi, Daisuke
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Nishihara, Masakatsu
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Takechi, Noriyuki
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Morimatsu, Takashi
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Kojima, Yoshihiro
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Yoneda, Tsuyoshi
MGMT
FOR
FOR
         
Appoint a Director who is not Audit and Supervisory Committee Member Higuchi, Tateshi
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Harada, Toshihide
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Yamamoto, Takuya
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Saiki, Naoki
MGMT
FOR
FOR
         
Appoint a Director who is Audit and Supervisory Committee Member Ando, Yoshiaki
MGMT
FOR
FOR
         
Approve Details of the Restricted-Share Compensation to be received by Directors (Excluding Directors who are Audit and Supervisory Committee Members and Outside Directors)
MGMT
FOR
FOR

Japan Smaller Capitalization Fund
 Page 27 of 28 Pages
PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name
Meeting Date
Meeting Type
Voted Shares
SEDOL
Proposal
Proposed
By
For/Against MGMT
Vote
OILES CORPORATION
27-Jun-2019
Annual General Meeting
      313,880
6657530
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director Okayama, Toshio
MGMT
FOR
FOR
         
Appoint a Director Iida, Masami
MGMT
FOR
FOR
         
Appoint a Director Suda, Hiroshi
MGMT
FOR
FOR
         
Appoint a Director Tanabe, Kazuharu
MGMT
FOR
FOR
         
Appoint a Director Miyazaki, Satoshi
MGMT
FOR
FOR
         
Appoint a Director Kawasaki, Kiyoshi
MGMT
FOR
FOR
         
Appoint a Director Murayama, Shinichiro
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Kimijima, Norihiro
MGMT
FOR
FOR
         
Appoint a Substitute Corporate Auditor Tanaka, Koji
MGMT
FOR
FOR
                 
SHINDENGEN ELECTRIC MANUFACTURING CO.,LTD.
27-Jun-2019
Annual General Meeting
           4,300
6804541
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director Suzuki, Yoshinori
MGMT
FOR
FOR
         
Appoint a Director Negishi, Yasumi
MGMT
FOR
FOR
         
Appoint a Director Horiguchi, Kenji
MGMT
FOR
FOR
         
Appoint a Director Tanaka, Nobuyoshi
MGMT
FOR
FOR
         
Appoint a Director Yamada, Ichiro
MGMT
FOR
FOR
         
Appoint a Director Hashimoto, Hideyuki
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Higo, Yoshiaki
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Miyake, Yuichiro
MGMT
FOR
FOR
         
Appoint a Substitute Corporate Auditor Chiba, Shoji
MGMT
FOR
FOR
         
Approve Details of the Restricted-Share Compensation to be received by Directors (Excluding Outside Directors)
MGMT
FOR
FOR
         
Approve Continuance of Policy regarding Large-scale Purchases of Company Shares (Anti-Takeover Defense Measures)
MGMT
AGAINST
AGAINST
                 
NICHICON CORPORATION
27-Jun-2019
Annual General Meeting
      178,100
5745812
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director Takeda, Ippei
MGMT
AGAINST
AGAINST
         
Appoint a Director Yoshida, Shigeo
MGMT
AGAINST
AGAINST
         
Appoint a Director Chikano, Hitoshi
MGMT
FOR
FOR
         
Appoint a Director Yano, Akihiro
MGMT
FOR
FOR
         
Appoint a Director Matsushige, Kazumi
MGMT
FOR
FOR
         
Appoint a Director Katsuta, Yasuhisa
MGMT
FOR
FOR
         
Appoint a Director Aikyo, Shigenobu
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Onishi, Hideki
MGMT
AGAINST
AGAINST
                 
KOITO MANUFACTURING CO.,LTD.
27-Jun-2019
Annual General Meeting
         28,700
6496324
Approve Appropriation of Surplus
MGMT
FOR
FOR
         
Appoint a Director Otake, Masahiro
MGMT
FOR
FOR
         
Appoint a Director Mihara, Hiroshi
MGMT
FOR
FOR
         
Appoint a Director Sakakibara, Koichi
MGMT
FOR
FOR
         
Appoint a Director Arima, Kenji
MGMT
FOR
FOR
         
Appoint a Director Uchiyama, Masami
MGMT
FOR
FOR
         
Appoint a Director Kato, Michiaki
MGMT
FOR
FOR
         
Appoint a Director Konagaya, Hideharu
MGMT
FOR
FOR
         
Appoint a Director Kusakawa, Katsuyuki
MGMT
FOR
FOR
         
Appoint a Director Otake, Takashi
MGMT
FOR
FOR
         
Appoint a Director Yamamoto, Hideo
MGMT
FOR
FOR
         
Appoint a Director Toyota, Jun
MGMT
FOR
FOR
         
Appoint a Director Katsuda, Takayuki
MGMT
FOR
FOR
         
Appoint a Director Uehara, Haruya
MGMT
FOR
FOR
         
Appoint a Director Sakurai, Kingo
MGMT
FOR
FOR
         
Appoint a Corporate Auditor Kimeda, Hiroshi
MGMT
FOR
FOR
         
Approve Details of the Compensation to be received by Corporate Officers
MGMT
AGAINST
AGAINST

Japan Smaller Capitalization Fund
 Page 28 of 28 Pages