<SEC-DOCUMENT>0000905148-19-000946.txt : 20191030
<SEC-HEADER>0000905148-19-000946.hdr.sgml : 20191030
<ACCEPTANCE-DATETIME>20191030154342
ACCESSION NUMBER:		0000905148-19-000946
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20190831
FILED AS OF DATE:		20191030
DATE AS OF CHANGE:		20191030
EFFECTIVENESS DATE:		20191030

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JAPAN SMALLER CAPITALIZATION FUND INC
		CENTRAL INDEX KEY:			0000859796
		IRS NUMBER:				133553469
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0228

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05992
		FILM NUMBER:		191179801

	BUSINESS ADDRESS:	
		STREET 1:		WORLDWIDE PLAZA
		STREET 2:		309 WEST 49TH STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		8008330018

	MAIL ADDRESS:	
		STREET 1:		WORLDWIDE PLAZA
		STREET 2:		309 WEST 49TH STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	JAPAN OTC EQUITY FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>efc19-623_ncsrs.htm
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  <div style="FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">UNITED STATES</div>
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  <div style="font-family: 'Times New Roman'; font-weight: bold; color: #000000; text-align: center; line-height: 1.25;">SECURITIES AND EXCHANGE COMMISSION</div>
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  <div style="font-family: 'Times New Roman'; font-weight: bold; color: #000000; text-align: center; line-height: 1.25;">Washington, D.C. 20549</div>
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  <div style="font-family: 'Times New Roman'; font-weight: bold; color: #000000; text-align: center; line-height: 1.25;">Form N-CSR</div>
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  <div style="font-family: 'Times New Roman'; font-weight: bold; color: #000000; text-align: center; line-height: 1.25;">CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT</div>
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  <div style="font-family: 'Times New Roman'; font-weight: bold; color: #000000; text-align: center; line-height: 1.25;">INVESTMENT COMPANIES</div>
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  <div style="font-family: 'Times New Roman'; color: #000000; text-align: center; line-height: 1.25;">Investment Company Act file number: 811-05992</div>
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  <div style="font-family: 'Times New Roman'; color: #000000; text-align: center; line-height: 1.25;">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>
  <div style="font-family: 'Times New Roman'; color: #000000; text-align: center; line-height: 1.25;">(Exact name of Registrant as specified in charter)</div>
  <div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
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  <div style="font-family: 'Times New Roman'; color: #000000; text-align: center; line-height: 1.25;">Worldwide Plaza</div>
  <div style="font-family: 'Times New Roman'; color: #000000; text-align: center; line-height: 1.25;">309 West 49th Street</div>
  <div style="font-family: 'Times New Roman'; color: #000000; text-align: center; line-height: 1.25;">New York, NY 10019</div>
  <div style="font-family: 'Times New Roman'; color: #000000; text-align: center; line-height: 1.25;">(Address of Principal Executive Offices)</div>
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  <div style="font-family: 'Times New Roman'; color: #000000; text-align: center; line-height: 1.25;">Nomura Asset Management U.S.A. Inc.</div>
  <div style="font-family: 'Times New Roman'; color: #000000; text-align: center; line-height: 1.25;">Worldwide Plaza</div>
  <div style="font-family: 'Times New Roman'; color: #000000; text-align: center; line-height: 1.25;">309 West 49th Street</div>
  <div style="font-family: 'Times New Roman'; color: #000000; text-align: center; line-height: 1.25;">New York, NY 10019</div>
  <div style="font-family: 'Times New Roman'; color: #000000; text-align: center; line-height: 1.25;">(Name and Address of Agent for Service)</div>
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  <div style="font-family: 'Times New Roman'; color: #000000; text-align: left; line-height: 1.25;">Registrant&#8217;s telephone number, including area code: (800) 833-0018</div>
  <div style="font-family: 'Times New Roman'; color: #000000; text-align: left; line-height: 1.25;">&#160;</div>
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          <div style="font-family: 'Times New Roman'; color: #000000; text-align: left; line-height: 1.25;">Date of fiscal year end:</div>
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          <div style="font-family: 'Times New Roman'; color: #000000; text-align: left; line-height: 1.25;">February 29, 2020</div>
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          <div style="font-family: 'Times New Roman'; color: #000000; text-align: left; line-height: 1.25;">&#160;</div>
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          <div style="font-family: 'Times New Roman'; color: #000000; text-align: left; line-height: 1.25;">&#160;</div>
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          <div style="font-family: 'Times New Roman'; color: #000000; text-align: left; line-height: 1.25;">Date of reporting period:</div>
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          <div style="font-family: 'Times New Roman'; color: #000000; text-align: left; line-height: 1.25;">August 31, 2019<br>
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            <div>ITEM 1.</div>
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            <div>REPORT TO STOCKHOLDERS </div>
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  <div style="font-family: 'Times New Roman'; color: #000000; text-align: left; line-height: 1.25;">&#160;</div>
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    <div style="text-align: center; color: rgb(236, 0, 140); font-family: 'Times New Roman',Times,serif; font-weight: bold;">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>
    <div>&#160;</div>
    <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">October 29, 2019</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">To Our Shareholders:</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman',Times,serif;">We present the Semi-Annual Report of Japan Smaller Capitalization Fund, Inc. (the &#8220;Fund&#8221;) for the six months ended August&#160;31, 2019.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman',Times,serif;">The net asset value per share (&#8220;NAV&#8221;) of the Fund decreased by 4.7% and the closing market price of the Fund (on the New York Stock Exchange) decreased by
      8.2% for the six months ended August&#160;31, 2019.&#160; The closing market price of the Fund on August&#160;31,2019 was $8.19, representing a discount of 15.5% to the NAV of $9.69.&#160; The net assets of the Fund totaled $274,507,885 on August&#160;31, 2019.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman',Times,serif;">The Russell/Nomura Small Cap<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">TM</sup> Index, the Fund&#8217;s benchmark (&#8220;Benchmark&#8221;), decreased by 2.6% in United States (&#8220;U.S.&#8221;) dollar terms for the six
      months ended August&#160;31, 2019.&#160; During that period, the Fund underperformed the Benchmark by 2.1% on a NAV basis.&#160; The Tokyo Price Index (the &#8220;TOPIX&#8221;), a capitalization-weighted index of all companies listed on the First Section of the Tokyo Stock
      Exchange (the &#8220;TSE&#8221;), decreased by 1.4% and the Nikkei Stock Average Index (&#8220;Nikkei&#8221;), a price-weighted index of the 225 leading stocks on the TSE, increased by 1.5% in U.S.&#160;dollar terms during the six months ended August&#160;31, 2019.&#160; The Japanese yen
      (&#8220;Yen&#8221;) appreciated by 4.6% against the U.S.&#160;dollar during the six months ended August&#160;31, 2019.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman',Times,serif;">For the quarter ended August&#160;31, 2019, the Benchmark increased by 1.0%, the TOPIX increased by 2.2%, and the Nikkei increased by 2.8% in U.S.&#160;dollar
      terms.&#160; The NAV of the Fund increased by 0.1% and underperformed the Benchmark by 0.9%.&#160; The Fund&#8217;s share price decreased by 1.1% during the quarter.&#160; The Yen appreciated by 2.2% against the U.S.&#160;dollar during the quarter.</div>
    <div>&#160;</div>
    <div style="color: rgb(236, 0, 140); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Investment Strategy</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman',Times,serif;">The Fund invests in undervalued stocks that offer fundamental strength and potential for improvement.&#160; The Fund performs extensive fundamental research to
      identify stocks that can create shareholder value.&#160; The Fund focuses on companies that are leaders in certain niche markets, companies with large or expanding market shares, stocks with superior shareholder distribution policies, and stocks that
      offer good growth prospects.&#160; In the Japanese small cap equity market, valuation anomalies do exist and can be exploited through active management.&#160; There are a number of factors that the Fund considers when selling an investment including a stock
      which appears fully valued, unexpected deterioration in earnings or a substantial loss that impairs the company&#8217;s net assets, and a stock&#8217;s diminishing potential given declining competitiveness due to a change of business environment or failure of
      business strategy.</div>
    <div>&#160;</div>
    <div style="color: rgb(236, 0, 140); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Performance</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman',Times,serif;">In terms of the sector allocation strategy, underweight positions in the Other Products sector generated the largest positive contribution.&#160; Sector returns
      were eroded by overweight positions in the Iron and Steel sector and underweight positions in the Information and Communication sector.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman',Times,serif;">Relative performance was positively impacted by Saizeriya Co., Ltd. in the Retail Trade sector, Ryoden Corporation in the Wholesale Trade sector, and The
      Pack Corporation in the Other Products sector.&#160; Conversely, relative performance was negatively impacted by Osaka Steel Co., Ltd. in the Iron and Steel sector, Seiren Co., Ltd. in the Textiles and Apparel sector, and Sakata Inx Corporation in the
      Chemicals sector.</div>
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    <div>&#160;</div>
    <div style="color: rgb(236, 0, 140); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Market Review</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman',Times,serif;">The Benchmark decreased by 7.0% and underperformed the TOPIX index, which decreased by 6.0% in local currency terms, for the six months ended August&#160;31,
      2019.&#160; Market sentiment and market performance in Japan were undermined by announcements from U.S.&#160;President Trump threatening further tariff hikes on imports from China.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman',Times,serif;">From the March to April 2019 period, the Japanese stock market moved in a narrow range and remained generally flat.&#160; There were intermittent positive
      factors including announcements that temporarily increased expectations of progress in the U.S.&#160;and China trade negotiations and indicators suggesting a possible recovery in the Chinese economy.&#160; Negative factors included the appreciation of the Yen
      against the U.S.&#160;dollar following the inversion of the U.S.&#160;Treasury yield curve, whereby the yield on a 10-year Treasury note traded below a 2-year Treasury note as longer term interest rates continued to decline.&#160; There was also growing risk
      aversion stemming from concerns over the United Kingdom (&#8220;UK&#8221;)&#8217;s European Union (&#8220;EU&#8221;)&#160;withdrawal negotiations.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman',Times,serif;">During a ten day holiday period from April&#160;27 through May&#160;6, 2019 for the succession of Japan&#8217;s new Emperor, market sentiment was undermined by
      announcements from U.S.&#160;President Trump threatening further tariff hikes on imports from both China and Mexico.&#160; Meanwhile, earnings forecasts for the fiscal year ending March&#160;2020 issued by Japanese companies from late April to the middle of May
      2019 were generally conservative.</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 18pt;">The Japanese stock market rebounded at the beginning of June 2019 after the Federal Reserve Chairman Jerome Powell alluded to a potential interest rate cut
      and the Trump administration decided not to impose new tariffs on imports from Mexico.&#160; International trade issues continued to sway investor sentiment toward the end of July 2019.&#160; The Japanese stock market remained largely stable amid a more
      favorable environment given that the U.S.&#160;government chose to postpone the deadline for imposing additional tariffs against China following agreement during the G20 Summit in Osaka to resume bilateral trade negotiations.&#160; However, the Japanese
      markets remained on edge throughout the summer of 2019 as unfavorable geopolitical factors triggered risk averse trading given worsening U.S.&#160;relations with Iran, and appreciation of the Yen against the U.S.&#160;dollar due to narrowing interest rate
      differentials between Japan and the U.S.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman',Times,serif;">Stock prices in Japan declined again in early August 2019 after President Trump announced another round of hikes in U.S.&#160;tariffs on Chinese goods, raising
      new concerns about the global economic outlook.</div>
    <div>&#160;</div>
    <div style="color: rgb(236, 0, 140); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Outlook and Future Strategy</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman',Times,serif;">The Japanese equity market has recently started to show greater resilience to downward pressure, after proving more vulnerable and volatile in the face of
      geopolitical risks than other major stock markets.&#160; This implies that the negative factors currently overshadowing the market have been factored in to some extent, especially as market valuations are more supportive now that the price-to-book ratio
      of the Russell/Nomura Small Cap Index has fallen to around 1.0.&#160; While the Fund does not anticipate a strong rebound, the downside is expected to be limited.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman',Times,serif;">Geopolitical risks such as the U.S.&#160;and China trade tensions have been persisting for some time now, but have so far failed to ignite any obvious stress in
      the real economy.&#160; The threat of a &#8220;No Deal&#8221; Brexit with the UK&#8217;s deadline for EU withdrawal on October&#160;31, 2019 fast approaching, may also trigger turmoil in the financial markets temporarily.&#160; Yet this does not necessarily have a major negative
      impact on corporate earnings in Japan.&#160; Considering the clear stance from the major central banks regarding accommodative monetary policies and proactive action to underpin the economy, the Fund believes the impact of such geopolitical events on the
      economy is likely to be mitigated and a serious recession avoided.</div>
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    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman',Times,serif;">Meanwhile in the corporate sector, the earnings guidance revision for the fiscal year was not significantly large and further downward revisions may be
      expected in the quarter ended September 2019 due to weak final demand and the Yen&#8217;s appreciation against other major currencies.&#160; However, the Fund does not expect overall corporate earnings to decline substantially for the fiscal year ending
      March&#160;2020.&#160; The Japanese corporate sector is expected to show more positive earnings momentum in the second half of this fiscal year from a year-on-year perspective.&#160; Although the recovery from inventory adjustment appears to have been delayed due
      to weaker than expected final demand, the Fund believes it is only a matter of time.&#160; If the earnings momentum recovery eventually persists throughout the second half of the fiscal year, the valuation discounts of some cyclical sectors might well be
      resolved.&#160; The earnings impact from the Yen&#8217;s appreciation remains a risk however, as prolonged trade friction between the U.S.&#160;and China has eroded the outlook for the Chinese Yuan.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman',Times,serif;">The Fund appreciates your continuing support.</div>
    <div>&#160;</div>
    <div style="margin-left: 342pt; font-family: 'Times New Roman',Times,serif;">Sincerely,</div>
    <div style="margin-left: 126pt;">&#160;</div>
    <div style="margin-left: 315pt;"><img width="186" height="58" src="image00003.jpg"></div>
    <div style="margin-left: 126pt;">&#160;</div>
    <div style="text-indent: -13.5pt; margin-left: 355.5pt; font-family: 'Times New Roman',Times,serif;">Yuichi Nomoto<br>
      President</div>
    <div>&#160;</div>
  </div>
  <div style="font-family: 'Times New Roman'; color: #000000; text-align: left; line-height: 1.25;"> <br>
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            <div>&#160;
              <div>
                <div style="text-align: center; color: rgb(236, 0, 140); font-family: 'Times New Roman',Times,serif; font-weight: bold;">DISCLOSURES</div>
                <div>&#160;</div>
                <div><br>
                </div>
              </div>
              <div>
                <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">Sources:&#160; Nomura Asset Management U.S.A. Inc., Nomura Asset Management Co., Ltd., and Bloomberg L.P. Past performance is not indicative of future results.&#160; There
                  is a risk of loss.</div>
                <div>&#160;</div>
                <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">The NAV price is adjusted for reinvestment of income dividends, ordinary income distributions, and long-term capital gain distributions.&#160; The New York Stock
                  Exchange&#8217;s closing market price is adjusted for reinvestment of income dividends, ordinary income distributions, and long-term capital gain distributions.&#160; The Fund&#8217;s performance does not reflect sales commissions.</div>
                <div>&#160;</div>
                <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">This material contains the current opinions of the Fund&#8217;s manager, which are subject to change without notice.&#160; This material should not be considered investment
                  advice.&#160; Statements concerning financial market trends are based on current market conditions, which will fluctuate.&#160; There is no guarantee that these investment strategies will work under all market conditions, and each investor should
                  evaluate their ability to invest for the long term.</div>
                <div>&#160;</div>
                <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">Comparisons between changes in the Fund&#8217;s net asset value or market price per share and changes in the Fund&#8217;s benchmark should be considered in light of the
                  Fund&#8217;s investment policy and objective, the characteristics and quality of the Fund&#8217;s investments, the size of the Fund, and variations in the Yen/U.S. Dollar exchange rate.&#160; This report is for informational purposes only.&#160; Investment
                  products offered are not FDIC insured, may lose value, and are not bank guaranteed.</div>
                <div>&#160;</div>
                <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">Indices are unmanaged.&#160; An index cannot be directly invested into.</div>
                <div>&#160;</div>
                <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">Certain information discussed in this report may constitute forward-looking statements within the meaning of the U.S.&#160;federal securities laws.&#160; The Fund believes
                  that the expectations reflected in such forward-looking statements are based on reasonable assumptions and can give no assurance that the Fund&#8217;s expectations will be achieved.&#160; Forward-looking information is subject to certain risks,
                  trends and uncertainties that could cause actual results to differ materially from those projected.</div>
                <div>&#160;</div>
                <div>The Russell/Nomura Small Cap<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">TM</sup> Index represents approximately 15% of the total market capitalization of the Russell/Nomura Total Market<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">TM </sup>Index.&#160; It measures the performance of the smallest Japanese equity
                  securities in the Russell/Nomura Total Market<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">TM</sup> Index.&#160; As of August&#160;31, 2019, there are 1,240 securities in the Russell/Nomura Small Cap<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">TM</sup> Index. <br>
                </div>
                <div><br>
                </div>
              </div>
            </div>
          </td>
        </tr>

    </table>
  </div>
  <br>
  <div style="font-family: 'Times New Roman'; color: #000000; text-align: left; line-height: 1.25;"><br>
    <div style="color: #000000; line-height: 1.25;">
      <div style="color: #000000; line-height: 1.25;"><br>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div id="DSPFPageFooter"></div>
          <div style="page-break-after:always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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        </div>
        <div>
          <div style="border: 1px solid #000000; padding: 5px; width: 99%;">
            <table cellspacing="0" cellpadding="3" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

                <tr>
                  <td style="width: 100.00%;">
                    <div>&#160;
                      <div>
                        <div style="text-align: center;"><font style="font-weight: bold; color: #FF0066;">SHAREHOLDERS ACCOUNT INFORMATION</font></div>
                        <div>&#160;</div>
                        <div><br>
                        </div>
                      </div>
                      <div>
                        <div style="text-align: justify; text-indent: 18pt;">Shareholders whose accounts are held in their own name may contact the Fund&#8217;s registrar, Computershare Trust Company, N.A., at 1&#8209;800&#8209;426-5523 for information concerning their
                          accounts.</div>
                      </div>
                    </div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div>&#160;</div>
        <div>
          <div>
            <div style="border: 1px solid #000000; padding: 5px; width: 99%;">
              <table cellspacing="0" cellpadding="3" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

                  <tr>
                    <td style="width: 100.00%;">
                      <div>&#160;
                        <div>
                          <div style="text-align: center;"><font style="font-weight: bold; color: #FF0066;">PROXY VOTING</font></div>
                          <div>&#160;</div>
                          <div><br>
                          </div>
                        </div>
                        <div>
                          <div style="text-indent: 18pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">A</font> description of the policies and procedures that the Fund uses to vote proxies relating to portfolio securities
                            is available (1)&#160;without charge, upon request, by calling toll-free 1&#8209;800&#8209;833-0018; and (2)&#160;on the website of the Securities and Exchange Commission (&#8220;SEC&#8221;) at <font style="font-family: 'Times New Roman',Times,serif;"><u>http://www.sec.gov</u></font>.&#160;














                            Information about how the Fund voted proxies relating to securities held in the Fund&#8217;s portfolio during the most recent 12-month period ended June&#160;30 is available (1)&#160;without charge, upon request, by calling toll-free
                            1&#8209;800&#8209;833-0018; and (2)&#160;on the SEC&#8217;s website at <font style="font-family: 'Times New Roman',Times,serif;"><u>http://www.sec.gov</u></font>.
                            <div>
                              <div>Additional information about the Fund&#8217;s Board of Directors is available (1)&#160;without charge, upon request, by calling toll-free 1&#8209;800&#8209;833-0018; and (2)&#160;on the website of the SEC at <font style="font-family: 'Times New Roman',Times,serif;"><u>http://www.sec.gov</u></font> in the Fund&#8217;s most recent proxy statement filing. <br>
                              </div>
                            </div>
                          </div>
                        </div>
                      </div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <br>
          <div>
            <div style="border: 1px solid #000000; padding: 5px; width: 99%;">
              <table cellspacing="0" cellpadding="3" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

                  <tr>
                    <td style="width: 100.00%;">
                      <div>
                        <div style="text-align: center;"><font style="font-weight: bold; color: #FF0066;"> <br>
                          </font></div>
                        <div style="text-align: center;"><font style="font-weight: bold; color: #FF0066;">AVAILABILITY OF QUARTERLY SCHEDULE OF INVESTMENTS</font></div>
                        <div>&#160;</div>
                        <div><br>
                        </div>
                      </div>
                      <div>
                        <div style="text-indent: 18pt;"><font style="font-family: 'Times New Roman',Times,serif;">T</font>he Fund files a schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q.&#160; The
                          Fund&#8217;s Forms N-Q are available on the SEC&#8217;s website at <font style="font-family: 'Times New Roman',Times,serif;"><u>http://www.sec.gov</u></font>. <br>
                        </div>
                      </div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div><br>
          </div>
          <div>
            <div style="border: 1px solid #000000; padding: 5px; width: 99%;">
              <table cellspacing="0" cellpadding="3" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

                  <tr>
                    <td style="width: 100%;">
                      <div>
                        <div style="text-align: center;"><font style="font-weight: bold; color: #FF0066;"> <br>
                          </font></div>
                        <div style="text-align: center;"><font style="font-weight: bold; color: #FF0066;">FUND CERTIFICATIONS</font></div>
                        <div>&#160;</div>
                        <div><br>
                        </div>
                      </div>
                      <div>
                        <div style="text-indent: 18pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">I</font>n December 2018, the Fund filed its Principal Executive Officer Certification with the New York Stock Exchange
                          pursuant to Section&#160;303A.12(a) of the New York Stock Exchange Corporate Governance Listing Standards. <br>
                          <div>
                            <div><br>
                            </div>
                          </div>
                          <div>
                            <div>The Fund&#8217;s Principal Executive Officer and Principal Financial Officer Certifications pursuant to Section&#160;302 of the Sarbanes-Oxley Act of 2002 were filed with the Fund&#8217;s Form N-CSR and are available on the SEC&#8217;s website at
                              <u>http://www.sec.gov</u>.</div>
                          </div>
                        </div>
                      </div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <br>
          <div>
            <div style="border: 1px solid #000000; padding: 5px; width: 99%;">
              <table cellspacing="0" cellpadding="3" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

                  <tr>
                    <td style="width: 100.00%;">
                      <div>&#160;
                        <div>
                          <div style="text-align: center;"><font style="font-weight: bold; color: #FF0066;">SHARE REPURCHASES</font></div>
                          <div>&#160;</div>
                          <div><br>
                          </div>
                        </div>
                        <div>
                          <div style="text-align: justify; text-indent: 18pt;">Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940 that from time to time the Fund may repurchase shares of its common stock in the
                            open market.</div>
                        </div>
                      </div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div><br>
          </div>
          <div>
            <div style="border: 1px solid #000000; padding: 5px; width: 99%;">
              <table cellspacing="0" cellpadding="3" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

                  <tr>
                    <td style="width: 100.00%;">
                      <div>&#160;
                        <div>
                          <div style="text-align: center;"><font style="font-weight: bold; color: #FF0066;">INTERNET WEBSITE</font></div>
                          <div>&#160;</div>
                          <div><br>
                          </div>
                        </div>
                        <div>
                          <div style="text-indent: 18pt;"><font style="font-family: 'Times New Roman',Times,serif;">Nomura Asset Management U.S.A. Inc. has established an Internet website which highlights its history, investment philosophy and process and
                              products, which include the Fund.</font></div>
                        </div>
                        <div>
                          <div style="text-indent: 18pt;"><font style="font-family: 'Times New Roman',Times,serif;">The Internet web address is <u>http://funds.nomura-asset.com/japan-smaller-capitalization</u>.</font> <br>
                          </div>
                        </div>
                      </div>
                    </td>
                  </tr>

              </table>
            </div>
            <br>
          </div>
        </div>
        <div><br>
        </div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageFooter"></div>
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        </div>
        <div>
          <div style="text-align: center; color: rgb(236, 0, 140); font-family: 'Times New Roman',Times,serif; font-weight: bold;">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>
          <div>&#160;</div>
          <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">FUND HIGHLIGHTS &#8212; AUGUST 31, 2019 (Unaudited)</div>
          <div>&#160;</div>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zd955cb6233704b8e9b9e71269bd08e63">

              <tr>
                <td style="width: 82.72%; vertical-align: top;">
                  <div style="color: #EC008C; font-weight: bold;">KEY STATISTICS</div>
                </td>
                <td colspan="2" style="width: 17.28%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 82.72%; vertical-align: top;">
                  <div style="margin-left: 30pt;">Net Assets<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 345pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                </td>
                <td style="width: 4.32%; vertical-align: top; text-align: right;" rowspan="1">$274,507,885</td>
                <td style="width: 4.32%; vertical-align: top;" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="width: 82.72%; vertical-align: top;">
                  <div style="margin-left: 30pt;">Net Asset Value per Share<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 345pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                </td>
                <td style="width: 8.64%; vertical-align: top;">
                  <div style="text-align: right;">$9.69 </div>
                </td>
                <td style="width: 8.64%; vertical-align: top;"><br>
                </td>
              </tr>
              <tr>
                <td style="width: 82.72%; vertical-align: top;">
                  <div style="margin-left: 30pt;">Market Price<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 345pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                </td>
                <td style="width: 8.64%; vertical-align: top;">
                  <div style="text-align: right;">$8.19 </div>
                </td>
                <td style="width: 8.64%; vertical-align: top;"><br>
                </td>
              </tr>
              <tr>
                <td style="width: 82.72%; vertical-align: top;">
                  <div style="margin-left: 30pt;">Percentage Change in Net Asset Value per Share*<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 345pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                </td>
                <td style="width: 8.64%; vertical-align: top;">
                  <div style="text-align: right;">(4.7%) </div>
                </td>
                <td style="width: 8.64%; vertical-align: top;"><br>
                </td>
              </tr>
              <tr>
                <td style="width: 82.72%; vertical-align: top;">
                  <div style="margin-left: 30pt;">Percentage Change in Market Price*<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 345pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                </td>
                <td style="width: 8.64%; vertical-align: top;">
                  <div style="text-align: right;">(8.2%) </div>
                </td>
                <td style="width: 8.64%; vertical-align: top;"><br>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zcbe9fcfa3a4d4e67a00c53f1bf864bb9">

              <tr>
                <td style="width: 80.8%; vertical-align: top;">
                  <div style="color: #EC008C; font-weight: bold;">MARKET INDICES</div>
                </td>
                <td style="width: 9.68%; vertical-align: top;">&#160;</td>
                <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
                <td style="width: 9.52%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 80.8%; vertical-align: top;">
                  <div>Percentage change in market indices:*</div>
                </td>
                <td style="width: 9.68%; vertical-align: top;">
                  <div style="text-align: center; font-weight: bold;"><u>YEN</u></div>
                </td>
                <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
                <td style="width: 9.52%; vertical-align: top;">
                  <div style="font-weight: bold;"><u>U.S.$</u></div>
                </td>
              </tr>
              <tr>
                <td style="width: 80.8%; vertical-align: top;">
                  <div style="margin-left: 30.25pt;">Russell/Nomura Small Cap<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">TM </sup>Index<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 335.75pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                </td>
                <td style="width: 9.68%; vertical-align: top;">
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">(7.0%)</div>
                </td>
                <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
                <td style="width: 9.52%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman',Times,serif;">(2.6%)</div>
                </td>
              </tr>
              <tr>
                <td style="width: 80.8%; vertical-align: top;">
                  <div style="margin-left: 30.25pt;">Tokyo Price Index<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 335.75pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                </td>
                <td style="width: 9.68%; vertical-align: top;">
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">(6.0%)</div>
                </td>
                <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
                <td style="width: 9.52%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman',Times,serif;">(1.4%)</div>
                </td>
              </tr>
              <tr>
                <td style="width: 80.8%; vertical-align: top;">
                  <div style="margin-left: 30.25pt;">Nikkei Stock Average Index<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 335.75pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                </td>
                <td style="width: 9.68%; vertical-align: top;">
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">(3.2%)</div>
                </td>
                <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
                <td style="width: 9.52%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman',Times,serif;">&#160;1.5%</div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 80.8%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 9.68%; vertical-align: top;">&#160;</td>
                <td rowspan="1" colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 9.52%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 80.8%; vertical-align: top;">
                  <div style="font-size: 8pt;">&#8727;From March&#160;1, 2019 through August&#160;31, 2019.</div>
                </td>
                <td style="width: 9.68%; vertical-align: top;">&#160;</td>
                <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
                <td style="width: 9.52%; vertical-align: top;">&#160;</td>
              </tr>

          </table>
          <div><br>
          </div>
        </div>
        <div><br>
        </div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageFooter"></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
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        </div>
        <div>
          <div style="text-align: center; color: rgb(236, 0, 140); font-family: 'Times New Roman',Times,serif; font-weight: bold;">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>
          <div>&#160;</div>
          <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">FUND HIGHLIGHTS &#8212; AUGUST 31, 2019 (Continued) (Unaudited)</div>
          <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;"> <br>
          </div>
          <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;"> <br>
          </div>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z98fd0c60c19f4f19ad5232a4a1cd78f0">

              <tr>
                <td colspan="2" style="width: 47.11%; vertical-align: top;">
                  <div style="color: #EC008C; font-weight: bold;">INDUSTRY DIVERSIFICATION</div>
                </td>
                <td style="width: 3.85%; vertical-align: top;">&#160;</td>
                <td colspan="2" style="width: 49.04%; vertical-align: top;">
                  <div style="color: #EC008C; font-weight: bold;">TEN LARGEST EQUITY HOLDINGS</div>
                </td>
              </tr>
              <tr>
                <td style="width: 34.6%; vertical-align: bottom;">&#160;</td>
                <td style="width: 12.51%; vertical-align: bottom;">
                  <div style="text-align: center; font-weight: bold;">% of<br>
                    <u>Net Assets</u></div>
                </td>
                <td style="width: 3.85%; vertical-align: bottom;">&#160;</td>
                <td style="width: 36.58%; vertical-align: bottom;"> <br>
                </td>
                <td style="width: 12.46%; vertical-align: bottom;">
                  <div style="text-align: center; font-weight: bold;">% of<br>
                    <u>Net Assets</u></div>
                </td>
              </tr>
              <tr>
                <td style="width: 34.6%; vertical-align: top;">
                  <div>Retail Trade<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 144pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                </td>
                <td style="width: 12.51%; vertical-align: top;">
                  <div style="text-align: center;">15.5</div>
                </td>
                <td style="width: 3.85%; vertical-align: top;">&#160;</td>
                <td style="width: 36.58%; vertical-align: top;">
                  <div>Ryoden Corporation<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 159.05pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                </td>
                <td style="width: 12.46%; vertical-align: top;">
                  <div style="text-align: center;">4.4</div>
                </td>
              </tr>
              <tr>
                <td style="width: 34.6%; vertical-align: top;">
                  <div>Chemicals<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 144pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                </td>
                <td style="width: 12.51%; vertical-align: top;">
                  <div style="text-align: center;">14.8</div>
                </td>
                <td style="width: 3.85%; vertical-align: top;">&#160;</td>
                <td style="width: 36.58%; vertical-align: top;">
                  <div>SIIX Corporation<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 159.05pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                </td>
                <td style="width: 12.46%; vertical-align: top;">
                  <div style="text-align: center;">3.6</div>
                </td>
              </tr>
              <tr>
                <td style="width: 34.6%; vertical-align: top;">
                  <div>Wholesale Trade<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 144pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                </td>
                <td style="width: 12.51%; vertical-align: top;">
                  <div style="text-align: center;">13.2</div>
                </td>
                <td style="width: 3.85%; vertical-align: top;">&#160;</td>
                <td style="width: 36.58%; vertical-align: top;">
                  <div>Amiyaki Tei Co., Ltd .<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 159.05pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                </td>
                <td style="width: 12.46%; vertical-align: top;">
                  <div style="text-align: center;">3.1</div>
                </td>
              </tr>
              <tr>
                <td style="width: 34.6%; vertical-align: top;">
                  <div>Construction<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 144pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                </td>
                <td style="width: 12.51%; vertical-align: top;">
                  <div style="text-align: center;">5.3</div>
                </td>
                <td style="width: 3.85%; vertical-align: top;">&#160;</td>
                <td style="width: 36.58%; vertical-align: top;">
                  <div>Okinawa Cellular Telephone Company</div>
                </td>
                <td style="width: 12.46%; vertical-align: top;">
                  <div style="text-align: center;">3.0</div>
                </td>
              </tr>
              <tr>
                <td style="width: 34.6%; vertical-align: top;">
                  <div>Banks<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 144pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                </td>
                <td style="width: 12.51%; vertical-align: top;">
                  <div style="text-align: center;">4.9</div>
                </td>
                <td style="width: 3.85%; vertical-align: top;">&#160;</td>
                <td style="width: 36.58%; vertical-align: top;">
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                <td style="width: 12.46%; vertical-align: top;">
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              <tr>
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                <td style="width: 12.51%; vertical-align: top;">
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                <td style="width: 3.85%; vertical-align: top;">&#160;</td>
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                <td style="width: 12.46%; vertical-align: top;">
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              <tr>
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                <td style="width: 12.51%; vertical-align: top;">
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                <td style="width: 36.58%; vertical-align: top;">&#160;</td>
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                <td style="width: 36.58%; vertical-align: top;">&#160;</td>
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                <td style="width: 3.85%; vertical-align: top;">&#160;</td>
                <td style="width: 36.58%; vertical-align: top;">&#160;</td>
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                <td style="width: 3.85%; vertical-align: top;">&#160;</td>
                <td style="width: 36.58%; vertical-align: top;">&#160;</td>
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                <td style="width: 34.6%; vertical-align: top;">
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                <td style="width: 3.85%; vertical-align: top;">&#160;</td>
                <td style="width: 36.58%; vertical-align: top;">&#160;</td>
                <td style="width: 12.46%; vertical-align: top;">&#160;</td>
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                <td style="width: 34.6%; vertical-align: top;">
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                <td style="width: 3.85%; vertical-align: top;">&#160;</td>
                <td style="width: 36.58%; vertical-align: top;">&#160;</td>
                <td style="width: 12.46%; vertical-align: top;">&#160;</td>
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                <td style="width: 34.6%; vertical-align: top;">
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                <td style="width: 12.51%; vertical-align: top;">
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                <td style="width: 3.85%; vertical-align: top;">&#160;</td>
                <td style="width: 36.58%; vertical-align: top;">&#160;</td>
                <td style="width: 12.46%; vertical-align: top;">&#160;</td>
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                <td style="width: 34.6%; vertical-align: top;">
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                <td style="width: 12.51%; vertical-align: top;">
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                <td style="width: 3.85%; vertical-align: top;">&#160;</td>
                <td style="width: 36.58%; vertical-align: top;">&#160;</td>
                <td style="width: 12.46%; vertical-align: top;">&#160;</td>
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          <div>&#160;</div>
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          <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">AUGUST 31, 2019</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
                  <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom;">&#160;</td>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
                  <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom;">&#160;</td>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
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                        Net<br>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
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                <tr>
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
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                <tr>
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                    <div style="color: #000000; font-weight: bold;">Banks</div>
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="2" style="vertical-align: middle; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
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                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">Fukuoka Financial Group, Inc.</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">66,800</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
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                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">1,604,611</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">$</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">1,148,842</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">0.4</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                    <div style="margin-left: 9pt; color: #000000;">General banking services</div>
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">The Akita Bank, Ltd.</div>
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">177,900</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">4,623,549</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">3,181,747</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">1.2</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                    <div style="margin-left: 9pt; color: #000000;">General banking services</div>
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">The Bank of Okinawa, Ltd.</div>
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">70,400</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">2,675,474</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">2,030,069</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">0.7</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                    <div style="margin-left: 9pt; color: #000000;">General banking services</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">The Keiyo Bank, Ltd.</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">379,300</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">2,930,282</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">2,173,240</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">0.8</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                    <div style="margin-left: 9pt; color: #000000;">General banking services</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">The Musashino Bank, Ltd.</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">102,200</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">2,910,070</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">1,699,006</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">0.6</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                    <div style="margin-left: 9pt; color: #000000;">General banking services</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">The Taiko Bank, Ltd.</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">114,900</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">2,231,017</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">1,865,814</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">0.7</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                    <div style="margin-left: 9pt; color: #000000;">General banking services</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">The Yamanashi Chuo Bank, Ltd.</div>
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
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                      <div style="color: #000000;">2,572,943</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
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                      <div style="color: #000000;">1,238,135</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
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                      <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">0.5</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
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                <tr>
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                    <div style="margin-left: 9pt; color: #000000;">General banking services</div>
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000; font-style: italic;">Total Banks</div>
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
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                      <div style="color: #000000;">19,547,946</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
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                      <div style="color: #000000;">13,336,853</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                    <div>
                      <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">4.9</div>
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                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
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                  <td valign="bottom" rowspan="1" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000; font-weight: bold;">Chemicals</div>
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">Adeka Corporation</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">296,700</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">4,500,215</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">3,598,140</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">1.3</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                    <div style="margin-left: 9pt; color: #000000;">Manufactures chemical and food products</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">C. Uyemura &amp; Co., Ltd.</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">56,700</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">2,739,422</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">2,885,944</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">1.1</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                    <div style="margin-left: 9pt; color: #000000;">Plating chemicals</div>
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">Fujikura Kasei Co., Ltd.</div>
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">1,048,700</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">5,591,472</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">5,229,194</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">1.9</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                    <div style="margin-left: 9pt; color: #000000;">Specialty coating materials and fine chemicals</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">Koatsu Gas Kogyo Co., Ltd.</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">565,600</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">3,706,122</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">4,161,249</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">1.5</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                    <div style="margin-left: 9pt; color: #000000;">High-pressured gases and chemicals</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">Sakata Inx Corporation</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">943,400</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">12,632,850</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">8,068,027</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">2.9</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                    <div style="margin-left: 9pt; color: #000000;">Manufactures printing ink</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">Sekisui Jushi Corporation</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">294,200</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">5,299,255</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">5,247,937</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">1.9</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                    <div style="margin-left: 9pt; color: #000000;">Manufactures plastics and other resin materials</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">Shikoku Chemicals Corporation</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">148,100</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">1,578,177</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">1,437,945</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">0.5</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                    <div style="margin-left: 9pt; color: #000000;">Manufactures chemical products</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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            <div>&#160;</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">See notes to financial statements</div>
            <div>&#160;</div>
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        <div>
          <div style="text-align: center; color: rgb(236, 0, 140); font-family: 'Times New Roman',Times,serif; font-weight: bold;">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>
          <div>&#160;</div>
          <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">SCHEDULE OF INVESTMENTS &#8211; (Continued)</div>
          <div>&#160;</div>
          <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">AUGUST 31, 2019</div>
          <div>&#160;</div>
          <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(Unaudited)</div>
          <div>&#160;
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                      <div> </div>
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                  <td nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
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                  <td nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
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                      <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold; text-align: right;">Fair<br>
                        <u>Value</u></div>
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                  <td nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
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                        Net<br>
                        <u>Assets</u></div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
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                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);">
                    <div><font style="color: rgb(0, 0, 0);">Shin-Etsu Polymer Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; font-size: 1px; width: 244.8pt;">&#160;</font></div>
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">113,200</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
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                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">790,693</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">$</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">730,597</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">0.3</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
                    <div style="margin-left: 12.6pt; color: #000000;">Manufactures electronic devices, precision moldings, and dwelling materials</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                    <div><font style="color: rgb(0, 0, 0);">Tenma Corporation</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; font-size: 1px; width: 244.8pt;">&#160;</font></div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">207,400</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">3,962,438</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">3,783,504</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">1.4</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
                    <div style="margin-left: 12.6pt; color: #000000;">Manufactures synthetic resin products</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                    <div><font style="color: rgb(0, 0, 0);">T&amp;K Toka Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; font-size: 1px; width: 244.8pt;">&#160;</font></div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">293,700</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">2,786,515</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">2,478,586</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">0.9</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
                    <div style="margin-left: 12.6pt; color: #000000;">Manufactures specialized inks for printing applications</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                    <div><font style="color: rgb(0, 0, 0);">Yushiro Chemical Industry Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; font-size: 1px; width: 244.8pt;">&#160;</font></div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">252,500</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                    <div>
                      <div style="color: #000000;">3,373,560</div>
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                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                    <div>
                      <div style="color: #000000;">3,069,245</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                    <div>
                      <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">1.1</div>
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                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
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                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
                    <div style="margin-left: 12.6pt; color: #000000;">Manufactures metalworking fluids</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                    <div><font style="font-style: italic; color: rgb(0, 0, 0);">Total Chemicals</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; font-size: 1px; width: 244.8pt;">&#160;</font></div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
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                      <div style="color: #000000;">46,960,719</div>
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                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                    <div>
                      <div style="color: #000000;">40,690,368</div>
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                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                    <div>
                      <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">14.8</div>
                    </div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" rowspan="1" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);">
                    <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Construction</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                    <div><font style="color: rgb(0, 0, 0);">Toenec Corporation</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; font-size: 1px; width: 244.8pt;">&#160;</font></div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">215,600</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">5,853,945</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">6,379,358</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">2.3</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
                    <div style="margin-left: 12.6pt; color: #000000;">Construction of comprehensive building facilities</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                    <div><font style="color: rgb(0, 0, 0);">Totetsu Kogyo Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; font-size: 1px; width: 244.8pt;">&#160;</font></div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">167,300</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">4,771,088</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">4,863,647</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">1.8</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
                    <div style="margin-left: 12.6pt; color: #000000;">Operates construction-related businesses</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                    <div><font style="color: rgb(0, 0, 0);">Yondenko Corporation</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; font-size: 1px; width: 244.8pt;">&#160;</font></div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">65,600</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">1,369,983</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                    <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">0.6</div>
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
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                      <div style="color: #000000;">14,518,756</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
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                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                <tr>
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                    <div><font style="color: rgb(0, 0, 0);">AOI Electronics Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; font-size: 1px; width: 244.8pt;">&#160;</font></div>
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">227,867</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                <tr>
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                    <div style="margin-left: 12.6pt; color: #000000;">Manufactures electronic components</div>
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                <tr>
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">32,100</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">1,911,754</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">1,507,000</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                <tr>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">109,200</div>
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                <tr>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">0.3</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                <tr>
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
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                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <div>&#160;</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">See notes to financial statements</div>
            <div>&#160;</div>
            <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div id="DSPFPageFooter"></div>
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        <div>
          <div style="text-align: center; color: rgb(236, 0, 140); font-family: 'Times New Roman',Times,serif; font-weight: bold;">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>
          <div>&#160;</div>
          <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">SCHEDULE OF INVESTMENTS &#8211; (Continued)</div>
          <div>&#160;</div>
          <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">AUGUST 31, 2019</div>
          <div>&#160;</div>
          <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(Unaudited)</div>
          <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;"> <br>
          </div>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="ze79bc9032a3d477697251f5a2a626ef3" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

              <tr>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="2" style="vertical-align: bottom; text-align: center; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
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                      <u>Assets</u></div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
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              <tr>
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                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0);">Shindengen Electric Manufacturing Co., Ltd.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; font-size: 1px; width: 12pt;">&#160;</font></div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                  <div style="color: #000000;">172,142</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">$</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">149,948</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">0.1</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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              <tr>
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                  <div style="margin-left: 12.7pt;"><font style="color: #000000;">Manufactures semiconductor products, electrical </font>components, and power supplies</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
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                    <div style="color: #000000;">301,377</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
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                    <div style="color: #000000;">293,375</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>
                    <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">0.1</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
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                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
                  <div style="margin-left: 12.7pt; color: #000000;">Manufactures semiconductor packages</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                  <div><font style="font-style: italic; color: rgb(0, 0, 0);">Total Electric Appliances</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; font-size: 1px; width: 244.7pt;">&#160;</font></div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>
                    <div style="color: #000000;">10,307,457</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>
                    <div style="color: #000000;">8,607,869</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>
                    <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">3.1</div>
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                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" rowspan="1" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td rowspan="1" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Financing Business</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
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                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">175,000</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">4,096,824</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">3,490,451</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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              <tr>
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                  <div style="margin-left: 12.7pt; color: #000000;">General financial services</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
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                    <div style="color: #000000;">530,264</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                <td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
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                    <div style="color: #000000;">7,934,620</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
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                    <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">2.9</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
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              <tr>
                <td valign="bottom" rowspan="1" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td rowspan="1" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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              <tr>
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                  <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Food</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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              <tr>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">109,500</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>
                    <div style="color: #000000;">2,569,863</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
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                    <div style="color: #000000;">2,513,689</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
                  <div style="margin-left: 12.7pt; color: #000000;">Produces frozen foods and provides cold storage warehousing</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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              <tr>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
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          <div>&#160;</div>
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          <div>&#160;</div>
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          <div style="text-align: center; color: rgb(236, 0, 140); font-family: 'Times New Roman',Times,serif; font-weight: bold;">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>
          <div>&#160;</div>
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                      <div> </div>
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                      <div> </div>
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                  <td nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
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                  <td nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
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                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
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                <tr>
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                    <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Iron and Steel</div>
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
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                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                    <div><font style="color: rgb(0, 0, 0);">Chubu Steel Plate Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; font-size: 1px; width: 244.7pt;">&#160;</font></div>
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">0.5</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                <tr>
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                    <div style="margin-left: 12.7pt; color: #000000;">Manufactures steel-related products</div>
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                <tr>
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">48,700</div>
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
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                <tr>
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                <tr>
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">4,434,496</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
                    <div style="margin-left: 12.7pt; color: #000000;">Manufactures steel-related products</div>
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                    <div><font style="color: rgb(0, 0, 0);">Osaka Steel Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; font-size: 1px; width: 244.7pt;">&#160;</font></div>
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">503,700</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
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                      <div style="color: #000000;">9,380,569</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
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                      <div style="color: #000000;">6,316,983</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
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                      <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">2.3</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
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                  <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
                    <div style="margin-left: 12.7pt; color: #000000;">Manufactures steel-related products</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                    <div><font style="font-style: italic; color: rgb(0, 0, 0);">Total Iron and Steel</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; font-size: 1px; width: 244.7pt;">&#160;</font></div>
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
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                      <div style="color: #000000;">16,181,277</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
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                      <div style="color: #000000;">12,871,903</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
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                      <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">4.7</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
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                <tr>
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                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                <tr>
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                <tr>
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                    <div><font style="color: rgb(0, 0, 0);">Hisaka</font><font style="font-weight: bold; color: rgb(0, 0, 0);">&#160;</font><font style="color: rgb(0, 0, 0);">Works, Ltd.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; font-size: 1px; width: 244.7pt;">&#160;</font></div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">122,100</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">1,082,997</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">925,888</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">0.3</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                <tr>
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                <tr>
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                    <div><font style="color: rgb(0, 0, 0);">Nitto Kohki Co., Ltd</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; font-size: 1px; width: 244.7pt;">&#160;</font></div>
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">177,500</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">3,864,805</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                <tr>
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                    <div><font style="color: rgb(0, 0, 0);">Oiles Corporation</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; font-size: 1px; width: 244.7pt;">&#160;</font></div>
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">313,880</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">5,508,799</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">4,459,110</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                <tr>
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                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">12,300</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">332,573</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">315,803</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                    <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">0.1</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                <tr>
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                <tr>
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">252,375</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">211,679</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                    <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">0.1</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                <tr>
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                    <div style="margin-left: 12.7pt; color: #000000;">Manufactures machinery, electronic components, and precision parts</div>
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                <tr>
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                    <div><font style="color: rgb(0, 0, 0);">Toshiba Machine Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; font-size: 1px; width: 244.7pt;">&#160;</font></div>
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">51,900</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">919,196</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">1,006,847</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">0.4</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
                    <div style="margin-left: 12.7pt; color: #000000;">Manufactures industrial machinery and equipment</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                    <div><font style="color: rgb(0, 0, 0);">Yamashin-Filter Corporation</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; font-size: 1px; width: 244.7pt;">&#160;</font></div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">66,700</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                    <div>
                      <div style="color: #000000;">218,435</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                    <div>
                      <div style="color: #000000;">397,226</div>
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                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                    <div>
                      <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">0.1</div>
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                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
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                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
                    <div style="margin-left: 12.7pt; color: #000000;">Manufactures filters</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                    <div><font style="font-style: italic; color: rgb(0, 0, 0);">Total Machinery</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; font-size: 1px; width: 244.7pt;">&#160;</font></div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                    <div>
                      <div style="color: #000000;">14,723,627</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                    <div>
                      <div style="color: #000000;">13,257,523</div>
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                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                    <div>
                      <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">4.8</div>
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                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
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            </div>
            <div>&#160;</div>
            <div style="text-align: center; font-weight: normal;">See notes to financial statements</div>
            <div>&#160;</div>
            <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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              <div id="DSPFPageHeader"></div>
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        </div>
        <div>
          <div style="text-align: center; color: rgb(236, 0, 140); font-family: 'Times New Roman',Times,serif; font-weight: bold;">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>
          <div>&#160;</div>
          <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">SCHEDULE OF INVESTMENTS &#8211; (Continued)</div>
          <div>&#160;</div>
          <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">AUGUST 31, 2019</div>
          <div>&#160;</div>
          <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(Unaudited)</div>
        </div>
        <div><br>
        </div>
        <div>
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              <tr>
                <td valign="bottom" rowspan="1" style="vertical-align: bottom;"><br>
                </td>
                <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: bottom; text-align: center;">
                  <div>
                    <div> </div>
                    <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;"><u>Shares</u></div>
                  </div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom;">&#160;</td>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom;">&#160;</td>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
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                    <div style="color: rgb(0, 0, 0); font-family: &#38;quot; font-weight: bold;">% of<br>
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                      <u>Assets</u></div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
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                <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                  <div><font style="color: rgb(0, 0, 0);">Dainichi Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; font-size: 1px; width: 239.3pt;">&#160;</font></div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">215,100</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">$</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">1,509,113</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">$</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">1,226,367</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0);">0.5</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
                  <div style="margin-left: 12.7pt; color: #000000;">Manufactures oil heating equipment</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                  <div><font style="color: rgb(0, 0, 0);">Neturen Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; font-size: 1px; width: 239.3pt;">&#160;</font></div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">546,500</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">4,343,493</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">4,123,558</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0);">1.5</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
                  <div style="margin-left: 12.7pt; color: #000000;">Manufactures steel bars and induction heating equipment</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                  <div><font style="color: rgb(0, 0, 0);">Piolax, Inc.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; font-size: 1px; width: 239.3pt;">&#160;</font></div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">171,600</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">3,268,256</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">2,847,892</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0);">1.0</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
                  <div style="margin-left: 12.7pt; color: #000000;">Manufactures automobile-related products</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                  <div><font style="color: rgb(0, 0, 0);">Rinnai Corporation</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; font-size: 1px; width: 239.3pt;">&#160;</font></div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">67,600</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">5,571,774</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">4,242,092</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0);">1.5</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
                  <div style="margin-left: 12.7pt; color: #000000;">Manufactures heating appliances and components</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                  <div><font style="color: rgb(0, 0, 0);">Shinpo Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; font-size: 1px; width: 239.3pt;">&#160;</font></div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
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                    <div style="color: rgb(0, 0, 0);">0.0</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
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              <tr>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
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                    <div style="color: #000000;">14,709,433</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
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                    <div style="color: #000000;">12,465,906</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
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                    <div style="color: rgb(0, 0, 0);">4.5</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
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                <td valign="bottom" rowspan="1" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                <td rowspan="1" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">10,400</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">342,131</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">282,578</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0);">0.1</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
                  <div style="margin-left: 12.7pt; color: #000000;">Packaging-related materials and machinery</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">26,000</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">461,261</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">451,802</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0);">0.2</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
                  <div style="margin-left: 12.7pt; color: #000000;">Manufactures various partitions</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">168,600</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">2,749,812</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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              <tr>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
                  <div style="margin-left: 12.7pt; color: #000000;">Manufactures baby care products</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                <td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">247,200</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
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                    <div style="color: #000000;">6,960,862</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
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                    <div style="color: #000000;">7,651,595</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
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                    <div style="color: rgb(0, 0, 0);">2.8</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
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                    <div style="color: #000000;">10,932,771</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
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                    <div style="color: #000000;">11,652,594</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
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              <tr>
                <td valign="bottom" rowspan="1" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td rowspan="1" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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              <tr>
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                  <div style="color: rgb(0, 0, 0); font-family: &#38;quot; font-weight: bold;">Precision Instruments</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">95,400</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>
                    <div style="color: #000000;">1,465,182</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
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                    <div style="color: #000000;">1,566,215</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>
                    <div style="color: rgb(0, 0, 0);">0.6</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
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                    <div style="color: #000000;">1,465,182</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>
                    <div style="color: #000000;">1,566,215</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>
                    <div style="color: rgb(0, 0, 0);">0.6</div>
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                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
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          <div>&#160;</div>
          <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">See notes to financial statements</div>
          <div>&#160;</div>
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          <div>
            <div style="text-align: center; color: rgb(236, 0, 140); font-family: 'Times New Roman',Times,serif; font-weight: bold;">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>
            <div>&#160;</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">SCHEDULE OF INVESTMENTS &#8211; (Continued)</div>
            <div>&#160;</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">AUGUST 31, 2019</div>
            <div>&#160;</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(Unaudited)</div>
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                <td nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom;">&#160;</td>
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                <td nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom;">&#160;</td>
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                <td nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom;">&#160;</td>
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                      <u>Assets</u></div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
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              <tr>
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                  <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Real Estate</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                  <div><font style="color: rgb(0, 0, 0);">Daibiru Corporation</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; font-size: 1px; width: 270.9pt;">&#160;</font></div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">223,400</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">$</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">2,298,951</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">$</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">2,152,240</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">0.8</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
                  <div style="margin-left: 12.6pt; color: #000000;">Real estate leasing and building management</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                  <div><font style="color: rgb(0, 0, 0);">J.S.B. Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; font-size: 1px; width: 270.9pt;">&#160;</font></div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">500</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">17,899</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">19,804</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">0.0</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
                  <div style="margin-left: 12.6pt; color: #000000;">Leasing management, sales, and elderly housing business</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                  <div><font style="color: rgb(0, 0, 0);">Sanyo Housing Nagoya Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; font-size: 1px; width: 270.9pt;">&#160;</font></div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">331,100</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
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                    <div style="color: #000000;">2,216,577</div>
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              <tr>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                <td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
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                    <div style="color: #000000;">7,674,073</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
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                    <div style="color: #000000;">7,117,416</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
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                    <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">2.6</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
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              <tr>
                <td valign="bottom" rowspan="1" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td rowspan="1" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Retail Trade</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
                  <div style="margin-left: 12.6pt; color: #000000;">Retail sales of shoes</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">1,200</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">68,375</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
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                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">266,100</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">9,734,520</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">8,386,819</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">3.1</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
                  <div style="margin-left: 12.6pt; color: #000000;">Operates barbecue restaurant chains</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                  <div><font style="color: rgb(0, 0, 0);">Cosmos Pharmaceutical Corporation</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; font-size: 1px; width: 270.9pt;">&#160;</font></div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">6,500</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">1,282,170</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">1,325,807</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">0.5</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
                  <div style="margin-left: 12.6pt; color: #000000;">Operates drug store chains</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                  <div><font style="color: rgb(0, 0, 0);">Create SD Holdings Co., Ltd</font><font style="color: rgb(0, 0, 0);">.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; font-size: 1px; width: 270.9pt;">&#160;</font></div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">69,700</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">1,783,144</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">1,567,906</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">0.6</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
                  <div style="margin-left: 12.6pt; color: #000000;">Operates pharmacies and drug store chains</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
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                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">171,000</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">7,725,972</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">5,140,135</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">1.9</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
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                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                  <div><font style="color: rgb(0, 0, 0);">Hiday Hidaka Corp.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; font-size: 1px; width: 270.9pt;">&#160;</font></div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">180,926</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
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                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
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              <tr>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">0.9</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
                  <div style="margin-left: 12.6pt; color: #000000;">Supermarket business and operation of eating-out stores</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">14,400</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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          <div>&#160;</div>
          <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">See notes to financial statements</div>
          <div>&#160;</div>
          <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div id="DSPFPageFooter"></div>
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        <div>
          <div style="text-align: center; color: rgb(236, 0, 140); font-family: 'Times New Roman',Times,serif; font-weight: bold;">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>
          <div>&#160;</div>
          <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">SCHEDULE OF INVESTMENTS &#8211; (Continued)</div>
          <div>&#160;</div>
          <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">AUGUST 31, 2019</div>
          <div>&#160;</div>
          <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(Unaudited)</div>
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        <div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="2" style="vertical-align: bottom; text-align: center; background-color: rgb(255, 255, 255);">
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                <td nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
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                <td colspan="1" style="vertical-align: bottom; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
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                  <div>
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                      <u>Assets</u></div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
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              <tr>
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                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">806,557</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">0.2</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">80,000</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">1,024,930</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">1,250,165</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">0.5</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
                  <div style="margin-left: 12.7pt; color: #000000;">Operates discount stores</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
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                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">157,700</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">7,075,048</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
                  <div style="margin-left: 12.7pt; color: #000000;">Retail sales of home goods</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
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                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">161,900</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">5,648,525</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">1.4</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
                  <div style="margin-left: 12.7pt; color: #000000;">Discount retail sales</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                  <div><font style="color: rgb(0, 0, 0);">Sundrug Co., Ltd</font><font style="color: rgb(0, 0, 0);">.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; font-size: 1px; width: 244.7pt;">&#160;</font></div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">662,306</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">0.2</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
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                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">43,600</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>
                    <div style="color: #000000;">885,109</div>
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                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>
                    <div style="color: #000000;">1,347,502</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>
                    <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">0.5</div>
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                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
                  <div style="margin-left: 12.7pt; color: #000000;">Operates restaurant chains</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                  <div><font style="font-style: italic; color: rgb(0, 0, 0);">Total Retail Trade</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; font-size: 1px; width: 244.7pt;">&#160;</font></div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>
                    <div style="color: #000000;">48,257,508</div>
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                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>
                    <div style="color: #000000;">42,458,739</div>
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                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>
                    <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">15.5</div>
                  </div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" rowspan="1" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td rowspan="1" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Services</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                  <div><font style="color: rgb(0, 0, 0);">EPS Holdings, Inc.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; font-size: 1px; width: 244.7pt;">&#160;</font></div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">98,600</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">1,444,883</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">1,219,861</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                  <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">0.5</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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              <tr>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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              <tr>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">156,700</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">2,124,421</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">0.8</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
                  <div style="margin-left: 12.7pt; color: #000000;">Operates preparatory schools</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">76,700</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>
                    <div style="color: #000000;">562,923</div>
                  </div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>
                    <div style="color: #000000;">453,893</div>
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                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>
                    <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">0.2</div>
                  </div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
                  <div style="margin-left: 12.7pt; color: #000000;">Funeral business</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                  <div><font style="font-style: italic; color: rgb(0, 0, 0);">Total Services</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; font-size: 1px; width: 244.7pt;">&#160;</font></div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>
                    <div style="color: #000000;">10,550,038</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>
                    <div style="color: #000000;">10,378,119</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>
                    <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">3.8</div>
                  </div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
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          <div>&#160;</div>
          <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">See notes to financial statements</div>
          <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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              <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
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          <div>&#160;
            <div>
              <div style="text-align: center; color: rgb(236, 0, 140); font-family: 'Times New Roman',Times,serif; font-weight: bold;">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>
              <div>&#160;</div>
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">SCHEDULE OF INVESTMENTS &#8211; (Continued)</div>
              <div>&#160;</div>
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">AUGUST 31, 2019</div>
              <div>&#160;</div>
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(Unaudited)</div>
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;"> <br>
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              <table cellspacing="0" cellpadding="0" id="zb9e80221503a4151aaf1dc8dbd1bd2d2" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

                  <tr>
                    <td valign="bottom" rowspan="1" style="vertical-align: bottom;"><br>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
                    <td colspan="2" style="vertical-align: bottom; text-align: center;">
                      <div>
                        <div> </div>
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                    </td>
                    <td nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom;">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: center;">&#160;</td>
                    <td colspan="2" style="vertical-align: bottom; text-align: center;">
                      <div>
                        <div> </div>
                        <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold; text-align: right;"><u>Cost</u></div>
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                    </td>
                    <td nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom;">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: center;">&#160;</td>
                    <td colspan="2" style="vertical-align: bottom; text-align: center;">
                      <div>
                        <div> </div>
                        <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold; text-align: right;">Fair<br>
                          <u>Value</u></div>
                      </div>
                    </td>
                    <td nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom;">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: center;">&#160;</td>
                    <td colspan="2" style="vertical-align: bottom; text-align: center;">
                      <div>
                        <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">% of<br>
                          Net<br>
                          <u>Assets</u></div>
                      </div>
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                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" rowspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
                      <div style="color: #000000; font-weight: bold;">Textiles and Apparel</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                      <div><font style="color: rgb(0, 0, 0);">Seiren Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; font-size: 1px; width: 243pt;">&#160;</font></div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                      <div style="color: #000000;">329,400</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                      <div>
                        <div style="color: #000000;">$</div>
                      </div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                      <div>
                        <div style="color: #000000;">4,952,054</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                      <div>
                        <div style="color: #000000;">$</div>
                      </div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                      <div>
                        <div style="color: #000000;">3,771,566</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                      <div>
                        <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">1.4</div>
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                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="color: rgb(0, 0, 0); margin-left: 18pt;">Manufactures synthetic fibers and textile products</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                      <div style="color: rgb(0, 0, 0); font-style: italic;">Total Textiles and Apparel</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
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                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
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                        <div style="color: #000000;">4,952,054</div>
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                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
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                        <div style="color: #000000;">3,771,566</div>
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                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
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                        <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">1.4</div>
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                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
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                    <td valign="bottom" rowspan="1" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                    <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                    <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);">
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                  <tr>
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                      <div style="color: rgb(0, 0, 0);">Alps Logistics Co., Ltd.</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                      <div style="color: #000000;">239,000</div>
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                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                      <div style="color: #000000;">1,387,504</div>
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                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                      <div style="color: #000000;">1,600,978</div>
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                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                      <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">0.6</div>
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                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="color: rgb(0, 0, 0); margin-left: 18pt;">General logistics services</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="color: rgb(0, 0, 0);">Japan Transcity Corporation</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                      <div style="color: #000000;">312,400</div>
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                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                      <div style="color: #000000;">1,189,106</div>
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                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                      <div style="color: #000000;">1,281,460</div>
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                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                      <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">0.5</div>
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                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="color: rgb(0, 0, 0); margin-left: 18pt;">General logistics services</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="color: rgb(0, 0, 0);">Meiko Trans Co., Ltd.</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                      <div style="color: #000000;">369,400</div>
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                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                      <div style="color: #000000;">3,732,907</div>
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                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                      <div style="color: #000000;">4,340,771</div>
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                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                      <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">1.6</div>
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                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="color: rgb(0, 0, 0); margin-left: 18pt;">Marine logistics services</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                      <div style="color: rgb(0, 0, 0);">Trancom Co., Ltd.</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                      <div style="color: #000000;">42,900</div>
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                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
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                        <div style="color: #000000;">2,360,269</div>
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                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                      <div>
                        <div style="color: #000000;">2,284,448</div>
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                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                      <div>
                        <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">0.8</div>
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                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="color: rgb(0, 0, 0); margin-left: 18pt;">General logistics services</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                      <div style="color: rgb(0, 0, 0); font-style: italic;">Total Transportation and Warehousing</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
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                        <div style="color: #000000;">8,669,786</div>
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                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
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                        <div style="color: #000000;">9,507,657</div>
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                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                      <div>
                        <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">3.5</div>
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                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
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                  <tr>
                    <td valign="bottom" rowspan="1" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td rowspan="1" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Transportation Equipment</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="color: rgb(0, 0, 0);">Hi-Lex Corporation</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                      <div style="color: #000000;">225,200</div>
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                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                      <div style="color: #000000;">5,139,852</div>
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                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                      <div style="color: #000000;">3,394,208</div>
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                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                      <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">1.3</div>
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                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="color: rgb(0, 0, 0); margin-left: 18pt;">Manufactures control cables</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="color: rgb(0, 0, 0);">Morita Holdings Corporation</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                      <div style="color: #000000;">56,300</div>
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                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                      <div style="color: #000000;">988,945</div>
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                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                      <div style="color: #000000;">844,315</div>
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                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                      <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">0.3</div>
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                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="color: rgb(0, 0, 0); margin-left: 18pt;">Operates five business transportation segments</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="color: rgb(0, 0, 0);">Nichirin Co., Ltd.</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                      <div style="color: #000000;">24,600</div>
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                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                      <div style="color: #000000;">351,909</div>
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                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                      <div style="color: #000000;">282,360</div>
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                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                      <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">0.1</div>
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                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                  <tr>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
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                  <tr>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                      <div style="color: #000000;">5,200</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                      <div style="color: #000000;">95,726</div>
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                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                      <div style="color: #000000;">80,478</div>
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                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
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                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
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                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                      <div style="color: rgb(0, 0, 0);">Nissin Kogyo Co., Ltd.</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                      <div style="color: #000000;">63,800</div>
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                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
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                        <div style="color: #000000;">965,788</div>
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                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
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                        <div style="color: #000000;">823,536</div>
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                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                      <div>
                        <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">0.3</div>
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                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="color: rgb(0, 0, 0); margin-left: 18pt;">Manufactures automobile brake systems</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                      <div style="color: rgb(0, 0, 0); font-style: italic;">Total Transportation Equipment</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                      <div>
                        <div style="color: #000000;">7,542,220</div>
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                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                      <div>
                        <div style="color: #000000;">5,424,897</div>
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                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                      <div>
                        <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">2.0</div>
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                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  </tr>

              </table>
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              <div>&#160;</div>
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">See notes to financial statements</div>
              <div>&#160;</div>
              <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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        <div>
          <div style="text-align: center; color: rgb(236, 0, 140); font-family: 'Times New Roman',Times,serif; font-weight: bold;">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>
          <div>&#160;</div>
          <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">SCHEDULE OF INVESTMENTS &#8211; (Continued)</div>
          <div>&#160;</div>
          <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">AUGUST 31, 2019</div>
          <div>&#160;</div>
          <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(Unaudited)</div>
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        <div>
          <table cellspacing="0" cellpadding="0" id="zd858664a1931411fafae59be6dda6303" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

              <tr>
                <td rowspan="1" style="vertical-align: bottom; text-align: center; background-color: rgb(255, 255, 255);"><br>
                </td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="2" style="vertical-align: bottom; text-align: center; background-color: rgb(255, 255, 255);">
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                    <div> </div>
                    <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold; text-align: right;"><u>Shares</u></div>
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                <td nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="2" style="vertical-align: bottom; text-align: center; background-color: rgb(255, 255, 255);">
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                    <div> </div>
                    <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold; text-align: right;"><u>Cost</u></div>
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                <td nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="2" style="vertical-align: bottom; text-align: center; background-color: rgb(255, 255, 255);">
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                    <div> </div>
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                <td nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="2" style="vertical-align: bottom; text-align: center; background-color: rgb(255, 255, 255);">
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                <td nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
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              <tr>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0);">Keiyo Gas Co., Ltd.</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">77,300</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">$</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">1,967,156</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">$</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">2,130,859</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">0.8</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0);">The Okinawa Electric Power Company, Incorporated</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">308,677</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
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                    <div style="color: #000000;">4,667,363</div>
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                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>
                    <div style="color: #000000;">4,690,125</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>
                    <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">1.7</div>
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                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
                  <div style="margin-left: 12.6pt; color: #000000;">Produces thermal energy products</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0); font-style: italic;">Total Utilities</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
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                    <div style="color: #000000;">6,634,519</div>
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                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>
                    <div style="color: #000000;">6,820,984</div>
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                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>
                    <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">2.5</div>
                  </div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" rowspan="1" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td rowspan="1" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Wholesale Trade</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0);">Ai Holdings Corporation</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">34,400</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">862,118</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">563,786</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">0.2</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
                  <div style="margin-left: 12.6pt; color: #000000;">Information and security equipment</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0);">Elematec Corporation</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">17,000</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">137,814</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">151,943</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">0.0</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
                  <div style="margin-left: 12.6pt; color: #000000;">Electric materials, components and mechanical parts</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">293,000</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">2,768,615</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">3,338,254</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">1.2</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
                  <div style="margin-left: 12.6pt; color: #000000;">Factory automation business</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
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                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">369,100</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">3,512,186</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">4,160,145</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">1.5</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
                  <div style="margin-left: 12.6pt; color: #000000;">Food and industrial packaging materials</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0);">Matsuda Sangyo Co., Ltd.</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">267,500</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">3,333,164</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">3,558,613</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">1.3</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
                  <div style="margin-left: 12.6pt; color: #000000;">Precious metals, electronic materials, and food</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0);">Paltac Corporation</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">21,200</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">1,032,645</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">1,047,135</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">0.4</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
                  <div style="margin-left: 12.6pt; color: #000000;">Cosmetics and daily necessities</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0);">Ryoden Corporation</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">797,900</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">11,286,003</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">12,033,434</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">4.4</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
                  <div style="margin-left: 12.6pt; color: #000000;">Purchases electronic and electrical devices</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0);">SIIX Corporation</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">774,000</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">11,150,332</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">9,852,498</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">3.6</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
                  <div style="margin-left: 12.6pt; color: #000000;">Parts procurement, logistics, and manufacturing of electronics</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0);">Sugimoto &amp; Co., Ltd.</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">92,000</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>
                    <div style="color: #000000;">1,407,841</div>
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                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>
                    <div style="color: #000000;">1,590,893</div>
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                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>
                    <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">0.6</div>
                  </div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">
                  <div style="margin-left: 12.6pt; color: #000000;">Machine tools and measuring instruments</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0); font-style: italic;">Total Wholesale Trade</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>
                    <div style="color: #000000;">35,490,718</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>
                    <div style="color: #000000;">36,296,701</div>
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                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>
                    <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">13.2</div>
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                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" rowspan="1" colspan="4" style="vertical-align: middle; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                <td rowspan="1" colspan="1" style="vertical-align: bottom; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" colspan="4" style="vertical-align: middle; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">TOTAL INVESTMENTS IN JAPANESE EQUITY SECURITIES</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 double 2px; background-color: #FFFFFF;">
                  <div>
                    <div style="color: #000000;">$</div>
                  </div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; border-bottom: #000000 double 2px; background-color: #FFFFFF;">
                  <div>
                    <div style="color: #000000;">300,877,930</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 double 2px; background-color: #FFFFFF;">
                  <div>
                    <div style="color: #000000;">$</div>
                  </div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; border-bottom: #000000 double 2px; background-color: #FFFFFF;">
                  <div>
                    <div style="color: #000000;">272,854,770</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 double 2px; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; border-bottom: 2px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>
                    <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">99.4</div>
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                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
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          </table>
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          </div>
          <div>&#160;</div>
          <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">See notes to financial statements</div>
          <div>&#160;</div>
          <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div id="DSPFPageFooter"></div>
            <div id="DSPFPageBreak" style="page-break-after: always;">
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            <div id="DSPFPageHeader"></div>
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        <div>
          <div>
            <div style="text-align: center; color: rgb(236, 0, 140); font-family: 'Times New Roman',Times,serif; font-weight: bold;">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>
            <div>&#160;</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">SCHEDULE OF INVESTMENTS &#8211; (Continued)</div>
            <div>&#160;</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">AUGUST 31, 2019</div>
            <div>&#160;</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(Unaudited)</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;"> <br>
            </div>
          </div>
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        <div>
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              <tr>
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                <td colspan="1" style="vertical-align: bottom; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="2" style="vertical-align: bottom; text-align: center; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold; text-align: right;"><u>Cost</u></div>
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                <td nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="2" style="vertical-align: bottom; text-align: center; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold; text-align: right;">Fair<br>
                    <u>Value</u></div>
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                <td nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 64%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                  <div style="margin-left: 13.5pt;"><font style="color: #000000;">Interest bearing account</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 211.5pt;">&#160;</font></div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
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                    <div>$</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>
                    <div>1,174,490</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>
                    <div>$</div>
                  </div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>
                    <div>1,171,308</div>
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                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>
                    <div style="font-family: 'Times New Roman',Times,serif;">0.4</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 64%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                  <div><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">TOTAL FOREIGN CURRENCY</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; font-size: 1px; width: 220.5pt;">&#160;</font></div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">
                  <div>
                    <div>1,174,490</div>
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                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">
                  <div>
                    <div>1,171,308</div>
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                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>
                    <div style="font-family: 'Times New Roman',Times,serif;">0.4</div>
                  </div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">TOTAL INVESTMENTS IN JAPANESE EQUITY</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 64%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                  <div><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">SECURITIES AND FOREIGN</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; font-size: 1px; width: 220.5pt;">&#160;</font></div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">
                  <div>
                    <div>$</div>
                  </div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">
                  <div>
                    <div>302,052,420</div>
                  </div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">
                  <div>
                    <div>$</div>
                  </div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">
                  <div>
                    <div>274,026,078</div>
                  </div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>
                    <div style="font-family: 'Times New Roman',Times,serif;">99.8</div>
                  </div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 64%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">OTHER ASSETS LESS LIABILITIES, NET</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>
                    <div>481,807</div>
                  </div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>
                    <div style="font-family: 'Times New Roman',Times,serif;">0.2</div>
                  </div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 64%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">NET ASSETS</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 2px; background-color: #FFFFFF;">
                  <div>
                    <div>$</div>
                  </div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 2px; background-color: #FFFFFF;">
                  <div>
                    <div>274,507,885</div>
                  </div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 2px; background-color: #FFFFFF;">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 2px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>
                    <div style="font-family: 'Times New Roman',Times,serif;">100.0</div>
                  </div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
              </tr>

          </table>
          <div><br>
          </div>
          <div>&#160;</div>
          <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">Equity securities and foreign currency holdings were translated<br>
            at the following exchange rate as of August&#160;31, 2019.</div>
          <div>&#160;</div>
          <div> <br>
          </div>
          <div> <br>
          </div>
          <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">Japanese yen &#165; 106.29&#160; =&#160; U.S.&#160;dollar $1.00</div>
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt;"> </font><br>
          </div>
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"> <br>
          </div>
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"> </div>
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"> <br>
          </div>
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"> <font style="font-size: 10pt;">See notes to financial statements</font></div>
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"> <br>
          </div>
          <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div id="DSPFPageFooter"></div>
            <div id="DSPFPageBreak" style="page-break-after: always;">
              <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
            <div id="DSPFPageHeader"></div>
          </div>
          <div>&#160;
            <div style="text-align: center; color: rgb(236, 0, 140); font-family: 'Times New Roman',Times,serif; font-weight: bold;">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>
            <div>&#160;</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">STATEMENT OF ASSETS AND LIABILITES</div>
            <div>&#160;</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">AUGUST 31, 2019</div>
            <div>&#160;</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(Unaudited)</div>
            <div>&#160;
              <table cellspacing="0" cellpadding="0" id="z2156879995a543d98489ad022f2663c6" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255);">
                      <div style="color: rgb(235, 33, 138); font-family: 'Times New Roman',Times,serif; font-weight: bold;">ASSETS:</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 88%; background-color: rgb(255, 255, 255);">
                      <div style="margin-left: 24.2pt; color: #000000;">Investments in Japanese equity securities, at fair value (cost&#8212;$300,877,930)</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
                      <div>$</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                      <div>272,854,770</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 88%; background-color: #FFFFFF;">
                      <div style="margin-left: 24.2pt; color: #000000;">Foreign currency, at fair value (cost&#8212;$1,174,490)</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                      <div>1,171,308</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 88%; background-color: rgb(255, 255, 255);">
                      <div style="margin-left: 24.2pt; color: #000000;">Receivable for dividends</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                      <div>686,355</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 88%; background-color: #FFFFFF;">
                      <div style="margin-left: 24.2pt; color: #000000;">Prepaid expenses</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                      <div>83,681</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 88%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                      <div style="margin-left: 24.2pt; color: #000000;">Cash</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                      <div>
                        <div>78,309</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 88%; padding-bottom: 1px; background-color: #FFFFFF;">
                      <div style="margin-left: 69.2pt; color: #000000;">Total Assets</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">
                      <div>
                        <div>274,874,423</div>
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                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" rowspan="1" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
                      <div style="color: rgb(235, 33, 138); font-family: 'Times New Roman',Times,serif; font-weight: bold;">LIABILITIES:</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 88%; background-color: #FFFFFF;">
                      <div style="margin-left: 24.2pt; color: #000000;">Accrued management fee</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                      <div>212,636</div>
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                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 88%; background-color: rgb(255, 255, 255);">
                      <div style="margin-left: 24.2pt; color: #000000;">Accrued audit and tax fees</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                      <div>56,588</div>
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                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 88%; background-color: #FFFFFF;">
                      <div style="margin-left: 24.2pt; color: #000000;">Accrued legal fees</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                      <div>37,337</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 88%; background-color: rgb(255, 255, 255);">
                      <div style="margin-left: 24.2pt; color: #000000;">Accrued custody fee</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                      <div>17,611</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 88%; background-color: #FFFFFF;">
                      <div style="margin-left: 24.2pt; color: #000000;">Accrued directors&#8217; fees and expenses</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                      <div>9,802</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 88%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                      <div style="margin-left: 24.2pt; color: #000000;">Other accrued expenses</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                      <div>
                        <div>32,564</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 88%; padding-bottom: 1px; background-color: #FFFFFF;">
                      <div style="margin-left: 69.2pt; color: #000000;">Total Liabilities</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">
                      <div>
                        <div>366,538</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" rowspan="1" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
                      <div style="color: rgb(235, 33, 138); font-family: 'Times New Roman',Times,serif; font-weight: bold;">NET ASSETS:</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                      <div style="margin-left: 25.2pt; color: #000000;">Capital stock (28,333,893 shares of capital stock outstanding,</div>
                      <div style="margin-left: 25.2pt; color: #000000;">100,000,000 shares authorized, par value $0.10 each)</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                      <div>2,833,389</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 88%; background-color: rgb(255, 255, 255);">
                      <div style="margin-left: 24.2pt; color: #000000;">Paid-in capital</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                      <div>286,055,217</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 88%; padding-bottom: 1px; background-color: #FFFFFF;">
                      <div style="margin-left: 24.2pt; color: #000000;">Total distributable loss</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">
                      <div>
                        <div>(14,380,721</div>
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                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">
                      <div>
                        <div>)</div>
                      </div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div style="margin-left: 73.7pt; color: #000000;">Net Assets</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                      <div>$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                      <div>274,507,885</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 88%; padding-bottom: 2px; background-color: #FFFFFF;">
                      <div style="margin-left: 24.2pt; color: #000000;">Net asset value per share</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 2px; background-color: #FFFFFF;">
                      <div>$</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 2px; background-color: #FFFFFF;">
                      <div>9.69</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                  </tr>

              </table>
            </div>
          </div>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div style="text-align: center;">See notes to financial statements </div>
        <div><br>
        </div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageFooter"></div>
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          <div id="DSPFPageHeader"></div>
        </div>
        <div>
          <div style="text-align: center; color: rgb(236, 0, 140); font-family: 'Times New Roman',Times,serif; font-weight: bold;">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>
          <div>&#160;</div>
          <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">STATEMENT OF OPERATIONS</div>
          <div>&#160;</div>
          <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">FOR THE SIX MONTHS ENDED AUGUST 31, 2019</div>
          <div>&#160;</div>
          <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(Unaudited)</div>
          <div>&#160;
            <table cellspacing="0" cellpadding="0" id="za194b0d654c24213936cf518da842e7b" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

                <tr>
                  <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255);">
                    <div style="color: #EB218A; font-weight: bold;">INCOME:</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">Dividend income (net of $375,112 withholding taxes)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;">&#160;</font></div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
                    <div>$</div>
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255);">
                    <div>3,376,016</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); padding-bottom: 1px;">
                    <div style="color: #000000;">Interest Income<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;">&#160;</font></div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                    <div>
                      <div>713</div>
                    </div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255); padding-bottom: 1px;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                    <div style="margin-left: 36pt; color: #000000;">Total Income</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                    <div>
                      <div>$</div>
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                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                    <div>
                      <div>3,376,729</div>
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                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(255, 255, 255);">
                    <div style="color: #EB218A; font-weight: bold;">EXPENSES:</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">Management Fee<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;">&#160;</font></div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div>1,284,734</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">Custodian Fee<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;">&#160;</font></div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div>116,563</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">Directors fees and expenses<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;">&#160;</font></div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div>110,520</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">Legal Fees<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;">&#160;</font></div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div>95,239</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">Other expenses<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;">&#160;</font></div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                    <div>
                      <div>105,471</div>
                    </div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                    <div style="margin-left: 36pt; color: #000000;">Total Expenses</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                    <div>
                      <div>1,712,527</div>
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                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000; font-weight: bold;">INVESTMENT INCOME&#8211;NET<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;">&#160;</font></div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                    <div>
                      <div>1,664,202</div>
                    </div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" colspan="8" style="vertical-align: middle; background-color: rgb(255, 255, 255);">
                    <div style="color: #EB218A; font-weight: bold;">REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:</div>
                    <div style="text-align: right;"> </div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">Realized gain on investments and foreign currency transactions:</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">Net realized gain on investments<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;">&#160;</font></div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div>2,034,819</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">Net realized gain on foreign currency transactions<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;">&#160;</font></div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                    <div>
                      <div>131,102</div>
                    </div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">Net realized gain on investments and foreign currency transactions</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td colspan="1" style="background-color: #FFFFFF; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
                  <td colspan="1" style="background-color: #FFFFFF; border-bottom: 1px solid #000000; vertical-align: bottom; width: 9%; text-align: right;">
                    <div>2,165,921</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">Net change in unrealized depreciation on investments<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;">&#160;</font></div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div>(32,161,757</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
                    <div>)</div>
                  </td>
                </tr>
                <tr>
                  <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">Net change in unrealized appreciation on foreign currency transactions and translation</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                    <div>
                      <div>14,730,936</div>
                    </div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000;">Net realized and unrealized loss on investments and foreign currency transactions and translation</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                    <div>
                      <div>(15,264,900</div>
                    </div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                    <div>
                      <div>)</div>
                    </div>
                  </td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                    <div style="color: #000000; font-weight: bold;">NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                    <div>$&#160;</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                    <div>
                      <div>(13,600,698</div>
                    </div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">
                    <div>
                      <div>)</div>
                    </div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div>
          <div>
            <div style="text-align: center;"><br>
              See notes to financial statements</div>
            <div><br>
            </div>
            <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div id="DSPFPageFooter"></div>
              <div id="DSPFPageBreak" style="page-break-after: always;">
                <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
              <div id="DSPFPageHeader"></div>
            </div>
            <div>
              <div style="text-align: center; color: rgb(236, 0, 140); font-family: 'Times New Roman',Times,serif; font-weight: bold;">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>
              <div>&#160;</div>
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">STATEMENT OF CHANGES IN NET ASSETS</div>
              <div>&#160;</div>
            </div>
            <div>
              <table cellspacing="0" cellpadding="0" id="z81d2303e83ea442c857ff88c1a495a4b" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

                  <tr>
                    <td valign="bottom" rowspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><br>
                    </td>
                    <td valign="bottom" colspan="1" rowspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="2" rowspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" rowspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" rowspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="2" rowspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><br>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" rowspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" rowspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" rowspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="2" rowspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: center;">
                      <div>&#160;<font style="font-weight: bold;">For the Six Months Ended August 31, 2019<br>
                          <u>(Unaudited)</u></font></div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" rowspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" rowspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="2" rowspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: center;">
                      <div>&#160;</div>
                      <div><font style="font-weight: bold;">For the Year Ended February 28,<br>
                          <u>2019</u></font></div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" rowspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" rowspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
                      <div style="margin-left: 3.6pt; color: #EB218A; font-weight: bold;">FROM OPERATIONS</div>
                    </td>
                    <td valign="bottom" colspan="1" rowspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="2" rowspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
                      <div style="text-align: center; color: #000000; font-weight: bold;"><u></u></div>
                      <div> </div>
                      <br>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" rowspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" rowspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="2" rowspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
                      <div style="text-align: center; color: #000000; font-weight: bold;"><u></u></div>
                      <div> </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" rowspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(255, 255, 255);">
                      <div style="margin-left: 12.7pt;"><font style="color: #000000;">Net investment&#160; income</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 266.3pt;">&#160;</font></div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
                      <div>$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                      <div>1,664,202</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
                      <div>$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                      <div>2,351,794</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(255, 255, 255);">
                      <div style="margin-left: 12.7pt;"><font style="color: #000000;">Net realized gain on investments</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 266.3pt;">&#160;</font></div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                      <div>2,034,819</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                      <div>31,611,746</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(255, 255, 255);">
                      <div style="margin-left: 12.7pt; color: #000000;">Net realized gain (loss) on foreign currency&#160; transactions</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                      <div>131,102</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                      <div>(52,051</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
                      <div>)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(255, 255, 255);">
                      <div style="margin-left: 12.7pt; color: #000000;">Net change in unrealized depreciation on investments</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                      <div>(32,161,757</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
                      <div>)</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                      <div>(81,444,013</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
                      <div>)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                      <div style="margin-left: 12.7pt; color: #000000;">Net change in unrealized appreciation (depreciation) on <font style="color: #000000;">foreign currency transactions and translation</font></div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                      <div>
                        <div>14,730,936</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                      <div>
                        <div>(13,006,353</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                      <div>
                        <div>)</div>
                      </div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                      <div style="margin-left: 12.7pt; color: #000000;">Net decrease in net assets resulting from operations</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                      <div>
                        <div>(13,600,698</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                      <div>
                        <div>)</div>
                      </div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                      <div>
                        <div>(60,538,877</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                      <div>
                        <div>)</div>
                      </div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; background-color: rgb(255, 255, 255);">
                      <div style="color: #EB218A; font-weight: bold;">FROM DISTRIBUTIONS TO SHAREHOLDERS:</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                      <div style="margin-left: 12.7pt;"><font style="color: #000000;">Distribution to shareholders</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 266.3pt;">&#160;</font></div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                      <div>
                        <div>&#8211;</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                      <div>
                        <div>(48,439,623</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                      <div>
                        <div>)</div>
                      </div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                      <div style="margin-left: 12.7pt;"><font style="color: #000000;">Net investment income</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 266.3pt;">&#160;</font></div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                      <div>
                        <div>&#8211;</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                      <div>
                        <div>(48,439,623</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                      <div>
                        <div>)</div>
                      </div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(255, 255, 255);">
                      <div style="color: #EB218A; font-weight: bold;">NET ASSETS:</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                      <div style="margin-left: 12.7pt;"><font style="color: #000000;">Beginning of period</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 266.3pt;">&#160;</font></div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                      <div>
                        <div>288,108,583</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                      <div>
                        <div>397,087,083</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div style="margin-left: 12.7pt;"><font style="color: #000000;">End of period</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 266.3pt;">&#160;</font></div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                      <div>
                        <div>$</div>
                      </div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                      <div>
                        <div>274,507,885</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                      <div>
                        <div>$</div>
                      </div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                      <div>
                        <div>288,108,583</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
                  </tr>

              </table>
            </div>
            <div><br>
            </div>
            <div><br>
            </div>
            <div><br>
            </div>
            <div><br>
            </div>
            <div><br>
            </div>
            <div><br>
            </div>
            <div style="text-align: center;">See notes to financial statements</div>
            <div><br>
            </div>
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            </div>
            <div>
              <div style="text-align: center; color: rgb(236, 0, 140); font-family: 'Times New Roman',Times,serif; font-weight: bold;">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>
              <div>&#160;</div>
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">NOTES TO FINANCIAL STATEMENTS (Unaudited)</div>
              <div>&#160;</div>
            </div>
            <div>
              <div><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(236, 0, 140);">1.</font><font style="display: inline-block; text-indent: 0px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(236, 0, 140);">Significant Accounting Policies</font></div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman',Times,serif;">Japan Smaller Capitalization Fund, Inc. (the &#8220;Fund&#8221;) is registered under the Investment Company Act of 1940, as amended (the &#8220;Investment Company
                Act&#8221;), as a non-diversified, closed-end management investment company.&#160; The Fund was incorporated in Maryland on January&#160;25, 1990 and investment operations commenced on March&#160;21,1990.&#160; The Fund&#8217;s investment objective is to seek long-term
                capital appreciation through investments primarily in smaller capitalization Japanese equity securities.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman',Times,serif;">The accompanying financial statements have been prepared in accordance with United States (&#8220;U.S.&#8221;) generally accepted accounting principles
                (&#8220;GAAP&#8221;) and are stated in United States dollars.&#160; The Fund is an investment company that follows the accounting and reporting guidance in accordance with Financial Accounting Standards Board (&#8220;FASB&#8221;) Accounting Standards Codification Topic
                946 <font style="font-style: italic;">Financial Services-Investment Companies.&#160; </font>The following is a summary of the significant accounting and reporting policies used in preparing the financial statements.</div>
              <div>&#160;</div>
              <div style="text-indent: 18pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(a)</font><font style="display: inline-block; text-indent: 0px; width: 18pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Valuation of Securities &#8212; Investments traded in the over-the-counter market are fair valued at the last reported sales price as of the close of business on the day the securities are
                  being valued or, if none is available, at the mean of the bid and offer price at the close of business on such day or, if none is available, the last reported sales price.&#160; Portfolio securities which are traded on stock exchanges are fair
                  valued at the last sales price on the principal market on which securities are traded or, lacking any sales, at the last available bid price.&#160; Securities and other assets, including futures contracts and related options, that cannot be
                  fair valued using one of the previously mentioned methods are stated at fair value as determined in good faith by or under the direction of the Board of Directors of the Fund.</font></div>
              <div style="text-align: justify;">&#160;</div>
              <div style="text-indent: 18pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(b)</font><font style="display: inline-block; text-indent: 0px; width: 18pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Foreign Currency Transactions &#8212; Transactions denominated in Japanese yen (&#8220;Yen&#8221;) are recorded in the Fund&#8217;s records at the prevailing exchange rate at the time of the transaction.&#160; Asset
                  and liability accounts that are denominated in Yen are adjusted to reflect the current exchange rate at the end of the period.&#160; Transaction gains or losses resulting from changes in the exchange rate during the reporting period or upon
                  settlement of foreign currency transactions are included in results of operations for the current period.</font></div>
              <div style="text-align: justify;">&#160;</div>
              <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman',Times,serif;"><br>
              </div>
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              </div>
              <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">
                <div style="text-align: center; color: rgb(236, 0, 140); font-weight: bold;">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>
                <div>&#160;</div>
                <div style="text-align: center; font-weight: bold;">NOTES TO FINANCIAL STATEMENTS &#8211; (Continued) (Unaudited)</div>
                <div>&#160;</div>
              </div>
              <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;"> <br>
              </div>
              <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 18pt;">The net assets of the Fund are presented at the exchange rates and fair values on August 31, 2019.&#160; The Fund does isolate that portion of the
                results of operations arising as a result of changes in the foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held at August&#160;31, 2019.&#160; Net realized gains or losses on
                investments include gains or losses arising from sales of portfolio securities and sales and maturities of short-term securities.&#160; Net realized gains or losses on the foreign currency transactions arise from sales of foreign currencies,
                currency gains or losses realized on securities transactions between trade and settlement date, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund&#8217;s books and the U.S.&#160;dollar
                equivalent of the amounts actually received or paid.</div>
              <div>&#160;</div>
              <div style="text-indent: 18pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(c)</font><font style="display: inline-block; text-indent: 0px; width: 18pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Security Transactions, Investment Income and Distributions to Shareholders &#8212; Security transactions are accounted for on the trade date.&#160; Dividend income and distributions are recorded on
                  the ex-dividend dates and interest income is recorded on the accrual basis.&#160; Realized gains and losses on the sale of investments are calculated on a first in, first out basis.</font></div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman',Times,serif;">Distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations, which
                may differ from U.S.&#160;GAAP.&#160; To the extent these &#8220;book/tax&#8221; differences are permanent in nature (i.e., that they result from other than timing of recognition&#8212;&#8220;temporary&#8221;), such accounts are reclassified within the capital accounts based on
                their Federal tax-basis treatment; temporary differences do not require reclassification.&#160; Dividends and distributions which exceed net realized capital gains for financial reporting purposes, but not for tax purposes, are reported as
                distributions in excess of net realized capital gains.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman',Times,serif;">Pursuant to a securities lending agreement with Brown Brothers Harriman &amp; Co., the Fund may lend securities to qualified institutions.&#160; It is
                the Fund&#8217;s policy that, at origination, all loans shall be secured by collateral of at least 102% of the value of U.S.&#160;securities loaned and 105% of the value of foreign securities loaned.&#160; It is the Fund&#8217;s policy that collateral equivalent
                to at least 100% of the fair value of securities on loan must be maintained at all times (when applicable).&#160; Collateral is provided in the form of cash, which would be invested in certain money market funds.&#160; The Fund is entitled to receive
                all income on securities loaned, in addition to a portion of the income earned as a result of the lending transaction.&#160; Although each security loan is fully collateralized, there are certain risks.&#160; On November&#160;21, 2008, the Fund suspended
                its participation in the securities lending program.&#160; The Fund may resume its participation in the future.&#160; During the fiscal year ended February&#160;28, 2019 and the semi-annual period ended August&#160;31, 2019, the Fund did not earn fees from
                lending Fund portfolio securities, pursuant to the securities lending agreement.</div>
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              <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">
                <div>
                  <div style="text-align: center; color: rgb(236, 0, 140); font-weight: bold;">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>
                  <div>&#160;</div>
                  <div style="text-align: center; font-weight: bold;">NOTES TO FINANCIAL STATEMENTS &#8211; (Continued) (Unaudited)</div>
                  <div>&#160;</div>
                </div>
                <div>&#160;</div>
              </div>
              <div>&#160;</div>
              <div style="text-indent: 18pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(d)</font><font style="display: inline-block; text-indent: 0px; width: 18pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Income Taxes &#8212; A provision for U.S.&#160;income taxes has not been made since it is the intention of the Fund to continue to qualify as a regulated investment company under the Internal
                  Revenue Code and to distribute within the allowable time limit all taxable income to its shareholders.</font></div>
              <div style="text-align: justify;">&#160;</div>
              <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman',Times,serif;">Under Japanese tax laws, a withholding tax is imposed on dividends at a rate of 15.315% and such withholding taxes are reflected as a reduction
                of the related revenue.&#160; The withholding tax rate of 15.315% was reduced to 10% upon the submission of Form&#160;17 &#8212; Limitation on Benefits Article.&#160; There is no withholding tax on realized gains.</div>
              <div style="text-align: justify;">&#160;</div>
              <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman',Times,serif;">In accordance with U.S.&#160;GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund&#8217;s tax
                positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years), and has concluded that no provision for income tax is required in the Fund&#8217;s financial
                statements.&#160; The Fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the statement of operations.&#160; During the current year and for the prior three tax years, the Fund did not incur any
                interest or penalties.</div>
              <div style="text-align: justify;">&#160;</div>
              <div style="text-indent: 18pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(e)</font><font style="display: inline-block; text-indent: 0px; width: 18pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Use of Estimates in Financial Statement Preparation &#8212; The preparation of financial statements in accordance with U.S.&#160;GAAP requires management to make estimates and assumptions that
                  affect the reported amounts and disclosures in the financial statements.&#160; Actual results could differ from these estimates.</font></div>
              <div style="text-align: justify;">&#160;</div>
              <div style="text-indent: 18pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(f)</font><font style="display: inline-block; text-indent: 0px; width: 18pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Concentration of Risk &#8212; A significant portion of the Fund&#8217;s net assets consists of Japanese securities which involve certain considerations and risks not typically associated with
                  investments in the U.S.&#160;In addition to the smaller size, and greater volatility, there is often substantially less publicly available information about Japanese issuers than there is about U.S.&#160;issuers.&#160; Future economic and political
                  developments in Japan could adversely affect the value of securities in which the Fund is invested.&#160; Further, the Fund may be exposed to currency devaluation and other exchange rate fluctuations.</font></div>
              <div style="text-align: justify;">&#160;</div>
              <div style="text-indent: 18pt; text-align: justify;"><br>
                <font style="font-family: 'Times New Roman',Times,serif;"></font></div>
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              </div>
              <div style="text-indent: 18pt;">
                <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">
                  <div style="text-align: center; color: rgb(236, 0, 140); font-weight: bold;">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>
                  <div>&#160;</div>
                  <div style="text-align: center; font-weight: bold;">NOTES TO FINANCIAL STATEMENTS &#8211; (Continued) (Unaudited)</div>
                  <div>&#160;</div>
                </div>
                <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">&#160;</div>
                <div style="text-indent: 18pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(g)</font><font style="display: inline-block; text-indent: 0px; width: 18pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Indemnifications &#8212; Under the Fund&#8217;s organizational documents, its officers and</font><font style="font-family: 'Times New Roman',Times,serif;"> directors are indemnified against certain liabilities arising from the
                    performance of their duties to the Fund.&#160; Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications.&#160; The Fund&#8217;s maximum exposure
                    under these agreements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.&#160; However, based on experience, the Fund expects the risk of loss to be remote and as such no additional
                    accruals were recorded on the Statement of Assets and Liabilities.</font></div>
              </div>
              <div>&#160;</div>
              <div><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(236, 0, 140);">2.</font><font style="display: inline-block; text-indent: 0px; width: 36pt;" id="TRGRRTFtoHTMLTab"> </font><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(236, 0, 140);">Management Agreement and Transactions With Affiliated Persons</font></div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman',Times,serif;">Nomura Asset Management U.S.A. Inc. (&#8220;NAM-USA&#8221; or the &#8220;Manager&#8221;) acts as the Manager of the Fund pursuant to a management agreement.&#160; Under the
                management agreement, the Manager provides all office space, facilities and personnel necessary to perform its duties.&#160; Pursuant to such management agreement, the Manager has retained its parent company, Nomura Asset Management Co., Ltd.
                (&#8220;NAM&#8221;), as Investment Adviser to the Fund.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman',Times,serif;">As compensation for its services to the Fund, the Manager receives a monthly fee at the annual rate of 1.10% of the value of the Fund&#8217;s average
                weekly net assets not in excess of $50&#160;million, 1.00% of the Fund&#8217;s average weekly net assets in excess of $50&#160;million but not exceeding $100&#160;million, 0.90% of the Fund&#8217;s average weekly net assets in excess of $100&#160;million but not exceeding
                $175&#160;million, 0.80% of the Fund&#8217;s average weekly net assets in excess of $175&#160;million but not exceeding $250&#160;million, 0.70% of the Fund&#8217;s average weekly net assets in excess of $250&#160;million but not exceeding $325&#160;million, 0.60% of the
                Fund&#8217;s average weekly net assets in excess of $325&#160;million, but not exceeding $425&#160;million and 0.50% of the Fund&#8217;s average weekly net assets in excess of $425&#160;million.&#160; Under the management agreement, the Fund incurred fees to the Manager
                of $1,284,734 for the six months ended August&#160;31, 2019.&#160; Under the investment advisory agreement, NAM earned investment advisory fees of $571,248 from the Manager, not the Fund, for the six months ended August&#160;31, 2019.&#160; At August&#160;31, 2019,
                the management fee payable to the Manager by the Fund was $212,636.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman',Times,serif;"><br>
              </div>
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              </div>
              <div style="text-align: justify; text-indent: 27pt; font-family: 'Times New Roman',Times,serif;">
                <div>
                  <div style="text-align: center; color: rgb(236, 0, 140); font-weight: bold;">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>
                  <div>&#160;</div>
                  <div style="text-align: center; font-weight: bold;">NOTES TO FINANCIAL STATEMENTS &#8211; (Continued) (Unaudited)</div>
                  <div>&#160;</div>
                </div>
                <div>&#160;</div>
                <div>Certain officers and/or directors of the Fund are officers and/or directors of the Manager.&#160; Affiliates of Nomura Holdings, Inc. (the Manager&#8217;s indirect parent) did not earn any fees in commissions on the execution of portfolio
                  security transactions for the six months ended August&#160;31, 2019.&#160; The Fund pays each Director not affiliated with the Manager an annual fee of $30,000.&#160; In addition, the Fund pays each Director not affiliated with the Manager $3,000 per
                  meeting attended, $2,000 per telephone meeting attended, and Director expenses related to attendance at meetings.&#160; The Chairman of the Board, presently Rodney A. Buck, is paid an additional annual fee of $8,000.&#160; The Chairman of the Audit
                  Committee, presently David B. Chemidlin, is paid an additional annual fee of $4,000.&#160; Such fees and expenses for unaffiliated Directors aggregated $110,520 for the six months ended August&#160;31, 2019.</div>
              </div>
              <div>&#160;</div>
              <div><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(236, 0, 140);">3.</font><font style="display: inline-block; text-indent: 0px; width: 36pt;" id="TRGRRTFtoHTMLTab"> </font><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(236, 0, 140);">Purchases and Sales of Investments</font></div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman',Times,serif;">Purchases and sales of investments, exclusive of foreign currency and investments in short-term securities, for the six months ended August&#160;31,
                2019 were $39,468,412 and $38,422,841, respectively.</div>
              <div>&#160;</div>
              <div><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(236, 0, 140);">4.</font><font style="display: inline-block; text-indent: 0px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(236, 0, 140);">Federal Income Tax</font></div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman',Times,serif;">As of February&#160;28, 2019, net unrealized depreciation on investments, exclusive of foreign currency, for federal income tax purposes was
                $14,578,118, of which $9,912,648 related to appreciated securities and $24,490,766 related to depreciated securities.&#160; The cost of investments, exclusive of foreign currency of $1,058,853, at February 28, 2019 for federal income tax
                purposes was $301,794,630.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman',Times,serif;">At February&#160;28, 2019, the components of accumulated earnings on a tax basis consisted of unrealized depreciation on investments and foreign
                currency transactions of $14,585,789, undistributed long-term capital gains of $8,075,431, and undistributed ordinary income of $5,730,335.&#160; The differences between book basis and tax basis for unrealized appreciation on investments and
                foreign currency transactions are attributable to the tax deferral of losses on wash sales and the tax treatment of passive foreign investment companies.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman',Times,serif;">The Fund paid an ordinary income distribution of $8,647,504, which represents $0.3052 per share and a long-term capital gains distribution of
                $39,792,119, which represents $1.4044 per share to shareholders of record as of December&#160;17, 2018.&#160; The distribution was paid on December&#160;27, 2018.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman',Times,serif;">The Fund paid an ordinary income distribution of $18,113,858, which represents $0.6393 per share and a long-term capital gains distribution of
                $35,054,692, which represents $1.2372 per share to shareholders of record as of December&#160;15, 2017.&#160; The distribution was paid on December&#160;21, 2017.</div>
              <div>&#160;</div>
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              </div>
              <div>
                <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">
                  <div style="text-align: center; color: rgb(236, 0, 140); font-weight: bold;">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>
                  <div>&#160;</div>
                  <div style="text-align: center; font-weight: bold;">NOTES TO FINANCIAL STATEMENTS &#8211; (Continued) (Unaudited)</div>
                  <div>&#160;</div>
                </div>
                <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">&#160;</div>
                <font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(236, 0, 140);">5.</font><font style="display: inline-block; text-indent: 0px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(236, 0, 140);">Fair Value Measurements</font></div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman',Times,serif;">In accordance with U.S.&#160;GAAP, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in
                an orderly transaction between market participants at the measurement date.&#160; U.S.&#160;GAAP also establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to
                the valuation of an asset or liability.&#160; Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability.&#160; Observable inputs reflect the assumptions market
                participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund.&#160; Unobservable inputs reflect the Fund&#8217;s own assumptions about the assumptions that market participants would use in
                pricing the asset or liability developed based on the best information available in the circumstances.&#160; Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation.&#160; The
                three-tier hierarchy of inputs is summarized below.</div>
              <div>&#160;</div>
              <div>
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                    <tr>
                      <td style="width: 45pt; vertical-align: top;">
                        <div style="margin-left: 18pt; font-family: 'Times New Roman',Times,serif;">&#8226;</div>
                      </td>
                      <td style="width: auto; vertical-align: top;">
                        <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">Level 1 &#8212; quoted prices in active markets for identical investments</div>
                      </td>
                    </tr>

                </table>
              </div>
              <div>
                <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za395a0bdce9e4183818a7ed60c2123ce">

                    <tr>
                      <td style="width: 45pt; vertical-align: top;">
                        <div style="margin-left: 18pt; font-family: 'Times New Roman',Times,serif;">&#8226;</div>
                      </td>
                      <td style="width: auto; vertical-align: top;">
                        <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">Level 2&#8212; other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)</div>
                      </td>
                    </tr>

                </table>
              </div>
              <div>
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                    <tr>
                      <td style="width: 45pt; vertical-align: top;">
                        <div style="margin-left: 18pt; font-family: 'Times New Roman',Times,serif;">&#8226;</div>
                      </td>
                      <td style="width: auto; vertical-align: top;">
                        <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">Level 3&#8212; significant unobservable inputs (including the Fund&#8217;s own assumptions in determining the fair value of investments)</div>
                      </td>
                    </tr>

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                <div> <br>
                </div>
              </div>
              <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman',Times,serif;">At August&#160;31, 2019, all of the Fund&#8217;s investments were determined to be Level 1 securities.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman',Times,serif;">During the six months ended August&#160;31, 2019, the Fund did not hold any instrument which used significant unobservable inputs (Level 3) in
                determining fair value.</div>
              <div>&#160;</div>
              <div><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(236, 0, 140);">6.</font><font style="display: inline-block; text-indent: 0px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(236, 0, 140);">Subsequent Events</font></div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman',Times,serif;">The Fund has evaluated subsequent events through October 29, 2019, the date as of which the financial statements are available to be issued.</div>
              <div>&#160;</div>
            </div>
            <div><br>
            </div>
            <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div id="DSPFPageFooter"></div>
              <div id="DSPFPageBreak" style="page-break-after: always;">
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            </div>
            <div>
              <div style="text-align: center; color: rgb(236, 0, 140); font-family: 'Times New Roman',Times,serif; font-weight: bold;">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>
              <div style="text-align: center; color: rgb(236, 0, 140); font-family: 'Times New Roman',Times,serif; font-weight: bold;"> <br>
              </div>
              <div>
                <div style="color: rgb(236, 0, 140); font-family: 'Times New Roman',Times,serif; font-weight: bold;">FINANCIAL HIGHLIGHTS</div>
                <div>&#160;</div>
                <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">For a share of common stock outstanding throughout each period:</div>
                <div>&#160;</div>
                &#160;
                <table cellspacing="0" cellpadding="0" id="z1e774aa3b0b0408392de7dbdb61c22b9" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

                    <tr>
                      <td valign="bottom" rowspan="1" style="vertical-align: top; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><br>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255); padding-bottom: 2px;">&#160;</td>
                      <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255); padding-bottom: 2px;">
                        <div style="text-align: center; font-weight: bold;">For the Six Months Ended</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255); padding-bottom: 2px;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255); padding-bottom: 2px;">&#160;</td>
                      <td valign="bottom" colspan="18" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                        <div>
                          <div style="text-align: center; font-weight: bold;">For the Year Ended</div>
                        </div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255); padding-bottom: 2px;">&#160;</td>
                    </tr>
                    <tr>
                      <td valign="bottom" rowspan="1" style="vertical-align: top; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><br>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255); padding-bottom: 2px;">&#160;</td>
                      <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255); padding-bottom: 2px;">
                        <div style="text-align: center; font-weight: bold;">August 31, 2019</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255); padding-bottom: 2px;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255); padding-bottom: 2px;">&#160;</td>
                      <td valign="bottom" colspan="10" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                        <div>
                          <div style="text-align: center; font-weight: bold;">February 28</div>
                        </div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255); padding-bottom: 2px;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255); padding-bottom: 2px;">&#160;</td>
                      <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); padding-bottom: 2px;">
                        <div>
                          <div style="text-align: center; font-weight: bold;"><u>February 29,</u></div>
                        </div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255); padding-bottom: 2px;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255); padding-bottom: 2px;">&#160;</td>
                      <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); padding-bottom: 2px;">
                        <div>
                          <div style="text-align: center; font-weight: bold;"><u>February 28,</u></div>
                        </div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255); padding-bottom: 2px;">&#160;</td>
                    </tr>
                    <tr>
                      <td valign="bottom" rowspan="1" style="vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);">
                        <div style="text-align: center; font-weight: bold;"><u>(Unaudited)</u></div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
                        <div style="text-align: right; font-weight: bold;"><u>2019</u></div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
                        <div style="text-align: right; font-weight: bold;"><u>2018</u></div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
                        <div style="text-align: right; font-weight: bold;"><u>2017</u></div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
                        <div style="text-align: right; font-weight: bold;"><u>2016</u></div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
                        <div style="text-align: right; font-weight: bold;"><u>2015</u></div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                    </tr>
                    <tr>
                      <td valign="bottom" style="vertical-align: top; width: 28%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                        <div>Net asset value, beginning of period</div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                        <div>
                          <div>$</div>
                        </div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                        <div>
                          <div>10.17</div>
                        </div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                        <div>
                          <div>$</div>
                        </div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                        <div>
                          <div>14.01</div>
                        </div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                        <div>
                          <div>$</div>
                        </div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                        <div>
                          <div>12.09</div>
                        </div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                        <div>
                          <div>$</div>
                        </div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                        <div>
                          <div>10.50</div>
                        </div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                        <div>
                          <div>$</div>
                        </div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                        <div>
                          <div>10.98</div>
                        </div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                        <div>
                          <div>$</div>
                        </div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                        <div>
                          <div>9.85</div>
                        </div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    </tr>
                    <tr>
                      <td valign="bottom" style="vertical-align: top; width: 28%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    </tr>
                    <tr>
                      <td valign="bottom" style="vertical-align: top; width: 28%; background-color: rgb(255, 255, 255);">
                        <div>Investment operations:</div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    </tr>
                    <tr>
                      <td valign="bottom" style="vertical-align: top; width: 28%; background-color: #FFFFFF;">
                        <div style="margin-left: 12.4pt;">Net investment income (1)</div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                        <div>0.06</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                        <div>0.09</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                        <div>0.09</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                        <div>0.12</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                        <div>0.06</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                        <div>0.06</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    </tr>
                    <tr>
                      <td valign="bottom" style="vertical-align: top; width: 28%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                        <div style="margin-left: 12.4pt;">Net realized and unrealized gain (loss) on investments and foreign currency</div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                        <div>
                          <div>(0.54)</div>
                        </div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                        <div>
                          <div><br>
                          </div>
                        </div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                        <div>
                          <div>(2.22</div>
                        </div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                        <div>
                          <div>)</div>
                        </div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                        <div>
                          <div>3.71</div>
                        </div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                        <div>
                          <div>2.41</div>
                        </div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                        <div>
                          <div>0.34</div>
                        </div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                        <div>
                          <div>1.20</div>
                        </div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                    </tr>
                    <tr>
                      <td valign="bottom" style="vertical-align: top; width: 28%; background-color: #FFFFFF;">
                        <div>Total from investment operations</div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                        <div>(0.48)</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                        <div><br>
                        </div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                        <div>(2.13</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                        <div>)</div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                        <div>3.80</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                        <div>2.53</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                        <div>0.40</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                        <div>1.26</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    </tr>
                    <tr>
                      <td valign="bottom" style="vertical-align: top; width: 28%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                    </tr>
                    <tr>
                      <td valign="bottom" style="vertical-align: top; width: 28%; background-color: #FFFFFF;">
                        <div>Less Distributions:</div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    </tr>
                    <tr>
                      <td valign="bottom" style="vertical-align: top; width: 28%; background-color: rgb(255, 255, 255);">
                        <div style="margin-left: 12.4pt;">Distributions from ordinary income</div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                        <div>&#8211;</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                        <div>(0.09</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
                        <div>)</div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                        <div>(0.55</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
                        <div>)</div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                        <div>(0.35</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
                        <div>)</div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                        <div>(0.17</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
                        <div>)</div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                        <div>(0.12</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
                        <div>)</div>
                      </td>
                    </tr>
                    <tr>
                      <td valign="bottom" style="vertical-align: top; width: 28%; padding-bottom: 1px; background-color: #FFFFFF;">
                        <div style="margin-left: 12.4pt;">Distributions from capital gains</div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">
                        <div>
                          <div>&#8211;</div>
                        </div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">
                        <div>
                          <div>(1.62</div>
                        </div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">
                        <div>
                          <div>)</div>
                        </div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">
                        <div>
                          <div>(1.33</div>
                        </div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">
                        <div>
                          <div>)</div>
                        </div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">
                        <div>
                          <div>(0.59</div>
                        </div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">
                        <div>
                          <div>)</div>
                        </div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">
                        <div>
                          <div>(0.71</div>
                        </div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">
                        <div>
                          <div>)</div>
                        </div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">
                        <div>
                          <div>(0.01</div>
                        </div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">
                        <div>
                          <div>)</div>
                        </div>
                      </td>
                    </tr>
                    <tr>
                      <td valign="bottom" style="vertical-align: top; width: 28%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                        <div>Total from distributions</div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                        <div>
                          <div>&#8211;</div>
                        </div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                        <div>
                          <div>(1.71</div>
                        </div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                        <div>
                          <div>)</div>
                        </div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                        <div>
                          <div>(1.88</div>
                        </div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                        <div>
                          <div>)</div>
                        </div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                        <div>
                          <div>(0.94</div>
                        </div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                        <div>
                          <div>)</div>
                        </div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                        <div>
                          <div>(0.88</div>
                        </div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                        <div>
                          <div>)</div>
                        </div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                        <div>
                          <div>(0.13</div>
                        </div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
                        <div>
                          <div>)</div>
                        </div>
                      </td>
                    </tr>
                    <tr>
                      <td valign="bottom" style="vertical-align: top; width: 28%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                    </tr>
                    <tr>
                      <td valign="bottom" style="vertical-align: top; width: 28%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                        <div>Net asset value, end of period</div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                        <div>
                          <div>$</div>
                        </div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                        <div>
                          <div>9.69</div>
                        </div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                        <div>
                          <div>$</div>
                        </div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                        <div>
                          <div>10.17</div>
                        </div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                        <div>
                          <div>$</div>
                        </div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                        <div>
                          <div>14.01</div>
                        </div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                        <div>
                          <div>$</div>
                        </div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                        <div>
                          <div>12.09</div>
                        </div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                        <div>
                          <div>$</div>
                        </div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                        <div>
                          <div>10.50</div>
                        </div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                        <div>
                          <div>$</div>
                        </div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                        <div>
                          <div>10.98</div>
                        </div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
                    </tr>
                    <tr>
                      <td valign="bottom" style="vertical-align: top; width: 28%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                    <tr>
                      <td valign="bottom" style="vertical-align: top; width: 28%; background-color: rgb(255, 255, 255);">
                        <div>Market value, end of period</div>
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                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
                        <div>$</div>
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                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                        <div>8.19</div>
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                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
                        <div>$</div>
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                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                        <div>8.92</div>
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                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
                        <div>$</div>
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                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                        <div>12.48</div>
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                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
                        <div>$</div>
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                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                        <div>10.60</div>
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                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
                        <div>$</div>
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                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                        <div>8.98</div>
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                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
                        <div>$</div>
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                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                        <div>9.69</div>
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                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                    <tr>
                      <td valign="bottom" style="vertical-align: top; width: 28%; background-color: #FFFFFF;">
                        <div>Total investment return (2)</div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                        <div>(8.2%)</div>
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                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                        <div><br>
                        </div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                        <div>(13.8%</div>
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                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                        <div>)</div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                        <div>36.0%</div>
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                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                        <div><br>
                        </div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                        <div>24.9%</div>
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                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                        <div><br>
                        </div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                        <div>0.7%</div>
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                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                        <div><br>
                        </div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                        <div>11.2%</div>
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                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                        <div><br>
                        </div>
                      </td>
                    </tr>
                    <tr>
                      <td valign="bottom" style="vertical-align: top; width: 28%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                    <tr>
                      <td valign="bottom" style="vertical-align: top; width: 28%; background-color: #FFFFFF;">
                        <div>Ratio/Supplemental Data:</div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                    <tr>
                      <td valign="bottom" style="vertical-align: top; width: 28%; background-color: rgb(255, 255, 255);">
                        <div style="margin-left: 12.4pt;">Net assets, end of period (000)</div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
                        <div>$</div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                        <div>274,508</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
                        <div>$</div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                        <div>288,109</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
                        <div>$</div>
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                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                        <div>397,087</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
                        <div>$</div>
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                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                        <div>342,513</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
                        <div>$</div>
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                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                        <div>297,550</div>
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                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
                        <div>$</div>
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                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                        <div>311,094</div>
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                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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                    <tr>
                      <td valign="bottom" style="vertical-align: top; width: 28%; background-color: #FFFFFF;">
                        <div style="margin-left: 12.4pt;">Ratio of expenses to average net assets</div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                        <div>1.21%</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                        <div>(3)</div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                        <div>1.13%</div>
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                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                        <div><br>
                        </div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                        <div>1.05%</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                        <div><br>
                        </div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                        <div>1.09%</div>
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                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                        <div><br>
                        </div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                        <div>1.11%</div>
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                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                        <div><br>
                        </div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                        <div>1.13%</div>
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                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                        <div><br>
                        </div>
                      </td>
                    </tr>
                    <tr>
                      <td valign="bottom" style="vertical-align: top; width: 28%; background-color: rgb(255, 255, 255);">
                        <div style="margin-left: 12.4pt;">Ratio of net income to average net assets</div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                        <div>1.17%</div>
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                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
                        <div>(3)</div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                        <div>0.67%</div>
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                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
                        <div><br>
                        </div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                        <div>0.66%</div>
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                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
                        <div><br>
                        </div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                        <div>0.99%</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
                        <div><br>
                        </div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                        <div>0.50%</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
                        <div><br>
                        </div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                        <div>0.62%</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
                        <div><br>
                        </div>
                      </td>
                    </tr>
                    <tr>
                      <td valign="bottom" style="vertical-align: top; width: 28%; background-color: #FFFFFF;">
                        <div style="margin-left: 12.4pt;">Portfolio turnover rate</div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                        <div>14%</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                        <div><br>
                        </div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                        <div>24%</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                        <div><br>
                        </div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                        <div>50%</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                        <div><br>
                        </div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                        <div>20%</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                        <div><br>
                        </div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                        <div>24%</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                        <div><br>
                        </div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                      <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                        <div>41%</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                        <div><br>
                        </div>
                      </td>
                    </tr>

                </table>
                <div><br>
                </div>
                <div><br>
                </div>
                <div>&#160;</div>
                <div>
                  <hr noshade="noshade" align="left" style="height: 1px; width: 20%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;"><font style="font-family: 'Times New Roman',Times,serif;">(1)</font>&#160; B<font style="font-family: 'Times New Roman',Times,serif;">ased on average shares outstanding.</font> <br>
                </div>
                <div><font style="font-family: 'Times New Roman',Times,serif;">(2)</font>&#160; <font style="font-family: 'Times New Roman',Times,serif;">Based on market value per share, adjusted for reinvestment of income dividends, ordinary income
                    distributions, long-term capital gain distributions, and capital share transactions.&#160; Total return does not reflect sales commissions.</font> <br>
                </div>
                <div><font style="font-family: 'Times New Roman',Times,serif;">(3)</font>&#160; <font style="font-family: 'Times New Roman',Times,serif;">Annualized.</font> <br>
                </div>
                <div> <br>
                </div>
                <div> <br>
                </div>
                <div> <br>
                </div>
                <div> <br>
                </div>
                <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">See notes to financial statements<br>
                </div>
                &#160;</div>
            </div>
          </div>
        </div>
        <br>
      </div>
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        <div id="DSPFPageFooter"></div>
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      </div>
      <div>
        <div style="color: #000000; line-height: 1.25;">
          <div><br>
          </div>
          <table cellspacing="0" cellpadding="4" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;">

              <tr>
                <td rowspan="6" style="width: 50%; vertical-align: top;">
                  <div style="text-align: left;"><font style="font-weight: bold; color: #FF0066;">BOARD OF DIRECTORS</font><br>
                    Rodney A. Buck<br>
                    David B. Chemidlin<br>
                    <div>E. Han Kim<br>
                      Marcia L. MacHarg<br>
                      Yuichi Nomoto since April&#160;1, 2019<br>
                      Yutaka Itabashi from 2013 to March&#160;31, 2019</div>
                  </div>
                </td>
                <td style="width: 50%; vertical-align: top; background-color: rgb(255, 0, 102);">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top; background-color: rgb(255, 0, 102);">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top; background-color: rgb(255, 0, 102);">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;" rowspan="1">&#160;</td>
                <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">
                  <div style="text-align: left;"><font style="font-weight: bold; color: #FF0066;">OFFICERS</font><br>
                    Yuichi Nomoto, President since April 1, 2019<br>
                    <div>Yutaka Itabashi, President from 2013 to March&#160;31, 2019<br>
                      Zheng Liu, Vice President<br>
                      Maria R. Premole, Vice President<br>
                      Neil A. Daniele, Secretary and Chief Compliance Officer<br>
                      Amy J. Robles, Treasurer<br>
                      Kelly S. Lee, Assistant Treasurer</div>
                  </div>
                </td>
                <td rowspan="13" style="width: 50%; vertical-align: top;">
                  <div style="text-align: center;"><font style="font-size: 18pt; font-weight: bold; color: #FF0066;"><font style="font-family: 'Times New Roman', serif; font-size: 24pt;"> <br>
                      </font></font></div>
                  <div style="text-align: center;"><font style="font-size: 18pt; font-weight: bold; color: #FF0066;"><font style="font-family: 'Times New Roman', serif; font-size: 24pt;"> <br>
                      </font></font></div>
                  <div style="text-align: center;"><font style="font-size: 18pt; font-weight: bold; color: #FF0066;"><font style="font-family: 'Times New Roman', serif; font-size: 24pt;"> <br>
                      </font></font></div>
                  <div style="text-align: center;"><font style="font-size: 18pt; font-weight: bold; color: #FF0066;"><font style="font-family: 'Times New Roman', serif; font-size: 24pt;"> <br>
                      </font></font></div>
                  <div style="text-align: center;"><font style="font-size: 18pt; font-weight: bold; color: #FF0066;"><font style="font-family: 'Times New Roman', serif; font-size: 24pt;"> <br>
                      </font></font></div>
                  <div style="text-align: center;"><font style="font-size: 18pt; font-weight: bold; color: #FF0066;"><font style="font-family: 'Times New Roman', serif; font-size: 24pt;">JAPAN</font><br>
                      Smaller Capitalization<br>
                      Fund, Inc.</font></div>
                  <div style="text-align: center;"><font style="font-size: 18pt; font-weight: bold; color: #FF0066;"> <br>
                    </font></div>
                  <div style="text-align: center;"><font style="font-size: 18pt; font-weight: bold; color: #FF0066;"> <br>
                    </font></div>
                  <div style="text-align: center;"><font style="font-size: 18pt; font-weight: bold; color: #FF0066;"> <br>
                    </font></div>
                  <div style="text-align: center;"><font style="font-size: 18pt; font-weight: bold; color: #FF0066;"> <br>
                    </font></div>
                  <div style="text-align: center;"><font style="font-size: 18pt; font-weight: bold; color: #FF0066;"> <br>
                    </font></div>
                  <div style="text-align: center;"><font style="font-size: 18pt; font-weight: bold; color: #FF0066;"> <br>
                    </font></div>
                  <div style="text-align: center;"><font style="font-size: 18pt; font-weight: bold; color: #FF0066;"> <br>
                    </font></div>
                  <div style="text-align: center;"><font style="font-size: 14pt; font-weight: bold;">SEMI-ANNUAL REPORT</font></div>
                  <div style="text-align: center;"><font style="font-size: 14pt; font-weight: bold;"> <br>
                    </font></div>
                  <div style="text-align: center;"><font style="font-size: 14pt; font-weight: bold;">AUGUST 31, 2019</font></div>
                  <div style="text-align: center;"><br>
                    <div><br>
                    </div>
                    <div><br>
                    </div>
                    <div><br>
                      <div>
                        <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Beginning with reports for the period ending August&#160;31, 2021, as permitted by regulations adopted by the Securities and Exchange
                          Commission, paper copies of the shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports.&#160; Instead, the reports will be made available on the Fund&#8217;s website <u>http://funds.nomura-asset.com/japan-smaller-capitalization</u>,
                          and you will be notified by mail each time a report is posted and provided with a website link to access the report.</div>
                        <font style="font-weight: bold;">&#160;</font> <font style="font-weight: bold;">&#160;</font>
                        <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-weight: bold;">If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any
                          action.&#160; You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary or if you are a direct investor, by calling 1&#8209;800&#8209;426-5523.</div>
                        <font style="font-weight: bold;">&#160;</font> <font style="font-weight: bold;">&#160;</font>
                        <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-weight: bold;">You may elect to receive all future reports in paper free of charge.&#160; If you invest through a financial intermediary, you can contact your
                          financial intermediary to require that you continue to receive paper copies of your shareholder reports.&#160; If you invest directly with the Fund, you can call 1&#8209;800&#8209;426-5523 to let the Fund know you wish to continue receiving paper
                          copies of your shareholder reports.</div>
                      </div>
                    </div>
                    <font style="font-size: 14pt; font-weight: bold;"></font></div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">
                  <div style="text-align: left;"><font style="font-weight: bold; color: #FF0066;">MANAGER</font></div>
                  <div style="text-align: left;">Nomura Asset Management U.S.A. Inc.</div>
                  <div style="text-align: left;">Worldwide Plaza</div>
                  <div style="text-align: left;">309 West 49th Street</div>
                  <div style="text-align: left;">New York, New York 10019-7316</div>
                  <div style="text-align: left;"><font style="font-weight: bold;">Internet Address</font></div>
                  <div style="text-align: left;">http://funds.nomura-asset.com/japan-smaller-capitalization</div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">
                  <div style="text-align: left;"><font style="font-weight: bold; color: #FF0066;">INVESTMENT ADVISER</font></div>
                  <div style="text-align: left;">Nomura Asset Management Co., Ltd.</div>
                  <div style="text-align: left;">1-12-1, Nihonbashi, Chuo-ku,</div>
                  <div style="text-align: left;">Tokyo 103-8260, Japan</div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">
                  <div style="text-align: left;"><font style="font-weight: bold; color: #FF0066;">DIVIDEND PAYING AGENT, TRANSFER AGENT AND REGISTRAR</font></div>
                  <div style="text-align: left;">Computershare Trust Company, N.A.</div>
                  <div style="text-align: left;">P. O. Box 505000</div>
                  <div style="text-align: left;">Louisville, KY 40233</div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">
                  <div style="text-align: left;"><font style="font-weight: bold; color: #FF0066;">CUSTODIAN</font></div>
                  <div style="text-align: left;">Brown Brothers Harriman &amp; Co.</div>
                  <div style="text-align: left;">50 Past Office Square</div>
                  <div style="text-align: left;">Boston, Massachusetts 02110-1548</div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">
                  <div style="text-align: left;"><font style="font-weight: bold; color: #FF0066;">COUNSEL</font></div>
                  <div style="text-align: left;">Sidley Austin LLP</div>
                  <div style="text-align: left;">787 Seventh Avenue</div>
                  <div style="text-align: left;">New York, New York 10019</div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="border-bottom: 1px solid #000000; vertical-align: top; width: 50%;">
                  <div style="text-align: left;"><font style="font-weight: bold; color: #FF0066;">INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></div>
                  <div style="text-align: left;">RSM US LLP</div>
                  <div style="text-align: left;">80 City Square</div>
                  <div style="text-align: left;">Boston, Massachusetts 02129</div>
                  <div style="text-align: left;"> <br>
                  </div>
                  <div style="text-align: left;">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>
                  <div style="text-align: left;">WORLDWIDE PLAZA</div>
                  <div style="text-align: left;">309 WEST 49TH STREET</div>
                  <div style="text-align: left;">NEW YORK, NEW YORK 10019-7316</div>
                  <div style="text-align: left;"> <br>
                  </div>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="6" style="width: 50%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div><br>
                  </div>
                  This Report, including the Financial Statements, is transmitted to the Shareholders of Japan Smaller Capitalization Fund, Inc. for their information.&#160; This is not a prospectus, circular or representation intended for use in the purchase
                  of shares of the Fund or any securities mentioned in the Report.
                  <div><br>
                  </div>
                  <div style="text-align: justify; margin-right: 7.8pt;"> <br>
                  </div>
                  <div style="text-align: justify; margin-right: 7.8pt;"><br>
                  </div>
                </td>
                <td rowspan="1" style="width: 50%; vertical-align: top; padding-bottom: 2px;"><br>
                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top; background-color: rgb(255, 0, 102);"><br>
                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top; background-color: rgb(255, 0, 102);">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top; background-color: rgb(255, 0, 102);">&#160;</td>
              </tr>

          </table>
        </div>
        <div style="color: #000000; line-height: 1.25;"> <br>
        </div>
        &#160; </div>
    </div>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageFooter"></div>
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  </div>
  <div style="font-family: 'Times New Roman'; color: #000000; text-align: left; line-height: 1.25;"> <br>
  </div>
  <br>
  <div style="font-family: 'Times New Roman', Times, serif; text-align: left;">
    <div style="line-height: 1.25">
      <div style="line-height: 1.25;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z182c7bafee134544abef46a9bfd2b707">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman';">&#160;ITEM 2.</td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-family: 'Times New Roman'; color: #000000;">CODE OF ETHICS</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="line-height: 1.25"> Not applicable to this semi-annual report.</div>
      <div style="line-height: 1.25"> <br>
      </div>
      <div style="line-height: 1.25">
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> </div>
      <div style="line-height: 1.25">&#160;</div>
      <br>
      <div style="line-height: 1.25;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0c7a818904ff4bf88206c8c6b91bd369">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-family: 'Times New Roman'; color: #000000;">ITEM 3.</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-family: 'Times New Roman'; color: #000000;">AUDIT COMMITTEE FINANCIAL EXPERT</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="line-height: 1.25"> <font style="font-family: 'Times New Roman'; color: #000000;">Not applicable to this semi-annual report.</font></div>
      <div style="line-height: 1.25"> <br>
      </div>
      <div style="line-height: 1.25">
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> </div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      &#160;&#160;
      <div style="line-height: 1.25;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z683d5c1bd78c493fb3b352636c9948bd">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-family: 'Times New Roman'; color: #000000;">ITEM 4.</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-family: 'Times New Roman'; color: #000000;">PRINCIPAL ACCOUNTANT FEES AND SERVICES</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="line-height: 1.25"> Not applicable to this semi-annual report.</div>
      <div style="line-height: 1.25"> <br>
      </div>
      <div style="line-height: 1.25">
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> </div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25;"><br>
      </div>
      &#160;</div>
    <div style="margin-bottom: 3pt; margin-top: 3pt;">
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>
        <div style="line-height: 1.25;">
          <div>
            <div> <br>
            </div>
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4dea5e87178a4270bbe0e0b76900e932">

                <tr>
                  <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-family: 'Times New Roman'; color: #000000;">ITEM 5.</font></td>
                  <td style="width: auto; vertical-align: top; text-align: left;">
                    <div><font style="font-family: 'Times New Roman'; color: #000000;">AUDIT COMMITTEE OF LISTED REGISTRANTS</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="line-height: 1.25"> <br>
        </div>
        <div style="line-height: 1.25"> Not applicable to this semi-annual report. </div>
        <div style="line-height: 1.25"> <br>
        </div>
        <div style="line-height: 1.25">
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">&#160;</div>
        <div style="line-height: 1.25"><br>
        </div>
        <div style="line-height: 1.25"> <br>
        </div>
        <div style="line-height: 1.25;">
          <div><br>
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7edd4db7ad994b4fb7fdda57b66ae840">

                <tr>
                  <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-family: 'Times New Roman'; color: #000000;">ITEM 6.</font></td>
                  <td style="width: auto; vertical-align: top; text-align: left;">
                    <div><font style="font-family: 'Times New Roman'; color: #000000;">INVESTMENTS</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="line-height: 1.25">
          <div style="line-height: 1.25;"><br style="line-height: 1.25;">
          </div>
          <div style="line-height: 1.25;">
            <div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable">

                  <tr>
                    <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-family: 'Times New Roman'; color: #000000;">(a)</font></td>
                    <td style="width: auto; vertical-align: top; text-align: left;">
                      <div><font style="font-family: 'Times New Roman'; color: #000000;">The Registrant&#8217;s investments in securities of unaffiliated issuers as of August 31, 2019 are included in the report to shareholders filed under Item 1 of this Form.</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="line-height: 1.25;">
            <div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable">

                  <tr>
                    <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-family: 'Times New Roman'; color: #000000;">(b)</font></td>
                    <td style="width: auto; vertical-align: top; text-align: left;">
                      <div><font style="font-family: 'Times New Roman'; color: #000000;">Not applicable.</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="line-height: 1.25;">&#160;<font style="font-family: 'Times New Roman'; color: #000000;"> <br>
            </font></div>
        </div>
        <br>
        <div style="line-height: 1.25">
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
        <br>
      </div>
    </div>
  </div>
  <div style="margin-bottom: 3pt; margin-top: 3pt; text-align: left;">
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="margin-bottom: 3pt; margin-top: 3pt;">
      <table cellspacing="0" cellpadding="0" id="zb4f86db2857342459d8651a063290fe3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%">

          <tr>
            <td style="width: 54pt; vertical-align: top; align: right;">ITEM 7.</td>
            <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
              <div>DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 3pt; MARGIN-TOP: 3pt">
      <div><br>
      </div>
      <div>
        <div style="MARGIN-BOTTOM: 3pt; MARGIN-TOP: 3pt">Not applicable to this semi-annual report.</div>
      </div>
      <br>
      <hr noshade="noshade" align="center" style="BORDER-TOP: medium none; HEIGHT: 2px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto"> <br>
    </div>
    <div>
      <div style="margin-bottom: 3pt; margin-top: 3pt;">
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">ITEM 8.</td>
              <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
                <div><font style="font-family: 'Times New Roman'; color: #000000;">PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div>
      <div style="line-height: 1.25;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable">

              <tr>
                <td style="width: 27pt; vertical-align: top;"><font style="font-family: 'Times New Roman'; color: #000000;">(b)</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-family: 'Times New Roman'; color: #000000;">Not applicable to this semi-annual report.<br>
                    </font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><font style="font-family: 'Times New Roman', Times, serif; color: #000000;">&#160;</font></div>
      <div><br>
        <div style="line-height: 1.25;">
          <div>
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable">

                <tr>
                  <td style="width: 27pt; vertical-align: top;"><font style="font-family: 'Times New Roman'; color: #000000;">(b)</font></td>
                  <td style="width: auto; vertical-align: top; text-align: left;">
                    <div><font style="font-family: 'Times New Roman'; color: #000000;">No change.</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div><font style="font-family: 'Times New Roman', Times, serif; color: #000000;">&#160;</font></div>
      </div>
    </div>
    <br>
    <div style="line-height: 1.25">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">&#160;</div>
    <div style="margin-bottom: 3pt; margin-top: 3pt;">
      <table cellspacing="0" cellpadding="0" id="zbb34836534f14345969b893a3b89a13b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%">

          <tr>
            <td style="width: 54pt; vertical-align: top; align: right;">ITEM 9.</td>
            <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
              <div>PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 3pt; MARGIN-TOP: 3pt">
      <div><br>
        <div style="margin-bottom: 3pt; margin-top: 3pt;">
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%">

              <tr>
                <td style="font-family: 'Times New Roman',Times,serif; width: 27pt; vertical-align: top;">(a)&#160;</td>
                <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
                  <div>Not applicable.</div>
                </td>
              </tr>

          </table>
        </div>
        <div style="margin-bottom: 3pt; font-family: 'Times New Roman', Times, serif; margin-top: 3pt;">&#160;</div>
        <div style="margin-bottom: 3pt; margin-top: 3pt;">
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%">

              <tr>
                <td style="font-family: 'Times New Roman',Times,serif; width: 27pt; vertical-align: top;">(b)&#160;</td>
                <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
                  <div>Not applicable.</div>
                </td>
              </tr>

          </table>
        </div>
        <div style="margin-bottom: 3pt; font-family: 'Times New Roman', Times, serif; margin-top: 3pt;">&#160;</div>
      </div>
      <hr noshade="noshade" align="center" style="BORDER-TOP: medium none; HEIGHT: 2px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto"> <br>
    </div>
    <div style="margin-bottom: 3pt; margin-top: 3pt;">
      <table cellspacing="0" cellpadding="0" id="z5c7374ec58b944c1910c2744b38ef314" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%">

          <tr>
            <td style="width: 54pt; vertical-align: top; align: right;">ITEM 10.</td>
            <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
              <div>SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 3pt; MARGIN-TOP: 3pt">
      <div><br>
      </div>
      <div>
        <div style="margin-bottom: 3pt; margin-top: 3pt;">There were no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Directors made or implemented after the Registrant last provided disclosure in
          response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407), or this Item.</div>
      </div>
      <br>
      <hr noshade="noshade" align="center" style="BORDER-TOP: medium none; HEIGHT: 2px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto"> </div>
    <div style="margin-bottom: 3pt; font-family: 'Times New Roman', Times, serif; margin-top: 3pt;"><br>
      <br>
      <div style="margin-bottom: 3pt; margin-top: 3pt;"> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="margin-bottom: 3pt; margin-top: 3pt;"> <br>
      </div>
    </div>
    <div style="margin-bottom: 3pt; margin-top: 3pt;">
      <table cellspacing="0" cellpadding="0" id="zadd3a58343784cc3afa0da1c5ec88f48" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%">

          <tr>
            <td style="width: 54pt; vertical-align: top; align: right;">ITEM 11.</td>
            <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
              <div>CONTROLS AND PROCEDURES</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 3pt; MARGIN-TOP: 3pt">
      <div>
        <div>&#160;</div>
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%">

              <tr>
                <td style="font-family: 'Times New Roman',Times,serif; width: 27pt; vertical-align: top;">(a)</td>
                <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
                  <div>
                    <div style="color: #000000;">The Registrant's Principal Executive Officer and Principal Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
                      270.30a-3(c))), are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.</div>
                  </div>
                </td>
              </tr>

          </table>
        </div>
        <br>
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%">

              <tr>
                <td style="font-family: 'Times New Roman',Times,serif; width: 27pt; vertical-align: top;">(b)</td>
                <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
                  <div>
                    <div style="color: #000000;">There was no change in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the second fiscal quarter of the
                      period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.</div>
                  </div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <br>
      <hr noshade="noshade" align="center" style="BORDER-TOP: medium none; HEIGHT: 2px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto"> </div>
    <div>
      <div style="margin-bottom: 3pt; font-family: 'Times New Roman', Times, serif; margin-top: 3pt;">
        <div style="MARGIN-BOTTOM: 3pt; MARGIN-TOP: 3pt"><br>
        </div>
        <div style="margin-bottom: 3pt; margin-top: 3pt;">
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%">

              <tr>
                <td style="width: 54pt; vertical-align: top;"><font style="background-color: #ffffff;">ITEM 12.</font></td>
                <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left"> <font style="background-color: #ffffff;">DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR&#160;CLOSED-END MANAGEMENT INVESTMENT COMPANIES</font> </td>
              </tr>

          </table>
        </div>
      </div>
    </div>
    <br>
    <div style="margin-bottom: 10pt; margin-top: 10pt;">
      <table cellspacing="0" cellpadding="0" id="zb11754340ffc431c9717195de6761662" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%">

          <tr>
            <td style="font-family: 'Times New Roman',Times,serif; width: 27pt; vertical-align: top;">(a)&#160;</td>
            <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
              <div>Not applicable.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 3pt; font-family: 'Times New Roman', Times, serif; margin-top: 3pt;">&#160;</div>
    <div style="margin-bottom: 3pt; margin-top: 3pt;">
      <table cellspacing="0" cellpadding="0" id="ze2cd38836e9042c381313bf41dddbd8e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%">

          <tr>
            <td style="font-family: 'Times New Roman',Times,serif; width: 27pt; vertical-align: top;">(b)&#160;</td>
            <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
              <div>Not applicable.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 3pt; MARGIN-TOP: 3pt"><br>
    </div>
    <div style="MARGIN-BOTTOM: 3pt; MARGIN-TOP: 3pt">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> </div>
    <div style="margin-bottom: 3pt; font-family: 'Times New Roman', Times, serif; margin-top: 3pt;">
      <div style="MARGIN-BOTTOM: 3pt; MARGIN-TOP: 3pt"><br>
      </div>
      <div style="margin-bottom: 3pt; margin-top: 3pt;">
        <table cellspacing="0" cellpadding="0" id="z139b22b1b101463eba835c19d9745570" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%">

            <tr>
              <td style="width: 54pt; vertical-align: top;"><font style="background-color: #ffffff;">ITEM 13.</font></td>
              <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
                <div><font style="background-color: #ffffff;">EXHIBITS</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="MARGIN-BOTTOM: 3pt; MARGIN-TOP: 3pt">
      <div><br>
      </div>
      <div>
        <div style="MARGIN-BOTTOM: 3pt; MARGIN-TOP: 3pt">
          <div style="line-height: 1.25;">
            <div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable">

                  <tr>
                    <td style="width: 49.5pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman';">(a) (1)</td>
                    <td style="width: auto; vertical-align: top; text-align: left;">
                      <div style="color: #000000;">Not applicable to this semi-annual report.</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="line-height: 1.25;">
            <div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable">

                  <tr>
                    <td style="width: 49.5pt; vertical-align: top;"><font style="font-family: 'Times New Roman'; color: #000000;">(a) (2)</font></td>
                    <td style="width: auto; vertical-align: top; text-align: left;">
                      <div style="color: #000000;"><font style="background-color: #FFFFFF;">Certifications&#160;required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)).&#160; See EX&#8209;99.CERT attached hereto.</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="line-height: 1.25;">
            <div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable">

                  <tr>
                    <td style="width: 49.5pt; vertical-align: top;"><font style="font-family: 'Times New Roman'; color: #000000;">(a) (3)</font></td>
                    <td style="width: auto; vertical-align: top; text-align: left;">
                      <div><font style="font-family: 'Times New Roman'; color: #000000;">Not applicable.</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="line-height: 1.25;">
            <div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable">

                  <tr>
                    <td style="width: 49.5pt; vertical-align: top;"><font style="font-family: 'Times New Roman'; color: #000000;">(a) (4)</font></td>
                    <td style="width: auto; vertical-align: top; text-align: left;">
                      <div><font style="font-family: 'Times New Roman'; color: #000000;">Not applicable.</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="line-height: 1.25;">
            <div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable">

                  <tr>
                    <td style="width: 49.5pt; vertical-align: top;"><font style="font-family: 'Times New Roman'; color: #000000;">(b)</font></td>
                    <td style="width: auto; vertical-align: top; text-align: left;">
                      <div style="color: #000000;">Certifications required by Rule 30a-2 (b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a&#8209;14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of
                        Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350). See EX&#8209;99.906 CERT attached hereto.</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
        </div>
        <div style="MARGIN-BOTTOM: 3pt; MARGIN-TOP: 3pt">
          <table cellspacing="0" cellpadding="2" border="0" style="FONT-SIZE: 10pt; BORDER-TOP: medium none; FONT-FAMILY: 'Times New Roman', Times, serif; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">

              <tr>
                <td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.02%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none"><br>
                </td>
                <td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.02%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none"></td>
              </tr>

          </table>
        </div>
      </div>
      <br>
      <hr noshade="noshade" align="center" style="BORDER-TOP: medium none; HEIGHT: 2px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto"> </div>
    <div style="MARGIN-BOTTOM: 3pt; MARGIN-TOP: 3pt">&#160;</div>
    <div style="MARGIN-BOTTOM: 3pt; MARGIN-TOP: 3pt">
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  <div style="LINE-HEIGHT: 1.25">&#160;</div>
  <div style="font-family: 'Times New Roman'; color: #000000; text-align: center; line-height: 1.25;"><u>SIGNATURES</u></div>
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  <div style="LINE-HEIGHT: 1.25">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
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  <div style="LINE-HEIGHT: 1.25">Japan Smaller Capitalization Fund, Inc.</div>
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  <div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
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  <div style="LINE-HEIGHT: 1.25">By: <font style="font-family: 'Times New Roman';"><u>/s/ Yuichi Nomoto&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; </u></font></div>
  <div style="LINE-HEIGHT: 1.25">Yuichi Nomoto<br>
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  <div style="LINE-HEIGHT: 1.25">Date:&#160; 10/29/2019<br>
  </div>
  <div style="LINE-HEIGHT: 1.25">&#160;</div>
  <div style="LINE-HEIGHT: 1.25">&#160;</div>
  <div style="LINE-HEIGHT: 1.25">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on
    the dates indicated.</div>
  <div style="LINE-HEIGHT: 1.25">&#160;</div>
  <div style="LINE-HEIGHT: 1.25"> <br>
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    <div style="line-height: 1.25; font-family: 'Times New Roman';">By: <u>/s/ Yuichi Nomoto &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; <br>
      </u></div>
    <div style="LINE-HEIGHT: 1.25">Yuichi Nomoto</div>
    <div style="LINE-HEIGHT: 1.25">President, Principal Executive Officer</div>
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  <div style="LINE-HEIGHT: 1.25">&#160;</div>
  <div style="LINE-HEIGHT: 1.25">&#160;</div>
  <div style="font-family: 'Times New Roman'; color: #000000; text-align: left; line-height: 1.25;">&#160;</div>
  <div style="font-family: 'Times New Roman'; color: #000000; text-align: left; line-height: 1.25;">Date:&#160; 10/29/2019<br>
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  <div style="LINE-HEIGHT: 1.25">&#160;</div>
  <div style="LINE-HEIGHT: 1.25">&#160;</div>
  <div style="font-family: 'Times New Roman'; color: #000000; text-align: left; line-height: 1.25;">&#160;</div>
  <div style="font-family: 'Times New Roman'; color: #000000; text-align: left; line-height: 1.25;">By: <u>/s/ Amy J. Robles &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; </u></div>
  <div style="LINE-HEIGHT: 1.25">Amy J. Robles</div>
  <div style="LINE-HEIGHT: 1.25">Treasurer, Principal Financial Officer</div>
  <div style="LINE-HEIGHT: 1.25">&#160;</div>
  <div style="LINE-HEIGHT: 1.25">&#160;</div>
  <div style="font-family: 'Times New Roman'; color: #000000; text-align: left; line-height: 1.25;">&#160;</div>
  <div style="font-family: 'Times New Roman'; color: #000000; text-align: left; line-height: 1.25;">Date:&#160; 10/29/2019<br>
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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>efc19-623_ex99cert.htm
<TEXT>
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    <div style="font-family: 'Times New Roman'; color: #000000; text-align: right; line-height: 1.25;">Exhibit (a)(2)</div>
    <div style="font-family: 'Times New Roman'; color: #000000; text-align: justify; line-height: 1.25;">&#160;</div>
    <div style="FONT-SIZE: 18pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Japan Smaller Capitalization Fund, Inc.</div>
    <div style="font-family: 'Times New Roman'; color: #000000; text-align: justify; line-height: 1.25;">&#160;</div>
    <div style="font-family: 'Times New Roman'; color: #000000; text-align: center; line-height: 1.25;">Worldwide Plaza</div>
    <div style="font-family: 'Times New Roman'; color: #000000; text-align: center; line-height: 1.25;">309 West 49th Street</div>
    <div style="font-family: 'Times New Roman'; color: #000000; text-align: center; line-height: 1.25;">New York, New York 10019</div>
    <div style="font-family: 'Times New Roman'; color: #000000; text-align: justify; line-height: 1.25;">&#160;</div>
    <div style="font-family: 'Times New Roman'; color: #000000; text-align: justify; line-height: 1.25;">&#160;</div>
    <div style="font-family: 'Times New Roman'; font-weight: bold; color: #000000; text-align: center; line-height: 1.25;"><u>CERTIFICATIONS</u></div>
    <div style="font-family: 'Times New Roman'; color: #000000; text-align: justify; line-height: 1.25;">&#160;</div>
    <div style="font-family: 'Times New Roman'; color: #000000; text-align: left; line-height: 1.25;">
      <div style="text-align: justify;">I, Yuichi Nomoto, certify that:<br>
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              <td style="width: 7.68%; vertical-align: top;">
                <div style="color: #000000;">1.</div>
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              <td style="width: 92.32%; vertical-align: top;">
                <div style="text-align: justify; color: #000000;">I have reviewed this report on Form N-CSR of Japan Smaller Capitalization Fund, Inc. (the &#8220;Registrant&#8221;);</div>
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        <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">&#160;</div>
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                <div style="color: #000000;">2.</div>
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                <div style="text-align: justify; color: #000000;">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the
                  circumstances under which such statements were made, not misleading with respect to the period covered by this report;</div>
              </td>
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        <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">&#160;</div>
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              <td style="width: 7.68%; vertical-align: top;">
                <div style="color: #000000;">3.</div>
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              <td style="width: 92.32%; vertical-align: top;">
                <div style="text-align: justify; color: #000000;">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of
                  operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;</div>
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        <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">&#160;</div>
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                <div style="color: #000000;">4.</div>
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                <div style="text-align: justify; color: #000000;">The Registrant&#8217;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
                  Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:</div>
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        <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">&#160;</div>
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                <div style="color: #000000;">a.</div>
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              <td style="width: 86.56%; vertical-align: top;">
                <div style="text-align: justify; color: #000000;">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the
                  Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</div>
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        <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">&#160;</div>
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              </td>
              <td style="width: 5.76%; vertical-align: top;">
                <div style="color: #000000;">b.</div>
              </td>
              <td style="width: 86.56%; vertical-align: top;">
                <div style="text-align: justify; color: #000000;">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance
                  regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</div>
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        <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">&#160;</div>
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                <div style="color: #000000;">c.</div>
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                <div style="text-align: justify; color: #000000;">Evaluated the effectiveness of the Registrant&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and
                  procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</div>
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        <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">&#160;</div>
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              <td style="width: 5.76%; vertical-align: top;">
                <div style="color: #000000;">d.</div>
              </td>
              <td style="width: 86.56%; vertical-align: top;">
                <div style="text-align: justify; color: #000000;">Disclosed in this report any change in the Registrant&#8217;s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is
                  reasonably likely to materially affect, the Registrant&#8217;s internal control over financial reporting; and</div>
              </td>
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        </table>
        <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z8e5b3c1b92bb4b58845009e69fcede06">

            <tr>
              <td style="width: 7.68%; vertical-align: top;">
                <div style="color: #000000;">5.</div>
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              <td style="width: 92.32%; vertical-align: top;">
                <div style="text-align: justify; color: #000000;">The Registrant&#8217;s other certifying officer and I have disclosed to the Registrant&#8217;s auditors and the audit committee of the Registrant&#8217;s board of directors (or persons performing the
                  equivalent functions):</div>
              </td>
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        </table>
        <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z94daadf9d981452996c548377f89b5f2">

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              <td style="width: 7.68%; vertical-align: top;">
                <div style="color: #000000;">&#160;</div>
              </td>
              <td style="width: 5.76%; vertical-align: top;">
                <div style="color: #000000;">a.</div>
              </td>
              <td style="width: 86.56%; vertical-align: top;">
                <div style="text-align: justify; color: #000000;">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant&#8217;s
                  ability to record, process, summarize, and report financial information; and</div>
              </td>
            </tr>

        </table>
        <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">&#160;</div>
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                <div style="color: #000000;">&#160;</div>
              </td>
              <td style="width: 5.76%; vertical-align: top;">
                <div style="color: #000000;">b.</div>
              </td>
              <td style="width: 86.56%; vertical-align: top;">
                <div style="text-align: justify; color: #000000;">Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant&#8217;s internal control over financial reporting.</div>
              </td>
            </tr>

        </table>
        <div style="text-align: left;"><br>
          Date: 10/29/2019</div>
      </div>
    </div>
    <br>
    <div style="font-family: 'Times New Roman'; color: #000000; text-align: justify; line-height: 1.25;">&#160;</div>
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            <div style="font-family: 'Times New Roman'; color: #000000; text-align: left; line-height: 1.25;">&#160;</div>
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          <td style="WIDTH: 50%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1.5pt solid; TEXT-ALIGN: center">/s/ Yuichi Nomoto &#160; <br>
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            <div style="font-family: 'Times New Roman'; color: #000000; text-align: left; line-height: 1.25;">&#160;</div>
          </td>
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            <div style="font-family: 'Times New Roman'; color: #000000; text-align: center; line-height: 1.25;">Yuichi Nomoto<br>
            </div>
            <div style="font-family: 'Times New Roman'; color: #000000; text-align: center; line-height: 1.25;">President, Principal Executive Officer</div>
          </td>
        </tr>

    </table>
    <div style="font-family: 'Times New Roman'; color: #000000; text-align: left; line-height: 1.25;">&#160;</div>
    <div style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both" id="DSPFPageBreakArea">
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    <div style="FONT-SIZE: 18pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Japan Smaller Capitalization Fund, Inc.</div>
    <div style="font-family: 'Times New Roman'; color: #000000; text-align: justify; line-height: 1.25;">&#160;</div>
    <div style="font-family: 'Times New Roman'; color: #000000; text-align: center; line-height: 1.25;">Worldwide Plaza</div>
    <div style="font-family: 'Times New Roman'; color: #000000; text-align: center; line-height: 1.25;">309 West 49th Street</div>
    <div style="font-family: 'Times New Roman'; color: #000000; text-align: center; line-height: 1.25;">New York, New York 10019</div>
    <div style="font-family: 'Times New Roman'; color: #000000; text-align: justify; line-height: 1.25;">&#160;</div>
    <div style="font-family: 'Times New Roman'; color: #000000; text-align: justify; line-height: 1.25;">&#160;</div>
    <div style="font-family: 'Times New Roman'; font-weight: bold; color: #000000; text-align: center; line-height: 1.25;"><u>CERTIFICATIONS</u></div>
    <div style="font-family: 'Times New Roman'; color: #000000; text-align: justify; line-height: 1.25;">&#160;</div>
    <div style="font-family: 'Times New Roman'; color: #000000; text-align: justify; line-height: 1.25;">
      <div><br>
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      <div>&#160;</div>
      <div>I, Amy J. Robles, certify that:<font style="font-family: 'Times New Roman', Times, serif; color: #000000;"> <br>
        </font></div>
      <div>&#160;
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zd1601a28f50b45ddb8628a0b76669405">

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              <td style="width: 7.68%; vertical-align: top;">
                <div style="color: #000000;">1.</div>
              </td>
              <td style="width: 92.32%; vertical-align: top;">
                <div style="text-align: justify; color: #000000;">I have reviewed this report on Form N-CSR of Japan Smaller Capitalization Fund, Inc. (the &#8220;Registrant&#8221;);</div>
              </td>
            </tr>

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                <div style="text-align: justify; color: #000000;">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the
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                <div style="text-align: justify; color: #000000;">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of
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                <div style="text-align: justify; color: #000000;">Disclosed in this report any change in the Registrant&#8217;s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is
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      <div style="color: #000000; line-height: 1.25;">&#160;Date: 10/29/2019<br>
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          <td style="WIDTH: 50%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1.5pt solid; TEXT-ALIGN: center">/s/ Amy J. Robles &#160; <br>
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            <div style="font-family: 'Times New Roman'; color: #000000; text-align: center; line-height: 1.25;">Amy J. Robles</div>
            <div style="font-family: 'Times New Roman'; color: #000000; text-align: center; line-height: 1.25;">Treasurer, Principal Financial Officer</div>
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<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>efc19-623_ex99906cert.htm
<TEXT>
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    <div style="font-family: 'Times New Roman'; color: #000000; text-align: right; line-height: 1.25;">Exhibit (b)</div>
    <div style="font-family: 'Times New Roman'; color: #000000; text-align: justify; line-height: 1.25;">&#160;</div>
    <div style="FONT-SIZE: 18pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Japan Smaller Capitalization Fund, Inc.</div>
    <div style="font-family: 'Times New Roman'; color: #000000; text-align: justify; line-height: 1.25;">&#160;</div>
    <div style="font-family: 'Times New Roman'; color: #000000; text-align: center; line-height: 1.25;">Worldwide Plaza</div>
    <div style="font-family: 'Times New Roman'; color: #000000; text-align: center; line-height: 1.25;">309 West 49th Street</div>
    <div style="font-family: 'Times New Roman'; color: #000000; text-align: center; line-height: 1.25;">New York, New York 10019</div>
    <div style="font-family: 'Times New Roman'; color: #000000; text-align: left; line-height: 1.25;">&#160;</div>
    <div style="font-family: 'Times New Roman'; color: #000000; text-align: left; line-height: 1.25;">&#160;</div>
    <div style="font-family: 'Times New Roman'; color: #000000; text-align: justify; line-height: 1.25;">&#160;</div>
    <div style="font-family: 'Times New Roman'; font-weight: bold; color: #000000; text-align: center; line-height: 1.25;"><u>Certifications Pursuant to Section 906 of the Sarbanes-Oxley Act</u></div>
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    <div style="LINE-HEIGHT: 1.25">&#160;</div>
    <div style="font-family: 'Times New Roman'; color: #000000; text-align: left; line-height: 1.25;">The undersigned officers of Japan Smaller Capitalization Fund, Inc. (the &#8220;Registrant&#8221;) do hereby certify that, to the best of each such officer&#8217;s
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      <div style="text-align: justify;"><font style="color: #000000;">&#160;</font></div>
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              <div style="text-align: left;"><font style="color: #000000;">1.&#160;&#160;</font></div>
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              <div style="text-align: justify;"><font style="color: #000000;">The Form N-CSR of the Registrant for the period ended August 31, 2019 (the &#8220;Report&#8221;) fully complies with the requirements of Section&#160;13(a) or 15(d) of the Securities Exchange Act
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              <div style="text-align: justify;"><font style="color: #000000;">The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.</font></div>
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      <div style="text-align: justify;"><font style="color: #000000;">&#160;</font></div>
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    <div style="LINE-HEIGHT: 1.25">&#160;</div>
    <div style="LINE-HEIGHT: 1.25">&#160;</div>
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                  <div style="text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Date:&#160; 10/29/2019<br>
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                  <div>&#160;&#160;&#160; /s/ Yuichi Nomoto<br>
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              <tr>
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                  <div style="text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Yuichi Nomoto<br>
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                  <div style="text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">President, Principal&#160;Executive Officer</div>
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        <div style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;</div>
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                  <div>&#160;&#160;&#160; /s/ Amy J. Robles<br>
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                  <div style="text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Amy J. Robles<br>
                    Treasurer, Principal Financial Officer</div>
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    <div style="font-family: 'Times New Roman'; color: #000000; text-align: left; line-height: 1.25;">&#160;</div>
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      <div style="text-align: left; color: #000000;">A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic
        version of this written statement required by Section 906, has been provided to Japan Smaller Capitalization Fund, Inc. and will be retained by Japan Smaller Capitalization Fund, Inc. and furnished to the Securities and Exchange Commission or its
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
